Nationwide Variable Insurance Trust NPORT-P NVIT Blueprint Moderately Conservative Fund (Mar 2023 report)

NVIT

American

Funds

Asset

Allocation

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100

.1

%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

273,614,376

6,208,310,198

Total

Investment

Company

(cost

$5,135,363,946)

6,208,310,198

Total

Investments

(cost

$5,135,363,946)

—

100.1%

6,208,310,198

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

3,652,415

)

NET

ASSETS

—

100.0%

$

6,204,657,783

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

American

Funds

Asset

Allocation

Fund

NVIT

American

Funds

Asset

Allocation

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds

Asset

Allocation

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2023,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

100

.1

%

Shares

Value

($)

Fixed

Income

Fund

100

.1

%

American

Funds

The

Bond

Fund

of

America,

Class

1(a)

344,200,438

3,335,302,246

Total

Investment

Company

(cost

$3,725,624,442)

3,335,302,246

Total

Investments

(cost

$3,725,624,442)

—

100.1%

3,335,302,246

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

1,959,177

)

NET

ASSETS

—

100.0%

$

3,333,343,069

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Bond

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds The

Bond

Fund

of

America (the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2023,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Global

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

14,704,300

487,300,500

Total

Investment

Company

(cost

$395,689,114)

487,300,500

Total

Investments

(cost

$395,689,114)

—

100.1%

487,300,500

Liabilities

in

excess

of

other

assets

—

(0.1)%

(329,405)

NET

ASSETS

—

100.0%

$

486,971,

095

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Global

Growth

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Global

Growth

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2023,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

15,540,352

1,328,078,484

Total

Investment

Company

(cost

$1,263,875,504)

1,328,078,484

Total

Investments

(cost

$1,263,875,504)

—

100.1%

1,328,078,484

Liabilities

in

excess

of

other

assets

—

(0.1)%

(771,856)

NET

ASSETS

—

100.0%

$

1,327,306,628

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth

Fund (“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Growth

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2023,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth-Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

69,836,320

3,712,498,763

Total

Investment

Company

(cost

$3,071,507,567)

3,712,498,763

Total

Investments

(cost

$3,071,507,567)

—

100.1%

3,712,498,763

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

2,145,481

)

NET

ASSETS

—

100.0%

$

3,710,353,282

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

American

Funds

Growth-Income

Fund

NVIT

American

Funds

Growth-Income

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Growth-Income

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of March

31,

2023,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Aggressive

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

96.5%

Shares

Value

($)

Equity

Funds

88.7%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

15,166,421

176,082,147

NVIT

Emerging

Markets

Fund,

Class

Y(a)

2,213,596

23,508,388

NVIT

International

Index

Fund,

Class

Y(a)

7,011,935

70,259,588

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,404,495

25,365,185

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

155,119

1,124,611

Total

Equity

Funds

(cost

$325,370,610)

296,339,919

Fixed

Income

Funds

7.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

1,476,770

13,290,929

NVIT

Bond

Index

Fund,

Class

Y(a)

1,350,797

12,521,886

Total

Fixed

Income

Funds

(cost

$28,612,727)

25,812,815

Total

Investment

Companies

(cost

$353,983,337)

322,152,734

Exchange

Traded

Funds

2.9%

Equity

Funds

1.5%

iShares

Core

MSCI

Emerging

Markets

ETF

34,587

1,687,500

iShares

Core

S&P

Small-Cap

ETF(b)

33,284

3,218,563

Total

Equity

Funds

(cost

$5,385,132)

4,906,063

Fixed

Income

Funds

1.4%

iShares

7-10

Year

Treasury

Bond

ETF

41,317

4,095,341

iShares

U.S.

Treasury

Bond

ETF(b)

27,067

632,826

Total

Fixed

Income

Funds

(cost

$5,294,046)

4,728,167

Total

Exchange

Traded

Funds

(cost

$10,679,178)

9,634,230

Short-Term

Investment

0.7%

Money

Market

Fund

0.7%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(c)

2,495,728

2,495,728

Total

Short-Term

Investment

(cost

$2,495,728)

2,495,728

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$87,911,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$89,633.(d)

87,875

87,875

Total

Repurchase

Agreement

(cost

$87,875)

87,875

Total

Investments

(cost

$367,246,118)

—

100.1%

334,370,567

Liabilities

in

excess

of

other

assets

—

(0.1)%

(278,882)

NET

ASSETS

—

100.0%

$

334,091,685

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$807,114,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$87,875

and

by

$722,351

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

2.88%,

and

maturity

dates

ranging

from

6/29/2023

–

11/15/2051,

a

total

value

of

$810,226.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$87,875.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Aggressive

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

9,634,230

$

–

$

–

$

9,634,230

Investment

Companies

322,152,734

–

–

322,152,734

Repurchase

Agreement

–

87,875

–

87,875

Short-Term

Investment

2,495,728

–

–

2,495,728

Total

$

334,282,692

$

87,875

$

–

$

334,370,567

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

85.1%

Shares

Value

($)

Equity

Funds

49.2%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

36,142,373

419,612,947

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,197,297

44,575,291

NVIT

International

Index

Fund,

Class

Y(a)

12,275,958

123,005,096

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,249,616

22,568,058

Total

Equity

Funds

(cost

$681,502,028)

609,761,392

Fixed

Income

Funds

35.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

11,078,320

99,704,884

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

530,497

4,949,538

NVIT

Bond

Index

Fund,

Class

Y(a)

31,590,874

292,847,400

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,026,968

48,309,158

Total

Fixed

Income

Funds

(cost

$504,771,201)

445,810,980

Total

Investment

Companies

(cost

$1,186,273,229)

1,055,572,372

Exchange

Traded

Funds

6.9%

Equity

Funds

1.7%

iShares

Core

MSCI

Emerging

Markets

ETF

141,909

6,923,740

iShares

Core

S&P

Small-Cap

ETF

144,421

13,965,511

Total

Equity

Funds

(cost

$22,029,924)

20,889,251

Fixed

Income

Funds

5.2%

iShares

20+

Year

Treasury

Bond

ETF

47,020

5,001,517

iShares

7-10

Year

Treasury

Bond

ETF(b)

411,576

40,795,413

iShares

U.S.

Treasury

Bond

ETF

819,870

19,168,561

Total

Fixed

Income

Funds

(cost

$74,888,697)

64,965,491

Total

Exchange

Traded

Funds

(cost

$96,918,621)

85,854,742

Short-Term

Investment

8.0%

Money

Market

Fund

8.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(c)

98,755,319

98,755,319

Total

Short-Term

Investment

(cost

$98,755,319)

98,755,319

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,519,760,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$2,569,125.(d)

2,518,750

2,518,750

Total

Repurchase

Agreement

(cost

$2,518,750)

2,518,750

Total

Investments

(cost

$1,384,465,919)

—

100.2%

1,242,701,183

Liabilities

in

excess

of

other

assets

—

(0.2)%

(2,800,258)

NET

ASSETS

—

100.0%

$

1,239,900,925

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$2,478,000,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,518,750.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$2,518,750.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Balanced

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

85,854,742

$

–

$

–

$

85,854,742

Investment

Companies

1,055,572,372

–

–

1,055,572,372

Repurchase

Agreement

–

2,518,750

–

2,518,750

Short-Term

Investment

98,755,319

–

–

98,755,319

Total

$

1,240,182,433

$

2,518,750

$

–

$

1,242,701,183

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

91

.3

%

Shares

Value

($)

Equity

Funds

68.5%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

45,498,138

528,233,381

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,810,862

51,091,354

NVIT

International

Index

Fund,

Class

Y(a)

15,800,549

158,321,496

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,707,345

30,834,647

Total

Equity

Funds

(cost

$849,017,189)

768,480,878

Fixed

Income

Funds

22.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,188,754

55,698,789

NVIT

Bond

Index

Fund,

Class

Y(a)

19,193,728

177,925,863

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,235,170

21,479,988

Total

Fixed

Income

Funds

(cost

$287,858,367)

255,104,640

Total

Investment

Companies

(cost

$1,136,875,556)

1,023,585,518

Exchange

Traded

Funds

6

.3

%

Equity

Funds

2.2%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

183,985

8,976,628

iShares

Core

S&P

Small-Cap

ETF

166,041

16,056,165

Total

Equity

Funds

(cost

$26,192,717)

25,032,793

Fixed

Income

Funds

4.1%

iShares

20+

Year

Treasury

Bond

ETF

198,035

21,064,983

iShares

7-10

Year

Treasury

Bond

ETF

188,531

18,687,193

iShares

U.S.

Treasury

Bond

ETF

244,457

5,715,404

Total

Fixed

Income

Funds

(cost

$58,031,478)

45,467,580

Total

Exchange

Traded

Funds

(cost

$84,224,195)

70,500,373

Short-Term

Investment

2

.4

%

Shares

Value

($)

Money

Market

Fund

2

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(c)

27,388,363

27,388,363

Total

Short-Term

Investment

(cost

$27,388,363)

27,388,363

Total

Investments

(cost

$1,248,488,114)

—

100.0%

1,121,474,254

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

495,480

)

NET

ASSETS

—

100.0%

$

1,120,978,774

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$1,218,725,

which

was

collateralized

by

$1,247,970

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.38%,

and

maturity

dates

ranging

from

10/31/2025

–

8/15/2051.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

70,500,373

$

–

$

–

$

70,500,373

Investment

Companies

1,023,585,518

–

–

1,023,585,518

Short-Term

Investment

27,388,363

–

–

27,388,363

Total

$

1,121,474,254

$

–

$

–

$

1,121,474,254

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

75

.2

%

Shares

Value

($)

Equity

Funds

19.6%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

6,691,531

77,688,674

NVIT

Emerging

Markets

Fund,

Class

Y(a)

749,433

7,958,977

NVIT

International

Index

Fund,

Class

Y(a)

2,059,361

20,634,800

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

29,509

532,931

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

79,178

574,040

Total

Equity

Funds

(cost

$111,275,840)

107,389,422

Fixed

Income

Funds

55.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6*(a)

6,732,334

60,591,003

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,946,380

27,489,728

NVIT

Bond

Index

Fund,

Class

Y(a)

18,064,869

167,461,334

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,128,645

49,286,278

Total

Fixed

Income

Funds

(cost

$337,962,510)

304,828,343

Total

Investment

Companies

(cost

$449,238,350)

412,217,765

Exchange

Traded

Funds

11

.4

%

Equity

Funds

0.4%

iShares

Core

MSCI

Emerging

Markets

ETF

18,473

901,298

iShares

Core

S&P

Small-Cap

ETF

14,499

1,402,053

Total

Equity

Funds

(cost

$2,593,658)

2,303,351

Fixed

Income

Funds

11.0%

iShares

20+

Year

Treasury

Bond

ETF

105,012

11,170,127

iShares

7-10

Year

Treasury

Bond

ETF

319,168

31,635,932

iShares

U.S.

Treasury

Bond

ETF

742,548

17,360,772

Total

Fixed

Income

Funds

(cost

$70,487,675)

60,166,831

Total

Exchange

Traded

Funds

(cost

$73,081,333)

62,470,182

Short-Term

Investment

13

.4

%

Shares

Value

($)

Money

Market

Fund

13

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(b)

73,172,371

73,172,371

Total

Short-Term

Investment

(cost

$73,172,371)

73,172,371

Total

Investments

(cost

$595,492,054)

—

100.0%

547,860,318

Other

assets

in

excess

of

liabilities

—

0.0%

†

200,652

NET

ASSETS

—

100.0%

$

548,060,970

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2023.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

62,470,182

$

–

$

–

$

62,470,182

Investment

Companies

412,217,765

–

–

412,217,765

Short-Term

Investment

73,172,371

–

–

73,172,371

Total

$

547,860,318

$

–

$

–

$

547,860,318

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

88

.8

%

Shares

Value

($)

Equity

Funds

59.8%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

66,440,389

771,372,918

NVIT

Emerging

Markets

Fund,

Class

Y(a)

8,107,736

86,104,155

NVIT

International

Index

Fund,

Class

Y(a)

22,760,815

228,063,368

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,070,750

37,397,749

Total

Equity

Funds

(cost

$1,248,584,108)

1,122,938,190

Fixed

Income

Funds

29.0%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

14,636,471

131,728,242

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

799,518

7,459,506

NVIT

Bond

Index

Fund,

Class

Y(a)

39,831,750

369,240,324

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,788,100

36,403,642

Total

Fixed

Income

Funds

(cost

$616,123,929)

544,831,714

Total

Investment

Companies

(cost

$1,864,708,037)

1,667,769,904

Exchange

Traded

Funds

6

.2

%

Equity

Fund

1.0%

iShares

Core

S&P

Small-Cap

ETF

197,388

19,087,420

Total

Equity

Funds

(cost  $21,932,235)

19,087,420

Fixed

Income

Funds

5.2%

iShares

20+

Year

Treasury

Bond

ETF

212,665

22,621,176

iShares

7-10

Year

Treasury

Bond

ETF

564,095

55,913,096

iShares

U.S.

Treasury

Bond

ETF(b)

813,199

19,012,593

Total

Fixed

Income

Funds

(cost

$116,149,857)

97,546,865

Total

Exchange

Traded

Funds

(cost

$138,082,092)

116,634,285

Short-Term

Investment

5

.0

%

Money

Market

Fund

5

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(c)

94,426,214

94,426,214

Total

Short-Term

Investment

(cost

$94,426,214)

94,426,214

Repurchase

Agreements

0

.2

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,402,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$426,085,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$434,432.(d)

425,914

425,914

Credit

Suisse

AG,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,400,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$1,020,408.(d)

1,000,000

1,000,000

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,403,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$3,425,914)

3,425,914

Total

Investments

(cost

$2,100,642,257)

—

100.2%

1,882,256,317

Liabilities

in

excess

of

other

assets

—

(0.2)%

(

4,099,392

)

NET

ASSETS

—

100.0%

$

1,878,156,925

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$3,372,542,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,425,914.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$3,425,914.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Moderate

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

116,634,285

$

–

$

–

$

116,634,285

Investment

Companies

1,667,769,904

–

–

1,667,769,904

Repurchase

Agreements

–

3,425,914

–

3,425,914

Short-Term

Investment

94,426,214

–

–

94,426,214

Total

$

1,878,830,403

$

3,425,914

$

–

$

1,882,256,317

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

94

.6

%

Shares

Value

($)

Equity

Funds

78.0%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

40,304,412

467,934,223

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,872,999

51,751,253

NVIT

International

Index

Fund,

Class

Y(a)

17,409,279

174,440,979

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,508,942

45,311,499

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

174,900

1,268,022

Total

Equity

Funds

(cost

$809,816,376)

740,705,976

Fixed

Income

Funds

16.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,324,435

47,919,916

NVIT

Bond

Index

Fund,

Class

Y(a)

11,792,752

109,318,807

Total

Fixed

Income

Funds

(cost

$175,920,674)

157,238,723

Total

Investment

Companies

(cost

$985,737,050)

897,944,699

Exchange

Traded

Funds

4

.2

%

Equity

Funds

2.1%

iShares

Core

MSCI

Emerging

Markets

ETF

185,162

9,034,054

iShares

Core

S&P

Small-Cap

ETF

116,117

11,228,514

Total

Equity

Funds

(cost

$22,752,991)

20,262,568

Fixed

Income

Funds

2.1%

iShares

7-10

Year

Treasury

Bond

ETF

169,993

16,849,706

iShares

U.S.

Treasury

Bond

ETF

114,445

2,675,724

Total

Fixed

Income

Funds

(cost

$22,125,969)

19,525,430

Total

Exchange

Traded

Funds

(cost

$44,878,960)

39,787,998

Short-Term

Investment

1

.3

%

Money

Market

Fund

1

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(b)

12,677,358

12,677,358

Total

Short-Term

Investment

(cost

$12,677,358)

12,677,358

Total

Investments

(cost

$1,043,293,368)

—

100.1%

950,410,055

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

483,773

)

NET

ASSETS

—

100.0%

$

949,926,282

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2023.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

39,787,998

$

–

$

–

$

39,787,998

Investment

Companies

897,944,699

–

–

897,944,699

Short-Term

Investment

12,677,358

–

–

12,677,358

Total

$

950,410,055

$

–

$

–

$

950,410,055

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

81

.1

%

Shares

Value

($)

Equity

Funds

38.1%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

13,295,576

154,361,637

NVIT

Emerging

Markets

Fund,

Class

Y(a)

829,576

8,810,094

NVIT

International

Index

Fund,

Class

Y(a)

4,525,073

45,341,236

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

496,316

8,963,466

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

403,753

2,927,212

Total

Equity

Funds

(cost

$240,333,900)

220,403,645

Fixed

Income

Funds

43.0%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,813,435

52,320,918

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,885,746

17,594,009

NVIT

Bond

Index

Fund,

Class

Y(a)

15,927,856

147,651,222

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,304,371

31,755,007

Total

Fixed

Income

Funds

(cost

$279,589,124)

249,321,156

Total

Investment

Companies

(cost

$519,923,024)

469,724,801

Exchange

Traded

Funds

10

.0

%

Equity

Funds

2.3%

iShares

Core

MSCI

Emerging

Markets

ETF

199,112

9,714,674

iShares

Core

S&P

Small-Cap

ETF(b)

38,375

3,710,863

Total

Equity

Funds

(cost

$14,859,118)

13,425,537

Fixed

Income

Funds

7.7%

iShares

20+

Year

Treasury

Bond

ETF

90,940

9,673,288

iShares

7-10

Year

Treasury

Bond

ETF(b)

226,166

22,417,574

iShares

U.S.

Treasury

Bond

ETF(b)

528,167

12,348,544

Total

Fixed

Income

Funds

(cost

$52,583,745)

44,439,406

Total

Exchange

Traded

Funds

(cost

$67,442,863)

57,864,943

Short-Term

Investment

8

.9

%

Money

Market

Fund

8

.9

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(c)

51,786,312

51,786,312

Total

Short-Term

Investment

(cost

$51,786,312)

51,786,312

Repurchase

Agreements

1

.1

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$4,495,077,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$4,583,141.(d)

4,493,275

4,493,275

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,000,805,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$6,493,275)

6,493,275

Total

Investments

(cost

$645,645,474)

—

101.1%

585,869,331

Liabilities

in

excess

of

other

assets

—

(1.1)%

(

6,628,007

)

NET

ASSETS

—

100.0%

$

579,241,324

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$6,503,098,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,493,275

and

by

$111,280

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

2.88%,

and

maturity

dates

ranging

from

6/29/2023

–

11/15/2051,

a

total

value

of

$6,604,555.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$6,493,275.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

57,864,943

$

–

$

–

$

57,864,943

Investment

Companies

469,724,801

–

–

469,724,801

Repurchase

Agreements

–

6,493,275

–

6,493,275

Short-Term

Investment

51,786,312

–

–

51,786,312

Total

$

579,376,056

$

6,493,275

$

–

$

585,869,331

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

84.1%

Shares

Value

($)

Equity

Funds

58.2%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

35,188,299

408,536,149

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,196,202

44,563,666

NVIT

International

Index

Fund,

Class

Y(a)

13,513,321

135,403,477

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,032,095

18,639,636

Total

Equity

Funds

(cost

$674,078,057)

607,142,928

Fixed

Income

Funds

25.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

7,210,597

64,895,374

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

392,305

3,660,203

NVIT

Bond

Index

Fund,

Class

Y(a)

19,766,859

183,238,787

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,857,560

17,851,152

Total

Fixed

Income

Funds

(cost

$303,428,044)

269,645,516

Total

Investment

Companies

(cost

$977,506,101)

876,788,444

Exchange

Traded

Funds

5.7%

Equity

Fund

0.9%

iShares

Core

S&P

Small-Cap

ETF

102,349

9,897,148

Total

Equity

Funds

(cost  $11,357,662)

9,897,148

Fixed

Income

Funds

4.8%

iShares

20+

Year

Treasury

Bond

ETF

108,739

11,566,567

iShares

7-10

Year

Treasury

Bond

ETF

287,333

28,480,447

iShares

U.S.

Treasury

Bond

ETF(b)

417,841

9,769,123

Total

Fixed

Income

Funds

(cost

$59,533,732)

49,816,137

Total

Exchange

Traded

Funds

(cost

$70,891,394)

59,713,285

Short-Term

Investment

4.4%

Money

Market

Fund

4.4%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(c)

46,181,006

46,181,006

Total

Short-Term

Investment

(cost

$46,181,006)

46,181,006

Repurchase

Agreements

0.9%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,402,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$6,964,854,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$7,101,304.(d)

6,962,063

6,962,063

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,403,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$8,962,063)

8,962,063

Total

Investments

(cost

$1,103,540,564)

—

95.1%

991,644,798

Other

assets

in

excess

of

liabilities

—

4.9%

50,740,919

NET

ASSETS

—

100.0%

$

1,042,385,717

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$8,822,443,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,962,063.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$8,962,063.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(31)

6/2023

USD

(3,249,575)

(194,148)

Russell

2000

E-Mini

Index

(12)

6/2023

USD

(1,088,100)

(40,691)

S&P

500

E-Mini

Index

(26)

6/2023

USD

(5,379,075)

(280,491)

S&P

Midcap

400

E-Mini

Index

(10)

6/2023

USD

(2,529,700)

(125,075)

Net

contracts

(640,405)

As

of

March

31,

2023,

the

Fund

had

$667,486

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

24

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

59,713,285

$

–

$

–

$

59,713,285

Investment

Companies

876,788,444

–

–

876,788,444

Repurchase

Agreements

–

8,962,063

–

8,962,063

Short-Term

Investment

46,181,006

–

–

46,181,006

Total

Assets

$

982,682,735

$

8,962,063

$

–

$

991,644,798

Liabilities:

Futures

Contracts

$

(640,405)

$

–

$

–

$

(640,405)

Total

Liabilities

$

(640,405)

$

–

$

–

$

(640,405)

Total

$

982,042,330

$

8,962,063

$

–

$

991,004,393

26

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(640,405)

Total

$

(640,405)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Investment

Companies

81.8%

Shares

Value

($)

Equity

Funds

49.1%

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

11,664,137

135,420,633

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,334,577

14,173,206

NVIT

International

Index

Fund,

Class

Y(a)

4,720,811

47,302,524

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

388,922

7,023,927

Total

Equity

Funds

(cost

$224,070,970)

203,920,290

Fixed

Income

Funds

32.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

3,369,587

30,326,285

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

160,418

1,496,696

NVIT

Bond

Index

Fund,

Class

Y(a)

9,658,651

89,535,691

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,519,189

14,599,404

Total

Fixed

Income

Funds

(cost

$152,657,877)

135,958,076

Total

Investment

Companies

(cost

$376,728,847)

339,878,366

Exchange

Traded

Funds

6.5%

Equity

Funds

1.6%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

44,771

2,184,377

iShares

Core

S&P

Small-Cap

ETF

46,244

4,471,795

Total

Equity

Funds

(cost

$7,017,299)

6,656,172

Fixed

Income

Funds

4.9%

iShares

20+

Year

Treasury

Bond

ETF

14,907

1,585,658

iShares

7-10

Year

Treasury

Bond

ETF

130,101

12,895,611

iShares

U.S.

Treasury

Bond

ETF(b)

261,101

6,104,541

Total

Fixed

Income

Funds

(cost

$23,682,347)

20,585,810

Total

Exchange

Traded

Funds

(cost

$30,699,646)

27,241,982

Short-Term

Investment

7.2%

Money

Market

Fund

7.2%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.76%

(c)

29,765,173

29,765,173

Total

Short-Term

Investment

(cost

$29,765,173)

29,765,173

Repurchase

Agreement

1.5%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$6,308,777,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$6,432,374.(d)

6,306,249

6,306,249

Total

Repurchase

Agreement

(cost

$6,306,249)

6,306,249

Total

Investments

(cost

$443,499,915)

—

97.0%

403,191,770

Other

assets

in

excess

of

liabilities

—

3.0%

12,519,215

NET

ASSETS

—

100.0%

$

415,710,985

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$6,197,745,

(c)

Represents

7-day

effective

yield

as

of

March

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$6,306,249.

ETF

Exchange

Traded

Fund

28

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(33)

6/2023

USD

(3,459,225)

(165,258)

Russell

2000

E-Mini

Index

(13)

6/2023

USD

(1,178,775)

(37,243)

S&P

500

E-Mini

Index

(26)

6/2023

USD

(5,379,075)

(212,404)

S&P

Midcap

400

E-Mini

Index

(10)

6/2023

USD

(2,529,700)

(106,555)

Net

contracts

(521,460)

As

of

March

31,

2023,

the

Fund

had

$681,204

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

30

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

27,241,982

$

–

$

–

$

27,241,982

Investment

Companies

339,878,366

–

–

339,878,366

Repurchase

Agreement

–

6,306,249

–

6,306,249

Short-Term

Investment

29,765,173

–

–

29,765,173

Total

Assets

$

396,885,521

$

6,306,249

$

–

$

403,191,770

Liabilities:

Futures

Contracts

$

(521,460)

$

–

$

–

$

(521,460)

Total

Liabilities

$

(521,460)

$

–

$

–

$

(521,460)

Total

$

396,364,061

$

6,306,249

$

–

$

402,670,310

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(521,460)

Total

$

(521,460)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

94.6%

Shares

Value

($)

Alternative

Assets

94.6%

BlackRock

Global

Allocation

VI

Fund,

Class

I*

21,155,870

324,742,610

Total

Alternative

Assets

(cost

$344,118,144)

324,742,610

Total

Investment

Company

(cost

$344,118,144)

324,742,610

Total

Investments

(cost

$344,118,144)

—

94.6%

324,742,610

Other

assets

in

excess

of

liabilities

—

5.4%

18,581,013

NET

ASSETS

—

100.0%

$

343,323,623

*

Denotes

a

non-income

producing

security.

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

28

6/2023

USD

2,935,100

46,639

S&P

500

E-Mini

Index

23

6/2023

USD

4,758,413

107,342

Net

contracts

153,981

As

of

March

31,

2023,

the

Fund

had

$394,616

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

153,981

$

–

$

–

$

153,981

Investment

Company

324,742,610

–

–

324,742,610

Total

$

324,896,591

$

–

$

–

$

324,896,591

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

153,981

Total

$

153,981

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

Exchange

Traded

Funds

99.8%

Shares

Value

($)

Fixed

Income

Funds

99.8%

iShares

Core

10+

Year

USD

Bond

ETF(a)

85,759

4,607,831

iShares

Core

1-5

Year

USD

Bond

ETF(a)

146,737

6,919,383

iShares

Core

Total

USD

Bond

Market

ETF(a)

99,233

4,579,603

iShares

Core

U.S.

Aggregate

Bond

ETF

229,565

22,873,856

iShares

MBS

ETF(a)

48,027

4,549,598

iShares

U.S.

Treasury

Bond

ETF

97,139

2,271,110

Total

Exchange

Traded

Funds

(cost

$51,176,945)

45,801,381

Repurchase

Agreements

3.0%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$251,946,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$256,882.(b)

251,845

251,845

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$200,081,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$204,109.(b)

200,000

200,000

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$910,297,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$928,129.(b)

909,930

909,930

Total

Repurchase

Agreements

(cost

$1,361,775)

1,361,775

Total

Investments

(cost

$52,538,720)

—

102.8%

47,163,156

Liabilities

in

excess

of

other

assets

—

(2.8)%

(1,274,857)

NET

ASSETS

—

100.0%

$

45,888,299

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$5,596,017,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,361,775

and

by

$4,379,927

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$5,741,702.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$1,361,775.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

45,801,381

$

–

$

–

$

45,801,381

Repurchase

Agreements

–

1,361,775

–

1,361,775

Total

$

45,801,381

$

1,361,775

$

–

$

47,163,156

The

Statement

of

Investments

should

be

read

in

conjunction

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

®

Global

Equity

ETF

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Exchange

Traded

Funds

99

.9

%

Shares

Value

($)

Equity

Funds

99.9%

iShares

Core

MSCI

EAFE

ETF

98,909

6,612,067

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

127,356

7,701,217

iShares

Core

S&P

500

ETF

9,404

3,865,796

iShares

Core

S&P

Mid-Cap

ETF

39,478

9,875,816

iShares

Core

S&P

Small-Cap

ETF

16,764

1,621,079

iShares

Core

S&P

Total

US

Stock

Market

ETF

172,432

15,613,718

iShares

MSCI

USA

Momentum

Factor

ETF

7,132

991,633

iShares

MSCI

USA

Quality

Factor

ETF

8,919

1,106,536

iShares

MSCI

USA

Size

Factor

ETF

9,198

1,084,076

iShares

MSCI

USA

Value

Factor

ETF

11,601

1,074,137

iShares

US

Equity

Factor

ETF(a)

119,436

4,949,428

iShares

US

SmallCap

Equity

FAC(a)

22,075

1,131,564

Total

Exchange

Traded

Funds

(cost

$53,522,223)

55,627,067

Repurchase

Agreement

1

.6

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$914,592,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$932,509.(b)

914,225

914,225

Total

Repurchase

Agreement

(cost

$914,225)

914,225

Total

Investments

(cost

$54,436,448)

—

101.5%

56,541,292

Liabilities

in

excess

of

other

assets

—

(1.5)%

(

848,158

)

NET

ASSETS

—

100.0%

$

55,693,134

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$906,378,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$914,225

and

by

$5,260

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

6/22/2023

–

8/15/2051,

a

total

value

of

$919,485.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$914,225.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

55,627,067

$

–

$

–

$

55,627,067

Repurchase

Agreement

–

914,225

–

914,225

Total

$

55,627,067

$

914,225

$

–

$

56,541,292

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

92.9%

Shares

Value

($)

Balanced

Fund

27.7%

American

Balanced

Fund,

Class

R6

25,334,010

746,593,277

Total

Balanced

Fund

(cost

$852,120,350)

746,593,277

Equity

Funds

47.0%

American

Funds

Growth

Fund,

Class

1

8,953,466

765,163,185

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

39,009,212

500,878,282

Total

Equity

Funds

(cost

$1,657,598,255)

1,266,041,467

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.2%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

11,920,059

122,538,206

Bond

Fund

of

America

(The),

Class

R6

31,679,132

367,794,721

Total

Fixed

Income

Funds

(cost

$553,695,877)

490,332,927

Total

Investment

Companies

(cost

$3,063,414,482)

2,502,967,671

Total

Investments

(cost

$3,063,414,482)

—

92.9%

2,502,967,671

Other

assets

in

excess

of

liabilities

—

7.1%

191,794,709

NET

ASSETS

—

100.0%

$

2,694,762,380

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(74)

6/2023

USD

(7,757,050)

(388,695)

Russell

2000

E-Mini

Index

(19)

6/2023

USD

(1,722,825)

(51,022)

S&P

500

E-Mini

Index

(575)

6/2023

USD

(118,960,313)

(5,257,453)

S&P

Midcap

400

E-Mini

Index

(29)

6/2023

USD

(7,336,130)

(294,214)

Net

contracts

(5,991,384)

As

of

March

31,

2023,

the

Fund

had

$7,928,180

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,502,967,671

$

–

$

–

$

2,502,967,671

Total

Assets

$

2,502,967,671

$

–

$

–

$

2,502,967,671

Liabilities:

Futures

Contracts

$

(5,991,384)

$

–

$

–

$

(5,991,384)

Total

Liabilities

$

(5,991,384)

$

–

$

–

$

(5,991,384)

Total

$

2,496,976,287

$

–

$

–

$

2,496,976,287

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(5,991,384)

Total

$

(5,991,384)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

Investment

Company

94.2%

Shares

Value

($)

Equity

Fund

94.2%

American

Funds

Growth-Income

Fund,

Class

1

11,692,922

621,595,754

Total

Investment

Company

(cost

$552,123,564)

621,595,754

Total

Investments

(cost

$552,123,564)

—

94.2%

621,595,754

Other

assets

in

excess

of

liabilities

—

5.8%

38,199,379

NET

ASSETS

—

100.0%

$

659,795,133

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

8

6/2023

USD

838,600

321

Russell

2000

E-Mini

Index

1

6/2023

USD

90,675

768

S&P

500

E-Mini

Index

47

6/2023

USD

9,723,713

101,280

S&P

Midcap

400

E-Mini

Index

3

6/2023

USD

758,910

7,352

Net

contracts

109,721

As

of

March

31,

2023,

the

Fund

had

$665,168

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Growth-Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

109,721

$

–

$

–

$

109,721

Investment

Company

621,595,754

–

–

621,595,754

Total

$

621,705,475

$

–

$

–

$

621,705,475

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

109,721

Total

$

109,721

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Aggressive

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

90.1%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,193,421

11,015,276

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,658,924

12,707,359

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,503,702

23,710,060

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

6,889,665

68,000,993

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

892,932

8,295,338

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

2,129,998

28,712,369

Total

Equity

Funds

(cost

$155,121,775)

152,441,395

Fixed

Income

Funds

9.9%

Nationwide

Bond

Fund,

Class

R6(a)

196,262

1,632,903

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

843,684

8,369,342

NVIT

Core

Bond

Fund,

Class

Y(a)

723,239

6,689,964

Total

Fixed

Income

Funds

(cost

$18,813,038)

16,692,209

Total

Investments

(cost

$173,934,813)

—

100.0%

169,133,604

Liabilities

in

excess

of

other

assets

—

0.0%

†

(80,601)

NET

ASSETS

—

100.0%

$

169,053,003

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

169,133,604

$

–

$

–

$

169,133,604

Total

$

169,133,604

$

–

$

–

$

169,133,604

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

80.8%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,520,147

23,260,952

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,417,756

26,180,010

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,493,800

52,026,286

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

14,711,795

145,205,412

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,944,505

18,064,455

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,603,112

62,049,953

Total

Equity

Funds

(cost

$326,571,589)

326,787,068

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

19.2%

Nationwide

Bond

Fund,

Class

R6(a)

829,541

6,901,781

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

3,965,681

39,339,557

NVIT

Core

Bond

Fund,

Class

Y(a)

3,377,278

31,239,820

Total

Fixed

Income

Funds

(cost

$88,392,266)

77,481,158

Total

Investment

Companies

(cost

$414,963,855)

404,268,226

Total

Investments

(cost

$414,963,855)

—

100.0%

404,268,226

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

158,788

)

NET

ASSETS

—

100.0%

$

404,109,438

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

404,268,226

$

–

$

–

$

404,268,226

Total

$

404,268,226

$

–

$

–

$

404,268,226

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderate

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

60.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

6,472,051

59,737,027

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

14,637,838

112,125,837

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

17,611,503

166,780,935

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

56,109,080

553,796,618

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

5,354,532

49,743,599

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

17,496,681

235,855,253

Total

Equity

Funds

(cost

$1,168,701,014)

1,178,039,269

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

39.1%

Nationwide

Bond

Fund,

Class

R6(a)

5,530,605

46,014,632

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

30,727,687

304,818,655

NVIT

Core

Bond

Fund,

Class

Y(a)

28,633,385

264,858,807

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

3,269,683

28,184,668

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

11,798,694

113,385,449

Total

Fixed

Income

Funds

(cost

$862,415,419)

757,262,211

Total

Investment

Companies

(cost

$2,031,116,433)

1,935,301,480

Total

Investments

(cost

$2,031,116,433)

—

100.0%

1,935,301,480

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

707,371

)

NET

ASSETS

—

100.0%

$

1,934,594,109

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,935,301,480

$

–

$

–

$

1,935,301,480

Total

$

1,935,301,480

$

–

$

–

$

1,935,301,480

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

40.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

900,577

8,312,330

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,306,600

17,668,559

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,095,054

38,780,164

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

10,381,113

102,461,589

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

854,599

7,939,229

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,341,925

45,049,151

Total

Equity

Funds

(cost

$216,993,760)

220,211,022

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

60.0%

Nationwide

Bond

Fund,

Class

R6(a)

2,690,366

22,383,841

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,215,504

11,340,657

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

10,563,061

104,785,568

NVIT

Core

Bond

Fund,

Class

Y(a)

11,869,957

109,797,099

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,304,276

11,242,856

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

7,425,513

71,359,184

Total

Fixed

Income

Funds

(cost

$372,047,622)

330,909,205

Total

Investment

Companies

(cost

$589,041,382)

551,120,227

Total

Investments

(cost

$589,041,382)

—

100.0%

551,120,227

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

224,856

)

NET

ASSETS

—

100.0%

$

550,895,371

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

551,120,227

$

–

$

–

$

551,120,227

Total

$

551,120,227

$

–

$

–

$

551,120,227

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Conservative

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

20.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,189,671

9,112,877

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,389,771

22,631,130

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

5,643,359

55,699,954

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

295,374

2,744,022

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

1,697,520

22,882,563

Total

Equity

Funds

(cost

$108,190,865)

113,070,546

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

80.0%

Nationwide

Bond

Fund,

Class

R6(a)

3,779,393

31,444,548

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,453,941

22,895,265

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

13,714,548

136,048,313

NVIT

Core

Bond

Fund,

Class

Y(a)

14,656,059

135,568,550

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,671,450

14,407,897

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

11,750,062

112,918,101

Total

Fixed

Income

Funds

(cost

$505,541,349)

453,282,674

Total

Investment

Companies

(cost

$613,732,214)

566,353,220

Total

Investments

(cost

$613,732,214)

—

100.0%

566,353,220

Liabilities

in

excess

of

other

assets

—

0.0%

†

(227,476)

NET

ASSETS

—

100.0%

$

566,125,744

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

566,353,220

$

–

$

–

$

566,353,220

Total

$

566,353,220

$

–

$

–

$

566,353,220

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Balanced

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

50.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,448,171

41,056,620

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

8,973,159

68,734,401

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

15,569,054

147,438,944

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

37,201,840

367,182,161

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,397,895

31,566,447

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

11,704,615

157,778,209

Total

Equity

Funds

(cost

$807,330,646)

813,756,782

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

50.0%

Nationwide

Bond

Fund,

Class

R6(a)

6,956,235

57,875,871

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

29,525,764

292,895,578

NVIT

Core

Bond

Fund,

Class

Y(a)

29,820,588

275,840,436

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,935,370

25,302,887

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

16,880,766

162,224,165

Total

Fixed

Income

Funds

(cost

$922,290,928)

814,138,937

Total

Investment

Companies

(cost

$1,729,621,574)

1,627,895,719

Total

Investments

(cost

$1,729,621,574)

—

100.0%

1,627,895,719

Liabilities

in

excess

of

other

assets

—

0.0%

†

(606,427)

NET

ASSETS

—

100.0%

$

1,627,289,292

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Balanced

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,627,895,719

$

–

$

–

$

1,627,895,719

Total

$

1,627,895,719

$

–

$

–

$

1,627,895,719

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

70.3%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

9,578,159

88,406,404

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

16,057,421

122,999,848

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

20,473,515

193,884,188

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

65,823,760

649,680,515

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

7,107,786

66,031,333

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

17,136,544

231,000,615

Total

Equity

Funds

(cost

$1,353,337,300)

1,352,002,903

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

29.7%

Nationwide

Bond

Fund,

Class

R6(a)

4,555,556

37,902,224

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

23,017,550

228,334,094

NVIT

Core

Bond

Fund,

Class

Y(a)

24,592,040

227,476,372

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,238,118

19,292,575

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,000,936

57,668,994

Total

Fixed

Income

Funds

(cost

$652,238,070)

570,674,259

Total

Investment

Companies

(cost

$2,005,575,370)

1,922,677,162

Total

Investments

(cost

$2,005,575,370)

—

100.0%

1,922,677,162

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

703,787

)

NET

ASSETS

—

100.0%

$

1,921,973,375

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,922,677,162

$

–

$

–

$

1,922,677,162

Total

$

1,922,677,162

$

–

$

–

$

1,922,677,162

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

95

.8

%

Shares

Value

($)

Equity

Funds

52.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,230,787

11,360,167

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,447,914

18,751,025

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,050,880

47,831,837

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

11,434,871

112,862,180

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,044,629

9,704,608

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,527,878

61,035,798

Total

Equity

Funds

(cost

$256,160,621)

261,545,615

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

42.9%

Nationwide

Bond

Fund,

Class

R6(a)

1,737,909

14,459,404

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

7,696,312

76,347,411

NVIT

Core

Bond

Fund,

Class

Y(a)

7,774,311

71,912,379

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

733,105

6,319,368

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,487,281

43,122,767

Total

Fixed

Income

Funds

(cost

$238,685,809)

212,161,329

Total

Investment

Companies

(cost

$494,846,430)

473,706,944

Total

Investments

(cost

$494,846,430)

—

95.8%

473,706,944

Other

assets

in

excess

of

liabilities

—

4.2%

20,525,203

NET

ASSETS

—

100.0%

$

494,232,147

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(

47

)

6/2023

USD

(4,926,775)

(241,076)

Russell

2000

E-Mini

Index

(

11

)

6/2023

USD

(997,425)

(32,938)

S&P

500

E-Mini

Index

(

38

)

6/2023

USD

(7,861,725)

(315,284)

S&P

Midcap

400

E-Mini

Index

(

8

)

6/2023

USD

(2,023,760)

(89,120)

Net

contracts

(678,418)

As

of

March

31,

2023,

the

Fund

had

$832,011

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

473,706,944

$

–

$

–

$

473,706,944

Total

Assets

$

473,706,944

$

–

$

–

$

473,706,944

Liabilities:

Futures

Contracts

$

(

678,418

)

$

–

$

–

$

(

678,418

)

Total

Liabilities

$

(

678,418

)

$

–

$

–

$

(

678,418

)

Total

$

473,028,526

$

–

$

–

$

473,028,526

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

Financial

futures

contracts

(“futures

contracts”)

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing

its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

50%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

65%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(

678,418

)

Total

$

(

678,418

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

96

.4

%

Shares

Value

($)

Equity

Funds

63.2%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,318,385

30,628,689

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

7,415,377

56,801,789

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

10,707,439

101,399,444

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

33,453,701

330,188,031

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,938,775

27,301,218

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

13,120,852

176,869,080

Total

Equity

Funds

(cost

$709,583,694)

723,188,251

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

33.2%

Nationwide

Bond

Fund,

Class

R6(a)

2,786,240

23,181,515

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

15,435,439

153,119,558

NVIT

Core

Bond

Fund,

Class

Y(a)

14,416,448

133,352,146

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,656,407

14,278,226

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,864,064

56,353,651

Total

Fixed

Income

Funds

(cost

$431,220,961)

380,285,096

Total

Investment

Companies

(cost

$1,140,804,655)

1,103,473,347

Total

Investments

(cost

$1,140,804,655)

—

96.4%

1,103,473,347

Other

assets

in

excess

of

liabilities

—

3.6%

41,268,460

NET

ASSETS

—

100.0%

$

1,144,741,807

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(

264

)

6/2023

USD

(27,673,800)

(1,346,420)

Russell

2000

E-Mini

Index

(

64

)

6/2023

USD

(5,803,200)

(108,159)

S&P

500

E-Mini

Index

(

238

)

6/2023

USD

(49,239,225)

(2,504,436)

S&P

Midcap

400

E-Mini

Index

(

53

)

6/2023

USD

(13,407,410)

(448,612)

Net

contracts

(4,407,627)

As

of

March

31,

2023,

the

Fund

had

$5,118,743

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,103,473,347

$

–

$

–

$

1,103,473,347

Total

Assets

$

1,103,473,347

$

–

$

–

$

1,103,473,347

Liabilities:

Futures

Contracts

$

(

4,407,627

)

$

–

$

–

$

(

4,407,627

)

Total

Liabilities

$

(

4,407,627

)

$

–

$

–

$

(

4,407,627

)

Total

$

1,099,065,720

$

–

$

–

$

1,099,065,720

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

Financial

futures

contracts

(“futures

contracts”)

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing

its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(

4,407,627

)

Total

$

(

4,407,627

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

March

31,

2023

(Unaudited)

-

Consolidated

Statement

of

Investments

-

1

Corporate

Bonds

7.8%

Principal

Amount

($)

Value

($)

CANADA

3.9%

Capital

Markets

3.9%

OMERS

Finance

Trust,

1.13%,

4/14/2023(a)

1,400,000

1,398,481

NETHERLANDS

3.9%

Financial

Services

3.9%

BNG

Bank

NV,

Reg.

S,

0.75%,

4/17/2023

1,400,000

1,397,844

Total

Corporate

Bonds

(cost

$2,796,220)

2,796,325

Foreign

Government

Securities

15.4%

GERMANY

3.9%

Erste

Abwicklungsanstalt,

Reg.

S,

0.50%,

6/2/2023

1,400,000

1,389,791

JAPAN

7.6%

Japan

Finance

Organization

for

Municipalities,

2.13%,

10/25/2023

(a)

1,400,000

1,376,536

Tokyo

Metropolitan

Government,

Reg.

S,

3.25%,

6/1/2023

1,400,000

1,394,232

2,770,768

SWEDEN

3.9%

Svensk

Exportkredit

AB,

0.75%,

4/6/2023

1,400,000

1,399,677

Total

Foreign

Government

Securities

(cost

$5,574,947)

5,560,236

Supranational

3.8%

Principal

Amount

($)

Value

($)

Corp.

Andina

de

Fomento,

3.75%,

11/23/2023

1,400,000

1,385,967

Total

Supranational

(cost

$1,396,877)

1,385,967

Total

Investments

(cost

$9,768,044)

—

27.0%

9,742,528

Other

assets

in

excess

of

liabilities

—

73.0%

26,314,691

NET

ASSETS

—

100.0%

$

36,057,219

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$2,775,017

which

represents

7.70%

of

net

assets.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

2

-

Consolidated

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Copper

6

5/2023

USD

614,175

(2,741)

LME

Aluminum

Base

Metal

8

5/2023

USD

478,750

(19,495)

LME

Lead

Base

Metal

2

5/2023

USD

105,263

(1,544)

LME

Nickel

Base

Metal

2

5/2023

USD

285,000

(53,994)

LME

Zinc

Base

Metal

4

5/2023

USD

292,975

(21,688)

Silver

6

5/2023

USD

724,680

51,639

Australia

10

Year

Bond

61

6/2023

AUD

5,010,749

139,568

FTSE

100

Index

35

6/2023

GBP

3,298,215

36,103

Micro

Gold

116

6/2023

USD

2,303,992

144,225

Mini-DAX

Index

28

6/2023

EUR

2,398,459

97,315

Russell

2000

E-Mini

Index

20

6/2023

USD

1,813,500

27,457

S&P

500

Micro

E-Mini

Index

110

6/2023

USD

2,275,763

130,986

TOPIX

Index

20

6/2023

JPY

3,017,887

(11,239)

U.S.

Treasury

10

Year

Note

54

6/2023

USD

6,205,780

181,691

Net

contracts

698,283

As

of

March

31,

2023,

the

Fund

had

$1,482,611

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

March

31,

2023

(Unaudited)

-

Consolidated

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

2,796,325

$

–

$

2,796,325

Foreign

Government

Securities

–

5,560,236

–

5,560,236

Futures

Contracts

808,984

–

–

808,984

Supranational

–

1,385,967

–

1,385,967

Total

Assets

$

808,984

$

9,742,528

$

–

$

10,551,512

$

–

$

–

$

–

$

–

4

-

Consolidated

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(110,701)

$

–

$

–

$

(110,701)

Total

Liabilities

$

(110,701)

$

–

$

–

$

(110,701)

Total

$

698,283

$

9,742,528

$

–

$

10,440,811

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

March

31,

2023

(Unaudited)

-

Consolidated

Statement

of

Investments

-

5

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Commodity

risk

Unrealized

appreciation

from

futures

contracts

$

195,864

Equity

risk

Unrealized

appreciation

from

futures

contracts

291,861

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

321,259

Total

$

808,984

Liabilities:

Futures

Contracts

Commodity

risk

Unrealized

depreciation

from

futures

contracts

$

(99,462)

Equity

risk

Unrealized

depreciation

from

futures

contracts

(11,239)

Total

$

(110,701)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.2%

Shares

Value

($)

AUSTRALIA

0.1%

Metals

&

Mining

0.1%

AngloGold

Ashanti

Ltd.,

ADR

9,962

240,981

BRAZIL

5.3%

Banks

0.1%

Banco

Bradesco

SA

34,100

79,726

NU

Holdings

Ltd.

,

Class

A

*

46,000

218,960

298,686

Beverages

0.4%

Ambev

SA,

ADR

635,076

1,790,914

Chemicals

0.0%

†

Unipar

Carbocloro

SA

(Preference)

,

Class

B

3,227

44,600

Diversified

Telecommunication

Services

0.4%

Telefonica

Brasil

SA

207,000

1,578,909

Electric

Utilities

0.4%

Cia

Energetica

de

Minas

Gerais,

ADR

681,533

1,526,634

Cia

Energetica

de

Minas

Gerais

47,109

159,123

1,685,757

Electrical

Equipment

0.3%

WEG

SA

184,400

1,475,287

Financial

Services

0.0%

†

Cielo

SA

67,800

64,878

Insurance

0.3%

BB

Seguridade

Participacoes

SA

176,400

1,131,463

Machinery

0.2%

Kepler

Weber

SA

267,100

934,345

Randon

SA

Implementos

e

Participacoes

(Preference)

37,700

55,861

990,206

Metals

&

Mining

1.8%

Bradespar

SA

(Preference)

94,000

497,407

Cia

de

Ferro

Ligas

da

Bahia

FERBASA

(Preference)

80,500

842,094

Gerdau

SA

(Preference)

72,030

359,407

Metalurgica

Gerdau

SA

(Preference)

378,200

882,737

Vale

SA,

ADR

358,900

5,663,441

8,245,086

Oil,

Gas

&

Consumable

Fuels

1.4%

Petroleo

Brasileiro

SA,

ADR

413,100

4,308,633

Petroleo

Brasileiro

SA

(Preference)

402,200

1,860,843

6,169,476

23,475,262

CHILE

0.2%

Banks

0.0%

†

Banco

de

Chile

1,255,200

121,905

Chemicals

0.1%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

3,720

301,543

Industrial

Conglomerates

0.0%

†

Quinenco

SA

15,110

58,452

Marine

Transportation

0.1%

Cia

Sud

Americana

de

Vapores

SA

6,034,282

600,021

1,081,921

Common

Stocks

Shares

Value

($)

CHINA

31.9%

Air

Freight

&

Logistics

0.1%

ZTO

Express

Cayman,

Inc.,

ADR

(a)

23,300

667,778

Automobiles

1.4%

BYD

Co.

Ltd.

,

Class

A

46,600

1,747,622

BYD

Co.

Ltd.

,

Class

H

122,000

3,584,716

Geely

Automobile

Holdings

Ltd.

567,000

729,569

6,061,907

Banks

3.3%

Agricultural

Bank

of

China

Ltd.

,

Class

H

3,013,000

1,116,678

Bank

of

Communications

Co.

Ltd.

,

Class

H

1,738,000

1,090,755

China

CITIC

Bank

Corp.

Ltd.

,

Class

H

2,988,000

1,504,918

China

Construction

Bank

Corp.

,

Class

H

13,490,000

8,726,050

China

Everbright

Bank

Co.

Ltd.

,

Class

H

505,000

153,518

Huaxia

Bank

Co.

Ltd.

,

Class

A

618,700

485,133

Ping

An

Bank

Co.

Ltd.

,

Class

A

132,700

241,254

Shanghai

Pudong

Development

Bank

Co.

Ltd.

,

Class

A

1,022,100

1,071,905

14,390,211

Beverages

1.1%

Anhui

Gujing

Distillery

Co.

Ltd.

,

Class

A

10,400

449,078

Chongqing

Brewery

Co.

Ltd.

,

Class

A

66,400

1,212,684

Tsingtao

Brewery

Co.

Ltd.

,

Class

A

28,118

495,118

Tsingtao

Brewery

Co.

Ltd.

,

Class

H

250,000

2,730,396

4,887,276

Biotechnology

0.0%

†

3SBio,

Inc.

Reg.

S

(b)

145,000

144,234

Broadline

Retail

4.9%

Alibaba

Group

Holding

Ltd.

*

986,900

12,551,106

JD.com,

Inc.

,

Class

A

208,495

4,569,517

PDD

Holdings,

Inc.,

ADR

*

32,800

2,489,520

Vipshop

Holdings

Ltd.,

ADR

*

104,100

1,580,238

21,190,381

Building

Products

0.2%

China

Lesso

Group

Holdings

Ltd.

859,000

770,517

Capital

Markets

0.2%

China

Galaxy

Securities

Co.

Ltd.

,

Class

H

1,924,500

972,384

Chemicals

0.4%

Skshu

Paint

Co.

Ltd.

,

Class

A

*

19,100

323,719

Wanhua

Chemical

Group

Co.

Ltd.

,

Class

A

51,300

715,134

Zangge

Mining

Co.

Ltd.

,

Class

A

144,800

509,711

Zhejiang

Juhua

Co.

Ltd.

,

Class

A

162,800

418,768

1,967,332

Communications

Equipment

0.1%

BYD

Electronic

International

Co.

Ltd.

101,500

317,031

Construction

&

Engineering

0.1%

China

Railway

Group

Ltd.

,

Class

H

686,000

420,537

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Diversified

Consumer

Services

0.1%

China

Education

Group

Holdings

Ltd.

Reg.

S

(a)

618,000

598,332

China

New

Higher

Education

Group

Ltd.

Reg.

S

(b)

184,000

59,354

657,686

Electronic

Equipment,

Instruments

&

Components

0.5%

Avary

Holding

Shenzhen

Co.

Ltd.

,

Class

A

100,900

455,909

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.

,

Class

A

205,200

615,459

Kingboard

Holdings

Ltd.

104,000

320,178

Sunny

Optical

Technology

Group

Co.

Ltd.

81,500

990,212

2,381,758

Entertainment

1.5%

G-bits

Network

Technology

Xiamen

Co.

Ltd.

,

Class

A

5,100

353,890

iQIYI,

Inc.,

ADR

*(a)

33,700

245,336

NetDragon

Websoft

Holdings

Ltd.

81,500

143,709

NetEase,

Inc.

241,800

4,273,853

Tencent

Music

Entertainment

Group,

ADR

*

216,900

1,795,932

6,812,720

Gas

Utilities

0.3%

Kunlun

Energy

Co.

Ltd.

1,884,000

1,476,562

Health

Care

Equipment

&

Supplies

0.2%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

22,269

1,014,927

Health

Care

Providers

&

Services

0.8%

Aier

Eye

Hospital

Group

Co.

Ltd.

,

Class

A

493,185

2,238,585

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.

,

Class

H

444,000

1,375,576

3,614,161

Hotels,

Restaurants

&

Leisure

2.0%

Haidilao

International

Holding

Ltd.

Reg.

S

*(b)

67,000

179,832

Meituan

,

Class

B

Reg.

S

*(b)

369,160

6,705,282

Trip.com

Group

Ltd.,

ADR

*

50,600

1,906,102

Trip.com

Group

Ltd.

*

5,250

198,185

8,989,401

Household

Durables

0.6%

Gree

Electric

Appliances,

Inc.

of

Zhuhai

,

Class

A

339,601

1,813,420

Zhejiang

Supor

Co.

Ltd.

,

Class

A

101,500

801,006

2,614,426

Industrial

Conglomerates

0.3%

CITIC

Ltd.

1,216,000

1,426,587

Insurance

1.4%

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

A

248,280

934,715

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

H

745,400

1,992,123

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

,

Class

H

4,021,000

1,346,217

Common

Stocks

Shares

Value

($)

CHINA

Insurance

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

1,996,000

2,038,837

6,311,892

Interactive

Media

&

Services

6.3%

Autohome,

Inc.,

ADR

27,900

933,813

Baidu,

Inc.

,

Class

A

*

89,850

1,703,550

Hello

Group,

Inc.,

ADR

(a)

68,200

620,620

JOYY,

Inc.,

ADR

3,600

112,248

Kanzhun

Ltd.,

ADR

*

11,300

215,039

Kuaishou

Technology

Reg.

S

*(b)

130,100

993,736

Tencent

Holdings

Ltd.

467,600

22,848,502

Weibo

Corp.,

ADR

*

9,300

186,558

27,614,066

Life

Sciences

Tools

&

Services

0.5%

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

393,000

2,430,810

Machinery

1.0%

CIMC

Enric

Holdings

Ltd.

(a)

606,000

588,775

CRRC

Corp.

Ltd.

,

Class

A

2,122,125

1,893,712

CRRC

Corp.

Ltd.

,

Class

H

1,483,000

809,336

Haitian

International

Holdings

Ltd.

125,000

324,666

Ningbo

Deye

Technology

Co.

Ltd.

,

Class

A

6,200

233,035

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.

,

Class

H

119,700

521,866

4,371,390

Marine

Transportation

0.2%

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

A

560,887

902,282

Metals

&

Mining

1.1%

Baoshan

Iron

&

Steel

Co.

Ltd.

,

Class

A

2,555,800

2,317,600

Huaibei

Mining

Holdings

Co.

Ltd.

,

Class

A

737,764

1,456,864

Jiangxi

Copper

Co.

Ltd.

,

Class

H

263,000

443,560

Shougang

Fushan

Resources

Group

Ltd.

2,618,000

832,667

5,050,691

Oil,

Gas

&

Consumable

Fuels

0.4%

PetroChina

Co.

Ltd.

,

Class

A

743,100

642,045

PetroChina

Co.

Ltd.

,

Class

H

2,196,000

1,302,689

1,944,734

Personal

Care

Products

0.1%

Hengan

International

Group

Co.

Ltd.

115,500

533,709

Pharmaceuticals

0.2%

CSPC

Pharmaceutical

Group

Ltd.

198,000

194,509

Hansoh

Pharmaceutical

Group

Co.

Ltd.

Reg.

S

(b)

28,000

48,857

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.

,

Class

A

107,600

445,145

688,511

Real

Estate

Management

&

Development

0.7%

China

Resources

Land

Ltd.

240,000

1,099,777

China

Resources

Mixc

Lifestyle

Services

Ltd.

Reg.

S

(a)(b)

37,600

197,947

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

CHINA

Real

Estate

Management

&

Development

Gemdale

Properties

&

Investment

Corp.

Ltd.

1,412,000

96,826

KE

Holdings,

Inc.,

ADR

*

95,200

1,793,568

3,188,118

Semiconductors

&

Semiconductor

Equipment

0.6%

JCET

Group

Co.

Ltd.

,

Class

A

74,700

354,084

Jiangsu

Pacific

Quartz

Co.

Ltd.

,

Class

A

27,200

489,612

LONGi

Green

Energy

Technology

Co.

Ltd.

,

Class

A

83,460

491,874

Risen

Energy

Co.

Ltd.

,

Class

A

*

69,200

281,981

Shanghai

Aiko

Solar

Energy

Co.

Ltd.

,

Class

A

*

127,900

617,318

StarPower

Semiconductor

Ltd.

,

Class

A

6,700

268,142

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.

,

Class

A

17,600

167,752

2,670,763

Software

0.3%

Hundsun

Technologies,

Inc.

,

Class

A

77,900

605,382

Kingdee

International

Software

Group

Co.

Ltd.

*

325,000

522,019

1,127,401

Specialty

Retail

0.1%

Topsports

International

Holdings

Ltd.

Reg.

S

(b)

694,000

629,678

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Legend

Holdings

Corp.

,

Class

H

Reg.

S

(b)

134,400

144,218

Textiles,

Apparel

&

Luxury

Goods

0.8%

ANTA

Sports

Products

Ltd.

54,200

788,434

Bosideng

International

Holdings

Ltd.

1,554,000

870,094

JNBY

Design

Ltd.

Reg.

S

135,000

155,217

Li

Ning

Co.

Ltd.

247,000

1,946,898

3,760,643

Trading

Companies

&

Distributors

0.1%

BOC

Aviation

Ltd.

Reg.

S

(b)

70,000

540,102

142,686,824

COLOMBIA

0.1%

Banks

0.1%

Bancolombia

SA,

ADR

9,463

237,805

GREECE

0.8%

Hotels,

Restaurants

&

Leisure

0.7%

OPAP

SA

181,982

2,923,974

Marine

Transportation

0.1%

Danaos

Corp.

(a)

8,500

464,270

Diana

Shipping,

Inc.

25,100

97,890

Star

Bulk

Carriers

Corp.

(a)

2,200

46,464

608,624

Specialty

Retail

0.0%

†

JUMBO

SA

9,345

197,963

3,730,561

Common

Stocks

Shares

Value

($)

HONG

KONG

0.9%

Electronic

Equipment,

Instruments

&

Components

0.1%

Truly

International

Holdings

Ltd.

2,916,000

406,649

Household

Durables

0.0%

†

Skyworth

Group

Ltd.

298,000

152,788

Marine

Transportation

0.1%

Orient

Overseas

International

Ltd.

24,500

468,626

Pharmaceuticals

0.7%

Sino

Biopharmaceutical

Ltd.

5,241,000

2,929,824

3,957,887

INDIA

13.1%

Aerospace

&

Defense

0.6%

Bharat

Electronics

Ltd.

2,200,993

2,615,794

Automobiles

1.4%

Bajaj

Auto

Ltd.

46,292

2,191,375

Eicher

Motors

Ltd.

67,629

2,429,567

Maruti

Suzuki

India

Ltd.

8,787

887,306

Tata

Motors

Ltd.

*

118,555

609,697

TVS

Motor

Co.

Ltd.

9,147

119,985

6,237,930

Banks

2.0%

Axis

Bank

Ltd.

325,841

3,409,538

Bank

of

Baroda

129,817

267,086

ICICI

Bank

Ltd.,

ADR

112,083

2,418,751

State

Bank

of

India

459,858

2,938,192

9,033,567

Beverages

0.0%

†

Varun

Beverages

Ltd.

3,716

62,765

Capital

Markets

0.0%

†

Edelweiss

Financial

Services

Ltd.

110,116

70,520

Construction

Materials

0.1%

Ambuja

Cements

Ltd.

*

67,159

300,127

Consumer

Finance

0.2%

Bajaj

Finance

Ltd.

12,263

840,465

Electrical

Equipment

0.3%

ABB

India

Ltd.

28,289

1,160,034

Financial

Services

1.5%

Housing

Development

Finance

Corp.

Ltd.

110,403

3,537,552

Power

Finance

Corp.

Ltd.

558,277

1,034,104

REC

Ltd.

1,516,461

2,135,401

6,707,057

Food

Products

0.0%

†

Britannia

Industries

Ltd.

3,485

183,614

Health

Care

Providers

&

Services

0.1%

Narayana

Hrudayalaya

Ltd.

Reg.

S

42,991

405,324

Insurance

0.2%

SBI

Life

Insurance

Co.

Ltd.

Reg.

S

(b)

76,161

1,022,443

Interactive

Media

&

Services

0.0%

†

Just

Dial

Ltd.

*

25,277

183,436

IT

Services

2.7%

Infosys

Ltd.,

ADR

438,298

7,643,917

Tata

Consultancy

Services

Ltd.

93,056

3,644,612

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDIA

IT

Services

Wipro

Ltd.

30,694

136,941

11,425,470

Machinery

0.3%

Cummins

India

Ltd.

54,929

1,090,893

Grindwell

Norton

Ltd.

7,619

174,186

1,265,079

Metals

&

Mining

1.0%

APL

Apollo

Tubes

Ltd.

16,656

244,958

Hindustan

Zinc

Ltd.

297,557

1,064,791

Jindal

Stainless

Ltd.

*

38,685

136,856

JSW

Steel

Ltd.

188,331

1,578,780

Maharashtra

Seamless

Ltd.

30,282

132,084

Vedanta

Ltd.

355,987

1,193,777

4,351,246

Oil,

Gas

&

Consumable

Fuels

1.1%

Great

Eastern

Shipping

Co.

Ltd.

(The)

104,043

817,124

Reliance

Industries

Ltd.

145,435

4,134,206

4,951,330

Paper

&

Forest

Products

0.0%

†

JK

Paper

Ltd.

45,505

212,077

Passenger

Airlines

0.1%

InterGlobe

Aviation

Ltd.

Reg.

S

*(b)

18,733

436,023

Personal

Care

Products

0.1%

Hindustan

Unilever

Ltd.

15,450

482,524

Professional

Services

0.0%

†

WNS

Holdings

Ltd.,

ADR

*

1,900

177,023

Tobacco

1.4%

ITC

Ltd.

1,343,383

6,273,610

58,397,458

INDONESIA

2.4%

Automobiles

0.0%

†

Astra

International

Tbk.

PT

518,300

208,066

Banks

2.0%

Bank

Central

Asia

Tbk.

PT

6,670,100

3,897,340

Bank

Mandiri

Persero

Tbk.

PT

4,233,400

2,910,497

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk.

PT

*

2,798,400

137,237

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

5,491,700

1,735,178

8,680,252

Broadline

Retail

0.1%

Mitra

Adiperkasa

Tbk.

PT

*

3,640,300

366,816

Chemicals

0.0%

†

Surya

Esa

Perkasa

Tbk.

PT

885,000

55,782

Construction

Materials

0.0%

†

Indocement

Tunggal

Prakarsa

Tbk.

PT

212,400

149,410

Metals

&

Mining

0.1%

Aneka

Tambang

Tbk.

1,247,000

174,075

Merdeka

Copper

Gold

Tbk.

PT

*

177,800

49,857

223,932

Oil,

Gas

&

Consumable

Fuels

0.2%

AKR

Corporindo

Tbk.

PT

1,898,600

196,409

Common

Stocks

Shares

Value

($)

INDONESIA

Oil,

Gas

&

Consumable

Fuels

United

Tractors

Tbk.

PT

308,100

598,494

794,903

10,479,161

MEXICO

3.0%

Banks

0.6%

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

295,100

2,487,552

Beverages

1.4%

Arca

Continental

SAB

de

CV

283,108

2,570,910

Coca-Cola

Femsa

SAB

de

CV,

ADR

43,148

3,472,120

6,043,030

Broadline

Retail

0.0%

†

El

Puerto

de

Liverpool

SAB

de

CV

,

Class

C1

15,177

95,357

Hotels,

Restaurants

&

Leisure

0.0%

†

Alsea

SAB

de

CV

*

46,500

111,373

Household

Products

0.0%

†

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

47,400

99,850

Metals

&

Mining

0.6%

Southern

Copper

Corp.

13,100

998,875

Ternium

SA,

ADR

38,400

1,584,384

2,583,259

Transportation

Infrastructure

0.4%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

46,700

521,604

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

Class

B

39,466

767,879

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

2,196

673,008

1,962,491

13,382,912

MONACO

0.0%

†

Marine

Transportation

0.0%

†

Costamare,

Inc.

6,800

63,988

PHILIPPINES

0.5%

Banks

0.2%

Metropolitan

Bank

&

Trust

Co.

980,600

1,055,135

Hotels,

Restaurants

&

Leisure

0.1%

Bloomberry

Resorts

Corp.

*

1,995,400

360,064

Jollibee

Foods

Corp.

12,920

53,340

413,404

Transportation

Infrastructure

0.2%

International

Container

Terminal

Services,

Inc.

206,810

812,489

2,281,028

POLAND

1.1%

Capital

Markets

0.1%

XTB

SA

Reg.

S

(b)

51,582

378,799

Consumer

Finance

0.0%

†

KRUK

SA

2,019

144,216

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

POLAND

Insurance

0.7%

Powszechny

Zaklad

Ubezpieczen

SA

375,933

3,055,747

Metals

&

Mining

0.1%

Jastrzebska

Spolka

Weglowa

SA

*

25,650

281,699

Oil,

Gas

&

Consumable

Fuels

0.1%

Polski

Koncern

Naftowy

ORLEN

SA

41,700

564,521

Textiles,

Apparel

&

Luxury

Goods

0.1%

LPP

SA

211

468,214

4,893,196

QATAR

0.4%

Banks

0.2%

Commercial

Bank

PSQC

(The)

195,702

312,431

Qatar

Islamic

Bank

SAQ

72,090

352,781

665,212

Chemicals

0.0%

†

Mesaieed

Petrochemical

Holding

Co.

395,853

209,355

Metals

&

Mining

0.1%

Qatar

Aluminum

Manufacturing

Co.

769,916

325,553

Multi-Utilities

0.1%

Qatar

Electricity

&

Water

Co.

QSC

99,366

460,774

Wireless

Telecommunication

Services

0.0%

†

Vodafone

Qatar

QSC

332,524

157,922

1,818,816

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

*^∞

819,980

0

VTB

Bank

PJSC

*^∞

548,744,000

0

0

Chemicals

0.0%

†

PhosAgro

PJSC

Reg.

S

*^∞

7,500

0

PhosAgro

PJSC,

GDR

Reg.

S

*^∞

48

0

0

Metals

&

Mining

0.0%

†

Novolipetsk

Steel

PJSC,

GDR

Reg.

S

*^∞

78,727

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Novatek

PJSC,

GDR

Reg.

S

*^∞

11,088

0

0

SAUDI

ARABIA

3.4%

Banks

1.1%

Alinma

Bank

79,228

623,444

Arab

National

Bank

99,028

682,504

Bank

AlBilad

*

13,397

142,632

Riyad

Bank

247,655

1,966,956

Saudi

Investment

Bank

(The)

82,003

362,919

Saudi

National

Bank

(The)

94,662

1,159,620

4,938,075

Chemicals

0.3%

Sahara

International

Petrochemical

Co.

146,983

1,489,919

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Construction

Materials

0.0%

†

Saudi

Cement

Co.

13,646

204,007

Consumer

Staples

Distribution

&

Retail

0.2%

Abdullah

Al

Othaim

Markets

Co.

24,601

840,701

Diversified

Telecommunication

Services

0.1%

Saudi

Telecom

Co.

35,945

384,459

Health

Care

Providers

&

Services

0.5%

Al

Hammadi

Holding

16,623

216,086

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

25,568

1,985,058

2,201,144

Insurance

0.2%

Bupa

Arabia

for

Cooperative

Insurance

Co.

14,935

692,680

Metals

&

Mining

0.4%

Saudi

Arabian

Mining

Co.

*

101,831

1,742,943

Oil,

Gas

&

Consumable

Fuels

0.5%

Saudi

Arabian

Oil

Co.

Reg.

S

(b)

267,643

2,305,585

Specialty

Retail

0.1%

Saudi

Automotive

Services

Co.

29,301

290,571

15,090,084

SOUTH

AFRICA

3.0%

Banks

0.5%

Absa

Group

Ltd.

95,482

976,572

Standard

Bank

Group

Ltd.

111,532

1,082,723

2,059,295

Broadline

Retail

0.5%

Naspers

Ltd.

,

Class

N

5,231

963,284

Woolworths

Holdings

Ltd.

339,902

1,220,232

2,183,516

Consumer

Staples

Distribution

&

Retail

0.2%

Bid

Corp.

Ltd.

43,570

975,419

Financial

Services

1.2%

FirstRand

Ltd.

1,532,767

5,204,706

Remgro

Ltd.

12,784

96,501

5,301,207

Food

Products

0.1%

AVI

Ltd.

125,046

493,108

Hotels,

Restaurants

&

Leisure

0.0%

†

Sun

International

Ltd.

47,165

113,920

Insurance

0.1%

OUTsurance

Group

Ltd.

119,851

235,844

Metals

&

Mining

0.3%

Anglo

American

Platinum

Ltd.

10,270

551,891

Gold

Fields

Ltd.,

ADR

31,234

416,037

Kumba

Iron

Ore

Ltd.

15,339

388,134

1,356,062

Specialty

Retail

0.1%

Motus

Holdings

Ltd.

64,773

353,417

Trading

Companies

&

Distributors

0.0%

†

Barloworld

Ltd.

15,079

75,644

13,147,432

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

12.3%

Aerospace

&

Defense

1.3%

Hanwha

Aerospace

Co.

Ltd.

30,607

2,343,777

Korea

Aerospace

Industries

Ltd.

56,089

2,053,448

LIG

Nex1

Co.

Ltd.

20,936

1,168,483

5,565,708

Automobile

Components

0.0%

†

SNT

Motiv

Co.

Ltd.

3,318

119,773

Automobiles

1.1%

Hyundai

Motor

Co.

10,445

1,490,378

Kia

Corp.

46,561

2,916,385

4,406,763

Banks

1.1%

Hana

Financial

Group,

Inc.

3,106

97,670

KB

Financial

Group,

Inc.

71,754

2,635,522

Shinhan

Financial

Group

Co.

Ltd.

56,502

1,538,502

4,271,694

Beverages

0.0%

†

Lotte

Chilsung

Beverage

Co.

Ltd.

1,037

131,724

Construction

&

Engineering

0.1%

Samsung

Engineering

Co.

Ltd.

*

18,016

441,458

Electronic

Equipment,

Instruments

&

Components

0.6%

Daeduck

Electronics

Co.

Ltd.

15,124

278,891

Samsung

SDI

Co.

Ltd.

4,345

2,476,395

2,755,286

Entertainment

0.0%

†

SM

Entertainment

Co.

Ltd.

2,563

184,387

Health

Care

Equipment

&

Supplies

0.1%

Humasis

Co.

Ltd.

*

31,956

112,227

Jeisys

Medical,

Inc.

*

20,363

135,588

247,815

Hotels,

Restaurants

&

Leisure

0.5%

Kangwon

Land,

Inc.

35,326

542,872

Paradise

Co.

Ltd.

*

126,391

1,630,556

Seobu

T&D

21,065

126,012

2,299,440

Industrial

Conglomerates

0.2%

GS

Holdings

Corp.

32,095

999,914

Insurance

0.5%

DB

Insurance

Co.

Ltd.

21,262

1,224,098

Korean

Reinsurance

Co.

124,457

696,098

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

2,826

448,173

2,368,369

Interactive

Media

&

Services

0.4%

NAVER

Corp.

12,619

1,986,415

Life

Sciences

Tools

&

Services

0.1%

Samsung

Biologics

Co.

Ltd.

Reg.

S

*(b)

462

280,893

Machinery

0.7%

Doosan

Bobcat,

Inc.

25,962

876,557

Hyundai

Construction

Equipment

Co.

Ltd.

24,363

979,465

Hyundai

Rotem

Co.

Ltd.

*

13,330

265,630

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

*

18,869

1,129,714

3,251,366

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Marine

Transportation

0.0%

†

Pan

Ocean

Co.

Ltd.

47,397

212,953

Metals

&

Mining

0.2%

Dongkuk

Steel

Mill

Co.

Ltd.

12,397

116,711

POSCO

Holdings,

Inc.

3,084

879,237

SeAH

Steel

Holdings

Corp.

974

108,961

1,104,909

Semiconductors

&

Semiconductor

Equipment

0.9%

Advanced

Process

Systems

Corp.

7,661

132,208

DB

HiTek

Co.

Ltd.

18,546

1,042,757

Eo

Technics

Co.

Ltd.

1,181

81,700

HAESUNG

DS

Co.

Ltd.

35,994

1,474,430

ISC

Co.

Ltd.

19,975

619,574

LEENO

Industrial,

Inc.

3,885

431,467

NEXTIN,

Inc.

5,087

261,874

4,044,010

Technology

Hardware,

Storage

&

Peripherals

3.4%

Samsung

Electronics

Co.

Ltd.

256,807

12,734,627

Samsung

Electronics

Co.

Ltd.

(Preference)

50,524

2,109,799

14,844,426

Textiles,

Apparel

&

Luxury

Goods

0.3%

Hansae

Co.

Ltd.

44,903

539,079

LF

Corp.

24,812

331,759

Youngone

Corp.

12,923

454,827

Youngone

Holdings

Co.

Ltd.

2,908

143,531

1,469,196

Tobacco

0.4%

KT&G

Corp.

27,301

1,761,544

Trading

Companies

&

Distributors

0.4%

LX

International

Corp.

27,766

621,911

Posco

International

Corp.

69,498

1,198,234

1,820,145

54,568,188

TAIWAN

15.6%

Broadline

Retail

0.1%

Poya

International

Co.

Ltd.

16,000

301,158

Communications

Equipment

0.1%

Accton

Technology

Corp.

42,000

444,498

Construction

&

Engineering

0.2%

Continental

Holdings

Corp.

800,000

809,524

Construction

Materials

0.1%

Asia

Cement

Corp.

153,000

218,437

Goldsun

Building

Materials

Co.

Ltd.

55,000

50,533

268,970

Containers

&

Packaging

0.1%

Ton

Yi

Industrial

Corp.

549,000

349,401

Electronic

Equipment,

Instruments

&

Components

1.5%

Compeq

Manufacturing

Co.

Ltd.

918,000

1,404,013

FLEXium

Interconnect,

Inc.

*

163,000

532,443

Hon

Hai

Precision

Industry

Co.

Ltd.

965,000

3,310,317

Largan

Precision

Co.

Ltd.

16,000

1,150,390

Primax

Electronics

Ltd.

455,000

906,509

7,303,672

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

TAIWAN

Entertainment

0.3%

Gamania

Digital

Entertainment

Co.

Ltd.

513,000

1,235,002

International

Games

System

Co.

Ltd.

12,000

226,501

1,461,503

Hotels,

Restaurants

&

Leisure

0.2%

Bafang

Yunji

International

Co.

Ltd.

14,000

85,203

Formosa

International

Hotels

Corp.

72,000

660,168

745,371

Machinery

0.0%

†

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

100,000

173,016

Metals

&

Mining

0.2%

Froch

Enterprise

Co.

Ltd.

356,000

275,876

Gloria

Material

Technology

Corp.

*

180,000

305,460

Tung

Ho

Steel

Enterprise

Corp.

79,000

145,349

726,685

Semiconductors

&

Semiconductor

Equipment

12.0%

Ardentec

Corp.

376,000

714,543

ASE

Technology

Holding

Co.

Ltd.

1,048,000

3,878,140

Chipbond

Technology

Corp.

507,000

1,156,901

eMemory

Technology,

Inc.

23,000

1,422,794

Formosa

Sumco

Technology

Corp.

151,000

830,336

Globalwafers

Co.

Ltd.

57,000

979,375

Keystone

Microtech

Corp.

46,000

316,834

King

Yuan

Electronics

Co.

Ltd.

1,333,000

2,135,990

M31

Technology

Corp.

45,000

994,152

MediaTek,

Inc.

82,000

2,140,492

Novatek

Microelectronics

Corp.

63,000

896,430

Sino-American

Silicon

Products,

Inc.

155,000

801,165

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,784,000

31,605,114

Taiwan

Surface

Mounting

Technology

Corp.

234,000

751,085

Topco

Scientific

Co.

Ltd.

36,000

224,155

United

Microelectronics

Corp.

*

2,525,000

4,428,693

Vanguard

International

Semiconductor

Corp.

99,000

315,928

XinTec,

Inc.

78,000

279,025

53,871,152

Technology

Hardware,

Storage

&

Peripherals

0.6%

Catcher

Technology

Co.

Ltd.

274,000

1,710,873

King

Slide

Works

Co.

Ltd.

23,000

290,461

Lite-On

Technology

Corp.

274,000

663,340

2,664,674

Textiles,

Apparel

&

Luxury

Goods

0.2%

Makalot

Industrial

Co.

Ltd.

101,000

719,228

69,838,852

THAILAND

2.5%

Banks

0.5%

Krung

Thai

Bank

PCL

3,930,600

1,896,619

TMBThanachart

Bank

PCL

9,287,700

386,735

2,283,354

Health

Care

Providers

&

Services

1.3%

Bumrungrad

Hospital

PCL

855,600

5,651,315

Common

Stocks

Shares

Value

($)

THAILAND

Health

Care

Providers

&

Services

Vibhavadi

Medical

Center

PCL

5,222,900

399,843

6,051,158

Hotels,

Restaurants

&

Leisure

0.4%

Central

Plaza

Hotel

PCL

*

279,600

458,161

Erawan

Group

PCL

(The)

*

1,315,200

189,404

Minor

International

PCL

*

1,097,800

1,035,732

1,683,297

Real

Estate

Management

&

Development

0.1%

Supalai

PCL

635,200

412,681

Transportation

Infrastructure

0.2%

Airports

of

Thailand

PCL

*

111,600

232,058

Bangkok

Expressway

&

Metro

PCL

1,838,100

475,660

707,718

11,138,208

TURKEY

0.7%

Automobiles

0.1%

Tofas

Turk

Otomobil

Fabrikasi

A/S

43,314

420,195

Industrial

Conglomerates

0.3%

KOC

Holding

A/S

333,098

1,323,001

Passenger

Airlines

0.2%

Pegasus

Hava

Tasimaciligi

A/S

*

10,259

241,412

Turk

Hava

Yollari

AO

*

130,573

803,606

1,045,018

Specialty

Retail

0.0%

†

Dogus

Otomotiv

Servis

ve

Ticaret

A/S

27,274

173,283

Textiles,

Apparel

&

Luxury

Goods

0.1%

Mavi

Giyim

Sanayi

ve

Ticaret

A/S

,

Class

B

Reg.

S

(b)

40,918

224,117

3,185,614

UNITED

ARAB

EMIRATES

0.9%

Banks

0.5%

Abu

Dhabi

Commercial

Bank

PJSC

135,666

306,538

Abu

Dhabi

Islamic

Bank

PJSC

193,762

526,716

Dubai

Islamic

Bank

PJSC

402,353

574,411

Emirates

NBD

Bank

PJSC

148,674

532,386

1,940,051

Diversified

Telecommunication

Services

0.0%

†

Emirates

Telecommunications

Group

Co.

PJSC

25,067

150,605

Passenger

Airlines

0.4%

Air

Arabia

PJSC

3,102,651

1,788,663

3,879,319

Total

Common

Stocks

(cost

$448,783,357)

437,575,497

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Repurchase

Agreements

0.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,211,598,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$1,235,335.(c)

1,211,112

1,211,112

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$400,162,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$408,000.(c)

400,000

400,000

Total

Repurchase

Agreements

(cost

$1,611,112)

1,611,112

Total

Investments

(cost

$450,394,469)

—

98.6%

439,186,609

Other

assets

in

excess

of

liabilities

—

1.4%

6,081,901

NET

ASSETS

—

100.0%

$

445,268,510

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$2,233,248,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,611,112

and

by

$702,947

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

4/27/2023

–

11/15/2052,

a

total

value

of

$2,314,059.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$16,721,910

which

represents

3.76%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$1,611,112.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

8,181,502

$

–

$

8,181,502

Air

Freight

&

Logistics

667,778

–

–

667,778

Automobile

Components

–

119,773

–

119,773

Automobiles

–

17,334,861

–

17,334,861

Banks

7,461,318

45,001,476

–

52,462,794

Beverages

7,833,944

5,081,765

–

12,915,709

Biotechnology

–

144,234

–

144,234

Broadline

Retail

4,165,115

19,972,113

–

24,137,228

Building

Products

–

770,517

–

770,517

Capital

Markets

–

1,421,703

–

1,421,703

Chemicals

346,143

3,722,388

–

4,068,531

Communications

Equipment

–

761,529

–

761,529

Construction

&

Engineering

–

1,671,519

–

1,671,519

Construction

Materials

–

922,514

–

922,514

Consumer

Finance

–

984,681

–

984,681

Consumer

Staples

Distribution

&

Retail

–

1,816,120

–

1,816,120

Containers

&

Packaging

–

349,401

–

349,401

Diversified

Consumer

Services

–

657,686

–

657,686

Diversified

Telecommunication

Services

1,578,909

535,064

–

2,113,973

Electric

Utilities

1,685,757

–

–

1,685,757

Electrical

Equipment

1,475,287

1,160,034

–

2,635,321

Electronic

Equipment,

Instruments

&

Components

–

12,847,365

–

12,847,365

Entertainment

2,041,268

6,417,342

–

8,458,610

Financial

Services

64,878

12,008,264

–

12,073,142

Food

Products

–

676,722

–

676,722

Gas

Utilities

–

1,476,562

–

1,476,562

Health

Care

Equipment

&

Supplies

–

1,262,742

–

1,262,742

Health

Care

Providers

&

Services

–

12,271,787

–

12,271,787

Hotels,

Restaurants

&

Leisure

2,017,475

15,262,705

–

17,280,180

Household

Durables

–

2,767,214

–

2,767,214

Household

Products

99,850

–

–

99,850

Industrial

Conglomerates

58,452

3,749,502

–

3,807,954

Insurance

1,131,463

13,686,975

–

14,818,438

Interactive

Media

&

Services

2,068,278

27,715,639

–

29,783,917

IT

Services

7,643,917

3,781,553

–

11,425,470

Life

Sciences

Tools

&

Services

–

2,711,703

–

2,711,703

Machinery

990,206

9,060,851

–

10,051,057

Marine

Transportation

1,272,633

1,583,861

–

2,856,494

Metals

&

Mining

11,485,363

14,747,683

–

26,233,046

Multi-Utilities

–

460,774

–

460,774

Oil,

Gas

&

Consumable

Fuels

6,169,476

10,561,073

–

16,730,549

Paper

&

Forest

Products

–

212,077

–

212,077

Passenger

Airlines

–

3,269,704

–

3,269,704

Personal

Care

Products

–

1,016,233

–

1,016,233

Pharmaceuticals

–

3,618,335

–

3,618,335

Professional

Services

177,023

–

–

177,023

Real

Estate

Management

&

Development

1,793,568

1,807,231

–

3,600,799

Semiconductors

&

Semiconductor

Equipment

–

60,585,925

–

60,585,925

Software

–

1,127,401

–

1,127,401

Specialty

Retail

–

1,644,912

–

1,644,912

Technology

Hardware,

Storage

&

Peripherals

–

17,653,318

–

17,653,318

Textiles,

Apparel

&

Luxury

Goods

–

6,641,398

–

6,641,398

Tobacco

–

8,035,154

–

8,035,154

Trading

Companies

&

Distributors

–

2,435,891

–

2,435,891

Transportation

Infrastructure

1,962,491

1,520,207

–

3,482,698

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2023

(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

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

As

of March

31,

2023,

the

Fund

had

no

open

futures

contracts.  

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

157,922

$

–

$

157,922

Total

Common

Stocks

$

64,190,592

$

373,384,905

$

–

$

437,575,497

Repurchase

Agreements

–

1,611,112

–

1,611,112

Total

$

64,190,592

$

374,996,017

$

–

$

439,186,609

As

of

March

31,

2023,

the

Fund

held

six

common

stocks

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.

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

98.1%

Shares

Value

($)

AUSTRALIA

9.3%

Banks

3.2%

ANZ

Group

Holdings

Ltd.

385,760

5,942,334

Commonwealth

Bank

of

Australia

179,239

11,801,550

National

Australia

Bank

Ltd.

(a)

92,056

1,708,927

Westpac

Banking

Corp.

350,953

5,090,845

24,543,656

Capital

Markets

0.6%

ASX

Ltd.

(a)

107,080

4,662,178

Chemicals

0.1%

Incitec

Pivot

Ltd.

557,965

1,170,379

Consumer

Staples

Distribution

&

Retail

0.4%

Woolworths

Group

Ltd.

128,492

3,258,586

Diversified

Telecommunication

Services

0.2%

Telstra

Group

Ltd.

446,769

1,262,064

Ground

Transportation

0.0%

†

Aurizon

Holdings

Ltd.

173,672

390,988

Health

Care

Equipment

&

Supplies

0.5%

Cochlear

Ltd.

26,087

4,135,154

Hotels,

Restaurants

&

Leisure

0.0%

†

Aristocrat

Leisure

Ltd.

9,617

240,479

Industrial

REITs

0.2%

Goodman

Group

104,639

1,330,811

Insurance

0.1%

Suncorp

Group

Ltd.

83,309

675,491

Metals

&

Mining

2.6%

Allkem

Ltd.

*

177,048

1,418,186

BHP

Group

Ltd.

416,364

13,206,174

Fortescue

Metals

Group

Ltd.

160,689

2,416,424

Glencore

plc

492,137

2,830,826

Perseus

Mining

Ltd.

143,780

227,870

20,099,480

Office

REITs

0.0%

†

Dexus

69,154

350,387

Oil,

Gas

&

Consumable

Fuels

0.3%

Whitehaven

Coal

Ltd.

60,227

271,193

Woodside

Energy

Group

Ltd.

103,056

2,322,079

2,593,272

Passenger

Airlines

0.6%

Qantas

Airways

Ltd.

*

1,092,421

4,853,031

Retail

REITs

0.2%

Scentre

Group

358,551

665,265

Vicinity

Ltd.

799,242

1,046,800

1,712,065

Software

0.3%

Technology

One

Ltd.

57,734

565,210

WiseTech

Global

Ltd.

48,636

2,136,807

2,702,017

73,980,038

AUSTRIA

0.1%

Banks

0.1%

Raiffeisen

Bank

International

AG

*

29,365

451,130

Construction

Materials

0.0%

†

Wienerberger

AG

24,961

723,919

1,175,049

Common

Stocks

Shares

Value

($)

BELGIUM

0.5%

Banks

0.0%

†

KBC

Ancora

5,525

255,471

Distributors

0.5%

D'ieteren

Group

21,054

4,095,529

4,351,000

CANADA

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

International

Petroleum

Corp.

*

36,200

345,670

CHINA

0.3%

Air

Freight

&

Logistics

0.0%

†

Kerry

Logistics

Network

Ltd.

83,000

129,426

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

458,500

1,424,922

Machinery

0.2%

Yangzijiang

Shipbuilding

Holdings

Ltd.

1,321,700

1,197,290

2,751,638

DENMARK

3.2%

Banks

0.4%

Danske

Bank

A/S

*

44,922

903,481

Jyske

Bank

A/S

(Registered)

*

27,289

1,914,354

Spar

Nord

Bank

A/S

16,774

264,484

3,082,319

Biotechnology

0.5%

Genmab

A/S

*

11,535

4,355,591

Marine

Transportation

0.4%

AP

Moller

-

Maersk

A/S

,

Class

A

1,428

2,528,417

AP

Moller

-

Maersk

A/S

,

Class

B

171

309,890

2,838,307

Pharmaceuticals

1.9%

Novo

Nordisk

A/S

,

Class

B

97,607

15,489,508

25,765,725

FINLAND

1.4%

Banks

0.4%

Nordea

Bank

Abp

323,712

3,454,810

Communications

Equipment

0.1%

Nokia

OYJ

199,057

978,682

Consumer

Staples

Distribution

&

Retail

0.1%

Kesko

OYJ

,

Class

B

32,429

697,502

Insurance

0.6%

Sampo

OYJ

,

Class

A

87,701

4,137,002

Machinery

0.2%

Kone

OYJ

,

Class

B

34,970

1,824,126

11,092,122

FRANCE

12.8%

Aerospace

&

Defense

3.6%

Airbus

SE

70,990

9,510,267

Dassault

Aviation

SA

30,093

5,960,714

Safran

SA

47,383

7,036,647

Thales

SA

41,843

6,186,054

28,693,682

Banks

0.1%

Societe

Generale

SA

29,587

667,859

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

FRANCE

Building

Products

0.1%

Cie

de

Saint-Gobain

9,183

522,859

Construction

&

Engineering

1.5%

Eiffage

SA

48,220

5,219,816

Vinci

SA

57,742

6,625,868

11,845,684

Electrical

Equipment

0.8%

Legrand

SA

65,358

5,978,254

Financial

Services

0.7%

Edenred

100,222

5,929,802

Health

Care

Equipment

&

Supplies

0.9%

EssilorLuxottica

SA

39,678

7,162,926

Hotels,

Restaurants

&

Leisure

0.1%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

17,665

736,469

IT

Services

0.2%

Alten

SA

1,486

237,579

Capgemini

SE

6,727

1,251,263

1,488,842

Media

0.5%

Publicis

Groupe

SA

55,493

4,335,427

Multi-Utilities

0.8%

Engie

SA

(a)

387,378

6,126,268

Office

REITs

0.1%

Gecina

SA

6,189

643,293

Pharmaceuticals

0.2%

Ipsen

SA

17,559

1,935,412

Software

0.9%

Dassault

Systemes

SE

174,573

7,209,857

Textiles,

Apparel

&

Luxury

Goods

2.1%

Christian

Dior

SE

2,708

2,421,332

Hermes

International

5,126

10,383,285

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,968

3,636,505

16,441,122

Trading

Companies

&

Distributors

0.2%

Rexel

SA

*

61,878

1,479,065

101,196,821

GERMANY

6.7%

Aerospace

&

Defense

0.8%

MTU

Aero

Engines

AG

24,890

6,224,297

Automobiles

0.7%

Bayerische

Motoren

Werke

AG

32,976

3,610,601

Bayerische

Motoren

Werke

AG

(Preference)

16,147

1,651,695

5,262,296

Capital

Markets

0.3%

Deutsche

Boerse

AG

9,598

1,867,977

DWS

Group

GmbH

&

Co.

KGaA

Reg.

S

(b)

11,463

352,097

2,220,074

Chemicals

0.2%

Wacker

Chemie

AG

9,952

1,612,801

Common

Stocks

Shares

Value

($)

GERMANY

Machinery

0.1%

GEA

Group

AG

19,102

869,228

Marine

Transportation

0.1%

Hapag-Lloyd

AG

Reg.

S

(a)(b)

1,577

516,500

Multi-Utilities

0.7%

E.ON

SE

477,792

5,959,862

Passenger

Airlines

0.3%

Deutsche

Lufthansa

AG

(Registered)

*

214,822

2,390,191

Personal

Care

Products

0.7%

Beiersdorf

AG

45,360

5,901,068

Semiconductors

&

Semiconductor

Equipment

1.4%

AIXTRON

SE

47,497

1,608,721

Infineon

Technologies

AG

228,803

9,352,227

10,960,948

Software

0.7%

SAP

SE

36,579

4,601,536

TeamViewer

SE

*(b)

55,533

938,548

5,540,084

Textiles,

Apparel

&

Luxury

Goods

0.7%

HUGO

BOSS

AG

82,263

5,899,175

53,356,524

HONG

KONG

0.8%

Capital

Markets

0.3%

Hong

Kong

Exchanges

&

Clearing

Ltd.

58,100

2,578,754

Industrial

Conglomerates

0.2%

Jardine

Matheson

Holdings

Ltd.

32,200

1,568,585

Insurance

0.2%

AIA

Group

Ltd.

118,800

1,248,277

Real

Estate

Management

&

Development

0.1%

Swire

Pacific

Ltd.

,

Class

A

82,500

635,350

Specialty

Retail

0.0%

†

Luk

Fook

Holdings

International

Ltd.

92,000

292,827

6,323,793

ISRAEL

0.1%

Financial

Services

0.1%

Plus500

Ltd.

26,817

560,186

ITALY

2.4%

Aerospace

&

Defense

0.3%

Leonardo

SpA

204,432

2,401,813

Automobiles

0.4%

Ferrari

NV

12,620

3,417,985

Banks

1.3%

Banco

BPM

SpA

940,953

3,687,089

Mediobanca

Banca

di

Credito

Finanziario

SpA

117,328

1,181,447

UniCredit

SpA

269,409

5,102,738

9,971,274

Electrical

Equipment

0.3%

Prysmian

SpA

50,271

2,116,523

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

ITALY

Financial

Services

0.0%

†

Banca

Mediolanum

SpA

36,047

327,389

IT

Services

0.1%

Reply

SpA

7,822

985,177

19,220,161

JAPAN

21.3%

Automobile

Components

0.6%

KYB

Corp.

10,600

322,574

NHK

Spring

Co.

Ltd.

74,700

536,395

Niterra

Co.

Ltd.

(a)

197,400

4,082,426

4,941,395

Automobiles

1.2%

Honda

Motor

Co.

Ltd.

243,100

6,466,639

Subaru

Corp.

60,100

961,982

Suzuki

Motor

Corp.

51,300

1,867,211

9,295,832

Beverages

0.0%

†

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

32,400

353,903

Broadline

Retail

0.6%

Isetan

Mitsukoshi

Holdings

Ltd.

(a)

210,700

2,358,420

J

Front

Retailing

Co.

Ltd.

48,400

483,090

Takashimaya

Co.

Ltd.

144,400

2,106,524

4,948,034

Building

Products

0.0%

†

Nichias

Corp.

9,700

195,515

Capital

Markets

0.6%

SBI

Holdings,

Inc.

241,000

4,783,419

Chemicals

0.1%

Air

Water,

Inc.

50,500

633,922

Nippon

Paint

Holdings

Co.

Ltd.

30,000

281,933

Nippon

Sanso

Holdings

Corp.

13,300

240,076

1,155,931

Commercial

Services

&

Supplies

0.4%

Toppan,

Inc.

151,000

3,041,854

Construction

&

Engineering

0.6%

JGC

Holdings

Corp.

353,600

4,388,378

Consumer

Staples

Distribution

&

Retail

0.0%

†

H2O

Retailing

Corp.

31,300

351,830

Diversified

Consumer

Services

0.0%

†

Take

And

Give

Needs

Co.

Ltd.

31,900

323,832

Diversified

Telecommunication

Services

0.5%

Nippon

Telegraph

&

Telephone

Corp.

137,800

4,115,741

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

35,400

373,595

Shikoku

Electric

Power

Co.,

Inc.

*

44,700

254,052

627,647

Electrical

Equipment

0.1%

Fujikura

Ltd.

165,700

1,176,124

Electronic

Equipment,

Instruments

&

Components

0.1%

Canon

Marketing

Japan,

Inc.

11,500

274,087

Citizen

Watch

Co.

Ltd.

(a)

26,500

156,300

430,387

Common

Stocks

Shares

Value

($)

JAPAN

Entertainment

0.0%

†

MIXI,

Inc.

11,500

231,206

Financial

Services

2.0%

Fuyo

General

Lease

Co.

Ltd.

7,600

517,092

Mitsubishi

HC

Capital,

Inc.

1,255,400

6,488,497

ORIX

Corp.

383,500

6,324,912

Tokyo

Century

Corp.

53,600

1,788,304

15,118,805

Food

Products

0.2%

Itoham

Yonekyu

Holdings,

Inc.

89,600

473,184

Nisshin

Seifun

Group,

Inc.

31,800

372,120

Toyo

Suisan

Kaisha

Ltd.

15,500

649,931

1,495,235

Gas

Utilities

1.1%

Toho

Gas

Co.

Ltd.

137,600

2,560,930

Tokyo

Gas

Co.

Ltd.

326,700

6,151,903

8,712,833

Health

Care

Equipment

&

Supplies

0.1%

Jeol

Ltd.

9,200

296,833

Menicon

Co.

Ltd.

10,700

227,638

524,471

Hotels,

Restaurants

&

Leisure

0.4%

Heiwa

Corp.

(a)

41,500

823,374

Kyoritsu

Maintenance

Co.

Ltd.

(a)

4,800

193,756

Round

One

Corp.

(a)

267,900

1,034,632

Saizeriya

Co.

Ltd.

7,100

176,891

Tokyotokeiba

Co.

Ltd.

23,800

727,773

2,956,426

Household

Durables

0.0%

†

Sangetsu

Corp.

15,600

263,139

Industrial

Conglomerates

0.2%

Toshiba

Corp.

58,900

1,973,654

IT

Services

0.9%

Fujitsu

Ltd.

37,600

5,082,206

Nomura

Research

Institute

Ltd.

29,000

674,372

NSD

Co.

Ltd.

11,600

209,139

Obic

Co.

Ltd.

5,800

917,035

SCSK

Corp.

39,400

575,751

7,458,503

Machinery

1.7%

Komatsu

Ltd.

224,400

5,567,133

Mitsubishi

Heavy

Industries

Ltd.

149,000

5,494,108

Nippon

Thompson

Co.

Ltd.

41,400

182,282

Sumitomo

Heavy

Industries

Ltd.

56,300

1,380,683

12,624,206

Marine

Transportation

0.0%

†

NS

United

Kaiun

Kaisha

Ltd.

(a)

5,200

161,875

Metals

&

Mining

1.5%

Daido

Steel

Co.

Ltd.

6,600

259,846

JFE

Holdings,

Inc.

47,000

597,358

Kobe

Steel

Ltd.

641,400

5,117,385

Maruichi

Steel

Tube

Ltd.

11,100

244,381

Nippon

Steel

Corp.

(a)

257,600

6,079,506

12,298,476

Pharmaceuticals

2.8%

Astellas

Pharma,

Inc.

432,100

6,146,360

Otsuka

Holdings

Co.

Ltd.

169,200

5,394,529

Santen

Pharmaceutical

Co.

Ltd.

(a)

663,700

5,663,271

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Shionogi

&

Co.

Ltd.

12,200

551,837

Sumitomo

Pharma

Co.

Ltd.

(a)

424,100

2,593,821

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

18,000

749,640

21,099,458

Real

Estate

Management

&

Development

0.2%

Daiwa

House

Industry

Co.

Ltd.

71,000

1,672,537

Ichigo,

Inc.

94,100

197,367

1,869,904

Semiconductors

&

Semiconductor

Equipment

1.4%

Mimasu

Semiconductor

Industry

Co.

Ltd.

14,600

326,266

Miraial

Co.

Ltd.

42,900

531,770

Rohm

Co.

Ltd.

17,300

1,441,013

SCREEN

Holdings

Co.

Ltd.

(a)

56,000

4,961,208

Shibaura

Mechatronics

Corp.

(a)

2,900

354,580

SUMCO

Corp.

176,600

2,656,442

Ulvac,

Inc.

2,600

113,397

Yamaichi

Electronics

Co.

Ltd.

(a)

64,000

953,519

11,338,195

Specialty

Retail

0.1%

Aoyama

Trading

Co.

Ltd.

(a)

11,400

81,025

Honeys

Holdings

Co.

Ltd.

35,600

445,805

Shimamura

Co.

Ltd.

1,400

142,394

669,224

Tobacco

0.8%

Japan

Tobacco,

Inc.

311,400

6,572,609

Trading

Companies

&

Distributors

1.7%

Mitsubishi

Corp.

158,500

5,698,418

MonotaRO

Co.

Ltd.

43,500

546,867

Sumitomo

Corp.

(a)

354,700

6,282,207

12,527,492

Transportation

Infrastructure

0.1%

Kamigumi

Co.

Ltd.

38,800

814,518

Wireless

Telecommunication

Services

1.2%

KDDI

Corp.

161,300

4,981,189

SoftBank

Group

Corp.

118,100

4,648,902

9,630,091

168,470,142

MALTA

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Kambi

Group

plc

*

32,765

585,714

NETHERLANDS

7.4%

Banks

1.0%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(b)

108,210

1,718,802

ING

Groep

NV

513,624

6,110,623

7,829,425

Beverages

1.4%

Heineken

Holding

NV

50,587

4,646,791

Heineken

NV

63,707

6,858,363

11,505,154

Consumer

Staples

Distribution

&

Retail

0.5%

Koninklijke

Ahold

Delhaize

NV

112,711

3,855,330

Oil,

Gas

&

Consumable

Fuels

1.4%

Shell

plc

396,795

11,406,594

Common

Stocks

Shares

Value

($)

NETHERLANDS

Professional

Services

0.4%

Wolters

Kluwer

NV

23,343

2,945,630

Semiconductors

&

Semiconductor

Equipment

2.7%

ASML

Holding

NV

30,714

20,986,723

58,528,856

NORWAY

1.3%

Aerospace

&

Defense

0.2%

Kongsberg

Gruppen

ASA

33,875

1,368,172

Banks

0.3%

DNB

Bank

ASA

127,947

2,295,022

Energy

Equipment

&

Services

0.1%

Aker

Solutions

ASA

103,660

378,976

Odfjell

Drilling

Ltd.

*

92,370

234,941

613,917

Marine

Transportation

0.1%

Hoegh

Autoliners

ASA

37,089

209,232

Stolt-Nielsen

Ltd.

6,369

203,025

412,257

Oil,

Gas

&

Consumable

Fuels

0.6%

Equinor

ASA

192,237

5,467,062

10,156,430

PORTUGAL

0.2%

Consumer

Staples

Distribution

&

Retail

0.2%

Jeronimo

Martins

SGPS

SA

61,544

1,443,266

SINGAPORE

1.5%

Banks

0.5%

Oversea-Chinese

Banking

Corp.

Ltd.

383,800

3,578,785

Capital

Markets

0.2%

Singapore

Exchange

Ltd.

251,400

1,782,714

Industrial

REITs

0.0%

†

CapitaLand

Ascendas

REIT

103,500

223,466

Multi-Utilities

0.0%

†

Sembcorp

Industries

Ltd.

59,000

194,689

Semiconductors

&

Semiconductor

Equipment

0.8%

STMicroelectronics

NV

115,110

6,156,328

11,935,982

SOUTH

AFRICA

0.4%

Metals

&

Mining

0.4%

Anglo

American

plc

107,317

3,551,926

SPAIN

1.3%

Banks

0.2%

Bankinter

SA

(a)

332,796

1,889,837

Hotels,

Restaurants

&

Leisure

0.2%

Amadeus

IT

Group

SA

*

22,750

1,523,264

Specialty

Retail

0.9%

Industria

de

Diseno

Textil

SA

196,381

6,595,037

10,008,138

SWEDEN

6.3%

Aerospace

&

Defense

0.6%

Saab

AB

,

Class

B

(a)

79,025

4,805,986

16

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Banks

1.4%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

*(a)

400,652

4,418,639

Swedbank

AB

,

Class

A

(a)

417,595

6,853,325

11,271,964

Biotechnology

0.3%

Swedish

Orphan

Biovitrum

AB

*

111,238

2,592,668

Electronic

Equipment,

Instruments

&

Components

0.5%

Hexagon

AB

,

Class

B

323,960

3,727,901

Financial

Services

0.6%

Investor

AB

,

Class

B

258,970

5,158,946

Hotels,

Restaurants

&

Leisure

1.0%

Evolution

AB

Reg.

S

(a)(b)

61,911

8,307,031

Machinery

0.9%

Atlas

Copco

AB

,

Class

B

39,285

451,699

Epiroc

AB

,

Class

B

131,103

2,234,784

Volvo

AB

,

Class

B

(a)

199,114

4,106,935

6,793,418

Metals

&

Mining

0.7%

SSAB

AB

,

Class

A

103,046

759,932

SSAB

AB

,

Class

B

629,215

4,496,727

5,256,659

Specialty

Retail

0.3%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

163,311

2,331,875

50,246,448

SWITZERLAND

4.9%

Electrical

Equipment

0.1%

ABB

Ltd.

(Registered)

23,609

809,601

Food

Products

0.8%

Chocoladefabriken

Lindt

&

Spruengli

AG

335

3,963,338

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

23

2,715,524

6,678,862

Health

Care

Equipment

&

Supplies

1.1%

Alcon,

Inc.

40,236

2,854,799

Sonova

Holding

AG

(Registered)

18,945

5,586,567

8,441,366

Insurance

0.2%

Baloise

Holding

AG

(Registered)

11,723

1,829,224

Pharmaceuticals

1.0%

Novartis

AG

(Registered)

89,313

8,199,369

Professional

Services

0.1%

DKSH

Holding

AG

7,372

593,922

Textiles,

Apparel

&

Luxury

Goods

1.6%

Cie

Financiere

Richemont

SA

(Registered)

68,710

11,014,274

Swatch

Group

AG

(The)

3,904

1,342,359

12,356,633

38,908,977

UNITED

KINGDOM

8.4%

Banks

0.5%

NatWest

Group

plc

519,161

1,696,299

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Banks

Standard

Chartered

plc

312,001

2,373,936

4,070,235

Broadline

Retail

0.6%

Next

plc

56,853

4,620,126

Distributors

0.3%

Inchcape

plc

236,888

2,271,252

Diversified

Consumer

Services

0.1%

Pearson

plc

105,800

1,104,142

Electric

Utilities

0.3%

SSE

plc

110,587

2,463,278

Hotels,

Restaurants

&

Leisure

1.0%

Compass

Group

plc

320,486

8,058,282

Household

Products

0.0%

†

Reckitt

Benckiser

Group

plc

4,132

313,927

Industrial

Conglomerates

0.6%

CK

Hutchison

Holdings

Ltd.

70,000

434,661

Melrose

Industries

plc

739,093

1,523,357

Smiths

Group

plc

144,463

3,061,533

5,019,551

Insurance

0.6%

Aviva

plc

905,074

4,523,969

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S

(b)

24,240

184,751

Media

0.3%

Informa

plc

299,444

2,558,923

Multi-Utilities

0.0%

†

Centrica

plc

240,897

315,701

Oil,

Gas

&

Consumable

Fuels

1.0%

BP

plc,

ADR

207,662

7,878,696

Pharmaceuticals

0.9%

AstraZeneca

plc,

ADR

102,894

7,141,873

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

13,588

434,785

Tobacco

2.1%

British

American

Tobacco

plc

256,345

8,983,546

Imperial

Brands

plc

306,593

7,050,767

16,034,313

66,993,804

UNITED

STATES

7.4%

Automobiles

0.7%

Stellantis

NV

308,809

5,619,073

Biotechnology

0.3%

CSL

Ltd.

(a)

14,116

2,723,661

Electrical

Equipment

0.6%

Schneider

Electric

SE

26,950

4,505,203

Energy

Equipment

&

Services

0.6%

Tenaris

SA

309,419

4,400,556

Food

Products

0.8%

Nestle

SA

(Registered)

53,473

6,527,813

Pharmaceuticals

3.7%

GSK

plc,

ADR

272,095

9,681,140

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

UNITED

STATES

Pharmaceuticals

Roche

Holding

AG

21,786

6,234,878

Sanofi

121,229

13,202,100

29,118,118

Professional

Services

0.5%

Computershare

Ltd.

260,977

3,782,817

Textiles,

Apparel

&

Luxury

Goods

0.2%

Samsonite

International

SA

Reg.

S

*(b)

645,600

1,984,291

58,661,532

Total

Common

Stocks

(cost

$712,423,400)

779,609,942

Repurchase

Agreements

2.3%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,402,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

BofA

Securities,

Inc.,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,009,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

3/31/2025

-

9/30/2025;

total

market

value

$5,100,006.(c)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$10,365,077,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$10,568,142.(c)

10,360,923

10,360,923

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$500,201,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$510,272.(c)

500,000

500,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,800,725,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$1,836,000.(c)

1,800,000

1,800,000

Total

Repurchase

Agreements

(cost

$18,660,923)

18,660,923

Total

Investments

(cost

$731,084,323)

—

100.4%

798,270,865

Liabilities

in

excess

of

other

assets

—

(0.4)%

(3,480,336)

NET

ASSETS

—

100.0%

$

794,790,529

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$52,293,929,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$18,660,923

and

by

$36,868,229

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

4/27/2023

–

11/15/2052,

a

total

value

of

$55,529,152.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$14,738,489

which

represents

1.85%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$18,660,923.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

43,493,950

$

–

$

43,493,950

Air

Freight

&

Logistics

–

129,426

–

129,426

Automobile

Components

–

4,941,395

–

4,941,395

Automobiles

–

23,595,186

–

23,595,186

Banks

–

74,786,709

–

74,786,709

Beverages

–

11,859,057

–

11,859,057

Biotechnology

–

9,671,920

–

9,671,920

Broadline

Retail

–

9,568,160

–

9,568,160

Building

Products

–

718,374

–

718,374

Capital

Markets

–

16,027,139

–

16,027,139

Chemicals

–

3,939,111

–

3,939,111

Commercial

Services

&

Supplies

–

3,041,854

–

3,041,854

Communications

Equipment

–

978,682

–

978,682

Construction

&

Engineering

–

16,234,062

–

16,234,062

Construction

Materials

–

723,919

–

723,919

Consumer

Staples

Distribution

&

Retail

–

9,606,514

–

9,606,514

Distributors

–

6,366,781

–

6,366,781

Diversified

Consumer

Services

–

1,427,974

–

1,427,974

Diversified

Telecommunication

Services

–

5,377,805

–

5,377,805

Electric

Utilities

–

3,090,925

–

3,090,925

Electrical

Equipment

–

14,585,705

–

14,585,705

Electronic

Equipment,

Instruments

&

Components

–

4,158,288

–

4,158,288

Energy

Equipment

&

Services

–

5,014,473

–

5,014,473

Entertainment

–

231,206

–

231,206

Financial

Services

–

27,095,128

–

27,095,128

Food

Products

–

14,701,910

–

14,701,910

Gas

Utilities

–

8,712,833

–

8,712,833

Ground

Transportation

–

390,988

–

390,988

Health

Care

Equipment

&

Supplies

–

20,263,917

–

20,263,917

Hotels,

Restaurants

&

Leisure

–

22,407,665

–

22,407,665

Household

Durables

–

263,139

–

263,139

Household

Products

–

313,927

–

313,927

Industrial

Conglomerates

–

8,561,790

–

8,561,790

Industrial

REITs

–

1,554,277

–

1,554,277

Insurance

–

12,413,963

–

12,413,963

Interactive

Media

&

Services

–

184,751

–

184,751

IT

Services

–

9,932,522

–

9,932,522

Machinery

–

23,308,268

–

23,308,268

Marine

Transportation

–

3,928,939

–

3,928,939

Media

–

6,894,350

–

6,894,350

Metals

&

Mining

–

41,206,541

–

41,206,541

Multi-Utilities

–

12,596,520

–

12,596,520

Office

REITs

–

993,680

–

993,680

Oil,

Gas

&

Consumable

Fuels

7,878,696

19,812,598

–

27,691,294

Passenger

Airlines

–

7,243,222

–

7,243,222

Personal

Care

Products

–

5,901,068

–

5,901,068

Pharmaceuticals

16,823,013

66,160,725

–

82,983,738

Professional

Services

–

7,322,369

–

7,322,369

Real

Estate

Management

&

Development

–

2,505,254

–

2,505,254

Retail

REITs

–

1,712,065

–

1,712,065

Semiconductors

&

Semiconductor

Equipment

–

49,442,194

–

49,442,194

Software

–

15,451,958

–

15,451,958

Specialty

Retail

–

9,888,963

–

9,888,963

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Level

1

Level

2

Level

3

Total

Assets:

Textiles,

Apparel

&

Luxury

Goods

$

–

$

37,116,006

$

–

$

37,116,006

Tobacco

–

22,606,922

–

22,606,922

Trading

Companies

&

Distributors

–

14,006,557

–

14,006,557

Transportation

Infrastructure

–

814,518

–

814,518

Wireless

Telecommunication

Services

–

9,630,091

–

9,630,091

Total

Common

Stocks

$

24,701,709

$

754,908,233

$

–

$

779,609,942

Repurchase

Agreements

–

18,660,923

–

18,660,923

Total

$

24,701,709

$

773,569,156

$

–

$

798,270,865

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

3.3%

General

Dynamics

Corp.

117,150

26,734,801

Howmet

Aerospace,

Inc.

442,402

18,744,573

Lockheed

Martin

Corp.

67,798

32,050,149

Textron,

Inc.(a)

19,160

1,353,271

78,882,794

Automobiles

1.8%

General

Motors

Co.

724,966

26,591,753

Tesla,

Inc.*

82,736

17,164,410

43,756,163

Banks

2.4%

Citigroup,

Inc.

636,415

29,841,499

East

West

Bancorp,

Inc.

128,690

7,142,295

JPMorgan

Chase

&

Co.

107,829

14,051,197

US

Bancorp

163,374

5,889,633

56,924,624

Beverages

0.6%

PepsiCo,

Inc.

84,377

15,381,927

Biotechnology

4.5%

AbbVie,

Inc.

86,062

13,715,701

BioMarin

Pharmaceutical,

Inc.*

30,118

2,928,674

Gilead

Sciences,

Inc.

368,953

30,612,030

Incyte

Corp.*

322,815

23,329,840

Moderna

,

Inc.*(a)

28,489

4,375,341

Neurocrine

Biosciences,

Inc.*

11,908

1,205,328

Vertex

Pharmaceuticals,

Inc.*

100,114

31,542,918

107,709,832

Broadline

Retail

2.2%

Amazon.com,

Inc.*

369,531

38,168,857

eBay,

Inc.

19,322

857,317

Macy's,

Inc.(a)

671,573

11,745,812

Ollie's

Bargain

Outlet

Holdings,

Inc.*

13,428

778,018

51,550,004

Building

Products

1.5%

Johnson

Controls

International

plc

438,920

26,431,762

Lennox

International,

Inc.

15,802

3,970,727

Trane

Technologies

plc(a)

28,148

5,178,669

35,581,158

Capital

Markets

5.0%

Bank

of

New

York

Mellon

Corp.

(The)

530,042

24,085,108

CME

Group,

Inc.

156,096

29,895,506

Invesco

Ltd.

285,423

4,680,937

MarketAxess

Holdings,

Inc.

27,369

10,709,216

Moody's

Corp.

27,558

8,433,299

MSCI,

Inc.

27,282

15,269,463

S&P

Global,

Inc.

54,240

18,700,325

Stifel

Financial

Corp.(a)

120,603

7,126,431

118,900,285

Chemicals

1.5%

Axalta

Coating

Systems

Ltd.*(a)

62,245

1,885,401

Element

Solutions,

Inc.

176,728

3,412,618

Mosaic

Co.

(The)

94,208

4,322,263

Common

Stocks

Shares

Value

($)

Chemicals

Sherwin-Williams

Co.

(The)

121,366

27,279,436

36,899,718

Commercial

Services

&

Supplies

1.0%

Cintas

Corp.

39,647

18,343,874

Republic

Services,

Inc.

45,797

6,192,670

24,536,544

Communications

Equipment

0.2%

Arista

Networks,

Inc.*

26,952

4,524,163

Construction

Materials

0.2%

Eagle

Materials,

Inc.(a)

16,896

2,479,488

Martin

Marietta

Materials,

Inc.

6,528

2,317,832

4,797,320

Consumer

Finance

1.1%

Capital

One

Financial

Corp.

55,034

5,292,069

Synchrony

Financial

730,421

21,240,643

26,532,712

Consumer

Staples

Distribution

&

Retail

1.7%

Costco

Wholesale

Corp.

77,903

38,707,664

Sysco

Corp.

34,313

2,649,993

41,357,657

Distributors

1.0%

LKQ

Corp.

417,997

23,725,510

Pool

Corp.

3,137

1,074,234

24,799,744

Diversified

Telecommunication

Services

0.4%

Liberty

Global

plc,

Class

C*(a)

432,316

8,810,600

Electrical

Equipment

1.7%

Acuity

Brands,

Inc.(a)

12,106

2,212,129

AMETEK,

Inc.

197,111

28,646,142

nVent

Electric

plc

238,195

10,228,093

41,086,364

Electronic

Equipment,

Instruments

&

Components

0.5%

Teledyne

Technologies,

Inc.*

28,087

12,565,000

Entertainment

1.4%

Live

Nation

Entertainment,

Inc.*(a)

124,416

8,709,120

Netflix,

Inc.*

69,677

24,072,010

32,781,130

Financial

Services

3.8%

Berkshire

Hathaway,

Inc.,

Class

B*(a)

192,589

59,465,705

PayPal

Holdings,

Inc.*

376,622

28,600,675

WEX,

Inc.*(a)

9,958

1,831,177

89,897,557

Food

Products

2.2%

Conagra

Brands,

Inc.(a)

58,373

2,192,490

General

Mills,

Inc.

227,668

19,456,507

Mondelez

International,

Inc.,

Class

A

452,312

31,535,193

53,184,190

Ground

Transportation

1.0%

CSX

Corp.

106,888

3,200,227

Knight-Swift

Transportation

Holdings,

Inc.

252,391

14,280,283

22

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Ground

Transportation

Ryder

System,

Inc.

59,667

5,324,683

22,805,193

Health

Care

Equipment

&

Supplies

1.8%

Boston

Scientific

Corp.*

566,952

28,364,609

Edwards

Lifesciences

Corp.*

120,519

9,970,537

Globus

Medical,

Inc.,

Class

A*

64,669

3,662,852

Intuitive

Surgical,

Inc.*

3,005

767,687

42,765,685

Health

Care

Providers

&

Services

4.6%

Centene

Corp.*

378,858

23,947,614

Cigna

Group

(The)

111,001

28,364,086

CVS

Health

Corp.

394,006

29,278,586

Elevance

Health,

Inc.

27,070

12,447,057

Guardant

Health,

Inc.*

44,383

1,040,338

Tenet

Healthcare

Corp.*

61,606

3,660,628

UnitedHealth

Group,

Inc.

8,586

4,057,658

Universal

Health

Services,

Inc.,

Class

B

57,035

7,249,148

110,045,115

Health

Care

REITs

0.4%

Ventas,

Inc.

204,269

8,855,061

Health

Care

Technology

0.4%

Veeva

Systems,

Inc.,

Class

A*

48,071

8,834,969

Hotel

&

Resort

REITs

1.4%

Host

Hotels

&

Resorts,

Inc.(a)

1,450,434

23,917,657

Park

Hotels

&

Resorts,

Inc.

809,356

10,003,640

33,921,297

Hotels,

Restaurants

&

Leisure

3.3%

Airbnb,

Inc.,

Class

A*

27,196

3,383,183

Booking

Holdings,

Inc.*

12,448

33,017,200

Hilton

Worldwide

Holdings,

Inc.

169,774

23,916,063

Starbucks

Corp.

107,480

11,191,892

Wyndham

Hotels

&

Resorts,

Inc.

97,179

6,593,595

78,101,933

Industrial

REITs

0.9%

First

Industrial

Realty

Trust,

Inc.

32,738

1,741,662

Prologis,

Inc.

154,829

19,318,014

21,059,676

Insurance

2.9%

Arch

Capital

Group

Ltd.*

106,860

7,252,588

Chubb

Ltd.

47,154

9,156,364

Marsh

&

McLennan

Cos.,

Inc.

155,032

25,820,580

MetLife,

Inc.

443,745

25,710,585

67,940,117

Interactive

Media

&

Services

2.7%

Alphabet,

Inc.,

Class

A*

493,388

51,179,137

Meta

Platforms,

Inc.,

Class

A*

29,114

6,170,421

TripAdvisor,

Inc.*(a)

292,766

5,814,333

63,163,891

IT

Services

3.2%

Accenture

plc,

Class

A

35,406

10,119,389

Cloudflare

,

Inc.,

Class

A*(a)

55,591

3,427,741

Gartner,

Inc.*(a)

75,756

24,679,032

Common

Stocks

Shares

Value

($)

IT

Services

MongoDB,

Inc.*

22,520

5,249,862

Okta

,

Inc.*

86,681

7,475,369

Snowflake,

Inc.,

Class

A*

63,372

9,777,666

VeriSign,

Inc.*

28,809

6,088,206

Wix.com

Ltd.*

93,697

9,350,961

76,168,226

Life

Sciences

Tools

&

Services

1.7%

Danaher

Corp.

23,712

5,976,373

IQVIA

Holdings,

Inc.*

111,234

22,123,330

Mettler

-Toledo

International,

Inc.*

3,226

4,936,458

QIAGEN

NV*

139,194

6,393,180

39,429,341

Machinery

0.9%

Caterpillar,

Inc.

11,452

2,620,676

Otis

Worldwide

Corp.

218,009

18,399,959

PACCAR,

Inc.

20,120

1,472,784

22,493,419

Media

0.5%

Charter

Communications,

Inc.,

Class

A*

2,110

754,557

News

Corp.,

Class

A(a)

88,551

1,529,276

Trade

Desk,

Inc.

(The),

Class

A*

153,395

9,343,289

11,627,122

Metals

&

Mining

0.2%

Nucor

Corp.

16,459

2,542,422

United

States

Steel

Corp.(a)

63,461

1,656,332

4,198,754

Oil,

Gas

&

Consumable

Fuels

4.4%

Antero

Resources

Corp.*

129,514

2,990,478

APA

Corp.

18,028

650,090

Cheniere

Energy,

Inc.

35,804

5,642,710

Chevron

Corp.

169,356

27,632,125

ConocoPhillips

12,564

1,246,474

Exxon

Mobil

Corp.

41,678

4,570,409

Hess

Corp.

7,376

976,140

HF

Sinclair

Corp.

56,310

2,724,278

Kinder

Morgan,

Inc.

1,472,274

25,779,518

Marathon

Petroleum

Corp.

85,160

11,482,123

Phillips

66

76,920

7,798,150

Southwestern

Energy

Co.*(a)

151,459

757,295

Williams

Cos.,

Inc.

(The)(a)

457,982

13,675,342

105,925,132

Pharmaceuticals

4.0%

Bristol-Myers

Squibb

Co.

114,864

7,961,224

Elanco

Animal

Health,

Inc.*

1,417,354

13,323,128

Jazz

Pharmaceuticals

plc*

18,846

2,757,735

Johnson

&

Johnson

209,012

32,396,860

Merck

&

Co.,

Inc.

184,052

19,581,292

Organon

&

Co.

46,392

1,091,140

Royalty

Pharma

plc,

Class

A

487,646

17,569,885

94,681,264

Residential

REITs

1.3%

Camden

Property

Trust

135,756

14,232,659

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Residential

REITs

Mid-America

Apartment

Communities,

Inc.

106,150

16,032,896

30,265,555

Semiconductors

&

Semiconductor

Equipment

4.3%

First

Solar,

Inc.*(a)

14,161

3,080,018

Microchip

Technology,

Inc.

327,306

27,421,697

Monolithic

Power

Systems,

Inc.

12,243

6,128,111

NVIDIA

Corp.

102,539

28,482,258

NXP

Semiconductors

NV

108,840

20,295,939

ON

Semiconductor

Corp.*

219,607

18,078,048

103,486,071

Software

11.9%

Adobe,

Inc.*

97,526

37,583,595

ANSYS,

Inc.*

9,898

3,294,054

Autodesk,

Inc.*

114,578

23,850,556

Cadence

Design

Systems,

Inc.*

14,065

2,954,916

Fortinet,

Inc.*

267,818

17,799,184

HubSpot

,

Inc.*

17,623

7,555,861

Microsoft

Corp.

385,462

111,128,695

NCR

Corp.*(a)

206,310

4,866,853

Palo

Alto

Networks,

Inc.*(a)

123,977

24,763,166

Salesforce,

Inc.*

22,796

4,554,185

ServiceNow

,

Inc.*

66,538

30,921,539

Splunk

,

Inc.*

122,808

11,774,831

Zoom

Video

Communications,

Inc.,

Class

A*

24,625

1,818,310

Zscaler

,

Inc.*

10,973

1,281,976

284,147,721

Specialized

REITs

1.9%

Crown

Castle,

Inc.

82,802

11,082,220

CubeSmart

46,905

2,167,949

Iron

Mountain,

Inc.(a)

56,066

2,966,452

Lamar

Advertising

Co.,

Class

A

40,130

4,008,586

National

Storage

Affiliates

Trust

116,529

4,868,581

SBA

Communications

Corp.

80,538

21,026,056

46,119,844

Specialty

Retail

0.7%

CarMax,

Inc.*(a)

104,094

6,691,162

Chewy,

Inc.,

Class

A*(a)

287,987

10,764,954

17,456,116

Technology

Hardware,

Storage

&

Peripherals

6.2%

Apple,

Inc.

791,204

130,469,540

Hewlett

Packard

Enterprise

Co.(a)

1,064,787

16,962,057

Pure

Storage,

Inc.,

Class

A*

18,714

477,394

147,908,991

Textiles,

Apparel

&

Luxury

Goods

0.3%

Lululemon

Athletica

,

Inc.*

14,616

5,323,001

Skechers

USA,

Inc.,

Class

A*

19,215

913,097

6,236,098

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

0.2%

United

Rentals,

Inc.(a)

14,491

5,734,958

Total

Common

Stocks

(cost

$2,122,075,826)

2,363,831,035

Repurchase

Agreements

1.9%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing  7/20/2049;

total

market

value

$5,100,000.

(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$19,388,414,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$19,768,257.(b)

19,380,645

19,380,645

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$20,008,050,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$20,400,000.(b)

20,000,000

20,000,000

Total

Repurchase

Agreements

(cost

$44,380,645)

44,380,645

Total

Investments

(cost

$2,166,456,471)

—

101.0%

2,408,211,680

Liabilities

in

excess

of

other

assets

—

(1.0)%

(23,166,769)

NET

ASSETS

—

100.0%

$

2,385,044,911

24

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$81,431,643,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$44,380,645

and

by

$36,819,302

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

4/30/2023

–

11/15/2052,

a

total

value

of

$81,199,947.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$44,380,645.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

29

6/2023

USD

5,999,738

351,950

Net

contracts

351,950

As

of

March

31,

2023,

the

Fund

had

$357,280

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

26

-

Statement

of

Investments

-

March

31,

2023

(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

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,363,831,035

$

–

$

–

$

2,363,831,035

Futures

Contracts

351,950

–

–

351,950

Repurchase

Agreements

–

44,380,645

–

44,380,645

Total

$

2,364,182,985

$

44,380,645

$

–

$

2,408,563,630

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

351,950

Total

$

351,950

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

98.9%

Shares

Value

($)

Aerospace

&

Defense

1.2%

AeroVironment,

Inc.*

1,214

111,275

Ducommun,

Inc.*

1,799

98,423

Kratos

Defense

&

Security

Solutions,

Inc.*

35,998

485,253

Moog,

Inc.,

Class

A

1,754

176,716

National

Presto

Industries,

Inc.

8,872

639,583

Triumph

Group,

Inc.*

90,268

1,046,206

2,557,456

Automobile

Components

0.2%

Adient

plc*

4,283

175,432

Luminar

Technologies,

Inc.*(a)

33,553

217,759

Modine

Manufacturing

Co.*

3,203

73,829

467,020

Banks

5.9%

Amalgamated

Financial

Corp.

27,039

478,320

Ameris

Bancorp(a)

23,620

864,020

Associated

Banc-Corp.

19,658

353,451

Axos

Financial,

Inc.*

22,543

832,287

BancFirst

Corp.

4,381

364,061

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

41,514

1,120,878

BankUnited,

Inc.

4,614

104,184

Business

First

Bancshares,

Inc.

11,137

190,777

Carter

Bankshares,

Inc.*

3,266

45,724

Central

Pacific

Financial

Corp.

37,414

669,711

Esquire

Financial

Holdings,

Inc.

4,633

181,150

Financial

Institutions,

Inc.

4,495

86,664

First

Bancorp

76,778

876,805

First

Bancorp,

Inc.

(The)

9,677

250,537

Glacier

Bancorp,

Inc.

8,015

336,710

Guaranty

Bancshares,

Inc.

9,711

270,646

Hancock

Whitney

Corp.

16,781

610,828

Hanmi

Financial

Corp.

18,326

340,314

Home

Bancorp,

Inc.

8,503

280,854

Hope

Bancorp,

Inc.

73,438

721,161

Independent

Bank

Corp.

1,629

28,947

International

Bancshares

Corp.

20,146

862,652

Luther

Burbank

Corp.

6,483

61,459

Macatawa

Bank

Corp.

10,961

112,021

Metrocity

Bankshares,

Inc.(a)

3,764

64,327

National

Bank

Holdings

Corp.,

Class

A

5,798

194,001

Northeast

Bank

7,614

256,287

Peoples

Financial

Services

Corp.

582

25,230

Renasant

Corp.

5,418

165,682

Seacoast

Banking

Corp.

of

Florida(a)

12,544

297,293

SouthState

Corp.(a)

399

28,433

TrustCo

Bank

Corp.

21,343

681,695

UMB

Financial

Corp.

15,146

874,227

Veritex

Holdings,

Inc.

21,030

384,008

13,015,344

Beverages

1.4%

Celsius

Holdings,

Inc.*(a)

2,392

222,312

Coca-Cola

Consolidated,

Inc.

2,363

1,264,394

Common

Stocks

Shares

Value

($)

Beverages

National

Beverage

Corp.*(a)

4,348

229,227

Primo

Water

Corp.

93,550

1,435,993

3,151,926

Biotechnology

5.5%

2seventy

bio,

Inc.*

1,937

19,757

ACADIA

Pharmaceuticals,

Inc.*

19,630

369,437

ALX

Oncology

Holdings,

Inc.*

15,096

68,234

Amicus

Therapeutics,

Inc.*

79,650

883,319

Apellis

Pharmaceuticals,

Inc.*(a)

4,420

291,543

Aurinia

Pharmaceuticals,

Inc.*(a)

79,369

869,884

Avid

Bioservices,

Inc.*(a)

2,326

43,636

Beam

Therapeutics,

Inc.*(a)

7,385

226,129

BioCryst

Pharmaceuticals,

Inc.*

5,226

43,585

Biohaven

Ltd.*(a)

16,026

218,915

CareDx,

Inc.*

46,145

421,765

Catalyst

Pharmaceuticals,

Inc.*(a)

37,727

625,514

Celldex

Therapeutics,

Inc.*

2,491

89,626

Deciphera

Pharmaceuticals,

Inc.*(a)

15,441

238,563

Denali

Therapeutics,

Inc.*(a)

11,127

256,366

Eagle

Pharmaceuticals,

Inc.*

12,168

345,206

Enanta

Pharmaceuticals,

Inc.*

7,381

298,488

Erasca,

Inc.*(a)

14,683

44,196

Generation

Bio

Co.*(a)

12,633

54,322

Gossamer

Bio,

Inc.*(a)

41,180

51,887

Halozyme

Therapeutics,

Inc.*(a)

2,341

89,403

Heron

Therapeutics,

Inc.*(a)

9,836

14,852

IGM

Biosciences,

Inc.*(a)

9,549

131,203

ImmunoGen,

Inc.*(a)

28,266

108,541

Intellia

Therapeutics,

Inc.*(a)

3,180

118,519

Intercept

Pharmaceuticals,

Inc.*

16,671

223,892

Iovance

Biotherapeutics,

Inc.*

85,449

522,093

iTeos

Therapeutics,

Inc.*

5,372

73,113

KalVista

Pharmaceuticals,

Inc.*(a)

12,369

97,220

Karuna

Therapeutics,

Inc.*(a)

1,400

254,296

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*(a)

27,309

293,845

Kodiak

Sciences,

Inc.*

24,437

151,509

Madrigal

Pharmaceuticals,

Inc.*

843

204,225

MeiraGTx

Holdings

plc*

8,375

43,299

Myriad

Genetics,

Inc.*

7,687

178,569

Nurix

Therapeutics,

Inc.*

9,417

83,623

PepGen,

Inc.*

1,709

20,901

PMV

Pharmaceuticals,

Inc.*

26,583

126,801

Praxis

Precision

Medicines,

Inc.*(a)

46,645

37,736

Prometheus

Biosciences,

Inc.*(a)

2,719

291,803

PTC

Therapeutics,

Inc.*

13,426

650,355

Rallybio

Corp.*

4,937

28,190

28

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

RAPT

Therapeutics,

Inc.*

883

16,203

Recursion

Pharmaceuticals,

Inc.,

Class

A*

4,272

28,494

REGENXBIO,

Inc.*

3,803

71,915

Replimune

Group,

Inc.*

7,337

129,571

Sage

Therapeutics,

Inc.*(a)

7,125

298,965

Sana

Biotechnology,

Inc.*(a)

26,453

86,501

SpringWorks

Therapeutics,

Inc.*(a)

812

20,901

Sutro

Biopharma,

Inc.*

98,534

455,227

Twist

Bioscience

Corp.*

8,003

120,685

Vanda

Pharmaceuticals,

Inc.*

91,219

619,377

Veracyte,

Inc.*(a)

18,945

422,474

Vericel

Corp.*

15,680

459,738

Vir

Biotechnology,

Inc.*

1,913

44,516

Viridian

Therapeutics,

Inc.*

6,957

176,986

12,155,913

Building

Products

1.2%

CSW

Industrials,

Inc.

1,704

236,737

Griffon

Corp.

15,021

480,822

Simpson

Manufacturing

Co.,

Inc.(a)

13,308

1,459,089

Zurn

Elkay

Water

Solutions

Corp.

20,828

444,886

2,621,534

Capital

Markets

0.8%

Hamilton

Lane,

Inc.,

Class

A

2,976

220,164

Oppenheimer

Holdings,

Inc.,

Class

A

11,838

463,458

PJT

Partners,

Inc.,

Class

A

8,979

648,194

StoneX

Group,

Inc.*

4,770

493,838

1,825,654

Chemicals

2.0%

Aspen

Aerogels,

Inc.*

6,671

49,699

HB

Fuller

Co.

17,028

1,165,567

Innospec,

Inc.

12,464

1,279,679

Livent

Corp.*(a)

5,710

124,021

LSB

Industries,

Inc.*

21,214

219,141

Minerals

Technologies,

Inc.

20,183

1,219,457

Orion

Engineered

Carbons

SA

3,204

83,592

Tronox

Holdings

plc

12,959

186,350

4,327,506

Commercial

Services

&

Supplies

1.0%

Brady

Corp.,

Class

A

20,529

1,103,023

BrightView

Holdings,

Inc.*

27,421

154,106

Deluxe

Corp.

6,521

104,336

Ennis,

Inc.

33,958

716,174

HNI

Corp.

3,475

96,744

2,174,383

Communications

Equipment

1.0%

Clearfield,

Inc.*

3,463

161,307

Extreme

Networks,

Inc.*

5,319

101,699

Harmonic,

Inc.*(a)

48,650

709,803

NetScout

Systems,

Inc.*

26,100

747,765

Viavi

Solutions,

Inc.*(a)

39,323

425,868

2,146,442

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

1.3%

Arcosa,

Inc.

7,966

502,734

Comfort

Systems

USA,

Inc.

8,527

1,244,601

Dycom

Industries,

Inc.*(a)

10,463

979,860

Great

Lakes

Dredge

&

Dock

Corp.*

8,018

43,538

Northwest

Pipe

Co.*

5,758

179,822

Tutor

Perini

Corp.*

5,055

31,190

2,981,745

Construction

Materials

0.4%

Summit

Materials,

Inc.,

Class

A*

32,920

937,891

Consumer

Finance

0.5%

EZCORP,

Inc.,

Class

A*(a)

71,001

610,609

FirstCash

Holdings,

Inc.

328

31,281

Regional

Management

Corp.

11,818

308,332

World

Acceptance

Corp.*(a)

1,632

135,929

1,086,151

Consumer

Staples

Distribution

&

Retail

0.5%

Chefs'

Warehouse,

Inc.

(The)*

9,888

336,687

PriceSmart,

Inc.(a)

11,209

801,219

1,137,906

Diversified

Consumer

Services

0.8%

Coursera,

Inc.*

25,134

289,543

Duolingo,

Inc.*

4,737

675,449

Graham

Holdings

Co.,

Class

B

106

63,159

Laureate

Education,

Inc.,

Class

A(a)

58,597

689,101

Stride,

Inc.*

2,307

90,550

1,807,802

Diversified

Telecommunication

Services

0.4%

Globalstar,

Inc.*(a)

142,891

165,753

IDT

Corp.,

Class

B*

2,312

78,793

Iridium

Communications,

Inc.

8,048

498,413

Ooma,

Inc.*

2,692

33,677

776,636

Electrical

Equipment

2.6%

Array

Technologies,

Inc.*

16,150

353,362

Atkore,

Inc.*

11,909

1,672,976

Bloom

Energy

Corp.,

Class

A*

18,465

368,008

Encore

Wire

Corp.(a)

9,348

1,732,465

FTC

Solar,

Inc.*

26,864

60,444

Powell

Industries,

Inc.

22,286

949,161

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

4,408

100,458

Thermon

Group

Holdings,

Inc.*

11,183

278,680

Vicor

Corp.*

5,484

257,419

5,772,973

Electronic

Equipment,

Instruments

&

Components

2.5%

Advanced

Energy

Industries,

Inc.

9,802

960,596

Belden,

Inc.

12,024

1,043,322

Benchmark

Electronics,

Inc.

4,283

101,464

CTS

Corp.

1,943

96,101

ePlus,

Inc.*

8,541

418,851

Fabrinet*(a)

10,557

1,253,749

nLight,

Inc.*

5,609

57,100

PC

Connection,

Inc.

4,534

203,849

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Sanmina

Corp.*

6,723

410,036

TTM

Technologies,

Inc.*

42,023

566,890

Vishay

Precision

Group,

Inc.*

9,372

391,375

5,503,333

Energy

Equipment

&

Services

1.3%

Borr

Drilling

Ltd.*(a)

5,853

44,366

Cactus,

Inc.,

Class

A

5,535

228,208

DMC

Global,

Inc.*

1,708

37,525

Dril-Quip,

Inc.*(a)

19,724

565,881

Nabors

Industries

Ltd.*(a)

3,095

377,311

NexTier

Oilfield

Solutions,

Inc.*

42,823

340,443

Oil

States

International,

Inc.*

5,248

43,716

Patterson-UTI

Energy,

Inc.

6,207

72,622

RPC,

Inc.(a)

78,427

603,104

Tidewater,

Inc.*

13,550

597,284

2,910,460

Entertainment

0.0%

†

IMAX

Corp.*

2,203

42,254

Financial

Services

2.3%

Alerus

Financial

Corp.

1,188

19,067

A-Mark

Precious

Metals,

Inc.

(a)

30,600

1,060,290

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

44,017

765,016

EVERTEC,

Inc.

38,734

1,307,273

I3

Verticals,

Inc.,

Class

A*

11,360

278,661

Merchants

Bancorp

23,279

606,185

NMI

Holdings,

Inc.,

Class

A*(a)

8,907

198,893

PennyMac

Financial

Services,

Inc.(a)

3,659

218,113

Radian

Group,

Inc.

17,595

388,850

Repay

Holdings

Corp.*

7,532

49,485

StoneCo

Ltd.,

Class

A*

31,332

298,907

5,190,740

Food

Products

1.0%

B&G

Foods,

Inc.

7,055

109,564

Hostess

Brands,

Inc.*

2,818

70,112

John

B

Sanfilippo

&

Son,

Inc.

15,039

1,457,580

SunOpta,

Inc.*

61,019

469,846

2,107,102

Gas

Utilities

0.4%

Northwest

Natural

Holding

Co.

10,382

493,768

ONE

Gas,

Inc.

4,572

362,239

856,007

Ground

Transportation

0.5%

Marten

Transport

Ltd.

50,355

1,054,937

Health

Care

Equipment

&

Supplies

2.7%

AngioDynamics,

Inc.*

14,660

151,584

Artivion,

Inc.*

13,551

177,518

AtriCure,

Inc.*(a)

11,265

466,934

Inari

Medical,

Inc.*(a)

276

17,040

Inspire

Medical

Systems,

Inc.*

3,606

844,057

iRadimed

Corp.

2,682

105,537

Lantheus

Holdings,

Inc.*

5,222

431,128

LeMaitre

Vascular,

Inc.(a)

10,785

555,104

LivaNova

plc*

9,841

428,871

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

NuVasive,

Inc.*

12,180

503,156

Shockwave

Medical,

Inc.*

4,364

946,246

Surmodics,

Inc.*

12,923

294,386

TransMedics

Group,

Inc.*

1,736

131,467

Utah

Medical

Products,

Inc.

4,944

468,543

Varex

Imaging

Corp.*(a)

30,789

560,052

6,081,623

Health

Care

Providers

&

Services

3.4%

Addus

HomeCare

Corp.*

1,835

195,905

Alignment

Healthcare,

Inc.*

24,840

157,982

AMN

Healthcare

Services,

Inc.*

6,210

515,181

Apollo

Medical

Holdings,

Inc.*

884

32,239

Brookdale

Senior

Living,

Inc.*

8,960

26,432

Cano

Health,

Inc.*(a)

31,537

28,699

Community

Health

Systems,

Inc.*(a)

42,669

209,078

CorVel

Corp.*

151

28,732

Ensign

Group,

Inc.

(The)(a)

15,111

1,443,705

HealthEquity,

Inc.*

7,969

467,860

Hims

&

Hers

Health,

Inc.*

69,511

689,549

Joint

Corp.

(The)*

35,667

600,276

National

HealthCare

Corp.

8,938

519,030

Option

Care

Health,

Inc.*

11,678

371,010

Patterson

Cos.,

Inc.

7,905

211,617

Pediatrix

Medical

Group,

Inc.*

8,537

127,287

Pennant

Group,

Inc.

(The)*

33,400

476,952

PetIQ,

Inc.*

3,360

38,438

Progyny,

Inc.*

19,058

612,143

Select

Medical

Holdings

Corp.

(a)

20,009

517,233

Surgery

Partners,

Inc.*(a)

10,026

345,596

7,614,944

Health

Care

REITs

0.2%

Community

Healthcare

Trust,

Inc.

8,611

315,163

Universal

Health

Realty

Income

Trust

1,455

70,000

385,163

Health

Care

Technology

0.5%

Health

Catalyst,

Inc.*

46,840

546,623

HealthStream,

Inc.*

6,222

168,616

Phreesia,

Inc.*

13,646

440,629

1,155,868

Hotel

&

Resort

REITs

2.8%

Apple

Hospitality

REIT,

Inc.

60,289

935,685

Chatham

Lodging

Trust

102,655

1,076,851

DiamondRock

Hospitality

Co.

149,633

1,216,516

RLJ

Lodging

Trust(a)

127,150

1,347,790

Ryman

Hospitality

Properties,

Inc.

12,078

1,083,759

Service

Properties

Trust

15,675

156,123

Summit

Hotel

Properties,

Inc.

12,076

84,532

Xenia

Hotels

&

Resorts,

Inc.

15,963

208,956

6,110,212

Hotels,

Restaurants

&

Leisure

4.5%

Chuy's

Holdings,

Inc.*

10,356

371,263

30

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Dave

&

Buster's

Entertainment,

Inc.*

20,923

769,757

Everi

Holdings,

Inc.*

58,891

1,009,981

First

Watch

Restaurant

Group,

Inc.*

41,142

660,741

Golden

Entertainment,

Inc.*

2,960

128,790

International

Game

Technology

plc

55,728

1,493,510

Monarch

Casino

&

Resort,

Inc.

4,589

340,274

Noodles

&

Co.,

Class

A*

7,211

34,973

Portillo's,

Inc.,

Class

A*(a)

42,819

915,042

Red

Rock

Resorts,

Inc.,

Class

A(a)

20,907

931,825

Sabre

Corp.*(a)

115,764

496,628

Shake

Shack,

Inc.,

Class

A*

1,588

88,118

Texas

Roadhouse,

Inc.

8,507

919,266

Wingstop,

Inc.

9,329

1,712,618

9,872,786

Household

Durables

2.3%

Dream

Finders

Homes,

Inc.,

Class

A*(a)

7,951

105,351

GoPro,

Inc.,

Class

A*

63,457

319,189

Installed

Building

Products,

Inc.

8,267

942,686

Landsea

Homes

Corp.*

4,723

28,621

LGI

Homes,

Inc.*(a)

13,250

1,510,897

M/I

Homes,

Inc.*

23,650

1,492,079

Meritage

Homes

Corp.

6,389

745,980

5,144,803

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Montauk

Renewables,

Inc.*

11,661

91,772

Industrial

REITs

1.6%

LXP

Industrial

Trust(a)

132,521

1,366,291

STAG

Industrial,

Inc.(a)

46,437

1,570,499

Terreno

Realty

Corp.

9,446

610,212

3,547,002

Insurance

4.8%

American

Equity

Investment

Life

Holding

Co.

38,489

1,404,464

AMERISAFE,

Inc.

16,326

799,158

BRP

Group,

Inc.,

Class

A*(a)

22,886

582,677

CNO

Financial

Group,

Inc.

70,377

1,561,666

Crawford

&

Co.,

Class

A

21,504

179,773

Employers

Holdings,

Inc.

34,722

1,447,560

Genworth

Financial,

Inc.,

Class

A*

16,232

81,485

Goosehead

Insurance,

Inc.,

Class

A*(a)

29,620

1,546,164

Investors

Title

Co.

530

80,030

James

River

Group

Holdings

Ltd.

1,508

31,140

Kinsale

Capital

Group,

Inc.(a)

3,071

921,761

Palomar

Holdings,

Inc.*

18,486

1,020,427

Stewart

Information

Services

Corp.

20,729

836,415

Common

Stocks

Shares

Value

($)

Insurance

Tiptree,

Inc.

2,267

33,030

10,525,750

Interactive

Media

&

Services

0.8%

Bumble,

Inc.,

Class

A*

14,618

285,782

DHI

Group,

Inc.*

18,289

70,961

Shutterstock,

Inc.

14,947

1,085,152

Vimeo,

Inc.*

106,000

405,980

1,847,875

IT

Services

0.4%

Brightcove,

Inc.*

26,489

117,876

Fastly,

Inc.,

Class

A*

25,657

455,668

Perficient,

Inc.*

2,119

152,971

Squarespace,

Inc.,

Class

A*

6,278

199,452

925,967

Leisure

Products

0.6%

Acushnet

Holdings

Corp.

14,108

718,661

Malibu

Boats,

Inc.,

Class

A*(a)

5,011

282,871

Sturm

Ruger

&

Co.,

Inc.

1,807

103,794

Topgolf

Callaway

Brands

Corp.*(a)

9,551

206,493

1,311,819

Life

Sciences

Tools

&

Services

1.2%

Adaptive

Biotechnologies

Corp.*(a)

56,839

501,889

CryoPort,

Inc.*

14,006

336,144

Medpace

Holdings,

Inc.*

8,567

1,611,024

NanoString

Technologies,

Inc.*

22,787

225,591

2,674,648

Machinery

3.5%

Chart

Industries,

Inc.*(a)

3,457

433,508

CIRCOR

International,

Inc.*

5,782

179,936

Columbus

McKinnon

Corp.

14,986

556,880

Douglas

Dynamics,

Inc.

7,554

240,897

Enerpac

Tool

Group

Corp.

5,761

146,905

Franklin

Electric

Co.,

Inc.

11,822

1,112,450

Kennametal,

Inc.

2,924

80,644

Manitowoc

Co.,

Inc.

(The)*

7,824

133,712

Miller

Industries,

Inc.

3,950

139,633

Mueller

Industries,

Inc.(a)

24,460

1,797,321

RBC

Bearings,

Inc.*

2,359

549,010

Titan

International,

Inc.*

15,294

160,281

Wabash

National

Corp.

26,885

661,102

Watts

Water

Technologies,

Inc.,

Class

A

9,327

1,569,921

7,762,200

Marine

Transportation

1.3%

Costamare,

Inc.(a)

130,394

1,227,008

Eneti,

Inc.

41,960

392,326

Genco

Shipping

&

Trading

Ltd.

(a)

15,557

243,623

Golden

Ocean

Group

Ltd.(a)

37,393

355,981

Safe

Bulkers,

Inc.

195,445

721,192

2,940,130

Media

1.8%

Clear

Channel

Outdoor

Holdings,

Inc.*

25,215

30,258

Daily

Journal

Corp.*

709

202,036

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Media

EW

Scripps

Co.

(The),

Class

A*(a)

57,626

542,261

Gray

Television,

Inc.

62,972

549,116

Magnite,

Inc.*(a)

16,556

153,308

Sinclair

Broadcast

Group,

Inc.,

Class

A(a)

47,073

807,773

TechTarget,

Inc.*(a)

26,708

964,693

Thryv

Holdings,

Inc.*(a)

32,863

757,821

4,007,266

Metals

&

Mining

2.4%

ATI,

Inc.*(a)

21,293

840,222

Carpenter

Technology

Corp.

28,485

1,274,989

Coeur

Mining,

Inc.*

138,704

553,429

Commercial

Metals

Co.

9,106

445,283

Constellium

SE*

50,076

765,161

Haynes

International,

Inc.

15,462

774,492

Materion

Corp.

616

71,456

Warrior

Met

Coal,

Inc.(a)

15,212

558,432

5,283,464

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.9%

Arbor

Realty

Trust,

Inc.

8,993

103,330

ARMOUR

Residential

REIT,

Inc.

86,348

453,327

BrightSpire

Capital,

Inc.

45,278

267,140

KKR

Real

Estate

Finance

Trust,

Inc.

8,109

92,362

MFA

Financial,

Inc.

52,078

516,614

Nexpoint

Real

Estate

Finance,

Inc.(a)

29,435

461,246

1,894,019

Office

REITs

0.6%

City

Office

REIT,

Inc.

12,095

83,455

Equity

Commonwealth

55,021

1,139,485

1,222,940

Oil,

Gas

&

Consumable

Fuels

6.7%

Arch

Resources,

Inc.

787

103,459

Ardmore

Shipping

Corp.

71,345

1,060,900

Chord

Energy

Corp.(a)

4,878

656,579

Civitas

Resources,

Inc.

9,893

676,088

Comstock

Resources,

Inc.(a)

36,632

395,259

CONSOL

Energy,

Inc.(a)

4,495

261,924

DHT

Holdings,

Inc.

115,886

1,252,728

Dorian

LPG

Ltd.

8,662

172,720

Equitrans

Midstream

Corp.(a)

75,567

436,777

Frontline

plc

46,726

773,782

Golar

LNG

Ltd.*(a)

59,783

1,291,313

International

Seaways,

Inc.

31,099

1,296,206

Kosmos

Energy

Ltd.*

39,738

295,651

Nordic

American

Tankers

Ltd.

170,698

675,964

PBF

Energy,

Inc.,

Class

A

8,863

384,300

Peabody

Energy

Corp.*(a)

17,361

444,442

Scorpio

Tankers,

Inc.

28,521

1,606,017

SFL

Corp.

Ltd.

131,494

1,249,193

Teekay

Corp.*

96,750

597,915

Teekay

Tankers

Ltd.,

Class

A*

30,244

1,298,375

14,929,592

Personal

Care

Products

1.1%

Beauty

Health

Co.

(The)*(a)

49,207

621,485

Common

Stocks

Shares

Value

($)

Personal

Care

Products

elf

Beauty,

Inc.*

22,401

1,844,722

2,466,207

Pharmaceuticals

1.4%

Amneal

Pharmaceuticals,

Inc.*

42,185

58,637

Amphastar

Pharmaceuticals,

Inc.*

10,234

383,775

Axsome

Therapeutics,

Inc.*(a)

3,723

229,635

Edgewise

Therapeutics,

Inc.*(a)

3,269

21,804

Harmony

Biosciences

Holdings,

Inc.*

6,483

211,670

Phibro

Animal

Health

Corp.,

Class

A

48,594

744,460

Prestige

Consumer

Healthcare,

Inc.*

22,218

1,391,513

SIGA

Technologies,

Inc.(a)

5,748

33,051

3,074,545

Professional

Services

2.4%

Alight,

Inc.,

Class

A*

99,091

912,628

CBIZ,

Inc.*

17,669

874,439

ExlService

Holdings,

Inc.*

4,646

751,862

Exponent,

Inc.

16,770

1,671,801

Forrester

Research,

Inc.*

984

31,833

Franklin

Covey

Co.*

7,702

296,296

IBEX

Holdings

Ltd.*

18,260

445,544

NV5

Global,

Inc.*

3,221

334,887

Red

Violet,

Inc.*(a)

5,057

89,003

5,408,293

Real

Estate

Management

&

Development

0.2%

Cushman

&

Wakefield

plc*

4,663

49,148

Newmark

Group,

Inc.,

Class

A

45,890

324,901

Redfin

Corp.*(a)

8,018

72,643

446,692

Residential

REITs

0.9%

Apartment

Investment

and

Management

Co.,

Class

A

7,199

55,360

Independence

Realty

Trust,

Inc.(a)

45,947

736,530

NexPoint

Residential

Trust,

Inc.

29,219

1,275,994

2,067,884

Retail

REITs

0.2%

Kite

Realty

Group

Trust(a)

8,915

186,502

Macerich

Co.

(The)

11,479

121,677

Tanger

Factory

Outlet

Centers,

Inc.(a)

3,505

68,803

376,982

Semiconductors

&

Semiconductor

Equipment

2.1%

Ambarella,

Inc.*

5,101

394,919

Axcelis

Technologies,

Inc.*

9,485

1,263,876

Cohu,

Inc.*

10,238

393,037

Diodes,

Inc.*

11,081

1,027,874

FormFactor,

Inc.*

2,494

79,434

Impinj,

Inc.*

1,730

234,450

MaxLinear,

Inc.*(a)

25,564

900,108

Power

Integrations,

Inc.

1,632

138,132

Silicon

Laboratories,

Inc.*

1,419

248,453

32

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Synaptics,

Inc.*

604

67,135

4,747,418

Software

6.0%

8x8,

Inc.*

64,079

267,210

Alarm.com

Holdings,

Inc.*

14,086

708,244

American

Software,

Inc.,

Class

A

20,140

253,965

Amplitude,

Inc.,

Class

A*(a)

23,066

286,941

Appian

Corp.,

Class

A*

13,097

581,245

Asana,

Inc.,

Class

A*

23,498

496,513

Box,

Inc.,

Class

A*

4,434

118,787

C3.ai,

Inc.,

Class

A*(a)

7,127

239,253

Clear

Secure,

Inc.,

Class

A(a)

52,813

1,382,116

CommVault

Systems,

Inc.*

20,336

1,153,865

Consensus

Cloud

Solutions,

Inc.*(a)

3,402

115,974

Domo,

Inc.,

Class

B*

1,120

15,893

Ebix,

Inc.(a)

1,711

22,568

Enfusion,

Inc.,

Class

A*

2,867

30,104

EngageSmart,

Inc.*

2,071

39,867

MicroStrategy,

Inc.,

Class

A*(a)

536

156,684

Momentive

Global,

Inc.*

28,923

269,562

PagerDuty,

Inc.*

9,233

322,970

PROS

Holdings,

Inc.*

30,518

836,193

Q2

Holdings,

Inc.*

22,136

544,988

Rapid7,

Inc.*

2,362

108,439

Riot

Platforms,

Inc.*

3,290

32,867

Sapiens

International

Corp.

NV

16,323

354,536

Sprout

Social,

Inc.,

Class

A*

17,814

1,084,516

SPS

Commerce,

Inc.*(a)

9,078

1,382,579

Tenable

Holdings,

Inc.*

1,657

78,724

Varonis

Systems,

Inc.*

13,338

346,921

Workiva,

Inc.*(a)

12,977

1,328,975

Yext,

Inc.*

59,586

572,622

Zuora,

Inc.,

Class

A*

10,953

108,216

13,241,337

Specialized

REITs

0.6%

Four

Corners

Property

Trust,

Inc.(a)

4,294

115,337

Outfront

Media,

Inc.(a)

62,431

1,013,255

Uniti

Group,

Inc.(a)

67,976

241,315

1,369,907

Specialty

Retail

2.1%

Academy

Sports

&

Outdoors,

Inc.

3,295

214,999

Arko

Corp.

3,740

31,753

Asbury

Automotive

Group,

Inc.*

7,512

1,577,520

Boot

Barn

Holdings,

Inc.*

3,277

251,149

Buckle,

Inc.

(The)(a)

1,761

62,850

Build-A-Bear

Workshop,

Inc.

1,090

25,332

CarParts.com,

Inc.*

38,473

205,446

Cato

Corp.

(The),

Class

A

10,242

90,539

Murphy

USA,

Inc.(a)

6,806

1,756,288

RealReal,

Inc.

(The)*(a)

205,589

259,042

Winmark

Corp.

426

136,503

Common

Stocks

Shares

Value

($)

Specialty

Retail

Zumiez,

Inc.*(a)

6,792

125,245

4,736,666

Technology

Hardware,

Storage

&

Peripherals

0.6%

Super

Micro

Computer,

Inc.*(a)

11,645

1,240,775

Textiles,

Apparel

&

Luxury

Goods

1.0%

Crocs,

Inc.*

15,417

1,949,325

Fossil

Group,

Inc.*

31,356

100,339

Movado

Group,

Inc.

4,189

120,518

2,170,182

Trading

Companies

&

Distributors

2.6%

Applied

Industrial

Technologies,

Inc.

10,559

1,500,751

Boise

Cascade

Co.

1,594

100,820

GMS,

Inc.*

8,834

511,400

H&E

Equipment

Services,

Inc.

14,555

643,768

Herc

Holdings,

Inc.

2,124

241,923

MRC

Global,

Inc.*

79,728

774,956

NOW,

Inc.*

80,288

895,211

Rush

Enterprises,

Inc.,

Class

A

13,578

741,359

Titan

Machinery,

Inc.*

10,128

308,398

Veritiv

Corp.(a)

364

49,191

5,767,777

Total

Common

Stocks

(cost

$213,797,044)

219,053,623

Repurchase

Agreements

3.5%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,402,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$1,020,000.

(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$4,995,483,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$5,093,350.

(b)

4,993,481

4,993,481

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$245,885,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$250,835.(b)

245,786

245,786

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,400,564,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$1,428,000.(b)

1,400,000

1,400,000

Total

Repurchase

Agreements

(cost

$7,639,267)

7,639,267

Total

Investments

(cost

$221,436,311)

—

102.4%

226,692,890

Liabilities

in

excess

of

other

assets

—

(2.4)%

(5,269,621)

NET

ASSETS

—

100.0%

$

221,423,269

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$32,031,340,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,639,267

and

by

$24,952,761

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$32,592,028.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$7,639,267.

REIT

Real

Estate

Investment

Trust

34

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

219,053,623

$

–

$

–

$

219,053,623

Repurchase

Agreements

–

7,639,267

–

7,639,267

Total

$

219,053,623

$

7,639,267

$

–

$

226,692,890

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

36

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

97.1%

Shares

Value

($)

Aerospace

&

Defense

0.4%

Textron,

Inc.

53,308

3,765,144

Air

Freight

&

Logistics

3.1%

CH

Robinson

Worldwide,

Inc.

43,987

4,370,988

Expeditors

International

of

Washington,

Inc.

74,971

8,255,807

FedEx

Corp.

84,086

19,212,810

31,839,605

Automobile

Components

1.0%

Lear

Corp.

71,086

9,915,786

Automobiles

2.1%

Ford

Motor

Co.

341,712

4,305,571

General

Motors

Co.

466,030

17,093,981

21,399,552

Banks

1.9%

Comerica,

Inc.

120,997

5,253,690

First

Republic

Bank

40,116

561,223

KeyCorp

787,517

9,859,713

Zions

Bancorp

NA

131,005

3,920,979

19,595,605

Beverages

1.1%

Monster

Beverage

Corp.*

200,554

10,831,922

Biotechnology

4.3%

Exelixis,

Inc.*

407,966

7,918,620

Incyte

Corp.*

112,950

8,162,896

Ionis

Pharmaceuticals,

Inc.*

81,254

2,904,018

Neurocrine

Biosciences,

Inc.*

36,041

3,648,070

Ultragenyx

Pharmaceutical,

Inc.*

58,119

2,330,572

Vertex

Pharmaceuticals,

Inc.*

61,385

19,340,572

44,304,748

Broadline

Retail

0.9%

Amazon.com,

Inc.*

61,959

6,399,745

Dillard's,

Inc.,

Class

A

8,263

2,542,360

8,942,105

Building

Products

0.7%

Trane

Technologies

plc

39,627

7,290,575

Capital

Markets

2.2%

Charles

Schwab

Corp.

(The)

51,567

2,701,079

Interactive

Brokers

Group,

Inc.,

Class

A

65,409

5,400,167

LPL

Financial

Holdings,

Inc.

36,068

7,300,163

Raymond

James

Financial,

Inc.

80,195

7,479,788

22,881,197

Chemicals

2.8%

Corteva,

Inc.

273,231

16,478,561

Eastman

Chemical

Co.

13,108

1,105,529

FMC

Corp.

49,121

5,999,148

Huntsman

Corp.

165,283

4,522,143

28,105,381

Communications

Equipment

1.8%

F5,

Inc.*

36,311

5,290,150

Juniper

Networks,

Inc.

393,037

13,528,333

18,818,483

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

0.7%

AECOM

62,751

5,291,164

Fluor

Corp.*

54,245

1,676,713

6,967,877

Consumer

Finance

1.2%

SLM

Corp.

179,820

2,227,970

Synchrony

Financial

331,879

9,651,041

11,879,011

Consumer

Staples

Distribution

&

Retail

1.9%

Target

Corp.

119,443

19,783,344

Containers

&

Packaging

0.3%

Sealed

Air

Corp.

57,300

2,630,643

Electric

Utilities

2.0%

NRG

Energy,

Inc.

275,263

9,438,768

Pinnacle

West

Capital

Corp.

138,145

10,946,610

20,385,378

Electrical

Equipment

0.0%

†

Vertiv

Holdings

Co.

7,023

100,499

Entertainment

1.1%

Live

Nation

Entertainment,

Inc.*

151,100

10,577,000

Playtika

Holding

Corp.*

84,243

948,576

11,525,576

Financial

Services

1.8%

Fidelity

National

Information

Services,

Inc.

236,075

12,825,955

Mastercard,

Inc.,

Class

A

14,318

5,203,304

18,029,259

Food

Products

2.1%

Lamb

Weston

Holdings,

Inc.

128,776

13,459,668

Post

Holdings,

Inc.*

93,637

8,415,157

21,874,825

Ground

Transportation

0.5%

Landstar

System,

Inc.

3,668

657,526

Lyft,

Inc.,

Class

A*

441,826

4,095,727

Schneider

National,

Inc.,

Class

B

22,079

590,613

5,343,866

Health

Care

Equipment

&

Supplies

0.1%

Tandem

Diabetes

Care,

Inc.*

11,360

461,330

Health

Care

Providers

&

Services

4.7%

Cigna

Group

(The)

28,495

7,281,327

DaVita,

Inc.*

123,634

10,027,954

Guardant

Health,

Inc.*

32,674

765,879

HCA

Healthcare,

Inc.

71,948

18,971,249

McKesson

Corp.

2,344

834,581

Molina

Healthcare,

Inc.*

16,313

4,363,564

Tenet

Healthcare

Corp.*

99,344

5,903,020

48,147,574

Health

Care

Technology

0.2%

Teladoc

Health,

Inc.*

86,237

2,233,538

Hotels,

Restaurants

&

Leisure

5.2%

Booking

Holdings,

Inc.*

4,858

12,885,408

Domino's

Pizza,

Inc.

30,848

10,175,830

Expedia

Group,

Inc.*

110,563

10,727,928

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Hilton

Worldwide

Holdings,

Inc.

112,654

15,869,569

Travel

+

Leisure

Co.

96,941

3,800,087

53,458,822

Household

Durables

0.9%

Lennar

Corp.,

Class

A

83,266

8,752,089

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Vistra

Corp.

399,667

9,592,008

Insurance

5.1%

Allstate

Corp.

(The)

132,715

14,706,149

Brighthouse

Financial,

Inc.*

111,396

4,913,678

Brown

&

Brown,

Inc.

15,820

908,384

Everest

Re

Group

Ltd.

21,327

7,635,493

Lincoln

National

Corp.

241,528

5,427,134

Reinsurance

Group

of

America,

Inc.

70,322

9,335,949

W

R

Berkley

Corp.

151,323

9,421,370

52,348,157

Interactive

Media

&

Services

5.0%

Alphabet,

Inc.,

Class

C*

144,147

14,991,288

Meta

Platforms,

Inc.,

Class

A*

151,510

32,111,029

Snap,

Inc.,

Class

A*

374,489

4,198,022

51,300,339

IT

Services

3.5%

EPAM

Systems,

Inc.*

29,946

8,953,854

GoDaddy,

Inc.,

Class

A*

108,478

8,430,910

Twilio,

Inc.,

Class

A*

77,037

5,132,975

VeriSign,

Inc.*

64,711

13,675,376

36,193,115

Machinery

2.4%

AGCO

Corp.

42,953

5,807,246

Allison

Transmission

Holdings,

Inc.

76,046

3,440,321

Fortive

Corp.

127,430

8,686,903

Oshkosh

Corp.

78,975

6,569,140

24,503,610

Metals

&

Mining

0.1%

MP

Materials

Corp.*

35,116

989,920

Multi-Utilities

0.5%

DTE

Energy

Co.

45,327

4,965,120

Oil,

Gas

&

Consumable

Fuels

3.0%

APA

Corp.

39,889

1,438,397

Marathon

Oil

Corp.

256,432

6,144,111

Marathon

Petroleum

Corp.

85,753

11,562,077

Valero

Energy

Corp.

81,512

11,379,075

30,523,660

Pharmaceuticals

0.6%

Organon

&

Co.

259,527

6,104,075

Professional

Services

0.2%

Dun

&

Bradstreet

Holdings,

Inc.

32,336

379,625

TriNet

Group,

Inc.*

15,641

1,260,821

1,640,446

Common

Stocks

Shares

Value

($)

Residential

REITs

0.8%

Camden

Property

Trust

73,768

7,733,837

Semiconductors

&

Semiconductor

Equipment

2.9%

Intel

Corp.

398,271

13,011,514

Qorvo,

Inc.*

104,789

10,643,419

Teradyne,

Inc.

52,183

5,610,194

29,265,127

Software

10.9%

Adobe,

Inc.*

24,600

9,480,102

Atlassian

Corp.,

Class

A*

59,795

10,235,110

Box,

Inc.,

Class

A*

255,923

6,856,177

Crowdstrike

Holdings,

Inc.,

Class

A*

53,882

7,395,843

Dropbox,

Inc.,

Class

A*

148,276

3,205,727

Fortinet,

Inc.*

260,890

17,338,750

Microsoft

Corp.

148,340

42,766,422

New

Relic,

Inc.*

57,656

4,340,920

Nutanix,

Inc.,

Class

A*

49,845

1,295,472

Qualys,

Inc.*

18,099

2,353,232

Tenable

Holdings,

Inc.*

52,325

2,485,961

Zscaler,

Inc.*

30,642

3,579,905

111,333,621

Specialty

Retail

4.9%

AutoZone,

Inc.*

7,219

17,745,385

O'Reilly

Automotive,

Inc.*

21,973

18,654,638

Ross

Stores,

Inc.

131,571

13,963,630

50,363,653

Technology

Hardware,

Storage

&

Peripherals

9.4%

Apple,

Inc.

449,961

74,198,569

Dell

Technologies,

Inc.,

Class

C

272,065

10,939,734

NetApp,

Inc.

41,099

2,624,171

Western

Digital

Corp.*

225,202

8,483,359

96,245,833

Textiles,

Apparel

&

Luxury

Goods

0.3%

Under

Armour,

Inc.,

Class

A*

310,033

2,942,213

Tobacco

1.6%

Altria

Group,

Inc.

361,958

16,150,566

Total

Investments

(cost

$895,489,013)

—

97.1%

991,459,034

Other

assets

in

excess

of

liabilities

—

2.9%

29,609,824

NET

ASSETS

—

100.0%

$

1,021,068,858

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

38

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Adobe,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

30,924

192,038

192,038

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

11/30/2023

32,866

168,603

168,603

Allison

Transmission

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

173,225

152,438

152,438

Apellis

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

4/30/2024

22,653

4,984

4,984

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

45,916

189,633

189,633

Bank

of

New

York

Mellon

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

28,831

10,956

10,956

Booking

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

2,019

162,812

162,812

Brighthouse

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

62,830

63,458

63,458

Cadence

Bank

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

108,975

21,250

21,250

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

11/30/2023

1,989

6,365

6,365

CH

Robinson

Worldwide,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

55,953

198,633

198,633

Cirrus

Logic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

1,846

1,458

1,458

Constellation

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

64,073

167,871

167,871

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

1/31/2024

38,551

42,021

42,021

Dillard's,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

2,053

15,500

15,500

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

11/30/2023

298,724

134,426

134,426

DTE

Energy

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

55,191

140,875

140,875

Dun

&

Bradstreet

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

2,581

929

929

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

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

7/31/2023

3,333

44,129

44,129

Evercore,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

99,670

414,627

414,627

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

11/30/2023

6,203

4,032

4,032

Exelixis,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

80,442

17,697

17,697

Expeditors

International

of

Washington,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

37,586

170,265

170,265

F5,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

35,969

134,524

134,524

FactSet

Research

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

11,230

93,770

93,770

FMC

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

32,091

55,838

55,838

Ford

Motor

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

984,551

1,329,144

1,329,144

Fortinet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

18,604

30,697

30,697

Fortive

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

43,577

42,270

42,270

Ginkgo

Bioworks

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

1,493,058

89,583

89,583

GoDaddy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

54,915

149,369

149,369

Grocery

Outlet

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

25,258

758

758

Healthpeak

Properties,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

127,937

78,042

78,042

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

2/29/2024

60,576

68,451

68,451

Interactive

Brokers

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

47,260

72,780

72,780

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

2/29/2024

29,846

7,760

7,760

Lamb

Weston

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

7,698

17,167

17,167

40

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Liberty

Media

Corp-

Liberty

Formula

One

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

50,482

8,582

8,582

Lincoln

National

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

155,645

110,508

110,508

LPL

Financial

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

10,757

17,104

17,104

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

71,586

20,760

20,760

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

11/30/2023

23,112

46,917

46,917

Monster

Beverage

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

95,178

177,031

177,031

MP

Materials

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

45,967

16,088

16,088

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

11/30/2023

5,527

9,949

9,949

Netflix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

65,298

878,258

878,258

Neurocrine

Biosciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

26,827

110,527

110,527

New

Relic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

54,163

196,612

196,612

New

York

Community

Bancorp,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

125,780

12,578

12,578

NextEra

Energy

Partners

LP

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

61,901

11,761

11,761

NRG

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

29,092

32,292

32,292

Nutanix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

84,000

60,480

60,480

Option

Care

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

31,644

633

633

O'Reilly

Automotive,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

900

15,210

15,210

Oshkosh

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

29,863

120,049

120,049

Pegasystems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

133,989

338,992

338,992

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

11/30/2023

3,032

5,018

5,018

Playtika

Holding

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

150,691

54,249

54,249

Post

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

16,275

3,743

3,743

Qorvo,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

14,730

20,327

20,327

Qualys,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

24,842

117,999

117,999

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

11/30/2023

51,552

16,497

16,497

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

27,845

1,392

1,392

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

32,006

30,086

30,086

RH

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

13,582

29,337

29,337

Roku,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

41,798

79,834

79,834

Sarepta

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

68,912

87,518

87,518

SBA

Communications

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

47,858

370,900

370,900

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

3/28/2024

178,498

149,938

149,938

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

369,354

217,919

217,919

Syneos

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

4/30/2024

161,172

112,820

112,820

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

29,238

54,090

54,090

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

55,604

145,126

145,126

Teradyne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

73,259

16,850

16,850

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

11/30/2023

79,060

22,927

22,927

42

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

11/30/2023

29,092

56,438

56,438

Twilio,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,007

3,736

3,736

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

80,911

83,338

83,338

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

11/30/2023

6,184

36,857

36,857

Vertiv

Holdings

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

786

472

472

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

47,025

32,330

32,330

W

R

Berkley

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/28/2023

23,524

8,704

8,704

Webster

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

126,420

41,719

41,719

Western

Digital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

62,265

66,624

66,624

–

–

Total

unrealized

appreciation

8,546,272

8,546,272

–

–

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

42,677

(32,861)

(32,861)

AGNC

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

116,583

(45,467)

(45,467)

Agree

Realty

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

49,443

(76,142)

(76,142)

Alnylam

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

10,579

(46,653)

(46,653)

Altice

USA,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

906,315

(235,642)

(235,642)

Annaly

Capital

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

266,172

(125,101)

(125,101)

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

86,866

(251,911)

(251,911)

Applied

Industrial

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

34,825

(94,394)

(94,394)

AppLovin

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

162,375

(125,029)

(125,029)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

70,184

(197,217)

(197,217)

ASGN,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

39,596

(57,810)

(57,810)

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

12/29/2023

17,871

(208,912)

(208,912)

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

129,087

(112,306)

(112,306)

Biogen,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

19,334

(77,723)

(77,723)

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

68,841

(183,117)

(183,117)

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

109,286

(396,708)

(396,708)

Carlyle

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

157,516

(118,925)

(118,925)

Charles

Schwab

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

4/30/2024

207,450

(587,084)

(587,084)

Chord

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

18,497

(28,300)

(28,300)

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

21,117

(148,875)

(148,875)

Civitas

Resources,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

33,717

(102,500)

(102,500)

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

243,949

(92,701)

(92,701)

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

76,070

(111,062)

(111,062)

Comerica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

17,173

(9,960)

(9,960)

Coterra

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

227,327

(227,327)

(227,327)

Danaher

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

12,442

(60,095)

(60,095)

DISH

Network

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

414,415

(95,315)

(95,315)

DoorDash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

25,517

(94,413)

(94,413)

44

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

18,306

(59,292)

(59,292)

First

Republic

Bank

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

45,680

(12,334)

(12,334)

Floor

&

Decor

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

22,882

(86,265)

(86,265)

Freshpet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

105,856

(149,257)

(149,257)

Frontier

Communications

Parent,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

236,262

(344,943)

(344,943)

Guardant

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

4/30/2024

31,235

(4,685)

(4,685)

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

143,824

(167,558)

(167,558)

Healthcare

Realty

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

263,650

(189,828)

(189,828)

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

82,689

(125,687)

(125,687)

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

4/30/2024

31,844

(25,475)

(25,475)

Insulet

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

6,258

(37,923)

(37,923)

Intuit,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

13,692

(171,698)

(171,698)

Karuna

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

4,470

(4,559)

(4,559)

Kite

Realty

Group

Trust

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

158,619

(172,895)

(172,895)

KKR

&

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

119,625

(184,821)

(184,821)

Leggett

&

Platt,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

110,473

(144,720)

(144,720)

Leslie's,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

131,235

(66,930)

(66,930)

Liberty

Broadband

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

763

(1,740)

(1,740)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

21,979

(181,327)

(181,327)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

47,468

(27,057)

(27,057)

Medical

Properties

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

625,373

(331,448)

(331,448)

Mirati

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

3/28/2024

40,233

(21,323)

(21,323)

Mister

Car

Wash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

455,721

(68,358)

(68,358)

MKS

Instruments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

28,186

(10,818)

(10,818)

nCino,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

184,425

(346,719)

(346,719)

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

2/29/2024

54,470

(72,445)

(72,445)

Noble

Corp.

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

52,341

(12,253)

(12,253)

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

433,412

(125,689)

(125,689)

Paramount

Global

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

254,352

(264,526)

(264,526)

PerkinElmer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

6,358

(24,542)

(24,542)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

44,336

(30,592)

(30,592)

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

17,334

(105,044)

(105,044)

Power

Integrations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

9,864

(12,330)

(12,330)

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

12/29/2023

29,434

(131,864)

(131,864)

Realty

Income

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

86,442

(154,688)

(154,688)

Regal

Rexnord

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

2,192

(1,337)

(1,337)

Regeneron

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

6,324

(14,672)

(14,672)

Rexford

Industrial

Realty,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

48,370

(129,632)

(129,632)

46

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

S&P

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

14,970

(112,439)

(112,439)

Scotts

Miracle-Gro

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

25,046

(54,685)

(54,685)

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

54,133

(17,323)

(17,323)

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

142,271

(89,631)

(89,631)

Southwestern

Energy

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

192,435

(15,395)

(15,395)

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

17,531

(65,566)

(65,566)

SS&C

Technologies

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

85,900

(127,132)

(127,132)

Sunrun,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

128,340

(193,793)

(193,793)

Super

Micro

Computer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

20,066

(18,059)

(18,059)

T

Rowe

Price

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

45,595

(112,345)

(112,345)

Teledyne

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

14,480

(194,756)

(194,756)

Trade

Desk,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

18,333

(19,616)

(19,616)

Trane

Technologies

plc

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

54,055

(20,000)

(20,000)

UMB

Financial

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

22,934

(44,721)

(44,721)

Viasat,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

102,444

(295,039)

(295,039)

VICI

Properties,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

164,978

(216,121)

(216,121)

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

464,501

(204,380)

(204,380)

West

Pharmaceutical

Services,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

15,314

(130,016)

(130,016)

Weyerhaeuser

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

7,238

(7,672)

(7,672)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

WP

Carey,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

27,531

(8,452)

(8,452)

Zions

Bancorp

NA

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

81,836

(90,838)

(90,838)

ZoomInfo

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

70,366

(40,109)

(40,109)

–

–

Total

unrealized

depreciation

(10,038,912)

(10,038,912)

–

–

Net

unrealized

depreciation

(1,492,640)

(1,492,640)

Financing

Costs

of

Swap

Contracts

(227,120)

(227,120)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(1,719,760)

(1,719,760)

OBFR

Overnight

Bank

Funding

Rate

48

-

Statement

of

Investments

-

March

31,

2023

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

991,459,034

$

–

$

–

$

991,459,034

Total

Return

Swaps†

–

8,546,272

–

8,546,272

Total

Assets

$

991,459,034

$

8,546,272

$

–

$

1,000,005,306

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps†

$

–

$

(10,266,032)

$

–

$

(10,266,032)

Total

Liabilities

$

–

$

(10,266,032)

$

–

$

(10,266,032)

Total

$

991,459,034

$

(1,719,760)

$

–

$

989,739,274

†

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).

50

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

8,546,272

Total

$

8,546,272

Liabilities:

Swap

Contracts†

Equity

risk

Swap

Contracts,

at

value

$

(10,266,032)

Total

$

(10,266,032)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

87.1%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Boeing

Co.

(The)*

29,880

6,347,408

General

Dynamics

Corp.

11,745

2,680,327

Howmet

Aerospace,

Inc.

19,755

837,019

Huntington

Ingalls

Industries,

Inc.

2,357

487,946

L3Harris

Technologies,

Inc.

9,904

1,943,561

Lockheed

Martin

Corp.

12,055

5,698,760

Northrop

Grumman

Corp.

7,627

3,521,538

Raytheon

Technologies

Corp.

(a)

77,133

7,553,635

Textron,

Inc.

10,566

746,277

TransDigm

Group,

Inc.

2,794

2,059,318

31,875,789

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

6,163

612,417

Expeditors

International

of

Washington,

Inc.

8,391

924,017

FedEx

Corp.

12,208

2,789,406

United

Parcel

Service,

Inc.,

Class

B

38,436

7,456,200

11,782,040

Automobile

Components

0.1%

Aptiv

plc*

14,239

1,597,473

BorgWarner,

Inc.

12,008

589,713

2,187,186

Automobiles

1.7%

Ford

Motor

Co.

205,937

2,594,806

General

Motors

Co.

72,795

2,670,121

Tesla,

Inc.*

142,152

29,490,854

34,755,781

Banks

2.7%

Bank

of

America

Corp.

367,524

10,511,186

Citigroup,

Inc.

103,171

4,837,688

Citizens

Financial

Group,

Inc.

26,853

815,526

Comerica,

Inc.

6,935

301,118

Fifth

Third

Bancorp

35,934

957,282

First

Republic

Bank

9,667

135,241

Huntington

Bancshares,

Inc.

74,613

835,666

JPMorgan

Chase

&

Co.

154,803

20,172,379

KeyCorp

47,146

590,268

M&T

Bank

Corp.

9,364

1,119,653

PNC

Financial

Services

Group,

Inc.

(The)

21,036

2,673,676

Regions

Financial

Corp.

48,822

906,136

Truist

Financial

Corp.

69,256

2,361,630

US

Bancorp

74,700

2,692,935

Wells

Fargo

&

Co.

200,579

7,497,643

Zions

Bancorp

NA

8,142

243,690

56,651,717

Beverages

1.6%

Brown-Forman

Corp.,

Class

B

9,192

590,770

Coca-Cola

Co.

(The)

205,176

12,727,067

Constellation

Brands,

Inc.,

Class

A

8,657

1,955,530

Keurig

Dr

Pepper,

Inc.

43,966

1,551,120

Molson

Coors

Beverage

Co.,

Class

B

9,329

482,123

Common

Stocks

Shares

Value

($)

Beverages

Monster

Beverage

Corp.*

40,406

2,182,328

PepsiCo,

Inc.

72,755

13,263,237

32,752,175

Biotechnology

2.0%

AbbVie,

Inc.

93,201

14,853,444

Amgen,

Inc.

28,076

6,787,373

Biogen,

Inc.*

7,810

2,171,414

Gilead

Sciences,

Inc.

66,731

5,536,671

Incyte

Corp.*

9,663

698,345

Moderna,

Inc.*

17,485

2,685,346

Regeneron

Pharmaceuticals,

Inc.*

5,674

4,662,156

Vertex

Pharmaceuticals,

Inc.*

13,705

4,318,034

41,712,783

Broadline

Retail

2.4%

Amazon.com,

Inc.*

470,991

48,648,661

eBay,

Inc.

28,801

1,277,900

Etsy,

Inc.*

6,464

719,637

50,646,198

Building

Products

0.4%

A

O

Smith

Corp.

6,359

439,725

Allegion

plc

5,128

547,311

Carrier

Global

Corp.(a)

43,608

1,995,066

Johnson

Controls

International

plc

35,740

2,152,263

Masco

Corp.

11,731

583,265

Trane

Technologies

plc

12,173

2,239,589

7,957,219

Capital

Markets

2.5%

Ameriprise

Financial,

Inc.

5,708

1,749,502

Bank

of

New

York

Mellon

Corp.

(The)

37,381

1,698,593

BlackRock,

Inc.

7,889

5,278,688

Cboe

Global

Markets,

Inc.

5,542

743,958

Charles

Schwab

Corp.

(The)

81,263

4,256,556

CME

Group,

Inc.

18,888

3,617,430

FactSet

Research

Systems,

Inc.

2,055

853,010

Franklin

Resources,

Inc.

13,220

356,147

Goldman

Sachs

Group,

Inc.

(The)

17,791

5,819,614

Intercontinental

Exchange,

Inc.

29,874

3,115,559

Invesco

Ltd.

25,466

417,642

MarketAxess

Holdings,

Inc.

1,876

734,060

Moody's

Corp.

8,435

2,581,279

Morgan

Stanley

69,357

6,089,545

MSCI,

Inc.

4,266

2,387,637

Nasdaq,

Inc.

17,164

938,356

Northern

Trust

Corp.

11,587

1,021,162

Raymond

James

Financial,

Inc.

10,004

933,073

S&P

Global,

Inc.

17,444

6,014,168

State

Street

Corp.

18,106

1,370,443

T.

Rowe

Price

Group,

Inc.

11,920

1,345,768

51,322,190

Chemicals

1.6%

Air

Products

&

Chemicals,

Inc.

11,854

3,404,587

Albemarle

Corp.(a)

6,119

1,352,544

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Celanese

Corp.

5,153

561,110

CF

Industries

Holdings,

Inc.

9,913

718,593

Corteva,

Inc.

38,191

2,303,299

Dow,

Inc.

36,938

2,024,941

DuPont

de

Nemours,

Inc.

25,017

1,795,470

Eastman

Chemical

Co.

6,058

510,932

Ecolab,

Inc.

12,936

2,141,296

FMC

Corp.

7,029

858,452

International

Flavors

&

Fragrances,

Inc.

13,723

1,261,967

Linde

plc

26,035

9,253,881

LyondellBasell

Industries

NV,

Class

A

13,020

1,222,448

Mosaic

Co.

(The)

18,685

857,268

PPG

Industries,

Inc.

12,624

1,686,314

Sherwin-Williams

Co.

(The)

12,334

2,772,313

32,725,415

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

4,642

2,147,761

Copart,

Inc.*

22,283

1,675,904

Republic

Services,

Inc.

11,135

1,505,675

Rollins,

Inc.

12,648

474,679

Waste

Management,

Inc.

19,961

3,257,036

9,061,055

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

13,249

2,223,977

Cisco

Systems,

Inc.

217,329

11,360,874

F5,

Inc.*

2,938

428,037

Juniper

Networks,

Inc.

16,314

561,528

Motorola

Solutions,

Inc.

8,747

2,502,779

17,077,195

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

7,484

1,247,134

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

3,354

1,190,871

Vulcan

Materials

Co.

6,802

1,166,951

2,357,822

Consumer

Finance

0.4%

American

Express

Co.

31,310

5,164,585

Capital

One

Financial

Corp.

19,826

1,906,468

Discover

Financial

Services

13,961

1,379,905

Synchrony

Financial

23,037

669,916

9,120,874

Consumer

Staples

Distribution

&

Retail

1.7%

Costco

Wholesale

Corp.

23,489

11,670,979

Dollar

General

Corp.

11,813

2,486,164

Dollar

Tree,

Inc.*

10,907

1,565,700

Kroger

Co.

(The)

34,690

1,712,645

Sysco

Corp.

26,715

2,063,199

Target

Corp.

24,469

4,052,801

Walgreens

Boots

Alliance,

Inc.

(a)

38,051

1,315,804

Walmart,

Inc.

74,436

10,975,588

35,842,880

Containers

&

Packaging

0.2%

Amcor

plc

77,615

883,259

Avery

Dennison

Corp.

4,184

748,643

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Ball

Corp.(a)

16,484

908,433

International

Paper

Co.

18,913

682,003

Packaging

Corp.

of

America

4,974

690,540

Sealed

Air

Corp.

7,072

324,676

Westrock

Co.

13,557

413,082

4,650,636

Distributors

0.1%

Genuine

Parts

Co.

7,271

1,216,511

LKQ

Corp.

13,844

785,786

Pool

Corp.

2,094

717,069

2,719,366

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

375,121

7,221,079

Verizon

Communications,

Inc.

222,942

8,670,215

15,891,294

Electric

Utilities

1.6%

Alliant

Energy

Corp.

12,971

692,651

American

Electric

Power

Co.,

Inc.

26,533

2,414,238

Constellation

Energy

Corp.(a)

17,337

1,360,954

Duke

Energy

Corp.

40,562

3,913,016

Edison

International(a)

19,684

1,389,494

Entergy

Corp.

11,194

1,206,042

Evergy,

Inc.

12,463

761,739

Eversource

Energy

18,349

1,435,993

Exelon

Corp.

53,590

2,244,885

FirstEnergy

Corp.

28,932

1,159,016

NextEra

Energy,

Inc.

104,664

8,067,501

NRG

Energy,

Inc.(a)

12,158

416,898

PG&E

Corp.*(a)

86,793

1,403,443

Pinnacle

West

Capital

Corp.

5,477

433,997

PPL

Corp.

38,843

1,079,447

Southern

Co.

(The)

57,063

3,970,443

Xcel

Energy,

Inc.

29,325

1,977,678

33,927,435

Electrical

Equipment

0.5%

AMETEK,

Inc.

12,293

1,786,542

Eaton

Corp.

plc

20,804

3,564,557

Emerson

Electric

Co.

30,752

2,679,729

Generac

Holdings,

Inc.*

3,495

377,495

Rockwell

Automation,

Inc.(a)

6,153

1,805,598

10,213,921

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

31,821

2,600,412

CDW

Corp.

7,089

1,381,575

Corning,

Inc.

39,395

1,389,856

Keysight

Technologies,

Inc.*

9,227

1,489,976

TE

Connectivity

Ltd.(a)

16,853

2,210,271

Teledyne

Technologies,

Inc.*

2,501

1,118,847

Trimble,

Inc.*

12,140

636,379

Zebra

Technologies

Corp.,

Class

A*

2,856

908,208

11,735,524

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.

52,174

1,505,741

Halliburton

Co.

46,495

1,471,102

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

74,208

3,643,613

6,620,456

Entertainment

1.3%

Activision

Blizzard,

Inc.

37,907

3,244,460

Electronic

Arts,

Inc.

13,722

1,652,815

Live

Nation

Entertainment,

Inc.*

7,699

538,930

Netflix,

Inc.*

23,451

8,101,852

Take-Two

Interactive

Software,

Inc.*

8,714

1,039,580

Walt

Disney

Co.

(The)*

96,799

9,692,484

Warner

Bros

Discovery,

Inc.*

116,953

1,765,990

26,036,111

Financial

Services

3.7%

Berkshire

Hathaway,

Inc.,

Class

B*

95,107

29,366,188

Fidelity

National

Information

Services,

Inc.

30,638

1,664,563

Fiserv,

Inc.*

33,954

3,837,821

FleetCor

Technologies,

Inc.*

4,038

851,412

Global

Payments,

Inc.

14,044

1,477,991

Jack

Henry

&

Associates,

Inc.

3,821

575,901

Mastercard,

Inc.,

Class

A

44,736

16,257,510

PayPal

Holdings,

Inc.*

59,728

4,535,744

Visa,

Inc.,

Class

A(a)

86,214

19,437,808

78,004,938

Food

Products

1.0%

Archer-Daniels-Midland

Co.

29,424

2,343,916

Bunge

Ltd.

7,862

750,978

Campbell

Soup

Co.

10,265

564,370

Conagra

Brands,

Inc.

26,166

982,795

General

Mills,

Inc.

31,854

2,722,243

Hershey

Co.

(The)

7,860

1,999,663

Hormel

Foods

Corp.

16,488

657,541

J

M

Smucker

Co.

(The)

5,689

895,278

Kellogg

Co.

13,396

896,996

Kraft

Heinz

Co.

(The)

43,336

1,675,803

Lamb

Weston

Holdings,

Inc.

7,349

768,118

McCormick

&

Co.,

Inc.

(Non-Voting)

12,752

1,061,094

Mondelez

International,

Inc.,

Class

A

71,774

5,004,083

Tyson

Foods,

Inc.,

Class

A

15,326

909,138

21,232,016

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

7,667

861,464

Ground

Transportation

0.7%

CSX

Corp.

111,861

3,349,118

JB

Hunt

Transport

Services,

Inc.

4,606

808,169

Norfolk

Southern

Corp.

12,050

2,554,600

Old

Dominion

Freight

Line,

Inc.

4,904

1,671,479

Union

Pacific

Corp.

32,234

6,487,415

14,870,781

Health

Care

Equipment

&

Supplies

2.5%

Abbott

Laboratories

91,787

9,294,352

Align

Technology,

Inc.*

3,715

1,241,330

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Baxter

International,

Inc.

27,047

1,097,026

Becton

Dickinson

&

Co.

15,062

3,728,447

Boston

Scientific

Corp.*

76,413

3,822,942

Cooper

Cos.,

Inc.

(The)

2,627

980,817

Dentsply

Sirona,

Inc.

12,777

501,881

Dexcom,

Inc.*

20,455

2,376,462

Edwards

Lifesciences

Corp.*

33,131

2,740,928

GE

HealthCare

Technologies,

Inc.*

19,400

1,591,382

Hologic,

Inc.*

13,426

1,083,478

IDEXX

Laboratories,

Inc.*

4,319

2,159,845

Insulet

Corp.*

3,707

1,182,385

Intuitive

Surgical,

Inc.*

18,549

4,738,713

Medtronic

plc

69,978

5,641,626

ResMed,

Inc.

7,819

1,712,283

STERIS

plc(a)

5,088

973,233

Stryker

Corp.

17,712

5,056,245

Teleflex,

Inc.(a)

2,553

646,700

Zimmer

Biomet

Holdings,

Inc.

10,966

1,416,807

51,986,882

Health

Care

Providers

&

Services

2.7%

AmerisourceBergen

Corp.

8,649

1,384,791

Cardinal

Health,

Inc.

14,027

1,059,038

Centene

Corp.*

29,504

1,864,948

Cigna

Group

(The)

15,743

4,022,809

CVS

Health

Corp.

68,006

5,053,526

DaVita,

Inc.*

3,244

263,121

Elevance

Health,

Inc.

12,567

5,778,432

HCA

Healthcare,

Inc.

11,267

2,970,883

Henry

Schein,

Inc.*

7,095

578,526

Humana,

Inc.

6,661

3,233,649

Laboratory

Corp.

of

America

Holdings

4,507

1,033,996

McKesson

Corp.

7,296

2,597,741

Molina

Healthcare,

Inc.*

3,099

828,951

Quest

Diagnostics,

Inc.

5,842

826,526

UnitedHealth

Group,

Inc.

49,471

23,379,500

Universal

Health

Services,

Inc.,

Class

B

3,747

476,244

55,352,681

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

29,651

651,432

Ventas,

Inc.

21,233

920,451

Welltower,

Inc.

24,994

1,791,820

3,363,703

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.

36,965

609,553

Hotels,

Restaurants

&

Leisure

1.8%

Booking

Holdings,

Inc.*

2,068

5,485,184

Caesars

Entertainment,

Inc.*

11,665

569,369

Carnival

Corp.*(a)

56,426

572,724

Chipotle

Mexican

Grill,

Inc.*

1,453

2,482,145

Darden

Restaurants,

Inc.

6,408

994,265

Domino's

Pizza,

Inc.(a)

1,725

569,026

Expedia

Group,

Inc.*

8,101

786,040

Hilton

Worldwide

Holdings,

Inc.

13,993

1,971,194

Las

Vegas

Sands

Corp.*

17,704

1,017,095

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Marriott

International,

Inc.,

Class

A

14,030

2,329,541

McDonald's

Corp.

38,699

10,820,627

MGM

Resorts

International

15,586

692,330

Norwegian

Cruise

Line

Holdings

Ltd.*

21,647

291,152

Royal

Caribbean

Cruises

Ltd.*

11,289

737,172

Starbucks

Corp.

60,954

6,347,140

Wynn

Resorts

Ltd.*

5,121

573,091

Yum!

Brands,

Inc.

15,010

1,982,521

38,220,616

Household

Durables

0.3%

DR

Horton,

Inc.

17,019

1,662,586

Garmin

Ltd.

7,861

793,332

Lennar

Corp.,

Class

A(a)

13,434

1,412,048

Mohawk

Industries,

Inc.*

2,566

257,165

Newell

Brands,

Inc.

15,619

194,300

NVR,

Inc.*

158

880,406

PulteGroup,

Inc.

11,949

696,388

Whirlpool

Corp.(a)

2,623

346,288

6,242,513

Household

Products

1.3%

Church

&

Dwight

Co.,

Inc.

12,466

1,102,119

Clorox

Co.

(The)

6,741

1,066,696

Colgate-Palmolive

Co.

43,422

3,263,163

Kimberly-Clark

Corp.

17,614

2,364,151

Procter

&

Gamble

Co.

(The)

125,028

18,590,414

26,386,543

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

34,722

836,106

Industrial

Conglomerates

0.7%

3M

Co.

29,368

3,086,870

General

Electric

Co.

57,251

5,473,196

Honeywell

International,

Inc.

35,386

6,762,972

15,323,038

Industrial

REITs

0.3%

Prologis,

Inc.

49,027

6,117,099

Insurance

1.9%

Aflac,

Inc.

30,185

1,947,536

Allstate

Corp.

(The)

14,389

1,594,445

American

International

Group,

Inc.

39,777

2,003,170

Aon

plc,

Class

A

10,785

3,400,403

Arch

Capital

Group

Ltd.*

19,939

1,353,260

Arthur

J

Gallagher

&

Co.

11,235

2,149,368

Assurant,

Inc.

3,086

370,536

Brown

&

Brown,

Inc.

11,959

686,686

Chubb

Ltd.

22,053

4,282,252

Cincinnati

Financial

Corp.

8,203

919,392

Everest

Re

Group

Ltd.

2,000

716,040

Globe

Life,

Inc.

4,556

501,251

Hartford

Financial

Services

Group,

Inc.

(The)

16,565

1,154,415

Lincoln

National

Corp.

9,086

204,162

Loews

Corp.

10,873

630,851

Marsh

&

McLennan

Cos.,

Inc.

26,107

4,348,121

Common

Stocks

Shares

Value

($)

Insurance

MetLife,

Inc.

35,425

2,052,525

Principal

Financial

Group,

Inc.

12,433

924,021

Progressive

Corp.

(The)

30,740

4,397,664

Prudential

Financial,

Inc.

19,236

1,591,587

Travelers

Cos.,

Inc.

(The)

12,215

2,093,773

W

R

Berkley

Corp.

10,067

626,771

Willis

Towers

Watson

plc

5,785

1,344,318

39,292,547

Interactive

Media

&

Services

4.2%

Alphabet,

Inc.,

Class

A*

314,093

32,580,867

Alphabet,

Inc.,

Class

C*

275,108

28,611,232

Match

Group,

Inc.*

14,516

557,269

Meta

Platforms,

Inc.,

Class

A*

117,639

24,932,410

86,681,778

IT

Services

1.0%

Accenture

plc,

Class

A

33,154

9,475,745

Akamai

Technologies,

Inc.*

8,641

676,590

Cognizant

Technology

Solutions

Corp.,

Class

A

26,906

1,639,383

DXC

Technology

Co.*

11,186

285,914

EPAM

Systems,

Inc.*

2,882

861,718

Gartner,

Inc.*

4,247

1,383,545

International

Business

Machines

Corp.

47,594

6,239,097

VeriSign,

Inc.*

4,882

1,031,713

21,593,705

Leisure

Products

0.0%

†

Hasbro,

Inc.

7,562

406,004

Life

Sciences

Tools

&

Services

1.6%

Agilent

Technologies,

Inc.

15,714

2,173,875

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,074

514,467

Bio-Techne

Corp.

8,958

664,594

Charles

River

Laboratories

International,

Inc.*

2,534

511,412

Danaher

Corp.

34,501

8,695,632

Illumina,

Inc.*

8,185

1,903,422

IQVIA

Holdings,

Inc.*

9,883

1,965,630

Mettler-Toledo

International,

Inc.*

1,161

1,776,574

PerkinElmer,

Inc.

6,733

897,240

Thermo

Fisher

Scientific,

Inc.

20,663

11,909,533

Waters

Corp.*

3,027

937,250

West

Pharmaceutical

Services,

Inc.

3,869

1,340,492

33,290,121

Machinery

1.6%

Caterpillar,

Inc.

27,422

6,275,251

Cummins,

Inc.

7,593

1,813,816

Deere

&

Co.

14,263

5,888,907

Dover

Corp.

7,382

1,121,621

Fortive

Corp.

19,377

1,320,930

IDEX

Corp.

3,839

886,924

Illinois

Tool

Works,

Inc.

14,667

3,570,681

Ingersoll

Rand,

Inc.

21,515

1,251,743

Nordson

Corp.

2,726

605,881

Otis

Worldwide

Corp.

21,596

1,822,702

PACCAR,

Inc.

27,204

1,991,333

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Machinery

Parker-Hannifin

Corp.

6,644

2,233,115

Pentair

plc

7,744

428,011

Snap-on,

Inc.

2,719

671,294

Stanley

Black

&

Decker,

Inc.

8,255

665,188

Westinghouse

Air

Brake

Technologies

Corp.

9,414

951,379

Xylem,

Inc.(a)

9,422

986,483

32,485,259

Media

0.7%

Charter

Communications,

Inc.,

Class

A*

5,472

1,956,842

Comcast

Corp.,

Class

A

222,592

8,438,463

DISH

Network

Corp.,

Class

A*(a)

14,567

135,910

Fox

Corp.,

Class

A

16,219

552,257

Fox

Corp.,

Class

B

7,090

221,988

Interpublic

Group

of

Cos.,

Inc.

(The)

20,389

759,286

News

Corp.,

Class

A(a)

16,799

290,118

News

Corp.,

Class

B(a)

10,146

176,845

Omnicom

Group,

Inc.

10,450

985,853

Paramount

Global,

Class

B(a)

27,345

610,067

14,127,629

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

75,404

3,084,778

Newmont

Corp.

41,372

2,028,055

Nucor

Corp.

13,542

2,091,833

Steel

Dynamics,

Inc.

8,927

1,009,286

8,213,952

Multi-Utilities

0.7%

Ameren

Corp.

13,676

1,181,470

CenterPoint

Energy,

Inc.

34,731

1,023,175

CMS

Energy

Corp.

15,624

959,001

Consolidated

Edison,

Inc.

19,051

1,822,609

Dominion

Energy,

Inc.

43,757

2,446,454

DTE

Energy

Co.

10,058

1,101,753

NiSource,

Inc.

19,808

553,832

Public

Service

Enterprise

Group,

Inc.

26,841

1,676,220

Sempra

Energy

16,866

2,549,465

WEC

Energy

Group,

Inc.

16,753

1,588,017

14,901,996

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

8,113

1,018,911

Boston

Properties,

Inc.

7,490

405,359

1,424,270

Oil,

Gas

&

Consumable

Fuels

3.7%

APA

Corp.

17,372

626,434

Chevron

Corp.

93,772

15,299,839

ConocoPhillips

64,823

6,431,090

Coterra

Energy,

Inc.(a)

40,509

994,091

Devon

Energy

Corp.

34,151

1,728,382

Diamondback

Energy,

Inc.

10,000

1,351,700

EOG

Resources,

Inc.

30,807

3,531,406

EQT

Corp.

20,517

654,697

Exxon

Mobil

Corp.

217,392

23,839,207

Hess

Corp.

14,849

1,965,117

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan,

Inc.

105,345

1,844,591

Marathon

Oil

Corp.

32,271

773,213

Marathon

Petroleum

Corp.

24,407

3,290,796

Occidental

Petroleum

Corp.(a)

38,843

2,424,968

ONEOK,

Inc.

23,688

1,505,136

Phillips

66

24,813

2,515,542

Pioneer

Natural

Resources

Co.

12,662

2,586,087

Targa

Resources

Corp.

12,306

897,723

Valero

Energy

Corp.

20,611

2,877,296

Williams

Cos.,

Inc.

(The)(a)

62,901

1,878,224

77,015,539

Passenger

Airlines

0.2%

Alaska

Air

Group,

Inc.*

6,209

260,530

American

Airlines

Group,

Inc.*

37,844

558,199

Delta

Air

Lines,

Inc.*

34,999

1,222,165

Southwest

Airlines

Co.

30,668

997,937

United

Airlines

Holdings,

Inc.*

16,605

734,771

3,773,602

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

12,330

3,038,852

Pharmaceuticals

3.6%

Bristol-Myers

Squibb

Co.

111,882

7,754,541

Catalent,

Inc.*(a)

8,974

589,682

Eli

Lilly

&

Co.

41,565

14,274,252

Johnson

&

Johnson

137,880

21,371,400

Merck

&

Co.,

Inc.

133,718

14,226,258

Organon

&

Co.

14,879

349,954

Pfizer,

Inc.

295,845

12,070,476

Viatris,

Inc.

62,098

597,383

Zoetis,

Inc.

24,421

4,064,631

75,298,577

Professional

Services

0.7%

Automatic

Data

Processing,

Inc.

22,114

4,923,240

Broadridge

Financial

Solutions,

Inc.

6,382

935,410

CoStar

Group,

Inc.*

21,492

1,479,724

Equifax,

Inc.(a)

6,370

1,292,091

Jacobs

Solutions,

Inc.

6,895

810,231

Leidos

Holdings,

Inc.

6,835

629,230

Paychex,

Inc.

16,623

1,904,830

Robert

Half

International,

Inc.

5,613

452,239

Verisk

Analytics,

Inc.

8,043

1,543,130

13,970,125

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

16,150

1,175,881

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

7,453

1,252,551

Camden

Property

Trust

5,836

611,846

Equity

Residential

17,926

1,075,560

Essex

Property

Trust,

Inc.(a)

3,503

732,618

Invitation

Homes,

Inc.(a)

31,705

990,147

Mid-America

Apartment

Communities,

Inc.

5,803

876,485

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Residential

REITs

UDR,

Inc.

16,320

670,099

6,209,306

Retail

REITs

0.3%

Federal

Realty

Investment

Trust

4,108

405,994

Kimco

Realty

Corp.

31,542

616,015

Realty

Income

Corp.

33,314

2,109,442

Regency

Centers

Corp.(a)

8,942

547,072

Simon

Property

Group,

Inc.

16,817

1,882,999

5,561,522

Semiconductors

&

Semiconductor

Equipment

5.6%

Advanced

Micro

Devices,

Inc.*

85,638

8,393,380

Analog

Devices,

Inc.

27,055

5,335,787

Applied

Materials,

Inc.

44,847

5,508,557

Broadcom,

Inc.

22,065

14,155,580

Enphase

Energy,

Inc.*

7,314

1,537,988

First

Solar,

Inc.*

5,291

1,150,793

Intel

Corp.

219,840

7,182,173

KLA

Corp.

7,359

2,937,492

Lam

Research

Corp.

7,119

3,773,924

Microchip

Technology,

Inc.

28,560

2,392,757

Micron

Technology,

Inc.

58,135

3,507,866

Monolithic

Power

Systems,

Inc.

2,327

1,164,757

NVIDIA

Corp.

130,008

36,112,322

NXP

Semiconductors

NV

13,952

2,601,699

ON

Semiconductor

Corp.*

22,364

1,841,005

Qorvo,

Inc.*

5,130

521,054

QUALCOMM,

Inc.

58,733

7,493,156

Skyworks

Solutions,

Inc.

8,254

973,807

SolarEdge

Technologies,

Inc.*

2,877

874,464

Teradyne,

Inc.(a)

7,946

854,274

Texas

Instruments,

Inc.

47,845

8,899,648

117,212,483

Software

8.2%

Adobe,

Inc.*

24,198

9,325,183

ANSYS,

Inc.*

4,479

1,490,611

Autodesk,

Inc.*

11,542

2,402,583

Cadence

Design

Systems,

Inc.*

14,529

3,052,398

Ceridian

HCM

Holding,

Inc.*(a)

7,900

578,438

Fair

Isaac

Corp.*

1,325

931,064

Fortinet,

Inc.*

34,948

2,322,644

Gen

Digital,

Inc.(a)

30,045

515,572

Intuit,

Inc.

14,783

6,590,705

Microsoft

Corp.

393,552

113,461,042

Oracle

Corp.

81,049

7,531,073

Paycom

Software,

Inc.*

2,616

795,290

PTC,

Inc.*

5,370

688,595

Roper

Technologies,

Inc.

5,551

2,446,270

Salesforce,

Inc.*

52,648

10,518,018

ServiceNow,

Inc.*

10,802

5,019,906

Synopsys,

Inc.*

8,048

3,108,540

Tyler

Technologies,

Inc.*

2,113

749,354

171,527,286

Specialized

REITs

1.1%

American

Tower

Corp.

24,417

4,989,370

Crown

Castle,

Inc.

23,224

3,108,300

Common

Stocks

Shares

Value

($)

Specialized

REITs

Digital

Realty

Trust,

Inc.

15,313

1,505,421

Equinix,

Inc.

4,954

3,572,032

Extra

Space

Storage,

Inc.

7,064

1,150,938

Iron

Mountain,

Inc.

15,098

798,835

Public

Storage

8,202

2,478,152

SBA

Communications

Corp.

5,832

1,522,560

VICI

Properties,

Inc.

53,124

1,732,905

Weyerhaeuser

Co.

39,411

1,187,454

22,045,967

Specialty

Retail

1.9%

Advance

Auto

Parts,

Inc.

3,456

420,284

AutoZone,

Inc.*

989

2,431,110

Bath

&

Body

Works,

Inc.

11,488

420,231

Best

Buy

Co.,

Inc.

9,906

775,343

CarMax,

Inc.*

8,905

572,413

Home

Depot,

Inc.

(The)

53,911

15,910,214

Lowe's

Cos.,

Inc.

31,825

6,364,045

O'Reilly

Automotive,

Inc.*

3,270

2,776,165

Ross

Stores,

Inc.

18,129

1,924,031

TJX

Cos.,

Inc.

(The)

60,868

4,769,617

Tractor

Supply

Co.(a)

5,871

1,379,920

Ulta

Beauty,

Inc.*

2,645

1,443,297

39,186,670

Technology

Hardware,

Storage

&

Peripherals

6.4%

Apple,

Inc.

785,771

129,573,638

Hewlett

Packard

Enterprise

Co.

66,089

1,052,798

HP,

Inc.

46,591

1,367,446

NetApp,

Inc.

11,712

747,811

Seagate

Technology

Holdings

plc(a)

10,740

710,129

Western

Digital

Corp.*

18,081

681,111

134,132,933

Textiles,

Apparel

&

Luxury

Goods

0.4%

NIKE,

Inc.,

Class

B

66,284

8,129,070

Ralph

Lauren

Corp.(a)

2,288

266,941

Tapestry,

Inc.

13,054

562,758

VF

Corp.

17,190

393,823

9,352,592

Tobacco

0.6%

Altria

Group,

Inc.

93,787

4,184,776

Philip

Morris

International,

Inc.

81,658

7,941,240

12,126,016

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

30,629

1,652,128

United

Rentals,

Inc.

3,680

1,456,397

WW

Grainger,

Inc.

2,383

1,641,434

4,749,959

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

10,062

1,473,982

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

31,226

4,522,774

Total

Common

Stocks

(cost

$1,274,449,281)

1,815,069,456

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Purchased

Options

0.4%

Number

of

Contracts

Value

($)

Call

Options

0.4%

Future

Equity

Index

Options:

0.4%

S&P

500

E-Mini

Index

5/19/2023

at

USD

4,150.00,

European

Style

Notional

Amount:

USD

110,745,904

Exchange

Traded

*

539

2,600,675

S&P

500

E-Mini

Index

4/21/2023

at

USD

4,050.00,

European

Style

Notional

Amount:

USD

110,745,905

Exchange

Traded

*

539

3,308,112

S&P

500

E-Mini

Index

6/16/2023

at

USD

4,200.00,

American

Style

Notional

Amount:

USD

110,745,905

Exchange

Traded

*

539

2,607,413

Total

Purchased

Options

(cost

$4,654,505)

8,516,200

Short-Term

Investments

9.8%

Shares

U.S.

Treasury

Obligation

9.8%

U.S.

Treasury

Bills

4.57%

5/18/2023(a)

205,000,000

203,800,750

4.75%

6/15/2023(b)

2,327,000

2,305,099

Total

U.S.

Treasury

Obligation

(cost

$206,105,672)

206,105,849

Total

Short-Term

Investment

(cost

$206,105,672)

206,105,849

Repurchase

Agreement

0.2%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$3,308,187,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$3,372,998.

(c)

3,306,861

3,306,861

Total

Repurchase

Agreement

(cost

$3,306,861)

3,306,861

Total

Investments

(cost

$1,488,516,319)

—

97.5%

2,032,998,366

Other

assets

in

excess

of

liabilities

—

2.5%

51,089,087

NET

ASSETS

—

100.0%

$

2,084,087,453

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$208,989,706,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,306,861

and

by

$209,433,328

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$212,740,189.

(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

March

31,

2023

was

$3,306,861.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

169

6/2023

USD

34,963,988

1,791,868

Net

contracts

1,791,868

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,815,069,456

$

–

$

–

$

1,815,069,456

Futures

Contracts

1,791,868

–

–

1,791,868

Purchased

Option

8,516,200

–

–

8,516,200

Repurchase

Agreement

–

3,306,861

–

3,306,861

Short-Term

Investments

–

206,105,849

–

206,105,849

Total

$

1,825,377,524

$

209,412,710

$

–

$

2,034,790,234

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

8,516,200

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,791,868

Total

$

10,308,068

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.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

87.0%

Shares

Value

($)

Aerospace

&

Defense

4.5%

Howmet

Aerospace,

Inc.

66,219

2,805,699

L3Harris

Technologies,

Inc.

17,546

3,443,227

Northrop

Grumman

Corp.(a)

8,687

4,010,962

Raytheon

Technologies

Corp.

140,882

13,796,574

24,056,462

Air

Freight

&

Logistics

0.8%

FedEx

Corp.

18,223

4,163,773

Automobiles

0.8%

General

Motors

Co.

113,622

4,167,655

Banks

5.0%

JPMorgan

Chase

&

Co.

169,236

22,053,143

US

Bancorp

135,709

4,892,310

26,945,453

Biotechnology

4.0%

AbbVie,

Inc.

56,663

9,030,382

Gilead

Sciences,

Inc.

148,004

12,279,892

21,310,274

Capital

Markets

7.8%

Ameriprise

Financial,

Inc.

15,442

4,732,973

Ares

Management

Corp.

44,210

3,688,882

Charles

Schwab

Corp.

(The)

64,182

3,361,853

CME

Group,

Inc.

73,754

14,125,366

Goldman

Sachs

Group,

Inc.

(The)

16,122

5,273,668

Morgan

Stanley

121,617

10,677,973

41,860,715

Chemicals

0.9%

CF

Industries

Holdings,

Inc.

29,476

2,136,715

Mosaic

Co.

(The)

62,902

2,885,944

5,022,659

Communications

Equipment

3.2%

Cisco

Systems,

Inc.

328,122

17,152,577

Electric

Utilities

4.4%

Constellation

Energy

Corp.(a)

126,969

9,967,066

Exelon

Corp.

180,330

7,554,024

PPL

Corp.(a)

212,437

5,903,624

23,424,714

Electrical

Equipment

1.7%

Eaton

Corp.

plc

38,647

6,621,777

Hubbell,

Inc.(a)

9,715

2,363,757

8,985,534

Energy

Equipment

&

Services

1.6%

Schlumberger

NV

167,895

8,243,644

Financial

Services

5.6%

Berkshire

Hathaway,

Inc.,

Class

B*

65,094

20,099,074

Voya

Financial,

Inc.(a)

133,691

9,553,559

29,652,633

Food

Products

0.9%

Archer-Daniels-Midland

Co.

25,671

2,044,952

Bunge

Ltd.

30,781

2,940,201

4,985,153

Health

Care

Equipment

&

Supplies

4.6%

Becton

Dickinson

&

Co.

59,662

14,768,732

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

124,510

10,037,996

24,806,728

Health

Care

Providers

&

Services

2.0%

McKesson

Corp.

15,889

5,657,278

UnitedHealth

Group,

Inc.

10,596

5,007,564

10,664,842

Hotels,

Restaurants

&

Leisure

4.3%

International

Game

Technology

plc

463,820

12,430,376

Las

Vegas

Sands

Corp.*

183,981

10,569,708

23,000,084

Insurance

6.4%

Allstate

Corp.

(The)

72,729

8,059,101

Aon

plc,

Class

A

13,558

4,274,702

Assurant,

Inc.(a)

30,125

3,617,109

Chubb

Ltd.

24,144

4,688,282

Everest

Re

Group

Ltd.

13,362

4,783,863

Progressive

Corp.

(The)

27,758

3,971,059

RenaissanceRe

Holdings

Ltd.

23,812

4,770,496

34,164,612

Interactive

Media

&

Services

1.6%

Alphabet,

Inc.,

Class

A*

84,322

8,746,721

Life

Sciences

Tools

&

Services

1.3%

Danaher

Corp.

27,946

7,043,510

Machinery

1.5%

Caterpillar,

Inc.

18,212

4,167,634

Ingersoll

Rand,

Inc.

62,937

3,661,675

7,829,309

Media

3.9%

Comcast

Corp.,

Class

A

158,722

6,017,151

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

236,640

8,812,474

Omnicom

Group,

Inc.

61,839

5,833,891

20,663,516

Metals

&

Mining

2.9%

Alcoa

Corp.

108,626

4,623,123

Freeport-McMoRan,

Inc.

270,140

11,051,427

15,674,550

Oil,

Gas

&

Consumable

Fuels

9.1%

ConocoPhillips

24,204

2,401,279

EQT

Corp.

98,938

3,157,112

Exxon

Mobil

Corp.(a)

161,316

17,689,912

Hess

Corp.

77,311

10,231,338

Marathon

Petroleum

Corp.

79,427

10,709,142

Shell

plc,

ADR-NL

80,827

4,650,786

48,839,569

Pharmaceuticals

4.8%

Eli

Lilly

&

Co.

19,106

6,561,383

Merck

&

Co.,

Inc.

37,979

4,040,586

Sanofi,

ADR(a)

272,270

14,816,933

25,418,902

Semiconductors

&

Semiconductor

Equipment

2.1%

Applied

Materials,

Inc.

46,774

5,745,250

Micron

Technology,

Inc.

91,328

5,510,732

11,255,982

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

Shares

Value

($)

Software

0.9%

Dolby

Laboratories,

Inc.,

Class

A

56,488

4,825,205

Tobacco

0.4%

British

American

Tobacco

plc,

ADR-UK(a)

66,661

2,341,134

Total

Common

Stocks

(cost

$377,734,365)

465,245,910

Purchased

Options

0.4%

Number

of

Contracts

Call

Options

0.4%

Future

Equity

Index

Options:

0.4%

S&P

500

E-Mini

Index

5/19/2023

at

USD

4,150.00,

European

Style

Notional

Amount:

USD

27,737,842

Exchange

Traded

*

135

651,375

S&P

500

E-Mini

Index

4/21/2023

at

USD

4,050.00,

European

Style

Notional

Amount:

USD

27,737,843

Exchange

Traded

*

135

828,562

S&P

500

E-Mini

Index

6/16/2023

at

USD

4,200.00,

American

Style

Notional

Amount:

USD

27,737,843

Exchange

Traded

*

135

653,063

Total

Purchased

Options

(cost

$1,165,785)

2,133,000

Short-Term

Investments

6.6%

Shares

U.S.

Treasury

Obligation

6.6%

U.S.

Treasury

Bills

4.57%

5/18/2023(a)

34,100,000

33,900,515

4.62%

6/15/2023(b)

1,357,000

1,344,229

Total

U.S.

Treasury

Obligation

(cost

$35,243,832)

35,244,744

Total

Short-Term

Investment

(cost

$35,243,832)

35,244,744

Repurchase

Agreements

2.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$7,653,660,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$7,803,605.

(c)

7,650,593

7,650,593

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,013,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$12,650,593)

12,650,593

Total

Investments

(cost

$426,794,575)

—

96.4%

515,274,247

Other

assets

in

excess

of

liabilities

—

3.6%

19,431,750

NET

ASSETS

—

100.0%

$

534,705,997

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$77,751,733,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,650,593

and

by

$66,411,431

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$79,062,024.

(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

March

31,

2023

was

$12,650,593.

ADR

American

Depositary

Receipt

NL

Netherlands

UK

United

Kingdom

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

642

6/2023

USD

48,541,620

1,690,469

Total

long

contracts

1,690,469

Short

Contracts

S&P

500

E-Mini

Index

(289)

6/2023

USD

(59,790,488)

(2,672,024)

Total

short

contracts

(2,672,024)

Net

contracts

(981,555)

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

465,245,910

$

–

$

–

$

465,245,910

Futures

Contracts

1,690,469

–

–

1,690,469

Purchased

Option

2,133,000

–

–

2,133,000

Repurchase

Agreements

–

12,650,593

–

12,650,593

Short-Term

Investments

–

35,244,744

–

35,244,744

Total

Assets

$

469,069,379

$

47,895,337

$

–

$

516,964,716

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(2,672,024)

$

–

$

–

$

(2,672,024)

Total

Liabilities

$

(2,672,024)

$

–

$

–

$

(2,672,024)

Total

$

466,397,355

$

47,895,337

$

–

$

514,292,692

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,133,000

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,690,469

Total

$

3,823,469

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(2,672,024)

Total

$

(2,672,024)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Common

Stocks

97

.5

%

Shares

Value

($)

Broadline

Retail

13

.2

%

Alibaba

Group

Holding

Ltd.,

ADR-CN*

575

58,754

Amazon.com,

Inc.*

3,687

380,830

439,584

Electronic

Equipment,

Instruments

&

Components

1

.3

%

Corning,

Inc.

1,241

43,783

Entertainment

1

.4

%

Take-Two

Interactive

Software,

Inc.*

398

47,481

Financial

Services

9

.3

%

FleetCor

Technologies,

Inc.*

189

39,851

PayPal

Holdings,

Inc.*

743

56,423

Visa,

Inc.,

Class

A

942

212,383

308,657

Ground

Transportation

1

.6

%

Uber

Technologies,

Inc.*

1,713

54,302

Interactive

Media

&

Services

12

.8

%

Alphabet,

Inc.,

Class

A*

1,356

140,658

Baidu,

Inc.,

ADR-CN*

252

38,032

Meta

Platforms,

Inc.,

Class

A*

1,159

245,638

424,328

IT

Services

1

.4

%

MongoDB,

Inc.*

198

46,158

Semiconductors

&

Semiconductor

Equipment

20

.5

%

Advanced

Micro

Devices,

Inc.*

796

78,016

Analog

Devices,

Inc.

434

85,594

Broadcom,

Inc.

147

94,306

Marvell

Technology,

Inc.

1,463

63,348

Micron

Technology,

Inc.

666

40,186

NVIDIA

Corp.

811

225,272

Teradyne,

Inc.

467

50,207

Wolfspeed,

Inc.*

647

42,023

678,952

Software

28

.6

%

Adobe,

Inc.*

261

100,581

AppLovin

Corp.,

Class

A*

1,710

26,932

Confluent,

Inc.,

Class

A*

1,526

36,731

Crowdstrike

Holdings,

Inc.,

Class

A*

266

36,511

DocuSign,

Inc.*

582

33,931

Guidewire

Software,

Inc.*

592

48,574

Intuit,

Inc.

155

69,104

Microsoft

Corp.

1,164

335,581

Oracle

Corp.

612

56,867

Salesforce,

Inc.*

526

105,084

Tyler

Technologies,

Inc.*

96

34,045

Workday,

Inc.,

Class

A*

192

39,656

Zscaler,

Inc.*

237

27,689

951,286

Technology

Hardware,

Storage

&

Peripherals

7

.4

%

Apple,

Inc.

1,247

205,630

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

Technology

Holdings

plc

606

40,069

245,699

Total

Investments

(cost

$2,999,343)

—

97.5%

3,240,230

Other

assets

in

excess

of

liabilities

—

2.5%

81,824

NET

ASSETS

—

100.0%

$

3,322,054

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CN

China

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

3,240,230

$

–

$

–

$

3,240,230

Total

$

3,240,230

$

–

$

–

$

3,240,230

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

Common

Stocks

96

.7

%

Shares

Value

($)

Aerospace

&

Defense

2

.3

%

L3Harris

Technologies,

Inc.

406

79,674

Automobiles

2

.4

%

Tesla,

Inc.*

394

81,739

Banks

1

.5

%

Truist

Financial

Corp.

1,545

52,685

Biotechnology

1

.6

%

Exact

Sciences

Corp.*

204

13,833

Seagen,

Inc.*

201

40,697

54,530

Broadline

Retail

6

.6

%

Amazon.com,

Inc.*

1,833

189,330

JD.com,

Inc.,

ADR-CN

938

41,169

230,499

Building

Products

1

.3

%

Trane

Technologies

plc

249

45,811

Capital

Markets

3

.9

%

MarketAxess

Holdings,

Inc.

132

51,650

S&P

Global,

Inc.

239

82,400

134,050

Chemicals

2

.4

%

FMC

Corp.

279

34,074

PPG

Industries,

Inc.

377

50,360

84,434

Electric

Utilities

2

.5

%

NextEra

Energy,

Inc.

1,105

85,173

Electrical

Equipment

0

.5

%

Plug

Power,

Inc.*

1,625

19,045

Energy

Equipment

&

Services

1

.9

%

Schlumberger

NV

1,361

66,825

Entertainment

3

.5

%

Activision

Blizzard,

Inc.

545

46,646

Netflix,

Inc.*

212

73,242

119,888

Financial

Services

2

.5

%

Mastercard,

Inc.,

Class

A

238

86,492

Ground

Transportation

2

.1

%

Uber

Technologies,

Inc.*

2,259

71,610

Health

Care

Equipment

&

Supplies

6

.1

%

Dexcom,

Inc.*

445

51,700

Intuitive

Surgical,

Inc.*

234

59,780

Stryker

Corp.

355

101,342

212,822

Health

Care

Providers

&

Services

4

.4

%

Humana,

Inc.

154

74,761

UnitedHealth

Group,

Inc.

168

79,395

154,156

Health

Care

Technology

1

.5

%

Veeva

Systems,

Inc.,

Class

A*

290

53,299

Hotels,

Restaurants

&

Leisure

3

.7

%

Chipotle

Mexican

Grill,

Inc.*

24

40,999

Marriott

International,

Inc.,

Class

A

248

41,178

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Trip.com

Group

Ltd.,

ADR-CN*

1,237

46,598

128,775

Industrial

Conglomerates

2

.1

%

Honeywell

International,

Inc.

376

71,861

Insurance

2

.3

%

Progressive

Corp.

(The)

547

78,254

Interactive

Media

&

Services

6

.3

%

Alphabet,

Inc.,

Class

A*

373

38,691

Bumble,

Inc.,

Class

A*

1,674

32,727

Meta

Platforms,

Inc.,

Class

A*

697

147,722

219,140

Life

Sciences

Tools

&

Services

1

.2

%

Illumina,

Inc.*

184

42,789

Machinery

1

.1

%

Oshkosh

Corp.

452

37,597

Personal

Care

Products

2

.0

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

278

68,516

Pharmaceuticals

3

.0

%

Eli

Lilly

&

Co.

265

91,006

Zoetis,

Inc.

83

13,815

104,821

Professional

Services

2

.2

%

Verisk

Analytics,

Inc.

402

77,128

Semiconductors

&

Semiconductor

Equipment

5

.7

%

ASML

Holding

NV

(Registered),

ADR-NL

65

44,246

NVIDIA

Corp.

177

49,165

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

728

67,719

Wolfspeed,

Inc.*

542

35,203

196,333

Software

13

.7

%

Atlassian

Corp.,

Class

A*

262

44,847

BILL

Holdings,

Inc.*

367

29,778

HashiCorp,

Inc.,

Class

A*

1,486

43,525

Microsoft

Corp.

900

259,470

Palo

Alto

Networks,

Inc.*

244

48,737

ServiceNow,

Inc.*

103

47,866

474,223

Specialty

Retail

0

.6

%

Chewy,

Inc.,

Class

A*

536

20,036

Technology

Hardware,

Storage

&

Peripherals

3

.9

%

Apple,

Inc.

828

136,537

Textiles,

Apparel

&

Luxury

Goods

1

.9

%

NIKE,

Inc.,

Class

B

535

65,612

Total

Investments

(cost

$3,162,812)

—

96.7%

3,354,354

Other

assets

in

excess

of

liabilities

—

3.3%

116,213

NET

ASSETS

—

100.0%

$

3,470,567

NVIT

J.P.

Morgan

Innovators

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

TW

Taiwan

24

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

3,354,354

$

–

$

–

$

3,354,354

Total

$

3,354,354

$

–

$

–

$

3,354,354

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

98.1%

Shares

Value

($)

Air

Freight

&

Logistics

0.9%

United

Parcel

Service,

Inc.,

Class

B

236

45,782

Automobiles

2.9%

Tesla,

Inc.*

723

149,994

Beverages

1.2%

Coca-Cola

Co.

(The)

136

8,436

Monster

Beverage

Corp.*

1,036

55,954

64,390

Biotechnology

7.3%

AbbVie,

Inc.

657

104,706

Alnylam

Pharmaceuticals,

Inc.*

81

16,226

Amgen,

Inc.

97

23,450

Exact

Sciences

Corp.*

665

45,094

Moderna,

Inc.*

74

11,365

Regeneron

Pharmaceuticals,

Inc.*

155

127,359

Sarepta

Therapeutics,

Inc.*

163

22,466

Seagen,

Inc.*

162

32,800

383,466

Broadline

Retail

7.8%

Amazon.com,

Inc.*

2,728

281,775

Etsy,

Inc.*

311

34,624

MercadoLibre,

Inc.*

68

89,628

406,027

Building

Products

0.9%

Trane

Technologies

plc

263

48,387

Capital

Markets

3.4%

Blackstone,

Inc.,

Class

A

491

43,129

Charles

Schwab

Corp.

(The)

647

33,890

Morgan

Stanley

746

65,499

MSCI,

Inc.

58

32,462

174,980

Chemicals

0.5%

Sherwin-Williams

Co.

(The)

112

25,174

Consumer

Finance

0.4%

Capital

One

Financial

Corp.

236

22,694

Consumer

Staples

Distribution

&

Retail

0.9%

Target

Corp.

281

46,542

Electrical

Equipment

0.7%

Rockwell

Automation,

Inc.

124

36,388

Electronic

Equipment,

Instruments

&

Components

1.1%

Amphenol

Corp.,

Class

A

720

58,838

Entertainment

1.8%

Netflix,

Inc.*

273

94,316

Financial

Services

2.3%

Block,

Inc.,

Class

A*

504

34,599

Mastercard,

Inc.,

Class

A

149

54,148

PayPal

Holdings,

Inc.*

402

30,528

119,275

Ground

Transportation

1.6%

Uber

Technologies,

Inc.*

2,636

83,561

Health

Care

Equipment

&

Supplies

2.2%

Align

Technology,

Inc.*

185

61,816

Dexcom,

Inc.*

191

22,191

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Intuitive

Surgical,

Inc.*

122

31,167

115,174

Health

Care

Providers

&

Services

3.2%

CVS

Health

Corp.

345

25,637

HCA

Healthcare,

Inc.

272

71,721

McKesson

Corp.

198

70,498

167,856

Hotels,

Restaurants

&

Leisure

2.9%

Airbnb,

Inc.,

Class

A*

336

41,799

Chipotle

Mexican

Grill,

Inc.*

25

42,707

Marriott

International,

Inc.,

Class

A

410

68,076

152,582

Interactive

Media

&

Services

7.3%

Alphabet,

Inc.,

Class

C*

2,303

239,512

Match

Group,

Inc.*

188

7,217

Meta

Platforms,

Inc.,

Class

A*

572

121,230

Snap,

Inc.,

Class

A*

1,406

15,761

383,720

IT

Services

1.9%

Cognizant

Technology

Solutions

Corp.,

Class

A

539

32,841

MongoDB,

Inc.*

80

18,650

Shopify,

Inc.,

Class

A*

948

45,447

96,938

Life

Sciences

Tools

&

Services

0.3%

Thermo

Fisher

Scientific,

Inc.

24

13,833

Machinery

2.2%

Deere

&

Co.

276

113,955

Media

0.9%

Trade

Desk,

Inc.

(The),

Class

A*

766

46,657

Metals

&

Mining

1.7%

Freeport-McMoRan,

Inc.

2,161

88,406

Oil,

Gas

&

Consumable

Fuels

2.4%

Cheniere

Energy,

Inc.

218

34,357

ConocoPhillips

928

92,067

126,424

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

48

11,830

Pharmaceuticals

0.5%

Eli

Lilly

&

Co.

73

25,070

Professional

Services

0.3%

Equifax,

Inc.

81

16,430

Semiconductors

&

Semiconductor

Equipment

7.4%

Advanced

Micro

Devices,

Inc.*

705

69,097

ASML

Holding

NV

(Registered),

ADR-NL

72

49,011

Enphase

Energy,

Inc.*

59

12,407

Lam

Research

Corp.

68

36,048

NVIDIA

Corp.

655

181,939

Texas

Instruments,

Inc.

207

38,504

387,006

26

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Software

18.1%

Adobe,

Inc.*

187

72,064

HubSpot,

Inc.*

89

38,159

Intuit,

Inc.

152

67,766

Microsoft

Corp.

1,661

478,866

Oracle

Corp.

1,264

117,451

Salesforce,

Inc.*

404

80,711

Synopsys,

Inc.*

160

61,800

Workday,

Inc.,

Class

A*

133

27,470

944,287

Specialty

Retail

3.9%

AutoZone,

Inc.*

38

93,409

Lowe's

Cos.,

Inc.

543

108,584

201,993

Technology

Hardware,

Storage

&

Peripherals

8.3%

Apple,

Inc.

2,630

433,687

Textiles,

Apparel

&

Luxury

Goods

0.7%

Tapestry,

Inc.

788

33,971

Total

Investments

(cost

$4,782,380)

—

98.1%

5,119,633

Other

assets

in

excess

of

liabilities

—

1.9%

101,084

NET

ASSETS

—

100.0%

$

5,220,717

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

5,119,633

$

–

$

–

$

5,119,633

Total

$

5,119,633

$

–

$

–

$

5,119,633

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Common

Stocks

99.2%

Shares

Value

($)

Aerospace

&

Defense

1.9%

Northrop

Grumman

Corp.

2,505

1,156,609

Automobiles

1.1%

Tesla,

Inc.*

3,261

676,527

Banks

3.1%

Truist

Financial

Corp.

11,394

388,535

US

Bancorp

10,394

374,704

Wells

Fargo

&

Co.

31,475

1,176,536

1,939,775

Beverages

2.7%

Coca-Cola

Co.

(The)

26,731

1,658,124

Biotechnology

8.0%

AbbVie,

Inc.

13,231

2,108,625

Biogen,

Inc.*

2,054

571,074

Regeneron

Pharmaceuticals,

Inc.*

1,738

1,428,062

Vertex

Pharmaceuticals,

Inc.*

2,730

860,141

4,967,902

Broadline

Retail

3.6%

Amazon.com,

Inc.*

21,978

2,270,108

Building

Products

1.3%

Trane

Technologies

plc

4,492

826,438

Capital

Markets

5.4%

Ameriprise

Financial,

Inc.

2,231

683,801

Morgan

Stanley

16,056

1,409,717

S&P

Global,

Inc.

3,601

1,241,517

3,335,035

Chemicals

2.7%

Eastman

Chemical

Co.

6,420

541,463

PPG

Industries,

Inc.

8,375

1,118,732

1,660,195

Construction

Materials

1.0%

Vulcan

Materials

Co.

3,456

592,911

Consumer

Finance

1.1%

American

Express

Co.

4,070

671,346

Consumer

Staples

Distribution

&

Retail

0.8%

Dollar

General

Corp.

2,457

517,100

Diversified

Telecommunication

Services

0.9%

Verizon

Communications,

Inc.

14,539

565,422

Electric

Utilities

4.8%

NextEra

Energy,

Inc.

26,089

2,010,940

PG&E

Corp.*

40,034

647,350

Xcel

Energy,

Inc.

4,787

322,835

2,981,125

Electrical

Equipment

2.0%

Eaton

Corp.

plc

7,370

1,262,776

Energy

Equipment

&

Services

2.1%

Baker

Hughes

Co.

45,008

1,298,931

Financial

Services

2.4%

Mastercard,

Inc.,

Class

A

4,047

1,470,720

Ground

Transportation

2.3%

Norfolk

Southern

Corp.

4,371

926,652

Common

Stocks

Shares

Value

($)

Ground

Transportation

Uber

Technologies,

Inc.*

16,685

528,914

1,455,566

Health

Care

Equipment

&

Supplies

0.9%

Boston

Scientific

Corp.*

11,181

559,385

Health

Care

Providers

&

Services

3.3%

UnitedHealth

Group,

Inc.

4,376

2,068,054

Hotels,

Restaurants

&

Leisure

2.3%

McDonald's

Corp.

5,142

1,437,755

Industrial

REITs

2.5%

Prologis,

Inc.

12,391

1,546,025

Insurance

1.2%

Progressive

Corp.

(The)

5,356

766,229

Interactive

Media

&

Services

5.1%

Alphabet,

Inc.,

Class

A*

24,352

2,526,033

Meta

Platforms,

Inc.,

Class

A*

2,944

623,951

3,149,984

Machinery

2.1%

Deere

&

Co.

3,185

1,315,023

Oil,

Gas

&

Consumable

Fuels

3.1%

ConocoPhillips

8,819

874,933

Pioneer

Natural

Resources

Co.

5,232

1,068,584

1,943,517

Pharmaceuticals

2.5%

Bristol-Myers

Squibb

Co.

22,183

1,537,504

Professional

Services

0.5%

Leidos

Holdings,

Inc.

3,253

299,471

Semiconductors

&

Semiconductor

Equipment

6.9%

Advanced

Micro

Devices,

Inc.*

4,464

437,516

ASML

Holding

NV

(Registered),

ADR-NL

323

219,869

NVIDIA

Corp.

5,296

1,471,070

NXP

Semiconductors

NV

9,753

1,818,691

Teradyne,

Inc.

3,172

341,022

4,288,168

Software

11.6%

Intuit,

Inc.

1,770

789,119

Microsoft

Corp.

19,503

5,622,715

Oracle

Corp.

8,793

817,046

7,228,880

Specialty

Retail

3.2%

Lowe's

Cos.,

Inc.

7,221

1,443,983

TJX

Cos.,

Inc.

(The)

7,256

568,580

2,012,563

Technology

Hardware,

Storage

&

Peripherals

5.6%

Apple,

Inc.

21,113

3,481,534

Textiles,

Apparel

&

Luxury

Goods

1.2%

NIKE,

Inc.,

Class

B

6,248

766,255

Total

Investments

(cost

$56,030,186)

—

99.2%

61,706,957

Other

assets

in

excess

of

liabilities

—

0.8%

509,307

NET

ASSETS

—

100.0%

$

62,216,264

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

30

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

As

of March

31,

2023,

the

Fund

had

no

open

futures

contracts.  

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

61,706,957

$

–

$

–

$

61,706,957

Total

$

61,706,957

$

–

$

–

$

61,706,957

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

32

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Common

Stocks

99.4%

Shares

Value

($)

Automobiles

4.1%

Tesla,

Inc.*

788

163,479

Broadline

Retail

4.0%

Amazon.com,

Inc.*

944

97,506

MercadoLibre,

Inc.*

48

63,267

160,773

Communications

Equipment

0.3%

Ciena

Corp.*

271

14,233

Electrical

Equipment

0.6%

Rockwell

Automation,

Inc.

82

24,063

Electronic

Equipment,

Instruments

&

Components

2.6%

Amphenol

Corp.,

Class

A

743

60,718

Jabil,

Inc.

480

42,317

103,035

Entertainment

4.9%

Netflix,

Inc.*

333

115,045

Take-Two

Interactive

Software,

Inc.*

446

53,208

Walt

Disney

Co.

(The)*

266

26,634

194,887

Ground

Transportation

1.8%

Uber

Technologies,

Inc.*

2,273

72,054

Health

Care

Equipment

&

Supplies

1.3%

Dexcom,

Inc.*

463

53,791

Health

Care

Technology

0.9%

Veeva

Systems,

Inc.,

Class

A*

191

35,104

Hotels,

Restaurants

&

Leisure

2.6%

Booking

Holdings,

Inc.*

40

106,096

Interactive

Media

&

Services

7.3%

Alphabet,

Inc.,

Class

C*

1,065

110,760

Meta

Platforms,

Inc.,

Class

A*

857

181,633

292,393

IT

Services

5.8%

Globant

SA*

6

984

MongoDB,

Inc.*

311

72,500

Okta,

Inc.*

619

53,383

Shopify,

Inc.,

Class

A*

1,174

56,282

Snowflake,

Inc.,

Class

A*

311

47,984

231,133

Media

1.6%

Trade

Desk,

Inc.

(The),

Class

A*

1,039

63,286

Semiconductors

&

Semiconductor

Equipment

27.1%

Advanced

Micro

Devices,

Inc.*

1,249

122,414

Analog

Devices,

Inc.

525

103,541

ASML

Holding

NV

(Registered),

ADR-NL

92

62,625

Broadcom,

Inc.

65

41,700

Credo

Technology

Group

Holding

Ltd.*

739

6,961

Entegris,

Inc.

352

28,868

First

Solar,

Inc.*

298

64,815

GLOBALFOUNDRIES,

Inc.*(a)

517

37,317

Lam

Research

Corp.

166

88,000

Marvell

Technology,

Inc.

1,348

58,368

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

MKS

Instruments,

Inc.

425

37,664

Monolithic

Power

Systems,

Inc.

122

61,066

NVIDIA

Corp.

552

153,329

QUALCOMM,

Inc.

604

77,058

Rambus,

Inc.*

320

16,403

Teradyne,

Inc.

389

41,821

Universal

Display

Corp.

235

36,456

Wolfspeed,

Inc.*

746

48,453

1,086,859

Software

31.5%

Adobe,

Inc.*

276

106,362

Atlassian

Corp.,

Class

A*

214

36,630

Confluent,

Inc.,

Class

A*

1,849

44,505

Crowdstrike

Holdings,

Inc.,

Class

A*

327

44,884

Datadog,

Inc.,

Class

A*

493

35,821

Elastic

NV*

530

30,687

HashiCorp,

Inc.,

Class

A*

527

15,436

HubSpot,

Inc.*

193

82,749

Intuit,

Inc.

168

74,900

Microsoft

Corp.

271

78,129

Oracle

Corp.

1,470

136,592

Palo

Alto

Networks,

Inc.*

143

28,563

Procore

Technologies,

Inc.*

810

50,730

Salesforce,

Inc.*

534

106,683

ServiceNow,

Inc.*

166

77,144

Synopsys,

Inc.*

363

140,209

Workday,

Inc.,

Class

A*

547

112,977

Zoom

Video

Communications,

Inc.,

Class

A*

400

29,536

Zscaler,

Inc.*

271

31,661

1,264,198

Specialized

REITs

1.4%

Equinix,

Inc.

81

58,404

Technology

Hardware,

Storage

&

Peripherals

1.6%

Apple,

Inc.

386

63,651

Total

Common

Stocks

(cost

$3,679,298)

3,987,439

Repurchase

Agreements

0.9%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$30,423,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$31,018.(b)

30,410

30,410

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$6,745,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$6,877.

(b)

6,742

6,742

Total

Repurchase

Agreements

(cost

$37,152)

37,152

Total

Investments

(cost

$3,716,450)

—

100.3%

4,024,591

Liabilities

in

excess

of

other

assets

—

(0.3)%

(11,642)

NET

ASSETS

—

100.0%

$

4,012,949

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$37,245,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$37,152.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$37,152.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

34

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

3,987,439

$

–

$

–

$

3,987,439

Repurchase

Agreements

–

37,152

–

37,152

Total

$

3,987,439

$

37,152

$

–

$

4,024,591

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Allspring

Discovery

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

96.6%

Shares

Value

($)

BRAZIL

3.1%

Broadline

Retail

2.4%

MercadoLibre,

Inc.

*

8,138

10,726,373

Financial

Services

0.7%

StoneCo

Ltd.

,

Class

A

*

318,284

3,036,429

13,762,802

CANADA

0.7%

Commercial

Services

&

Supplies

0.7%

Ritchie

Bros

Auctioneers,

Inc.

54,900

3,090,321

DENMARK

0.8%

Biotechnology

0.8%

Ascendis

Pharma

A/S,

ADR

*

31,314

3,357,487

INDIA

2.6%

Professional

Services

2.6%

WNS

Holdings

Ltd.,

ADR

*

121,912

11,358,541

ISRAEL

1.4%

Broadline

Retail

1.4%

Global-e

Online

Ltd.

*(a)

197,728

6,372,773

SWITZERLAND

1.6%

Biotechnology

0.4%

CRISPR

Therapeutics

AG

*(a)

41,312

1,868,542

Textiles,

Apparel

&

Luxury

Goods

1.2%

On

Holding

AG

,

Class

A

*

165,952

5,149,490

7,018,032

UNITED

STATES

86.4%

Aerospace

&

Defense

2.2%

Axon

Enterprise,

Inc.

*(a)

43,439

9,767,259

Biotechnology

3.8%

Exact

Sciences

Corp.

*(a)

86,000

5,831,660

Mirati

Therapeutics,

Inc.

*

30,287

1,126,071

Natera,

Inc.

*(a)

75,700

4,202,864

Sarepta

Therapeutics,

Inc.

*

34,529

4,759,132

Zentalis

Pharmaceuticals,

Inc.

*(a)

46,080

792,576

16,712,303

Building

Products

2.1%

Advanced

Drainage

Systems,

Inc.

(a)

50,350

4,239,974

Trex

Co.,

Inc.

*

101,680

4,948,765

9,188,739

Capital

Markets

3.8%

MarketAxess

Holdings,

Inc.

27,519

10,767,910

Morningstar,

Inc.

29,500

5,989,385

16,757,295

Commercial

Services

&

Supplies

5.6%

Casella

Waste

Systems,

Inc.

,

Class

A

*

130,259

10,767,209

Rollins,

Inc.

164,438

6,171,358

Tetra

Tech,

Inc.

(a)

58,323

8,568,232

25,506,799

Diversified

Consumer

Services

0.7%

Mister

Car

Wash,

Inc.

*(a)

339,078

2,922,852

Electronic

Equipment,

Instruments

&

Components

6.1%

Novanta,

Inc.

*

61,873

9,843,376

Teledyne

Technologies,

Inc.

*

30,887

13,817,608

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electronic

Equipment,

Instruments

&

Components

Zebra

Technologies

Corp.

,

Class

A

*

12,600

4,006,800

27,667,784

Entertainment

3.0%

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

*

107,941

8,077,225

Warner

Music

Group

Corp.

,

Class

A

163,645

5,460,834

13,538,059

Ground

Transportation

2.8%

JB

Hunt

Transport

Services,

Inc.

31,900

5,597,174

Saia,

Inc.

*(a)

24,861

6,764,181

12,361,355

Health

Care

Equipment

&

Supplies

8.4%

Dexcom,

Inc.

*

37,964

4,410,658

ICU

Medical,

Inc.

*(a)

36,180

5,968,253

Inari

Medical,

Inc.

*(a)

69,522

4,292,288

Inspire

Medical

Systems,

Inc.

*

30,320

7,097,002

iRhythm

Technologies,

Inc.

*(a)

47,736

5,920,696

Shockwave

Medical,

Inc.

*

31,571

6,845,540

TransMedics

Group,

Inc.

*

42,300

3,203,379

37,737,816

Health

Care

Providers

&

Services

3.1%

HealthEquity,

Inc.

*

103,500

6,076,485

Option

Care

Health,

Inc.

*

241,952

7,686,815

13,763,300

Hotels,

Restaurants

&

Leisure

5.5%

Chipotle

Mexican

Grill,

Inc.

*

4,200

7,174,818

Hyatt

Hotels

Corp.

,

Class

A

*

36,355

4,064,125

MGM

Resorts

International

130,300

5,787,926

Wingstop,

Inc.

39,878

7,320,804

24,347,673

Industrial

REITs

2.3%

Rexford

Industrial

Realty,

Inc.

170,276

10,156,963

Insurance

0.6%

Goosehead

Insurance,

Inc.

,

Class

A

*(a)

47,025

2,454,705

Interactive

Media

&

Services

2.3%

IAC,

Inc.

*

105,699

5,454,068

ZoomInfo

Technologies,

Inc.

,

Class

A

*

192,231

4,750,028

10,204,096

IT

Services

2.8%

Globant

SA

*

44,875

7,359,948

MongoDB,

Inc.

*

20,939

4,881,300

12,241,248

Leisure

Products

1.2%

Topgolf

Callaway

Brands

Corp.

*(a)

246,574

5,330,930

Life

Sciences

Tools

&

Services

4.3%

Bio-Rad

Laboratories,

Inc.

,

Class

A

*

13,048

6,250,253

Bio-Techne

Corp.

118,456

8,788,251

Waters

Corp.

*

12,700

3,932,301

18,970,805

Machinery

1.5%

RBC

Bearings,

Inc.

*

28,500

6,632,805

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Metals

&

Mining

1.0%

ATI,

Inc.

*(a)

114,500

4,518,170

Personal

Care

Products

2.5%

BellRing

Brands,

Inc.

*

200,400

6,813,600

Coty,

Inc.

,

Class

A

*

373,700

4,506,822

11,320,422

Professional

Services

1.4%

FTI

Consulting,

Inc.

*(a)

31,100

6,137,585

Residential

REITs

1.7%

Equity

LifeStyle

Properties,

Inc.

113,192

7,598,579

Semiconductors

&

Semiconductor

Equipment

4.5%

Entegris,

Inc.

(a)

69,700

5,716,097

Impinj,

Inc.

*(a)

59,716

8,092,712

Monolithic

Power

Systems,

Inc.

8,100

4,054,374

Wolfspeed,

Inc.

*(a)

34,500

2,240,775

20,103,958

Software

9.9%

BILL

Holdings,

Inc.

*(a)

55,365

4,492,316

CCC

Intelligent

Solutions

Holdings,

Inc.

*(a)

620,804

5,568,612

Confluent,

Inc.

,

Class

A

*

229,700

5,528,879

Fair

Isaac

Corp.

*

11,200

7,870,128

HubSpot,

Inc.

*

14,072

6,033,370

Olo,

Inc.

,

Class

A

*(a)

393,129

3,207,933

Tyler

Technologies,

Inc.

*

20,300

7,199,192

Zscaler,

Inc.

*

38,500

4,497,955

44,398,385

Trading

Companies

&

Distributors

3.3%

SiteOne

Landscape

Supply,

Inc.

*(a)

49,932

6,834,193

Watsco,

Inc.

(a)

24,100

7,667,656

14,501,849

384,841,734

Total

Common

Stocks

(cost

$384,476,238)

429,801,690

Repurchase

Agreements

2.0%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,173,923,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$1,196,921.(b)

1,173,452

1,173,452

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,701,087,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$2,754,000.(b)

2,700,000

2,700,000

Total

Repurchase

Agreements

(cost

$8,873,452)

8,873,452

Total

Investments

(cost

$393,349,690)

—

98.6%

438,675,142

Other

assets

in

excess

of

liabilities

—

1.4%

6,374,214

NET

ASSETS

—

100.0%

$

445,049,356

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$77,580,306,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,873,452

and

by

$68,985,367

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$77,858,819.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$8,873,452.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

NVIT

Allspring

Discovery

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

429,801,690

$

–

$

–

$

429,801,690

Repurchase

Agreements

–

8,873,452

–

8,873,452

Total

$

429,801,690

$

8,873,452

$

–

$

438,675,142

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

97.2%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Lockheed

Martin

Corp.

14,670

6,934,949

Northrop

Grumman

Corp.

3,311

1,528,755

8,463,704

Air

Freight

&

Logistics

2.7%

CH

Robinson

Worldwide,

Inc.

(a)

75,716

7,523,899

Expeditors

International

of

Washington,

Inc.

68,492

7,542,339

United

Parcel

Service,

Inc.,

Class

B

15,618

3,029,736

18,095,974

Banks

2.1%

Bank

of

America

Corp.

51,919

1,484,883

Citigroup,

Inc.

21,161

992,239

First

Citizens

BancShares

,

Inc.,

Class

A

860

836,866

JPMorgan

Chase

&

Co.

45,431

5,920,114

Wells

Fargo

&

Co.

116,555

4,356,826

13,590,928

Beverages

4.0%

Brown-Forman

Corp.,

Class

B

4,946

317,879

Coca-Cola

Co.

(The)

114,567

7,106,591

Monster

Beverage

Corp.*

177,536

9,588,719

PepsiCo,

Inc.

52,755

9,617,237

26,630,426

Biotechnology

4.7%

AbbVie,

Inc.

10,795

1,720,399

Amgen,

Inc.

28,875

6,980,531

Gilead

Sciences,

Inc.

47,837

3,969,036

Regeneron

Pharmaceuticals,

Inc.*

12,430

10,213,358

United

Therapeutics

Corp.*

15,613

3,496,687

Vertex

Pharmaceuticals,

Inc.*

14,951

4,710,612

31,090,623

Capital

Markets

2.1%

Charles

Schwab

Corp.

(The)

95,897

5,023,085

CME

Group,

Inc.

19,698

3,772,561

LPL

Financial

Holdings,

Inc.

21,791

4,410,498

MarketAxess

Holdings,

Inc.

2,112

826,405

14,032,549

Chemicals

1.9%

Air

Products

&

Chemicals,

Inc.

4,353

1,250,225

CF

Industries

Holdings,

Inc.

18,817

1,364,044

Corteva

,

Inc.

41,820

2,522,164

LyondellBasell

Industries

NV,

Class

A

81,287

7,632,037

12,768,470

Commercial

Services

&

Supplies

2.7%

Copart

,

Inc.*

30,316

2,280,066

Republic

Services,

Inc.

46,426

6,277,724

Rollins,

Inc.

13,275

498,211

Waste

Management,

Inc.

55,836

9,110,760

18,166,761

Communications

Equipment

0.8%

Cisco

Systems,

Inc.

102,561

5,361,376

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

4.3%

Casey's

General

Stores,

Inc.

909

196,762

Costco

Wholesale

Corp.

18,820

9,351,093

Dollar

General

Corp.

2,901

610,545

Kroger

Co.

(The)

105,036

5,185,627

Target

Corp.(a)

20,739

3,435,001

Walmart,

Inc.

66,957

9,872,810

28,651,838

Containers

&

Packaging

0.3%

AptarGroup,

Inc.

2,115

249,972

Packaging

Corp.

of

America(a)

14,863

2,063,430

2,313,402

Diversified

Consumer

Services

0.0%

†

Grand

Canyon

Education,

Inc.*

1,934

220,283

Diversified

Telecommunication

Services

2.0%

AT&T,

Inc.

171,201

3,295,619

Verizon

Communications,

Inc.

253,798

9,870,204

13,165,823

Electric

Utilities

4.1%

Alliant

Energy

Corp.

5,271

281,471

American

Electric

Power

Co.,

Inc.

50,073

4,556,142

Avangrid

,

Inc.(a)

36,454

1,453,785

Duke

Energy

Corp.

44,721

4,314,235

Evergy

,

Inc.

38,619

2,360,393

Eversource

Energy

42,108

3,295,372

IDACORP,

Inc.(a)

11,736

1,271,361

Pinnacle

West

Capital

Corp.

51,644

4,092,271

Xcel

Energy,

Inc.

76,481

5,157,879

26,782,909

Electrical

Equipment

0.7%

Eaton

Corp.

plc

26,238

4,495,619

Emerson

Electric

Co.

3,482

303,421

4,799,040

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.,

Class

A

4,939

403,615

Entertainment

1.4%

Electronic

Arts,

Inc.

45,158

5,439,281

Take-Two

Interactive

Software,

Inc.*

5,816

693,849

World

Wrestling

Entertainment,

Inc.,

Class

A

36,057

3,290,562

9,423,692

Financial

Services

1.9%

Mastercard

,

Inc.,

Class

A

8,059

2,928,721

TFS

Financial

Corp.(a)

15,133

191,130

Visa,

Inc.,

Class

A(a)

40,520

9,135,639

12,255,490

Food

Products

5.9%

Archer-Daniels-Midland

Co.

8,856

705,469

Campbell

Soup

Co.

19,202

1,055,726

Flowers

Foods,

Inc.

112,210

3,075,676

General

Mills,

Inc.

50,887

4,348,803

Hershey

Co.

(The)

38,005

9,668,852

Hormel

Foods

Corp.(a)

152,248

6,071,650

J

M

Smucker

Co.

(The)

23,729

3,734,233

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Food

Products

Kellogg

Co.

21,078

1,411,383

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

26,377

2,194,830

Mondelez

International,

Inc.,

Class

A

92,274

6,433,343

Seaboard

Corp.

71

267,671

38,967,636

Ground

Transportation

2.6%

JB

Hunt

Transport

Services,

Inc.

22,716

3,985,749

Landstar

System,

Inc.(a)

27,300

4,893,798

Old

Dominion

Freight

Line,

Inc.

13,450

4,584,298

U-Haul

Holding

Co.(a)

4,550

271,408

U-Haul

Holding

Co.

(Non-

Voting)(a)

36,204

1,877,177

Union

Pacific

Corp.

9,445

1,900,901

17,513,331

Health

Care

Equipment

&

Supplies

3.1%

Abbott

Laboratories

84,286

8,534,800

Becton

Dickinson

&

Co.

12,973

3,211,336

Envista

Holdings

Corp.*(a)

18,010

736,249

Hologic

,

Inc.*

12,645

1,020,452

Medtronic

plc

55,553

4,478,683

Stryker

Corp.

8,166

2,331,148

20,312,668

Health

Care

Providers

&

Services

5.7%

Chemed

Corp.

7,039

3,785,222

Cigna

Group

(The)

4,454

1,138,131

CVS

Health

Corp.

57,477

4,271,116

Elevance

Health,

Inc.

9,894

4,549,360

Humana,

Inc.

17,369

8,431,955

McKesson

Corp.

11,509

4,097,779

Molina

Healthcare,

Inc.*

971

259,733

Premier,

Inc.,

Class

A

30,625

991,331

Quest

Diagnostics,

Inc.

10,333

1,461,913

UnitedHealth

Group,

Inc.

17,891

8,455,108

37,441,648

Health

Care

Technology

0.1%

Veeva

Systems,

Inc.,

Class

A*

4,094

752,436

Hotels,

Restaurants

&

Leisure

0.4%

McDonald's

Corp.

9,619

2,689,569

Wyndham

Hotels

&

Resorts,

Inc.

2,800

189,980

2,879,549

Household

Durables

0.3%

Garmin

Ltd.

20,795

2,098,631

Household

Products

3.8%

Church

&

Dwight

Co.,

Inc.

36,791

3,252,692

Clorox

Co.

(The)

41,477

6,563,321

Colgate-Palmolive

Co.

76,648

5,760,097

Kimberly-Clark

Corp.

1,731

232,335

Procter

&

Gamble

Co.

(The)

64,388

9,573,852

25,382,297

Industrial

Conglomerates

0.6%

3M

Co.

25,461

2,676,206

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

Honeywell

International,

Inc.

6,562

1,254,129

3,930,335

Insurance

5.0%

Allstate

Corp.

(The)

29,593

3,279,200

Aon

plc,

Class

A

1,560

491,852

Chubb

Ltd.

15,976

3,102,220

Erie

Indemnity

Co.,

Class

A

4,547

1,053,358

Everest

Re

Group

Ltd.

5,518

1,975,554

Marsh

&

McLennan

Cos.,

Inc.

21,592

3,596,148

Progressive

Corp.

(The)

67,293

9,626,937

Travelers

Cos.,

Inc.

(The)

25,638

4,394,610

Unum

Group

98,751

3,906,589

White

Mountains

Insurance

Group

Ltd.

936

1,289,331

32,715,799

Interactive

Media

&

Services

1.4%

Alphabet,

Inc.,

Class

A*

58,060

6,022,564

Meta

Platforms,

Inc.,

Class

A*

16,264

3,446,992

9,469,556

IT

Services

1.5%

Accenture

plc,

Class

A

13,497

3,857,578

International

Business

Machines

Corp.

44,834

5,877,289

9,734,867

Life

Sciences

Tools

&

Services

3.6%

Agilent

Technologies,

Inc.

3,763

520,573

Bio-

Techne

Corp.

4,656

345,429

Charles

River

Laboratories

International,

Inc.*

2,170

437,949

Danaher

Corp.

13,614

3,431,273

Mettler

-Toledo

International,

Inc.*

3,115

4,766,604

PerkinElmer,

Inc.

18,467

2,460,912

QIAGEN

NV*

5,163

237,137

Thermo

Fisher

Scientific,

Inc.

16,860

9,717,598

Waters

Corp.*

4,579

1,417,796

West

Pharmaceutical

Services,

Inc.

1,191

412,646

23,747,917

Machinery

1.8%

Caterpillar,

Inc.

20,686

4,733,784

IDEX

Corp.

6,181

1,427,997

Illinois

Tool

Works,

Inc.

23,267

5,664,351

11,826,132

Media

0.6%

New

York

Times

Co.

(The),

Class

A

93,951

3,652,815

Metals

&

Mining

0.2%

Newmont

Corp.

18,652

914,321

Royal

Gold,

Inc.(a)

3,893

504,961

1,419,282

Multi-Utilities

3.8%

Ameren

Corp.

60,196

5,200,332

Consolidated

Edison,

Inc.(a)

37,368

3,574,997

Dominion

Energy,

Inc.

51,756

2,893,678

DTE

Energy

Co.

37,547

4,112,898

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

Multi-Utilities

Public

Service

Enterprise

Group,

Inc.

55,811

3,485,397

WEC

Energy

Group,

Inc.

59,197

5,611,284

24,878,586

Oil,

Gas

&

Consumable

Fuels

2.3%

ConocoPhillips

16,604

1,647,283

Coterra

Energy,

Inc.(a)

43,458

1,066,459

EOG

Resources,

Inc.

40,018

4,587,263

Exxon

Mobil

Corp.

17,250

1,891,635

Marathon

Petroleum

Corp.

33,331

4,494,019

Phillips

66

12,246

1,241,500

14,928,159

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

4,381

1,079,741

Pharmaceuticals

4.4%

Bristol-Myers

Squibb

Co.

36,212

2,509,854

Eli

Lilly

&

Co.

15,892

5,457,631

Johnson

&

Johnson

54,692

8,477,260

Merck

&

Co.,

Inc.

88,634

9,429,771

Pfizer,

Inc.

72,491

2,957,633

Zoetis,

Inc.

1,823

303,420

29,135,569

Professional

Services

2.8%

Automatic

Data

Processing,

Inc.

13,213

2,941,610

Booz

Allen

Hamilton

Holding

Corp.

24,374

2,259,226

CACI

International,

Inc.,

Class

A*(a)

14,002

4,148,513

FTI

Consulting,

Inc.*(a)

24,161

4,768,173

Leidos

Holdings,

Inc.

2,556

235,306

Paychex,

Inc.

2,348

269,057

Robert

Half

International,

Inc.

44,233

3,563,853

18,185,738

Semiconductors

&

Semiconductor

Equipment

1.0%

Broadcom,

Inc.

3,981

2,553,971

Texas

Instruments,

Inc.

22,233

4,135,560

6,689,531

Software

2.7%

Adobe,

Inc.*

2,432

937,220

Dolby

Laboratories,

Inc.,

Class

A

4,483

382,938

Gen

Digital,

Inc.

75,468

1,295,031

Microsoft

Corp.

33,089

9,539,558

Oracle

Corp.

47,828

4,444,178

Roper

Technologies,

Inc.

2,077

915,313

Tyler

Technologies,

Inc.*

802

284,421

17,798,659

Specialized

REITs

0.8%

Public

Storage(a)

16,657

5,032,746

Specialty

Retail

2.4%

AutoZone,

Inc.*

3,890

9,562,204

Home

Depot,

Inc.

(The)

4,185

1,235,077

O'Reilly

Automotive,

Inc.*

6,237

5,295,088

16,092,369

Common

Stocks

Shares

Value

($)

Tobacco

1.7%

Altria

Group,

Inc.

59,912

2,673,273

Philip

Morris

International,

Inc.

85,214

8,287,062

10,960,335

Water

Utilities

0.0%

†

American

Water

Works

Co.,

Inc.

1,366

200,105

Wireless

Telecommunication

Services

1.4%

T-Mobile

US,

Inc.*(a)

64,994

9,413,731

Total

Common

Stocks

(cost

$480,822,357)

642,457,071

Repurchase

Agreements

0.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,603,010,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$1,501,908.

(b)

1,602,367

1,602,367

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$800,322,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$816,000.(b)

800,000

800,000

Total

Repurchase

Agreements

(cost

$2,402,367)

2,402,367

Total

Investments

(cost

$483,224,724)

—

97.6%

644,859,438

Other

assets

in

excess

of

liabilities

—

2.4%

15,996,972

NET

ASSETS

—

100.0%

$

660,856,410

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

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

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$45,906,986,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,402,367

and

by

$43,739,359

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

4/30/2023

–

11/15/2052,

a

total

value

of

$46,141,726.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$2,402,367.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

71

6/2023

USD

14,689,013

643,777

Net

contracts

643,777

As

of

March

31,

2023,

the

Fund

had

$795,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

642,457,071

$

–

$

–

$

642,457,071

Futures

Contracts

643,777

–

–

643,777

Repurchase

Agreements

–

2,402,367

–

2,402,367

Total

$

643,100,848

$

2,402,367

$

–

$

645,503,215

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

643,777

Total

$

643,777

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

92.7%

Shares

Value

($)

Aerospace

&

Defense

2.9%

Airbus

SE

27,752

3,717,833

BAE

Systems

plc

537,150

6,511,877

L3Harris

Technologies,

Inc.

22,122

4,341,221

14,570,931

Automobile

Components

0.5%

Lear

Corp.

18,843

2,628,410

Automobiles

1.8%

General

Motors

Co.

249,551

9,153,531

Banks

10.1%

Bank

of

America

Corp.

110,574

3,162,416

Citigroup,

Inc.

282,880

13,264,243

Citizens

Financial

Group,

Inc.

88,748

2,695,277

First

Citizens

BancShares,

Inc.,

Class

A

9,454

9,199,687

JPMorgan

Chase

&

Co.

62,476

8,141,248

Wells

Fargo

&

Co.

369,320

13,805,182

50,268,053

Beverages

1.0%

Constellation

Brands,

Inc.,

Class

A

21,498

4,856,183

Capital

Markets

1.6%

Carlyle

Group,

Inc.

(The)

64,270

1,996,226

Charles

Schwab

Corp.

(The)

21,555

1,129,051

Intercontinental

Exchange,

Inc.

17,040

1,777,102

Raymond

James

Financial,

Inc.

30,524

2,846,973

7,749,352

Chemicals

1.0%

PPG

Industries,

Inc.

36,730

4,906,393

Communications

Equipment

2.3%

Cisco

Systems,

Inc.

217,359

11,362,442

Consumer

Staples

Distribution

&

Retail

2.6%

Dollar

General

Corp.

39,785

8,373,151

Walmart,

Inc.

30,406

4,483,365

12,856,516

Containers

&

Packaging

1.3%

Sealed

Air

Corp.

138,666

6,366,156

Diversified

Telecommunication

Services

2.0%

AT&T,

Inc.

213,629

4,112,358

Verizon

Communications,

Inc.

144,592

5,623,183

9,735,541

Electric

Utilities

1.6%

American

Electric

Power

Co.,

Inc.

27,545

2,506,319

Exelon

Corp.

62,755

2,628,807

PG&E

Corp.*(a)

165,270

2,672,416

7,807,542

Entertainment

0.8%

Activision

Blizzard,

Inc.

45,910

3,929,437

Financial

Services

3.3%

Apollo

Global

Management,

Inc.

36,212

2,287,150

Equitable

Holdings,

Inc.

70,028

1,778,011

Common

Stocks

Shares

Value

($)

Financial

Services

Fidelity

National

Information

Services,

Inc.

150,205

8,160,637

Visa,

Inc.,

Class

A(a)

19,528

4,402,783

16,628,581

Food

Products

2.6%

Kraft

Heinz

Co.

(The)

300,559

11,622,616

Mondelez

International,

Inc.,

Class

A

20,287

1,414,410

13,037,026

Ground

Transportation

0.5%

Union

Pacific

Corp.

12,885

2,593,235

Health

Care

Equipment

&

Supplies

7.5%

Baxter

International,

Inc.

263,372

10,682,368

Koninklijke

Philips

NV

320,755

5,855,661

Medtronic

plc

160,838

12,966,760

Zimmer

Biomet

Holdings,

Inc.

60,706

7,843,215

37,348,004

Health

Care

Providers

&

Services

7.7%

AmerisourceBergen

Corp.(a)

17,066

2,732,437

Cardinal

Health,

Inc.

87,154

6,580,127

Cigna

Group

(The)

23,511

6,007,766

Elevance

Health,

Inc.

15,031

6,911,404

Humana,

Inc.

10,463

5,079,368

Laboratory

Corp.

of

America

Holdings

48,799

11,195,467

38,506,569

Household

Durables

2.1%

Newell

Brands,

Inc.

215,525

2,681,131

Panasonic

Holdings

Corp.

608,600

5,447,167

Sony

Group

Corp.

27,200

2,472,867

10,601,165

Industrial

Conglomerates

0.4%

Siemens

AG

(Registered)

13,152

2,128,898

Insurance

6.6%

Allstate

Corp.

(The)

27,179

3,011,705

American

International

Group,

Inc.

209,179

10,534,254

Fidelity

National

Financial,

Inc.

148,359

5,182,180

First

American

Financial

Corp.

9,120

507,619

Prudential

plc

304,816

4,168,755

Willis

Towers

Watson

plc

40,889

9,501,786

32,906,299

Interactive

Media

&

Services

0.9%

Alphabet,

Inc.,

Class

A*

41,605

4,315,687

IT

Services

2.4%

Cognizant

Technology

Solutions

Corp.,

Class

A

193,960

11,817,983

Machinery

1.4%

Fortive

Corp.

19,113

1,302,933

Komatsu

Ltd.

210,100

5,212,365

Pentair

plc

5,855

323,606

6,838,904

Media

2.9%

Comcast

Corp.,

Class

A

255,751

9,695,520

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

Media

Fox

Corp.,

Class

A

135,921

4,628,110

14,323,630

Multi-Utilities

1.5%

Public

Service

Enterprise

Group,

Inc.

75,114

4,690,869

Sempra

Energy

19,693

2,976,794

7,667,663

Oil,

Gas

&

Consumable

Fuels

6.3%

BP

plc

2,490,772

15,768,942

ConocoPhillips

20,794

2,062,973

EQT

Corp.

159,063

5,075,700

Hess

Corp.

27,896

3,691,757

Shell

plc

174,715

5,003,087

31,602,459

Personal

Care

Products

2.1%

Unilever

plc,

ADR-UK(a)

205,337

10,663,150

Pharmaceuticals

6.2%

AstraZeneca

plc

40,720

5,651,942

Bayer

AG

(Registered)

134,788

8,585,462

Eli

Lilly

&

Co.

8,351

2,867,901

Novo

Nordisk

A/S,

ADR-DK

19,003

3,024,137

Sanofi

96,367

10,494,574

30,624,016

Professional

Services

3.2%

Leidos

Holdings,

Inc.

78,904

7,263,902

SS&C

Technologies

Holdings,

Inc.

151,932

8,579,600

15,843,502

Software

2.0%

Microsoft

Corp.

35,066

10,109,528

Specialty

Retail

0.4%

Ross

Stores,

Inc.

20,405

2,165,583

Technology

Hardware,

Storage

&

Peripherals

1.3%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S(a)

5,053

6,246,495

Textiles,

Apparel

&

Luxury

Goods

0.5%

Ralph

Lauren

Corp.(a)

21,193

2,472,587

Tobacco

0.9%

British

American

Tobacco

plc,

ADR-UK(a)

134,339

4,717,986

Wireless

Telecommunication

Services

0.5%

Rogers

Communications,

Inc.,

Class

B

51,351

2,380,042

Total

Common

Stocks

(cost

$423,424,181)

461,729,479

Master

Limited

Partnership

2.4%

Oil,

Gas

&

Consumable

Fuels

2.4%

Enterprise

Products

Partners

LP

452,948

11,731,353

Total

Master

Limited

Partnership

(cost  $10,307,639)

11,731,353

Repurchase

Agreement

0.9%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$4,315,854,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$4,400,406.

(b)

4,314,124

4,314,124

Total

Repurchase

Agreement

(cost

$4,314,124)

4,314,124

Total

Investments

(cost

$438,045,944)

—

96.0%

477,774,956

Other

assets

in

excess

of

liabilities

—

4.0%

20,121,763

NET

ASSETS

—

100.0%

$

497,896,719

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$24,418,584,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,314,124

and

by

$20,743,152

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$25,057,276.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$4,314,124.

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

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

14

-

Statement

of

Investments

-

March

31,

2023

(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

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

4,341,221

$

10,229,710

$

–

$

14,570,931

Automobile

Components

2,628,410

–

–

2,628,410

Automobiles

9,153,531

–

–

9,153,531

Banks

50,268,053

–

–

50,268,053

Beverages

4,856,183

–

–

4,856,183

Capital

Markets

7,749,352

–

–

7,749,352

Chemicals

4,906,393

–

–

4,906,393

Communications

Equipment

11,362,442

–

–

11,362,442

Consumer

Staples

Distribution

&

Retail

12,856,516

–

–

12,856,516

Containers

&

Packaging

6,366,156

–

–

6,366,156

Diversified

Telecommunication

Services

9,735,541

–

–

9,735,541

Electric

Utilities

7,807,542

–

–

7,807,542

Entertainment

3,929,437

–

–

3,929,437

Financial

Services

16,628,581

–

–

16,628,581

Food

Products

13,037,026

–

–

13,037,026

Ground

Transportation

2,593,235

–

–

2,593,235

Health

Care

Equipment

&

Supplies

31,492,343

5,855,661

–

37,348,004

Health

Care

Providers

&

Services

38,506,569

–

–

38,506,569

Household

Durables

2,681,131

7,920,034

–

10,601,165

Industrial

Conglomerates

–

2,128,898

–

2,128,898

Insurance

28,737,544

4,168,755

–

32,906,299

Interactive

Media

&

Services

4,315,687

–

–

4,315,687

IT

Services

11,817,983

–

–

11,817,983

Machinery

1,626,539

5,212,365

–

6,838,904

Media

14,323,630

–

–

14,323,630

Multi-Utilities

7,667,663

–

–

7,667,663

Oil,

Gas

&

Consumable

Fuels

10,830,430

20,772,029

–

31,602,459

Personal

Care

Products

10,663,150

–

–

10,663,150

Pharmaceuticals

5,892,038

24,731,978

–

30,624,016

Professional

Services

15,843,502

–

–

15,843,502

Software

10,109,528

–

–

10,109,528

Specialty

Retail

2,165,583

–

–

2,165,583

Technology

Hardware,

Storage

&

Peripherals

–

6,246,495

–

6,246,495

Textiles,

Apparel

&

Luxury

Goods

2,472,587

–

–

2,472,587

Tobacco

4,717,986

–

–

4,717,986

Wireless

Telecommunication

Services

2,380,042

–

–

2,380,042

Total

Common

Stocks

$

374,463,554

$

87,265,925

$

–

$

461,729,479

Master

Limited

Partnership

11,731,353

–

–

11,731,353

Repurchase

Agreement

–

4,314,124

–

4,314,124

Total

$

386,194,907

$

91,580,049

$

–

$

477,774,956

The

Statement

of

Investments

should

be

read

in

conjunction

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

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

96.7%

Shares

Value

($)

Capital

Markets

7.2%

Charles

Schwab

Corp.

(The)

16,661

872,703

Intercontinental

Exchange,

Inc.

27,080

2,824,173

Moody's

Corp.

3,072

940,094

S&P

Global,

Inc.

7,725

2,663,348

7,300,318

Chemicals

7.2%

Air

Products

&

Chemicals,

Inc.

5,464

1,569,315

Ecolab,

Inc.

16,825

2,785,042

Linde

plc

8,163

2,901,457

7,255,814

Consumer

Staples

Distribution

&

Retail

3.4%

Costco

Wholesale

Corp.

1,795

891,882

Dollar

General

Corp.

11,917

2,508,052

3,399,934

Containers

&

Packaging

0.9%

Ball

Corp.

15,891

875,753

Electronic

Equipment,

Instruments

&

Components

3.4%

Amphenol

Corp.,

Class

A

32,894

2,688,098

TE

Connectivity

Ltd.

5,471

717,521

3,405,619

Entertainment

1.0%

Electronic

Arts,

Inc.

8,639

1,040,568

Financial

Services

13.9%

Fidelity

National

Information

Services,

Inc.

12,228

664,347

Fiserv,

Inc.*

21,351

2,413,303

Mastercard,

Inc.,

Class

A

12,746

4,632,024

PayPal

Holdings,

Inc.*

21,220

1,611,447

Visa,

Inc.,

Class

A

20,847

4,700,165

14,021,286

Health

Care

Equipment

&

Supplies

1.5%

IDEXX

Laboratories,

Inc.*

2,059

1,029,665

Intuitive

Surgical,

Inc.*

1,820

464,955

1,494,620

Hotels,

Restaurants

&

Leisure

1.5%

Starbucks

Corp.

14,540

1,514,050

Insurance

3.2%

Aon

plc,

Class

A

4,175

1,316,336

Marsh

&

McLennan

Cos.,

Inc.

11,615

1,934,478

3,250,814

Interactive

Media

&

Services

4.9%

Alphabet,

Inc.,

Class

C*

47,673

4,957,992

IT

Services

4.6%

Accenture

plc,

Class

A

3,855

1,101,797

Common

Stocks

Shares

Value

($)

IT

Services

Gartner,

Inc.*

8,314

2,708,452

VeriSign,

Inc.*

4,021

849,758

4,660,007

Life

Sciences

Tools

&

Services

10.3%

Agilent

Technologies,

Inc.

11,573

1,601,009

Danaher

Corp.

16,778

4,228,727

Thermo

Fisher

Scientific,

Inc.

7,932

4,571,767

10,401,503

Machinery

3.8%

IDEX

Corp.

7,058

1,630,610

Xylem,

Inc.

20,624

2,159,333

3,789,943

Personal

Care

Products

1.5%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

6,311

1,555,409

Pharmaceuticals

3.1%

Zoetis,

Inc.

18,961

3,155,869

Professional

Services

3.8%

Verisk

Analytics,

Inc.

19,951

3,827,799

Semiconductors

&

Semiconductor

Equipment

1.0%

Texas

Instruments,

Inc.

5,661

1,053,003

Software

8.2%

Adobe,

Inc.*

4,395

1,693,701

Intuit,

Inc.

3,701

1,650,017

Microsoft

Corp.

17,064

4,919,551

8,263,269

Specialized

REITs

3.6%

American

Tower

Corp.

13,467

2,751,847

Crown

Castle,

Inc.

6,879

920,685

3,672,532

Specialty

Retail

7.0%

Lowe's

Cos.,

Inc.

6,323

1,264,410

O'Reilly

Automotive,

Inc.*

2,337

1,984,066

TJX

Cos.,

Inc.

(The)

48,571

3,806,024

7,054,500

Textiles,

Apparel

&

Luxury

Goods

1.7%

NIKE,

Inc.,

Class

B

13,872

1,701,262

Total

Investments

(cost

$89,435,914)

—

96.7%

97,651,864

Other

assets

in

excess

of

liabilities

—

3.3%

3,295,485

NET

ASSETS

—

100.0%

$

100,947,349

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

16

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

97,651,864

$

–

$

–

$

97,651,864

Total

$

97,651,864

$

–

$

–

$

97,651,864

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly,

NVIT

Neuberger

Berman

Multi-Cap

Opportunities

Fund)

Common

Stocks

99.3%

Shares

Value

($)

Air

Freight

&

Logistics

2.8%

CH

Robinson

Worldwide,

Inc.

11,287

1,121,589

Expeditors

International

of

Washington,

Inc.

17,597

1,937,782

FedEx

Corp.

12,448

2,844,243

5,903,614

Automobile

Components

0.4%

Lear

Corp.

5,799

808,903

Automobiles

2.4%

Ford

Motor

Co.

194,497

2,450,662

General

Motors

Co.

70,234

2,576,183

5,026,845

Banks

1.0%

Comerica,

Inc.

19,096

829,148

Cullen/Frost

Bankers,

Inc.

3,766

396,711

Zions

Bancorp

NA

31,546

944,172

2,170,031

Beverages

0.7%

Monster

Beverage

Corp.*

25,950

1,401,560

Biotechnology

3.2%

Exelixis,

Inc.*

19,192

372,517

Incyte

Corp.*

19,333

1,397,196

Mirati

Therapeutics,

Inc.*

2,649

98,490

Neurocrine

Biosciences,

Inc.*

2,975

301,129

Sarepta

Therapeutics,

Inc.*

4,354

600,112

Ultragenyx

Pharmaceutical,

Inc.*

6,488

260,169

Vertex

Pharmaceuticals,

Inc.*

11,786

3,713,415

6,743,028

Broadline

Retail

2.3%

Amazon.com,

Inc.*

45,665

4,716,738

Dillard's,

Inc.,

Class

A

494

151,994

4,868,732

Building

Products

1.1%

Trane

Technologies

plc

12,365

2,274,913

Capital

Markets

4.9%

Bank

of

New

York

Mellon

Corp.

(The)

46,250

2,101,600

Charles

Schwab

Corp.

(The)

45,026

2,358,462

Evercore,

Inc.,

Class

A

5,566

642,205

Interactive

Brokers

Group,

Inc.,

Class

A

9,256

764,175

LPL

Financial

Holdings,

Inc.

4,394

889,346

Northern

Trust

Corp.

17,626

1,553,379

Raymond

James

Financial,

Inc.

21,619

2,016,404

10,325,571

Chemicals

2.4%

Albemarle

Corp.

5,825

1,287,558

Corteva,

Inc.

37,272

2,247,874

Eastman

Chemical

Co.

8,266

697,154

Ginkgo

Bioworks

Holdings,

Inc.*

117,245

155,936

Mosaic

Co.

(The)

14,686

673,794

5,062,316

Commercial

Services

&

Supplies

1.7%

Republic

Services,

Inc.

10,160

1,373,835

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Waste

Management,

Inc.

13,746

2,242,935

3,616,770

Communications

Equipment

1.3%

F5,

Inc.*

6,312

919,595

Juniper

Networks,

Inc.

56,244

1,935,919

2,855,514

Construction

&

Engineering

0.4%

AECOM

10,297

868,243

Consumer

Finance

0.7%

American

Express

Co.

3,805

627,635

Synchrony

Financial

28,865

839,394

1,467,029

Consumer

Staples

Distribution

&

Retail

1.7%

Target

Corp.

21,198

3,511,025

Electric

Utilities

1.6%

Constellation

Energy

Corp.

8,356

655,946

NRG

Energy,

Inc.

20,220

693,344

Pinnacle

West

Capital

Corp.

9,530

755,157

PPL

Corp.

45,389

1,261,360

3,365,807

Entertainment

2.6%

Live

Nation

Entertainment,

Inc.*

10,308

721,560

Netflix,

Inc.*

13,828

4,777,297

5,498,857

Financial

Services

1.2%

Fidelity

National

Information

Services,

Inc.

48,409

2,630,061

Food

Products

1.0%

Lamb

Weston

Holdings,

Inc.

10,853

1,134,356

Post

Holdings,

Inc.*

9,983

897,172

2,031,528

Ground

Transportation

0.4%

CSX

Corp.

18,750

561,375

Lyft,

Inc.,

Class

A*

42,624

395,124

956,499

Health

Care

Equipment

&

Supplies

0.8%

Edwards

Lifesciences

Corp.*

18,595

1,538,365

Tandem

Diabetes

Care,

Inc.*

3,297

133,891

1,672,256

Health

Care

Providers

&

Services

5.2%

Cigna

Group

(The)

1,239

316,602

DaVita,

Inc.*

12,761

1,035,045

Elevance

Health,

Inc.

6,221

2,860,478

Guardant

Health,

Inc.*

8,549

200,388

HCA

Healthcare,

Inc.

12,194

3,215,314

McKesson

Corp.

6,495

2,312,545

Molina

Healthcare,

Inc.*

2,742

733,457

Tenet

Healthcare

Corp.*

4,759

282,780

10,956,609

Health

Care

REITs

0.3%

Healthpeak

Properties,

Inc.

33,671

739,752

Hotels,

Restaurants

&

Leisure

3.2%

Booking

Holdings,

Inc.*

1,445

3,832,733

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly,

NVIT

Neuberger

Berman

Multi-Cap

Opportunities

Fund)

-

March

31,

2023

(Unaudit-

ed)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Domino's

Pizza,

Inc.

1,894

624,774

Hilton

Worldwide

Holdings,

Inc.

15,698

2,211,377

6,668,884

Household

Durables

0.8%

Lennar

Corp.,

Class

A

7,058

741,866

NVR,

Inc.*

179

997,422

1,739,288

Insurance

4.8%

Allstate

Corp.

(The)

22,850

2,532,008

Aon

plc,

Class

A

5,085

1,603,250

Brown

&

Brown,

Inc.

22,174

1,273,231

Lincoln

National

Corp.

19,573

439,805

Progressive

Corp.

(The)

18,048

2,581,947

Ryan

Specialty

Holdings,

Inc.,

Class

A*

8,894

357,895

W

R

Berkley

Corp.

22,638

1,409,442

10,197,578

Interactive

Media

&

Services

4.7%

Alphabet,

Inc.,

Class

C*

29,112

3,027,648

Meta

Platforms,

Inc.,

Class

A*

31,538

6,684,163

Snap,

Inc.,

Class

A*

24,156

270,789

9,982,600

IT

Services

2.1%

EPAM

Systems,

Inc.*

4,777

1,428,323

Twilio,

Inc.,

Class

A*

4,165

277,514

VeriSign,

Inc.*

12,992

2,745,599

4,451,436

Life

Sciences

Tools

&

Services

0.8%

IQVIA

Holdings,

Inc.*

7,391

1,469,996

Syneos

Health,

Inc.*

8,681

309,217

1,779,213

Machinery

2.7%

AGCO

Corp.

8,266

1,117,563

Fortive

Corp.

28,700

1,956,479

Oshkosh

Corp.

5,692

473,461

Otis

Worldwide

Corp.

24,436

2,062,398

5,609,901

Metals

&

Mining

0.5%

Newmont

Corp.

19,933

977,116

Multi-Utilities

1.0%

CMS

Energy

Corp.

10,129

621,718

DTE

Energy

Co.

13,637

1,493,797

2,115,515

Oil,

Gas

&

Consumable

Fuels

4.0%

APA

Corp.

7,620

274,777

EOG

Resources,

Inc.

16,278

1,865,947

Marathon

Oil

Corp.

29,378

703,897

Marathon

Petroleum

Corp.

12,689

1,710,858

Phillips

66

15,235

1,544,524

Valero

Energy

Corp.

16,589

2,315,825

8,415,828

Passenger

Airlines

0.3%

Southwest

Airlines

Co.

17,951

584,126

Common

Stocks

Shares

Value

($)

Pharmaceuticals

1.7%

Eli

Lilly

&

Co.

9,337

3,206,512

Organon

&

Co.

15,380

361,738

3,568,250

Residential

REITs

0.5%

Camden

Property

Trust

10,140

1,063,078

Semiconductors

&

Semiconductor

Equipment

4.6%

Intel

Corp.

131,808

4,306,167

Micron

Technology,

Inc.

46,301

2,793,802

Qorvo,

Inc.*

10,960

1,113,207

Teradyne,

Inc.

13,554

1,457,191

9,670,367

Software

11.7%

Adobe,

Inc.*

12,207

4,704,212

Atlassian

Corp.,

Class

A*

3,374

577,528

Box,

Inc.,

Class

A*

13,138

351,967

Crowdstrike

Holdings,

Inc.,

Class

A*

3,175

435,800

DocuSign,

Inc.*

6,290

366,707

Dropbox,

Inc.,

Class

A*

44,337

958,566

Five9,

Inc.*

2,855

206,388

Fortinet,

Inc.*

49,780

3,308,379

Microsoft

Corp.

31,295

9,022,348

New

Relic,

Inc.*

5,158

388,346

Nutanix,

Inc.,

Class

A*

8,429

219,070

Qualys,

Inc.*

2,298

298,786

RingCentral,

Inc.,

Class

A*

8,847

271,337

ServiceNow,

Inc.*

5,833

2,710,712

Splunk,

Inc.*

5,854

561,281

Tenable

Holdings,

Inc.*

5,188

246,482

Zscaler,

Inc.*

1,539

179,801

24,807,710

Specialized

REITs

0.5%

SBA

Communications

Corp.

4,346

1,134,610

Specialty

Retail

3.5%

AutoZone,

Inc.*

1,551

3,812,591

O'Reilly

Automotive,

Inc.*

2,418

2,052,833

Ross

Stores,

Inc.

14,061

1,492,294

7,357,718

Technology

Hardware,

Storage

&

Peripherals

10.9%

Apple,

Inc.

110,062

18,149,224

Dell

Technologies,

Inc.,

Class

C

25,559

1,027,727

HP,

Inc.

50,520

1,482,762

NetApp,

Inc.

16,736

1,068,594

Western

Digital

Corp.*

35,509

1,337,624

23,065,931

Tobacco

0.9%

Altria

Group,

Inc.

43,870

1,957,479

Total

Investments

(cost

$190,052,546)

—

99.3%

209,902,091

Other

assets

in

excess

of

liabilities

—

0.7%

1,516,009

NET

ASSETS

—

100.0%

$

211,418,100

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly,

NVIT

Neuberger

Berman

Multi-Cap

Opportunities

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly,

NVIT

Neuberger

Berman

Multi-Cap

Opportunities

Fund)

-

March

31,

2023

(Unaudit-

ed)

-

Statement

of

Investments

-

21

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

209,902,091

$

–

$

–

$

209,902,091

Total

$

209,902,091

$

–

$

–

$

209,902,091

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.

22

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

96.7%

Shares

Value

($)

Air

Freight

&

Logistics

1.1%

CH

Robinson

Worldwide,

Inc.

(a)

1,336

132,758

Expeditors

International

of

Washington,

Inc.

23,432

2,580,332

2,713,090

Automobile

Components

0.3%

Visteon

Corp.*

4,195

657,902

Automobiles

0.6%

Tesla,

Inc.*

7,020

1,456,369

Banks

0.3%

Western

Alliance

Bancorp

24,406

867,389

Beverages

1.7%

Monster

Beverage

Corp.*

79,244

4,279,968

Biotechnology

6.0%

ACADIA

Pharmaceuticals,

Inc.*

28,969

545,197

Blueprint

Medicines

Corp.*

10,378

466,906

Exelixis

,

Inc.*

66,504

1,290,843

Incyte

Corp.*

36,717

2,653,538

Ionis

Pharmaceuticals,

Inc.*

37,508

1,340,536

Neurocrine

Biosciences,

Inc.*

6,071

614,507

PTC

Therapeutics,

Inc.*

26,443

1,280,899

Sarepta

Therapeutics,

Inc.*

16,022

2,208,312

Ultragenyx

Pharmaceutical,

Inc.*

13,844

555,144

Vertex

Pharmaceuticals,

Inc.*

13,806

4,349,856

15,305,738

Broadline

Retail

2.7%

Amazon.com,

Inc.*

67,020

6,922,496

Capital

Markets

3.5%

Charles

Schwab

Corp.

(The)

67,315

3,525,960

FactSet

Research

Systems,

Inc.

5,492

2,279,674

LPL

Financial

Holdings,

Inc.

11,760

2,380,224

Morningstar,

Inc.

3,264

662,690

8,848,548

Chemicals

1.5%

Albemarle

Corp.(a)

9,122

2,016,327

FMC

Corp.

7,823

955,423

Ginkgo

Bioworks

Holdings,

Inc.*

321,984

428,239

Mosaic

Co.

(The)

10,749

493,164

3,893,153

Communications

Equipment

0.8%

Extreme

Networks,

Inc.*

28,118

537,616

Viavi

Solutions,

Inc.*

151,398

1,639,640

2,177,256

Construction

&

Engineering

0.7%

AECOM

21,476

1,810,856

Construction

Materials

0.8%

Eagle

Materials,

Inc.

14,048

2,061,544

Consumer

Staples

Distribution

&

Retail

1.7%

Target

Corp.

27,018

4,474,991

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

0.1%

Chegg

,

Inc.*

21,220

345,886

Electrical

Equipment

0.8%

Vertiv

Holdings

Co.

149,461

2,138,787

Energy

Equipment

&

Services

0.1%

Patterson-UTI

Energy,

Inc.

15,270

178,659

Entertainment

3.2%

Live

Nation

Entertainment,

Inc.*

22,413

1,568,910

Netflix,

Inc.*

13,186

4,555,499

Playtika

Holding

Corp.*

12,050

135,683

Roku,

Inc.*

5,494

361,615

Spotify

Technology

SA*

10,880

1,453,786

8,075,493

Financial

Services

0.6%

Shift4

Payments,

Inc.,

Class

A*

11,066

838,803

WEX,

Inc.*

3,502

643,983

1,482,786

Food

Products

1.3%

Lamb

Weston

Holdings,

Inc.

31,400

3,281,928

Ground

Transportation

0.7%

Landstar

System,

Inc.(a)

5,150

923,189

Lyft,

Inc.,

Class

A*

101,586

941,702

1,864,891

Health

Care

Equipment

&

Supplies

1.4%

Dexcom

,

Inc.*

30,224

3,511,425

Tandem

Diabetes

Care,

Inc.*

1,920

77,971

3,589,396

Health

Care

Providers

&

Services

5.0%

DaVita,

Inc.*

14,956

1,213,081

Elevance

Health,

Inc.

8,096

3,722,622

HCA

Healthcare,

Inc.

11,670

3,077,146

McKesson

Corp.

6,106

2,174,041

Molina

Healthcare,

Inc.*

8,755

2,341,875

UnitedHealth

Group,

Inc.

485

229,206

12,757,971

Hotels,

Restaurants

&

Leisure

5.6%

Booking

Holdings,

Inc.*

1,945

5,158,938

Domino's

Pizza,

Inc.

1,461

481,940

Expedia

Group,

Inc.*

4,470

433,724

Hilton

Worldwide

Holdings,

Inc.(a)

19,944

2,809,511

Marriott

International,

Inc.,

Class

A

20,207

3,355,170

SeaWorld

Entertainment,

Inc.*

3,664

224,640

Travel

+

Leisure

Co.

47,269

1,852,945

14,316,868

Household

Durables

1.4%

NVR,

Inc.*

484

2,696,940

Sonos

,

Inc.*(a)

10,602

208,011

Tri

Pointe

Homes,

Inc.*

23,328

590,665

3,495,616

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Vistra

Corp.

96,565

2,317,560

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Insurance

2.4%

Everest

Re

Group

Ltd.

2,082

745,398

Lincoln

National

Corp.

44,570

1,001,488

RenaissanceRe

Holdings

Ltd.

13,068

2,618,043

Ryan

Specialty

Holdings,

Inc.,

Class

A*(a)

44,900

1,806,776

6,171,705

Interactive

Media

&

Services

3.6%

Alphabet,

Inc.,

Class

C*

79,840

8,303,360

Meta

Platforms,

Inc.,

Class

A*

4,240

898,626

9,201,986

IT

Services

3.5%

EPAM

Systems,

Inc.*

1,442

431,158

GoDaddy

,

Inc.,

Class

A*

30,883

2,400,227

Twilio

,

Inc.,

Class

A*

18,001

1,199,407

VeriSign,

Inc.*

12,881

2,722,142

Wix.com

Ltd.*(a)

22,422

2,237,715

8,990,649

Life

Sciences

Tools

&

Services

0.1%

Syneos

Health,

Inc.*

6,920

246,490

Machinery

2.6%

AGCO

Corp.

23,030

3,113,656

Allison

Transmission

Holdings,

Inc.

68,932

3,118,484

Chart

Industries,

Inc.*(a)

3,989

500,220

6,732,360

Metals

&

Mining

0.2%

MP

Materials

Corp.*

18,975

534,905

Oil,

Gas

&

Consumable

Fuels

1.5%

Cheniere

Energy,

Inc.

24,632

3,882,003

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.(a)

4,700

254,787

Sylvamo

Corp.

7,703

356,341

611,128

Professional

Services

1.5%

CSG

Systems

International,

Inc.

20,941

1,124,531

Insperity

,

Inc.

19,607

2,383,231

TriNet

Group,

Inc.*

3,080

248,279

3,756,041

Residential

REITs

0.7%

Camden

Property

Trust

16,185

1,696,835

Semiconductors

&

Semiconductor

Equipment

3.3%

Allegro

MicroSystems

,

Inc.*

13,000

623,870

Enphase

Energy,

Inc.*

4,733

995,255

Impinj

,

Inc.*

1,440

195,149

Lam

Research

Corp.

1,664

882,120

NVIDIA

Corp.

11,072

3,075,469

Rambus,

Inc.*

22,280

1,142,073

Semtech

Corp.*

67,441

1,628,026

8,541,962

Software

20.5%

Adobe,

Inc.*

7,191

2,771,196

Atlassian

Corp.,

Class

A*

17,813

3,049,051

Box,

Inc.,

Class

A*

72,224

1,934,881

CommVault

Systems,

Inc.*

32,587

1,848,986

Common

Stocks

Shares

Value

($)

Software

Crowdstrike

Holdings,

Inc.,

Class

A*

21,200

2,909,912

DocuSign,

Inc.*

31,120

1,814,296

Dropbox,

Inc.,

Class

A*(a)

39,311

849,904

Five9,

Inc.*

5,097

368,462

Fortinet,

Inc.*

68,840

4,575,106

Microsoft

Corp.

79,791

23,003,745

New

Relic,

Inc.*

6,849

515,661

Nutanix

,

Inc.,

Class

A*

52,627

1,367,776

Pegasystems

,

Inc.

25,777

1,249,669

Q2

Holdings,

Inc.*

27,010

664,986

Qualys

,

Inc.*

8,928

1,160,819

RingCentral,

Inc.,

Class

A*

27,511

843,762

Tenable

Holdings,

Inc.*

23,542

1,118,481

Varonis

Systems,

Inc.*

46,509

1,209,699

Zscaler

,

Inc.*

10,342

1,208,256

52,464,648

Specialty

Retail

5.4%

AutoZone,

Inc.*

1,725

4,240,309

Murphy

USA,

Inc.(a)

9,975

2,574,049

O'Reilly

Automotive,

Inc.*

5,025

4,266,124

Ross

Stores,

Inc.

25,166

2,670,868

13,751,350

Technology

Hardware,

Storage

&

Peripherals

7.2%

Apple,

Inc.

92,790

15,301,071

Dell

Technologies,

Inc.,

Class

C

71,219

2,863,716

NetApp,

Inc.

3,284

209,683

Pure

Storage,

Inc.,

Class

A*

6,900

176,019

18,550,489

Textiles,

Apparel

&

Luxury

Goods

0.6%

Deckers

Outdoor

Corp.*

3,562

1,601,297

Trading

Companies

&

Distributors

0.6%

Boise

Cascade

Co.

20,277

1,282,520

Herc

Holdings,

Inc.

2,616

297,963

1,580,483

Total

Common

Stocks

(cost

$201,234,710)

247,629,472

24

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$388,505,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$396,116.(b)

388,349

388,349

Total

Repurchase

Agreement

(cost

$388,349)

388,349

Total

Investments

(cost

$201,623,059)

—

96.9%

248,017,821

Other

assets

in

excess

of

liabilities

—

3.1%

7,828,047

NET

ASSETS

—

100.0%

$

255,845,868

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$7,316,640,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$388,349

and

by

$7,010,215

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$7,398,564.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$388,349.

REIT

Real

Estate

Investment

Trust

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

AECOM

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

5,121

4,302

4,302

Allison

Transmission

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

2,353

2,071

2,071

Aon

plc

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

5,468

14,217

14,217

Apellis

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

4/30/2024

6,186

1,361

1,361

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

126,320

521,703

521,703

Arch

Resources,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

5,719

25,049

25,049

Ardagh

Metal

Packaging

SA

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

94,682

11,362

11,362

ATI,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

800

712

712

Atlassian

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

5,007

61,486

61,486

Axcelis

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

5,260

5,576

5,576

Axsome

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

1,668

1,268

1,268

Beacon

Roofing

Supply,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

13,888

10,555

10,555

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

11/30/2023

1,697

1,680

1,680

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

11/30/2023

1,717

1,202

1,202

Cadence

Bank

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

24,902

4,856

4,856

Cargurus

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

13,468

9,697

9,697

Cavco

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

1/31/2024

1,806

23,026

23,026

CH

Robinson

Worldwide,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

15,525

55,114

55,114

26

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Chegg

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,652

1,515

1,515

Chemours

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

19,457

3,113

3,113

Cigna

Group

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

7,845

17,770

17,770

CSG

Systems

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,075

10,890

10,890

Cytokinetics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

6,592

395

395

DaVita,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

14,904

39,347

39,347

DigitalOcean

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

8,627

32,006

32,006

DocuSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

9,986

3,195

3,195

Domino's

Pizza,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

5,770

20,195

20,195

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

1/31/2024

73,847

33,231

33,231

EPAM

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

6,674

88,364

88,364

Everest

Re

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

730

474

474

Exelixis

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

51,160

11,255

11,255

Expedia

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

20,117

40,234

40,234

Extreme

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

14,391

18,277

18,277

FactSet

Research

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

405

3,382

3,382

Five9,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

11,550

83,622

83,622

Fluor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

5,938

7,304

7,304

FMC

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

7,305

12,711

12,711

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

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

7/31/2023

3,220

5,313

5,313

Grocery

Outlet

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

3/28/2024

15,283

458

458

HCA

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

4,032

27,901

27,901

Hilton

Worldwide

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

5,782

29,546

29,546

Impinj

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

3,835

8,092

8,092

Inari

Medical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

5,123

6,609

6,609

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

1,816

2,052

2,052

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

2/29/2024

4,204

1,093

1,093

Landstar

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

8,409

33,888

33,888

Liberty

Media

Corp-

Liberty

Formula

One

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

5,698

969

969

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

18,480

5,359

5,359

Mettler

-Toledo

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,036

35,120

35,120

NetApp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

32,693

58,847

58,847

Netflix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

1,120

15,064

15,064

Neurocrine

Biosciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

11,812

48,665

48,665

New

Relic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

24,821

90,100

90,100

Nutanix

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

10,041

7,229

7,229

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

2/29/2024

1,215

9,684

9,684

Okta

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

6,150

12,607

12,607

28

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Pegasystems

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

26,460

66,944

66,944

PJT

Partners,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,745

2,162

2,162

Progyny

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

16,854

13,483

13,483

Prometheus

Biosciences,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

925

3,672

3,672

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

2/29/2024

17,503

4,376

4,376

Pure

Storage,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

8,503

7,398

7,398

Q2

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,528

15,721

15,721

Qualys

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

4,810

22,847

22,847

Rambus,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

5,458

19,430

19,430

RenaissanceRe

Holdings

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

2,179

153

153

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

5/31/2024

7,378

7,421

7,421

RH

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

1,468

3,171

3,171

Rogers

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

2,275

23,728

23,728

Ross

Stores,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

3,151

11,533

11,533

Ryan

Specialty

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,646

9,260

9,260

SeaWorld

Entertainment,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

16,103

55,072

55,072

Sonos

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

64,105

42,950

42,950

Stride,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

7,513

3,606

3,606

Syneos

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

4/30/2024

18,410

12,887

12,887

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

7,188

13,298

13,298

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

8,633

22,532

22,532

Teradyne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

23,730

5,458

5,458

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

4/30/2024

47,650

72,428

72,428

Tesla,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,742

23,656

23,656

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

4/30/2024

6,074

11,784

11,784

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

4/30/2024

7,608

22,063

22,063

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

12,145

12,509

12,509

Varonis

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

6,496

7,276

7,276

Vertiv

Holdings

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

37,999

22,799

22,799

Viavi

Solutions,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

24,074

8,185

8,185

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

1/31/2024

644

232

232

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

3,194

2,196

2,196

Walker

&

Dunlop,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

7,182

15,298

15,298

Yelp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

28,912

23,419

23,419

Zscaler

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

3,417

20,946

20,946

–

–

Total

unrealized

appreciation

2,191,006

2,191,006

–

–

ACADIA

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

62,790

(10,046)

(10,046)

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

12,817

(19,461)

(19,461)

30

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

AeroVironment

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

5,020

(3,665)

(3,665)

Alnylam

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

6,517

(28,740)

(28,740)

Altair

Engineering,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

16,734

(36,480)

(36,480)

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

3/28/2024

15,456

(32,767)

(32,767)

Applied

Industrial

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

2,249

(1,220)

(1,220)

AppLovin

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

72,989

(56,202)

(56,202)

ASGN,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

10,214

(14,912)

(14,912)

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

3/28/2024

6,239

(72,934)

(72,934)

Balchem

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

8,043

(10,617)

(10,617)

BellRing

Brands,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

21,637

(21,421)

(21,421)

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

24,690

(21,480)

(21,480)

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

15,393

(40,946)

(40,946)

Bloom

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2023

4,447

(4,136)

(4,136)

Calix,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

4,271

(6,193)

(6,193)

Central

Garden

&

Pet

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

19,426

(13,598)

(13,598)

Chord

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

4,836

(7,399)

(7,399)

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

5,482

(38,648)

(38,648)

Cloudflare

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

10,056

(45,956)

(45,956)

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

20,518

(29,956)

(29,956)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Corning,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

35,329

(42,395)

(42,395)

CoStar

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

17,646

(11,293)

(11,293)

Coterra

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

50,864

(50,864)

(50,864)

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

4/30/2024

5,019

(24,242)

(24,242)

Delek

US

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

19,585

(3,721)

(3,721)

DoorDash

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

20,985

(77,645)

(77,645)

Dycom

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

4/30/2024

4,893

(7,437)

(7,437)

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

7,748

(31,050)

(31,050)

Fair

Isaac

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,827

(8,331)

(8,331)

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

4,567

(5,435)

(5,435)

Floor

&

Decor

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

15,535

(58,567)

(58,567)

Freshpet

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

22,360

(31,528)

(31,528)

GATX

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

11,654

(38,109)

(38,109)

Guardant

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

4/30/2024

25,898

(3,885)

(3,885)

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

36,522

(42,221)

(42,221)

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

1/31/2024

15,966

(20,516)

(20,516)

–

–

ICU

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

7,389

(5,911)

(5,911)

Intuit,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

2,995

(37,557)

(37,557)

IVERIC

bio,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

5,041

(252)

(252)

32

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

J

&

J

Snack

Foods

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

8,445

(25,591)

(25,591)

Karuna

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

1,397

(1,425)

(1,425)

LCI

Industries

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

10,779

(47,643)

(47,643)

Leslie's,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

75,162

(38,333)

(38,333)

LGI

Homes,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

7,598

(12,461)

(12,461)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

7,038

(58,064)

(58,064)

Maximus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

20,088

(36,761)

(36,761)

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

533

(592)

(592)

Micron

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

4/30/2024

28,653

(91,690)

(91,690)

Mister

Car

Wash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/29/2023

89,920

(13,488)

(13,488)

Moderna

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

3,981

(19,029)

(19,029)

nCino

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2023

31,166

(58,592)

(58,592)

Neogen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

67,302

(2,019)

(2,019)

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/29/2023

65,562

(19,013)

(19,013)

Novocure

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

11,217

(12,451)

(12,451)

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

3/28/2024

6,750

(8,640)

(8,640)

Patterson

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

36,140

(16,624)

(16,624)

PBF

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2023

12,693

(4,569)

(4,569)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

6,127

(4,228)

(4,228)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

3,941

(23,882)

(23,882)

PotlatchDeltic

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

25,994

(46,662)

(46,662)

PTC,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

664

(2,337)

(2,337)

Quaker

Chemical

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2023

8,487

(42,350)

(42,350)

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

4/30/2024

6,396

(28,654)

(28,654)

Regeneron

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2023

1,697

(3,937)

(3,937)

Revance

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

11,762

(6,234)

(6,234)

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

4/30/2024

81,237

(25,183)

(25,183)

Salesforce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

8,190

(25,717)

(25,717)

Scotts

Miracle-

Gro

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

5,368

(12,185)

(12,185)

Semtech

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2023

945

(7,532)

(7,532)

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

46,577

(29,344)

(29,344)

Southwestern

Energy

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

97,380

(7,790)

(7,790)

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

4,015

(15,016)

(15,016)

Super

Micro

Computer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

4,826

(4,343)

(4,343)

Synopsys,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

1,223

(13,710)

(13,710)

Take-Two

Interactive

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,083

(29,148)

(29,148)

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

3/28/2024

2,213

(47,734)

(47,734)

Trade

Desk,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

15,005

(16,055)

(16,055)

34

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

TransMedics

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

5,349

(11,286)

(11,286)

Vaxcyte

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

13,781

(8,682)

(8,682)

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

3/28/2024

6,620

(21,581)

(21,581)

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

104,088

(45,799)

(45,799)

Wayfair,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

6,854

(6,580)

(6,580)

West

Pharmaceutical

Services,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

4,010

(34,045)

(34,045)

Ziff

Davis,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

16,167

(35,729)

(35,729)

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

59,829

(3,338)

(3,338)

–

–

Total

unrealized

depreciation

(2,043,802)

(2,043,802)

–

–

Net

unrealized

appreciation

147,204

147,204

Financing

Costs

of

Swap

Contracts

(66,524)

(66,524)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

80,680

80,680

OBFR

Overnight

Bank

Funding

Rate

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

36

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

247,629,472

$

–

$

–

$

247,629,472

Repurchase

Agreement

–

388,349

–

388,349

Total

Return

Swaps†

–

2,191,006

–

2,191,006

Total

Assets

$

247,629,472

$

2,579,355

$

–

$

250,208,827

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps†

$

–

$

(2,110,326)

$

–

$

(2,110,326)

Total

Liabilities

$

–

$

(2,110,326)

$

–

$

(2,110,326)

Total

$

247,629,472

$

469,029

$

–

$

248,098,501

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

2,191,006

Total

$

2,191,006

Liabilities:

Swap

Contracts†

Equity

risk

Swap

Contracts,

at

value

$

(2,110,326)

Total

$

(2,110,326)

†

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.

38

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

95.9%

Shares

Value

($)

Aerospace

&

Defense

1.8%

Huntington

Ingalls

Industries,

Inc.(a)

16,844

3,487,045

Textron,

Inc.(a)

37,600

2,655,688

6,142,733

Air

Freight

&

Logistics

0.5%

FedEx

Corp.(a)

7,100

1,622,279

Automobile

Components

2.1%

Aptiv

plc*(a)

19,900

2,232,581

BorgWarner,

Inc.

82,829

4,067,732

Cie

Generale

des

Etablissements

Michelin

SCA

24,529

750,779

7,051,092

Banks

3.0%

Capitol

Federal

Financial,

Inc.

(a)

47,089

316,909

First

Citizens

BancShares,

Inc.,

Class

A

1,889

1,838,186

First

Hawaiian,

Inc.(a)

59,306

1,223,483

Huntington

Bancshares,

Inc.

62,000

694,400

Prosperity

Bancshares,

Inc.

49,194

3,026,415

Truist

Financial

Corp.

42,813

1,459,923

US

Bancorp

21,276

767,000

Westamerica

Bancorp

7,850

347,755

Zions

Bancorp

NA

20,700

619,551

10,293,622

Beverages

0.5%

Molson

Coors

Beverage

Co.,

Class

B

34,826

1,799,808

Building

Products

1.5%

Builders

FirstSource,

Inc.*

8,900

790,142

Carrier

Global

Corp.

30,200

1,381,650

Cie

de

Saint-Gobain

22,402

1,275,518

Owens

Corning

17,100

1,638,180

5,085,490

Capital

Markets

3.2%

Ameriprise

Financial,

Inc.

1,136

348,184

Bank

of

New

York

Mellon

Corp.

(The)

97,061

4,410,452

Northern

Trust

Corp.

33,931

2,990,339

T.

Rowe

Price

Group,

Inc.(a)

29,342

3,312,712

11,061,687

Chemicals

2.4%

Akzo

Nobel

NV

16,276

1,270,378

Axalta

Coating

Systems

Ltd.*

30,043

910,003

Mosaic

Co.

(The)(a)

25,500

1,169,940

Olin

Corp.

25,100

1,393,050

RPM

International,

Inc.

15,100

1,317,324

Westlake

Corp.(a)

18,000

2,087,640

8,148,335

Commercial

Services

&

Supplies

0.6%

Republic

Services,

Inc.

14,947

2,021,133

Communications

Equipment

1.1%

F5,

Inc.*

8,127

1,184,023

Juniper

Networks,

Inc.

23,496

808,732

Common

Stocks

Shares

Value

($)

Communications

Equipment

Motorola

Solutions,

Inc.

5,900

1,688,167

3,680,922

Construction

&

Engineering

0.3%

Vinci

SA

8,297

952,077

Consumer

Finance

0.4%

Ally

Financial,

Inc.

48,193

1,228,440

Consumer

Staples

Distribution

&

Retail

2.4%

Dollar

Tree,

Inc.*(a)

24,163

3,468,598

Koninklijke

Ahold

Delhaize

NV

62,731

2,145,742

Sysco

Corp.(a)

36,200

2,795,726

8,410,066

Containers

&

Packaging

4.1%

Amcor

plc

96,201

1,094,767

AptarGroup,

Inc.(a)

17,925

2,118,556

Avery

Dennison

Corp.

11,600

2,075,588

Crown

Holdings,

Inc.

23,500

1,943,685

Graphic

Packaging

Holding

Co.

72,420

1,845,986

Packaging

Corp.

of

America(a)

28,957

4,020,100

Sealed

Air

Corp.(a)

10,900

500,419

Sonoco

Products

Co.(a)

8,609

525,149

14,124,250

Distributors

0.5%

LKQ

Corp.

29,155

1,654,838

Diversified

REITs

0.2%

WP

Carey,

Inc.

7,550

584,747

Diversified

Telecommunication

Services

0.5%

Liberty

Global

plc,

Class

A*

92,140

1,796,730

Electric

Utilities

4.3%

Alliant

Energy

Corp.(a)

42,750

2,282,850

Duke

Energy

Corp.

11,493

1,108,730

Edison

International

33,069

2,334,341

Evergy,

Inc.

44,347

2,710,488

Eversource

Energy

6,158

481,925

Exelon

Corp.

23,200

971,848

OGE

Energy

Corp.(a)

50,480

1,901,077

Pinnacle

West

Capital

Corp.(a)

10,430

826,473

Xcel

Energy,

Inc.

34,000

2,292,960

14,910,692

Electrical

Equipment

1.2%

Emerson

Electric

Co.

19,311

1,682,761

Hubbell,

Inc.

5,900

1,435,529

Legrand

SA

5,063

463,109

nVent

Electric

plc

15,986

686,439

4,267,838

Electronic

Equipment,

Instruments

&

Components

2.5%

Amphenol

Corp.,

Class

A

28,200

2,304,504

Corning,

Inc.

15,083

532,128

Flex

Ltd.*

134,500

3,094,845

TE

Connectivity

Ltd.

8,626

1,131,300

Vontier

Corp.

50,824

1,389,528

8,452,305

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.

37,760

1,089,754

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Entertainment

1.0%

Electronic

Arts,

Inc.

4,592

553,106

Live

Nation

Entertainment,

Inc.*(a)

21,000

1,470,000

Warner

Bros

Discovery,

Inc.*

96,040

1,450,204

3,473,310

Financial

Services

1.8%

Fidelity

National

Information

Services,

Inc.

9,300

505,269

FleetCor

Technologies,

Inc.*

9,240

1,948,254

Global

Payments,

Inc.

35,000

3,683,400

6,136,923

Food

Products

2.1%

Conagra

Brands,

Inc.

55,975

2,102,421

J

M

Smucker

Co.

(The)

5,714

899,212

Kraft

Heinz

Co.

(The)(a)

2,580

99,769

Post

Holdings,

Inc.*(a)

22,360

2,009,493

Tyson

Foods,

Inc.,

Class

A

34,700

2,058,404

7,169,299

Gas

Utilities

1.1%

Atmos

Energy

Corp.(a)

4,808

540,227

National

Fuel

Gas

Co.(a)

11,700

675,558

Spire,

Inc.(a)

29,145

2,044,230

UGI

Corp.(a)

13,995

486,466

3,746,481

Ground

Transportation

1.1%

Heartland

Express,

Inc.(a)

46,337

737,685

JB

Hunt

Transport

Services,

Inc.(a)

9,000

1,579,140

Landstar

System,

Inc.(a)

8,600

1,541,636

3,858,461

Health

Care

Equipment

&

Supplies

4.4%

Baxter

International,

Inc.

6,866

278,485

Becton

Dickinson

&

Co.

1,897

469,583

Cooper

Cos.,

Inc.

(The)(a)

7,175

2,678,858

Dentsply

Sirona,

Inc.(a)

19,399

761,993

Embecta

Corp.(a)

24,439

687,225

Envista

Holdings

Corp.*(a)

17,048

696,922

Hologic,

Inc.*

32,412

2,615,649

Koninklijke

Philips

NV,

ADR-NL

86,420

1,585,807

Zimmer

Biomet

Holdings,

Inc.

(a)

40,096

5,180,403

14,954,925

Health

Care

Providers

&

Services

5.0%

AmerisourceBergen

Corp.

20,872

3,341,816

Cardinal

Health,

Inc.

9,337

704,943

Centene

Corp.*

31,339

1,980,938

Henry

Schein,

Inc.*

22,817

1,860,498

Laboratory

Corp.

of

America

Holdings

12,512

2,870,503

Molina

Healthcare,

Inc.*

4,250

1,136,833

Quest

Diagnostics,

Inc.(a)

27,544

3,896,925

Universal

Health

Services,

Inc.,

Class

B

11,670

1,483,257

17,275,713

Health

Care

REITs

0.4%

Healthpeak

Properties,

Inc.

60,443

1,327,933

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.9%

Darden

Restaurants,

Inc.

10,100

1,567,116

Hilton

Worldwide

Holdings,

Inc.

9,850

1,387,569

Sodexo

SA

9,083

887,355

Yum!

Brands,

Inc.

19,400

2,562,352

6,404,392

Household

Durables

0.3%

Newell

Brands,

Inc.(a)

88,400

1,099,696

Household

Products

0.8%

Henkel

AG

&

Co.

KGaA

(Preference)

14,004

1,094,347

Kimberly-Clark

Corp.

11,140

1,495,211

2,589,558

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Vistra

Corp.(a)

73,442

1,762,608

Insurance

7.9%

Aflac,

Inc.

12,395

799,726

Allstate

Corp.

(The)

47,430

5,255,718

American

Financial

Group,

Inc.

17,100

2,077,650

Arch

Capital

Group

Ltd.*

22,040

1,495,855

Chubb

Ltd.

784

152,237

Everest

Re

Group

Ltd.

6,500

2,327,130

Fidelity

National

Financial,

Inc.

37,038

1,293,737

Hanover

Insurance

Group,

Inc.

(The)

6,751

867,504

Loews

Corp.

12,657

734,359

Markel

Corp.*

1,480

1,890,567

Old

Republic

International

Corp.(a)

125,460

3,132,736

Progressive

Corp.

(The)

16,250

2,324,725

Reinsurance

Group

of

America,

Inc.(a)

7,783

1,033,271

W

R

Berkley

Corp.

20,300

1,263,878

Willis

Towers

Watson

plc

10,997

2,555,483

27,204,576

Interactive

Media

&

Services

0.5%

IAC,

Inc.*

30,340

1,565,544

IT

Services

0.7%

Amdocs

Ltd.

12,603

1,210,266

DXC

Technology

Co.*

51,600

1,318,896

2,529,162

Life

Sciences

Tools

&

Services

0.7%

Bio-Rad

Laboratories,

Inc.,

Class

A*

4,700

2,251,394

Machinery

4.7%

AGCO

Corp.

13,349

1,804,785

CNH

Industrial

NV(a)

49,800

760,446

Cummins,

Inc.

2,457

586,928

IMI

plc

39,073

739,807

Lincoln

Electric

Holdings,

Inc.

(a)

8,550

1,445,805

Middleby

Corp.

(The)*(a)

15,900

2,331,099

Oshkosh

Corp.(a)

38,497

3,202,180

Parker-Hannifin

Corp.

4,025

1,352,843

Toro

Co.

(The)

18,500

2,056,460

40

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Machinery

Xylem,

Inc.

17,300

1,811,310

16,091,663

Media

3.0%

Altice

USA,

Inc.,

Class

A*

155,020

530,169

DISH

Network

Corp.,

Class

A*(a)

112,960

1,053,917

Fox

Corp.,

Class

A(a)

35,540

1,210,137

Fox

Corp.,

Class

B

41,620

1,303,122

Liberty

Broadband

Corp.,

Class

C*

26,563

2,170,197

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C*

71,900

2,012,481

News

Corp.,

Class

A

82,600

1,426,502

Omnicom

Group,

Inc.(a)

7,798

735,663

10,442,188

Metals

&

Mining

1.6%

Cleveland-Cliffs,

Inc.*

33,674

617,244

Franco-Nevada

Corp.

14,300

2,084,940

Reliance

Steel

&

Aluminum

Co.(a)

5,600

1,437,744

United

States

Steel

Corp.(a)

45,740

1,193,814

5,333,742

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

Annaly

Capital

Management,

Inc.(a)

62,729

1,198,751

Multi-Utilities

1.9%

CenterPoint

Energy,

Inc.

57,780

1,702,199

Dominion

Energy,

Inc.(a)

18,200

1,017,562

NiSource,

Inc.

78,420

2,192,623

NorthWestern

Corp.

29,040

1,680,254

6,592,638

Office

REITs

1.1%

Alexandria

Real

Estate

Equities,

Inc.(a)

18,900

2,373,651

JBG

SMITH

Properties

83,808

1,262,148

3,635,799

Oil,

Gas

&

Consumable

Fuels

4.1%

Chesapeake

Energy

Corp.

16,820

1,278,993

Coterra

Energy,

Inc.(a)

77,375

1,898,782

Devon

Energy

Corp.

47,530

2,405,493

Diamondback

Energy,

Inc.(a)

12,825

1,733,555

EQT

Corp.(a)

49,593

1,582,513

HF

Sinclair

Corp.

20,640

998,563

Kinder

Morgan,

Inc.(a)

104,000

1,821,040

Phillips

66

3,029

307,080

Williams

Cos.,

Inc.

(The)

67,060

2,002,412

14,028,431

Paper

&

Forest

Products

0.3%

Louisiana-Pacific

Corp.

17,800

964,938

Passenger

Airlines

1.0%

Alaska

Air

Group,

Inc.*(a)

44,525

1,868,269

Southwest

Airlines

Co.

52,380

1,704,445

3,572,714

Pharmaceuticals

0.8%

Organon

&

Co.

32,140

755,933

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Perrigo

Co.

plc

58,420

2,095,525

2,851,458

Professional

Services

2.6%

Clarivate

plc*

76,100

714,579

Genpact

Ltd.

51,600

2,384,952

Leidos

Holdings,

Inc.

23,100

2,126,586

ManpowerGroup,

Inc.

17,000

1,403,010

Maximus,

Inc.(a)

30,300

2,384,610

9,013,737

Residential

REITs

1.8%

American

Homes

4

Rent,

Class

A(a)

41,600

1,308,320

Camden

Property

Trust

15,900

1,666,956

Equity

LifeStyle

Properties,

Inc.

29,900

2,007,187

Essex

Property

Trust,

Inc.(a)

5,290

1,106,351

6,088,814

Retail

REITs

1.4%

National

Retail

Properties,

Inc.

49,000

2,163,350

Realty

Income

Corp.

23,793

1,506,573

Regency

Centers

Corp.

21,461

1,312,984

4,982,907

Semiconductors

&

Semiconductor

Equipment

1.4%

Applied

Materials,

Inc.

1,913

234,974

MKS

Instruments,

Inc.(a)

21,700

1,923,054

Skyworks

Solutions,

Inc.

20,300

2,394,994

Teradyne,

Inc.(a)

2,763

297,050

4,850,072

Specialized

REITs

1.7%

Equinix,

Inc.

1,138

820,544

Gaming

and

Leisure

Properties,

Inc.

23,140

1,204,668

Lamar

Advertising

Co.,

Class

A

24,825

2,479,769

Public

Storage

3,420

1,033,319

VICI

Properties,

Inc.

3,781

123,336

Weyerhaeuser

Co.

9,111

274,515

5,936,151

Specialty

Retail

1.5%

Advance

Auto

Parts,

Inc.

14,288

1,737,564

Ross

Stores,

Inc.(a)

32,140

3,411,018

5,148,582

Technology

Hardware,

Storage

&

Peripherals

1.7%

Hewlett

Packard

Enterprise

Co.

89,000

1,417,770

HP,

Inc.

32,159

943,867

Western

Digital

Corp.*

91,905

3,462,061

5,823,698

Textiles,

Apparel

&

Luxury

Goods

0.7%

Ralph

Lauren

Corp.(a)

10,500

1,225,035

Tapestry,

Inc.(a)

28,700

1,237,257

2,462,292

Trading

Companies

&

Distributors

0.7%

Beacon

Roofing

Supply,

Inc.*(a)

13,308

783,176

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

19,825

1,665,300

2,448,476

Total

Common

Stocks

(cost

$309,947,831)

329,195,864

Exchange

Traded

Fund

0.7%

Equity

Fund

0.7%

iShares

Russell

Mid-Cap

Value

ETF(a)

23,594

2,505,683

Total

Exchange

Traded

Fund

(cost

$2,459,026)

2,505,683

Master

Limited

Partnership

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Enterprise

Products

Partners

LP

54,676

1,416,108

Total

Master

Limited

Partnership

(cost  $1,335,894)

1,416,108

Repurchase

Agreements

6.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$15,991,646,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$16,304,943.(b)

15,985,238

15,985,238

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,013,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$20,985,238)

20,985,238

Total

Investments

(cost

$334,727,989)

—

103.1%

354,102,893

Liabilities

in

excess

of

other

assets

—

(3.1)%

(10,665,997)

NET

ASSETS

—

100.0%

$

343,436,896

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$63,915,067,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$20,985,238

and

by

$43,417,625

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

4/30/2023

–

11/15/2052,

a

total

value

of

$64,402,863.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$20,985,238.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

NL

Netherlands

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

42

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

EUR

298,405

USD

323,804

JPMorgan

Chase

Bank

6/30/2023

1,436

USD

17,264

GBP

13,949

Bank

of

America

NA

6/30/2023

27

Total

unrealized

appreciation

1,463

USD

7,581,484

EUR

7,017,943

JPMorgan

Chase

Bank

6/30/2023

(67,557)

USD

611,294

GBP

497,517

Bank

of

America

NA

6/30/2023

(3,498)

Total

unrealized

depreciation

(71,055)

Net

unrealized

depreciation

(69,592)

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

44

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

6,142,733

$

–

$

–

$

6,142,733

Air

Freight

&

Logistics

1,622,279

–

–

1,622,279

Automobile

Components

6,300,313

750,779

–

7,051,092

Banks

10,293,622

–

–

10,293,622

Beverages

1,799,808

–

–

1,799,808

Building

Products

3,809,972

1,275,518

–

5,085,490

Capital

Markets

11,061,687

–

–

11,061,687

Chemicals

6,877,957

1,270,378

–

8,148,335

Commercial

Services

&

Supplies

2,021,133

–

–

2,021,133

Communications

Equipment

3,680,922

–

–

3,680,922

Construction

&

En

gineering

–

952,077

–

952,077

Consumer

Finance

1,228,440

–

–

1,228,440

Consumer

Staples

Distribution

&

Retail

6,264,324

2,145,742

–

8,410,066

Containers

&

Packaging

14,124,250

–

–

14,124,250

Distributors

1,654,838

–

–

1,654,838

Diversified

REITs

584,747

–

–

584,747

Diversified

Telecommunication

Services

1,796,730

–

–

1,796,730

Electric

Utilities

14,910,692

–

–

14,910,692

Electrical

Equipment

3,804,729

463,109

–

4,267,838

Electronic

Equipment,

Instruments

&

Components

8,452,305

–

–

8,452,305

Energy

Equipment

&

Services

1,089,754

–

–

1,089,754

Entertainment

3,473,310

–

–

3,473,310

Financial

Services

6,136,923

–

–

6,136,923

Food

Products

7,169,299

–

–

7,169,299

Gas

Utilities

3,746,481

–

–

3,746,481

Ground

Transportation

3,858,461

–

–

3,858,461

Health

Care

Equipment

&

Supplies

14,954,925

–

–

14,954,925

Health

Care

Providers

&

Services

17,275,713

–

–

17,275,713

Health

Care

REITs

1,327,933

–

–

1,327,933

Hotels,

Restaurants

&

Leisure

5,517,037

887,355

–

6,404,392

Household

Durables

1,099,696

–

–

1,099,696

Household

Products

1,495,211

1,094,347

–

2,589,558

Independent

Power

and

Renewable

Electricity

Producers

1,762,608

–

–

1,762,608

Insurance

27,204,576

–

–

27,204,576

Interactive

Media

&

Services

1,565,544

–

–

1,565,544

IT

Services

2,529,162

–

–

2,529,162

Life

Sciences

Tools

&

Services

2,251,394

–

–

2,251,394

Machinery

15,351,856

739,807

–

16,091,663

Media

10,442,188

–

–

10,442,188

Metals

&

Mining

5,333,742

–

–

5,333,742

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1,198,751

–

–

1,198,751

Multi-Utilities

6,592,638

–

–

6,592,638

Office

REITs

3,635,799

–

–

3,635,799

Oil,

Gas

&

Consumable

Fuels

14,028,431

–

–

14,028,431

Paper

&

Forest

Products

964,938

–

–

964,938

Passenger

Airlines

3,572,714

–

–

3,572,714

Pharmaceuticals

2,851,458

–

–

2,851,458

Professional

Services

9,013,737

–

–

9,013,737

Residential

REITs

6,088,814

–

–

6,088,814

Retail

REITs

4,982,907

–

–

4,982,907

Semiconductors

&

Semiconductor

Equipment

4,850,072

–

–

4,850,072

Specialized

REITs

5,936,151

–

–

5,936,151

Specialty

Retail

5,148,582

–

–

5,148,582

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Level

1

Level

2

Level

3

Total

Assets:

Technology

Hardware,

Storage

&

Peripherals

$

5,823,698

$

–

$

–

$

5,823,698

Textiles,

Apparel

&

Luxury

Goods

2,462,292

–

–

2,462,292

Trading

Companies

&

Distributors

2,448,476

–

–

2,448,476

Total

Common

Stocks

$

319,616,752

$

9,579,112

$

–

$

329,195,864

Exchange

Traded

Fund

2,505,683

–

–

2,505,683

Forward

Foreign

Currency

Contracts

–

1,463

–

1,463

Master

Limited

Partnership

1,416,108

–

–

1,416,108

Repurchase

Agreements

–

20,985,238

–

20,985,238

Total

Assets

$

323,538,543

$

30,565,813

$

–

$

354,104,356

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(71,055)

$

–

$

(71,055)

Total

Liabilities

$

–

$

(71,055)

$

–

$

(71,055)

Total

$

323,538,543

$

30,494,758

$

–

$

354,033,301

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

1,463

Total

$

1,463

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(71,055)

Total

$

(71,055)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

46

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

97.4%

Shares

Value

($)

Aerospace

&

Defense

2.1%

Curtiss-Wright

Corp.

9,930

1,750,262

Hexcel

Corp.(a)

10,610

724,132

2,474,394

Automobile

Components

1.9%

Fox

Factory

Holding

Corp.*(a)

4,718

572,624

Patrick

Industries,

Inc.

2,471

170,029

Visteon

Corp.*

9,620

1,508,705

2,251,358

Banks

0.4%

Synovus

Financial

Corp.

7,370

227,217

Triumph

Financial,

Inc.*

4,292

249,194

476,411

Beverages

1.7%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

669

219,900

Celsius

Holdings,

Inc.*(a)

13,842

1,286,476

MGP

Ingredients,

Inc.(a)

5,461

528,188

2,034,564

Biotechnology

5.1%

Alkermes

plc*

10,798

304,396

Apellis

Pharmaceuticals,

Inc.*(a)

8,247

543,972

Bioxcel

Therapeutics,

Inc.*(a)

3,891

72,606

Blueprint

Medicines

Corp.*

5,892

265,081

Celldex

Therapeutics,

Inc.*

3,887

139,854

Crinetics

Pharmaceuticals,

Inc.*

8,902

142,966

Cytokinetics,

Inc.*(a)

13,084

460,426

Denali

Therapeutics,

Inc.*

8,315

191,578

Geron

Corp.*

57,631

125,059

Halozyme

Therapeutics,

Inc.*(a)

22,872

873,482

ImmunoGen,

Inc.*

42,627

163,688

Intellia

Therapeutics,

Inc.*

3,561

132,718

IVERIC

bio,

Inc.*(a)

20,436

497,208

Karuna

Therapeutics,

Inc.*(a)

3,327

604,316

Kymera

Therapeutics,

Inc.*

4,384

129,898

Morphic

Holding,

Inc.*

5,036

189,555

PTC

Therapeutics,

Inc.*

3,709

179,664

REVOLUTION

Medicines,

Inc.*

8,797

190,543

Sage

Therapeutics,

Inc.*

4,363

183,072

Syndax

Pharmaceuticals,

Inc.*(a)

8,032

169,636

Vaxcyte,

Inc.*

7,166

268,582

Veracyte,

Inc.*

6,718

149,811

Zentalis

Pharmaceuticals,

Inc.*

6,537

112,436

6,090,547

Building

Products

0.7%

AZEK

Co.,

Inc.

(The)*(a)

10,402

244,863

Zurn

Elkay

Water

Solutions

Corp.

27,675

591,138

836,001

Capital

Markets

2.1%

Evercore,

Inc.,

Class

A

5,830

672,665

Hamilton

Lane,

Inc.,

Class

A

18,718

1,384,758

Common

Stocks

Shares

Value

($)

Capital

Markets

Stifel

Financial

Corp.

7,263

429,171

2,486,594

Chemicals

2.8%

Axalta

Coating

Systems

Ltd.*

17,417

527,561

Cabot

Corp.(a)

7,355

563,687

Ingevity

Corp.*(a)

3,575

255,684

Livent

Corp.*(a)

55,337

1,201,920

Olin

Corp.

14,525

806,137

3,354,989

Commercial

Services

&

Supplies

2.7%

Casella

Waste

Systems,

Inc.,

Class

A*

17,277

1,428,117

Clean

Harbors,

Inc.*

11,984

1,708,439

Tetra

Tech,

Inc.

807

118,556

3,255,112

Communications

Equipment

0.1%

Lumentum

Holdings,

Inc.*(a)

2,662

143,775

Construction

&

Engineering

4.0%

Ameresco,

Inc.,

Class

A*

4,204

206,921

Comfort

Systems

USA,

Inc.

6,292

918,380

EMCOR

Group,

Inc.

2,273

369,567

Fluor

Corp.*(a)

9,776

302,176

Valmont

Industries,

Inc.

4,164

1,329,482

WillScot

Mobile

Mini

Holdings

Corp.*

35,889

1,682,477

4,809,003

Consumer

Staples

Distribution

&

Retail

1.1%

Performance

Food

Group

Co.*

20,996

1,266,899

Containers

&

Packaging

0.6%

Graphic

Packaging

Holding

Co.

30,260

771,327

Diversified

Consumer

Services

0.7%

Duolingo,

Inc.*(a)

6,297

897,889

Electrical

Equipment

1.2%

Atkore,

Inc.*(a)

4,090

574,563

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

33,236

757,448

Stem,

Inc.*

25,452

144,313

1,476,324

Electronic

Equipment,

Instruments

&

Components

3.3%

Badger

Meter,

Inc.

3,261

397,255

Fabrinet*

5,160

612,802

Insight

Enterprises,

Inc.*

4,845

692,641

Littelfuse,

Inc.

1,057

283,371

Novanta,

Inc.*

11,971

1,904,466

3,890,535

Energy

Equipment

&

Services

1.2%

Cactus,

Inc.,

Class

A

4,803

198,028

Helmerich

&

Payne,

Inc.(a)

9,766

349,135

TechnipFMC

plc*

31,979

436,513

Weatherford

International

plc*

6,967

413,491

1,397,167

Entertainment

0.6%

World

Wrestling

Entertainment,

Inc.,

Class

A

7,606

694,124

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Financial

Services

1.0%

MGIC

Investment

Corp.

31,494

422,650

Shift4

Payments,

Inc.,

Class

A*

3,991

302,518

WEX,

Inc.*

2,251

413,936

1,139,104

Food

Products

1.2%

Freshpet,

Inc.*(a)

5,068

335,451

Lancaster

Colony

Corp.(a)

1,987

403,122

Simply

Good

Foods

Co.

(The)*(a)

8,357

332,358

Sovos

Brands,

Inc.*

24,182

403,356

1,474,287

Ground

Transportation

0.7%

Saia,

Inc.*(a)

3,081

838,278

Health

Care

Equipment

&

Supplies

7.2%

AtriCure,

Inc.*(a)

11,101

460,136

Axonics,

Inc.*

18,194

992,665

Glaukos

Corp.*

6,588

330,059

Globus

Medical,

Inc.,

Class

A*

4,777

270,569

Haemonetics

Corp.*

5,928

490,542

Inari

Medical,

Inc.*(a)

12,915

797,372

Inspire

Medical

Systems,

Inc.*(a)

7,743

1,812,404

Integra

LifeSciences

Holdings

Corp.*

7,430

426,556

iRhythm

Technologies,

Inc.*(a)

3,567

442,415

Lantheus

Holdings,

Inc.*

2,600

214,656

Omnicell,

Inc.*

4,715

276,629

QuidelOrtho

Corp.*

2,175

193,771

Shockwave

Medical,

Inc.*

6,940

1,504,800

Silk

Road

Medical,

Inc.*

6,759

264,480

TransMedics

Group,

Inc.*

2,523

191,067

8,668,121

Health

Care

Providers

&

Services

3.5%

Acadia

Healthcare

Co.,

Inc.*

11,666

842,868

Amedisys,

Inc.*

1,657

121,872

Encompass

Health

Corp.

14,641

792,078

HealthEquity,

Inc.*

6,546

384,316

Option

Care

Health,

Inc.*

22,499

714,793

Owens

&

Minor,

Inc.*

9,403

136,814

Privia

Health

Group,

Inc.*(a)

15,506

428,121

Surgery

Partners,

Inc.*(a)

22,294

768,474

4,189,336

Health

Care

Technology

0.5%

Evolent

Health,

Inc.,

Class

A*

19,313

626,707

Hotel

&

Resort

REITs

0.2%

Ryman

Hospitality

Properties,

Inc.

2,784

249,808

Hotels,

Restaurants

&

Leisure

4.6%

Churchill

Downs,

Inc.(a)

1,790

460,119

DraftKings,

Inc.,

Class

A*

14,816

286,838

Penn

Entertainment,

Inc.*

9,360

277,617

Planet

Fitness,

Inc.,

Class

A*

10,407

808,312

Red

Rock

Resorts,

Inc.,

Class

A

25,084

1,117,994

Texas

Roadhouse,

Inc.

7,412

800,941

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Wingstop,

Inc.

9,286

1,704,724

5,456,545

Household

Durables

0.6%

Taylor

Morrison

Home

Corp.,

Class

A*

18,696

715,309

Insurance

1.4%

Hanover

Insurance

Group,

Inc.

(The)

1,497

192,364

James

River

Group

Holdings

Ltd.(a)

8,312

171,643

Kinsale

Capital

Group,

Inc.

4,341

1,302,951

1,666,958

Interactive

Media

&

Services

0.4%

Bumble,

Inc.,

Class

A*

11,712

228,970

Ziff

Davis,

Inc.*

3,847

300,258

529,228

IT

Services

0.9%

DigitalOcean

Holdings,

Inc.*

5,350

209,560

Grid

Dynamics

Holdings,

Inc.*

6,472

74,169

Perficient,

Inc.*

5,620

405,708

Squarespace,

Inc.,

Class

A*

10,699

339,907

1,029,344

Leisure

Products

0.5%

YETI

Holdings,

Inc.*(a)

13,896

555,840

Life

Sciences

Tools

&

Services

1.7%

10X

Genomics,

Inc.,

Class

A*(a)

7,295

406,988

Cytek

Biosciences,

Inc.*

16,584

152,407

Medpace

Holdings,

Inc.*

4,335

815,197

Repligen

Corp.*(a)

3,682

619,901

1,994,493

Machinery

2.9%

Chart

Industries,

Inc.*(a)

6,431

806,447

Esab

Corp.(a)

6,578

388,563

Hillman

Solutions

Corp.*

31,372

264,152

ITT,

Inc.

4,821

416,052

John

Bean

Technologies

Corp.

(a)

4,899

535,412

RBC

Bearings,

Inc.*(a)

2,458

572,050

SPX

Technologies,

Inc.*(a)

6,403

451,924

3,434,600

Metals

&

Mining

0.9%

ATI,

Inc.*(a)

19,818

782,018

Commercial

Metals

Co.

7,142

349,244

1,131,262

Oil,

Gas

&

Consumable

Fuels

3.8%

Chord

Energy

Corp.(a)

3,903

525,344

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

25,023

547,503

Matador

Resources

Co.(a)

20,186

961,863

New

Fortress

Energy,

Inc.(a)

6,362

187,234

Ovintiv,

Inc.(a)

6,847

247,040

PBF

Energy,

Inc.,

Class

A(a)

11,391

493,914

PDC

Energy,

Inc.(a)

19,229

1,234,117

48

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

SM

Energy

Co.

13,141

370,050

4,567,065

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

4,357

236,193

Personal

Care

Products

1.3%

Beauty

Health

Co.

(The)*

23,441

296,060

elf

Beauty,

Inc.*

16,004

1,317,929

1,613,989

Pharmaceuticals

1.4%

Aclaris

Therapeutics,

Inc.*

12,922

104,539

Harmony

Biosciences

Holdings,

Inc.*

5,816

189,892

Intra-Cellular

Therapies,

Inc.*

17,124

927,265

Revance

Therapeutics,

Inc.*(a)

9,134

294,206

Ventyx

Biosciences,

Inc.*

3,889

130,282

1,646,184

Professional

Services

5.2%

ASGN,

Inc.*

4,314

356,638

CACI

International,

Inc.,

Class

A*

1,630

482,937

Concentrix

Corp.(a)

1,406

170,899

ExlService

Holdings,

Inc.*

10,115

1,636,911

Exponent,

Inc.

3,103

309,338

Insperity,

Inc.

4,627

562,412

KBR,

Inc.(a)

20,787

1,144,324

Verra

Mobility

Corp.*

34,624

585,838

WNS

Holdings

Ltd.,

ADR-IN*

10,888

1,014,435

6,263,732

Retail

REITs

0.6%

Agree

Realty

Corp.(a)

3,766

258,385

Phillips

Edison

&

Co.,

Inc.

13,575

442,817

701,202

Semiconductors

&

Semiconductor

Equipment

8.4%

Allegro

MicroSystems,

Inc.*

14,244

683,570

Axcelis

Technologies,

Inc.*

10,243

1,364,880

Cirrus

Logic,

Inc.*

2,943

321,905

Diodes,

Inc.*

6,330

587,171

Impinj,

Inc.*(a)

14,075

1,907,444

Lattice

Semiconductor

Corp.*

19,807

1,891,568

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

9,101

644,715

MKS

Instruments,

Inc.

3,173

281,191

Power

Integrations,

Inc.

10,635

900,146

Rambus,

Inc.*

2,866

146,911

Silicon

Laboratories,

Inc.*(a)

7,330

1,283,410

10,012,911

Software

8.0%

Alarm.com

Holdings,

Inc.*

7,145

359,251

Altair

Engineering,

Inc.,

Class

A*(a)

5,436

391,990

Blackbaud,

Inc.*

5,568

385,862

Ceridian

HCM

Holding,

Inc.*

2,944

215,560

CyberArk

Software

Ltd.*

4,570

676,269

EngageSmart,

Inc.*

19,237

370,312

Five9,

Inc.*

3,509

253,666

Gitlab,

Inc.,

Class

A*(a)

6,874

235,709

Guidewire

Software,

Inc.*(a)

4,017

329,595

Common

Stocks

Shares

Value

($)

Software

HashiCorp,

Inc.,

Class

A*

6,679

195,628

Manhattan

Associates,

Inc.*

14,016

2,170,377

Paylocity

Holding

Corp.*

3,593

714,216

PowerSchool

Holdings,

Inc.,

Class

A*

10,348

205,097

Rapid7,

Inc.*

4,415

202,693

Samsara,

Inc.,

Class

A*

19,692

388,326

Smartsheet,

Inc.,

Class

A*(a)

17,712

846,634

Sprout

Social,

Inc.,

Class

A*(a)

20,606

1,254,493

Workiva,

Inc.*

3,997

409,333

9,605,011

Specialized

REITs

0.3%

Outfront

Media,

Inc.(a)

21,832

354,333

Specialty

Retail

1.4%

Academy

Sports

&

Outdoors,

Inc.

13,601

887,466

Boot

Barn

Holdings,

Inc.*

10,566

809,778

1,697,244

Technology

Hardware,

Storage

&

Peripherals

0.2%

Super

Micro

Computer,

Inc.*(a)

2,172

231,427

Textiles,

Apparel

&

Luxury

Goods

3.6%

Crocs,

Inc.*

12,326

1,558,499

Deckers

Outdoor

Corp.*

2,610

1,173,326

On

Holding

AG,

Class

A*(a)

13,120

407,114

Oxford

Industries,

Inc.(a)

10,704

1,130,235

4,269,174

Trading

Companies

&

Distributors

2.5%

Applied

Industrial

Technologies,

Inc.

8,723

1,239,800

Boise

Cascade

Co.

3,141

198,668

H&E

Equipment

Services,

Inc.

18,937

837,584

Herc

Holdings,

Inc.

4,796

546,264

Rush

Enterprises,

Inc.,

Class

A

4,192

228,883

3,051,199

Total

Common

Stocks

(cost

$95,470,283)

116,555,897

Exchange

Traded

Fund

0.4%

Equity

Fund

0.4%

iShares

Russell

2000

Growth

ETF(a)

2,094

474,961

Total

Exchange

Traded

Fund

(cost

$426,540)

474,961

Repurchase

Agreements

2.0%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$86,082,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$87,768.(b)

86,047

86,047

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$400,161,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

3/31/2025

-

9/30/2025;

total

market

value

$408,000.(b)

400,000

400,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,468,546,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$1,497,316.

(b)

1,467,957

1,467,957

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$400,162,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$408,000.(b)

400,000

400,000

Total

Repurchase

Agreements

(cost

$2,354,004)

2,354,004

Total

Investments

(cost

$98,250,827)

—

99.8%

119,384,862

Other

assets

in

excess

of

liabilities

—

0.2%

216,899

NET

ASSETS

—

100.0%

$

119,601,761

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$32,031,340,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,354,004

and

by

$25,936,929

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$28,290,933.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$2,354,004.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

IN

India

REIT

Real

Estate

Investment

Trust

50

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

116,555,897

$

–

$

–

$

116,555,897

Exchange

Traded

Fund

474,961

–

–

474,961

Repurchase

Agreements

–

2,354,004

–

2,354,004

Total

$

117,030,858

$

2,354,004

$

–

$

119,384,862

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

52

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

97.4%

Shares

Value

($)

Aerospace

&

Defense

0.6%

AerSale

Corp.*

7,222

124,363

Astronics

Corp.*

12,244

163,580

Kaman

Corp.

8,499

194,287

Parsons

Corp.*(a)

17,244

771,496

1,253,726

Air

Freight

&

Logistics

0.1%

Radiant

Logistics,

Inc.*

15,888

104,225

Automobile

Components

3.8%

Adient

plc*

20,440

837,223

American

Axle

&

Manufacturing

Holdings,

Inc.*

114,416

893,589

Dana,

Inc.

58,904

886,505

Dorman

Products,

Inc.*(a)

33,600

2,898,336

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

134,314

1,480,140

Lear

Corp.(a)

3,996

557,402

7,553,195

Banks

8.2%

1st

Source

Corp.

1,590

68,609

Amalgamated

Financial

Corp.

(a)

8,513

150,595

American

National

Bankshares,

Inc.

1,100

34,870

Associated

Banc-Corp.

76,794

1,380,756

Atlantic

Union

Bankshares

Corp.(a)

4,410

154,570

Banc

of

California,

Inc.

27,143

340,102

Bank

of

Marin

Bancorp

3,540

77,491

BankUnited,

Inc.

20,860

471,019

Bankwell

Financial

Group,

Inc.

1,398

34,754

Banner

Corp.

7,314

397,662

BCB

Bancorp,

Inc.

3,196

41,963

Berkshire

Hills

Bancorp,

Inc.(a)

18,504

463,710

Bridgewater

Bancshares,

Inc.*

1,334

14,461

Business

First

Bancshares,

Inc.

1,373

23,519

Byline

Bancorp,

Inc.

3,301

71,368

Camden

National

Corp.

1,680

60,799

Capital

Bancorp,

Inc.

3,073

51,135

Capital

City

Bank

Group,

Inc.

3,672

107,626

Capstar

Financial

Holdings,

Inc.

7,212

109,262

Carter

Bankshares,

Inc.*

4,632

64,848

Central

Pacific

Financial

Corp.

26,516

474,636

CNB

Financial

Corp.

2,663

51,130

Community

Trust

Bancorp,

Inc.

6,849

259,920

Customers

Bancorp,

Inc.*

29,086

538,673

Eagle

Bancorp,

Inc.

18,847

630,809

FB

Financial

Corp.

9,159

284,662

Financial

Institutions,

Inc.

6,112

117,839

First

Bancorp

57,007

651,020

First

Bancshares,

Inc.

(The)(a)

100

2,583

First

Business

Financial

Services,

Inc.

801

24,439

First

Commonwealth

Financial

Corp.

7,430

92,355

First

Financial

Corp.

7,221

270,643

Common

Stocks

Shares

Value

($)

Banks

First

Foundation,

Inc.

24,200

180,290

First

Internet

Bancorp

2,632

43,823

First

of

Long

Island

Corp.

(The)

3,925

52,987

First

Savings

Financial

Group,

Inc.

865

13,918

FS

Bancorp,

Inc.

1,120

33,611

Great

Southern

Bancorp,

Inc.

3,899

197,601

Guaranty

Bancshares,

Inc.

3,052

85,059

Hanmi

Financial

Corp.

18,795

349,023

HarborOne

Bancorp,

Inc.(a)

23,385

285,297

HBT

Financial,

Inc.

3,264

64,366

Heartland

Financial

USA,

Inc.

3,358

128,813

Heritage

Commerce

Corp.

3,525

29,363

Heritage

Financial

Corp.

9,886

211,560

Home

Bancorp,

Inc.

843

27,844

HomeStreet,

Inc.

14,602

262,690

HomeTrust

Bancshares,

Inc.

5,589

137,434

Horizon

Bancorp,

Inc.

9,210

101,863

Independent

Bank

Corp.

8,307

147,615

Investar

Holding

Corp.

1,360

18,986

Macatawa

Bank

Corp.

2,488

25,427

Mercantile

Bank

Corp.

2,120

64,830

Metropolitan

Bank

Holding

Corp.*

8,658

293,420

Midland

States

Bancorp,

Inc.

7,844

168,018

MidWestOne

Financial

Group,

Inc.

2,384

58,217

National

Bank

Holdings

Corp.,

Class

A

2,200

73,612

NBT

Bancorp,

Inc.

4,581

154,426

Nicolet

Bankshares,

Inc.*(a)

3,588

226,223

Northfield

Bancorp,

Inc.(a)

6,713

79,079

Northrim

Bancorp,

Inc.

2,505

118,186

OceanFirst

Financial

Corp.

6,546

120,970

OFG

Bancorp

31,207

778,303

Old

Second

Bancorp,

Inc.(a)

5,202

73,140

Pathward

Financial,

Inc.

17,093

709,189

Peapack-Gladstone

Financial

Corp.

5,163

152,928

Preferred

Bank(a)

1,635

89,614

Primis

Financial

Corp.(a)

5,970

57,491

QCR

Holdings,

Inc.

6,533

286,864

RBB

Bancorp

3,770

58,435

S&T

Bancorp,

Inc.

2,174

68,372

Sierra

Bancorp

2,845

48,991

SmartFinancial,

Inc.(a)

3,843

88,927

South

Plains

Financial,

Inc.

2,612

55,923

Southern

First

Bancshares,

Inc.*

1,294

39,726

Southern

Missouri

Bancorp,

Inc.

700

26,187

Texas

Capital

Bancshares,

Inc.*

23,797

1,165,101

Third

Coast

Bancshares,

Inc.*(a)

1,560

24,508

Towne

Bank

3,300

87,945

TrustCo

Bank

Corp.

471

15,044

Trustmark

Corp.(a)

2,700

66,690

UMB

Financial

Corp.

8,064

465,454

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Banks

Veritex

Holdings,

Inc.

9,140

166,896

Western

New

England

Bancorp,

Inc.

360

2,956

Zions

Bancorp

NA

23,142

692,640

16,493,703

Biotechnology

4.6%

2seventy

bio,

Inc.*

16,054

163,751

Adicet

Bio,

Inc.*

4,233

24,382

Agios

Pharmaceuticals,

Inc.*(a)

34,834

800,137

AnaptysBio,

Inc.*(a)

12,300

267,648

ARS

Pharmaceuticals,

Inc.*(a)

26,096

169,885

Atara

Biotherapeutics,

Inc.*

19,000

55,100

BioCryst

Pharmaceuticals,

Inc.*(a)

39,286

327,645

Bluebird

Bio,

Inc.*(a)

19,719

62,706

C4

Therapeutics,

Inc.*

37,989

119,286

Century

Therapeutics,

Inc.*

6,300

21,861

Chimerix,

Inc.*

23,600

29,736

Deciphera

Pharmaceuticals,

Inc.*

17,725

273,851

Dyne

Therapeutics,

Inc.*

23,070

265,766

Emergent

BioSolutions,

Inc.*

67,430

698,575

Enanta

Pharmaceuticals,

Inc.*

15,677

633,978

EQRx,

Inc.*(a)

131,066

254,268

Exelixis,

Inc.*

58,863

1,142,531

FibroGen,

Inc.*

3,350

62,511

Icosavax,

Inc.*(a)

4,147

24,053

Ideaya

Biosciences,

Inc.*

2,700

37,071

Iovance

Biotherapeutics,

Inc.*

47,610

290,897

iTeos

Therapeutics,

Inc.*

17,099

232,717

KalVista

Pharmaceuticals,

Inc.*

400

3,144

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*(a)

15,511

166,898

Kodiak

Sciences,

Inc.*

8,200

50,840

Lyell

Immunopharma,

Inc.*(a)

88,400

208,624

MacroGenics,

Inc.*(a)

8,500

60,945

Mersana

Therapeutics,

Inc.*

1,830

7,521

MiMedx

Group,

Inc.*(a)

6,100

20,801

Nurix

Therapeutics,

Inc.*

14,800

131,424

Precigen,

Inc.*(a)

18,900

20,034

Protagonist

Therapeutics,

Inc.*

5,350

123,050

PTC

Therapeutics,

Inc.*

6,961

337,191

REGENXBIO,

Inc.*

20,953

396,221

Sangamo

Therapeutics,

Inc.*(a)

5,900

10,384

Sutro

Biopharma,

Inc.*

50,017

231,079

Tango

Therapeutics,

Inc.*(a)

17,202

67,948

Travere

Therapeutics,

Inc.*

19,633

441,546

Ultragenyx

Pharmaceutical,

Inc.*

15,530

622,753

Vanda

Pharmaceuticals,

Inc.*

46,955

318,825

9,177,583

Broadline

Retail

1.2%

1stdibs.com,

Inc.*

9,623

38,203

Common

Stocks

Shares

Value

($)

Broadline

Retail

Ollie's

Bargain

Outlet

Holdings,

Inc.*

42,200

2,445,068

2,483,271

Building

Products

3.9%

American

Woodmark

Corp.*

52,900

2,754,503

AZEK

Co.,

Inc.

(The)*(a)

68,000

1,600,720

CSW

Industrials,

Inc.

9,600

1,333,728

Hayward

Holdings,

Inc.*(a)

78,400

918,848

JELD-WEN

Holding,

Inc.*

15,516

196,432

Quanex

Building

Products

Corp.

15,320

329,840

Resideo

Technologies,

Inc.*(a)

39,533

722,663

7,856,734

Capital

Markets

3.4%

Evercore,

Inc.,

Class

A(a)

7,140

823,813

Focus

Financial

Partners,

Inc.,

Class

A*

50,300

2,609,061

StoneX

Group,

Inc.*

5,975

618,592

Virtus

Investment

Partners,

Inc.

14,219

2,707,155

6,758,621

Chemicals

3.0%

AdvanSix,

Inc.

6,662

254,955

American

Vanguard

Corp.

3,651

79,884

Ecovyst,

Inc.*

57,802

638,712

Element

Solutions,

Inc.

209,588

4,047,144

Koppers

Holdings,

Inc.

3,902

136,453

Rayonier

Advanced

Materials,

Inc.*

41,100

257,697

Trinseo

plc(a)

23,361

487,077

Valhi,

Inc.

1,951

33,967

5,935,889

Commercial

Services

&

Supplies

2.6%

BrightView

Holdings,

Inc.*

11,700

65,754

CoreCivic,

Inc.*(a)

123,461

1,135,841

SP

Plus

Corp.*

40,600

1,392,174

Steelcase,

Inc.,

Class

A

34,858

293,504

UniFirst

Corp.(a)

13,350

2,352,671

Viad

Corp.*

3,180

66,271

5,306,215

Communications

Equipment

0.3%

Aviat

Networks,

Inc.*

1,380

47,555

Comtech

Telecommunications

Corp.

12,841

160,256

Inseego

Corp.*(a)

12,854

7,486

KVH

Industries,

Inc.*

3,350

38,123

NETGEAR,

Inc.*

16,345

302,546

Ribbon

Communications,

Inc.*

39,020

133,448

689,414

Construction

&

Engineering

2.9%

API

Group

Corp.*

91,800

2,063,664

Argan,

Inc.

8,438

341,486

EMCOR

Group,

Inc.(a)

16,200

2,633,958

Great

Lakes

Dredge

&

Dock

Corp.*(a)

5,550

30,136

Matrix

Service

Co.*

13,700

73,980

Primoris

Services

Corp.

21,291

525,036

54

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Tutor

Perini

Corp.*

26,288

162,197

5,830,457

Consumer

Finance

2.6%

Encore

Capital

Group,

Inc.*(a)

6,790

342,556

Enova

International,

Inc.*

17,888

794,764

EZCORP,

Inc.,

Class

A*(a)

42,679

367,039

Green

Dot

Corp.,

Class

A*

33,978

583,742

LendingClub

Corp.*

53,619

386,593

Navient

Corp.

83,263

1,331,375

PROG

Holdings,

Inc.*(a)

50,747

1,207,271

Regional

Management

Corp.

1,920

50,093

SLM

Corp.

11,859

146,933

World

Acceptance

Corp.*(a)

1,182

98,449

5,308,815

Consumer

Staples

Distribution

&

Retail

1.7%

Andersons,

Inc.

(The)

18,927

782,064

Grocery

Outlet

Holding

Corp.*(a)

96,534

2,728,051

3,510,115

Diversified

Consumer

Services

1.3%

2U,

Inc.*

66,629

456,408

Adtalem

Global

Education,

Inc.*(a)

18,147

700,837

American

Public

Education,

Inc.*

13,459

72,948

Grand

Canyon

Education,

Inc.*

1,422

161,966

Laureate

Education,

Inc.,

Class

A

60,567

712,268

Perdoceo

Education

Corp.*

34,025

456,956

2,561,383

Diversified

REITs

0.2%

Armada

Hoffler

Properties,

Inc.

(a)

17,138

202,400

CTO

Realty

Growth,

Inc.

12,335

212,902

415,302

Diversified

Telecommunication

Services

0.2%

Bandwidth,

Inc.,

Class

A*

27,702

421,070

Consolidated

Communications

Holdings,

Inc.*

7,700

19,866

440,936

Electric

Utilities

0.5%

ALLETE,

Inc.

4,410

283,872

NRG

Energy,

Inc.(a)

18,335

628,707

912,579

Electrical

Equipment

1.1%

Encore

Wire

Corp.(a)

10,254

1,900,374

Powell

Industries,

Inc.(a)

6,764

288,079

2,188,453

Electronic

Equipment,

Instruments

&

Components

3.1%

Benchmark

Electronics,

Inc.

19,376

459,017

ePlus,

Inc.*

87,100

4,271,384

FARO

Technologies,

Inc.*

8,587

211,326

Itron,

Inc.*(a)

19,080

1,057,986

Ouster,

Inc.*(a)

44,605

37,321

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

ScanSource,

Inc.*

9,268

282,118

6,319,152

Energy

Equipment

&

Services

0.4%

Bristow

Group,

Inc.*

2,000

44,800

National

Energy

Services

Reunited

Corp.*

8,523

44,831

ProFrac

Holding

Corp.,

Class

A*(a)

12,466

157,944

ProPetro

Holding

Corp.*(a)

73,304

527,056

774,631

Entertainment

0.2%

Playtika

Holding

Corp.*

35,736

402,387

Financial

Services

1.1%

Alerus

Financial

Corp.

840

13,482

Jackson

Financial,

Inc.,

Class

A

36,451

1,363,632

Merchants

Bancorp(a)

8,649

225,220

Ocwen

Financial

Corp.*(a)

1,734

47,026

Paysafe

Ltd.*(a)

23,122

399,317

Waterstone

Financial,

Inc.

9,414

142,434

2,191,111

Food

Products

1.3%

Fresh

Del

Monte

Produce,

Inc.

(a)

6,532

196,679

Hain

Celestial

Group,

Inc.

(The)*(a)

18,550

318,132

Lancaster

Colony

Corp.(a)

10,100

2,049,088

2,563,899

Gas

Utilities

0.3%

Northwest

Natural

Holding

Co.(a)

12,204

580,422

Ground

Transportation

3.1%

ArcBest

Corp.

15,617

1,443,323

Covenant

Logistics

Group,

Inc.

16,256

575,788

Landstar

System,

Inc.(a)

17,846

3,199,074

Lyft,

Inc.,

Class

A*(a)

53,027

491,560

TuSimple

Holdings,

Inc.,

Class

A*

48,779

71,705

Werner

Enterprises,

Inc.

10,903

495,978

6,277,428

Health

Care

Equipment

&

Supplies

2.2%

AngioDynamics,

Inc.*

100

1,034

Avanos

Medical,

Inc.*

2,560

76,134

Bioventus,

Inc.,

Class

A*

17,972

19,230

Cue

Health,

Inc.*

4,600

8,372

ICU

Medical,

Inc.*(a)

18,600

3,068,256

Inogen,

Inc.*

11,000

137,280

OraSure

Technologies,

Inc.*

63,902

386,607

Orthofix

Medical,

Inc.*

23,695

396,891

Tactile

Systems

Technology,

Inc.*

8,356

137,206

Zimvie,

Inc.*

27,647

199,888

4,430,898

Health

Care

Providers

&

Services

4.1%

Accolade,

Inc.*

29,509

424,340

Addus

HomeCare

Corp.*

58,884

6,286,456

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Cross

Country

Healthcare,

Inc.*

16,926

377,788

DocGo,

Inc.*(a)

128,100

1,108,065

Owens

&

Minor,

Inc.*

7,324

106,564

8,303,213

Health

Care

Technology

1.2%

Computer

Programs

&

Systems,

Inc.*

11,701

353,370

Health

Catalyst,

Inc.*(a)

75,909

885,858

NextGen

Healthcare,

Inc.*(a)

4,167

72,548

Veradigm,

Inc.*(a)

84,046

1,096,800

2,408,576

Hotel

&

Resort

REITs

3.0%

Apple

Hospitality

REIT,

Inc.

82,389

1,278,677

Chatham

Lodging

Trust

14,712

154,329

Hersha

Hospitality

Trust,

Class

A

37,309

250,717

Pebblebrook

Hotel

Trust(a)

47,487

666,717

RLJ

Lodging

Trust

86,950

921,670

Ryman

Hospitality

Properties,

Inc.

13,485

1,210,009

Sunstone

Hotel

Investors,

Inc.

93,541

924,185

Xenia

Hotels

&

Resorts,

Inc.

53,200

696,388

6,102,692

Hotels,

Restaurants

&

Leisure

2.0%

Bluegreen

Vacations

Holding

Corp.

5,240

143,471

Bowlero

Corp.*(a)

31,750

538,163

SeaWorld

Entertainment,

Inc.*

16,823

1,031,418

Wyndham

Hotels

&

Resorts,

Inc.

34,000

2,306,900

4,019,952

Household

Durables

0.4%

GoPro,

Inc.,

Class

A*

143,267

720,633

Hooker

Furnishings

Corp.

1,624

29,540

Tupperware

Brands

Corp.*(a)

8,100

20,250

Universal

Electronics,

Inc.*

6,349

64,379

VOXX

International

Corp.*(a)

2,184

26,929

861,731

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Infinity

Bio-energy

Ltd.

Reg.

S*^∞

155,500

0

Insurance

5.3%

Ambac

Financial

Group,

Inc.*

29,650

458,982

American

Equity

Investment

Life

Holding

Co.

34,448

1,257,008

Brighthouse

Financial,

Inc.*

7,898

348,381

CNO

Financial

Group,

Inc.

61,352

1,361,401

Donegal

Group,

Inc.,

Class

A

4,395

67,156

Employers

Holdings,

Inc.

16,815

701,017

Enstar

Group

Ltd.*(a)

15,500

3,592,745

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

8,196

76,960

Horace

Mann

Educators

Corp.

3,300

110,484

James

River

Group

Holdings

Ltd.(a)

12,972

267,872

Common

Stocks

Shares

Value

($)

Insurance

Mercury

General

Corp.

1,380

43,801

Oscar

Health,

Inc.,

Class

A*(a)

4,935

32,275

ProAssurance

Corp.

27,520

508,570

Reinsurance

Group

of

America,

Inc.

5,551

736,951

Selectquote,

Inc.*

24,238

52,596

SiriusPoint

Ltd.*

12,779

103,893

Stewart

Information

Services

Corp.

8,487

342,450

United

Fire

Group,

Inc.(a)

7,353

195,222

Universal

Insurance

Holdings,

Inc.(a)

22,026

401,314

10,659,078

Interactive

Media

&

Services

0.2%

DHI

Group,

Inc.*

5,985

23,222

Outbrain,

Inc.*

3,600

14,868

QuinStreet,

Inc.*

22,400

355,488

TrueCar,

Inc.*

43,580

100,234

493,812

IT

Services

0.6%

Rackspace

Technology,

Inc.*(a)

16,202

30,460

Thoughtworks

Holding,

Inc.*(a)

140,300

1,032,608

Unisys

Corp.*

47,591

184,653

1,247,721

Leisure

Products

0.0%

†

American

Outdoor

Brands,

Inc.*

3,614

35,562

Life

Sciences

Tools

&

Services

0.1%

Harvard

Bioscience,

Inc.*(a)

6,200

26,040

PhenomeX,

Inc.*(a)

31,731

36,808

Quanterix

Corp.*

1,500

16,905

Seer,

Inc.*

26,500

102,290

182,043

Machinery

2.5%

AGCO

Corp.

2,450

331,240

Astec

Industries,

Inc.

8,125

335,156

Hillman

Solutions

Corp.*(a)

203,700

1,715,154

Hyster-Yale

Materials

Handling,

Inc.

6,004

299,540

Manitowoc

Co.,

Inc.

(The)*

33,492

572,378

Proto

Labs,

Inc.*

14,700

487,305

REV

Group,

Inc.(a)

17,622

211,288

Trinity

Industries,

Inc.

15,260

371,734

Wabash

National

Corp.

26,567

653,282

4,977,077

Media

0.1%

Cardlytics,

Inc.*(a)

9,823

33,349

Quotient

Technology,

Inc.*

60,212

197,495

230,844

Metals

&

Mining

1.5%

Arconic

Corp.*

3,960

103,871

Ryerson

Holding

Corp.

8,565

311,595

Schnitzer

Steel

Industries,

Inc.,

Class

A

24,079

748,857

SunCoke

Energy,

Inc.

79,084

710,174

56

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Warrior

Met

Coal,

Inc.

32,608

1,197,039

3,071,536

Office

REITs

0.9%

Equity

Commonwealth

59,534

1,232,949

Paramount

Group,

Inc.(a)

22,400

102,144

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

65,888

480,983

1,816,076

Oil,

Gas

&

Consumable

Fuels

1.8%

Chord

Energy

Corp.

—

29

Dorian

LPG

Ltd.

11,615

231,603

PBF

Energy,

Inc.,

Class

A(a)

19,587

849,293

REX

American

Resources

Corp.*

10,353

295,992

Teekay

Tankers

Ltd.,

Class

A*

23,171

994,731

W&T

Offshore,

Inc.*

37,850

192,278

World

Fuel

Services

Corp.(a)

39,586

1,011,422

3,575,348

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.*

14,260

476,569

Sylvamo

Corp.(a)

6,406

296,342

772,911

Personal

Care

Products

2.0%

Edgewell

Personal

Care

Co.(a)

25,132

1,066,099

Herbalife

Nutrition

Ltd.*(a)

9,162

147,508

Inter

Parfums,

Inc.

19,200

2,731,008

Nature's

Sunshine

Products,

Inc.*

3,570

36,450

3,981,065

Pharmaceuticals

0.3%

ANI

Pharmaceuticals,

Inc.*

3,340

132,665

Atea

Pharmaceuticals,

Inc.*

13,200

44,220

Athira

Pharma,

Inc.*

6,500

16,250

Nektar

Therapeutics*(a)

127,900

89,901

NGM

Biopharmaceuticals,

Inc.*(a)

24,900

101,592

Theravance

Biopharma,

Inc.*(a)

13,250

143,762

528,390

Professional

Services

2.6%

Barrett

Business

Services,

Inc.

3,180

281,875

Heidrick

&

Struggles

International,

Inc.

8,227

249,772

Kelly

Services,

Inc.,

Class

A(a)

7,047

116,910

Mistras

Group,

Inc.*

1,100

7,458

Resources

Connection,

Inc.(a)

12,238

208,780

TrueBlue,

Inc.*(a)

22,429

399,236

Verra

Mobility

Corp.*(a)

232,665

3,936,692

5,200,723

Real

Estate

Management

&

Development

1.2%

Cushman

&

Wakefield

plc*(a)

200,734

2,115,736

Douglas

Elliman,

Inc.

27,100

84,281

Forestar

Group,

Inc.*(a)

6,301

98,044

Zillow

Group,

Inc.,

Class

A*

1,962

85,739

2,383,800

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.6%

Cirrus

Logic,

Inc.*(a)

7,034

769,379

Impinj,

Inc.*(a)

2,797

379,049

1,148,428

Software

4.7%

Adeia,

Inc.

58,653

519,666

Blend

Labs,

Inc.,

Class

A*(a)

129,779

129,286

Cerence,

Inc.*(a)

36,836

1,034,723

Consensus

Cloud

Solutions,

Inc.*(a)

7,940

270,675

Dropbox,

Inc.,

Class

A*

35,231

761,694

E2open

Parent

Holdings,

Inc.*

338,200

1,968,324

EverCommerce,

Inc.*(a)

16,433

173,861

Informatica,

Inc.,

Class

A*

20,352

333,773

Jamf

Holding

Corp.*(a)

1,588

30,839

Latch,

Inc.*

1,700

1,295

LiveRamp

Holdings,

Inc.*

24,160

529,829

MeridianLink,

Inc.*(a)

121,989

2,110,410

Nutanix,

Inc.,

Class

A*

30,081

781,805

ON24,

Inc.*

6,096

53,401

PowerSchool

Holdings,

Inc.,

Class

A*

6,080

120,506

SecureWorks

Corp.,

Class

A*

4,792

41,067

SolarWinds

Corp.*

34,999

300,991

Upland

Software,

Inc.*

34,322

147,585

Xperi,

Inc.*

9,808

107,201

9,416,931

Specialty

Retail

3.6%

1-800-Flowers.com,

Inc.,

Class

A*(a)

22,700

261,050

Aaron's

Co.,

Inc.

(The)(a)

29,988

289,684

Abercrombie

&

Fitch

Co.,

Class

A*

36,837

1,022,227

Academy

Sports

&

Outdoors,

Inc.

2,725

177,806

America's

Car-Mart,

Inc.*(a)

30,500

2,415,905

Barnes

&

Noble

Education,

Inc.*

12,359

18,786

Citi

Trends,

Inc.*

10,064

191,417

Genesco,

Inc.*

5,939

219,030

Lands'

End,

Inc.*(a)

17,600

171,072

Leslie's,

Inc.*(a)

208,000

2,290,080

Tilly's,

Inc.,

Class

A*(a)

23,750

183,113

7,240,170

Technology

Hardware,

Storage

&

Peripherals

0.9%

Avid

Technology,

Inc.*(a)

13,540

433,009

Diebold

Nixdorf,

Inc.*(a)

12,200

14,640

Quantum

Corp.*

9,600

11,040

Xerox

Holdings

Corp.(a)

88,086

1,356,525

1,815,214

Textiles,

Apparel

&

Luxury

Goods

0.2%

Movado

Group,

Inc.(a)

4,514

129,868

Unifi,

Inc.*

9,616

78,563

Vera

Bradley,

Inc.*

19,334

115,810

324,241

Tobacco

0.0%

†

Vector

Group

Ltd.(a)

549

6,594

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

2.7%

Alta

Equipment

Group,

Inc.

7,610

120,619

Beacon

Roofing

Supply,

Inc.*(a)

50,400

2,966,040

Boise

Cascade

Co.

21,220

1,342,165

NOW,

Inc.*

57,015

635,717

Titan

Machinery,

Inc.*

14,378

437,810

5,502,351

Wireless

Telecommunication

Services

0.6%

Spok

Holdings,

Inc.

12,300

124,599

Telephone

&

Data

Systems,

Inc.

56,627

595,150

United

States

Cellular

Corp.*(a)

28,056

581,601

1,301,350

Total

Common

Stocks

(cost

$195,586,496)

195,927,973

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$6,109)

0

Repurchase

Agreements

1.5%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,402,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$1,020,000.

(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$346,331,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$353,115.(b)

346,191

346,191

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$200,081,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$204,082.(b)

200,000

200,000

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,400,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$1,020,544.(b)

1,000,000

1,000,000

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$400,162,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$408,000.(b)

400,000

400,000

Total

Repurchase

Agreements

(cost

$2,946,191)

2,946,191

Total

Investments

(cost

$198,538,796)

—

98.9%

198,874,164

Other

assets

in

excess

of

liabilities

—

1.1%

2,125,463

NET

ASSETS

—

100.0%

$

200,999,627

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$51,459,145,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,946,191

and

by

$48,880,819

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$51,827,010.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$2,946,191.

58

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

60

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

1,253,726

$

–

$

–

$

1,253,726

Air

Freight

&

Logistics

104,225

–

–

104,225

Automobile

Components

7,553,195

–

–

7,553,195

Banks

16,493,703

–

–

16,493,703

Biotechnology

9,177,583

–

–

9,177,583

Broadline

Retail

2,483,271

–

–

2,483,271

Building

Products

7,856,734

–

–

7,856,734

Capital

Markets

6,758,621

–

–

6,758,621

Chemicals

5,935,889

–

–

5,935,889

Commercial

Services

&

Supplies

5,306,215

–

–

5,306,215

Communications

Equipment

689,414

–

–

689,414

Construction

&

Engineering

5,830,457

–

–

5,830,457

Consumer

Finance

5,308,815

–

–

5,308,815

Consumer

Staples

Distribution

&

Retail

3,510,115

–

–

3,510,115

Diversified

Consumer

Services

2,561,383

–

–

2,561,383

Diversified

REITs

415,302

–

–

415,302

Diversified

Telecommunication

Services

440,936

–

–

440,936

Electric

Utilities

912,579

–

–

912,579

Electrical

Equipment

2,188,453

–

–

2,188,453

Electronic

Equipment,

Instruments

&

Components

6,319,152

–

–

6,319,152

Energy

Equipment

&

Services

774,631

–

–

774,631

Entertainment

402,387

–

–

402,387

Financial

Services

2,191,111

–

–

2,191,111

Food

Products

2,563,899

–

–

2,563,899

Gas

Utilities

580,422

–

–

580,422

Ground

Transportation

6,277,428

–

–

6,277,428

Health

Care

Equipment

&

Supplies

4,430,898

–

–

4,430,898

Health

Care

Providers

&

Services

8,303,213

–

–

8,303,213

Health

Care

Technology

2,408,576

–

–

2,408,576

Hotel

&

Resort

REITs

6,102,692

–

–

6,102,692

Hotels,

Restaurants

&

Leisure

4,019,952

–

–

4,019,952

Household

Durables

861,731

–

–

861,731

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Insurance

10,659,078

–

–

10,659,078

Interactive

Media

&

Services

493,812

–

–

493,812

IT

Services

1,247,721

–

–

1,247,721

Leisure

Products

35,562

–

–

35,562

Life

Sciences

Tools

&

Services

182,043

–

–

182,043

Machinery

4,977,077

–

–

4,977,077

Media

230,844

–

–

230,844

Metals

&

Mining

3,071,536

–

–

3,071,536

Office

REITs

1,816,076

–

–

1,816,076

Oil,

Gas

&

Consumable

Fuels

3,575,348

–

–

3,575,348

Paper

&

Forest

Products

772,911

–

–

772,911

Personal

Care

Products

3,981,065

–

–

3,981,065

Pharmaceuticals

528,390

–

–

528,390

Professional

Services

5,200,723

–

–

5,200,723

Real

Estate

Management

&

Development

2,383,800

–

–

2,383,800

Semiconductors

&

Semiconductor

Equipment

1,148,428

–

–

1,148,428

Software

9,416,931

–

–

9,416,931

Specialty

Retail

7,240,170

–

–

7,240,170

Technology

Hardware,

Storage

&

Peripherals

1,815,214

–

–

1,815,214

Textiles,

Apparel

&

Luxury

Goods

324,241

–

–

324,241

Tobacco

6,594

–

–

6,594

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

61

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Trading

Companies

&

Distributors

$

5,502,351

$

–

$

–

$

5,502,351

Wireless

Telecommunication

Services

1,301,350

–

–

1,301,350

Total

Common

Stocks

$

195,927,973

$

–

$

–

$

195,927,973

Repurchase

Agreements

–

2,946,191

–

2,946,191

Rights

–

–

–

–

Total

$

195,927,973

$

2,946,191

$

–

$

198,874,164

As

of

March

31,

2023,

the

Fund

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

62

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

98.6%

Shares

Value

($)

AUSTRALIA

0.0%

†

Capital

Markets

0.0%

†

Aet

&

D

Holdings

No.

1

*^∞

106,305

0

BERMUDA

0.1%

Insurance

0.1%

SiriusPoint

Ltd.

*

33,638

273,477

CANADA

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Teekay

Tankers

Ltd.

,

Class

A

*

48,390

2,077,383

INDIA

0.5%

Professional

Services

0.5%

WNS

Holdings

Ltd.,

ADR

*

18,106

1,686,936

JAPAN

0.3%

Semiconductors

&

Semiconductor

Equipment

0.3%

Allegro

MicroSystems

,

Inc.

*

23,789

1,141,634

PUERTO

RICO

0.8%

Banks

0.8%

First

Bancorp

103,920

1,186,766

OFG

Bancorp

61,143

1,524,907

2,711,673

SWITZERLAND

0.2%

Textiles,

Apparel

&

Luxury

Goods

0.2%

On

Holding

AG

,

Class

A

*(a)

22,407

695,289

UNITED

KINGDOM

0.2%

Energy

Equipment

&

Services

0.2%

TechnipFMC

plc

*

52,911

722,235

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Infinity

Bio-energy

Ltd.

Reg.

S

*^∞

94,500

0

722,235

UNITED

STATES

95.9%

Aerospace

&

Defense

1.7%

AerSale

Corp.

*

12,957

223,120

Astronics

Corp.

*

29,967

400,359

Curtiss-Wright

Corp.

11,872

2,092,558

Hexcel

Corp.

17,628

1,203,111

Kaman

Corp.

14,548

332,567

Parsons

Corp.

*(a)

33,744

1,509,707

5,761,422

Air

Freight

&

Logistics

0.0%

†

Radiant

Logistics,

Inc.

*

22,259

146,019

Automobile

Components

3.1%

Adient

plc

*

49,598

2,031,534

American

Axle

&

Manufacturing

Holdings,

Inc.

*

206,813

1,615,210

Dana,

Inc.

112,734

1,696,647

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)

258,358

2,847,105

Lear

Corp.

5,801

809,181

Visteon

Corp.

*(a)

10,316

1,617,858

10,617,535

Banks

9.4%

1st

Source

Corp.

4,069

175,577

Amalgamated

Financial

Corp.

13,968

247,094

American

National

Bankshares

,

Inc.

1,427

45,236

Associated

Banc-Corp.

147,304

2,648,526

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Atlantic

Union

Bankshares

Corp.

(a)

9,947

348,642

Banc

of

California,

Inc.

49,818

624,220

Bank

of

Marin

Bancorp

2,803

61,358

BankUnited

,

Inc.

43,183

975,072

Bankwell

Financial

Group,

Inc.

1,958

48,676

BCB

Bancorp,

Inc.

7,431

97,569

Berkshire

Hills

Bancorp,

Inc.

(a)

51,754

1,296,955

Bridgewater

Bancshares,

Inc.

*

1,464

15,870

Byline

Bancorp,

Inc.

13,252

286,508

Camden

National

Corp.

1,697

61,414

Capital

Bancorp,

Inc.

3,180

52,915

Capital

City

Bank

Group,

Inc.

6,687

195,996

Capstar

Financial

Holdings,

Inc.

10,321

156,363

Carter

Bankshares

,

Inc.

*

8,467

118,538

Central

Pacific

Financial

Corp.

64,239

1,149,878

CNB

Financial

Corp.

4,737

90,950

Community

Trust

Bancorp,

Inc.

12,640

479,688

Customers

Bancorp,

Inc.

*

57,852

1,071,419

Eagle

Bancorp,

Inc.

41,824

1,399,849

FB

Financial

Corp.

12,149

377,591

Financial

Institutions,

Inc.

11,604

223,725

First

Bancshares,

Inc.

(The)

600

15,498

First

Business

Financial

Services,

Inc.

2,800

85,428

First

Commonwealth

Financial

Corp.

13,185

163,890

First

Financial

Corp.

14,131

529,630

First

Foundation,

Inc.

44,659

332,710

First

Internet

Bancorp

4,660

77,589

First

of

Long

Island

Corp.

(The)

7,569

102,182

First

Savings

Financial

Group,

Inc.

1,433

23,057

FS

Bancorp,

Inc.

2,350

70,524

Great

Southern

Bancorp,

Inc.

8,010

405,947

Guaranty

Bancshares,

Inc.

3,415

95,176

Hanmi

Financial

Corp.

41,355

767,962

HarborOne

Bancorp,

Inc.

36,551

445,922

HBT

Financial,

Inc.

6,368

125,577

Heartland

Financial

USA,

Inc.

6,600

253,176

Heritage

Commerce

Corp.

11,024

91,830

Heritage

Financial

Corp.

13,587

290,762

Home

Bancorp,

Inc.

1,500

49,545

HomeStreet

,

Inc.

27,097

487,475

HomeTrust

Bancshares,

Inc.

12,387

304,596

Horizon

Bancorp,

Inc.

19,753

218,468

Independent

Bank

Corp.

17,100

303,867

Investar

Holding

Corp.

1,804

25,184

Macatawa

Bank

Corp.

13,797

141,005

Mercantile

Bank

Corp.

4,601

140,699

Metropolitan

Bank

Holding

Corp.

*

16,989

575,757

Midland

States

Bancorp,

Inc.

14,801

317,037

MidWestOne

Financial

Group,

Inc.

1,435

35,043

National

Bank

Holdings

Corp.

,

Class

A

5,034

168,438

NBT

Bancorp,

Inc.

12,452

419,757

Nicolet

Bankshares

,

Inc.

*

6,968

439,332

Northfield

Bancorp,

Inc.

4,561

53,729

Northrim

Bancorp,

Inc.

4,095

193,202

OceanFirst

Financial

Corp.

8,908

164,620

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Old

Second

Bancorp,

Inc.

13,938

195,968

Pathward

Financial,

Inc.

35,379

1,467,875

Peapack

-Gladstone

Financial

Corp.

10,049

297,651

Preferred

Bank

4,084

223,844

Primis

Financial

Corp.

10,826

104,254

QCR

Holdings,

Inc.

14,167

622,073

RBB

Bancorp

10,692

165,726

S&T

Bancorp,

Inc.

3,806

119,699

Sierra

Bancorp

3,626

62,440

SmartFinancial

,

Inc.

4,200

97,188

South

Plains

Financial,

Inc.

4,692

100,456

Southern

First

Bancshares,

Inc.

*

1,229

37,730

Southern

Missouri

Bancorp,

Inc.

121

4,527

Texas

Capital

Bancshares,

Inc.

*

47,363

2,318,892

Third

Coast

Bancshares,

Inc.

*

3,342

52,503

TriCo

Bancshares

47,147

1,960,844

TrustCo

Bank

Corp.

1,535

49,028

Trustmark

Corp.

3,300

81,510

UMB

Financial

Corp.

22,538

1,300,893

Veritex

Holdings,

Inc.

18,179

331,949

Washington

Federal,

Inc.

30,757

926,401

Western

New

England

Bancorp,

Inc.

2,402

19,720

Zions

Bancorp

NA

45,391

1,358,553

32,063,967

Beverages

0.6%

Celsius

Holdings,

Inc.

*(a)

13,486

1,253,389

MGP

Ingredients,

Inc.

(a)

9,408

909,942

2,163,331

Biotechnology

6.7%

2seventy

bio,

Inc.

*

25,409

259,172

Adicet

Bio,

Inc.

*

6,300

36,288

Agios

Pharmaceuticals,

Inc.

*

61,291

1,407,854

AnaptysBio

,

Inc.

*

28,382

617,592

Apellis

Pharmaceuticals,

Inc.

*(a)

10,502

692,712

ARS

Pharmaceuticals,

Inc.

*

46,988

305,892

Atara

Biotherapeutics

,

Inc.

*

37,581

108,985

BioCryst

Pharmaceuticals,

Inc.

*

77,090

642,931

Bluebird

Bio,

Inc.

*

55,785

177,396

C4

Therapeutics,

Inc.

*

49,047

154,008

Century

Therapeutics,

Inc.

*

12,600

43,722

Chimerix

,

Inc.

*

51,491

64,879

Cytokinetics,

Inc.

*(a)

11,212

394,550

Deciphera

Pharmaceuticals,

Inc.

*

36,569

564,991

Dyne

Therapeutics,

Inc.

*

45,151

520,140

Emergent

BioSolutions

,

Inc.

*

131,399

1,361,294

Enanta

Pharmaceuticals,

Inc.

*

31,217

1,262,415

EQRx

,

Inc.

*

252,124

489,121

Exelixis

,

Inc.

*

116,046

2,252,453

FibroGen

,

Inc.

*

18,065

337,093

Halozyme

Therapeutics,

Inc.

*(a)

38,292

1,462,371

Icosavax

,

Inc.

*

4,518

26,204

Ideaya

Biosciences,

Inc.

*

5,750

78,948

Iovance

Biotherapeutics

,

Inc.

*

93,249

569,751

iTeos

Therapeutics,

Inc.

*

33,405

454,642

IVERIC

bio,

Inc.

*(a)

25,072

610,002

KalVista

Pharmaceuticals,

Inc.

*

1,500

11,790

Karuna

Therapeutics,

Inc.

*(a)

2,534

460,276

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

*

31,742

341,544

Kodiak

Sciences,

Inc.

*

16,197

100,421

Lyell

Immunopharma

,

Inc.

*

170,733

402,930

MacroGenics

,

Inc.

*

16,438

117,860

MiMedx

Group,

Inc.

*

9,455

32,242

Nurix

Therapeutics,

Inc.

*(a)

28,239

250,762

Precigen

,

Inc.

*

36,237

38,411

Protagonist

Therapeutics,

Inc.

*

11,550

265,650

PTC

Therapeutics,

Inc.

*

22,775

1,103,221

REGENXBIO,

Inc.

*

39,507

747,077

Sangamo

Therapeutics,

Inc.

*

10,700

18,832

Sutro

Biopharma,

Inc.

*

94,377

436,022

Tango

Therapeutics,

Inc.

*

34,173

134,983

Travere

Therapeutics,

Inc.

*

74,032

1,664,980

Ultragenyx

Pharmaceutical,

Inc.

*

30,563

1,225,576

Vanda

Pharmaceuticals,

Inc.

*

93,490

634,797

22,882,780

Broadline

Retail

0.0%

†

1stdibs.com,

Inc.

*

8,223

32,645

Building

Products

0.6%

Quanex

Building

Products

Corp.

(a)

22,656

487,784

Resideo

Technologies,

Inc.

*

82,418

1,506,601

1,994,385

Capital

Markets

1.6%

Evercore

,

Inc.

,

Class

A

20,489

2,364,021

Hamilton

Lane,

Inc.

,

Class

A

31,567

2,335,327

StoneX

Group,

Inc.

*

9,582

992,024

5,691,372

Chemicals

1.6%

AdvanSix

,

Inc.

8,368

320,243

Ecovyst

,

Inc.

*

109,048

1,204,981

Koppers

Holdings,

Inc.

4,186

146,384

Livent

Corp.

*(a)

53,962

1,172,055

Olin

Corp.

(a)

20,641

1,145,576

Rayonier

Advanced

Materials,

Inc.

*

76,416

479,128

Trinseo

plc

46,545

970,463

Valhi,

Inc.

3,770

65,636

5,504,466

Commercial

Services

&

Supplies

2.0%

BrightView

Holdings,

Inc.

*

23,012

129,327

Casella

Waste

Systems,

Inc.

,

Class

A

*

19,999

1,653,117

Clean

Harbors,

Inc.

*

16,879

2,406,271

CoreCivic

,

Inc.

*

240,972

2,216,943

Steelcase,

Inc.

,

Class

A

67,991

572,484

Viad

Corp.

*

4,523

94,259

7,072,401

Communications

Equipment

0.4%

Aviat

Networks,

Inc.

*(a)

2,407

82,945

Comtech

Telecommunications

Corp.

26,699

333,204

Inseego

Corp.

*

19,797

11,530

KVH

Industries,

Inc.

*

6,856

78,021

NETGEAR,

Inc.

*

36,757

680,372

64

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Communications

Equipment

Ribbon

Communications,

Inc.

*

77,509

265,081

1,451,153

Construction

&

Engineering

2.5%

Argan

,

Inc.

16,900

683,943

Comfort

Systems

USA,

Inc.

10,656

1,555,350

EMCOR

Group,

Inc.

3,769

612,802

Great

Lakes

Dredge

&

Dock

Corp.

*(a)

8,355

45,368

Matrix

Service

Co.

*

21,623

116,764

Primoris

Services

Corp.

44,196

1,089,873

Tutor

Perini

Corp.

*

40,996

252,945

Valmont

Industries,

Inc.

6,922

2,210,056

WillScot

Mobile

Mini

Holdings

Corp.

*

40,965

1,920,439

8,487,540

Consumer

Finance

2.9%

Encore

Capital

Group,

Inc.

*

11,890

599,851

Enova

International,

Inc.

*

34,980

1,554,161

EZCORP,

Inc.

,

Class

A

*(a)

74,199

638,111

Green

Dot

Corp.

,

Class

A

*

50,542

868,312

LendingClub

Corp.

*

90,085

649,513

Navient

Corp.

176,233

2,817,965

PROG

Holdings,

Inc.

*

103,206

2,455,271

Regional

Management

Corp.

6,022

157,114

SLM

Corp.

21,920

271,589

10,011,887

Consumer

Staples

Distribution

&

Retail

0.9%

Andersons,

Inc.

(The)

30,596

1,264,227

Performance

Food

Group

Co.

*

28,141

1,698,028

2,962,255

Containers

&

Packaging

0.4%

Graphic

Packaging

Holding

Co.

49,956

1,273,378

Diversified

Consumer

Services

1.5%

2U,

Inc.

*

129,607

887,808

Adtalem

Global

Education,

Inc.

*

17,251

666,234

American

Public

Education,

Inc.

*

27,318

148,064

Duolingo

,

Inc.

*(a)

10,977

1,565,209

Grand

Canyon

Education,

Inc.

*

2,790

317,781

Laureate

Education,

Inc.

,

Class

A

88,572

1,041,607

Perdoceo

Education

Corp.

*

46,088

618,962

5,245,665

Diversified

REITs

0.2%

Armada

Hoffler

Properties,

Inc.

33,837

399,615

CTO

Realty

Growth,

Inc.

25,470

439,612

839,227

Diversified

Telecommunication

Services

0.3%

Bandwidth,

Inc.

,

Class

A

*

54,351

826,135

Consolidated

Communications

Holdings,

Inc.

*

16,700

43,086

869,221

Electric

Utilities

0.6%

ALLETE,

Inc.

10,814

696,097

NRG

Energy,

Inc.

(a)

36,137

1,239,138

1,935,235

Electrical

Equipment

1.7%

Atkore

,

Inc.

*(a)

6,741

946,976

Encore

Wire

Corp.

(a)

20,220

3,747,373

Powell

Industries,

Inc.

(a)

12,543

534,206

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electrical

Equipment

Shoals

Technologies

Group,

Inc.

,

Class

A

*(a)

31,591

719,959

5,948,514

Electronic

Equipment,

Instruments

&

Components

2.1%

Badger

Meter,

Inc.

(a)

5,426

660,995

Benchmark

Electronics,

Inc.

53,798

1,274,475

FARO

Technologies,

Inc.

*

17,610

433,382

Itron

,

Inc.

*(a)

35,436

1,964,926

Novanta

,

Inc.

*

14,398

2,290,578

Ouster,

Inc.

*

92,840

77,679

ScanSource

,

Inc.

*

13,225

402,569

7,104,604

Energy

Equipment

&

Services

0.6%

Bristow

Group,

Inc.

*

5,407

121,117

National

Energy

Services

Reunited

Corp.

*

16,600

87,316

ProFrac

Holding

Corp.

,

Class

A

*(a)

24,416

309,351

ProPetro

Holding

Corp.

*

142,865

1,027,199

Weatherford

International

plc

*

11,565

686,383

2,231,366

Entertainment

0.6%

Playtika

Holding

Corp.

*

70,926

798,627

World

Wrestling

Entertainment,

Inc.

,

Class

A

13,020

1,188,205

1,986,832

Financial

Services

1.3%

Alerus

Financial

Corp.

1,096

17,591

Jackson

Financial,

Inc.

,

Class

A

71,655

2,680,613

Merchants

Bancorp

(a)

13,989

364,274

Ocwen

Financial

Corp.

*

2,599

70,485

Paysafe

Ltd.

*

47,326

817,319

Radian

Group,

Inc.

17,680

390,728

Waterstone

Financial,

Inc.

12,028

181,984

4,522,994

Food

Products

0.2%

Fresh

Del

Monte

Produce,

Inc.

(a)

10,425

313,897

Hain

Celestial

Group,

Inc.

(The)

*

26,090

447,443

761,340

Gas

Utilities

0.1%

Northwest

Natural

Holding

Co.

10,374

493,387

Ground

Transportation

2.0%

ArcBest

Corp.

(a)

30,833

2,849,585

Covenant

Logistics

Group,

Inc.

31,681

1,122,141

Lyft,

Inc.

,

Class

A

*

103,621

960,567

Saia,

Inc.

*(a)

5,420

1,474,674

TuSimple

Holdings,

Inc.

,

Class

A

*

41,900

61,593

Werner

Enterprises,

Inc.

12,304

559,709

7,028,269

Health

Care

Equipment

&

Supplies

3.5%

AngioDynamics

,

Inc.

*

14,664

151,626

AtriCure

,

Inc.

*(a)

6,970

288,907

Avanos

Medical,

Inc.

*

1,553

46,186

Axonics

,

Inc.

*

30,457

1,661,734

Bioventus

,

Inc.

,

Class

A

*

13,801

14,767

Cue

Health,

Inc.

*

10,138

18,451

Inari

Medical,

Inc.

*(a)

12,509

772,306

Inogen

,

Inc.

*

18,800

234,624

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

UNITED

STATES

Health

Care

Equipment

&

Supplies

Inspire

Medical

Systems,

Inc.

*(a)

10,684

2,500,803

iRhythm

Technologies,

Inc.

*(a)

6,039

749,017

Lantheus

Holdings,

Inc.

*(a)

4,407

363,842

OraSure

Technologies,

Inc.

*

157,683

953,982

Orthofix

Medical,

Inc.

*

45,694

765,375

Shockwave

Medical,

Inc.

*

9,541

2,068,775

Silk

Road

Medical,

Inc.

*

11,359

444,478

Tactile

Systems

Technology,

Inc.

*

17,591

288,844

TransMedics

Group,

Inc.

*

4,174

316,097

Zimvie

,

Inc.

*

54,677

395,315

12,035,129

Health

Care

Providers

&

Services

2.1%

Acadia

Healthcare

Co.,

Inc.

*

19,874

1,435,897

Accolade,

Inc.

*

51,265

737,191

Cross

Country

Healthcare,

Inc.

*(a)

52,050

1,161,756

Encompass

Health

Corp.

11,628

629,075

Option

Care

Health,

Inc.

*

37,505

1,191,534

Owens

&

Minor,

Inc.

*

19,604

285,238

Privia

Health

Group,

Inc.

*(a)

26,512

731,996

Surgery

Partners,

Inc.

*(a)

36,371

1,253,708

7,426,395

Health

Care

Technology

1.6%

Computer

Programs

&

Systems,

Inc.

*

20,172

609,194

Evolent

Health,

Inc.

,

Class

A

*

32,076

1,040,866

Health

Catalyst,

Inc.

*

150,357

1,754,666

HealthStream

,

Inc.

*

1,000

27,100

NextGen

Healthcare,

Inc.

*(a)

6,611

115,098

Veradigm

,

Inc.

*

158,525

2,068,752

5,615,676

Hotel

&

Resort

REITs

3.2%

Apple

Hospitality

REIT,

Inc.

166,452

2,583,335

Chatham

Lodging

Trust

28,607

300,087

Hersha

Hospitality

Trust

,

Class

A

73,300

492,576

Pebblebrook

Hotel

Trust

40,300

565,812

RLJ

Lodging

Trust

167,957

1,780,344

Ryman

Hospitality

Properties,

Inc.

28,968

2,599,300

Sunstone

Hotel

Investors,

Inc.

152,663

1,508,310

Xenia

Hotels

&

Resorts,

Inc.

102,261

1,338,596

11,168,360

Hotels,

Restaurants

&

Leisure

2.5%

Bluegreen

Vacations

Holding

Corp.

7,241

198,259

Bowlero

Corp.

*(a)

62,250

1,055,138

DraftKings

,

Inc.

,

Class

A

*(a)

26,017

503,689

Planet

Fitness,

Inc.

,

Class

A

*

17,150

1,332,041

Red

Rock

Resorts,

Inc.

,

Class

A

43,580

1,942,360

SeaWorld

Entertainment,

Inc.

*

33,316

2,042,603

Wingstop

,

Inc.

8,665

1,590,721

8,664,811

Household

Durables

0.8%

GoPro,

Inc.

,

Class

A

*

281,212

1,414,496

Hooker

Furnishings

Corp.

3,278

59,627

Taylor

Morrison

Home

Corp.

,

Class

A

*

31,406

1,201,594

Tupperware

Brands

Corp.

*(a)

14,258

35,645

Universal

Electronics,

Inc.

*

9,182

93,105

Common

Stocks

Shares

Value

($)

UNITED

STATES

Household

Durables

VOXX

International

Corp.

*(a)

1,150

14,180

2,818,647

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Vistra

Corp.

20,920

502,080

Insurance

4.7%

Ambac

Financial

Group,

Inc.

*

53,023

820,796

American

Equity

Investment

Life

Holding

Co.

72,565

2,647,897

Brighthouse

Financial,

Inc.

*

13,376

590,015

CNO

Financial

Group,

Inc.

116,381

2,582,494

Donegal

Group,

Inc.

,

Class

A

(a)

11,610

177,401

Employers

Holdings,

Inc.

32,578

1,358,177

Enstar

Group

Ltd.

*

924

214,174

Greenlight

Capital

Re

Ltd.

,

Class

A

*

3,764

35,344

Hanover

Insurance

Group,

Inc.

(The)

(a)

2,524

324,334

James

River

Group

Holdings

Ltd.

22,582

466,318

Kinsale

Capital

Group,

Inc.

7,101

2,131,365

Oscar

Health,

Inc.

,

Class

A

*

9,144

59,802

ProAssurance

Corp.

58,550

1,082,004

Reinsurance

Group

of

America,

Inc.

10,733

1,424,913

Selectquote

,

Inc.

*

47,083

102,170

Stewart

Information

Services

Corp.

30,901

1,246,855

United

Fire

Group,

Inc.

(a)

11,247

298,608

Universal

Insurance

Holdings,

Inc.

45,685

832,381

16,395,048

Interactive

Media

&

Services

0.3%

DHI

Group,

Inc.

*

8,067

31,300

Outbrain

,

Inc.

*

7,962

32,883

QuinStreet

,

Inc.

*

42,504

674,539

TrueCar

,

Inc.

*

114,287

262,860

1,001,582

IT

Services

0.1%

Rackspace

Technology,

Inc.

*

49,693

93,423

Unisys

Corp.

*

86,648

336,194

429,617

Leisure

Products

0.0%

†

American

Outdoor

Brands,

Inc.

*

1,687

16,600

Life

Sciences

Tools

&

Services

1.0%

10X

Genomics,

Inc.

,

Class

A

*(a)

12,075

673,664

Harvard

Bioscience,

Inc.

*

10,350

43,470

Medpace

Holdings,

Inc.

*

7,224

1,358,474

PhenomeX

,

Inc.

*

60,665

70,371

Quanterix

Corp.

*

2,592

29,212

Repligen

Corp.

*(a)

7,020

1,181,887

Seer,

Inc.

*

60,100

231,986

3,589,064

Machinery

2.7%

AGCO

Corp.

5,425

733,460

Astec

Industries,

Inc.

14,262

588,308

Chart

Industries,

Inc.

*(a)

5,546

695,468

Esab

Corp.

(a)

10,882

642,800

Hyster

-Yale

Materials

Handling,

Inc.

12,395

618,387

Manitowoc

Co.,

Inc.

(The)

*

81,636

1,395,158

66

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Machinery

Proto

Labs,

Inc.

*

27,052

896,774

RBC

Bearings,

Inc.

*(a)

4,122

959,313

REV

Group,

Inc.

(a)

39,744

476,531

Trinity

Industries,

Inc.

(a)

32,828

799,690

Wabash

National

Corp.

(a)

55,299

1,359,802

9,165,691

Media

0.1%

Cardlytics,

Inc.

*

19,361

65,731

Quotient

Technology,

Inc.

*

41,804

137,117

202,848

Metals

&

Mining

2.2%

Arconic

Corp.

*

5,641

147,963

ATI,

Inc.

*(a)

33,038

1,303,679

Commercial

Metals

Co.

11,884

581,128

Ryerson

Holding

Corp.

33,159

1,206,324

Schnitzer

Steel

Industries,

Inc.

,

Class

A

44,309

1,378,010

SunCoke

Energy,

Inc.

122,906

1,103,696

Warrior

Met

Coal,

Inc.

54,012

1,982,781

7,703,581

Office

REITs

1.1%

Equity

Commonwealth

117,432

2,432,017

Paramount

Group,

Inc.

70,059

319,469

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

127,870

933,451

3,684,937

Oil,

Gas

&

Consumable

Fuels

2.8%

Dorian

LPG

Ltd.

22,328

445,220

Matador

Resources

Co.

(a)

34,983

1,666,940

New

Fortress

Energy,

Inc.

(a)

10,637

313,047

PBF

Energy,

Inc.

,

Class

A

(a)

57,987

2,514,317

PDC

Energy,

Inc.

(a)

20,474

1,314,021

Plains

GP

Holdings

LP

,

Class

A

(a)

9,616

126,162

REX

American

Resources

Corp.

*

22,326

638,300

W&T

Offshore,

Inc.

*

72,171

366,629

World

Fuel

Services

Corp.

83,327

2,129,005

9,513,641

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.

*

24,956

834,029

Sylvamo

Corp.

13,260

613,408

1,447,437

Personal

Care

Products

1.4%

Edgewell

Personal

Care

Co.

(a)

54,570

2,314,860

elf

Beauty,

Inc.

*

27,054

2,227,897

Herbalife

Nutrition

Ltd.

*(a)

16,228

261,271

Nature's

Sunshine

Products,

Inc.

*(a)

6,626

67,651

4,871,679

Pharmaceuticals

0.7%

ANI

Pharmaceuticals,

Inc.

*

6,741

267,753

Atea

Pharmaceuticals,

Inc.

*

25,852

86,604

Athira

Pharma,

Inc.

*

14,039

35,098

Harmony

Biosciences

Holdings,

Inc.

*

9,996

326,369

Intra-Cellular

Therapies,

Inc.

*

17,224

932,679

Nektar

Therapeutics

*

249,414

175,313

NGM

Biopharmaceuticals,

Inc.

*

72,376

295,294

Theravance

Biopharma,

Inc.

*(a)

22,108

239,872

2,358,982

Common

Stocks

Shares

Value

($)

UNITED

STATES

Professional

Services

1.6%

Barrett

Business

Services,

Inc.

6,809

603,550

ExlService

Holdings,

Inc.

*

12,211

1,976,105

Heidrick

&

Struggles

International,

Inc.

14,394

437,002

KBR,

Inc.

(a)

21,934

1,207,467

Kelly

Services,

Inc.

,

Class

A

8,676

143,935

Mistras

Group,

Inc.

*

1,321

8,956

Resources

Connection,

Inc.

(a)

19,811

337,976

TrueBlue

,

Inc.

*(a)

50,107

891,905

5,606,896

Real

Estate

Management

&

Development

0.2%

Douglas

Elliman

,

Inc.

52,777

164,136

Forestar

Group,

Inc.

*(a)

9,195

143,074

Zillow

Group,

Inc.

,

Class

A

*

7,829

342,128

649,338

Semiconductors

&

Semiconductor

Equipment

3.7%

Axcelis

Technologies,

Inc.

*

8,976

1,196,052

Cirrus

Logic,

Inc.

*

13,861

1,516,116

Diodes,

Inc.

*

10,559

979,453

Impinj

,

Inc.

*(a)

27,400

3,713,247

Lattice

Semiconductor

Corp.

*

27,416

2,618,228

MACOM

Technology

Solutions

Holdings,

Inc.

*

15,121

1,071,172

Power

Integrations,

Inc.

7,240

612,794

Silicon

Laboratories,

Inc.

*(a)

7,056

1,235,435

12,942,497

Software

5.7%

Adeia

,

Inc.

108,459

960,947

Altair

Engineering,

Inc.

,

Class

A

*(a)

9,004

649,278

Blend

Labs,

Inc.

,

Class

A

*

257,877

256,897

Cerence

,

Inc.

*(a)

71,530

2,009,278

Consensus

Cloud

Solutions,

Inc.

*

15,964

544,213

CyberArk

Software

Ltd.

*

7,500

1,109,850

Dropbox,

Inc.

,

Class

A

*(a)

68,812

1,487,715

EverCommerce

,

Inc.

*

33,550

354,959

Gitlab

,

Inc.

,

Class

A

*(a)

11,432

392,003

HashiCorp

,

Inc.

,

Class

A

*

11,239

329,190

Informatica

,

Inc.

,

Class

A

*

37,970

622,708

Jamf

Holding

Corp.

*

4,442

86,264

Latch,

Inc.

*

1,700

1,296

LiveRamp

Holdings,

Inc.

*

28,500

625,005

Manhattan

Associates,

Inc.

*

15,594

2,414,731

Nutanix

,

Inc.

,

Class

A

*

59,383

1,543,364

ON24,

Inc.

*

11,500

100,740

Paylocity

Holding

Corp.

*

5,982

1,189,102

PowerSchool

Holdings,

Inc.

,

Class

A

*

10,670

211,479

Samsara,

Inc.

,

Class

A

*(a)

33,792

666,378

SecureWorks

Corp.

,

Class

A

*

15,295

131,078

Smartsheet

,

Inc.

,

Class

A

*(a)

29,390

1,404,842

SolarWinds

Corp.

*

69,128

594,501

Sprout

Social,

Inc.

,

Class

A

*(a)

26,776

1,630,123

Upland

Software,

Inc.

*

55,745

239,704

Xperi

,

Inc.

*

19,269

210,610

19,766,255

Specialized

REITs

0.2%

Outfront

Media,

Inc.

(a)

35,273

572,481

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

UNITED

STATES

Specialty

Retail

2.2%

1-800-Flowers.com,

Inc.

,

Class

A

*

44,436

511,014

Aaron's

Co.,

Inc.

(The)

55,911

540,100

Abercrombie

&

Fitch

Co.

,

Class

A

*

72,639

2,015,732

Academy

Sports

&

Outdoors,

Inc.

(a)

22,809

1,488,287

Barnes

&

Noble

Education,

Inc.

*

19,069

28,985

Boot

Barn

Holdings,

Inc.

*

18,081

1,385,728

Citi

Trends,

Inc.

*

19,763

375,892

Genesco,

Inc.

*

12,337

454,989

Lands'

End,

Inc.

*

29,597

287,683

Tilly's,

Inc.

,

Class

A

*

55,696

429,416

7,517,826

Technology

Hardware,

Storage

&

Peripherals

1.0%

Avid

Technology,

Inc.

*

27,333

874,109

Diebold

Nixdorf,

Inc.

*(a)

24,100

28,920

Quantum

Corp.

*

20,342

23,393

Xerox

Holdings

Corp.

173,634

2,673,964

3,600,386

Textiles,

Apparel

&

Luxury

Goods

1.5%

Crocs,

Inc.

*

9,753

1,233,169

Deckers

Outdoor

Corp.

*

3,190

1,434,065

Movado

Group,

Inc.

8,325

239,510

Oxford

Industries,

Inc.

18,265

1,928,601

Unifi,

Inc.

*

19,221

157,036

Vera

Bradley,

Inc.

*

30,098

180,287

5,172,668

Trading

Companies

&

Distributors

2.3%

Alta

Equipment

Group,

Inc.

14,467

229,302

Applied

Industrial

Technologies,

Inc.

4,417

627,788

Boise

Cascade

Co.

40,547

2,564,598

H&E

Equipment

Services,

Inc.

31,740

1,403,860

Herc

Holdings,

Inc.

(a)

5,107

581,687

NOW,

Inc.

*

153,033

1,706,318

Titan

Machinery,

Inc.

*

30,600

931,770

8,045,323

Wireless

Telecommunication

Services

0.6%

Spok

Holdings,

Inc.

24,723

250,444

Telephone

&

Data

Systems,

Inc.

51,103

537,093

United

States

Cellular

Corp.

*

56,636

1,174,064

1,961,601

331,530,266

Total

Common

Stocks

(cost

$325,929,501)

340,838,893

Rights

0.0%

†

Number

of

Rights

UNITED

STATES

0.0%

†

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

4,756

0

Total

Rights

(cost

$12,075)

0

Repurchase

Agreements

1.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,471,090,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$2,519,501.(b)

2,470,099

2,470,099

Credit

Suisse

AG,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$850,340,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$867,347.(b)

850,000

850,000

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$500,202,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$510,000.(b)

500,000

500,000

Total

Repurchase

Agreements

(cost

$3,820,099)

3,820,099

Total

Investments

(cost

$329,761,675)

—

99.7%

344,658,992

Other

assets

in

excess

of

liabilities

—

0.3%

982,926

NET

ASSETS

—

100.0%

$

345,641,918

68

-

Statement

of

Investments

-

March

31,

2023

(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

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$51,862,893,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,820,099

and

by

$48,472,300

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$52,292,399.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$3,820,099.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

GP

General

Partnership

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

69

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

70

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

addition

al

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

5,761,422

$

–

$

–

$

5,761,422

Air

Freight

&

Logistics

146,019

–

–

146,019

Automobile

Components

10,617,535

–

–

10,617,535

Banks

34,775,640

–

–

34,775,640

Beverages

2,163,331

–

–

2,163,331

Biotechnology

22,882,780

–

–

22,882,780

Broadline

Retail

32,645

–

–

32,645

Building

Products

1,994,385

–

–

1,994,385

Capital

Markets

5,691,372

–

–

5,691,372

Chemicals

5,504,466

–

–

5,504,466

Commercial

Services

&

Supplies

7,072,401

–

–

7,072,401

Communications

Equipment

1,451,153

–

–

1,451,153

Construction

&

Engineering

8,487,540

–

–

8,487,540

Consumer

Finance

10,011,887

–

–

10,011,887

Consumer

Staples

Distribution

&

Retail

2,962,255

–

–

2,962,255

Containers

&

Packaging

1,273,378

–

–

1,273,378

Diversified

Consumer

Services

5,245,665

–

–

5,245,665

Diversified

REITs

839,227

–

–

839,227

Diversified

Telecommunication

Services

869,221

–

–

869,221

Electric

Utilities

1,935,235

–

–

1,935,235

Electrical

Equipment

5,948,514

–

–

5,948,514

Electronic

Equipment,

Instruments

&

Components

7,104,604

–

–

7,104,604

Energy

Equipment

&

Services

2,953,601

–

–

2,953,601

Entertainment

1,986,832

–

–

1,986,832

Financial

Services

4,522,994

–

–

4,522,994

Food

Products

761,340

–

–

761,340

Gas

Utilities

493,387

–

–

493,387

Ground

Transportation

7,028,269

–

–

7,028,269

Health

Care

Equipment

&

Supplies

12,035,129

–

–

12,035,129

Health

Care

Providers

&

Services

7,426,395

–

–

7,426,395

Health

Care

Technology

5,615,676

–

–

5,615,676

Hotel

&

Resort

REITs

11,168,360

–

–

11,168,360

Hotels,

Restaurants

&

Leisure

8,664,811

–

–

8,664,811

Household

Durables

2,818,647

–

–

2,818,647

Independent

Power

and

Renewable

Electricity

Producers

502,080

–

–

502,080

Insurance

16,668,525

–

–

16,668,525

Interactive

Media

&

Services

1,001,582

–

–

1,001,582

IT

Services

429,617

–

–

429,617

Leisure

Products

16,600

–

–

16,600

Life

Sciences

Tools

&

Services

3,589,064

–

–

3,589,064

Machinery

9,165,691

–

–

9,165,691

Media

202,848

–

–

202,848

Metals

&

Mining

7,703,581

–

–

7,703,581

Office

REITs

3,684,937

–

–

3,684,937

Oil,

Gas

&

Consumable

Fuels

11,591,024

–

–

11,591,024

Paper

&

Forest

Products

1,447,437

–

–

1,447,437

Personal

Care

Products

4,871,679

–

–

4,871,679

Pharmaceuticals

2,358,982

–

–

2,358,982

Professional

Services

7,293,832

–

–

7,293,832

Real

Estate

Management

&

Development

649,338

–

–

649,338

Semiconductors

&

Semiconductor

Equipment

14,084,131

–

–

14,084,131

Software

19,766,255

–

–

19,766,255

Specialized

REITs

572,481

–

–

572,481

Specialty

Retail

7,517,826

–

–

7,517,826

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

71

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Technology

Hardware,

Storage

&

Peripherals

$

3,600,386

$

–

$

–

$

3,600,386

Textiles,

Apparel

&

Luxury

Goods

5,867,957

–

–

5,867,957

Trading

Companies

&

Distributors

8,045,323

–

–

8,045,323

Wireless

Telecommunication

Services

1,961,601

–

–

1,961,601

Total

Common

Stocks

$

340,838,893

$

–

$

–

$

340,838,893

Repurchase

Agreements

–

3,820,099

–

3,820,099

Rights

–

–

–

–

Total

$

340,838,893

$

3,820,099

$

–

$

344,658,992

As

of

March

31,

2023,

the

Fund

held

two

common

stock

investments

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

72

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Real

Estate

Fund

Common

Stocks

98.4%

Shares

Value

($)

Construction

&

Engineering

1.3%

WillScot

Mobile

Mini

Holdings

Corp.*

58,470

2,741,074

Diversified

REITs

5.2%

Empire

State

Realty

Trust,

Inc.,

Class

A

558,491

3,624,607

WP

Carey,

Inc.

98,916

7,661,044

11,285,651

Health

Care

REITs

9.0%

CareTrust

REIT,

Inc.

196,306

3,843,671

Ventas,

Inc.

131,065

5,681,668

Welltower,

Inc.

139,068

9,969,785

19,495,124

Hotel

&

Resort

REITs

1.8%

Ryman

Hospitality

Properties,

Inc.

42,507

3,814,153

Hotels,

Restaurants

&

Leisure

2.7%

Hyatt

Hotels

Corp.,

Class

A*

25,730

2,876,357

Wynn

Resorts

Ltd.*

27,670

3,096,549

5,972,906

Industrial

REITs

18.7%

EastGroup

Properties,

Inc.

22,036

3,642,992

Plymouth

Industrial

REIT,

Inc.

183,091

3,846,742

Prologis,

Inc.

225,107

28,086,600

Rexford

Industrial

Realty,

Inc.

81,285

4,848,650

40,424,984

Office

REITs

1.9%

Alexandria

Real

Estate

Equities,

Inc.

16,699

2,097,228

Corporate

Office

Properties

Trust

88,727

2,103,717

4,200,945

Real

Estate

Management

&

Development

0.5%

CBRE

Group,

Inc.,

Class

A*

15,030

1,094,334

Common

Stocks

Shares

Value

($)

Residential

REITs

17.4%

American

Homes

4

Rent,

Class

A

113,003

3,553,944

Apartment

Income

REIT

Corp.

86,383

3,093,375

Equity

Residential

151,482

9,088,920

Independence

Realty

Trust,

Inc.

146,820

2,353,525

Sun

Communities,

Inc.

53,182

7,492,280

UDR,

Inc.

208,141

8,546,269

Veris

Residential,

Inc.*

238,448

3,490,879

37,619,192

Retail

REITs

13.1%

Brixmor

Property

Group,

Inc.

300,036

6,456,775

Getty

Realty

Corp.

111,608

4,021,236

Kimco

Realty

Corp.

115,249

2,250,813

NETSTREIT

Corp.

164,511

3,007,261

Phillips

Edison

&

Co.,

Inc.

101,059

3,296,545

Simon

Property

Group,

Inc.

50,516

5,656,276

Spirit

Realty

Capital,

Inc.

51,448

2,049,688

Tanger

Factory

Outlet

Centers,

Inc.

81,687

1,603,516

28,342,110

Specialized

REITs

26.8%

American

Tower

Corp.

27,215

5,561,113

CubeSmart

138,474

6,400,268

Equinix,

Inc.

23,753

17,126,863

Iron

Mountain,

Inc.

61,910

3,275,658

Life

Storage,

Inc.

48,542

6,363,371

Public

Storage

38,838

11,734,514

VICI

Properties,

Inc.

232,887

7,596,774

58,058,561

Total

Investments

(cost

$186,902,830)

—

98.4%

213,049,034

Other

assets

in

excess

of

liabilities

—

1.6%

3,540,192

NET

ASSETS

—

100.0%

$

216,589,226

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

NVIT

Real

Estate

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

73

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

213,049,034

$

–

$

–

$

213,049,034

Total

$

213,049,034

$

–

$

–

$

213,049,034

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

7.9%

Principal

Amount

($)

Value

($)

Airlines

1.0%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

286,500

251,407

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

2,252,597

1,760,826

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

258,290

249,700

2,261,933

Automobiles

1.9%

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

600,000

549,264

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

490,000

449,082

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

1,560,000

1,411,534

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

1,000,000

875,028

Santander

Bank

Auto

Credit-

Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(a)

1,075,000

1,057,441

4,342,349

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,170,535

Other

4.5%

AMSR

Trust

Series

2022-SFR3,

Class

E1,

4.00%,

10/17/2039(a)

900,000

774,351

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

E,

8.08%,

11/15/2036(a)(b)

1,500,000

1,381,479

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

7.31%,

10/16/2036(a)(b)

1,435,000

1,302,674

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

1,720,041

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,439,192

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

654,976

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

6.97%,

2/20/2030(a)(b)

650,000

614,261

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2019-1A,

Class

D,

4.75%,

1/20/2036(a)

147,050

139,925

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

928,758

Tricon

American

Homes

Trust,

Series

2017-SFR2,

Class

F,

5.10%,

1/17/2036(a)

1,300,000

1,273,469

10,229,126

Total

Asset-Backed

Securities

(cost

$20,077,927)

18,003,943

Collateralized

Mortgage

Obligations

11.7%

Bellemeade

RE

Ltd.,

Series

2021-3A,

Class

B1,

8.41%,

9/25/2031(a)(b)

2,100,000

1,930,923

Connecticut

Avenue

Securities

Trust,

Series

2022-R01,

Class

1B2,

10.56%,

12/25/2041(a)(b)

1,650,000

1,478,492

Eagle

RE

Ltd.,

Series

2021-

2,

Class

M2,

8.81%,

4/25/2034(a)(b)

2,690,000

2,645,099

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

633,243

429,072

FHLMC

STACR

REMIC

Trust

Series

2022-DNA1,

Class

B2,

11.66%,

1/25/2042(a)(b)

1,770,000

1,525,066

Series

2020-DNA6,

Class

B2,

10.21%,

12/25/2050(a)

(b)

2,115,000

1,903,756

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

15.85%,

10/25/2048(a)

(b)

2,800,000

3,211,493

Series

2019-DNA3,

Class

B2,

13.00%,

7/25/2049(a)(b)

1,360,000

1,407,598

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2020-HQA5,

Class

B2,

11.96%,

11/25/2050(a)

(b)

1,140,000

1,066,700

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

87,024,877

856,438

FNMA,

Series

2021-R02,

Class

2B2,

10.76%,

11/25/2041(a)(b)

590,000

526,112

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

2,001,634

359,042

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

1,013,346

173,146

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Home

RE

Ltd.,

Series

2020-

1,

Class

B1,

11.85%,

10/25/2030(a)(b)

300,000

305,611

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

29,263,412

296,649

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

54,668,382

324,211

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

48,965,342

291,285

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

9.20%,

7/25/2029(a)(b)

3,270,000

3,281,493

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

8.96%,

4/25/2034(a)(b)

1,390,000

1,253,077

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

15.35%,

2/25/2047(a)(b)

2,000,000

2,176,675

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

12.60%,

10/25/2030(a)(b)

250,000

253,181

Triangle

Re

Ltd.,

Series

2021-3,

Class

B1,

9.51%,

2/25/2034(a)(b)

910,000

830,774

Total

Collateralized

Mortgage

Obligations

(cost

$26,817,799)

26,525,893

Commercial

Mortgage-Backed

Securities

7.9%

BX

Trust,

Series

2021-

ARIA,

Class

D,

6.58%,

10/15/2036(a)(b)

1,700,000

1,576,391

Commercial

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.47%,

10/10/2048(b)

3,000,000

2,042,207

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

8.23%,

1/25/2051(a)(b)

1,275,000

1,107,195

Series

2021-MN3,

Class

M2,

8.56%,

11/25/2051(a)

(b)

1,615,000

1,392,097

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

6.78%,

10/15/2036(a)(b)

700,000

640,000

Series

2021-IP,

Class

E,

8.23%,

10/15/2036(a)(b)

300,000

275,349

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.33%,

6/15/2049(a)(b)

2,500,000

1,194,256

Med

Trust,

Series

2021-

MDLN,

Class

F,

8.69%,

11/15/2038(a)(b)

1,350,986

1,250,441

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.20%,

4/15/2048(a)(b)

2,000,000

1,392,995

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,237,355

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

715,000

504,308

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

13.60%,

10/25/2049(a)(b)

2,136,000

1,945,254

SLG

Office

Trust,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

3,425,000

2,473,797

Total

Commercial

Mortgage-Backed

Securities

(cost

$22,430,363)

18,031,645

Common

Stocks

0.2%

Shares

Paper

&

Forest

Products

0.0%

†

Catalyst

Paper

Corp.

*^∞

344,368

0

Passenger

Airlines

0.2%

Grupo

Aeromexico

SAB

de

CV

*∞(c)

43,743

388,395

Total

Common

Stocks

(cost

$729,291)

388,395

Convertible

Bonds

1.3%

Principal

Amount

($)

Hotels,

Restaurants

&

Leisure

0.5%

DraftKings

Holdings,

Inc.,

0.00%,

3/15/2028

1,789,000

1,237,988

Passenger

Airlines

0.7%

Air

Canada,

4.00%,

7/1/2025

1,377,000

1,618,980

Pharmaceuticals

0.1%

Tricida,

Inc.,

3.50%,

5/15/2027(d)

1,260,000

119,700

Total

Convertible

Bonds

(cost

$4,452,764)

2,976,668

Convertible

Preferred

Stock

0.5%

Banks

0.5%

Wells

Fargo

&

Co.,

7.50%,

902

1,060,977

Total

Convertible

Preferred

Stock

(cost

$1,268,738)

1,060,977

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

61.0%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

5.81%,

5/1/2050

1,040,000

1,046,934

Air

Freight

&

Logistics

0.6%

Rand

Parent

LLC

,

8.50%,

2/15/2030(a)(c)

850,000

799,000

Western

Global

Airlines

LLC

,

10.38%,

8/15/2025(a)

1,530,000

623,919

1,422,919

Automobile

Components

0.5%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

1,247,000

1,119,183

Automobiles

0.6%

Hyundai

Capital

America

,

5.80%,

4/1/2030(a)

1,300,000

1,311,234

Banks

15.6%

Bank

of

Nova

Scotia

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(e)

2,695,000

2,375,550

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)(e)

1,845,000

1,955,595

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.00%),

5.75%,

8/9/2033(c)(e)

1,155,000

1,131,488

CaixaBank

SA

,

(SOFR

+

2.70%),

6.21%,

1/18/2029(a)(e)

810,000

815,062

Comerica

Bank

,

(SOFR

+

2.61%),

5.33%,

8/25/2033(c)(e)

989,000

857,917

Federation

des

Caisses

Desjardins

du

Quebec

,

5.70%,

3/14/2028(a)

1,200,000

1,229,342

HSBC

Holdings

plc

,

(SOFR

+

3.35%),

7.39%,

11/3/2028(e)

1,820,000

1,937,087

(SOFR

+

2.87%),

5.40%,

8/11/2033(c)(e)

1,200,000

1,186,086

ING

Groep

NV

,

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

4.25%,

5/16/2031(c)(e)(f)

2,408,000

1,591,616

Intesa

Sanpaolo

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

4.40%),

8.25%,

11/21/2033(a)(e)

1,380,000

1,462,014

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)(e)

780,000

775,277

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.91%),

8.00%,

9/27/2029(e)(f)

1,000,000

921,250

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

4.98%,

8/11/2033(c)(e)

855,000

818,520

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(e)

1,407,000

1,556,313

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.40%),

5.67%,

9/13/2033(e)

1,730,000

1,755,466

National

Australia

Bank

Ltd.

,

6.43%,

1/12/2033(a)

1,105,000

1,138,096

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(e)

1,815,000

1,382,521

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

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

940,000

729,844

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)(e)

535,000

527,784

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(a)(c)(e)

2,300,000

2,136,826

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.95%),

6.69%,

1/10/2034(a)(c)(e)

200,000

204,430

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(a)(e)

1,255,000

837,396

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(e)

2,350,000

2,189,862

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(e)

3,000,000

2,644,338

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp

,

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)(e)

1,240,000

1,174,005

(SOFR

+

2.09%),

5.85%,

10/21/2033(c)(e)

1,995,000

2,083,831

35,417,516

Biotechnology

0.4%

Amgen,

Inc.

,

5.25%,

3/2/2033

790,000

811,645

Building

Products

0.1%

Fortune

Brands

Innovations,

Inc.

,

4.50%,

3/25/2052

335,000

255,785

Capital

Markets

4.5%

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

1,310,000

1,234,937

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(e)

510,000

507,152

Nomura

Holdings,

Inc.

,

5.61%,

7/6/2029(c)

3,550,000

3,533,921

Northern

Trust

Corp.

,

6.13%,

11/2/2032(c)

2,870,000

3,059,770

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

1/12/2034(a)(c)(e)

1,890,000

1,939,598

10,275,378

Chemicals

2.2%

Albemarle

Corp.

,

5.05%,

6/1/2032

730,000

713,031

5.65%,

6/1/2052(c)

1,016,000

976,470

Celanese

US

Holdings

LLC

,

6.38%,

7/15/2032(c)

1,554,000

1,575,272

OCI

NV

,

6.70%,

3/16/2033(a)(c)

1,765,000

1,760,619

5,025,392

Commercial

Services

&

Supplies

0.5%

Allied

Universal

Holdco

LLC

,

3.63%,

6/1/2028(a)

EUR

850,000

757,740

6.00%,

6/1/2029(a)(c)

520,000

388,159

1,145,899

Construction

&

Engineering

0.2%

Artera

Services

LLC

,

9.03%,

12/4/2025(a)(c)

678,751

583,831

Consumer

Finance

4.6%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

1,090,000

902,986

Avation

Capital

SA

,

6.50%,

10/31/2026(a)(g)

2,057,430

1,759,212

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.

,

(SOFR

+

2.60%),

5.82%,

2/1/2034(c)(e)

480,000

463,834

Ford

Motor

Credit

Co.

LLC

,

2.90%,

2/10/2029(c)

3,000,000

2,483,912

7.35%,

3/6/2030

200,000

205,500

3.63%,

6/17/2031(c)

600,000

494,418

General

Motors

Financial

Co.,

Inc.

,

6.40%,

1/9/2033(c)

2,340,000

2,412,501

VistaJet

Malta

Finance

plc

,

7.88%,

5/1/2027(a)(c)

810,000

783,221

6.38%,

2/1/2030(a)(c)

1,192,000

1,062,354

10,567,938

Diversified

REITs

0.9%

HAT

Holdings

I

LLC

,

3.38%,

6/15/2026(a)(c)

1,022,000

886,585

Uniti

Group

LP

,

6.00%,

1/15/2030(a)

2,200,000

1,287,000

2,173,585

Diversified

Telecommunication

Services

1.4%

Altice

France

SA

,

5.13%,

1/15/2029(a)

200,000

152,406

5.13%,

7/15/2029(a)

1,785,000

1,343,212

Total

Play

Telecomunicaciones

SA

de

CV

,

6.38%,

9/20/2028(a)

1,355,000

664,355

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)(c)

1,135,000

929,531

3,089,504

Electric

Utilities

2.9%

Duke

Energy

Corp.

,

5.00%,

8/15/2052

2,080,000

1,934,897

Enel

Finance

International

NV

,

5.00%,

6/15/2032(a)(c)

3,260,000

3,065,828

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

405,000

380,469

Light

Servicos

de

Eletricidade

SA

,

4.38%,

6/18/2026(a)

1,730,000

515,142

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

595,000

605,295

6,501,631

Electrical

Equipment

0.9%

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/2029(a)

EUR

1,080,000

937,008

Regal

Rexnord

Corp.

,

6.30%,

2/15/2030(a)

1,030,000

1,037,112

1,974,120

Financial

Services

3.0%

Alamo

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.09%),

8.80%,

6/7/2024(a)(e)

450,000

436,095

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Easton

Re

Pte.

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.53%),

9.26%,

1/8/2024(a)(e)

400,000

388,200

Four

Lakes

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.50%),

11.18%,

1/7/2026(a)(e)

450,000

451,845

Gateway

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

13.00%),

17.71%,

2/24/2026(a)(e)

450,000

450,270

Hypatia

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.50%),

9.50%,

4/8/2026(a)(e)

450,000

449,955

Lightning

Re

,

Series

2023,

(3

Month

Treasury

Bill

Rate

+

11.00%),

15.43%,

3/31/2026(a)(e)

400,000

399,800

Locke

Tavern

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.75%),

4.75%,

4/9/2026(a)(e)

450,000

449,857

Long

Point

Re

IV

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

4.25%),

9.03%,

6/1/2026(a)(e)

450,000

441,810

Mona

Lisa

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

17.18%,

1/8/2026(a)(e)

450,000

447,885

Mystic

Re

IV

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

11.60%),

11.69%,

1/8/2025(a)(e)

450,000

377,820

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.25%),

13.93%,

1/8/2026(a)(e)

450,000

456,300

Sanders

Re

III

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

8.09%,

4/7/2026(a)(e)

450,000

424,125

(3

Month

Treasury

Bill

Rate

+

5.75%),

10.43%,

4/7/2027(a)(e)

450,000

450,000

Sussex

Capital

UK

Pcc

Ltd.

,

(3

Month

Treasury

Bill

Rate

+

8.38%),

12.76%,

1/8/2025(a)(e)

450,000

411,210

United

Wholesale

Mortgage

LLC

,

5.50%,

4/15/2029(a)(c)

850,000

709,750

6,744,922

Food

Products

1.6%

JBS

USA

LUX

SA

,

5.75%,

4/1/2033(a)(c)

645,000

615,975

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

JBS

USA

LUX

SA,

6.50%,

12/1/2052(a)(c)

1,285,000

1,219,724

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

2,245,000

1,843,276

3,678,975

Gas

Utilities

0.8%

KeySpan

Gas

East

Corp.

,

5.99%,

3/6/2033(a)

1,770,000

1,824,817

Health

Care

Providers

&

Services

0.9%

CVS

Health

Corp.

,

5.25%,

2/21/2033(c)

1,505,000

1,535,603

Elevance

Health,

Inc.

,

6.10%,

10/15/2052

505,000

563,418

2,099,021

Hotels,

Restaurants

&

Leisure

1.7%

Deuce

Finco

plc

,

5.50%,

6/15/2027(a)

GBP

655,000

672,141

Grupo

Posadas

SAB

de

CV

,

5.00%,

12/30/2027(a)(c)

(g)(h)

779,690

622,312

Marriott

International,

Inc.

,

4.90%,

4/15/2029

1,455,000

1,442,250

Royal

Caribbean

Cruises

Ltd.

,

7.25%,

1/15/2030(a)(c)

305,000

306,906

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5.63%,

2/15/2029(a)(c)

910,000

781,076

3,824,685

Insurance

3.3%

Alamo

Re

II

Pte.

Ltd.

,

Series

A,

(T-BILL

1MO

+

5.52%),

10.23%,

6/8/2023(a)(e)

250,000

251,550

Bonanza

RE

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.25%),

13.00%,

1/8/2026(a)(e)

450,000

449,460

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(e)

2,010,000

1,844,552

First

Coast

Re

IV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.00%),

0.00%,

4/7/2026(a)(e)

400,000

400,000

FloodSmart

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

16.25%),

21.03%,

3/11/2026(a)(e)

800,000

798,800

Integrity

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.00%),

16.67%,

6/6/2025(a)(e)

400,000

401,041

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

849,158

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Metropolitan

Life

Global

Funding

I

,

5.15%,

3/28/2033(a)

1,145,000

1,154,265

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(e)

170,000

163,929

Residential

Reinsurance

2020

Ltd.

,

Series

3,

(3

Month

Treasury

Bill

Rate

+

7.98%),

12.82%,

12/6/2024(a)(e)

416,000

393,453

Titania

RE

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.25%),

16.84%,

2/27/2026(a)(e)

450,000

457,830

Vitality

Re

XIII

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

2.00%,

1/6/2026(a)(e)

450,000

432,810

7,596,848

Machinery

0.2%

Park-Ohio

Industries,

Inc.

,

6.63%,

4/15/2027

590,000

456,709

Media

1.3%

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)(c)

2,930,000

2,082,351

CSC

Holdings

LLC

,

4.63%,

12/1/2030(a)

1,400,000

690,340

5.00%,

11/15/2031(a)

300,000

151,916

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(d)

693,000

8,662

2,933,269

Metals

&

Mining

0.7%

Anglo

American

Capital

plc

,

4.75%,

3/16/2052(a)(c)

644,000

546,809

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

860,000

728,850

TMS

International

Corp.

,

6.25%,

4/15/2029(a)

346,000

266,730

1,542,389

Multi-Utilities

0.5%

Algonquin

Power

&

Utilities

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(e)

1,330,000

1,064,000

Office

REITs

1.0%

Corporate

Office

Properties

LP

,

2.90%,

12/1/2033

3,150,000

2,196,402

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

3.6%

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

1,173,000

986,493

Golar

LNG

Ltd.

,

7.00%,

10/20/2025(a)

688,751

683,585

International

Petroleum

Corp.

,

Reg.

S,

7.25%,

2/1/2027(a)

1,154,000

1,073,220

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

2,116,091

1,663,248

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)

481,000

450,824

Petroleos

Mexicanos

,

6.70%,

2/16/2032

2,047,000

1,629,438

SCC

Power

plc

,

4.00%,

12/31/2028(a)(g)

1,864,915

647,333

0.00%,

5/17/2032(a)(g)

1,010,162

58,705

Tullow

Oil

plc

,

10.25%,

5/15/2026(a)

1,306,000

1,006,926

8,199,772

Passenger

Airlines

2.8%

ABRA

Global

Finance

,

6.00%,

3/2/2028(a)(g)

3,830,595

2,972,223

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)

345,000

330,936

Grupo

Aeromexico

SAB

de

CV

,

8.50%,

3/17/2027(a)

2,365,000

2,079,183

Spirit

Loyalty

Cayman

Ltd.

,

8.00%,

9/20/2025(a)(c)

975,000

981,279

6,363,621

Professional

Services

0.2%

CoreLogic,

Inc.

,

4.50%,

5/1/2028(a)

680,000

515,950

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.

,

4.75%,

2/1/2030

1,160,000

855,813

Residential

REITs

1.0%

Sun

Communities

Operating

LP

,

5.70%,

1/15/2033

2,305,000

2,306,511

Semiconductors

&

Semiconductor

Equipment

0.4%

Micron

Technology,

Inc.

,

5.88%,

2/9/2033

924,000

934,213

Software

0.1%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

395,000

320,290

Specialty

Retail

1.0%

AutoNation,

Inc.

,

3.85%,

3/1/2032(c)

808,000

688,110

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Shiba

Bidco

SpA

,

4.50%,

10/31/2028(a)

EUR

1,710,000

1,495,187

2,183,297

Transportation

Infrastructure

0.1%

Seaspan

Corp.

,

5.50%,

8/1/2029(a)

380,000

296,333

Total

Corporate

Bonds

(cost

$155,115,439)

138,660,331

Foreign

Government

Security

0.3%

SERBIA

0.3%

Republic

of

Serbia,

2.05%,

9/23/2036(a)

EUR

1,225,000

799,858

Total

Foreign

Government

Security

(cost

$1,399,168)

799,858

Loan

Participations

2.3%

Airlines

0.2%

LaserShip,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.50%),

9.66%,

5/7/2028

(e)

650,100

550,498

0

Construction

Machinery

0.2%

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

4.25%),

9.09%,

12/15/2028

(e)

533,250

447,066

0

Media

0.6%

Radiate

Holdco

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

8.09%,

9/25/2026

(e)

1,663,938

1,355,510

0

Oil

&

Gas

Services

1.3%

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

+

7.25%),

12.42%,

3/4/2025

(e)

3,022,531

2,988,527

0

Total

Loan

Participations

(cost

$5,850,635)

5,341,601

Warrants

0.0%

†

Number

of

Warrants

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026

*∞

35,000

0

Total

Warrants

(cost

$0)

0

Repurchase

Agreements

2.5%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,229,249,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$2,272,922.

(i)

2,228,355

2,228,355

MetLife,

Inc.

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,000,801,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$2,041,088.

(i)

2,000,000

2,000,000

Pershing

LLC

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,400,564,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$1,428,000.

(i)

1,400,000

1,400,000

Total

Repurchase

Agreements

(cost

$5,628,355)

5,628,355

Total

Investments

(cost

$243,770,479)

—

95.6%

217,417,666

Other

assets

in

excess

of

liabilities

—

4.4%

9,972,073

NET

ASSETS

—

100.0%

$

227,389,739

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$136,468,311

which

represents

60.02%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$25,908,667,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,628,355

and

by

$21,040,628

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

2/15/2052,

a

total

value

of

$26,668,983.

(d)

Security

in

default.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(g)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(h)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2023.

(i)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$5,628,355.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2023

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

39-V1

5.00

Quarterly

12/20/2027

4.69

USD

33,398,448

55,658

(558,286)

(502,628)

Markit

CDX

North

American

High

Yield

Index

Series

40-V1

5.00

Quarterly

6/20/2028

4.69

USD

37,101,552

(579,099)

(304)

(579,403)

Markit

CDX

North

American

Investment

Grade

Index

Series

39-V1

1.00

Quarterly

12/20/2027

0.73

USD

50,000,000

(131,238)

(464,380)

(595,618)

(654,679)

(1,022,970)

(1,677,649)

As

of

March

31,

2023,

the

Fund

had

$4,951,419

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

EUR

1,954,150

USD

2,124,953

JPMorgan

Chase

Bank

4/21/2023

(3,672)

USD

6,012,165

EUR

5,650,000

Brown

Brothers

Harriman

Co.

4/21/2023

(121,060)

USD

698,142

GBP

575,000

Brown

Brothers

Harriman

Co.

4/21/2023

(11,429)

USD

380,913

MXN

7,118,683

Morgan

Stanley

Co.,

Inc.

6/29/2023

(7,447)

Total

unrealized

depreciation

(143,608)

Net

unrealized

depreciation

(143,608)

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

64

6/2023

USD

13,213,000

136,339

U.S.

Treasury

5

Year

Note

61

6/2023

USD

6,679,977

98,346

U.S.

Treasury

Long

Bond

34

6/2023

USD

4,459,313

176,456

Total

long

contracts

411,141

Short

Contracts

Euro-Bobl

(16)

6/2023

EUR

(2,045,454)

(47,574)

Euro-Bund

(29)

6/2023

EUR

(4,272,236)

(156,482)

U.S.

Treasury

10

Year

Note

(183)

6/2023

USD

(21,030,703)

(533,465)

U.S.

Treasury

10

Year

Ultra

Note

(465)

6/2023

USD

(56,330,391)

(1,837,124)

U.S.

Treasury

Ultra

Bond

(55)

6/2023

USD

(7,761,875)

(302,807)

Total

short

contracts

(2,877,452)

Net

contracts

(2,466,311)

As

of

March

31,

2023,

the

Fund

had

$2,301,446

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

12

-

Statement

of

Investments

-

March

31,

2023

(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

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

18,003,943

$

–

$

18,003,943

Collateralized

Mortgage

Obligations

–

26,525,893

–

26,525,893

Commercial

Mortgage-Backed

Securities

–

18,031,645

–

18,031,645

  Common

Stocks

Paper

&

Forest

Products

–

–

–

–

Passenger

Airlines

–

388,395

–

388,395

Total

Common

Stocks

$

–

$

388,395

$

–

$

388,395

Convertible

Bonds

–

2,976,668

–

2,976,668

Convertible

Preferred

Stock

1,060,977

–

–

1,060,977

Corporate

Bonds

–

138,660,331

–

138,660,331

Foreign

Government

Security

–

799,858

–

799,858

Futures

Contracts

411,141

–

–

411,141

Loan

Participations

–

5,341,601

–

5,341,601

Repurchase

Agreements

–

5,628,355

–

5,628,355

Warrants

–

–

–

–

Total

Assets

$

1,472,118

$

216,356,689

$

–

$

217,828,807

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(1,022,970)

$

–

$

(1,022,970)

Forward

Foreign

Currency

Contracts

–

(143,608)

–

(143,608)

Futures

Contracts

(2,877,452)

–

–

(2,877,452)

Total

Liabilities

$

(2,877,452)

$

(1,166,578)

$

–

$

(4,044,030)

Total

$

(1,405,334)

$

215,190,111

$

–

$

213,784,777

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

As

of

March

31,

2023,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

March

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

411,141

Total

$

411,141

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,022,970)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(143,608)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(2,877,452)

Total

$

(4,044,030)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Asset-Backed

Securities

8.0%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

795,000

791,488

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

39,793

38,469

829,957

Automobiles

1.3%

AmeriCredit

Automobile

Receivables

Trust

Series

2022-1,

Class

A2,

2.05%,

1/20/2026

1,091,880

1,079,863

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,814,000

1,803,245

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A,

2.33%,

8/20/2026(a)

2,475,000

2,323,707

Drive

Auto

Receivables

Trust,

Series

2021-2,

Class

B,

0.58%,

12/15/2025

2,750,403

2,731,472

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

2,644,000

2,616,833

Ford

Credit

Auto

Owner

Trust,

Series

2022-C,

Class

A4,

4.59%,

12/15/2027

4,071,000

4,064,230

Santander

Drive

Auto

Receivables

Trust

Series

2021-3,

Class

B,

0.60%,

12/15/2025

2,164,669

2,154,488

Series

2022-1,

Class

B,

2.36%,

8/17/2026

4,273,000

4,151,959

Series

2022-5,

Class

A3,

4.11%,

8/17/2026

1,751,000

1,732,136

22,657,933

Other

6.1%

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

5.95%,

4/21/2035(a)(b)

8,660,000

8,548,754

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

6.44%,

4/15/2034(a)(b)

5,600,000

5,469,783

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

4,008,000

3,489,285

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,133,675

3,636,402

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/2051(a)

4,941,000

4,403,532

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-

9A,

Class

A1TR,

6.34%,

10/15/2033(a)(b)

7,250,000

7,026,330

FREED

ABS

Trust,

Series

2021-3FP,

Class

B,

1.01%,

11/20/2028(a)

672,493

668,387

Hilton

Grand

Vacations

Trust,

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

564,991

547,760

Marlette

Funding

Trust,

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

832,939

826,642

MCF

CLO

IX

Ltd.,

Series

2019-1A,

Class

A1R,

6.16%,

7/17/2031(a)(b)

6,213,000

6,082,198

MF1

Ltd.

Series

2021-FL7,

Class

AS,

6.21%,

10/16/2036(a)(b)

6,378,500

6,162,469

Series

2022-FL8,

Class

A,

5.91%,

2/19/2037(a)(b)

4,332,500

4,213,822

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.,

Series

2022-47A,

Class

A,

5.93%,

4/14/2035(a)(b)

12,721,428

12,455,525

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,267,170

Pagaya

AI

Debt

Selection

Trust,

Series

2021-3,

Class

A,

1.15%,

5/15/2029(a)

534,627

525,105

PFS

Financing

Corp.,

Series

2021-B,

Class

A,

0.77%,

8/15/2026(a)

8,280,000

7,737,729

Purewest

Funding

LLC,

Series

2021-1,

Class

A1,

4.09%,

12/22/2036(a)

1,883,889

1,797,416

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,534,719

Stratus

CLO

Ltd.,

Series

2021-3A,

Class

A,

5.76%,

12/29/2029(a)(b)

5,292,582

5,229,664

Textainer

Marine

Containers

VII

Ltd.

Series

2020-2A,

Class

A,

2.10%,

9/20/2045(a)

3,207,728

2,851,764

Series

2021-2A,

Class

A,

2.23%,

4/20/2046(a)

3,196,167

2,767,849

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

5.99%,

7/21/2034(a)(b)

1,450,000

1,418,416

Upstart

Securitization

Trust,

Series

2021-5,

Class

A,

1.31%,

11/20/2031(a)

1,046,264

1,018,439

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

6.08%,

7/20/2032(a)(b)

14,600,000

14,426,070

110,105,230

Student

Loan

0.6%

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

5,896,844

5,006,046

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

5,784,322

5,053,327

Nelnet

Student

Loan

Trust,

Series

2019-7A,

Class

A1,

5.35%,

1/25/2068(a)(b)

276,933

276,729

10,336,102

Total

Asset-Backed

Securities

(cost

$151,555,229)

143,929,222

Collateralized

Mortgage

Obligations

1.2%

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

571,207

549,784

GCAT

Trust,

Series

2019-

NQM3,

Class

A1,

2.69%,

11/25/2059(a)(b)

843,024

783,186

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.70%,

11/20/2051(b)

2,686,732

2,804,110

Imperial

Fund

Mortgage

Trust,

Series

2023-NQM1,

Class

A1,

5.94%,

2/25/2068(a)(c)

2,239,286

2,215,677

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

1,171,297

1,072,885

Series

2022-NQM1,

Class

A1,

2.28%,

4/25/2061(a)(b)

8,528,298

7,264,572

Starwood

Mortgage

Residential

Trust,

Series

2021-3,

Class

A1,

1.13%,

6/25/2056(a)(b)

2,424,273

1,958,135

Towd

Point

Mortgage

Trust,

Series

2023-1,

Class

A1,

3.75%,

1/25/2063(a)

1,833,019

1,736,420

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

2.64%,

11/25/2059(a)(c)

334,710

318,250

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(b)

3,109,355

2,589,857

Total

Collateralized

Mortgage

Obligations

(cost

$23,703,542)

21,292,876

Commercial

Mortgage-Backed

Securities

0.9%

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

B,

3.73%,

4/10/2046(b)

2,844,720

2,838,631

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,323,757

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

3,640,301

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

3,895,000

3,602,188

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(b)

2,620,000

2,474,434

Total

Commercial

Mortgage-Backed

Securities

(cost

$18,491,048)

16,879,311

Corporate

Bonds

49.2%

Aerospace

&

Defense

1.7%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,274,549

3.63%,

2/1/2031(d)

10,130,000

9,282,222

5.71%,

5/1/2040

1,560,000

1,578,107

5.81%,

5/1/2050

3,910,000

3,936,068

5.93%,

5/1/2060

1,930,000

1,927,695

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

3,388,000

3,219,156

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)

3,620,000

3,606,244

TransDigm

,

Inc.

,

6.25%,

3/15/2026(a)

705,000

705,642

6.38%,

6/15/2026(d)

500,000

488,750

7.50%,

3/15/2027(d)

425,000

423,937

5.50%,

11/15/2027

610,000

575,177

6.75%,

8/15/2028(a)

863,000

871,630

30,889,177

Automobiles

0.8%

Ford

Motor

Co.

,

4.75%,

1/15/2043

360,000

276,059

5.29%,

12/8/2046(d)

360,000

295,200

General

Motors

Co.

,

6.80%,

10/1/2027(d)

3,845,000

4,066,275

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(a)

1,521,000

1,228,409

Volkswagen

Group

of

America

Finance

LLC

,

3.13%,

5/12/2023(a)

1,745,000

1,739,999

3.35%,

5/13/2025(a)

3,485,000

3,367,414

3.75%,

5/13/2030(a)

4,385,000

4,024,531

14,997,887

Banks

6.3%

Banco

de

Credito

e

Inversiones

SA

,

3.50%,

10/12/2027(a)

200,000

182,200

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA

,

Reg.

S,

(USD

ICE

Swap

Rate

5

Year

+

4.99%),

7.50%,

2/08/2024(e)(f)

1,200,000

1,140,000

2.75%,

12/3/2030

4,400,000

3,432,211

Bank

of

America

Corp.

,

Series

JJ,

(ICE

LIBOR

USD

3

Month

+

3.29%),

5.12%,

6/20/2024(e)(f)

1,870,000

1,791,357

Series

X,

(ICE

LIBOR

USD

3

Month

+

3.71%),

6.25%,

9/05/2024(e)(f)

1,240,000

1,210,550

4.45%,

3/3/2026(d)

4,155,000

4,057,956

Series

FF,

(ICE

LIBOR

USD

3

Month

+

2.93%),

5.87%,

3/15/2028(e)(f)

1,000,000

899,750

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.71%,

4/24/2028(f)

3,125,000

2,953,141

(SOFR

+

2.15%),

2.59%,

4/29/2031(f)

4,605,000

3,899,799

(SOFR

+

1.32%),

2.69%,

4/22/2032(f)

5,870,000

4,898,656

(SOFR

+

1.22%),

2.30%,

7/21/2032(f)

5,145,000

4,146,342

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%,

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

1,290,000

964,094

Citigroup,

Inc.

,

Series

U,

(SOFR

+

3.81%),

5.00%,

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

1,239,000

1,158,465

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(e)(f)

750,000

656,250

(CME

Term

SOFR

3

Month

+

1.16%),

3.35%,

4/24/2025(f)

5,475,000

5,335,945

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%,

12/10/2025(e)(f)

840,000

742,350

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(f)

2,080,000

1,987,314

Citizens

Financial

Group,

Inc.

,

Series

B,

(ICE

LIBOR

USD

3

Month

+

3.00%),

6.00%,

7/06/2023(e)(f)

2,650,000

2,270,453

Comerica,

Inc.

,

3.70%,

7/31/2023

6,861,000

6,578,407

Fifth

Third

Bancorp

,

Series

L,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%),

4.50%,

9/30/2025(e)(f)

655,000

567,974

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%,

12/17/2030(e)(f)

5,582,000

4,168,787

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

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

1,000,000

901,114

(SOFR

+

1.64%),

3.87%,

3/28/2026(f)

7,254,000

7,014,262

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(d)(e)(f)

1,385,000

1,198,247

Intesa

Sanpaolo

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

6/1/2032(a)(f)

1,975,000

1,436,653

JPMorgan

Chase

&

Co.

,

Series

CC,

(ICE

LIBOR

USD

3

Month

+

2.58%),

7.39%,

5/01/2023(e)(f)

1,430,000

1,387,922

Series

FF,

(CME

Term

SOFR

3

Month

+

3.38%),

5.00%,

8/01/2024(d)(e)(f)

1,385,000

1,329,739

Series

HH,

(CME

Term

SOFR

3

Month

+

3.13%),

4.60%,

2/01/2025(e)(f)

775,000

720,750

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.22%,

3/1/2025(f)

9,650,000

9,443,323

Series

KK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.65%,

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

450,000

393,750

(SOFR

+

1.51%),

2.74%,

10/15/2030(f)

4,550,000

3,972,010

(SOFR

+

1.07%),

1.95%,

2/4/2032(f)

4,610,000

3,708,748

(SOFR

+

1.51%),

2.53%,

11/19/2041(f)

2,385,000

1,646,157

NatWest

Group

plc

,

4.60%,

6/28/2031(d)(e)(g)

1,890,000

1,330,276

NBK

Tier

1

Financing

2

Ltd.

,

(USD

Constant

Maturity

6

Year

+

2.83%),

4.50%,

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

200,000

180,955

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(f)

1,280,000

1,278,820

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%,

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

1,820,000

1,308,927

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.

,

Series

N,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.80%,

9/01/2024(e)(f)

2,185,000

1,911,875

Series

L,

(ICE

LIBOR

USD

3

Month

+

3.10%),

7.97%,

12/15/2024(e)(f)

760,000

722,836

Series

P,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%),

4.95%,

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

590,000

545,326

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(e)(f)

650,000

569,111

Turkiye

Vakiflar

Bankasi

TAO

,

6.50%,

1/8/2026(a)

200,000

186,940

Wells

Fargo

&

Co.

,

Series

S,

5.90%,

6/15/2024(e)(g)

1,290,000

1,222,984

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

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

645,000

633,712

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%,

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

1,335,000

1,178,418

(SOFR

+

2.00%),

2.19%,

4/30/2026(f)

1,680,000

1,574,428

(SOFR

+

1.51%),

3.53%,

3/24/2028(f)

3,183,000

3,003,129

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(f)

8,980,000

7,803,777

(SOFR

+

2.53%),

3.07%,

4/30/2041(f)

5,055,000

3,767,236

113,413,426

Beverages

1.1%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,805,000

2,741,361

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

7,843,000

7,346,782

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

2,677,000

2,447,511

2.88%,

5/1/2030

6,555,000

5,749,440

2.25%,

8/1/2031(d)

2,625,000

2,156,565

20,441,659

Biotechnology

1.2%

AbbVie,

Inc.

,

2.95%,

11/21/2026

12,930,000

12,302,737

Amgen,

Inc.

,

5.25%,

3/2/2030

1,019,000

1,042,215

2.80%,

8/15/2041

5,190,000

3,788,546

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Amgen,

Inc.,

5.65%,

3/2/2053

2,441,000

2,540,351

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050

2,675,000

1,846,798

21,520,647

Broadline

Retail

0.4%

Amazon.com,

Inc.

,

3.10%,

5/12/2051

3,765,000

2,852,027

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)(d)

2,885,000

2,560,438

Prosus

NV

,

3.26%,

1/19/2027(a)

2,250,000

2,042,946

7,455,411

Building

Products

0.4%

Carrier

Global

Corp.

,

2.49%,

2/15/2027

1,046,000

971,864

2.72%,

2/15/2030

3,515,000

3,075,200

Smyrna

Ready

Mix

Concrete

LLC

,

6.00%,

11/1/2028(a)

2,710,000

2,544,012

6,591,076

Capital

Markets

2.7%

Credit

Suisse

Group

AG

,

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(f)

1,359,000

1,396,372

Deutsche

Bank

AG

,

(SOFR

+

3.18%),

6.72%,

1/18/2029(d)(f)

2,466,000

2,448,765

(SOFR

+

3.65%),

7.08%,

2/10/2034(f)

3,024,000

2,804,525

Goldman

Sachs

Group,

Inc.

(The)

,

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%,

8/10/2024(e)(f)

968,000

933,897

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%,

2/10/2025(e)(f)

1,144,000

1,047,610

(ICE

LIBOR

USD

3

Month

+

1.20%),

3.27%,

9/29/2025(f)

2,200,000

2,134,278

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%,

5/10/2026(e)(f)

605,000

501,122

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%,

8/10/2026(e)(f)

1,060,000

865,225

(SOFR

+

1.09%),

1.99%,

1/27/2032(f)

4,720,000

3,770,449

(SOFR

+

1.28%),

2.62%,

4/22/2032(f)

5,415,000

4,510,640

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.25%),

2.38%,

7/21/2032(f)

6,565,000

5,330,021

Moody's

Corp.

,

2.75%,

8/19/2041(d)

2,695,000

1,941,197

Morgan

Stanley

,

(SOFR

+

1.15%),

2.72%,

7/22/2025(f)

3,440,000

3,315,555

3.63%,

1/20/2027

4,000,000

3,849,757

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(f)

2,825,000

2,674,853

(SOFR

+

1.14%),

2.70%,

1/22/2031(f)

7,235,000

6,230,817

(SOFR

+

1.02%),

1.93%,

4/28/2032(f)

4,630,000

3,642,441

UBS

Group

AG

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

4.59%),

6.87%,

8/07/2025(e)(f)

1,276,000

1,142,020

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%,

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

1,040,000

721,499

49,261,043

Chemicals

1.7%

Alpek

SAB

de

CV

,

3.25%,

2/25/2031(a)

4,982,000

4,028,247

Braskem

Idesa

SAPI

,

7.45%,

11/15/2029(a)(d)

1,447,000

1,162,154

6.99%,

2/20/2032(a)

3,628,000

2,738,183

Braskem

Netherlands

Finance

BV

,

5.88%,

1/31/2050(a)(d)

5,709,000

4,287,374

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027

7,573,000

7,616,199

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)

348,000

317,285

Nutrien

Ltd.

,

4.90%,

3/27/2028

578,000

577,831

Orbia

Advance

Corp.

SAB

de

CV

,

2.88%,

5/11/2031(a)(d)

4,106,000

3,297,118

Sasol

Financing

USA

LLC

,

5.88%,

3/27/2024

400,000

395,200

4.38%,

9/18/2026

200,000

180,772

6.50%,

9/27/2028

400,000

373,785

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052

5,312,000

3,416,404

Tronox

,

Inc.

,

4.63%,

3/15/2029(a)

290,000

242,846

Westlake

Corp.

,

3.38%,

8/15/2061

2,530,000

1,557,913

30,191,311

Commercial

Services

&

Supplies

0.1%

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(a)

590,000

585,575

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

Prime

Security

Services

Borrower

LLC,

6.25%,

1/15/2028(a)

1,250,000

1,168,750

1,754,325

Construction

&

Engineering

0.0%

†

IHS

Netherlands

Holdco

BV

,

8.00%,

9/18/2027(a)

200,000

176,612

Construction

Materials

0.1%

Cemex

SAB

de

CV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.91%),

9.12%,

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

1,420,000

1,422,064

Consumer

Finance

2.9%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

6,420,000

5,318,505

American

Express

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%,

9/15/2026(e)(f)

1,625,000

1,373,450

Capital

One

Financial

Corp.

,

(SOFR

+

0.69%),

5.52%,

12/6/2024(f)

6,065,000

5,933,944

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%,

9/01/2026(e)(f)

1,000,000

748,750

Discover

Financial

Services

,

Series

C,

(ICE

LIBOR

USD

3

Month

+

3.08%),

5.50%,

10/30/2027(e)(f)

3,050,000

2,180,750

6.70%,

11/29/2032

1,606,000

1,655,694

Ford

Motor

Credit

Co.

LLC

,

3.37%,

11/17/2023

2,900,000

2,844,603

2.30%,

2/10/2025

10,914,000

10,114,822

4.13%,

8/17/2027

7,453,000

6,828,737

5.11%,

5/3/2029

585,000

549,198

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028(d)

2,741,000

2,344,692

2.35%,

1/8/2031

10,208,000

8,060,116

OneMain

Finance

Corp.

,

6.13%,

3/15/2024

350,000

340,951

7.13%,

3/15/2026

335,000

322,032

3.50%,

1/15/2027

450,000

377,668

Synchrony

Financial

,

2.88%,

10/28/2031

5,103,000

3,611,346

52,605,258

Consumer

Staples

Distribution

&

Retail

0.3%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(a)

3,130,000

2,479,923

Sysco

Corp.

,

6.60%,

4/1/2050

1,511,000

1,723,711

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Sysco

Corp.,

3.15%,

12/14/2051(d)

2,505,000

1,750,439

5,954,073

Containers

&

Packaging

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)(d)

200,000

198,205

4.00%,

9/1/2029(a)

3,043,000

2,381,148

Graham

Packaging

Co.,

Inc.

,

7.13%,

8/15/2028(a)(d)

295,000

255,112

LABL,

Inc.

,

5.88%,

11/1/2028(a)

1,187,000

1,054,727

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)

6,640,000

5,805,125

6.13%,

2/1/2028(a)(d)

271,000

274,023

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(c)

585,000

532,350

10,500,690

Diversified

REITs

0.2%

GLP

Capital

LP

,

3.25%,

1/15/2032

1,358,000

1,101,827

Simon

Property

Group

LP

,

5.85%,

3/8/2053

1,734,000

1,725,031

2,826,858

Diversified

Telecommunication

Services

1.7%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(a)(d)

1,010,000

644,582

Altice

France

SA

,

8.13%,

2/1/2027(a)

355,000

328,623

5.50%,

1/15/2028(a)

540,000

443,637

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

2,893,087

2.25%,

2/1/2032

4,105,000

3,355,978

3.50%,

6/1/2041(d)

1,420,000

1,120,649

3.50%,

9/15/2053

12,145,000

8,817,853

3.65%,

9/15/2059

1,290,000

921,827

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

100,000

97,250

4.75%,

3/1/2030(a)

55,000

47,652

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

625,000

568,188

5.00%,

5/1/2028(a)

220,000

190,907

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

195,000

209,533

8.75%,

3/15/2032

265,000

322,638

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030(d)

6,085,000

4,926,902

2.65%,

11/20/2040

1,185,000

846,094

3.70%,

3/22/2061(d)

5,420,000

4,041,395

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(a)(d)

585,000

483,520

30,260,315

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

2.9%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)

4,000,000

3,440,000

American

Electric

Power

Co.,

Inc.

,

2.03%,

3/15/2024

3,156,000

3,052,999

CenterPoint

Energy

Houston

Electric

LLC

,

5.30%,

4/1/2053

516,000

534,074

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

2,700,809

Duke

Energy

Corp.

,

3.50%,

6/15/2051(d)

2,665,000

1,946,109

5.00%,

8/15/2052

7,175,000

6,674,463

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

1,827,731

Edison

International

,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%,

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

2,457,000

2,035,613

Enel

Finance

America

LLC

,

7.10%,

10/14/2027(a)

1,292,000

1,388,337

Enel

Finance

International

NV

,

7.50%,

10/14/2032(a)

1,371,000

1,527,454

Entergy

Texas,

Inc.

,

1.75%,

3/15/2031

10,050,000

8,090,024

Exelon

Corp.

,

4.05%,

4/15/2030

6,194,000

5,909,274

FirstEnergy

Corp.

,

Series

C,

7.38%,

11/15/2031

45,000

50,476

Series

C,

5.10%,

7/15/2047(c)

450,000

399,116

Indiana

Michigan

Power

Co.

,

5.63%,

4/1/2053

376,000

391,507

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

1,699,717

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028

2,320,000

2,037,199

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

490,000

392,867

3.88%,

2/15/2032(a)(d)

385,000

308,000

Pacific

Gas

and

Electric

Co.

,

3.25%,

6/1/2031

5,875,000

4,977,375

3.30%,

8/1/2040

1,410,000

1,000,076

Southwestern

Public

Service

Co.

,

Series

8,

3.15%,

5/1/2050

2,825,000

2,033,920

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(a)(d)

270,000

239,062

52,656,202

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

2,886,000

2,612,728

22

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

0.4%

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

785,000

793,434

4.75%,

10/15/2027(a)(d)

385,000

356,125

Netflix,

Inc.

,

5.88%,

11/15/2028

1,862,000

1,956,683

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025(a)

4,095,000

3,955,509

7,061,751

Financial

Services

1.0%

EDP

Finance

BV

,

6.30%,

10/11/2027(a)(d)

653,000

675,923

Fiserv,

Inc.

,

5.60%,

3/2/2033

1,244,000

1,290,185

Global

Payments,

Inc.

,

5.40%,

8/15/2032

2,653,000

2,601,204

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031

10,714,000

8,829,332

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(a)(d)

1,410,000

1,014,514

Synchrony

Bank

,

5.40%,

8/22/2025

2,951,000

2,766,948

17,178,106

Food

Products

1.0%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

4,222,000

3,750,016

J

M

Smucker

Co.

(The)

,

2.75%,

9/15/2041(d)

4,817,000

3,523,145

Kraft

Heinz

Foods

Co.

,

5.20%,

7/15/2045

35,000

33,921

4.88%,

10/1/2049

5,265,000

4,892,003

NBM

US

Holdings,

Inc.

,

7.00%,

5/14/2026(a)

4,285,000

4,253,832

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

36,000

35,129

5.63%,

1/15/2028(a)(d)

780,000

764,400

4.50%,

9/15/2031(a)

345,000

303,634

17,556,080

Ground

Transportation

0.2%

AerCap

Global

Aviation

Trust

,

(ICE

LIBOR

USD

3

Month

+

4.30%),

6.50%,

6/15/2045(a)(f)

229,000

216,442

Canadian

Pacific

Railway

Co.

,

3.00%,

12/2/2041

2,941,000

2,349,173

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

1,418,000

1,127,539

3,693,154

Health

Care

Equipment

&

Supplies

0.1%

Stryker

Corp.

,

0.60%,

12/1/2023

2,350,000

2,279,777

Health

Care

Providers

&

Services

1.1%

Cigna

Group

(The)

,

3.75%,

7/15/2023

5,207,000

5,181,726

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Community

Health

Systems,

Inc.

,

8.00%,

3/15/2026(a)

430,000

415,591

5.63%,

3/15/2027(a)(d)

125,000

109,735

8.00%,

12/15/2027(a)(d)

479,000

464,084

6.00%,

1/15/2029(a)(d)

135,000

114,194

6.88%,

4/15/2029(a)

850,000

526,227

6.13%,

4/1/2030(a)

885,000

533,212

4.75%,

2/15/2031(a)(d)

220,000

162,419

CVS

Health

Corp.

,

3.00%,

8/15/2026(d)

3,045,000

2,905,484

1.75%,

8/21/2030

4,080,000

3,316,820

DaVita,

Inc.

,

4.63%,

6/1/2030(a)(d)

940,000

802,375

HCA,

Inc.

,

7.69%,

6/15/2025

85,000

87,900

5.38%,

9/1/2026

690,000

692,457

3.13%,

3/15/2027(a)

1,099,000

1,021,494

5.63%,

9/1/2028

145,000

146,685

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026

1,856,000

1,819,548

6.13%,

10/1/2028(d)

1,370,000

1,313,035

19,612,986

Health

Care

REITs

0.3%

Ventas

Realty

LP

,

3.50%,

4/15/2024

6,105,000

5,969,661

Hotels,

Restaurants

&

Leisure

0.4%

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

350,000

350,016

8.13%,

7/1/2027(a)(d)

770,000

785,400

7.00%,

2/15/2030(a)

158,000

160,765

Scientific

Games

International,

Inc.

,

7.00%,

5/15/2028(a)(d)

655,000

648,450

Starbucks

Corp.

,

2.55%,

11/15/2030

5,610,000

4,882,448

6,827,079

Household

Durables

0.2%

Newell

Brands,

Inc.

,

6.38%,

9/15/2027(d)

1,515,000

1,529,029

6.63%,

9/15/2029(d)

1,344,000

1,355,538

Taylor

Morrison

Communities,

Inc.

,

5.88%,

6/15/2027(a)

260,000

255,068

5.75%,

1/15/2028(a)

465,000

457,406

5.13%,

8/1/2030(a)(d)

180,000

166,154

3,763,195

Independent

Power

and

Renewable

Electricity

Producers

0.7%

AES

Andes

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.92%),

6.35%,

10/7/2079(a)(f)

5,000,000

4,659,557

Calpine

Corp.

,

4.50%,

2/15/2028(a)(d)

735,000

681,800

5.13%,

3/15/2028(a)(d)

590,000

540,186

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Calpine

Corp.,

4.63%,

2/1/2029(a)(d)

792,000

683,748

5.00%,

2/1/2031(a)

1,223,000

1,035,291

Constellation

Energy

Generation

LLC

,

5.80%,

3/1/2033

4,027,000

4,153,432

11,754,014

Industrial

REITs

0.2%

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

3,445,000

2,728,059

Insurance

1.7%

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%,

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

8,200,000

5,752,196

American

International

Group,

Inc.

,

4.38%,

6/30/2050

4,738,000

4,046,201

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

5,963,000

5,582,624

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.12%,

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

5,514,000

4,421,787

Massachusetts

Mutual

Life

Insurance

Co.

,

3.73%,

10/15/2070(a)

5,250,000

3,685,952

MetLife,

Inc.

,

6.40%,

12/15/2036

7,586,000

7,340,517

30,829,277

Interactive

Media

&

Services

0.2%

Meta

Platforms,

Inc.

,

4.45%,

8/15/2052

4,840,000

4,257,940

IT

Services

0.2%

International

Business

Machines

Corp.

,

3.30%,

5/15/2026

2,635,000

2,541,420

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026

1,054,000

915,841

3,457,261

Machinery

0.2%

TK

Elevator

US

Newco

,

Inc.

,

5.25%,

7/15/2027(a)

2,940,000

2,775,654

Media

2.2%

AMC

Networks,

Inc.

,

4.25%,

2/15/2029(d)

4,754,000

2,922,807

Charter

Communications

Operating

LLC

,

2.80%,

4/1/2031

2,835,000

2,282,072

5.75%,

4/1/2048(d)

2,009,000

1,733,741

4.80%,

3/1/2050

1,720,000

1,310,972

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC,

3.70%,

4/1/2051

2,565,000

1,641,542

Comcast

Corp.

,

2.35%,

1/15/2027

7,820,000

7,284,185

3.30%,

2/1/2027(d)

2,740,000

2,642,568

Cox

Communications,

Inc.

,

4.80%,

2/1/2035(a)

6,985,000

6,491,277

CSC

Holdings

LLC

,

7.50%,

4/1/2028(a)(d)

505,000

321,938

6.50%,

2/1/2029(a)(d)

200,000

166,103

5.75%,

1/15/2030(a)

2,425,000

1,276,823

4.63%,

12/1/2030(a)

445,000

219,429

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

7,500,000

7,277,807

Outfront

Media

Capital

LLC

,

5.00%,

8/15/2027(a)

531,000

478,341

4.63%,

3/15/2030(a)

120,000

100,076

Paramount

Global

,

4.20%,

5/19/2032(d)

4,317,000

3,702,967

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

440,000

391,050

40,243,698

Metals

&

Mining

0.2%

Alcoa

Nederland

Holding

BV

,

5.50%,

12/15/2027(a)(d)

2,375,000

2,345,360

ArcelorMittal

SA

,

7.00%,

10/15/2039(c)

285,000

299,466

6.75%,

3/1/2041(c)

95,000

96,294

CSN

Inova

Ventures

,

6.75%,

1/28/2028(a)

219,000

205,724

Freeport-McMoRan,

Inc.

,

5.25%,

9/1/2029

245,000

240,234

5.40%,

11/14/2034

385,000

377,289

5.45%,

3/15/2043

825,000

771,693

4,336,060

Multi-Utilities

0.3%

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

2,645,000

2,430,682

NiSource,

Inc.

,

5.25%,

3/30/2028

485,000

493,362

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

3,120,000

2,485,773

5,409,817

Office

REITs

0.1%

Boston

Properties

LP

,

3.80%,

2/1/2024

1,953,000

1,881,261

Oil,

Gas

&

Consumable

Fuels

6.4%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

512,162

4.60%,

11/2/2047(a)

200,000

186,241

24

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%,

6/22/2025(e)(f)

3,690,000

3,514,407

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(d)

795,000

738,563

3.25%,

1/31/2032(d)

630,000

520,456

CITGO

Petroleum

Corp.

,

7.00%,

6/15/2025(a)

2,363,000

2,331,336

Crestwood

Midstream

Partners

LP

,

7.38%,

2/1/2031(a)(d)

352,000

352,000

CVR

Energy,

Inc.

,

5.25%,

2/15/2025(a)

1,874,000

1,798,897

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)

675,000

591,774

4.30%,

4/15/2032(a)(d)

3,995,000

3,578,914

EIG

Pearl

Holdings

Sarl

,

4.39%,

11/30/2046(a)(d)

9,720,000

7,651,740

Enbridge,

Inc.

,

5.70%,

3/8/2033

2,776,000

2,887,439

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

4,555,000

4,520,838

Energy

Transfer

LP

,

4.50%,

11/1/2023

4,000,000

3,965,309

2.90%,

5/15/2025

2,930,000

2,792,267

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

1,506,000

1,266,546

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

4,524,672

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.25%,

8/16/2077(d)(f)

2,500,000

2,114,050

EQT

Corp.

,

5.68%,

10/1/2025

1,196,000

1,192,414

Genesis

Energy

LP

,

6.50%,

10/1/2025

115,000

111,395

6.25%,

5/15/2026(d)

330,000

314,991

Howard

Midstream

Energy

Partners

LLC

,

6.75%,

1/15/2027(a)

1,239,000

1,168,327

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

2,005,202

Korea

National

Oil

Corp.

,

1.75%,

4/18/2025(a)(d)

2,812,000

2,634,689

Leviathan

Bond

Ltd.

,

Reg.

S,

6.75%,

6/30/2030(a)

105,286

98,164

Magellan

Midstream

Partners

LP

,

3.25%,

6/1/2030(d)

2,270,000

2,043,423

Marathon

Oil

Corp.

,

4.40%,

7/15/2027

1,710,000

1,656,762

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

9,845,000

9,825,294

MPLX

LP

,

4.90%,

4/15/2058

7,900,000

6,566,297

NGPL

PipeCo

LLC

,

7.77%,

12/15/2037(a)

3,413,000

3,761,008

ONEOK,

Inc.

,

6.10%,

11/15/2032

1,246,000

1,289,916

Parkland

Corp.

,

4.50%,

10/1/2029(a)

5,948,000

5,285,036

4.63%,

5/1/2030(a)

3,000,000

2,667,000

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(h)

322,820

13,881

Reg.

S,

+

0.00%),

6.00%,

11/15/2026(f)(h)

830,693

33,228

Reg.

S,

5.38%,

4/12/2027(h)

789,800

31,592

Petroleos

Mexicanos

,

6.88%,

10/16/2025

97,000

95,951

5.95%,

1/28/2031

435,000

332,906

6.70%,

2/16/2032

759,000

604,173

6.75%,

9/21/2047

303,000

196,969

7.69%,

1/23/2050

116,000

81,860

6.95%,

1/28/2060

131,000

84,680

Phillips

66

,

1.30%,

2/15/2026

2,420,000

2,191,246

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031

4,695,000

3,856,510

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

850,345

4.25%,

4/16/2039(a)

200,000

179,020

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

6,234,000

6,092,052

Transcanada

Trust

,

Series

16-A,

(ICE

LIBOR

USD

3

Month

+

4.64%),

5.87%,

8/15/2076(f)

1,515,000

1,410,480

Valero

Energy

Corp.

,

4.00%,

6/1/2052

1,972,000

1,520,762

Western

Midstream

Operating

LP

,

4.30%,

2/1/2030(c)

560,000

509,765

6.15%,

4/1/2033

511,000

517,930

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023

1,955,000

1,947,017

2.60%,

3/15/2031

10,000,000

8,409,978

3.50%,

10/15/2051

2,000,000

1,420,704

114,848,578

Paper

&

Forest

Products

0.3%

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

201,500

Series

DM3N,

3.13%,

1/15/2032

5,750,000

4,705,036

4,906,536

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Passenger

Airlines

0.4%

Air

Canada

,

3.88%,

8/15/2026(a)

255,000

231,540

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

805,000

792,210

5.75%,

4/20/2029(a)

500,000

479,618

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

1,250,000

1,195,892

4.63%,

4/15/2029(a)

4,641,000

4,197,791

6,897,051

Pharmaceuticals

0.2%

Organon

&

Co.

,

5.13%,

4/30/2031(a)

795,000

705,676

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029(d)

841,000

761,704

Viatris

,

Inc.

,

4.00%,

6/22/2050

4,135,000

2,718,871

4,186,251

Semiconductors

&

Semiconductor

Equipment

1.3%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)(d)

4,411,000

3,690,725

3.47%,

4/15/2034(a)

9,110,000

7,481,879

3.14%,

11/15/2035(a)

694,000

533,727

3.19%,

11/15/2036(a)

9,155,000

6,937,820

Intel

Corp.

,

5.20%,

2/10/2033

588,000

598,873

5.70%,

2/10/2053

388,000

395,991

Micron

Technology,

Inc.

,

2.70%,

4/15/2032(d)

1,124,000

899,887

NXP

BV

,

3.25%,

11/30/2051

5,000,000

3,340,737

23,879,639

Software

0.5%

Oracle

Corp.

,

4.00%,

7/15/2046

2,510,000

1,915,014

3.60%,

4/1/2050

3,585,000

2,542,821

3.95%,

3/25/2051(d)

1,505,000

1,132,478

5.55%,

2/6/2053

768,000

731,168

VMware,

Inc.

,

2.20%,

8/15/2031

2,540,000

2,010,942

8,332,423

Specialized

REITs

0.6%

Crown

Castle,

Inc.

,

1.05%,

7/15/2026(d)

1,655,000

1,458,340

2.10%,

4/1/2031(d)

1,655,000

1,352,344

EPR

Properties

,

4.50%,

6/1/2027

385,000

318,953

4.95%,

4/15/2028

340,000

283,889

3.75%,

8/15/2029

140,000

107,241

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

1,213,000

1,221,224

2.35%,

3/15/2032

1,535,000

1,206,192

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(a)

3,905,000

3,691,006

5.25%,

3/15/2028(a)

785,000

747,791

5.00%,

7/15/2028(a)

70,000

65,135

4.88%,

9/15/2029(a)

110,000

98,859

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

Iron

Mountain,

Inc.,

5.63%,

7/15/2032(a)

895,000

817,618

11,368,592

Technology

Hardware,

Storage

&

Peripherals

1.0%

Apple,

Inc.

,

3.35%,

2/9/2027(d)

2,545,000

2,485,083

2.38%,

2/8/2041

2,595,000

1,942,647

2.70%,

8/5/2051

2,530,000

1,782,417

2.55%,

8/20/2060

2,035,000

1,343,022

Dell

International

LLC

,

5.45%,

6/15/2023

1,302,000

1,301,488

6.02%,

6/15/2026

1,800,000

1,847,367

8.10%,

7/15/2036

1,296,000

1,511,881

8.35%,

7/15/2046

602,000

733,347

3.45%,

12/15/2051(a)

6,699,000

4,360,075

Western

Digital

Corp.

,

2.85%,

2/1/2029

1,293,000

1,050,485

18,357,812

Tobacco

0.9%

Altria

Group,

Inc.

,

3.40%,

2/4/2041

1,829,000

1,293,130

4.25%,

8/9/2042

2,457,000

1,923,683

BAT

Capital

Corp.

,

2.26%,

3/25/2028

4,275,000

3,665,165

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

3,036,000

2,762,740

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

871,000

910,078

2.10%,

5/1/2030

5,645,000

4,691,902

15,246,698

Trading

Companies

&

Distributors

0.0%

†

United

Rentals

North

America,

Inc.

,

3.75%,

1/15/2032

810,000

697,612

Transportation

Infrastructure

0.4%

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

3.38%,

7/24/2024(a)

7,308,000

6,763,554

Wireless

Telecommunication

Services

1.2%

Rogers

Communications,

Inc.

,

4.35%,

5/1/2049

5,240,000

4,245,553

Sprint

LLC

,

7.13%,

6/15/2024

355,000

360,883

7.63%,

3/1/2026

315,000

333,106

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028

2,985,000

2,648,575

2.63%,

2/15/2029

215,000

189,417

2.40%,

3/15/2029

2,561,000

2,231,168

3.88%,

4/15/2030

5,240,000

4,916,764

2.55%,

2/15/2031

2,990,000

2,534,298

2.88%,

2/15/2031(d)

550,000

474,451

26

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

4.38%,

4/15/2040

2,975,000

2,666,254

20,600,469

Total

Corporate

Bonds

(cost

$1,023,118,072)

883,230,807

Foreign

Government

Securities

1.1%

ANGOLA

0.1%

Republic

of

Angola,

Reg.

S,

8.25%,

5/9/2028

200,000

176,630

Reg.

S,

8.00%,

11/26/2029(d)

240,000

205,416

Reg.

S,

9.38%,

5/8/2048(d)

1,000,000

781,050

Reg.

S,

9.13%,

11/26/2049

200,000

154,500

1,317,596

ARGENTINA

0.1%

Argentine

Republic,

1.00%,

7/9/2029

758,076

212,102

0.50%,

7/9/2030(c)

1,280,000

370,789

3.88%,

1/9/2038(c)

1,780,588

556,567

3.50%,

7/9/2041(c)

1,840,000

519,405

1,658,863

COLOMBIA

0.1%

Republic

of

Colombia,

7.50%,

2/2/2034

623,000

611,380

7.38%,

9/18/2037

132,000

126,652

6.13%,

1/18/2041

290,000

236,651

5.00%,

6/15/2045

1,000,000

697,717

5.20%,

5/15/2049(d)

330,000

229,882

1,902,282

ECUADOR

0.0%

†

Republic

of

Ecuador,

0.00%,

7/31/2030(a)

97,034

29,005

5.50%,

7/31/2030(a)(c)

396,900

184,495

Reg.

S,

5.50%,

7/31/2030(c)

310,000

144,101

2.50%,

7/31/2035(a)(c)

750,130

249,249

1.50%,

7/31/2040(a)(c)

476,700

142,343

749,193

EGYPT

0.1%

Arab

Republic

of

Egypt,

Reg.

S,

8.50%,

1/31/2047

400,000

231,256

Reg.

S,

7.90%,

2/21/2048

430,000

237,451

Reg.

S,

8.70%,

3/1/2049

600,000

349,783

818,490

HUNGARY

0.1%

Hungary

Government

Bond,

6.75%,

9/25/2052(a)

1,220,000

1,260,870

INDONESIA

0.1%

Republic

of

Indonesia,Reg

.

S

Reg.

S,

8.50%,

10/12/2035

940,000

1,217,336

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Reg.

S,

7.75%,

1/17/2038

185,000

232,189

Reg.

S,

5.25%,

1/17/2042

790,000

771,291

2,220,816

KENYA

0.0%

†

Republic

of

Kenya,

Reg.

S,

6.30%,

1/23/2034

200,000

140,500

NIGERIA

0.0%

†

Federal

Republic

of

Nigeria,

Reg.

S,

7.63%,

11/21/2025

400,000

362,800

Reg.

S,

7.88%,

2/16/2032(d)

300,000

225,738

588,538

OMAN

0.1%

Sultanate

of

Oman

Government

Bond,

Reg.

S,

6.50%,

3/8/2047

200,000

183,750

Reg.

S,

6.75%,

1/17/2048

549,000

518,141

Reg.

S,

7.00%,

1/25/2051

200,000

194,375

896,266

QATAR

0.1%

State

of

Qatar,

Reg.

S,

3.75%,

4/16/2030(d)

230,000

224,595

Reg.

S,

4.82%,

3/14/2049

1,000,000

978,830

1,203,425

ROMANIA

0.1%

Romania

Government

Bond,

Reg.

S,

3.00%,

2/14/2031

918,000

754,317

Reg.

S,

5.13%,

6/15/2048

290,000

241,860

Reg.

S,

4.00%,

2/14/2051

200,000

139,500

7.63%,

1/17/2053(a)

1,140,000

1,219,047

2,354,724

SAUDI

ARABIA

0.2%

Kingdom

of

Saudi

Arabia,

5.50%,

10/25/2032(a)

3,676,000

3,919,719

SENEGAL

0.0%

†

Republic

of

Senegal,

Reg.

S,

6.75%,

3/13/2048

400,000

276,600

TUNISIA

0.0%

†

Banque

Centrale

de

Tunisie

,

Reg.

S,

5.75%,

1/30/2025

200,000

113,020

TURKEY

0.0%

†

Turkiye

Ihracat

Kredi

Bankasi

A/S,

5.38%,

10/24/2023(a)

200,000

198,809

8.25%,

1/24/2024(a)

200,000

199,760

398,569

UKRAINE

0.0%

†

Ukraine

Government

Bond,

Reg.

S,

7.75%,

9/1/2027(h)

120,000

21,398

Reg.

S,

7.75%,

9/1/2029(h)

410,000

74,389

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Reg.

S,

9.75%,

11/1/2030(h)

1,500,000

278,250

Reg.

S,

6.88%,

5/21/2031(h)

300,000

51,450

Reg.

S,

7.38%,

9/25/2034(h)

290,000

49,717

0.00%,

8/1/2041(a)(b)

228,000

60,135

535,339

VENEZUELA

0.0%

†

Bolivarian

Republic

of

Venezuela,

Reg.

S,

8.25%,

10/13/2024(h)

542,900

55,647

Total

Foreign

Government

Securities

(cost

$26,964,564)

20,410,457

Mortgage-Backed

Securities

26.9%

FHLMC

Gold

Pool

Pool#

G13122

5.00%,

4/1/2023

5

5

Pool#

G13072

5.00%,

4/1/2023

1

1

Pool#

G13225

5.00%,

6/1/2023

145

146

Pool#

J08443

5.00%,

7/1/2023

146

146

Pool#

C03795

3.50%,

4/1/2042

425,668

406,546

Pool#

Q08997

3.50%,

6/1/2042

258,111

246,517

Pool#

Q19480

4.00%,

6/1/2043

740,516

725,784

Pool#

V80509

4.00%,

10/1/2043

104,842

102,716

Pool#

Q29697

3.50%,

11/1/2044

310,937

295,613

Pool#

G07961

3.50%,

3/1/2045

257,367

244,204

Pool#

V82196

4.50%,

1/1/2046

124,147

124,221

Pool#

G61281

3.50%,

1/1/2048

702,601

663,278

FHLMC

UMBS

Pool

Pool#

SB0492

2.00%,

10/1/2035

9,654,408

8,737,843

Pool#

QA7325

3.00%,

2/1/2050

1,241,253

1,124,704

Pool#

QA6750

3.00%,

2/1/2050

120,616

109,290

Pool#

QA8311

3.00%,

3/1/2050

958,403

872,837

Pool#

RA2650

3.00%,

5/1/2050

978,902

887,723

Pool#

QB4785

2.50%,

10/1/2050

1,754,314

1,515,674

Pool#

SD0612

2.50%,

11/1/2050

11,386,160

10,038,837

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QB9401

2.00%,

3/1/2051

2,214,095

1,840,771

Pool#

RA5910

3.50%,

9/1/2051

7,840,684

7,296,532

Pool#

SD1607

2.50%,

3/1/2052

11,859,904

10,378,714

Pool#

QE3991

4.00%,

5/1/2052

9,220,650

8,819,574

Pool#

RA7557

4.50%,

6/1/2052

17,932,372

17,586,273

Pool#

RA7556

4.50%,

6/1/2052

13,587,621

13,328,877

Pool#

SD1440

3.50%,

7/1/2052

6,185,316

5,759,853

Pool#

SD1716

5.00%,

9/1/2052

10,339,800

10,506,031

Pool#

SD1686

5.50%,

9/1/2052

9,119,194

9,380,123

Pool#

SD1853

5.50%,

11/1/2052

4,472,634

4,627,494

FNMA

UMBS

Pool

Pool#

FM6329

2.00%,

3/1/2036

9,832,930

8,896,893

Pool#

CA9439

2.50%,

3/1/2036

19,271,044

17,956,349

Pool#

CB3424

3.00%,

5/1/2037

8,281,609

7,851,983

Pool#

FS4267

4.50%,

3/1/2038

2,995,000

2,993,576

Pool#

AH9471

4.50%,

4/1/2041

279,922

279,696

Pool#

AH4038

4.50%,

4/1/2041

182,422

183,460

Pool#

AI3506

4.50%,

6/1/2041

9,361

9,390

Pool#

FS3014

5.00%,

10/1/2042

14,426,775

14,591,531

Pool#

AL2866

3.50%,

11/1/2042

5,312,934

5,055,823

Pool#

AQ9328

3.50%,

1/1/2043

89,088

84,993

Pool#

AB9046

3.50%,

4/1/2043

540,970

515,961

Pool#

AT2021

3.50%,

4/1/2043

372,450

355,329

Pool#

AB9864

3.50%,

7/1/2043

200,464

191,175

Pool#

AS0212

3.50%,

8/1/2043

870,329

829,369

Pool#

AS0210

3.50%,

8/1/2043

515,897

491,966

Pool#

AU3742

3.50%,

8/1/2043

300,910

286,982

Pool#

AU6857

4.00%,

9/1/2043

284,795

280,147

Pool#

AU4386

4.00%,

10/1/2043

87,795

85,923

Pool#

AS1559

4.00%,

1/1/2044

536,218

524,449

28

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AW2478

4.50%,

6/1/2044

86,413

85,746

Pool#

AL6432

4.00%,

1/1/2045

538,739

525,251

Pool#

AS5175

3.50%,

6/1/2045

509,492

481,969

Pool#

AS6464

3.50%,

1/1/2046

442,974

418,223

Pool#

MA3305

3.50%,

3/1/2048

4,464,947

4,209,191

Pool#

BO8947

3.00%,

1/1/2050

668,842

605,726

Pool#

FM4334

3.00%,

4/1/2050

1,454,835

1,318,274

Pool#

FS2253

3.50%,

4/1/2050

7,388,996

6,937,322

Pool#

CA5689

3.00%,

5/1/2050

2,091,996

1,902,025

Pool#

BP9581

2.50%,

8/1/2050

1,360,444

1,184,764

Pool#

FM5316

2.00%,

12/1/2050

1,563,560

1,296,682

Pool#

FS2008

3.00%,

1/1/2051

13,215,947

11,910,447

Pool#

FM7599

3.50%,

1/1/2051

8,478,117

7,965,869

Pool#

CA8817

2.00%,

2/1/2051

3,504,248

2,904,437

Pool#

BR4515

2.00%,

2/1/2051

2,354,042

1,952,066

Pool#

BR4029

2.00%,

2/1/2051

2,124,084

1,763,029

Pool#

BR4051

2.00%,

2/1/2051

1,607,883

1,334,541

Pool#

BR2667

2.00%,

2/1/2051

1,491,681

1,240,173

Pool#

BR7795

2.50%,

4/1/2051

3,088,174

2,665,936

Pool#

FM7151

2.00%,

5/1/2051

895,883

742,473

Pool#

FM7189

2.50%,

5/1/2051

2,822,046

2,436,196

Pool#

FM7398

2.50%,

6/1/2051

15,224,133

13,363,494

Pool#

FM7738

2.50%,

6/1/2051

2,144,989

1,860,929

Pool#

BT0417

2.50%,

6/1/2051

1,349,081

1,164,303

Pool#

FM9134

3.00%,

6/1/2051

15,042,779

13,781,517

Pool#

BT1339

2.50%,

7/1/2051

2,362,588

2,040,334

Pool#

FM8178

2.50%,

7/1/2051

1,494,938

1,289,988

Pool#

CB1038

2.50%,

7/1/2051

1,371,130

1,183,859

Pool#

FS3391

2.50%,

8/1/2051

5,961,298

5,216,319

Pool#

FP0012

3.00%,

8/1/2051

3,982,110

3,625,209

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM9563

3.00%,

10/1/2051

15,335,439

13,828,787

Pool#

FS3537

2.50%,

4/1/2052

8,537,520

7,495,044

Pool#

FS1380

3.50%,

4/1/2052

8,177,266

7,659,641

Pool#

CB3674

3.50%,

5/1/2052

9,533,840

8,858,505

Pool#

CB3678

4.00%,

5/1/2052

9,233,901

8,834,906

Pool#

MA4644

4.00%,

5/1/2052

9,081,327

8,689,136

Pool#

FS1855

4.00%,

5/1/2052

8,598,982

8,290,566

Pool#

FS1804

4.00%,

5/1/2052

7,605,841

7,335,401

Pool#

FS2074

3.00%,

6/1/2052

5,660,343

5,135,202

Pool#

MA4625

3.50%,

6/1/2052

9,407,623

8,742,157

Pool#

CB3851

4.00%,

6/1/2052

5,064,963

4,916,458

Pool#

FS2513

4.00%,

7/1/2052

13,272,086

12,770,404

Pool#

FS2323

4.00%,

7/1/2052

6,464,683

6,206,812

Pool#

FS2293

4.50%,

7/1/2052

17,604,311

17,367,051

Pool#

FS2257

4.50%,

7/1/2052

3,403,473

3,346,239

Pool#

CB4037

5.00%,

7/1/2052

8,882,678

8,865,738

Pool#

FS2790

5.00%,

9/1/2052

13,365,349

13,419,254

Pool#

FS3210

5.00%,

9/1/2052

5,980,337

5,986,002

Pool#

FS3220

5.50%,

11/1/2052

8,770,026

8,860,999

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

461,654

441,418

Pool#

MA0783

3.50%,

2/20/2043

562,866

538,323

Pool#

MA2892

3.50%,

6/20/2045

28,407

27,016

Pool#

MA3663

3.50%,

5/20/2046

331,772

315,781

Pool#

MA3803

3.50%,

7/20/2046

155,885

148,249

Pool#

MA4262

3.50%,

2/20/2047

13,241

12,592

Pool#

MA4510

3.50%,

6/20/2047

503,055

478,306

Pool#

MA4586

3.50%,

7/20/2047

341,367

324,694

Pool#

MA4837

3.50%,

11/20/2047

591,939

561,983

Pool#

MA4962

3.50%,

1/20/2048

347,004

330,080

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6542

3.50%,

3/20/2050

385,574

366,575

Pool#

BT6867

3.00%,

5/20/2050

3,620,103

3,315,827

Pool#

MA6994

2.00%,

11/20/2050

10,821,096

9,254,712

Pool#

MA7590

3.00%,

9/20/2051

11,778,792

10,767,925

Pool#

MA7705

2.50%,

11/20/2051

16,120,744

14,190,773

Total

Mortgage-Backed

Securities

(cost

$501,567,075)

482,174,170

Municipal

Bonds

0.4%

California

0.2

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

3,883,790

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

3,285,000

2,916,166

Total

Municipal

Bonds

(cost

$8,321,050)

6,799,956

Supranational

0.0%

†

Banque

Ouest

Africaine

de

Developpement

5.00%,

7/27/2027

200,000

184,260

4.70%,

10/22/2031(a)

200,000

163,184

Total

Supranational

(cost

$406,554)

347,444

U.S.

Treasury

Obligations

11.6%

U.S.

Treasury

Bonds

2.25%,

5/15/2041

20,013,000

15,893,918

1.75%,

8/15/2041

41,100,700

29,759,475

3.63%,

8/15/2043

1,745,000

1,693,741

3.13%,

8/15/2044

25,177,900

22,463,408

1.25%,

5/15/2050

7,146,600

4,154,519

1.88%,

2/15/2051

8,220,200

5,614,461

2.38%,

5/15/2051

42,514,400

32,646,409

1.88%,

11/15/2051

1,645,000

1,120,142

2.88%,

5/15/2052

4,462,600

3,817,615

U.S.

Treasury

Notes

1.75%,

5/15/2023

6,000,000

5,979,117

0.88%,

9/30/2026

63,781,000

57,761,668

2.50%,

3/31/2027

120,000

114,609

0.50%,

4/30/2027

10,186,500

8,968,497

0.63%,

12/31/2027

273,900

238,207

4.00%,

2/29/2028

(d)

10,613,300

10,804,837

1.75%,

11/15/2029

(d)

3,146,800

2,825,974

3.88%,

11/30/2029

590,800

601,024

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.50%,

2/15/2033

2,765,900

2,770,222

Total

U.S.

Treasury

Obligations

(cost

$252,553,289)

207,227,843

Repurchase

Agreements

1.9%

BofA

Securities,

Inc.

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$3,001,206,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

3/31/2025

-

9/30/2025;

total

market

value

$3,060,003.

(

i

)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$11,824,444,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$12,056,100.

(

i

)

11,819,706

11,819,706

Credit

Suisse

AG

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$13,005,200,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$13,265,304.

(

i

)

13,000,000

13,000,000

MetLife,

Inc.

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$4,001,600,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$4,082,177.

(

i

)

4,000,000

4,000,000

30

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,000,805,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$2,040,000.

(

i

)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$33,819,706)

33,819,706

Total

Investments

(cost

$2,040,500,129)

—

101.2%

1,816,111,792

Liabilities

in

excess

of

other

assets

—

(1.2)%

(21,260,504)

NET

ASSETS

—

100.0%

$

1,794,851,288

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$363,127,601

which

represents

20.23%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$56,406,609,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$33,819,706

and

by

$24,159,425

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2052,

a

total

value

of

$57,979,131.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(g)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

(h)

Security

in

default.

(

i

)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$33,819,706.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

503

6/2023

USD

55,082,430

451,746

U.S.

Treasury

Long

Bond

272

6/2023

USD

35,674,500

1,311,536

Total

long

contracts

1,763,282

Short

Contracts

U.S.

Treasury

2

Year

Note

(31)

6/2023

USD

(6,400,047)

(70,501)

U.S.

Treasury

10

Year

Note

(201)

6/2023

USD

(23,099,297)

(727,317)

U.S.

Treasury

10

Year

Ultra

Note

(201)

6/2023

USD

(24,349,265)

(778,051)

U.S.

Treasury

Ultra

Bond

(66)

6/2023

USD

(9,314,250)

(450,630)

Total

short

contracts

(2,026,499)

Net

contracts

(263,217)

As

of

March

31,

2023,

the

Fund

had

$1,023,935

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

32

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

143,929,222

$

–

$

143,929,222

Collateralized

Mortgage

Obligations

–

21,292,876

–

21,292,876

Commercial

Mortgage-Backed

Securities

–

16,879,311

–

16,879,311

Corporate

Bonds

–

883,230,807

–

883,230,807

Foreign

Government

Securities

–

20,410,457

–

20,410,457

Futures

Contracts

1,763,282

–

–

1,763,282

Mortgage-Backed

Securities

–

482,174,170

–

482,174,170

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Assets:

Municipal

Bonds

$

–

$

6,799,956

$

–

$

6,799,956

Repurchase

Agreements

–

33,819,706

–

33,819,706

Supranational

–

347,444

–

347,444

U.S.

Treasury

Obligations

–

207,227,843

–

207,227,843

Total

Assets

$

1,763,282

$

1,816,111,792

$

–

$

1,817,875,074

Liabilities:

Futures

Contracts

$

(2,026,499)

$

–

$

–

$

(2,026,499)

Total

Liabilities

$

(2,026,499)

$

–

$

–

$

(2,026,499)

Total

$

(263,217)

$

1,816,111,792

$

–

$

1,815,848,575

34

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,763,282

Total

$

1,763,282

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(2,026,499)

Total

$

(2,026,499)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Core

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

.

Asset-Backed

Securities

9.3%

Principal

Amount

($)

Value

($)

Airlines

0.8%

British

Airways

Pass-Through

Trust

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

3,313,229

3,274,228

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

4,092,203

3,617,984

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/2027

4,753,560

4,739,211

11,631,423

Home

Equity

0.2%

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

6.09%,

1/25/2036(b)

501,977

490,544

RASC

Trust,

Series

2005-

KS12,

Class

M2,

5.54%,

1/25/2036(b)

1,632,888

1,620,771

2,111,315

Not

required

0.3%

CVS

Pass-Through

Trust,

6.04%,

12/10/2028

3,583,410

3,657,951

Other

8.0%

AMMC

CLO

22

Ltd.,

Series

2018-22A,

Class

A,

5.85%,

4/25/2031(a)(b)

7,000,000

6,913,172

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

5.87%,

4/20/2031(a)(b)

5,000,000

4,937,270

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

5.96%,

1/20/2035(a)(b)

3,000,000

2,927,052

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

5.98%,

10/25/2034(a)(b)

2,050,000

2,000,138

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

6.02%,

4/20/2035(a)(b)

5,000,000

4,889,440

ARES

XLIV

CLO

Ltd.,

Series

2017-44A,

Class

A1R,

5.87%,

4/15/2034(a)(b)

1,000,000

976,394

Broad

River

Bsl

Funding

CLO

Ltd.,

Series

2020-1A,

Class

AR,

5.98%,

7/20/2034(a)(b)

6,600,000

6,421,364

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

5.95%,

4/20/2034(a)(b)

800,000

779,679

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

5.94%,

10/17/2034(a)(b)

1,800,000

1,752,934

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

6,883,658

7,096,874

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

AR,

6.04%,

5/20/2034(a)(b)

5,000,000

4,881,250

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

719,566

604,269

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

26,623

26,592

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

675,005

656,533

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

2,007,011

1,822,139

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

3,806,794

3,161,649

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

1,434,134

1,250,471

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

351,636

325,619

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

1,693,590

1,630,081

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

592,328

559,625

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

711,627

692,421

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

5.79%,

4/15/2034(a)(b)

1,550,000

1,500,451

Series

2021-2A,

Class

A,

5.91%,

7/15/2034(a)(b)

5,000,000

4,860,960

LCM

37

Ltd.,

Series

37A,

Class

A1,

6.14%,

4/15/2034(a)(b)

1,900,000

1,871,610

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

5.94%,

1/20/2035(a)(b)

4,000,000

3,896,420

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

6.01%,

4/15/2035(a)(b)

4,000,000

3,954,496

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

5.79%,

1/20/2032(a)(b)

1,000,000

984,960

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

AR,

5.95%,

10/20/2035(a)(b)

5,000,000

4,875,495

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,500,000

1,463,546

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

194,658

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

5.92%,

10/15/2034(a)(b)

1,550,000

1,506,499

36

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,678,576

2,369,486

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

5.94%,

7/15/2035(a)(b)

5,000,000

4,891,580

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

12,052,113

11,775,832

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,578,030

7,084,563

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

5.89%,

7/15/2034(a)(b)

5,000,000

4,878,070

110,413,592

Total

Asset-Backed

Securities

(cost

$133,507,827)

127,814,281

Collateralized

Mortgage

Obligations

1.2%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

897,703

844,426

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

5.81%,

1/16/2037(a)(b)

2,154,385

2,089,331

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

692,113

584,080

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

4,585,342

4,020,967

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

312,453

297,182

FNMA

REMICS

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

37,359

38,095

Series

2009-78,

Class

BM,

4.00%,

6/25/2039

9,863

9,816

New

Residential

Mortgage

Loan

Trust

Series

2014-2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

504,952

459,567

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

0

0

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

2,723,000

2,301,990

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

2,723,000

2,230,607

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

1,839,000

1,480,845

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

938,282

865,001

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

705,502

659,612

Total

Collateralized

Mortgage

Obligations

(cost

$18,200,341)

15,881,519

Commercial

Mortgage-Backed

Securities

1.9%

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

1,400,000

1,310,255

BB-UBS

Trust,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

4,696,575

BXP

Trust,

Series

2017-

GM,

Class

B,

3.42%,

6/13/2039(a)(b)

3,900,000

3,418,974

CityLine

Commercial

Mortgage

Trust,

Series

2016-CLNE,

Class

A,

2.78%,

11/10/2031(a)(b)

7,388,000

7,155,677

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

9,518,578

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

762,412

Total

Commercial

Mortgage-Backed

Securities

(cost

$29,456,728)

26,862,471

Corporate

Bonds

27.5%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The)

,

2.95%,

2/1/2030(d)

4,775,000

4,213,998

3.25%,

2/1/2035(d)

2,000,000

1,632,917

Lockheed

Martin

Corp.

,

4.07%,

12/15/2042

600,000

550,533

Raytheon

Technologies

Corp.

,

5.15%,

2/27/2033

3,350,000

3,486,354

4.15%,

5/15/2045

2,000,000

1,748,538

11,632,340

Automobiles

0.5%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)(d)

5,080,000

4,491,071

1.80%,

1/10/2028(a)(d)

672,000

569,919

6.38%,

4/8/2030(a)(d)

1,730,000

1,805,131

6,866,121

Banks

3.6%

Bank

of

America

Corp.

,

4.25%,

10/22/2026

3,000,000

2,905,930

Series

L,

4.18%,

11/25/2027(d)

4,000,000

3,865,418

NVIT

Core

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(e)

2,340,000

2,187,151

(SOFR

+

1.53%),

1.90%,

7/23/2031(e)

2,500,000

2,004,872

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(d)(e)

4,750,000

3,817,946

BPCE

SA

,

5.70%,

10/22/2023(a)

3,000,000

2,976,810

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(e)

3,750,000

2,809,433

Citigroup,

Inc.

,

(SOFR

+

3.91%),

4.41%,

3/31/2031(e)

3,250,000

3,086,432

(SOFR

+

1.94%),

3.79%,

3/17/2033(e)

1,650,000

1,478,907

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032

6,200,000

4,444,661

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)

4,000,000

3,363,516

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030(d)

2,000,000

1,916,531

JPMorgan

Chase

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.11%),

1.76%,

11/19/2031(e)

1,600,000

1,269,857

(SOFR

+

2.08%),

4.91%,

7/25/2033(d)(e)

1,125,000

1,118,188

(SOFR

+

2.58%),

5.72%,

9/14/2033(e)

2,075,000

2,125,544

(SOFR

+

1.51%),

2.53%,

11/19/2041(e)

1,850,000

1,276,893

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(d)(e)

1,224,000

1,207,491

US

Bancorp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%),

2.49%,

11/3/2036(e)

500,000

385,918

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

3.35%,

3/2/2033(e)

3,000,000

2,600,251

(SOFR

+

2.10%),

4.90%,

7/25/2033(e)

1,500,000

1,464,182

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

4,750,000

3,721,762

50,027,693

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

0.6%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

4,500,000

4,397,906

Anheuser-Busch

InBev

Finance,

Inc.

,

4.90%,

2/1/2046(d)

1,700,000

1,661,431

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

2,325,000

2,169,844

PepsiCo,

Inc.

,

3.90%,

7/18/2032

825,000

805,749

9,034,930

Biotechnology

1.1%

AbbVie,

Inc.

,

4.25%,

11/21/2049

1,350,000

1,191,342

Amgen,

Inc.

,

4.05%,

8/18/2029

1,675,000

1,616,088

5.65%,

3/2/2053

3,000,000

3,122,103

CSL

Finance

plc

,

4.25%,

4/27/2032(a)(d)

7,000,000

6,782,891

Gilead

Sciences,

Inc.

,

4.80%,

4/1/2044

2,775,000

2,690,450

15,402,874

Broadline

Retail

0.3%

Amazon.com,

Inc.

,

4.70%,

12/1/2032

4,175,000

4,279,246

Capital

Markets

2.3%

Brookfield

Finance,

Inc.

,

4.35%,

4/15/2030

3,000,000

2,795,019

FMR

LLC

,

6.50%,

12/14/2040(a)

2,000,000

2,140,065

5.15%,

2/1/2043(a)

1,000,000

912,316

Moody's

Corp.

,

3.25%,

5/20/2050

2,600,000

1,879,061

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(e)

5,000,000

4,722,841

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(e)

750,000

710,138

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

2,400,000

2,262,480

S&P

Global,

Inc.

,

2.90%,

3/1/2032(d)

5,500,000

4,910,171

State

Street

Corp.

,

(SOFR

+

1.57%),

4.82%,

1/26/2034(d)(e)

1,675,000

1,665,765

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

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

10,000,000

9,587,117

31,584,973

Chemicals

0.4%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

5,584,707

38

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

0.3%

Walmart,

Inc.

,

4.15%,

9/9/2032(d)

5,000,000

5,038,686

Containers

&

Packaging

0.3%

Berry

Global,

Inc.

,

5.50%,

4/15/2028(a)

2,600,000

2,591,510

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

2,350,000

2,107,027

4,698,537

Diversified

REITs

0.3%

WP

Carey,

Inc.

,

2.45%,

2/1/2032

4,750,000

3,791,878

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

,

3.65%,

6/1/2051

4,945,000

3,745,512

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031(d)

1,550,000

1,320,431

4.00%,

3/22/2050

3,345,000

2,783,061

7,849,004

Electric

Utilities

5.3%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)(d)

7,525,000

7,193,217

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

1,175,000

1,127,839

Series

Z,

3.70%,

5/1/2050(d)

2,805,000

2,158,697

DTE

Electric

Co.

,

5.20%,

4/1/2033

4,175,000

4,309,139

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033

4,385,000

4,511,767

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028(d)

3,750,000

3,630,922

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,140,000

2,821,478

Evergy

,

Inc.

,

2.90%,

9/15/2029(d)

3,505,000

3,141,320

Exelon

Corp.

,

4.05%,

4/15/2030

695,000

663,052

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

13,750,000

12,755,943

Georgia

Power

Co.

,

4.70%,

5/15/2032

4,750,000

4,704,632

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)

2,220,000

2,232,954

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

1,962,815

2.75%,

3/1/2032(a)

170,000

142,178

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033

2,175,000

2,261,802

Louisville

Gas

and

Electric

Co.

,

Series

LOU,

5.45%,

4/15/2033

2,000,000

2,078,400

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

6,000,000

5,749,981

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

1,315,000

1,337,752

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

735,000

595,446

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030

472,000

444,083

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

2,100,000

2,212,678

Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

6,000,000

5,537,762

4.30%,

7/15/2029(a)

1,403,000

1,255,976

72,829,833

Energy

Equipment

&

Services

0.3%

Schlumberger

Holdings

Corp.

,

3.90%,

5/17/2028(a)

4,389,000

4,218,527

Entertainment

0.2%

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032(a)(d)

2,550,000

2,276,632

Food

Products

0.4%

Cargill,

Inc.

,

5.13%,

10/11/2032(a)

5,000,000

5,168,741

Ground

Transportation

0.8%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)(d)

6,500,000

6,037,456

4.25%,

11/1/2029(a)

1,730,000

1,587,498

Norfolk

Southern

Corp.

,

4.55%,

6/1/2053

1,650,000

1,483,099

Union

Pacific

Corp.

,

3.84%,

3/20/2060

2,800,000

2,266,854

11,374,907

Health

Care

Equipment

&

Supplies

0.4%

GE

HealthCare

Technologies,

Inc.

,

5.86%,

3/15/2030(a)

5,000,000

5,230,973

Health

Care

Providers

&

Services

0.6%

CVS

Health

Corp.

,

4.25%,

4/1/2050

115,000

96,092

Dignity

Health

,

3.81%,

11/1/2024

4,000,000

3,932,867

UnitedHealth

Group,

Inc.

,

2.00%,

5/15/2030

3,050,000

2,607,226

5.88%,

2/15/2053

1,300,000

1,461,192

8,097,377

Industrial

Conglomerates

0.1%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032(d)

1,207,000

1,183,061

Insurance

0.5%

Five

Corners

Funding

Trust

IV

,

6.00%,

2/15/2053(a)

1,875,000

1,929,354

MassMutual

Global

Funding

II

,

1.55%,

10/9/2030(a)

2,000,000

1,590,742

NVIT

Core

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

New

York

Life

Global

Funding

,

4.55%,

1/28/2033(a)

3,750,000

3,710,457

7,230,553

IT

Services

0.3%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032(d)

4,150,000

4,041,904

Media

0.5%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

1,450,000

1,251,331

3.70%,

4/1/2051

600,000

383,986

Comcast

Corp.

,

2.65%,

2/1/2030

1,405,000

1,251,617

2.94%,

11/1/2056

5,432,000

3,615,831

6,502,765

Metals

&

Mining

0.0%

†

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)

420,000

387,942

Multi-Utilities

0.6%

Black

Hills

Corp.

,

3.05%,

10/15/2029

1,350,000

1,177,935

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

3,500,000

3,055,660

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

2,825,000

2,748,059

3.25%,

6/15/2026

1,250,000

1,197,632

8,179,286

Office

REITs

0.5%

Piedmont

Operating

Partnership

LP

,

4.45%,

3/15/2024

7,310,000

6,909,851

Oil,

Gas

&

Consumable

Fuels

2.1%

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051(d)

1,800,000

1,248,105

Continental

Resources,

Inc.

,

4.38%,

1/15/2028(d)

865,000

815,435

5.75%,

1/15/2031(a)

1,310,000

1,258,889

2.88%,

4/1/2032(a)

3,155,000

2,449,842

Energy

Transfer

LP

,

6.50%,

2/1/2042

2,350,000

2,437,214

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051(d)

2,250,000

1,791,489

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

450,000

425,633

3.25%,

8/1/2050

395,000

261,881

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

5,400,000

4,582,677

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028

1,500,000

1,450,327

4.88%,

2/1/2031

1,905,000

1,782,479

4.00%,

1/15/2032(d)

4,420,000

3,852,207

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

320,000

315,764

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

5,665,623

5,370,230

7.50%,

1/15/2028(a)

800,000

828,232

28,870,404

Personal

Care

Products

0.3%

Kenvue

,

Inc.

,

4.90%,

3/22/2033(a)

4,175,000

4,313,512

Pharmaceuticals

0.5%

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028

2,500,000

2,452,313

Merck

&

Co.,

Inc.

,

6.55%,

9/15/2037

3,335,000

3,983,321

6,435,634

Residential

REITs

0.8%

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

5,525,000

4,227,437

Spirit

Realty

LP

,

2.10%,

3/15/2028

3,500,000

2,939,375

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

4,226,000

3,606,426

10,773,238

Retail

REITs

0.1%

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

2,124,000

1,919,347

Semiconductors

&

Semiconductor

Equipment

0.2%

Intel

Corp.

,

4.15%,

8/5/2032

2,085,000

2,011,223

5.20%,

2/10/2033(d)

835,000

850,440

2,861,663

Specialty

Retail

0.6%

AutoZone,

Inc.

,

4.75%,

8/1/2032(d)

5,000,000

4,957,249

Home

Depot,

Inc.

(The)

,

2.88%,

4/15/2027(d)

3,200,000

3,050,548

8,007,797

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

,

3.35%,

8/8/2032(d)

8,350,000

7,873,018

HP,

Inc.

,

3.40%,

6/17/2030

1,000,000

885,625

8,758,643

Tobacco

0.5%

BAT

Capital

Corp.

,

4.74%,

3/16/2032

3,000,000

2,786,934

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029(d)

945,000

987,398

5.75%,

11/17/2032(d)

1,475,000

1,547,878

40

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Philip

Morris

International,

Inc.,

5.38%,

2/15/2033

1,250,000

1,276,988

6,599,198

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051

3,960,000

2,815,777

Total

Corporate

Bonds

(cost

$417,799,620)

380,778,554

Loan

Participation

0.0%

†

Electrical

Equipment

0.0%

†

Sensata

Technologies

BV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

1.75%),

6.51%,

9/20/2026

(e)

434,629

432,817

0

Total

Loan

Participation

(cost

$435,086)

432,817

Mortgage-Backed

Securities

22.2%

FHLMC

UMBS

Pool

Pool#

SB8183

3.50%,

10/1/2037

13,200,576

12,758,698

Pool#

SD8018

4.00%,

10/1/2049

1,856,758

1,796,641

Pool#

SD8080

2.00%,

6/1/2050

3,432,678

2,847,057

Pool#

SD8079

2.00%,

7/1/2050

8,590,838

7,128,093

Pool#

SD8084

3.00%,

8/1/2050

8,260,229

7,457,776

Pool#

SD8178

2.50%,

11/1/2051

7,225,860

6,234,108

Pool#

SD8181

1.50%,

12/1/2051

7,511,125

5,900,201

Pool#

RA6433

2.50%,

12/1/2051

9,862,758

8,503,051

Pool#

SD8199

2.00%,

3/1/2052

52,183,396

43,165,186

Pool#

SD8200

2.50%,

3/1/2052

14,097,251

12,157,792

Pool#

QE0799

2.50%,

4/1/2052

9,451,784

8,151,400

Pool#

SD8213

3.00%,

5/1/2052

4,788,512

4,297,563

Pool#

QE6924

4.00%,

8/1/2052

29,371,933

28,094,548

Pool#

SD8255

3.50%,

10/1/2052

4,166,956

3,872,172

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,270,229

2,299,809

Pool#

468516

5.17%,

6/1/2028

808,841

818,374

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

AM7073

6.41%,

1/1/2030

1,470,454

1,630,498

Pool#

468127

5.70%,

5/1/2041

1,089,846

1,139,231

FNMA

UMBS

Pool

Pool#

AR9398

3.50%,

6/1/2043

817,765

779,826

Pool#

BC0180

4.00%,

1/1/2046

2,376,789

2,317,272

Pool#

AS7908

3.00%,

9/1/2046

5,257,600

4,817,192

Pool#

AS8483

3.00%,

12/1/2046

2,237,425

2,056,370

Pool#

MA2863

3.00%,

1/1/2047

3,597,490

3,296,885

Pool#

AS8784

3.00%,

2/1/2047

2,302,053

2,105,059

Pool#

BE7557

3.50%,

2/1/2047

4,334,818

4,092,610

Pool#

BM2003

4.00%,

10/1/2047

3,516,589

3,424,167

Pool#

BJ3716

3.50%,

12/1/2047

2,132,192

2,012,030

Pool#

MA3210

3.50%,

12/1/2047

889,699

840,522

Pool#

BM3355

3.50%,

2/1/2048

1,423,478

1,343,265

Pool#

CA1532

3.50%,

4/1/2048

4,538,432

4,288,500

Pool#

CA2208

4.50%,

8/1/2048

1,028,680

1,021,891

Pool#

CA2469

4.00%,

10/1/2048

960,800

933,460

Pool#

MA3745

3.50%,

8/1/2049

4,906,935

4,624,033

Pool#

FS2041

2.00%,

8/1/2051

8,629,491

7,138,279

Pool#

FS1080

2.50%,

2/1/2052

33,706,173

29,080,574

Pool#

BU8883

3.00%,

3/1/2052

19,661,369

17,656,571

Pool#

MA4577

2.00%,

4/1/2052

19,191,635

15,875,037

Pool#

BV8011

3.00%,

8/1/2052

9,893,450

8,879,085

Pool#

MA4733

4.50%,

9/1/2052

19,297,616

18,906,762

Pool#

MA4782

3.50%,

10/1/2052

14,727,724

13,685,877

Total

Mortgage-Backed

Securities

(cost

$334,298,142)

307,427,465

NVIT

Core

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Municipal

Bonds

1.1%

Principal

Amount

($)

Value

($)

California

0.3

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

4,626,109

District

of

Columbia

0.8

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

D,

7.46%,

10/1/2046

6,000,000

7,790,606

Series

D,

8.00%,

10/1/2047

2,000,000

2,666,114

10,456,720

Total

Municipal

Bonds

(cost

$14,139,165)

15,082,829

U.S.

Government

Agency

Security

1.0%

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

13,552,049

Total

U.S.

Government

Agency

Security

(cost

$13,824,036)

13,552,049

U.S.

Treasury

Obligations

34.7%

U.S.

Treasury

Bonds

2.00%,

11/15/2041

18,000,000

13,585,078

2.38%,

2/15/2042

55,000,000

44,227,734

3.25%,

5/15/2042

11,500,000

10,609,199

3.13%,

2/15/2043

23,000,000

20,680,234

3.88%,

2/15/2043

(d)

6,200,000

6,255,219

2.25%,

8/15/2046

7,000,000

5,282,539

2.25%,

2/15/2052

54,800,000

40,864,531

2.88%,

5/15/2052

6,375,000

5,453,613

3.63%,

2/15/2053

1,000,000

992,813

U.S.

Treasury

Notes

0.13%,

10/15/2023

1,000,000

975,664

0.25%,

3/15/2024

(d)

25,000,000

23,985,351

2.13%,

3/31/2024

5,000,000

4,879,687

0.38%,

4/15/2024

5,000,000

4,785,742

3.00%,

6/30/2024

10,000,000

9,820,703

4.50%,

11/30/2024

20,000,000

20,078,125

1.00%,

12/15/2024

46,000,000

43,590,391

4.25%,

12/31/2024

(d)

24,600,000

24,622,102

4.13%,

1/31/2025

(d)

13,200,000

13,196,391

2.88%,

6/15/2025

9,000,000

8,787,656

3.00%,

7/15/2025

22,000,000

21,528,203

0.25%,

8/31/2025

20,000,000

18,321,094

4.00%,

2/15/2026

12,200,000

12,250,516

1.25%,

12/31/2026

26,000,000

23,749,375

2.25%,

2/15/2027

2,000,000

1,894,766

0.50%,

4/30/2027

1,000,000

880,430

3.25%,

6/30/2027

7,000,000

6,879,141

2.25%,

8/15/2027

15,000,000

14,149,805

3.88%,

12/31/2027

24,000,000

24,252,187

3.50%,

1/31/2028

(d)

12,300,000

12,235,617

1.50%,

11/30/2028

11,000,000

9,811,914

2.75%,

5/31/2029

6,000,000

5,718,516

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.25%,

6/30/2029

2,000,000

1,960,859

3.50%,

1/31/2030

(d)

8,300,000

8,266,281

2.88%,

5/15/2032

1,500,000

1,427,461

3.50%,

2/15/2033

13,400,000

13,420,937

Total

U.S.

Treasury

Obligations

(cost

$491,205,352)

479,419,874

Repurchase

Agreements

1.1%

Bank

of

America

NA

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$7,002,812,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$7,140,000.

(f)

7,000,000

7,000,000

Credit

Suisse

AG

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,001,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$5,102,040.

(f)

5,000,000

5,000,000

MetLife,

Inc.

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,400,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$1,020,544.

(f)

1,000,000

1,000,000

42

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,510,963,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$1,540,562.

(f)

1,510,355

1,510,355

Total

Repurchase

Agreements

(cost

$14,510,355)

14,510,355

Total

Investments

(cost

$1,467,376,652)

—

100.0%

1,381,762,214

Other

assets

in

excess

of

liabilities

—

0.0%

†

592,125

NET

ASSETS

—

100.0%

$

1,382,354,339

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$276,287,089

which

represents

19.99%

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

March

31,

2023.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$131,611,814,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,510,355

and

by

$120,692,220

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2052,

a

total

value

of

$135,202,575.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$14,510,355.

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

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2023

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

Investment

Grade

index

Series

40-V1

1.00

Quarterly

6/20/2028

0.76

USD

74,000,000

(631,492)

(233,665)

(865,157)

(631,492)

(233,665)

(865,157)

As

of

March

31,

2023,

the

Fund

had

$1,071,443

segregated

as

collateral

for

credit

default

swap

contracts.

NVIT

Core

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

245

6/2023

USD

50,581,016

440,934

U.S.

Treasury

5

Year

Note

412

6/2023

USD

45,117,219

864,855

U.S.

Treasury

10

Year

Note

375

6/2023

USD

43,095,703

1,140,038

U.S.

Treasury

Ultra

Bond

28

6/2023

USD

3,951,500

173,425

Total

long

contracts

2,619,252

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(184)

6/2023

USD

(22,289,875)

(700,504)

U.S.

Treasury

Long

Bond

(249)

6/2023

USD

(32,657,906)

(1,288,363)

Total

short

contracts

(1,988,867)

Net

contracts

630,385

As

of

March

31,

2023,

the

Fund

had

$735,988

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

44

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

127,814,281

$

–

$

127,814,281

Collateralized

Mortgage

Obligations

–

15,881,519

–

15,881,519

Commercial

Mortgage-Backed

Securities

–

26,862,471

–

26,862,471

Corporate

Bonds

–

380,778,554

–

380,778,554

Futures

Contracts

2,619,252

–

–

2,619,252

Loan

Participation

–

432,817

–

432,817

Mortgage-Backed

Securities

–

307,427,465

–

307,427,465

NVIT

Core

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

and

financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

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:

Municipal

Bonds

$

–

$

15,082,829

$

–

$

15,082,829

Repurchase

Agreements

–

14,510,355

–

14,510,355

U.S.

Government

Agency

Security

–

13,552,049

–

13,552,049

U.S.

Treasury

Obligations

–

479,419,874

–

479,419,874

Total

Assets

$

2,619,252

$

1,381,762,214

$

–

$

1,384,381,466

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps†

$

–

$

(233,665)

$

–

$

(233,665)

Futures

Contracts

(1,988,867)

–

–

(1,988,867)

Total

Liabilities

$

(1,988,867)

$

(233,665)

$

–

$

(2,222,532)

Total

$

630,385

$

1,381,528,549

$

–

$

1,382,158,934

†

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).

46

-

Statement

of

Investments

-

March

31,

2023

(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.

As

of March

31,

2023,

the

Fund

had

no

open

option

contracts. 

(b)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

NVIT

Core

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

March

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

48

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Core

Bond

Fund

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

2,619,252

Total

$

2,619,252

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(233,665)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,988,867)

Total

$

(2,222,532)

†

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

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Asset-Backed

Securities

16.4%

Principal

Amount

($)

Value

($)

Airlines

0.8%

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class

B,

3.45%,

7/15/2046(a)

703,937

550,258

Sprite

Ltd.,

Series

2021-

1,

Class

A,

3.75%,

11/15/2046(a)

423,364

379,162

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

711,646

582,618

1,512,038

Automobiles

0.1%

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

250,000

237,458

Home

Equity

6.5%

Aegis

Asset-Backed

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2003-2,

Class

M2,

7.40%,

11/25/2033(b)

940,069

817,197

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE2,

Class

A4,

5.08%,

5/25/2037(b)

1,400,619

953,537

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

3.18%,

5/25/2036(b)

2,264,624

1,455,969

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

5.03%,

4/25/2037(b)

441,269

300,121

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

5.33%,

8/25/2036(b)

1,616,957

721,821

Series

2007-CH3,

Class

M2,

5.17%,

3/25/2037(b)

1,500,000

1,215,015

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

5.06%,

5/25/2037(b)

1,187,452

1,112,899

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

5.35%,

6/25/2037(b)

2,132,520

565,977

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

5.41%,

5/25/2036(b)

1,500,000

1,272,139

Option

One

Mortgage

Loan

Trust,

Series

2006-1,

Class

M2,

5.42%,

1/25/2036(b)

2,049,000

1,394,111

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(c)

2,781,357

827,074

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

5.19%,

8/25/2036(b)

4,035,180

1,267,448

11,903,308

Other

8.7%

Affirm

Asset

Securitization

Trust,

Series

2020-

Z1,

Class

A,

3.46%,

10/15/2024(a)

17,051

16,940

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

A,

6.09%,

1/15/2033(a)(b)

1,000,000

984,649

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A1A,

6.04%,

7/20/2034(a)(b)

500,000

486,285

Capital

Four

US

CLO

I

Ltd.,

Series

2021-1A,

Class

A,

6.00%,

1/18/2035(a)(b)

500,000

482,633

Cathedral

Lake

VIII

Ltd.,

Series

2021-8A,

Class

A1,

6.03%,

1/20/2035(a)(b)

500,000

486,197

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

916,956

Franklin

Park

Place

CLO

I

LLC,

Series

2022-1A,

Class

A,

6.06%,

4/14/2035(a)(b)

500,000

483,613

FS

RIALTO,

Series

2021-

FL2,

Class

A,

5.95%,

5/16/2038(a)(b)

375,000

364,992

FS

Rialto

Issuer

LLC,

Series

2022-FL4,

Class

AS,

6.96%,

1/19/2039(a)(b)

200,000

193,127

Generate

CLO

9

Ltd.,

Series

9A,

Class

A,

6.01%,

10/20/2034(a)(b)

500,000

484,490

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(a)

452,427

288,610

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

6.11%,

4/15/2034(a)(b)

500,000

488,699

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(a)

1,039,931

844,317

Series

2021-1,

Class

F,

3.33%,

9/17/2041(a)

611,111

471,483

LCM

XV

LP,

Series

15A,

Class

DR,

8.51%,

7/20/2030(a)(b)

250,000

214,300

50

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Marble

Point

CLO

XIV

Ltd.,

Series

2018-2A,

Class

A1R,

6.09%,

1/20/2032(a)(b)

500,000

491,356

Marble

Point

CLO

XXII

Ltd.,

Series

2021-2A,

Class

A,

6.02%,

7/25/2034(a)(b)

500,000

483,603

Marlette

Funding

Trust,

Series

2019-4A,

Class

C,

3.76%,

12/17/2029(a)

227,458

224,060

ME

Funding

LLC,

Series

2019-1,

Class

A2,

6.45%,

7/30/2049(a)

725,625

708,886

Ocean

Trails

CLO

X,

Series

2020-10A,

Class

AR,

6.01%,

10/15/2034(a)(b)

500,000

485,409

Pagaya

AI

Debt

Selection

Trust

Series

2021-1,

Class

B,

2.13%,

11/15/2027(a)

349,856

335,088

Series

2021-3,

Class

B,

1.74%,

5/15/2029(a)

499,973

466,867

Pagaya

AI

Debt

Trust,

Series

2022-1,

Class

B,

3.34%,

10/15/2029(a)

499,934

453,740

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

7.85%,

3/25/2026(a)(b)

850,000

843,415

PRET

LLC,

Series

2021-

NPL5,

Class

A1,

2.49%,

10/25/2051(a)(c)

814,053

764,876

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

6.00%,

10/20/2030(a)(b)

500,000

494,074

Sunnova

Helios

V

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(a)

418,803

348,572

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

453,745

404,182

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

5.87%,

1/17/2032(a)

(b)

500,000

490,986

Trimaran

Cavu

Ltd.,

Series

2021-3A,

Class

A,

6.00%,

1/18/2035(a)(b)

500,000

483,835

Upstart

Pass-Through

Trust

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(a)

176,941

166,593

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(a)

145,350

135,164

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

401,366

314,788

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

2.12%,

3/27/2051(a)(c)

362,305

340,273

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Wellfleet

CLO

X

Ltd.,

Series

2019-XA,

Class

A2R,

6.56%,

7/20/2032(a)(b)

500,000

468,987

16,112,045

Student

Loan

0.3%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

453,674

Total

Asset-Backed

Securities

(cost

$35,250,087)

30,218,523

Collateralized

Mortgage

Obligations

15.9%

ACRE

Commercial

Mortgage

Ltd.,

Series

2021-

FL4,

Class

A,

5.59%,

12/18/2037(a)(b)

63,567

62,458

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

5.50%,

12/25/2035(b)

980,887

829,772

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

1,897,167

969,319

Series

2006-OA7,

Class

1A2,

4.08%,

6/25/2046(b)

1,443,973

1,195,030

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

5.33%,

2/25/2036(b)

1,217,962

1,178,578

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,548,151

754,496

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,151,907

586,263

COLT

Mortgage

Loan

Trust,

Series

2022-4,

Class

A1,

4.30%,

3/25/2067(a)(b)

911,320

870,955

FHLMC

REMICS

Series

5004,

Class

LS,

IO,

1.30%,

7/25/2050(b)

2,926,860

402,342

Series

5198,

Class

KZ,

2.00%,

2/25/2052

2,248,146

1,433,389

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

1,494,359

1,395,921

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

2,076,909

1,860,461

Series

2018-33,

Class

A,

3.00%,

5/25/2048

645,348

589,078

Series

2019-64,

Class

D,

2.50%,

11/25/2049

425,830

377,195

Series

2020-77,

Class

S,

IO,

0.00%,

11/25/2050(b)

5,922,249

288,413

Series

2021-61,

Class

KZ,

2.50%,

9/25/2051

3,114,515

1,943,526

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

545,374

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

0.00%,

7/20/2049(b)

4,869,217

114,026

Series

2020-79,

Class

IN,

IO,

2.50%,

6/20/2050

7,468,155

1,027,160

Series

2020-151,

Class

MI,

IO,

2.50%,

10/20/2050

3,171,718

423,452

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

3,704,735

471,148

Series

2021-30,

Class

KI,

IO,

3.00%,

2/20/2051

2,908,716

437,285

Series

2022-174,

Class

AZ,

3.50%,

5/20/2051

4,342,731

3,773,236

Series

2022-61,

Class

EI,

IO,

3.00%,

7/20/2051

4,103,543

579,839

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

5.21%,

7/25/2047(b)

680,812

453,993

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

351,435

353,318

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1,

2.69%,

10/25/2060(a)(b)

413,560

402,828

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(b)

550,000

391,076

PRPM

LLC,

Series

2022-

5,

Class

A1,

6.90%,

9/27/2027(a)(c)

1,863,178

1,854,743

RALI

Trust,

Series

2006-

QS17,

Class

A7,

6.00%,

12/25/2036

981,946

784,654

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

1,873,629

1,666,877

Verus

Securitization

Trust

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(b)

600,000

390,956

Series

2022-4,

Class

A2,

4.74%,

4/25/2067(a)(b)

858,409

813,604

Total

Collateralized

Mortgage

Obligations

(cost

$34,134,486)

29,220,765

Commercial

Mortgage-Backed

Securities

6.5%

BANK

Series

2020-BN30,

Class

XB,

IO,

0.72%,

12/15/2053(b)

3,036,000

133,095

Series

2017-BNK6,

Class

XA,

IO,

0.77%,

7/15/2060(b)

4,153,198

104,206

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2018-BN10,

Class

XA,

IO,

0.69%,

2/15/2061(b)

2,756,522

75,548

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.05%,

2/15/2053(b)

1,973,657

102,093

Series

2021-C12,

Class

XA,

IO,

0.95%,

11/15/2054(b)

2,718,473

154,691

Series

2022-C18,

Class

XD,

IO,

2.15%,

12/15/2055(a)(b)

1,000,000

162,087

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.14%,

11/5/2036(a)

(b)

4,823,000

13,050

Series

2012-SHOW,

Class

XA,

IO,

0.60%,

11/5/2036(a)

(b)

8,760,000

74,785

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.77%,

9/15/2053(b)

1,312,305

100,568

Series

2021-B27,

Class

XA,

IO,

1.27%,

7/15/2054(b)

1,999,578

144,149

BX

Commercial

Mortgage

Trust

Series

2021-VOLT,

Class

E,

6.68%,

9/15/2036(a)(b)

134,000

124,964

Series

2021-SOAR,

Class

A,

5.36%,

6/15/2038(a)(b)

196,827

189,174

BX

Trust

Series

2019-OC11,

Class

E,

3.94%,

12/9/2041(a)(b)

211,000

167,013

Series

2019-OC11,

Class

D,

3.94%,

12/9/2041(a)(b)

100,000

82,521

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

5.73%,

5/15/2038(a)(b)

125,000

124,014

CD

Mortgage

Trust,

Series

2017-CD6,

Class

XA,

IO,

0.88%,

11/13/2050(b)

5,101,389

135,960

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.61%,

5/10/2058(b)

1,925,197

70,238

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.50%,

12/10/2041(a)(b)

115,000

84,732

Series

2014-GC19,

Class

XA,

IO,

1.09%,

3/11/2047(b)

3,216,687

17,647

Series

2014-GC21,

Class

XA,

IO,

1.12%,

5/10/2047(b)

2,762,510

23,126

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(a)

139,000

71,756

CLNC

Ltd.,

Series

2019-

FL1,

Class

A,

6.06%,

8/20/2035(a)(b)

49,424

48,532

Commercial

Mortgage

Trust

Series

2017-PANW,

Class

E,

3.81%,

10/10/2029(a)(b)

254,000

224,115

Series

2017-PANW,

Class

D,

3.93%,

10/10/2029(a)(b)

152,000

139,069

52

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2014-CR20,

Class

XA,

IO,

0.94%,

11/10/2047(b)

5,301,633

55,445

Series

2015-CR23,

Class

C,

4.30%,

5/10/2048(b)

407,000

373,932

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

1.86%,

1/15/2049(b)

606,140

26,263

Series

2017-CX10,

Class

XA,

IO,

0.75%,

11/15/2050(b)

6,018,611

151,229

Series

2017-CX10,

Class

C,

4.18%,

11/15/2050(b)

247,000

207,829

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

212,193

CSMC

Trust

Series

2017-CALI,

Class

F,

3.78%,

11/10/2032(a)(b)

250,000

50,000

Series

2020-NET,

Class

A,

2.26%,

8/15/2037(a)

158,326

142,284

Series

2021-B33,

Class

A1,

3.05%,

10/10/2043(a)

100,000

85,716

Series

2021-B33,

Class

A2,

3.17%,

10/10/2043(a)

157,000

124,910

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.46%,

5/25/2030(b)

1,632,815

1,482,770

Series

2020-M7,

Class

X2,

IO,

1.24%,

3/25/2031(b)

5,169,063

344,988

Series

2022-M5,

Class

X,

IO,

0.62%,

1/1/2034(b)

13,031,000

518,200

GNMA

REMICS

Series

2021-35,

Class

,

IO,

0.99%,

12/16/2062(b)

4,578,091

331,814

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

4,806,616

262,183

Series

2021-129,

Class

,

IO,

0.98%,

6/16/2063(b)

5,391,975

388,346

Series

2021-79,

Class

,

IO,

0.88%,

8/16/2063(b)

5,091,046

344,625

Series

2021-65,

Class

,

IO,

0.88%,

8/16/2063(b)

5,011,746

330,009

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(b)

6,678,781

412,568

Series

2021-208,

Class

,

IO,

0.75%,

6/16/2064(b)

6,572,165

385,614

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

6.01%,

7/16/2035(a)(b)

131,882

129,319

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

7.67%,

12/15/2036(a)(b)

100,000

96,221

Series

2019-WOLF,

Class

F,

8.07%,

12/15/2036(a)(b)

100,000

95,022

GS

Mortgage

Securities

Corp.

Trust,

Series

2018-

TWR,

Class

D,

6.53%,

7/15/2031(a)(b)

100,000

75,000

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.57%,

11/10/2049(b)

5,432,601

89,682

Series

2017-GS8,

Class

XA,

IO,

0.94%,

11/10/2050(b)

4,826,939

159,583

Series

2018-GS9,

Class

C,

4.35%,

3/10/2051(b)

175,000

147,943

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

FFX,

5.36%,

7/5/2033(a)(b)

113,000

83,620

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

D,

3.98%,

9/15/2047(a)(b)

200,000

168,434

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.65%,

5/13/2053(b)

1,348,994

92,597

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(b)

158,000

127,017

LoanCore

Issuer

Ltd.,

Series

2019-CRE2,

Class

AS,

6.18%,

5/15/2036(a)(b)

142,195

141,904

Med

Trust,

Series

2021-

MDLN,

Class

G,

9.93%,

11/15/2038(a)(b)

200,405

182,677

MHC

Commercial

Mortgage

Trust,

Series

2021-

MHC,

Class

A,

5.48%,

4/15/2038(a)(b)

200,000

193,371

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.25%,

5/15/2050(b)

2,417,888

89,929

Morgan

Stanley

Capital

I

Trust

Series

2017-ASHF,

Class

D,

7.01%,

11/15/2034(a)(b)

111,000

105,450

Series

2019-L3,

Class

XA,

IO,

0.64%,

11/15/2052(b)

3,021,801

96,460

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

90,982

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

C,

6.88%,

1/15/2036(a)(b)

150,000

137,683

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

1.88%,

10/10/2048(b)

2,735,828

114,072

UBS

Commercial

Mortgage

Trust

Series

2017-C3,

Class

B,

4.09%,

8/15/2050(b)

194,000

168,386

Series

2017-C4,

Class

B,

4.24%,

10/15/2050(b)

161,000

144,620

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

XA,

IO,

0.58%,

5/15/2048(b)

8,187,153

75,771

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2016-C35,

Class

B,

3.44%,

7/15/2048

200,000

170,601

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

133,350

Series

2021-C59,

Class

XA,

IO,

1.53%,

4/15/2054(b)

1,663,537

141,185

Total

Commercial

Mortgage-Backed

Securities

(cost

$13,232,876)

12,048,930

Corporate

Bonds

12.9%

Aerospace

&

Defense

0.2%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

170,000

150,027

Raytheon

Technologies

Corp.

,

3.03%,

3/15/2052

100,000

72,372

TransDigm,

Inc.

,

5.50%,

11/15/2027

65,000

61,289

283,688

Automobile

Components

0.0%

†

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

30,000

26,925

Goodyear

Tire

&

Rubber

Co.

(The)

,

5.25%,

7/15/2031

65,000

56,142

83,067

Automobiles

0.1%

Ford

Motor

Co.

,

3.25%,

2/12/2032

120,000

94,315

Banks

1.9%

Banco

Continental

SAECA

,

Reg.

S,

2.75%,

12/10/2025

150,000

133,164

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

137,900

Banco

de

Credito

del

Peru

S.A.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

3.13%,

7/1/2030(e)

100,000

90,026

Banco

Industrial

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%),

4.88%,

1/29/2031(e)

150,000

138,563

Banco

Nacional

de

Comercio

Exterior

SNC

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

2.72%,

8/11/2031(e)

200,000

168,217

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

Hapoalim

BM

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.16%),

3.21%,

1/21/2032(a)(e)

200,000

166,360

Bank

of

America

Corp.

,

(SOFR

+

1.11%),

3.84%,

4/25/2025(e)

30,000

29,449

(SOFR

+

1.75%),

4.83%,

7/22/2026(e)

40,000

39,533

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(e)

285,000

216,437

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

185,000

148,699

Bank

of

Nova

Scotia

(The)

,

3.45%,

4/11/2025

255,000

247,357

Citigroup,

Inc.

,

(CME

Term

SOFR

3

Month

+

1.65%),

3.67%,

7/24/2028(e)

300,000

284,220

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

179,855

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.99%),

4.85%,

7/25/2028(e)

70,000

69,875

(SOFR

+

1.25%),

2.58%,

4/22/2032(e)

180,000

151,497

(SOFR

+

1.26%),

2.96%,

1/25/2033(e)

175,000

149,634

Multibank,

Inc.

,

7.75%,

2/3/2028(a)

200,000

200,200

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.09%),

4.76%,

1/26/2027(e)

30,000

29,629

Santander

Holdings

USA,

Inc.

,

(SOFR

+

1.25%),

2.49%,

1/6/2028(e)

160,000

138,334

Toronto-Dominion

Bank

(The)

,

4.69%,

9/15/2027

175,000

173,253

Truist

Financial

Corp.

,

(SOFR

+

1.44%),

4.87%,

1/26/2029(e)

65,000

63,379

United

Overseas

Bank

Ltd.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.52%),

1.75%,

3/16/2031(e)

200,000

179,078

54

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.31%),

3.58%,

5/22/2028(e)

145,000

136,612

(SOFR

+

1.98%),

4.81%,

7/25/2028(e)

60,000

59,248

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

185,000

144,953

3,475,472

Beverages

0.2%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.55%,

1/23/2049

145,000

155,450

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

60,000

54,857

2.88%,

5/1/2030

105,000

92,096

PepsiCo,

Inc.

,

3.60%,

2/18/2028

45,000

44,144

Primo

Water

Holdings,

Inc.

,

4.38%,

4/30/2029(a)

45,000

39,267

385,814

Biotechnology

0.1%

AbbVie,

Inc.

,

3.85%,

6/15/2024

50,000

49,390

3.80%,

3/15/2025

95,000

93,450

Amgen,

Inc.

,

5.25%,

3/2/2030

35,000

35,798

5.65%,

3/2/2053

60,000

62,442

241,080

Building

Products

0.1%

Advanced

Drainage

Systems,

Inc.

,

6.38%,

6/15/2030(a)

100,000

97,984

Builders

FirstSource,

Inc.

,

6.38%,

6/15/2032(a)

50,000

50,178

Carrier

Global

Corp.

,

3.58%,

4/5/2050

95,000

71,909

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

37,088

257,159

Capital

Markets

0.5%

Blackstone

Holdings

Finance

Co.

LLC

,

2.00%,

1/30/2032(a)

215,000

163,281

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.17%),

6.03%,

5/15/2026(e)

274,000

271,698

Macquarie

Group

Ltd.

,

(SOFR

+

1.53%),

2.87%,

1/14/2033(a)(e)

205,000

166,037

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley

,

(SOFR

+

1.36%),

2.48%,

9/16/2036(e)

375,000

284,887

885,903

Chemicals

0.2%

ASP

Unifrax

Holdings,

Inc.

,

5.25%,

9/30/2028(a)

45,000

35,957

Braskem

Idesa

SAPI

,

Reg.

S,

6.99%,

2/20/2032

200,000

150,947

CVR

Partners

LP

,

6.13%,

6/15/2028(a)

45,000

39,891

SK

Invictus

Intermediate

II

Sarl

,

5.00%,

10/30/2029(a)

90,000

74,722

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

50,000

42,375

343,892

Commercial

Services

&

Supplies

0.2%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

65,000

62,465

9.75%,

7/15/2027(a)

70,000

62,388

Garda

World

Security

Corp.

,

6.00%,

6/1/2029(a)

70,000

55,650

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

55,000

47,575

WASH

Multifamily

Acquisition,

Inc.

,

5.75%,

4/15/2026(a)

55,000

52,044

280,122

Communications

Equipment

0.0%

†

CommScope,

Inc.

,

4.75%,

9/1/2029(a)

45,000

37,508

Construction

&

Engineering

0.2%

Bioceanico

Sovereign

Certificate

Ltd.

,

Reg.

S,

0.00%,

6/5/2034(f)

136,993

91,407

Pike

Corp.

,

5.50%,

9/1/2028(a)

125,000

109,375

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

190,000

150,779

351,561

Consumer

Finance

0.4%

American

Express

Co.

,

3.95%,

8/1/2025

130,000

127,472

Avolon

Holdings

Funding

Ltd.

,

2.13%,

2/21/2026(a)

110,000

97,776

3.25%,

2/15/2027(a)

50,000

44,358

Capital

One

Financial

Corp.

,

(SOFR

+

2.16%),

4.98%,

7/24/2026(e)

135,000

130,129

Discover

Financial

Services

,

4.10%,

2/9/2027

145,000

137,145

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

90,000

76,987

3.10%,

1/12/2032

35,000

28,518

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(g)

61,199

55,222

Navient

Corp.

,

5.00%,

3/15/2027

30,000

26,427

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

70,000

64,177

788,211

Consumer

Staples

Distribution

&

Retail

0.2%

Dollar

General

Corp.

,

4.25%,

9/20/2024

70,000

69,162

3.50%,

4/3/2030

155,000

142,373

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

125,000

122,680

Sysco

Corp.

,

3.25%,

7/15/2027

80,000

75,794

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

45,000

41,823

451,832

Containers

&

Packaging

0.1%

Clydesdale

Acquisition

Holdings,

Inc.

,

6.63%,

4/15/2029(a)

65,000

62,562

WRKCo,

Inc.

,

3.75%,

3/15/2025

135,000

130,960

193,522

Distributors

0.0%

†

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

60,000

54,825

Diversified

Consumer

Services

0.0%

†

Metis

Merger

Sub

LLC

,

6.50%,

5/15/2029(a)

80,000

66,632

Diversified

REITs

0.0%

†

Vornado

Realty

LP

,

2.15%,

6/1/2026

60,000

48,080

Diversified

Telecommunication

Services

0.3%

AT&T,

Inc.

,

2.75%,

6/1/2031

45,000

38,782

2.25%,

2/1/2032

175,000

143,069

CCO

Holdings

LLC

,

4.75%,

3/1/2030(a)

50,000

43,320

4.75%,

2/1/2032(a)

45,000

37,793

4.25%,

1/15/2034(a)

40,000

31,285

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

15,000

13,636

5.00%,

5/1/2028(a)

30,000

26,033

Level

3

Financing,

Inc.

,

10.50%,

5/15/2030(a)

17,000

16,235

Verizon

Communications,

Inc.

,

1.75%,

1/20/2031

285,000

229,878

580,031

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

0.7%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

145,000

106,847

Duke

Energy

Carolinas

LLC

,

3.55%,

3/15/2052

40,000

31,118

Duke

Energy

Corp.

,

2.65%,

9/1/2026

225,000

210,440

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

50,000

46,972

Exelon

Corp.

,

5.15%,

3/15/2028

95,000

96,655

4.10%,

3/15/2052

20,000

16,417

JSW

Hydro

Energy

Ltd.

,

4.13%,

5/18/2031(a)

177,000

146,564

LLPL

Capital

Pte.

Ltd.

,

Reg.

S,

6.88%,

2/4/2039

165,420

146,500

Minejesa

Capital

BV

,

Reg.

S,

5.63%,

8/10/2037

200,000

156,239

Monongahela

Power

Co.

,

5.40%,

12/15/2043(a)

75,000

76,065

NextEra

Energy

Capital

Holdings,

Inc.

,

4.26%,

9/1/2024

60,000

59,437

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

65,000

52,115

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

95,000

76,962

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

150,000

140,304

1,362,635

Electronic

Equipment,

Instruments

&

Components

0.1%

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

120,000

113,826

Energy

Equipment

&

Services

0.1%

Halliburton

Co.

,

2.92%,

3/1/2030

70,000

62,349

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

60,938

59,719

USA

Compression

Partners

LP

,

6.88%,

9/1/2027

40,000

38,223

Weatherford

International

Ltd.

,

6.50%,

9/15/2028(a)

45,000

45,077

205,368

Entertainment

0.1%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(a)

40,000

26,300

Live

Nation

Entertainment,

Inc.

,

4.75%,

10/15/2027(a)

75,000

69,375

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027(a)

155,000

145,968

241,643

Financial

Services

0.2%

Inversiones

La

Construccion

SA

,

Reg.

S,

4.75%,

2/7/2032

200,000

158,752

56

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

National

Rural

Utilities

Cooperative

Finance

Corp.

,

4.80%,

3/15/2028

30,000

30,286

Nationstar

Mortgage

Holdings,

Inc.

,

5.75%,

11/15/2031(a)

85,000

65,931

PennyMac

Financial

Services,

Inc.

,

4.25%,

2/15/2029(a)

90,000

71,627

326,596

Food

Products

0.1%

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

95,000

80,795

Post

Holdings,

Inc.

,

4.63%,

4/15/2030(a)

9,000

8,066

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(a)

150,000

139,559

228,420

Gas

Utilities

0.1%

Ferrellgas

LP

,

5.38%,

4/1/2026(a)

35,000

32,769

Suburban

Propane

Partners

LP

,

5.00%,

6/1/2031(a)

90,000

78,637

Superior

Plus

LP

,

4.50%,

3/15/2029(a)

70,000

62,501

173,907

Ground

Transportation

0.3%

CSX

Corp.

,

3.35%,

9/15/2049

185,000

139,313

Movida

Europe

SA

,

Reg.

S,

5.25%,

2/8/2031

200,000

145,500

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

85,000

81,326

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

180,000

142,015

508,154

Health

Care

Equipment

&

Supplies

0.1%

Becton

Dickinson

&

Co.

,

4.69%,

2/13/2028

125,000

125,503

Medline

Borrower

LP

,

5.25%,

10/1/2029(a)

95,000

82,423

207,926

Health

Care

Providers

&

Services

0.6%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)

80,000

67,866

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

60,000

50,753

CVS

Health

Corp.

,

5.13%,

2/21/2030

40,000

40,548

Elevance

Health,

Inc.

,

4.10%,

5/15/2032

145,000

138,592

HCA,

Inc.

,

4.13%,

6/15/2029

75,000

70,255

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

HCA,

Inc.,

5.13%,

6/15/2039

80,000

74,778

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(a)

30,000

28,469

4.38%,

2/15/2027(a)

40,000

32,714

ModivCare

Escrow

Issuer,

Inc.

,

5.00%,

10/1/2029(a)

75,000

63,678

Owens

&

Minor,

Inc.

,

6.63%,

4/1/2030(a)

70,000

60,113

Tenet

Healthcare

Corp.

,

6.25%,

2/1/2027

35,000

34,419

6.13%,

6/15/2030(a)

85,000

83,852

UnitedHealth

Group,

Inc.

,

4.25%,

1/15/2029

300,000

297,785

1,043,822

Health

Care

REITs

0.1%

Welltower

OP

LLC

,

2.05%,

1/15/2029

175,000

145,958

Hotel

&

Resort

REITs

0.1%

Host

Hotels

&

Resorts

LP

,

Series

I,

3.50%,

9/15/2030

170,000

143,587

Park

Intermediate

Holdings

LLC

,

4.88%,

5/15/2029(a)

50,000

43,015

186,602

Hotels,

Restaurants

&

Leisure

0.7%

Boyne

USA,

Inc.

,

4.75%,

5/15/2029(a)

125,000

111,597

Caesars

Entertainment,

Inc.

,

4.63%,

10/15/2029(a)

45,000

39,352

Carnival

Corp.

,

5.75%,

3/1/2027(a)

165,000

135,354

Cedar

Fair

LP

,

5.25%,

7/15/2029

40,000

37,292

Expedia

Group,

Inc.

,

5.00%,

2/15/2026

110,000

109,498

3.80%,

2/15/2028

185,000

175,188

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(a)

75,000

61,705

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

175,000

149,066

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

100,000

86,933

NCL

Corp.

Ltd.

,

5.88%,

2/15/2027(a)

45,000

41,963

Premier

Entertainment

Sub

LLC

,

5.63%,

9/1/2029(a)

45,000

33,215

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

75,000

66,276

Scientific

Games

International,

Inc.

,

7.25%,

11/15/2029(a)

75,000

75,145

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Viking

Cruises

Ltd.

,

5.88%,

9/15/2027(a)

105,000

90,413

1,212,997

Household

Durables

0.0%

†

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(a)

60,000

52,187

SWF

Escrow

Issuer

Corp.

,

6.50%,

10/1/2029(a)

15,000

9,225

61,412

Household

Products

0.0%

†

Kronos

Acquisition

Holdings,

Inc.

,

5.00%,

12/31/2026(a)

25,000

22,863

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Corp.

,

4.63%,

2/1/2029(a)

30,000

25,900

Insurance

0.5%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

40,000

37,100

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

75,000

66,375

Athene

Holding

Ltd.

,

3.95%,

5/25/2051

190,000

130,666

Brighthouse

Financial

Global

Funding

,

1.00%,

4/12/2024(a)

45,000

42,981

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

130,000

103,908

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

70,000

66,801

Guardian

Life

Global

Funding

,

1.25%,

5/13/2026(a)

155,000

139,024

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

140,000

102,490

MetLife,

Inc.

,

5.25%,

1/15/2054

140,000

136,291

825,636

Machinery

0.0%

†

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027

35,000

34,337

Media

0.6%

Cengage

Learning,

Inc.

,

9.50%,

6/15/2024(a)

50,000

48,343

Charter

Communications

Operating

LLC

,

2.30%,

2/1/2032

245,000

186,675

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

25,000

17,767

Comcast

Corp.

,

2.94%,

11/1/2056

212,000

141,119

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

40,000

36,228

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

45,000

33,581

GCI

LLC

,

4.75%,

10/15/2028(a)

50,000

43,136

McGraw-Hill

Education,

Inc.

,

5.75%,

8/1/2028(a)

45,000

39,150

News

Corp.

,

5.13%,

2/15/2032(a)

30,000

28,127

Omnicom

Group,

Inc.

,

2.45%,

4/30/2030

165,000

141,650

Scripps

Escrow

II,

Inc.

,

3.88%,

1/15/2029(a)

65,000

51,003

Sirius

XM

Radio,

Inc.

,

5.50%,

7/1/2029(a)

85,000

77,350

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(a)

45,000

37,800

7.38%,

6/30/2030(a)

70,000

66,181

VTR

Comunicaciones

SpA

,

Reg.

S,

5.13%,

1/15/2028

200,000

123,528

1,071,638

Metals

&

Mining

0.3%

Arconic

Corp.

,

6.13%,

2/15/2028(a)

75,000

73,778

Freeport

Indonesia

PT

,

5.32%,

4/14/2032(a)

200,000

186,218

Freeport-McMoRan,

Inc.

,

5.25%,

9/1/2029

50,000

49,028

4.63%,

8/1/2030

70,000

66,118

Glencore

Funding

LLC

,

1.63%,

4/27/2026(a)

100,000

90,472

3.38%,

9/23/2051(a)

85,000

59,088

SunCoke

Energy,

Inc.

,

4.88%,

6/30/2029(a)

55,000

47,886

572,588

Multi-Utilities

0.1%

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)

70,000

69,212

Empresas

Publicas

de

Medellin

ESP

,

Reg.

S,

4.25%,

7/18/2029

200,000

153,118

222,330

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

140,000

104,875

Oil,

Gas

&

Consumable

Fuels

1.3%

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

24,000

23,449

Callon

Petroleum

Co.

,

7.50%,

6/15/2030(a)

60,000

56,400

Chesapeake

Energy

Corp.

,

5.88%,

2/1/2029(a)

65,000

61,873

CNX

Resources

Corp.

,

6.00%,

1/15/2029(a)

50,000

46,750

58

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

CNX

Resources

Corp.,

7.38%,

1/15/2031(a)

35,000

34,475

Continental

Resources,

Inc.

,

2.27%,

11/15/2026(a)

80,000

71,047

Cosan

Overseas

Ltd.

,

Reg.

S,

8.25%,

5/05/2023(d)(h)

100,000

99,500

Ecopetrol

SA

,

5.88%,

11/2/2051

200,000

135,250

Energy

Transfer

LP

,

4.75%,

1/15/2026

85,000

83,944

5.00%,

5/15/2044(c)

90,000

76,812

Enterprise

Products

Operating

LLC

,

3.75%,

2/15/2025

140,000

137,293

EQM

Midstream

Partners

LP

,

4.75%,

1/15/2031(a)

85,000

70,550

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

85,000

82,742

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

60,000

56,968

4.25%,

2/15/2030(a)

85,000

75,913

Hilcorp

Energy

I

LP

,

6.25%,

11/1/2028(a)

45,000

42,704

5.75%,

2/1/2029(a)

60,000

55,233

Hunt

Oil

Co.

of

Peru

LLC

Sucursal

Del

Peru

,

Reg.

S,

6.38%,

6/1/2028

174,800

164,498

Kinder

Morgan,

Inc.

,

5.20%,

6/1/2033

150,000

149,024

MPLX

LP

,

1.75%,

3/1/2026

75,000

68,446

NGL

Energy

Operating

LLC

,

7.50%,

2/1/2026(a)

40,000

38,595

Occidental

Petroleum

Corp.

,

6.13%,

1/1/2031

40,000

41,500

Parkland

Corp.

,

4.50%,

10/1/2029(a)

55,000

48,870

Petroleos

del

Peru

SA

,

Reg.

S,

4.75%,

6/19/2032

200,000

148,700

Petroleos

Mexicanos

,

6.75%,

9/21/2047

100,000

65,006

Phillips

66

,

4.95%,

12/1/2027

60,000

60,267

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

100,000

90,878

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

90,000

89,677

Southwestern

Energy

Co.

,

5.38%,

2/1/2029

40,000

37,700

4.75%,

2/1/2032

45,000

39,735

Sunoco

LP

,

6.00%,

4/15/2027

35,000

34,555

4.50%,

5/15/2029

20,000

18,356

TotalEnergies

Capital

International

SA

,

3.39%,

6/29/2060

105,000

78,716

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027

60,000

57,569

2,442,995

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(a)

141,000

137,291

Passenger

Airlines

0.1%

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)

185,000

177,459

Personal

Care

Products

0.0%

†

Coty,

Inc.

,

5.00%,

4/15/2026(a)

40,000

38,594

Pharmaceuticals

0.1%

1375209

BC

Ltd.

,

9.00%,

1/30/2028(a)

5,000

4,957

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

35,000

22,652

11.00%,

9/30/2028(a)

9,000

6,623

14.00%,

10/15/2030(a)

1,000

563

Royalty

Pharma

plc

,

3.30%,

9/2/2040

205,000

148,554

Viatris,

Inc.

,

1.65%,

6/22/2025

45,000

41,265

224,614

Professional

Services

0.1%

Jacobs

Engineering

Group,

Inc.

,

5.90%,

3/1/2033

150,000

150,156

Real

Estate

Management

&

Development

0.0%

†

Realogy

Group

LLC

,

5.25%,

4/15/2030(a)

50,000

36,444

Residential

REITs

0.1%

Invitation

Homes

Operating

Partnership

LP

,

2.70%,

1/15/2034

190,000

145,378

Retail

REITs

0.0%

†

Realty

Income

Corp.

,

5.05%,

1/13/2026

70,000

69,736

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

173,000

144,751

Marvell

Technology,

Inc.

,

1.65%,

4/15/2026

120,000

108,786

NXP

BV

,

3.88%,

6/18/2026

105,000

101,401

Qorvo,

Inc.

,

1.75%,

12/15/2024(a)

50,000

46,416

401,354

Software

0.2%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

75,000

60,814

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Clarivate

Science

Holdings

Corp.

,

4.88%,

7/1/2029(a)

45,000

40,697

Microsoft

Corp.

,

2.92%,

3/17/2052

100,000

76,017

Oracle

Corp.

,

6.25%,

11/9/2032

15,000

16,133

3.80%,

11/15/2037

15,000

12,454

3.60%,

4/1/2050

160,000

113,487

Workday,

Inc.

,

3.70%,

4/1/2029

70,000

65,619

385,221

Specialized

REITs

0.1%

Crown

Castle,

Inc.

,

4.30%,

2/15/2029

145,000

139,827

Iron

Mountain,

Inc.

,

4.50%,

2/15/2031(a)

30,000

25,780

165,607

Specialty

Retail

0.3%

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

40,000

28,416

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025

160,000

159,215

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(a)

45,000

37,505

Sonic

Automotive,

Inc.

,

4.63%,

11/15/2029(a)

90,000

75,390

SRS

Distribution,

Inc.

,

4.63%,

7/1/2028(a)

65,000

57,726

Staples,

Inc.

,

7.50%,

4/15/2026(a)

70,000

61,329

Victoria's

Secret

&

Co.

,

4.63%,

7/15/2029(a)

75,000

60,768

480,349

Technology

Hardware,

Storage

&

Peripherals

0.1%

Hewlett

Packard

Enterprise

Co.

,

5.90%,

10/1/2024

55,000

55,694

NetApp,

Inc.

,

1.88%,

6/22/2025

105,000

97,907

153,601

Tobacco

0.1%

BAT

Capital

Corp.

,

2.73%,

3/25/2031

185,000

149,964

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.25%,

3/1/2025

115,000

110,448

Transportation

Infrastructure

0.2%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

187,500

141,177

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

Reg.

S,

4.38%,

7/3/2029

200,000

151,053

Corporate

Bonds

Principal

Amount

($)

Value

($)

Transportation

Infrastructure

Rutas

2

and

7

Finance

Ltd.

,

Reg.

S,

0.00%,

9/30/2036(f)

186,667

117,357

409,587

Water

Utilities

0.1%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

195,000

138,984

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

225,000

209,264

Total

Corporate

Bonds

(cost

$26,723,802)

23,829,193

Foreign

Government

Securities

0.2%

COLOMBIA

0.1%

Republic

of

Colombia,

4.13%,

5/15/2051

250,000

153,733

SOUTH

AFRICA

0.1%

Republic

of

South

Africa,

4.30%,

10/12/2028

200,000

179,270

Total

Foreign

Government

Securities

(cost

$439,207)

333,003

Mortgage-Backed

Securities

19.5%

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,450,635

1,370,804

Pool#

G08775

4.00%,

8/1/2047

452,659

437,524

Pool#

Q51461

3.50%,

10/1/2047

615,179

581,381

FHLMC

UMBS

Pool

Pool#

SD0257

3.00%,

1/1/2050

1,661,371

1,494,687

Pool#

SD8257

4.50%,

10/1/2052

1,452,998

1,423,570

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,801,901

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

1,863,034

Pool#

BS3020

1.96%,

9/1/2033

1,300,000

1,046,218

Pool#

BS3514

2.08%,

10/1/2033

5,900,000

4,772,645

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

1,318,595

1,204,804

Pool#

MA2888

2.50%,

1/1/2047

1,039,862

912,088

Pool#

AS9937

3.00%,

7/1/2047

1,025,131

937,776

60

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4097

3.00%,

8/1/2050

2,755,887

2,491,493

Pool#

FM4865

2.50%,

11/1/2050

2,973,809

2,569,749

Pool#

FS1472

3.50%,

11/1/2050

2,546,600

2,387,930

Pool#

FM8215

2.50%,

3/1/2051

1,489,848

1,302,311

Pool#

FM7203

2.00%,

5/1/2051

2,598,551

2,154,408

Pool#

CB0705

3.00%,

6/1/2051

1,479,068

1,330,716

Pool#

FM8104

3.00%,

7/1/2051

1,643,448

1,480,165

Pool#

MA4416

3.50%,

9/1/2051

1,269,272

1,181,367

Pool#

FS3394

4.00%,

10/1/2052

3,329,477

3,184,310

Total

Mortgage-Backed

Securities

(cost

$40,979,375)

35,928,881

U.S.

Treasury

Obligations

21.7%

U.S.

Treasury

Bonds

4.00%,

11/15/2052

12,300,000

13,053,375

3.63%,

2/15/2053

12,900,000

12,807,281

U.S.

Treasury

Notes

4.63%,

2/28/2025

1,230,000

1,241,964

3.88%,

3/31/2025

1,000,000

996,953

3.88%,

1/15/2026

1,180,000

1,180,369

4.00%,

2/15/2026

370,000

371,532

4.63%,

3/15/2026

1,460,000

1,493,306

3.88%,

12/31/2027

730,000

737,671

3.50%,

1/31/2028

870,000

865,446

4.00%,

2/29/2028

760,000

773,716

3.63%,

3/31/2028

930,000

931,526

4.00%,

2/28/2030

910,000

934,030

3.63%,

3/31/2030

930,000

934,359

2.75%,

8/15/2032

1,110,000

1,044,614

3.50%,

2/15/2033

2,600,000

2,604,062

Total

U.S.

Treasury

Obligations

(cost

$39,187,951)

39,970,204

Investment

Company

2.0%

Shares

Fixed

Income

Fund

2.0%

DoubleLine

Floating

Rate

Fund,

Class

I

412,891

3,703,633

Total

Investment

Company

(cost

$3,937,321)

3,703,633

Short-Term

Investment

0.4%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligation

0.4%

U.S.

Treasury

Bills,

4.71%,

12/28/2023

840,000

813,254

Total

Short-Term

Investment

(cost

$811,451)

813,254

Total

Investments

(cost

$194,696,556)

—

95.5%

176,066,386

Other

assets

in

excess

of

liabilities

—

4.5%

8,378,378

NET

ASSETS

—

100.0%

$

184,444,764

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$34,622,831

which

represents

18.77%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2023.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2023.

The

maturity

date

reflects

the

next

call

date.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(f)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(g)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(h)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

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

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

61

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

62

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

30,218,523

$

–

$

30,218,523

Collateralized

Mortgage

Obligations

–

29,220,765

–

29,220,765

Commercial

Mortgage-Backed

Securities

–

12,048,930

–

12,048,930

Corporate

Bonds

–

23,829,193

–

23,829,193

Foreign

Government

Securities

–

333,003

–

333,003

Investment

Company

3,703,633

–

–

3,703,633

Mortgage-Backed

Securities

–

35,928,881

–

35,928,881

Short-Term

Investment

–

813,254

–

813,254

U.S.

Treasury

Obligations

–

39,970,204

–

39,970,204

Total

$

3,703,633

$

172,362,753

$

–

$

176,066,386

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

64

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Common

Stocks

0.3%

Shares

Value

($)

Media

Entertainment

0.0%

†

iHeartMedia,

Inc.,

Class A

*

4,485

17,492

Oil

Field

Services

0.3%

Superior

Energy

Services

LLC

*^∞

3,365

218,725

Total

Common

Stocks

(cost

$178,315)

236,217

Corporate

Bonds

95.9%

Principal

Amount

($)

Aerospace

/

Defense

1.6%

TransDigm,

Inc.

,

6.25%,

3/15/2026(a)

475,000

475,432

5.50%,

11/15/2027

1,050,000

990,059

4.88%,

5/1/2029

150,000

132,762

1,598,253

Airlines

0.4%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

400,000

393,645

Automotive

5.8%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

300,000

289,125

7.00%,

4/15/2028(a)

100,000

102,789

Clarios

Global

LP

,

6.75%,

5/15/2025(a)

23,000

23,245

8.50%,

5/15/2027(a)

1,125,000

1,129,219

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

50,000

49,279

Dana,

Inc.

,

5.38%,

11/15/2027

25,000

23,324

4.50%,

2/15/2032

325,000

256,397

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

775,000

522,839

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

750,000

702,968

4.39%,

1/8/2026

400,000

379,500

2.70%,

8/10/2026

200,000

177,998

4.27%,

1/9/2027

375,000

349,162

7.35%,

11/4/2027

250,000

257,502

5.11%,

5/3/2029

475,000

445,930

4.00%,

11/13/2030

75,000

63,730

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

525,000

480,913

6.38%,

5/15/2029(a)(b)

200,000

176,186

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(a)

44,000

43,450

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

325,000

240,280

5,713,836

Banking

0.1%

Ally

Financial,

Inc.

,

5.75%,

11/20/2025

100,000

94,029

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Materials

3.7%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4.00%,

1/15/2028(a)

75,000

68,288

Camelot

Return

Merger

Sub,

Inc.

,

8.75%,

8/1/2028(a)

325,000

300,930

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

500,000

371,305

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

675,000

535,017

GYP

Holdings

III

Corp.

,

4.63%,

5/1/2029(a)

300,000

256,500

Interface,

Inc.

,

5.50%,

12/1/2028(a)

175,000

141,030

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

75,000

63,375

SRS

Distribution,

Inc.

,

6.13%,

7/1/2029(a)

150,000

126,557

6.00%,

12/1/2029(a)

600,000

495,402

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

400,000

379,888

3.38%,

1/15/2031(a)

500,000

401,842

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

425,000

368,670

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

200,000

181,877

3,690,681

Cable

Satellite

8.1%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

87,000

84,607

5.13%,

5/1/2027(a)

150,000

141,750

5.00%,

2/1/2028(a)

525,000

484,313

5.38%,

6/1/2029(a)

200,000

183,650

4.75%,

3/1/2030(a)

750,000

649,796

4.50%,

8/15/2030(a)

75,000

63,375

4.50%,

5/1/2032

400,000

327,128

4.50%,

6/1/2033(a)

125,000

100,631

4.25%,

1/15/2034(a)

50,000

39,106

CSC

Holdings

LLC

,

5.25%,

6/1/2024

200,000

193,000

5.50%,

4/15/2027(a)

400,000

336,840

7.50%,

4/1/2028(a)

250,000

159,375

5.75%,

1/15/2030(a)

775,000

408,057

4.50%,

11/15/2031(a)

475,000

342,480

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

275,000

249,067

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

150,000

111,938

5.13%,

6/1/2029

450,000

239,625

DISH

Network

Corp.

,

11.75%,

11/15/2027(a)

275,000

266,750

Intelsat

Jackson

Holdings

,

5.50%,

8/1/2023∞(c)

225,000

0

8.50%,

10/15/2024∞(a)(c)

75,000

0

9.75%,

7/15/2025∞(a)(c)

100,000

0

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

500,000

451,000

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

Sirius

XM

Radio,

Inc.,

4.00%,

7/15/2028(a)

200,000

171,788

3.88%,

9/1/2031(a)

325,000

252,687

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

600,000

552,000

UPC

Broadband

Finco

BV

,

4.88%,

7/15/2031(a)

650,000

562,074

Virgin

Media

Secured

Finance

plc

,

5.50%,

5/15/2029(a)

225,000

209,530

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

225,000

199,969

Vmed

O2

UK

Financing

I

plc

,

4.75%,

7/15/2031(a)

700,000

600,054

VZ

Secured

Financing

BV

,

5.00%,

1/15/2032(a)

400,000

326,286

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

250,000

230,653

5.13%,

2/28/2030(a)

200,000

160,811

8,098,340

Chemicals

4.0%

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

175,000

166,285

3.38%,

2/15/2029(a)

150,000

128,517

Compass

Minerals

International,

Inc.

,

4.88%,

7/15/2024(a)

300,000

284,901

Diamond

BC

BV

,

4.63%,

10/1/2029(a)

675,000

657,754

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

197,469

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

66,532

Herens

Holdco

Sarl

,

4.75%,

5/15/2028(a)

525,000

422,625

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

200,000

177,303

Koppers,

Inc.

,

6.00%,

2/15/2025(a)

500,000

499,900

Olympus

Water

US

Holding

Corp.

,

7.13%,

10/1/2027(a)

200,000

187,800

4.25%,

10/1/2028(a)

200,000

165,474

6.25%,

10/1/2029(a)

450,000

333,093

Polar

US

Borrower

LLC

,

6.75%,

5/15/2026(a)

525,000

269,981

SPCM

SA

,

3.38%,

3/15/2030(a)

200,000

164,985

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

275,000

233,062

7.38%,

3/1/2031(a)

50,000

50,189

4,005,870

Construction

Machinery

0.7%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

350,000

306,717

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Machinery

Ritchie

Bros

Holdings,

Inc.

,

6.75%,

3/15/2028(a)

50,000

51,492

7.75%,

3/15/2031(a)

50,000

52,401

United

Rentals

North

America,

Inc.

,

5.50%,

5/15/2027

37,000

36,649

4.88%,

1/15/2028

150,000

143,437

3.88%,

2/15/2031

100,000

88,250

678,946

Consumer

Cyclical

Services

3.1%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

300,000

288,301

9.75%,

7/15/2027(a)

800,000

713,008

6.00%,

6/1/2029(a)

200,000

149,292

Garda

World

Security

Corp.

,

9.50%,

11/1/2027(a)

782,000

741,919

7.75%,

2/15/2028(a)

125,000

123,200

6.00%,

6/1/2029(a)

400,000

318,000

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

150,000

145,967

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

275,000

260,494

4.13%,

8/1/2030(a)

325,000

279,825

Signal

Parent,

Inc.

,

6.13%,

4/1/2029(a)

175,000

70,000

3,090,006

Consumer

Products

1.6%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

775,000

708,156

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

325,000

284,647

Energizer

Holdings,

Inc.

,

6.50%,

12/31/2027(a)

125,000

121,391

4.75%,

6/15/2028(a)

175,000

157,493

4.38%,

3/31/2029(a)

400,000

351,500

1,623,187

Diversified

Manufacturing

1.0%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

600,000

589,500

WESCO

Distribution,

Inc.

,

7.25%,

6/15/2028(a)

425,000

436,390

1,025,890

Finance

Companies

2.0%

Navient

Corp.

,

5.50%,

3/15/2029

550,000

464,750

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(a)

200,000

179,000

3.63%,

3/1/2029(a)

325,000

279,029

3.88%,

3/1/2031(a)

75,000

62,185

4.00%,

10/15/2033(a)

100,000

79,385

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

275,000

260,263

5.75%,

6/15/2027(a)

400,000

355,945

5.50%,

4/15/2029(a)

375,000

313,125

1,993,682

66

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Beverage

2.3%

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(a)

300,000

302,208

BellRing

Brands,

Inc.

,

7.00%,

3/15/2030(a)

525,000

531,809

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

50,000

48,881

4.25%,

8/1/2029(a)

275,000

246,942

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

280,000

273,225

5.50%,

12/15/2029(a)

325,000

306,259

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

450,000

415,688

4.63%,

6/1/2030(a)

175,000

157,859

2,282,871

Food

&

Staples

Retailing

0.0%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^(c)

100,000

0

Gaming

4.2%

Affinity

Interactive

,

6.88%,

12/15/2027(a)

375,000

334,507

Boyd

Gaming

Corp.

,

4.75%,

12/1/2027

100,000

95,910

4.75%,

6/15/2031(a)

75,000

68,115

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

175,000

175,008

8.13%,

7/1/2027(a)

375,000

382,500

7.00%,

2/15/2030(a)

150,000

152,625

Caesars

Resort

Collection

LLC

,

5.75%,

7/1/2025(a)

25,000

25,005

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

50,000

48,818

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

250,000

217,334

Mohegan

Tribal

Gaming

Authority

,

8.00%,

2/1/2026(a)

625,000

571,875

Penn

Entertainment,

Inc.

,

4.13%,

7/1/2029(a)

75,000

62,540

Raptor

Acquisition

Corp.

,

4.88%,

11/1/2026(a)

50,000

46,500

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

550,000

486,024

Scientific

Games

International,

Inc.

,

8.63%,

7/1/2025(a)

300,000

307,125

7.25%,

11/15/2029(a)

200,000

200,386

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

250,000

225,625

4.63%,

12/1/2031(a)

175,000

147,788

VICI

Properties

LP

,

5.63%,

5/1/2024(a)

150,000

148,688

3.50%,

2/15/2025(a)

25,000

23,693

4.25%,

12/1/2026(a)

150,000

139,952

3.88%,

2/15/2029(a)

50,000

44,456

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gaming

VICI

Properties

LP,

4.63%,

12/1/2029(a)

175,000

159,305

4.13%,

8/15/2030(a)

75,000

66,247

4,130,026

Health

Insurance

0.5%

Centene

Corp.

,

4.25%,

12/15/2027

100,000

96,344

4.63%,

12/15/2029

300,000

282,072

3.38%,

2/15/2030

125,000

109,055

487,471

Healthcare

5.5%

AdaptHealth

LLC

,

4.63%,

8/1/2029(a)

100,000

83,261

5.13%,

3/1/2030(a)

225,000

190,873

AHP

Health

Partners,

Inc.

,

5.75%,

7/15/2029(a)

450,000

378,000

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

225,000

213,187

3.88%,

11/1/2029(a)

475,000

425,125

Community

Health

Systems,

Inc.

,

8.00%,

3/15/2026(a)

50,000

48,324

6.88%,

4/15/2029(a)

400,000

247,636

6.13%,

4/1/2030(a)

250,000

150,625

5.25%,

5/15/2030(a)

200,000

156,890

Embecta

Corp.

,

5.00%,

2/15/2030(a)

100,000

86,008

6.75%,

2/15/2030(a)

200,000

182,000

Garden

Spinco

Corp.

,

8.63%,

7/20/2030(a)

125,000

133,553

Global

Medical

Response,

Inc.

,

6.50%,

10/1/2025(a)

350,000

255,500

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

275,000

268,813

Medline

Borrower

LP

,

3.88%,

4/1/2029(a)

200,000

173,500

5.25%,

10/1/2029(a)

925,000

802,542

MPH

Acquisition

Holdings

LLC

,

5.50%,

9/1/2028(a)

75,000

59,629

Pediatrix

Medical

Group,

Inc.

,

5.38%,

2/15/2030(a)

200,000

181,036

RegionalCare

Hospital

Partners

Holdings,

Inc.

,

9.75%,

12/1/2026(a)

275,000

222,425

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

73,258

4.25%,

6/1/2028(a)

25,000

23,773

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026

175,000

171,563

6.25%,

2/1/2027

250,000

245,848

5.13%,

11/1/2027

175,000

168,009

4.63%,

6/15/2028

25,000

23,059

6.13%,

10/1/2028

75,000

71,881

4.25%,

6/1/2029

200,000

180,942

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

67

Corporate

Bonds

Principal

Amount

($)

Value

($)

Healthcare

Tenet

Healthcare

Corp.,

6.13%,

6/15/2030(a)

250,000

246,625

5,463,885

Independent

Energy

4.4%

Antero

Resources

Corp.

,

7.63%,

2/1/2029(a)

13,000

13,293

5.38%,

3/1/2030(a)

125,000

116,281

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

350,000

338,310

8.25%,

12/31/2028(a)

175,000

169,265

5.88%,

6/30/2029(a)

75,000

66,188

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

125,000

117,274

Callon

Petroleum

Co.

,

8.25%,

7/15/2025

125,000

124,125

7.50%,

6/15/2030(a)

75,000

70,500

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024(c)

200,000

3,250

5.50%,

2/1/2026(a)

25,000

24,602

5.88%,

2/1/2029(a)

25,000

23,797

Chord

Energy

Corp.

,

6.38%,

6/1/2026(a)

50,000

49,523

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

375,000

343,140

5.88%,

1/15/2030(a)

150,000

128,872

CrownRock

LP

,

5.63%,

10/15/2025(a)

375,000

367,522

5.00%,

5/1/2029(a)

25,000

23,290

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

50,000

49,625

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

475,000

478,691

8.88%,

7/15/2030

125,000

145,393

6.45%,

9/15/2036

25,000

26,286

PDC

Energy,

Inc.

,

5.75%,

5/15/2026

100,000

97,345

Permian

Resources

Operating

LLC

,

6.88%,

4/1/2027(a)

275,000

269,038

Range

Resources

Corp.

,

4.88%,

5/15/2025

98,000

96,080

8.25%,

1/15/2029

125,000

131,739

4.75%,

2/15/2030(a)

75,000

68,365

Rockcliff

Energy

II

LLC

,

5.50%,

10/15/2029(a)

225,000

199,410

SM

Energy

Co.

,

6.75%,

9/15/2026

125,000

122,583

6.50%,

7/15/2028

125,000

119,282

Southwestern

Energy

Co.

,

8.38%,

9/15/2028

175,000

183,985

5.38%,

3/15/2030

50,000

47,007

Tap

Rock

Resources

LLC

,

7.00%,

10/1/2026(a)

375,000

328,522

4,342,583

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

-

Other

1.4%

Madison

IAQ

LLC

,

5.88%,

6/30/2029(a)

775,000

598,688

SPX

Flow,

Inc.

,

8.75%,

4/1/2030(a)

425,000

366,562

TK

Elevator

Holdco

GmbH

,

7.63%,

7/15/2028(a)

250,000

216,060

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

200,000

188,820

1,370,130

Insurance

-

P&C

7.4%

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

550,000

486,750

Ardonagh

Midco

2

plc

,

11.50%,

1/15/2027(a)(b)

719,879

655,090

AssuredPartners,

Inc.

,

7.00%,

8/15/2025(a)

300,000

291,915

5.63%,

1/15/2029(a)

150,000

129,600

BroadStreet

Partners,

Inc.

,

5.88%,

4/15/2029(a)

1,000,000

845,729

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

500,000

477,147

HUB

International

Ltd.

,

7.00%,

5/1/2026(a)

1,200,000

1,179,369

5.63%,

12/1/2029(a)

675,000

588,111

Jones

Deslauriers

Insurance

Management,

Inc.

,

8.50%,

3/15/2030(a)

275,000

285,029

10.50%,

12/15/2030(a)

250,000

251,802

NFP

Corp.

,

6.88%,

8/15/2028(a)

1,125,000

965,408

7.50%,

10/1/2030(a)

250,000

241,557

Ryan

Specialty

Group

LLC

,

4.38%,

2/1/2030(a)

275,000

240,454

USI,

Inc.

,

6.88%,

5/1/2025(a)

750,000

738,750

7,376,711

Leisure

0.5%

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%,

8/15/2029(a)

425,000

383,614

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

75,000

72,683

456,297

Lodging

0.2%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

74,860

4.88%,

1/15/2030

100,000

95,786

3.63%,

2/15/2032(a)

75,000

63,281

233,927

Media

Entertainment

5.9%

Audacy

Capital

Corp.

,

6.50%,

5/1/2027(a)

425,000

30,601

6.75%,

3/31/2029(a)

200,000

14,124

CMG

Media

Corp.

,

8.88%,

12/15/2027(a)

700,000

529,200

68

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

Cumulus

Media

New

Holdings,

Inc.

,

6.75%,

7/1/2026(a)

213,000

161,880

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(c)

200,000

2,500

Gray

Escrow

II,

Inc.

,

5.38%,

11/15/2031(a)

175,000

116,200

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

350,000

302,750

7.00%,

5/15/2027(a)

125,000

104,658

4.75%,

10/15/2030(a)

75,000

49,776

iHeartCommunications,

Inc.

,

6.38%,

5/1/2026

75,360

66,505

8.38%,

5/1/2027

845,964

615,439

4.75%,

1/15/2028(a)

125,000

98,750

Lamar

Media

Corp.

,

4.88%,

1/15/2029

75,000

70,579

3.63%,

1/15/2031

50,000

43,000

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

325,000

300,310

4.75%,

11/1/2028(a)

375,000

333,514

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

50,000

41,500

4.63%,

3/15/2030(a)

200,000

166,794

ROBLOX

Corp.

,

3.88%,

5/1/2030(a)

200,000

171,500

Scripps

Escrow

II,

Inc.

,

5.38%,

1/15/2031(a)

150,000

103,125

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

250,000

184,137

Sinclair

Television

Group,

Inc.

,

5.13%,

2/15/2027(a)

350,000

306,250

5.50%,

3/1/2030(a)

50,000

39,757

Stagwell

Global

LLC

,

5.63%,

8/15/2029(a)

900,000

789,243

TEGNA,

Inc.

,

5.00%,

9/15/2029

575,000

496,975

Univision

Communications,

Inc.

,

4.50%,

5/1/2029(a)

100,000

84,000

7.38%,

6/30/2030(a)

125,000

118,180

Urban

One,

Inc.

,

7.38%,

2/1/2028(a)

400,000

363,400

WMG

Acquisition

Corp.

,

3.75%,

12/1/2029(a)

225,000

199,266

5,903,913

Metals

&

Mining

0.5%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

250,000

229,408

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

275,000

233,062

462,470

Midstream

6.3%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

71,941

5.88%,

8/20/2026

400,000

382,668

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

275,000

268,681

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

Antero

Midstream

Partners

LP,

5.75%,

1/15/2028(a)

250,000

240,000

5.38%,

6/15/2029(a)

600,000

564,684

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

175,000

162,577

4.00%,

3/1/2031

150,000

133,491

3.25%,

1/31/2032

75,000

61,959

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

50,000

47,527

CNX

Midstream

Partners

LP

,

4.75%,

4/15/2030(a)

175,000

150,500

Crestwood

Midstream

Partners

LP

,

8.00%,

4/1/2029(a)

225,000

229,500

7.38%,

2/1/2031(a)

100,000

100,000

DT

Midstream,

Inc.

,

4.38%,

6/15/2031(a)

150,000

130,678

EQM

Midstream

Partners

LP

,

6.00%,

7/1/2025(a)

37,000

36,578

7.50%,

6/1/2027(a)

50,000

50,199

6.50%,

7/1/2027(a)

475,000

460,408

5.50%,

7/15/2028

75,000

68,123

4.50%,

1/15/2029(a)

125,000

106,250

4.75%,

1/15/2031(a)

325,000

269,750

6.50%,

7/15/2048

75,000

57,955

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

125,000

118,683

4.25%,

2/15/2030(a)

100,000

89,310

5.50%,

10/15/2030(a)

125,000

116,233

Holly

Energy

Partners

LP

,

6.38%,

4/15/2027(a)

75,000

74,166

5.00%,

2/1/2028(a)

275,000

256,733

NuStar

Logistics

LP

,

5.63%,

4/28/2027

275,000

260,379

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

125,000

120,224

Suburban

Propane

Partners

LP

,

5.88%,

3/1/2027

150,000

145,514

5.00%,

6/1/2031(a)

400,000

349,500

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027

75,000

76,468

5.00%,

1/15/2028

50,000

48,344

5.50%,

3/1/2030

275,000

268,738

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

129,000

Western

Midstream

Operating

LP

,

4.50%,

3/1/2028

150,000

141,906

5.45%,

4/1/2044

150,000

130,803

5.30%,

3/1/2048

325,000

275,376

5.50%,

8/15/2048

100,000

86,117

6,280,963

Oil

Field

Services

2.1%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

400,000

392,500

6.25%,

4/1/2028(a)

350,000

336,000

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

69

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil

Field

Services

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

150,000

143,063

7.50%,

1/15/2028(a)

150,000

138,435

Nabors

Industries,

Inc.

,

7.38%,

5/15/2027(a)

75,000

73,453

Precision

Drilling

Corp.

,

7.13%,

1/15/2026(a)

100,000

97,656

6.88%,

1/15/2029(a)

125,000

113,438

Transocean

Titan

Financing

Ltd.

,

8.38%,

2/1/2028(a)

25,000

25,727

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

625,000

607,467

6.88%,

9/1/2027

175,000

167,226

2,094,965

Packaging

5.6%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)(b)

500,000

382,450

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

475,000

371,688

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

375,000

295,663

5.25%,

8/15/2027(a)

525,000

413,929

Ball

Corp.

,

6.88%,

3/15/2028

50,000

51,750

Berry

Global,

Inc.

,

5.63%,

7/15/2027(a)

125,000

124,164

Clydesdale

Acquisition

Holdings,

Inc.

,

8.75%,

4/15/2030(a)

1,150,000

1,045,051

Crown

Americas

LLC

,

5.25%,

4/1/2030

150,000

144,436

Mauser

Packaging

Solutions

Holding

Co.

,

7.88%,

8/15/2026(a)

300,000

300,000

9.25%,

4/15/2027(a)

350,000

323,397

OI

European

Group

BV

,

4.75%,

2/15/2030(a)

150,000

137,250

Owens-Brockway

Glass

Container,

Inc.

,

5.88%,

8/15/2023(a)

37,000

36,911

5.38%,

1/15/2025(a)

100,000

98,250

6.63%,

5/13/2027(a)

207,000

207,236

Sealed

Air

Corp.

,

6.13%,

2/1/2028(a)

50,000

50,558

5.00%,

4/15/2029(a)

75,000

70,473

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(a)

200,000

197,980

6.63%,

11/1/2025(a)

450,000

415,125

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(d)

950,000

864,500

5,530,811

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

0.7%

Clearwater

Paper

Corp.

,

5.38%,

2/1/2025(a)

400,000

387,924

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

75,000

71,378

3.50%,

3/1/2029(a)

250,000

215,977

3.75%,

2/1/2030(a)

25,000

21,689

696,968

Pharmaceuticals

1.2%

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

150,000

97,080

5.00%,

2/15/2029(a)

725,000

283,960

6.25%,

2/15/2029(a)

100,000

39,918

7.25%,

5/30/2029(a)

400,000

150,844

Catalent

Pharma

Solutions,

Inc.

,

3.50%,

4/1/2030(a)

100,000

87,883

Grifols

Escrow

Issuer

SA

,

4.75%,

10/15/2028(a)

250,000

205,000

Organon

&

Co.

,

5.13%,

4/30/2031(a)

250,000

221,911

Syneos

Health,

Inc.

,

3.63%,

1/15/2029(a)

100,000

82,190

1,168,786

Restaurants

1.6%

1011778

BC

ULC

,

4.38%,

1/15/2028(a)

225,000

207,709

4.00%,

10/15/2030(a)

1,150,000

986,125

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

150,000

145,688

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

200,000

191,078

4.63%,

1/31/2032

50,000

46,500

5.38%,

4/1/2032

50,000

48,401

1,625,501

Retailers

0.7%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

175,000

170,697

Asbury

Automotive

Group,

Inc.

,

4.63%,

11/15/2029(a)

300,000

268,500

5.00%,

2/15/2032(a)

75,000

65,700

Kontoor

Brands,

Inc.

,

4.13%,

11/15/2029(a)

150,000

128,728

William

Carter

Co.

(The)

,

5.63%,

3/15/2027(a)

50,000

48,598

682,223

Supermarkets

0.6%

Albertsons

Cos.,

Inc.

,

5.88%,

2/15/2028(a)

100,000

99,386

6.50%,

2/15/2028(a)

75,000

75,187

3.50%,

3/15/2029(a)

475,000

413,295

587,868

Technology

8.7%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

800,000

648,688

70

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Black

Knight

InfoServ

LLC

,

3.63%,

9/1/2028(a)

225,000

203,834

Boxer

Parent

Co.,

Inc.

,

9.13%,

3/1/2026(a)

100,000

96,972

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

275,000

259,875

Central

Parent,

Inc.

,

7.25%,

6/15/2029(a)

500,000

491,439

Ciena

Corp.

,

4.00%,

1/31/2030(a)

50,000

43,500

Clarivate

Science

Holdings

Corp.

,

3.88%,

7/1/2028(a)

50,000

44,623

4.88%,

7/1/2029(a)

450,000

406,967

Cloud

Software

Group

Holdings,

Inc.

,

6.50%,

3/31/2029(a)

250,000

221,151

Coherent

Corp.

,

5.00%,

12/15/2029(a)

425,000

385,772

Consensus

Cloud

Solutions,

Inc.

,

6.00%,

10/15/2026(a)

150,000

130,314

6.50%,

10/15/2028(a)

300,000

248,790

Dun

&

Bradstreet

Corp.

(The)

,

5.00%,

12/15/2029(a)

250,000

216,468

Elastic

NV

,

4.13%,

7/15/2029(a)

425,000

362,844

Entegris

Escrow

Corp.

,

5.95%,

6/15/2030(a)

200,000

193,860

Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

75,000

69,562

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

125,000

118,650

GoTo

Group,

Inc.

,

5.50%,

9/1/2027(a)

400,000

204,690

HealthEquity,

Inc.

,

4.50%,

10/1/2029(a)

450,000

399,811

Helios

Software

Holdings,

Inc.

,

4.63%,

5/1/2028(a)

250,000

203,117

McAfee

Corp.

,

7.38%,

2/15/2030(a)

825,000

691,758

Millennium

Escrow

Corp.

,

6.63%,

8/1/2026(a)

175,000

113,750

NCR

Corp.

,

5.75%,

9/1/2027(a)

75,000

73,704

5.13%,

4/15/2029(a)

350,000

302,839

5.25%,

10/1/2030(a)

350,000

285,733

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

100,000

89,971

Open

Text

Corp.

,

3.88%,

12/1/2029(a)

175,000

147,311

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

125,000

107,232

Rackspace

Technology

Global,

Inc.

,

3.50%,

2/15/2028(a)

150,000

78,009

5.38%,

12/1/2028(a)

400,000

152,925

Rocket

Software,

Inc.

,

6.50%,

2/15/2029(a)

425,000

334,727

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

46,556

Seagate

HDD

Cayman

,

9.63%,

12/1/2032(a)

270,750

303,421

Sensata

Technologies

BV

,

5.88%,

9/1/2030(a)

200,000

198,250

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

50,000

45,558

3.75%,

2/15/2031(a)

75,000

65,625

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

225,000

218,317

Synaptics,

Inc.

,

4.00%,

6/15/2029(a)

75,000

64,585

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

175,000

152,250

Veritas

US,

Inc.

,

7.50%,

9/1/2025(a)

325,000

244,647

8,668,095

Transportation

Services

0.2%

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

250,000

234,330

Utility

-

Electric

2.9%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

16,000

15,599

4.50%,

2/15/2028(a)

125,000

115,952

5.13%,

3/15/2028(a)

325,000

297,560

4.63%,

2/1/2029(a)

50,000

43,166

5.00%,

2/1/2031(a)

50,000

42,326

3.75%,

3/1/2031(a)

175,000

147,608

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)

500,000

455,000

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

76,000

75,836

3.38%,

2/15/2029(a)

150,000

124,158

5.25%,

6/15/2029(a)

300,000

278,509

3.88%,

2/15/2032(a)

75,000

60,000

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

325,000

308,762

4.75%,

1/15/2030(a)

225,000

201,754

TransAlta

Corp.

,

7.75%,

11/15/2029

150,000

157,633

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

145,622

5.63%,

2/15/2027(a)

300,000

291,109

5.00%,

7/31/2027(a)

175,000

165,463

2,926,057

Wireless

Communications

0.4%

Sprint

LLC

,

7.13%,

6/15/2024

100,000

101,657

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

50,000

46,503

2.63%,

2/15/2029

25,000

22,025

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

71

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Communications

T-Mobile

USA,

Inc.,

3.38%,

4/15/2029

200,000

182,338

352,523

Total

Corporate

Bonds

(cost

$108,509,343)

95,365,739

Rights

0.0%

†

Number

of

Rights

Cable

Satellite

0.0%

†

Intelsat

Jackson

Holdings

SA12/05/2025*^∞

394

2,068

Independent

Energy

0.0%

†

Media

General,

Inc.,

CVR*∞

104

0

Total

Rights

(cost

$0)

2,068

Total

Investments

(cost

$108,687,658)

—

96.2%

95,604,024

Other

assets

in

excess

of

liabilities

—

3.8%

3,811,486

NET

ASSETS

—

100.0%

$

99,415,510

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$81,250,358

which

represents

81.73%

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

March

31,

2023.

CVR

Contingent

Value

Rights

72

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

73

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Media

Entertainment

$

17,492

$

–

$

–

$

17,492

Oil

Field

Services

–

–

218,725

218,725

Total

Common

Stocks

$

17,492

$

–

$

218,725

$

236,217

  Corporate

Bonds

Aerospace

/

Defense

–

1,598,253

–

1,598,253

Airlines

–

393,645

–

393,645

Automotive

–

5,713,836

–

5,713,836

Banking

–

94,029

–

94,029

Building

Materials

–

3,690,681

–

3,690,681

Cable

Satellite

–

8,098,340

–

8,098,340

Chemicals

–

4,005,870

–

4,005,870

Construction

Machinery

–

678,946

–

678,946

Consumer

Cyclical

Services

–

3,090,006

–

3,090,006

Consumer

Products

–

1,623,187

–

1,623,187

Diversified

Manufacturing

–

1,025,890

–

1,025,890

Finance

Companies

–

1,993,682

–

1,993,682

Food

&

Beverage

–

2,282,871

–

2,282,871

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

4,130,026

–

4,130,026

Health

Insurance

–

487,471

–

487,471

Healthcare

–

5,463,885

–

5,463,885

Independent

Energy

–

4,342,583

–

4,342,583

Industrial

-

Other

–

1,370,130

–

1,370,130

Insurance

-

P&C

–

7,376,711

–

7,376,711

Leisure

–

456,297

–

456,297

Lodging

–

233,927

–

233,927

Media

Entertainment

–

5,903,913

–

5,903,913

Metals

&

Mining

–

462,470

–

462,470

Midstream

–

6,280,963

–

6,280,963

Oil

Field

Services

–

2,094,965

–

2,094,965

Packaging

–

5,530,811

–

5,530,811

Paper

–

696,968

–

696,968

Pharmaceuticals

–

1,168,786

–

1,168,786

Restaurants

–

1,625,501

–

1,625,501

Retailers

–

682,223

–

682,223

Supermarkets

–

587,868

–

587,868

Technology

–

8,668,095

–

8,668,095

Transportation

Services

–

234,330

–

234,330

Utility

-

Electric

–

2,926,057

–

2,926,057

Wireless

Communications

–

352,523

–

352,523

Total

Corporate

Bonds

$

–

$

95,365,739

$

–

$

95,365,739

Rights  

–

–

2,068

2,068

Total

$

17,492

$

95,365,739

$

220,793

$

95,604,024

As

of

March

31,

2023,

the

Fund

held

one

corporate

bond

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

74

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Common

Stocks

Rights

Total

Balance

as

of

12/31/2022

$

350,378

$

2,364

$

352,742

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

93,659

—

93,659

Purchases

—

—

—

Sales

(171,263)

—

(171,263)

Change

in

Unrealized

Appreciation/Depreciation

(54,049)

(296)

(54,345)

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

3/31/2023

$

218,725

$

2,068

$

220,793

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

3/31/2023

$

(54,049)

$

(296)

$

(54,345)

The

Statement

of

Investments

should

be

read

in

conjunction

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

Government

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

75

Asset-Backed

Securities

2.2%

Principal

Amount

($)

Value

($)

Other

2.2%

Goodgreen

,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

734,346

640,302

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

2,180,000

2,132,990

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

244,541

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

244,684

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

2,200,000

2,146,534

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

194,658

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,132,025

Total

Asset-Backed

Securities

(cost

$8,123,652)

7,735,734

Collateralized

Mortgage

Obligations

6.2%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

271,742

255,614

Barclays

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A1,

4.47%,

2/25/2062(a)(c)

980,882

944,334

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

546,446

537,311

FNMA

REMICS

Series

2003-64,

Class

HQ,

5.00%,

7/25/2023

12,399

12,340

Series

1993-149,

Class

M,

7.00%,

8/25/2023

8,536

8,511

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

485,447

478,030

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

2,635,721

2,424,639

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

10,247,518

9,591,556

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

1,962,563

1,790,983

GCAT

2022-CM1

Trust,

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

1,520,922

1,350,245

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

684,923

641,753

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

2,051,785

1,908,337

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Starwood

Mortgage

Residential

Trust,

Series

2022-3,

Class

A1,

4.16%,

3/25/2067(a)(b)

1,534,658

1,458,861

Verus

Securitization

Trust,

Series

2022-4,

Class

A1,

4.47%,

4/25/2067(a)(c)

858,407

827,241

Total

Collateralized

Mortgage

Obligations

(cost

$23,855,700)

22,229,755

Corporate

Bonds

11.6%

Financial

Services

11.6%

Private

Export

Funding

Corp.

,

Series

GG,

2.45%,

7/15/2024

5,500,000

5,350,343

Series

OO,

1.75%,

11/15/2024

10,000,000

9,521,903

Series

NN,

3.25%,

6/15/2025

14,000,000

13,651,830

Series

PP,

1.40%,

7/15/2028

15,000,000

13,029,477

Total

Corporate

Bonds

(cost

$44,477,366)

41,553,553

Mortgage-Backed

Securities

39.6%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

1,935,789

1,884,331

Pool#

G08881

3.50%,

6/1/2049

1,234,503

1,160,459

FHLMC

Non

Gold

Pool

Pool

#

847558

,

4.62%,

6/1/2035

(b)

422,683

426,326

FHLMC

UMBS

Pool

Pool#

QN1359

3.00%,

1/1/2035

2,081,906

1,977,058

Pool#

SB8083

1.50%,

1/1/2036

7,806,948

6,866,203

Pool#

QO0449

2.00%,

6/1/2037

2,892,298

2,609,248

Pool#

SD8025

3.50%,

11/1/2049

2,748,136

2,582,777

Pool#

SD8030

3.00%,

12/1/2049

1,466,848

1,329,093

Pool#

SD8050

3.00%,

3/1/2050

2,155,253

1,952,876

Pool#

SD8080

2.00%,

6/1/2050

2,496,493

2,070,587

Pool#

SD8171

1.50%,

10/1/2051

3,102,037

2,437,222

Pool#

SD8182

2.00%,

12/1/2051

4,178,539

3,460,562

Pool#

RA6433

2.50%,

12/1/2051

2,958,827

2,550,915

76

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Government

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8199

2.00%,

3/1/2052

5,218,340

4,316,519

Pool#

QE0958

2.00%,

3/1/2052

3,945,001

3,264,767

Pool#

SD8200

2.50%,

3/1/2052

4,229,175

3,647,338

Pool#

QE0799

2.50%,

4/1/2052

2,835,535

2,445,420

Pool#

SD8244

4.00%,

9/1/2052

2,917,590

2,790,376

FNMA

Pool

Pool#

745684

3.86%,

4/1/2034(b)

1,104,929

1,111,181

Pool#

790760

3.92%,

9/1/2034(b)

355,702

350,357

Pool#

799144

3.16%,

4/1/2035(b)

65,972

64,332

Pool#

822705

3.50%,

4/1/2035(b)

170,877

167,024

Pool#

815217

2.81%,

5/1/2035(b)

529,961

516,796

Pool#

821377

3.81%,

5/1/2035(b)

89,504

87,489

Pool#

783609

3.98%,

5/1/2035(b)

356,618

348,864

Pool#

826181

3.85%,

7/1/2035(b)

591,422

582,573

Pool#

873932

6.31%,

8/1/2036

5,833,790

5,813,157

Pool#

745866

4.11%,

9/1/2036(b)

1,497,487

1,533,676

FNMA

UMBS

Pool

Pool#

MA4228

1.50%,

1/1/2036

4,333,886

3,811,660

Pool#

BM5426

3.00%,

12/1/2047

9,341,669

8,558,115

Pool#

CA1564

4.50%,

4/1/2048

1,277,468

1,272,507

Pool#

BM5267

4.50%,

12/1/2048

3,232,984

3,221,647

Pool#

MA3664

4.00%,

5/1/2049

1,171,560

1,135,117

Pool#

MA3746

4.00%,

8/1/2049

1,232,685

1,192,342

Pool#

BP5843

2.50%,

5/1/2050

5,653,762

4,886,925

Pool#

MA4096

2.50%,

8/1/2050

3,721,228

3,221,674

Pool#

MA4119

2.00%,

9/1/2050

4,535,131

3,763,208

Pool#

MA4183

2.50%,

11/1/2050

3,126,749

2,703,361

Pool#

MA4492

2.00%,

12/1/2051

5,113,566

4,234,528

Pool#

FS1648

2.50%,

1/1/2052

3,295,795

2,842,154

Pool#

FS1476

3.00%,

3/1/2052

1,905,253

1,711,513

Pool#

MA4577

2.00%,

4/1/2052

13,434,145

11,112,526

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS1749

2.50%,

4/1/2052

4,274,990

3,687,380

Pool#

MA4656

4.50%,

7/1/2052

3,861,257

3,783,251

Pool#

MA4698

3.00%,

8/1/2052

1,964,877

1,764,035

Pool#

MA4732

4.00%,

9/1/2052

5,857,734

5,602,322

Pool#

MA4782

3.50%,

10/1/2052

9,818,483

9,123,918

Pool#

MA4785

5.00%,

10/1/2052

4,837,265

4,823,935

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

56,507

55,734

Pool#

682492

3.50%,

10/15/2025

86,637

84,582

Pool#

719433

3.50%,

10/15/2025

85,255

84,052

Pool#

733504

3.50%,

11/15/2025

150,457

148,245

Pool#

682497

3.50%,

11/15/2025

102,213

100,626

Pool#

740930

3.50%,

11/15/2025

91,931

90,542

Pool#

749618

3.50%,

11/15/2025

42,344

41,704

Pool#

742371

3.50%,

11/15/2025

30,842

30,350

Pool#

750403

3.50%,

11/15/2025

14,579

14,373

Pool#

705178

3.50%,

11/15/2025

9,280

9,197

Pool#

755650

3.50%,

12/15/2025

305,721

301,357

Pool#

682502

3.50%,

12/15/2025

94,638

93,314

Total

Mortgage-Backed

Securities

(cost

$155,107,131)

141,853,720

U.S.

Government

Agency

Securities

21.0%

FFCB

3.14%,

7/2/2026

13,500,000

13,159,462

2.75%,

11/6/2026

2,000,000

1,923,176

1.95%,

11/27/2029

1,500,000

1,323,033

2.38%,

3/16/2032

15,000,000

13,223,762

3.19%,

3/9/2033

2,475,000

2,300,389

FHLB,

2.13%,

12/14/2029

2,590,000

2,292,516

Hashemite

Kingdom

of

Jordan

AID

Bond,

3.00%,

6/30/2025

2,125,000

2,061,944

Resolution

Funding

Corp.STRIPS

,

0.00%,

1/15/2030(d)

10,000,000

7,391,199

State

of

Israel

AID

Bond,

5.50%,

9/18/2033

6,024,000

6,795,097

NVIT

Government

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

77

U.S.

Government

Agency

Securities

Principal

Amount

($)

Value

($)

FFCB

Tennessee

Valley

Authority,

7.13%,

5/1/2030

20,721,000

24,541,692

Total

U.S.

Government

Agency

Securities

(cost

$82,386,559)

75,012,270

U.S.

Treasury

Obligations

17.6%

U.S.

Treasury

Bonds

2.50%,

2/15/2045

16,350,000

13,046,150

2.50%,

2/15/2046

7,000,000

5,559,531

2.25%,

8/15/2046

14,500,000

10,942,402

1.25%,

5/15/2050

3,400,000

1,976,516

U.S.

Treasury

Notes

0.13%,

8/15/2023

4,000,000

3,931,563

1.38%,

10/31/2028

31,000,000

27,504,023

Total

U.S.

Treasury

Obligations

(cost

$67,329,393)

62,960,185

Total

Investments

(cost

$381,279,801)

—

98.2%

351,345,217

Other

assets

in

excess

of

liabilities

—

1.8%

6,413,328

NET

ASSETS

—

100.0%

$

357,758,545

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$15,122,119

which

represents

4.23%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2023.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

AID

Agency

for

International

Development

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

PO

Principal

only

security—This

security

entitles

the

holder

to

receive

principal

payments

from

an

underlying

pool

of

assets

or

on

the

security

itself.

In

the

case

of

asset-backed

securities,

high

prepayments

return

principal

faster

than

expected

and

cause

the

yield

to

increase.

Low

prepayments

return

principal

slower

than

expected

and

cause

the

yield

to

decrease.

REMICS

Real

Estate

Mortgage

Investment

Conduits

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

Securities

UMBS

Uniform

Mortgage-Backed

Securities

78

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Government

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

7,735,734

$

–

$

7,735,734

Collateralized

Mortgage

Obligations

–

22,229,755

–

22,229,755

Corporate

Bonds

–

41,553,553

–

41,553,553

Mortgage-Backed

Securities

–

141,853,720

–

141,853,720

U.S.

Government

Agency

Securities

–

75,012,270

–

75,012,270

U.S.

Treasury

Obligations

–

62,960,185

–

62,960,185

Total

$

–

$

351,345,217

$

–

$

351,345,217

NVIT

Government

Bond

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

79

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

As

of March

31,

2023,

the

Fund

had

no

open

futures

contracts.  

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

80

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

Asset-Backed

Securities

12.7%

Principal

Amount

($)

Value

($)

Airlines

0.9%

American

Airlines

Pass-

Through

Trust

Series

2015-1,

Class

B,

3.70%,

5/1/2023

1,396,418

1,391,840

Series

2015-2,

Class

B,

4.40%,

9/22/2023

2,286,939

2,248,220

Atalaya

Equipment

Leasing

Trust

Series

2021-1A,

Class

A2,

1.23%,

5/15/2026(a)

1,189,744

1,159,698

Series

2021-1A,

Class

B,

2.08%,

2/15/2027(a)

600,000

568,558

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

1,294,235

1,144,254

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A2,

5.40%,

2/17/2026(a)

2,160,000

2,157,643

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

2,263,600

2,256,767

Series

2019-2,

Class

B,

3.50%,

5/1/2028

132,309

119,566

11,046,546

Automobiles

1.5%

Avis

Budget

Rental

Car

Funding

AESOP

LLC,,

Class

A,

5.44%,

2/22/2028(a)

8,015,000

8,011,341

Flagship

Credit

Auto

Trust,

Series

2022-3,

Class

A3,

4.55%,

4/15/2027(a)

445,000

439,695

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

A2A,

5.14%,

3/15/2026

1,865,000

1,865,583

Series

2023-A,

Class

A3,

4.65%,

2/15/2028

1,610,000

1,611,006

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,950,000

1,891,657

Westlake

Automobile

Receivables

Trust

Series

2022-1A,

Class

B,

2.75%,

3/15/2027(a)

500,000

484,135

Series

2022-1A,

Class

C,

3.11%,

3/15/2027(a)

3,050,000

2,931,487

17,234,904

Credit

Card

0.5%

Avant

Credit

Card

Master

Trust,

Series

2021-

1A,

Class

A,

1.37%,

4/15/2027(a)

2,250,000

2,093,526

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Credit

Card

Mercury

Financial

Credit

Card

Master

Trust,

Series

2022-1A,

Class

A,

2.50%,

9/21/2026(a)

4,230,000

3,969,522

6,063,048

Home

Equity

0.3%

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-

NC1,

Class

A2C,

5.61%,

1/25/2035(b)

1,085,735

1,081,812

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

6.09%,

1/25/2036(b)

418,314

408,787

RASC

Trust,

Series

2005-

KS12,

Class

M2,

5.54%,

1/25/2036(b)

2,376,668

2,359,032

3,849,631

Other

9.5%

37

Capital

CLO

I,

Series

2021-1A,

Class

A,

5.99%,

10/15/2034(a)(b)

9,400,000

9,090,016

AMSR

Trust

Series

2020-SFR3,

Class

E1,

2.56%,

9/17/2037(a)

2,082,000

1,892,246

Series

2020-SFR3,

Class

E2,

2.76%,

9/17/2037(a)

3,718,000

3,380,047

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

5.98%,

10/25/2034(a)(b)

2,700,000

2,634,328

ARES

XLIV

CLO

Ltd.,

Series

2017-44A,

Class

A1R,

5.87%,

4/15/2034(a)(b)

3,000,000

2,929,182

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

5.95%,

4/20/2034(a)(b)

700,000

682,219

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

5.94%,

10/17/2034(a)(b)

1,550,000

1,509,471

Cedar

Funding

X

CLO

Ltd.,

Series

2019-10A,

Class

AR,

5.91%,

10/20/2032(a)(b)

2,750,000

2,690,163

Cedar

Funding

XII

CLO

Ltd.

Series

2020-12A,

Class

A1R,

5.95%,

10/25/2034(a)

(b)

3,300,000

3,200,102

Series

2020-12A,

Class

BR,

6.42%,

10/25/2034(a)(b)

700,000

663,418

FCI

Funding

LLC

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

26,623

26,591

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

1,012,015

984,322

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

81

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

FREED

ABS

Trust,

Series

2022-2CP,

Class

A,

3.03%,

5/18/2029(a)

342,256

340,857

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

585,479

531,549

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

247,003

228,728

HERO

Funding

Trust,

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

282,204

271,622

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

5.79%,

4/15/2034(a)(b)

1,350,000

1,306,845

Series

2021-2A,

Class

A,

5.91%,

7/15/2034(a)(b)

5,000,000

4,860,960

LL

ABS

Trust,

Series

2022-

1A,

Class

A,

3.76%,

11/15/2029(a)

1,390,954

1,367,368

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

5.94%,

1/20/2035(a)(b)

5,000,000

4,870,525

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

6.01%,

4/15/2035(a)(b)

5,000,000

4,943,120

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

9,000,000

8,781,277

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

600,000

583,974

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

6.72%,

5/20/2031(a)(b)

10,000,000

9,888,510

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

5.92%,

10/15/2034(a)(b)

1,300,000

1,263,515

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

5.94%,

7/15/2035(a)(b)

4,900,000

4,793,748

RR

19

Ltd.,

Series

2021-

19A,

Class

A1,

5.93%,

10/15/2035(a)(b)

5,000,000

4,865,205

Tricon

American

Homes,

Series

2020-SFR1,

Class

B,

2.05%,

7/17/2038(a)

4,760,000

4,313,709

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

12,238,607

11,958,050

Series

2018-SFR1,

Class

E,

4.56%,

5/17/2037(a)

3,110,000

2,996,271

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

5,153,795

4,818,189

Series

2019-SFR1,

Class

E,

3.40%,

3/17/2038(a)

2,000,000

1,824,955

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

840,681

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2020-SFR2,

Class

D,

2.28%,

11/17/2039(a)

2,864,000

2,400,239

Series

2020-SFR2,

Class

E1,

2.73%,

11/17/2039(a)

2,826,000

2,363,572

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,136,952

112,232,526

Total

Asset-Backed

Securities

(cost

$155,651,615)

150,426,655

Collateralized

Mortgage

Obligations

3.3%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

2,253,008

2,119,296

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

5.81%,

1/16/2037(a)(b)

2,622,730

2,543,533

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

692,113

584,080

GS

Mortgage-Backed

Securities

Trust,

Series

2022-NQM1,

Class

A16,

4.00%,

5/25/2062(a)(b)

3,718,528

3,248,110

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

1,717

1,615

New

Residential

Mortgage

Loan

Trust,

Series

2016-

2A,

Class

A1,

3.75%,

11/26/2035(a)(b)

3,828,261

3,601,363

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018

29,635

19,262

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

59,450

55,136

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

397,204

380,003

Verus

Securitization

Trust

Series

2022-1,

Class

A1,

2.72%,

1/25/2067(a)(c)

9,408,698

8,372,686

Series

2022-1,

Class

A2,

3.03%,

1/25/2067(a)(b)

3,130,600

2,698,757

Series

2022-1,

Class

A3,

3.29%,

1/25/2067(a)(b)

3,114,546

2,618,195

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

6,074,657

5,600,222

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

4,555,321

4,259,013

82

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Visio

Trust,

Series

2019-

2,

Class

A1,

2.72%,

11/25/2054(a)(b)

3,993,278

3,723,858

Total

Collateralized

Mortgage

Obligations

(cost

$43,977,586)

39,825,129

Commercial

Mortgage-Backed

Securities

0.5%

Eleven

Madison

Mortgage

Trust,

Series

2015-

11MD,

Class

A,

3.55%,

9/10/2035(a)(b)

2,025,000

1,870,178

SPGN

Mortgage

Trust

Series

2022-TFLM,

Class

C,

7.48%,

2/15/2039(a)(b)

1,270,000

1,189,987

Series

2022-TFLM,

Class

D,

8.33%,

2/15/2039(a)(b)

2,880,000

2,669,339

Total

Commercial

Mortgage-Backed

Securities

(cost

$6,198,463)

5,729,504

Corporate

Bonds

38.5%

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)

,

5.04%,

5/1/2027

2,750,000

2,769,945

Lockheed

Martin

Corp.

,

4.95%,

10/15/2025

3,500,000

3,554,865

Moog,

Inc.

,

4.25%,

12/15/2027(a)(d)

2,000,000

1,850,754

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

2,596,000

2,574,267

5.00%,

2/27/2026

6,000,000

6,091,062

16,840,893

Automobiles

1.2%

Hyundai

Capital

America

,

1.80%,

10/15/2025(a)

6,000,000

5,504,040

5.80%,

4/1/2030(a)

3,195,000

3,222,609

Mercedes-Benz

Finance

North

America

LLC

,

5.50%,

11/27/2024(a)

2,750,000

2,775,194

4.80%,

3/30/2028(a)

3,355,000

3,364,883

14,866,726

Banks

11.4%

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(e)

2,245,000

2,302,589

Bank

of

America

Corp.

,

(SOFR

+

0.73%),

0.81%,

10/24/2024(e)

10,000,000

9,718,771

(ICE

LIBOR

USD

3

Month

+

0.97%),

3.46%,

3/15/2025(e)

5,000,000

4,894,675

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Ireland

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(e)

2,390,000

2,375,547

Bank

of

Montreal

,

Series

H,

4.25%,

9/14/2024

10,000,000

9,877,782

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(e)

2,210,000

2,342,475

BNP

Paribas

SA

,

(ICE

LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/2025(a)(e)

5,000,000

4,751,009

Citigroup,

Inc.

,

(SOFR

+

0.67%),

0.98%,

5/1/2025(e)

5,000,000

4,750,058

(SOFR

+

1.37%),

4.14%,

5/24/2025(e)

5,000,000

4,910,829

(SOFR

+

1.55%),

5.61%,

9/29/2026(e)

3,500,000

3,526,085

Citizens

Bank

NA

,

(SOFR

+

1.45%),

6.06%,

10/24/2025(e)

4,000,000

3,763,861

Citizens

Financial

Group,

Inc.

,

4.30%,

12/3/2025

3,250,000

2,920,655

Credit

Agricole

SA

,

4.38%,

3/17/2025(a)

7,470,000

7,176,840

Federation

des

Caisses

Desjardins

du

Quebec

,

5.70%,

3/14/2028(a)

2,345,000

2,402,340

Fifth

Third

Bank

NA

,

(SOFR

+

1.23%),

5.85%,

10/27/2025(e)

5,000,000

4,928,174

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(d)(e)

2,000,000

1,882,179

Huntington

National

Bank

(The)

,

(SOFR

+

1.22%),

5.70%,

11/18/2025(e)

5,000,000

4,836,155

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)

2,275,000

2,313,962

JPMorgan

Chase

&

Co.

,

(CME

Term

SOFR

3

Month

+

0.60%),

0.65%,

9/16/2024(e)

10,000,000

9,775,787

(ICE

LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/5/2024(e)

2,896,000

2,867,754

KeyBank

NA

,

5.85%,

11/15/2027

2,360,000

2,320,487

National

Australia

Bank

Ltd.

,

5.13%,

11/22/2024

2,500,000

2,516,055

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(e)

2,400,000

2,350,195

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

83

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Royal

Bank

of

Canada

,

5.66%,

10/25/2024

5,000,000

5,043,310

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(e)

2,405,000

2,402,783

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(e)

2,290,000

2,319,493

Standard

Chartered

plc

,

6.30%,

1/9/2029(a)

2,310,000

2,360,697

Sumitomo

Mitsui

Financial

Group,

Inc.

,

5.52%,

1/13/2028

2,335,000

2,374,213

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

5.65%,

3/9/2026(a)

2,325,000

2,363,406

Toronto-Dominion

Bank

(The)

,

0.70%,

9/10/2024

6,325,000

5,947,463

4.29%,

9/13/2024

3,500,000

3,459,560

Wells

Fargo

&

Co.

,

4.13%,

8/15/2023

7,000,000

6,961,844

(SOFR

+

1.56%),

4.54%,

8/15/2026(e)

3,000,000

2,944,691

135,681,724

Beverages

0.7%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

4,922,411

Constellation

Brands,

Inc.

,

5.00%,

2/2/2026

4,000,000

4,000,767

8,923,178

Biotechnology

0.4%

Amgen,

Inc.

,

5.25%,

3/2/2025

5,000,000

5,054,981

Broadline

Retail

0.4%

Amazon.com,

Inc.

,

4.70%,

11/29/2024

5,000,000

5,034,131

Capital

Markets

2.1%

Credit

Suisse

Group

AG

,

(SOFR

+

1.56%),

2.59%,

9/11/2025(a)(e)

1,500,000

1,389,300

Deutsche

Bank

AG

,

(SOFR

+

3.18%),

6.72%,

1/18/2029(e)

2,425,000

2,408,051

Morgan

Stanley

,

(SOFR

+

1.67%),

4.68%,

7/17/2026(d)(e)

5,000,000

4,934,110

(SOFR

+

0.86%),

1.51%,

7/20/2027(e)

3,500,000

3,110,358

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

2,675,000

2,363,519

Owl

Rock

Capital

Corp.

,

3.75%,

7/22/2025

1,950,000

1,778,195

UBS

AG

,

7.50%,

7/15/2025

5,000,000

5,073,655

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

7/30/2024(a)(e)

4,000,000

3,920,460

24,977,648

Chemicals

0.4%

HB

Fuller

Co.

,

4.00%,

2/15/2027

250,000

228,505

Linde,

Inc.

,

4.80%,

12/5/2024

4,000,000

4,020,413

4,248,918

Communications

Equipment

0.1%

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

1,350,000

1,267,650

Consumer

Finance

1.4%

Ally

Financial,

Inc.

,

7.10%,

11/15/2027

2,335,000

2,371,752

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

2,405,000

2,354,575

Capital

One

Financial

Corp.

,

(SOFR

+

2.08%),

5.47%,

2/1/2029(e)

2,425,000

2,363,338

John

Deere

Capital

Corp.

,

4.55%,

10/11/2024

5,000,000

5,000,916

PACCAR

Financial

Corp.

,

4.45%,

3/30/2026

4,200,000

4,205,190

16,295,771

Diversified

Telecommunication

Services

0.2%

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

1,400,000

1,323,000

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

650,000

390,813

Lumen

Technologies,

Inc.

,

4.00%,

2/15/2027(a)

1,400,000

924,000

2,637,813

Electric

Utilities

2.3%

Eversource

Energy

,

4.20%,

6/27/2024

9,000,000

8,912,390

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)(d)

4,700,000

4,360,213

NextEra

Energy

Capital

Holdings,

Inc.

,

4.20%,

6/20/2024

5,960,000

5,890,988

6.05%,

3/1/2025

1,100,000

1,119,032

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)

810,000

813,536

Vistra

Operations

Co.

LLC

,

3.55%,

7/15/2024(a)

1,670,000

1,612,505

5.13%,

5/13/2025(a)

2,000,000

1,949,051

3.70%,

1/30/2027(a)

1,000,000

922,960

5.63%,

2/15/2027(a)

1,750,000

1,698,139

27,278,814

84

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electrical

Equipment

0.0%

†

Sensata

Technologies

BV

,

5.63%,

11/1/2024(a)

650,000

648,066

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Amphenol

Corp.

,

4.75%,

3/30/2026

500,000

501,965

Entertainment

0.7%

Walt

Disney

Co.

(The)

,

3.70%,

9/15/2024

6,000,000

5,923,822

Warnermedia

Holdings,

Inc.

,

3.43%,

3/15/2024(a)(d)

2,000,000

1,953,936

7,877,758

Financial

Services

0.9%

Fidelity

National

Information

Services,

Inc.

,

4.50%,

7/15/2025

4,000,000

3,953,747

Siemens

Financieringsmaatschappij

NV

,

3.13%,

3/16/2024(a)

5,000,000

4,895,950

Synchrony

Bank

,

5.40%,

8/22/2025

2,505,000

2,348,765

11,198,462

Gas

Utilities

0.1%

Southwest

Gas

Corp.

,

5.45%,

3/23/2028

665,000

671,265

Ground

Transportation

0.8%

Penske

Truck

Leasing

Co.

LP

,

5.55%,

5/1/2028(a)

3,130,000

3,124,662

Triton

Container

International

Ltd.

,

1.15%,

6/7/2024(a)

6,300,000

5,925,236

9,049,898

Health

Care

Equipment

&

Supplies

0.6%

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(a)

5,800,000

5,834,357

Medtronic

Global

Holdings

SCA

,

4.25%,

3/30/2028

1,530,000

1,527,562

7,361,919

Health

Care

Providers

&

Services

1.1%

CVS

Health

Corp.

,

5.00%,

2/20/2026(d)

3,000,000

3,033,690

HCA,

Inc.

,

5.38%,

2/1/2025

650,000

650,272

UnitedHealth

Group,

Inc.

,

2.38%,

8/15/2024(d)

5,000,000

4,841,035

5.00%,

10/15/2024

5,000,000

5,034,090

13,559,087

Hotels,

Restaurants

&

Leisure

0.4%

Hyatt

Hotels

Corp.

,

5.63%,

4/23/2025(c)

2,325,000

2,312,775

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)

1,750,000

1,689,187

Marriott

International,

Inc.

,

4.90%,

4/15/2029

560,000

555,093

4,557,055

Insurance

2.9%

Five

Corners

Funding

Trust

,

4.42%,

11/15/2023(a)

7,577,000

7,529,037

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

7,000,000

6,942,253

4.15%,

8/26/2025(a)(d)

5,000,000

4,938,675

New

York

Life

Global

Funding

,

4.70%,

4/2/2026(a)

5,915,000

5,919,651

Pricoa

Global

Funding

I

,

4.20%,

8/28/2025(a)(d)

3,000,000

2,943,748

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)

6,000,000

5,753,401

34,026,765

IT

Services

0.4%

International

Business

Machines

Corp.

,

4.00%,

7/27/2025

5,000,000

4,943,565

Machinery

0.6%

Amsted

Industries,

Inc.

,

5.63%,

7/1/2027(a)

2,100,000

2,042,250

Daimler

Truck

Finance

North

America

LLC

,

1.13%,

12/14/2023(a)

5,000,000

4,851,414

6,893,664

Media

1.0%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

4,000,000

3,960,082

Comcast

Corp.

,

3.70%,

4/15/2024

7,500,000

7,410,526

11,370,608

Multi-Utilities

0.5%

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)

2,980,000

2,946,449

NiSource,

Inc.

,

5.25%,

3/30/2028

965,000

981,638

WEC

Energy

Group,

Inc.

,

5.00%,

9/27/2025

2,000,000

2,000,523

5,928,610

Oil,

Gas

&

Consumable

Fuels

2.1%

Continental

Resources,

Inc.

,

4.50%,

4/15/2023(d)

2,810,000

2,806,480

3.80%,

6/1/2024

4,000,000

3,919,315

EQT

Corp.

,

6.13%,

2/1/2025(c)

2,345,000

2,358,947

Phillips

66

,

4.95%,

12/1/2027

2,145,000

2,154,536

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

85

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

3,690,000

3,705,347

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027(d)

1,350,000

1,376,412

5.00%,

1/15/2028

4,000,000

3,867,539

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025

4,500,000

4,412,034

24,600,610

Passenger

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)

595,000

540,261

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

255,000

230,648

770,909

Pharmaceuticals

1.2%

Royalty

Pharma

plc

,

0.75%,

9/2/2023

9,957,000

9,708,658

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

4,060,000

4,010,413

13,719,071

Professional

Services

0.4%

Equifax,

Inc.

,

2.60%,

12/1/2024

5,000,000

4,775,888

Retail

REITs

0.4%

Kite

Realty

Group

Trust

,

4.00%,

3/15/2025

5,650,000

5,371,438

Semiconductors

&

Semiconductor

Equipment

0.2%

Intel

Corp.

,

2.88%,

5/11/2024(d)

2,000,000

1,966,954

Software

0.1%

PTC,

Inc.

,

3.63%,

2/15/2025(a)

1,350,000

1,301,970

Specialized

REITs

0.1%

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

670,000

674,543

Specialty

Retail

0.7%

Advance

Auto

Parts,

Inc.

,

5.90%,

3/9/2026

2,330,000

2,377,635

Lowe's

Cos.,

Inc.

,

4.80%,

4/1/2026

5,915,000

5,948,764

8,326,399

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

,

3.00%,

2/9/2024

5,000,000

4,941,944

NetApp,

Inc.

,

1.88%,

6/22/2025

2,255,000

2,102,678

7,044,622

Tobacco

0.6%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

2,480,000

2,354,483

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

BAT

International

Finance

plc

,

4.45%,

3/16/2028

2,250,000

2,138,638

Philip

Morris

International,

Inc.

,

5.13%,

11/15/2024

3,000,000

3,019,271

7,512,392

Total

Corporate

Bonds

(cost

$467,480,640)

457,761,730

Mortgage-Backed

Securities

1.8%

FHLMC

Non

Gold

Pool

Pool#

1Q0648

3.93%,

6/1/2037(b)

153,561

154,587

Pool#

1B3601

4.31%,

10/1/2037(b)

104,250

102,970

FHLMC

UMBS

Pool#

SD8245

,

4.50%,

9/1/2052

5,789,478

5,672,218

FNMA

Pool

Pool#

747271

4.13%,

7/1/2034(b)

181,403

178,712

Pool#

886345

3.81%,

8/1/2036(b)

27,932

27,433

Pool#

949691

3.98%,

9/1/2037(b)

63,317

62,152

FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

2,908,091

2,623,512

Pool#

BN0906

4.00%,

11/1/2048

2,587,689

2,516,284

Pool#

MA4700

4.00%,

8/1/2052

3,873,385

3,705,298

Pool#

MA4803

3.50%,

11/1/2052

3,451,061

3,206,944

Pool#

MA4806

5.00%,

11/1/2052

3,452,002

3,442,978

Total

Mortgage-Backed

Securities

(cost

$21,168,560)

21,693,088

U.S.

Treasury

Obligations

41.8%

U.S.

Treasury

Notes

0.13%,

2/15/2024

43,155,000

41,472,629

2.13%,

3/31/2024

1,000,000

975,938

0.38%,

4/15/2024

14,000,000

13,400,078

2.00%,

5/31/2024

16,000,000

15,551,250

3.00%,

6/30/2024

30,000,000

29,462,109

0.38%,

8/15/2024

46,250,000

43,803,809

4.50%,

11/30/2024

70,000,000

70,273,437

1.00%,

12/15/2024

89,000,000

84,337,930

4.25%,

12/31/2024

(d)

46,885,000

46,927,123

4.13%,

1/31/2025

6,010,000

6,008,357

0.50%,

3/31/2025

100,000,000

93,269,532

2.88%,

6/15/2025

24,000,000

23,433,750

4.00%,

2/29/2028

20,955,000

21,333,172

86

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.50%,

2/15/2030

6,765,000

5,930,474

Total

U.S.

Treasury

Obligations

(cost

$502,735,023)

496,179,588

Repurchase

Agreements

0.1%

Bank

of

America

NA

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$250,101,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$255,000.

(f)

250,000

250,000

Cantor

Fitzgerald

&

Co.

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$413,594,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$421,696.

(f)

413,428

413,428

Total

Repurchase

Agreements

(cost

$663,428)

663,428

Total

Investments

(cost

$1,197,875,315)

—

98.7%

1,172,279,122

Other

assets

in

excess

of

liabilities

—

1.3%

15,000,986

NET

ASSETS

—

100.0%

$

1,187,280,108

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$320,294,983

which

represents

26.98%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2023.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$55,412,568,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$663,428

and

by

$56,448,619

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2052,

a

total

value

of

$57,112,047.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$663,428.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

87

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

88

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

March

31,

2023

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

150,426,655

$

–

$

150,426,655

Collateralized

Mortgage

Obligations

–

39,825,129

–

39,825,129

Commercial

Mortgage-Backed

Securities

–

5,729,504

–

5,729,504

Corporate

Bonds

–

457,761,730

–

457,761,730

Mortgage-Backed

Securities

–

21,693,088

–

21,693,088

Repurchase

Agreements

–

663,428

–

663,428

U.S.

Treasury

Obligations

–

496,179,588

–

496,179,588

Total

$

–

$

1,172,279,122

$

–

$

1,172,279,122

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

89

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

As

of March

31,

2023,

the

Fund

had

no

open swap

contracts. 

(b)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

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.

90

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

As

of March

31,

2023,

the

Fund

had

no

open

option

contracts. 

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

As

of March

31,

2023,

the

Fund

had

no

open

futures

contracts.  

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.2%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust

Series

2012-1,

Class

A,

4.15%,

4/11/2024

177,734

174,098

Series

2013-1,

Class

A,

4.30%,

8/15/2025

289,090

277,404

Series

2020-1,

Class

A,

5.88%,

10/15/2027

271,632

270,812

722,314

Automobiles

0.0%

†

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

A4,

0.53%,

10/15/2026

510,000

470,427

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

155,458

154,836

625,263

Credit

Card

0.1%

American

Express

Credit

Account

Master

Trust,

Series

2022-2,

Class

A,

3.39%,

5/15/2027

1,500,000

1,457,189

BA

Credit

Card

Trust,

Series

2021-A1,

Class

A1,

0.44%,

9/15/2026

100,000

95,434

1,552,623

Other

0.0%

†

Evergy

Metro,

Inc.,

3.65%,

8/15/2025

500,000

482,769

Total

Asset-Backed

Securities

(cost

$3,501,826)

3,382,969

Commercial

Mortgage-Backed

Securities

1.7%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,293,321

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

949,472

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,705,704

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,238,557

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC25,

Class

AS,

4.02%,

10/10/2047

1,500,000

1,421,544

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

552,186

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,406,430

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

2,590,216

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Commercial

Mortgage

Trust

Series

2014-UBS2,

Class

A5,

3.96%,

3/10/2047

1,500,000

1,471,441

Series

2014-UBS3,

Class

A4,

3.82%,

6/10/2047

1,500,000

1,459,554

Series

2015-DC1,

Class

A5,

3.35%,

2/10/2048

1,000,000

957,090

Series

2015-PC1,

Class

A5,

3.90%,

7/10/2050

1,000,000

966,027

CSAIL

Commercial

Mortgage

Trust,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,179,760

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,396,696

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

792,159

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,656,361

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,391,453

FNMA

ACES

REMICS,

Series

2013-M6,

Class

1AC,

3.35%,

2/25/2043(a)

121,843

116,348

GS

Mortgage

Securities

Trust,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,430,430

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

960,001

Morgan

Stanley

Capital

I

Trust

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,065,362

Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

3,000,000

2,444,453

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,438,854

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,395,437

Total

Commercial

Mortgage-Backed

Securities

(cost

$38,429,985)

34,278,856

Corporate

Bonds

25.0%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

4.88%,

5/1/2025

300,000

299,426

2.20%,

2/4/2026

550,000

510,311

2.25%,

6/15/2026(b)

500,000

459,618

5.04%,

5/1/2027(b)

500,000

503,626

3.20%,

3/1/2029

500,000

456,763

2.95%,

2/1/2030

85,000

75,014

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Boeing

Co.

(The),

5.15%,

5/1/2030(b)

800,000

805,002

3.25%,

2/1/2035

100,000

81,646

5.71%,

5/1/2040

350,000

354,062

3.75%,

2/1/2050

200,000

151,365

5.81%,

5/1/2050

500,000

503,334

5.93%,

5/1/2060

160,000

159,809

General

Dynamics

Corp.

,

1.15%,

6/1/2026

45,000

40,796

2.63%,

11/15/2027

300,000

277,954

3.63%,

4/1/2030

200,000

191,469

2.25%,

6/1/2031(b)

30,000

25,842

2.85%,

6/1/2041

50,000

39,104

4.25%,

4/1/2050(b)

200,000

187,076

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027(b)

200,000

187,445

L3Harris

Technologies,

Inc.

,

3.95%,

5/28/2024

257,000

252,982

2.90%,

12/15/2029

100,000

88,389

1.80%,

1/15/2031

185,000

149,531

4.85%,

4/27/2035

90,000

88,823

Leidos,

Inc.

,

3.63%,

5/15/2025

100,000

97,401

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026(b)

126,000

124,792

3.90%,

6/15/2032(b)

50,000

48,596

5.25%,

1/15/2033

25,000

26,695

3.60%,

3/1/2035(b)

110,000

102,730

4.07%,

12/15/2042(b)

393,000

360,599

4.70%,

5/15/2046(b)

250,000

247,920

4.15%,

6/15/2053(b)

100,000

90,904

5.70%,

11/15/2054

25,000

28,469

4.30%,

6/15/2062

100,000

90,980

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

500,000

484,137

4.70%,

3/15/2033(b)

100,000

101,017

4.75%,

6/1/2043

250,000

241,324

4.03%,

10/15/2047

400,000

348,286

4.95%,

3/15/2053(b)

75,000

74,776

Raytheon

Technologies

Corp.

,

3.95%,

8/16/2025

200,000

197,684

5.00%,

2/27/2026

75,000

76,138

1.90%,

9/1/2031

50,000

40,822

2.38%,

3/15/2032

185,000

155,594

5.15%,

2/27/2033

125,000

130,088

4.70%,

12/15/2041

50,000

47,791

4.50%,

6/1/2042(b)

700,000

663,448

3.75%,

11/1/2046(b)

100,000

82,650

4.63%,

11/16/2048(b)

400,000

380,322

3.03%,

3/15/2052(b)

195,000

141,125

5.38%,

2/27/2053

95,000

99,990

10,373,665

Air

Freight

&

Logistics

0.1%

FedEx

Corp.

,

3.10%,

8/5/2029

100,000

91,809

3.90%,

2/1/2035

380,000

340,287

4.55%,

4/1/2046

500,000

440,009

5.25%,

5/15/2050(b)

200,000

195,899

Corporate

Bonds

Principal

Amount

($)

Value

($)

Air

Freight

&

Logistics

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027(b)

100,000

95,172

4.88%,

3/3/2033

60,000

61,575

6.20%,

1/15/2038

295,000

336,117

3.40%,

9/1/2049

320,000

257,755

5.30%,

4/1/2050

150,000

160,655

5.05%,

3/3/2053

60,000

61,718

2,040,996

Automobile

Components

0.0%

†

Aptiv

plc

,

3.25%,

3/1/2032(b)

110,000

95,801

5.40%,

3/15/2049

50,000

44,768

3.10%,

12/1/2051

50,000

31,687

4.15%,

5/1/2052(b)

100,000

78,458

BorgWarner,

Inc.

,

3.38%,

3/15/2025(b)

135,000

130,966

2.65%,

7/1/2027(b)

55,000

50,427

Lear

Corp.

,

2.60%,

1/15/2032

50,000

39,116

5.25%,

5/15/2049

150,000

132,411

Magna

International,

Inc.

,

5.50%,

3/21/2033

20,000

20,745

624,379

Automobiles

0.1%

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

407,553

4.20%,

10/1/2027(b)

250,000

239,957

6.80%,

10/1/2027

100,000

105,755

5.40%,

10/15/2029

60,000

59,453

5.60%,

10/15/2032(b)

90,000

88,117

5.15%,

4/1/2038

250,000

225,408

5.20%,

4/1/2045

250,000

210,583

5.40%,

4/1/2048(b)

200,000

171,678

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032(b)

100,000

89,739

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

316,514

1,914,757

Banks

4.6%

Banco

Santander

SA

,

2.75%,

5/28/2025

200,000

188,619

5.18%,

11/19/2025(b)

200,000

195,631

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(b)(c)

200,000

174,560

3.80%,

2/23/2028

600,000

554,907

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.17%,

3/24/2028(c)

200,000

187,656

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.22%,

11/22/2032(b)(c)

200,000

155,701

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.

,

4.00%,

4/1/2024

350,000

346,063

Series

L,

3.95%,

4/21/2025

310,000

299,938

(SOFR

+

0.69%),

0.98%,

4/22/2025(c)

300,000

285,822

(SOFR

+

1.11%),

3.84%,

4/25/2025(b)(c)

280,000

274,858

3.88%,

8/1/2025(b)

250,000

244,343

(SOFR

+

0.65%),

1.53%,

12/6/2025(b)(c)

400,000

373,972

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(c)

300,000

281,070

4.45%,

3/3/2026(b)

125,000

122,081

(SOFR

+

1.33%),

3.38%,

4/2/2026(b)(c)

400,000

383,504

3.50%,

4/19/2026(b)

290,000

278,753

(SOFR

+

1.15%),

1.32%,

6/19/2026(b)(c)

500,000

457,055

(SOFR

+

1.75%),

4.83%,

7/22/2026(b)(c)

235,000

232,260

4.25%,

10/22/2026

435,000

421,360

(SOFR

+

1.01%),

1.20%,

10/24/2026(c)

200,000

179,617

(SOFR

+

1.29%),

5.08%,

1/20/2027(b)(c)

220,000

219,318

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.56%,

4/23/2027(c)

100,000

94,980

(SOFR

+

0.96%),

1.73%,

7/22/2027(b)(c)

850,000

762,204

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(c)

500,000

477,702

(SOFR

+

1.05%),

2.55%,

2/4/2028(c)

280,000

254,686

(SOFR

+

1.58%),

4.38%,

4/27/2028(c)

260,000

251,414

(SOFR

+

2.04%),

4.95%,

7/22/2028(c)

250,000

248,569

(SOFR

+

1.99%),

6.20%,

11/10/2028(c)

70,000

73,177

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(c)

1,000,000

929,113

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

100,000

86,121

(ICE

LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/2030(c)

200,000

173,966

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.50%,

2/13/2031(c)

200,000

169,386

(SOFR

+

2.15%),

2.59%,

4/29/2031(b)(c)

600,000

508,117

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

400,000

319,034

(SOFR

+

1.32%),

2.69%,

4/22/2032(c)

630,000

525,750

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.22%),

2.30%,

7/21/2032(c)

100,000

80,590

(SOFR

+

1.21%),

2.57%,

10/20/2032(c)

280,000

228,848

(SOFR

+

1.33%),

2.97%,

2/4/2033(c)

350,000

294,714

(SOFR

+

1.83%),

4.57%,

4/27/2033(c)

290,000

276,051

(SOFR

+

2.16%),

5.02%,

7/22/2033(b)(c)

265,000

262,066

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(c)

300,000

227,828

(ICE

LIBOR

USD

3

Month

+

1.81%),

4.24%,

4/24/2038(b)(c)

250,000

223,610

7.75%,

5/14/2038

200,000

239,365

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

300,000

212,038

5.88%,

2/7/2042(b)

250,000

268,476

(SOFR

+

1.58%),

3.31%,

4/22/2042(b)(c)

300,000

232,060

5.00%,

1/21/2044

350,000

335,903

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(b)(c)

300,000

265,746

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(c)

300,000

257,086

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(b)(c)

600,000

491,981

(SOFR

+

1.88%),

2.83%,

10/24/2051(b)(c)

60,000

39,122

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)(c)

50,000

33,643

Bank

of

Montreal

,

0.63%,

7/9/2024

300,000

283,655

1.85%,

5/1/2025

500,000

468,294

1.25%,

9/15/2026

300,000

265,130

2.65%,

3/8/2027

100,000

92,351

5.20%,

2/1/2028(b)

150,000

151,226

Bank

of

Nova

Scotia

(The)

,

0.65%,

7/31/2024(b)

80,000

75,418

5.25%,

12/6/2024

20,000

20,046

1.45%,

1/10/2025(b)

50,000

46,873

3.45%,

4/11/2025

90,000

87,302

4.75%,

2/2/2026(b)

60,000

59,742

1.05%,

3/2/2026

250,000

224,348

1.35%,

6/24/2026(b)

300,000

267,576

1.30%,

9/15/2026

200,000

176,499

1.95%,

2/2/2027

50,000

45,121

4.85%,

2/1/2030(b)

60,000

59,261

2.15%,

8/1/2031

300,000

242,709

2.45%,

2/2/2032

50,000

41,220

Barclays

plc

,

5.20%,

5/12/2026

500,000

478,595

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

5.30%,

8/9/2026(b)(c)

200,000

195,879

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.05%),

7.32%,

11/2/2026(b)(c)

200,000

204,817

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(c)

400,000

351,299

4.34%,

1/10/2028(b)

200,000

190,450

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

5.50%,

8/9/2028(c)

200,000

197,205

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

200,000

211,989

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

400,000

385,816

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(c)

200,000

185,052

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

7.44%,

11/2/2033(c)

200,000

221,061

5.25%,

8/17/2045(b)

205,000

196,197

4.95%,

1/10/2047(b)

200,000

177,808

BPCE

SA

,

4.00%,

4/15/2024

475,000

464,449

Canadian

Imperial

Bank

of

Commerce

,

1.00%,

10/18/2024(b)

200,000

187,728

3.95%,

8/4/2025

60,000

58,318

1.25%,

6/22/2026(b)

200,000

177,799

Citigroup,

Inc.

,

3.75%,

6/16/2024

500,000

491,247

3.30%,

4/27/2025(b)

560,000

540,368

(SOFR

+

1.37%),

4.14%,

5/24/2025(c)

105,000

103,127

(SOFR

+

0.69%),

2.01%,

1/25/2026(c)

145,000

136,519

4.60%,

3/9/2026

350,000

342,711

(SOFR

+

1.53%),

3.29%,

3/17/2026(c)

90,000

86,236

(SOFR

+

2.84%),

3.11%,

4/8/2026(c)

400,000

382,414

3.40%,

5/1/2026(b)

500,000

477,139

(SOFR

+

1.55%),

5.61%,

9/29/2026(b)(c)

230,000

231,714

(SOFR

+

0.77%),

1.46%,

6/9/2027(b)(c)

285,000

253,044

4.45%,

9/29/2027

500,000

484,849

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(c)

500,000

477,720

(SOFR

+

1.28%),

3.07%,

2/24/2028(c)

400,000

371,884

(SOFR

+

1.89%),

4.66%,

5/24/2028(b)(c)

70,000

69,116

(CME

Term

SOFR

3

Month

+

1.41%),

3.52%,

10/27/2028(b)(c)

700,000

654,335

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(c)

500,000

465,970

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

200,000

175,114

(SOFR

+

1.15%),

2.67%,

1/29/2031(c)

100,000

85,351

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)

300,000

284,901

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

300,000

253,113

(SOFR

+

1.17%),

2.56%,

5/1/2032(c)

245,000

203,265

6.63%,

6/15/2032(b)

333,000

357,329

(SOFR

+

1.35%),

3.06%,

1/25/2033(c)

450,000

380,819

(SOFR

+

1.94%),

3.79%,

3/17/2033(c)

90,000

80,668

(SOFR

+

2.09%),

4.91%,

5/24/2033(b)(c)

35,000

34,354

(SOFR

+

2.34%),

6.27%,

11/17/2033(b)(c)

200,000

216,301

8.13%,

7/15/2039

350,000

451,168

(SOFR

+

4.55%),

5.32%,

3/26/2041(c)

300,000

297,426

6.68%,

9/13/2043(b)

150,000

167,320

4.65%,

7/23/2048(b)

200,000

185,351

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030

170,000

134,376

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

40,000

36,573

Comerica,

Inc.

,

4.00%,

2/1/2029(b)

250,000

197,534

Cooperatieve

Rabobank

UA

,

1.38%,

1/10/2025

250,000

234,847

3.38%,

5/21/2025(b)

250,000

240,975

5.25%,

5/24/2041

175,000

186,135

5.25%,

8/4/2045(b)

250,000

234,437

Discover

Bank

,

2.45%,

9/12/2024

300,000

284,353

Fifth

Third

Bancorp

,

(SOFR

+

1.36%),

4.06%,

4/25/2028(c)

40,000

36,609

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Fifth

Third

Bancorp,

(United

States

SOFR

Compounded

Index

+

2.19%),

6.36%,

10/27/2028(b)(c)

60,000

60,394

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(c)

60,000

55,489

(SOFR

+

1.66%),

4.34%,

4/25/2033(c)

40,000

34,902

Fifth

Third

Bank

NA

,

3.95%,

7/28/2025

200,000

188,208

3.85%,

3/15/2026

300,000

274,189

2.25%,

2/1/2027

295,000

259,128

HSBC

Holdings

plc

,

(SOFR

+

1.43%),

3.00%,

3/10/2026(c)

200,000

188,634

(SOFR

+

1.54%),

1.64%,

4/18/2026(c)

1,200,000

1,095,899

(SOFR

+

3.03%),

7.34%,

11/3/2026(b)(c)

300,000

311,269

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

200,000

177,355

(SOFR

+

2.11%),

4.75%,

6/9/2028(c)

200,000

193,701

(SOFR

+

3.35%),

7.39%,

11/3/2028(c)

215,000

228,832

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

200,000

167,698

4.95%,

3/31/2030

200,000

196,333

(SOFR

+

1.19%),

2.80%,

5/24/2032(c)

220,000

179,653

(SOFR

+

2.53%),

4.76%,

3/29/2033(c)

200,000

180,777

(SOFR

+

4.25%),

8.11%,

11/3/2033(b)(c)

300,000

335,977

(SOFR

+

2.39%),

6.25%,

3/9/2034(c)

200,000

209,097

6.50%,

5/2/2036

400,000

404,387

6.50%,

9/15/2037

400,000

392,767

6.80%,

6/1/2038

200,000

207,535

(SOFR

+

2.65%),

6.33%,

3/9/2044(c)

200,000

211,236

5.25%,

3/14/2044(b)

250,000

224,140

HSBC

USA,

Inc.

,

3.75%,

5/24/2024

200,000

195,005

3.50%,

6/23/2024

500,000

486,883

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.97%),

4.44%,

8/4/2028(c)

30,000

27,519

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(c)

250,000

175,645

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Huntington

National

Bank

(The)

,

(United

States

SOFR

Compounded

Index

+

1.65%),

4.55%,

5/17/2028(c)

250,000

235,543

ING

Groep

NV

,

(SOFR

+

1.83%),

4.02%,

3/28/2028(c)

400,000

378,308

4.55%,

10/2/2028(b)

200,000

191,798

JPMorgan

Chase

&

Co.

,

3.88%,

9/10/2024(b)

1,000,000

982,941

3.13%,

1/23/2025(b)

500,000

484,023

(SOFR

+

0.54%),

0.82%,

6/1/2025(c)

190,000

180,046

(SOFR

+

0.98%),

3.85%,

6/14/2025(c)

200,000

196,110

(CME

Term

SOFR

3

Month

+

0.58%),

0.97%,

6/23/2025(c)

400,000

378,921

(SOFR

+

0.49%),

0.77%,

8/9/2025(c)

500,000

469,450

(SOFR

+

1.16%),

2.30%,

10/15/2025(c)

250,000

239,058

(SOFR

+

0.61%),

1.56%,

12/10/2025(c)

200,000

187,558

(SOFR

+

1.07%),

5.55%,

12/15/2025(b)(c)

300,000

302,052

(SOFR

+

0.92%),

2.59%,

2/24/2026(c)

90,000

85,293

(CME

Term

SOFR

3

Month

+

1.59%),

2.00%,

3/13/2026(c)

300,000

282,735

3.30%,

4/1/2026(b)

500,000

482,142

(SOFR

+

1.32%),

4.08%,

4/26/2026(b)(c)

355,000

348,534

2.95%,

10/1/2026(b)

1,000,000

944,390

8.00%,

4/29/2027(b)

290,000

328,318

(SOFR

+

0.77%),

1.47%,

9/22/2027(b)(c)

200,000

176,382

4.25%,

10/1/2027(b)

500,000

491,911

(SOFR

+

1.17%),

2.95%,

2/24/2028(b)(c)

85,000

78,776

(SOFR

+

1.56%),

4.32%,

4/26/2028(b)(c)

360,000

351,168

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.54%,

5/1/2028(b)

(c)

500,000

472,719

(SOFR

+

1.99%),

4.85%,

7/25/2028(b)(c)

180,000

179,678

(ICE

LIBOR

USD

3

Month

+

1.12%),

4.01%,

4/23/2029(c)

600,000

573,360

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

500,000

433,845

(SOFR

+

1.75%),

4.57%,

6/14/2030(c)

200,000

194,688

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

400,000

341,947

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

1.25%),

2.58%,

4/22/2032(b)(c)

75,000

63,124

(SOFR

+

1.18%),

2.54%,

11/8/2032(c)

510,000

422,838

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

130,000

111,157

(SOFR

+

1.80%),

4.59%,

4/26/2033(c)

35,000

33,891

(SOFR

+

2.08%),

4.91%,

7/25/2033(b)(c)

90,000

89,455

(SOFR

+

2.58%),

5.72%,

9/14/2033(c)

270,000

276,577

5.60%,

7/15/2041(b)

400,000

415,936

(SOFR

+

1.51%),

2.53%,

11/19/2041(c)

300,000

207,064

5.40%,

1/6/2042(b)

500,000

513,678

4.85%,

2/1/2044

500,000

479,998

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(b)(c)

750,000

651,928

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(c)

250,000

206,654

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

600,000

424,645

(SOFR

+

1.58%),

3.33%,

4/22/2052(b)(c)

200,000

146,464

KeyBank

NA

,

5.85%,

11/15/2027

250,000

245,814

6.95%,

2/1/2028

225,000

227,093

KeyCorp

,

2.25%,

4/6/2027

50,000

42,470

(United

States

SOFR

Compounded

Index

+

2.06%),

4.79%,

6/1/2033(c)

105,000

94,008

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

478,463

4.38%,

2/15/2033

200,000

196,910

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026

850,000

776,085

2.88%,

4/3/2028

1,000,000

961,802

0.00%,

6/29/2037(b)(d)

750,000

435,761

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026

1,000,000

933,069

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024

205,000

198,659

4.58%,

12/10/2025(b)

350,000

330,334

4.65%,

3/24/2026

200,000

189,868

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

3/18/2028(b)(c)

200,000

185,717

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

500,000

457,202

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Lloyds

Banking

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(c)

200,000

221,224

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/2046(c)

300,000

200,298

M&T

Bank

Corp.

,

(United

States

SOFR

Compounded

Index

+

1.78%),

4.55%,

8/16/2028(c)

40,000

36,950

Manufacturers

&

Traders

Trust

Co.

,

4.70%,

1/27/2028

250,000

234,192

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

4.79%,

7/18/2025(b)(c)

240,000

237,640

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(c)

200,000

188,324

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.45%),

0.96%,

10/11/2025(c)

200,000

186,267

3.85%,

3/1/2026

750,000

719,514

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(c)

200,000

177,002

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(c)

200,000

175,733

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(c)

200,000

179,593

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

5.02%,

7/20/2028(b)(c)

300,000

297,754

3.74%,

3/7/2029

600,000

561,144

3.20%,

7/18/2029

500,000

446,563

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(c)

200,000

164,952

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%),

5.13%,

7/20/2033(c)

300,000

297,089

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mizuho

Financial

Group,

Inc.

,

(SOFR

+

1.36%),

2.55%,

9/13/2025(b)(c)

455,000

434,350

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

7/9/2027(b)(c)

200,000

176,571

3.17%,

9/11/2027(b)

250,000

231,084

(SOFR

+

1.77%),

2.20%,

7/10/2031(c)

400,000

323,644

2.56%,

9/13/2031

200,000

157,477

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026

750,000

699,596

National

Bank

of

Canada

,

0.75%,

8/6/2024

250,000

235,584

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.85%),

7.47%,

11/10/2026(b)(c)

300,000

310,029

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(b)(c)

200,000

176,337

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(b)(c)

200,000

180,956

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

500,000

486,320

Oesterreichische

Kontrollbank

AG

,

1.50%,

2/12/2025

1,000,000

950,896

PNC

Bank

NA

,

2.95%,

2/23/2025

500,000

477,100

3.88%,

4/10/2025

500,000

483,373

PNC

Financial

Services

Group,

Inc.

(The)

,

1.15%,

8/13/2026

100,000

87,847

(SOFR

+

1.09%),

4.76%,

1/26/2027(c)

140,000

138,269

(SOFR

+

1.62%),

5.35%,

12/2/2028(c)

135,000

136,014

2.55%,

1/22/2030

500,000

426,403

(SOFR

+

0.98%),

2.31%,

4/23/2032(c)

200,000

163,706

(SOFR

+

1.93%),

5.07%,

1/24/2034(b)(c)

125,000

123,314

Regions

Financial

Corp.

,

2.25%,

5/18/2025

400,000

367,965

1.80%,

8/12/2028

200,000

163,955

Royal

Bank

of

Canada

,

2.55%,

7/16/2024(b)

350,000

338,607

3.97%,

7/26/2024

90,000

88,784

0.65%,

7/29/2024(b)

400,000

377,836

0.75%,

10/7/2024(b)

300,000

281,250

5.66%,

10/25/2024

40,000

40,346

2.25%,

11/1/2024

500,000

478,200

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Royal

Bank

of

Canada,

3.38%,

4/14/2025(b)

40,000

38,818

4.88%,

1/12/2026

100,000

100,188

1.20%,

4/27/2026

100,000

89,704

1.15%,

7/14/2026(b)

200,000

179,341

1.40%,

11/2/2026

300,000

265,114

2.05%,

1/21/2027

200,000

181,059

3.63%,

5/4/2027(b)

40,000

38,304

4.24%,

8/3/2027

90,000

87,760

6.00%,

11/1/2027

40,000

41,725

4.90%,

1/12/2028(b)

100,000

100,010

2.30%,

11/3/2031(b)

200,000

164,113

3.88%,

5/4/2032

40,000

36,958

5.00%,

2/1/2033

100,000

101,187

Santander

Holdings

USA,

Inc.

,

3.50%,

6/7/2024(b)

500,000

485,253

(SOFR

+

2.33%),

5.81%,

9/9/2026(b)(c)

40,000

39,308

3.24%,

10/5/2026(b)

300,000

271,746

(SOFR

+

1.25%),

2.49%,

1/6/2028(b)(c)

125,000

108,073

(SOFR

+

2.36%),

6.50%,

3/9/2029(c)

60,000

59,945

Santander

UK

Group

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

8/21/2026(b)(c)

500,000

446,087

(SOFR

+

1.22%),

2.47%,

1/11/2028(c)

200,000

175,890

(SOFR

+

2.60%),

6.53%,

1/10/2029(c)

200,000

203,339

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.45%,

9/27/2024

500,000

479,140

3.78%,

3/9/2026

450,000

435,289

1.40%,

9/17/2026(b)

200,000

175,209

3.35%,

10/18/2027

500,000

466,029

1.90%,

9/17/2028

200,000

169,396

3.20%,

9/17/2029

500,000

436,919

2.93%,

9/17/2041(b)

300,000

214,556

Synovus

Bank

,

5.63%,

2/15/2028

250,000

224,374

Toronto-Dominion

Bank

(The)

,

0.70%,

9/10/2024

100,000

94,031

4.29%,

9/13/2024

90,000

88,960

1.25%,

12/13/2024(b)

200,000

187,753

1.45%,

1/10/2025

100,000

94,094

3.77%,

6/6/2025

100,000

97,364

0.75%,

1/6/2026

200,000

178,050

1.20%,

6/3/2026(b)

200,000

178,209

1.25%,

9/10/2026

100,000

88,434

1.95%,

1/12/2027(b)

100,000

89,519

2.80%,

3/10/2027

100,000

92,258

4.11%,

6/8/2027(b)

100,000

96,852

4.69%,

9/15/2027

90,000

89,101

2.00%,

9/10/2031(b)

100,000

80,270

2.45%,

1/12/2032(b)

100,000

82,912

3.20%,

3/10/2032

100,000

87,501

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Toronto-Dominion

Bank

(The),

4.46%,

6/8/2032(b)

55,000

53,562

Truist

Bank

,

2.15%,

12/6/2024

400,000

376,778

3.63%,

9/16/2025

250,000

238,412

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%),

2.64%,

9/17/2029(c)

250,000

234,701

Truist

Financial

Corp.

,

2.85%,

10/26/2024

250,000

238,639

4.00%,

5/1/2025(b)

500,000

482,490

(SOFR

+

1.46%),

4.26%,

7/28/2026(c)

90,000

86,761

(SOFR

+

1.63%),

5.90%,

10/28/2026(c)

100,000

99,692

1.13%,

8/3/2027

300,000

253,657

(SOFR

+

1.37%),

4.12%,

6/6/2028(b)(c)

65,000

61,599

(SOFR

+

1.44%),

4.87%,

1/26/2029(c)

80,000

78,005

(SOFR

+

0.86%),

1.89%,

6/7/2029(c)

300,000

250,513

(SOFR

+

2.24%),

4.92%,

7/28/2033(b)(c)

90,000

83,867

(SOFR

+

2.30%),

6.12%,

10/28/2033(c)

100,000

104,913

(SOFR

+

1.85%),

5.12%,

1/26/2034(c)

30,000

29,256

US

Bancorp

,

(SOFR

+

0.73%),

2.22%,

1/27/2028(c)

100,000

89,798

3.90%,

4/26/2028

500,000

477,935

(SOFR

+

1.66%),

4.55%,

7/22/2028(c)

105,000

102,312

(SOFR

+

1.23%),

4.65%,

2/1/2029(b)(c)

100,000

97,747

(SOFR

+

1.02%),

2.68%,

1/27/2033(c)

100,000

82,847

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)

115,000

108,879

(SOFR

+

2.09%),

5.85%,

10/21/2033(c)

200,000

208,905

(SOFR

+

1.60%),

4.84%,

2/1/2034(c)

100,000

97,033

US

Bank

NA

,

2.80%,

1/27/2025

1,000,000

956,941

Wells

Fargo

&

Co.

,

3.00%,

2/19/2025(b)

825,000

794,605

3.00%,

4/22/2026

500,000

472,292

(SOFR

+

1.32%),

3.91%,

4/25/2026(b)(c)

800,000

776,492

(SOFR

+

2.00%),

2.19%,

4/30/2026(c)

400,000

374,864

(SOFR

+

1.56%),

4.54%,

8/15/2026(c)

70,000

68,709

4.30%,

7/22/2027

200,000

193,826

(SOFR

+

1.51%),

3.53%,

3/24/2028(c)

200,000

188,698

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

2.10%),

2.39%,

6/2/2028(c)

800,000

720,367

(SOFR

+

1.98%),

4.81%,

7/25/2028(c)

125,000

123,433

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(c)

500,000

434,509

(SOFR

+

1.50%),

3.35%,

3/2/2033(c)

200,000

173,350

(SOFR

+

2.10%),

4.90%,

7/25/2033(c)

175,000

170,821

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

600,000

447,150

5.38%,

11/2/2043

250,000

239,245

5.61%,

1/15/2044

188,000

181,153

4.65%,

11/4/2044(b)

300,000

258,502

4.90%,

11/17/2045

300,000

267,279

4.40%,

6/14/2046

350,000

288,569

(SOFR

+

4.50%),

5.01%,

4/4/2051(c)

500,000

470,253

(SOFR

+

2.13%),

4.61%,

4/25/2053(b)(c)

300,000

265,986

Westpac

Banking

Corp.

,

1.15%,

6/3/2026

200,000

179,705

5.46%,

11/18/2027(b)

200,000

207,169

3.40%,

1/25/2028(b)

300,000

284,943

1.95%,

11/20/2028

200,000

174,074

2.65%,

1/16/2030(b)

120,000

106,923

2.15%,

6/3/2031

300,000

253,306

(USD

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(b)(c)

300,000

284,490

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(c)

500,000

447,665

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(c)

85,000

66,600

3.13%,

11/18/2041

65,000

44,781

92,124,584

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026(b)

250,000

245,378

4.70%,

2/1/2036

510,000

507,871

4.90%,

2/1/2046

770,000

752,531

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

141,690

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028(b)

250,000

247,154

4.60%,

4/15/2048

363,000

342,499

4.44%,

10/6/2048

581,000

530,116

5.55%,

1/23/2049

650,000

696,844

5.80%,

1/23/2059

150,000

164,628

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Brown-Forman

Corp.

,

4.75%,

4/15/2033

40,000

40,458

Coca-Cola

Co.

(The)

,

1.75%,

9/6/2024

500,000

485,723

2.90%,

5/25/2027(b)

500,000

478,193

3.45%,

3/25/2030

200,000

192,271

2.00%,

3/5/2031(b)

95,000

81,336

2.25%,

1/5/2032(b)

300,000

261,226

2.88%,

5/5/2041

300,000

239,369

2.60%,

6/1/2050

400,000

286,361

3.00%,

3/5/2051(b)

135,000

105,182

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030(b)

150,000

133,013

Constellation

Brands,

Inc.

,

3.60%,

5/9/2024

40,000

39,481

3.50%,

5/9/2027(b)

500,000

480,780

2.88%,

5/1/2030

100,000

87,711

2.25%,

8/1/2031(b)

405,000

332,727

Diageo

Capital

plc

,

2.38%,

10/24/2029

210,000

184,517

Diageo

Investment

Corp.

,

7.45%,

4/15/2035

250,000

308,937

Keurig

Dr

Pepper,

Inc.

,

3.95%,

4/15/2029

50,000

47,935

4.05%,

4/15/2032(b)

50,000

47,362

4.50%,

4/15/2052(b)

250,000

222,506

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026

190,000

179,402

5.00%,

5/1/2042

250,000

236,004

PepsiCo,

Inc.

,

2.25%,

3/19/2025

300,000

289,492

4.55%,

2/13/2026(b)

60,000

61,034

3.60%,

2/18/2028

25,000

24,525

4.45%,

5/15/2028

60,000

61,219

2.75%,

3/19/2030

700,000

640,191

1.63%,

5/1/2030(b)

130,000

109,993

1.40%,

2/25/2031(b)

200,000

164,632

1.95%,

10/21/2031(b)

100,000

84,424

3.90%,

7/18/2032(b)

35,000

34,183

4.45%,

2/15/2033

60,000

61,583

2.63%,

10/21/2041

50,000

38,668

4.45%,

4/14/2046(b)

300,000

298,419

3.63%,

3/19/2050

200,000

173,567

2.75%,

10/21/2051(b)

50,000

36,731

4.20%,

7/18/2052

25,000

23,858

4.65%,

2/15/2053

60,000

61,511

10,263,235

Biotechnology

0.5%

AbbVie,

Inc.

,

3.85%,

6/15/2024

325,000

321,033

2.60%,

11/21/2024

400,000

386,044

3.80%,

3/15/2025

250,000

245,922

3.60%,

5/14/2025(b)

500,000

490,456

3.20%,

5/14/2026

120,000

115,863

4.55%,

3/15/2035

195,000

190,664

4.50%,

5/14/2035

500,000

484,675

4.05%,

11/21/2039

380,000

339,429

4.40%,

11/6/2042

375,000

342,738

4.75%,

3/15/2045(b)

168,000

158,508

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

AbbVie,

Inc.,

4.25%,

11/21/2049

675,000

595,671

Amgen,

Inc.

,

5.25%,

3/2/2025(b)

290,000

293,189

5.15%,

3/2/2028

290,000

296,096

1.65%,

8/15/2028(b)

200,000

173,670

4.05%,

8/18/2029(b)

120,000

115,779

5.25%,

3/2/2030

300,000

306,835

2.00%,

1/15/2032

200,000

162,810

3.35%,

2/22/2032

55,000

49,638

4.20%,

3/1/2033(b)

120,000

115,023

5.25%,

3/2/2033

315,000

323,631

2.80%,

8/15/2041

200,000

145,994

5.60%,

3/2/2043

290,000

298,787

4.56%,

6/15/2048

274,000

248,046

4.66%,

6/15/2051(b)

618,000

561,603

3.00%,

1/15/2052

200,000

136,962

4.20%,

2/22/2052

25,000

21,211

4.88%,

3/1/2053(b)

55,000

51,475

5.65%,

3/2/2053

405,000

421,484

4.40%,

2/22/2062

165,000

139,369

5.75%,

3/2/2063

180,000

186,774

Baxalta,

Inc.

,

4.00%,

6/23/2025

60,000

58,764

Biogen,

Inc.

,

2.25%,

5/1/2030

200,000

168,388

3.15%,

5/1/2050

230,000

160,067

3.25%,

2/15/2051

130,000

92,042

Gilead

Sciences,

Inc.

,

3.70%,

4/1/2024

1,000,000

988,233

3.65%,

3/1/2026

145,000

141,937

1.20%,

10/1/2027

60,000

52,410

1.65%,

10/1/2030

115,000

94,664

5.65%,

12/1/2041

200,000

216,337

4.50%,

2/1/2045

500,000

465,344

4.75%,

3/1/2046

200,000

192,295

2.80%,

10/1/2050

95,000

65,587

Regeneron

Pharmaceuticals,

Inc.

,

2.80%,

9/15/2050

65,000

43,352

10,458,799

Broadline

Retail

0.3%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027(b)

500,000

471,528

4.00%,

12/6/2037

200,000

171,462

4.20%,

12/6/2047(b)

500,000

395,052

Amazon.com,

Inc.

,

0.45%,

5/12/2024(b)

250,000

239,604

2.80%,

8/22/2024(b)

250,000

244,474

4.70%,

11/29/2024(b)

130,000

130,888

1.00%,

5/12/2026

250,000

226,660

3.30%,

4/13/2027(b)

195,000

188,675

3.15%,

8/22/2027

250,000

240,864

1.65%,

5/12/2028

200,000

177,325

3.45%,

4/13/2029

180,000

173,171

4.65%,

12/1/2029(b)

130,000

132,779

1.50%,

6/3/2030

200,000

166,268

2.10%,

5/12/2031(b)

300,000

256,421

3.60%,

4/13/2032

270,000

256,478

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Broadline

Retail

Amazon.com,

Inc.,

4.70%,

12/1/2032

130,000

133,246

4.80%,

12/5/2034(b)

100,000

104,063

3.88%,

8/22/2037

200,000

186,042

2.88%,

5/12/2041

200,000

157,518

4.05%,

8/22/2047(b)

400,000

362,707

2.50%,

6/3/2050

250,000

169,471

3.10%,

5/12/2051

300,000

227,253

3.95%,

4/13/2052(b)

190,000

168,483

4.25%,

8/22/2057

250,000

227,748

2.70%,

6/3/2060

100,000

65,647

3.25%,

5/12/2061

200,000

147,350

eBay,

Inc.

,

1.40%,

5/10/2026(b)

40,000

36,340

3.60%,

6/5/2027(b)

500,000

477,089

2.60%,

5/10/2031(b)

75,000

63,730

3.65%,

5/10/2051

100,000

74,926

JD.com,

Inc.

,

3.38%,

1/14/2030

200,000

181,724

6,254,986

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029

250,000

225,876

Carlisle

Cos.,

Inc.

,

2.20%,

3/1/2032

100,000

77,675

Carrier

Global

Corp.

,

2.49%,

2/15/2027(b)

31,000

28,803

2.72%,

2/15/2030

50,000

43,744

3.58%,

4/5/2050

350,000

264,926

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029

50,000

44,515

4.00%,

3/25/2032

100,000

89,529

4.50%,

3/25/2052

30,000

22,906

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

178,225

1.75%,

9/15/2030(b)

100,000

82,365

2.00%,

9/16/2031(b)

100,000

81,491

4.90%,

12/1/2032(b)

65,000

65,948

4.63%,

7/2/2044(e)

100,000

91,089

Masco

Corp.

,

2.00%,

2/15/2031

250,000

200,100

3.13%,

2/15/2051

60,000

39,708

Owens

Corning

,

4.30%,

7/15/2047(b)

200,000

164,427

Trane

Technologies

Luxembourg

Finance

SA

,

4.50%,

3/21/2049

250,000

218,518

1,919,845

Capital

Markets

1.7%

Ameriprise

Financial,

Inc.

,

4.50%,

5/13/2032

50,000

47,870

5.15%,

5/15/2033

45,000

44,867

Ares

Capital

Corp.

,

2.88%,

6/15/2027(b)

100,000

85,790

2.88%,

6/15/2028(b)

250,000

205,578

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

50,000

42,196

Bank

of

New

York

Mellon

Corp.

(The)

,

3.25%,

9/11/2024

750,000

730,241

2.10%,

10/24/2024

250,000

238,676

Series

J,

0.85%,

10/25/2024

100,000

93,218

Series

G,

3.00%,

2/24/2025

205,000

197,040

3.35%,

4/25/2025

90,000

86,672

(SOFR

+

0.57%),

3.43%,

6/13/2025(c)

40,000

39,061

(SOFR

+

1.35%),

4.41%,

7/24/2026(c)

25,000

24,663

1.05%,

10/15/2026(b)

100,000

87,510

2.05%,

1/26/2027(b)

200,000

180,422

(SOFR

+

1.15%),

3.99%,

6/13/2028(c)

40,000

38,958

(United

States

SOFR

Compounded

Index

+

1.80%),

5.80%,

10/25/2028(c)

25,000

26,043

Series

J,

1.90%,

1/25/2029

200,000

171,069

(SOFR

+

1.17%),

4.54%,

2/1/2029(b)(c)

100,000

99,060

3.85%,

4/26/2029

90,000

84,973

1.80%,

7/28/2031(b)

100,000

79,261

2.50%,

1/26/2032

100,000

82,698

(SOFR

+

1.42%),

4.29%,

6/13/2033(c)

40,000

38,309

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(b)(c)

180,000

192,217

(SOFR

+

1.51%),

4.71%,

2/1/2034(b)(c)

100,000

98,980

Blackstone

Private

Credit

Fund

,

4.70%,

3/24/2025

100,000

95,788

7.05%,

9/29/2025(b)(f)

50,000

49,303

3.25%,

3/15/2027(b)

200,000

169,810

4.00%,

1/15/2029

200,000

166,684

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(b)

200,000

164,106

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

39,760

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

200,000

135,628

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

40,000

38,822

3.90%,

1/25/2028(b)

40,000

37,185

4.85%,

3/29/2029(b)

300,000

288,747

3.50%,

3/30/2051

35,000

23,298

3.63%,

2/15/2052

15,000

10,192

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030(b)

300,000

241,874

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026(b)

170,000

149,043

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Charles

Schwab

Corp.

(The),

1.15%,

5/13/2026

400,000

351,155

2.45%,

3/3/2027

40,000

35,828

1.65%,

3/11/2031

200,000

154,802

2.30%,

5/13/2031(b)

300,000

242,030

1.95%,

12/1/2031(b)

100,000

77,089

2.90%,

3/3/2032(b)

100,000

83,702

CI

Financial

Corp.

,

4.10%,

6/15/2051

50,000

30,237

CME

Group,

Inc.

,

3.00%,

3/15/2025

500,000

484,492

2.65%,

3/15/2032

50,000

43,376

Credit

Suisse

AG

,

3.63%,

9/9/2024

250,000

237,880

7.95%,

1/9/2025

250,000

254,127

2.95%,

4/9/2025

400,000

371,216

5.00%,

7/9/2027

250,000

240,625

Credit

Suisse

Group

AG

,

3.75%,

3/26/2025

390,000

358,788

4.55%,

4/17/2026

250,000

230,625

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

55,000

60,912

Deutsche

Bank

AG

,

3.70%,

5/30/2024

470,000

447,945

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

200,000

189,219

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

155,000

133,575

(SOFR

+

1.22%),

2.31%,

11/16/2027(c)

170,000

144,064

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

200,000

169,725

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

350,000

287,061

(SOFR

+

1.72%),

3.04%,

5/28/2032(c)

150,000

115,584

(SOFR

+

3.65%),

7.08%,

2/10/2034(c)

200,000

185,485

FactSet

Research

Systems,

Inc.

,

2.90%,

3/1/2027

30,000

27,859

3.45%,

3/1/2032(b)

25,000

21,793

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027

100,000

84,118

3.25%,

7/15/2027

50,000

42,362

3.13%,

10/12/2028

150,000

122,745

Goldman

Sachs

Group,

Inc.

(The)

,

3.85%,

7/8/2024

385,000

377,300

3.50%,

4/1/2025

670,000

650,572

3.75%,

5/22/2025

500,000

485,557

4.25%,

10/21/2025

500,000

485,084

3.85%,

1/26/2027(b)

800,000

771,713

(SOFR

+

0.80%),

1.43%,

3/9/2027(b)(c)

250,000

223,700

(SOFR

+

1.51%),

4.39%,

6/15/2027(c)

65,000

63,496

(SOFR

+

0.82%),

1.54%,

9/10/2027(b)(c)

500,000

439,699

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

0.91%),

1.95%,

10/21/2027(b)(c)

240,000

214,422

(SOFR

+

1.11%),

2.64%,

2/24/2028(c)

95,000

86,653

(SOFR

+

1.85%),

3.62%,

3/15/2028(c)

75,000

70,947

(SOFR

+

1.73%),

4.48%,

8/23/2028(c)

200,000

195,610

(SOFR

+

1.28%),

2.62%,

4/22/2032(c)

390,000

324,866

(SOFR

+

1.25%),

2.38%,

7/21/2032(c)

280,000

227,328

(SOFR

+

1.26%),

2.65%,

10/21/2032(c)

165,000

136,332

(SOFR

+

1.41%),

3.10%,

2/24/2033(b)(c)

95,000

81,583

6.45%,

5/1/2036(b)

400,000

426,509

6.75%,

10/1/2037

500,000

540,649

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(c)

500,000

432,177

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(c)

200,000

179,970

6.25%,

2/1/2041

350,000

384,822

(SOFR

+

1.51%),

3.21%,

4/22/2042(c)

200,000

150,559

(SOFR

+

1.47%),

2.91%,

7/21/2042(b)(c)

300,000

214,681

(SOFR

+

1.63%),

3.44%,

2/24/2043(c)

35,000

26,972

4.80%,

7/8/2044

300,000

278,573

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027

100,000

81,891

Intercontinental

Exchange,

Inc.

,

3.65%,

5/23/2025

45,000

43,980

3.75%,

12/1/2025

160,000

155,625

4.00%,

9/15/2027

180,000

177,660

4.35%,

6/15/2029

150,000

147,380

2.10%,

6/15/2030(b)

165,000

139,081

1.85%,

9/15/2032(b)

500,000

391,400

4.60%,

3/15/2033(b)

110,000

108,991

4.25%,

9/21/2048

100,000

87,169

3.00%,

6/15/2050

75,000

52,473

4.95%,

6/15/2052

120,000

116,899

5.20%,

6/15/2062

110,000

109,693

Jefferies

Financial

Group,

Inc.

,

4.85%,

1/15/2027(b)

500,000

488,201

2.63%,

10/15/2031

50,000

38,204

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

495,469

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

100,000

87,173

Moody's

Corp.

,

3.25%,

1/15/2028

300,000

282,768

2.00%,

8/19/2031(b)

60,000

48,936

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Moody’s

Corp.,

2.75%,

8/19/2041(b)

75,000

54,022

3.25%,

5/20/2050

35,000

25,295

3.10%,

11/29/2061

95,000

62,911

Morgan

Stanley

,

Series

F,

3.88%,

4/29/2024

625,000

617,247

(SOFR

+

1.16%),

3.62%,

4/17/2025(c)

140,000

137,435

(SOFR

+

0.53%),

0.79%,

5/30/2025(c)

370,000

350,231

(SOFR

+

0.56%),

1.16%,

10/21/2025(c)

600,000

560,311

(SOFR

+

0.94%),

2.63%,

2/18/2026(c)

300,000

284,712

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

640,000

600,486

(SOFR

+

1.67%),

4.68%,

7/17/2026(c)

80,000

78,946

3.13%,

7/27/2026(b)

500,000

473,518

3.63%,

1/20/2027

750,000

721,829

(SOFR

+

1.30%),

5.05%,

1/28/2027(b)(c)

105,000

104,707

3.95%,

4/23/2027(b)

500,000

483,386

(SOFR

+

0.86%),

1.51%,

7/20/2027(c)

480,000

426,563

(SOFR

+

1.00%),

2.48%,

1/21/2028(c)

195,000

178,107

(SOFR

+

1.61%),

4.21%,

4/20/2028(b)(c)

80,000

77,636

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(c)

600,000

568,110

(SOFR

+

1.73%),

5.12%,

2/1/2029(b)(c)

90,000

90,715

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(c)

500,000

482,258

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

420,000

384,077

7.25%,

4/1/2032

324,000

379,690

(SOFR

+

1.02%),

1.93%,

4/28/2032(c)

500,000

393,352

(SOFR

+

1.18%),

2.24%,

7/21/2032(c)

500,000

401,179

(SOFR

+

1.20%),

2.51%,

10/20/2032(c)

275,000

225,271

(SOFR

+

1.29%),

2.94%,

1/21/2033(c)

70,000

59,301

(SOFR

+

2.08%),

4.89%,

7/20/2033(c)

45,000

44,231

(SOFR

+

2.56%),

6.34%,

10/18/2033(b)(c)

130,000

141,985

(SOFR

+

1.36%),

2.48%,

9/16/2036(c)

450,000

341,865

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

80,000

75,416

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(c)

90,000

89,498

(SOFR

+

1.49%),

3.22%,

4/22/2042(b)(c)

400,000

308,480

4.30%,

1/27/2045

300,000

265,216

(SOFR

+

4.84%),

5.60%,

3/24/2051(b)(c)

100,000

105,105

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

205,000

135,131

Nasdaq,

Inc.

,

1.65%,

1/15/2031(b)

400,000

315,483

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

300,000

265,068

2.17%,

7/14/2028

200,000

166,932

5.61%,

7/6/2029

200,000

199,094

3.10%,

1/16/2030(b)

200,000

169,373

Northern

Trust

Corp.

,

4.00%,

5/10/2027(b)

65,000

63,677

6.13%,

11/2/2032

130,000

138,596

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

85,446

Owl

Rock

Capital

Corp.

,

2.88%,

6/11/2028

230,000

186,493

Owl

Rock

Capital

Corp.

III

,

3.13%,

4/13/2027

50,000

41,987

Prospect

Capital

Corp.

,

3.36%,

11/15/2026(b)

100,000

83,622

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046

250,000

226,959

S&P

Global,

Inc.

,

2.45%,

3/1/2027(b)

30,000

28,135

2.70%,

3/1/2029

100,000

90,976

2.50%,

12/1/2029(b)

80,000

70,982

1.25%,

8/15/2030

110,000

88,284

2.90%,

3/1/2032(b)

25,000

22,319

3.25%,

12/1/2049

65,000

49,458

2.30%,

8/15/2060

40,000

23,143

State

Street

Corp.

,

3.30%,

12/16/2024

310,000

300,313

2.65%,

5/19/2026(b)

300,000

281,231

(SOFR

+

1.35%),

5.75%,

11/4/2026(c)

55,000

56,050

(SOFR

+

0.56%),

1.68%,

11/18/2027(c)

200,000

178,227

(SOFR

+

0.73%),

2.20%,

2/7/2028(c)

40,000

36,407

(SOFR

+

1.72%),

5.82%,

11/4/2028(b)(c)

60,000

62,583

2.40%,

1/24/2030(b)

200,000

173,209

(SOFR

+

1.00%),

2.62%,

2/7/2033(b)(c)

20,000

16,661

(SOFR

+

1.57%),

4.82%,

1/26/2034(b)(c)

110,000

109,394

33,635,122

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

0.3%

Air

Products

&

Chemicals,

Inc.

,

4.80%,

3/3/2033

70,000

71,939

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

23,255

1.85%,

5/15/2027(b)

105,000

94,935

2.05%,

5/15/2030(b)

145,000

125,101

2.70%,

5/15/2040

65,000

49,891

2.80%,

5/15/2050(b)

40,000

28,711

Cabot

Corp.

,

5.00%,

6/30/2032(b)

30,000

29,200

Celanese

US

Holdings

LLC

,

5.90%,

7/5/2024

100,000

100,038

6.05%,

3/15/2025

100,000

100,574

1.40%,

8/5/2026(b)

100,000

85,965

6.17%,

7/15/2027(b)

100,000

100,570

6.33%,

7/15/2029

165,000

166,817

6.38%,

7/15/2032(b)

70,000

70,958

CF

Industries,

Inc.

,

5.15%,

3/15/2034(b)

300,000

287,611

Dow

Chemical

Co.

(The)

,

6.30%,

3/15/2033

25,000

27,199

9.40%,

5/15/2039

206,000

277,179

4.80%,

5/15/2049

350,000

310,846

6.90%,

5/15/2053

25,000

28,838

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048(b)

300,000

300,202

Eastman

Chemical

Co.

,

5.75%,

3/8/2033

35,000

35,599

4.65%,

10/15/2044(b)

200,000

173,738

Ecolab,

Inc.

,

5.25%,

1/15/2028(b)

75,000

77,789

1.30%,

1/30/2031(b)

200,000

158,631

2.13%,

2/1/2032

100,000

83,482

2.13%,

8/15/2050(b)

200,000

119,819

2.70%,

12/15/2051

75,000

49,830

2.75%,

8/18/2055

65,000

41,608

FMC

Corp.

,

3.45%,

10/1/2029

60,000

54,361

4.50%,

10/1/2049

85,000

70,985

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

70,000

59,686

Linde,

Inc.

,

4.70%,

12/5/2025

400,000

402,068

3.20%,

1/30/2026

250,000

244,289

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034(b)

147,000

175,747

LYB

International

Finance

III

LLC

,

2.25%,

10/1/2030(b)

135,000

111,540

4.20%,

5/1/2050

200,000

156,369

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

250,000

204,198

Mosaic

Co.

(The)

,

4.05%,

11/15/2027(b)

250,000

241,248

Nutrien

Ltd.

,

3.00%,

4/1/2025

150,000

143,975

5.95%,

11/7/2025

50,000

51,406

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Nutrien

Ltd.,

4.90%,

3/27/2028

25,000

24,993

5.88%,

12/1/2036

125,000

129,809

5.25%,

1/15/2045

154,000

146,256

PPG

Industries,

Inc.

,

1.20%,

3/15/2026

110,000

98,598

2.80%,

8/15/2029

300,000

266,521

RPM

International,

Inc.

,

2.95%,

1/15/2032

45,000

36,551

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026

400,000

389,156

2.95%,

8/15/2029(b)

200,000

179,581

2.20%,

3/15/2032

200,000

161,101

4.50%,

6/1/2047(b)

150,000

132,308

2.90%,

3/15/2052

80,000

51,452

Westlake

Corp.

,

2.88%,

8/15/2041

100,000

67,841

4.38%,

11/15/2047

200,000

159,531

6,779,895

Commercial

Services

&

Supplies

0.1%

Cintas

Corp.

No.

2

,

3.45%,

5/1/2025

30,000

29,272

4.00%,

5/1/2032(b)

40,000

38,434

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

16,561

Republic

Services,

Inc.

,

3.20%,

3/15/2025(b)

500,000

485,811

1.45%,

2/15/2031

165,000

131,245

2.38%,

3/15/2033(b)

200,000

165,097

6.20%,

3/1/2040

70,000

77,407

Waste

Connections,

Inc.

,

4.25%,

12/1/2028(b)

100,000

98,387

2.20%,

1/15/2032

100,000

81,992

3.20%,

6/1/2032

50,000

44,551

4.20%,

1/15/2033

100,000

95,974

2.95%,

1/15/2052

70,000

48,634

Waste

Management,

Inc.

,

2.00%,

6/1/2029

35,000

30,265

4.63%,

2/15/2030

50,000

50,027

4.63%,

2/15/2033

50,000

50,115

2.95%,

6/1/2041

85,000

65,038

4.15%,

7/15/2049

125,000

112,073

1,620,883

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025(b)

400,000

392,252

5.90%,

2/15/2039(b)

300,000

338,416

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

54,000

53,042

2.30%,

11/15/2030

300,000

243,811

5.60%,

6/1/2032

100,000

100,582

1,128,103

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

100,000

86,232

2.35%,

1/15/2032

50,000

39,679

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

&

Engineering

Quanta

Services,

Inc.,

3.05%,

10/1/2041

55,000

38,346

164,257

Construction

Materials

0.0%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031

65,000

53,235

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030

500,000

424,684

2.40%,

7/15/2031

25,000

20,472

3.20%,

7/15/2051(b)

50,000

35,323

Vulcan

Materials

Co.

,

4.50%,

6/15/2047(b)

250,000

222,003

755,717

Consumer

Finance

0.9%

AerCap

Ireland

Capital

DAC

,

1.65%,

10/29/2024

150,000

140,316

4.45%,

4/3/2026(b)

200,000

192,089

2.45%,

10/29/2026

180,000

161,588

3.88%,

1/23/2028(b)

500,000

461,198

3.00%,

10/29/2028

300,000

261,907

3.30%,

1/30/2032

300,000

248,528

3.40%,

10/29/2033

150,000

121,759

3.85%,

10/29/2041(b)

150,000

114,718

Ally

Financial,

Inc.

,

3.88%,

5/21/2024

600,000

576,501

4.63%,

3/30/2025

100,000

94,580

4.75%,

6/9/2027(b)

40,000

37,250

7.10%,

11/15/2027

100,000

101,574

2.20%,

11/2/2028(b)

165,000

131,388

8.00%,

11/1/2031

150,000

157,437

American

Express

Co.

,

3.38%,

5/3/2024

25,000

24,506

2.50%,

7/30/2024

400,000

386,264

3.00%,

10/30/2024(b)

500,000

484,118

3.63%,

12/5/2024

500,000

487,232

2.25%,

3/4/2025

35,000

33,337

3.95%,

8/1/2025(b)

130,000

127,472

4.20%,

11/6/2025(b)

200,000

197,965

4.90%,

2/13/2026

200,000

201,858

1.65%,

11/4/2026(b)

200,000

179,543

2.55%,

3/4/2027

60,000

55,386

5.85%,

11/5/2027(b)

95,000

99,671

4.05%,

5/3/2029(b)

60,000

58,480

(SOFR

+

2.26%),

4.99%,

5/26/2033(c)

25,000

24,652

(SOFR

+

1.76%),

4.42%,

8/3/2033(b)(c)

130,000

124,287

American

Honda

Finance

Corp.

,

0.75%,

8/9/2024

50,000

47,357

2.15%,

9/10/2024(b)

500,000

481,574

1.50%,

1/13/2025

50,000

47,300

1.30%,

9/9/2026(b)

115,000

103,127

2.35%,

1/8/2027(b)

100,000

92,773

4.70%,

1/12/2028

20,000

20,194

2.25%,

1/12/2029

50,000

44,148

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.

,

3.75%,

4/24/2024

700,000

678,980

(SOFR

+

1.29%),

2.64%,

3/3/2026(b)(c)

290,000

268,669

(SOFR

+

2.16%),

4.98%,

7/24/2026(c)

60,000

57,835

3.75%,

7/28/2026

250,000

227,304

3.65%,

5/11/2027(b)

300,000

273,230

(SOFR

+

2.08%),

5.47%,

2/1/2029(b)(c)

100,000

97,457

(SOFR

+

1.79%),

3.27%,

3/1/2030(c)

95,000

80,939

(SOFR

+

2.60%),

5.25%,

7/26/2030(c)

60,000

56,641

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

100,000

71,450

(SOFR

+

2.60%),

5.82%,

2/1/2034(b)(c)

90,000

86,969

Caterpillar

Financial

Services

Corp.

,

0.45%,

5/17/2024

300,000

286,345

3.30%,

6/9/2024

250,000

245,845

2.15%,

11/8/2024(b)

500,000

481,746

3.25%,

12/1/2024(b)

500,000

488,453

4.90%,

1/17/2025(b)

40,000

40,225

3.65%,

8/12/2025

100,000

98,192

1.15%,

9/14/2026

100,000

89,905

1.70%,

1/8/2027(b)

200,000

182,843

3.60%,

8/12/2027(b)

100,000

97,844

Discover

Financial

Services

,

4.10%,

2/9/2027(b)

250,000

236,457

General

Motors

Financial

Co.,

Inc.

,

1.20%,

10/15/2024

65,000

60,836

6.05%,

10/10/2025

50,000

50,817

5.25%,

3/1/2026

455,000

455,246

1.50%,

6/10/2026

200,000

178,014

2.35%,

2/26/2027(b)

50,000

44,755

5.00%,

4/9/2027

200,000

197,633

6.00%,

1/9/2028(b)

100,000

102,352

2.40%,

10/15/2028

195,000

166,806

3.60%,

6/21/2030

200,000

175,230

2.70%,

6/10/2031

145,000

116,160

6.40%,

1/9/2033(b)

100,000

103,098

John

Deere

Capital

Corp.

,

0.63%,

9/10/2024(b)

65,000

61,523

4.55%,

10/11/2024

30,000

30,005

1.25%,

1/10/2025

200,000

189,340

3.40%,

6/6/2025

30,000

29,395

4.05%,

9/8/2025

55,000

54,649

4.80%,

1/9/2026(b)

40,000

40,612

0.70%,

1/15/2026(b)

200,000

181,505

1.05%,

6/17/2026(b)

100,000

90,280

2.25%,

9/14/2026

250,000

233,379

1.30%,

10/13/2026(b)

55,000

49,653

1.70%,

1/11/2027

200,000

181,691

4.15%,

9/15/2027(b)

60,000

59,684

4.75%,

1/20/2028(b)

40,000

40,840

1.50%,

3/6/2028(b)

250,000

219,534

3.35%,

4/18/2029

40,000

37,875

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

John

Deere

Capital

Corp.,

4.85%,

10/11/2029(b)

40,000

41,302

1.45%,

1/15/2031(b)

200,000

160,945

4.35%,

9/15/2032

60,000

59,891

PACCAR

Financial

Corp.

,

0.50%,

8/9/2024

60,000

56,612

3.55%,

8/11/2025

30,000

29,306

4.95%,

10/3/2025(b)

80,000

80,708

4.45%,

3/30/2026

20,000

20,025

2.00%,

2/4/2027

100,000

91,632

4.60%,

1/10/2028(b)

100,000

100,737

Synchrony

Financial

,

4.25%,

8/15/2024

350,000

330,823

4.88%,

6/13/2025

30,000

27,771

4.50%,

7/23/2025

275,000

249,274

2.88%,

10/28/2031(b)

180,000

127,384

Toyota

Motor

Credit

Corp.

,

0.50%,

6/18/2024

100,000

95,164

0.63%,

9/13/2024(b)

100,000

94,485

4.40%,

9/20/2024

90,000

89,758

4.80%,

1/10/2025

40,000

40,245

1.45%,

1/13/2025(b)

200,000

189,335

1.80%,

2/13/2025(b)

500,000

475,574

3.95%,

6/30/2025(b)

75,000

74,073

3.65%,

8/18/2025(b)

75,000

73,338

1.13%,

6/18/2026(b)

500,000

450,880

3.20%,

1/11/2027

200,000

191,472

1.90%,

1/13/2027

100,000

91,106

3.05%,

3/22/2027

100,000

94,884

4.55%,

9/20/2027

90,000

90,480

4.63%,

1/12/2028(b)

40,000

40,555

4.45%,

6/29/2029(b)

90,000

90,676

2.15%,

2/13/2030(b)

500,000

438,692

1.90%,

9/12/2031

100,000

82,368

4.70%,

1/12/2033

45,000

45,794

17,545,607

Consumer

Staples

Distribution

&

Retail

0.4%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030(b)

500,000

424,461

Dollar

General

Corp.

,

4.63%,

11/1/2027(b)

70,000

69,904

3.50%,

4/3/2030

500,000

459,267

5.00%,

11/1/2032

75,000

75,311

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031(b)

50,000

41,889

3.38%,

12/1/2051

50,000

35,272

Kroger

Co.

(The)

,

7.50%,

4/1/2031

257,000

297,318

5.40%,

7/15/2040

200,000

196,914

5.40%,

1/15/2049(b)

50,000

49,182

3.95%,

1/15/2050(b)

100,000

81,590

Sysco

Corp.

,

2.40%,

2/15/2030

100,000

87,350

5.95%,

4/1/2030(b)

200,000

212,076

2.45%,

12/14/2031

100,000

83,323

6.60%,

4/1/2050

300,000

342,233

3.15%,

12/14/2051

50,000

34,939

Target

Corp.

,

2.25%,

4/15/2025(b)

280,000

269,011

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Target

Corp.,

2.50%,

4/15/2026(b)

750,000

719,979

1.95%,

1/15/2027

130,000

120,171

2.35%,

2/15/2030

105,000

92,375

2.65%,

9/15/2030

50,000

44,495

4.50%,

9/15/2032

100,000

100,203

4.40%,

1/15/2033(b)

150,000

149,130

3.63%,

4/15/2046(b)

200,000

165,758

4.80%,

1/15/2053

150,000

147,325

Walgreens

Boots

Alliance,

Inc.

,

3.45%,

6/1/2026

20,000

19,097

3.20%,

4/15/2030(b)

500,000

439,642

4.80%,

11/18/2044(b)

70,000

59,646

Walmart,

Inc.

,

3.30%,

4/22/2024

725,000

715,908

3.90%,

9/9/2025(b)

60,000

59,818

1.05%,

9/17/2026

50,000

45,073

3.95%,

9/9/2027

60,000

59,927

1.50%,

9/22/2028(b)

100,000

87,546

1.80%,

9/22/2031

300,000

253,718

4.15%,

9/9/2032(b)

60,000

60,464

2.50%,

9/22/2041(b)

600,000

453,685

4.05%,

6/29/2048

125,000

116,007

2.65%,

9/22/2051(b)

400,000

289,904

6,959,911

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

50,000

48,961

2.63%,

6/19/2030

50,000

41,944

2.69%,

5/25/2031

75,000

62,392

Avery

Dennison

Corp.

,

2.25%,

2/15/2032

100,000

78,857

5.75%,

3/15/2033

90,000

93,612

International

Paper

Co.

,

6.00%,

11/15/2041(b)

350,000

364,262

Packaging

Corp.

of

America

,

3.00%,

12/15/2029(b)

50,000

44,732

4.05%,

12/15/2049(b)

100,000

82,215

3.05%,

10/1/2051

40,000

27,391

Sonoco

Products

Co.

,

1.80%,

2/1/2025(b)

200,000

188,239

2.25%,

2/1/2027

165,000

149,545

3.13%,

5/1/2030

50,000

44,161

2.85%,

2/1/2032

200,000

168,502

WRKCo,

Inc.

,

4.90%,

3/15/2029(b)

250,000

245,842

1,640,655

Diversified

Consumer

Services

0.1%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

28,602

California

Institute

of

Technology

,

3.65%,

9/1/2119

100,000

70,219

16

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

76,681

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048(b)

73,000

65,485

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

23,868

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

100,239

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

111,594

4.68%,

7/1/2114

75,000

69,194

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

19,678

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

60,817

3.30%,

7/15/2056

200,000

156,607

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

14,321

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050(b)

84,000

57,560

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

31,389

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051(b)

200,000

142,545

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

41,120

1,069,919

Diversified

REITs

0.1%

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

85,000

61,601

Digital

Realty

Trust

LP

,

5.55%,

1/15/2028(b)

380,000

378,527

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

477,075

Rayonier

LP

,

2.75%,

5/17/2031

45,000

37,090

Simon

Property

Group

LP

,

3.30%,

1/15/2026

170,000

162,270

1.38%,

1/15/2027

100,000

87,958

2.45%,

9/13/2029

250,000

214,431

2.65%,

2/1/2032

100,000

81,029

5.50%,

3/8/2033

100,000

99,474

4.25%,

11/30/2046(b)

350,000

284,336

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

REITs

Simon

Property

Group

LP,

5.85%,

3/8/2053(b)

100,000

99,483

STORE

Capital

Corp.

,

2.70%,

12/1/2031

100,000

72,092

VICI

Properties

LP

,

4.75%,

2/15/2028

85,000

80,572

4.95%,

2/15/2030

80,000

75,069

5.13%,

5/15/2032

85,000

80,082

5.63%,

5/15/2052

30,000

27,014

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

110,404

2.45%,

2/1/2032

70,000

55,880

2,484,387

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

1.70%,

3/25/2026

300,000

276,000

2.30%,

6/1/2027(b)

300,000

274,924

1.65%,

2/1/2028(b)

200,000

175,709

4.35%,

3/1/2029(b)

500,000

489,524

4.30%,

2/15/2030(b)

300,000

291,516

2.25%,

2/1/2032

300,000

245,260

2.55%,

12/1/2033(b)

360,000

289,566

4.50%,

5/15/2035

310,000

290,396

4.85%,

3/1/2039

500,000

469,413

4.65%,

6/1/2044

250,000

223,540

3.50%,

9/15/2053

1,140,000

827,695

3.55%,

9/15/2055

975,000

699,863

3.80%,

12/1/2057(b)

814,000

604,322

3.65%,

9/15/2059

379,000

270,831

Bell

Telephone

Co.

of

Canada

(The)

,

Series

US-4,

3.65%,

3/17/2051

250,000

190,900

3.65%,

8/15/2052(b)

50,000

38,646

British

Telecommunications

plc

,

9.62%,

12/15/2030(e)

250,000

311,696

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(e)

369,000

450,988

Orange

SA

,

9.00%,

3/1/2031(e)

100,000

125,550

5.38%,

1/13/2042

250,000

256,770

Telefonica

Emisiones

SA

,

5.21%,

3/8/2047

250,000

218,723

5.52%,

3/1/2049

350,000

316,552

TELUS

Corp.

,

2.80%,

2/16/2027(b)

200,000

187,089

3.40%,

5/13/2032

60,000

52,544

4.30%,

6/15/2049

100,000

84,078

Verizon

Communications,

Inc.

,

3.38%,

2/15/2025

498,000

487,784

0.85%,

11/20/2025(b)

250,000

227,574

1.45%,

3/20/2026

105,000

96,602

4.13%,

3/16/2027

300,000

297,342

2.10%,

3/22/2028(b)

125,000

111,353

4.33%,

9/21/2028

283,000

279,760

3.88%,

2/8/2029(b)

110,000

106,280

3.15%,

3/22/2030

200,000

182,182

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.,

1.75%,

1/20/2031(b)

500,000

403,295

2.55%,

3/21/2031(b)

415,000

353,535

2.36%,

3/15/2032

840,000

689,134

4.81%,

3/15/2039

385,000

367,616

3.40%,

3/22/2041

530,000

421,378

2.85%,

9/3/2041(b)

110,000

80,547

2.88%,

11/20/2050

700,000

465,595

3.55%,

3/22/2051(b)

270,000

205,999

3.88%,

3/1/2052(b)

90,000

72,764

2.99%,

10/30/2056

500,000

325,161

3.00%,

11/20/2060

400,000

256,490

3.70%,

3/22/2061(b)

350,000

260,976

13,353,462

Electric

Utilities

1.5%

AEP

Texas,

Inc.

,

4.70%,

5/15/2032

20,000

19,547

5.25%,

5/15/2052

20,000

19,522

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

50,000

33,241

Series

O,

4.50%,

6/15/2052

80,000

73,154

5.40%,

3/15/2053(b)

40,000

41,665

Alabama

Power

Co.

,

3.75%,

9/1/2027

40,000

38,887

3.94%,

9/1/2032

40,000

37,544

4.15%,

8/15/2044

350,000

300,396

3.13%,

7/15/2051

80,000

56,698

American

Electric

Power

Co.,

Inc.

,

5.75%,

11/1/2027(b)

100,000

103,961

5.95%,

11/1/2032

100,000

106,393

5.63%,

3/1/2033

24,000

24,825

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

30,000

28,796

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

50,000

43,390

2.20%,

12/15/2031

100,000

79,542

6.35%,

12/15/2032(b)

100,000

108,618

3.50%,

12/1/2049

200,000

145,358

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031

80,000

67,493

3.20%,

9/15/2049

115,000

84,391

2.90%,

6/15/2050

60,000

41,249

4.55%,

6/1/2052

30,000

27,349

CenterPoint

Energy

Houston

Electric

LLC

,

Series

ai.,

4.45%,

10/1/2032

40,000

39,634

4.50%,

4/1/2044

250,000

230,200

Series

AD,

2.90%,

7/1/2050

60,000

41,720

Series

AJ,

4.85%,

10/1/2052

40,000

38,989

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

400,000

402,524

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

173,981

3.65%,

6/15/2046

250,000

197,958

4.00%,

3/1/2048

350,000

297,282

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Commonwealth

Edison

Co.,

Series

127,

3.20%,

11/15/2049

155,000

113,626

Series

131,

2.75%,

9/1/2051

200,000

132,646

Connecticut

Light

and

Power

Co.

(The)

,

Series

A,

2.05%,

7/1/2031

100,000

83,071

5.25%,

1/15/2053(b)

100,000

103,240

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031

50,000

41,354

6.05%,

1/15/2038

150,000

164,260

5.10%,

6/1/2065(b)

100,000

100,067

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

40,000

35,216

5.20%,

4/1/2033

40,000

41,285

4.30%,

7/1/2044

500,000

441,560

Series

B,

3.65%,

3/1/2052

25,000

19,876

5.40%,

4/1/2053

40,000

41,907

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026(b)

500,000

472,119

2.45%,

2/1/2030

100,000

87,572

2.85%,

3/15/2032

70,000

60,834

4.95%,

1/15/2033(b)

80,000

82,169

3.70%,

12/1/2047

500,000

399,614

3.20%,

8/15/2049

50,000

36,585

3.55%,

3/15/2052

35,000

27,228

5.35%,

1/15/2053

100,000

103,981

Duke

Energy

Corp.

,

0.90%,

9/15/2025

50,000

45,508

5.00%,

12/8/2025

65,000

65,437

5.00%,

12/8/2027

85,000

86,393

4.30%,

3/15/2028

80,000

78,437

2.45%,

6/1/2030

70,000

59,655

2.55%,

6/15/2031(b)

150,000

125,517

4.50%,

8/15/2032(b)

90,000

87,012

3.50%,

6/15/2051

200,000

146,049

5.00%,

8/15/2052

90,000

83,721

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027(b)

250,000

238,493

2.50%,

12/1/2029

70,000

61,656

2.40%,

12/15/2031

95,000

79,728

5.65%,

4/1/2040

300,000

313,528

3.40%,

10/1/2046

500,000

381,440

3.00%,

12/15/2051

45,000

31,711

Duke

Energy

Indiana

LLC

,

5.40%,

4/1/2053

40,000

40,736

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

129,501

5.25%,

4/1/2033

25,000

25,723

Duke

Energy

Progress

LLC

,

3.40%,

4/1/2032

50,000

45,406

5.25%,

3/15/2033

30,000

31,168

4.15%,

12/1/2044

100,000

86,375

4.20%,

8/15/2045

250,000

214,864

5.35%,

3/15/2053

50,000

51,585

Edison

International

,

3.55%,

11/15/2024

175,000

169,984

4.70%,

8/15/2025

40,000

39,444

4.13%,

3/15/2028

500,000

474,637

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Emera

US

Finance

LP

,

4.75%,

6/15/2046

200,000

162,209

Entergy

Arkansas

LLC

,

5.15%,

1/15/2033

100,000

102,706

Entergy

Corp.

,

1.90%,

6/15/2028(b)

500,000

435,493

2.80%,

6/15/2030

80,000

69,224

3.75%,

6/15/2050

35,000

26,491

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

200,000

187,886

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029(b)

50,000

48,396

1.75%,

3/15/2031(b)

400,000

321,991

3.55%,

9/30/2049

200,000

152,274

5.00%,

9/15/2052

20,000

19,412

Evergy

Kansas

Central,

Inc.

,

4.10%,

4/1/2043

200,000

174,831

5.70%,

3/15/2053

20,000

20,984

Evergy,

Inc.

,

2.90%,

9/15/2029(b)

250,000

224,060

Eversource

Energy

,

4.20%,

6/27/2024

40,000

39,611

Series

H,

3.15%,

1/15/2025(b)

245,000

237,026

Series

Q,

0.80%,

8/15/2025(b)

100,000

90,927

2.90%,

3/1/2027

50,000

46,636

4.60%,

7/1/2027

35,000

35,041

5.45%,

3/1/2028(b)

55,000

56,992

Series

O,

4.25%,

4/1/2029

400,000

392,784

Series

R,

1.65%,

8/15/2030(b)

100,000

80,473

3.38%,

3/1/2032

50,000

44,891

3.45%,

1/15/2050

100,000

75,708

Exelon

Corp.

,

5.15%,

3/15/2028

30,000

30,523

5.30%,

3/15/2033

60,000

61,042

5.63%,

6/15/2035

300,000

312,747

4.10%,

3/15/2052

35,000

28,730

5.60%,

3/15/2053

60,000

61,104

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025(b)

60,000

58,166

3.13%,

12/1/2025

500,000

484,254

5.05%,

4/1/2028

35,000

36,164

5.10%,

4/1/2033

60,000

62,169

5.65%,

2/1/2037

450,000

476,419

3.95%,

3/1/2048

500,000

430,318

2.88%,

12/4/2051

10,000

7,017

5.30%,

4/1/2053

40,000

42,517

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024

1,000,000

959,925

4.70%,

5/15/2032

60,000

59,427

4.30%,

3/15/2042

500,000

441,164

5.13%,

5/15/2052(b)

25,000

24,455

Iberdrola

International

BV

,

5.81%,

3/15/2025

118,000

120,223

Idaho

Power

Co.

,

5.50%,

3/15/2053(b)

20,000

20,785

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

350,000

307,869

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Indiana

Michigan

Power

Co.,

5.63%,

4/1/2053

30,000

31,237

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

200,000

187,041

3.10%,

11/30/2051

70,000

47,998

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033

20,000

20,798

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

450,000

387,638

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

550,000

600,143

4.80%,

9/15/2043

400,000

385,128

2.70%,

8/1/2052

100,000

67,718

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

68,765

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

86,460

Series

EE,

3.13%,

8/1/2050

100,000

71,141

Series

GG,

5.90%,

5/1/2053

30,000

33,277

NextEra

Energy

Capital

Holdings,

Inc.

,

4.20%,

6/20/2024

70,000

69,190

4.26%,

9/1/2024

90,000

89,156

4.45%,

6/20/2025

70,000

69,520

1.88%,

1/15/2027

270,000

244,077

4.63%,

7/15/2027

150,000

149,596

4.90%,

2/28/2028

100,000

100,661

1.90%,

6/15/2028

125,000

109,763

2.75%,

11/1/2029(b)

245,000

217,672

5.00%,

2/28/2030(b)

100,000

101,024

2.44%,

1/15/2032

145,000

120,250

5.00%,

7/15/2032

105,000

105,677

5.05%,

2/28/2033

100,000

100,274

3.00%,

1/15/2052

85,000

57,222

5.25%,

2/28/2053

100,000

98,562

Northern

States

Power

Co.

,

4.00%,

8/15/2045(b)

165,000

140,310

4.50%,

6/1/2052

25,000

23,041

NSTAR

Electric

Co.

,

3.95%,

4/1/2030

200,000

193,647

Ohio

Power

Co.

,

Series

R,

2.90%,

10/1/2051

90,000

61,460

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033

150,000

154,645

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

9/15/2032

40,000

39,800

4.55%,

12/1/2041

150,000

141,573

5.30%,

6/1/2042

150,000

154,813

3.10%,

9/15/2049

50,000

36,783

2.70%,

11/15/2051

105,000

71,083

4.60%,

6/1/2052

90,000

83,107

4.95%,

9/15/2052

100,000

98,748

Pacific

Gas

and

Electric

Co.

,

4.95%,

6/8/2025

100,000

98,800

3.15%,

1/1/2026(b)

350,000

326,545

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.,

5.45%,

6/15/2027

100,000

98,948

3.75%,

7/1/2028

150,000

138,017

4.20%,

3/1/2029

200,000

182,760

4.55%,

7/1/2030

250,000

234,272

2.50%,

2/1/2031

150,000

121,520

3.25%,

6/1/2031

200,000

169,443

5.90%,

6/15/2032

100,000

99,907

6.15%,

1/15/2033(b)

115,000

118,033

4.50%,

7/1/2040

100,000

82,082

4.20%,

6/1/2041

250,000

197,150

4.95%,

7/1/2050

250,000

205,966

5.25%,

3/1/2052

200,000

170,185

6.75%,

1/15/2053

100,000

103,336

6.70%,

4/1/2053

30,000

30,848

PacifiCorp

,

5.25%,

6/15/2035

177,000

182,925

5.35%,

12/1/2053

100,000

102,334

PECO

Energy

Co.

,

3.70%,

9/15/2047

250,000

201,911

4.60%,

5/15/2052

30,000

27,980

4.38%,

8/15/2052

30,000

27,147

PPL

Electric

Utilities

Corp.

,

5.00%,

5/15/2033

100,000

102,147

5.25%,

5/15/2053(b)

100,000

103,477

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

136,000

157,343

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

200,000

165,239

Series

38,

4.10%,

6/1/2032

30,000

28,855

4.30%,

3/15/2044

250,000

222,567

Series

34,

3.20%,

3/1/2050

200,000

147,951

Series

36,

2.70%,

1/15/2051

200,000

132,949

Series

39,

4.50%,

6/1/2052(b)

30,000

27,558

5.25%,

4/1/2053

80,000

81,488

Public

Service

Co.

of

New

Hampshire

,

5.15%,

1/15/2053

45,000

45,599

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031(b)

100,000

81,734

5.25%,

1/15/2033(b)

100,000

102,008

Series

K,

3.15%,

8/15/2051

50,000

34,515

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031

165,000

134,230

4.90%,

12/15/2032

100,000

102,302

4.65%,

3/15/2033

30,000

30,129

3.95%,

5/1/2042

400,000

343,866

3.20%,

8/1/2049

250,000

187,455

Southern

California

Edison

Co.

,

Series

C,

4.20%,

6/1/2025

70,000

69,156

Series

D,

4.70%,

6/1/2027(b)

75,000

75,136

5.85%,

11/1/2027

35,000

36,878

Series

G,

2.50%,

6/1/2031

100,000

84,721

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southern

California

Edison

Co.,

2.75%,

2/1/2032(b)

100,000

85,836

5.95%,

11/1/2032

25,000

27,081

6.00%,

1/15/2034

177,000

190,699

4.00%,

4/1/2047

200,000

164,237

Series

C,

4.13%,

3/1/2048

200,000

165,360

Series

B,

4.88%,

3/1/2049

300,000

277,596

Series

H,

3.65%,

6/1/2051

30,000

22,882

Series

E,

5.45%,

6/1/2052

40,000

39,984

Southern

Co.

(The)

,

5.15%,

10/6/2025(b)

50,000

50,610

3.25%,

7/1/2026

295,000

281,277

4.40%,

7/1/2046(b)

200,000

174,300

Southwestern

Electric

Power

Co.

,

5.30%,

4/1/2033

25,000

25,188

Series

L,

3.85%,

2/1/2048

300,000

230,783

3.25%,

11/1/2051

100,000

69,565

Tampa

Electric

Co.

,

4.10%,

6/15/2042

100,000

84,662

3.63%,

6/15/2050

40,000

30,611

5.00%,

7/15/2052

35,000

33,756

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

17,701

5.50%,

4/15/2053(b)

100,000

101,455

Union

Electric

Co.

,

2.15%,

3/15/2032

100,000

81,857

3.65%,

4/15/2045

250,000

198,561

3.25%,

10/1/2049

250,000

182,516

5.45%,

3/15/2053

100,000

104,530

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031(b)

50,000

41,493

5.00%,

4/1/2033

40,000

40,305

Series

B,

4.20%,

5/15/2045

200,000

168,699

2.95%,

11/15/2051

50,000

34,088

Series

C,

4.63%,

5/15/2052

40,000

36,322

5.45%,

4/1/2053

90,000

91,903

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028

245,000

213,509

4.75%,

9/30/2032

25,000

25,140

5.63%,

5/15/2033(b)

59,000

62,870

Wisconsin

Power

and

Light

Co.

,

3.95%,

9/1/2032

100,000

93,950

Wisconsin

Public

Service

Corp.

,

5.35%,

11/10/2025

30,000

30,525

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025(b)

500,000

483,037

4.60%,

6/1/2032

60,000

58,249

6.50%,

7/1/2036

177,000

197,059

30,211,895

Electrical

Equipment

0.1%

Eaton

Corp.

,

3.10%,

9/15/2027(b)

500,000

472,193

4.15%,

3/15/2033

20,000

19,344

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electrical

Equipment

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

177,186

1.95%,

10/15/2030

100,000

84,016

2.20%,

12/21/2031(b)

100,000

84,712

2.80%,

12/21/2051

45,000

30,595

Regal

Rexnord

Corp.

,

6.05%,

4/15/2028(f)

20,000

20,009

6.40%,

4/15/2033(f)

120,000

120,074

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031

50,000

40,790

2.80%,

8/15/2061

60,000

38,573

1,087,492

Electronic

Equipment,

Instruments

&

Components

0.1%

Allegion

US

Holding

Co.,

Inc.

,

5.41%,

7/1/2032

30,000

30,079

Amphenol

Corp.

,

2.80%,

2/15/2030

250,000

224,252

Arrow

Electronics,

Inc.

,

2.95%,

2/15/2032(b)

160,000

133,376

Avnet,

Inc.

,

6.25%,

3/15/2028

30,000

30,536

3.00%,

5/15/2031

100,000

80,739

5.50%,

6/1/2032

20,000

19,490

CDW

LLC

,

2.67%,

12/1/2026

150,000

134,928

3.28%,

12/1/2028

150,000

132,135

3.57%,

12/1/2031(b)

150,000

129,019

Corning,

Inc.

,

4.38%,

11/15/2057(b)

380,000

321,405

Flex

Ltd.

,

6.00%,

1/15/2028

20,000

20,492

Jabil,

Inc.

,

1.70%,

4/15/2026

140,000

125,697

4.25%,

5/15/2027(b)

30,000

28,938

3.00%,

1/15/2031(b)

270,000

226,861

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029

75,000

66,773

Teledyne

Technologies,

Inc.

,

0.95%,

4/1/2024

250,000

239,629

Tyco

Electronics

Group

SA

,

4.50%,

2/13/2026

50,000

50,078

1,994,427

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

345,000

312,332

3.34%,

12/15/2027

285,000

267,053

3.14%,

11/7/2029

85,000

76,341

5.13%,

9/15/2040(b)

200,000

194,128

Halliburton

Co.

,

3.80%,

11/15/2025

101,000

98,916

6.70%,

9/15/2038

300,000

329,557

5.00%,

11/15/2045(b)

300,000

273,092

NOV,

Inc.

,

3.95%,

12/1/2042

90,000

66,673

1,618,092

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

0.3%

Activision

Blizzard,

Inc.

,

1.35%,

9/15/2030

25,000

20,251

2.50%,

9/15/2050

200,000

134,060

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

108,501

Take-Two

Interactive

Software,

Inc.

,

3.55%,

4/14/2025

55,000

53,572

3.70%,

4/14/2027

45,000

43,521

4.00%,

4/14/2032(b)

55,000

50,533

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025

325,000

314,245

3.00%,

2/13/2026(b)

150,000

144,979

3.00%,

7/30/2046

150,000

110,216

Walt

Disney

Co.

(The)

,

1.75%,

1/13/2026

100,000

93,731

2.00%,

9/1/2029(b)

300,000

260,379

2.65%,

1/13/2031

600,000

530,142

6.55%,

3/15/2033(b)

300,000

346,581

6.20%,

12/15/2034(b)

245,000

278,031

6.65%,

11/15/2037(b)

150,000

177,986

3.50%,

5/13/2040(b)

100,000

85,006

5.40%,

10/1/2043(b)

300,000

316,135

4.70%,

3/23/2050(b)

200,000

195,519

3.60%,

1/13/2051(b)

100,000

81,253

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025(b)(f)

390,000

376,715

3.76%,

3/15/2027(b)(f)

450,000

423,778

4.05%,

3/15/2029(f)

130,000

120,918

4.28%,

3/15/2032(b)(f)

230,000

205,343

5.05%,

3/15/2042(f)

200,000

167,287

5.14%,

3/15/2052(f)

900,000

729,210

5,367,892

Financial

Services

0.6%

Berkshire

Hathaway,

Inc.

,

4.50%,

2/11/2043(b)

250,000

239,288

Block

Financial

LLC

,

2.50%,

7/15/2028

105,000

90,500

Corebridge

Financial,

Inc.

,

3.50%,

4/4/2025(f)

50,000

48,029

3.65%,

4/5/2027(b)(f)

50,000

46,842

3.85%,

4/5/2029(f)

50,000

45,623

3.90%,

4/5/2032(b)(f)

50,000

43,267

4.35%,

4/5/2042(f)

50,000

41,113

4.40%,

4/5/2052(f)

50,000

39,112

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028(b)

133,000

144,016

4.35%,

4/20/2028

650,000

624,302

5.59%,

1/11/2033

150,000

147,436

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026

95,000

84,524

4.70%,

7/15/2027(b)

70,000

68,909

1.65%,

3/1/2028(b)

110,000

94,054

2.25%,

3/1/2031(b)

270,000

215,888

3.10%,

3/1/2041

75,000

52,419

5.63%,

7/15/2052(b)

50,000

47,979

Fiserv,

Inc.

,

2.75%,

7/1/2024

150,000

145,541

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Fiserv,

Inc.,

2.25%,

6/1/2027

400,000

362,016

5.45%,

3/2/2028

60,000

61,282

3.50%,

7/1/2029

300,000

278,456

2.65%,

6/1/2030

215,000

185,603

5.60%,

3/2/2033

40,000

41,485

4.40%,

7/1/2049

200,000

170,876

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

237,255

2.15%,

1/15/2027

90,000

79,705

4.45%,

6/1/2028

300,000

284,739

3.20%,

8/15/2029

150,000

131,943

5.30%,

8/15/2029

45,000

44,438

2.90%,

11/15/2031

155,000

126,935

5.95%,

8/15/2052

30,000

28,538

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

200,000

164,819

Mastercard,

Inc.

,

2.00%,

3/3/2025(b)

300,000

286,988

3.30%,

3/26/2027(b)

60,000

58,190

4.88%,

3/9/2028(b)

40,000

41,233

2.95%,

6/1/2029

200,000

185,384

3.35%,

3/26/2030(b)

370,000

351,928

2.00%,

11/18/2031(b)

300,000

253,118

4.85%,

3/9/2033

50,000

51,889

3.80%,

11/21/2046(b)

250,000

218,446

National

Rural

Utilities

Cooperative

Finance

Corp.

,

Series

D,

1.00%,

10/18/2024

85,000

80,020

1.88%,

2/7/2025

50,000

47,410

3.45%,

6/15/2025

20,000

19,473

5.45%,

10/30/2025(b)

100,000

101,847

4.80%,

3/15/2028

125,000

126,193

3.70%,

3/15/2029

100,000

94,996

2.40%,

3/15/2030

185,000

160,623

Series

C,

8.00%,

3/1/2032

159,000

190,360

2.75%,

4/15/2032(b)

50,000

42,720

4.15%,

12/15/2032

30,000

28,535

5.80%,

1/15/2033(b)

50,000

53,234

ORIX

Corp.

,

5.00%,

9/13/2027

40,000

39,993

4.00%,

4/13/2032(b)

50,000

46,000

5.20%,

9/13/2032(b)

40,000

40,299

PayPal

Holdings,

Inc.

,

2.40%,

10/1/2024

85,000

82,342

1.65%,

6/1/2025

95,000

89,181

2.85%,

10/1/2029

170,000

153,167

2.30%,

6/1/2030(b)

100,000

85,627

4.40%,

6/1/2032

60,000

58,703

3.25%,

6/1/2050(b)

120,000

87,637

5.05%,

6/1/2052(b)

60,000

57,697

5.25%,

6/1/2062(b)

60,000

58,074

Shell

International

Finance

BV

,

2.88%,

5/10/2026(b)

500,000

478,341

2.38%,

11/7/2029(b)

150,000

133,014

4.13%,

5/11/2035

500,000

478,734

6.38%,

12/15/2038

250,000

288,581

2.88%,

11/26/2041

50,000

38,381

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Shell

International

Finance

BV,

4.55%,

8/12/2043

200,000

189,123

3.75%,

9/12/2046

500,000

421,910

3.00%,

11/26/2051

100,000

72,041

Visa,

Inc.

,

3.15%,

12/14/2025(b)

135,000

131,112

1.10%,

2/15/2031(b)

300,000

239,486

4.30%,

12/14/2045

750,000

721,647

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

239,021

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

149,631

11,189,261

Food

Products

0.3%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

20,000

17,764

4.02%,

4/16/2043

172,000

152,898

2.70%,

9/15/2051

80,000

55,367

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031(b)

100,000

85,047

Campbell

Soup

Co.

,

4.15%,

3/15/2028

500,000

489,768

Conagra

Brands,

Inc.

,

7.00%,

10/1/2028(b)

221,000

239,930

5.30%,

11/1/2038

250,000

244,574

General

Mills,

Inc.

,

4.20%,

4/17/2028

500,000

494,586

2.25%,

10/14/2031

100,000

83,125

4.95%,

3/29/2033

30,000

30,466

3.00%,

2/1/2051

100,000

72,918

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

222,104

Hormel

Foods

Corp.

,

1.70%,

6/3/2028

200,000

176,387

3.05%,

6/3/2051

200,000

145,831

Ingredion,

Inc.

,

2.90%,

6/1/2030

200,000

175,589

J

M

Smucker

Co.

(The)

,

2.13%,

3/15/2032(b)

100,000

81,417

4.25%,

3/15/2035

300,000

281,651

JBS

USA

LUX

SA

,

5.13%,

2/1/2028(b)(f)

100,000

96,573

3.00%,

5/15/2032(b)(f)

200,000

156,642

5.75%,

4/1/2033(f)

100,000

95,500

4.38%,

2/2/2052(f)

100,000

72,268

6.50%,

12/1/2052(f)

100,000

94,920

Kellogg

Co.

,

3.25%,

4/1/2026

125,000

119,727

5.25%,

3/1/2033

30,000

30,783

4.50%,

4/1/2046(b)

250,000

229,592

Kraft

Heinz

Foods

Co.

,

5.00%,

6/4/2042

800,000

767,170

5.50%,

6/1/2050(b)

200,000

202,346

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027(b)

100,000

94,844

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044(b)

250,000

231,509

22

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Mondelez

International,

Inc.

,

1.50%,

5/4/2025(b)

60,000

56,155

2.75%,

4/13/2030

92,000

81,693

1.50%,

2/4/2031

70,000

55,834

2.63%,

9/4/2050

40,000

26,823

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027

100,000

95,381

4.55%,

6/2/2047

100,000

86,864

5.10%,

9/28/2048(b)

250,000

235,643

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

100,000

93,372

1.38%,

9/14/2030

165,000

134,327

5.90%,

11/15/2032(b)

206,000

230,722

2.63%,

8/12/2051

200,000

138,142

6,476,252

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

472,844

4.30%,

10/1/2048(b)

100,000

88,703

3.38%,

9/15/2049

160,000

121,932

5.75%,

10/15/2052(b)

30,000

32,716

CenterPoint

Energy

Resources

Corp.

,

5.25%,

3/1/2028

100,000

102,523

4.40%,

7/1/2032(b)

40,000

38,848

5.40%,

3/1/2033

100,000

103,404

Eastern

Energy

Gas

Holdings

LLC

,

Series

A,

2.50%,

11/15/2024(b)

100,000

96,339

ONE

Gas,

Inc.

,

4.66%,

2/1/2044(b)

250,000

229,267

Piedmont

Natural

Gas

Co.,

Inc.

,

3.35%,

6/1/2050

150,000

105,963

Southern

California

Gas

Co.

,

2.95%,

4/15/2027

80,000

74,925

6.35%,

11/15/2052

10,000

11,516

Southwest

Gas

Corp.

,

5.80%,

12/1/2027(b)

100,000

103,111

4.05%,

3/15/2032(b)

100,000

91,951

3.18%,

8/15/2051

90,000

60,140

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

76,467

1,810,649

Ground

Transportation

0.5%

Burlington

Northern

Santa

Fe

LLC

,

3.75%,

4/1/2024

500,000

493,140

3.65%,

9/1/2025

250,000

244,715

3.25%,

6/15/2027(b)

300,000

289,426

4.55%,

9/1/2044

250,000

235,618

4.70%,

9/1/2045

250,000

237,856

3.90%,

8/1/2046

200,000

169,408

4.05%,

6/15/2048

250,000

218,828

3.55%,

2/15/2050

250,000

200,394

2.88%,

6/15/2052

25,000

17,483

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

242,000

269,761

3.85%,

8/5/2032

40,000

38,023

6.20%,

6/1/2036

236,000

265,473

2.45%,

5/1/2050

85,000

55,368

4.40%,

8/5/2052

35,000

32,787

Canadian

Pacific

Railway

Co.

,

2.45%,

12/2/2031(b)

35,000

30,300

5.95%,

5/15/2037

250,000

268,290

3.00%,

12/2/2041

25,000

19,969

3.10%,

12/2/2051

30,000

21,453

6.13%,

9/15/2115

100,000

107,237

CSX

Corp.

,

4.10%,

11/15/2032(b)

40,000

38,519

4.10%,

3/15/2044

250,000

217,200

4.30%,

3/1/2048(b)

250,000

221,355

4.50%,

3/15/2049

150,000

136,227

3.95%,

5/1/2050(b)

100,000

83,233

4.50%,

11/15/2052(b)

40,000

36,576

4.50%,

8/1/2054

150,000

133,270

4.65%,

3/1/2068

40,000

35,631

Kansas

City

Southern

,

2.88%,

11/15/2029

160,000

143,433

4.20%,

11/15/2069

115,000

92,209

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

87,899

3.00%,

3/15/2032(b)

55,000

48,340

4.45%,

3/1/2033(b)

200,000

194,486

4.45%,

6/15/2045

200,000

175,691

3.40%,

11/1/2049

170,000

124,428

2.90%,

8/25/2051

100,000

66,454

3.70%,

3/15/2053

40,000

30,751

4.55%,

6/1/2053

45,000

40,448

3.16%,

5/15/2055

250,000

170,793

Ryder

System,

Inc.

,

2.50%,

9/1/2024

75,000

72,181

1.75%,

9/1/2026

165,000

148,018

2.90%,

12/1/2026

270,000

249,590

2.85%,

3/1/2027

25,000

22,986

4.30%,

6/15/2027(b)

25,000

24,300

5.65%,

3/1/2028

40,000

40,527

Union

Pacific

Corp.

,

3.25%,

8/15/2025(b)

500,000

485,667

4.75%,

2/21/2026

200,000

202,373

2.15%,

2/5/2027(b)

55,000

50,923

3.95%,

9/10/2028(b)

500,000

493,885

2.38%,

5/20/2031

200,000

172,637

4.50%,

1/20/2033(b)

100,000

100,234

3.60%,

9/15/2037

500,000

439,633

3.20%,

5/20/2041(b)

100,000

80,490

4.05%,

11/15/2045

220,000

189,270

4.05%,

3/1/2046

340,000

292,688

2.95%,

3/10/2052

335,000

238,231

4.95%,

5/15/2053(b)

100,000

101,232

3.95%,

8/15/2059

300,000

245,021

8,942,358

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025(b)

90,000

88,869

3.75%,

11/30/2026(b)

298,000

295,853

1.15%,

1/30/2028

90,000

78,788

1.40%,

6/30/2030(b)

95,000

79,352

5.30%,

5/27/2040

200,000

214,860

4.90%,

11/30/2046

250,000

257,091

Baxter

International,

Inc.

,

2.60%,

8/15/2026

460,000

429,110

1.92%,

2/1/2027

280,000

250,534

2.27%,

12/1/2028(b)

190,000

165,121

2.54%,

2/1/2032(b)

300,000

244,245

3.13%,

12/1/2051

30,000

19,456

Becton

Dickinson

&

Co.

,

3.73%,

12/15/2024

156,000

152,517

3.70%,

6/6/2027(b)

326,000

314,967

4.69%,

2/13/2028

65,000

65,262

4.30%,

8/22/2032

40,000

38,648

4.67%,

6/6/2047

200,000

186,984

3.79%,

5/20/2050(b)

91,000

73,737

Boston

Scientific

Corp.

,

4.70%,

3/1/2049(b)

100,000

95,061

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029(b)

100,000

89,456

3.25%,

11/15/2039(b)

100,000

83,380

3.40%,

11/15/2049(b)

140,000

110,719

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(f)

175,000

176,036

5.60%,

11/15/2025(f)

150,000

151,810

5.65%,

11/15/2027(b)(f)

200,000

206,724

6.38%,

11/22/2052(f)

100,000

111,804

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

100,000

92,609

Medtronic

Global

Holdings

SCA

,

4.25%,

3/30/2028

35,000

34,944

4.50%,

3/30/2033

60,000

60,055

Medtronic,

Inc.

,

4.38%,

3/15/2035

350,000

345,085

4.63%,

3/15/2045(b)

100,000

98,181

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031(b)

150,000

125,541

Stryker

Corp.

,

3.38%,

11/1/2025

160,000

154,275

3.50%,

3/15/2026(b)

70,000

67,869

4.63%,

3/15/2046

200,000

186,895

Zimmer

Biomet

Holdings,

Inc.

,

2.60%,

11/24/2031

200,000

167,047

4.45%,

8/15/2045

150,000

129,704

5,442,589

Health

Care

Providers

&

Services

1.0%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

50,954

Series

2020,

3.01%,

6/15/2050

66,000

46,778

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Aetna,

Inc.

,

6.63%,

6/15/2036

50,000

55,442

3.88%,

8/15/2047

200,000

158,633

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049(b)

50,000

40,662

AmerisourceBergen

Corp.

,

4.30%,

12/15/2047

200,000

172,072

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

175,044

Banner

Health

,

Series

2020,

3.18%,

1/1/2050(b)

39,000

28,070

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050(b)

86,000

57,996

Cardinal

Health,

Inc.

,

3.41%,

6/15/2027

100,000

94,809

4.37%,

6/15/2047(b)

200,000

166,299

Centene

Corp.

,

2.45%,

7/15/2028

400,000

348,000

4.63%,

12/15/2029

600,000

564,144

Cigna

Group

(The)

,

3.50%,

6/15/2024

500,000

490,506

3.25%,

4/15/2025

250,000

242,213

4.50%,

2/25/2026

350,000

348,326

3.05%,

10/15/2027

400,000

373,301

4.38%,

10/15/2028

300,000

295,611

2.38%,

3/15/2031(b)

110,000

92,799

5.40%,

3/15/2033

60,000

62,293

4.80%,

7/15/2046(b)

250,000

229,940

4.90%,

12/15/2048

600,000

564,610

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114

30,000

27,902

CommonSpirit

Health

,

1.55%,

10/1/2025(b)

37,000

34,085

2.78%,

10/1/2030

77,000

65,413

3.82%,

10/1/2049

108,000

84,306

4.19%,

10/1/2049

37,000

30,241

3.91%,

10/1/2050

149,000

115,420

6.46%,

11/1/2052

91,000

104,417

CVS

Health

Corp.

,

4.10%,

3/25/2025

61,000

60,473

5.00%,

2/20/2026(b)

75,000

75,842

2.88%,

6/1/2026(b)

400,000

380,082

4.30%,

3/25/2028

652,000

640,293

5.13%,

2/21/2030

80,000

81,096

1.75%,

8/21/2030(b)

360,000

292,661

1.88%,

2/28/2031(b)

210,000

170,084

2.13%,

9/15/2031(b)

10,000

8,175

5.25%,

2/21/2033(b)

80,000

81,627

4.88%,

7/20/2035

200,000

195,159

4.13%,

4/1/2040

200,000

171,853

5.13%,

7/20/2045

300,000

284,598

5.05%,

3/25/2048(b)

900,000

841,956

4.25%,

4/1/2050

85,000

71,025

5.63%,

2/21/2053(b)

80,000

81,042

Elevance

Health,

Inc.

,

5.35%,

10/15/2025(b)

40,000

40,351

24

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Elevance

Health,

Inc.,

4.10%,

3/1/2028(b)

750,000

734,246

2.25%,

5/15/2030(b)

200,000

171,716

4.10%,

5/15/2032

40,000

38,232

5.50%,

10/15/2032(b)

100,000

105,177

4.75%,

2/15/2033

120,000

120,603

4.63%,

5/15/2042

250,000

233,370

5.10%,

1/15/2044

300,000

293,537

4.65%,

8/15/2044

100,000

92,110

4.55%,

5/15/2052

40,000

36,122

5.13%,

2/15/2053

150,000

149,414

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

79,662

HCA,

Inc.

,

5.25%,

6/15/2026

350,000

350,318

5.38%,

9/1/2026(b)

220,000

220,784

3.13%,

3/15/2027(b)(f)

30,000

27,884

4.13%,

6/15/2029

250,000

234,183

2.38%,

7/15/2031

50,000

40,349

3.63%,

3/15/2032(f)

375,000

330,574

5.50%,

6/15/2047

160,000

150,190

5.25%,

6/15/2049

80,000

72,140

4.63%,

3/15/2052(f)

330,000

273,996

Humana,

Inc.

,

1.35%,

2/3/2027

280,000

245,830

5.75%,

3/1/2028(b)

60,000

62,312

3.70%,

3/23/2029

100,000

94,082

2.15%,

2/3/2032(b)

215,000

174,291

5.88%,

3/1/2033

100,000

107,605

3.95%,

8/15/2049

150,000

122,586

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

16,896

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041(b)

86,000

62,935

4.88%,

4/1/2042(b)

250,000

244,559

Series

2019,

3.27%,

11/1/2049(b)

122,000

91,023

Laboratory

Corp.

of

America

Holdings

,

1.55%,

6/1/2026

35,000

31,335

2.95%,

12/1/2029

250,000

223,127

4.70%,

2/1/2045(b)

75,000

66,921

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

35,458

Series

2020,

3.19%,

7/1/2049

100,000

73,839

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061

79,000

55,611

McKesson

Corp.

,

1.30%,

8/15/2026(b)

100,000

89,575

3.95%,

2/16/2028

250,000

241,013

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

40,273

4.13%,

7/1/2052(b)

50,000

43,604

Mount

Sinai

Hospitals

Group,

Inc.

,

Series

2017,

3.98%,

7/1/2048

33,000

27,390

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

146,272

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046

150,000

121,313

4.26%,

11/1/2047

35,000

29,871

Novant

Health,

Inc.

,

3.17%,

11/1/2051

130,000

93,888

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

94,506

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

29,862

Series

21A,

2.70%,

10/1/2051

151,000

91,742

Quest

Diagnostics,

Inc.

,

3.50%,

3/30/2025

370,000

358,578

4.20%,

6/30/2029

100,000

97,768

2.95%,

6/30/2030

75,000

67,120

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

24,838

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

37,650

Series

2018,

4.09%,

8/15/2048

50,000

42,030

Series

20A,

3.36%,

8/15/2050

134,000

97,874

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

50,446

UnitedHealth

Group,

Inc.

,

5.00%,

10/15/2024

60,000

60,409

5.15%,

10/15/2025(b)

30,000

30,566

1.15%,

5/15/2026(b)

120,000

109,110

3.38%,

4/15/2027

200,000

192,590

3.70%,

5/15/2027(b)

55,000

53,797

2.95%,

10/15/2027

200,000

188,856

5.25%,

2/15/2028

45,000

46,792

4.25%,

1/15/2029

120,000

119,114

4.00%,

5/15/2029(b)

100,000

97,774

2.30%,

5/15/2031

75,000

64,259

4.20%,

5/15/2032

140,000

137,217

5.35%,

2/15/2033(b)

60,000

63,767

4.50%,

4/15/2033

120,000

119,309

4.63%,

7/15/2035

105,000

105,473

5.80%,

3/15/2036

500,000

545,701

3.50%,

8/15/2039

300,000

255,313

3.05%,

5/15/2041(b)

180,000

141,879

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

UnitedHealth

Group,

Inc.,

3.95%,

10/15/2042

250,000

218,526

4.75%,

7/15/2045

250,000

245,015

3.70%,

8/15/2049

500,000

407,686

3.25%,

5/15/2051

60,000

45,079

4.75%,

5/15/2052

200,000

194,687

5.88%,

2/15/2053

145,000

162,979

5.05%,

4/15/2053

120,000

121,295

3.88%,

8/15/2059

100,000

81,733

3.13%,

5/15/2060(b)

100,000

69,970

4.95%,

5/15/2062

100,000

97,331

6.05%,

2/15/2063

40,000

45,542

5.20%,

4/15/2063

80,000

80,999

Universal

Health

Services,

Inc.

,

1.65%,

9/1/2026(b)

100,000

87,983

2.65%,

1/15/2032

100,000

78,016

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

36,918

20,190,918

Health

Care

REITs

0.1%

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030

250,000

216,632

Healthpeak

OP

LLC

,

1.35%,

2/1/2027

60,000

52,722

3.50%,

7/15/2029

125,000

114,506

3.00%,

1/15/2030(b)

180,000

157,832

5.25%,

12/15/2032

35,000

35,102

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

513,083

3.63%,

10/1/2029

100,000

83,820

Physicians

Realty

LP

,

2.63%,

11/1/2031

50,000

39,385

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

50,000

41,343

3.20%,

12/1/2031(b)

100,000

73,346

Ventas

Realty

LP

,

4.00%,

3/1/2028(b)

250,000

234,738

3.00%,

1/15/2030

100,000

86,378

2.50%,

9/1/2031

100,000

80,317

Welltower

OP

LLC

,

4.25%,

4/1/2026

50,000

48,905

2.05%,

1/15/2029(b)

70,000

58,383

3.10%,

1/15/2030(b)

100,000

87,172

2.75%,

1/15/2031

300,000

249,235

2.75%,

1/15/2032

200,000

163,506

2,336,405

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

100,000

84,556

Series

J,

2.90%,

12/15/2031

80,000

62,429

146,985

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

0.2%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

199,873

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(b)

200,000

189,392

3.25%,

2/15/2030(b)

165,000

142,989

Hyatt

Hotels

Corp.

,

4.85%,

3/15/2026

100,000

99,400

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

166,000

167,122

5.00%,

10/15/2027(b)

55,000

55,114

Series

HH,

2.85%,

4/15/2031

200,000

170,361

Series

GG,

3.50%,

10/15/2032

200,000

175,280

McDonald's

Corp.

,

3.80%,

4/1/2028(b)

200,000

196,242

4.70%,

12/9/2035(b)

400,000

399,322

4.88%,

7/15/2040

250,000

243,400

4.88%,

12/9/2045

250,000

242,180

3.63%,

9/1/2049

200,000

160,088

4.20%,

4/1/2050

50,000

44,096

Starbucks

Corp.

,

4.75%,

2/15/2026

50,000

50,285

3.50%,

3/1/2028(b)

250,000

238,768

2.55%,

11/15/2030

200,000

174,062

3.00%,

2/14/2032

140,000

124,130

4.80%,

2/15/2033

100,000

100,933

4.45%,

8/15/2049

250,000

225,356

3.50%,

11/15/2050(b)

200,000

155,065

3,553,458

Household

Durables

0.1%

DR

Horton,

Inc.

,

2.50%,

10/15/2024(b)

215,000

205,623

1.30%,

10/15/2026(b)

220,000

194,082

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051(b)

50,000

37,029

MDC

Holdings,

Inc.

,

6.00%,

1/15/2043

100,000

86,834

PulteGroup,

Inc.

,

6.38%,

5/15/2033

50,000

52,196

Whirlpool

Corp.

,

3.70%,

5/1/2025(b)

500,000

488,824

2.40%,

5/15/2031

175,000

143,220

4.70%,

5/14/2032

20,000

19,193

5.50%,

3/1/2033

50,000

50,162

1,277,163

Household

Products

0.1%

Church

&

Dwight

Co.,

Inc.

,

2.30%,

12/15/2031(b)

100,000

83,910

5.60%,

11/15/2032

40,000

42,906

5.00%,

6/15/2052

40,000

39,700

Clorox

Co.

(The)

,

4.60%,

5/1/2032

100,000

99,463

Colgate-Palmolive

Co.

,

4.80%,

3/2/2026

16,000

16,347

4.60%,

3/1/2028

16,000

16,405

3.25%,

8/15/2032

35,000

32,778

4.60%,

3/1/2033

16,000

16,610

26

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Products

Kimberly-Clark

Corp.

,

4.50%,

2/16/2033(b)

100,000

101,463

6.63%,

8/1/2037(b)

130,000

158,301

3.20%,

7/30/2046

165,000

127,751

2.88%,

2/7/2050

100,000

73,731

Procter

&

Gamble

Co.

(The)

,

0.55%,

10/29/2025(b)

240,000

219,831

4.10%,

1/26/2026

150,000

151,147

1.00%,

4/23/2026(b)

170,000

155,519

2.85%,

8/11/2027(b)

250,000

238,376

1.20%,

10/29/2030

100,000

81,706

1.95%,

4/23/2031

300,000

259,064

3.60%,

3/25/2050

300,000

261,961

2,176,969

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

,

2.45%,

1/15/2031(b)

70,000

56,990

Constellation

Energy

Generation

LLC

,

5.60%,

3/1/2028(b)

40,000

41,164

5.80%,

3/1/2033(b)

40,000

41,256

6.25%,

10/1/2039

180,000

189,671

Oglethorpe

Power

Corp.

,

4.50%,

4/1/2047(f)

40,000

34,006

5.25%,

9/1/2050

200,000

188,927

Southern

Power

Co.

,

0.90%,

1/15/2026

200,000

180,221

732,235

Industrial

Conglomerates

0.1%

3M

Co.

,

2.00%,

2/14/2025(b)

200,000

190,498

3.00%,

8/7/2025

400,000

384,531

3.05%,

4/15/2030

100,000

91,446

5.70%,

3/15/2037(b)

415,000

446,781

3.25%,

8/26/2049(b)

90,000

66,942

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035(b)

200,000

193,760

Honeywell

International,

Inc.

,

4.85%,

11/1/2024(b)

60,000

60,394

1.35%,

6/1/2025(b)

40,000

37,531

2.50%,

11/1/2026(b)

500,000

474,620

1.10%,

3/1/2027

100,000

89,794

4.95%,

2/15/2028

60,000

61,974

2.70%,

8/15/2029

500,000

460,491

1.75%,

9/1/2031(b)

100,000

82,043

5.00%,

2/15/2033

60,000

63,227

2.80%,

6/1/2050

90,000

67,479

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

31,057

2,802,568

Industrial

REITs

0.0%

†

Prologis

LP

,

2.88%,

11/15/2029

125,000

111,460

2.25%,

4/15/2030(b)

160,000

135,734

1.75%,

7/1/2030

65,000

52,761

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

REITs

Prologis

LP,

1.25%,

10/15/2030(b)

65,000

51,108

2.25%,

1/15/2032(b)

200,000

164,501

4.63%,

1/15/2033

50,000

49,414

4.75%,

6/15/2033

35,000

34,776

3.00%,

4/15/2050

65,000

45,037

2.13%,

10/15/2050

155,000

87,951

5.25%,

6/15/2053

30,000

30,034

Rexford

Industrial

Realty

LP

,

5.00%,

6/15/2028

20,000

19,731

2.15%,

9/1/2031

90,000

71,270

853,777

Insurance

0.6%

Aflac,

Inc.

,

3.60%,

4/1/2030(b)

500,000

470,369

Alleghany

Corp.

,

3.63%,

5/15/2030

50,000

47,088

3.25%,

8/15/2051

50,000

36,367

Allstate

Corp.

(The)

,

5.25%,

3/30/2033

20,000

20,221

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(c)

195,000

184,185

American

International

Group,

Inc.

,

2.50%,

6/30/2025(b)

116,000

109,733

3.90%,

4/1/2026(b)

87,000

84,629

5.13%,

3/27/2033

60,000

59,640

4.80%,

7/10/2045

150,000

136,254

4.38%,

6/30/2050

200,000

170,798

Aon

Corp.

,

2.80%,

5/15/2030

200,000

176,737

2.05%,

8/23/2031

50,000

40,373

2.60%,

12/2/2031(b)

25,000

20,976

5.00%,

9/12/2032

30,000

30,131

5.35%,

2/28/2033

25,000

25,895

2.90%,

8/23/2051

50,000

33,334

3.90%,

2/28/2052(b)

30,000

24,193

Aon

Global

Ltd.

,

4.60%,

6/14/2044

250,000

222,423

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

227,716

Arthur

J

Gallagher

&

Co.

,

2.40%,

11/9/2031(b)

200,000

162,430

3.05%,

3/9/2052

100,000

64,931

5.75%,

3/2/2053

12,000

12,029

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

450,000

451,526

6.65%,

2/1/2033

50,000

50,750

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027(b)

100,000

94,678

4.40%,

5/15/2042

140,000

133,918

4.30%,

5/15/2043(b)

250,000

230,796

4.25%,

1/15/2049

300,000

276,531

2.85%,

10/15/2050

45,000

31,740

3.85%,

3/15/2052

100,000

83,619

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047

150,000

109,579

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032(b)

30,000

26,972

4.95%,

3/17/2052

25,000

21,365

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

182,527

Chubb

INA

Holdings,

Inc.

,

3.35%,

5/3/2026(b)

90,000

87,044

4.35%,

11/3/2045(b)

250,000

230,138

2.85%,

12/15/2051

50,000

35,256

3.05%,

12/15/2061

35,000

23,594

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

80,000

61,619

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050(b)

125,000

90,718

3.13%,

10/15/2052

50,000

33,731

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028(b)(f)

50,000

50,305

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030(b)

200,000

188,547

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

21,848

First

American

Financial

Corp.

,

2.40%,

8/15/2031

75,000

57,977

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

203,254

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

79,826

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

318,932

Kemper

Corp.

,

3.80%,

2/23/2032

30,000

25,835

Lincoln

National

Corp.

,

3.05%,

1/15/2030(b)

500,000

410,752

Loews

Corp.

,

4.13%,

5/15/2043(b)

200,000

169,773

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(b)(c)

500,000

475,360

3.70%,

3/16/2032

20,000

18,392

Markel

Corp.

,

3.35%,

9/17/2029

475,000

428,905

3.45%,

5/7/2052

100,000

70,471

Marsh

&

McLennan

Cos.,

Inc.

,

5.75%,

11/1/2032

25,000

26,835

4.20%,

3/1/2048

500,000

429,007

6.25%,

11/1/2052

25,000

28,139

MetLife,

Inc.

,

3.60%,

11/13/2025

500,000

489,176

5.70%,

6/15/2035

159,000

168,216

6.40%,

12/15/2036(b)

300,000

290,292

4.88%,

11/13/2043(b)

250,000

234,100

5.00%,

7/15/2052

60,000

56,133

5.25%,

1/15/2054(b)

100,000

97,351

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(g)

40,000

37,114

Old

Republic

International

Corp.

,

3.88%,

8/26/2026

200,000

191,415

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025

500,000

485,302

5.38%,

3/15/2033

40,000

40,023

4.30%,

11/15/2046

50,000

40,513

5.50%,

3/15/2053

45,000

43,022

Progressive

Corp.

(The)

,

2.50%,

3/15/2027

40,000

36,876

3.00%,

3/15/2032(b)

30,000

26,804

6.25%,

12/1/2032

162,000

181,489

3.70%,

1/26/2045(b)

250,000

201,939

Prudential

Financial,

Inc.

,

3.88%,

3/27/2028

200,000

193,677

4.60%,

5/15/2044

250,000

228,343

3.91%,

12/7/2047

186,000

147,172

3.94%,

12/7/2049

505,000

399,442

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040(b)

250,000

263,711

4.10%,

3/4/2049

200,000

172,803

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

192,000

219,337

Unum

Group

,

4.00%,

6/15/2029

250,000

233,116

4.13%,

6/15/2051(b)

50,000

35,698

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

100,000

80,581

Willis

North

America,

Inc.

,

4.65%,

6/15/2027(b)

50,000

49,200

4.50%,

9/15/2028

400,000

387,051

2.95%,

9/15/2029

65,000

57,254

12,707,861

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

0.45%,

8/15/2025

45,000

41,274

2.00%,

8/15/2026(b)

500,000

468,335

0.80%,

8/15/2027

90,000

78,923

1.10%,

8/15/2030(b)

165,000

135,075

1.90%,

8/15/2040

100,000

70,093

2.05%,

8/15/2050

500,000

317,808

Baidu,

Inc.

,

4.38%,

3/29/2028

200,000

193,692

Meta

Platforms,

Inc.

,

3.50%,

8/15/2027

230,000

222,137

3.85%,

8/15/2032

195,000

182,450

4.45%,

8/15/2052(b)

165,000

145,157

4.65%,

8/15/2062(b)

180,000

158,995

2,013,939

IT

Services

0.1%

CGI,

Inc.

,

1.45%,

9/14/2026

50,000

44,890

2.30%,

9/14/2031

50,000

39,489

28

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

DXC

Technology

Co.

,

1.80%,

9/15/2026

100,000

87,713

2.38%,

9/15/2028(b)

100,000

84,631

International

Business

Machines

Corp.

,

4.50%,

2/6/2026

300,000

299,447

3.30%,

5/15/2026(b)

400,000

385,794

3.50%,

5/15/2029

400,000

375,772

1.95%,

5/15/2030

400,000

334,184

5.88%,

11/29/2032(b)

53,000

57,704

4.15%,

5/15/2039

300,000

265,815

4.00%,

6/20/2042(b)

150,000

127,667

4.25%,

5/15/2049(b)

300,000

258,005

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031(b)

150,000

114,724

2,475,835

Leisure

Products

0.0%

†

Brunswick

Corp.

,

2.40%,

8/18/2031

65,000

49,319

4.40%,

9/15/2032(b)

100,000

86,800

5.10%,

4/1/2052

30,000

22,082

Hasbro,

Inc.

,

3.00%,

11/19/2024

100,000

96,433

3.55%,

11/19/2026(b)

100,000

94,009

3.90%,

11/19/2029(b)

100,000

91,039

5.10%,

5/15/2044

100,000

87,309

526,991

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029(b)

165,000

147,611

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032

50,000

45,222

Danaher

Corp.

,

3.35%,

9/15/2025(b)

250,000

244,615

2.80%,

12/10/2051

140,000

97,649

Illumina,

Inc.

,

5.80%,

12/12/2025

100,000

100,924

5.75%,

12/13/2027

100,000

102,506

PerkinElmer,

Inc.

,

1.90%,

9/15/2028

60,000

51,192

3.30%,

9/15/2029(b)

100,000

89,244

2.25%,

9/15/2031

35,000

28,026

Thermo

Fisher

Scientific,

Inc.

,

4.80%,

11/21/2027

65,000

66,512

1.75%,

10/15/2028(b)

115,000

101,042

2.60%,

10/1/2029(b)

325,000

293,089

2.00%,

10/15/2031(b)

55,000

45,843

4.95%,

11/21/2032

70,000

72,639

2.80%,

10/15/2041

30,000

22,818

5.30%,

2/1/2044

100,000

104,369

1,613,301

Machinery

0.2%

Caterpillar,

Inc.

,

2.60%,

9/19/2029(b)

70,000

63,883

6.05%,

8/15/2036

177,000

199,247

3.25%,

9/19/2049(b)

330,000

262,380

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

30,000

29,215

5.45%,

10/14/2025(b)

100,000

101,116

1.45%,

7/15/2026

150,000

134,318

Cummins,

Inc.

,

2.60%,

9/1/2050(b)

50,000

32,610

Deere

&

Co.

,

3.90%,

6/9/2042(b)

250,000

229,578

Dover

Corp.

,

2.95%,

11/4/2029

45,000

40,159

5.38%,

3/1/2041

100,000

101,432

Flowserve

Corp.

,

2.80%,

1/15/2032

100,000

79,329

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

204,826

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

300,000

232,677

Parker-Hannifin

Corp.

,

3.65%,

6/15/2024

90,000

88,645

4.25%,

9/15/2027

65,000

63,769

4.50%,

9/15/2029(b)

95,000

94,069

4.20%,

11/21/2034(b)

300,000

284,644

Stanley

Black

&

Decker,

Inc.

,

6.00%,

3/6/2028

100,000

103,065

4.25%,

11/15/2028

250,000

241,415

2.30%,

3/15/2030

500,000

414,951

3.00%,

5/15/2032

40,000

33,533

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(e)

250,000

245,176

3,280,037

Media

0.6%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

410,000

405,908

4.20%,

3/15/2028

200,000

189,290

2.25%,

1/15/2029

100,000

83,400

5.05%,

3/30/2029

150,000

144,731

2.30%,

2/1/2032(b)

300,000

228,582

4.40%,

4/1/2033(b)

75,000

66,556

6.38%,

10/23/2035

300,000

298,865

3.50%,

3/1/2042

100,000

67,565

5.38%,

5/1/2047

400,000

330,019

5.75%,

4/1/2048

350,000

302,045

4.80%,

3/1/2050

500,000

381,097

5.25%,

4/1/2053(b)

180,000

145,878

6.83%,

10/23/2055

150,000

145,733

3.85%,

4/1/2061

310,000

193,281

Comcast

Corp.

,

3.95%,

10/15/2025

500,000

494,366

5.35%,

11/15/2027(b)

55,000

57,265

3.15%,

2/15/2028(b)

500,000

474,496

3.40%,

4/1/2030

365,000

341,251

1.95%,

1/15/2031(b)

700,000

582,464

5.50%,

11/15/2032

60,000

63,983

4.25%,

1/15/2033(b)

250,000

243,502

4.65%,

2/15/2033

160,000

160,815

7.05%,

3/15/2033(b)

295,000

349,670

4.40%,

8/15/2035

200,000

193,497

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Comcast

Corp.,

6.50%,

11/15/2035

100,000

114,867

3.90%,

3/1/2038

250,000

223,773

3.40%,

7/15/2046(b)

250,000

193,886

3.97%,

11/1/2047

443,000

372,397

4.70%,

10/15/2048(b)

400,000

378,702

4.00%,

11/1/2049(b)

450,000

377,783

2.45%,

8/15/2052

300,000

187,444

2.94%,

11/1/2056

527,000

350,799

2.65%,

8/15/2062

300,000

182,792

Discovery

Communications

LLC

,

3.45%,

3/15/2025(b)

270,000

259,285

4.90%,

3/11/2026(b)

115,000

114,127

3.95%,

3/20/2028(b)

500,000

468,793

3.63%,

5/15/2030

200,000

177,361

5.00%,

9/20/2037

125,000

110,265

4.00%,

9/15/2055

330,000

218,841

Fox

Corp.

,

5.58%,

1/25/2049(b)

300,000

286,656

Grupo

Televisa

SAB

,

6.63%,

1/15/2040

250,000

257,960

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031(b)

160,000

132,789

3.38%,

3/1/2041

70,000

52,652

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026(b)

200,000

194,075

Paramount

Global

,

5.50%,

5/15/2033(b)

118,000

112,239

4.38%,

3/15/2043

459,000

326,169

4.60%,

1/15/2045

250,000

181,817

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

700,000

689,462

WPP

Finance

2010

,

3.75%,

9/19/2024

550,000

536,822

12,446,015

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

6.55%,

11/29/2027

40,000

41,598

6.80%,

11/29/2032

40,000

41,959

7.00%,

10/15/2039(e)

100,000

105,076

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043(b)

100,000

105,301

BHP

Billiton

Finance

USA

Ltd.

,

4.88%,

2/27/2026

60,000

60,405

6.42%,

3/1/2026

80,000

83,916

4.75%,

2/28/2028

60,000

60,726

4.90%,

2/28/2033

35,000

35,708

5.00%,

9/30/2043

400,000

405,111

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034(b)

350,000

342,990

Newmont

Corp.

,

2.60%,

7/15/2032(b)

115,000

96,253

5.88%,

4/1/2035(b)

236,000

249,126

4.88%,

3/15/2042(b)

150,000

143,331

Nucor

Corp.

,

3.95%,

5/23/2025

60,000

59,034

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Nucor

Corp.,

4.30%,

5/23/2027

60,000

58,908

5.20%,

8/1/2043(b)

200,000

202,151

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

218,774

Rio

Tinto

Finance

USA

plc

,

5.00%,

3/9/2033(b)

55,000

56,565

4.13%,

8/21/2042(b)

250,000

225,153

5.13%,

3/9/2053

60,000

61,791

Southern

Copper

Corp.

,

3.88%,

4/23/2025

50,000

48,391

6.75%,

4/16/2040

250,000

279,255

5.88%,

4/23/2045

100,000

103,890

Steel

Dynamics,

Inc.

,

3.25%,

1/15/2031(b)

200,000

178,031

Teck

Resources

Ltd.

,

6.25%,

7/15/2041(b)

250,000

256,983

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

300,000

268,880

6.88%,

11/10/2039(b)

250,000

259,039

4,048,345

Multi-Utilities

0.4%

Ameren

Corp.

,

2.50%,

9/15/2024

60,000

57,621

1.95%,

3/15/2027

80,000

71,794

Ameren

Illinois

Co.

,

3.85%,

9/1/2032

40,000

37,794

2.90%,

6/15/2051(b)

100,000

69,001

5.90%,

12/1/2052

100,000

111,708

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043(b)

400,000

392,441

4.60%,

5/1/2053

90,000

82,061

Black

Hills

Corp.

,

5.95%,

3/15/2028(b)

100,000

103,584

3.05%,

10/15/2029

210,000

183,234

3.88%,

10/15/2049

100,000

75,338

CenterPoint

Energy,

Inc.

,

2.65%,

6/1/2031(b)

85,000

71,957

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031(b)

50,000

42,356

5.20%,

3/1/2033

40,000

41,253

3.95%,

3/1/2043

500,000

420,757

4.50%,

12/1/2045

150,000

133,753

6.15%,

11/15/2052

200,000

225,411

3.70%,

11/15/2059

50,000

37,475

3.60%,

6/15/2061(b)

200,000

150,373

Consumers

Energy

Co.

,

4.65%,

3/1/2028

200,000

201,489

4.63%,

5/15/2033

100,000

99,717

4.35%,

4/15/2049

300,000

271,116

3.10%,

8/15/2050

45,000

32,421

2.65%,

8/15/2052

25,000

16,471

2.50%,

5/1/2060

100,000

58,559

Dominion

Energy,

Inc.

,

Series

D,

2.85%,

8/15/2026

500,000

468,854

Series

C,

2.25%,

8/15/2031

30,000

24,702

30

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Dominion

Energy,

Inc.,

Series

A,

4.35%,

8/15/2032(b)

40,000

38,185

5.38%,

11/15/2032

50,000

51,238

Series

E,

6.30%,

3/15/2033

10,000

10,965

Series

B,

5.95%,

6/15/2035

151,000

159,430

Series

C,

4.90%,

8/1/2041

600,000

548,848

Series

B,

4.85%,

8/15/2052(b)

40,000

36,221

DTE

Energy

Co.

,

4.22%,

11/1/2024(e)

90,000

88,987

Series

F,

1.05%,

6/1/2025

170,000

156,225

2.95%,

3/1/2030

50,000

43,935

NiSource,

Inc.

,

0.95%,

8/15/2025(b)

160,000

145,560

2.95%,

9/1/2029(b)

250,000

222,169

1.70%,

2/15/2031(b)

85,000

67,283

5.95%,

6/15/2041

300,000

314,136

5.00%,

6/15/2052(b)

70,000

66,524

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

241,416

2.38%,

6/15/2028

200,000

176,174

4.22%,

3/15/2032

40,000

36,612

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041

200,000

201,719

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030(b)

100,000

81,587

4.15%,

5/15/2048

200,000

173,417

3.32%,

4/15/2050

200,000

148,239

5.35%,

4/1/2053

95,000

97,835

Sempra

Energy

,

6.00%,

10/15/2039

220,000

231,795

4.00%,

2/1/2048(b)

150,000

121,986

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

199,181

4.40%,

6/1/2043

250,000

210,632

Series

21A,

3.15%,

9/30/2051(b)

100,000

68,919

WEC

Energy

Group,

Inc.

,

4.75%,

1/9/2026

50,000

50,012

5.15%,

10/1/2027

100,000

101,742

4.75%,

1/15/2028

50,000

49,942

1.80%,

10/15/2030

300,000

242,562

7,864,716

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

,

4.85%,

4/15/2049

300,000

260,108

3.55%,

3/15/2052

70,000

48,746

5.15%,

4/15/2053(b)

70,000

64,137

Boston

Properties

LP

,

2.75%,

10/1/2026(b)

250,000

215,856

2.90%,

3/15/2030

100,000

76,906

2.45%,

10/1/2033(b)

300,000

201,841

Corporate

Bonds

Principal

Amount

($)

Value

($)

Office

REITs

Corporate

Office

Properties

LP

,

2.00%,

1/15/2029

100,000

77,705

2.90%,

12/1/2033

100,000

69,727

Highwoods

Realty

LP

,

3.05%,

2/15/2030

250,000

197,112

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

73,409

1,285,547

Oil,

Gas

&

Consumable

Fuels

1.6%

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031

250,000

217,526

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026(b)

500,000

487,202

4.81%,

2/13/2033(b)

50,000

50,768

3.06%,

6/17/2041

50,000

38,651

3.00%,

2/24/2050

500,000

353,885

2.77%,

11/10/2050

300,000

202,998

2.94%,

6/4/2051(b)

150,000

104,009

3.00%,

3/17/2052

50,000

35,249

3.38%,

2/8/2061

50,000

36,125

BP

Capital

Markets

plc

,

3.72%,

11/28/2028(b)

500,000

483,920

Canadian

Natural

Resources

Ltd.

,

3.90%,

2/1/2025

500,000

489,634

6.25%,

3/15/2038(b)

340,000

355,392

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032

45,000

37,136

6.75%,

11/15/2039(b)

54,000

57,453

5.40%,

6/15/2047(b)

200,000

185,936

3.75%,

2/15/2052(b)

25,000

18,191

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027(b)

250,000

250,190

3.70%,

11/15/2029(b)

65,000

59,830

2.74%,

12/31/2039(b)

100,000

82,518

Cheniere

Energy

Partners

LP

,

3.25%,

1/31/2032(b)

200,000

165,224

Chevron

Corp.

,

1.55%,

5/11/2025

200,000

188,602

2.95%,

5/16/2026(b)

300,000

288,871

2.00%,

5/11/2027(b)

120,000

109,912

2.24%,

5/11/2030

60,000

53,051

3.08%,

5/11/2050

25,000

18,922

Chevron

USA,

Inc.

,

0.69%,

8/12/2025

140,000

128,470

1.02%,

8/12/2027(b)

120,000

105,675

3.85%,

1/15/2028

50,000

49,338

2.34%,

8/12/2050

200,000

131,430

CNOOC

Finance

2013

Ltd.

,

3.30%,

9/30/2049

200,000

143,376

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025

500,000

485,310

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

139,436

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

CNOOC

Petroleum

North

America

ULC,

6.40%,

5/15/2037

200,000

220,258

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045

100,000

101,023

ConocoPhillips

,

5.90%,

10/15/2032

177,000

196,411

ConocoPhillips

Co.

,

2.40%,

3/7/2025

50,000

47,985

3.76%,

3/15/2042

250,000

212,479

4.30%,

11/15/2044

155,000

139,448

3.80%,

3/15/2052

50,000

41,349

4.03%,

3/15/2062

200,000

163,812

Continental

Resources,

Inc.

,

4.90%,

6/1/2044

60,000

46,455

Devon

Energy

Corp.

,

5.88%,

6/15/2028

100,000

101,863

4.75%,

5/15/2042

300,000

261,090

Diamondback

Energy,

Inc.

,

3.50%,

12/1/2029(b)

100,000

91,376

6.25%,

3/15/2033

35,000

36,987

4.40%,

3/24/2051

50,000

40,237

6.25%,

3/15/2053(b)

60,000

62,101

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029

200,000

178,195

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025

250,000

254,414

Enbridge,

Inc.

,

1.60%,

10/4/2026

95,000

85,233

3.70%,

7/15/2027(b)

500,000

475,861

3.13%,

11/15/2029

150,000

135,181

5.70%,

3/8/2033(b)

80,000

83,212

2.50%,

8/1/2033(b)

200,000

161,166

4.00%,

11/15/2049

250,000

196,639

3.40%,

8/1/2051

65,000

45,804

Energy

Transfer

LP

,

4.75%,

1/15/2026(b)

250,000

246,895

5.55%,

2/15/2028(b)

50,000

50,773

3.75%,

5/15/2030

60,000

55,369

5.75%,

2/15/2033(b)

30,000

30,725

6.05%,

6/1/2041(b)

75,000

75,729

5.00%,

5/15/2044(e)

150,000

128,020

5.35%,

5/15/2045

500,000

442,038

5.30%,

4/15/2047

300,000

262,885

6.25%,

4/15/2049

450,000

445,827

Enterprise

Products

Operating

LLC

,

5.05%,

1/10/2026(b)

70,000

70,966

2.80%,

1/31/2030

120,000

106,418

5.35%,

1/31/2033

70,000

72,526

6.13%,

10/15/2039

285,000

309,315

4.45%,

2/15/2043(b)

500,000

445,061

4.85%,

3/15/2044

100,000

92,829

4.25%,

2/15/2048

250,000

213,026

3.70%,

1/31/2051

250,000

193,245

3.20%,

2/15/2052

80,000

56,902

4.95%,

10/15/2054

200,000

180,945

EOG

Resources,

Inc.

,

4.95%,

4/15/2050(b)

60,000

60,461

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Equinor

ASA

,

3.25%,

11/10/2024(b)

500,000

490,683

3.70%,

4/6/2050

500,000

420,403

Exxon

Mobil

Corp.

,

2.02%,

8/16/2024(b)

100,000

96,567

2.71%,

3/6/2025

500,000

485,342

3.04%,

3/1/2026(b)

235,000

228,087

2.28%,

8/16/2026(b)

100,000

93,853

3.29%,

3/19/2027(b)

200,000

194,772

3.48%,

3/19/2030

250,000

238,865

2.61%,

10/15/2030(b)

250,000

224,673

4.23%,

3/19/2040

200,000

187,252

3.10%,

8/16/2049

250,000

187,131

4.33%,

3/19/2050

326,000

300,942

3.45%,

4/15/2051

274,000

218,163

Hess

Corp.

,

4.30%,

4/1/2027

500,000

488,062

5.60%,

2/15/2041(b)

250,000

240,987

Kinder

Morgan

Energy

Partners

LP

,

4.25%,

9/1/2024(b)

250,000

247,107

6.38%,

3/1/2041

250,000

257,600

5.00%,

8/15/2042

350,000

311,655

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025(b)

160,000

157,582

1.75%,

11/15/2026(b)

300,000

270,373

2.00%,

2/15/2031

50,000

40,362

4.80%,

2/1/2033(b)

60,000

57,890

5.20%,

6/1/2033(b)

90,000

89,415

5.30%,

12/1/2034

350,000

343,493

5.05%,

2/15/2046

250,000

220,432

3.25%,

8/1/2050

50,000

33,149

5.45%,

8/1/2052

60,000

55,711

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

250,000

198,865

3.95%,

3/1/2050

25,000

18,885

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

118,000

124,352

6.60%,

10/1/2037(b)

70,000

71,454

Marathon

Petroleum

Corp.

,

3.63%,

9/15/2024

250,000

246,261

6.50%,

3/1/2041

250,000

266,707

MPLX

LP

,

4.88%,

6/1/2025

250,000

248,169

1.75%,

3/1/2026(b)

160,000

146,018

4.25%,

12/1/2027

350,000

338,911

4.00%,

3/15/2028(b)

500,000

478,394

2.65%,

8/15/2030

190,000

161,124

4.95%,

9/1/2032

90,000

88,017

5.00%,

3/1/2033

35,000

34,250

4.50%,

4/15/2038

250,000

222,225

4.70%,

4/15/2048

200,000

167,930

4.95%,

3/14/2052

110,000

95,610

ONEOK

Partners

LP

,

4.90%,

3/15/2025

500,000

496,745

6.13%,

2/1/2041

100,000

97,939

ONEOK,

Inc.

,

4.00%,

7/13/2027(b)

500,000

477,534

4.35%,

3/15/2029

100,000

94,557

32

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

ONEOK,

Inc.,

5.20%,

7/15/2048

250,000

216,057

Ovintiv,

Inc.

,

6.50%,

2/1/2038

250,000

249,370

Phillips

66

,

4.95%,

12/1/2027

40,000

40,178

5.30%,

6/30/2033

50,000

50,675

4.65%,

11/15/2034(b)

200,000

191,806

5.88%,

5/1/2042(b)

382,000

404,711

Phillips

66

Co.

,

3.61%,

2/15/2025(b)(f)

500,000

485,740

4.90%,

10/1/2046(f)

50,000

45,685

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

30,000

30,125

1.90%,

8/15/2030(b)

200,000

162,852

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

200,000

197,809

5.15%,

6/1/2042

250,000

210,576

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

1,000,000

996,409

5.90%,

9/15/2037(f)

60,000

61,374

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045

100,000

84,070

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

350,000

374,857

Targa

Resources

Corp.

,

5.20%,

7/1/2027

60,000

59,498

6.13%,

3/15/2033(b)

100,000

103,551

6.25%,

7/1/2052

60,000

59,148

6.50%,

2/15/2053(b)

100,000

102,348

Targa

Resources

Partners

LP

,

4.00%,

1/15/2032

100,000

87,154

TotalEnergies

Capital

International

SA

,

2.83%,

1/10/2030

500,000

456,000

3.13%,

5/29/2050

200,000

148,266

3.39%,

6/29/2060

100,000

74,967

TransCanada

PipeLines

Ltd.

,

1.00%,

10/12/2024

95,000

89,085

4.88%,

1/15/2026(b)

285,000

284,095

4.25%,

5/15/2028

500,000

485,137

2.50%,

10/12/2031(b)

100,000

81,713

5.85%,

3/15/2036

450,000

457,052

6.10%,

6/1/2040

200,000

206,371

Valero

Energy

Corp.

,

2.80%,

12/1/2031

100,000

84,073

7.50%,

4/15/2032

118,000

135,710

6.63%,

6/15/2037(b)

200,000

218,741

3.65%,

12/1/2051

50,000

36,300

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025(b)

500,000

488,280

5.40%,

3/2/2026(b)

55,000

56,032

3.50%,

11/15/2030(b)

400,000

362,281

4.65%,

8/15/2032(b)

60,000

57,831

5.65%,

3/15/2033

100,000

103,272

5.80%,

11/15/2043

250,000

246,528

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The),

4.90%,

1/15/2045(b)

350,000

308,237

31,321,226

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

62,821

Suzano

Austria

GmbH

,

2.50%,

9/15/2028

200,000

170,250

6.00%,

1/15/2029

200,000

201,500

5.00%,

1/15/2030(b)

200,000

190,500

625,071

Passenger

Airlines

0.0%

†

American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

291,957

240,169

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

274,212

2.63%,

2/10/2030

50,000

42,180

556,561

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024(b)

85,000

82,000

2.38%,

12/1/2029

35,000

30,935

1.95%,

3/15/2031

100,000

83,928

3.13%,

12/1/2049(b)

150,000

114,947

Haleon

US

Capital

LLC

,

3.63%,

3/24/2032

500,000

454,097

Kenvue,

Inc.

,

5.05%,

3/22/2028(f)

105,000

108,517

5.00%,

3/22/2030(f)

80,000

82,406

4.90%,

3/22/2033(f)

140,000

144,645

5.10%,

3/22/2043(f)

60,000

61,907

5.05%,

3/22/2053(f)

100,000

103,059

5.20%,

3/22/2063(f)

45,000

46,624

1,313,065

Pharmaceuticals

0.8%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026

200,000

182,131

4.88%,

3/3/2028

100,000

102,880

1.75%,

5/28/2028

125,000

110,918

4.90%,

3/3/2030

100,000

102,283

2.25%,

5/28/2031

35,000

30,112

4.88%,

3/3/2033

100,000

103,152

AstraZeneca

plc

,

3.38%,

11/16/2025(b)

500,000

488,827

0.70%,

4/8/2026(b)

200,000

179,987

1.38%,

8/6/2030

200,000

163,037

6.45%,

9/15/2037

200,000

235,925

4.00%,

9/18/2042(b)

250,000

227,632

2.13%,

8/6/2050

85,000

53,554

3.00%,

5/28/2051

180,000

136,846

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

319,000

312,718

3.20%,

6/15/2026(b)

132,000

127,563

3.90%,

2/20/2028(b)

750,000

735,623

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Bristol-Myers

Squibb

Co.,

2.95%,

3/15/2032(b)

140,000

126,209

2.35%,

11/13/2040

350,000

252,181

3.25%,

8/1/2042

250,000

199,502

4.55%,

2/20/2048

195,000

184,250

4.25%,

10/26/2049

400,000

362,678

2.55%,

11/13/2050

300,000

200,715

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025(b)

95,000

91,930

4.70%,

2/27/2033(b)

40,000

41,011

2.25%,

5/15/2050

300,000

198,378

4.88%,

2/27/2053

40,000

41,360

2.50%,

9/15/2060

150,000

95,950

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028

300,000

294,278

5.38%,

4/15/2034(b)

201,000

214,196

4.20%,

3/18/2043

300,000

271,225

Johnson

&

Johnson

,

2.45%,

3/1/2026(b)

250,000

240,190

4.95%,

5/15/2033(b)

263,000

284,695

3.63%,

3/3/2037

100,000

92,465

3.70%,

3/1/2046(b)

250,000

223,869

3.75%,

3/3/2047

100,000

89,978

2.45%,

9/1/2060

500,000

329,335

Merck

&

Co.,

Inc.

,

2.75%,

2/10/2025

220,000

215,020

1.70%,

6/10/2027(b)

170,000

154,457

1.90%,

12/10/2028(b)

130,000

115,271

2.15%,

12/10/2031

115,000

97,358

3.90%,

3/7/2039(b)

100,000

91,642

3.60%,

9/15/2042

250,000

215,158

4.15%,

5/18/2043

350,000

327,666

4.00%,

3/7/2049

350,000

314,912

2.75%,

12/10/2051

70,000

49,547

2.90%,

12/10/2061

100,000

68,471

Novartis

Capital

Corp.

,

3.10%,

5/17/2027(b)

500,000

481,163

4.40%,

5/6/2044

200,000

196,811

4.00%,

11/20/2045(b)

200,000

183,836

Pfizer,

Inc.

,

3.40%,

5/15/2024(b)

500,000

493,217

0.80%,

5/28/2025(b)

125,000

115,941

2.63%,

4/1/2030(b)

100,000

90,274

1.70%,

5/28/2030(b)

140,000

117,862

1.75%,

8/18/2031

100,000

82,488

7.20%,

3/15/2039

525,000

660,932

2.55%,

5/28/2040

45,000

33,815

4.00%,

3/15/2049

500,000

453,195

2.70%,

5/28/2050(b)

65,000

46,449

Pharmacia

LLC

,

6.60%,

12/1/2028(e)

177,000

197,885

Royalty

Pharma

plc

,

2.20%,

9/2/2030

50,000

40,841

2.15%,

9/2/2031(b)

35,000

27,662

3.55%,

9/2/2050

200,000

137,866

3.35%,

9/2/2051

50,000

32,935

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

925,000

880,027

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

168,879

3.03%,

7/9/2040

200,000

152,579

3.18%,

7/9/2050

300,000

214,283

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026(b)

500,000

476,219

5.25%,

6/15/2046(b)

100,000

79,318

Viatris,

Inc.

,

1.65%,

6/22/2025(b)

200,000

183,399

2.30%,

6/22/2027(b)

400,000

350,547

2.70%,

6/22/2030(b)

150,000

121,916

4.00%,

6/22/2050

100,000

65,752

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

236,879

Zoetis,

Inc.

,

4.50%,

11/13/2025

230,000

228,757

3.90%,

8/20/2028

350,000

340,505

3.00%,

5/15/2050

300,000

214,314

15,883,631

Professional

Services

0.1%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

107,079

1.25%,

9/1/2030(b)

400,000

327,856

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

215,000

205,444

2.60%,

5/1/2031

135,000

112,967

Equifax,

Inc.

,

5.10%,

12/15/2027

45,000

45,258

2.35%,

9/15/2031

100,000

80,487

Jacobs

Engineering

Group,

Inc.

,

5.90%,

3/1/2033(b)

75,000

75,078

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

280,000

267,950

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025

250,000

244,059

5.75%,

4/1/2033

55,000

57,737

3.63%,

5/15/2050

85,000

62,215

1,586,130

Real

Estate

Management

&

Development

0.0%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026

500,000

492,084

Residential

REITs

0.1%

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

395,000

381,872

1.90%,

12/1/2028

200,000

172,430

3.30%,

6/1/2029

20,000

18,231

2.45%,

1/15/2031(b)

210,000

176,943

2.05%,

1/15/2032

85,000

68,770

ERP

Operating

LP

,

1.85%,

8/1/2031(b)

30,000

24,050

4.50%,

7/1/2044

200,000

175,358

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

73,405

34

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Residential

REITs

Essex

Portfolio

LP

,

3.38%,

4/15/2026(b)

300,000

286,326

4.00%,

3/1/2029

100,000

94,151

3.00%,

1/15/2030

75,000

65,262

2.65%,

3/15/2032

35,000

28,543

Invitation

Homes

Operating

Partnership

LP

,

2.30%,

11/15/2028

125,000

104,769

4.15%,

4/15/2032(b)

100,000

89,640

2.70%,

1/15/2034

30,000

22,954

Mid-America

Apartments

LP

,

1.10%,

9/15/2026

30,000

26,342

2.75%,

3/15/2030

50,000

43,750

Spirit

Realty

LP

,

3.40%,

1/15/2030

250,000

214,788

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

65,000

55,470

2.70%,

7/15/2031

55,000

44,484

4.20%,

4/15/2032

30,000

26,813

5.70%,

1/15/2033

100,000

100,066

UDR,

Inc.

,

3.00%,

8/15/2031

250,000

213,972

1.90%,

3/15/2033

55,000

41,113

2,549,502

Retail

REITs

0.1%

Brixmor

Operating

Partnership

LP

,

3.65%,

6/15/2024

500,000

484,162

2.50%,

8/16/2031(b)

100,000

77,247

Federal

Realty

Investment

Trust

,

3.50%,

6/1/2030

200,000

176,462

Kimco

Realty

OP

LLC

,

2.25%,

12/1/2031

25,000

19,585

4.45%,

9/1/2047

250,000

201,382

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030(b)

300,000

250,647

3.50%,

4/15/2051(b)

40,000

27,444

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031

100,000

74,965

Realty

Income

Corp.

,

0.75%,

3/15/2026(b)

70,000

62,026

3.25%,

1/15/2031(b)

65,000

57,258

5.63%,

10/13/2032

45,000

46,728

2.85%,

12/15/2032

400,000

330,586

1.80%,

3/15/2033

55,000

40,822

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

43,279

3.70%,

6/15/2030(b)

300,000

270,576

SITE

Centers

Corp.

,

3.63%,

2/1/2025

500,000

473,065

2,636,234

Semiconductors

&

Semiconductor

Equipment

0.7%

Advanced

Micro

Devices,

Inc.

,

3.92%,

6/1/2032(b)

75,000

72,020

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Advanced

Micro

Devices,

Inc.,

4.39%,

6/1/2052(b)

85,000

79,183

Analog

Devices,

Inc.

,

2.80%,

10/1/2041

175,000

133,597

Applied

Materials,

Inc.

,

3.30%,

4/1/2027(b)

200,000

193,084

1.75%,

6/1/2030

60,000

50,398

5.10%,

10/1/2035

250,000

261,454

2.75%,

6/1/2050

85,000

60,686

Broadcom

Corp.

,

3.88%,

1/15/2027

500,000

483,351

Broadcom,

Inc.

,

3.15%,

11/15/2025(b)

26,000

24,876

4.00%,

4/15/2029(f)

95,000

88,865

4.15%,

11/15/2030

121,000

112,217

4.15%,

4/15/2032(f)

80,000

72,895

4.30%,

11/15/2032

200,000

184,268

3.42%,

4/15/2033(f)

84,000

70,283

3.47%,

4/15/2034(f)

1,000,000

821,282

3.14%,

11/15/2035(f)

300,000

230,718

4.93%,

5/15/2037(f)

363,000

330,107

3.50%,

2/15/2041(f)

100,000

75,430

Intel

Corp.

,

3.40%,

3/25/2025(b)

300,000

294,707

3.70%,

7/29/2025

500,000

492,923

4.88%,

2/10/2026

110,000

111,398

3.75%,

3/25/2027(b)

200,000

196,403

3.15%,

5/11/2027

300,000

287,256

3.75%,

8/5/2027

60,000

58,624

4.88%,

2/10/2028

110,000

111,769

1.60%,

8/12/2028(b)

75,000

65,538

4.00%,

8/5/2029

60,000

58,377

5.13%,

2/10/2030

310,000

315,721

3.90%,

3/25/2030

400,000

381,320

2.00%,

8/12/2031(b)

100,000

82,370

5.20%,

2/10/2033(b)

150,000

152,774

2.80%,

8/12/2041(b)

30,000

21,756

5.63%,

2/10/2043

45,000

46,118

4.10%,

5/11/2047(b)

300,000

253,180

3.73%,

12/8/2047(b)

443,000

351,569

3.25%,

11/15/2049

100,000

71,146

4.75%,

3/25/2050

400,000

367,021

4.90%,

8/5/2052(b)

60,000

55,905

5.70%,

2/10/2053

120,000

122,471

5.05%,

8/5/2062

60,000

55,471

5.90%,

2/10/2063

110,000

113,216

KLA

Corp.

,

4.65%,

11/1/2024

63,000

62,849

4.65%,

7/15/2032

50,000

50,485

3.30%,

3/1/2050(b)

220,000

168,167

4.95%,

7/15/2052(b)

90,000

89,204

5.25%,

7/15/2062

75,000

75,924

Lam

Research

Corp.

,

3.80%,

3/15/2025

255,000

250,533

1.90%,

6/15/2030(b)

90,000

75,837

2.88%,

6/15/2050(b)

285,000

201,128

Micron

Technology,

Inc.

,

5.33%,

2/6/2029

150,000

150,899

6.75%,

11/1/2029

150,000

159,348

2.70%,

4/15/2032

100,000

80,061

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Micron

Technology,

Inc.,

5.88%,

2/9/2033

50,000

50,553

3.37%,

11/1/2041

50,000

35,442

3.48%,

11/1/2051

50,000

32,590

NVIDIA

Corp.

,

1.55%,

6/15/2028(b)

365,000

321,702

2.85%,

4/1/2030

110,000

100,152

2.00%,

6/15/2031

200,000

168,267

3.50%,

4/1/2050(b)

280,000

229,225

NXP

BV

,

2.70%,

5/1/2025(b)

25,000

23,727

3.88%,

6/18/2026

35,000

33,800

4.30%,

6/18/2029

100,000

96,038

3.40%,

5/1/2030

35,000

31,472

2.50%,

5/11/2031

190,000

157,073

2.65%,

2/15/2032

40,000

32,798

5.00%,

1/15/2033(b)

85,000

83,340

3.25%,

5/11/2041

195,000

142,069

3.13%,

2/15/2042

50,000

35,459

3.25%,

11/30/2051

30,000

20,044

QUALCOMM,

Inc.

,

3.25%,

5/20/2027(b)

250,000

241,867

1.30%,

5/20/2028

73,000

63,689

2.15%,

5/20/2030(b)

80,000

70,089

1.65%,

5/20/2032

590,000

478,102

5.40%,

5/20/2033(b)

100,000

107,350

4.65%,

5/20/2035(b)

100,000

100,930

4.50%,

5/20/2052

90,000

83,878

6.00%,

5/20/2053

100,000

113,614

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031

40,000

33,281

Texas

Instruments,

Inc.

,

4.70%,

11/18/2024

100,000

100,887

1.38%,

3/12/2025

200,000

188,818

4.60%,

2/15/2028(b)

105,000

107,176

2.25%,

9/4/2029(b)

300,000

268,057

1.90%,

9/15/2031(b)

80,000

67,055

3.65%,

8/16/2032

40,000

37,974

4.90%,

3/14/2033

20,000

20,805

2.70%,

9/15/2051

100,000

72,026

5.00%,

3/14/2053

20,000

21,094

TSMC

Arizona

Corp.

,

3.13%,

10/25/2041

200,000

160,706

4.50%,

4/22/2052(b)

200,000

193,113

Xilinx,

Inc.

,

2.38%,

6/1/2030

50,000

43,639

12,944,083

Software

0.5%

Adobe,

Inc.

,

1.90%,

2/1/2025(b)

30,000

28,702

3.25%,

2/1/2025(b)

135,000

132,299

2.15%,

2/1/2027(b)

245,000

227,588

2.30%,

2/1/2030

100,000

88,814

Autodesk,

Inc.

,

2.40%,

12/15/2031(b)

155,000

128,919

Microsoft

Corp.

,

2.40%,

8/8/2026(b)

465,000

442,549

3.50%,

2/12/2035

325,000

308,988

3.45%,

8/8/2036

239,000

221,102

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Microsoft

Corp.,

2.53%,

6/1/2050(b)

836,000

591,538

2.92%,

3/17/2052

1,075,000

817,185

2.68%,

6/1/2060

400,000

276,126

Oracle

Corp.

,

2.50%,

4/1/2025(b)

100,000

95,752

2.95%,

5/15/2025(b)

450,000

433,240

5.80%,

11/10/2025

35,000

35,874

2.65%,

7/15/2026

190,000

177,516

3.25%,

11/15/2027

300,000

281,994

4.50%,

5/6/2028

55,000

54,338

6.15%,

11/9/2029

65,000

69,233

2.95%,

4/1/2030(b)

600,000

529,773

4.65%,

5/6/2030

55,000

53,555

3.25%,

5/15/2030(b)

250,000

223,941

2.88%,

3/25/2031

500,000

427,851

6.25%,

11/9/2032

180,000

193,599

4.90%,

2/6/2033(b)

85,000

83,255

3.90%,

5/15/2035(b)

200,000

174,684

5.38%,

7/15/2040

350,000

335,088

4.50%,

7/8/2044

370,000

309,084

4.00%,

7/15/2046

500,000

381,477

4.00%,

11/15/2047

400,000

305,103

3.60%,

4/1/2050

700,000

496,506

6.90%,

11/9/2052(b)

180,000

201,756

5.55%,

2/6/2053

130,000

123,765

3.85%,

4/1/2060

250,000

174,409

Roper

Technologies,

Inc.

,

2.35%,

9/15/2024

50,000

48,135

1.00%,

9/15/2025(b)

60,000

54,857

2.95%,

9/15/2029

90,000

80,812

1.75%,

2/15/2031(b)

245,000

195,836

Salesforce,

Inc.

,

3.70%,

4/11/2028(b)

500,000

491,236

1.95%,

7/15/2031(b)

35,000

29,309

2.70%,

7/15/2041(b)

200,000

150,245

2.90%,

7/15/2051

290,000

205,704

ServiceNow,

Inc.

,

1.40%,

9/1/2030

145,000

116,811

VMware,

Inc.

,

4.70%,

5/15/2030

300,000

291,235

Workday,

Inc.

,

3.50%,

4/1/2027(b)

50,000

47,838

3.70%,

4/1/2029

50,000

46,871

3.80%,

4/1/2032

70,000

64,177

10,248,669

Specialized

REITs

0.3%

American

Tower

Corp.

,

2.40%,

3/15/2025(b)

125,000

118,736

1.45%,

9/15/2026

105,000

93,348

3.65%,

3/15/2027

35,000

33,244

1.50%,

1/31/2028(b)

300,000

255,268

5.50%,

3/15/2028(b)

60,000

61,172

3.95%,

3/15/2029

300,000

280,963

2.90%,

1/15/2030

110,000

95,663

1.88%,

10/15/2030(b)

165,000

130,864

2.30%,

9/15/2031

145,000

116,247

4.05%,

3/15/2032

60,000

54,891

5.65%,

3/15/2033(b)

60,000

61,757

36

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

American

Tower

Corp.,

2.95%,

1/15/2051(b)

200,000

128,110

Crown

Castle,

Inc.

,

3.70%,

6/15/2026(b)

60,000

57,843

2.90%,

3/15/2027

40,000

37,123

3.65%,

9/1/2027

750,000

711,455

5.00%,

1/11/2028

65,000

65,515

3.80%,

2/15/2028(b)

150,000

142,352

3.10%,

11/15/2029(b)

260,000

231,095

2.90%,

4/1/2041(b)

200,000

142,636

4.75%,

5/15/2047

100,000

87,377

CubeSmart

LP

,

2.25%,

12/15/2028

155,000

133,058

2.00%,

2/15/2031

50,000

39,252

2.50%,

2/15/2032

175,000

140,445

EPR

Properties

,

4.95%,

4/15/2028(b)

200,000

166,993

Equinix,

Inc.

,

2.63%,

11/18/2024(b)

80,000

77,013

1.00%,

9/15/2025(b)

50,000

45,283

1.55%,

3/15/2028(b)

100,000

84,702

2.00%,

5/15/2028

30,000

25,657

3.20%,

11/18/2029

105,000

93,728

2.50%,

5/15/2031

90,000

74,108

2.95%,

9/15/2051

100,000

64,051

3.40%,

2/15/2052(b)

200,000

140,382

Extra

Space

Storage

LP

,

2.35%,

3/15/2032

40,000

31,432

Life

Storage

LP

,

2.40%,

10/15/2031

90,000

72,542

Public

Storage

,

1.50%,

11/9/2026

140,000

125,611

1.85%,

5/1/2028(b)

185,000

161,912

1.95%,

11/9/2028

135,000

118,531

2.30%,

5/1/2031

160,000

134,165

2.25%,

11/9/2031(b)

100,000

82,946

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

193,000

221,768

4,939,238

Specialty

Retail

0.4%

Advance

Auto

Parts,

Inc.

,

5.90%,

3/9/2026

40,000

40,818

5.95%,

3/9/2028

100,000

103,085

3.50%,

3/15/2032

55,000

46,810

AutoNation,

Inc.

,

1.95%,

8/1/2028

45,000

37,247

2.40%,

8/1/2031

90,000

69,299

3.85%,

3/1/2032(b)

30,000

25,548

AutoZone,

Inc.

,

3.25%,

4/15/2025(b)

325,000

314,016

4.50%,

2/1/2028(b)

145,000

143,734

4.00%,

4/15/2030

100,000

94,991

4.75%,

8/1/2032(b)

40,000

39,658

4.75%,

2/1/2033(b)

150,000

148,196

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030(b)

125,000

101,674

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

35,520

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The)

,

2.70%,

4/15/2025

30,000

29,008

4.00%,

9/15/2025

30,000

29,780

2.50%,

4/15/2027(b)

200,000

187,742

2.88%,

4/15/2027

45,000

42,898

2.80%,

9/14/2027(b)

750,000

710,045

0.90%,

3/15/2028

130,000

111,060

1.50%,

9/15/2028(b)

100,000

87,185

3.90%,

12/6/2028(b)

300,000

295,483

1.38%,

3/15/2031

300,000

240,049

1.88%,

9/15/2031(b)

100,000

82,734

3.25%,

4/15/2032

200,000

182,520

4.50%,

9/15/2032(b)

90,000

90,648

5.95%,

4/1/2041(b)

150,000

167,005

4.20%,

4/1/2043(b)

150,000

135,844

4.40%,

3/15/2045

600,000

558,304

3.35%,

4/15/2050(b)

135,000

104,474

2.38%,

3/15/2051

200,000

125,867

2.75%,

9/15/2051

100,000

68,907

3.63%,

4/15/2052

140,000

112,669

4.95%,

9/15/2052(b)

25,000

24,977

Lowe's

Cos.,

Inc.

,

3.13%,

9/15/2024(b)

400,000

390,817

4.00%,

4/15/2025(b)

500,000

493,231

4.40%,

9/8/2025(b)

40,000

39,804

4.80%,

4/1/2026

60,000

60,342

3.35%,

4/1/2027(b)

60,000

57,516

3.10%,

5/3/2027(b)

250,000

237,565

1.30%,

4/15/2028

170,000

146,064

1.70%,

9/15/2028

80,000

69,213

6.50%,

3/15/2029

236,000

259,901

3.65%,

4/5/2029(b)

400,000

378,707

1.70%,

10/15/2030

75,000

60,640

3.75%,

4/1/2032(b)

245,000

226,221

5.00%,

4/15/2033(b)

60,000

60,017

5.15%,

7/1/2033

75,000

75,715

2.80%,

9/15/2041

60,000

42,528

4.05%,

5/3/2047

250,000

201,767

3.00%,

10/15/2050

345,000

228,967

4.25%,

4/1/2052

65,000

53,339

5.63%,

4/15/2053

50,000

50,163

4.45%,

4/1/2062

75,000

61,218

5.80%,

9/15/2062

60,000

60,408

5.85%,

4/1/2063

110,000

111,567

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026

300,000

292,085

4.70%,

6/15/2032

100,000

98,702

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026

500,000

469,612

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

43,762

8,857,666

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

2.50%,

2/9/2025(b)

595,000

576,896

1.13%,

5/11/2025(b)

140,000

131,398

0.55%,

8/20/2025(b)

500,000

460,640

3.25%,

2/23/2026

230,000

225,005

2.45%,

8/4/2026(b)

625,000

594,886

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Apple,

Inc.,

3.35%,

2/9/2027

500,000

488,228

3.20%,

5/11/2027(b)

300,000

292,480

1.40%,

8/5/2028

50,000

43,807

3.25%,

8/8/2029

150,000

143,518

2.20%,

9/11/2029(b)

235,000

210,274

1.65%,

5/11/2030

300,000

255,418

1.25%,

8/20/2030(b)

500,000

409,418

1.65%,

2/8/2031(b)

250,000

209,185

1.70%,

8/5/2031

50,000

41,563

3.35%,

8/8/2032

150,000

141,431

3.85%,

5/4/2043

550,000

499,782

4.38%,

5/13/2045

355,000

344,575

4.65%,

2/23/2046

460,000

463,221

2.65%,

5/11/2050

300,000

211,481

2.40%,

8/20/2050

100,000

67,051

2.65%,

2/8/2051

400,000

280,302

2.70%,

8/5/2051

50,000

35,226

3.95%,

8/8/2052

120,000

107,470

2.55%,

8/20/2060(b)

300,000

197,989

2.85%,

8/5/2061

50,000

34,475

4.10%,

8/8/2062

120,000

106,966

Dell

International

LLC

,

4.00%,

7/15/2024

200,000

197,296

6.02%,

6/15/2026

700,000

718,421

5.75%,

2/1/2033(b)

60,000

60,369

3.38%,

12/15/2041(f)

100,000

70,004

8.35%,

7/15/2046(b)

99,000

120,600

3.45%,

12/15/2051(f)

150,000

97,628

Hewlett

Packard

Enterprise

Co.

,

6.35%,

10/15/2045(b)(e)

150,000

157,932

HP,

Inc.

,

1.45%,

6/17/2026(b)

155,000

139,507

4.75%,

1/15/2028

60,000

59,309

4.00%,

4/15/2029(b)

60,000

56,923

2.65%,

6/17/2031

50,000

40,783

4.20%,

4/15/2032

60,000

54,084

5.50%,

1/15/2033(b)

60,000

59,451

6.00%,

9/15/2041(b)

250,000

255,930

Western

Digital

Corp.

,

2.85%,

2/1/2029

250,000

203,110

8,864,032

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

367,644

3.88%,

11/1/2045(b)

250,000

225,761

3.38%,

3/27/2050(b)

200,000

164,736

758,141

Tobacco

0.3%

Altria

Group,

Inc.

,

4.40%,

2/14/2026

160,000

158,747

4.50%,

5/2/2043

250,000

199,900

5.38%,

1/31/2044

170,000

155,525

5.95%,

2/14/2049(b)

500,000

472,925

3.70%,

2/4/2051

250,000

168,534

BAT

Capital

Corp.

,

3.22%,

8/15/2024

500,000

484,890

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

BAT

Capital

Corp.,

4.70%,

4/2/2027

100,000

98,120

3.56%,

8/15/2027

750,000

697,224

4.74%,

3/16/2032

70,000

65,028

4.39%,

8/15/2037

350,000

285,479

4.54%,

8/15/2047

460,000

342,576

4.76%,

9/6/2049

150,000

115,040

5.65%,

3/16/2052(b)

70,000

61,439

BAT

International

Finance

plc

,

1.67%,

3/25/2026(b)

150,000

136,499

4.45%,

3/16/2028

70,000

66,535

Philip

Morris

International,

Inc.

,

5.13%,

11/15/2024(b)

90,000

90,578

5.00%,

11/17/2025(b)

90,000

90,685

4.88%,

2/13/2026

80,000

80,586

5.13%,

11/17/2027

90,000

92,098

4.88%,

2/15/2028(b)

80,000

80,743

5.63%,

11/17/2029(b)

70,000

73,141

5.13%,

2/15/2030

80,000

81,026

5.75%,

11/17/2032(b)

30,000

31,482

5.38%,

2/15/2033

80,000

81,727

6.38%,

5/16/2038(b)

460,000

502,919

3.88%,

8/21/2042

250,000

198,338

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

500,000

490,968

5.70%,

8/15/2035

120,000

113,450

5,516,202

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

2.30%,

2/1/2025

75,000

70,981

3.25%,

3/1/2025

1,000,000

960,414

3.75%,

6/1/2026

250,000

236,287

1.88%,

8/15/2026(b)

80,000

70,874

5.30%,

2/1/2028

50,000

49,352

2.10%,

9/1/2028

100,000

83,318

3.25%,

10/1/2029(b)

250,000

219,491

Aircastle

Ltd.

,

4.13%,

5/1/2024

300,000

293,701

GATX

Corp.

,

3.25%,

9/15/2026

50,000

47,141

4.00%,

6/30/2030

100,000

92,012

4.90%,

3/15/2033

145,000

140,580

3.10%,

6/1/2051

90,000

57,061

WW

Grainger,

Inc.

,

3.75%,

5/15/2046

250,000

206,748

2,527,960

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.45%,

6/1/2032

60,000

59,078

4.30%,

9/1/2045(b)

500,000

436,278

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

200,000

142,548

5.30%,

5/1/2052

40,000

38,732

676,636

38

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

0.3%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

177,000

194,676

6.13%,

3/30/2040

350,000

376,460

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025(f)

80,000

77,039

3.63%,

12/15/2025(b)

200,000

192,568

3.20%,

3/15/2027(f)

60,000

56,453

3.80%,

3/15/2032(f)

70,000

62,821

4.50%,

3/15/2042(f)

70,000

60,325

4.50%,

3/15/2043(b)

100,000

84,388

5.00%,

3/15/2044(b)

80,000

72,149

3.70%,

11/15/2049

400,000

293,321

4.55%,

3/15/2052(b)(f)

80,000

65,806

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(b)

500,000

486,110

3.75%,

4/15/2027(b)

500,000

480,637

2.05%,

2/15/2028

100,000

88,729

4.95%,

3/15/2028

85,000

85,812

3.88%,

4/15/2030

500,000

469,157

2.55%,

2/15/2031

500,000

423,796

2.70%,

3/15/2032

80,000

67,388

5.05%,

7/15/2033

195,000

195,965

4.38%,

4/15/2040

250,000

224,055

3.00%,

2/15/2041

200,000

148,262

4.50%,

4/15/2050

150,000

130,634

3.30%,

2/15/2051

300,000

213,316

3.40%,

10/15/2052(b)

200,000

143,974

5.65%,

1/15/2053

200,000

204,843

5.80%,

9/15/2062

200,000

207,220

Vodafone

Group

plc

,

4.13%,

5/30/2025(b)

500,000

494,442

7.88%,

2/15/2030

206,000

240,491

4.38%,

2/19/2043

500,000

424,477

4.25%,

9/17/2050

40,000

32,701

5.63%,

2/10/2053(b)

100,000

98,754

5.75%,

2/10/2063

100,000

98,975

6,495,744

Total

Corporate

Bonds

(cost

$553,238,794)

498,379,011

Foreign

Government

Securities

1.5%

CANADA

0.2%

Export

Development

Canada,

3.88%,

2/14/2028

500,000

502,583

Province

of

Alberta,

3.30%,

3/15/2028(b)

500,000

484,846

Province

of

Ontario,

2.50%,

4/27/2026

600,000

573,049

2.00%,

10/2/2029

1,000,000

889,720

Province

of

Quebec,

2.50%,

4/9/2024

500,000

488,891

0.60%,

7/23/2025

450,000

415,276

7.50%,

9/15/2029

578,000

688,328

4,042,693

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

CHILE

0.1%

Republic

of

Chile,

3.13%,

3/27/2025

750,000

732,479

3.24%,

2/6/2028(b)

500,000

476,514

2.45%,

1/31/2031

500,000

430,793

2.55%,

1/27/2032(b)

500,000

426,821

3.10%,

5/7/2041(b)

400,000

299,831

3.63%,

10/30/2042

400,000

316,091

3.25%,

9/21/2071

200,000

129,475

2,812,004

HUNGARY

0.0%

†

Hungary

Government

Bond,

7.63%,

3/29/2041

100,000

112,290

INDONESIA

0.2%

Republic

of

Indonesia,

4.15%,

9/20/2027

200,000

196,690

3.50%,

1/11/2028(b)

500,000

479,000

4.10%,

4/24/2028

1,000,000

982,540

2.85%,

2/14/2030

500,000

450,883

4.65%,

9/20/2032

200,000

199,087

5.35%,

2/11/2049(b)

200,000

201,260

4.20%,

10/15/2050

200,000

172,262

4.45%,

4/15/2070(b)

200,000

172,745

2,854,467

ISRAEL

0.0%

†

State

of

Israel

Government

Bond,

3.25%,

1/17/2028(b)

200,000

188,779

3.38%,

1/15/2050(b)

200,000

152,779

3.88%,

7/3/2050

200,000

166,700

4.50%,

4/3/2120

200,000

167,098

675,356

ITALY

0.0%

†

Italian

Republic

Government

Bond,

5.38%,

6/15/2033

491,000

492,626

4.00%,

10/17/2049(b)

400,000

302,194

794,820

JAPAN

0.2%

Japan

Bank

for

International

Cooperation,

2.50%,

5/23/2024(b)

2,000,000

1,951,567

2.38%,

4/20/2026

500,000

473,374

1.88%,

7/21/2026(b)

500,000

462,934

2,887,875

MEXICO

0.3%

United

Mexican

States,

4.15%,

3/28/2027(b)

200,000

196,270

3.75%,

1/11/2028(b)

1,000,000

958,231

2.66%,

5/24/2031(b)

700,000

584,186

4.88%,

5/19/2033

200,000

191,327

6.75%,

9/27/2034

996,000

1,094,656

6.35%,

2/9/2035

200,000

212,380

6.05%,

1/11/2040(b)

400,000

406,481

4.75%,

3/8/2044

400,000

339,196

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

39

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

5.55%,

1/21/2045

300,000

282,187

4.60%,

1/23/2046

347,000

284,785

4.35%,

1/15/2047(b)

300,000

236,800

4.40%,

2/12/2052

200,000

156,020

3.77%,

5/24/2061

200,000

134,896

5,077,415

PANAMA

0.1%

Republic

of

Panama,

2.25%,

9/29/2032(b)

200,000

153,076

6.70%,

1/26/2036

250,000

264,133

4.30%,

4/29/2053

500,000

365,956

4.50%,

4/1/2056

400,000

297,003

3.87%,

7/23/2060

200,000

130,730

1,210,898

PERU

0.1%

Republic

of

Peru,

4.13%,

8/25/2027

250,000

244,911

2.78%,

1/23/2031

500,000

426,759

8.75%,

11/21/2033

300,000

377,309

3.00%,

1/15/2034(b)

200,000

163,003

3.30%,

3/11/2041

200,000

149,738

5.63%,

11/18/2050(b)

300,000

301,607

3.60%,

1/15/2072

150,000

99,888

1,763,215

PHILIPPINES

0.1%

Republic

of

Philippines,

9.50%,

2/2/2030

500,000

632,530

2.46%,

5/5/2030

500,000

433,534

7.75%,

1/14/2031(b)

200,000

235,726

6.38%,

10/23/2034

500,000

560,000

3.70%,

2/2/2042

600,000

489,075

5.50%,

1/17/2048

200,000

203,556

2,554,421

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea,

2.38%,

4/21/2027

1,000,000

921,240

5.13%,

1/11/2033

200,000

207,835

Republic

of

Korea,

5.63%,

11/3/2025

300,000

307,259

4.13%,

6/10/2044(b)

250,000

240,523

1,676,857

SWEDEN

0.0%

†

Svensk

Exportkredit

AB,

4.38%,

2/13/2026

500,000

503,558

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

10/27/2027

1,250,000

1,250,590

5.10%,

6/18/2050

700,000

700,200

1,950,790

Total

Foreign

Government

Securities

(cost

$31,851,311)

28,916,659

Mortgage-Backed

Securities

27.1%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C90719

5.00%,

10/1/2023

7,367

7,385

Pool#

J09912

4.00%,

6/1/2024

29,602

29,409

Pool#

C00351

8.00%,

7/1/2024

40

40

Pool#

D60780

8.00%,

6/1/2025

266

266

Pool#

G30267

5.00%,

8/1/2025

12,796

12,896

Pool#

E02746

3.50%,

11/1/2025

40,043

39,375

Pool#

J13883

3.50%,

12/1/2025

90,348

88,843

Pool#

J14732

4.00%,

3/1/2026

50,127

49,877

Pool#

E02896

3.50%,

5/1/2026

43,620

42,871

Pool#

J18127

3.00%,

3/1/2027

67,861

66,051

Pool#

J18702

3.00%,

3/1/2027

59,999

58,421

Pool#

J19106

3.00%,

5/1/2027

26,955

26,234

Pool#

J20471

3.00%,

9/1/2027

118,421

115,127

Pool#

D82854

7.00%,

10/1/2027

15

15

Pool#

G14609

3.00%,

11/1/2027

185,632

180,393

Pool#

C00566

7.50%,

12/1/2027

314

323

Pool#

G15100

2.50%,

7/1/2028

84,903

81,588

Pool#

C18271

7.00%,

11/1/2028

1,123

1,140

Pool#

C00678

7.00%,

11/1/2028

306

315

Pool#

C00836

7.00%,

7/1/2029

252

260

Pool#

C31285

7.00%,

9/1/2029

445

453

Pool#

G18536

2.50%,

1/1/2030

1,228,029

1,167,957

Pool#

C37436

8.00%,

1/1/2030

766

808

Pool#

C36429

7.00%,

2/1/2030

481

483

Pool#

C36306

7.00%,

2/1/2030

320

321

Pool#

C00921

7.50%,

2/1/2030

541

568

Pool#

G01108

7.00%,

4/1/2030

188

195

Pool#

C37703

7.50%,

4/1/2030

303

303

Pool#

G18552

3.00%,

5/1/2030

449,372

430,932

Pool#

U49055

3.00%,

6/1/2030

48,206

46,023

40

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

J32243

3.00%,

7/1/2030

372,706

357,027

Pool#

J32257

3.00%,

7/1/2030

68,986

66,158

Pool#

J32255

3.00%,

7/1/2030

67,474

64,708

Pool#

C41561

8.00%,

8/1/2030

1,532

1,542

Pool#

C01051

8.00%,

9/1/2030

808

856

Pool#

C43550

7.00%,

10/1/2030

1,109

1,114

Pool#

C44017

7.50%,

10/1/2030

357

356

Pool#

C43967

8.00%,

10/1/2030

932

930

Pool#

C44957

8.00%,

11/1/2030

696

696

Pool#

J33361

3.00%,

12/1/2030

168,922

161,977

Pool#

G18578

3.00%,

12/1/2030

152,540

145,898

Pool#

J33315

3.00%,

12/1/2030

67,833

65,045

Pool#

C01103

7.50%,

12/1/2030

402

429

Pool#

C46932

7.50%,

1/1/2031

524

525

Pool#

G18587

3.00%,

2/1/2031

111,202

106,358

Pool#

G18592

3.00%,

3/1/2031

122,912

117,672

Pool#

C48206

7.50%,

3/1/2031

1,388

1,385

Pool#

C91366

4.50%,

4/1/2031

39,282

39,304

Pool#

G18601

3.00%,

5/1/2031

71,631

68,578

Pool#

G18605

3.00%,

6/1/2031

42,118

40,321

Pool#

J34627

3.00%,

6/1/2031

11,110

10,635

Pool#

C91377

4.50%,

6/1/2031

20,818

20,829

Pool#

C53324

7.00%,

6/1/2031

1,278

1,289

Pool#

J35107

2.50%,

8/1/2031

80,742

76,111

Pool#

G01309

7.00%,

8/1/2031

468

485

Pool#

G01311

7.00%,

9/1/2031

3,790

3,930

Pool#

C01222

7.00%,

9/1/2031

562

592

Pool#

G01315

7.00%,

9/1/2031

138

146

Pool#

J35522

2.50%,

10/1/2031

277,950

261,995

Pool#

C60012

7.00%,

11/1/2031

539

542

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C61298

8.00%,

11/1/2031

1,988

1,990

Pool#

J35957

2.50%,

12/1/2031

406,615

383,257

Pool#

C61105

7.00%,

12/1/2031

4,337

4,388

Pool#

C63171

7.00%,

1/1/2032

3,122

3,198

Pool#

V61548

2.50%,

2/1/2032

394,346

372,279

Pool#

D99004

3.50%,

3/1/2032

68,396

67,360

Pool#

G30577

3.50%,

4/1/2032

149,467

145,742

Pool#

G01391

7.00%,

4/1/2032

7,068

7,432

Pool#

C01345

7.00%,

4/1/2032

2,528

2,669

Pool#

C01370

8.00%,

4/1/2032

614

641

Pool#

C01381

8.00%,

5/1/2032

7,897

8,289

Pool#

C68290

7.00%,

6/1/2032

1,962

1,992

Pool#

C68300

7.00%,

6/1/2032

754

756

Pool#

D99266

3.50%,

7/1/2032

112,365

109,565

Pool#

G01449

7.00%,

7/1/2032

4,392

4,640

Pool#

C69908

7.00%,

8/1/2032

20,059

20,519

Pool#

C91558

3.50%,

9/1/2032

23,006

22,431

Pool#

G16407

2.50%,

1/1/2033

210,694

197,871

Pool#

G16408

2.50%,

1/1/2033

147,915

138,904

Pool#

G01536

7.00%,

3/1/2033

7,248

7,604

Pool#

C01528

5.00%,

4/1/2033

32,536

33,263

Pool#

G30646

3.00%,

5/1/2033

141,134

133,135

Pool#

G30642

3.00%,

5/1/2033

73,282

69,127

Pool#

K90535

3.00%,

5/1/2033

32,056

30,240

Pool#

G18693

4.00%,

5/1/2033

45,309

44,964

Pool#

G18696

3.50%,

7/1/2033

12,612

12,297

Pool#

A16419

6.50%,

11/1/2033

13,021

13,493

Pool#

C01806

7.00%,

1/1/2034

9,840

9,911

Pool#

A21356

6.50%,

4/1/2034

41,504

43,256

Pool#

C01851

6.50%,

4/1/2034

16,050

16,705

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

41

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A24301

6.50%,

5/1/2034

24,418

25,208

Pool#

A22067

6.50%,

5/1/2034

12,417

13,069

Pool#

G18737

3.50%,

6/1/2034

81,713

79,467

Pool#

A24988

6.50%,

7/1/2034

9,700

10,014

Pool#

G01741

6.50%,

10/1/2034

5,604

5,842

Pool#

G08023

6.50%,

11/1/2034

12,003

12,741

Pool#

G01947

7.00%,

5/1/2035

5,678

5,929

Pool#

G08073

5.50%,

8/1/2035

52,190

53,945

Pool#

A37135

5.50%,

9/1/2035

89,473

92,229

Pool#

A47368

5.00%,

10/1/2035

68,454

69,821

Pool#

A38531

5.50%,

10/1/2035

120,430

125,037

Pool#

A38255

5.50%,

10/1/2035

94,539

97,913

Pool#

G08088

6.50%,

10/1/2035

50,023

52,914

Pool#

A39759

5.50%,

11/1/2035

3,910

4,028

Pool#

A40376

5.50%,

12/1/2035

2,412

2,468

Pool#

A42305

5.50%,

1/1/2036

7,439

7,639

Pool#

A41548

7.00%,

1/1/2036

6,038

6,058

Pool#

G08111

5.50%,

2/1/2036

70,517

72,998

Pool#

A43886

5.50%,

3/1/2036

225,436

229,864

Pool#

A43885

5.50%,

3/1/2036

160,746

163,607

Pool#

A43884

5.50%,

3/1/2036

88,638

89,710

Pool#

A48378

5.50%,

3/1/2036

61,141

61,879

Pool#

A43861

5.50%,

3/1/2036

43,590

44,234

Pool#

G08116

5.50%,

3/1/2036

15,690

16,290

Pool#

A48735

5.50%,

5/1/2036

6,403

6,476

Pool#

A53039

6.50%,

10/1/2036

41,374

42,738

Pool#

G05254

5.00%,

1/1/2037

50,075

51,195

Pool#

G04331

5.00%,

2/1/2037

50,046

51,165

Pool#

G05941

6.00%,

2/1/2037

253,789

264,375

Pool#

G03620

6.50%,

10/1/2037

1,704

1,817

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G03721

6.00%,

12/1/2037

22,501

23,487

Pool#

G03969

6.00%,

2/1/2038

25,159

26,200

Pool#

C91982

3.50%,

3/1/2038

84,296

81,347

Pool#

G04913

5.00%,

3/1/2038

88,739

90,725

Pool#

G05299

4.50%,

6/1/2038

81,597

81,951

Pool#

G04581

6.50%,

8/1/2038

44,712

46,487

Pool#

C92013

3.50%,

9/1/2038

208,299

201,005

Pool#

A81674

6.00%,

9/1/2038

165,732

171,226

Pool#

G05459

5.50%,

5/1/2039

626,149

650,777

Pool#

G05535

4.50%,

7/1/2039

241,305

242,941

Pool#

A89500

4.50%,

10/1/2039

24,437

24,603

Pool#

A91165

5.00%,

2/1/2040

976,488

998,414

Pool#

G60342

4.50%,

5/1/2042

237,946

239,557

Pool#

G60195

4.00%,

6/1/2042

308,349

302,099

Pool#

Q08977

4.00%,

6/1/2042

62,209

61,155

Pool#

Q09824

4.00%,

8/1/2042

39,660

38,868

Pool#

Q11087

4.00%,

9/1/2042

47,048

46,252

Pool#

G07158

3.50%,

10/1/2042

171,012

163,320

Pool#

G07163

3.50%,

10/1/2042

152,221

145,382

Pool#

Q11532

3.50%,

10/1/2042

115,286

110,100

Pool#

Q12051

3.50%,

10/1/2042

91,966

87,835

Pool#

Q12052

3.50%,

10/1/2042

39,273

37,509

Pool#

C09020

3.50%,

11/1/2042

271,995

259,761

Pool#

G07264

3.50%,

12/1/2042

242,916

231,952

Pool#

Q14292

3.50%,

1/1/2043

67,513

64,476

Pool#

Q15884

3.00%,

2/1/2043

372,459

343,885

Pool#

Q16470

3.00%,

3/1/2043

791,927

731,176

Pool#

V80002

2.50%,

4/1/2043

313,998

275,744

Pool#

Q16915

3.00%,

4/1/2043

284,728

262,886

Pool#

Q17675

3.50%,

4/1/2043

293,115

279,944

42

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q18523

3.50%,

5/1/2043

295,210

281,803

Pool#

Q18751

3.50%,

6/1/2043

395,664

377,695

Pool#

G07410

3.50%,

7/1/2043

126,474

120,791

Pool#

Q20332

3.50%,

7/1/2043

42,793

40,850

Pool#

G07459

3.50%,

8/1/2043

354,868

338,772

Pool#

G60038

3.50%,

1/1/2044

750,639

716,831

Pool#

Q26869

4.00%,

6/1/2044

340,498

332,749

Pool#

G07946

4.00%,

7/1/2044

11,348

11,097

Pool#

Q28607

3.50%,

9/1/2044

140,061

133,549

Pool#

G61231

3.50%,

9/1/2044

36,385

34,737

Pool#

G08609

3.50%,

10/1/2044

116,506

110,548

Pool#

Q30833

4.00%,

1/1/2045

16,568

16,170

Pool#

G60400

4.50%,

1/1/2045

96,317

96,375

Pool#

G07925

4.00%,

2/1/2045

30,946

30,567

Pool#

Q34165

4.00%,

6/1/2045

196,408

191,696

Pool#

V81873

4.00%,

8/1/2045

114,958

112,200

Pool#

G08669

4.00%,

9/1/2045

176,154

171,927

Pool#

V82126

3.50%,

12/1/2045

108,143

102,209

Pool#

Q38199

3.50%,

1/1/2046

7,189

6,794

Pool#

Q38357

4.00%,

1/1/2046

48,716

47,547

Pool#

G61365

4.50%,

1/1/2046

35,146

35,167

Pool#

G08697

3.00%,

3/1/2046

504,020

463,455

Pool#

Q39364

3.50%,

3/1/2046

81,330

76,868

Pool#

Q39434

3.50%,

3/1/2046

65,736

62,208

Pool#

Q39440

4.00%,

3/1/2046

28,036

27,369

Pool#

G08704

4.50%,

4/1/2046

17,340

17,347

Pool#

Q40097

4.50%,

4/1/2046

2,911

2,908

Pool#

G60582

3.50%,

5/1/2046

202,698

191,577

Pool#

Q40718

3.50%,

5/1/2046

68,078

64,342

Pool#

G08707

4.00%,

5/1/2046

82,703

80,710

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08708

4.50%,

5/1/2046

11,960

11,967

Pool#

Q40728

4.50%,

5/1/2046

2,650

2,645

Pool#

Q41548

3.00%,

7/1/2046

73,408

67,531

Pool#

Q41903

3.50%,

7/1/2046

95,495

90,255

Pool#

Q41491

3.50%,

7/1/2046

9,544

9,020

Pool#

Q41407

3.50%,

7/1/2046

2,624

2,480

Pool#

G61791

4.00%,

7/1/2046

73,822

72,052

Pool#

Q41947

4.50%,

7/1/2046

3,791

3,784

Pool#

G08715

3.00%,

8/1/2046

509,901

468,228

Pool#

Q42596

3.50%,

8/1/2046

81,451

77,271

Pool#

Q42203

3.50%,

8/1/2046

20,254

19,177

Pool#

G61237

3.50%,

8/1/2046

15,221

14,534

Pool#

Q42393

3.50%,

8/1/2046

12,060

11,398

Pool#

Q42680

4.00%,

8/1/2046

2,565

2,525

Pool#

G08720

4.50%,

8/1/2046

9,727

9,726

Pool#

G61323

3.00%,

9/1/2046

483,867

446,764

Pool#

G08721

3.00%,

9/1/2046

280,158

257,059

Pool#

V82617

3.50%,

9/1/2046

186,121

175,908

Pool#

G08722

3.50%,

9/1/2046

55,452

52,615

Pool#

G60733

4.50%,

9/1/2046

107,333

107,397

Pool#

G60722

3.00%,

10/1/2046

819,554

752,279

Pool#

Q44035

3.00%,

10/1/2046

398,140

364,881

Pool#

G61815

4.00%,

10/1/2046

32,375

31,599

Pool#

G61257

3.00%,

11/1/2046

768,448

703,474

Pool#

Q44452

3.00%,

11/1/2046

177,325

162,328

Pool#

G08732

3.00%,

11/1/2046

50,730

46,396

Pool#

Q44473

3.50%,

11/1/2046

20,899

19,752

Pool#

Q44223

3.50%,

11/1/2046

13,225

12,493

Pool#

G08734

4.00%,

11/1/2046

244,225

238,212

Pool#

G08737

3.00%,

12/1/2046

1,684,944

1,543,582

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60989

3.00%,

12/1/2046

293,677

269,566

Pool#

Q45878

3.00%,

12/1/2046

62,724

57,343

Pool#

G08738

3.50%,

12/1/2046

1,076,438

1,017,370

Pool#

Q45024

3.50%,

12/1/2046

79,367

75,012

Pool#

G08741

3.00%,

1/1/2047

462,631

423,818

Pool#

G08747

3.00%,

2/1/2047

877,858

803,877

Pool#

G08748

3.50%,

2/1/2047

223,172

210,926

Pool#

G08749

4.00%,

2/1/2047

378,247

368,779

Pool#

G61890

4.00%,

2/1/2047

26,193

25,554

Pool#

G08751

3.50%,

3/1/2047

333,319

315,028

Pool#

Q47592

3.50%,

4/1/2047

57,340

54,193

Pool#

Q47484

3.50%,

4/1/2047

13,652

12,903

Pool#

G60988

3.00%,

5/1/2047

1,011,309

928,855

Pool#

Q48098

3.50%,

5/1/2047

42,829

40,479

Pool#

Q48237

4.50%,

5/1/2047

69,271

69,002

Pool#

G61390

3.00%,

6/1/2047

753,469

690,019

Pool#

Q48414

4.50%,

6/1/2047

50,377

49,754

Pool#

Q48365

4.50%,

6/1/2047

15,303

15,273

Pool#

G08770

3.50%,

7/1/2047

638,673

605,757

Pool#

V83270

3.50%,

7/1/2047

144,605

136,580

Pool#

G61339

3.00%,

8/1/2047

151,776

139,160

Pool#

G08774

3.50%,

8/1/2047

70,408

66,471

Pool#

Q49917

3.50%,

8/1/2047

52,129

49,236

Pool#

Q53085

3.00%,

9/1/2047

160,283

147,763

Pool#

G61295

3.50%,

9/1/2047

350,415

331,626

Pool#

G08779

3.50%,

9/1/2047

191,240

178,292

Pool#

G61622

3.00%,

10/1/2047

369,698

339,099

Pool#

G08785

4.00%,

10/1/2047

21,869

21,134

Pool#

Q52075

4.00%,

11/1/2047

131,787

128,532

Pool#

V83598

3.50%,

12/1/2047

56,970

53,764

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G67707

3.50%,

1/1/2048

419,668

397,905

Pool#

V83909

4.00%,

1/1/2048

156,669

152,873

Pool#

G61311

3.50%,

2/1/2048

393,113

371,050

Pool#

T65458

3.50%,

2/1/2048

70,570

65,122

Pool#

Q54460

4.00%,

2/1/2048

120,874

118,859

Pool#

G08801

4.00%,

2/1/2048

119,009

115,736

Pool#

G61298

4.00%,

2/1/2048

55,925

54,486

Pool#

Q54727

3.50%,

3/1/2048

161,101

152,060

Pool#

Q55401

5.00%,

4/1/2048

32,626

33,058

Pool#

V84237

3.50%,

5/1/2048

264,657

249,433

Pool#

G08813

3.50%,

5/1/2048

29,144

27,403

Pool#

G08820

4.50%,

5/1/2048

223,099

222,569

Pool#

G08821

5.00%,

5/1/2048

8,859

8,984

Pool#

G67712

4.00%,

6/1/2048

115,426

113,513

Pool#

G67713

4.00%,

6/1/2048

94,378

92,158

Pool#

G08817

4.00%,

6/1/2048

34,682

33,645

Pool#

G08818

4.50%,

6/1/2048

119,067

118,793

Pool#

Q56473

4.50%,

6/1/2048

29,370

29,411

Pool#

Q56472

4.50%,

6/1/2048

27,351

27,438

Pool#

G08827

4.50%,

7/1/2048

80,410

80,085

Pool#

Q57401

4.50%,

7/1/2048

36,508

36,559

Pool#

Q57402

4.50%,

7/1/2048

11,145

11,163

Pool#

G08833

5.00%,

7/1/2048

3,568

3,620

Pool#

G08831

4.00%,

8/1/2048

94,411

91,795

Pool#

G08836

4.00%,

9/1/2048

381,187

369,852

Pool#

G67716

4.50%,

10/1/2048

65,560

65,652

Pool#

G08843

4.50%,

10/1/2048

28,636

28,557

Pool#

V85044

4.00%,

12/1/2048

113,710

110,559

Pool#

V85082

4.50%,

12/1/2048

20,851

20,809

Pool#

G61846

4.00%,

1/1/2049

2,009

1,954

44

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V85139

4.50%,

1/1/2049

25,231

25,180

FHLMC

Non

Gold

Pool

Pool#

1B8478

3.98%,

7/1/2041(a)

28,261

28,279

Pool#

2B0108

4.15%,

1/1/2042(a)

5,378

5,269

Pool#

2B1381

3.25%,

6/1/2043(a)

457

447

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

39,196

38,955

Pool#

ZS7757

3.00%,

3/1/2030

301,679

289,750

Pool#

SB0383

2.50%,

4/1/2032

680,439

641,653

Pool#

ZS8701

3.50%,

6/1/2033

45,281

44,099

Pool#

SB0218

3.00%,

10/1/2033

79,356

75,883

Pool#

SB0366

3.50%,

2/1/2034

110,135

107,259

Pool#

QN0248

3.00%,

7/1/2034

41,854

39,748

Pool#

SB0095

3.50%,

7/1/2034

82,885

81,209

Pool#

SB0069

3.00%,

9/1/2034

144,030

136,797

Pool#

SB8021

3.00%,

12/1/2034

278,225

264,234

Pool#

SB8500

2.50%,

7/1/2035

711,317

663,624

Pool#

SB8505

2.50%,

10/1/2035

2,075,649

1,931,908

Pool#

SB8506

2.00%,

2/1/2036

1,809,115

1,636,739

Pool#

SB8508

2.00%,

2/1/2036

1,282,680

1,160,445

Pool#

RC1826

2.00%,

2/1/2036

372,529

336,095

Pool#

SB8092

1.50%,

3/1/2036

423,552

372,510

Pool#

RC1887

2.00%,

3/1/2036

700,728

632,416

Pool#

RC2049

2.00%,

6/1/2036

1,670,162

1,506,791

Pool#

RC2045

2.00%,

6/1/2036

511,440

461,427

Pool#

SB8112

2.50%,

7/1/2036

289,461

269,143

Pool#

QN7405

2.00%,

8/1/2036

213,384

192,571

Pool#

SB8119

2.00%,

9/1/2036

949,948

857,019

Pool#

SB8140

1.50%,

2/1/2037

615,970

541,705

Pool#

SB8144

1.50%,

3/1/2037

1,284,453

1,129,197

Pool#

QN9700

1.50%,

3/1/2037

409,069

359,617

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8148

2.00%,

4/1/2037

2,828,244

2,551,479

Pool#

SB8154

2.50%,

5/1/2037

195,453

181,361

Pool#

QA2237

3.00%,

7/1/2046

982,447

903,418

Pool#

QA2226

3.00%,

7/1/2046

574,995

528,741

Pool#

ZS4693

3.00%,

12/1/2046

770,642

705,204

Pool#

ZM2339

3.50%,

1/1/2047

160,074

150,926

Pool#

ZS4746

3.00%,

12/1/2047

382,055

348,064

Pool#

ZA5785

4.50%,

10/1/2048

161,240

160,775

Pool#

ZT1321

4.50%,

11/1/2048

202,436

201,664

Pool#

ZA6139

4.50%,

12/1/2048

63,024

62,759

Pool#

SD0295

3.00%,

2/1/2049

1,817,348

1,671,612

Pool#

ZA6536

4.00%,

3/1/2049

74,831

72,509

Pool#

ZA6380

4.00%,

3/1/2049

72,594

70,491

Pool#

ZT1858

4.50%,

4/1/2049

37,362

37,241

Pool#

QA8965

3.00%,

4/1/2050

555,350

502,743

Pool#

RA2579

3.00%,

5/1/2050

258,648

233,933

Pool#

RA3022

2.50%,

6/1/2050

584,442

505,346

Pool#

SD7521

2.50%,

7/1/2050

871,210

762,960

Pool#

RA3174

3.00%,

7/1/2050

542,430

492,611

Pool#

SD7523

2.50%,

8/1/2050

228,063

199,425

Pool#

RA3382

3.00%,

8/1/2050

535,416

483,589

Pool#

SD0500

3.00%,

8/1/2050

40,352

36,749

Pool#

SD0514

2.00%,

10/1/2050

847,346

703,313

Pool#

RA3723

2.00%,

10/1/2050

269,467

223,518

Pool#

RA3935

2.50%,

11/1/2050

2,552,943

2,215,337

Pool#

RA3932

2.50%,

11/1/2050

1,502,499

1,306,255

Pool#

RA3934

2.50%,

11/1/2050

751,527

649,117

Pool#

RA3987

2.50%,

11/1/2050

330,864

287,110

Pool#

RA4071

2.50%,

12/1/2050

877,913

758,281

Pool#

RA4216

2.50%,

12/1/2050

806,730

696,797

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA4411

2.50%,

1/1/2051

1,865,603

1,618,797

Pool#

RA4351

2.50%,

1/1/2051

986,560

852,006

Pool#

RA4410

2.50%,

1/1/2051

674,241

582,328

Pool#

RA4652

2.00%,

2/1/2051

3,099,432

2,569,384

Pool#

RA4493

2.00%,

2/1/2051

1,471,201

1,219,497

Pool#

QB9104

2.00%,

2/1/2051

784,358

650,227

Pool#

RA4737

2.00%,

3/1/2051

2,839,422

2,354,076

Pool#

RA4718

2.00%,

3/1/2051

1,245,359

1,032,299

Pool#

SD7537

2.00%,

3/1/2051

664,909

551,309

Pool#

SD8139

1.50%,

4/1/2051

940,460

738,763

Pool#

SD8140

2.00%,

4/1/2051

5,293,920

4,388,194

Pool#

SD8145

1.50%,

5/1/2051

1,863,989

1,466,535

Pool#

SD8146

2.00%,

5/1/2051

9,574,351

7,935,525

Pool#

QC2070

2.00%,

5/1/2051

131,108

108,809

Pool#

SD0593

3.00%,

5/1/2051

1,916,717

1,751,532

Pool#

RA5436

2.00%,

6/1/2051

396,891

328,828

Pool#

RA5373

2.00%,

6/1/2051

332,762

276,103

Pool#

SD8154

1.50%,

7/1/2051

1,878,734

1,477,849

Pool#

RA5398

2.00%,

7/1/2051

1,129,423

937,118

Pool#

QC5128

2.00%,

8/1/2051

320,675

265,820

Pool#

SD8166

2.00%,

9/1/2051

1,878,657

1,556,347

Pool#

RA6140

2.00%,

10/1/2051

1,335,647

1,106,010

Pool#

RA6085

2.00%,

10/1/2051

794,962

660,055

Pool#

RA6091

2.00%,

10/1/2051

768,460

637,146

Pool#

RA6503

2.00%,

12/1/2051

9,210,868

7,628,185

Pool#

RA6624

2.00%,

1/1/2052

5,937,104

4,915,342

Pool#

SD0856

2.00%,

1/1/2052

1,468,123

1,214,572

Pool#

RA7543

4.00%,

6/1/2052

215,797

206,477

Pool#

SD8224

2.50%,

7/1/2052

2,917,151

2,515,675

Pool#

RA7664

4.00%,

7/1/2052

494,384

473,038

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD1488

4.00%,

8/1/2052

556,509

532,329

Pool#

SD1424

4.00%,

8/1/2052

476,436

456,006

Pool#

SD1501

4.00%,

8/1/2052

265,304

253,927

Pool#

RA7920

4.00%,

9/1/2052

560,308

535,986

Pool#

SD2215

4.00%,

10/1/2052

594,270

572,587

Pool#

RA8406

5.00%,

1/1/2053

742,334

741,378

Pool#

RA8411

5.50%,

1/1/2053

198,733

203,903

Pool#

SD2516

5.50%,

3/1/2053

877,140

885,960

Pool#

SD2661

5.50%,

4/1/2053

694,781

701,994

FNMA

Pool

Pool#

AC9895

3.06%,

4/1/2040(a)

358,782

350,690

Pool#

AC9890

3.45%,

4/1/2040(a)

218,628

214,097

Pool#

AJ1249

4.07%,

9/1/2041(a)

66,483

67,456

Pool#

AK0714

4.24%,

2/1/2042(a)

9,666

9,470

Pool#

AT4250

3.39%,

6/1/2043(a)

19,240

19,309

Pool#

BF0203

3.00%,

2/1/2047

469,188

437,232

Pool#

BF0206

4.00%,

2/1/2047

270,122

262,220

Pool#

BF0200

3.50%,

11/1/2051

188,290

177,297

Pool#

BF0171

4.00%,

1/1/2057

160,400

156,578

Pool#

BF0184

4.00%,

2/1/2057

185,149

180,738

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

7,280

7,277

Pool#

934863

4.00%,

6/1/2024

22,406

22,400

Pool#

AC1374

4.00%,

8/1/2024

10,723

10,770

Pool#

AC1529

4.50%,

9/1/2024

42,742

42,701

Pool#

AD0244

4.50%,

10/1/2024

5,220

5,233

Pool#

AD4089

4.50%,

5/1/2025

66,463

66,642

Pool#

890216

4.50%,

7/1/2025

12,139

12,171

Pool#

AB1609

4.00%,

10/1/2025

35,311

35,136

Pool#

AH1361

3.50%,

12/1/2025

32,359

31,778

Pool#

AH1518

3.50%,

12/1/2025

16,219

15,923

46

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AH5616

3.50%,

2/1/2026

97,433

95,657

Pool#

AL0298

4.00%,

5/1/2026

88,039

87,496

Pool#

AB4277

3.00%,

1/1/2027

164,816

160,310

Pool#

AL1391

3.50%,

1/1/2027

2,371

2,324

Pool#

AP4746

3.00%,

8/1/2027

45,189

43,915

Pool#

AP7855

3.00%,

9/1/2027

269,586

261,761

Pool#

AP4640

3.00%,

9/1/2027

32,107

31,184

Pool#

AQ5096

3.00%,

11/1/2027

66,278

64,354

Pool#

AB6887

3.00%,

11/1/2027

54,006

52,417

Pool#

AQ4532

3.00%,

11/1/2027

46,218

44,852

Pool#

AQ3758

3.00%,

11/1/2027

33,536

32,541

Pool#

AB6886

3.00%,

11/1/2027

27,937

27,115

Pool#

AQ7406

3.00%,

11/1/2027

26,200

25,459

Pool#

AQ2884

3.00%,

12/1/2027

24,651

23,911

Pool#

AS0487

2.50%,

9/1/2028

140,317

134,604

Pool#

930998

4.50%,

4/1/2029

3,024

3,023

Pool#

BM1507

2.50%,

12/1/2029

80,222

77,141

Pool#

AL8077

3.50%,

12/1/2029

9,642

9,392

Pool#

BM4299

3.00%,

3/1/2030

306,197

297,893

Pool#

AS4874

3.00%,

4/1/2030

211,153

202,259

Pool#

AS5412

2.50%,

7/1/2030

83,157

78,627

Pool#

AS5420

3.00%,

7/1/2030

179,357

171,800

Pool#

AL7152

3.50%,

7/1/2030

186,572

181,597

Pool#

AS5702

2.50%,

8/1/2030

296,494

280,337

Pool#

AZ4898

2.50%,

8/1/2030

184,615

174,558

Pool#

AY8448

3.00%,

8/1/2030

619,315

592,621

Pool#

AZ2953

3.00%,

9/1/2030

533,673

510,702

Pool#

AZ5718

3.00%,

9/1/2030

357,654

342,222

Pool#

AS6060

3.00%,

10/1/2030

399,931

382,862

Pool#

AZ9234

3.50%,

10/1/2030

23,046

22,364

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BA2993

3.00%,

11/1/2030

85,079

81,493

Pool#

AS6174

3.50%,

11/1/2030

10,861

10,578

Pool#

AS6272

2.50%,

12/1/2030

111,572

105,492

Pool#

AS6295

3.00%,

12/1/2030

158,904

152,202

Pool#

BA3545

3.00%,

12/1/2030

73,222

70,143

Pool#

AH1515

4.00%,

12/1/2030

169,180

165,179

Pool#

AD0716

6.50%,

12/1/2030

482,459

497,809

Pool#

BA6532

2.50%,

1/1/2031

87,144

82,402

Pool#

BM5016

3.00%,

1/1/2031

256,251

245,476

Pool#

AB2121

4.00%,

1/1/2031

27,118

26,476

Pool#

AL8060

3.00%,

2/1/2031

182,521

174,845

Pool#

MA0641

4.00%,

2/1/2031

118,417

115,616

Pool#

560868

7.50%,

2/1/2031

504

502

Pool#

AS6799

3.00%,

3/1/2031

135,674

129,746

Pool#

BC0774

3.00%,

3/1/2031

79,302

75,888

Pool#

BC4410

3.50%,

3/1/2031

9,746

9,463

Pool#

AS6919

3.50%,

3/1/2031

9,055

8,819

Pool#

BC0320

3.50%,

3/1/2031

7,346

7,149

Pool#

BC4430

3.00%,

4/1/2031

29,832

28,455

Pool#

AL8565

3.00%,

6/1/2031

98,453

94,150

Pool#

AL8566

3.00%,

6/1/2031

90,496

86,538

Pool#

AL8561

3.50%,

6/1/2031

87,260

84,995

Pool#

AS8028

2.50%,

9/1/2031

324,865

306,333

Pool#

AL9378

3.00%,

9/1/2031

47,219

45,228

Pool#

MA2775

2.50%,

10/1/2031

671,532

633,262

Pool#

BM1888

2.50%,

10/1/2031

563,363

541,104

Pool#

AS8038

2.50%,

10/1/2031

306,608

289,113

Pool#

BC4777

2.50%,

10/1/2031

249,721

235,115

Pool#

AL9323

2.50%,

10/1/2031

14,302

13,487

Pool#

AS8612

3.00%,

10/1/2031

82,942

79,316

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

47

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

607212

7.50%,

10/1/2031

2,811

2,810

Pool#

MA0895

3.50%,

11/1/2031

120,251

118,303

Pool#

MA2830

2.50%,

12/1/2031

262,688

247,709

Pool#

BM3814

2.50%,

12/1/2031

180,422

170,137

Pool#

AS8594

2.50%,

1/1/2032

212,433

200,320

Pool#

AS8597

2.50%,

1/1/2032

178,702

168,508

Pool#

AS8609

3.00%,

1/1/2032

131,387

125,649

Pool#

AL9786

3.00%,

1/1/2032

121,839

116,711

Pool#

AL9585

3.50%,

1/1/2032

48,331

47,072

Pool#

BM1036

2.50%,

2/1/2032

966,587

911,468

Pool#

BM4624

3.00%,

2/1/2032

137,546

131,548

Pool#

AL9872

3.00%,

2/1/2032

102,607

98,130

Pool#

AL9740

3.00%,

2/1/2032

92,416

88,375

Pool#

AL9871

3.00%,

2/1/2032

62,964

60,215

Pool#

AS8767

3.00%,

2/1/2032

10,764

10,293

Pool#

BM1007

2.50%,

3/1/2032

287,838

270,001

Pool#

AL9899

3.00%,

3/1/2032

18,512

17,703

Pool#

BM3269

2.50%,

4/1/2032

425,056

400,808

Pool#

MA1029

3.50%,

4/1/2032

104,263

102,574

Pool#

545556

7.00%,

4/1/2032

1,907

1,975

Pool#

AO2565

3.50%,

5/1/2032

29,745

28,970

Pool#

AS9695

3.50%,

5/1/2032

21,608

21,044

Pool#

545605

7.00%,

5/1/2032

2,615

2,724

Pool#

BM4088

3.00%,

6/1/2032

168,025

160,684

Pool#

AO5103

3.50%,

6/1/2032

116,044

114,164

Pool#

890786

3.50%,

6/1/2032

21,474

20,913

Pool#

MA1107

3.50%,

7/1/2032

14,886

14,530

Pool#

FM1664

4.00%,

7/1/2032

73,823

73,369

Pool#

651361

7.00%,

7/1/2032

936

939

Pool#

BM1669

3.00%,

8/1/2032

104,944

100,357

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AP1990

3.50%,

8/1/2032

51,712

50,874

Pool#

AP1997

3.50%,

8/1/2032

27,914

27,462

Pool#

BH5355

3.50%,

8/1/2032

5,486

5,342

Pool#

AO7202

3.50%,

9/1/2032

103,635

100,937

Pool#

MA1166

3.50%,

9/1/2032

80,802

78,697

Pool#

BM5167

3.50%,

9/1/2032

14,473

14,096

Pool#

CA0586

2.50%,

10/1/2032

43,753

41,044

Pool#

AP3673

3.50%,

10/1/2032

92,302

89,898

Pool#

BH9391

3.50%,

10/1/2032

6,625

6,453

Pool#

BM3389

3.00%,

11/1/2032

170,222

162,772

Pool#

AB6962

3.50%,

11/1/2032

142,332

138,623

Pool#

AQ3343

3.50%,

11/1/2032

85,193

82,980

Pool#

BM3977

3.00%,

12/1/2032

247,304

236,483

Pool#

CA0951

3.00%,

12/1/2032

132,190

126,403

Pool#

FM1661

2.50%,

1/1/2033

478,916

455,223

Pool#

BM4338

2.50%,

1/1/2033

278,518

262,636

Pool#

BM3919

3.00%,

2/1/2033

158,152

151,239

Pool#

BM3750

3.50%,

3/1/2033

133,343

129,859

Pool#

BM4129

3.50%,

4/1/2033

161,474

157,270

Pool#

555346

5.50%,

4/1/2033

28,242

29,144

Pool#

713560

5.50%,

4/1/2033

6,531

6,634

Pool#

694846

6.50%,

4/1/2033

5,962

6,152

Pool#

AB9402

3.00%,

5/1/2033

171,816

161,902

Pool#

AB9403

3.00%,

5/1/2033

73,878

69,616

Pool#

AB9300

3.00%,

5/1/2033

57,521

54,203

Pool#

BM4132

3.50%,

5/1/2033

124,185

120,937

Pool#

MA3372

4.00%,

5/1/2033

104,747

103,836

Pool#

555421

5.00%,

5/1/2033

596,465

609,143

Pool#

MA3393

4.00%,

6/1/2033

45,499

45,041

Pool#

MA3427

4.00%,

7/1/2033

35,087

34,762

48

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

720087

5.50%,

7/1/2033

106,238

109,541

Pool#

728721

5.50%,

7/1/2033

12,079

12,465

Pool#

555684

5.50%,

7/1/2033

4,231

4,367

Pool#

MA1527

3.00%,

8/1/2033

590,884

556,786

Pool#

743235

5.50%,

10/1/2033

8,500

8,753

Pool#

750229

6.50%,

10/1/2033

16,463

16,980

Pool#

FM2154

4.00%,

12/1/2033

141,585

140,885

Pool#

755872

5.50%,

12/1/2033

90,188

92,989

Pool#

725221

5.50%,

1/1/2034

2,519

2,600

Pool#

725223

5.50%,

3/1/2034

301

311

Pool#

725228

6.00%,

3/1/2034

238,544

248,040

Pool#

725425

5.50%,

4/1/2034

145,449

150,099

Pool#

725423

5.50%,

5/1/2034

14,298

14,752

Pool#

725594

5.50%,

7/1/2034

62,461

64,458

Pool#

MA3739

3.50%,

8/1/2034

92,804

89,922

Pool#

788027

6.50%,

9/1/2034

20,496

21,140

Pool#

MA3827

2.50%,

11/1/2034

527,319

492,629

Pool#

FM1905

3.00%,

11/1/2034

64,963

61,697

Pool#

807310

7.00%,

11/1/2034

1,819

1,881

Pool#

FM2412

3.50%,

1/1/2035

36,322

35,193

Pool#

735141

5.50%,

1/1/2035

189,961

196,038

Pool#

889852

5.50%,

5/1/2035

5,314

5,484

Pool#

FM5474

2.50%,

10/1/2035

480,360

446,940

Pool#

MA4156

2.50%,

10/1/2035

397,522

369,867

Pool#

FM4900

2.00%,

12/1/2035

64,202

58,084

Pool#

256023

6.00%,

12/1/2035

174,841

182,225

Pool#

CA8793

2.00%,

2/1/2036

1,534,161

1,384,142

Pool#

CA8736

2.00%,

2/1/2036

742,860

670,450

Pool#

CA8789

2.00%,

2/1/2036

732,220

660,614

Pool#

FM5908

2.00%,

2/1/2036

523,783

473,866

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA9141

2.00%,

2/1/2036

511,449

462,703

Pool#

CA9145

2.00%,

2/1/2036

417,748

376,904

Pool#

FM5571

2.00%,

2/1/2036

243,424

220,225

Pool#

CA9435

2.00%,

3/1/2036

462,445

417,219

Pool#

CA9475

2.00%,

3/1/2036

432,651

390,341

Pool#

CA9441

2.50%,

3/1/2036

341,699

318,203

Pool#

CB0262

2.00%,

4/1/2036

686,315

619,186

Pool#

745418

5.50%,

4/1/2036

27,995

28,967

Pool#

FM7259

2.50%,

5/1/2036

297,727

277,769

Pool#

745516

5.50%,

5/1/2036

16,089

16,653

Pool#

MA4360

2.00%,

6/1/2036

1,224,151

1,104,419

Pool#

889745

5.50%,

6/1/2036

3,031

3,128

Pool#

CB1090

2.50%,

7/1/2036

178,864

166,307

Pool#

FM8538

2.00%,

8/1/2036

236,984

213,883

Pool#

995065

5.50%,

9/1/2036

104,060

107,384

Pool#

888635

5.50%,

9/1/2036

68,265

70,447

Pool#

MA4441

1.50%,

10/1/2036

270,087

237,448

Pool#

MA4535

1.50%,

2/1/2037

4,577,814

4,024,520

Pool#

MA4566

1.50%,

3/1/2037

2,047,416

1,799,924

Pool#

MA4581

1.50%,

4/1/2037

536,430

471,582

Pool#

BT2234

2.00%,

4/1/2037

5,287,272

4,769,851

Pool#

MA4582

2.00%,

4/1/2037

2,604,500

2,349,631

Pool#

FS2950

2.50%,

4/1/2037

97,228

90,402

Pool#

FS2035

2.00%,

5/1/2037

2,575,524

2,323,488

Pool#

CB4006

2.00%,

5/1/2037

2,184,591

1,970,828

Pool#

MA4628

2.50%,

6/1/2037

195,978

181,847

Pool#

FS2497

1.50%,

8/1/2037

335,520

295,068

Pool#

995024

5.50%,

8/1/2037

37,583

38,786

Pool#

995050

6.00%,

9/1/2037

343,052

358,382

Pool#

955194

7.00%,

11/1/2037

34,199

35,974

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

49

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

928940

7.00%,

12/1/2037

20,788

20,708

Pool#

MA3389

4.00%,

6/1/2038

69,984

68,293

Pool#

MA3464

3.50%,

9/1/2038

143,413

137,207

Pool#

990810

7.00%,

10/1/2038

40,685

40,452

Pool#

AD8536

5.00%,

8/1/2040

107,031

109,058

Pool#

AB1735

3.50%,

11/1/2040

4,796

4,576

Pool#

AE9747

4.50%,

12/1/2040

388,720

390,929

Pool#

AB2067

3.50%,

1/1/2041

156,549

150,051

Pool#

932888

3.50%,

1/1/2041

125,099

119,364

Pool#

AB2068

3.50%,

1/1/2041

88,049

84,023

Pool#

932891

3.50%,

1/1/2041

21,602

20,609

Pool#

AL3650

5.00%,

2/1/2041

7,413

7,571

Pool#

AL6521

5.00%,

4/1/2041

666,839

681,051

Pool#

AL0390

5.00%,

5/1/2041

218,704

223,377

Pool#

AL5863

4.50%,

6/1/2041

1,301,068

1,305,755

Pool#

AI9851

4.50%,

9/1/2041

22,577

22,647

Pool#

AL0761

5.00%,

9/1/2041

71,014

72,530

Pool#

BM3907

5.50%,

9/1/2041

170,398

175,846

Pool#

AJ5431

4.50%,

10/1/2041

48,992

49,221

Pool#

AJ4861

4.00%,

12/1/2041

73,312

71,750

Pool#

AX5316

4.50%,

1/1/2042

38,835

39,056

Pool#

AL2499

4.50%,

1/1/2042

12,429

12,511

Pool#

AW8167

3.50%,

2/1/2042

459,904

438,771

Pool#

AB5185

3.50%,

5/1/2042

202,768

193,449

Pool#

AO3575

4.50%,

5/1/2042

45,014

45,154

Pool#

AO4647

3.50%,

6/1/2042

463,453

442,151

Pool#

AO8036

4.50%,

7/1/2042

214,898

215,562

Pool#

AP2092

4.50%,

8/1/2042

11,329

11,195

Pool#

AP6579

3.50%,

9/1/2042

407,977

389,236

Pool#

AL2782

4.50%,

9/1/2042

68,864

69,256

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB6524

3.50%,

10/1/2042

626,836

597,800

Pool#

AB7074

3.00%,

11/1/2042

356,737

329,009

Pool#

AP8785

3.00%,

11/1/2042

121,188

111,774

Pool#

AL2677

3.50%,

11/1/2042

409,889

391,053

Pool#

AB6786

3.50%,

11/1/2042

211,029

201,298

Pool#

MA1273

3.50%,

12/1/2042

173,480

165,489

Pool#

AR4210

3.50%,

1/1/2043

101,763

97,042

Pool#

AT4040

3.00%,

3/1/2043

95,966

88,506

Pool#

AR8213

3.50%,

4/1/2043

96,182

91,761

Pool#

AB9238

3.00%,

5/1/2043

590,190

544,311

Pool#

AB9237

3.00%,

5/1/2043

470,231

433,676

Pool#

AB9236

3.00%,

5/1/2043

152,811

140,932

Pool#

AB9362

3.50%,

5/1/2043

627,842

598,817

Pool#

AT4145

3.00%,

6/1/2043

175,818

162,148

Pool#

AB9814

3.00%,

7/1/2043

564,864

520,952

Pool#

AT6871

3.00%,

7/1/2043

77,592

71,562

Pool#

AS0203

3.00%,

8/1/2043

430,988

397,482

Pool#

AS0255

4.50%,

8/1/2043

151,243

151,169

Pool#

AS0516

3.00%,

9/1/2043

296,571

273,526

Pool#

AL4471

4.00%,

9/1/2043

230,332

226,574

Pool#

AL6951

3.50%,

10/1/2043

295,921

282,275

Pool#

BM4222

3.00%,

1/1/2044

409,300

377,504

Pool#

AS2276

4.50%,

4/1/2044

233,977

233,862

Pool#

AW1006

4.00%,

5/1/2044

87,521

86,358

Pool#

AL7767

4.50%,

6/1/2044

21,296

20,922

Pool#

AS3161

4.00%,

8/1/2044

510,343

497,566

Pool#

BM4650

3.00%,

10/1/2044

746,281

688,308

Pool#

CA0688

3.50%,

10/1/2044

179,709

171,378

Pool#

BC5090

4.00%,

10/1/2044

40,801

39,830

Pool#

AS3946

4.00%,

12/1/2044

609,178

598,314

50

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL8303

3.00%,

1/1/2045

131,254

121,058

Pool#

BM4384

4.00%,

1/1/2045

216,947

212,053

Pool#

BM3611

4.00%,

1/1/2045

182,297

178,411

Pool#

BM3804

3.50%,

2/1/2045

82,609

78,782

Pool#

AL9555

4.00%,

2/1/2045

1,168,153

1,143,260

Pool#

AX9524

4.00%,

2/1/2045

690,592

681,415

Pool#

AS4418

4.00%,

2/1/2045

459,200

453,099

Pool#

AS4375

4.00%,

2/1/2045

314,591

310,411

Pool#

AL6889

4.50%,

2/1/2045

74,090

74,053

Pool#

BM3931

3.00%,

3/1/2045

361,987

333,868

Pool#

AY1312

3.50%,

3/1/2045

1,121,262

1,062,765

Pool#

AX9567

3.50%,

3/1/2045

62,712

59,422

Pool#

AS4578

4.00%,

3/1/2045

90,238

89,039

Pool#

BM4975

4.00%,

3/1/2045

87,681

85,513

Pool#

BM3664

3.00%,

5/1/2045

402,285

371,034

Pool#

AS4921

3.50%,

5/1/2045

538,342

509,598

Pool#

AS5012

4.00%,

5/1/2045

862,353

850,895

Pool#

BM5562

4.00%,

6/1/2045

166,909

163,299

Pool#

AS5312

3.50%,

7/1/2045

110,111

104,026

Pool#

AZ7111

4.00%,

7/1/2045

11,225

10,943

Pool#

AZ9866

4.00%,

8/1/2045

8,408

8,138

Pool#

AL7207

4.50%,

8/1/2045

93,103

93,057

Pool#

AL9634

3.50%,

10/1/2045

68,799

65,639

Pool#

BA2164

3.00%,

11/1/2045

90,866

83,616

Pool#

AS6311

3.50%,

12/1/2045

874,145

825,306

Pool#

AS6282

3.50%,

12/1/2045

827,317

781,097

Pool#

BC0326

3.50%,

12/1/2045

500,851

472,868

Pool#

BC0092

3.50%,

12/1/2045

49,109

46,365

Pool#

BC0475

3.50%,

12/1/2045

34,958

33,027

Pool#

AS6362

4.50%,

12/1/2045

15,583

15,544

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS6474

3.50%,

1/1/2046

202,534

191,825

Pool#

AS6539

3.50%,

1/1/2046

186,781

176,905

Pool#

AL9849

3.50%,

1/1/2046

101,998

97,280

Pool#

AS6527

4.00%,

1/1/2046

124,232

121,121

Pool#

BC0178

4.50%,

1/1/2046

2,086

2,080

Pool#

BC1158

3.50%,

2/1/2046

678,893

640,961

Pool#

BC2667

4.00%,

2/1/2046

19,571

19,081

Pool#

BC0605

4.00%,

2/1/2046

14,456

14,085

Pool#

AL9781

4.50%,

2/1/2046

180,006

180,408

Pool#

BC0300

3.50%,

3/1/2046

509,469

481,002

Pool#

BM4621

3.50%,

3/1/2046

260,281

248,320

Pool#

AS6833

3.50%,

3/1/2046

11,226

10,613

Pool#

AS6795

4.00%,

3/1/2046

60,975

59,376

Pool#

BA6972

4.00%,

3/1/2046

22,735

22,166

Pool#

BC0311

4.50%,

3/1/2046

2,549

2,542

Pool#

BC0823

3.50%,

4/1/2046

84,672

79,941

Pool#

BA7692

3.50%,

4/1/2046

11,213

10,587

Pool#

AS7026

4.00%,

4/1/2046

48,431

47,228

Pool#

AS7171

3.50%,

5/1/2046

23,875

22,541

Pool#

AS7251

4.00%,

5/1/2046

8,941

8,717

Pool#

AS7387

3.50%,

6/1/2046

65,122

61,483

Pool#

AL8833

4.00%,

6/1/2046

552,484

545,145

Pool#

AS7594

3.50%,

7/1/2046

453,449

428,110

Pool#

AS7593

3.50%,

7/1/2046

428,880

404,914

Pool#

AL8824

3.50%,

7/1/2046

121,541

115,114

Pool#

AS7545

3.50%,

7/1/2046

113,751

107,395

Pool#

AS7490

3.50%,

7/1/2046

82,238

77,643

Pool#

BC1452

4.00%,

7/1/2046

821,611

801,362

Pool#

BD5180

4.50%,

7/1/2046

1,230

1,222

Pool#

MA2705

3.00%,

8/1/2046

415,822

381,527

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

51

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC1489

3.00%,

8/1/2046

98,823

90,751

Pool#

BD4890

3.50%,

8/1/2046

531,864

502,145

Pool#

BC9501

3.50%,

8/1/2046

18,429

17,399

Pool#

AS7760

4.00%,

8/1/2046

93,319

90,963

Pool#

AS7648

4.00%,

8/1/2046

39,839

38,813

Pool#

AS7795

4.00%,

8/1/2046

35,400

34,502

Pool#

BD3911

4.00%,

8/1/2046

8,126

7,920

Pool#

BD3923

4.00%,

8/1/2046

6,243

6,084

Pool#

AS7770

4.50%,

8/1/2046

23,573

23,556

Pool#

BD5232

4.50%,

8/1/2046

4,321

4,313

Pool#

AL8947

3.50%,

9/1/2046

151,761

143,281

Pool#

BD4944

3.50%,

9/1/2046

13,670

12,906

Pool#

AL9263

3.00%,

10/1/2046

143,948

131,881

Pool#

AL9234

3.50%,

10/1/2046

59,197

55,995

Pool#

AS8125

3.50%,

10/1/2046

33,865

31,972

Pool#

BM3932

3.50%,

10/1/2046

33,781

31,894

Pool#

FM1871

4.00%,

10/1/2046

83,359

81,582

Pool#

BC4766

4.50%,

10/1/2046

27,304

27,236

Pool#

AS8154

4.50%,

10/1/2046

8,251

8,245

Pool#

FM1368

3.00%,

11/1/2046

802,147

737,814

Pool#

MA2806

3.00%,

11/1/2046

276,769

254,341

Pool#

BC9003

3.00%,

11/1/2046

111,056

101,713

Pool#

AS8369

3.50%,

11/1/2046

435,712

411,364

Pool#

BE5067

3.50%,

11/1/2046

294,695

278,414

Pool#

BE0065

3.50%,

11/1/2046

11,163

10,570

Pool#

BE5038

4.00%,

11/1/2046

10,316

10,272

Pool#

MA2833

3.00%,

12/1/2046

2,323,066

2,134,698

Pool#

AS8483

3.00%,

12/1/2046

547,810

503,480

Pool#

BC9067

3.00%,

12/1/2046

272,357

249,346

Pool#

AS8488

3.00%,

12/1/2046

216,150

197,963

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8509

3.00%,

12/1/2046

71,192

65,390

Pool#

BM1121

3.50%,

12/1/2046

445,551

420,793

Pool#

AS8492

3.50%,

12/1/2046

440,495

417,201

Pool#

AS8572

3.50%,

12/1/2046

313,049

295,556

Pool#

AS8417

3.50%,

12/1/2046

266,100

251,229

Pool#

BE4224

3.50%,

12/1/2046

11,521

10,877

Pool#

AS8650

3.00%,

1/1/2047

938,739

855,867

Pool#

AL9697

3.00%,

1/1/2047

554,232

507,996

Pool#

AS8647

3.00%,

1/1/2047

408,377

373,858

Pool#

BE5775

3.00%,

1/1/2047

351,106

319,160

Pool#

AL9774

3.50%,

1/1/2047

292,726

278,357

Pool#

BM3204

3.50%,

1/1/2047

227,223

215,212

Pool#

BD2440

3.50%,

1/1/2047

157,831

149,012

Pool#

AS8692

3.50%,

1/1/2047

142,579

134,752

Pool#

BD2450

3.50%,

1/1/2047

108,741

102,832

Pool#

BE6548

3.50%,

1/1/2047

56,223

53,082

Pool#

BE5856

4.50%,

1/1/2047

6,811

6,800

Pool#

BE7115

4.50%,

1/1/2047

6,421

6,400

Pool#

BE6503

4.50%,

1/1/2047

3,643

3,634

Pool#

BM3908

5.50%,

1/1/2047

33,890

34,975

Pool#

MA2895

3.00%,

2/1/2047

2,950,775

2,699,333

Pool#

BM3688

3.50%,

2/1/2047

354,892

335,064

Pool#

BD5046

3.50%,

2/1/2047

66,825

63,091

Pool#

BM5274

4.00%,

2/1/2047

60,121

58,615

Pool#

BE8495

4.50%,

2/1/2047

3,627

3,618

Pool#

BE7869

4.50%,

2/1/2047

2,919

2,910

Pool#

AL9859

3.00%,

3/1/2047

876,718

802,038

Pool#

AL9848

3.00%,

3/1/2047

287,267

262,892

Pool#

BM5383

4.00%,

3/1/2047

39,306

38,322

Pool#

AS8966

4.00%,

3/1/2047

25,378

24,703

52

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8979

4.50%,

3/1/2047

40,508

40,422

Pool#

BE9247

4.50%,

3/1/2047

4,117

4,103

Pool#

BM3707

2.50%,

4/1/2047

153,688

134,804

Pool#

AS9463

3.50%,

4/1/2047

122,227

115,434

Pool#

AS9451

3.50%,

4/1/2047

83,784

79,101

Pool#

BD7122

4.00%,

4/1/2047

375,472

365,643

Pool#

AS9467

4.00%,

4/1/2047

203,520

198,213

Pool#

AS9470

4.50%,

4/1/2047

131,293

130,894

Pool#

BH0304

4.50%,

4/1/2047

6,309

6,295

Pool#

AS9562

3.00%,

5/1/2047

61,922

56,555

Pool#

BM3237

3.50%,

5/1/2047

304,262

287,357

Pool#

AS9577

3.50%,

5/1/2047

117,749

111,168

Pool#

BM1268

4.00%,

5/1/2047

221,135

215,369

Pool#

BE3670

3.50%,

6/1/2047

120,554

113,799

Pool#

AS9794

3.50%,

6/1/2047

109,537

103,568

Pool#

AS9747

4.00%,

6/1/2047

553,515

541,606

Pool#

BM3549

4.00%,

6/1/2047

224,188

218,631

Pool#

BE3702

4.00%,

6/1/2047

81,230

79,095

Pool#

BM1295

4.50%,

6/1/2047

85,509

85,328

Pool#

BE9624

4.50%,

6/1/2047

11,591

11,520

Pool#

BM3801

3.00%,

7/1/2047

487,468

446,283

Pool#

AS9938

3.50%,

7/1/2047

119,079

112,784

Pool#

BM1551

3.50%,

7/1/2047

107,260

101,300

Pool#

AS9909

3.50%,

7/1/2047

56,780

53,624

Pool#

BM1492

4.00%,

7/1/2047

383,669

373,665

Pool#

AS9973

4.00%,

7/1/2047

26,056

25,353

Pool#

890673

3.00%,

8/1/2047

246,593

226,070

Pool#

MA3087

3.50%,

8/1/2047

199,188

188,213

Pool#

CA0240

3.50%,

8/1/2047

102,146

96,327

Pool#

BM1658

3.50%,

8/1/2047

85,918

81,117

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BH7375

3.50%,

8/1/2047

66,763

63,032

Pool#

CA0123

4.00%,

8/1/2047

323,649

316,685

Pool#

BH2597

4.00%,

8/1/2047

193,145

187,850

Pool#

BH5359

4.00%,

8/1/2047

120,491

117,412

Pool#

CA0133

4.00%,

8/1/2047

37,197

36,177

Pool#

BM5787

4.00%,

8/1/2047

10,887

10,623

Pool#

CA0407

3.50%,

9/1/2047

165,080

155,570

Pool#

BH4004

4.00%,

9/1/2047

182,162

177,243

Pool#

BM3556

4.00%,

9/1/2047

110,834

109,745

Pool#

CA0392

4.00%,

9/1/2047

73,129

71,006

Pool#

CA0265

4.00%,

9/1/2047

23,182

22,566

Pool#

CA0487

3.50%,

10/1/2047

436,043

410,726

Pool#

BM1959

3.50%,

10/1/2047

311,491

295,018

Pool#

CA0493

4.00%,

10/1/2047

192,167

186,898

Pool#

BM3015

4.00%,

10/1/2047

132,366

130,034

Pool#

CA0549

4.00%,

10/1/2047

123,445

120,060

Pool#

CA0496

4.50%,

10/1/2047

137,407

137,259

Pool#

CA0623

4.50%,

10/1/2047

32,084

32,058

Pool#

CA0693

3.50%,

11/1/2047

305,972

288,588

Pool#

CA0680

3.50%,

11/1/2047

154,115

145,967

Pool#

BM3358

3.50%,

11/1/2047

135,208

128,060

Pool#

CA0696

4.00%,

11/1/2047

322,117

312,364

Pool#

BM3191

4.00%,

11/1/2047

69,020

67,171

Pool#

CA0808

4.00%,

11/1/2047

55,528

54,157

Pool#

BM3379

3.00%,

12/1/2047

451,109

413,811

Pool#

BJ2492

3.50%,

12/1/2047

191,633

180,805

Pool#

MA3211

4.00%,

12/1/2047

501,033

488,174

Pool#

BJ1699

4.00%,

12/1/2047

159,429

157,863

Pool#

CA0991

3.50%,

1/1/2048

311,354

294,891

Pool#

MA3238

3.50%,

1/1/2048

311,225

293,567

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

53

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA1015

4.00%,

1/1/2048

196,366

191,322

Pool#

CA1025

4.50%,

1/1/2048

254,360

253,743

Pool#

CA1189

3.50%,

2/1/2048

1,206,420

1,138,397

Pool#

BH9280

3.50%,

2/1/2048

654,551

618,173

Pool#

CA1242

3.50%,

2/1/2048

151,969

144,508

Pool#

MA3277

4.00%,

2/1/2048

11,399

11,004

Pool#

BJ8271

4.50%,

2/1/2048

295,141

294,402

Pool#

BJ8269

4.50%,

2/1/2048

187,449

187,247

Pool#

BK1586

4.50%,

2/1/2048

183,342

182,898

Pool#

BJ8270

4.50%,

2/1/2048

167,808

167,258

Pool#

CA4341

3.00%,

3/1/2048

107,221

97,524

Pool#

MA3305

3.50%,

3/1/2048

33,784

31,849

Pool#

BK1972

4.50%,

3/1/2048

52,161

52,323

Pool#

BJ0640

5.00%,

3/1/2048

15,013

15,193

Pool#

CA1531

3.50%,

4/1/2048

116,827

111,090

Pool#

CA1510

3.50%,

4/1/2048

67,099

63,256

Pool#

CA1551

4.00%,

4/1/2048

496,588

481,034

Pool#

CA1560

4.50%,

4/1/2048

103,197

102,750

Pool#

BJ2681

5.00%,

4/1/2048

38,974

39,417

Pool#

MA3348

5.00%,

4/1/2048

3,419

3,466

Pool#

BM4024

3.50%,

5/1/2048

73,985

70,354

Pool#

MA3358

4.50%,

5/1/2048

152,965

151,283

Pool#

MA3374

5.00%,

5/1/2048

11,042

11,194

Pool#

CA1898

4.50%,

6/1/2048

129,428

129,462

Pool#

CA1951

4.00%,

7/1/2048

128,170

124,523

Pool#

BK6577

4.50%,

7/1/2048

10,946

10,848

Pool#

CA1988

4.50%,

7/1/2048

4,015

3,991

Pool#

BK4766

4.50%,

8/1/2048

212,234

211,365

Pool#

CA2376

4.00%,

9/1/2048

116,699

113,378

Pool#

MA3472

5.00%,

9/1/2048

13,660

13,883

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3495

4.00%,

10/1/2048

173,319

168,333

Pool#

CA2493

4.50%,

10/1/2048

78,399

78,106

Pool#

BM4664

4.50%,

10/1/2048

77,833

77,580

Pool#

BM5024

3.00%,

11/1/2048

560,272

510,469

Pool#

FM1001

3.50%,

11/1/2048

40,697

38,398

Pool#

MA3521

4.00%,

11/1/2048

182,694

177,263

Pool#

MA3536

4.00%,

12/1/2048

137,637

133,678

Pool#

CA2779

4.50%,

12/1/2048

266,347

265,483

Pool#

BN0340

4.50%,

12/1/2048

211,430

209,639

Pool#

BM5212

4.50%,

12/1/2048

56,345

56,161

Pool#

FM2888

3.50%,

1/1/2049

1,437,137

1,353,747

Pool#

BN3944

4.00%,

1/1/2049

91,927

89,283

Pool#

BN3960

4.50%,

1/1/2049

143,254

142,452

Pool#

BN6135

4.00%,

2/1/2049

61,945

59,999

Pool#

FM2337

4.50%,

2/1/2049

218,760

217,908

Pool#

CA3387

4.00%,

4/1/2049

301,894

295,000

Pool#

CA3394

5.00%,

4/1/2049

27,095

27,431

Pool#

CA3489

4.00%,

5/1/2049

225,209

220,086

Pool#

MA3665

4.50%,

5/1/2049

226,862

225,768

Pool#

FM1051

4.50%,

5/1/2049

126,991

126,463

Pool#

FM7504

3.50%,

6/1/2049

290,914

273,551

Pool#

CA3669

4.00%,

6/1/2049

324,575

315,510

Pool#

CA3639

4.00%,

6/1/2049

114,175

110,714

Pool#

FM8304

4.00%,

7/1/2049

629,221

610,321

Pool#

CA3825

4.00%,

7/1/2049

262,491

256,793

Pool#

FM7105

3.50%,

8/1/2049

192,066

181,258

Pool#

BO5494

3.00%,

11/1/2049

90,741

82,503

Pool#

BO6225

3.00%,

12/1/2049

706,675

639,255

Pool#

BO5380

3.00%,

12/1/2049

101,864

92,616

Pool#

MA3873

4.00%,

12/1/2049

126,662

122,207

54

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA5152

3.00%,

2/1/2050

227,648

206,184

Pool#

FM2887

3.00%,

3/1/2050

462,266

419,681

Pool#

FM0077

3.00%,

3/1/2050

115,504

104,513

Pool#

CA5510

3.00%,

4/1/2050

393,771

356,645

Pool#

MA4077

2.00%,

7/1/2050

1,032,185

856,438

Pool#

CA6598

2.50%,

8/1/2050

916,073

791,678

Pool#

BQ4909

2.00%,

9/1/2050

1,789,270

1,486,408

Pool#

CA6985

2.00%,

9/1/2050

954,206

791,637

Pool#

FM4226

2.50%,

9/1/2050

2,281,844

1,980,998

Pool#

FM4231

2.50%,

9/1/2050

2,113,504

1,827,011

Pool#

FM4222

2.50%,

9/1/2050

534,789

468,343

Pool#

CA7029

2.50%,

9/1/2050

505,072

442,313

Pool#

CA7572

2.50%,

10/1/2050

3,040,509

2,666,705

Pool#

CA7368

2.50%,

10/1/2050

1,304,087

1,131,644

Pool#

CA7369

2.50%,

10/1/2050

986,920

856,416

Pool#

MA4181

1.50%,

11/1/2050

917,750

722,684

Pool#

CA7573

2.50%,

11/1/2050

4,521,069

3,961,690

Pool#

FM4859

2.50%,

11/1/2050

1,091,029

947,187

Pool#

FM4808

2.50%,

11/1/2050

843,419

728,758

Pool#

FM4969

2.00%,

12/1/2050

1,820,353

1,509,836

Pool#

CA8442

2.00%,

1/1/2051

2,187,263

1,815,471

Pool#

FM6031

2.00%,

2/1/2051

2,670,913

2,213,479

Pool#

CA8823

2.00%,

2/1/2051

1,139,117

944,506

Pool#

CA8893

2.00%,

2/1/2051

1,108,666

919,163

Pool#

BQ9747

2.00%,

2/1/2051

829,060

687,360

Pool#

FM6135

2.00%,

2/1/2051

625,186

518,428

Pool#

CA8866

2.50%,

2/1/2051

731,035

631,305

Pool#

MA4280

1.50%,

3/1/2051

3,725,230

2,931,499

Pool#

FM6554

2.00%,

3/1/2051

2,054,261

1,703,157

Pool#

MA4281

2.00%,

3/1/2051

1,854,168

1,537,402

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM6569

2.50%,

3/1/2051

2,249,528

1,942,738

Pool#

FM7677

2.50%,

3/1/2051

2,235,511

1,940,788

Pool#

FM7460

4.00%,

3/1/2051

818,131

790,291

Pool#

FM6834

2.00%,

4/1/2051

2,485,544

2,060,720

Pool#

CB0235

2.00%,

4/1/2051

1,316,999

1,092,077

Pool#

CB0149

2.00%,

4/1/2051

342,103

283,523

Pool#

BR7647

2.00%,

4/1/2051

247,038

204,729

Pool#

BR7703

2.50%,

4/1/2051

387,145

335,877

Pool#

MA4325

2.00%,

5/1/2051

971,845

805,587

Pool#

CB0400

2.00%,

5/1/2051

323,654

271,694

Pool#

CB0514

2.50%,

5/1/2051

1,374,967

1,186,979

Pool#

FS1463

4.00%,

5/1/2051

296,920

287,285

Pool#

CB0684

2.00%,

6/1/2051

1,386,324

1,149,370

Pool#

CB0819

2.00%,

6/1/2051

1,262,544

1,046,747

Pool#

FM7719

2.00%,

6/1/2051

911,112

755,174

Pool#

FM8630

1.50%,

7/1/2051

1,484,020

1,167,124

Pool#

MA4378

2.00%,

7/1/2051

2,184,407

1,809,489

Pool#

CB1110

2.00%,

7/1/2051

575,224

476,415

Pool#

FM8160

2.50%,

7/1/2051

687,730

600,999

Pool#

FM8007

2.50%,

7/1/2051

446,280

385,292

Pool#

CB1065

2.50%,

7/1/2051

360,770

311,339

Pool#

CB1133

2.50%,

7/1/2051

297,123

256,587

Pool#

CB1330

2.50%,

8/1/2051

1,609,488

1,389,629

Pool#

FM8011

2.50%,

8/1/2051

1,354,603

1,177,919

Pool#

CB1400

3.00%,

8/1/2051

43,603

39,560

Pool#

MA4437

2.00%,

10/1/2051

10,777,517

8,913,758

Pool#

BU1052

2.00%,

10/1/2051

503,879

420,349

Pool#

FM9082

2.00%,

10/1/2051

498,878

413,666

Pool#

FM9081

2.00%,

10/1/2051

188,119

155,987

Pool#

FS1215

2.50%,

10/1/2051

1,137,241

981,376

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

55

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS1473

3.50%,

10/1/2051

1,342,012

1,263,174

Pool#

MA4464

1.50%,

11/1/2051

1,878,938

1,475,958

Pool#

CB2038

2.00%,

11/1/2051

5,819,639

4,819,076

Pool#

FM9450

2.00%,

11/1/2051

1,961,764

1,629,102

Pool#

MA4465

2.00%,

11/1/2051

1,891,810

1,566,791

Pool#

FM9411

2.00%,

11/1/2051

1,891,298

1,566,617

Pool#

CB2148

2.00%,

11/1/2051

933,110

772,787

Pool#

MA4466

2.50%,

11/1/2051

5,643,611

4,869,018

Pool#

FM9491

2.50%,

11/1/2051

786,678

678,647

Pool#

FM9494

2.50%,

11/1/2051

501,259

432,375

Pool#

BU5908

2.00%,

12/1/2051

3,669,712

3,045,722

Pool#

CB2297

2.50%,

12/1/2051

4,687,004

4,043,227

Pool#

MA4493

2.50%,

12/1/2051

3,628,965

3,130,498

Pool#

FM9543

2.50%,

12/1/2051

2,800,409

2,416,465

Pool#

CB2410

2.50%,

12/1/2051

1,996,284

1,722,083

Pool#

FM9806

2.50%,

12/1/2051

1,743,356

1,503,911

Pool#

FM9864

2.50%,

12/1/2051

1,011,910

878,036

Pool#

CB2469

2.50%,

12/1/2051

922,666

798,989

Pool#

FM9697

2.50%,

12/1/2051

461,890

401,043

Pool#

FS1192

2.00%,

1/1/2052

4,665,954

3,867,265

Pool#

FS1095

2.00%,

1/1/2052

2,813,858

2,332,642

Pool#

MA4512

2.50%,

1/1/2052

4,462,517

3,849,312

Pool#

FS2639

2.50%,

1/1/2052

970,926

838,239

Pool#

FS2040

2.00%,

2/1/2052

1,908,336

1,578,560

Pool#

BU9905

2.00%,

2/1/2052

943,121

780,916

Pool#

CB2868

2.50%,

2/1/2052

1,873,332

1,616,044

Pool#

CB3156

2.00%,

3/1/2052

1,916,530

1,586,731

Pool#

BV4170

2.50%,

3/1/2052

4,761,440

4,107,530

Pool#

CB3159

2.50%,

3/1/2052

1,889,252

1,631,170

Pool#

BV4133

2.50%,

3/1/2052

1,882,684

1,624,207

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB3016

2.50%,

3/1/2052

940,219

811,095

Pool#

CB3237

3.00%,

3/1/2052

939,586

843,926

Pool#

CB3350

2.50%,

4/1/2052

1,897,540

1,638,474

Pool#

BV5355

2.50%,

4/1/2052

936,640

807,948

Pool#

MA4578

2.50%,

4/1/2052

932,666

804,181

Pool#

CB3368

3.00%,

4/1/2052

938,338

842,692

Pool#

CB3362

3.00%,

4/1/2052

927,033

833,567

Pool#

CB3516

3.00%,

5/1/2052

1,429,054

1,283,568

Pool#

FS2141

3.50%,

6/1/2052

1,123,994

1,045,063

Pool#

CB3915

4.50%,

6/1/2052

70,716

69,351

Pool#

CB4673

4.50%,

9/1/2052

989,658

981,216

Pool#

CB4831

4.50%,

10/1/2052

1,472,223

1,443,733

Pool#

CB5535

5.00%,

1/1/2053

1,992,269

1,989,699

Pool#

FS3801

5.50%,

2/1/2053

195,977

198,012

Pool#

CB6004

5.50%,

4/1/2053

3,187,833

3,268,805

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

4/25/2038

2,840,250

2,496,897

2.00%,

4/25/2038

974,750

879,455

2.50%,

4/25/2038

970,000

900,243

3.00%,

4/25/2038

348,663

330,521

3.50%,

4/25/2038

393,000

379,890

4.00%,

4/25/2038

343,000

337,560

4.50%,

4/25/2038

215,000

214,345

5.00%,

4/25/2038

35,000

35,236

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

4/25/2053

1,600,000

1,255,768

2.00%,

4/25/2053

1,995,208

1,649,343

2.50%,

4/25/2053

326,000

280,971

3.00%,

4/25/2053

4,525,000

4,060,100

3.50%,

4/25/2053

200,000

185,836

4.00%,

4/25/2053

6,950,000

6,647,050

4.50%,

4/25/2053

7,225,000

7,079,025

5.00%,

4/25/2053

5,951,000

5,935,193

5.50%,

4/25/2053

1,875,000

1,893,933

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

110

110

Pool#

457801

7.00%,

8/15/2028

1,113

1,130

Pool#

486936

6.50%,

2/15/2029

493

508

Pool#

502969

6.00%,

3/15/2029

1,572

1,601

56

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

487053

7.00%,

3/15/2029

614

625

Pool#

781014

6.00%,

4/15/2029

1,108

1,129

Pool#

509099

7.00%,

6/15/2029

2,308

2,330

Pool#

434505

7.50%,

8/15/2029

40

40

Pool#

781124

7.00%,

12/15/2029

4,089

4,280

Pool#

507396

7.50%,

9/15/2030

28,165

28,277

Pool#

531352

7.50%,

9/15/2030

1,859

1,864

Pool#

536334

7.50%,

10/15/2030

138

138

Pool#

540659

7.00%,

1/15/2031

645

651

Pool#

486019

7.50%,

1/15/2031

696

699

Pool#

535388

7.50%,

1/15/2031

441

441

Pool#

528589

6.50%,

3/15/2031

7,780

8,007

Pool#

508473

7.50%,

4/15/2031

2,831

2,856

Pool#

544470

8.00%,

4/15/2031

1,316

1,313

Pool#

781287

7.00%,

5/15/2031

1,968

2,064

Pool#

781319

7.00%,

7/15/2031

606

650

Pool#

485879

7.00%,

8/15/2031

2,789

2,848

Pool#

572554

6.50%,

9/15/2031

26,033

26,798

Pool#

781328

7.00%,

9/15/2031

1,831

1,925

Pool#

550991

6.50%,

10/15/2031

418

430

Pool#

571267

7.00%,

10/15/2031

252

254

Pool#

555171

6.50%,

12/15/2031

1,024

1,054

Pool#

781380

7.50%,

12/15/2031

614

655

Pool#

781481

7.50%,

1/15/2032

2,906

3,099

Pool#

580972

6.50%,

2/15/2032

141

145

Pool#

781401

7.50%,

2/15/2032

2,015

2,128

Pool#

781916

6.50%,

3/15/2032

22,183

22,828

Pool#

552474

7.00%,

3/15/2032

3,275

3,400

Pool#

781478

7.50%,

3/15/2032

1,123

1,191

Pool#

781429

8.00%,

3/15/2032

2,054

2,187

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781431

7.00%,

4/15/2032

7,465

7,935

Pool#

552616

7.00%,

6/15/2032

30,543

31,635

Pool#

570022

7.00%,

7/15/2032

11,391

11,908

Pool#

595077

6.00%,

10/15/2032

3,662

3,837

Pool#

552903

6.50%,

11/15/2032

41,287

42,491

Pool#

552952

6.00%,

12/15/2032

2,788

2,843

Pool#

602102

6.00%,

2/15/2033

12,550

12,796

Pool#

588192

6.00%,

2/15/2033

2,575

2,626

Pool#

553144

5.50%,

4/15/2033

9,259

9,519

Pool#

604243

6.00%,

4/15/2033

4,860

5,049

Pool#

611526

6.00%,

5/15/2033

6,996

7,126

Pool#

553320

6.00%,

6/15/2033

13,665

14,173

Pool#

604788

6.50%,

11/15/2033

44,041

45,367

Pool#

781688

6.00%,

12/15/2033

19,416

20,438

Pool#

604875

6.00%,

12/15/2033

16,790

17,584

Pool#

781690

6.00%,

12/15/2033

7,105

7,481

Pool#

781699

7.00%,

12/15/2033

2,455

2,524

Pool#

621856

6.00%,

1/15/2034

7,910

8,057

Pool#

564799

6.00%,

3/15/2034

9,586

9,761

Pool#

630038

6.50%,

8/15/2034

27,851

28,661

Pool#

781804

6.00%,

9/15/2034

18,196

19,157

Pool#

781847

6.00%,

12/15/2034

13,834

14,566

Pool#

486921

5.50%,

2/15/2035

4,723

4,899

Pool#

781902

6.00%,

2/15/2035

18,710

19,691

Pool#

781933

6.00%,

6/15/2035

1,983

2,088

Pool#

649513

5.50%,

10/15/2035

141,720

145,300

Pool#

649510

5.50%,

10/15/2035

72,380

74,781

Pool#

652207

5.50%,

3/15/2036

38,353

39,122

Pool#

655519

5.00%,

5/15/2036

17,884

18,267

Pool#

652539

5.00%,

5/15/2036

6,198

6,329

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

606308

5.50%,

5/15/2036

6,388

6,530

Pool#

657912

6.50%,

8/15/2036

2,957

3,043

Pool#

697957

4.50%,

3/15/2039

542,327

547,184

Pool#

704630

5.50%,

7/15/2039

16,075

16,530

Pool#

710724

4.50%,

8/15/2039

161,712

163,311

Pool#

722292

5.00%,

9/15/2039

324,455

335,548

Pool#

782803

6.00%,

11/15/2039

162,959

171,624

Pool#

736666

4.50%,

4/15/2040

362,383

359,260

Pool#

733312

4.00%,

9/15/2040

42,483

41,019

Pool#

742235

4.00%,

12/15/2040

92,346

88,921

Pool#

755959

4.00%,

1/15/2041

82,402

79,754

Pool#

755958

4.00%,

1/15/2041

74,816

72,411

Pool#

742244

4.00%,

1/15/2041

72,790

70,112

Pool#

759075

4.00%,

1/15/2041

68,895

66,359

Pool#

753826

4.00%,

1/15/2041

37,223

35,926

Pool#

690662

4.00%,

1/15/2041

26,801

25,867

Pool#

719486

4.00%,

1/15/2041

7,199

6,908

Pool#

759207

4.00%,

2/15/2041

160,242

154,357

Pool#

757555

4.00%,

2/15/2041

15,805

15,349

Pool#

757557

4.00%,

2/15/2041

7,718

7,431

Pool#

738107

4.00%,

3/15/2041

193,280

186,112

Pool#

784637

4.00%,

8/15/2041

61,102

60,053

Pool#

778869

4.00%,

2/15/2042

113,210

109,011

Pool#

AD8789

3.50%,

3/15/2043

392,597

379,472

Pool#

AD2254

3.50%,

3/15/2043

67,215

65,319

Pool#

AA6403

3.00%,

5/15/2043

465,752

434,734

Pool#

AD2411

3.50%,

5/15/2043

253,333

246,218

Pool#

783781

3.50%,

6/15/2043

308,983

300,296

Pool#

784015

3.00%,

7/15/2043

87,882

82,021

Pool#

784459

3.00%,

12/15/2046

193,421

179,012

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

784293

3.00%,

12/15/2046

52,199

48,151

Pool#

784355

4.00%,

12/15/2046

84,146

79,911

Pool#

784500

3.00%,

2/15/2047

423,945

391,869

Pool#

784713

3.00%,

2/15/2047

104,520

96,609

Pool#

784458

3.50%,

12/15/2047

1,035,677

1,006,179

Pool#

784747

4.00%,

5/15/2048

60,205

57,788

Pool#

784715

4.00%,

5/15/2048

55,180

52,877

Pool#

785073

4.00%,

9/15/2049

67,921

65,195

Pool#

BD4016

3.00%,

10/15/2049

169,889

155,845

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

201,915

210,128

Pool#

4245

6.00%,

9/20/2038

80,121

84,768

Pool#

4559

5.00%,

10/20/2039

185,264

190,201

Pool#

4715

5.00%,

6/20/2040

47,807

49,105

Pool#

4747

5.00%,

7/20/2040

537,922

552,524

Pool#

4771

4.50%,

8/20/2040

440,167

445,735

Pool#

4802

5.00%,

9/20/2040

365,121

375,037

Pool#

4834

4.50%,

10/20/2040

120,618

122,144

Pool#

737727

4.00%,

12/20/2040

765,498

751,111

Pool#

737730

4.00%,

12/20/2040

217,864

213,802

Pool#

4923

4.50%,

1/20/2041

189,261

191,657

Pool#

4978

4.50%,

3/20/2041

26,513

26,848

Pool#

5017

4.50%,

4/20/2041

273,158

276,613

Pool#

5056

5.00%,

5/20/2041

90,144

92,591

Pool#

5082

4.50%,

6/20/2041

107,663

109,026

Pool#

5175

4.50%,

9/20/2041

127,594

129,208

Pool#

675523

3.50%,

3/20/2042

147,531

139,212

Pool#

5332

4.00%,

3/20/2042

120,838

119,313

Pool#

MA0392

3.50%,

9/20/2042

1,115,168

1,066,629

Pool#

MA0462

3.50%,

10/20/2042

878,015

839,452

58

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA0534

3.50%,

11/20/2042

1,998,744

1,912,149

Pool#

MA0625

3.50%,

12/20/2042

422,509

403,986

Pool#

MA0698

3.00%,

1/20/2043

459,776

428,080

Pool#

MA0852

3.50%,

3/20/2043

464,582

445,029

Pool#

MA0934

3.50%,

4/20/2043

421,779

403,468

Pool#

AF1001

3.50%,

6/20/2043

381,317

362,755

Pool#

MA1376

4.00%,

10/20/2043

184,540

181,937

Pool#

AJ9335

3.50%,

10/20/2044

41,025

38,837

Pool#

MA2677

3.00%,

3/20/2045

153,293

142,858

Pool#

MA2754

3.50%,

4/20/2045

280,268

267,090

Pool#

MA2824

2.50%,

5/20/2045

303,211

271,347

Pool#

MA2825

3.00%,

5/20/2045

604,218

563,076

Pool#

AM4381

3.50%,

5/20/2045

378,871

347,654

Pool#

MA2891

3.00%,

6/20/2045

1,018,518

948,239

Pool#

MA2960

3.00%,

7/20/2045

349,610

325,686

Pool#

784156

4.00%,

8/20/2045

148,210

143,782

Pool#

AO1103

3.50%,

9/20/2045

607,086

577,521

Pool#

AO1099

3.50%,

9/20/2045

325,499

309,714

Pool#

MA3106

4.00%,

9/20/2045

81,449

79,786

Pool#

MA3172

3.00%,

10/20/2045

168,050

156,370

Pool#

MA3173

3.50%,

10/20/2045

116,394

110,692

Pool#

MA3174

4.00%,

10/20/2045

10,171

9,948

Pool#

MA3243

3.00%,

11/20/2045

318,689

296,380

Pool#

MA3244

3.50%,

11/20/2045

304,091

289,193

Pool#

784098

3.00%,

12/20/2045

621,880

578,014

Pool#

MA3309

3.00%,

12/20/2045

544,557

506,145

Pool#

MA3310

3.50%,

12/20/2045

226,525

214,777

Pool#

784111

3.00%,

1/20/2046

324,737

301,519

Pool#

MA3377

4.00%,

1/20/2046

45,524

44,528

Pool#

784119

3.00%,

2/20/2046

616,570

572,783

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784115

3.00%,

2/20/2046

28,194

26,192

Pool#

MA3520

3.00%,

3/20/2046

417,797

387,921

Pool#

MA3521

3.50%,

3/20/2046

798,142

758,918

Pool#

MA3522

4.00%,

3/20/2046

315,192

308,290

Pool#

MA3596

3.00%,

4/20/2046

217,725

201,812

Pool#

MA3597

3.50%,

4/20/2046

227,917

216,753

Pool#

MA3662

3.00%,

5/20/2046

833,724

772,544

Pool#

MA3735

3.00%,

6/20/2046

506,771

469,430

Pool#

MA3736

3.50%,

6/20/2046

1,296,537

1,234,385

Pool#

MA3804

4.00%,

7/20/2046

48,020

46,968

Pool#

MA3873

3.00%,

8/20/2046

1,080,473

1,000,174

Pool#

MA3876

4.50%,

8/20/2046

51,415

51,971

Pool#

MA3936

3.00%,

9/20/2046

1,094,951

1,014,180

Pool#

MA3939

4.50%,

9/20/2046

8,463

8,389

Pool#

MA4006

4.50%,

10/20/2046

155,181

156,859

Pool#

MA4068

3.00%,

11/20/2046

164,671

152,432

Pool#

MA4069

3.50%,

11/20/2046

16,926

16,115

Pool#

MA4070

4.00%,

11/20/2046

29,401

28,758

Pool#

MA4071

4.50%,

11/20/2046

10,569

10,669

Pool#

MA4125

2.50%,

12/20/2046

97,123

86,740

Pool#

MA4126

3.00%,

12/20/2046

1,681,222

1,555,594

Pool#

MA4127

3.50%,

12/20/2046

405,778

385,897

Pool#

MA4194

2.50%,

1/20/2047

375,021

334,671

Pool#

MA4196

3.50%,

1/20/2047

105,218

100,182

Pool#

MA4261

3.00%,

2/20/2047

441,493

408,137

Pool#

MA4262

3.50%,

2/20/2047

1,607,994

1,529,215

Pool#

MA4264

4.50%,

2/20/2047

12,403

12,490

Pool#

MA4321

3.50%,

3/20/2047

799,936

760,869

Pool#

AZ1974

3.50%,

4/20/2047

205,668

195,330

Pool#

MA4382

3.50%,

4/20/2047

137,717

130,587

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

59

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4383

4.00%,

4/20/2047

635,626

620,161

Pool#

MA4384

4.50%,

4/20/2047

15,462

15,543

Pool#

MA4509

3.00%,

6/20/2047

157,578

145,530

Pool#

MA4511

4.00%,

6/20/2047

303,737

296,526

Pool#

MA4512

4.50%,

6/20/2047

35,021

34,843

Pool#

MA4585

3.00%,

7/20/2047

28,474

26,364

Pool#

MA4587

4.00%,

7/20/2047

916,041

894,287

Pool#

784471

3.50%,

8/20/2047

369,030

350,522

Pool#

BC1888

3.50%,

8/20/2047

339,215

322,163

Pool#

MA4652

3.50%,

8/20/2047

312,941

297,449

Pool#

MA4653

4.00%,

8/20/2047

47,250

46,127

Pool#

784408

3.50%,

10/20/2047

210,502

193,508

Pool#

MA4780

4.50%,

10/20/2047

11,704

11,700

Pool#

MA4836

3.00%,

11/20/2047

292,381

270,673

Pool#

MA4837

3.50%,

11/20/2047

278,525

264,430

Pool#

MA4838

4.00%,

11/20/2047

1,249,826

1,220,141

Pool#

784421

3.50%,

12/20/2047

308,072

286,228

Pool#

MA4900

3.50%,

12/20/2047

200,645

190,769

Pool#

MA4962

3.50%,

1/20/2048

374,103

355,858

Pool#

MA5018

3.00%,

2/20/2048

110,813

102,101

Pool#

MA5019

3.50%,

2/20/2048

21,090

20,059

Pool#

784480

3.50%,

4/20/2048

274,809

261,014

Pool#

784479

3.50%,

4/20/2048

192,955

183,262

Pool#

784481

3.50%,

4/20/2048

84,127

79,903

Pool#

MA5137

4.00%,

4/20/2048

263,032

256,704

Pool#

BD4034

4.00%,

4/20/2048

87,302

84,367

Pool#

MA5138

4.50%,

4/20/2048

108,413

108,270

Pool#

MA5192

4.00%,

5/20/2048

481,285

467,927

Pool#

MA5265

4.50%,

6/20/2048

194,422

194,004

Pool#

MA5331

4.50%,

7/20/2048

88,017

87,575

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5398

4.00%,

8/20/2048

484,504

472,100

Pool#

MA5399

4.50%,

8/20/2048

242,866

242,144

Pool#

MA5466

4.00%,

9/20/2048

108,396

105,198

Pool#

BJ2692

4.00%,

11/20/2048

69,387

66,797

Pool#

MA5597

5.00%,

11/20/2048

8,358

8,494

Pool#

MA5652

4.50%,

12/20/2048

112,230

110,536

Pool#

784656

4.50%,

12/20/2048

62,500

61,579

Pool#

BK2856

4.50%,

12/20/2048

12,562

12,372

Pool#

MA5653

5.00%,

12/20/2048

23,849

24,188

Pool#

MA5712

5.00%,

1/20/2049

87,463

88,771

Pool#

MA5818

4.50%,

3/20/2049

79,469

79,152

Pool#

MA5878

5.00%,

4/20/2049

9,280

9,397

Pool#

MA5987

4.50%,

6/20/2049

525,473

521,123

Pool#

MA6041

4.50%,

7/20/2049

141,765

140,935

Pool#

MA6092

4.50%,

8/20/2049

61,503

60,899

Pool#

MA6153

3.00%,

9/20/2049

113,841

104,675

Pool#

MA6409

3.00%,

1/20/2050

785,503

722,058

Pool#

MA6474

3.00%,

2/20/2050

734,344

675,037

Pool#

MA6542

3.50%,

3/20/2050

186,254

177,076

Pool#

MA6657

3.50%,

5/20/2050

377,545

357,189

Pool#

MA6818

2.00%,

8/20/2050

1,312,724

1,121,710

Pool#

BW4732

2.50%,

8/20/2050

966,997

822,498

Pool#

BW6206

2.50%,

8/20/2050

912,097

775,713

Pool#

MA6820

3.00%,

8/20/2050

1,296,457

1,189,388

Pool#

MA6821

3.50%,

8/20/2050

627,462

593,744

Pool#

MA6864

2.00%,

9/20/2050

1,334,631

1,142,270

Pool#

BW4741

2.50%,

9/20/2050

964,132

819,795

Pool#

BY0776

2.50%,

9/20/2050

630,235

535,943

Pool#

BY0805

2.50%,

9/20/2050

612,332

520,668

Pool#

MA6866

3.00%,

9/20/2050

338,996

311,176

60

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6994

2.00%,

11/20/2050

1,785,481

1,527,027

Pool#

MA7051

2.00%,

12/20/2050

2,543,217

2,173,814

Pool#

MA7053

3.00%,

12/20/2050

894,047

821,138

Pool#

MA7136

2.50%,

1/20/2051

1,884,963

1,666,198

Pool#

MA7192

2.00%,

2/20/2051

4,534,652

3,869,124

Pool#

MA7193

2.50%,

2/20/2051

518,702

458,503

Pool#

MA7367

2.50%,

5/20/2051

3,897,097

3,439,412

Pool#

MA7472

2.50%,

7/20/2051

3,388,897

2,982,863

Pool#

MA7534

2.50%,

8/20/2051

2,821,632

2,483,829

Pool#

MA7589

2.50%,

9/20/2051

491,151

432,253

Pool#

MA7647

1.50%,

10/20/2051

402,678

327,545

Pool#

MA7648

2.00%,

10/20/2051

3,629,647

3,090,754

Pool#

MA7650

3.00%,

10/20/2051

2,418,496

2,210,170

Pool#

MA7704

2.00%,

11/20/2051

929,703

791,464

Pool#

MA7705

2.50%,

11/20/2051

1,634,464

1,438,787

Pool#

MA7766

2.00%,

12/20/2051

3,558,584

3,027,241

Pool#

MA7767

2.50%,

12/20/2051

1,815,021

1,597,265

Pool#

MA7768

3.00%,

12/20/2051

471,727

430,505

Pool#

MA7826

2.00%,

1/20/2052

1,155,277

981,346

Pool#

MA7935

2.00%,

3/20/2052

3,667,146

3,115,036

Pool#

MA7936

2.50%,

3/20/2052

3,775,438

3,321,163

Pool#

MA7986

2.00%,

4/20/2052

4,097,303

3,480,565

Pool#

MA7987

2.50%,

4/20/2052

4,785,757

4,211,291

Pool#

MA8042

2.50%,

5/20/2052

856,097

753,069

Pool#

MA8043

3.00%,

5/20/2052

973,790

886,873

Pool#

MA8147

2.50%,

7/20/2052

280,465

246,800

Pool#

MA8148

3.00%,

7/20/2052

1,921,186

1,749,971

Pool#

MA8197

2.50%,

8/20/2052

1,124,985

990,231

Pool#

MA8265

3.00%,

9/20/2052

492,224

448,977

Pool#

MA8726

5.50%,

3/20/2053

383,359

387,877

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

TBA

2.00%,

4/15/2053

600,000

509,679

3.00%,

4/15/2053

1,422,000

1,295,233

4.00%,

4/15/2053

1,214,000

1,161,913

4.50%,

4/15/2053

3,375,000

3,327,987

5.00%,

4/15/2053

2,400,000

2,403,000

5.50%,

4/15/2053

2,250,000

2,275,444

Total

Mortgage-Backed

Securities

(cost

$595,610,283)

539,678,831

Municipal

Bonds

0.7%

California

0.3

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

124,282

Bay

Area

Toll

Authority

Series

F-1,

2.57%,

4/1/2031

60,000

54,436

Series

F-2,

6.26%,

4/1/2049

250,000

303,119

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

64,063

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

110,326

Golden

State

Tobacco

Securitization

Corp,

RB,

Series

A-1,

3.71%,

6/1/2041

90,000

70,402

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

386,117

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

96,515

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

237,896

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

486,166

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Series

H,

6.55%,

5/15/2048

150,000

175,968

Series

F,

6.58%,

5/15/2049

200,000

234,554

Series

N,

3.26%,

5/15/2060

230,000

157,336

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

115,909

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

209,669

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

61

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

State

of

California

7.55%,

4/1/2039

1,410,000

1,825,381

7.63%,

3/1/2040

425,000

549,422

University

of

California

Series

BD,

3.35%,

7/1/2029

200,000

189,124

Series

F,

5.95%,

5/15/2045

300,000

332,028

Series

AQ,

4.77%,

5/15/2115

150,000

136,282

5,858,995

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

538,468

Florida

0.0

%

†

State

Board

of

Administration

Finance

Corp.

Series

A,

1.26%,

7/1/2025

95,000

88,332

Series

A,

2.15%,

7/1/2030

105,000

89,043

177,375

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

478,000

528,732

Illinois

0.1

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue,

RB,

Series

A,

6.90%,

12/1/2040

295,000

340,686

State

of

Illinois

4.95%,

6/1/2023

43,636

43,573

5.10%,

6/1/2033

945,000

942,699

1,326,958

Louisiana

0.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth

Series

A,

3.62%,

2/1/2029

62,853

61,263

Series

A,

4.48%,

8/1/2039

50,000

47,780

5.20%,

12/1/2039

95,000

97,638

206,681

Michigan

0.0

%

†

University

of

Michigan,

RB,

Series

B,

3.50%,

4/1/2052

83,000

69,590

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

Series

A,

7.43%,

2/15/2029

125,000

136,441

New

Jersey

Transportation

Trust

Fund

Authority,

RB,

Series

B,

4.13%,

6/15/2042

30,000

26,483

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

558,054

Municipal

Bonds

Principal

Amount

($)

Value

($)

New

Jersey

Rutgers

The

State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

267,206

988,184

New

York

0.1

%

City

of

New

York,

GO,

5.26%,

10/1/2052

35,000

37,965

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

583,245

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

324,900

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

RB,

Series

B-1,

5.57%,

11/1/2038

500,000

532,790

New

York

State

Dormitory

Authority,

RB,

Series

F,

5.63%,

3/15/2039

250,000

263,379

Port

Authority

of

New

York

&

New

Jersey

6.04%,

12/1/2029

620,000

670,937

3.18%,

7/15/2060

135,000

96,019

2,509,235

Ohio

0.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

100,113

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

153,177

253,290

Oklahoma

0.0

%

†

Oklahoma

Development

Finance

Authority

4.62%,

6/1/2044

60,000

59,170

4.38%,

11/1/2045

60,000

57,615

116,785

South

Carolina

0.0

%

†

South

Carolina

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

112,979

Texas

0.1

%

Board

of

Regents

of

the

University

of

Texas

System,

RB,

Series

C,

4.79%,

8/15/2046

200,000

205,538

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

227,169

62

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

Texas

Dallas

Fort

Worth

International

Airport

Series

C,

2.92%,

11/1/2050

100,000

72,709

Series

A,

4.51%,

11/1/2051

45,000

41,583

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

33,690

North

Texas

Tollway

Authority,

RB,

Series

A,

3.01%,

1/1/2043

35,000

26,934

Permanent

University

Fund

-

University

of

Texas

System,

RB,

Series

A,

5.26%,

7/1/2039

260,000

280,330

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

355,110

Texas

Natural

Gas

Securitization

Finance

Corp.

5.10%,

4/1/2035

50,000

51,363

5.17%,

4/1/2041

50,000

52,894

Texas

Transportation

Commission

State

Highway

Fund,

RB,

5.18%,

4/1/2030

150,000

155,147

1,502,467

Virginia

0.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

57,438

Washington

0.0

%

†

State

of

Washington,

GO,

Series

F,

5.14%,

8/1/2040

200,000

205,520

Total

Municipal

Bonds

(cost

$14,112,888)

14,452,697

Supranational

1.1%

African

Development

Bank,

0.88%,

3/23/2026(b)

200,000

182,920

Asian

Development

Bank

0.38%,

6/11/2024

1,000,000

952,671

1.50%,

10/18/2024

500,000

479,011

0.63%,

4/29/2025

1,000,000

931,244

0.38%,

9/3/2025

1,000,000

916,335

1.00%,

4/14/2026

200,000

183,483

1.50%,

1/20/2027

760,000

698,638

1.88%,

1/24/2030

500,000

444,370

4.00%,

1/12/2033

350,000

358,207

Asian

Infrastructure

Investment

Bank

(The)

0.50%,

10/30/2024

230,000

216,199

4.00%,

1/18/2028

350,000

351,187

European

Bank

for

Reconstruction

&

Development,

1.50%,

2/13/2025

1,000,000

952,469

European

Investment

Bank

0.38%,

3/26/2026(b)

1,500,000

1,354,185

Supranational

Principal

Amount

($)

Value

($)

0.75%,

10/26/2026

290,000

260,708

2.38%,

5/24/2027(b)

2,000,000

1,897,340

1.25%,

2/14/2031

300,000

253,900

3.75%,

2/14/2033

400,000

404,626

Inter-American

Development

Bank

1.75%,

3/14/2025

500,000

477,740

0.63%,

7/15/2025

1,000,000

926,525

2.00%,

7/23/2026

1,000,000

941,889

2.25%,

6/18/2029

250,000

229,770

1.13%,

1/13/2031

2,000,000

1,656,283

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

1,000,000

931,981

1.88%,

10/27/2026

400,000

374,021

2.50%,

11/22/2027

1,000,000

947,410

1.13%,

9/13/2028

1,000,000

872,286

3.88%,

2/14/2030

850,000

857,241

0.88%,

5/14/2030

1,000,000

822,729

1.63%,

11/3/2031

1,000,000

851,905

Nordic

Investment

Bank,

2.25%,

5/21/2024

500,000

487,205

Total

Supranational

(cost

$22,751,473)

21,214,478

U.S.

Government

Agency

Securities

1.0%

FHLB

2.75%,

12/13/2024

1,000,000

973,777

5.50%,

7/15/2036

1,500,000

1,713,212

FHLMC

0.25%,

6/26/2023

2,700,000

2,672,874

0.25%,

8/24/2023

3,535,000

3,472,196

0.25%,

12/4/2023

1,030,000

998,888

0.38%,

7/21/2025(b)

1,165,000

1,071,835

6.25%,

7/15/2032(b)

1,245,000

1,484,107

FNMA

0.50%,

6/17/2025

1,000,000

924,111

6.25%,

5/15/2029

2,500,000

2,838,186

7.25%,

5/15/2030

2,000,000

2,432,215

0.88%,

8/5/2030(b)

440,000

359,182

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

510,887

Total

U.S.

Government

Agency

Securities

(cost

$20,346,014)

19,451,470

U.S.

Treasury

Obligations

41.1%

U.S.

Treasury

Bonds

6.88%,

8/15/2025

(b)

449,000

479,483

6.00%,

2/15/2026

(b)

4,042,000

4,281,362

6.50%,

11/15/2026

(b)

3,000,000

3,277,383

5.50%,

8/15/2028

(b)

4,000,000

4,358,594

5.38%,

2/15/2031

1,000,000

1,126,836

4.75%,

2/15/2037

709,600

809,166

5.00%,

5/15/2037

(b)

305,000

355,671

4.38%,

2/15/2038

3,050,000

3,339,750

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

63

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

4.25%,

5/15/2039

2,500,000

2,696,387

4.50%,

8/15/2039

1,080,000

1,199,306

4.38%,

11/15/2039

300,000

327,750

3.88%,

8/15/2040

1,000,000

1,025,469

1.38%,

11/15/2040

1,500,000

1,033,184

4.25%,

11/15/2040

1,400,000

1,502,867

1.88%,

2/15/2041

1,000,000

747,891

4.75%,

2/15/2041

2,000,000

2,278,203

3.75%,

8/15/2041

(b)

4,900,000

4,892,152

2.00%,

11/15/2041

6,000,000

4,528,359

3.13%,

11/15/2041

4,100,000

3,737,406

3.13%,

2/15/2042

1,000,000

907,500

3.00%,

5/15/2042

1,000,000

887,969

3.25%,

5/15/2042

2,000,000

1,845,078

2.75%,

8/15/2042

5,000,000

4,254,688

2.75%,

11/15/2042

1,500,000

1,272,070

4.00%,

11/15/2042

3,000,000

3,081,563

3.13%,

2/15/2043

3,050,000

2,742,379

3.88%,

2/15/2043

1,500,000

1,513,359

2.88%,

5/15/2043

3,850,000

3,326,490

3.63%,

2/15/2044

3,500,000

3,385,566

3.38%,

5/15/2044

4,000,000

3,720,312

3.13%,

8/15/2044

5,700,000

5,085,469

3.00%,

11/15/2044

5,500,000

4,797,461

2.50%,

2/15/2045

6,500,000

5,186,543

3.00%,

5/15/2045

5,500,000

4,789,082

2.88%,

8/15/2045

3,300,000

2,811,961

2.50%,

2/15/2046

5,000,000

3,971,094

2.50%,

5/15/2046

3,000,000

2,382,187

2.88%,

11/15/2046

3,000,000

2,556,445

3.00%,

2/15/2047

2,000,000

1,740,391

3.00%,

5/15/2047

2,000,000

1,740,547

2.75%,

8/15/2047

2,500,000

2,078,027

2.75%,

11/15/2047

3,200,000

2,662,250

3.00%,

2/15/2048

3,000,000

2,616,797

3.38%,

11/15/2048

5,500,000

5,144,648

2.88%,

5/15/2049

5,000,000

4,278,516

2.25%,

8/15/2049

3,000,000

2,255,742

2.38%,

11/15/2049

800,000

617,969

2.00%,

2/15/2050

500,000

354,375

1.25%,

5/15/2050

1,700,000

988,258

1.38%,

8/15/2050

5,000,000

3,002,539

1.63%,

11/15/2050

6,800,000

4,360,766

1.88%,

2/15/2051

4,400,000

3,005,234

2.38%,

5/15/2051

7,500,000

5,759,180

2.00%,

8/15/2051

7,200,000

5,064,469

1.88%,

11/15/2051

9,100,000

6,196,531

2.25%,

2/15/2052

4,000,000

2,982,812

2.88%,

5/15/2052

5,500,000

4,705,078

3.00%,

8/15/2052

5,200,000

4,567,875

4.00%,

11/15/2052

4,800,000

5,094,000

3.63%,

2/15/2053

4,500,000

4,467,656

U.S.

Treasury

Notes

2.00%,

4/30/2024

7,000,000

6,807,773

2.50%,

4/30/2024

4,000,000

3,911,875

2.50%,

5/15/2024

7,000,000

6,845,781

2.00%,

5/31/2024

3,800,000

3,693,422

1.75%,

6/30/2024

6,000,000

5,805,469

1.75%,

7/31/2024

2,000,000

1,931,563

2.13%,

7/31/2024

6,500,000

6,309,063

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.38%,

8/15/2024

17,353,000

16,890,705

0.38%,

9/15/2024

5,000,000

4,724,023

1.50%,

9/30/2024

(b)

14,000,000

13,432,891

2.13%,

9/30/2024

9,000,000

8,716,289

0.63%,

10/15/2024

6,000,000

5,674,687

1.50%,

10/31/2024

15,000,000

14,369,531

0.75%,

11/15/2024

6,000,000

5,672,109

2.25%,

11/15/2024

7,550,000

7,313,178

1.50%,

11/30/2024

5,000,000

4,782,031

2.13%,

11/30/2024

3,800,000

3,672,492

1.00%,

12/15/2024

1,000,000

947,617

2.25%,

12/31/2024

5,000,000

4,836,328

4.13%,

1/31/2025

(b)

2,000,000

1,999,453

2.00%,

2/15/2025

18,700,000

17,978,297

2.63%,

3/31/2025

4,300,000

4,183,934

2.13%,

5/15/2025

6,300,000

6,056,367

0.25%,

5/31/2025

7,500,000

6,920,508

0.25%,

7/31/2025

14,000,000

12,856,484

2.88%,

7/31/2025

6,500,000

6,346,641

2.00%,

8/15/2025

6,000,000

5,740,078

0.25%,

8/31/2025

4,000,000

3,664,219

2.75%,

8/31/2025

4,000,000

3,889,844

0.25%,

9/30/2025

8,000,000

7,320,938

4.25%,

10/15/2025

3,000,000

3,023,203

0.25%,

10/31/2025

8,000,000

7,294,062

2.25%,

11/15/2025

8,500,000

8,155,684

4.50%,

11/15/2025

3,000,000

3,044,297

0.38%,

11/30/2025

10,200,000

9,304,313

4.00%,

12/15/2025

4,000,000

4,015,625

0.38%,

12/31/2025

10,000,000

9,114,844

3.88%,

1/15/2026

6,000,000

6,001,875

0.38%,

1/31/2026

8,000,000

7,262,188

2.63%,

1/31/2026

4,000,000

3,869,062

1.63%,

2/15/2026

8,500,000

7,993,984

4.00%,

2/15/2026

4,000,000

4,016,562

0.50%,

2/28/2026

2,000,000

1,817,734

4.63%,

3/15/2026

5,000,000

5,114,063

0.75%,

3/31/2026

4,000,000

3,659,531

1.63%,

5/15/2026

2,000,000

1,872,578

0.75%,

5/31/2026

3,000,000

2,728,828

0.88%,

6/30/2026

6,000,000

5,471,016

0.63%,

7/31/2026

2,000,000

1,804,063

1.50%,

8/15/2026

9,700,000

9,003,191

0.75%,

8/31/2026

5,000,000

4,518,750

1.38%,

8/31/2026

4,500,000

4,153,887

0.88%,

9/30/2026

8,000,000

7,245,000

1.63%,

9/30/2026

7,000,000

6,515,195

1.13%,

10/31/2026

8,000,000

7,296,562

1.63%,

10/31/2026

8,000,000

7,431,562

1.25%,

11/30/2026

2,000,000

1,829,531

1.25%,

12/31/2026

6,000,000

5,480,625

2.25%,

2/15/2027

1,200,000

1,136,859

1.88%,

2/28/2027

2,500,000

2,332,715

2.50%,

3/31/2027

2,500,000

2,387,695

2.75%,

4/30/2027

3,500,000

3,373,262

2.38%,

5/15/2027

5,700,000

5,413,887

0.50%,

5/31/2027

1,000,000

877,500

2.63%,

5/31/2027

3,000,000

2,876,484

0.50%,

6/30/2027

5,000,000

4,379,492

2.75%,

7/31/2027

3,000,000

2,889,141

64

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.25%,

8/15/2027

5,300,000

4,999,598

0.50%,

8/31/2027

8,000,000

6,973,125

3.13%,

8/31/2027

3,000,000

2,934,375

4.13%,

9/30/2027

4,000,000

4,075,312

4.13%,

10/31/2027

2,000,000

2,038,359

2.25%,

11/15/2027

5,390,000

5,069,969

0.63%,

11/30/2027

8,500,000

7,409,277

3.88%,

11/30/2027

(b)

3,000,000

3,031,172

3.88%,

12/31/2027

4,500,000

4,547,285

0.75%,

1/31/2028

4,000,000

3,493,750

3.50%,

1/31/2028

(b)

4,000,000

3,979,062

2.75%,

2/15/2028

8,000,000

7,684,375

1.13%,

2/29/2028

3,000,000

2,664,258

4.00%,

2/29/2028

(b)

2,500,000

2,545,117

1.25%,

3/31/2028

1,500,000

1,337,930

3.63%,

3/31/2028

1,000,000

1,001,641

1.25%,

4/30/2028

5,000,000

4,451,758

2.88%,

5/15/2028

7,000,000

6,752,266

1.25%,

5/31/2028

3,000,000

2,667,539

1.25%,

6/30/2028

4,000,000

3,550,312

1.00%,

7/31/2028

4,000,000

3,496,250

2.88%,

8/15/2028

8,500,000

8,186,230

1.13%,

8/31/2028

4,000,000

3,512,344

1.25%,

9/30/2028

4,500,000

3,970,898

1.38%,

10/31/2028

7,000,000

6,210,586

3.13%,

11/15/2028

7,000,000

6,823,906

1.50%,

11/30/2028

3,000,000

2,675,977

1.38%,

12/31/2028

9,500,000

8,414,922

1.75%,

1/31/2029

2,000,000

1,805,391

2.63%,

2/15/2029

8,772,000

8,317,638

1.88%,

2/28/2029

2,000,000

1,816,953

2.38%,

3/31/2029

5,000,000

4,667,773

2.88%,

4/30/2029

5,000,000

4,800,586

2.38%,

5/15/2029

5,700,000

5,318,145

2.75%,

5/31/2029

3,500,000

3,335,801

2.63%,

7/31/2029

3,000,000

2,837,344

1.63%,

8/15/2029

3,000,000

2,675,859

3.13%,

8/31/2029

4,000,000

3,893,594

3.88%,

9/30/2029

3,500,000

3,557,422

4.00%,

10/31/2029

2,500,000

2,560,254

1.75%,

11/15/2029

(b)

4,000,000

3,592,188

3.88%,

11/30/2029

4,500,000

4,577,871

3.88%,

12/31/2029

3,000,000

3,054,141

3.50%,

1/31/2030

(b)

2,000,000

1,991,875

1.50%,

2/15/2030

4,700,000

4,120,211

4.00%,

2/28/2030

2,700,000

2,771,297

3.63%,

3/31/2030

2,800,000

2,813,125

0.63%,

5/15/2030

4,800,000

3,929,437

0.63%,

8/15/2030

7,000,000

5,704,180

0.88%,

11/15/2030

9,100,000

7,533,094

1.13%,

2/15/2031

6,500,000

5,473,457

1.63%,

5/15/2031

5,500,000

4,780,059

1.25%,

8/15/2031

6,000,000

5,032,734

1.38%,

11/15/2031

7,500,000

6,330,469

1.88%,

2/15/2032

7,100,000

6,231,359

2.88%,

5/15/2032

6,800,000

6,471,156

2.75%,

8/15/2032

8,200,000

7,716,969

4.13%,

11/15/2032

7,900,000

8,301,172

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.50%,

2/15/2033

(b)

5,700,000

5,708,906

Total

U.S.

Treasury

Obligations

(cost

$889,811,653)

818,414,588

Repurchase

Agreements

1.3%

Cantor

Fitzgerald

&

Co.

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$280,526,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$286,021.

(h)

280,413

280,413

Credit

Suisse

AG

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,000,801,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$2,040,816.

(h)

2,000,000

2,000,000

MetLife,

Inc.

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$15,006,000,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$15,308,163.

(h)

15,000,000

15,000,000

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

65

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$9,347,113,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$9,530,219.

(h)

9,343,352

9,343,352

Total

Repurchase

Agreements

(cost

$26,623,765)

26,623,765

Total

Investments

(cost

$2,196,277,992)

—

100.7%

2,004,793,324

Liabilities

in

excess

of

other

assets

—

(0.7)%

(13,235,047)

NET

ASSETS

—

100.0%

$

1,991,558,277

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$163,384,757,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,623,765

and

by

$141,841,466

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.76%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2052,

a

total

value

of

$168,465,231.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2023.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

March

31,

2023.

(f)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$7,675,278

which

represents

0.39%

of

net

assets.

(g)

Investment

in

affiliate.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$26,623,765.

ACES

Alternative

Credit

Enhancement

Services

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

66

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Bond

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Bond

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

67

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

3,382,969

$

–

$

3,382,969

Commercial

Mortgage-Backed

Securities

–

34,278,856

–

34,278,856

Corporate

Bonds

–

498,379,011

–

498,379,011

Foreign

Government

Securities

–

28,916,659

–

28,916,659

Mortgage-Backed

Securities

–

539,678,831

–

539,678,831

Municipal

Bonds

–

14,452,697

–

14,452,697

Repurchase

Agreements

–

26,623,765

–

26,623,765

Supranational

–

21,214,478

–

21,214,478

U.S.

Government

Agency

Securities

–

19,451,470

–

19,451,470

U.S.

Treasury

Obligations

–

818,414,588

–

818,414,588

Total

$

–

$

2,004,793,324

$

–

$

2,004,793,324

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report

68

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

7.7%

Banks

1.7%

ANZ

Group

Holdings

Ltd.

278,410

4,288,691

Commonwealth

Bank

of

Australia

157,258

10,354,266

National

Australia

Bank

Ltd.

292,204

5,424,472

Westpac

Banking

Corp.

326,209

4,731,914

24,799,343

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

63,481

556,879

Broadline

Retail

0.3%

Wesfarmers

Ltd.

105,043

3,540,862

Capital

Markets

0.3%

ASX

Ltd.

17,463

760,325

Macquarie

Group

Ltd.

34,153

4,023,308

4,783,633

Chemicals

0.0%

†

Orica

Ltd.

43,395

448,438

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

124,460

1,120,382

Consumer

Staples

Distribution

&

Retail

0.3%

Coles

Group

Ltd.

120,564

1,453,660

Endeavour

Group

Ltd.

132,028

598,753

Woolworths

Group

Ltd.

111,971

2,839,610

4,892,023

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

20,518

376,469

Diversified

REITs

0.1%

GPT

Group

(The)

187,842

537,897

Mirvac

Group

341,991

479,780

Stockland

207,550

556,023

1,573,700

Diversified

Telecommunication

Services

0.1%

Telstra

Group

Ltd.

373,142

1,054,078

Electric

Utilities

0.1%

Origin

Energy

Ltd.

160,212

887,767

Gas

Utilities

0.1%

APA

Group

115,973

786,986

Ground

Transportation

0.0%

†

Aurizon

Holdings

Ltd.

154,000

346,700

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

6,014

953,303

Health

Care

Providers

&

Services

0.2%

EBOS

Group

Ltd.

15,246

444,245

Ramsay

Health

Care

Ltd.(a)

16,394

729,801

Sonic

Healthcare

Ltd.

41,485

969,691

2,143,737

Hotels,

Restaurants

&

Leisure

0.3%

Aristocrat

Leisure

Ltd.

53,747

1,343,974

Flutter

Entertainment

plc*

15,449

2,809,868

Lottery

Corp.

Ltd.

(The)

216,975

745,278

4,899,120

Industrial

REITs

0.1%

Goodman

Group

154,666

1,967,061

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

0.3%

Insurance

Australia

Group

Ltd.

221,225

694,688

Medibank

Pvt

Ltd.

239,796

540,051

QBE

Insurance

Group

Ltd.

137,977

1,347,522

Suncorp

Group

Ltd.

115,523

936,690

3,518,951

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

5,193

483,977

SEEK

Ltd.

31,559

509,987

993,964

Metals

&

Mining

2.7%

BHP

Group

Ltd.

470,972

14,919,683

BlueScope

Steel

Ltd.

41,522

562,631

Fortescue

Metals

Group

Ltd.

156,457

2,352,783

Glencore

plc

955,868

5,498,258

IGO

Ltd.

66,601

571,747

Mineral

Resources

Ltd.

15,464

837,945

Newcrest

Mining

Ltd.

82,319

1,473,758

Northern

Star

Resources

Ltd.

105,566

864,171

Pilbara

Minerals

Ltd.

243,382

649,287

Rio

Tinto

Ltd.

34,199

2,753,613

Rio

Tinto

plc

104,022

7,050,106

South32

Ltd.

431,313

1,279,248

38,813,230

Office

REITs

0.0%

†

Dexus

105,067

532,350

Oil,

Gas

&

Consumable

Fuels

0.4%

Ampol

Ltd.

23,052

471,847

Santos

Ltd.

288,184

1,330,033

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

21,282

431,279

Woodside

Energy

Group

Ltd.

176,642

3,972,045

6,205,204

Passenger

Airlines

0.0%

†

Qantas

Airways

Ltd.*

83,574

371,274

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

67,713

329,976

Retail

REITs

0.1%

Scentre

Group

475,279

881,845

Vicinity

Ltd.

380,331

498,135

1,379,980

Software

0.1%

WiseTech

Global

Ltd.(a)

14,259

626,465

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.(a)

18,060

211,225

Transportation

Infrastructure

0.2%

Transurban

Group

286,803

2,729,416

110,842,516

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

31,673

1,047,634

Electric

Utilities

0.0%

†

Verbund

AG

6,722

584,429

Metals

&

Mining

0.0%

†

voestalpine

AG

10,407

354,432

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

AUSTRIA

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

13,078

598,956

Paper

&

Forest

Products

0.1%

Mondi

plc

43,916

696,084

3,281,535

BELGIUM

0.9%

Banks

0.1%

KBC

Group

NV

22,628

1,555,704

Beverages

0.4%

Anheuser-Busch

InBev

SA/

NV

80,934

5,396,824

Chemicals

0.1%

Solvay

SA

7,285

834,381

Umicore

SA

18,800

638,410

1,472,791

Distributors

0.0%

†

D'ieteren

Group

2,320

451,298

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

3,198

422,339

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

NV

4,876

413,939

Groupe

Bruxelles

Lambert

NV

4,063

346,929

Sofina

SA

1,515

341,221

1,102,089

Industrial

REITs

0.0%

†

Warehouses

De

Pauw

CVA

13,861

412,164

Insurance

0.1%

Ageas

SA/NV

14,322

619,137

Pharmaceuticals

0.1%

UCB

SA

11,633

1,040,222

12,472,568

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

14,711

640,487

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

38,725

757,767

CHINA

0.6%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

341,000

1,059,757

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

149,500

453,996

Broadline

Retail

0.4%

Prosus

NV*

73,540

5,751,012

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

178,000

318,358

Food

Products

0.1%

Wilmar

International

Ltd.

166,794

529,325

Common

Stocks

Shares

Value

($)

CHINA

Marine

Transportation

0.0%

†

SITC

International

Holdings

Co.

Ltd.

127,000

272,945

Real

Estate

Management

&

Development

0.0%

†

ESR

Group

Ltd.

Reg.

S(b)

191,400

342,020

8,727,413

DENMARK

3.0%

Air

Freight

&

Logistics

0.2%

DSV

A/S

17,315

3,342,080

Banks

0.1%

Danske

Bank

A/S*

63,827

1,283,703

Beverages

0.1%

Carlsberg

A/S

,

Class

B

9,064

1,401,477

Biotechnology

0.2%

Genmab

A/S*

6,150

2,322,227

Building

Products

0.0%

†

ROCKWOOL

A/S

,

Class

B

699

171,040

Chemicals

0.1%

Chr

Hansen

Holding

A/S

10,368

786,840

Novozymes

A/S

,

Class

B

18,864

966,272

1,753,112

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

17,014

1,451,296

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

92,903

2,691,686

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S

,

Class

B

11,070

1,457,065

Demant

A/S*

7,552

265,024

1,722,089

Insurance

0.0%

†

Tryg

A/S

35,631

778,086

Marine

Transportation

0.1%

AP

Moller

-

Maersk

A/S

,

Class

A

279

493,997

AP

Moller

-

Maersk

A/S

,

Class

B

468

848,121

1,342,118

Pharmaceuticals

1.7%

Novo

Nordisk

A/S

,

Class

B

153,312

24,329,479

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

8,717

835,389

43,423,782

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

309,108

3,298,949

Communications

Equipment

0.2%

Nokia

OYJ

503,540

2,475,702

Consumer

Staples

Distribution

&

Retail

0.0%

†

Kesko

OYJ

,

Class

B

23,790

511,689

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

14,012

844,466

70

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FINLAND

Electric

Utilities

0.0%

†

Fortum

OYJ*

38,960

597,578

Insurance

0.2%

Sampo

OYJ

,

Class

A

44,349

2,092,015

Machinery

0.2%

Kone

OYJ

,

Class

B

32,168

1,677,967

Metso

Outotec

OYJ

62,394

680,530

Wartsila

OYJ

Abp(a)

46,529

440,010

2,798,507

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ(a)

38,738

1,910,660

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ

,

Class

R

49,510

644,275

UPM-Kymmene

OYJ*

48,803

1,638,881

2,283,156

Pharmaceuticals

0.0%

†

Orion

OYJ

,

Class

B

10,483

468,743

17,281,465

FRANCE

10.5%

Aerospace

&

Defense

1.0%

Airbus

SE

54,699

7,327,822

Dassault

Aviation

SA

2,288

453,199

Safran

SA

31,805

4,723,224

Thales

SA

9,961

1,472,631

13,976,876

Automobile

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

64,331

1,969,030

Valeo

18,726

385,355

2,354,385

Automobiles

0.0%

†

Renault

SA*

18,539

756,924

Banks

0.6%

BNP

Paribas

SA

102,741

6,144,913

Credit

Agricole

SA

112,501

1,271,838

Societe

Generale

SA

73,112

1,650,337

9,067,088

Beverages

0.3%

Pernod

Ricard

SA

19,190

4,348,066

Remy

Cointreau

SA

2,263

412,457

4,760,523

Building

Products

0.2%

Cie

de

Saint-Gobain

46,024

2,620,501

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

5,988

378,298

Chemicals

0.6%

Air

Liquide

SA

48,587

8,139,751

Arkema

SA

5,154

509,786

8,649,537

Construction

&

Engineering

0.5%

Bouygues

SA

20,474

690,541

Eiffage

SA

7,517

813,716

Vinci

SA

49,602

5,691,806

7,196,063

Common

Stocks

Shares

Value

($)

FRANCE

Consumer

Staples

Distribution

&

Retail

0.1%

Carrefour

SA

55,306

1,118,056

Diversified

Telecommunication

Services

0.1%

Orange

SA

183,078

2,175,364

Electrical

Equipment

0.2%

Legrand

SA

24,640

2,253,805

Entertainment

0.0%

†

Bollore

SE

83,739

516,842

Financial

Services

0.2%

Edenred

23,257

1,376,039

Eurazeo

SE

4,146

295,376

Wendel

SE

2,192

232,166

Worldline

SA

Reg.

S*(b)

22,021

935,878

2,839,459

Food

Products

0.3%

Danone

SA

59,438

3,695,152

Health

Care

Equipment

&

Supplies

0.4%

BioMerieux

4,116

434,263

EssilorLuxottica

SA

27,084

4,896,905

5,331,168

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

15,849

515,688

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

9,632

401,566

Sodexo

SA

7,998

781,357

1,698,611

Household

Durables

0.0%

†

SEB

SA

1,982

226,241

Insurance

0.4%

AXA

SA

174,288

5,329,175

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

30,065

213,203

IT

Services

0.2%

Capgemini

SE

15,090

2,806,832

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

2,497

767,280

Machinery

0.1%

Alstom

SA

28,830

787,702

Media

0.2%

Publicis

Groupe

SA

21,307

1,664,623

Vivendi

SE

63,501

641,004

2,305,627

Multi-Utilities

0.3%

Engie

SA(a)

170,026

2,688,910

Veolia

Environnement

SA

62,905

1,943,706

4,632,616

Office

REITs

0.0%

†

Covivio

SA

4,146

241,751

Gecina

SA

4,125

428,758

670,509

Oil,

Gas

&

Consumable

Fuels

0.9%

TotalEnergies

SE

230,087

13,575,769

Personal

Care

Products

0.7%

L'Oreal

SA

22,317

9,984,669

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

71

Common

Stocks

Shares

Value

($)

FRANCE

Pharmaceuticals

0.0%

†

Ipsen

SA

3,465

381,924

Professional

Services

0.1%

Bureau

Veritas

SA

26,496

761,347

Teleperformance

5,487

1,325,281

2,086,628

Retail

REITs

0.1%

Klepierre

SA

21,147

479,555

Unibail-Rodamco-Westfield*

11,426

615,554

1,095,109

Software

0.2%

Dassault

Systemes

SE

61,879

2,555,600

Textiles,

Apparel

&

Luxury

Goods

2.3%

Hermes

International

2,918

5,910,735

Kering

SA

6,959

4,541,838

LVMH

Moet

Hennessy

Louis

Vuitton

SE

25,634

23,492,480

33,945,053

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

2,745

392,271

Getlink

SE

38,816

640,740

1,033,011

151,785,600

GERMANY

8.4%

Aerospace

&

Defense

0.2%

MTU

Aero

Engines

AG

4,909

1,227,604

Rheinmetall

AG

3,975

1,180,837

2,408,441

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

92,060

4,300,147

Automobile

Components

0.1%

Continental

AG

10,676

797,938

Automobiles

1.0%

Bayerische

Motoren

Werke

AG

30,628

3,353,514

Bayerische

Motoren

Werke

AG

(Preference)

5,639

576,820

Dr

Ing

hc

F

Porsche

AG

(Preference)*(a)

10,494

1,343,070

Mercedes-Benz

Group

AG

74,034

5,687,128

Porsche

Automobil

Holding

SE

(Preference)

13,916

798,666

Volkswagen

AG

2,497

427,889

Volkswagen

AG

(Preference)

17,237

2,352,065

14,539,152

Banks

0.1%

Commerzbank

AG*

97,553

1,026,275

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

191,110

1,937,886

Deutsche

Boerse

AG

17,587

3,422,808

5,360,694

Chemicals

0.5%

BASF

SE

85,451

4,481,567

Covestro

AG

Reg.

S(b)

18,968

784,533

Evonik

Industries

AG

19,951

418,866

Common

Stocks

Shares

Value

($)

GERMANY

Chemicals

Symrise

AG

12,422

1,349,485

7,034,451

Construction

Materials

0.1%

HeidelbergCement

AG

13,139

958,364

Consumer

Staples

Distribution

&

Retail

0.0%

†

HelloFresh

SE*(a)

16,584

394,903

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

300,239

7,272,060

Telefonica

Deutschland

Holding

AG

104,780

322,430

United

Internet

AG

(Registered)

9,093

156,536

7,751,026

Electrical

Equipment

0.1%

Siemens

Energy

AG*

47,165

1,035,294

Health

Care

Equipment

&

Supplies

0.1%

Carl

Zeiss

Meditec

AG

3,784

525,540

Siemens

Healthineers

AG

Reg.

S(b)

25,392

1,460,401

1,985,941

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

&

Co.

KGaA(a)

19,839

841,341

Fresenius

SE

&

Co.

KGaA

38,509

1,038,073

1,879,414

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

9,232

671,342

Henkel

AG

&

Co.

KGaA

(Preference)

16,543

1,292,758

1,964,100

Independent

Power

and

Renewable

Electricity

Producers

0.2%

RWE

AG

59,076

2,539,599

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

70,848

11,468,077

Insurance

1.0%

Allianz

SE

(Registered)

37,372

8,627,030

Hannover

Rueck

SE

5,569

1,089,437

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

13,035

4,558,875

14,275,342

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

7,896

468,446

IT

Services

0.0%

†

Bechtle

AG

8,050

384,269

Life

Sciences

Tools

&

Services

0.1%

Sartorius

AG

(Preference)

2,214

929,266

Machinery

0.2%

Daimler

Truck

Holding

AG*

42,305

1,428,763

GEA

Group

AG

13,207

600,979

Knorr-Bremse

AG

6,840

454,704

72

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Machinery

Rational

AG

503

336,657

2,821,103

Multi-Utilities

0.2%

E.ON

SE

206,999

2,582,055

Passenger

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

56,801

631,990

Personal

Care

Products

0.1%

Beiersdorf

AG

9,287

1,208,184

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

90,562

5,768,441

Merck

KGaA

11,974

2,226,211

7,994,652

Real

Estate

Management

&

Development

0.1%

Aroundtown

SA(a)

103,363

147,178

LEG

Immobilien

SE

6,907

378,188

Vonovia

SE(a)

64,484

1,212,650

1,738,016

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

119,681

4,891,911

Software

0.9%

Nemetschek

SE

5,676

389,176

SAP

SE

96,707

12,165,471

12,554,647

Specialty

Retail

0.1%

Zalando

SE

Reg.

S*(b)

15,248

638,116

Zalando

SE

Reg.

S*∞(b)

5,968

249,442

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

15,242

2,691,146

Puma

SE

9,260

571,100

3,262,246

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

14,074

1,056,556

121,130,057

HONG

KONG

2.5%

Banks

0.1%

Hang

Seng

Bank

Ltd.

71,100

1,008,658

Capital

Markets

0.4%

Futu

Holdings

Ltd.,

ADR*(a)

5,070

262,880

Hong

Kong

Exchanges

&

Clearing

Ltd.

112,200

4,979,969

5,242,849

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

354,220

471,581

Electric

Utilities

0.1%

CK

Infrastructure

Holdings

Ltd.

59,500

324,865

CLP

Holdings

Ltd.

151,500

1,095,116

Power

Assets

Holdings

Ltd.

136,500

731,409

2,151,390

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

703,545

418,164

Common

Stocks

Shares

Value

($)

HONG

KONG

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

1,024,266

904,933

Ground

Transportation

0.1%

MTR

Corp.

Ltd.

152,000

735,249

Industrial

Conglomerates

0.0%

†

Jardine

Matheson

Holdings

Ltd.

13,600

660,960

Jardine

Matheson

Holdings

Ltd.

600

29,228

690,188

Insurance

1.0%

AIA

Group

Ltd.

1,097,800

11,535,003

Prudential

plc

255,335

3,492,038

15,027,041

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

129,000

1,408,365

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

185,016

1,120,889

Hang

Lung

Properties

Ltd.

199,000

373,068

Henderson

Land

Development

Co.

Ltd.

135,775

470,058

Hongkong

Land

Holdings

Ltd.

95,100

408,930

Hongkong

Land

Holdings

Ltd.

100

440

New

World

Development

Co.

Ltd.

147,231

397,116

Sino

Land

Co.

Ltd.

293,000

396,854

Sun

Hung

Kai

Properties

Ltd.

137,000

1,926,896

Swire

Pacific

Ltd.

,

Class

A

48,000

369,658

Swire

Properties

Ltd.

110,800

286,198

Wharf

Real

Estate

Investment

Co.

Ltd.

152,500

882,004

6,632,111

Retail

REITs

0.1%

Link

REIT

226,840

1,454,741

36,145,270

IRELAND

0.6%

Banks

0.1%

AIB

Group

plc

103,969

423,460

Bank

of

Ireland

Group

plc

97,380

985,403

1,408,863

Building

Products

0.1%

Kingspan

Group

plc

14,055

964,841

Construction

Materials

0.2%

CRH

plc

69,904

3,532,820

Containers

&

Packaging

0.0%

†

Smurfit

Kappa

Group

plc

24,258

880,666

Food

Products

0.1%

Kerry

Group

plc

,

Class

A

(a)

14,942

1,489,110

Trading

Companies

&

Distributors

0.1%

AerCap

Holdings

NV*

16,137

907,384

9,183,684

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

2,614

444,077

Banks

0.2%

Bank

Hapoalim

BM

117,407

977,689

Bank

Leumi

Le-Israel

BM

143,622

1,086,167

First

International

Bank

of

Israel

Ltd.

(The)

5,192

183,707

Israel

Discount

Bank

Ltd.

,

Class

A

108,494

533,674

Mizrahi

Tefahot

Bank

Ltd.

15,326

480,927

3,262,164

Chemicals

0.0%

†

ICL

Group

Ltd.

59,666

403,623

Diversified

Telecommunication

Services

0.0%

†

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

199,108

271,435

IT

Services

0.1%

Wix.com

Ltd.*(a)

5,628

561,674

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

101,793

900,868

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

3,509

202,189

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Tower

Semiconductor

Ltd.*

10,623

452,682

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

9,028

1,173,640

Nice

Ltd.*

5,856

1,332,997

2,506,637

9,005,349

ITALY

2.1%

Automobiles

0.2%

Ferrari

NV

11,654

3,156,355

Banks

0.6%

FinecoBank

Banca

Fineco

SpA

55,789

857,922

Intesa

Sanpaolo

SpA

1,490,205

3,835,250

Mediobanca

Banca

di

Credito

Finanziario

SpA

52,652

530,185

UniCredit

SpA

177,877

3,369,077

8,592,434

Beverages

0.1%

Coca-Cola

HBC

AG*

18,455

504,839

Davide

Campari-Milano

NV

49,380

602,291

1,107,130

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

33,033

435,411

Telecom

Italia

SpA*(a)

974,463

323,025

758,436

Electric

Utilities

0.4%

Enel

SpA

756,081

4,617,606

Common

Stocks

Shares

Value

($)

ITALY

Electric

Utilities

Terna

-

Rete

Elettrica

Nazionale

129,062

1,059,254

5,676,860

Electrical

Equipment

0.1%

Prysmian

SpA

23,179

975,889

Financial

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

57,385

467,876

Gas

Utilities

0.1%

Snam

SpA

184,709

980,462

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

2,475

261,134

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

11,235

390,534

Insurance

0.2%

Assicurazioni

Generali

SpA

101,768

2,031,512

Poste

Italiane

SpA

Reg.

S(b)

50,782

519,777

2,551,289

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

231,053

3,236,543

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

9,618

407,054

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

18,895

1,306,009

29,868,005

JAPAN

21.3%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

7,500

451,985

SG

Holdings

Co.

Ltd.

27,300

404,512

Yamato

Holdings

Co.

Ltd.

24,400

418,546

1,275,043

Automobile

Components

0.4%

Aisin

Corp.(a)

14,500

399,604

Bridgestone

Corp.

52,400

2,128,687

Denso

Corp.

39,900

2,252,316

Koito

Manufacturing

Co.

Ltd.

17,200

325,782

Sumitomo

Electric

Industries

Ltd.

64,600

829,999

5,936,388

Automobiles

1.6%

Honda

Motor

Co.

Ltd.

151,400

4,027,352

Isuzu

Motors

Ltd.

51,600

617,582

Mazda

Motor

Corp.

55,880

520,252

Nissan

Motor

Co.

Ltd.

226,900

863,226

Subaru

Corp.

56,200

899,557

Suzuki

Motor

Corp.

34,100

1,241,167

Toyota

Motor

Corp.(a)

980,770

13,961,471

Yamaha

Motor

Co.

Ltd.

28,900

757,301

22,887,908

Banks

1.3%

Chiba

Bank

Ltd.

(The)

50,200

324,167

Concordia

Financial

Group

Ltd.

102,600

378,694

Japan

Post

Bank

Co.

Ltd.(a)

137,300

1,122,972

74

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Mitsubishi

UFJ

Financial

Group,

Inc.

1,109,167

7,116,641

Mizuho

Financial

Group,

Inc.

223,451

3,168,984

Resona

Holdings,

Inc.(a)

197,400

954,236

Shizuoka

Financial

Group,

Inc.(a)

42,600

306,230

Sumitomo

Mitsui

Financial

Group,

Inc.

121,753

4,881,990

Sumitomo

Mitsui

Trust

Holdings,

Inc.

30,940

1,059,960

19,313,874

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

42,600

1,585,998

Kirin

Holdings

Co.

Ltd.

76,500

1,210,649

Suntory

Beverage

&

Food

Ltd.

13,700

510,571

3,307,218

Broadline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

33,600

650,212

Rakuten

Group,

Inc.

85,700

399,659

1,049,871

Building

Products

0.4%

AGC,

Inc.

17,000

633,688

Daikin

Industries

Ltd.

23,000

4,123,605

Lixil

Corp.

24,400

402,390

TOTO

Ltd.

13,900

465,691

5,625,374

Capital

Markets

0.2%

Daiwa

Securities

Group,

Inc.

116,900

549,308

Japan

Exchange

Group,

Inc.

44,700

682,015

Nomura

Holdings,

Inc.(a)

266,500

1,028,772

SBI

Holdings,

Inc.

24,090

478,143

2,738,238

Chemicals

0.8%

Asahi

Kasei

Corp.

113,800

798,107

JSR

Corp.

16,800

397,110

Mitsubishi

Chemical

Group

Corp.(a)

113,500

675,326

Mitsui

Chemicals,

Inc.

18,100

467,356

Nippon

Paint

Holdings

Co.

Ltd.

73,300

688,857

Nippon

Sanso

Holdings

Corp.

15,700

283,398

Nissan

Chemical

Corp.

11,100

504,345

Nitto

Denko

Corp.

12,800

827,197

Shin-Etsu

Chemical

Co.

Ltd.

171,500

5,562,527

Sumitomo

Chemical

Co.

Ltd.

127,100

427,534

Toray

Industries,

Inc.

125,000

714,631

Tosoh

Corp.

25,600

347,830

11,694,218

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

19,300

539,256

Secom

Co.

Ltd.

19,400

1,194,079

Toppan,

Inc.

24,900

501,604

2,234,939

Construction

&

Engineering

0.1%

Kajima

Corp.

40,900

493,661

Obayashi

Corp.

60,900

466,205

Common

Stocks

Shares

Value

($)

JAPAN

Construction

&

Engineering

Shimizu

Corp.

54,300

307,631

Taisei

Corp.(a)

15,800

488,475

1,755,972

Consumer

Staples

Distribution

&

Retail

0.4%

Aeon

Co.

Ltd.

60,900

1,180,644

Kobe

Bussan

Co.

Ltd.

14,800

413,095

MatsukiyoCocokara

&

Co.

10,800

571,983

Seven

&

i

Holdings

Co.

Ltd.

69,600

3,139,648

Welcia

Holdings

Co.

Ltd.

9,300

198,993

5,504,363

Diversified

REITs

0.1%

Daiwa

House

REIT

Investment

Corp.

217

445,154

Nomura

Real

Estate

Master

Fund,

Inc.

403

451,906

897,060

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

110,656

3,305,018

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

56,700

598,385

Kansai

Electric

Power

Co.,

Inc.

(The)(a)

62,000

603,978

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

150,100

535,709

1,738,072

Electrical

Equipment

0.3%

Fuji

Electric

Co.

Ltd.

12,500

493,256

Mitsubishi

Electric

Corp.

176,700

2,110,407

NIDEC

Corp.(a)

41,500

2,154,198

4,757,861

Electronic

Equipment,

Instruments

&

Components

1.3%

Azbil

Corp.

10,200

279,058

Hamamatsu

Photonics

KK

12,300

663,961

Hirose

Electric

Co.

Ltd.

2,894

378,668

Ibiden

Co.

Ltd.(a)

11,100

445,338

Keyence

Corp.

17,944

8,797,343

Kyocera

Corp.

30,300

1,580,618

Murata

Manufacturing

Co.

Ltd.

53,100

3,242,491

Omron

Corp.

16,800

982,984

Shimadzu

Corp.

20,900

655,610

TDK

Corp.

36,100

1,295,543

Yokogawa

Electric

Corp.

22,400

364,607

18,686,221

Entertainment

0.5%

Capcom

Co.

Ltd.

15,100

540,182

Koei

Tecmo

Holdings

Co.

Ltd.(a)

11,120

200,880

Konami

Group

Corp.

7,700

353,485

Nexon

Co.

Ltd.

45,400

1,083,954

Nintendo

Co.

Ltd.

102,400

3,969,585

Square

Enix

Holdings

Co.

Ltd.

8,300

398,821

Toho

Co.

Ltd.

9,100

348,460

6,895,367

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

JAPAN

Financial

Services

0.2%

GMO

Payment

Gateway,

Inc.

4,100

352,889

Mitsubishi

HC

Capital,

Inc.

64,900

335,434

ORIX

Corp.

108,800

1,794,395

2,482,718

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

42,700

1,485,952

Kikkoman

Corp.

12,900

658,056

MEIJI

Holdings

Co.

Ltd.

19,360

460,411

Nisshin

Seifun

Group,

Inc.

21,123

247,179

Nissin

Foods

Holdings

Co.

Ltd.

5,800

530,466

Yakult

Honsha

Co.

Ltd.

11,600

843,316

4,225,380

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

33,000

542,596

Tokyo

Gas

Co.

Ltd.

35,200

662,831

1,205,427

Ground

Transportation

0.5%

Central

Japan

Railway

Co.

13,100

1,564,012

East

Japan

Railway

Co.

28,376

1,569,204

Hankyu

Hanshin

Holdings,

Inc.

20,200

599,396

Keio

Corp.(a)

8,899

312,058

Keisei

Electric

Railway

Co.

Ltd.

12,700

391,012

Kintetsu

Group

Holdings

Co.

Ltd.

17,000

546,751

Odakyu

Electric

Railway

Co.

Ltd.(a)

29,000

376,567

Tobu

Railway

Co.

Ltd.

17,000

406,703

Tokyu

Corp.

46,900

623,742

West

Japan

Railway

Co.

19,900

819,789

7,209,234

Health

Care

Equipment

&

Supplies

0.6%

Asahi

Intecc

Co.

Ltd.

20,000

353,932

Hoya

Corp.

33,300

3,682,420

Olympus

Corp.

111,300

1,954,656

Sysmex

Corp.

15,400

1,010,973

Terumo

Corp.

58,600

1,581,994

8,583,975

Health

Care

Technology

0.1%

M3,

Inc.

40,900

1,029,012

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

8,026

333,752

Oriental

Land

Co.

Ltd.(a)

92,000

3,145,979

3,479,731

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

(a)

13,000

212,128

Open

House

Group

Co.

Ltd.

8,000

299,997

Panasonic

Holdings

Corp.

209,400

1,874,198

Sekisui

Chemical

Co.

Ltd.

36,400

516,358

Sekisui

House

Ltd.

56,700

1,155,390

Sharp

Corp.*(a)

22,900

161,932

Sony

Group

Corp.

116,400

10,582,416

14,802,419

Common

Stocks

Shares

Value

($)

JAPAN

Household

Products

0.1%

Unicharm

Corp.

37,800

1,553,781

Industrial

Conglomerates

0.4%

Hitachi

Ltd.

90,100

4,952,528

Toshiba

Corp.

36,300

1,216,361

6,168,889

Industrial

REITs

0.1%

GLP

J-REIT

419

452,583

Nippon

Prologis

REIT,

Inc.

202

428,160

880,743

Insurance

0.7%

Dai-ichi

Life

Holdings,

Inc.

88,700

1,629,750

Japan

Post

Holdings

Co.

Ltd.

224,700

1,828,339

Japan

Post

Insurance

Co.

Ltd.

19,600

306,001

MS&AD

Insurance

Group

Holdings,

Inc.(a)

39,341

1,221,650

Sompo

Holdings,

Inc.

29,050

1,152,933

T&D

Holdings,

Inc.

50,800

631,060

Tokio

Marine

Holdings,

Inc.

170,100

3,279,732

10,049,465

Interactive

Media

&

Services

0.0%

†

Z

Holdings

Corp.(a)

259,500

736,338

IT

Services

0.5%

Fujitsu

Ltd.

18,100

2,446,487

Itochu

Techno-Solutions

Corp.

8,700

214,293

NEC

Corp.

22,200

857,117

Nomura

Research

Institute

Ltd.

37,515

872,381

NTT

Data

Corp.(a)

57,400

754,924

Obic

Co.

Ltd.

6,400

1,011,901

Otsuka

Corp.

11,200

398,242

SCSK

Corp.

12,600

184,124

TIS,

Inc.

19,700

520,724

7,260,193

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

55,500

1,195,344

Shimano,

Inc.

6,700

1,162,306

Yamaha

Corp.

13,800

532,629

2,890,279

Machinery

1.1%

Daifuku

Co.

Ltd.

29,400

545,187

FANUC

Corp.

88,500

3,191,322

Hitachi

Construction

Machinery

Co.

Ltd.

10,200

237,741

Hoshizaki

Corp.

9,400

346,712

Komatsu

Ltd.

84,800

2,103,801

Kubota

Corp.

95,400

1,445,119

Kurita

Water

Industries

Ltd.

(a)

9,600

439,339

Makita

Corp.(a)

22,000

547,240

MINEBEA

MITSUMI,

Inc.(a)

35,400

675,837

MISUMI

Group,

Inc.

24,900

626,450

Mitsubishi

Heavy

Industries

Ltd.

29,700

1,095,134

NGK

Insulators

Ltd.(a)

22,400

296,539

SMC

Corp.

5,200

2,757,023

Toyota

Industries

Corp.(a)

13,100

729,485

76

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

Yaskawa

Electric

Corp.

21,600

946,429

15,983,358

Marine

Transportation

0.1%

Mitsui

OSK

Lines

Ltd.(a)

31,200

780,755

Nippon

Yusen

KK(a)

44,400

1,037,507

1,818,262

Media

0.1%

CyberAgent,

Inc.

40,700

345,033

Dentsu

Group,

Inc.

19,101

672,744

Hakuhodo

DY

Holdings,

Inc.

24,000

271,987

1,289,764

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

43,100

547,790

Nippon

Steel

Corp.(a)

75,344

1,778,162

Sumitomo

Metal

Mining

Co.

Ltd.

22,300

852,715

3,178,667

Office

REITs

0.1%

Japan

Real

Estate

Investment

Corp.

108

430,396

Nippon

Building

Fund,

Inc.

135

561,334

991,730

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.(a)

280,639

984,345

Idemitsu

Kosan

Co.

Ltd.(a)

20,456

447,351

Inpex

Corp.

95,700

1,018,253

2,449,949

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

83,500

330,612

Passenger

Airlines

0.0%

†

ANA

Holdings,

Inc.*(a)

16,300

353,995

Japan

Airlines

Co.

Ltd.

12,186

237,614

591,609

Personal

Care

Products

0.3%

Kao

Corp.

43,100

1,682,919

Kobayashi

Pharmaceutical

Co.

Ltd.

5,000

305,444

Kose

Corp.

3,300

391,958

Shiseido

Co.

Ltd.

37,800

1,774,055

4,154,376

Pharmaceuticals

1.4%

Astellas

Pharma,

Inc.

168,600

2,398,232

Chugai

Pharmaceutical

Co.

Ltd.

63,500

1,569,502

Daiichi

Sankyo

Co.

Ltd.

163,300

5,959,905

Eisai

Co.

Ltd.

23,900

1,359,885

Kyowa

Kirin

Co.

Ltd.

26,500

578,136

Nippon

Shinyaku

Co.

Ltd.

4,200

185,218

Ono

Pharmaceutical

Co.

Ltd.

32,900

686,375

Otsuka

Holdings

Co.

Ltd.

36,300

1,157,337

Shionogi

&

Co.

Ltd.

24,600

1,112,721

Takeda

Pharmaceutical

Co.

Ltd.

139,749

4,590,145

19,597,456

Professional

Services

0.3%

BayCurrent

Consulting,

Inc.

12,400

514,512

Nihon

M&A

Center

Holdings,

Inc.

29,500

221,076

Common

Stocks

Shares

Value

($)

JAPAN

Professional

Services

Persol

Holdings

Co.

Ltd.(a)

16,500

331,742

Recruit

Holdings

Co.

Ltd.

133,700

3,705,843

4,773,173

Real

Estate

Management

&

Development

0.4%

Daito

Trust

Construction

Co.

Ltd.

5,400

538,935

Daiwa

House

Industry

Co.

Ltd.

56,000

1,319,184

Hulic

Co.

Ltd.

37,300

306,483

Mitsubishi

Estate

Co.

Ltd.

105,400

1,258,363

Mitsui

Fudosan

Co.

Ltd.

85,600

1,608,645

Nomura

Real

Estate

Holdings,

Inc.

10,300

228,074

Sumitomo

Realty

&

Development

Co.

Ltd.

27,400

618,052

5,877,736

Retail

REITs

0.0%

†

Japan

Metropolitan

Fund

Invest

687

501,336

Semiconductors

&

Semiconductor

Equipment

0.8%

Advantest

Corp.

16,600

1,538,001

Disco

Corp.

8,400

977,310

Lasertec

Corp.

7,100

1,258,703

Renesas

Electronics

Corp.*

107,600

1,562,210

Rohm

Co.

Ltd.

8,500

708,012

SUMCO

Corp.

34,400

517,450

Tokyo

Electron

Ltd.

41,400

5,062,055

11,623,741

Software

0.1%

Oracle

Corp.

Japan

3,100

223,740

Trend

Micro,

Inc.

11,700

573,618

797,358

Specialty

Retail

0.4%

Fast

Retailing

Co.

Ltd.

16,100

3,520,124

Hikari

Tsushin,

Inc.

1,900

267,233

Nitori

Holdings

Co.

Ltd.

7,300

880,152

USS

Co.

Ltd.

19,400

336,267

ZOZO,

Inc.

12,300

281,288

5,285,064

Technology

Hardware,

Storage

&

Peripherals

0.3%

Brother

Industries

Ltd.

23,200

349,947

Canon,

Inc.(a)

92,300

2,070,467

FUJIFILM

Holdings

Corp.

32,600

1,656,046

Ricoh

Co.

Ltd.(a)

52,100

390,834

Seiko

Epson

Corp.(a)

27,500

391,294

4,858,588

Tobacco

0.2%

Japan

Tobacco,

Inc.

111,100

2,344,948

Trading

Companies

&

Distributors

1.2%

ITOCHU

Corp.(a)

110,100

3,585,184

Marubeni

Corp.

140,800

1,913,970

Mitsubishi

Corp.

115,000

4,134,499

Mitsui

&

Co.

Ltd.(a)

133,000

4,144,938

MonotaRO

Co.

Ltd.

23,200

291,662

Sumitomo

Corp.(a)

106,500

1,886,256

Toyota

Tsusho

Corp.

19,100

814,115

16,770,624

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

JAPAN

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.

150,000

4,632,228

SoftBank

Corp.

265,600

3,063,787

SoftBank

Group

Corp.

112,200

4,416,654

12,112,669

307,491,609

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

16,078

332,851

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE

12,273

823,472

Metals

&

Mining

0.1%

ArcelorMittal

SA(a)

49,078

1,488,222

2,311,694

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.*

203,000

1,349,468

Sands

China

Ltd.*

238,700

833,123

2,182,591

NETHERLANDS

5.4%

Banks

0.3%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

36,152

574,237

ING

Groep

NV

342,258

4,071,869

4,646,106

Beverages

0.2%

Heineken

Holding

NV

9,924

911,593

Heineken

NV

24,038

2,587,805

3,499,398

Biotechnology

0.1%

Argenx

SE*

5,060

1,879,139

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

8,404

643,513

Chemicals

0.3%

Akzo

Nobel

NV

16,877

1,317,288

Koninklijke

DSM

NV

16,109

1,903,964

OCI

NV

10,129

343,838

3,565,090

Consumer

Staples

Distribution

&

Retail

0.2%

Koninklijke

Ahold

Delhaize

NV

96,736

3,308,898

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

302,975

1,070,075

Entertainment

0.1%

Universal

Music

Group

NV

68,557

1,733,054

Financial

Services

0.3%

Adyen

NV

Reg.

S*(b)

2,003

3,175,990

EXOR

NV*

9,754

803,770

3,979,760

Food

Products

0.0%

†

JDE

Peet's

NV

9,883

287,462

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV

82,520

1,506,474

Common

Stocks

Shares

Value

($)

NETHERLANDS

Insurance

0.1%

Aegon

NV

161,955

696,014

NN

Group

NV

25,771

935,036

1,631,050

Oil,

Gas

&

Consumable

Fuels

1.3%

Shell

plc

653,630

18,717,157

Professional

Services

0.3%

Randstad

NV(a)

10,651

632,304

Wolters

Kluwer

NV

23,502

2,965,694

3,597,998

Semiconductors

&

Semiconductor

Equipment

1.9%

ASM

International

NV

4,333

1,759,598

ASML

Holding

NV

37,335

25,510,818

27,270,416

Trading

Companies

&

Distributors

0.1%

IMCD

NV

5,161

844,670

78,180,260

NEW

ZEALAND

0.2%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

161,178

511,160

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

61,413

242,753

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

56,800

948,675

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

126,676

416,792

Software

0.1%

Xero

Ltd.*

13,202

798,985

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.*

109,506

596,146

3,514,511

NORWAY

0.6%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

7,983

322,424

Banks

0.1%

DNB

Bank

ASA

84,420

1,514,266

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

68,014

798,445

Food

Products

0.1%

Mowi

ASA

40,583

751,555

Orkla

ASA

64,348

457,092

Salmar

ASA

6,472

282,477

1,491,124

Insurance

0.0%

†

Gjensidige

Forsikring

ASA(a)

19,658

322,152

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

122,903

919,085

Oil,

Gas

&

Consumable

Fuels

0.2%

Aker

BP

ASA

29,104

714,113

78

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

NORWAY

Oil,

Gas

&

Consumable

Fuels

Equinor

ASA

88,211

2,508,649

3,222,762

8,590,258

PORTUGAL

0.2%

Consumer

Staples

Distribution

&

Retail

0.1%

Jeronimo

Martins

SGPS

SA

24,718

579,661

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

259,329

1,413,103

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Galp

Energia

SGPS

SA

,

Class

B

44,149

500,910

2,493,674

SINGAPORE

1.7%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

153,500

423,540

Banks

0.7%

DBS

Group

Holdings

Ltd.

167,800

4,170,202

Oversea-Chinese

Banking

Corp.

Ltd.

315,600

2,942,846

United

Overseas

Bank

Ltd.

109,600

2,459,264

9,572,312

Capital

Markets

0.1%

Singapore

Exchange

Ltd.

74,100

525,454

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

739,450

1,370,233

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

27,200

362,313

Entertainment

0.2%

Sea

Ltd.,

ADR*(a)

33,288

2,881,076

Ground

Transportation

0.0%

†

Grab

Holdings

Ltd.

,

Class

A

*(a)

129,496

389,783

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

594,396

501,083

Industrial

Conglomerates

0.1%

Jardine

Cycle

&

Carriage

Ltd.

9,600

226,776

Keppel

Corp.

Ltd.

130,800

554,383

781,159

Industrial

REITs

0.1%

CapitaLand

Ascendas

REIT

296,407

639,969

Mapletree

Logistics

Trust

321,704

415,124

1,055,093

Machinery

0.0%

†

Sembcorp

Marine

Ltd.*

4,356,822

390,212

Passenger

Airlines

0.0%

†

Singapore

Airlines

Ltd.

115,314

497,322

Real

Estate

Management

&

Development

0.1%

Capitaland

Investment

Ltd.

230,697

641,278

City

Developments

Ltd.

40,200

223,297

Common

Stocks

Shares

Value

($)

SINGAPORE

Real

Estate

Management

&

Development

UOL

Group

Ltd.

47,500

248,394

1,112,969

Retail

REITs

0.1%

CapitaLand

Integrated

Commercial

Trust

475,670

710,257

Mapletree

Pan

Asia

Commercial

Trust

227,800

309,409

1,019,666

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

63,189

3,380,368

24,262,583

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

117,847

3,900,443

SOUTH

KOREA

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

Delivery

Hero

SE

Reg.

S*(b)

16,044

545,885

SPAIN

2.6%

Banks

0.8%

Banco

Bilbao

Vizcaya

Argentaria

SA(a)

553,481

3,954,199

Banco

Santander

SA

1,550,118

5,774,508

CaixaBank

SA(a)

419,024

1,631,320

11,360,027

Biotechnology

0.0%

†

Grifols

SA*(a)

26,811

265,276

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

20,564

655,267

Ferrovial

SA

45,686

1,343,945

1,999,212

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

51,366

1,999,462

Telefonica

SA

478,622

2,065,345

4,064,807

Electric

Utilities

0.6%

Acciona

SA

2,355

471,887

Endesa

SA

31,301

679,690

Iberdrola

SA

568,977

7,087,330

Red

Electrica

Corp.

SA

35,743

628,736

8,867,643

Gas

Utilities

0.1%

Enagas

SA(a)

23,894

458,999

Naturgy

Energy

Group

SA(a)

13,320

400,940

859,939

Hotels,

Restaurants

&

Leisure

0.2%

Amadeus

IT

Group

SA*

41,712

2,792,897

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Corp.

ACCIONA

Energias

Renovables

SA

6,402

248,352

EDP

Renovaveis

SA

22,238

509,868

758,220

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

SPAIN

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

130,411

2,007,463

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

100,832

3,386,227

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

6,902

1,117,546

37,479,257

SWEDEN

3.1%

Automobiles

0.0%

†

Volvo

Car

AB

,

Class

B

*(a)

52,647

230,356

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB

,

Class

A

*(a)

148,413

1,636,791

Svenska

Handelsbanken

AB

,

Class

A

137,860

1,193,241

Swedbank

AB

,

Class

A

(a)

85,594

1,404,719

4,234,751

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*

15,383

358,538

Building

Products

0.3%

Assa

Abloy

AB

,

Class

B

92,470

2,220,190

Nibe

Industrier

AB

,

Class

B

141,607

1,614,867

3,835,057

Capital

Markets

0.0%

†

EQT

AB(a)

29,262

598,514

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB

,

Class

B

48,153

429,340

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson

,

Class

B

(a)

262,984

1,544,879

Construction

&

Engineering

0.0%

†

Skanska

AB

,

Class

B

(a)

29,468

451,455

Diversified

Telecommunication

Services

0.0%

†

Telia

Co.

AB(a)

234,891

596,869

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB

,

Class

B

178,923

2,058,919

Entertainment

0.0%

†

Embracer

Group

AB*(a)

49,345

231,502

Financial

Services

0.4%

Industrivarden

AB

,

Class

A

12,817

346,393

Industrivarden

AB

,

Class

C

(a)

14,453

389,983

Investor

AB

,

Class

A

(a)

45,360

925,976

Investor

AB

,

Class

B

168,598

3,358,644

Kinnevik

AB

,

Class

B

*

22,788

341,479

L

E

Lundbergforetagen

AB

,

Class

B

7,314

331,388

5,693,863

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB

,

Class

B

(a)

21,456

524,240

Hotels,

Restaurants

&

Leisure

0.2%

Evolution

AB

Reg.

S(b)

16,716

2,242,902

Common

Stocks

Shares

Value

($)

SWEDEN

Household

Durables

0.0%

†

Electrolux

AB

,

Class

B

(a)

20,317

246,555

Household

Products

0.1%

Essity

AB

,

Class

B

(a)

56,896

1,627,038

Industrial

Conglomerates

0.1%

Investment

AB

Latour

,

Class

B

(a)

13,357

272,210

Lifco

AB

,

Class

B

22,913

493,314

765,524

Machinery

1.0%

Alfa

Laval

AB(a)

26,092

932,327

Atlas

Copco

AB

,

Class

A

248,081

3,145,297

Atlas

Copco

AB

,

Class

B

147,671

1,697,922

Epiroc

AB

,

Class

A

61,092

1,213,062

Epiroc

AB

,

Class

B

34,103

581,320

Husqvarna

AB

,

Class

B

(a)

37,249

323,670

Indutrade

AB(a)

26,094

554,338

Sandvik

AB

97,582

2,073,753

SKF

AB

,

Class

B

(a)

37,177

733,610

Volvo

AB

,

Class

A

(a)

16,247

350,094

Volvo

AB

,

Class

B

(a)

142,629

2,941,873

14,547,266

Metals

&

Mining

0.1%

Boliden

AB

24,982

982,566

Paper

&

Forest

Products

0.1%

Holmen

AB

,

Class

B

(a)

8,736

336,620

Svenska

Cellulosa

AB

SCA

,

Class

B

(a)

59,552

783,174

1,119,794

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder

,

Class

B

*(a)

52,175

214,754

Sagax

AB

,

Class

B

(a)

18,146

419,395

634,149

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

71,967

1,027,598

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB

,

Class

B

54,761

545,553

44,527,228

SWITZERLAND

5.9%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)(a)

2,929

276,308

Building

Products

0.1%

Geberit

AG

(Registered)

3,391

1,896,298

Capital

Markets

0.7%

Credit

Suisse

Group

AG

(Registered)(a)

340,442

306,737

Julius

Baer

Group

Ltd.

19,418

1,329,539

Partners

Group

Holding

AG

2,084

1,964,870

UBS

Group

AG

(Registered)

309,680

6,539,251

10,140,397

Chemicals

0.5%

Clariant

AG

(Registered)*

21,207

351,903

80

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Chemicals

EMS-Chemie

Holding

AG

(Registered)

666

550,338

Givaudan

SA

(Registered)

873

2,844,751

Sika

AG

(Registered)

13,551

3,803,578

7,550,570

Containers

&

Packaging

0.1%

SIG

Group

AG*

26,973

693,911

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

2,422

1,545,388

Electric

Utilities

0.0%

†

BKW

AG

2,053

322,688

Electrical

Equipment

0.4%

ABB

Ltd.

(Registered)

146,464

5,022,552

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

316

670,887

Chocoladefabriken

Lindt

&

Spruengli

AG

99

1,171,255

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

10

1,180,663

3,022,805

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.

46,192

3,277,385

Sonova

Holding

AG

(Registered)

4,753

1,401,581

Straumann

Holding

AG

(Registered)(a)

10,367

1,554,721

6,233,687

Insurance

0.6%

Baloise

Holding

AG

(Registered)

4,074

635,696

Swiss

Life

Holding

AG

(Registered)

2,849

1,756,770

Zurich

Insurance

Group

AG

13,922

6,661,553

9,054,019

Life

Sciences

Tools

&

Services

0.3%

Bachem

Holding

AG

,

Class

B

(a)

2,947

296,480

Lonza

Group

AG

(Registered)

6,920

4,162,139

4,458,619

Machinery

0.2%

Schindler

Holding

AG

3,676

813,168

Schindler

Holding

AG

(Registered)

2,182

460,787

VAT

Group

AG

Reg.

S(b)

2,416

872,814

2,146,769

Marine

Transportation

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

5,055

1,508,621

Pharmaceuticals

1.3%

Novartis

AG

(Registered)

200,351

18,393,199

Professional

Services

0.1%

Adecco

Group

AG

(Registered)(a)

15,443

562,074

Common

Stocks

Shares

Value

($)

SWITZERLAND

Professional

Services

SGS

SA

(Registered)

602

1,322,592

1,884,666

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

6,753

562,198

Software

0.0%

†

Temenos

AG

(Registered)

6,246

434,767

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

15,846

920,626

Textiles,

Apparel

&

Luxury

Goods

0.6%

Cie

Financiere

Richemont

SA

(Registered)

48,324

7,746,380

Swatch

Group

AG

(The)

2,632

904,992

Swatch

Group

AG

(The)

(Registered)

4,684

296,782

8,948,154

85,016,242

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

11.2%

Aerospace

&

Defense

0.3%

BAE

Systems

plc

289,887

3,514,304

Rolls-Royce

Holdings

plc*

778,112

1,437,112

4,951,416

Banks

1.5%

Barclays

plc

1,484,180

2,679,720

HSBC

Holdings

plc

1,845,468

12,564,084

Lloyds

Banking

Group

plc

6,212,059

3,664,784

NatWest

Group

plc

481,484

1,573,193

Standard

Chartered

plc

229,897

1,749,228

22,231,009

Beverages

0.7%

Coca-Cola

Europacific

Partners

plc(a)

18,878

1,117,389

Diageo

plc

210,311

9,386,266

10,503,655

Broadline

Retail

0.1%

Next

plc

11,850

962,983

Capital

Markets

0.5%

3i

Group

plc

91,990

1,918,150

abrdn

plc(a)

179,843

452,922

Hargreaves

Lansdown

plc

34,332

339,771

London

Stock

Exchange

Group

plc

35,299

3,430,508

Schroders

plc

65,137

371,178

St.

James's

Place

plc

53,430

800,434

7,312,963

Chemicals

0.1%

Croda

International

plc

12,886

1,035,053

Johnson

Matthey

plc

17,921

439,180

1,474,233

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

237,137

1,733,895

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Consumer

Staples

Distribution

&

Retail

0.2%

J

Sainsbury

plc

172,410

593,712

Ocado

Group

plc*

52,554

348,790

Tesco

plc

692,986

2,272,360

3,214,862

Diversified

Consumer

Services

0.0%

†

Pearson

plc

59,599

621,983

Diversified

REITs

0.1%

British

Land

Co.

plc

(The)

84,330

404,934

Land

Securities

Group

plc

67,035

515,241

920,175

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

636,084

1,144,543

Electric

Utilities

0.2%

SSE

plc

101,724

2,265,858

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

34,681

957,428

Financial

Services

0.0%

†

M&G

plc

194,963

477,536

Food

Products

0.1%

Associated

British

Foods

plc

34,592

830,213

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

80,361

1,118,094

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

161,059

4,049,658

Entain

plc

53,534

833,148

InterContinental

Hotels

Group

plc

16,909

1,111,064

Just

Eat

Takeaway.com

NV

Reg.

S*(b)

15,662

299,384

Whitbread

plc

17,767

656,286

6,949,540

Household

Durables

0.1%

Barratt

Developments

plc

87,500

505,254

Berkeley

Group

Holdings

plc

9,492

492,461

Persimmon

plc

30,403

472,852

Taylor

Wimpey

plc

303,173

446,597

1,917,164

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

66,621

5,061,503

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

242,016

1,502,784

DCC

plc

8,462

493,877

Melrose

Industries

plc

386,036

795,665

Smiths

Group

plc

33,256

704,778

3,497,104

Industrial

REITs

0.1%

Segro

plc

111,719

1,063,359

Insurance

0.3%

Admiral

Group

plc

17,686

445,172

Aviva

plc

252,772

1,263,469

Legal

&

General

Group

plc

541,879

1,602,791

Phoenix

Group

Holdings

plc

64,297

434,346

3,745,778

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

81,966

624,724

Machinery

0.2%

CNH

Industrial

NV

96,718

1,479,528

Spirax-Sarco

Engineering

plc

6,752

990,880

2,470,408

Media

0.2%

Informa

plc

134,618

1,150,389

WPP

plc

100,953

1,197,728

2,348,117

Multi-Utilities

0.3%

National

Grid

plc

340,400

4,620,469

Oil,

Gas

&

Consumable

Fuels

0.7%

BP

plc

1,683,982

10,661,198

Personal

Care

Products

0.8%

Unilever

plc

234,136

12,113,792

Pharmaceuticals

1.4%

AstraZeneca

plc

143,503

19,918,238

Professional

Services

0.4%

Intertek

Group

plc

14,462

724,852

RELX

plc

176,770

5,723,899

6,448,751

Software

0.1%

Sage

Group

plc

(The)

92,632

887,571

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

253,499

558,134

Kingfisher

plc

172,677

557,939

1,116,073

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

36,305

1,161,678

Tobacco

0.6%

British

American

Tobacco

plc

196,728

6,894,284

Imperial

Brands

plc

83,350

1,916,813

8,811,097

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

40,598

2,487,366

Bunzl

plc

31,146

1,176,895

3,664,261

Water

Utilities

0.1%

Severn

Trent

plc

24,602

873,827

United

Utilities

Group

plc

61,574

805,192

1,679,019

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc

2,437,505

2,694,146

162,174,836

UNITED

STATES

7.2%

Automobiles

0.3%

Stellantis

NV

208,003

3,784,589

Biotechnology

0.6%

CSL

Ltd.(a)

44,824

8,648,723

Construction

Materials

0.3%

Holcim

AG*

51,255

3,306,307

82

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Construction

Materials

James

Hardie

Industries

plc

CHDI

43,669

937,375

4,243,682

Electrical

Equipment

0.6%

Schneider

Electric

SE

50,414

8,427,656

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA(a)

41,967

596,854

Food

Products

2.2%

Nestle

SA

(Registered)

254,681

31,090,644

Insurance

0.2%

Swiss

Re

AG

27,831

2,862,585

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

20,923

951,095

Personal

Care

Products

0.1%

Haleon

plc

462,716

1,846,025

Pharmaceuticals

2.6%

GSK

plc

376,382

6,712,916

Roche

Holding

AG

67,513

19,356,966

Sanofi

105,645

11,504,968

37,574,850

Professional

Services

0.2%

Computershare

Ltd.

49,614

719,146

Experian

plc

84,904

2,794,634

3,513,780

Software

0.0%

†

CyberArk

Software

Ltd.*

4,002

592,216

104,132,699

Total

Common

Stocks

(cost

$955,811,596)

1,421,682,119

Repurchase

Agreements

3.0%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$8,003,214,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$8,160,000.(c)

8,000,000

8,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$10,004,017,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

3/31/2025

-

9/30/2025;

total

market

value

$10,200,012.(c)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$9,704,663,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$9,894,790.(c)

9,700,774

9,700,774

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,001,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$5,102,721.(c)

5,000,000

5,000,000

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$10,004,026,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$10,200,000.(c)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$42,700,774)

42,700,774

Total

Investments

(cost

$998,512,370)

—

101.3%

1,464,382,893

Liabilities

in

excess

of

other

assets

—

(1.3)%

(19,173,982)

NET

ASSETS

—

100.0%

$

1,445,208,911

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

83

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$78,422,153,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$42,700,774

and

by

$42,436,417

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

4/27/2023

–

11/15/2052,

a

total

value

of

$85,137,191.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$21,501,677

which

represents

1.49%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$42,700,774.

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

84

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

116

6/2023

EUR

5,360,423

66,029

FTSE

100

Index

37

6/2023

GBP

3,486,684

21,652

Nikkei

225

Index

35

6/2023

JPY

3,696,385

57,728

SPI

200

Index

16

6/2023

AUD

1,922,730

24,525

Net

contracts

169,934

As

of

March

31,

2023,

the

Fund

had

$643,175

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

NVIT

International

Index

Fund

-

March

31,

2023

(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

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

Th

e

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

22,526,774

$

–

$

22,526,774

Air

Freight

&

Logistics

–

8,917,270

–

8,917,270

Automobile

Components

–

9,088,711

–

9,088,711

Automobiles

–

45,355,284

–

45,355,284

Banks

–

130,559,225

–

130,559,225

Beverages

1,117,389

29,869,711

–

30,987,100

Biotechnology

–

13,473,903

–

13,473,903

Broadline

Retail

–

11,304,728

–

11,304,728

Building

Products

–

15,431,469

–

15,431,469

Capital

Markets

262,880

37,461,673

–

37,724,553

Chemicals

–

44,686,550

–

44,686,550

Commercial

Services

&

Supplies

–

5,518,556

–

5,518,556

Communications

Equipment

–

4,020,581

–

4,020,581

Construction

&

Engineering

–

11,402,702

–

11,402,702

Construction

Materials

–

8,734,866

–

8,734,866

Consumer

Staples

Distribution

&

Retail

–

19,524,455

–

19,524,455

Containers

&

Packaging

–

1,574,577

–

1,574,577

Distributors

–

451,298

–

451,298

Diversified

Consumer

Services

–

998,452

–

998,452

Diversified

REITs

–

3,390,935

–

3,390,935

Diversified

Telecommunication

Services

–

27,732,924

–

27,732,924

Electric

Utilities

–

26,621,776

–

26,621,776

Electrical

Equipment

–

25,164,743

–

25,164,743

Electronic

Equipment,

Instruments

&

Components

–

22,064,881

–

22,064,881

Energy

Equipment

&

Services

–

596,854

–

596,854

Entertainment

2,881,076

9,376,765

–

12,257,841

Financial

Services

413,939

16,629,362

–

17,043,301

Food

Products

–

47,079,379

–

47,079,379

Gas

Utilities

–

4,737,747

–

4,737,747

Ground

Transportation

389,783

8,291,183

–

8,680,966

Health

Care

Equipment

&

Supplies

–

29,168,780

–

29,168,780

Health

Care

Providers

&

Services

–

4,413,685

–

4,413,685

Health

Care

Technology

–

1,029,012

–

1,029,012

Hotels,

Restaurants

&

Leisure

–

25,292,360

–

25,292,360

Household

Durables

–

17,192,379

–

17,192,379

Household

Products

–

10,206,422

–

10,206,422

Independent

Power

and

Renewable

Electricity

Producers

–

3,714,611

–

3,714,611

Industrial

Conglomerates

660,960

22,709,981

–

23,370,941

Industrial

REITs

–

5,378,420

–

5,378,420

Insurance

–

71,856,085

–

71,856,085

Interactive

Media

&

Services

–

3,036,675

–

3,036,675

IT

Services

561,674

10,451,294

–

11,012,968

Leisure

Products

–

2,890,279

–

2,890,279

Life

Sciences

Tools

&

Services

–

7,929,732

–

7,929,732

Machinery

–

43,353,690

–

43,353,690

Marine

Transportation

–

4,941,946

–

4,941,946

Media

–

5,943,508

–

5,943,508

Metals

&

Mining

–

50,394,412

–

50,394,412

Multi-Utilities

–

11,835,140

–

11,835,140

Office

REITs

–

2,194,589

–

2,194,589

Oil,

Gas

&

Consumable

Fuels

–

63,086,571

–

63,086,571

Paper

&

Forest

Products

–

4,429,646

–

4,429,646

Passenger

Airlines

–

2,092,195

–

2,092,195

Personal

Care

Products

–

29,307,046

–

29,307,046

Pharmaceuticals

900,868

130,438,668

–

131,339,536

NVIT

International

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

87

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Assets:

Professional

Services

$

–

$

22,304,996

$

–

$

22,304,996

Real

Estate

Management

&

Development

408,930

17,022,434

–

17,431,364

Retail

REITs

–

5,450,832

–

5,450,832

Semiconductors

&

Semiconductor

Equipment

–

47,619,118

–

47,619,118

Software

1,765,856

19,988,390

–

21,754,246

Specialty

Retail

–

11,702,520

–

11,702,520

Technology

Hardware,

Storage

&

Peripherals

–

5,779,214

–

5,779,214

Textiles,

Apparel

&

Luxury

Goods

–

49,458,529

–

49,458,529

Tobacco

–

11,156,045

–

11,156,045

Trading

Companies

&

Distributors

907,384

22,547,336

–

23,454,720

Transportation

Infrastructure

–

5,476,119

–

5,476,119

Water

Utilities

–

1,679,019

–

1,679,019

Wireless

Telecommunication

Services

–

15,352,368

–

15,352,368

Total

Common

Stocks

$

10,270,739

$

1,411,411,380

$

–

$

1,421,682,119

Futures

Contracts

169,934

–

–

169,934

Repurchase

Agreements

–

42,700,774

–

42,700,774

Total

$

10,440,673

$

1,454,112,154

$

–

$

1,464,552,827

As

of

March

31,

2023,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

88

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Index

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

169,934

Total

$

169,934

The

Statement

of

Investments

should

be

read

in

conjunction

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

Mid

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

99.8%

Shares

Value

($)

Aerospace

&

Defense

1.7%

Axon

Enterprise,

Inc.*(a)

33,638

7,563,504

Curtiss-Wright

Corp.

19,060

3,359,515

Hexcel

Corp.(a)

41,936

2,862,132

Mercury

Systems,

Inc.*(a)

28,847

1,474,659

Woodward,

Inc.(a)

29,718

2,893,642

18,153,452

Air

Freight

&

Logistics

0.3%

GXO

Logistics,

Inc.*(a)

59,029

2,978,603

Automobile

Components

1.9%

Adient

plc*

47,757

1,956,127

Autoliv

,

Inc.

38,595

3,603,229

Dana,

Inc.

63,876

961,334

Fox

Factory

Holding

Corp.*(a)

20,969

2,545,007

Gentex

Corp.

116,717

3,271,577

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

140,680

1,550,294

Lear

Corp.

29,420

4,103,796

Visteon

Corp.*

13,958

2,189,033

20,180,397

Automobiles

0.4%

Harley-Davidson,

Inc.(a)

66,188

2,513,158

Thor

Industries,

Inc.(a)

26,629

2,120,734

4,633,892

Banks

6.1%

Associated

Banc-Corp.

74,812

1,345,120

Bank

of

Hawaii

Corp.

20,247

1,054,464

Bank

OZK

54,804

1,874,297

Cadence

Bank

90,445

1,877,638

Cathay

General

Bancorp(a)

36,193

1,249,382

Columbia

Banking

System,

Inc.

103,184

2,210,201

Commerce

Bancshares,

Inc.

(a)

56,596

3,302,377

Cullen/Frost

Bankers,

Inc.

32,023

3,373,303

East

West

Bancorp,

Inc.

70,129

3,892,159

First

Financial

Bankshares

,

Inc.(a)

64,406

2,054,551

First

Horizon

Corp.

266,993

4,747,136

FNB

Corp.(a)

176,245

2,044,442

Fulton

Financial

Corp.(a)

83,630

1,155,767

Glacier

Bancorp,

Inc.(a)

55,016

2,311,222

Hancock

Whitney

Corp.

43,163

1,571,133

Home

BancShares

,

Inc.

94,119

2,043,323

International

Bancshares

Corp.

26,324

1,127,194

New

York

Community

Bancorp,

Inc.

337,827

3,053,956

Old

National

Bancorp

145,465

2,097,605

PacWest

Bancorp

59,126

575,296

Pinnacle

Financial

Partners,

Inc.

37,943

2,092,936

Prosperity

Bancshares,

Inc.

45,434

2,795,100

SouthState

Corp.(a)

37,663

2,683,865

Synovus

Financial

Corp.

72,236

2,227,036

Texas

Capital

Bancshares,

Inc.*

23,996

1,174,844

UMB

Financial

Corp.

21,819

1,259,393

United

Bankshares

,

Inc.(a)

66,806

2,351,571

Valley

National

Bancorp(a)

208,398

1,925,598

Common

Stocks

Shares

Value

($)

Banks

Webster

Financial

Corp.(a)

86,578

3,412,905

Wintrust

Financial

Corp.

30,190

2,202,360

65,086,174

Beverages

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

4,686

1,540,288

Celsius

Holdings,

Inc.*(a)

20,294

1,886,125

Coca-Cola

Consolidated,

Inc.

2,277

1,218,377

4,644,790

Biotechnology

1.6%

Arrowhead

Pharmaceuticals,

Inc.*(a)

53,749

1,365,225

Exelixis

,

Inc.*

162,450

3,153,154

Halozyme

Therapeutics,

Inc.*(a)

67,276

2,569,270

Neurocrine

Biosciences,

Inc.*(a)

48,058

4,864,431

United

Therapeutics

Corp.*

22,677

5,078,741

17,030,821

Broadline

Retail

0.6%

Kohl's

Corp.(a)

54,972

1,294,041

Macy's,

Inc.(a)

134,827

2,358,124

Nordstrom,

Inc.(a)

54,980

894,525

Ollie's

Bargain

Outlet

Holdings,

Inc.*

28,720

1,664,037

6,210,727

Building

Products

3.2%

Advanced

Drainage

Systems,

Inc.

31,122

2,620,783

Builders

FirstSource

,

Inc.*(a)

73,228

6,501,182

Carlisle

Cos.,

Inc.

25,731

5,817,007

Fortune

Brands

Innovations,

Inc.

63,808

3,747,444

Lennox

International,

Inc.

16,060

4,035,557

Owens

Corning

46,499

4,454,604

Simpson

Manufacturing

Co.,

Inc.(a)

21,156

2,319,544

Trex

Co.,

Inc.*(a)

54,601

2,657,431

UFP

Industries,

Inc.

30,650

2,435,755

34,589,307

Capital

Markets

2.0%

Affiliated

Managers

Group,

Inc.

18,742

2,669,236

Evercore

,

Inc.,

Class

A

17,731

2,045,803

Federated

Hermes,

Inc.,

Class

B

41,952

1,683,953

Interactive

Brokers

Group,

Inc.,

Class

A

51,184

4,225,751

Janus

Henderson

Group

plc

65,535

1,745,852

Jefferies

Financial

Group,

Inc.

90,022

2,857,298

SEI

Investments

Co.

50,732

2,919,627

Stifel

Financial

Corp.

52,416

3,097,261

21,244,781

Chemicals

2.9%

Ashland,

Inc.

25,022

2,570,010

Avient

Corp.

42,276

1,740,080

Axalta

Coating

Systems

Ltd.*

109,760

3,324,630

Cabot

Corp.

28,252

2,165,233

90

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Chemours

Co.

(The)

73,805

2,209,722

Ingevity

Corp.*(a)

17,586

1,257,751

NewMarket

Corp.(a)

3,331

1,215,748

Olin

Corp.

61,219

3,397,655

RPM

International,

Inc.

64,229

5,603,338

Scotts

Miracle-

Gro

Co.

(The)

(a)

20,372

1,420,743

Sensient

Technologies

Corp.

(a)

21,067

1,612,890

Valvoline,

Inc.

85,547

2,989,012

Westlake

Corp.(a)

17,253

2,001,003

31,507,815

Commercial

Services

&

Supplies

1.3%

Brink's

Co.

(The)

23,140

1,545,752

Clean

Harbors,

Inc.*

25,021

3,566,994

MSA

Safety,

Inc.

18,325

2,446,388

Ritchie

Bros

Auctioneers,

Inc.

10

563

Stericycle,

Inc.*

45,715

1,993,631

Tetra

Tech,

Inc.

26,462

3,887,532

13,440,860

Communications

Equipment

0.7%

Calix,

Inc.*

28,630

1,534,282

Ciena

Corp.*(a)

73,844

3,878,287

Lumentum

Holdings,

Inc.*(a)

34,352

1,855,351

7,267,920

Construction

&

Engineering

2.0%

AECOM

69,135

5,829,463

EMCOR

Group,

Inc.

23,711

3,855,172

Fluor

Corp.*(a)

70,606

2,182,431

MasTec

,

Inc.*

29,699

2,804,774

MDU

Resources

Group,

Inc.(a)

101,178

3,083,905

Valmont

Industries,

Inc.

10,614

3,388,838

21,144,583

Construction

Materials

0.2%

Eagle

Materials,

Inc.

17,938

2,632,401

Consumer

Finance

0.4%

FirstCash

Holdings,

Inc.(a)

18,810

1,793,910

Navient

Corp.

50,452

806,727

SLM

Corp.

119,762

1,483,851

4,084,488

Consumer

Staples

Distribution

&

Retail

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.*

66,888

5,088,170

Casey's

General

Stores,

Inc.

18,538

4,012,735

Grocery

Outlet

Holding

Corp.*(a)

43,629

1,232,956

Performance

Food

Group

Co.*

77,688

4,687,694

Sprouts

Farmers

Market,

Inc.*

53,076

1,859,252

US

Foods

Holding

Corp.*

101,825

3,761,416

20,642,223

Containers

&

Packaging

0.9%

AptarGroup,

Inc.(a)

32,482

3,839,048

Greif,

Inc.,

Class

A

12,582

797,321

Silgan

Holdings,

Inc.

41,625

2,234,014

Sonoco

Products

Co.(a)

48,517

2,959,537

9,829,920

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

1.0%

Graham

Holdings

Co.,

Class

B

1,937

1,154,142

Grand

Canyon

Education,

Inc.*

15,160

1,726,724

H&R

Block,

Inc.(a)

75,766

2,670,752

Service

Corp.

International

76,527

5,263,527

10,815,145

Diversified

Telecommunication

Services

0.6%

Frontier

Communications

Parent,

Inc.*(a)

110,931

2,525,899

Iridium

Communications,

Inc.

62,514

3,871,492

6,397,391

Electric

Utilities

1.4%

ALLETE,

Inc.

28,295

1,821,349

Hawaiian

Electric

Industries,

Inc.

54,305

2,085,312

IDACORP,

Inc.(a)

25,157

2,725,258

OGE

Energy

Corp.

99,612

3,751,388

PNM

Resources,

Inc.

42,595

2,073,524

Portland

General

Electric

Co.(a)

44,418

2,171,596

14,628,427

Electrical

Equipment

2.1%

Acuity

Brands,

Inc.(a)

15,947

2,913,995

EnerSys

20,190

1,754,107

Hubbell,

Inc.

26,669

6,488,834

nVent

Electric

plc

82,886

3,559,125

Regal

Rexnord

Corp.(a)

32,914

4,631,987

SunPower

Corp.*(a)

43,043

595,715

Sunrun

,

Inc.*(a)

105,803

2,131,931

Vicor

Corp.*

11,290

529,953

22,605,647

Electronic

Equipment,

Instruments

&

Components

3.5%

Arrow

Electronics,

Inc.*

28,999

3,621,105

Avnet,

Inc.

45,371

2,050,769

Belden,

Inc.

21,518

1,867,117

Cognex

Corp.

86,042

4,263,381

Coherent

Corp.*(a)

69,004

2,627,672

IPG

Photonics

Corp.*

16,171

1,994,046

Jabil,

Inc.(a)

66,311

5,845,978

Littelfuse

,

Inc.

12,317

3,302,065

National

Instruments

Corp.

64,965

3,404,816

Novanta

,

Inc.*

17,752

2,824,166

TD

SYNNEX

Corp.

20,836

2,016,716

Vishay

Intertechnology

,

Inc.(a)

64,432

1,457,452

Vontier

Corp.

78,369

2,142,608

37,417,891

Energy

Equipment

&

Services

0.8%

ChampionX

Corp.(a)

98,833

2,681,339

NOV,

Inc.

195,442

3,617,631

Valaris

Ltd.*

29,924

1,946,856

8,245,826

Entertainment

0.2%

World

Wrestling

Entertainment,

Inc.,

Class

A

21,567

1,968,204

Financial

Services

1.5%

Essent

Group

Ltd.

53,578

2,145,799

Euronet

Worldwide,

Inc.*

23,402

2,618,684

NVIT

Mid

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

Financial

Services

MGIC

Investment

Corp.

145,999

1,959,306

Voya

Financial,

Inc.(a)

48,263

3,448,874

Western

Union

Co.

(The)

166,180

1,852,907

WEX,

Inc.*

21,690

3,988,574

16,014,144

Food

Products

1.5%

Darling

Ingredients,

Inc.*(a)

79,743

4,656,991

Flowers

Foods,

Inc.

95,595

2,620,259

Ingredion,

Inc.

32,686

3,325,147

Lancaster

Colony

Corp.

9,833

1,994,919

Pilgrim's

Pride

Corp.*

21,979

509,473

Post

Holdings,

Inc.*(a)

26,677

2,397,462

15,504,251

Gas

Utilities

1.4%

National

Fuel

Gas

Co.(a)

46,077

2,660,486

New

Jersey

Resources

Corp.

(a)

48,207

2,564,613

ONE

Gas,

Inc.

27,108

2,147,767

Southwest

Gas

Holdings,

Inc.

(a)

32,205

2,011,202

Spire,

Inc.(a)

26,374

1,849,872

UGI

Corp.

104,266

3,624,286

14,858,226

Ground

Transportation

1.9%

Avis

Budget

Group,

Inc.*

12,363

2,408,312

Hertz

Global

Holdings,

Inc.*(a)

80,208

1,306,588

Knight-Swift

Transportation

Holdings,

Inc.

79,955

4,523,854

Landstar

System,

Inc.(a)

17,876

3,204,452

Ryder

System,

Inc.

24,950

2,226,538

Saia,

Inc.*(a)

13,166

3,582,205

Werner

Enterprises,

Inc.

29,093

1,323,441

XPO,

Inc.*

57,650

1,839,035

20,414,425

Health

Care

Equipment

&

Supplies

3.6%

Enovis

Corp.*(a)

23,693

1,267,339

Envista

Holdings

Corp.*(a)

81,201

3,319,497

Globus

Medical,

Inc.,

Class

A*

38,992

2,208,507

Haemonetics

Corp.*

25,101

2,077,108

ICU

Medical,

Inc.*(a)

9,945

1,640,527

Inari

Medical,

Inc.*(a)

24,137

1,490,218

Integra

LifeSciences

Holdings

Corp.*

36,021

2,067,966

Lantheus

Holdings,

Inc.*(a)

34,145

2,819,011

LivaNova

plc*

26,959

1,174,873

Masimo

Corp.*

24,062

4,440,401

Neogen

Corp.*(a)

106,920

1,980,158

Omnicell

,

Inc.*(a)

22,208

1,302,943

Penumbra,

Inc.*(a)

18,897

5,266,405

QuidelOrtho

Corp.*

26,834

2,390,641

Shockwave

Medical,

Inc.*

17,983

3,899,254

STAAR

Surgical

Co.*(a)

24,169

1,545,608

38,890,456

Health

Care

Providers

&

Services

2.1%

Acadia

Healthcare

Co.,

Inc.*

45,266

3,270,468

Amedisys

,

Inc.*

16,343

1,202,028

Chemed

Corp.

7,399

3,978,812

Encompass

Health

Corp.

49,650

2,686,065

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

HealthEquity

,

Inc.*

42,036

2,467,933

Option

Care

Health,

Inc.*

83,265

2,645,329

Patterson

Cos.,

Inc.

42,709

1,143,320

Progyny

,

Inc.*

37,388

1,200,903

R1

RCM,

Inc.*(a)

68,999

1,034,985

Tenet

Healthcare

Corp.*

53,797

3,196,618

22,826,461

Health

Care

REITs

1.2%

Healthcare

Realty

Trust,

Inc.

(a)

189,355

3,660,232

Medical

Properties

Trust,

Inc.

(a)

297,411

2,444,718

Omega

Healthcare

Investors,

Inc.(a)

116,553

3,194,718

Physicians

Realty

Trust(a)

113,572

1,695,630

Sabra

Health

Care

REIT,

Inc.

115,217

1,324,996

12,320,294

Hotel

&

Resort

REITs

0.1%

Park

Hotels

&

Resorts,

Inc.(a)

110,758

1,368,969

Hotels,

Restaurants

&

Leisure

3.4%

Aramark

129,619

4,640,360

Boyd

Gaming

Corp.

39,436

2,528,636

Choice

Hotels

International,

Inc.(a)

13,685

1,603,745

Churchill

Downs,

Inc.(a)

16,377

4,209,708

Hilton

Grand

Vacations,

Inc.*(a)

39,501

1,755,030

Light

&

Wonder,

Inc.*(a)

46,608

2,798,810

Marriott

Vacations

Worldwide

Corp.

19,066

2,571,241

Papa

John's

International,

Inc.

(a)

16,075

1,204,500

Penn

Entertainment,

Inc.*(a)

76,972

2,282,990

Texas

Roadhouse,

Inc.

33,294

3,597,750

Travel

+

Leisure

Co.(a)

40,782

1,598,654

Wendy's

Co.

(The)

85,453

1,861,166

Wingstop

,

Inc.

14,884

2,732,405

Wyndham

Hotels

&

Resorts,

Inc.

43,946

2,981,736

36,366,731

Household

Durables

1.6%

Helen

of

Troy

Ltd.*

11,998

1,141,850

KB

Home

40,614

1,631,870

Leggett

&

Platt,

Inc.(a)

66,544

2,121,423

Taylor

Morrison

Home

Corp.,

Class

A*

53,701

2,054,600

Tempur

Sealy

International,

Inc.

84,783

3,348,081

Toll

Brothers,

Inc.

51,164

3,071,375

TopBuild

Corp.*(a)

15,908

3,311,091

16,680,290

Household

Products

0.1%

Energizer

Holdings,

Inc.(a)

33,338

1,156,829

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Ormat

Technologies,

Inc.(a)

26,416

2,239,284

92

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Industrial

REITs

1.2%

EastGroup

Properties,

Inc.

21,681

3,584,303

First

Industrial

Realty

Trust,

Inc.

65,744

3,497,581

Rexford

Industrial

Realty,

Inc.

94,094

5,612,707

12,694,591

Insurance

3.9%

American

Financial

Group,

Inc.

34,761

4,223,461

Brighthouse

Financial,

Inc.*

33,972

1,498,505

CNO

Financial

Group,

Inc.

56,793

1,260,237

First

American

Financial

Corp.

(a)

51,518

2,867,492

Hanover

Insurance

Group,

Inc.

(The)

17,872

2,296,552

Kemper

Corp.

31,639

1,729,388

Kinsale

Capital

Group,

Inc.

10,854

3,257,828

Old

Republic

International

Corp.

137,246

3,427,033

Primerica,

Inc.(a)

18,359

3,162,154

Reinsurance

Group

of

America,

Inc.

33,175

4,404,313

RenaissanceRe

Holdings

Ltd.

21,753

4,357,996

RLI

Corp.

20,104

2,672,023

Selective

Insurance

Group,

Inc.

30,022

2,861,997

Unum

Group

93,045

3,680,860

41,699,839

Interactive

Media

&

Services

0.3%

TripAdvisor,

Inc.*

53,092

1,054,407

Ziff

Davis,

Inc.*

23,349

1,822,390

2,876,797

IT

Services

0.1%

Kyndryl

Holdings,

Inc.*(a)

102,809

1,517,461

Leisure

Products

1.2%

Brunswick

Corp.(a)

36,076

2,958,232

Mattel,

Inc.*

176,334

3,246,309

Polaris,

Inc.(a)

27,107

2,998,847

Topgolf

Callaway

Brands

Corp.*(a)

69,830

1,509,725

YETI

Holdings,

Inc.*(a)

42,623

1,704,920

12,418,033

Life

Sciences

Tools

&

Services

1.4%

Azenta

,

Inc.*(a)

34,382

1,534,125

Bruker

Corp.

49,764

3,923,394

Medpace

Holdings,

Inc.*

12,515

2,353,446

Repligen

Corp.*

25,692

4,325,505

Sotera

Health

Co.*(a)

49,086

879,130

Syneos

Health,

Inc.*

51,200

1,823,744

14,839,344

Machinery

4.7%

AGCO

Corp.

30,807

4,165,106

Chart

Industries,

Inc.*(a)

21,037

2,638,040

Crane

Holdings

Co.(a)

23,744

2,694,944

Donaldson

Co.,

Inc.

60,546

3,956,075

Esab

Corp.(a)

26,024

1,537,238

Flowserve

Corp.

64,839

2,204,526

Graco

,

Inc.

83,852

6,122,034

ITT,

Inc.

41,148

3,551,072

Common

Stocks

Shares

Value

($)

Machinery

Lincoln

Electric

Holdings,

Inc.

(a)

28,728

4,857,905

Middleby

Corp.

(The)*(a)

26,810

3,930,614

Oshkosh

Corp.

32,537

2,706,428

Terex

Corp.

33,407

1,616,231

Timken

Co.

(The)

32,937

2,691,612

Toro

Co.

(The)

52,083

5,789,546

Watts

Water

Technologies,

Inc.,

Class

A

13,677

2,302,113

50,763,484

Marine

Transportation

0.2%

Kirby

Corp.*

29,730

2,072,181

Media

1.0%

Cable

One,

Inc.(a)

2,422

1,700,244

John

Wiley

&

Sons,

Inc.,

Class

A(a)

21,099

818,008

New

York

Times

Co.

(The),

Class

A

81,916

3,184,894

Nexstar

Media

Group,

Inc.

18,762

3,239,447

TEGNA,

Inc.

112,161

1,896,643

10,839,236

Metals

&

Mining

2.6%

Alcoa

Corp.

88,052

3,747,493

Cleveland-Cliffs,

Inc.*(a)

256,390

4,699,629

Commercial

Metals

Co.

58,275

2,849,648

MP

Materials

Corp.*(a)

46,502

1,310,891

Reliance

Steel

&

Aluminum

Co.(a)

29,202

7,497,322

Royal

Gold,

Inc.(a)

32,661

4,236,458

United

States

Steel

Corp.

112,748

2,942,723

Worthington

Industries,

Inc.

14,999

969,685

28,253,849

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.6%

Annaly

Capital

Management,

Inc.(a)

233,009

4,452,802

Starwood

Property

Trust,

Inc.

(a)

140,172

2,479,643

6,932,445

Multi-Utilities

0.4%

Black

Hills

Corp.

32,380

2,043,178

NorthWestern

Corp.

29,103

1,683,900

3,727,078

Office

REITs

0.8%

Corporate

Office

Properties

Trust(a)

56,218

1,332,929

Cousins

Properties,

Inc.(a)

74,800

1,599,224

Douglas

Emmett,

Inc.(a)

86,868

1,071,082

Highwoods

Properties,

Inc.(a)

52,987

1,228,769

Kilroy

Realty

Corp.

52,983

1,716,649

Vornado

Realty

Trust(a)

79,212

1,217,488

8,166,141

Oil,

Gas

&

Consumable

Fuels

3.1%

Antero

Midstream

Corp.

165,669

1,737,868

Antero

Resources

Corp.*

137,387

3,172,266

Chord

Energy

Corp.(a)

20,701

2,786,355

CNX

Resources

Corp.*(a)

84,647

1,356,045

DT

Midstream,

Inc.(a)

48,033

2,371,389

NVIT

Mid

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Equitrans

Midstream

Corp.(a)

217,988

1,259,971

HF

Sinclair

Corp.(a)

66,916

3,237,396

Matador

Resources

Co.(a)

55,852

2,661,348

Murphy

Oil

Corp.

72,706

2,688,668

PBF

Energy,

Inc.,

Class

A(a)

56,815

2,463,498

PDC

Energy,

Inc.(a)

45,847

2,942,460

Range

Resources

Corp.

120,226

3,182,382

Southwestern

Energy

Co.*

549,090

2,745,450

32,605,096

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

35,550

1,927,165

Passenger

Airlines

0.1%

JetBlue

Airways

Corp.*

160,519

1,168,578

Personal

Care

Products

0.4%

BellRing

Brands,

Inc.*

66,460

2,259,640

Coty,

Inc.,

Class

A*

182,411

2,199,877

4,459,517

Pharmaceuticals

0.7%

Jazz

Pharmaceuticals

plc*(a)

31,329

4,584,373

Perrigo

Co.

plc

67,583

2,424,202

7,008,575

Professional

Services

3.2%

ASGN,

Inc.*

24,736

2,044,925

CACI

International,

Inc.,

Class

A*

11,696

3,465,291

Concentrix

Corp.(a)

21,341

2,593,999

ExlService

Holdings,

Inc.*

16,444

2,661,133

Exponent,

Inc.

25,136

2,505,808

FTI

Consulting,

Inc.*(a)

17,127

3,380,013

Genpact

Ltd.

83,733

3,870,139

Insperity

,

Inc.

17,698

2,151,192

KBR,

Inc.(a)

68,262

3,757,823

ManpowerGroup

,

Inc.

25,079

2,069,770

Maximus,

Inc.

30,499

2,400,271

Science

Applications

International

Corp.

27,181

2,920,870

33,821,234

Real

Estate

Management

&

Development

0.3%

Jones

Lang

LaSalle,

Inc.*(a)

23,615

3,435,746

Residential

REITs

0.4%

Apartment

Income

REIT

Corp.

74,002

2,650,012

Independence

Realty

Trust,

Inc.(a)

112,310

1,800,329

4,450,341

Retail

REITs

1.5%

Agree

Realty

Corp.(a)

44,070

3,023,643

Brixmor

Property

Group,

Inc.

149,223

3,211,279

Kite

Realty

Group

Trust

108,845

2,277,037

Macerich

Co.

(The)

108,185

1,146,761

National

Retail

Properties,

Inc.

90,026

3,974,648

Spirit

Realty

Capital,

Inc.(a)

69,488

2,768,402

16,401,770

Semiconductors

&

Semiconductor

Equipment

3.0%

Allegro

MicroSystems

,

Inc.*

32,727

1,570,569

Amkor

Technology,

Inc.

49,551

1,289,317

Cirrus

Logic,

Inc.*

27,429

3,000,184

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Lattice

Semiconductor

Corp.*

68,194

6,512,527

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

25,843

1,830,718

MKS

Instruments,

Inc.

28,457

2,521,859

Power

Integrations,

Inc.

28,354

2,399,883

Silicon

Laboratories,

Inc.*(a)

15,871

2,778,853

SiTime

Corp.*(a)

8,013

1,139,689

Synaptics

,

Inc.*

19,602

2,178,762

Universal

Display

Corp.

21,623

3,354,376

Wolfspeed

,

Inc.*(a)

61,904

4,020,665

32,597,402

Software

2.7%

ACI

Worldwide,

Inc.*

55,912

1,508,506

Aspen

Technology,

Inc.*(a)

14,486

3,315,411

Blackbaud

,

Inc.*

22,192

1,537,906

CommVault

Systems,

Inc.*

22,117

1,254,918

Dynatrace

,

Inc.*

107,864

4,562,647

Envestnet

,

Inc.*(a)

25,061

1,470,329

Manhattan

Associates,

Inc.*

31,095

4,815,061

NCR

Corp.*(a)

69,200

1,632,428

Paylocity

Holding

Corp.*

20,534

4,081,748

Qualys

,

Inc.*(a)

17,393

2,261,438

Teradata

Corp.*

51,136

2,059,758

28,500,150

Specialized

REITs

2.1%

CubeSmart

(a)

111,738

5,164,530

EPR

Properties(a)

37,486

1,428,217

Lamar

Advertising

Co.,

Class

A

43,418

4,337,024

Life

Storage,

Inc.

42,291

5,543,927

National

Storage

Affiliates

Trust(a)

42,385

1,770,845

PotlatchDeltic

Corp.

39,998

1,979,901

Rayonier,

Inc.(a)

73,684

2,450,730

22,675,174

Specialty

Retail

2.9%

AutoNation,

Inc.*(a)

16,983

2,281,836

Dick's

Sporting

Goods,

Inc.

29,774

4,224,633

Five

Below,

Inc.*

27,621

5,689,097

Foot

Locker,

Inc.(a)

39,793

1,579,384

GameStop

Corp.,

Class

A*(a)

125,465

2,888,204

Gap,

Inc.

(The)(a)

106,251

1,066,760

Lithia

Motors,

Inc.,

Class

A(a)

13,602

3,113,906

Murphy

USA,

Inc.(a)

9,956

2,569,146

RH*(a)

9,295

2,263,797

Victoria's

Secret

&

Co.*(a)

40,736

1,391,135

Williams-Sonoma,

Inc.(a)

33,121

4,029,501

31,097,399

Technology

Hardware,

Storage

&

Peripherals

0.3%

Super

Micro

Computer,

Inc.*(a)

23,431

2,496,573

Xerox

Holdings

Corp.

55,664

857,226

3,353,799

Textiles,

Apparel

&

Luxury

Goods

2.2%

Capri

Holdings

Ltd.*

62,547

2,939,709

Carter's,

Inc.(a)

19,081

1,372,305

Columbia

Sportswear

Co.(a)

17,471

1,576,583

Crocs,

Inc.*

30,721

3,884,363

Deckers

Outdoor

Corp.*

13,115

5,895,848

PVH

Corp.

31,530

2,811,215

94

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Skechers

USA,

Inc.,

Class

A*

66,778

3,173,291

Under

Armour

,

Inc.,

Class

A*

94,195

893,911

Under

Armour

,

Inc.,

Class

C*(a)

94,323

804,575

23,351,800

Trading

Companies

&

Distributors

1.1%

GATX

Corp.

17,431

1,917,759

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

23,784

1,997,856

Univar

Solutions,

Inc.*

81,136

2,842,194

Watsco

,

Inc.(a)

16,550

5,265,548

12,023,357

Water

Utilities

0.5%

Essential

Utilities,

Inc.

118,759

5,183,830

Total

Common

Stocks

(cost

$743,282,878)

1,066,883,457

Repurchase

Agreements

2.5%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$4,001,607,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$4,080,000.

(b)

4,000,000

4,000,000

BofA

Securities,

Inc.,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,602,250,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

3/31/2025

-

9/30/2025;

total

market

value

$5,712,006.(b)

5,600,000

5,600,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$10,327,404,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$10,529,731.(b)

10,323,266

10,323,266

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,028,562,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$2,069,132.

(b)

2,027,750

2,027,750

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$300,120,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$306,163.(b)

300,000

300,000

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$4,901,973,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$4,998,000.(b)

4,900,000

4,900,000

Total

Repurchase

Agreements

(cost

$27,151,016)

27,151,016

Total

Investments

(cost

$770,433,894)

—

102.3%

1,094,034,473

Liabilities

in

excess

of

other

assets

—

(2.3)%

(24,677,793)

NET

ASSETS

—

100.0%

$

1,069,356,680

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$268,547,630,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,151,016

and

by

$243,406,350

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$270,557,366.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$27,151,016.

REIT

Real

Estate

Investment

Trust

NVIT

Mid

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

95

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

40

6/2023

USD

10,118,800

394,414

Net

contracts

394,414

As

of

March

31,

2023,

the

Fund

had

$624,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

96

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Mid

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

Mid

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

97

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

a

dditional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,066,883,457

$

–

$

–

$

1,066,883,457

Futures

Contracts

394,414

–

–

394,414

Repurchase

Agreements

–

27,151,016

–

27,151,016

Total

$

1,067,277,871

$

27,151,016

$

–

$

1,094,428,887

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

394,414

Total

$

394,414

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

98

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

98.7%

Shares

Value

($)

Aerospace

&

Defense

1.7%

Boeing

Co.

(The)*

44,641

9,483,087

General

Dynamics

Corp.

17,839

4,071,038

Howmet

Aerospace,

Inc.

29,764

1,261,101

Huntington

Ingalls

Industries,

Inc.

3,089

639,485

L3Harris

Technologies,

Inc.

15,137

2,970,485

Lockheed

Martin

Corp.

18,112

8,562,086

Northrop

Grumman

Corp.

11,454

5,288,541

Raytheon

Technologies

Corp.

116,539

11,412,664

Textron,

Inc.(a)

17,346

1,225,148

TransDigm

Group,

Inc.

4,107

3,027,064

47,940,699

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

9,253

919,470

Expeditors

International

of

Washington,

Inc.(a)

12,506

1,377,161

FedEx

Corp.

18,510

4,229,350

United

Parcel

Service,

Inc.,

Class

B

58,226

11,295,262

17,821,243

Automobile

Components

0.1%

Aptiv

plc*

21,479

2,409,729

BorgWarner,

Inc.

18,583

912,611

3,322,340

Automobiles

1.9%

Ford

Motor

Co.(a)

310,850

3,916,710

General

Motors

Co.

110,675

4,059,559

Tesla,

Inc.*(a)

214,450

44,489,797

52,466,066

Banks

3.1%

Bank

of

America

Corp.

528,944

15,127,798

Citigroup,

Inc.

154,428

7,241,129

Citizens

Financial

Group,

Inc.

38,602

1,172,343

Comerica,

Inc.

11,533

500,763

Fifth

Third

Bancorp

55,130

1,468,663

First

Republic

Bank

15,195

212,578

Huntington

Bancshares,

Inc.

119,684

1,340,461

JPMorgan

Chase

&

Co.

233,772

30,462,829

KeyCorp

72,319

905,434

M&T

Bank

Corp.

13,604

1,626,630

PNC

Financial

Services

Group,

Inc.

(The)

31,898

4,054,236

Regions

Financial

Corp.(a)

73,207

1,358,722

Truist

Financial

Corp.

105,436

3,595,368

US

Bancorp

109,244

3,938,246

Wells

Fargo

&

Co.

304,360

11,376,977

Zions

Bancorp

NA

12,644

378,435

84,760,612

Beverages

1.8%

Brown-Forman

Corp.,

Class

B

14,174

910,963

Coca-Cola

Co.

(The)

310,963

19,289,035

Constellation

Brands,

Inc.,

Class

A

13,090

2,956,900

Keurig

Dr

Pepper,

Inc.

68,461

2,415,304

Molson

Coors

Beverage

Co.,

Class

B(a)

14,728

761,143

Monster

Beverage

Corp.*

60,672

3,276,895

Common

Stocks

Shares

Value

($)

Beverages

PepsiCo,

Inc.

109,623

19,984,273

49,594,513

Biotechnology

2.3%

AbbVie,

Inc.

140,786

22,437,065

Amgen,

Inc.

42,541

10,284,287

Biogen,

Inc.*

11,563

3,214,861

Gilead

Sciences,

Inc.

99,823

8,282,314

Incyte

Corp.*

14,429

1,042,784

Moderna,

Inc.*

26,145

4,015,349

Regeneron

Pharmaceuticals,

Inc.*

8,609

7,073,757

Vertex

Pharmaceuticals,

Inc.*

20,629

6,499,579

62,849,996

Broadline

Retail

2.8%

Amazon.com,

Inc.*

710,646

73,402,625

eBay,

Inc.

43,899

1,947,799

Etsy,

Inc.*(a)

10,021

1,115,638

76,466,062

Building

Products

0.4%

A

O

Smith

Corp.

10,396

718,884

Allegion

plc

6,908

737,291

Carrier

Global

Corp.

65,831

3,011,768

Johnson

Controls

International

plc

55,348

3,333,057

Masco

Corp.

17,770

883,524

Trane

Technologies

plc(a)

18,434

3,391,487

12,076,011

Capital

Markets

2.8%

Ameriprise

Financial,

Inc.

8,405

2,576,132

Bank

of

New

York

Mellon

Corp.

(The)

58,701

2,667,373

BlackRock,

Inc.

11,938

7,987,955

Cboe

Global

Markets,

Inc.

8,309

1,115,400

Charles

Schwab

Corp.

(The)

121,201

6,348,508

CME

Group,

Inc.

28,910

5,536,843

FactSet

Research

Systems,

Inc.

2,979

1,236,553

Franklin

Resources,

Inc.(a)

21,735

585,541

Goldman

Sachs

Group,

Inc.

(The)

26,978

8,824,774

Intercontinental

Exchange,

Inc.

44,313

4,621,403

Invesco

Ltd.

35,513

582,413

MarketAxess

Holdings,

Inc.(a)

2,947

1,153,132

Moody's

Corp.

12,703

3,887,372

Morgan

Stanley

104,144

9,143,843

MSCI,

Inc.

6,395

3,579,218

Nasdaq,

Inc.

27,015

1,476,910

Northern

Trust

Corp.

16,939

1,492,834

Raymond

James

Financial,

Inc.

15,737

1,467,790

S&P

Global,

Inc.

26,241

9,047,110

State

Street

Corp.

27,822

2,105,847

T.

Rowe

Price

Group,

Inc.(a)

17,905

2,021,475

77,458,426

Chemicals

1.8%

Air

Products

&

Chemicals,

Inc.

17,825

5,119,518

Albemarle

Corp.(a)

9,540

2,108,722

Celanese

Corp.

7,782

847,382

NVIT

S&P

500

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Chemicals

CF

Industries

Holdings,

Inc.

15,556

1,127,654

Corteva,

Inc.

56,558

3,411,013

Dow,

Inc.

56,270

3,084,721

DuPont

de

Nemours,

Inc.

36,518

2,620,897

Eastman

Chemical

Co.

9,702

818,267

Ecolab,

Inc.

19,694

3,259,948

FMC

Corp.

9,785

1,195,042

International

Flavors

&

Fragrances,

Inc.

20,320

1,868,627

Linde

plc

39,261

13,954,930

LyondellBasell

Industries

NV,

Class

A

20,385

1,913,948

Mosaic

Co.

(The)

27,086

1,242,706

PPG

Industries,

Inc.

18,713

2,499,682

Sherwin-Williams

Co.

(The)

18,796

4,224,777

49,297,834

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

6,825

3,157,791

Copart,

Inc.*

33,935

2,552,251

Republic

Services,

Inc.

16,655

2,252,089

Rollins,

Inc.

17,572

659,477

Waste

Management,

Inc.

29,864

4,872,909

13,494,517

Communications

Equipment

0.9%

Arista

Networks,

Inc.*

19,844

3,331,014

Cisco

Systems,

Inc.

328,054

17,149,023

F5,

Inc.*

4,653

677,895

Juniper

Networks,

Inc.

25,273

869,897

Motorola

Solutions,

Inc.

13,437

3,844,729

25,872,558

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

11,359

1,892,864

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

5,034

1,787,372

Vulcan

Materials

Co.

10,674

1,831,231

3,618,603

Consumer

Finance

0.5%

American

Express

Co.

47,457

7,828,032

Capital

One

Financial

Corp.

30,335

2,917,014

Discover

Financial

Services

21,267

2,102,030

Synchrony

Financial

35,997

1,046,793

13,893,869

Consumer

Staples

Distribution

&

Retail

1.9%

Costco

Wholesale

Corp.

35,363

17,570,814

Dollar

General

Corp.

18,025

3,793,541

Dollar

Tree,

Inc.*

16,473

2,364,699

Kroger

Co.

(The)

51,667

2,550,800

Sysco

Corp.

40,300

3,112,369

Target

Corp.

36,574

6,057,752

Walgreens

Boots

Alliance,

Inc.

(a)

56,545

1,955,326

Walmart,

Inc.

111,784

16,482,551

53,887,852

Containers

&

Packaging

0.3%

Amcor

plc(a)

119,712

1,362,322

Avery

Dennison

Corp.

6,432

1,150,878

Ball

Corp.(a)

25,343

1,396,653

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

International

Paper

Co.

28,336

1,021,796

Packaging

Corp.

of

America(a)

7,387

1,025,537

Sealed

Air

Corp.

11,676

536,045

Westrock

Co.

21,091

642,643

7,135,874

Distributors

0.2%

Genuine

Parts

Co.

11,452

1,916,034

LKQ

Corp.

20,865

1,184,297

Pool

Corp.(a)

3,151

1,079,029

4,179,360

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

568,565

10,944,876

Verizon

Communications,

Inc.

335,409

13,044,056

23,988,932

Electric

Utilities

1.9%

Alliant

Energy

Corp.

20,588

1,099,399

American

Electric

Power

Co.,

Inc.

41,297

3,757,614

Constellation

Energy

Corp.

26,104

2,049,164

Duke

Energy

Corp.

61,506

5,933,484

Edison

International

30,450

2,149,466

Entergy

Corp.

16,065

1,730,843

Evergy,

Inc.

17,648

1,078,646

Eversource

Energy

28,047

2,194,958

Exelon

Corp.

79,018

3,310,064

FirstEnergy

Corp.

42,456

1,700,787

NextEra

Energy,

Inc.

158,639

12,227,894

NRG

Energy,

Inc.(a)

19,142

656,379

PG&E

Corp.*(a)

130,652

2,112,643

Pinnacle

West

Capital

Corp.

8,702

689,546

PPL

Corp.

59,081

1,641,861

Southern

Co.

(The)

86,575

6,023,889

Xcel

Energy,

Inc.

44,080

2,972,755

51,329,392

Electrical

Equipment

0.6%

AMETEK,

Inc.

18,256

2,653,144

Eaton

Corp.

plc

31,505

5,398,067

Emerson

Electric

Co.

45,548

3,969,053

Generac

Holdings,

Inc.*(a)

4,937

533,245

Rockwell

Automation,

Inc.

9,164

2,689,176

15,242,685

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

47,240

3,860,453

CDW

Corp.

10,979

2,139,697

Corning,

Inc.

61,372

2,165,204

Keysight

Technologies,

Inc.*

14,078

2,273,316

TE

Connectivity

Ltd.

25,288

3,316,521

Teledyne

Technologies,

Inc.*

3,780

1,691,021

Trimble,

Inc.*

19,664

1,030,787

Zebra

Technologies

Corp.,

Class

A*

4,170

1,326,060

17,803,059

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.

79,797

2,302,942

Halliburton

Co.

71,286

2,255,489

Schlumberger

NV

113,064

5,551,442

10,109,873

100

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Entertainment

1.4%

Activision

Blizzard,

Inc.

56,675

4,850,813

Electronic

Arts,

Inc.

20,640

2,486,088

Live

Nation

Entertainment,

Inc.*(a)

10,992

769,440

Netflix,

Inc.*

35,499

12,264,195

Take-Two

Interactive

Software,

Inc.*

12,981

1,548,633

Walt

Disney

Co.

(The)*

145,657

14,584,635

Warner

Bros

Discovery,

Inc.*

178,895

2,701,315

39,205,119

Financial

Services

4.2%

Berkshire

Hathaway,

Inc.,

Class

B*

143,620

44,345,547

Fidelity

National

Information

Services,

Inc.

47,797

2,596,811

Fiserv,

Inc.*

50,718

5,732,656

FleetCor

Technologies,

Inc.*

6,037

1,272,901

Global

Payments,

Inc.

20,821

2,191,202

Jack

Henry

&

Associates,

Inc.

5,685

856,843

Mastercard,

Inc.,

Class

A

67,255

24,441,140

PayPal

Holdings,

Inc.*

90,142

6,845,384

Visa,

Inc.,

Class

A(a)

129,529

29,203,608

117,486,092

Food

Products

1.2%

Archer-Daniels-Midland

Co.

43,926

3,499,145

Bunge

Ltd.

11,960

1,142,419

Campbell

Soup

Co.

15,564

855,709

Conagra

Brands,

Inc.

39,142

1,470,174

General

Mills,

Inc.

46,751

3,995,340

Hershey

Co.

(The)

11,776

2,995,932

Hormel

Foods

Corp.(a)

23,374

932,155

J

M

Smucker

Co.

(The)

8,345

1,313,253

Kellogg

Co.

20,712

1,386,876

Kraft

Heinz

Co.

(The)

64,275

2,485,514

Lamb

Weston

Holdings,

Inc.

11,198

1,170,415

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

20,041

1,667,612

Mondelez

International,

Inc.,

Class

A

108,567

7,569,291

Tyson

Foods,

Inc.,

Class

A

22,538

1,336,954

31,820,789

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

11,460

1,287,646

Ground

Transportation

0.8%

CSX

Corp.

168,230

5,036,806

JB

Hunt

Transport

Services,

Inc.

6,495

1,139,613

Norfolk

Southern

Corp.

18,111

3,839,532

Old

Dominion

Freight

Line,

Inc.(a)

7,176

2,445,868

Union

Pacific

Corp.

48,719

9,805,186

22,267,005

Health

Care

Equipment

&

Supplies

2.8%

Abbott

Laboratories

139,306

14,106,125

Align

Technology,

Inc.*

5,700

1,904,598

Baxter

International,

Inc.

40,571

1,645,560

Becton

Dickinson

&

Co.

22,583

5,590,196

Boston

Scientific

Corp.*

113,487

5,677,755

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Cooper

Cos.,

Inc.

(The)

4,033

1,505,761

Dentsply

Sirona,

Inc.

16,794

659,668

Dexcom,

Inc.*

30,963

3,597,281

Edwards

Lifesciences

Corp.*

49,201

4,070,399

GE

HealthCare

Technologies,

Inc.*(a)

29,016

2,380,182

Hologic,

Inc.*

19,456

1,570,099

IDEXX

Laboratories,

Inc.*

6,623

3,312,030

Insulet

Corp.*(a)

5,547

1,769,271

Intuitive

Surgical,

Inc.*

27,912

7,130,679

Medtronic

plc

105,808

8,530,241

ResMed,

Inc.

11,726

2,567,877

STERIS

plc(a)

8,069

1,543,438

Stryker

Corp.

26,880

7,673,434

Teleflex,

Inc.

3,594

910,396

Zimmer

Biomet

Holdings,

Inc.

16,749

2,163,971

78,308,961

Health

Care

Providers

&

Services

3.0%

AmerisourceBergen

Corp.

12,773

2,045,085

Cardinal

Health,

Inc.

20,629

1,557,489

Centene

Corp.*

43,902

2,775,045

Cigna

Group

(The)

23,809

6,083,914

CVS

Health

Corp.

102,360

7,606,372

DaVita,

Inc.*(a)

4,450

360,939

Elevance

Health,

Inc.

19,022

8,746,506

HCA

Healthcare,

Inc.

16,818

4,434,570

Henry

Schein,

Inc.*

10,876

886,829

Humana,

Inc.

9,962

4,836,153

Laboratory

Corp.

of

America

Holdings

7,115

1,632,323

McKesson

Corp.

10,916

3,886,642

Molina

Healthcare,

Inc.*

4,605

1,231,791

Quest

Diagnostics,

Inc.

8,749

1,237,809

UnitedHealth

Group,

Inc.

74,479

35,198,031

Universal

Health

Services,

Inc.,

Class

B

5,277

670,707

83,190,205

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

41,678

915,666

Ventas,

Inc.

31,831

1,379,874

Welltower,

Inc.

37,757

2,706,799

5,002,339

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.(a)

55,189

910,067

Hotels,

Restaurants

&

Leisure

2.1%

Booking

Holdings,

Inc.*

3,099

8,219,819

Caesars

Entertainment,

Inc.*(a)

17,288

843,827

Carnival

Corp.*(a)

82,742

839,831

Chipotle

Mexican

Grill,

Inc.*

2,179

3,722,364

Darden

Restaurants,

Inc.

9,472

1,469,675

Domino's

Pizza,

Inc.

2,875

948,376

Expedia

Group,

Inc.*

11,888

1,153,493

Hilton

Worldwide

Holdings,

Inc.

21,088

2,970,667

Las

Vegas

Sands

Corp.*

26,419

1,517,772

Marriott

International,

Inc.,

Class

A

21,276

3,532,667

NVIT

S&P

500

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

McDonald's

Corp.

58,518

16,362,218

MGM

Resorts

International

24,658

1,095,308

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

32,777

440,851

Royal

Caribbean

Cruises

Ltd.*(a)

17,354

1,133,216

Starbucks

Corp.

91,472

9,524,979

Wynn

Resorts

Ltd.*

8,098

906,247

Yum!

Brands,

Inc.

22,452

2,965,460

57,646,770

Household

Durables

0.3%

DR

Horton,

Inc.

25,002

2,442,445

Garmin

Ltd.

11,862

1,197,113

Lennar

Corp.,

Class

A(a)

20,229

2,126,270

Mohawk

Industries,

Inc.*

4,471

448,084

Newell

Brands,

Inc.(a)

29,961

372,715

NVR,

Inc.*

243

1,354,042

PulteGroup,

Inc.

18,201

1,060,754

Whirlpool

Corp.(a)

4,470

590,130

9,591,553

Household

Products

1.4%

Church

&

Dwight

Co.,

Inc.

19,779

1,748,661

Clorox

Co.

(The)

10,019

1,585,406

Colgate-Palmolive

Co.

66,106

4,967,866

Kimberly-Clark

Corp.

27,228

3,654,542

Procter

&

Gamble

Co.

(The)

188,053

27,961,601

39,918,076

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

54,846

1,320,692

Industrial

Conglomerates

0.8%

3M

Co.

43,791

4,602,872

General

Electric

Co.

87,143

8,330,871

Honeywell

International,

Inc.

53,225

10,172,362

23,106,105

Industrial

REITs

0.3%

Prologis,

Inc.

73,530

9,174,338

Insurance

2.1%

Aflac,

Inc.

45,208

2,916,820

Allstate

Corp.

(The)

20,891

2,314,932

American

International

Group,

Inc.

59,365

2,989,621

Aon

plc,

Class

A

16,284

5,134,182

Arch

Capital

Group

Ltd.*

29,978

2,034,607

Arthur

J

Gallagher

&

Co.

17,021

3,256,288

Assurant,

Inc.

4,031

484,002

Brown

&

Brown,

Inc.

19,318

1,109,240

Chubb

Ltd.

33,146

6,436,290

Cincinnati

Financial

Corp.

12,556

1,407,276

Everest

Re

Group

Ltd.

3,062

1,096,257

Globe

Life,

Inc.

7,116

782,902

Hartford

Financial

Services

Group,

Inc.

(The)

25,633

1,786,364

Lincoln

National

Corp.

12,306

276,516

Loews

Corp.

15,839

918,979

Marsh

&

McLennan

Cos.,

Inc.

39,363

6,555,908

MetLife,

Inc.

52,220

3,025,627

Common

Stocks

Shares

Value

($)

Insurance

Principal

Financial

Group,

Inc.

18,084

1,344,003

Progressive

Corp.

(The)

46,467

6,647,569

Prudential

Financial,

Inc.

29,245

2,419,731

Travelers

Cos.,

Inc.

(The)

18,344

3,144,345

W

R

Berkley

Corp.

16,265

1,012,659

Willis

Towers

Watson

plc

8,405

1,953,154

59,047,272

Interactive

Media

&

Services

4.7%

Alphabet,

Inc.,

Class

A*

474,768

49,247,685

Alphabet,

Inc.,

Class

C*

413,880

43,043,520

Match

Group,

Inc.*

22,017

845,232

Meta

Platforms,

Inc.,

Class

A*

177,421

37,602,607

130,739,044

IT

Services

1.2%

Accenture

plc,

Class

A

50,330

14,384,817

Akamai

Technologies,

Inc.*(a)

12,450

974,835

Cognizant

Technology

Solutions

Corp.,

Class

A

40,742

2,482,410

DXC

Technology

Co.*

19,310

493,564

EPAM

Systems,

Inc.*

4,639

1,387,061

Gartner,

Inc.*

6,393

2,082,648

International

Business

Machines

Corp.

72,043

9,444,117

VeriSign,

Inc.*

7,137

1,508,262

32,757,714

Leisure

Products

0.0%

†

Hasbro,

Inc.

10,037

538,886

Life

Sciences

Tools

&

Services

1.8%

Agilent

Technologies,

Inc.

23,514

3,252,927

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,681

805,233

Bio-Techne

Corp.

13,140

974,857

Charles

River

Laboratories

International,

Inc.*(a)

3,999

807,078

Danaher

Corp.

52,329

13,189,001

Illumina,

Inc.*

12,496

2,905,945

IQVIA

Holdings,

Inc.*

14,789

2,941,384

Mettler-Toledo

International,

Inc.*

1,763

2,697,760

PerkinElmer,

Inc.

9,805

1,306,614

Thermo

Fisher

Scientific,

Inc.

31,335

18,060,554

Waters

Corp.*

4,702

1,455,880

West

Pharmaceutical

Services,

Inc.

5,972

2,069,119

50,466,352

Machinery

1.8%

Caterpillar,

Inc.

41,579

9,514,938

Cummins,

Inc.

11,255

2,688,594

Deere

&

Co.

21,555

8,899,628

Dover

Corp.

11,158

1,695,347

Fortive

Corp.

27,628

1,883,401

IDEX

Corp.

5,921

1,367,929

Illinois

Tool

Works,

Inc.(a)

22,269

5,421,388

Ingersoll

Rand,

Inc.(a)

32,953

1,917,206

Nordson

Corp.

4,354

967,720

Otis

Worldwide

Corp.

33,411

2,819,888

PACCAR,

Inc.

42,053

3,078,280

Parker-Hannifin

Corp.

10,319

3,468,319

102

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Machinery

Pentair

plc

12,775

706,074

Snap-on,

Inc.

4,202

1,037,432

Stanley

Black

&

Decker,

Inc.

12,256

987,588

Westinghouse

Air

Brake

Technologies

Corp.

14,500

1,465,370

Xylem,

Inc.(a)

14,174

1,484,018

49,403,120

Media

0.8%

Charter

Communications,

Inc.,

Class

A*

8,396

3,002,494

Comcast

Corp.,

Class

A

335,319

12,711,943

DISH

Network

Corp.,

Class

A*

19,234

179,453

Fox

Corp.,

Class

A

24,537

835,485

Fox

Corp.,

Class

B

12,458

390,060

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

30,709

1,143,603

News

Corp.,

Class

A

30,655

529,412

News

Corp.,

Class

B(a)

9,114

158,857

Omnicom

Group,

Inc.

16,409

1,548,025

Paramount

Global,

Class

B(a)

39,422

879,505

21,378,837

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

113,281

4,634,326

Newmont

Corp.

62,777

3,077,329

Nucor

Corp.(a)

20,349

3,143,310

Steel

Dynamics,

Inc.

13,257

1,498,836

12,353,801

Multi-Utilities

0.8%

Ameren

Corp.

20,710

1,789,137

CenterPoint

Energy,

Inc.

49,346

1,453,733

CMS

Energy

Corp.

23,400

1,436,292

Consolidated

Edison,

Inc.(a)

28,480

2,724,682

Dominion

Energy,

Inc.

66,330

3,708,510

DTE

Energy

Co.

15,349

1,681,329

NiSource,

Inc.

32,080

896,957

Public

Service

Enterprise

Group,

Inc.

39,764

2,483,262

Sempra

Energy

25,007

3,780,058

WEC

Energy

Group,

Inc.

24,838

2,354,394

22,308,354

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

12,073

1,516,248

Boston

Properties,

Inc.

10,893

589,529

2,105,777

Oil,

Gas

&

Consumable

Fuels

4.2%

APA

Corp.

25,361

914,518

Chevron

Corp.

141,644

23,110,635

ConocoPhillips

97,557

9,678,630

Coterra

Energy,

Inc.(a)

62,751

1,539,909

Devon

Energy

Corp.

52,560

2,660,061

Diamondback

Energy,

Inc.

14,019

1,894,948

EOG

Resources,

Inc.

47,206

5,411,224

EQT

Corp.

28,861

920,954

Exxon

Mobil

Corp.

328,256

35,996,553

Hess

Corp.

21,958

2,905,922

Kinder

Morgan,

Inc.

156,594

2,741,961

Marathon

Oil

Corp.

50,475

1,209,381

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Marathon

Petroleum

Corp.

36,189

4,879,363

Occidental

Petroleum

Corp.(a)

57,956

3,618,193

ONEOK,

Inc.

35,307

2,243,407

Phillips

66

37,141

3,765,354

Pioneer

Natural

Resources

Co.

18,941

3,868,510

Targa

Resources

Corp.

17,685

1,290,121

Valero

Energy

Corp.

30,731

4,290,048

Williams

Cos.,

Inc.

(The)

96,730

2,888,358

115,828,050

Passenger

Airlines

0.2%

Alaska

Air

Group,

Inc.*

9,760

409,530

American

Airlines

Group,

Inc.*(a)

49,866

735,523

Delta

Air

Lines,

Inc.*

51,575

1,800,999

Southwest

Airlines

Co.

47,487

1,545,227

United

Airlines

Holdings,

Inc.*

26,375

1,167,094

5,658,373

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

18,586

4,580,705

Pharmaceuticals

4.1%

Bristol-Myers

Squibb

Co.

169,691

11,761,283

Catalent,

Inc.*

14,088

925,723

Eli

Lilly

&

Co.

63,010

21,638,894

Johnson

&

Johnson

208,380

32,298,900

Merck

&

Co.,

Inc.

202,570

21,551,422

Organon

&

Co.

19,612

461,274

Pfizer,

Inc.

448,486

18,298,229

Viatris,

Inc.

95,453

918,258

Zoetis,

Inc.

37,173

6,187,074

114,041,057

Professional

Services

0.8%

Automatic

Data

Processing,

Inc.

32,971

7,340,334

Broadridge

Financial

Solutions,

Inc.

9,563

1,401,649

CoStar

Group,

Inc.*

32,324

2,225,507

Equifax,

Inc.(a)

9,691

1,965,723

Jacobs

Solutions,

Inc.

10,022

1,177,685

Leidos

Holdings,

Inc.

10,902

1,003,638

Paychex,

Inc.

25,464

2,917,920

Robert

Half

International,

Inc.

8,760

705,793

Verisk

Analytics,

Inc.(a)

12,687

2,434,128

21,172,377

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*(a)

25,641

1,866,921

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

10,985

1,846,139

Camden

Property

Trust

8,878

930,769

Equity

Residential

26,995

1,619,700

Essex

Property

Trust,

Inc.(a)

5,368

1,122,663

Invitation

Homes,

Inc.(a)

45,272

1,413,845

Mid-America

Apartment

Communities,

Inc.

9,438

1,425,516

UDR,

Inc.

24,803

1,018,411

9,377,043

NVIT

S&P

500

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Retail

REITs

0.3%

Federal

Realty

Investment

Trust

6,116

604,444

Kimco

Realty

Corp.

51,548

1,006,732

Realty

Income

Corp.

49,943

3,162,391

Regency

Centers

Corp.

11,754

719,110

Simon

Property

Group,

Inc.

26,170

2,930,255

8,422,932

Semiconductors

&

Semiconductor

Equipment

6.4%

Advanced

Micro

Devices,

Inc.*

128,641

12,608,104

Analog

Devices,

Inc.

40,403

7,968,280

Applied

Materials,

Inc.

67,204

8,254,667

Broadcom,

Inc.

33,311

21,370,339

Enphase

Energy,

Inc.*

10,820

2,275,230

First

Solar,

Inc.*

7,880

1,713,900

Intel

Corp.

328,823

10,742,647

KLA

Corp.

11,039

4,406,438

Lam

Research

Corp.

10,847

5,750,212

Microchip

Technology,

Inc.

43,775

3,667,469

Micron

Technology,

Inc.

86,491

5,218,867

Monolithic

Power

Systems,

Inc.

3,551

1,777,418

NVIDIA

Corp.

196,093

54,468,753

NXP

Semiconductors

NV

20,826

3,883,528

ON

Semiconductor

Corp.*

34,065

2,804,231

Qorvo,

Inc.*

8,062

818,857

QUALCOMM,

Inc.

88,744

11,321,959

Skyworks

Solutions,

Inc.

12,928

1,525,245

SolarEdge

Technologies,

Inc.*(a)

4,443

1,350,450

Teradyne,

Inc.(a)

12,154

1,306,677

Texas

Instruments,

Inc.

72,486

13,483,121

176,716,392

Software

9.3%

Adobe,

Inc.*

36,492

14,062,922

ANSYS,

Inc.*

7,036

2,341,581

Autodesk,

Inc.*

17,289

3,598,878

Cadence

Design

Systems,

Inc.*

21,839

4,588,155

Ceridian

HCM

Holding,

Inc.*(a)

12,072

883,912

Fair

Isaac

Corp.*

2,005

1,408,893

Fortinet,

Inc.*

51,259

3,406,673

Gen

Digital,

Inc.(a)

45,482

780,471

Intuit,

Inc.

22,455

10,011,113

Microsoft

Corp.

593,364

171,066,841

Oracle

Corp.

122,585

11,390,598

Paycom

Software,

Inc.*

3,785

1,150,678

PTC,

Inc.*

8,172

1,047,896

Roper

Technologies,

Inc.

8,523

3,756,001

Salesforce,

Inc.*

79,897

15,961,823

ServiceNow,

Inc.*

16,122

7,492,216

Synopsys,

Inc.*

12,207

4,714,954

Tyler

Technologies,

Inc.*

3,192

1,132,011

258,795,616

Specialized

REITs

1.2%

American

Tower

Corp.

37,080

7,576,927

Crown

Castle,

Inc.

34,810

4,658,970

Digital

Realty

Trust,

Inc.

23,206

2,281,382

Equinix,

Inc.

7,355

5,303,249

Common

Stocks

Shares

Value

($)

Specialized

REITs

Extra

Space

Storage,

Inc.(a)

10,794

1,758,666

Iron

Mountain,

Inc.

23,713

1,254,655

Public

Storage

12,600

3,806,964

SBA

Communications

Corp.

8,507

2,220,923

VICI

Properties,

Inc.

77,295

2,521,363

Weyerhaeuser

Co.

59,614

1,796,170

33,179,269

Specialty

Retail

2.1%

Advance

Auto

Parts,

Inc.

4,654

565,973

AutoZone,

Inc.*

1,496

3,677,392

Bath

&

Body

Works,

Inc.

19,150

700,507

Best

Buy

Co.,

Inc.

15,770

1,234,318

CarMax,

Inc.*(a)

12,857

826,448

Home

Depot,

Inc.

(The)

81,242

23,976,139

Lowe's

Cos.,

Inc.

48,202

9,638,954

O'Reilly

Automotive,

Inc.*

4,974

4,222,827

Ross

Stores,

Inc.

27,225

2,889,389

TJX

Cos.,

Inc.

(The)

92,412

7,241,404

Tractor

Supply

Co.(a)

8,826

2,074,463

Ulta

Beauty,

Inc.*

4,010

2,188,137

59,235,951

Technology

Hardware,

Storage

&

Peripherals

7.3%

Apple,

Inc.

1,185,534

195,494,556

Hewlett

Packard

Enterprise

Co.

105,489

1,680,440

HP,

Inc.

68,228

2,002,492

NetApp,

Inc.

17,340

1,107,159

Seagate

Technology

Holdings

plc(a)

15,377

1,016,727

Western

Digital

Corp.*

25,419

957,534

202,258,908

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.,

Class

B

99,295

12,177,539

Ralph

Lauren

Corp.(a)

3,037

354,327

Tapestry,

Inc.

19,167

826,289

VF

Corp.

25,696

588,695

13,946,850

Tobacco

0.7%

Altria

Group,

Inc.

142,967

6,379,187

Philip

Morris

International,

Inc.

123,795

12,039,064

18,418,251

Trading

Companies

&

Distributors

0.3%

Fastenal

Co.

45,211

2,438,681

United

Rentals,

Inc.(a)

5,569

2,203,987

WW

Grainger,

Inc.

3,571

2,459,741

7,102,409

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

15,508

2,271,767

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*(a)

47,005

6,808,204

Total

Common

Stocks

(cost

$932,572,963)

2,737,519,229

104

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Repurchase

Agreements

0.2%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$500,201,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$510,000.(b)

500,000

500,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$3,983,247,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$4,061,284.

(b)

3,981,651

3,981,651

Total

Repurchase

Agreements

(cost

$4,481,651)

4,481,651

Total

Investments

(cost

$937,054,614)

—

98.9%

2,742,000,880

Other

assets

in

excess

of

liabilities

—

1.1%

29,695,402

NET

ASSETS

—

100.0%

$

2,771,696,282

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$107,402,063,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,481,651

and

by

$103,801,486

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$108,283,137.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$4,481,651.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

150

6/2023

USD

31,033,125

1,178,152

Net

contracts

1,178,152

As

of

March

31,

2023,

the

Fund

had

$1,707,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

S&P

500

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

105

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

106

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

S&P

500

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,737,519,229

$

–

$

–

$

2,737,519,229

Futures

Contracts

1,178,152

–

–

1,178,152

Repurchase

Agreements

–

4,481,651

–

4,481,651

Total

$

2,738,697,381

$

4,481,651

$

–

$

2,743,179,032

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,178,152

Total

$

1,178,152

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

102.6%

Shares

Value

($)

Aerospace

&

Defense

1.1%

AAR

Corp.*

5,306

289,442

Aerojet

Rocketdyne

Holdings,

Inc.*(a)

12,548

704,821

AeroVironment,

Inc.*(a)

3,897

357,199

AerSale

Corp.*(a)

3,789

65,247

Archer

Aviation,

Inc.,

Class

A*

23,659

67,665

Astra

Space,

Inc.*(a)

20,358

8,652

Astronics

Corp.*

4,125

55,110

Cadre

Holdings,

Inc.(a)

2,923

62,961

Ducommun,

Inc.*

1,748

95,633

Kaman

Corp.

4,178

95,509

Kratos

Defense

&

Security

Solutions,

Inc.*

19,722

265,853

Maxar

Technologies,

Inc.

11,576

591,071

Momentus,

Inc.*(a)

7,713

4,512

Moog,

Inc.,

Class

A

4,516

454,987

National

Presto

Industries,

Inc.

837

60,339

Park

Aerospace

Corp.

3,161

42,516

Parsons

Corp.*(a)

5,406

241,864

Redwire

Corp.*(a)

2,738

8,296

Rocket

Lab

USA,

Inc.*(a)

33,303

134,544

Terran

Orbital

Corp.*(a)

8,019

14,755

Triumph

Group,

Inc.*

9,852

114,185

V2X,

Inc.*

1,928

76,580

Virgin

Galactic

Holdings,

Inc.*(a)

38,235

154,852

3,966,593

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.*

9,289

193,490

Forward

Air

Corp.(a)

4,276

460,782

Hub

Group,

Inc.,

Class

A*

5,050

423,897

Radiant

Logistics,

Inc.*

6,352

41,669

1,119,838

Automobile

Components

1.5%

Adient

plc*

14,947

612,229

American

Axle

&

Manufacturing

Holdings,

Inc.*

17,494

136,628

Dana,

Inc.

20,602

310,060

Dorman

Products,

Inc.*(a)

4,164

359,187

Fox

Factory

Holding

Corp.*

6,698

812,936

Gentherm,

Inc.*

5,245

316,903

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

44,488

490,258

Holley,

Inc.*(a)

7,275

19,933

LCI

Industries(a)

3,902

428,713

Luminar

Technologies,

Inc.*(a)

39,280

254,927

Modine

Manufacturing

Co.*

7,899

182,072

Motorcar

Parts

of

America,

Inc.*

2,974

22,127

Patrick

Industries,

Inc.(a)

3,471

238,840

Solid

Power,

Inc.*(a)

19,912

59,935

Standard

Motor

Products,

Inc.

3,251

119,994

Stoneridge,

Inc.*

4,154

77,680

Visteon

Corp.*(a)

4,378

686,602

XPEL,

Inc.

Reg.

S*(a)

3,392

230,486

5,359,510

Common

Stocks

Shares

Value

($)

Automobiles

0.2%

Canoo,

Inc.*(a)

46,016

30,030

Cenntro

Electric

Group

Ltd.*(a)

26,042

12,026

Faraday

Future

Intelligent

Electric,

Inc.*(a)

83,093

29,423

Fisker,

Inc.*(a)

28,007

171,963

Lordstown

Motors

Corp.*(a)

30,199

20,025

Mullen

Automotive,

Inc.*(a)

165,998

21,796

Winnebago

Industries,

Inc.(a)

4,665

269,170

Workhorse

Group,

Inc.*(a)

22,466

29,880

584,313

Banks

8.6%

1st

Source

Corp.

2,712

117,023

ACNB

Corp.(a)

1,409

45,863

Amalgamated

Financial

Corp.

(a)

3,194

56,502

Amerant

Bancorp,

Inc.

4,373

95,156

American

National

Bankshares,

Inc.

1,705

54,048

Ameris

Bancorp(a)

10,416

381,017

Arrow

Financial

Corp.

2,481

61,802

Associated

Banc-Corp.(a)

24,761

445,203

Atlantic

Union

Bankshares

Corp.(a)

12,277

430,309

Axos

Financial,

Inc.*

9,020

333,018

Banc

of

California,

Inc.

8,196

102,696

BancFirst

Corp.(a)

3,149

261,682

Bancorp,

Inc.

(The)*(a)

8,280

230,598

Bank

First

Corp.(a)

1,259

92,637

Bank

of

Marin

Bancorp

2,695

58,994

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

7,856

212,112

BankUnited,

Inc.

10,264

231,761

Bankwell

Financial

Group,

Inc.

1,249

31,050

Banner

Corp.

4,634

251,951

Bar

Harbor

Bankshares

2,705

71,547

BayCom

Corp.

2,187

37,354

BCB

Bancorp,

Inc.

2,398

31,486

Berkshire

Hills

Bancorp,

Inc.(a)

5,986

150,009

Blue

Foundry

Bancorp*(a)

4,206

40,041

Blue

Ridge

Bankshares,

Inc.

3,085

31,467

Bridgewater

Bancshares,

Inc.*

3,221

34,916

Brookline

Bancorp,

Inc.

11,891

124,855

Business

First

Bancshares,

Inc.

4,621

79,158

Byline

Bancorp,

Inc.

4,253

91,950

Cadence

Bank

22,702

471,294

Cambridge

Bancorp(a)

1,340

86,845

Camden

National

Corp.

2,628

95,107

Capital

Bancorp,

Inc.

1,596

26,557

Capital

City

Bank

Group,

Inc.

2,246

65,830

Capitol

Federal

Financial,

Inc.

(a)

17,391

117,041

Capstar

Financial

Holdings,

Inc.

3,411

51,677

Carter

Bankshares,

Inc.*

3,935

55,090

Cathay

General

Bancorp(a)

11,844

408,855

Central

Pacific

Financial

Corp.

3,687

65,997

Citizens

&

Northern

Corp.(a)

2,884

61,660

City

Holding

Co.(a)

1,983

180,215

108

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Civista

Bancshares,

Inc.

2,448

41,322

CNB

Financial

Corp.(a)

3,629

69,677

Coastal

Financial

Corp.*(a)

1,665

59,957

Colony

Bankcorp,

Inc.

2,805

28,611

Columbia

Financial,

Inc.*(a)

5,612

102,587

Community

Bank

System,

Inc.

(a)

6,992

367,010

Community

Trust

Bancorp,

Inc.

2,860

108,537

ConnectOne

Bancorp,

Inc.

6,212

109,828

CrossFirst

Bankshares,

Inc.*(a)

7,651

80,182

Customers

Bancorp,

Inc.*

4,424

81,932

CVB

Financial

Corp.(a)

19,618

327,228

Dime

Community

Bancshares,

Inc.

5,086

115,554

Eagle

Bancorp,

Inc.

4,031

134,918

Eastern

Bankshares,

Inc.

24,923

314,528

Enterprise

Bancorp,

Inc.

1,543

48,543

Enterprise

Financial

Services

Corp.

5,777

257,596

Equity

Bancshares,

Inc.,

Class

A

2,563

62,460

Esquire

Financial

Holdings,

Inc.

1,178

46,060

Farmers

&

Merchants

Bancorp,

Inc.(a)

2,204

53,601

Farmers

National

Banc

Corp.

(a)

6,063

76,636

FB

Financial

Corp.

5,978

185,796

Financial

Institutions,

Inc.

2,878

55,488

First

Bancorp

30,075

486,514

First

Bancorp,

Inc.

(The)

1,870

48,414

First

Bancshares,

Inc.

(The)(a)

4,530

117,010

First

Bank(a)

2,559

25,846

First

Busey

Corp.

8,737

177,711

First

Business

Financial

Services,

Inc.

1,356

41,372

First

Commonwealth

Financial

Corp.

13,372

166,214

First

Community

Bankshares,

Inc.

2,950

73,897

First

Financial

Bancorp(a)

12,158

264,680

First

Financial

Bankshares,

Inc.(a)

20,528

654,843

First

Financial

Corp.

2,087

78,221

First

Foundation,

Inc.

8,267

61,589

First

Guaranty

Bancshares,

Inc.(a)

1,147

17,973

First

Internet

Bancorp

1,389

23,127

First

Interstate

BancSystem,

Inc.,

Class

A(a)

14,353

428,581

First

Merchants

Corp.

9,686

319,154

First

Mid

Bancshares,

Inc.

3,356

91,350

First

of

Long

Island

Corp.

(The)(a)

4,158

56,133

First

Western

Financial,

Inc.*(a)

1,380

27,324

Five

Star

Bancorp(a)

1,944

41,485

Flushing

Financial

Corp.

5,039

75,031

Common

Stocks

Shares

Value

($)

Banks

Fulton

Financial

Corp.(a)

27,367

378,212

FVCBankcorp,

Inc.*(a)

2,595

27,637

German

American

Bancorp,

Inc.

5,375

179,364

Glacier

Bancorp,

Inc.(a)

17,638

740,972

Great

Southern

Bancorp,

Inc.

1,693

85,801

Greene

County

Bancorp,

Inc.

(a)

1,142

25,901

Guaranty

Bancshares,

Inc.

1,385

38,600

Hancock

Whitney

Corp.

13,379

486,996

Hanmi

Financial

Corp.

4,070

75,580

HarborOne

Bancorp,

Inc.(a)

7,494

91,427

HBT

Financial,

Inc.

2,232

44,015

Heartland

Financial

USA,

Inc.

6,938

266,142

Heritage

Commerce

Corp.

10,262

85,482

Heritage

Financial

Corp.

4,633

99,146

Hilltop

Holdings,

Inc.(a)

8,235

244,332

Hingham

Institution

for

Savings(a)

263

61,395

Home

Bancorp,

Inc.

1,225

40,462

Home

BancShares,

Inc.(a)

30,753

667,648

HomeStreet,

Inc.

2,442

43,932

HomeTrust

Bancshares,

Inc.

2,562

63,000

Hope

Bancorp,

Inc.

15,667

153,850

Horizon

Bancorp,

Inc.

6,461

71,459

Independent

Bank

Corp.(a)

9,175

446,216

Independent

Bank

Group,

Inc.

5,511

255,435

International

Bancshares

Corp.

8,822

377,758

John

Marshall

Bancorp,

Inc.(a)

1,893

40,889

Kearny

Financial

Corp.(a)

9,846

79,950

Lakeland

Bancorp,

Inc.

11,825

184,943

Lakeland

Financial

Corp.

3,861

241,853

Live

Oak

Bancshares,

Inc.(a)

5,382

131,159

Luther

Burbank

Corp.

3,591

34,043

Macatawa

Bank

Corp.

4,967

50,763

Mercantile

Bank

Corp.

2,885

88,223

Metrocity

Bankshares,

Inc.(a)

3,036

51,885

Metropolitan

Bank

Holding

Corp.*

1,905

64,560

Mid

Penn

Bancorp,

Inc.

2,416

61,874

Midland

States

Bancorp,

Inc.

3,243

69,465

MidWestOne

Financial

Group,

Inc.

2,572

62,808

MVB

Financial

Corp.

1,727

35,645

National

Bank

Holdings

Corp.,

Class

A

4,610

154,251

NBT

Bancorp,

Inc.

5,629

189,754

Nicolet

Bankshares,

Inc.*(a)

1,945

122,632

Northeast

Bank

1,125

37,868

Northfield

Bancorp,

Inc.(a)

6,407

75,474

Northwest

Bancshares,

Inc.(a)

15,982

192,263

OceanFirst

Financial

Corp.

9,870

182,398

OFG

Bancorp

6,480

161,611

Old

National

Bancorp

46,827

675,245

Old

Second

Bancorp,

Inc.

6,898

96,986

Origin

Bancorp,

Inc.

3,946

126,864

Orrstown

Financial

Services,

Inc.

1,796

35,669

Pacific

Premier

Bancorp,

Inc.

12,560

301,691

Park

National

Corp.(a)

2,258

267,731

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Banks

Parke

Bancorp,

Inc.(a)

1,750

31,115

Pathward

Financial,

Inc.

3,706

153,762

PCB

Bancorp(a)

2,423

35,109

Peapack-Gladstone

Financial

Corp.

3,016

89,334

Peoples

Bancorp,

Inc.(a)

4,925

126,819

Peoples

Financial

Services

Corp.

1,212

52,540

Pioneer

Bancorp,

Inc.*(a)

2,248

22,165

Preferred

Bank(a)

1,339

73,391

Premier

Financial

Corp.

5,970

123,758

Primis

Financial

Corp.(a)

4,294

41,351

Provident

Bancorp,

Inc.

2,573

17,599

Provident

Financial

Services,

Inc.(a)

9,911

190,093

QCR

Holdings,

Inc.

2,605

114,386

RBB

Bancorp

2,743

42,517

Red

River

Bancshares,

Inc.

824

39,643

Renasant

Corp.

7,215

220,635

Republic

Bancorp,

Inc.,

Class

A

1,525

64,706

Republic

First

Bancorp,

Inc.*(a)

5,965

8,112

S&T

Bancorp,

Inc.

5,044

158,634

Sandy

Spring

Bancorp,

Inc.

7,181

186,562

Seacoast

Banking

Corp.

of

Florida(a)

11,355

269,114

ServisFirst

Bancshares,

Inc.

7,917

432,506

Shore

Bancshares,

Inc.(a)

3,322

47,438

Sierra

Bancorp

2,835

48,819

Simmons

First

National

Corp.,

Class

A

16,157

282,586

SmartFinancial,

Inc.(a)

2,695

62,362

South

Plains

Financial,

Inc.

1,712

36,654

Southern

First

Bancshares,

Inc.*

1,282

39,357

Southern

Missouri

Bancorp,

Inc.

1,289

48,221

Southside

Bancshares,

Inc.(a)

4,157

138,012

SouthState

Corp.

12,030

857,258

Stellar

Bancorp,

Inc.(a)

7,177

176,626

Sterling

Bancorp,

Inc.*(a)

3,556

20,127

Stock

Yards

Bancorp,

Inc.(a)

4,590

253,093

Summit

Financial

Group,

Inc.

2,118

43,949

Texas

Capital

Bancshares,

Inc.*

7,969

390,162

Third

Coast

Bancshares,

Inc.*(a)

2,127

33,415

Tompkins

Financial

Corp.

2,134

141,292

Towne

Bank

11,698

311,752

TriCo

Bancshares

5,077

211,152

Triumph

Financial,

Inc.*(a)

3,462

201,004

TrustCo

Bank

Corp.

2,520

80,489

Trustmark

Corp.

8,118

200,515

UMB

Financial

Corp.

7,245

418,181

United

Bankshares,

Inc.(a)

20,432

719,206

United

Community

Banks,

Inc.

(a)

16,377

460,521

Unity

Bancorp,

Inc.

1,254

28,604

Univest

Financial

Corp.

5,099

121,050

Common

Stocks

Shares

Value

($)

Banks

USCB

Financial

Holdings,

Inc.*(a)

1,525

15,082

Valley

National

Bancorp(a)

70,025

647,031

Veritex

Holdings,

Inc.

6,948

126,870

Washington

Federal,

Inc.

10,444

314,573

Washington

Trust

Bancorp,

Inc.

3,066

106,268

WesBanco,

Inc.

9,273

284,681

West

Bancorp,

Inc.

2,985

54,536

Westamerica

Bancorp

3,401

150,664

WSFS

Financial

Corp.

8,332

313,367

30,624,920

Beverages

0.6%

Celsius

Holdings,

Inc.*(a)

8,743

812,574

Coca-Cola

Consolidated,

Inc.

741

396,494

Duckhorn

Portfolio,

Inc.

(The)*(a)

6,836

108,692

MGP

Ingredients,

Inc.(a)

2,203

213,074

National

Beverage

Corp.*(a)

3,773

198,913

Primo

Water

Corp.

25,057

384,625

Vintage

Wine

Estates,

Inc.*(a)

4,582

4,903

Vita

Coco

Co.,

Inc.

(The)*(a)

4,335

85,053

2,204,328

Biotechnology

6.8%

2seventy

bio,

Inc.*

5,745

58,599

4D

Molecular

Therapeutics,

Inc.*(a)

4,718

81,102

Aadi

Bioscience,

Inc.*(a)

2,049

14,835

Absci

Corp.*(a)

7,740

13,545

ACADIA

Pharmaceuticals,

Inc.*

19,125

359,932

Acrivon

Therapeutics,

Inc.*

1,227

15,571

Adicet

Bio,

Inc.*(a)

4,802

27,659

ADMA

Biologics,

Inc.*

32,188

106,542

Aerovate

Therapeutics,

Inc.*(a)

1,299

26,201

Affimed

NV*(a)

20,119

15,001

Agenus,

Inc.*(a)

46,385

70,505

Agios

Pharmaceuticals,

Inc.*

8,571

196,876

Akero

Therapeutics,

Inc.*

5,460

208,900

Alector,

Inc.*(a)

9,326

57,728

Alkermes

plc*

25,745

725,752

Allogene

Therapeutics,

Inc.*(a)

13,098

64,704

Allovir,

Inc.*

4,329

17,056

Alpine

Immune

Sciences,

Inc.*(a)

3,399

26,240

ALX

Oncology

Holdings,

Inc.*

3,622

16,371

Amicus

Therapeutics,

Inc.*

43,292

480,108

AnaptysBio,

Inc.*(a)

3,090

67,238

Anavex

Life

Sciences

Corp.*(a)

11,243

96,352

Anika

Therapeutics,

Inc.*

2,268

65,137

Apellis

Pharmaceuticals,

Inc.*(a)

14,781

974,955

Arbutus

Biopharma

Corp.*

18,865

57,161

Arcellx,

Inc.*(a)

4,780

147,272

Arcturus

Therapeutics

Holdings,

Inc.*(a)

3,511

84,159

Arcus

Biosciences,

Inc.*(a)

8,278

150,991

110

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Arcutis

Biotherapeutics,

Inc.*(a)

6,581

72,391

Arrowhead

Pharmaceuticals,

Inc.*

16,105

409,067

Atara

Biotherapeutics,

Inc.*

14,299

41,467

Aura

Biosciences,

Inc.*(a)

3,613

33,529

Aurinia

Pharmaceuticals,

Inc.*(a)

21,146

231,760

Avid

Bioservices,

Inc.*(a)

9,620

180,471

Avidity

Biosciences,

Inc.*

10,179

156,248

Beam

Therapeutics,

Inc.*(a)

10,011

306,537

BioCryst

Pharmaceuticals,

Inc.*(a)

29,655

247,323

Biohaven

Ltd.*(a)

10,171

138,936

Bioxcel

Therapeutics,

Inc.*(a)

3,017

56,297

Bluebird

Bio,

Inc.*(a)

16,404

52,165

Blueprint

Medicines

Corp.*(a)

9,359

421,061

Bridgebio

Pharma,

Inc.*(a)

16,696

276,820

C4

Therapeutics,

Inc.*

6,640

20,850

CareDx,

Inc.*(a)

7,967

72,818

Caribou

Biosciences,

Inc.*(a)

8,236

43,733

Catalyst

Pharmaceuticals,

Inc.*(a)

15,570

258,151

Celldex

Therapeutics,

Inc.*(a)

7,192

258,768

Celularity,

Inc.,

Class

A*

8,492

5,262

Century

Therapeutics,

Inc.*(a)

3,114

10,806

Cerevel

Therapeutics

Holdings,

Inc.*(a)

9,056

220,876

Chimerix,

Inc.*

13,749

17,324

Chinook

Therapeutics,

Inc.*

7,978

184,691

Cogent

Biosciences,

Inc.*(a)

10,024

108,159

Coherus

Biosciences,

Inc.*(a)

11,117

76,040

Crinetics

Pharmaceuticals,

Inc.*(a)

8,228

132,142

CTI

BioPharma

Corp.*(a)

15,892

66,746

Cullinan

Oncology,

Inc.*(a)

3,849

39,375

Cytokinetics,

Inc.*(a)

12,872

452,966

Day

One

Biopharmaceuticals,

Inc.*(a)

4,385

58,627

Deciphera

Pharmaceuticals,

Inc.*

8,065

124,604

Denali

Therapeutics,

Inc.*

17,148

395,090

Design

Therapeutics,

Inc.*(a)

5,087

29,352

Dynavax

Technologies

Corp.*(a)

18,688

183,329

Dyne

Therapeutics,

Inc.*

4,817

55,492

Eagle

Pharmaceuticals,

Inc.*

1,718

48,740

Editas

Medicine,

Inc.*(a)

11,149

80,830

Eiger

BioPharmaceuticals,

Inc.*(a)

5,797

5,199

Emergent

BioSolutions,

Inc.*

8,008

82,963

Enanta

Pharmaceuticals,

Inc.*

3,088

124,879

Enochian

Biosciences,

Inc.*

2,796

2,559

EQRx,

Inc.*(a)

31,824

61,739

Erasca,

Inc.*(a)

12,583

37,875

Fate

Therapeutics,

Inc.*

12,709

72,441

FibroGen,

Inc.*

13,908

259,523

Foghorn

Therapeutics,

Inc.*(a)

3,074

19,059

Gelesis

Holdings,

Inc.*(a)

3,276

533

Generation

Bio

Co.*(a)

8,271

35,565

Common

Stocks

Shares

Value

($)

Biotechnology

Geron

Corp.*(a)

66,538

144,387

Gossamer

Bio,

Inc.*(a)

10,149

12,788

GreenLight

Biosciences

Holdings

PBC*(a)

16,160

6,988

Halozyme

Therapeutics,

Inc.*(a)

21,027

803,021

Heron

Therapeutics,

Inc.*(a)

16,678

25,184

HilleVax,

Inc.*(a)

2,598

42,945

Humacyte,

Inc.*(a)

8,759

27,065

Icosavax,

Inc.*(a)

3,666

21,263

Ideaya

Biosciences,

Inc.*

6,746

92,623

IGM

Biosciences,

Inc.*(a)

1,799

24,718

ImmunityBio,

Inc.*(a)

12,164

22,138

ImmunoGen,

Inc.*

33,969

130,441

Immunovant,

Inc.*(a)

7,242

112,323

Inhibrx,

Inc.*(a)

4,985

94,067

Inovio

Pharmaceuticals,

Inc.*(a)

37,587

30,821

Insmed,

Inc.*(a)

21,392

364,734

Instil

Bio,

Inc.*

9,845

6,506

Intellia

Therapeutics,

Inc.*(a)

13,167

490,734

Intercept

Pharmaceuticals,

Inc.*

3,814

51,222

Invivyd,

Inc.*(a)

7,781

9,337

Iovance

Biotherapeutics,

Inc.*

24,408

149,133

Ironwood

Pharmaceuticals,

Inc.*(a)

21,937

230,777

iTeos

Therapeutics,

Inc.*(a)

3,621

49,282

IVERIC

bio,

Inc.*(a)

21,492

522,900

Janux

Therapeutics,

Inc.*

2,457

29,730

Jounce

Therapeutics,

Inc.*(a)

6,488

12,003

KalVista

Pharmaceuticals,

Inc.*(a)

3,916

30,780

Karuna

Therapeutics,

Inc.*(a)

5,112

928,544

Karyopharm

Therapeutics,

Inc.*

12,005

46,699

Keros

Therapeutics,

Inc.*

3,056

130,491

Kezar

Life

Sciences,

Inc.*(a)

8,894

27,838

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

5,012

53,929

Kinnate

Biopharma,

Inc.*(a)

4,134

25,837

Kodiak

Sciences,

Inc.*

5,383

33,375

Kronos

Bio,

Inc.*(a)

6,987

10,201

Krystal

Biotech,

Inc.*(a)

3,409

272,925

Kura

Oncology,

Inc.*(a)

10,131

123,902

Kymera

Therapeutics,

Inc.*(a)

5,917

175,321

Lexicon

Pharmaceuticals,

Inc.*

12,745

30,970

Lyell

Immunopharma,

Inc.*(a)

25,780

60,841

MacroGenics,

Inc.*

9,907

71,033

Madrigal

Pharmaceuticals,

Inc.*

2,017

488,638

MannKind

Corp.*(a)

40,318

165,304

MeiraGTx

Holdings

plc*

4,544

23,492

Mersana

Therapeutics,

Inc.*

14,867

61,103

MiMedx

Group,

Inc.*(a)

17,207

58,676

Mineralys

Therapeutics,

Inc.*

1,802

28,219

Mirum

Pharmaceuticals,

Inc.*(a)

2,849

68,433

Monte

Rosa

Therapeutics,

Inc.*(a)

4,852

37,797

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Biotechnology

Morphic

Holding,

Inc.*(a)

4,063

152,931

Myriad

Genetics,

Inc.*(a)

12,446

289,121

Nkarta,

Inc.*(a)

4,587

16,284

Nurix

Therapeutics,

Inc.*

7,332

65,108

Nuvalent,

Inc.,

Class

A*(a)

3,069

80,070

Ocugen,

Inc.*

36,113

30,808

Organogenesis

Holdings,

Inc.*

10,831

23,070

Outlook

Therapeutics,

Inc.*(a)

24,730

26,956

Pardes

Biosciences,

Inc.*

4,009

5,292

PepGen,

Inc.*

2,255

27,579

PMV

Pharmaceuticals,

Inc.*

5,949

28,377

Point

Biopharma

Global,

Inc.*(a)

13,911

101,133

Praxis

Precision

Medicines,

Inc.*(a)

7,741

6,262

Precigen,

Inc.*(a)

20,259

21,475

Prime

Medicine,

Inc.*(a)

1,589

19,545

Prometheus

Biosciences,

Inc.*

5,509

591,226

Protagonist

Therapeutics,

Inc.*

7,247

166,681

Prothena

Corp.

plc*

6,097

295,522

PTC

Therapeutics,

Inc.*

11,087

537,054

Rallybio

Corp.*(a)

3,445

19,671

RAPT

Therapeutics,

Inc.*(a)

4,629

84,942

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

21,265

141,838

REGENXBIO,

Inc.*

6,273

118,622

Relay

Therapeutics,

Inc.*(a)

13,424

221,093

Replimune

Group,

Inc.*

7,303

128,971

REVOLUTION

Medicines,

Inc.*

13,860

300,208

Rigel

Pharmaceuticals,

Inc.*

25,206

33,272

Rocket

Pharmaceuticals,

Inc.*(a)

8,600

147,318

Sage

Therapeutics,

Inc.*(a)

8,258

346,506

Sana

Biotechnology,

Inc.*(a)

14,262

46,637

Sangamo

Therapeutics,

Inc.*

20,702

36,436

Seres

Therapeutics,

Inc.*(a)

11,456

64,955

SpringWorks

Therapeutics,

Inc.*(a)

5,571

143,398

Stoke

Therapeutics,

Inc.*(a)

3,399

28,314

Sutro

Biopharma,

Inc.*

8,373

38,683

Syndax

Pharmaceuticals,

Inc.*

9,660

204,019

Talaris

Therapeutics,

Inc.*

3,651

6,864

Tango

Therapeutics,

Inc.*(a)

7,537

29,771

Tenaya

Therapeutics,

Inc.*(a)

6,660

18,981

TG

Therapeutics,

Inc.*(a)

21,213

319,044

Travere

Therapeutics,

Inc.*

9,681

217,726

Twist

Bioscience

Corp.*(a)

8,983

135,464

Tyra

Biosciences,

Inc.*(a)

2,120

34,068

Vanda

Pharmaceuticals,

Inc.*

8,969

60,899

Vaxart,

Inc.*(a)

19,106

14,457

Vaxcyte,

Inc.*(a)

11,259

421,987

VBI

Vaccines,

Inc.*(a)

24,837

7,526

Vera

Therapeutics,

Inc.*(a)

3,234

25,096

Veracyte,

Inc.*(a)

11,288

251,722

Vericel

Corp.*(a)

7,378

216,323

Verve

Therapeutics,

Inc.*(a)

7,211

103,983

Vir

Biotechnology,

Inc.*

11,594

269,792

Viridian

Therapeutics,

Inc.*

5,995

152,513

Common

Stocks

Shares

Value

($)

Biotechnology

VistaGen

Therapeutics,

Inc.*(a)

31,574

3,937

Xencor,

Inc.*(a)

9,216

257,034

Y-mAbs

Therapeutics,

Inc.*

5,203

26,067

Zentalis

Pharmaceuticals,

Inc.*

7,511

129,189

24,250,968

Broadline

Retail

0.1%

1stdibs.com,

Inc.*

3,895

15,463

Big

Lots,

Inc.(a)

4,390

48,114

ContextLogic,

Inc.,

Class

A*(a)

99,991

44,576

Dillard's,

Inc.,

Class

A(a)

643

197,838

Groupon,

Inc.*(a)

3,780

15,914

Qurate

Retail,

Inc.,

Series

A*

54,204

53,543

375,448

Building

Products

1.5%

AAON,

Inc.

6,939

670,932

American

Woodmark

Corp.*

2,566

133,612

Apogee

Enterprises,

Inc.

3,475

150,294

AZZ,

Inc.

3,887

160,300

Caesarstone

Ltd.

4,132

17,065

CSW

Industrials,

Inc.

2,306

320,373

Gibraltar

Industries,

Inc.*

4,995

242,257

Griffon

Corp.

6,825

218,468

Insteel

Industries,

Inc.

2,861

79,593

Janus

International

Group,

Inc.*

13,022

128,397

JELD-WEN

Holding,

Inc.*

13,257

167,834

Masonite

International

Corp.*

3,475

315,426

PGT

Innovations,

Inc.*

9,281

233,046

Quanex

Building

Products

Corp.(a)

5,079

109,351

Resideo

Technologies,

Inc.*

22,834

417,405

Simpson

Manufacturing

Co.,

Inc.

6,735

738,425

UFP

Industries,

Inc.

9,389

746,144

View,

Inc.*(a)

15,069

7,534

Zurn

Elkay

Water

Solutions

Corp.

19,507

416,669

5,273,125

Capital

Markets

1.7%

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

9,688

309,822

AssetMark

Financial

Holdings,

Inc.*(a)

3,501

110,106

Associated

Capital

Group,

Inc.,

Class

A(a)

224

8,277

Avantax,

Inc.*

7,485

197,005

B.

Riley

Financial,

Inc.(a)

3,200

90,848

Bakkt

Holdings,

Inc.*(a)

8,042

13,832

BGC

Partners,

Inc.,

Class

A

49,322

257,954

Brightsphere

Investment

Group,

Inc.

5,181

122,168

Cohen

&

Steers,

Inc.

4,049

258,974

Diamond

Hill

Investment

Group,

Inc.

447

73,567

Donnelley

Financial

Solutions,

Inc.*

4,098

167,444

112

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

Federated

Hermes,

Inc.,

Class

B

13,465

540,485

Focus

Financial

Partners,

Inc.,

Class

A*

9,119

473,003

GCM

Grosvenor,

Inc.,

Class

A

6,386

49,875

Hamilton

Lane,

Inc.,

Class

A

5,637

417,025

Houlihan

Lokey,

Inc.(a)

7,979

698,083

MarketWise,

Inc.*(a)

2,408

4,455

Moelis

&

Co.,

Class

A(a)

10,137

389,666

Open

Lending

Corp.,

Class

A*

16,792

118,216

Oppenheimer

Holdings,

Inc.,

Class

A

1,233

48,272

Perella

Weinberg

Partners(a)

5,841

53,153

Piper

Sandler

Cos.

2,717

376,603

PJT

Partners,

Inc.,

Class

A

3,788

273,456

Sculptor

Capital

Management,

Inc.(a)

3,968

34,165

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,403

25,507

Star

Holdings*

2,232

38,811

StepStone

Group,

Inc.,

Class

A

8,575

208,115

StoneX

Group,

Inc.*

2,817

291,644

Value

Line,

Inc.

128

6,186

Victory

Capital

Holdings,

Inc.,

Class

A

2,564

75,048

Virtus

Investment

Partners,

Inc.

1,081

205,812

WisdomTree,

Inc.(a)

20,624

120,857

6,058,434

Chemicals

2.2%

AdvanSix,

Inc.

4,179

159,930

American

Vanguard

Corp.

4,287

93,800

Amyris,

Inc.*(a)

31,609

42,988

Aspen

Aerogels,

Inc.*

7,835

58,371

Avient

Corp.

14,299

588,547

Balchem

Corp.

5,044

637,965

Cabot

Corp.

8,802

674,585

Chase

Corp.(a)

1,194

125,048

Danimer

Scientific,

Inc.*(a)

13,402

46,237

Diversey

Holdings

Ltd.*

12,443

100,664

Ecovyst,

Inc.*

13,161

145,429

FutureFuel

Corp.

4,513

33,306

Hawkins,

Inc.

3,087

135,149

HB

Fuller

Co.

8,457

578,882

Ingevity

Corp.*(a)

5,901

422,039

Innospec,

Inc.(a)

3,892

399,592

Intrepid

Potash,

Inc.*(a)

1,684

46,478

Koppers

Holdings,

Inc.

3,268

114,282

Kronos

Worldwide,

Inc.(a)

3,399

31,305

Livent

Corp.*(a)

25,484

553,512

LSB

Industries,

Inc.*

11,740

121,274

Mativ

Holdings,

Inc.(a)

8,479

182,044

Minerals

Technologies,

Inc.

5,150

311,163

Origin

Materials,

Inc.*(a)

16,210

69,217

Orion

Engineered

Carbons

SA

9,543

248,977

Perimeter

Solutions

SA*(a)

17,939

144,947

PureCycle

Technologies,

Inc.*(a)

17,202

120,414

Common

Stocks

Shares

Value

($)

Chemicals

Quaker

Chemical

Corp.(a)

2,144

424,405

Rayonier

Advanced

Materials,

Inc.*

9,740

61,070

Sensient

Technologies

Corp.

6,581

503,841

Stepan

Co.

3,388

349,066

Trinseo

plc(a)

5,631

117,406

Tronox

Holdings

plc

18,508

266,145

Valhi,

Inc.

328

5,710

7,913,788

Commercial

Services

&

Supplies

1.6%

ABM

Industries,

Inc.

10,465

470,297

ACCO

Brands

Corp.

14,310

76,129

ACV

Auctions,

Inc.,

Class

A*(a)

18,643

240,681

Aris

Water

Solutions,

Inc.,

Class

A(a)

3,283

25,575

Brady

Corp.,

Class

A

7,130

383,095

BrightView

Holdings,

Inc.*

7,276

40,891

Brink's

Co.

(The)

7,133

476,485

Casella

Waste

Systems,

Inc.,

Class

A*

7,902

653,179

Cimpress

plc*

2,821

123,616

CompX

International,

Inc.

302

5,460

CoreCivic,

Inc.*

17,956

165,195

Deluxe

Corp.

6,982

111,712

Ennis,

Inc.

4,150

87,524

GEO

Group,

Inc.

(The)*(a)

19,111

150,786

Harsco

Corp.*

12,252

83,681

Healthcare

Services

Group,

Inc.

11,977

166,121

Heritage-Crystal

Clean,

Inc.*

2,525

89,915

HNI

Corp.

6,674

185,804

Interface,

Inc.

8,811

71,545

KAR

Auction

Services,

Inc.*

17,171

234,899

Kimball

International,

Inc.,

Class

B

5,672

70,333

Li-Cycle

Holdings

Corp.*(a)

20,899

117,662

Liquidity

Services,

Inc.*

4,025

53,009

Matthews

International

Corp.,

Class

A

4,766

171,862

MillerKnoll,

Inc.(a)

11,968

244,746

Montrose

Environmental

Group,

Inc.*(a)

4,264

152,097

NL

Industries,

Inc.

1,817

11,011

Pitney

Bowes,

Inc.(a)

17,361

67,534

Quad/Graphics,

Inc.*

4,927

21,137

SP

Plus

Corp.*

3,169

108,665

Steelcase,

Inc.,

Class

A

13,704

115,388

UniFirst

Corp.(a)

2,357

415,374

Viad

Corp.*

3,118

64,979

VSE

Corp.(a)

1,721

77,273

5,533,660

Communications

Equipment

0.8%

ADTRAN

Holdings,

Inc.

12,188

193,302

Aviat

Networks,

Inc.*(a)

1,212

41,766

Calix,

Inc.*

9,060

485,525

Cambium

Networks

Corp.*

1,855

32,871

Casa

Systems,

Inc.*

5,848

7,427

Clearfield,

Inc.*(a)

1,992

92,787

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Communications

Equipment

CommScope

Holding

Co.,

Inc.*

33,067

210,637

Comtech

Telecommunications

Corp.

3,842

47,948

Digi

International,

Inc.*

5,586

188,136

DZS,

Inc.*

3,418

26,968

Extreme

Networks,

Inc.*

20,004

382,476

Harmonic,

Inc.*(a)

14,492

211,438

Infinera

Corp.*(a)

31,000

240,560

Inseego

Corp.*(a)

12,527

7,296

NETGEAR,

Inc.*

4,352

80,556

NetScout

Systems,

Inc.*(a)

10,842

310,623

Ondas

Holdings,

Inc.*(a)

4,836

5,223

Ribbon

Communications,

Inc.*

11,604

39,686

Viavi

Solutions,

Inc.*(a)

35,152

380,696

2,985,921

Construction

&

Engineering

1.7%

Ameresco,

Inc.,

Class

A*(a)

5,115

251,760

API

Group

Corp.*

32,701

735,119

Arcosa,

Inc.

7,708

486,452

Argan,

Inc.

1,982

80,212

Comfort

Systems

USA,

Inc.

5,597

816,938

Concrete

Pumping

Holdings,

Inc.*

3,626

24,657

Construction

Partners,

Inc.,

Class

A*(a)

6,272

168,968

Dycom

Industries,

Inc.*(a)

4,531

424,328

EMCOR

Group,

Inc.

7,437

1,209,182

Fluor

Corp.*(a)

22,340

690,529

Granite

Construction,

Inc.(a)

6,929

284,643

Great

Lakes

Dredge

&

Dock

Corp.*(a)

9,726

52,812

IES

Holdings,

Inc.*

1,375

59,249

MYR

Group,

Inc.*

2,586

325,862

Northwest

Pipe

Co.*

1,527

47,688

Primoris

Services

Corp.

8,423

207,711

Sterling

Infrastructure,

Inc.*

4,624

175,157

Tutor

Perini

Corp.*

6,248

38,550

6,079,817

Construction

Materials

0.2%

Summit

Materials,

Inc.,

Class

A*

18,858

537,277

United

States

Lime

&

Minerals,

Inc.

328

50,082

587,359

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*(a)

709

19,235

Bread

Financial

Holdings,

Inc.

4,254

128,981

Consumer

Portfolio

Services,

Inc.*

1,819

19,445

Curo

Group

Holdings

Corp.(a)

2,810

4,861

Encore

Capital

Group,

Inc.*(a)

3,644

183,840

Enova

International,

Inc.*

4,884

216,996

EZCORP,

Inc.,

Class

A*(a)

7,520

64,672

FirstCash

Holdings,

Inc.

5,909

563,541

Green

Dot

Corp.,

Class

A*

6,983

119,968

LendingClub

Corp.*

17,146

123,623

LendingTree,

Inc.*

1,694

45,162

Common

Stocks

Shares

Value

($)

Consumer

Finance

Moneylion,

Inc.*(a)

20,448

11,610

Navient

Corp.

16,237

259,630

Nelnet,

Inc.,

Class

A

2,351

216,034

NerdWallet,

Inc.,

Class

A*(a)

4,155

67,228

Oportun

Financial

Corp.*

3,935

15,189

OppFi,

Inc.*(a)

1,958

4,014

PRA

Group,

Inc.*

6,193

241,279

PROG

Holdings,

Inc.*(a)

7,869

187,204

Regional

Management

Corp.

1,214

31,673

Sunlight

Financial

Holdings,

Inc.*(a)

3,439

1,074

World

Acceptance

Corp.*(a)

599

49,891

2,575,150

Consumer

Staples

Distribution

&

Retail

0.6%

Andersons,

Inc.

(The)

5,119

211,517

Chefs'

Warehouse,

Inc.

(The)*(a)

5,490

186,934

Fresh

Market,

Inc.

(The)

Escrow*∞(a)

11,992

0

HF

Foods

Group,

Inc.*

6,626

25,974

Ingles

Markets,

Inc.,

Class

A

2,284

202,591

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,204

14,147

PriceSmart,

Inc.

4,110

293,783

Rite

Aid

Corp.*(a)

8,973

20,099

SpartanNash

Co.

5,466

135,557

Sprouts

Farmers

Market,

Inc.*

16,651

583,285

United

Natural

Foods,

Inc.*(a)

9,404

247,795

Village

Super

Market,

Inc.,

Class

A

1,437

32,879

Weis

Markets,

Inc.

2,575

218,025

2,172,586

Containers

&

Packaging

0.4%

Cryptyde,

Inc.*

2,596

216

Greif,

Inc.,

Class

A

3,887

246,319

Greif,

Inc.,

Class

B(a)

866

66,266

Myers

Industries,

Inc.

5,892

126,266

O-I

Glass,

Inc.*

24,284

551,490

Pactiv

Evergreen,

Inc.

7,212

57,696

Ranpak

Holdings

Corp.*

6,398

33,397

TriMas

Corp.

6,609

184,127

1,265,777

Distributors

0.0%

†

Funko,

Inc.,

Class

A*(a)

5,186

48,904

Weyco

Group,

Inc.

835

21,125

70,029

Diversified

Consumer

Services

1.0%

2U,

Inc.*

11,850

81,172

Adtalem

Global

Education,

Inc.*

7,109

274,550

American

Public

Education,

Inc.*

2,939

15,929

Beachbody

Co.,

Inc.

(The)*(a)

14,808

7,140

Carriage

Services,

Inc.

2,149

65,587

Chegg,

Inc.*

19,539

318,486

Coursera,

Inc.*

17,811

205,183

Duolingo,

Inc.*(a)

3,786

539,846

114

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

European

Wax

Center,

Inc.,

Class

A(a)

3,968

75,392

Frontdoor,

Inc.*

12,976

361,771

Graham

Holdings

Co.,

Class

B

576

343,204

Laureate

Education,

Inc.,

Class

A

21,030

247,313

Nerdy,

Inc.*

9,850

41,173

OneSpaWorld

Holdings

Ltd.*

10,100

121,099

Perdoceo

Education

Corp.*

10,549

141,673

Rover

Group,

Inc.*(a)

14,676

66,482

Strategic

Education,

Inc.

3,551

318,986

Stride,

Inc.*(a)

6,615

259,639

Udemy,

Inc.*(a)

11,147

98,428

Universal

Technical

Institute,

Inc.*

5,689

41,985

WW

International,

Inc.*

9,139

37,653

3,662,691

Diversified

REITs

0.6%

Alexander

&

Baldwin,

Inc.(a)

11,400

215,574

American

Assets

Trust,

Inc.

7,741

143,905

Armada

Hoffler

Properties,

Inc.

(a)

10,501

124,017

Broadstone

Net

Lease,

Inc.

27,229

463,165

CTO

Realty

Growth,

Inc.

3,730

64,380

Empire

State

Realty

Trust,

Inc.,

Class

A(a)

20,410

132,461

Essential

Properties

Realty

Trust,

Inc.(a)

22,169

550,900

Gladstone

Commercial

Corp.

(a)

5,931

74,908

Global

Net

Lease,

Inc.(a)

16,328

209,978

iStar,

Inc.(a)

6,561

192,694

One

Liberty

Properties,

Inc.(a)

2,720

62,370

2,234,352

Diversified

Telecommunication

Services

0.8%

Anterix,

Inc.*

2,787

92,083

ATN

International,

Inc.

1,691

69,196

Bandwidth,

Inc.,

Class

A*

3,477

52,850

Charge

Enterprises,

Inc.*(a)

19,693

21,662

Cogent

Communications

Holdings,

Inc.(a)

6,770

431,384

Consolidated

Communications

Holdings,

Inc.*

10,977

28,321

EchoStar

Corp.,

Class

A*

5,528

101,107

Globalstar,

Inc.*(a)

105,559

122,449

IDT

Corp.,

Class

B*

2,512

85,609

Iridium

Communications,

Inc.

19,682

1,218,906

Liberty

Latin

America

Ltd.,

Class

A*

6,574

54,630

Liberty

Latin

America

Ltd.,

Class

C*

23,428

193,515

Ooma,

Inc.*

3,428

42,884

Radius

Global

Infrastructure,

Inc.*

12,053

176,818

2,691,414

Electric

Utilities

0.8%

ALLETE,

Inc.

9,003

579,523

MGE

Energy,

Inc.

5,773

448,389

Common

Stocks

Shares

Value

($)

Electric

Utilities

Otter

Tail

Corp.(a)

6,507

470,261

PNM

Resources,

Inc.

13,462

655,330

Portland

General

Electric

Co.

14,279

698,100

Via

Renewables,

Inc.(a)

531

9,760

2,861,363

Electrical

Equipment

1.6%

Allied

Motion

Technologies,

Inc.

2,047

79,117

Array

Technologies,

Inc.*(a)

23,947

523,960

Atkore,

Inc.*

6,202

871,257

Babcock

&

Wilcox

Enterprises,

Inc.*

9,940

60,236

Blink

Charging

Co.*(a)

6,720

58,128

Bloom

Energy

Corp.,

Class

A*(a)

28,163

561,289

Encore

Wire

Corp.(a)

2,786

516,329

Energy

Vault

Holdings,

Inc.*(a)

13,992

29,943

EnerSys

6,452

560,550

Enovix

Corp.*(a)

17,259

257,332

ESS

Tech,

Inc.*(a)

11,413

15,864

Fluence

Energy,

Inc.*(a)

5,839

118,240

FTC

Solar,

Inc.*(a)

6,929

15,590

FuelCell

Energy,

Inc.*(a)

64,735

184,495

GrafTech

International

Ltd.

30,135

146,456

Heliogen,

Inc.*(a)

17,927

4,306

NEXTracker,

Inc.,

Class

A*(a)

4,991

180,974

NuScale

Power

Corp.*(a)

5,061

46,004

Powell

Industries,

Inc.

1,410

60,052

Preformed

Line

Products

Co.

412

52,752

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

25,795

587,868

Stem,

Inc.*(a)

22,647

128,409

SunPower

Corp.*(a)

12,797

177,110

Thermon

Group

Holdings,

Inc.*

5,192

129,385

TPI

Composites,

Inc.*(a)

5,952

77,674

Vicor

Corp.*

3,527

165,557

5,608,877

Electronic

Equipment,

Instruments

&

Components

2.6%

908

Devices,

Inc.*(a)

3,121

26,841

Advanced

Energy

Industries,

Inc.(a)

5,955

583,590

Aeva

Technologies,

Inc.*(a)

15,552

18,507

AEye,

Inc.*(a)

15,507

4,882

Akoustis

Technologies,

Inc.*(a)

9,480

29,198

Arlo

Technologies,

Inc.*

13,059

79,137

Badger

Meter,

Inc.

4,639

565,123

Belden,

Inc.

6,687

580,231

Benchmark

Electronics,

Inc.

5,494

130,153

Cepton,

Inc.*

4,938

2,293

CTS

Corp.

4,990

246,805

ePlus,

Inc.*

4,164

204,203

Evolv

Technologies

Holdings,

Inc.*(a)

14,327

44,700

Fabrinet*

5,755

683,464

FARO

Technologies,

Inc.*

3,079

75,774

Focus

Universal,

Inc.*(a)

3,756

9,390

Identiv,

Inc.*

3,042

18,678

Insight

Enterprises,

Inc.*(a)

4,941

706,365

Itron,

Inc.*(a)

7,137

395,747

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Kimball

Electronics,

Inc.*

3,649

87,941

Knowles

Corp.*(a)

14,176

240,992

Lightwave

Logic,

Inc.*(a)

17,171

89,804

Methode

Electronics,

Inc.(a)

5,645

247,703

MicroVision,

Inc.*(a)

24,966

66,659

Mirion

Technologies,

Inc.*

21,435

183,055

Napco

Security

Technologies,

Inc.*

5,013

188,389

nLight,

Inc.*

7,256

73,866

Novanta,

Inc.*

5,591

889,472

OSI

Systems,

Inc.*(a)

2,529

258,868

Ouster,

Inc.*(a)

44,112

36,908

PAR

Technology

Corp.*(a)

4,212

143,039

PC

Connection,

Inc.

1,879

84,480

Plexus

Corp.*

4,309

420,429

Rogers

Corp.*

2,952

482,445

Sanmina

Corp.*

9,046

551,716

ScanSource,

Inc.*

3,827

116,494

SmartRent,

Inc.*(a)

19,352

49,348

TTM

Technologies,

Inc.*

15,834

213,601

Vishay

Intertechnology,

Inc.

20,491

463,506

Vishay

Precision

Group,

Inc.*

1,897

79,219

9,373,015

Energy

Equipment

&

Services

2.1%

Archrock,

Inc.

21,343

208,521

Borr

Drilling

Ltd.*(a)

31,958

242,242

Bristow

Group,

Inc.*

3,589

80,394

Cactus,

Inc.,

Class

A

9,909

408,548

ChampionX

Corp.(a)

31,604

857,416

Diamond

Offshore

Drilling,

Inc.*

15,773

189,907

DMC

Global,

Inc.*

2,871

63,076

Dril-Quip,

Inc.*(a)

5,354

153,606

Expro

Group

Holdings

NV*

13,886

254,947

Helix

Energy

Solutions

Group,

Inc.*(a)

22,845

176,820

Helmerich

&

Payne,

Inc.(a)

16,110

575,932

Liberty

Energy,

Inc.,

Class

A(a)

21,223

271,867

Nabors

Industries

Ltd.*(a)

1,438

175,307

National

Energy

Services

Reunited

Corp.*(a)

5,580

29,351

Newpark

Resources,

Inc.*

13,608

52,391

NexTier

Oilfield

Solutions,

Inc.*(a)

27,416

217,957

Noble

Corp.

plc*

13,405

529,095

Oceaneering

International,

Inc.*

15,679

276,421

Oil

States

International,

Inc.*(a)

9,662

80,484

Patterson-UTI

Energy,

Inc.(a)

33,904

396,677

ProFrac

Holding

Corp.,

Class

A*(a)

3,550

44,978

ProPetro

Holding

Corp.*

13,724

98,676

RPC,

Inc.

11,489

88,350

Select

Energy

Services,

Inc.,

Class

A

11,036

76,811

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

4,833

41,274

TETRA

Technologies,

Inc.*

18,389

48,731

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Tidewater,

Inc.*

7,420

327,074

US

Silica

Holdings,

Inc.*

11,663

139,256

Valaris

Ltd.*

9,539

620,607

Weatherford

International

plc*

11,124

660,209

7,386,925

Entertainment

0.4%

Cinemark

Holdings,

Inc.*

17,074

252,524

IMAX

Corp.*

7,526

144,349

Liberty

Media

Corp.-Liberty

Braves,

Class

A*

1,614

55,812

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

5,921

199,479

Lions

Gate

Entertainment

Corp.,

Class

A*

9,641

106,726

Lions

Gate

Entertainment

Corp.,

Class

B*

18,315

190,109

Madison

Square

Garden

Entertainment

Corp.*

4,185

247,208

Marcus

Corp.

(The)(a)

4,220

67,520

Playstudios,

Inc.*(a)

12,938

47,741

Reservoir

Media,

Inc.*(a)

2,894

18,869

Skillz,

Inc.*(a)

50,366

29,877

Vivid

Seats,

Inc.,

Class

A*(a)

4,447

33,931

1,394,145

Financial

Services

1.9%

Alerus

Financial

Corp.

2,453

39,371

A-Mark

Precious

Metals,

Inc.

(a)

2,817

97,609

AvidXchange

Holdings,

Inc.*

23,388

182,426

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,252

73,900

Cannae

Holdings,

Inc.*

11,268

227,388

Cantaloupe,

Inc.*

9,085

51,784

Cass

Information

Systems,

Inc.

2,127

92,120

Compass

Diversified

Holdings

9,751

186,049

Enact

Holdings,

Inc.(a)

4,866

111,237

Essent

Group

Ltd.

17,010

681,251

EVERTEC,

Inc.

9,650

325,688

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,441

191,927

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

7,374

9,144

Flywire

Corp.*

8,943

262,566

Home

Point

Capital,

Inc.

1,076

2,077

I3

Verticals,

Inc.,

Class

A*

3,648

89,485

International

Money

Express,

Inc.*(a)

5,035

129,802

Jackson

Financial,

Inc.,

Class

A

11,816

442,037

Marqeta,

Inc.,

Class

A*

68,641

313,689

Merchants

Bancorp

2,485

64,709

MoneyGram

International,

Inc.*

14,726

153,445

Mr.

Cooper

Group,

Inc.*

10,931

447,843

NMI

Holdings,

Inc.,

Class

A*

12,966

289,531

Payoneer

Global,

Inc.*

34,261

215,159

Paysafe

Ltd.*

4,691

81,014

116

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Financial

Services

PennyMac

Financial

Services,

Inc.(a)

4,327

257,932

Priority

Technology

Holdings,

Inc.*(a)

2,909

10,443

Radian

Group,

Inc.

25,148

555,771

Remitly

Global,

Inc.*(a)

15,990

271,031

Repay

Holdings

Corp.*(a)

13,980

91,849

StoneCo

Ltd.,

Class

A*

43,735

417,232

SWK

Holdings

Corp.*(a)

504

9,001

Velocity

Financial,

Inc.*

1,120

10,114

Walker

&

Dunlop,

Inc.(a)

4,894

372,776

Waterstone

Financial,

Inc.

3,461

52,365

6,809,765

Food

Products

1.3%

Alico,

Inc.

1,170

28,314

AppHarvest,

Inc.*(a)

19,834

12,144

B&G

Foods,

Inc.(a)

11,323

175,846

Benson

Hill,

Inc.*(a)

26,419

30,382

Beyond

Meat,

Inc.*

9,473

153,747

BRC,

Inc.,

Class

A*(a)

4,737

24,348

Calavo

Growers,

Inc.

2,682

77,161

Cal-Maine

Foods,

Inc.(a)

5,989

364,670

Fresh

Del

Monte

Produce,

Inc.

(a)

4,841

145,763

Hain

Celestial

Group,

Inc.

(The)*

14,155

242,758

Hostess

Brands,

Inc.*

21,181

526,983

J

&

J

Snack

Foods

Corp.(a)

2,415

357,951

John

B

Sanfilippo

&

Son,

Inc.

1,447

140,243

Lancaster

Colony

Corp.

3,045

617,770

Lifecore

Biomedical,

Inc.*(a)

4,125

15,572

Local

Bounti

Corp.*(a)

9,523

7,591

Mission

Produce,

Inc.*(a)

6,053

67,249

OmniAb,

Inc.*∞(a)

871

0

Seneca

Foods

Corp.,

Class

A*

744

38,889

Simply

Good

Foods

Co.

(The)*

13,937

554,275

Sovos

Brands,

Inc.*(a)

6,148

102,549

SunOpta,

Inc.*

15,339

118,110

Tattooed

Chef,

Inc.*(a)

6,849

9,726

Tootsie

Roll

Industries,

Inc.(a)

2,605

117,000

TreeHouse

Foods,

Inc.*(a)

8,003

403,591

Utz

Brands,

Inc.(a)

10,238

168,620

Vital

Farms,

Inc.*

4,710

72,063

Whole

Earth

Brands,

Inc.*

6,000

15,360

4,588,675

Gas

Utilities

1.1%

Brookfield

Infrastructure

Corp.,

Class

A

15,405

709,554

Chesapeake

Utilities

Corp.

2,250

287,978

New

Jersey

Resources

Corp.

(a)

15,259

811,779

Northwest

Natural

Holding

Co.

5,562

264,529

ONE

Gas,

Inc.(a)

8,445

669,097

Southwest

Gas

Holdings,

Inc.

(a)

10,589

661,283

Spire,

Inc.(a)

8,056

565,048

3,969,268

Common

Stocks

Shares

Value

($)

Ground

Transportation

0.7%

ArcBest

Corp.

3,827

353,691

Bird

Global,

Inc.,

Class

A*(a)

24,255

6,789

Covenant

Logistics

Group,

Inc.

1,373

48,632

Daseke,

Inc.*

6,798

52,548

Heartland

Express,

Inc.

7,430

118,286

Marten

Transport

Ltd.

9,137

191,420

PAM

Transportation

Services,

Inc.*

941

26,941

Saia,

Inc.*(a)

4,185

1,138,655

TuSimple

Holdings,

Inc.,

Class

A*(a)

20,598

30,279

Universal

Logistics

Holdings,

Inc.

1,206

35,155

Werner

Enterprises,

Inc.

10,032

456,356

2,458,752

Health

Care

Equipment

&

Supplies

4.0%

Alphatec

Holdings,

Inc.*(a)

11,526

179,806

AngioDynamics,

Inc.*

5,579

57,687

Artivion,

Inc.*(a)

6,224

81,534

AtriCure,

Inc.*(a)

7,263

301,051

Atrion

Corp.(a)

209

131,233

Avanos

Medical,

Inc.*

7,431

220,998

Axogen,

Inc.*

6,418

60,650

Axonics,

Inc.*

7,810

426,114

Bioventus,

Inc.,

Class

A*(a)

4,749

5,081

Butterfly

Network,

Inc.*(a)

20,083

37,756

Cardiovascular

Systems,

Inc.*

6,382

126,746

Cerus

Corp.*(a)

26,970

80,101

CONMED

Corp.(a)

4,588

476,510

Cue

Health,

Inc.*(a)

17,497

31,845

Cutera,

Inc.*(a)

2,518

59,475

Embecta

Corp.(a)

9,090

255,611

Figs,

Inc.,

Class

A*(a)

19,898

123,169

Glaukos

Corp.*

7,265

363,976

Haemonetics

Corp.*

7,903

653,973

Heska

Corp.*(a)

1,527

149,066

Inari

Medical,

Inc.*(a)

7,567

467,187

Inogen,

Inc.*

3,620

45,178

Inspire

Medical

Systems,

Inc.*(a)

4,501

1,053,549

Integer

Holdings

Corp.*(a)

5,228

405,170

iRadimed

Corp.

1,046

41,160

iRhythm

Technologies,

Inc.*(a)

4,747

588,770

Lantheus

Holdings,

Inc.*

10,754

887,850

LeMaitre

Vascular,

Inc.

3,070

158,013

LivaNova

plc*

8,422

367,031

Merit

Medical

Systems,

Inc.*

8,782

649,429

Mesa

Laboratories,

Inc.(a)

825

144,152

Nano-X

Imaging

Ltd.*(a)

7,183

41,446

Neogen

Corp.*

34,042

630,458

Nevro

Corp.*

5,435

196,475

NuVasive,

Inc.*

8,331

344,154

Omnicell,

Inc.*(a)

6,985

409,810

OraSure

Technologies,

Inc.*

11,118

67,264

Orthofix

Medical,

Inc.*

5,414

90,684

OrthoPediatrics

Corp.*(a)

2,322

102,841

Outset

Medical,

Inc.*(a)

7,730

142,232

Owlet,

Inc.*(a)

3,132

1,016

Paragon

28,

Inc.*(a)

7,686

131,200

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

PROCEPT

BioRobotics

Corp.*

3,976

112,918

Pulmonx

Corp.*

5,192

58,047

RxSight,

Inc.*(a)

3,894

64,952

Senseonics

Holdings,

Inc.*(a)

76,362

54,217

Shockwave

Medical,

Inc.*

5,605

1,215,332

SI-BONE,

Inc.*

5,533

108,834

Sight

Sciences,

Inc.*

3,605

31,508

Silk

Road

Medical,

Inc.*

5,875

229,889

STAAR

Surgical

Co.*(a)

7,610

486,659

Surmodics,

Inc.*

2,093

47,679

Tactile

Systems

Technology,

Inc.*

3,256

53,463

TransMedics

Group,

Inc.*(a)

4,793

362,974

Treace

Medical

Concepts,

Inc.*

5,900

148,621

UFP

Technologies,

Inc.*(a)

1,101

142,954

Utah

Medical

Products,

Inc.

536

50,797

Varex

Imaging

Corp.*(a)

6,086

110,704

Vicarious

Surgical,

Inc.*(a)

7,718

17,520

ViewRay,

Inc.*

22,441

77,646

Zimvie,

Inc.*

3,656

26,433

Zynex,

Inc.*(a)

3,154

37,848

14,226,446

Health

Care

Providers

&

Services

2.6%

23andMe

Holding

Co.*(a)

39,371

89,766

Accolade,

Inc.*(a)

10,723

154,197

AdaptHealth

Corp.*(a)

11,344

141,006

Addus

HomeCare

Corp.*

2,411

257,398

Agiliti,

Inc.*(a)

4,287

68,506

AirSculpt

Technologies,

Inc.(a)

2,144

10,806

Alignment

Healthcare,

Inc.*(a)

14,992

95,349

AMN

Healthcare

Services,

Inc.*

6,858

568,940

Apollo

Medical

Holdings,

Inc.*

6,205

226,296

ATI

Physical

Therapy,

Inc.*(a)

10,584

2,690

Aveanna

Healthcare

Holdings,

Inc.*(a)

8,039

8,361

Brookdale

Senior

Living,

Inc.*

29,965

88,397

Cano

Health,

Inc.*(a)

24,079

21,912

CareMax,

Inc.*(a)

10,307

27,520

Castle

Biosciences,

Inc.*(a)

3,739

84,950

Clover

Health

Investments

Corp.*(a)

64,317

54,354

Community

Health

Systems,

Inc.*

19,521

95,653

CorVel

Corp.*

1,384

263,348

Cross

Country

Healthcare,

Inc.*(a)

5,660

126,331

DocGo,

Inc.*

13,077

113,116

Ensign

Group,

Inc.

(The)

8,508

812,854

Fulgent

Genetics,

Inc.*(a)

3,237

101,059

GeneDx

Holdings

Corp.*(a)

46,807

17,085

HealthEquity,

Inc.*

13,037

765,402

Hims

&

Hers

Health,

Inc.*

19,099

189,462

Innovage

Holding

Corp.*(a)

2,750

21,945

Invitae

Corp.*(a)

37,766

50,984

Joint

Corp.

(The)*

2,244

37,766

LifeStance

Health

Group,

Inc.*(a)

10,989

81,648

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

ModivCare,

Inc.*

2,012

169,169

National

HealthCare

Corp.

1,937

112,482

National

Research

Corp.

2,237

97,332

NeoGenomics,

Inc.*(a)

19,643

341,985

Oncology

Institute,

Inc.

(The)*(a)

4,774

3,236

OPKO

Health,

Inc.*(a)

64,803

94,612

Option

Care

Health,

Inc.*

26,378

838,029

Owens

&

Minor,

Inc.*

11,574

168,402

P3

Health

Partners,

Inc.*(a)

3,599

3,815

Patterson

Cos.,

Inc.

13,759

368,328

Pediatrix

Medical

Group,

Inc.*(a)

13,168

196,335

Pennant

Group,

Inc.

(The)*

3,871

55,278

PetIQ,

Inc.*

4,561

52,178

Privia

Health

Group,

Inc.*(a)

8,225

227,092

Progyny,

Inc.*

11,854

380,750

R1

RCM,

Inc.*(a)

23,924

358,860

RadNet,

Inc.*

7,985

199,865

Select

Medical

Holdings

Corp.

(a)

16,406

424,095

Surgery

Partners,

Inc.*(a)

8,112

279,621

US

Physical

Therapy,

Inc.(a)

2,035

199,247

9,147,812

Health

Care

REITs

0.6%

CareTrust

REIT,

Inc.(a)

15,653

306,486

Community

Healthcare

Trust,

Inc.

3,794

138,860

Diversified

Healthcare

Trust(a)

38,031

51,342

Global

Medical

REIT,

Inc.(a)

9,584

87,310

LTC

Properties,

Inc.(a)

6,419

225,500

National

Health

Investors,

Inc.

6,619

341,408

Physicians

Realty

Trust(a)

36,225

540,839

Sabra

Health

Care

REIT,

Inc.

36,336

417,864

Universal

Health

Realty

Income

Trust(a)

1,975

95,017

2,204,626

Health

Care

Technology

0.6%

American

Well

Corp.,

Class

A*(a)

36,718

86,654

Babylon

Holdings

Ltd.,

Class

A*(a)

616

3,135

Computer

Programs

&

Systems,

Inc.*

2,114

63,843

Evolent

Health,

Inc.,

Class

A*

12,944

420,033

Health

Catalyst,

Inc.*

8,660

101,062

HealthStream,

Inc.*

3,766

102,059

Multiplan

Corp.*(a)

59,552

63,125

NextGen

Healthcare,

Inc.*(a)

8,785

152,947

Nutex

Health,

Inc.*(a)

38,176

38,558

OptimizeRx

Corp.*

2,621

38,345

Pear

Therapeutics,

Inc.*(a)

11,751

2,996

Phreesia,

Inc.*

7,872

254,187

Schrodinger,

Inc.*(a)

8,413

221,514

Sharecare,

Inc.*

48,173

68,406

Simulations

Plus,

Inc.

2,540

111,608

Veradigm,

Inc.*(a)

17,093

223,064

1,951,536

118

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Hotel

&

Resort

REITs

0.9%

Apple

Hospitality

REIT,

Inc.

34,135

529,775

Ashford

Hospitality

Trust,

Inc.*

5,953

19,109

Braemar

Hotels

&

Resorts,

Inc.(a)

9,817

37,894

Chatham

Lodging

Trust

7,807

81,895

DiamondRock

Hospitality

Co.

32,822

266,843

Hersha

Hospitality

Trust,

Class

A

4,960

33,331

Pebblebrook

Hotel

Trust(a)

20,719

290,895

RLJ

Lodging

Trust(a)

25,621

271,583

Ryman

Hospitality

Properties,

Inc.

8,470

760,013

Service

Properties

Trust

25,909

258,054

Summit

Hotel

Properties,

Inc.

(a)

16,386

114,702

Sunstone

Hotel

Investors,

Inc.

32,926

325,309

Xenia

Hotels

&

Resorts,

Inc.

18,003

235,659

3,225,062

Hotels,

Restaurants

&

Leisure

2.8%

Accel

Entertainment,

Inc.*

8,663

78,920

Bally's

Corp.*

5,509

107,536

Biglari

Holdings,

Inc.,

Class

B*

109

18,443

BJ's

Restaurants,

Inc.*

3,506

102,165

Bloomin'

Brands,

Inc.(a)

13,734

352,277

Bluegreen

Vacations

Holding

Corp.

1,519

41,590

Bowlero

Corp.*

4,466

75,699

Brinker

International,

Inc.*

6,856

260,528

Century

Casinos,

Inc.*

4,640

34,011

Cheesecake

Factory,

Inc.

(The)(a)

7,702

269,955

Chuy's

Holdings,

Inc.*

2,762

99,018

Cracker

Barrel

Old

Country

Store,

Inc.(a)

3,461

393,170

Dave

&

Buster's

Entertainment,

Inc.*

6,700

246,493

Denny's

Corp.*

8,978

100,194

Dine

Brands

Global,

Inc.(a)

2,366

160,036

El

Pollo

Loco

Holdings,

Inc.

3,196

30,650

Everi

Holdings,

Inc.*

13,710

235,127

F45

Training

Holdings,

Inc.*(a)

6,402

7,426

First

Watch

Restaurant

Group,

Inc.*

2,198

35,300

Full

House

Resorts,

Inc.*(a)

5,321

38,471

Golden

Entertainment,

Inc.*

3,234

140,711

Hilton

Grand

Vacations,

Inc.*(a)

13,609

604,648

Inspirato,

Inc.*

3,487

3,344

Inspired

Entertainment,

Inc.*

3,133

40,071

International

Game

Technology

plc

15,328

410,790

Jack

in

the

Box,

Inc.

3,285

287,733

Krispy

Kreme,

Inc.(a)

11,158

173,507

Kura

Sushi

USA,

Inc.,

Class

A*

781

51,421

Life

Time

Group

Holdings,

Inc.*(a)

6,814

108,751

Light

&

Wonder,

Inc.*(a)

14,915

895,646

Lindblad

Expeditions

Holdings,

Inc.*(a)

5,597

53,507

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Monarch

Casino

&

Resort,

Inc.

2,141

158,755

NEOGAMES

SA*

1,917

29,138

Noodles

&

Co.,

Class

A*

6,632

32,165

ONE

Group

Hospitality,

Inc.

(The)*

3,598

29,144

Papa

John's

International,

Inc.

(a)

5,115

383,267

Portillo's,

Inc.,

Class

A*(a)

4,959

105,974

RCI

Hospitality

Holdings,

Inc.

1,365

106,702

Red

Rock

Resorts,

Inc.,

Class

A

8,054

358,967

Rush

Street

Interactive,

Inc.*

8,632

26,846

Ruth's

Hospitality

Group,

Inc.

4,848

79,604

Sabre

Corp.*(a)

52,542

225,405

SeaWorld

Entertainment,

Inc.*

6,325

387,786

Shake

Shack,

Inc.,

Class

A*

5,978

331,719

Sonder

Holdings,

Inc.*(a)

26,769

20,267

Sweetgreen,

Inc.,

Class

A*

14,268

111,861

Target

Hospitality

Corp.*(a)

4,419

58,066

Texas

Roadhouse,

Inc.

10,560

1,141,114

Vacasa,

Inc.,

Class

A*(a)

20,995

20,201

Wingstop,

Inc.

4,718

866,130

Xponential

Fitness,

Inc.,

Class

A*

3,138

95,364

10,025,613

Household

Durables

2.0%

Aterian,

Inc.*(a)

8,616

7,411

Beazer

Homes

USA,

Inc.*

4,788

76,033

Cavco

Industries,

Inc.*

1,370

435,304

Century

Communities,

Inc.

4,450

284,444

Dream

Finders

Homes,

Inc.,

Class

A*(a)

3,545

46,971

Ethan

Allen

Interiors,

Inc.

3,536

97,099

GoPro,

Inc.,

Class

A*

20,161

101,410

Green

Brick

Partners,

Inc.*(a)

4,295

150,583

Helen

of

Troy

Ltd.*

3,703

352,414

Hovnanian

Enterprises,

Inc.,

Class

A*

776

52,644

Installed

Building

Products,

Inc.(a)

3,759

428,639

iRobot

Corp.*(a)

4,307

187,957

KB

Home

12,054

484,330

Landsea

Homes

Corp.*

1,280

7,757

La-Z-Boy,

Inc.

6,867

199,692

Legacy

Housing

Corp.*

1,495

34,026

LGI

Homes,

Inc.*(a)

3,261

371,852

Lifetime

Brands,

Inc.

1,691

9,943

Lovesac

Co.

(The)*

2,163

62,511

M/I

Homes,

Inc.*

4,194

264,599

MDC

Holdings,

Inc.

9,193

357,332

Meritage

Homes

Corp.(a)

5,716

667,400

Purple

Innovation,

Inc.*(a)

8,758

23,121

Skyline

Champion

Corp.*

8,446

635,393

Snap

One

Holdings

Corp.*(a)

2,953

27,610

Sonos,

Inc.*(a)

20,127

394,892

Taylor

Morrison

Home

Corp.,

Class

A*

16,568

633,892

Traeger,

Inc.*

6,338

26,049

Tri

Pointe

Homes,

Inc.*

15,980

404,614

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

119

Common

Stocks

Shares

Value

($)

Household

Durables

Tupperware

Brands

Corp.*(a)

6,999

17,497

Universal

Electronics,

Inc.*

2,044

20,726

Vizio

Holding

Corp.,

Class

A*(a)

10,987

100,861

Vuzix

Corp.*(a)

8,846

36,622

7,001,628

Household

Products

0.3%

Central

Garden

&

Pet

Co.*(a)

1,679

68,940

Central

Garden

&

Pet

Co.,

Class

A*

6,361

248,524

Energizer

Holdings,

Inc.(a)

11,225

389,508

WD-40

Co.

2,164

385,300

1,092,272

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Altus

Power,

Inc.*(a)

14,339

78,578

Clearway

Energy,

Inc.,

Class

A

5,616

168,648

Clearway

Energy,

Inc.,

Class

C

12,846

402,465

Montauk

Renewables,

Inc.*

9,856

77,567

Ormat

Technologies,

Inc.(a)

8,200

695,114

Sunnova

Energy

International,

Inc.*(a)

15,582

243,391

1,665,763

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A(a)

3,942

78,130

Industrial

REITs

0.8%

Indus

Realty

Trust,

Inc.(a)

867

57,473

Industrial

Logistics

Properties

Trust

11,224

34,458

Innovative

Industrial

Properties,

Inc.

4,371

332,152

LXP

Industrial

Trust(a)

42,584

439,041

Plymouth

Industrial

REIT,

Inc.

6,046

127,027

STAG

Industrial,

Inc.(a)

28,435

961,672

Terreno

Realty

Corp.

12,697

820,226

2,772,049

Insurance

2.2%

Ambac

Financial

Group,

Inc.*

7,238

112,044

American

Equity

Investment

Life

Holding

Co.

11,106

405,258

AMERISAFE,

Inc.

3,200

156,640

Argo

Group

International

Holdings

Ltd.

4,983

145,952

Bright

Health

Group,

Inc.*(a)

37,739

8,314

BRP

Group,

Inc.,

Class

A*(a)

9,623

245,002

CNO

Financial

Group,

Inc.

18,546

411,536

Crawford

&

Co.,

Class

A

2,944

24,612

Donegal

Group,

Inc.,

Class

A(a)

3,095

47,292

eHealth,

Inc.*

3,786

35,437

Employers

Holdings,

Inc.

3,719

155,045

Enstar

Group

Ltd.*

1,795

416,063

Genworth

Financial,

Inc.,

Class

A*

66,204

332,344

Goosehead

Insurance,

Inc.,

Class

A*(a)

2,970

155,034

Common

Stocks

Shares

Value

($)

Insurance

Greenlight

Capital

Re

Ltd.,

Class

A*

4,495

42,208

HCI

Group,

Inc.(a)

1,022

54,779

Hippo

Holdings,

Inc.*(a)

2,800

45,444

Horace

Mann

Educators

Corp.

5,449

182,432

Investors

Title

Co.

216

32,616

James

River

Group

Holdings

Ltd.(a)

4,775

98,604

Kinsale

Capital

Group,

Inc.

3,412

1,024,112

Lemonade,

Inc.*(a)

7,413

105,709

MBIA,

Inc.*

7,727

71,552

Mercury

General

Corp.(a)

4,429

140,576

National

Western

Life

Group,

Inc.,

Class

A(a)

398

96,563

NI

Holdings,

Inc.*

1,529

19,877

Oscar

Health,

Inc.,

Class

A*(a)

19,310

126,287

Palomar

Holdings,

Inc.*

3,830

211,416

ProAssurance

Corp.

7,170

132,502

RLI

Corp.

6,168

819,789

Root,

Inc.,

Class

A*(a)

1,097

4,947

Safety

Insurance

Group,

Inc.

1,931

143,898

Selective

Insurance

Group,

Inc.(a)

9,445

900,392

Selectquote,

Inc.*

22,130

48,022

SiriusPoint

Ltd.*(a)

14,596

118,665

Skyward

Specialty

Insurance

Group,

Inc.*

1,737

37,988

Stewart

Information

Services

Corp.

3,485

140,620

Tiptree,

Inc.

3,884

56,590

Trean

Insurance

Group,

Inc.*

3,346

20,478

Trupanion,

Inc.*(a)

6,136

263,173

United

Fire

Group,

Inc.(a)

3,360

89,208

Universal

Insurance

Holdings,

Inc.(a)

4,059

73,955

7,752,975

Interactive

Media

&

Services

0.8%

Arena

Group

Holdings,

Inc.

(The)*(a)

1,604

6,817

Bumble,

Inc.,

Class

A*

15,763

308,167

Cargurus,

Inc.*

16,175

302,149

Cars.com,

Inc.*(a)

10,610

204,773

DHI

Group,

Inc.*

6,050

23,474

Eventbrite,

Inc.,

Class

A*(a)

12,239

105,011

EverQuote,

Inc.,

Class

A*(a)

3,294

45,787

fuboTV,

Inc.*(a)

29,778

36,031

Leafly

Holdings,

Inc.*(a)

1,060

424

MediaAlpha,

Inc.,

Class

A*

3,888

58,242

Outbrain,

Inc.*

5,650

23,334

QuinStreet,

Inc.*

8,193

130,023

Shutterstock,

Inc.(a)

3,837

278,566

TrueCar,

Inc.*

12,691

29,189

Vimeo,

Inc.*

21,515

82,402

Vinco

Ventures,

Inc.*(a)

41,103

13,206

Wejo

Group

Ltd.*(a)

4,720

2,327

Yelp,

Inc.*(a)

10,674

327,692

Ziff

Davis,

Inc.*

7,195

561,570

ZipRecruiter,

Inc.,

Class

A*(a)

11,786

187,869

2,727,053

120

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

IT

Services

0.5%

BigCommerce

Holdings,

Inc.,

Series

1*

10,316

92,225

Brightcove,

Inc.*

6,532

29,067

Cerberus

Cyber

Sentinel

Corp.*(a)

6,463

2,185

Cyxtera

Technologies,

Inc.*(a)

6,023

1,839

DigitalOcean

Holdings,

Inc.*(a)

10,998

430,792

Edgio,

Inc.*(a)

21,367

16,903

Fastly,

Inc.,

Class

A*

17,813

316,359

Grid

Dynamics

Holdings,

Inc.*

8,397

96,230

Hackett

Group,

Inc.

(The)

3,789

70,021

Information

Services

Group,

Inc.

5,028

25,593

Perficient,

Inc.*(a)

5,407

390,331

PFSweb,

Inc.

2,337

9,909

Rackspace

Technology,

Inc.*(a)

8,766

16,480

Squarespace,

Inc.,

Class

A*

4,740

150,590

Tucows,

Inc.,

Class

A*(a)

1,627

31,645

Unisys

Corp.*

11,332

43,968

1,724,137

Leisure

Products

0.5%

Acushnet

Holdings

Corp.(a)

5,236

266,722

AMMO,

Inc.*(a)

15,646

30,823

Clarus

Corp.

4,367

41,268

Johnson

Outdoors,

Inc.,

Class

A

808

50,912

Latham

Group,

Inc.*

6,923

19,800

Malibu

Boats,

Inc.,

Class

A*

3,298

186,172

Marine

Products

Corp.

1,063

14,021

MasterCraft

Boat

Holdings,

Inc.*(a)

2,810

85,508

Smith

&

Wesson

Brands,

Inc.

6,985

85,985

Solo

Brands,

Inc.,

Class

A*(a)

3,761

27,004

Sturm

Ruger

&

Co.,

Inc.(a)

2,779

159,626

Topgolf

Callaway

Brands

Corp.*(a)

22,233

480,677

Vista

Outdoor,

Inc.*(a)

8,857

245,428

1,693,946

Life

Sciences

Tools

&

Services

0.7%

AbCellera

Biologics,

Inc.*(a)

33,190

250,252

Adaptive

Biotechnologies

Corp.*(a)

17,390

153,554

Akoya

Biosciences,

Inc.*

2,835

23,190

Alpha

Teknova,

Inc.*

1,003

2,969

BioLife

Solutions,

Inc.*(a)

5,377

116,950

Bionano

Genomics,

Inc.*(a)

45,618

50,636

Codexis,

Inc.*(a)

10,539

43,631

CryoPort,

Inc.*(a)

6,954

166,896

Cytek

Biosciences,

Inc.*(a)

17,977

165,209

Inotiv,

Inc.*(a)

3,040

13,163

MaxCyte,

Inc.*(a)

13,228

65,479

Medpace

Holdings,

Inc.*

3,987

749,755

NanoString

Technologies,

Inc.*

6,974

69,043

Nautilus

Biotechnology,

Inc.*(a)

6,744

18,681

OmniAb,

Inc.*(a)

11,270

41,474

OmniAb,

Inc.*∞(a)

871

0

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Pacific

Biosciences

of

California,

Inc.*(a)

38,720

448,377

PhenomeX,

Inc.*(a)

8,112

9,410

Quanterix

Corp.*

5,078

57,229

Quantum-Si,

Inc.*(a)

12,923

22,744

Science

37

Holdings,

Inc.*(a)

8,808

2,480

Seer,

Inc.*(a)

8,495

32,791

Singular

Genomics

Systems,

Inc.*(a)

8,661

10,480

SomaLogic,

Inc.*(a)

25,780

65,739

2,580,132

Machinery

4.1%

3D

Systems

Corp.*(a)

20,363

218,291

Alamo

Group,

Inc.

1,585

291,894

Albany

International

Corp.,

Class

A

4,879

435,987

Astec

Industries,

Inc.

3,664

151,140

Barnes

Group,

Inc.

7,758

312,492

Berkshire

Grey,

Inc.*(a)

6,967

9,614

Blue

Bird

Corp.*

2,747

56,121

Chart

Industries,

Inc.*(a)

6,738

844,945

CIRCOR

International,

Inc.*

3,024

94,107

Columbus

McKinnon

Corp.

4,497

167,109

Desktop

Metal,

Inc.,

Class

A*(a)

42,656

98,109

Douglas

Dynamics,

Inc.

3,440

109,702

Energy

Recovery,

Inc.*

8,561

197,331

Enerpac

Tool

Group

Corp.

9,130

232,815

EnPro

Industries,

Inc.(a)

3,295

342,318

ESCO

Technologies,

Inc.(a)

4,078

389,245

Evoqua

Water

Technologies

Corp.*

18,578

923,698

Fathom

Digital

Manufacturing

C*(a)

1,466

796

Federal

Signal

Corp.

9,483

514,073

Franklin

Electric

Co.,

Inc.

7,287

685,707

Gorman-Rupp

Co.

(The)

3,482

87,050

Greenbrier

Cos.,

Inc.

(The)(a)

5,106

164,260

Helios

Technologies,

Inc.

5,166

337,856

Hillenbrand,

Inc.(a)

10,860

516,176

Hillman

Solutions

Corp.*

21,729

182,958

Hydrofarm

Holdings

Group,

Inc.*(a)

7,269

12,575

Hyliion

Holdings

Corp.*(a)

22,896

45,334

Hyster-Yale

Materials

Handling,

Inc.

1,636

81,620

Hyzon

Motors,

Inc.*(a)

12,422

10,125

John

Bean

Technologies

Corp.

(a)

4,977

543,936

Kadant,

Inc.(a)

1,846

384,928

Kennametal,

Inc.

12,873

355,037

Lightning

eMotors,

Inc.*(a)

5,539

1,587

Lindsay

Corp.

1,760

265,989

Luxfer

Holdings

plc

4,095

69,206

Manitowoc

Co.,

Inc.

(The)*

5,568

95,157

Markforged

Holding

Corp.*(a)

15,580

14,938

Microvast

Holdings,

Inc.*(a)

27,301

33,853

Miller

Industries,

Inc.

1,776

62,782

Mueller

Industries,

Inc.

8,806

647,065

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

121

Common

Stocks

Shares

Value

($)

Machinery

Mueller

Water

Products,

Inc.,

Class

A(a)

24,789

345,559

Nikola

Corp.*(a)

52,159

63,112

Omega

Flex,

Inc.

540

60,178

Proterra,

Inc.*(a)

36,151

54,950

Proto

Labs,

Inc.*

4,320

143,208

RBC

Bearings,

Inc.*

4,495

1,046,121

REV

Group,

Inc.

5,321

63,799

Sarcos

Technology

&

Robotics

Corp.*(a)

20,630

9,793

Shyft

Group,

Inc.

(The)(a)

5,328

121,212

SPX

Technologies,

Inc.*(a)

6,907

487,496

Standex

International

Corp.

1,876

229,697

Tennant

Co.

2,918

199,971

Terex

Corp.

10,462

506,152

Titan

International,

Inc.*

7,771

81,440

Trinity

Industries,

Inc.

13,015

317,045

Velo3D,

Inc.*(a)

10,403

23,615

Wabash

National

Corp.

7,600

186,884

Watts

Water

Technologies,

Inc.,

Class

A

4,327

728,321

Xos,

Inc.*(a)

7,742

4,065

14,660,544

Marine

Transportation

0.3%

Costamare,

Inc.(a)

8,412

79,157

Eagle

Bulk

Shipping,

Inc.(a)

2,148

97,734

Eneti,

Inc.

3,234

30,238

Genco

Shipping

&

Trading

Ltd.

5,644

88,385

Golden

Ocean

Group

Ltd.(a)

19,761

188,125

Matson,

Inc.(a)

5,921

353,306

Safe

Bulkers,

Inc.

11,382

41,999

878,944

Media

0.8%

AdTheorent

Holding

Co.,

Inc.*(a)

5,155

8,712

Advantage

Solutions,

Inc.*

14,252

22,518

AMC

Networks,

Inc.,

Class

A*

4,809

84,542

Audacy,

Inc.*(a)

15,736

2,120

Boston

Omaha

Corp.,

Class

A*

3,394

80,336

Cardlytics,

Inc.*(a)

5,099

17,311

Clear

Channel

Outdoor

Holdings,

Inc.*(a)

56,095

67,314

Cumulus

Media,

Inc.,

Class

A*(a)

2,615

9,649

Daily

Journal

Corp.*

190

54,143

Entravision

Communications

Corp.,

Class

A

9,139

55,291

EW

Scripps

Co.

(The),

Class

A*

9,554

89,903

Gambling.com

Group

Ltd.*(a)

1,227

12,160

Gannett

Co.,

Inc.*

23,226

43,433

Gray

Television,

Inc.

12,970

113,098

iHeartMedia,

Inc.,

Class

A*

18,836

73,461

Innovid

Corp.*

12,652

17,839

Integral

Ad

Science

Holding

Corp.*(a)

6,182

88,217

John

Wiley

&

Sons,

Inc.,

Class

A(a)

6,715

260,341

Magnite,

Inc.*(a)

21,040

194,830

Common

Stocks

Shares

Value

($)

Media

PubMatic,

Inc.,

Class

A*(a)

6,755

93,354

Quotient

Technology,

Inc.*

13,929

45,687

Scholastic

Corp.

4,570

156,385

Sinclair

Broadcast

Group,

Inc.,

Class

A(a)

6,223

106,787

Stagwell,

Inc.*

11,786

87,452

TechTarget,

Inc.*(a)

4,345

156,941

TEGNA,

Inc.

34,900

590,159

Thryv

Holdings,

Inc.*(a)

3,879

89,450

Urban

One,

Inc.*

2,869

18,180

WideOpenWest,

Inc.*(a)

8,779

93,321

2,732,934

Metals

&

Mining

1.9%

5E

Advanced

Materials,

Inc.*(a)

6,368

34,515

Alpha

Metallurgical

Resources,

Inc.

2,423

377,988

Arconic

Corp.*

15,975

419,024

ATI,

Inc.*(a)

19,609

773,771

Carpenter

Technology

Corp.(a)

7,481

334,850

Century

Aluminum

Co.*

8,072

80,720

Coeur

Mining,

Inc.*(a)

44,236

176,502

Commercial

Metals

Co.

18,444

901,912

Compass

Minerals

International,

Inc.(a)

5,474

187,703

Constellium

SE*

20,001

305,615

Dakota

Gold

Corp.*(a)

9,218

33,369

Haynes

International,

Inc.

1,998

100,080

Hecla

Mining

Co.(a)

87,143

551,615

Hycroft

Mining

Holding

Corp.*(a)

21,357

9,235

Ivanhoe

Electric,

Inc.*(a)

6,994

84,977

Kaiser

Aluminum

Corp.

2,547

190,083

Materion

Corp.

3,195

370,620

Novagold

Resources,

Inc.*

38,381

238,730

Olympic

Steel,

Inc.(a)

1,447

75,548

Piedmont

Lithium,

Inc.*(a)

2,811

168,801

PolyMet

Mining

Corp.*

3,769

8,103

Ramaco

Resources,

Inc.(a)

3,456

30,447

Ryerson

Holding

Corp.

3,146

114,451

Schnitzer

Steel

Industries,

Inc.,

Class

A

4,025

125,178

SunCoke

Energy,

Inc.

13,176

118,320

TimkenSteel

Corp.*

7,166

131,424

Tredegar

Corp.(a)

4,091

37,351

Warrior

Met

Coal,

Inc.

8,220

301,756

Worthington

Industries,

Inc.

4,940

319,371

6,602,059

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.1%

AFC

Gamma,

Inc.(a)

2,363

28,734

Angel

Oak

Mortgage

REIT,

Inc.(a)

1,703

12,432

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

22,120

205,937

Arbor

Realty

Trust,

Inc.(a)

26,087

299,740

Ares

Commercial

Real

Estate

Corp.(a)

8,068

73,338

ARMOUR

Residential

REIT,

Inc.(a)

26,576

139,524

122

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

27,156

484,735

BrightSpire

Capital,

Inc.(a)

14,427

85,119

Broadmark

Realty

Capital,

Inc.

20,570

96,679

Chicago

Atlantic

Real

Estate

Finance,

Inc.

695

9,389

Chimera

Investment

Corp.(a)

37,293

210,333

Claros

Mortgage

Trust,

Inc.(a)

14,394

167,690

Dynex

Capital,

Inc.(a)

8,112

98,317

Ellington

Financial,

Inc.(a)

9,979

121,844

Franklin

BSP

Realty

Trust,

Inc.

(a)

13,058

155,782

Granite

Point

Mortgage

Trust,

Inc.

7,976

39,561

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

13,803

394,766

Invesco

Mortgage

Capital,

Inc.

(a)

5,912

65,564

KKR

Real

Estate

Finance

Trust,

Inc.(a)

8,910

101,485

Ladder

Capital

Corp.

17,723

167,482

MFA

Financial,

Inc.

16,446

163,142

New

York

Mortgage

Trust,

Inc.

(a)

14,533

144,749

Nexpoint

Real

Estate

Finance,

Inc.(a)

1,109

17,378

Orchid

Island

Capital,

Inc.(a)

6,271

67,288

PennyMac

Mortgage

Investment

Trust(a)

14,078

173,582

Ready

Capital

Corp.(a)

10,997

111,839

Redwood

Trust,

Inc.

17,425

117,444

TPG

RE

Finance

Trust,

Inc.

10,417

75,627

Two

Harbors

Investment

Corp.

15,135

222,636

4,052,136

Multi-Utilities

0.5%

Avista

Corp.(a)

10,875

461,644

Black

Hills

Corp.

10,352

653,211

NorthWestern

Corp.

9,261

535,842

Unitil

Corp.

2,533

144,482

1,795,179

Office

REITs

0.5%

Brandywine

Realty

Trust

26,714

126,357

City

Office

REIT,

Inc.(a)

6,257

43,173

Corporate

Office

Properties

Trust(a)

17,630

418,007

Easterly

Government

Properties,

Inc.(a)

14,288

196,317

Equity

Commonwealth

16,619

344,180

Franklin

Street

Properties

Corp.(a)

15,660

24,586

Office

Properties

Income

Trust(a)

7,536

92,693

Orion

Office

REIT,

Inc.(a)

8,863

59,382

Paramount

Group,

Inc.(a)

29,075

132,582

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

19,909

145,336

Common

Stocks

Shares

Value

($)

Office

REITs

Postal

Realty

Trust,

Inc.,

Class

A(a)

2,637

40,135

1,622,748

Oil,

Gas

&

Consumable

Fuels

4.5%

Aemetis,

Inc.*(a)

4,756

11,034

Alto

Ingredients,

Inc.*

13,674

20,511

Amplify

Energy

Corp.*(a)

5,927

40,718

Arch

Resources,

Inc.

2,318

304,724

Ardmore

Shipping

Corp.

6,142

91,331

Battalion

Oil

Corp.*

611

4,014

Berry

Corp.

12,143

95,322

California

Resources

Corp.(a)

11,674

449,449

Callon

Petroleum

Co.*(a)

7,728

258,424

Centrus

Energy

Corp.,

Class

A*

1,261

40,604

Chord

Energy

Corp.(a)

6,529

878,803

Civitas

Resources,

Inc.(a)

11,617

793,906

Clean

Energy

Fuels

Corp.*(a)

26,735

116,565

CNX

Resources

Corp.*(a)

26,542

425,203

Comstock

Resources,

Inc.(a)

14,677

158,365

CONSOL

Energy,

Inc.

5,454

317,805

Crescent

Energy

Co.,

Class

A(a)

6,031

68,211

CVR

Energy,

Inc.(a)

4,952

162,326

Delek

US

Holdings,

Inc.

11,279

258,853

Denbury,

Inc.*

7,863

689,035

DHT

Holdings,

Inc.

21,841

236,101

Dorian

LPG

Ltd.

4,972

99,142

Earthstone

Energy,

Inc.,

Class

A*(a)

7,119

92,618

Empire

Petroleum

Corp.*(a)

1,530

18,987

Energy

Fuels,

Inc.*(a)

24,359

135,923

Equitrans

Midstream

Corp.

65,226

377,006

Excelerate

Energy,

Inc.,

Class

A(a)

2,900

64,206

FLEX

LNG

Ltd.(a)

4,469

150,069

Frontline

plc(a)

19,926

329,975

Gevo,

Inc.*(a)

35,405

54,524

Golar

LNG

Ltd.*(a)

15,887

343,159

Green

Plains,

Inc.*(a)

5,719

177,232

Gulfport

Energy

Corp.*(a)

1,709

136,720

HighPeak

Energy,

Inc.(a)

997

22,931

International

Seaways,

Inc.

7,648

318,769

Kinetik

Holdings,

Inc.(a)

2,556

80,003

Kosmos

Energy

Ltd.*

71,857

534,616

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

27,453

600,672

Matador

Resources

Co.(a)

17,766

846,550

Murphy

Oil

Corp.

23,240

859,415

NACCO

Industries,

Inc.,

Class

A

573

20,668

NextDecade

Corp.*(a)

5,940

29,522

Nordic

American

Tankers

Ltd.

(a)

32,211

127,556

Northern

Oil

and

Gas,

Inc.(a)

10,478

318,007

Par

Pacific

Holdings,

Inc.*

7,934

231,673

PBF

Energy,

Inc.,

Class

A(a)

18,633

807,927

Peabody

Energy

Corp.*(a)

18,537

474,547

Permian

Resources

Corp.(a)

36,770

386,085

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

123

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ranger

Oil

Corp.

3,014

123,092

REX

American

Resources

Corp.*

2,466

70,503

Riley

Exploration

Permian,

Inc.

(a)

1,663

63,294

Ring

Energy,

Inc.*(a)

15,303

29,076

SandRidge

Energy,

Inc.*(a)

3,038

43,778

Scorpio

Tankers,

Inc.

7,438

418,834

SFL

Corp.

Ltd.

17,684

167,998

SilverBow

Resources,

Inc.*

1,800

41,130

Sitio

Royalties

Corp.(a)

11,443

258,612

SM

Energy

Co.(a)

19,041

536,194

Talos

Energy,

Inc.*

11,295

167,618

Teekay

Corp.*

11,342

70,094

Teekay

Tankers

Ltd.,

Class

A*

3,621

155,449

Tellurian,

Inc.*(a)

78,475

96,524

Uranium

Energy

Corp.*(a)

55,969

161,191

Ur-Energy,

Inc.*(a)

34,521

36,592

VAALCO

Energy,

Inc.(a)

16,270

73,703

Vertex

Energy,

Inc.*(a)

8,181

80,828

Vital

Energy,

Inc.*(a)

2,609

118,814

W&T

Offshore,

Inc.*

15,270

77,572

World

Fuel

Services

Corp.

9,837

251,335

16,102,037

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

2,683

89,666

Glatfelter

Corp.

6,936

22,126

Sylvamo

Corp.

5,467

252,903

364,695

Passenger

Airlines

0.3%

Allegiant

Travel

Co.*(a)

2,517

231,514

Blade

Air

Mobility,

Inc.*(a)

9,653

32,627

Frontier

Group

Holdings,

Inc.*(a)

5,920

58,253

Hawaiian

Holdings,

Inc.*(a)

7,608

69,689

Joby

Aviation,

Inc.*(a)

41,251

179,029

SkyWest,

Inc.*

8,085

179,244

Spirit

Airlines,

Inc.

17,395

298,672

Sun

Country

Airlines

Holdings,

Inc.*

5,342

109,511

Wheels

Up

Experience,

Inc.*(a)

22,520

14,251

1,172,790

Personal

Care

Products

0.9%

Beauty

Health

Co.

(The)*(a)

13,738

173,511

BellRing

Brands,

Inc.*

21,049

715,666

Edgewell

Personal

Care

Co.(a)

8,208

348,183

elf

Beauty,

Inc.*

7,739

637,307

Herbalife

Nutrition

Ltd.*(a)

15,418

248,230

Honest

Co.,

Inc.

(The)*(a)

11,380

20,484

Inter

Parfums,

Inc.

2,809

399,552

Medifast,

Inc.(a)

1,759

182,355

Nature's

Sunshine

Products,

Inc.*

2,114

21,584

Nu

Skin

Enterprises,

Inc.,

Class

A

7,718

303,395

Thorne

HealthTech,

Inc.*

2,706

12,502

USANA

Health

Sciences,

Inc.*

1,815

114,163

Common

Stocks

Shares

Value

($)

Personal

Care

Products

Veru,

Inc.*(a)

9,756

11,317

3,188,249

Pharmaceuticals

1.8%

Aclaris

Therapeutics,

Inc.*(a)

9,972

80,673

Amneal

Pharmaceuticals,

Inc.*

15,211

21,143

Amphastar

Pharmaceuticals,

Inc.*

6,041

226,537

Amylyx

Pharmaceuticals,

Inc.*(a)

7,873

230,994

AN2

Therapeutics,

Inc.*(a)

1,573

15,526

ANI

Pharmaceuticals,

Inc.*(a)

2,032

80,711

Arvinas,

Inc.*(a)

7,612

207,960

Atea

Pharmaceuticals,

Inc.*

12,355

41,389

Athira

Pharma,

Inc.*

4,871

12,177

Axsome

Therapeutics,

Inc.*(a)

5,098

314,445

Cara

Therapeutics,

Inc.*(a)

7,085

34,787

Cassava

Sciences,

Inc.*(a)

6,126

147,759

Collegium

Pharmaceutical,

Inc.*(a)

5,387

129,234

Corcept

Therapeutics,

Inc.*

13,610

294,793

DICE

Therapeutics,

Inc.*(a)

5,649

161,844

Edgewise

Therapeutics,

Inc.*(a)

5,735

38,252

Esperion

Therapeutics,

Inc.*

10,981

17,460

Evolus,

Inc.*

5,915

50,041

EyePoint

Pharmaceuticals,

Inc.*(a)

3,716

10,925

Fulcrum

Therapeutics,

Inc.*(a)

8,512

24,259

Harmony

Biosciences

Holdings,

Inc.*

4,127

134,747

Innoviva,

Inc.*(a)

9,983

112,309

Intra-Cellular

Therapies,

Inc.*

14,460

783,009

Ligand

Pharmaceuticals,

Inc.*

2,400

176,544

Liquidia

Corp.*

7,901

54,596

Nektar

Therapeutics*(a)

27,268

19,167

NGM

Biopharmaceuticals,

Inc.*

6,878

28,062

Nuvation

Bio,

Inc.*(a)

16,468

27,337

Ocular

Therapeutix,

Inc.*(a)

11,904

62,734

Pacira

BioSciences,

Inc.*(a)

7,169

292,567

Phathom

Pharmaceuticals,

Inc.*(a)

3,549

25,340

Phibro

Animal

Health

Corp.,

Class

A

3,214

49,238

Prestige

Consumer

Healthcare,

Inc.*

7,910

495,403

Provention

Bio,

Inc.*(a)

10,081

242,952

Reata

Pharmaceuticals,

Inc.,

Class

A*(a)

4,341

394,684

Relmada

Therapeutics,

Inc.*

4,102

9,271

Revance

Therapeutics,

Inc.*(a)

12,669

408,068

Scilex

Holding

Co.*∞(a)

9,936

81,475

SIGA

Technologies,

Inc.(a)

7,082

40,722

Supernus

Pharmaceuticals,

Inc.*

7,848

284,333

Tarsus

Pharmaceuticals,

Inc.*

3,050

38,338

Theravance

Biopharma,

Inc.*

10,140

110,019

Theseus

Pharmaceuticals,

Inc.*

2,825

25,086

124

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Third

Harmonic

Bio,

Inc.*

1,848

7,614

Ventyx

Biosciences,

Inc.*(a)

3,981

133,364

Xeris

Biopharma

Holdings,

Inc.*(a)

18,732

30,533

6,208,421

Professional

Services

2.5%

Alight,

Inc.,

Class

A*

60,908

560,963

ASGN,

Inc.*

7,689

635,650

Atlas

Technical

Consultants,

Inc.*(a)

2,940

35,839

Barrett

Business

Services,

Inc.

1,088

96,440

CBIZ,

Inc.*

7,442

368,305

Conduent,

Inc.*

26,608

91,265

CRA

International,

Inc.

1,093

117,847

CSG

Systems

International,

Inc.

4,976

267,211

ExlService

Holdings,

Inc.*

5,078

821,773

Exponent,

Inc.

8,031

800,610

First

Advantage

Corp.*(a)

9,422

131,531

Forrester

Research,

Inc.*

1,850

59,847

Franklin

Covey

Co.*

1,942

74,709

Heidrick

&

Struggles

International,

Inc.

3,031

92,021

HireRight

Holdings

Corp.*

3,584

38,026

Huron

Consulting

Group,

Inc.*

3,117

250,513

IBEX

Holdings

Ltd.*

1,393

33,989

ICF

International,

Inc.(a)

2,941

322,628

Insperity,

Inc.

5,643

685,907

Kelly

Services,

Inc.,

Class

A(a)

5,231

86,782

Kforce,

Inc.

3,155

199,522

Korn

Ferry

8,275

428,148

Legalzoom.com,

Inc.*

15,407

144,518

Maximus,

Inc.

9,544

751,113

NV5

Global,

Inc.*

2,176

226,239

Planet

Labs

PBC*(a)

30,249

118,879

Red

Violet,

Inc.*

1,649

29,022

Resources

Connection,

Inc.(a)

5,026

85,744

Skillsoft

Corp.*(a)

11,485

22,970

Spire

Global,

Inc.*(a)

17,696

11,821

Sterling

Check

Corp.*(a)

3,897

43,452

TriNet

Group,

Inc.*(a)

5,956

480,113

TrueBlue,

Inc.*(a)

4,938

87,896

TTEC

Holdings,

Inc.

2,933

109,196

Upwork,

Inc.*

19,225

217,627

Verra

Mobility

Corp.*(a)

21,957

371,512

Willdan

Group,

Inc.*

1,740

27,179

8,926,807

Real

Estate

Management

&

Development

0.6%

American

Realty

Investors,

Inc.*(a)

366

9,633

Anywhere

Real

Estate,

Inc.*(a)

16,668

88,007

Compass,

Inc.,

Class

A*(a)

43,800

141,474

Cushman

&

Wakefield

plc*(a)

24,045

253,434

DigitalBridge

Group,

Inc.

25,019

299,978

Doma

Holdings,

Inc.*(a)

32,438

13,219

Douglas

Elliman,

Inc.

11,246

34,975

eXp

World

Holdings,

Inc.(a)

10,878

138,042

Forestar

Group,

Inc.*(a)

2,702

42,043

FRP

Holdings,

Inc.*

1,026

59,385

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Kennedy-Wilson

Holdings,

Inc.

18,583

308,292

Marcus

&

Millichap,

Inc.(a)

4,048

129,981

Newmark

Group,

Inc.,

Class

A

20,996

148,652

Offerpad

Solutions,

Inc.*(a)

9,659

5,090

RE/MAX

Holdings,

Inc.,

Class

A

2,763

51,834

Redfin

Corp.*(a)

16,741

151,674

RMR

Group,

Inc.

(The),

Class

A

2,293

60,168

St

Joe

Co.

(The)(a)

5,403

224,819

Stratus

Properties,

Inc.

834

16,680

Tejon

Ranch

Co.*

3,212

58,683

Transcontinental

Realty

Investors,

Inc.*

178

7,545

2,243,608

Residential

REITs

0.5%

Apartment

Investment

and

Management

Co.,

Class

A(a)

23,743

182,584

Bluerock

Homes

Trust,

Inc.*

541

10,723

BRT

Apartments

Corp.

1,783

35,161

Centerspace

2,420

132,204

Clipper

Realty,

Inc.

2,440

14,005

Elme

Communities

13,759

245,736

Independence

Realty

Trust,

Inc.(a)

35,606

570,764

NexPoint

Residential

Trust,

Inc.

3,552

155,116

UMH

Properties,

Inc.

8,685

128,451

Veris

Residential,

Inc.*

13,501

197,655

1,672,399

Retail

REITs

1.5%

Acadia

Realty

Trust

12,772

178,169

Agree

Realty

Corp.(a)

13,744

942,976

Alexander's,

Inc.(a)

354

68,588

CBL

&

Associates

Properties,

Inc.(a)

4,285

109,867

Getty

Realty

Corp.(a)

5,685

204,831

InvenTrust

Properties

Corp.

10,747

251,480

Kite

Realty

Group

Trust

34,292

717,389

Macerich

Co.

(The)

33,433

354,390

Necessity

Retail

REIT,

Inc.

(The)(a)

21,186

133,048

NETSTREIT

Corp.(a)

8,775

160,407

Phillips

Edison

&

Co.,

Inc.

18,373

599,327

Retail

Opportunity

Investments

Corp.

18,889

263,691

RPT

Realty

12,791

121,642

Saul

Centers,

Inc.(a)

1,879

73,281

SITE

Centers

Corp.(a)

30,619

376,001

Tanger

Factory

Outlet

Centers,

Inc.(a)

16,153

317,083

Urban

Edge

Properties(a)

18,172

273,670

Urstadt

Biddle

Properties,

Inc.,

Class

A(a)

4,687

82,351

Whitestone

REIT

7,196

66,203

5,294,394

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

125

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

3.1%

ACM

Research,

Inc.,

Class

A*

7,303

85,445

Alpha

&

Omega

Semiconductor

Ltd.*(a)

3,525

94,999

Ambarella,

Inc.*

5,899

456,701

Amkor

Technology,

Inc.

16,063

417,959

Atomera,

Inc.*(a)

3,914

24,932

Axcelis

Technologies,

Inc.*

5,143

685,305

AXT,

Inc.*(a)

6,108

24,310

CEVA,

Inc.*

3,680

111,982

Cohu,

Inc.*

7,405

284,278

Credo

Technology

Group

Holding

Ltd.*(a)

15,133

142,553

Diodes,

Inc.*

7,000

649,320

FormFactor,

Inc.*

12,193

388,347

Ichor

Holdings

Ltd.*(a)

4,397

143,958

Impinj,

Inc.*

3,380

458,058

indie

Semiconductor,

Inc.,

Class

A*(a)

16,848

177,746

Kulicke

&

Soffa

Industries,

Inc.

(a)

8,845

466,043

MACOM

Technology

Solutions

Holdings,

Inc.*

8,537

604,761

MaxLinear,

Inc.*

11,448

403,084

Onto

Innovation,

Inc.*

7,812

686,518

PDF

Solutions,

Inc.*

4,733

200,679

Photronics,

Inc.*

9,491

157,361

Power

Integrations,

Inc.

8,933

756,089

Rambus,

Inc.*

16,892

865,884

Rigetti

Computing,

Inc.*

12,013

8,690

Semtech

Corp.*(a)

9,961

240,458

Silicon

Laboratories,

Inc.*(a)

4,984

872,649

SiTime

Corp.*

2,558

363,824

SkyWater

Technology,

Inc.*

1,581

17,992

SMART

Global

Holdings,

Inc.*(a)

7,850

135,334

Synaptics,

Inc.*

6,273

697,244

Transphorm,

Inc.*

3,034

12,106

Ultra

Clean

Holdings,

Inc.*

7,110

235,768

Veeco

Instruments,

Inc.*

7,946

167,899

11,038,276

Software

5.2%

8x8,

Inc.*(a)

18,127

75,590

A10

Networks,

Inc.(a)

9,944

154,033

ACI

Worldwide,

Inc.*

17,639

475,900

Adeia,

Inc.

16,113

142,761

Agilysys,

Inc.*

3,114

256,936

Alarm.com

Holdings,

Inc.*

7,572

380,720

Alkami

Technology,

Inc.*

5,618

71,124

Altair

Engineering,

Inc.,

Class

A*(a)

8,164

588,706

American

Software,

Inc.,

Class

A

5,153

64,979

Amplitude,

Inc.,

Class

A*(a)

8,966

111,537

Appfolio,

Inc.,

Class

A*(a)

3,071

382,278

Appian

Corp.,

Class

A*

6,277

278,573

Applied

Digital

Corp.*(a)

10,251

22,962

Arteris,

Inc.*

2,394

10,127

Asana,

Inc.,

Class

A*

11,532

243,671

AvePoint,

Inc.*(a)

21,253

87,562

Common

Stocks

Shares

Value

($)

Software

Blackbaud,

Inc.*

7,308

506,444

Blackline,

Inc.*

8,675

582,526

Blend

Labs,

Inc.,

Class

A*(a)

32,202

32,080

Box,

Inc.,

Class

A*

22,034

590,291

C3.ai,

Inc.,

Class

A*(a)

9,347

313,779

Cerence,

Inc.*

6,405

179,916

Cipher

Mining,

Inc.*(a)

5,528

12,880

Cleanspark,

Inc.*(a)

11,887

33,046

Clear

Secure,

Inc.,

Class

A(a)

10,204

267,039

CommVault

Systems,

Inc.*

6,980

396,045

Consensus

Cloud

Solutions,

Inc.*(a)

2,977

101,486

Couchbase,

Inc.*(a)

4,401

61,878

CS

Disco,

Inc.*

3,146

20,889

Cvent

Holding

Corp.*

7,762

64,890

Digimarc

Corp.*(a)

2,116

41,579

Digital

Turbine,

Inc.*(a)

15,084

186,438

Domo,

Inc.,

Class

B*

4,902

69,559

E2open

Parent

Holdings,

Inc.*

31,125

181,148

Ebix,

Inc.(a)

4,214

55,583

eGain

Corp.*

3,411

25,890

Enfusion,

Inc.,

Class

A*

4,360

45,780

EngageSmart,

Inc.*(a)

5,679

109,321

Envestnet,

Inc.*(a)

6,895

404,530

Everbridge,

Inc.*

6,350

220,155

EverCommerce,

Inc.*(a)

3,476

36,776

ForgeRock,

Inc.,

Class

A*(a)

6,803

140,142

Greenidge

Generation

Holdings,

Inc.*(a)

1,302

589

Instructure

Holdings,

Inc.*

2,742

71,018

Intapp,

Inc.*

2,361

105,867

InterDigital,

Inc.

4,639

338,183

IronNet,

Inc.*(a)

9,171

3,225

Kaleyra,

Inc.*(a)

1,192

1,967

Latch,

Inc.*(a)

15,343

11,693

LivePerson,

Inc.*

11,291

49,793

LiveRamp

Holdings,

Inc.*

10,137

222,304

LiveVox

Holdings,

Inc.*(a)

4,142

12,799

Marathon

Digital

Holdings,

Inc.*(a)

18,353

160,038

Matterport,

Inc.*(a)

36,076

98,487

MeridianLink,

Inc.*(a)

3,451

59,702

MicroStrategy,

Inc.,

Class

A*(a)

1,539

449,881

Mitek

Systems,

Inc.*(a)

6,778

65,001

Model

N,

Inc.*(a)

5,945

198,979

Momentive

Global,

Inc.*

20,523

191,274

N-able,

Inc.*(a)

10,945

144,474

NextNav,

Inc.*(a)

10,277

20,862

Olo,

Inc.,

Class

A*(a)

14,444

117,863

ON24,

Inc.*

6,815

59,699

OneSpan,

Inc.*

6,055

105,963

PagerDuty,

Inc.*(a)

13,631

476,812

Porch

Group,

Inc.*(a)

13,709

19,604

PowerSchool

Holdings,

Inc.,

Class

A*

7,309

144,864

Progress

Software

Corp.(a)

6,788

389,971

PROS

Holdings,

Inc.*(a)

6,687

183,224

Q2

Holdings,

Inc.*

9,028

222,269

Qualys,

Inc.*

6,074

789,741

126

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

Rapid7,

Inc.*(a)

9,395

431,324

Rimini

Street,

Inc.*

6,988

28,791

Riot

Platforms,

Inc.*(a)

25,290

252,647

Sapiens

International

Corp.

NV

4,880

105,994

SecureWorks

Corp.,

Class

A*(a)

1,886

16,163

ShotSpotter,

Inc.*

1,386

54,498

SolarWinds

Corp.*

7,763

66,762

Sprout

Social,

Inc.,

Class

A*(a)

7,407

450,938

SPS

Commerce,

Inc.*

5,736

873,593

Sumo

Logic,

Inc.*(a)

18,754

224,673

Telos

Corp.*(a)

8,915

22,555

Tenable

Holdings,

Inc.*

17,607

836,509

Terawulf,

Inc.*(a)

15,220

14,273

Upland

Software,

Inc.*

4,915

21,135

Varonis

Systems,

Inc.*

16,996

442,066

Verint

Systems,

Inc.*

10,289

383,162

Veritone,

Inc.*(a)

5,268

30,712

Viant

Technology,

Inc.,

Class

A*

2,617

11,384

Weave

Communications,

Inc.*(a)

5,682

28,240

WM

Technology,

Inc.*(a)

11,545

9,804

Workiva,

Inc.*

7,533

771,455

Xperi,

Inc.*

6,445

70,444

Yext,

Inc.*

17,634

169,463

Zeta

Global

Holdings

Corp.,

Class

A*(a)

17,663

191,290

Zuora,

Inc.,

Class

A*

19,693

194,567

18,446,137

Specialized

REITs

0.5%

Farmland

Partners,

Inc.(a)

7,688

82,262

Four

Corners

Property

Trust,

Inc.(a)

13,235

355,492

Gladstone

Land

Corp.(a)

5,048

84,049

Outfront

Media,

Inc.(a)

23,045

374,020

PotlatchDeltic

Corp.

12,554

621,423

Uniti

Group,

Inc.(a)

37,475

133,036

1,650,282

Specialty

Retail

2.8%

1-800-Flowers.com,

Inc.,

Class

A*

4,483

51,554

Aaron's

Co.,

Inc.

(The)(a)

4,226

40,823

Abercrombie

&

Fitch

Co.,

Class

A*

7,739

214,757

Academy

Sports

&

Outdoors,

Inc.

11,959

780,325

aka

Brands

Holding

Corp.*(a)

1,357

739

American

Eagle

Outfitters,

Inc.

24,241

325,799

America's

Car-Mart,

Inc.*(a)

917

72,636

Arko

Corp.(a)

13,102

111,236

Asbury

Automotive

Group,

Inc.*(a)

3,486

732,060

BARK,

Inc.*(a)

20,779

30,130

Bed

Bath

&

Beyond,

Inc.*(a)

11,592

4,954

Big

5

Sporting

Goods

Corp.(a)

3,349

25,754

Boot

Barn

Holdings,

Inc.*

4,614

353,617

Buckle,

Inc.

(The)

4,728

168,742

Common

Stocks

Shares

Value

($)

Specialty

Retail

Build-A-Bear

Workshop,

Inc.

2,007

46,643

Caleres,

Inc.(a)

5,232

113,168

Camping

World

Holdings,

Inc.,

Class

A(a)

5,974

124,677

CarParts.com,

Inc.*

8,128

43,404

Cato

Corp.

(The),

Class

A

2,624

23,196

Chico's

FAS,

Inc.*

18,712

102,916

Children's

Place,

Inc.

(The)*(a)

1,935

77,884

Citi

Trends,

Inc.*

1,148

21,835

Conn's,

Inc.*

2,428

14,714

Container

Store

Group,

Inc.

(The)*

5,148

17,658

Designer

Brands,

Inc.,

Class

A(a)

7,747

67,709

Destination

XL

Group,

Inc.*(a)

9,809

54,048

Duluth

Holdings,

Inc.,

Class

B*

1,620

10,336

EVgo,

Inc.*(a)

10,397

80,993

Express,

Inc.*(a)

9,089

7,165

Foot

Locker,

Inc.(a)

12,680

503,269

Franchise

Group,

Inc.(a)

4,106

111,888

Genesco,

Inc.*

1,978

72,949

Group

1

Automotive,

Inc.

2,228

504,464

GrowGeneration

Corp.*

8,995

30,763

Guess?,

Inc.(a)

4,856

94,498

Haverty

Furniture

Cos.,

Inc.

2,220

70,840

Hibbett,

Inc.

2,054

121,145

JOANN,

Inc.(a)

1,605

2,552

Lands'

End,

Inc.*(a)

2,516

24,456

LL

Flooring

Holdings,

Inc.*

4,458

16,940

Lulu's

Fashion

Lounge

Holdings,

Inc.*(a)

2,363

5,624

MarineMax,

Inc.*(a)

3,268

93,955

Monro,

Inc.

4,902

242,306

Murphy

USA,

Inc.

3,169

817,760

National

Vision

Holdings,

Inc.*(a)

12,556

236,555

ODP

Corp.

(The)*

6,297

283,239

OneWater

Marine,

Inc.,

Class

A*(a)

1,715

47,969

Overstock.com,

Inc.*(a)

6,896

139,782

PetMed

Express,

Inc.(a)

3,358

54,534

RealReal,

Inc.

(The)*(a)

17,016

21,440

Rent

the

Runway,

Inc.,

Class

A*(a)

6,610

18,838

Revolve

Group,

Inc.*(a)

6,584

173,159

RumbleON,

Inc.,

Class

B*(a)

1,465

8,878

Sally

Beauty

Holdings,

Inc.*(a)

17,134

266,948

Shoe

Carnival,

Inc.(a)

2,681

68,768

Signet

Jewelers

Ltd.(a)

7,098

552,082

Sleep

Number

Corp.*

3,403

103,485

Sonic

Automotive,

Inc.,

Class

A(a)

2,872

156,064

Sportsman's

Warehouse

Holdings,

Inc.*

6,151

52,160

Stitch

Fix,

Inc.,

Class

A*

13,850

70,773

ThredUp,

Inc.,

Class

A*(a)

8,306

21,014

Tile

Shop

Holdings,

Inc.*(a)

5,149

24,149

Tilly's,

Inc.,

Class

A*(a)

3,827

29,506

Torrid

Holdings,

Inc.*(a)

1,699

7,408

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

127

Common

Stocks

Shares

Value

($)

Specialty

Retail

TravelCenters

of

America,

Inc.*(a)

1,995

172,567

Upbound

Group,

Inc.

7,935

194,487

Urban

Outfitters,

Inc.*(a)

10,048

278,531

Warby

Parker,

Inc.,

Class

A*(a)

12,858

136,166

Winmark

Corp.

454

145,475

Zumiez,

Inc.*(a)

2,532

46,690

9,743,548

Technology

Hardware,

Storage

&

Peripherals

0.4%

Avid

Technology,

Inc.*(a)

5,564

177,937

CompoSecure,

Inc.*(a)

1,176

8,655

Corsair

Gaming,

Inc.*(a)

6,340

116,339

Diebold

Nixdorf,

Inc.*(a)

13,147

15,776

Eastman

Kodak

Co.*(a)

9,681

39,692

IonQ,

Inc.*(a)

19,539

120,165

Super

Micro

Computer,

Inc.*(a)

7,385

786,872

Turtle

Beach

Corp.*

2,558

25,631

Xerox

Holdings

Corp.

18,177

279,926

1,570,993

Textiles,

Apparel

&

Luxury

Goods

0.8%

Allbirds,

Inc.,

Class

A*

14,980

17,976

Crocs,

Inc.*

9,555

1,208,134

Ermenegildo

Zegna

NV

9,006

122,842

Fossil

Group,

Inc.*

6,867

21,974

G-III

Apparel

Group

Ltd.*

6,927

107,715

Kontoor

Brands,

Inc.(a)

8,694

420,703

Movado

Group,

Inc.

2,318

66,689

Oxford

Industries,

Inc.(a)

2,405

253,944

PLBY

Group,

Inc.*(a)

6,587

13,042

Rocky

Brands,

Inc.(a)

1,191

27,476

Steven

Madden

Ltd.(a)

12,167

438,012

Superior

Group

of

Cos.,

Inc.

1,903

14,977

Unifi,

Inc.*

2,115

17,280

Wolverine

World

Wide,

Inc.

12,262

209,067

2,939,831

Tobacco

0.2%

22nd

Century

Group,

Inc.*(a)

22,706

17,461

Turning

Point

Brands,

Inc.

2,182

45,822

Universal

Corp.

3,791

200,506

Vector

Group

Ltd.

23,079

277,179

540,968

Trading

Companies

&

Distributors

1.8%

Alta

Equipment

Group,

Inc.

3,211

50,894

Applied

Industrial

Technologies,

Inc.

6,003

853,207

Beacon

Roofing

Supply,

Inc.*

8,085

475,802

BlueLinx

Holdings,

Inc.*

1,371

93,173

Boise

Cascade

Co.

6,187

391,328

Custom

Truck

One

Source,

Inc.*(a)

9,095

61,755

Distribution

Solutions

Group,

Inc.*

778

35,368

DXP

Enterprises,

Inc.*

2,432

65,470

GATX

Corp.

5,561

611,821

Global

Industrial

Co.

2,179

58,484

GMS,

Inc.*

6,618

383,116

H&E

Equipment

Services,

Inc.

5,042

223,008

Herc

Holdings,

Inc.(a)

3,951

450,019

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Hudson

Technologies,

Inc.*

6,555

57,225

Karat

Packaging,

Inc.

1,070

14,263

McGrath

RentCorp

3,817

356,164

MRC

Global,

Inc.*

13,299

129,266

NOW,

Inc.*

17,326

193,185

Rush

Enterprises,

Inc.,

Class

A

6,552

357,739

Rush

Enterprises,

Inc.,

Class

B

1,004

60,130

Textainer

Group

Holdings

Ltd.

7,011

225,123

Titan

Machinery,

Inc.*

3,102

94,456

Transcat,

Inc.*(a)

1,143

102,173

Triton

International

Ltd.(a)

9,093

574,860

Veritiv

Corp.

2,067

279,334

Xometry,

Inc.,

Class

A*(a)

5,429

81,272

6,278,635

Water

Utilities

0.5%

American

States

Water

Co.(a)

5,776

513,429

Artesian

Resources

Corp.,

Class

A(a)

1,357

75,124

California

Water

Service

Group(a)

8,617

501,509

Global

Water

Resources,

Inc.

2,173

27,010

Middlesex

Water

Co.

2,256

176,239

Pure

Cycle

Corp.*

3,202

30,259

SJW

Group(a)

4,246

323,248

York

Water

Co.

(The)

2,222

99,323

1,746,141

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.*

8,041

116,594

KORE

Group

Holdings,

Inc.*(a)

9,022

11,007

Shenandoah

Telecommunications

Co.(a)

7,705

146,549

Telephone

&

Data

Systems,

Inc.

16,082

169,022

United

States

Cellular

Corp.*(a)

2,307

47,824

490,996

Total

Common

Stocks

(cost

$304,217,537)

363,873,737

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,552

0

Oncternal

Therapeutics,

Inc.,

CVR*∞(a)

97

100

100

Metals

&

Mining

0.0%

†

PolyMet

Mining

Corp.,

expiring

4/4/2023*

3,769

10

Total

Rights

(cost

$6,480)

110

128

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Repurchase

Agreements

4.7%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$3,001,206,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$3,060,000.

(b)

3,000,000

3,000,000

BofA

Securities,

Inc.,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,402,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

3/31/2025

-

9/30/2025;

total

market

value

$1,020,001.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,626,183,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$2,677,633.

(b)

2,625,130

2,625,130

Credit

Suisse

AG,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$6,002,400,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$6,122,448.

(b)

6,000,000

6,000,000

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$3,001,200,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$3,061,633.(b)

3,000,000

3,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,403,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$16,625,130)

16,625,130

Total

Investments

(cost

$320,849,147)

—

107.3%

380,498,977

Liabilities

in

excess

of

other

assets

—

(7.3)%

(26,020,827)

NET

ASSETS

—

100.0%

$

354,478,150

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$106,732,163,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,625,130

and

by

$91,258,742

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$107,883,872.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$16,625,130.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

129

Futures

contracts

outstanding

as

of

March

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

42

6/2023

USD

3,808,350

103,446

Net

contracts

103,446

As

of

March

31,

2023,

the

Fund

had

$280,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

130

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

131

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

3,966,593

$

–

$

–

$

3,966,593

Air

Freight

&

Logistics

1,119,838

–

–

1,119,838

Automobile

Components

5,359,510

–

–

5,359,510

Automobiles

584,313

–

–

584,313

Banks

30,624,920

–

–

30,624,920

Beverages

2,204,328

–

–

2,204,328

Biotechnology

24,250,968

–

–

24,250,968

Broadline

Retail

375,448

–

–

375,448

Building

Products

5,273,125

–

–

5,273,125

Capital

Markets

6,058,434

–

–

6,058,434

Chemicals

7,913,788

–

–

7,913,788

Commercial

Services

&

Supplies

5,533,660

–

–

5,533,660

Communications

Equipment

2,985,921

–

–

2,985,921

Construction

&

Engineering

6,079,817

–

–

6,079,817

Construction

Materials

587,359

–

–

587,359

Consumer

Finance

2,575,150

–

–

2,575,150

Consumer

Staples

Distribution

&

Retail

2,172,586

–

–

2,172,586

Containers

&

Packaging

1,265,777

–

–

1,265,777

Distributors

70,029

–

–

70,029

Diversified

Consumer

Services

3,662,691

–

–

3,662,691

Diversified

REITs

2,234,352

–

–

2,234,352

Diversified

Telecommunication

Services

2,691,414

–

–

2,691,414

Electric

Utilities

2,861,363

–

–

2,861,363

Electrical

Equipment

5,608,877

–

–

5,608,877

Electronic

Equipment,

Instruments

&

Components

9,373,015

–

–

9,373,015

Energy

Equipment

&

Services

7,386,925

–

–

7,386,925

Entertainment

1,394,145

–

–

1,394,145

Financial

Services

6,809,765

–

–

6,809,765

Food

Products

4,588,675

–

–

4,588,675

Gas

Utilities

3,969,268

–

–

3,969,268

Ground

Transportation

2,458,752

–

–

2,458,752

Health

Care

Equipment

&

Supplies

14,226,446

–

–

14,226,446

Health

Care

Providers

&

Services

9,147,812

–

–

9,147,812

Health

Care

REITs

2,204,626

–

–

2,204,626

Health

Care

Technology

1,951,536

–

–

1,951,536

Hotel

&

Resort

REITs

3,225,062

–

–

3,225,062

Hotels,

Restaurants

&

Leisure

10,025,613

–

–

10,025,613

Household

Durables

7,001,628

–

–

7,001,628

Household

Products

1,092,272

–

–

1,092,272

Independent

Power

and

Renewable

Electricity

Producers

1,665,763

–

–

1,665,763

Industrial

Conglomerates

78,130

–

–

78,130

Industrial

REITs

2,772,049

–

–

2,772,049

Insurance

7,752,975

–

–

7,752,975

Interactive

Media

&

Services

2,727,053

–

–

2,727,053

IT

Services

1,724,137

–

–

1,724,137

Leisure

Products

1,693,946

–

–

1,693,946

Life

Sciences

Tools

&

Services

2,580,132

–

–

2,580,132

Machinery

14,660,544

–

–

14,660,544

Marine

Transportation

878,944

–

–

878,944

Media

2,732,934

–

–

2,732,934

Metals

&

Mining

6,602,059

–

–

6,602,059

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,052,136

–

–

4,052,136

Multi-Utilities

1,795,179

–

–

1,795,179

Office

REITs

1,622,748

–

–

1,622,748

Oil,

Gas

&

Consumable

Fuels

16,102,037

–

–

16,102,037

Paper

&

Forest

Products

364,695

–

–

364,695

Passenger

Airlines

1,172,790

–

–

1,172,790

132

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

Level

1

Level

2

Level

3

Total

Assets:

Personal

Care

Products

$

3,188,249

$

–

$

–

$

3,188,249

Pharmaceuticals

6,126,946

81,475

–

6,208,421

Professional

Services

8,926,807

–

–

8,926,807

Real

Estate

Management

&

Development

2,243,608

–

–

2,243,608

Residential

REITs

1,672,399

–

–

1,672,399

Retail

REITs

5,294,394

–

–

5,294,394

Semiconductors

&

Semiconductor

Equipment

11,038,276

–

–

11,038,276

Software

18,446,137

–

–

18,446,137

Specialized

REITs

1,650,282

–

–

1,650,282

Specialty

Retail

9,743,548

–

–

9,743,548

Technology

Hardware,

Storage

&

Peripherals

1,570,993

–

–

1,570,993

Textiles,

Apparel

&

Luxury

Goods

2,939,831

–

–

2,939,831

Tobacco

540,968

–

–

540,968

Trading

Companies

&

Distributors

6,278,635

–

–

6,278,635

Water

Utilities

1,746,141

–

–

1,746,141

Wireless

Telecommunication

Services

490,996

–

–

490,996

Total

Common

Stocks

$

363,792,262

$

81,475

$

–

$

363,873,737

Futures

Contracts

103,446

–

–

103,446

Repurchase

Agreements

–

16,625,130

–

16,625,130

Rights  

10

100

–

110

Total

$

363,895,718

$

16,706,705

$

–

$

380,602,423

As

of

March

31,

2023,

the

Fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Rights

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

15,516

15,516

Purchases

—

—

Sales

(15,516)

(15,516)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

3/31/2023

**

$

—

$

—

NVIT

Small

Cap

Index

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

133

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

103,446

Total

$

103,446

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

Columbia

Overseas

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

96.7%

Shares

Value

($)

AUSTRALIA

2.4%

Hotels,

Restaurants

&

Leisure

0.8%

Flutter

Entertainment

plc

*

10,529

1,915,017

Metals

&

Mining

1.6%

Northern

Star

Resources

Ltd.

462,771

3,788,276

5,703,293

BRAZIL

0.3%

Passenger

Airlines

0.3%

Azul

SA,

ADR

*(a)

94,881

678,399

CANADA

5.1%

Chemicals

0.6%

Nutrien

Ltd.

(a)

18,629

1,375,752

Consumer

Staples

Distribution

&

Retail

1.7%

Alimentation

Couche-Tard,

Inc.

80,960

4,070,464

Metals

&

Mining

0.7%

Teck

Resources

Ltd.

,

Class

B

47,474

1,732,801

Oil,

Gas

&

Consumable

Fuels

2.1%

Cameco

Corp.

(a)

105,611

2,763,840

Teekay

Tankers

Ltd.

,

Class

A

*

20,199

867,143

Vermilion

Energy,

Inc.

(a)

96,700

1,254,199

4,885,182

12,064,199

CHINA

1.8%

Banks

0.6%

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

2,738,000

1,457,680

Water

Utilities

1.2%

Guangdong

Investment

Ltd.

(a)

2,832,000

2,903,513

4,361,193

FINLAND

1.8%

Paper

&

Forest

Products

1.8%

UPM-

Kymmene

OYJ

*

125,049

4,199,340

FRANCE

10.4%

Banks

2.0%

BNP

Paribas

SA

80,090

4,790,162

Biotechnology

0.0%

†

DBV

Technologies

SA,

ADR

*(a)

30,998

52,387

Construction

&

Engineering

1.2%

Eiffage

SA

26,538

2,872,739

Insurance

2.7%

AXA

SA

208,739

6,382,577

Multi-Utilities

0.9%

Engie

SA

(a)

142,293

2,250,321

Oil,

Gas

&

Consumable

Fuels

3.6%

TotalEnergies

SE

143,287

8,454,329

24,802,515

GERMANY

4.2%

Automobiles

0.6%

Mercedes-Benz

Group

AG

19,330

1,484,888

Machinery

1.5%

Duerr

AG

65,983

2,364,345

KION

Group

AG

29,036

1,121,649

3,485,994

Common

Stocks

Shares

Value

($)

GERMANY

Multi-Utilities

1.4%

E.ON

SE

274,799

3,427,776

Pharmaceuticals

0.7%

Bayer

AG

(Registered)

25,617

1,631,701

10,030,359

GREECE

0.8%

Banks

0.8%

Piraeus

Financial

Holdings

SA

*

915,274

1,996,570

HONG

KONG

1.3%

Food

Products

1.3%

WH

Group

Ltd.

Reg.

S

(b)

5,205,877

3,094,204

IRELAND

1.0%

Banks

1.0%

Bank

of

Ireland

Group

plc

236,074

2,388,868

Biotechnology

0.0%

†

Amarin

Corp.

plc,

ADR

*(a)

27,124

40,686

2,429,554

ISRAEL

3.2%

Banks

0.9%

Bank

Hapoalim

BM

253,174

2,108,269

Diversified

Telecommunication

Services

0.6%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

1,083,389

1,476,939

Software

1.7%

Check

Point

Software

Technologies

Ltd.

*

31,440

4,087,200

7,672,408

JAPAN

18.8%

Automobile

Components

0.6%

Koito

Manufacturing

Co.

Ltd.

81,400

1,541,781

Automobiles

1.2%

Toyota

Motor

Corp.

(a)

203,800

2,901,137

Banks

2.8%

Mebuki

Financial

Group,

Inc.

(a)

594,200

1,456,839

Sumitomo

Mitsui

Financial

Group,

Inc.

127,400

5,108,420

6,565,259

Construction

&

Engineering

0.5%

Kinden

Corp.

107,500

1,293,437

Consumer

Staples

Distribution

&

Retail

1.8%

MatsukiyoCocokara

&

Co.

80,600

4,268,688

Diversified

Telecommunication

Services

1.2%

Nippon

Telegraph

&

Telephone

Corp.

95,500

2,852,346

Electronic

Equipment,

Instruments

&

Components

1.3%

Daiwabo

Holdings

Co.

Ltd.

(a)

180,600

2,981,663

Financial

Services

1.8%

ORIX

Corp.

252,300

4,161,083

Health

Care

Providers

&

Services

0.8%

Ship

Healthcare

Holdings,

Inc.

(a)

108,500

1,997,713

2

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

1.2%

Dai-ichi

Life

Holdings,

Inc.

(a)

160,400

2,947,147

Machinery

0.3%

Takuma

Co.

Ltd.

77,600

779,698

Pharmaceuticals

2.0%

Takeda

Pharmaceutical

Co.

Ltd.

145,300

4,772,471

Trading

Companies

&

Distributors

3.3%

ITOCHU

Corp.

(a)

150,300

4,894,217

Marubeni

Corp.

196,500

2,671,129

7,565,346

44,627,769

NETHERLANDS

10.6%

Banks

2.2%

ING

Groep

NV

443,278

5,273,712

Consumer

Staples

Distribution

&

Retail

2.5%

Koninklijke

Ahold

Delhaize

NV

172,835

5,911,898

Insurance

1.8%

ASR

Nederland

NV

109,709

4,373,371

Oil,

Gas

&

Consumable

Fuels

4.1%

Shell

plc

333,050

9,537,122

25,096,103

NORWAY

0.9%

Food

Products

0.9%

Leroy

Seafood

Group

ASA

392,664

2,041,564

RUSSIA

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

LUKOIL

PJSC

^∞

10,847

0

SINGAPORE

2.6%

Electronic

Equipment,

Instruments

&

Components

2.0%

Venture

Corp.

Ltd.

342,200

4,558,219

Oil,

Gas

&

Consumable

Fuels

0.6%

BW

LPG

Ltd.

Reg.

S

(b)

204,770

1,540,505

6,098,724

SOUTH

AFRICA

0.4%

Metals

&

Mining

0.4%

Sibanye

Stillwater

Ltd.,

ADR

(a)

116,262

967,300

SOUTH

KOREA

0.8%

Broadline

Retail

0.2%

Hyundai

Home

Shopping

Network

Corp.

12,182

454,554

Textiles,

Apparel

&

Luxury

Goods

0.6%

Youngone

Corp.

40,769

1,434,870

1,889,424

SPAIN

3.6%

Banks

2.4%

Banco

Santander

SA

1,511,523

5,630,735

Electric

Utilities

1.0%

Endesa

SA

114,566

2,487,759

Energy

Equipment

&

Services

0.2%

Tecnicas

Reunidas

SA

*

40,115

440,179

8,558,673

Common

Stocks

Shares

Value

($)

SWEDEN

0.6%

Entertainment

0.4%

Stillfront

Group

AB

*(a)

438,620

847,809

Real

Estate

Management

&

Development

0.2%

Samhallsbyggnadsbolaget

i

Norden

AB

(a)

420,581

576,615

1,424,424

SWITZERLAND

3.0%

Capital

Markets

0.6%

UBS

Group

AG

(Registered)

64,021

1,351,877

Pharmaceuticals

2.4%

Novartis

AG

(Registered)

63,208

5,802,803

7,154,680

TAIWAN

1.1%

Insurance

1.1%

Fubon

Financial

Holding

Co.

Ltd.

1,357,610

2,533,081

UNITED

KINGDOM

13.7%

Capital

Markets

1.2%

TP

ICAP

Group

plc

1,278,819

2,841,465

Diversified

Telecommunication

Services

2.7%

BT

Group

plc

1,860,675

3,348,022

Liberty

Global

plc

,

Class

C

*(a)

146,338

2,982,368

6,330,390

Energy

Equipment

&

Services

0.2%

John

Wood

Group

plc

*

218,514

540,649

Household

Durables

0.2%

Crest

Nicholson

Holdings

plc

149,934

404,259

Industrial

Conglomerates

1.3%

DCC

plc

53,443

3,119,149

Insurance

1.0%

Just

Group

plc

2,301,228

2,437,510

Oil,

Gas

&

Consumable

Fuels

1.1%

BP

plc

409,421

2,592,022

Pharmaceuticals

0.8%

AstraZeneca

plc,

ADR

27,687

1,921,755

Tobacco

3.4%

British

American

Tobacco

plc

177,852

6,232,779

Imperial

Brands

plc

81,962

1,884,893

8,117,672

Wireless

Telecommunication

Services

1.8%

Vodafone

Group

plc

3,901,618

4,312,414

32,617,285

UNITED

STATES

8.3%

Biotechnology

0.2%

Insmed

,

Inc.

*(a)

17,326

295,408

Sage

Therapeutics,

Inc.

*(a)

5,153

216,220

511,628

Chemicals

0.6%

Livent

Corp.

*(a)

65,711

1,427,243

Financial

Services

1.1%

Burford

Capital

Ltd.

(a)

239,886

2,653,139

Food

Products

0.5%

JBS

SA

342,458

1,206,064

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

UNITED

STATES

Health

Care

Equipment

&

Supplies

0.0%

†

Quotient

Ltd.

*(a)

2,052

86

Oil,

Gas

&

Consumable

Fuels

1.8%

Diversified

Energy

Co.

plc

Reg.

S

2,719,949

3,179,334

Energy

Fuels,

Inc.

*(a)

193,055

1,077,247

4,256,581

Pharmaceuticals

4.1%

Jazz

Pharmaceuticals

plc

*

26,821

3,924,717

Sanofi

52,652

5,733,917

9,658,634

19,713,375

Total

Common

Stocks

(cost

$193,992,539)

229,754,436

Exchange

Traded

Fund

1.7%

UNITED

STATES

1.7%

iShares

MSCI

EAFE

Value

ETF

(a)

81,889

3,974,073

Total

Exchange

Traded

Fund

(cost

$3,876,121)

3,974,073

Repurchase

Agreements

7.6%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,000,402,

collateralized

by

U.S.

Government

Agency

Securities,3.50%,

maturing

7/20/2049;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

BofA

Securities,

Inc.,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$5,002,009,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

3/31/2025

-

9/30/2025;

total

market

value

$5,100,006.(c)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$6,818,912,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$6,952,503.(c)

6,816,179

6,816,179

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Credit

Suisse

AG,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,000,801,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

6.25%,

maturing

4/4/2023

-

2/15/2050;

total

market

value

$2,040,816.(c)

2,000,000

2,000,000

MetLife,

Inc.,

4.80%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$600,240,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2032

-

2/15/2051;

total

market

value

$612,327.(c)

600,000

600,000

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,701,087,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$2,754,000.(c)

2,700,000

2,700,000

Total

Repurchase

Agreements

(cost

$18,116,179)

18,116,179

Total

Investments

(cost

$215,984,839)

—

106.0%

251,844,688

Liabilities

in

excess

of

other

assets

—

(6.0)%

(14,268,017)

NET

ASSETS

—

100.0%

$

237,576,671

4

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$27,536,733,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$18,116,179

and

by

$10,633,904

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$28,750,083.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$4,634,709

which

represents

1.95%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$18,116,179.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

CAD

637,000

USD

462,948

Goldman

Sachs

International

4/27/2023

8,537

CHF

1,791,000

USD

1,912,309

Goldman

Sachs

International

4/27/2023

50,025

DKK

6,668,000

USD

953,837

Goldman

Sachs

International

4/27/2023

18,309

EUR

2,659,000

USD

2,828,367

Goldman

Sachs

International

4/27/2023

59,027

NOK

7,644,000

USD

717,823

Goldman

Sachs

International

4/27/2023

13,061

NZD

747,000

USD

463,127

Goldman

Sachs

International

4/27/2023

3,992

SEK

62,407,000

USD

5,962,690

Goldman

Sachs

International

4/27/2023

57,969

USD

1,191,177

NOK

12,416,000

Goldman

Sachs

International

4/27/2023

4,017

Total

unrealized

appreciation

214,937

AUD

19,859,000

USD

13,363,618

Goldman

Sachs

International

4/27/2023

(77,956)

NOK

12,235,000

USD

1,174,838

Goldman

Sachs

International

4/27/2023

(4,985)

USD

7,431,285

CAD

10,131,000

Goldman

Sachs

International

4/27/2023

(67,324)

USD

460,638

CHF

422,000

Goldman

Sachs

International

4/27/2023

(1,732)

USD

476,128

EUR

448,000

Goldman

Sachs

International

4/27/2023

(10,353)

USD

1,894,551

KRW

2,492,093,000

Goldman

Sachs

International

**

4/27/2023

(22,506)

USD

695,333

NOK

7,463,000

Goldman

Sachs

International

4/27/2023

(18,244)

USD

2,613,978

SGD

3,528,000

Goldman

Sachs

International

4/27/2023

(38,976)

USD

2,615,880

TWD

80,059,000

Goldman

Sachs

International

**

4/27/2023

(20,103)

Total

unrealized

depreciation

(262,179)

Net

unrealized

depreciation

(47,242)

**

Non-deliverable

forward.

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

DKK

Danish

krone

EUR

Euro

KRW

South

Korean

won

NOK

Norwegian

krone

NZD

New

Zealand

dollar

SEK

Swedish

krona

SGD

Singapore

dollar

TWD

Taiwan

new

dollar

USD

United

States

dollar

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

6

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Automobile

Components

$

–

$

1,541,781

$

–

$

1,541,781

Automobiles

–

4,386,025

–

4,386,025

Banks

–

30,211,255

–

30,211,255

Biotechnology

604,701

–

–

604,701

Broadline

Retail

–

454,554

–

454,554

Capital

Markets

–

4,193,342

–

4,193,342

Chemicals

2,802,995

–

–

2,802,995

Construction

&

Engineering

–

4,166,176

–

4,166,176

Consumer

Staples

Distribution

&

Retail

4,070,464

10,180,586

–

14,251,050

Diversified

Telecommunication

Services

2,982,368

7,677,307

–

10,659,675

Electric

Utilities

–

2,487,759

–

2,487,759

Electronic

Equipment,

Instruments

&

Components

–

7,539,882

–

7,539,882

Energy

Equipment

&

Services

–

980,828

–

980,828

Entertainment

–

847,809

–

847,809

Financial

Services

2,653,139

4,161,083

–

6,814,222

Food

Products

1,206,064

5,135,768

–

6,341,832

Health

Care

Equipment

&

Supplies

86

–

–

86

Health

Care

Providers

&

Services

–

1,997,713

–

1,997,713

Hotels,

Restaurants

&

Leisure

–

1,915,017

–

1,915,017

Household

Durables

–

404,259

–

404,259

Industrial

Conglomerates

–

3,119,149

–

3,119,149

Insurance

–

18,673,686

–

18,673,686

Machinery

–

4,265,692

–

4,265,692

Metals

&

Mining

2,700,101

3,788,276

–

6,488,377

Multi-Utilities

–

5,678,097

–

5,678,097

Oil,

Gas

&

Consumable

Fuels

5,962,429

25,303,312

–

31,265,741

Paper

&

Forest

Products

–

4,199,340

–

4,199,340

Passenger

Airlines

678,399

–

–

678,399

Pharmaceuticals

5,846,472

17,940,892

–

23,787,364

Real

Estate

Management

&

Development

–

576,615

–

576,615

Software

4,087,200

–

–

4,087,200

Textiles,

Apparel

&

Luxury

Goods

–

1,434,870

–

1,434,870

Tobacco

–

8,117,672

–

8,117,672

Trading

Companies

&

Distributors

–

7,565,346

–

7,565,346

Water

Utilities

–

2,903,513

–

2,903,513

Wireless

Telecommunication

Services

–

4,312,414

–

4,312,414

Total

Common

Stocks

$

33,594,418

$

196,160,018

$

–

$

229,754,436

Exchange

Traded

Fund

3,974,073

–

–

3,974,073

Forward

Foreign

Currency

Contracts

–

214,937

–

214,937

Repurchase

Agreements

–

18,116,179

–

18,116,179

Total

Assets

$

37,568,491

$

214,491,134

$

–

$

252,059,625

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(262,179)

$

–

$

(262,179)

Total

Liabilities

$

–

$

(262,179)

$

–

$

(262,179)

Total

$

37,568,491

$

214,228,955

$

–

$

251,797,446

As

of

March

31,

2023,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

7

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2023:        

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

214,937

Total

$

214,937

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(262,179)

Total

$

(262,179)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

Common

Stocks

99.6%

Shares

Value

($)

AUSTRALIA

4.0%

Capital

Markets

1.6%

Macquarie

Group

Ltd.

31,444

3,704,181

Industrial

REITs

2.4%

Goodman

Group

426,078

5,418,911

9,123,092

CHINA

3.1%

Beverages

1.8%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(a)

1,362,200

4,136,677

Broadline

Retail

1.3%

Alibaba

Group

Holding

Ltd.,

ADR

*

28,058

2,866,966

7,003,643

DENMARK

4.0%

Pharmaceuticals

4.0%

Novo

Nordisk

A/S

,

Class

B

57,216

9,079,755

FAROE

ISLANDS

2.9%

Food

Products

2.9%

Bakkafrost

P/F

102,812

6,664,956

FRANCE

13.7%

Aerospace

&

Defense

2.9%

Airbus

SE

49,385

6,615,925

Beverages

2.0%

Remy

Cointreau

SA

24,834

4,526,271

Personal

Care

Products

3.5%

L'Oreal

SA

17,397

7,783,451

Software

2.0%

Dassault

Systemes

SE

108,988

4,501,200

Textiles,

Apparel

&

Luxury

Goods

3.3%

Hermes

International

3,745

7,585,916

31,012,763

HONG

KONG

7.1%

Capital

Markets

1.5%

Hong

Kong

Exchanges

&

Clearing

Ltd.

74,600

3,311,103

Insurance

5.6%

AIA

Group

Ltd.

578,600

6,079,571

Prudential

plc

487,280

6,664,187

12,743,758

16,054,861

INDIA

1.4%

Banks

1.4%

HDFC

Bank

Ltd.,

ADR

48,326

3,221,894

JAPAN

15.5%

Electronic

Equipment,

Instruments

&

Components

3.0%

Keyence

Corp.

14,100

6,912,759

Health

Care

Equipment

&

Supplies

6.3%

Hoya

Corp.

61,100

6,756,633

Olympus

Corp.

214,800

3,772,328

Terumo

Corp.

147,100

3,971,182

14,500,143

Household

Durables

2.7%

Sony

Group

Corp.

66,400

6,036,705

Common

Stocks

Shares

Value

($)

JAPAN

Professional

Services

2.5%

Recruit

Holdings

Co.

Ltd.

204,900

5,679,335

Semiconductors

&

Semiconductor

Equipment

1.0%

Lasertec

Corp.

13,100

2,322,396

35,451,338

NETHERLANDS

10.8%

Entertainment

2.7%

Universal

Music

Group

NV

246,926

6,242,048

Financial

Services

1.9%

Adyen

NV

Reg.

S

*(a)

2,670

4,233,597

Professional

Services

3.2%

Wolters

Kluwer

NV

56,785

7,165,644

Semiconductors

&

Semiconductor

Equipment

3.0%

ASM

International

NV

4,315

1,752,289

ASML

Holding

NV

7,477

5,108,996

6,861,285

24,502,574

NEW

ZEALAND

1.8%

Software

1.8%

Xero

Ltd.

*

66,414

4,019,377

SINGAPORE

1.0%

Banks

1.0%

DBS

Group

Holdings

Ltd.

87,900

2,184,510

SOUTH

KOREA

1.5%

Technology

Hardware,

Storage

&

Peripherals

1.5%

Samsung

Electronics

Co.

Ltd.,

GDR

Reg.

S

2,732

3,377,286

SPAIN

6.3%

Diversified

Telecommunication

Services

2.6%

Cellnex

Telecom

SA

Reg.

S

(a)

149,858

5,833,342

Hotels,

Restaurants

&

Leisure

2.2%

Amadeus

IT

Group

SA

*

74,929

5,016,996

Specialty

Retail

1.5%

Industria

de

Diseno

Textil

SA

103,160

3,464,408

14,314,746

SWITZERLAND

6.7%

Chemicals

3.9%

Givaudan

SA

(Registered)

1,158

3,773,450

Sika

AG

(Registered)

17,880

5,018,668

8,792,118

Life

Sciences

Tools

&

Services

2.8%

Lonza

Group

AG

(Registered)

10,644

6,401,995

15,194,113

TAIWAN

2.7%

Semiconductors

&

Semiconductor

Equipment

2.7%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

66,671

6,201,736

UNITED

KINGDOM

3.9%

Capital

Markets

1.0%

London

Stock

Exchange

Group

plc

23,365

2,270,711

NVIT

NS

Partners

International

Focused

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Pharmaceuticals

2.9%

AstraZeneca

plc

46,829

6,499,872

8,770,583

UNITED

STATES

13.2%

Biotechnology

2.8%

CSL

Ltd.

32,649

6,299,575

Electrical

Equipment

2.3%

Schneider

Electric

SE

31,079

5,195,444

Food

Products

5.3%

Nestle

SA

(Registered)

98,569

12,032,989

Professional

Services

2.8%

Experian

plc

195,837

6,446,018

29,974,026

Total

Investments

(cost

$204,251,433)

—

99.6%

226,151,253

Other

assets

in

excess

of

liabilities

—

0.4%

1,021,981

NET

ASSETS

—

100.0%

$

227,173,234

*

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

March

31,

2023

was

$14,203,616

which

represents

6.25%

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.

REIT

Real

Estate

Investment

Trust

10

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

NS

Partners

International

Focused

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

NS

Partners

International

Focused

Growth

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

6,615,925

$

–

$

6,615,925

Banks

3,221,894

2,184,510

–

5,406,404

Beverages

–

8,662,948

–

8,662,948

Biotechnology

–

6,299,575

–

6,299,575

Broadline

Retail

2,866,966

–

–

2,866,966

Capital

Markets

–

9,285,995

–

9,285,995

Chemicals

–

8,792,118

–

8,792,118

Diversified

Telecommunication

Services

–

5,833,342

–

5,833,342

Electrical

Equipment

–

5,195,444

–

5,195,444

Electronic

Equipment,

Instruments

&

Components

–

6,912,759

–

6,912,759

Entertainment

–

6,242,048

–

6,242,048

Financial

Services

–

4,233,597

–

4,233,597

Food

Products

–

18,697,945

–

18,697,945

Health

Care

Equipment

&

Supplies

–

14,500,143

–

14,500,143

Hotels,

Restaurants

&

Leisure

–

5,016,996

–

5,016,996

Household

Durables

–

6,036,705

–

6,036,705

Industrial

REITs

–

5,418,911

–

5,418,911

Insurance

–

12,743,758

–

12,743,758

Life

Sciences

Tools

&

Services

–

6,401,995

–

6,401,995

Personal

Care

Products

–

7,783,451

–

7,783,451

Pharmaceuticals

–

15,579,627

–

15,579,627

Professional

Services

–

19,290,997

–

19,290,997

Semiconductors

&

Semiconductor

Equipment

6,201,736

9,183,681

–

15,385,417

Software

–

8,520,577

–

8,520,577

Specialty

Retail

–

3,464,408

–

3,464,408

Technology

Hardware,

Storage

&

Peripherals

–

3,377,286

–

3,377,286

Textiles,

Apparel

&

Luxury

Goods

–

7,585,916

–

7,585,916

Total

$

12,290,596

$

213,860,657

$

–

$

226,151,253

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

98.0%

Shares

Value

($)

ARGENTINA

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Despegar.com

Corp.

*

53,053

325,745

BRAZIL

3.5%

Banks

1.3%

Banco

Bradesco

SA,

ADR

821,532

2,152,414

Itau

Unibanco

Holding

SA,

ADR

783,390

3,815,110

5,967,524

Broadline

Retail

0.7%

MercadoLibre,

Inc.

*(a)

2,669

3,517,902

Ground

Transportation

0.2%

Localiza

Rent

a

Car

SA

80,212

845,095

Rumo

SA

76,700

285,254

1,130,349

Interactive

Media

&

Services

0.0%

†

VTEX

,

Class

A

*(a)

13,667

52,481

Oil,

Gas

&

Consumable

Fuels

0.7%

Petroleo

Brasileiro

SA,

ADR

319,400

3,331,342

Software

0.4%

TOTVS

SA

374,322

2,079,710

Specialty

Retail

0.2%

Lojas

Renner

SA

268,479

877,723

16,957,031

CHILE

1.1%

Banks

0.5%

Banco

Santander

Chile

53,809,892

2,386,240

Chemicals

0.6%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

36,288

2,941,506

5,327,746

CHINA

34.4%

Automobiles

1.0%

NIO,

Inc.,

ADR

*

462,500

4,860,875

Beverages

1.5%

Kweichow

Moutai

Co.

Ltd.

,

Class

A

27,700

7,322,324

Broadline

Retail

5.0%

Alibaba

Group

Holding

Ltd.

*

1,617,969

20,576,858

JD.com,

Inc.

,

Class

A

176,911

3,877,300

24,454,158

Capital

Markets

0.4%

East

Money

Information

Co.

Ltd.

,

Class

A

730,300

2,141,880

Construction

Materials

0.6%

China

National

Building

Material

Co.

Ltd.

,

Class

H

3,402,000

2,790,242

Diversified

Consumer

Services

0.8%

China

Education

Group

Holdings

Ltd.

Reg.

S

(a)

4,142,000

4,010,184

Electrical

Equipment

1.9%

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

71,900

4,282,534

NARI

Technology

Co.

Ltd.

,

Class

A

1,244,493

4,916,911

9,199,445

Common

Stocks

Shares

Value

($)

CHINA

Electronic

Equipment,

Instruments

&

Components

0.9%

Zhejiang

Supcon

Technology

Co.

Ltd.

,

Class

A

272,319

4,119,767

Entertainment

1.8%

NetEase,

Inc.

488,003

8,625,531

Food

Products

0.3%

China

Mengniu

Dairy

Co.

Ltd.

*

377,000

1,546,050

Health

Care

Equipment

&

Supplies

1.4%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

148,100

6,749,775

Hotels,

Restaurants

&

Leisure

1.9%

Meituan

,

Class

B

Reg.

S

*(b)

510,120

9,265,626

Household

Durables

0.6%

Haier

Smart

Home

Co.

Ltd.

,

Class

H

914,800

2,868,809

Interactive

Media

&

Services

5.0%

Kuaishou

Technology

Reg.

S

*(b)

496,600

3,793,156

Tencent

Holdings

Ltd.

428,700

20,947,716

24,740,872

IT

Services

0.8%

GDS

Holdings

Ltd.,

ADR

*(a)

27,117

506,003

GDS

Holdings

Ltd.

,

Class

A

*

1,105,700

2,605,076

Vnet

Group,

Inc.,

ADR

*(a)

186,351

603,777

3,714,856

Life

Sciences

Tools

&

Services

1.3%

Hangzhou

Tigermed

Consulting

Co.

Ltd.

,

Class

H

Reg.

S

(b)

414,600

3,905,938

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

382,000

2,362,772

6,268,710

Machinery

1.9%

Jiangsu

Hengli

Hydraulic

Co.

Ltd.

,

Class

A

452,600

4,353,866

Sany

Heavy

Industry

Co.

Ltd.

,

Class

A

1,850,646

4,615,798

8,969,664

Passenger

Airlines

1.1%

Spring

Airlines

Co.

Ltd.

,

Class

A

*

591,125

5,376,677

Semiconductors

&

Semiconductor

Equipment

0.8%

LONGi

Green

Energy

Technology

Co.

Ltd.

,

Class

A

693,383

4,086,475

Software

3.5%

Kingdee

International

Software

Group

Co.

Ltd.

*

2,265,000

3,638,069

Shanghai

Baosight

Software

Co.

Ltd.

,

Class

A

1,547,728

13,121,951

16,760,020

Textiles,

Apparel

&

Luxury

Goods

1.9%

Li

Ning

Co.

Ltd.

806,000

6,353,035

Shenzhou

International

Group

Holdings

Ltd.

268,300

2,801,898

9,154,933

167,026,873

NVIT

Emerging

Markets

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

FRANCE

0.4%

Textiles,

Apparel

&

Luxury

Goods

0.4%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,941

1,778,845

GREECE

1.9%

Hotels,

Restaurants

&

Leisure

1.3%

OPAP

SA

415,894

6,682,325

Industrial

Conglomerates

0.6%

Mytilineos

SA

96,091

2,731,803

9,414,128

HONG

KONG

4.7%

Capital

Markets

1.3%

Hong

Kong

Exchanges

&

Clearing

Ltd.

145,100

6,440,228

Insurance

3.4%

AIA

Group

Ltd.

900,200

9,458,744

Prudential

plc

501,180

6,854,288

16,313,032

22,753,260

INDIA

15.4%

Automobiles

0.4%

Maruti

Suzuki

India

Ltd.

19,302

1,949,105

Banks

1.6%

HDFC

Bank

Ltd.

102,926

2,023,527

HDFC

Bank

Ltd.,

ADR

62,262

4,151,008

ICICI

Bank

Ltd.,

ADR

73,604

1,588,374

7,762,909

Beverages

2.3%

Varun

Beverages

Ltd.

690,151

11,657,035

Construction

&

Engineering

1.4%

Larsen

&

Toubro

Ltd.

255,448

6,731,514

Consumer

Finance

0.6%

Bajaj

Finance

Ltd.

22,550

1,545,500

Cholamandalam

Investment

and

Finance

Co.

Ltd.

132,655

1,231,287

2,776,787

Financial

Services

2.7%

Housing

Development

Finance

Corp.

Ltd.

415,796

13,323,006

Ground

Transportation

1.0%

Container

Corp.

of

India

Ltd.

662,710

4,687,195

Health

Care

Providers

&

Services

1.8%

Max

Healthcare

Institute

Ltd.

*

1,614,245

8,682,386

Hotels,

Restaurants

&

Leisure

0.5%

Devyani

International

Ltd.

*

1,507,778

2,656,030

Insurance

0.6%

Star

Health

&

Allied

Insurance

Co.

Ltd.

*

453,664

2,864,216

Personal

Care

Products

0.5%

Hindustan

Unilever

Ltd.

69,943

2,184,411

Real

Estate

Management

&

Development

0.3%

Indiabulls

Real

Estate

Ltd.

*

2,373,898

1,417,618

Textiles,

Apparel

&

Luxury

Goods

0.4%

Titan

Co.

Ltd.

63,080

1,935,844

Common

Stocks

Shares

Value

($)

INDIA

Wireless

Telecommunication

Services

1.3%

Bharti

Airtel

Ltd.

670,366

6,117,615

74,745,671

INDONESIA

3.2%

Banks

1.2%

Bank

Central

Asia

Tbk.

PT

9,654,300

5,641,008

Chemicals

0.4%

Avia

Avian

Tbk.

PT

47,791,400

1,897,197

Diversified

Telecommunication

Services

1.6%

Telkom

Indonesia

Persero

Tbk.

PT

28,610,000

7,756,467

15,294,672

JAPAN

0.2%

Personal

Care

Products

0.2%

Shiseido

Co.

Ltd.

15,600

732,150

KENYA

0.2%

Wireless

Telecommunication

Services

0.2%

Safaricom

plc

6,563,970

897,211

MALAYSIA

1.0%

Banks

1.0%

Public

Bank

Bhd.

5,582,800

5,068,041

MEXICO

1.6%

Consumer

Staples

Distribution

&

Retail

1.6%

Wal-Mart

de

Mexico

SAB

de

CV

1,937,449

7,744,420

PERU

0.3%

Banks

0.3%

Credicorp

Ltd.

7,930

1,049,853

Consumer

Staples

Distribution

&

Retail

0.0%

†

InRetail

Peru

Corp.

Reg.

S

(b)

5,383

179,254

1,229,107

PHILIPPINES

1.2%

Food

Products

0.7%

Monde

Nissin

Corp.

Reg.

S

(b)

16,484,800

2,979,124

Hotels,

Restaurants

&

Leisure

0.5%

Jollibee

Foods

Corp.

621,670

2,566,550

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

ACEN

Corp.

*

315,000

35,525

5,581,199

QATAR

0.1%

Banks

0.1%

Qatar

National

Bank

QPSC

146,390

647,045

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

(Preference)

*^∞

533,346

0

TCS

Group

Holding

plc,

GDR

Reg.

S

*^∞

24,424

0

0

Consumer

Staples

Distribution

&

Retail

0.0%

†

Magnit

PJSC

*^∞

32,259

0

Interactive

Media

&

Services

0.0%

†

Yandex

NV

,

Class

A

*^∞

33,418

0

14

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

Shares

Value

($)

RUSSIA

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Gazprom

PJSC

^∞

1,425,666

0

0

SOUTH

AFRICA

1.8%

Banks

0.3%

Capitec

Bank

Holdings

Ltd.

13,108

1,244,114

Broadline

Retail

0.8%

Naspers

Ltd.

,

Class

N

22,538

4,150,356

Financial

Services

0.7%

FirstRand

Ltd.

1,041,588

3,536,845

8,931,315

SOUTH

KOREA

9.3%

Banks

0.8%

KB

Financial

Group,

Inc.

106,169

3,899,585

Chemicals

1.4%

LG

Chem

Ltd.

12,343

6,816,020

Electrical

Equipment

0.7%

LG

Energy

Solution

Ltd.

*

7,829

3,540,456

Pharmaceuticals

0.1%

Yuhan

Corp.

14,819

577,078

Technology

Hardware,

Storage

&

Peripherals

6.3%

Samsung

Electronics

Co.

Ltd.

593,117

29,411,671

Samsung

Electronics

Co.

Ltd.

(Preference)

20,016

835,835

30,247,506

45,080,645

TAIWAN

14.4%

Communications

Equipment

1.0%

Accton

Technology

Corp.

440,541

4,662,372

Consumer

Staples

Distribution

&

Retail

1.0%

President

Chain

Store

Corp.

525,000

4,671,218

Electronic

Equipment,

Instruments

&

Components

1.8%

E

Ink

Holdings,

Inc.

728,000

4,458,872

Yageo

Corp.

243,000

4,260,621

8,719,493

Semiconductors

&

Semiconductor

Equipment

10.6%

eMemory

Technology,

Inc.

33,000

2,041,400

MediaTek,

Inc.

332,032

8,667,218

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

2,303,002

40,799,688

51,508,306

69,561,389

THAILAND

2.2%

Food

Products

0.1%

Betagro

PCL

647,400

497,497

Hotels,

Restaurants

&

Leisure

0.6%

Minor

International

PCL

*

3,079,300

2,905,202

Oil,

Gas

&

Consumable

Fuels

0.9%

PTT

Exploration

&

Production

PCL

963,975

4,258,385

Specialty

Retail

0.6%

Home

Product

Center

PCL

6,530,100

2,755,159

10,416,243

Common

Stocks

Shares

Value

($)

UNITED

STATES

1.0%

Capital

Markets

0.1%

MSCI,

Inc.

209

116,975

S&P

Global,

Inc.

673

232,030

349,005

Personal

Care

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

4,418

1,088,860

Semiconductors

&

Semiconductor

Equipment

0.7%

Parade

Technologies

Ltd.

98,000

3,411,130

4,848,995

Total

Common

Stocks

(cost

$495,988,647)

474,361,731

Rights

0.0%

†

Number

of

Rights

BRAZIL

0.0%

†

Ground

Transportation

0.0%

†

Localiza

Rent

a

Car

SA,

expiring

05/11/23*

358

927

Total

Rights

(cost

$0)

927

Repurchase

Agreements

0.6%

Principal

Amount

($)

Bank

of

America

NA,

4.82%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$10,005,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$10,200.(c)

10,000

10,000

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$2,195,372,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$2,238,382.(c)

2,194,492

2,194,492

NVIT

Emerging

Markets

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

15

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$500,202,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$510,000.(c)

500,000

500,000

Total

Repurchase

Agreements

(cost

$2,704,492)

2,704,492

Total

Investments

(cost

$498,693,139)

—

98.6%

477,067,150

Other

assets

in

excess

of

liabilities

—

1.4%

6,640,464

NET

ASSETS

—

100.0%

$

483,707,614

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$6,240,685,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,704,492

and

by

$3,663,325

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.38%,

and

maturity

dates

ranging

from

5/31/2023

–

2/15/2052,

a

total

value

of

$6,367,817.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2023

was

$22,485,870

which

represents

4.65%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$2,704,492.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

16

-

Statement

of

Investments

-

March

31,

2023

(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

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

17

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Automobiles

$

4,860,875

$

1,949,105

$

–

$

6,809,980

Banks

15,142,999

18,523,320

–

33,666,319

Beverages

–

18,979,359

–

18,979,359

Broadline

Retail

3,517,902

28,604,514

–

32,122,416

Capital

Markets

349,005

8,582,108

–

8,931,113

Chemicals

2,941,506

8,713,217

–

11,654,723

Communications

Equipment

–

4,662,372

–

4,662,372

Construction

&

Engineering

–

6,731,514

–

6,731,514

Construction

Materials

–

2,790,242

–

2,790,242

Consumer

Finance

–

2,776,787

–

2,776,787

Consumer

Staples

Distribution

&

Retail

7,923,674

4,671,218

–

12,594,892

Diversified

Consumer

Services

–

4,010,184

–

4,010,184

Diversified

Telecommunication

Services

–

7,756,467

–

7,756,467

Electrical

Equipment

–

12,739,901

–

12,739,901

Electronic

Equipment,

Instruments

&

Components

–

12,839,260

–

12,839,260

Entertainment

–

8,625,531

–

8,625,531

Financial

Services

–

16,859,851

–

16,859,851

Food

Products

–

5,022,671

–

5,022,671

Ground

Transportation

1,130,349

4,687,195

–

5,817,544

Health

Care

Equipment

&

Supplies

–

6,749,775

–

6,749,775

Health

Care

Providers

&

Services

–

8,682,386

–

8,682,386

Hotels,

Restaurants

&

Leisure

325,745

24,075,733

–

24,401,478

Household

Durables

–

2,868,809

–

2,868,809

Independent

Power

and

Renewable

Electricity

Producers

–

35,525

–

35,525

Industrial

Conglomerates

–

2,731,803

–

2,731,803

Insurance

–

19,177,248

–

19,177,248

Interactive

Media

&

Services

52,481

24,740,872

–

24,793,353

IT

Services

1,109,780

2,605,076

–

3,714,856

Life

Sciences

Tools

&

Services

–

6,268,710

–

6,268,710

Machinery

–

8,969,664

–

8,969,664

Oil,

Gas

&

Consumable

Fuels

3,331,342

4,258,385

–

7,589,727

Passenger

Airlines

–

5,376,677

–

5,376,677

Personal

Care

Products

1,088,860

2,916,561

–

4,005,421

Pharmaceuticals

–

577,078

–

577,078

Real

Estate

Management

&

Development

–

1,417,618

–

1,417,618

Semiconductors

&

Semiconductor

Equipment

–

59,005,911

–

59,005,911

Software

2,079,710

16,760,020

–

18,839,730

Specialty

Retail

877,723

2,755,159

–

3,632,882

Technology

Hardware,

Storage

&

Peripherals

–

30,247,506

–

30,247,506

Textiles,

Apparel

&

Luxury

Goods

–

12,869,622

–

12,869,622

Wireless

Telecommunication

Services

–

7,014,826

–

7,014,826

Total

Common

Stocks

$

44,731,951

$

429,629,780

$

–

$

474,361,731

Repurchase

Agreements

–

2,704,492

–

2,704,492

Rights

927

–

–

927

Total

$

44,732,878

$

432,334,272

$

–

$

477,067,150

18

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

Emerging

Markets

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. 

As

of

March

31,

2023,

the

Fund

held

five

common

stock

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

International

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

97.9%

Shares

Value

($)

AUSTRALIA

4.5%

Commercial

Services

&

Supplies

0.3%

Brambles

Ltd.

32,177

289,656

Diversified

REITs

0.2%

Charter

Hall

Group

20,130

149,944

Diversified

Telecommunication

Services

0.3%

Telstra

Group

Ltd.

79,510

224,605

Health

Care

Providers

&

Services

0.4%

Sonic

Healthcare

Ltd.

13,450

314,387

Hotels,

Restaurants

&

Leisure

0.8%

Aristocrat

Leisure

Ltd.

25,700

642,643

Metals

&

Mining

1.5%

Allkem

Ltd.

*

11,544

92,470

BHP

Group

Ltd.

13,827

438,562

Coronado

Global

Resources,

Inc.

CRDI

Reg.

S

(a)

62,183

67,872

Perseus

Mining

Ltd.

181,118

287,045

Pilbara

Minerals

Ltd.

(b)

138,563

369,654

South32

Ltd.

29,868

88,587

1,344,190

Oil,

Gas

&

Consumable

Fuels

0.7%

New

Hope

Corp.

Ltd.

(b)

18,786

71,691

Yancoal

Australia

Ltd.

(b)

141,293

549,360

621,051

Software

0.3%

WiseTech

Global

Ltd.

(b)

5,208

228,812

3,815,288

AUSTRIA

0.1%

Construction

Materials

0.1%

Wienerberger

AG

4,277

124,042

BELGIUM

0.2%

Chemicals

0.2%

Solvay

SA

1,776

203,412

BRAZIL

1.6%

Banks

0.1%

Banco

Santander

Brasil

SA

11,600

61,336

Insurance

0.2%

BB

Seguridade

Participacoes

SA

25,500

163,562

Metals

&

Mining

0.6%

Vale

SA,

ADR

31,488

496,881

Oil,

Gas

&

Consumable

Fuels

0.6%

Petroleo

Brasileiro

SA

(Preference)

127,300

588,974

Paper

&

Forest

Products

0.1%

Suzano

SA

8,300

68,123

1,378,876

CANADA

7.2%

Broadline

Retail

0.7%

Dollarama,

Inc.

9,299

555,738

Consumer

Staples

Distribution

&

Retail

1.6%

George

Weston

Ltd.

1,077

142,723

Loblaw

Cos.

Ltd.

10,388

946,719

Metro,

Inc.

4,412

242,684

1,332,126

Common

Stocks

Shares

Value

($)

CANADA

Electric

Utilities

0.2%

Hydro

One

Ltd.

Reg.

S

(a)(b)

5,986

170,434

Financial

Services

0.2%

Element

Fleet

Management

Corp.

(b)

14,487

190,266

Insurance

1.7%

iA

Financial

Corp.,

Inc.

8,233

521,819

Manulife

Financial

Corp.

48,884

897,021

1,418,840

IT

Services

1.0%

CGI,

Inc.

*

9,047

871,899

Media

0.1%

Quebecor,

Inc.

,

Class

B

3,667

90,651

Metals

&

Mining

0.6%

Agnico

Eagle

Mines

Ltd.

3,321

169,306

Torex

Gold

Resources,

Inc.

*

20,092

334,346

503,652

Oil,

Gas

&

Consumable

Fuels

0.3%

ARC

Resources

Ltd.

(b)

8,984

101,905

Canadian

Natural

Resources

Ltd.

2,886

159,707

261,612

Software

0.8%

Constellation

Software,

Inc.

371

697,505

6,092,723

CHILE

0.4%

Chemicals

0.4%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(b)

3,993

323,673

CHINA

10.1%

Banks

1.1%

Bank

of

China

Ltd.

,

Class

H

2,428,000

929,371

Broadline

Retail

1.6%

Alibaba

Group

Holding

Ltd.

*

57,800

735,085

Alibaba

Group

Holding

Ltd.,

ADR

*

2,708

276,703

JD.com,

Inc.

,

Class

A

5,457

119,599

PDD

Holdings,

Inc.,

ADR

*

1,200

91,080

Vipshop

Holdings

Ltd.,

ADR

*

8,080

122,654

1,345,121

Capital

Markets

0.3%

China

Galaxy

Securities

Co.

Ltd.

,

Class

H

434,000

219,285

Consumer

Finance

0.2%

360

DigiTech,

Inc.,

ADR

6,694

129,864

Diversified

Telecommunication

Services

0.7%

China

Tower

Corp.

Ltd.

,

Class

H

Reg.

S

(a)

5,148,000

622,746

Entertainment

0.9%

NetEase,

Inc.

36,500

645,143

Tencent

Music

Entertainment

Group,

ADR

*

15,885

131,528

776,671

Hotels,

Restaurants

&

Leisure

0.1%

Meituan

,

Class

B

Reg.

S

*(a)

6,280

114,068

20

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Household

Durables

0.1%

Haier

Smart

Home

Co.

Ltd.

,

Class

H

28,600

89,689

Independent

Power

and

Renewable

Electricity

Producers

0.4%

China

Longyuan

Power

Group

Corp.

Ltd.

,

Class

H

294,000

336,639

Insurance

0.4%

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

(b)

55,000

356,475

Interactive

Media

&

Services

1.5%

Baidu,

Inc.,

ADR

*(b)

1,970

297,312

Tencent

Holdings

Ltd.

19,600

957,722

1,255,034

Machinery

0.3%

Yangzijiang

Shipbuilding

Holdings

Ltd.

276,300

250,292

Marine

Transportation

0.3%

SITC

International

Holdings

Co.

Ltd.

123,000

264,349

Oil,

Gas

&

Consumable

Fuels

1.7%

PetroChina

Co.

Ltd.

,

Class

H

2,490,000

1,477,092

Pharmaceuticals

0.4%

CSPC

Pharmaceutical

Group

Ltd.

259,200

254,630

Hansoh

Pharmaceutical

Group

Co.

Ltd.

Reg.

S

(a)

56,000

97,715

352,345

Specialty

Retail

0.1%

China

Yongda

Automobiles

Services

Holdings

Ltd.

162,500

115,960

8,635,001

COLOMBIA

0.1%

Banks

0.1%

Bancolombia

SA,

ADR

2,242

56,341

DENMARK

4.1%

Marine

Transportation

0.6%

AP

Moller

-

Maersk

A/S

,

Class

B

276

500,174

Pharmaceuticals

3.3%

Novo

Nordisk

A/S

,

Class

B

17,695

2,808,065

Textiles,

Apparel

&

Luxury

Goods

0.2%

Pandora

A/S

1,925

184,481

3,492,720

FRANCE

7.0%

Aerospace

&

Defense

0.1%

Airbus

SE

596

79,844

Automobile

Components

0.1%

Valeo

4,256

87,583

Banks

1.1%

BNP

Paribas

SA

13,227

791,103

Societe

Generale

SA

8,312

187,625

978,728

Building

Products

0.7%

Cie

de

Saint-Gobain

9,893

563,285

Common

Stocks

Shares

Value

($)

FRANCE

Construction

&

Engineering

1.4%

Vinci

SA

9,935

1,140,036

Containers

&

Packaging

0.2%

Verallia

SA

Reg.

S

(a)

4,484

191,228

Hotels,

Restaurants

&

Leisure

0.6%

La

Francaise

des

Jeux

SAEM

Reg.

S

(a)

11,788

491,452

Insurance

0.6%

AXA

SA

16,923

517,452

IT

Services

0.6%

Capgemini

SE

2,618

486,964

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

179

55,003

Oil,

Gas

&

Consumable

Fuels

0.3%

TotalEnergies

SE

5,048

297,846

Textiles,

Apparel

&

Luxury

Goods

1.1%

Hermes

International

347

702,887

Kering

SA

417

272,158

975,045

Trading

Companies

&

Distributors

0.1%

Rexel

SA

*

4,185

100,034

5,964,500

GERMANY

4.8%

Air

Freight

&

Logistics

1.5%

Deutsche

Post

AG

(Registered)

25,057

1,170,420

Automobile

Components

0.1%

Schaeffler

AG

(Preference)

11,006

83,750

Automobiles

0.6%

Bayerische

Motoren

Werke

AG

4,885

534,867

Banks

0.1%

Commerzbank

AG

*

8,205

86,318

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

37,417

379,414

Diversified

Telecommunication

Services

0.4%

Telefonica

Deutschland

Holding

AG

110,452

339,883

Insurance

0.2%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

466

162,979

Machinery

0.6%

GEA

Group

AG

4,892

222,608

Rational

AG

491

328,626

551,234

Marine

Transportation

0.2%

Hapag-Lloyd

AG

Reg.

S

(a)(b)

603

197,495

Pharmaceuticals

0.1%

Merck

KGaA

561

104,301

Textiles,

Apparel

&

Luxury

Goods

0.6%

HUGO

BOSS

AG

6,535

468,632

4,079,293

NVIT

International

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

GREECE

0.3%

Banks

0.2%

National

Bank

of

Greece

SA

*

26,561

128,924

Piraeus

Financial

Holdings

SA

*

33,302

72,645

201,569

Diversified

Telecommunication

Services

0.1%

Hellenic

Telecommunications

Organization

SA

4,527

66,275

267,844

HONG

KONG

1.2%

Food

Products

0.6%

WH

Group

Ltd.

Reg.

S

(a)

765,000

454,691

Oil,

Gas

&

Consumable

Fuels

0.1%

United

Energy

Group

Ltd.

*

846,000

100,277

Real

Estate

Management

&

Development

0.5%

Swire

Pacific

Ltd.

,

Class

A

56,000

431,268

986,236

INDIA

3.6%

Aerospace

&

Defense

0.6%

Hindustan

Aeronautics

Ltd.

Reg.

S

15,658

520,921

Banks

2.4%

Bank

of

Baroda

457,554

941,375

ICICI

Bank

Ltd.

18,756

201,143

Karur

Vysya

Bank

Ltd.

(The)

65,952

83,922

State

Bank

of

India

129,525

827,580

2,054,020

Chemicals

0.1%

GHCL

Ltd.

10,801

66,222

IT

Services

0.4%

Infosys

Ltd.,

ADR

19,226

335,301

Metals

&

Mining

0.1

%

Vedanta

Ltd.

21,884

73,386

3,049,850

INDONESIA

0.9%

Banks

0.6%

Bank

Mandiri

Persero

Tbk.

PT

638,400

438,905

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

259,900

82,119

521,024

Food

Products

0.2%

First

Resources

Ltd.

57,200

67,857

Golden

Agri-Resources

Ltd.

367,700

78,923

146,780

Household

Products

0.1%

Unilever

Indonesia

Tbk.

PT

327,600

95,084

762,888

IRELAND

0.2%

Trading

Companies

&

Distributors

0.2%

AerCap

Holdings

NV

*

3,648

205,127

ISRAEL

0.4%

Diversified

Telecommunication

Services

0.3%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

172,082

234,592

Common

Stocks

Shares

Value

($)

ISRAEL

Software

0.1%

Check

Point

Software

Technologies

Ltd.

*

648

84,240

318,832

ITALY

2.8%

Aerospace

&

Defense

0.1%

Leonardo

SpA

10,348

121,576

Automobiles

0.1%

Ferrari

NV

401

108,606

Banks

1.4%

Banco

BPM

SpA

55,601

217,870

Intesa

Sanpaolo

SpA

70,507

181,460

UniCredit

SpA

39,285

744,077

1,143,407

Insurance

0.1%

Poste

Italiane

SpA

Reg.

S

(a)

8,010

81,986

IT

Services

0.2%

Reply

SpA

1,330

167,513

Textiles,

Apparel

&

Luxury

Goods

0.9%

Moncler

SpA

10,385

717,804

2,340,892

JAPAN

13.4%

Automobiles

1.2%

Honda

Motor

Co.

Ltd.

22,200

590,537

Subaru

Corp.

18,100

289,715

Toyota

Motor

Corp.

(b)

7,900

112,458

992,710

Banks

1.0%

77

Bank

Ltd.

(The)

(b)

15,200

248,428

Concordia

Financial

Group

Ltd.

22,900

84,523

Nishi-Nippon

Financial

Holdings,

Inc.

31,700

261,301

Sumitomo

Mitsui

Financial

Group,

Inc.

4,000

160,390

Tokyo

Kiraboshi

Financial

Group,

Inc.

3,900

77,557

832,199

Beverages

0.3%

Kirin

Holdings

Co.

Ltd.

11,600

183,575

Suntory

Beverage

&

Food

Ltd.

2,200

81,990

265,565

Chemicals

2.4%

Nissan

Chemical

Corp.

5,200

236,270

Shin-Etsu

Chemical

Co.

Ltd.

57,500

1,864,987

2,101,257

Financial

Services

0.3%

ORIX

Corp.

16,200

267,180

Food

Products

0.2%

Yakult

Honsha

Co.

Ltd.

2,300

167,209

Health

Care

Equipment

&

Supplies

0.1%

Olympus

Corp.

5,900

103,616

Health

Care

Providers

&

Services

0.3%

H.U.

Group

Holdings,

Inc.

12,500

251,362

22

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Electric

Power

Development

Co.

Ltd.

8,100

130,275

Insurance

2.0%

Japan

Post

Holdings

Co.

Ltd.

188,900

1,537,041

MS&AD

Insurance

Group

Holdings,

Inc.

(b)

7,000

217,370

1,754,411

Media

0.2%

SKY

Perfect

JSAT

Holdings,

Inc.

35,400

138,338

Pharmaceuticals

1.2%

Chugai

Pharmaceutical

Co.

Ltd.

40,100

991,134

Real

Estate

Management

&

Development

0.6%

Daiwa

House

Industry

Co.

Ltd.

17,700

416,956

Sumitomo

Realty

&

Development

Co.

Ltd.

5,900

133,084

550,040

Tobacco

1.9%

Japan

Tobacco,

Inc.

79,500

1,677,978

Trading

Companies

&

Distributors

1.2%

Mitsubishi

Corp.

6,400

230,094

Mitsui

&

Co.

Ltd.

(b)

26,300

819,638

1,049,732

Wireless

Telecommunication

Services

0.3%

SoftBank

Corp.

22,000

253,778

11,526,784

MEXICO

0.6%

Beverages

0.6%

Coca-Cola

Femsa

SAB

de

CV,

ADR

6,840

550,415

NETHERLANDS

4.6%

Financial

Services

0.4%

Adyen

NV

Reg.

S

*(a)

194

307,610

Oil,

Gas

&

Consumable

Fuels

0.9%

Shell

plc

26,729

765,404

Professional

Services

1.2%

Wolters

Kluwer

NV

7,761

979,353

Semiconductors

&

Semiconductor

Equipment

2.1%

ASML

Holding

NV

2,696

1,842,163

3,894,530

NORWAY

0.1%

Paper

&

Forest

Products

0.1%

Norske

Skog

ASA

*(a)

15,990

88,486

PHILIPPINES

0.1%

Transportation

Infrastructure

0.1%

International

Container

Terminal

Services,

Inc.

21,660

85,095

POLAND

0.1%

Metals

&

Mining

0.1%

KGHM

Polska

Miedz

SA

3,359

95,758

Common

Stocks

Shares

Value

($)

PORTUGAL

0.6%

Consumer

Staples

Distribution

&

Retail

0

.6%

Jeronimo

Martins

SGPS

SA

21,575

505,955

SAUDI

ARABIA

0.6%

IT

Services

0.3%

Arabian

Internet

&

Communications

Services

Co.

4,138

274,709

Media

0.3%

Saudi

Research

&

Media

Group

*

4,603

242,609

517,318

SINGAPORE

1.6%

Banks

0.1%

DBS

Group

Holdings

Ltd.

3,800

94,438

Industrial

Conglomerates

0.5%

Jardine

Cycle

&

Carriage

Ltd.

16,400

387,409

Semiconductors

&

Semiconductor

Equipment

1.0%

STMicroelectronics

NV

16,359

875,144

1,356,991

SOUTH

AFRICA

1.2%

Banks

0.1%

Standard

Bank

Group

Ltd.

10,656

103,446

Metals

&

Mining

1.0%

Anglo

American

plc

3,424

113,326

Gold

Fields

Ltd.,

ADR

(b)

36,891

491,388

Impala

Platinum

Holdings

Ltd.

10,002

91,996

Sibanye

Stillwater

Ltd.

54,048

111,387

808,097

Specialty

Retail

0.1%

Motus

Holdings

Ltd.

14,778

80,632

992,175

SOUTH

KOREA

3.3%

Automobiles

1.0%

Kia

Corp.

13,061

818,087

Banks

0.5%

Industrial

Bank

of

Korea

10,250

79,869

Woori

Financial

Group,

Inc.

39,320

346,545

426,414

Electronic

Equipment,

Instruments

&

Components

0.2%

LG

Innotek

Co.

Ltd.

333

69,866

Samsung

SDI

Co.

Ltd.

161

91,760

161,626

Entertainment

0.2%

NCSoft

Corp.

606

174,280

Financial

Services

0.1%

Meritz

Financial

Group,

Inc.

2,765

82,204

Technology

Hardware,

Storage

&

Peripherals

1.3%

Samsung

Electronics

Co.

Ltd.

23,082

1,144,598

2,807,209

SPAIN

2.7%

Electric

Utilities

1.9%

Iberdrola

SA

130,763

1,628,819

NVIT

International

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

SPAIN

Specialty

Retail

0.8%

Industria

de

Diseno

Textil

SA

19,245

646,302

2,275,121

SWEDEN

1.4%

Automobiles

0.2%

Volvo

Car

AB

,

Class

B

*(b)

36,310

158,874

Building

Products

0.4%

Assa

Abloy

AB

,

Class

B

12,775

306,726

Hotels,

Restaurants

&

Leisure

0.2%

Betsson

AB

,

Class

B

*

22,018

209,333

Machinery

0.1%

Volvo

AB

,

Class

B

(b)

5,879

121,261

Metals

&

Mining

0.5%

Boliden

AB

(b)

9,525

374,626

1,170,820

SWITZERLAND

2.7%

Building

Products

0.5%

Belimo

Holding

AG

(Registered)

820

395,597

Capital

Markets

1.6%

UBS

Group

AG

(Registered)

62,688

1,323,729

Pharmaceuticals

0.6%

Novartis

AG

(Registered)

6,003

551,105

2,270,431

TAIWAN

4.4%

Electrical

Equipment

0.5%

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp.

39,000

121,853

Voltronic

Power

Technology

Corp.

5,000

284,454

406,307

Electronic

Equipment,

Instruments

&

Components

1.4%

Delta

Electronics,

Inc.

45,000

446,960

Nan

Ya

Printed

Circuit

Board

Corp.

33,000

310,669

Unimicron

Technology

Corp.

81,000

396,998

1,154,627

Entertainment

0.3%

International

Games

System

Co.

Ltd.

15,000

283,127

Health

Care

Equipment

&

Supplies

0.1%

Pegavision

Corp.

6,000

81,066

Marine

Transportation

0.1%

Yang

Ming

Marine

Transport

Corp.

23,000

48,850

Personal

Care

Products

0.2%

Grape

King

Bio

Ltd.

30,000

177,755

Semiconductors

&

Semiconductor

Equipment

1

.8%

Novatek

Microelectronics

Corp.

14,000

199,207

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

74,000

1,310,975

United

Microelectronics

Corp.

*

51,000

89,451

1,599,633

3,751,365

THAILAND

0.6%

Electronic

Equipment,

Instruments

&

Components

0.3%

Delta

Electronics

Thailand

PCL

6,550

220,138

Common

Stocks

Shares

Value

($)

THAILAND

Health

Care

Providers

&

Services

0.1%

Bumrungrad

Hospital

PCL

12,800

84,545

Oil,

Gas

&

Consumable

Fuels

0.1%

PTT

Exploration

&

Production

PCL

28,100

124,132

Real

Estate

Management

&

Development

0.1%

Land

&

Houses

PCL

302,800

87,296

516,111

TURKEY

0.6%

Banks

0.5%

Akbank

TAS

105,863

93,038

Haci

Omer

Sabanci

Holding

A/S

121,576

249,865

342,903

Wireless

Telecommunication

Services

0.1%

Turkcell

Iletisim

Hizmetleri

A/S

75,828

125,920

468,823

UNITED

ARAB

EMIRATES

0.3%

Real

Estate

Management

&

Development

0.3%

Emaar

Properties

PJSC

172,065

262,522

UNITED

KINGDOM

5.5%

Aerospace

&

Defense

0.1%

Rolls-Royce

Holdings

plc

*

46,219

85,363

Banks

1.5%

Barclays

plc

48,817

88,140

HSBC

Holdings

plc

16,434

111,884

NatWest

Group

plc

167,530

547,386

Standard

Chartered

plc

68,132

518,399

Virgin

Money

UK

plc

39,788

71,942

1,337,751

Broadline

Retail

0.4%

Next

plc

3,775

306,773

Capital

Markets

0.3%

3i

Group

plc

4,440

92,582

Man

Group

plc

55,175

160,607

253,189

Consumer

Staples

Distribution

&

Retail

0.3%

Marks

&

Spencer

Group

plc

*

44,049

91,037

Tesco

plc

42,936

140,790

231,827

Electric

Utilities

0.2%

SSE

plc

8,851

197,152

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Drax

Group

plc

9,610

71,981

Media

0.2%

4imprint

Group

plc

1,564

93,303

Future

plc

3,225

46,257

139,560

Oil,

Gas

&

Consumable

Fuels

0.2%

Harbour

Energy

plc

53,038

180,085

Personal

Care

Products

1.3%

Unilever

plc

21,476

1,110,711

Professional

Services

0.2%

RELX

plc

5,837

188,958

24

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Specialty

Retail

0.3%

JD

Sports

Fashion

plc

118,717

261,382

Tobacco

0.3%

Imperial

Brands

plc

11,521

264,950

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

69,417

76,726

4,706,408

UNITED

STATES

4.0%

Automobiles

0.5%

Stellantis

NV

23,101

420,305

Biotechnology

0.1%

CSL

Ltd.

539

103,999

Electrical

Equipment

0.7%

Schneider

Electric

SE

3,507

586,262

Pharmaceuticals

2.7%

GSK

plc

61,892

1,103,867

Roche

Holding

AG

4,120

1,179,092

2,282,959

3,393,525

Total

Common

Stocks

(cost

$73,952,173)

83,333,380

Repurchase

Agreements

2.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.81%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$1,884,923,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.94%

-

7.34%,

maturing

6/1/2023

-

6/20/2072;

total

market

value

$1,921,850.(c)

1,884,167

1,884,167

Pershing

LLC,

4.83%,

dated

3/31/2023,

due

4/3/2023,

repurchase

price

$300,121,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

7.50%,

maturing

7/16/2023

-

2/20/2073;

total

market

value

$306,000.(c)

300,000

300,000

Total

Repurchase

Agreements

(cost

$2,184,167)

2,184,167

Total

Investments

(cost

$76,136,340)

—

100.5%

85,517,547

Liabilities

in

excess

of

other

assets

—

(0.5)%

(394,434)

NET

ASSETS

—

100.0%

$

85,123,113

*

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

March

31,

2023

was

$2,885,783

which

represents

3.39%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2023.

The

total

value

of

securities

on

loan

as

of

March

31,

2023

was

$4,169,901,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,184,167

and

by

$2,223,655

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2023

–

11/15/2052,

a

total

value

of

$4,407,822.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2023

was

$2,184,167.

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

International

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

26

-

Statement

of

Investments

-

March

31,

2023

(Unaudited)

-

NVIT

International

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2023.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

–

$

807,704

$

–

$

807,704

Air

Freight

&

Logistics

–

1,170,420

–

1,170,420

Automobile

Components

–

171,333

–

171,333

Automobiles

–

3,033,449

–

3,033,449

Banks

117,677

9,051,588

–

9,169,265

Beverages

550,415

265,565

–

815,980

Biotechnology

–

103,999

–

103,999

Broadline

Retail

1,046,175

1,161,457

–

2,207,632

Building

Products

–

1,265,608

–

1,265,608

Capital

Markets

–

2,175,617

–

2,175,617

Chemicals

323,673

2,370,891

–

2,694,564

Commercial

Services

&

Supplies

–

289,656

–

289,656

Construction

&

Engineering

–

1,140,036

–

1,140,036

Construction

Materials

–

124,042

–

124,042

Consumer

Finance

129,864

–

–

129,864

Consumer

Staples

Distribution

&

Retail

1,332,126

737,782

–

2,069,908

Containers

&

Packaging

–

191,228

–

191,228

Diversified

REITs

–

149,944

–

149,944

Diversified

Telecommunication

Services

–

1,488,101

–

1,488,101

Electric

Utilities

170,434

1,825,971

–

1,996,405

Electrical

Equipment

–

992,569

–

992,569

Electronic

Equipment,

Instruments

&

Components

–

1,536,391

–

1,536,391

Entertainment

131,528

1,102,550

–

1,234,078

Financial

Services

190,266

656,994

–

847,260

Food

Products

–

768,680

–

768,680

Health

Care

Equipment

&

Supplies

–

184,682

–

184,682

Health

Care

Providers

&

Services

–

650,294

–

650,294

Hotels,

Restaurants

&

Leisure

–

1,457,496

–

1,457,496

Household

Durables

–

89,689

–

89,689

Household

Products

–

95,084

–

95,084

Independent

Power

and

Renewable

Electricity

Producers

–

538,895

–

538,895

Industrial

Conglomerates

–

387,409

–

387,409

Insurance

1,582,402

2,873,303

–

4,455,705

Interactive

Media

&

Services

297,312

957,722

–

1,255,034

IT

Services

1,207,200

929,186

–

2,136,386

Life

Sciences

Tools

&

Services

–

55,003

–

55,003

Machinery

–

922,787

–

922,787

Marine

Transportation

–

1,010,868

–

1,010,868

Media

90,651

520,507

–

611,158

Metals

&

Mining

1,491,921

2,204,669

–

3,696,590

Oil,

Gas

&

Consumable

Fuels

850,586

3,565,887

–

4,416,473

Paper

&

Forest

Products

68,123

88,486

–

156,609

Personal

Care

Products

–

1,288,466

–

1,288,466

Pharmaceuticals

–

7,089,909

–

7,089,909

Professional

Services

–

1,168,311

–

1,168,311

Real

Estate

Management

&

Development

–

1,331,126

–

1,331,126

Semiconductors

&

Semiconductor

Equipment

–

4,316,940

–

4,316,940

Software

781,745

228,812

–

1,010,557

Specialty

Retail

–

1,104,276

–

1,104,276

Technology

Hardware,

Storage

&

Peripherals

–

1,144,598

–

1,144,598

Textiles,

Apparel

&

Luxury

Goods

–

2,345,962

–

2,345,962

Tobacco

–

1,942,928

–

1,942,928

Trading

Companies

&

Distributors

205,127

1,149,766

–

1,354,893

Transportation

Infrastructure

–

85,095

–

85,095

NVIT

International

Equity

Fund

-

March

31,

2023

(Unaudited)

-

Statement

of

Investments

-

27

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

456,424

$

–

$

456,424

Total

Common

Stocks

$

10,567,225

$

72,766,155

$

–

$

83,333,380

Repurchase

Agreements

–

2,184,167

–

2,184,167

Total

$

10,567,225

$

74,950,322

$

–

$

85,517,547

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.