Nationwide Variable Insurance Trust NPORT-P NVIT BNY Mellon Dynamic U.S. Equity Income Fund (Mar 2024 report)

NVIT

American

Funds

Asset

Allocation

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100

.1

%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

257,495,170

6,579,001,586

Total

Investment

Company

(cost

$4,763,056,695)

6,579,001,586

Total

Investments

(cost

$4,763,056,695)

—

100.1%

6,579,001,586

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

3,725,231

)

NET

ASSETS

—

100.0%

$

6,575,276,355

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

March

31,

2024

(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,

2024,

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,

2024

(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)

349,623,810

3,310,937,485

Total

Investment

Company

(cost

$3,708,465,312)

3,310,937,485

Total

Investments

(cost

$3,708,465,312)

—

100.1%

3,310,937,485

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

1,889,928

)

NET

ASSETS

—

100.0%

$

3,309,047,557

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

March

31,

2024

(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,

2024,

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,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

15,326,160

577,183,180

Total

Investment

Company

(cost

$414,997,674)

577,183,180

Total

Investments

(cost

$414,997,674)

—

100.1%

577,183,180

Liabilities

in

excess

of

other

assets

—

(0.1)%

(365,557)

NET

ASSETS

—

100.0%

$

576,817,623

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

March

31,

2024

(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,

2024,

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,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

15,784,436

1,767,383,309

Total

Investment

Company

(cost

$1,238,690,577)

1,767,383,309

Total

Investments

(cost

$1,238,690,577)

—

100.1%

1,767,383,309

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

992,345

)

NET

ASSETS

—

100.0%

$

1,766,390,964

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

March

31,

2024

(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,

2024,

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,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

63,744,683

4,181,651,229

Total

Investment

Company

(cost

$2,763,202,224)

4,181,651,229

Total

Investments

(cost

$2,763,202,224)

—

100.1%

4,181,651,229

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

2,334,731

)

NET

ASSETS

—

100.0%

$

4,179,316,498

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

March

31,

2024

(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,

2024,

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,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

96

.7

%

Shares

Value

($)

Equity

Funds

86.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

3,528,955

41,112,325

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

10,600,369

159,217,548

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,093,950

26,143,876

NVIT

International

Index

Fund,

Class

Y(a)

7,150,874

80,089,794

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,488,510

30,916,343

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

163,010

1,382,329

Total

Equity

Funds

(cost

$289,854,708)

338,862,215

Fixed

Income

Funds

10.4%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

1,609,452

14,356,308

NVIT

Bond

Index

Fund,

Class

Y(a)

2,875,990

26,257,788

Total

Fixed

Income

Funds

(cost

$43,511,354)

40,614,096

Total

Investment

Companies

(cost

$333,366,062)

379,476,311

Exchange

Traded

Funds

2

.7

%

Equity

Funds

1.5%

iShares

Core

MSCI

Emerging

Markets

ETF

35,446

1,829,014

iShares

Core

S&P

Small-Cap

ETF(b)

35,399

3,912,297

Total

Equity

Funds

(cost

$5,602,523)

5,741,311

Fixed

Income

Funds

1.2%

iShares

7-10

Year

Treasury

Bond

ETF

44,055

4,170,246

iShares

U.S.

Treasury

Bond

ETF

30,389

691,958

Total

Fixed

Income

Funds

(cost

$5,632,478)

4,862,204

Total

Exchange

Traded

Funds

(cost

$11,235,001)

10,603,515

Short-Term

Investment

0

.7

%

Shares

Value

($)

Money

Market

Fund

0

.7

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

2,810,941

2,810,941

Total

Short-Term

Investment

(cost

$2,810,941)

2,810,941

Total

Investments

(cost

$347,412,004)

—

100.1%

392,890,767

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

217,828

)

NET

ASSETS

—

100.0%

$

392,672,939

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$890,128,

which

was

collateralized

by

$903,720

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.34%,

and

maturity

dates

ranging

from

4/11/2024

–

5/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

10,603,515

$

–

$

–

$

10,603,515

Investment

Companies

379,476,311

–

–

379,476,311

Short-Term

Investment

2,810,941

–

–

2,810,941

Total

$

392,890,767

$

–

$

–

$

392,890,767

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

86

.3

%

Shares

Value

($)

Equity

Funds

46.2%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

6,998,273

81,529,877

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

19,537,968

293,460,279

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

5,030,361

42,506,552

NVIT

International

Index

Fund,

Class

Y(a)

10,167,312

113,873,895

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,129,125

23,451,930

Total

Equity

Funds

(cost

$469,226,221)

554,822,533

Fixed

Income

Funds

40.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

10,997,352

98,096,378

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

558,183

5,012,483

NVIT

Bond

Index

Fund,

Class

Y(a)

36,304,225

331,457,573

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,897,485

47,750,483

Total

Fixed

Income

Funds

(cost

$541,953,609)

482,316,917

Total

Investment

Companies

(cost

$1,011,179,830)

1,037,139,450

Exchange

Traded

Funds

7

.5

%

Equity

Funds

1.7%

iShares

Core

MSCI

Emerging

Markets

ETF

118,278

6,103,145

iShares

Core

S&P

Small-Cap

ETF(b)

124,013

13,705,916

Total

Equity

Funds

(cost

$18,743,331)

19,809,061

Fixed

Income

Funds

5.8%

iShares

20+

Year

Treasury

Bond

ETF

48,244

4,564,847

iShares

7-10

Year

Treasury

Bond

ETF

470,520

44,539,423

iShares

U.S.

Treasury

Bond

ETF

926,746

21,102,007

Total

Fixed

Income

Funds

(cost

$82,784,860)

70,206,277

Total

Exchange

Traded

Funds

(cost

$101,528,191)

90,015,338

Short-Term

Investment

6

.2

%

Shares

Value

($)

Money

Market

Fund

6

.2

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

74,823,077

74,823,077

Total

Short-Term

Investment

(cost

$74,823,077)

74,823,077

Total

Investments

(cost

$1,187,531,098)

—

100.0%

1,201,977,865

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

311,816

)

NET

ASSETS

—

100.0%

$

1,201,666,049

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$331,560,

which

was

collateralized

by

$336,643

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

4/18/2024

–

8/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Balanced

Fund

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

90,015,338

$

–

$

–

$

90,015,338

Investment

Companies

1,037,139,450

–

–

1,037,139,450

Short-Term

Investment

74,823,077

–

–

74,823,077

Total

$

1,201,977,865

$

–

$

–

$

1,201,977,865

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

Investor

Destinations

Capital

Appreciation

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

91

.4

%

Shares

Value

($)

Equity

Funds

66.2%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

9,404,567

109,563,208

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

26,771,547

402,108,635

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,102,922

51,569,689

NVIT

International

Index

Fund,

Class

Y(a)

13,976,540

156,537,247

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,620,963

33,667,392

Total

Equity

Funds

(cost

$633,261,344)

753,446,171

Fixed

Income

Funds

25.2%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,266,924

55,900,962

NVIT

Bond

Index

Fund,

Class

Y(a)

22,989,027

209,889,817

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,233,492

21,776,551

Total

Fixed

Income

Funds

(cost

$320,942,878)

287,567,330

Total

Investment

Companies

(cost

$954,204,222)

1,041,013,501

Exchange

Traded

Funds

6

.2

%

Equity

Funds

2.2%

iShares

Core

MSCI

Emerging

Markets

ETF

164,101

8,467,612

iShares

Core

S&P

Small-Cap

ETF(b)

153,868

17,005,491

Total

Equity

Funds

(cost

$23,987,375)

25,473,103

Fixed

Income

Funds

4.0%

iShares

20+

Year

Treasury

Bond

ETF

208,041

19,684,839

iShares

7-10

Year

Treasury

Bond

ETF

200,733

19,001,386

iShares

U.S.

Treasury

Bond

ETF

293,595

6,685,158

Total

Fixed

Income

Funds

(cost

$61,324,384)

45,371,383

Total

Exchange

Traded

Funds

(cost

$85,311,759)

70,844,486

Short-Term

Investment

2

.4

%

Shares

Value

($)

Money

Market

Fund

2

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

27,610,435

27,610,435

Total

Short-Term

Investment

(cost

$27,610,435)

27,610,435

Total

Investments

(cost

$1,067,126,416)

—

100.0%

1,139,468,422

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

484,066

)

NET

ASSETS

—

100.0%

$

1,138,984,356

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$8,920,180,

which

was

collateralized

by

$9,056,384

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.34%,

and

maturity

dates

ranging

from

4/11/2024

–

5/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

70,844,486

$

–

$

–

$

70,844,486

Investment

Companies

1,041,013,501

–

–

1,041,013,501

Short-Term

Investment

27,610,435

–

–

27,610,435

Total

$

1,139,468,422

$

–

$

–

$

1,139,468,422

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

79

.7

%

Shares

Value

($)

Equity

Funds

16.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,037,373

12,085,400

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,005,083

45,136,353

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

815,674

6,892,443

NVIT

International

Index

Fund,

Class

Y(a)

1,395,835

15,633,352

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

24,329

505,310

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

63,285

536,653

Total

Equity

Funds

(cost

$60,782,209)

80,789,511

Fixed

Income

Funds

63.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,142,279

54,789,128

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,809,734

25,231,409

NVIT

Bond

Index

Fund,

Class

Y(a)

19,934,437

182,001,410

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,635,850

45,199,534

Total

Fixed

Income

Funds

(cost

$338,258,775)

307,221,481

Total

Investment

Companies

(cost

$399,040,984)

388,010,992

Exchange

Traded

Funds

11

.9

%

Equity

Funds

0.4%

iShares

Core

MSCI

Emerging

Markets

ETF

14,682

757,591

iShares

Core

S&P

Small-Cap

ETF(b)

11,658

1,288,442

Total

Equity

Funds

(cost

$2,073,066)

2,046,033

Fixed

Income

Funds

11.5%

iShares

20+

Year

Treasury

Bond

ETF

110,880

10,491,466

iShares

7-10

Year

Treasury

Bond

ETF

309,131

29,262,341

iShares

U.S.

Treasury

Bond

ETF

699,803

15,934,514

Total

Fixed

Income

Funds

(cost

$68,245,168)

55,688,321

Total

Exchange

Traded

Funds

(cost

$70,318,234)

57,734,354

Short-Term

Investment

8

.5

%

Shares

Value

($)

Money

Market

Fund

8

.5

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

41,369,153

41,369,153

Total

Short-Term

Investment

(cost

$41,369,153)

41,369,153

Total

Investments

(cost

$510,728,371)

—

100.1%

487,114,499

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

328,917

)

NET

ASSETS

—

100.0%

$

486,785,582

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$1,288,332,

which

was

collateralized

by

$1,308,003

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.34%,

and

maturity

dates

ranging

from

4/11/2024

–

5/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

57,734,354

$

–

$

–

$

57,734,354

Investment

Companies

388,010,992

–

–

388,010,992

Short-Term

Investment

41,369,153

–

–

41,369,153

Total

$

487,114,499

$

–

$

–

$

487,114,499

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

Investor

Destinations

Moderate

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

88

.8

%

Shares

Value

($)

Equity

Funds

57.0%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

13,448,363

156,673,431

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

37,920,269

569,562,444

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

10,048,668

84,911,241

NVIT

International

Index

Fund,

Class

Y(a)

19,700,402

220,644,501

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,898,794

39,437,944

Total

Equity

Funds

(cost

$905,147,733)

1,071,229,561

Fixed

Income

Funds

31.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

14,700,944

131,132,424

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

848,303

7,617,762

NVIT

Bond

Index

Fund,

Class

Y(a)

46,288,543

422,614,397

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,738,589

36,451,238

Total

Fixed

Income

Funds

(cost

$670,909,964)

597,815,821

Total

Investment

Companies

(cost

$1,576,057,697)

1,669,045,382

Exchange

Traded

Funds

6

.3

%

Equity

Fund

1.1%

iShares

Core

S&P

Small-Cap

ETF(b)

179,912

19,883,874

Total

Equity

Funds

(cost  $19,970,863)

19,883,874

Fixed

Income

Funds

5.2%

iShares

20+

Year

Treasury

Bond

ETF

223,504

21,147,949

iShares

7-10

Year

Treasury

Bond

ETF

586,974

55,562,959

iShares

U.S.

Treasury

Bond

ETF

940,351

21,411,792

Total

Fixed

Income

Funds

(cost

$122,165,174)

98,122,700

Total

Exchange

Traded

Funds

(cost

$142,136,037)

118,006,574

Short-Term

Investment

4

.9

%

Shares

Value

($)

Money

Market

Fund

4

.9

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

92,897,411

92,897,411

Total

Short-Term

Investment

(cost

$92,897,411)

92,897,411

Total

Investments

(cost

$1,811,091,145)

—

100.0%

1,879,949,367

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

613,373

)

NET

ASSETS

—

100.0%

$

1,879,335,994

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$7,305,372,

which

was

collateralized

by

$7,417,365

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

4/18/2024

–

8/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

118,006,574

$

–

$

–

$

118,006,574

Investment

Companies

1,669,045,382

–

–

1,669,045,382

Short-Term

Investment

92,897,411

–

–

92,897,411

Total

$

1,879,949,367

$

–

$

–

$

1,879,949,367

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

94

.7

%

Shares

Value

($)

Equity

Funds

75.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

8,642,429

100,684,303

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

25,040,712

376,111,499

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,455,780

54,551,339

NVIT

International

Index

Fund,

Class

Y(a)

15,962,844

178,783,858

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,597,833

53,956,996

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

177,948

1,509,000

Total

Equity

Funds

(cost

$644,266,997)

765,596,995

Fixed

Income

Funds

19.2%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,462,970

48,729,695

NVIT

Bond

Index

Fund,

Class

Y(a)

15,982,625

145,921,370

Total

Fixed

Income

Funds

(cost

$214,025,812)

194,651,065

Total

Investment

Companies

(cost

$858,292,809)

960,248,060

Exchange

Traded

Funds

4

.1

%

Equity

Funds

2.2%

iShares

Core

MSCI

Emerging

Markets

ETF

180,662

9,322,159

iShares

Core

S&P

Small-Cap

ETF(b)

117,579

12,994,831

Total

Equity

Funds

(cost

$22,549,040)

22,316,990

Fixed

Income

Funds

1.9%

iShares

7-10

Year

Treasury

Bond

ETF

173,478

16,421,428

iShares

U.S.

Treasury

Bond

ETF(b)

126,708

2,885,141

Total

Fixed

Income

Funds

(cost

$22,628,848)

19,306,569

Total

Exchange

Traded

Funds

(cost

$45,177,888)

41,623,559

Short-Term

Investment

1

.2

%

Shares

Value

($)

Money

Market

Fund

1

.2

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

12,240,758

12,240,758

Total

Short-Term

Investment

(cost

$12,240,758)

12,240,758

Total

Investments

(cost

$915,711,455)

—

100.0%

1,014,112,377

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

498,200

)

NET

ASSETS

—

100.0%

$

1,013,614,177

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$3,892,230,

which

was

collateralized

by

$3,955,331

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

4/18/2024

–

8/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

41,623,559

$

–

$

–

$

41,623,559

Investment

Companies

960,248,060

–

–

960,248,060

Short-Term

Investment

12,240,758

–

–

12,240,758

Total

$

1,014,112,377

$

–

$

–

$

1,014,112,377

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

82

.0

%

Shares

Value

($)

Equity

Funds

34.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

2,348,315

27,357,866

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

6,710,535

100,792,238

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

985,114

8,324,217

NVIT

International

Index

Fund,

Class

Y(a)

3,470,528

38,869,916

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

461,900

9,593,666

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

357,035

3,027,660

Total

Equity

Funds

(cost

$152,722,816)

187,965,563

Fixed

Income

Funds

47.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,669,233

50,569,561

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,838,593

16,510,563

NVIT

Bond

Index

Fund,

Class

Y(a)

17,922,666

163,633,942

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,080,621

30,036,056

Total

Fixed

Income

Funds

(cost

$290,628,218)

260,750,122

Total

Investment

Companies

(cost

$443,351,034)

448,715,685

Exchange

Traded

Funds

10

.0

%

Equity

Funds

2.3%

iShares

Core

MSCI

Emerging

Markets

ETF

168,677

8,703,733

iShares

Core

S&P

Small-Cap

ETF(b)

34,308

3,791,720

Total

Equity

Funds

(cost

$12,745,633)

12,495,453

Fixed

Income

Funds

7.7%

iShares

20+

Year

Treasury

Bond

ETF

88,721

8,394,781

iShares

7-10

Year

Treasury

Bond

ETF

225,509

21,346,682

iShares

U.S.

Treasury

Bond

ETF

544,101

12,389,180

Total

Fixed

Income

Funds

(cost

$52,134,350)

42,130,643

Total

Exchange

Traded

Funds

(cost

$64,879,983)

54,626,096

Short-Term

Investment

8

.0

%

Shares

Value

($)

Money

Market

Fund

8

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

43,512,124

43,512,124

Total

Short-Term

Investment

(cost

$43,512,124)

43,512,124

Total

Investments

(cost

$551,743,141)

—

100.0%

546,853,905

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

130,174

)

NET

ASSETS

—

100.0%

$

546,723,731

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$3,791,610,

which

was

collateralized

by

$3,849,505

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.34%,

and

maturity

dates

ranging

from

4/11/2024

–

5/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

54,626,096

$

–

$

–

$

54,626,096

Investment

Companies

448,715,685

–

–

448,715,685

Short-Term

Investment

43,512,124

–

–

43,512,124

Total

$

546,853,905

$

–

$

–

$

546,853,905

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

81.8%

Shares

Value

($)

Equity

Funds

51.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

6,538,152

76,169,469

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

20,444,765

307,080,368

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,784,192

40,426,421

NVIT

International

Index

Fund,

Class

Y(a)

9,693,146

108,563,233

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

863,845

17,942,062

Total

Equity

Funds

(cost

$467,432,185)

550,181,553

Fixed

Income

Funds

30.5%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

7,317,443

65,271,595

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

401,511

3,605,569

NVIT

Bond

Index

Fund,

Class

Y(a)

26,333,129

240,421,467

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,887,761

18,405,669

Total

Fixed

Income

Funds

(cost

$357,720,533)

327,704,300

Total

Investment

Companies

(cost

$825,152,718)

877,885,853

Exchange

Traded

Funds

5.7%

Equity

Fund

0.9%

iShares

Core

S&P

Small-Cap

ETF

84,398

9,327,667

Total

Equity

Funds

(cost  $9,351,357)

9,327,667

Fixed

Income

Funds

4.8%

iShares

20+

Year

Treasury

Bond

ETF

122,346

11,576,378

iShares

7-10

Year

Treasury

Bond

ETF

306,634

29,025,974

iShares

U.S.

Treasury

Bond

ETF

483,228

11,003,102

Total

Fixed

Income

Funds

(cost

$64,025,668)

51,605,454

Total

Exchange

Traded

Funds

(cost

$73,377,025)

60,933,121

Short-Term

Investment

4.5%

Shares

Value

($)

Money

Market

Fund

4.5%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(b)

48,097,266

48,097,266

Total

Short-Term

Investment

(cost

$48,097,266)

48,097,266

Total

Investments

(cost

$946,627,009)

—

92.0%

986,916,240

Other

assets

in

excess

of

liabilities

—

8.0%

85,311,410

NET

ASSETS

—

100.0%

$

1,072,227,650

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

681

6/2024

USD

80,259,255

303,002

Russell

2000

E-Mini

Index

149

6/2024

USD

15,986,955

292,140

S&P

500

E-Mini

Index

649

6/2024

USD

172,260,825

3,764,952

S&P

Midcap

400

E-Mini

Index

78

6/2024

USD

24,003,720

711,801

Net

contracts

5,071,895

As

of

March

31,

2024,

the

Fund

had

$13,584,056

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

24

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

60,933,121

$

–

$

–

$

60,933,121

Futures

Contracts

5,071,895

–

–

5,071,895

Investment

Companies

877,885,853

–

–

877,885,853

Short-Term

Investment

48,097,266

–

–

48,097,266

Total

$

991,988,135

$

–

$

–

$

991,988,135

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

5,071,895

Total

$

5,071,895

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

26

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Investment

Companies

79

.7

%

Shares

Value

($)

Equity

Funds

41.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

2,108,325

24,561,988

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

6,579,812

98,828,777

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,473,634

12,452,207

NVIT

International

Index

Fund,

Class

Y(a)

3,290,495

36,853,542

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

314,995

6,542,445

Total

Equity

Funds

(cost

$149,980,286)

179,238,959

Fixed

Income

Funds

37.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

3,398,221

30,312,135

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

164,886

1,480,677

NVIT

Bond

Index

Fund,

Class

Y(a)

12,544,784

114,533,881

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,538,116

14,996,635

Total

Fixed

Income

Funds

(cost

$176,275,183)

161,323,328

Total

Investment

Companies

(cost

$326,255,469)

340,562,287

Exchange

Traded

Funds

7

.4

%

Equity

Funds

1.4%

iShares

Core

MSCI

Emerging

Markets

ETF

34,336

1,771,738

iShares

Core

S&P

Small-Cap

ETF

36,724

4,058,736

Total

Equity

Funds

(cost

$5,518,324)

5,830,474

Fixed

Income

Funds

6.0%

iShares

20+

Year

Treasury

Bond

ETF

16,374

1,549,308

iShares

7-10

Year

Treasury

Bond

ETF

183,816

17,400,022

iShares

U.S.

Treasury

Bond

ETF(b)

299,018

6,808,640

Total

Fixed

Income

Funds

(cost

$29,677,609)

25,757,970

Total

Exchange

Traded

Funds

(cost

$35,195,933)

31,588,444

Short-Term

Investment

5

.6

%

Shares

Value

($)

Money

Market

Fund

5

.6

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.25%

(c)

24,113,649

24,113,649

Total

Short-Term

Investment

(cost

$24,113,649)

24,113,649

Total

Investments

(cost

$385,565,051)

—

92.7%

396,264,380

Other

assets

in

excess

of

liabilities

—

7.3%

31,191,059

NET

ASSETS

—

100.0%

$

427,455,439

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$579,269,

which

was

collateralized

by

$590,366

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

4/18/2024

–

8/15/2053.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

212

6/2024

USD

24,985,260

113,117

Russell

2000

E-Mini

Index

50

6/2024

USD

5,364,750

115,325

S&P

500

E-Mini

Index

200

6/2024

USD

53,085,000

1,084,645

S&P

Midcap

400

E-Mini

Index

25

6/2024

USD

7,693,500

232,091

Net

contracts

1,545,178

As

of

March

31,

2024,

the

Fund

had

$4,240,133

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

28

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

31,588,444

$

–

$

–

$

31,588,444

Futures

Contracts

1,545,178

–

–

1,545,178

Investment

Companies

340,562,287

–

–

340,562,287

Short-Term

Investment

24,113,649

–

–

24,113,649

Total

$

397,809,558

$

–

$

–

$

397,809,558

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,545,178

Total

$

1,545,178

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

86.3%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,365,712

14,012,200

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,880,201

15,887,698

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,721,204

29,960,459

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

6,824,234

85,848,861

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

948,192

10,932,656

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

2,943,494

36,617,060

Total

Equity

Funds

(cost

$164,713,176)

193,258,934

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

13.7%

Nationwide

Bond

Fund,

Class

R6(a)

255,338

2,081,001

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

1,107,786

10,967,081

NVIT

Core

Bond

Fund,

Class

Y(a)

1,948,992

17,677,358

Total

Fixed

Income

Funds

(cost

$32,791,721)

30,725,440

Total

Investment

Companies

(cost

$197,504,897)

223,984,374

Total

Investments

(cost

$197,504,897)

—

100.0%

223,984,374

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

80,705

)

NET

ASSETS

—

100.0%

$

223,903,669

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

223,984,374

$

–

$

–

$

223,984,374

Total

$

223,984,374

$

–

$

–

$

223,984,374

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

77.5%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,562,627

26,292,549

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,476,492

29,376,359

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,052,100

55,623,623

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

12,178,941

153,211,073

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,870,683

21,568,969

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

5,392,934

67,088,099

Total

Equity

Funds

(cost

$301,296,571)

353,160,672

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

22.5%

Nationwide

Bond

Fund,

Class

R6(a)

1,042,221

8,494,104

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

4,297,922

42,549,426

NVIT

Core

Bond

Fund,

Class

Y(a)

5,669,454

51,421,948

Total

Fixed

Income

Funds

(cost

$113,796,216)

102,465,478

Total

Investment

Companies

(cost

$415,092,787)

455,626,150

Total

Investments

(cost

$415,092,787)

—

100.0%

455,626,150

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

177,674

)

NET

ASSETS

—

100.0%

$

455,448,476

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

455,626,150

$

–

$

–

$

455,626,150

Total

$

455,626,150

$

–

$

–

$

455,626,150

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderate

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

57.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

6,003,374

61,594,613

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

13,334,433

112,675,956

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

15,044,087

165,635,399

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

41,035,663

516,228,635

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,631,432

53,400,406

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

18,389,859

228,769,850

Total

Equity

Funds

(cost

$966,234,554)

1,138,304,859

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

42.1%

Nationwide

Bond

Fund,

Class

R6(a)

5,930,985

48,337,530

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

31,370,442

310,567,372

NVIT

Core

Bond

Fund,

Class

Y(a)

35,971,595

326,262,364

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

3,431,047

29,335,448

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

11,561,784

112,727,390

Total

Fixed

Income

Funds

(cost

$932,412,158)

827,230,104

Total

Investment

Companies

(cost

$1,898,646,712)

1,965,534,963

Total

Investments

(cost

$1,898,646,712)

—

100.0%

1,965,534,963

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

701,099

)

NET

ASSETS

—

100.0%

$

1,964,833,864

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,965,534,963

$

–

$

–

$

1,965,534,963

Total

$

1,965,534,963

$

–

$

–

$

1,965,534,963

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

36.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

797,736

8,184,769

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,002,600

16,921,966

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,065,260

33,748,513

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

6,746,921

84,876,266

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

740,820

8,541,657

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,162,088

39,336,381

Total

Equity

Funds

(cost

$161,357,004)

191,609,552

Fixed

Income

Funds

63.4%

Nationwide

Bond

Fund,

Class

R6(a)

2,606,894

21,246,184

Investment

Companies

Shares

Value

($)

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,167,612

10,485,159

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

10,239,113

101,367,217

NVIT

Core

Bond

Fund,

Class

Y(a)

13,482,979

122,290,618

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,256,938

10,746,824

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,674,667

65,078,000

Total

Fixed

Income

Funds

(cost

$370,216,669)

331,214,002

Total

Investment

Companies

(cost

$531,573,673)

522,823,554

Total

Investments

(cost

$531,573,673)

—

100.0%

522,823,554

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

215,970

)

NET

ASSETS

—

100.0%

$

522,607,584

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

522,823,554

$

–

$

–

$

522,823,554

Total

$

522,823,554

$

–

$

–

$

522,823,554

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

18.1%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

990,163

8,366,880

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

1,720,330

18,940,837

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

3,387,359

42,612,972

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

248,350

2,863,470

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

1,567,552

19,500,345

Total

Equity

Funds

(cost

$73,679,852)

92,284,504

Fixed

Income

Funds

81.9%

Nationwide

Bond

Fund,

Class

R6(a)

3,579,037

29,169,151

Investment

Companies

Shares

Value

($)

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,320,534

20,838,391

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

12,580,018

124,542,182

NVIT

Core

Bond

Fund,

Class

Y(a)

16,536,498

149,986,036

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,560,430

13,341,680

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

8,086,554

78,843,904

Total

Fixed

Income

Funds

(cost

$461,196,296)

416,721,344

Total

Investment

Companies

(cost

$534,876,148)

509,005,848

Total

Investments

(cost

$534,876,148)

—

100.0%

509,005,848

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

211,213

)

NET

ASSETS

—

100.0%

$

508,794,635

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

509,005,848

$

–

$

–

$

509,005,848

Total

$

509,005,848

$

–

$

–

$

509,005,848

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

47.5%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,141,441

42,491,183

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

8,130,487

68,702,616

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

12,764,277

140,534,693

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

26,568,274

334,228,889

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,061,104

35,294,525

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

12,181,058

151,532,359

Total

Equity

Funds

(cost

$655,712,674)

772,784,265

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

52.5%

Nationwide

Bond

Fund,

Class

R6(a)

6,973,978

56,837,923

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

29,642,096

293,456,748

NVIT

Core

Bond

Fund,

Class

Y(a)

35,599,428

322,886,809

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,895,123

24,753,303

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

16,168,940

157,647,169

Total

Fixed

Income

Funds

(cost

$961,425,202)

855,581,952

Total

Investment

Companies

(cost

$1,617,137,876)

1,628,366,217

Total

Investments

(cost

$1,617,137,876)

—

100.0%

1,628,366,217

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

595,431

)

NET

ASSETS

—

100.0%

$

1,627,770,786

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,628,366,217

$

–

$

–

$

1,628,366,217

Total

$

1,628,366,217

$

–

$

–

$

1,628,366,217

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

68.2%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

9,053,165

92,885,475

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

15,118,087

127,747,835

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

17,984,494

198,009,276

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

49,777,531

626,201,345

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

6,517,445

75,146,141

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

18,916,605

235,322,561

Total

Equity

Funds

(cost

$1,152,442,553)

1,355,312,633

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

31.8%

Nationwide

Bond

Fund,

Class

R6(a)

4,743,394

38,658,661

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

23,447,154

232,126,820

NVIT

Core

Bond

Fund,

Class

Y(a)

31,551,747

286,174,344

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,304,876

19,706,692

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,780,580

56,360,651

Total

Fixed

Income

Funds

(cost

$715,494,950)

633,027,168

Total

Investment

Companies

(cost

$1,867,937,503)

1,988,339,801

Total

Investments

(cost

$1,867,937,503)

—

100.0%

1,988,339,801

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

708,347

)

NET

ASSETS

—

100.0%

$

1,987,631,454

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,988,339,801

$

–

$

–

$

1,988,339,801

Total

$

1,988,339,801

$

–

$

–

$

1,988,339,801

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

92

.9

%

Shares

Value

($)

Equity

Funds

43.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,063,792

10,914,501

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,153,100

18,193,695

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,595,540

39,586,892

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

8,072,987

101,558,182

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

785,976

9,062,309

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,570,317

44,414,743

Total

Equity

Funds

(cost

$186,829,283)

223,730,322

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

49.3%

Nationwide

Bond

Fund,

Class

R6(a)

1,940,750

15,817,112

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

8,273,781

81,910,430

NVIT

Core

Bond

Fund,

Class

Y(a)

11,447,423

103,828,130

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

798,135

6,824,057

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,626,259

45,106,026

Total

Fixed

Income

Funds

(cost

$276,363,771)

253,485,755

Total

Investment

Companies

(cost

$463,193,054)

477,216,077

Total

Investments

(cost

$463,193,054)

—

92.9%

477,216,077

Other

assets

in

excess

of

liabilities

—

7.1%

36,621,826

NET

ASSETS

—

100.0%

$

513,837,903

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

291

6/2024

USD

34,295,805

144,815

Russell

2000

E-Mini

Index

41

6/2024

USD

4,399,095

88,035

S&P

500

E-Mini

Index

250

6/2024

USD

66,356,250

1,309,920

S&P

Midcap

400

E-Mini

Index

13

6/2024

USD

4,000,620

114,582

Net

contracts

1,657,352

As

of

March

31,

2024,

the

Fund

had

$4,950,174

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

1,657,352

$

–

$

–

$

1,657,352

Investment

Companies

477,216,077

–

–

477,216,077

Total

$

478,873,429

$

–

$

–

$

478,873,429

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,657,352

Total

$

1,657,352

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

92.1%

Shares

Value

($)

Equity

Funds

52.4%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,984,751

30,623,543

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,791,948

57,391,959

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

7,921,230

87,212,748

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

23,662,416

297,673,187

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,291,078

26,416,134

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

10,256,395

127,589,559

Total

Equity

Funds

(cost

$524,302,017)

626,907,130

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

39.7%

Nationwide

Bond

Fund,

Class

R6(a)

3,155,401

25,716,520

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

16,770,641

166,029,343

NVIT

Core

Bond

Fund,

Class

Y(a)

22,693,786

205,832,643

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,819,702

15,558,452

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,323,662

61,655,703

Total

Fixed

Income

Funds

(cost

$517,972,395)

474,792,661

Total

Investment

Companies

(cost

$1,042,274,412)

1,101,699,791

Total

Investments

(cost

$1,042,274,412)

—

92.1%

1,101,699,791

Other

assets

in

excess

of

liabilities

—

7.9%

94,654,245

NET

ASSETS

—

100.0%

$

1,196,354,036

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

795

6/2024

USD

93,694,725

353,396

Russell

2000

E-Mini

Index

127

6/2024

USD

13,626,465

247,338

S&P

500

E-Mini

Index

777

6/2024

USD

206,235,225

4,504,666

S&P

Midcap

400

E-Mini

Index

42

6/2024

USD

12,925,080

389,028

Net

contracts

5,494,428

As

of

March

31,

2024,

the

Fund

had

$14,958,810

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

5,494,428

$

–

$

–

$

5,494,428

Investment

Companies

1,101,699,791

–

–

1,101,699,791

Total

$

1,107,194,219

$

–

$

–

$

1,107,194,219

20

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

5,494,428

Total

$

5,494,428

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

93.9%

Shares

Value

($)

Alternative

Assets

93.9%

BlackRock

Global

Allocation

VI

Fund,

Class

I

19,381,909

332,981,197

Total

Alternative

Assets

(cost

$310,695,670)

332,981,197

Total

Investment

Company

(cost

$310,695,670)

332,981,197

Total

Investments

(cost

$310,695,670)

—

93.9%

332,981,197

Other

assets

in

excess

of

liabilities

—

6.1%

21,644,379

NET

ASSETS

—

100.0%

$

354,625,576

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

171

6/2024

USD

20,153,205

72,218

Russell

2000

E-Mini

Index

1

6/2024

USD

107,295

1,312

S&P

500

E-Mini

Index

136

6/2024

USD

36,097,800

463,146

S&P

Midcap

400

E-Mini

Index

2

6/2024

USD

615,480

14,355

Net

contracts

551,031

As

of

March

31,

2024,

the

Fund

had

$2,508,509

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

2

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

551,031

$

–

$

–

$

551,031

Investment

Company

332,981,197

–

–

332,981,197

Total

$

333,532,228

$

–

$

–

$

333,532,228

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

s

it

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

551,031

Total

$

551,031

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

Exchange

Traded

Funds

99

.9

%

Shares

Value

($)

Fixed

Income

Funds

99.9%

iShares

Core

10+

Year

USD

Bond

ETF(a)

112,149

5,731,935

iShares

Core

1-5

Year

USD

Bond

ETF(a)

178,354

8,461,114

iShares

Core

Total

USD

Bond

Market

ETF(a)

123,302

5,621,338

iShares

Core

U.S.

Aggregate

Bond

ETF

287,842

28,191,245

iShares

MBS

ETF

60,733

5,612,944

iShares

U.S.

Treasury

Bond

ETF

123,328

2,808,179

Total

Exchange

Traded

Funds

(cost

$61,970,199)

56,426,755

Repurchase

Agreement

10

.1

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,687,897,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$5,798,221.(b)

5,684,530

5,684,530

Total

Repurchase

Agreement

(cost

$5,684,530)

5,684,530

Total

Investments

(cost

$67,654,729)

—

110.0%

62,111,285

Liabilities

in

excess

of

other

assets

—

(10.0)%

(

5,645,220

)

NET

ASSETS

—

100.0%

$

56,466,065

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$5,565,378,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,684,530

and

by

$5,290

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

7.63%,

and

maturity

dates

ranging

from

4/30/2024

–

2/15/2052,

a

total

value

of

$5,689,820.

(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,

2024

was

$5,684,530.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

56,426,755

$

–

$

–

$

56,426,755

Repurchase

Agreement

–

5,684,530

–

5,684,530

Total

$

56,426,755

$

5,684,530

$

–

$

62,111,285

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

6

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange

Traded

Funds

100

.1

%

Shares

Value

($)

Equity

Funds

100.1%

iShares

Core

MSCI

EAFE

ETF

118,481

8,793,660

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

153,632

10,313,316

iShares

Core

S&P

500

ETF

10,709

5,630,043

iShares

Core

S&P

Mid-Cap

ETF(a)

236,388

14,358,207

iShares

Core

S&P

Small-Cap

ETF

19,722

2,179,675

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

192,985

22,251,171

iShares

MSCI

USA

Momentum

Factor

ETF(a)

9,162

1,716,501

iShares

MSCI

USA

Quality

Factor

ETF(a)

10,118

1,662,893

iShares

MSCI

USA

Size

Factor

ETF(a)

10,945

1,557,324

iShares

MSCI

USA

Value

Factor

ETF(a)

14,311

1,550,024

iShares

U.S.

Equity

Factor

ETF(a)

136,143

7,325,855

iShares

U.S.

Small-Cap

Equity

Factor

ETF

25,123

1,597,320

Total

Exchange

Traded

Funds

(cost

$62,704,122)

78,935,989

Repurchase

Agreements

14

.8

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,694,679,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,727,549.(b)

1,693,675

1,693,675

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$5,100,002.(b)

5,000,000

5,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$5,100,757.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$11,693,675)

11,693,675

Total

Investments

(cost

$74,397,797)

—

114.9%

90,629,664

Liabilities

in

excess

of

other

assets

—

(14.9)%

(

11,745,378

)

NET

ASSETS

—

100.0%

$

78,884,286

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$12,964,733,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,693,675

and

by

$1,580,785

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.25%,

and

maturity

dates

ranging

from

4/15/2024

–

8/15/2052,

a

total

value

of

$13,274,460.

(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,

2024

was

$11,693,675.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

78,935,989

$

–

$

–

$

78,935,989

Repurchase

Agreements

–

11,693,675

–

11,693,675

Total

$

78,935,989

$

11,693,675

$

–

$

90,629,664

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

Investment

Company

94.4%

Shares

Value

($)

Equity

Fund

94.4%

American

Funds

Growth-Income

Fund,

Class

1

11,268,651

739,223,497

Total

Investment

Company

(cost

$528,719,968)

739,223,497

Total

Investments

(cost

$528,719,968)

—

94.4%

739,223,497

Other

assets

in

excess

of

liabilities

—

5.6%

43,824,098

NET

ASSETS

—

100.0%

$

783,047,595

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

24

6/2024

USD

2,828,520

11,152

Russell

2000

E-Mini

Index

1

6/2024

USD

107,295

1,830

S&P

500

E-Mini

Index

137

6/2024

USD

36,363,225

790,086

S&P

Midcap

400

E-Mini

Index

9

6/2024

USD

2,769,660

82,012

Net

contracts

885,080

As

of

March

31,

2024,

the

Fund

had

$2,033,548

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Growth-Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

885,080

$

–

$

–

$

885,080

Investment

Company

739,223,497

–

–

739,223,497

Total

$

740,108,577

$

–

$

–

$

740,108,577

10

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

885,080

Total

$

885,080

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

91

.8

%

Shares

Value

($)

Balanced

Fund

27.5%

American

Balanced

Fund,

Class

R6

23,751,847

804,237,550

Total

Balanced

Fund

(cost

$792,337,868)

804,237,550

Equity

Funds

46.1%

American

Funds

Growth

Fund,

Class

1

7,212,425

807,575,180

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

34,088,921

539,627,619

Total

Equity

Funds

(cost

$1,295,376,637)

1,347,202,799

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.2%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

13,484,204

132,145,203

Bond

Fund

of

America

(The),

Class

R6

35,239,036

397,496,326

Total

Fixed

Income

Funds

(cost

$595,265,804)

529,641,529

Total

Investment

Companies

(cost

$2,682,980,309)

2,681,081,878

Total

Investments

(cost

$2,682,980,309)

—

91.8%

2,681,081,878

Other

assets

in

excess

of

liabilities

—

8.2%

240,828,446

NET

ASSETS

—

100.0%

$

2,921,910,324

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

173

6/2024

USD

20,388,915

98,226

Russell

2000

E-Mini

Index

46

6/2024

USD

4,935,570

113,748

S&P

500

E-Mini

Index

1,488

6/2024

USD

394,952,400

7,607,216

S&P

Midcap

400

E-Mini

Index

78

6/2024

USD

24,003,720

719,206

Net

contracts

8,538,396

As

of

March

31,

2024,

the

Fund

had

$21,649,801

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

March

31,

2024

(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

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

8,538,396

$

–

$

–

$

8,538,396

Investment

Companies

2,681,081,878

–

–

2,681,081,878

Total

$

2,689,620,274

$

–

$

–

$

2,689,620,274

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

8,538,396

Total

$

8,538,396

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.0%

Shares

Value

($)

BRAZIL

5.7%

Banks

1.6%

Banco

Bradesco

SA,

ADR

(a)

892,300

2,551,978

Banco

Bradesco

SA

34,100

86,620

Banco

do

Brasil

SA

46,600

526,078

Itau

Unibanco

Holding

SA

(

Preference

)

1,513,600

10,454,023

13,618,699

Capital

Markets

0.4%

Banco

BTG

Pactual

SA

384,700

2,794,318

Diversified

Telecommunication

Services

0.3%

Telefonica

Brasil

SA

137,100

1,383,191

Telefonica

Brasil

SA,

ADR

(a)

83,850

844,370

2,227,561

Electric

Utilities

0.1%

CPFL

Energia

SA

91,000

631,597

Electrical

Equipment

0.2%

WEG

SA

184,400

1,404,490

Financial

Services

0.0%

†

Pagseguro

Digital

Ltd.,

Class

A

*

18,200

259,896

Food

Products

0.1%

Minerva

SA

319,700

430,270

Insurance

0.5%

BB

Seguridade

Participacoes

SA

176,400

1,143,783

Caixa

Seguridade

Participacoes

S/A

206,600

643,437

Porto

Seguro

SA

*

396,200

2,471,016

4,258,236

Metals

&

Mining

1.4%

CSN

Mineracao

SA

1,119,900

1,183,449

Gerdau

SA

(Preference)

597,500

2,644,754

Vale

SA,

Class

B,

ADR

603,533

7,357,067

11,185,270

Oil,

Gas

&

Consumable

Fuels

1.0%

Petroleo

Brasileiro

SA,

ADR

233,416

3,550,257

Petroleo

Brasileiro

SA

(Preference)

525,800

3,916,714

7,466,971

Water

Utilities

0.1%

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

147,500

640,537

44,917,845

CHILE

0.3%

Banks

0.1%

Banco

de

Chile

8,171,367

909,069

Banco

Santander

Chile,

ADR

8,518

168,912

1,077,981

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Colbun

SA

2,115,690

274,133

Marine

Transportation

0.2%

Cia

Sud

Americana

de

Vapores

SA

17,650,067

1,327,669

2,679,783

CHINA

25.4%

Automobiles

1.3%

BYD

Co.

Ltd.,

Class

H

67,000

1,712,917

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

1,342,000

561,432

Geely

Automobile

Holdings

Ltd.

4,006,000

4,716,845

Common

Stocks

Shares

Value

($)

CHINA

Automobiles

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

469,400

578,933

Li

Auto,

Inc.,

Class

A

*

185,700

2,847,096

10,417,223

Banks

1.3%

Agricultural

Bank

of

China

Ltd.,

Class

H

2,828,000

1,193,202

Bank

of

China

Ltd.,

Class

H

1,964,000

811,240

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,357,000

2,322,131

China

Construction

Bank

Corp.,

Class

H

9,958,000

6,010,783

10,337,356

Beverages

0.1%

Nongfu

Spring

Co.

Ltd.,

Class

H

Reg.

S

(b)

185,800

1,003,847

Biotechnology

0.2%

Akeso

,

Inc.

Reg.

S

*(a)(b)

76,000

453,205

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

1,213,420

1,182,520

1,635,725

Broadline

Retail

4.1%

Alibaba

Group

Holding

Ltd.

1,737,700

15,682,417

JD.com,

Inc.,

Class

A

473,245

6,438,147

PDD

Holdings,

Inc.,

ADR

*

52,780

6,135,675

Vipshop

Holdings

Ltd.,

ADR

178,083

2,947,274

31,203,513

Building

Products

0.1%

China

Lesso

Group

Holdings

Ltd.

1,596,000

756,562

Capital

Markets

0.1%

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

6,217,000

517,700

Chemicals

0.4%

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

202,256

954,151

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

220,000

2,453,400

3,407,551

Construction

&

Engineering

0.4%

China

Communications

Services

Corp.

Ltd.,

Class

H

1,686,000

786,891

China

Railway

Group

Ltd.,

Class

H

1,222,000

604,223

Shanghai

Construction

Group

Co.

Ltd.,

Class

A

3,233,200

1,043,888

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

1,313,000

756,193

3,191,195

Construction

Materials

0.1%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

333,300

740,855

Diversified

Consumer

Services

0.4%

New

Oriental

Education

&

Technology

Group,

Inc.

*

317,700

2,769,064

Electrical

Equipment

0.2%

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

74,120

1,941,154

2

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Electronic

Equipment,

Instruments

&

Components

0.2%

Sunny

Optical

Technology

Group

Co.

Ltd.

107,000

547,256

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.,

Class

A

449,100

852,787

1,400,043

Entertainment

0.7%

NetEase,

Inc.

281,800

5,856,329

Food

Products

0.2%

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

147,400

205,325

Uni-President

China

Holdings

Ltd.

1,459,000

1,038,889

1,244,214

Gas

Utilities

0.4%

China

Gas

Holdings

Ltd.

2,236,400

2,019,053

Kunlun

Energy

Co.

Ltd.

1,398,000

1,167,328

3,186,381

Health

Care

Providers

&

Services

0.4%

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

1,028,478

1,830,642

China

Resources

Medical

Holdings

Co.

Ltd.

656,500

329,490

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

206,000

506,685

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

610,182

673,176

Sinopharm

Group

Co.

Ltd.,

Class

H

34,000

87,212

3,427,205

Hotels,

Restaurants

&

Leisure

2.9%

H

World

Group

Ltd.

(a)

869,400

3,369,763

H

World

Group

Ltd.,

ADR

52,800

2,043,360

Meituan

,

Class

B

Reg.

S

*(b)

696,660

8,606,073

Tongcheng

Travel

Holdings

Ltd.

Reg.

S

*

1,168,800

3,087,583

Trip.com

Group

Ltd.

*

125,550

5,540,745

Yum

China

Holdings,

Inc.

10,000

397,900

23,045,424

Household

Durables

0.3%

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

333,490

1,809,025

Hang

Zhou

Great

Star

Industrial

Co.

Ltd.,

Class

A

64,100

217,095

2,026,120

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Shenergy

Co.

Ltd.,

Class

A

395,100

422,566

Industrial

Conglomerates

0.4%

CITIC

Ltd.

3,457,000

3,327,294

Insurance

0.6%

China

Taiping

Insurance

Holdings

Co.

Ltd.

2,449,200

2,146,995

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

6,087,000

1,944,344

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

188,000

247,896

4,339,235

Interactive

Media

&

Services

4.3%

Kuaishou

Technology

Reg.

S

*(b)

432,100

2,712,725

Tencent

Holdings

Ltd.

773,200

30,173,889

32,886,614

Common

Stocks

Shares

Value

($)

CHINA

Life

Sciences

Tools

&

Services

0.2%

WuXi

AppTec

Co.

Ltd.,

Class

A

129,620

843,420

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

608,000

1,092,777

1,936,197

Machinery

1.3%

China

CSSC

Holdings

Ltd.,

Class

A

207,500

993,513

Sinotruk

Hong

Kong

Ltd.

850,000

2,087,441

Weichai

Power

Co.

Ltd.,

Class

A

1,090,700

2,461,935

Weichai

Power

Co.

Ltd.,

Class

H

643,000

1,225,867

Yutong

Bus

Co.

Ltd.,

Class

A

1,144,555

2,975,316

Zhejiang

Dingli

Machinery

Co.

Ltd.,

Class

A

105,000

815,576

10,559,648

Marine

Transportation

0.0%

†

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

105,500

110,834

SITC

International

Holdings

Co.

Ltd.

135,000

246,664

357,498

Metals

&

Mining

0.3%

China

Nonferrous

Mining

Corp.

Ltd.

468,000

391,488

Shougang

Fushan

Resources

Group

Ltd.

2,618,000

897,218

Zijin

Mining

Group

Co.

Ltd.,

Class

A

429,600

962,244

2,250,950

Oil,

Gas

&

Consumable

Fuels

0.3%

PetroChina

Co.

Ltd.,

Class

H

2,302,000

1,969,080

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

344,000

722,971

2,692,051

Paper

&

Forest

Products

0.2%

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

670,000

1,308,570

Pharmaceuticals

0.8%

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

47,000

580,791

Changchun

High

&

New

Technology

Industry

Group,

Inc.,

Class

A

13,100

220,458

China

Medical

System

Holdings

Ltd.

1,223,000

1,284,766

CSPC

Pharmaceutical

Group

Ltd.

1,728,000

1,361,403

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

47,900

403,066

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

52,800

179,775

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

528,382

2,211,552

6,241,811

Real

Estate

Management

&

Development

0.3%

China

Overseas

Land

&

Investment

Ltd.

397,500

573,081

China

Resources

Land

Ltd.

636,000

2,015,745

2,588,826

Semiconductors

&

Semiconductor

Equipment

0.3%

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

*

214,200

1,724,843

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

CHINA

Semiconductors

&

Semiconductor

Equipment

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

62,978

519,656

Xinyi

Solar

Holdings

Ltd.

298,000

232,135

2,476,634

Specialty

Retail

0.2%

Topsports

International

Holdings

Ltd.

Reg.

S

(b)

2,050,000

1,372,704

Zhongsheng

Group

Holdings

Ltd.

53,500

92,632

1,465,336

Technology

Hardware,

Storage

&

Peripherals

1.1%

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

90,668

2,048,914

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

3,159,800

6,551,021

8,599,935

Textiles,

Apparel

&

Luxury

Goods

0.7%

Bosideng

International

Holdings

Ltd.

4,012,000

2,005,304

Shenzhou

International

Group

Holdings

Ltd.

303,800

2,881,907

Xtep

International

Holdings

Ltd.

535,000

332,132

5,219,343

Trading

Companies

&

Distributors

0.1%

Xiamen

C

&

D,

Inc.,

Class

A

369,800

520,242

Transportation

Infrastructure

0.4%

Anhui

Expressway

Co.

Ltd.,

Class

H

90,000

99,663

Jiangsu

Expressway

Co.

Ltd.,

Class

H

720,000

736,980

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

2,832,200

2,080,666

2,917,309

198,217,520

GREECE

0.1%

Banks

0.1%

Piraeus

Financial

Holdings

SA

*

102,030

426,410

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Motor

Oil

Hellas

Corinth

Refineries

SA

5,458

162,607

589,017

HONG

KONG

0.3%

Pharmaceuticals

0.3%

Sino

Biopharmaceutical

Ltd.

4,337,000

1,676,125

United

Laboratories

International

Holdings

Ltd.

(The)

912,000

1,043,574

2,719,699

HUNGARY

0.1%

Banks

0.1%

OTP

Bank

Nyrt

.

23,139

1,064,946

INDIA

17.2%

Aerospace

&

Defense

1.0%

Bharat

Electronics

Ltd.

1,958,554

4,733,210

Hindustan

Aeronautics

Ltd.

Reg.

S

73,735

2,952,876

7,686,086

Automobile

Components

0.3%

Balkrishna

Industries

Ltd.

2,920

81,117

Ceat

Ltd.

22,866

735,783

JK

Tyre

&

Industries

Ltd.

34,614

179,401

MRF

Ltd.

635

1,015,471

2,011,772

Common

Stocks

Shares

Value

($)

INDIA

Automobiles

1.0%

Hero

MotoCorp

Ltd.

40,431

2,295,106

Maruti

Suzuki

India

Ltd.

8,006

1,209,797

Tata

Motors

Ltd.

106,123

1,263,797

Tata

Motors

Ltd.,

Class

A

369,454

2,920,597

7,689,297

Banks

2.8%

Bank

of

Baroda

1,150,686

3,644,530

Equitas

Small

Finance

Bank

Ltd.

Reg.

S

(b)

321,220

357,301

Federal

Bank

Ltd.

294,111

530,995

ICICI

Bank

Ltd.,

ADR

489,139

12,918,160

IDBI

Bank

Ltd.

152,194

147,884

Indian

Bank

137,920

863,500

State

Bank

of

India

411,263

3,720,733

22,183,103

Beverages

0.4%

Varun

Beverages

Ltd.

184,782

3,102,773

Capital

Markets

0.3%

Central

Depository

Services

India

Ltd.

Reg.

S

9,911

203,530

IDFC

Ltd.

*

498,302

661,630

JM

Financial

Ltd.

459,812

412,094

Motilal

Oswal

Financial

Services

Ltd.

54,791

1,095,677

Tata

Investment

Corp.

Ltd.

2,187

164,060

2,536,991

Construction

&

Engineering

1.1%

ITD

Cementation

India

Ltd.

249,696

1,000,228

KNR

Constructions

Ltd.

128,778

380,638

Larsen

&

Toubro

Ltd.

116,957

5,279,549

NCC

Ltd.

555,619

1,548,714

Rail

Vikas

Nigam

Ltd.

Reg.

S

122,293

371,008

8,580,137

Construction

Materials

0.3%

JK

Cement

Ltd.

3,888

190,121

JK

Lakshmi

Cement

Ltd.

26,615

279,584

Shree

Cement

Ltd.

4,158

1,280,574

UltraTech

Cement

Ltd.

1,851

216,426

1,966,705

Electrical

Equipment

0.7%

ABB

India

Ltd.

65,202

4,974,231

Triveni

Turbine

Ltd.

87,172

561,515

5,535,746

Financial

Services

0.5%

Power

Finance

Corp.

Ltd.

847,158

3,965,810

REC

Ltd.

23,179

126,112

4,091,922

Gas

Utilities

0.0%

†

Mahanagar

Gas

Ltd.

Reg.

S

10,534

172,345

Health

Care

Providers

&

Services

0.2%

Max

Healthcare

Institute

Ltd.

87,923

864,862

Narayana

Hrudayalaya

Ltd.

Reg.

S

36,494

562,786

1,427,648

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Adani

Power

Ltd.

*

285,910

1,838,306

JSW

Energy

Ltd.

68,947

438,677

NTPC

Ltd.

736,502

2,976,446

PTC

India

Ltd.

194,334

433,546

5,686,975

4

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDIA

Insurance

0.0%

†

ICICI

Lombard

General

Insurance

Co.

Ltd.

Reg.

S

(b)

14,892

300,908

IT

Services

1.6%

HCL

Technologies

Ltd.

186,928

3,461,005

Infosys

Ltd.,

ADR

(a)

52,025

932,808

Tata

Consultancy

Services

Ltd.

167,034

7,777,629

Zensar

Technologies

Ltd.

31,679

231,383

12,402,825

Machinery

0.4%

Cochin

Shipyard

Ltd.

Reg.

S

(b)

31,628

330,926

Cummins

India

Ltd.

67,087

2,422,190

Force

Motors

Ltd.

2,404

208,895

Jamna

Auto

Industries

Ltd.

75,570

119,878

3,081,889

Metals

&

Mining

0.7%

Godawari

Power

and

Ispat

Ltd.

52,093

473,221

Jindal

Stainless

Ltd.

38,685

322,977

JSW

Steel

Ltd.

362,779

3,616,421

NMDC

Ltd.

152,809

369,833

Welspun

Corp.

Ltd.

113,179

699,689

5,482,141

Oil,

Gas

&

Consumable

Fuels

1.6%

Bharat

Petroleum

Corp.

Ltd.

808,322

5,841,230

Indian

Oil

Corp.

Ltd.

743,297

1,495,752

Petronet

LNG

Ltd.

751,433

2,372,036

Reliance

Industries

Ltd.

82,932

2,963,009

12,672,027

Pharmaceuticals

2.6%

Ajanta

Pharma

Ltd.

80,227

2,148,137

Alkem

Laboratories

Ltd.

11,255

667,162

Cipla

Ltd.

105,604

1,895,267

Dr

Reddy's

Laboratories

Ltd.,

ADR

55,773

4,090,950

JB

Chemicals

&

Pharmaceuticals

Ltd.

15,985

316,859

Lupin

Ltd.

86,809

1,685,536

Sun

Pharmaceutical

Industries

Ltd.

92,779

1,802,985

Torrent

Pharmaceuticals

Ltd.

116,743

3,640,663

Zydus

Lifesciences

Ltd.

337,622

4,084,443

20,332,002

Professional

Services

0.0%

†

WNS

Holdings

Ltd.

*

4,200

212,226

Specialty

Retail

0.3%

Trent

Ltd.

43,536

2,066,112

Trading

Companies

&

Distributors

0.1%

Adani

Enterprises

Ltd.

12,705

489,298

IndiaMart

InterMesh

Ltd.

Reg.

S

(b)

9,450

299,837

789,135

Transportation

Infrastructure

0.6%

Adani

Ports

&

Special

Economic

Zone

Ltd.

314,850

5,087,315

135,098,080

INDONESIA

2.3%

Banks

1.7%

Bank

Central

Asia

Tbk

.

PT

6,785,400

4,312,128

Bank

CIMB

Niaga

Tbk

.

PT

4,735,500

651,587

Bank

Mandiri

Persero

Tbk

.

PT

14,063,500

6,438,371

Common

Stocks

Shares

Value

($)

INDONESIA

Banks

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

5,846,000

2,234,447

13,636,533

Diversified

Telecommunication

Services

0.4%

Telkom

Indonesia

Persero

Tbk

.

PT

14,082,700

3,088,667

Gas

Utilities

0.1%

Perusahaan

Gas

Negara

Tbk

.

PT

5,296,000

453,393

Household

Products

0.0%

†

Unilever

Indonesia

Tbk

.

PT

1,637,100

278,881

Industrial

Conglomerates

0.0%

†

Astra

International

Tbk

.

PT

343,000

111,493

Metals

&

Mining

0.0%

†

Aneka

Tambang

Tbk

.

1,495,900

151,041

Oil,

Gas

&

Consumable

Fuels

0.1%

United

Tractors

Tbk

.

PT

263,600

401,967

Transportation

Infrastructure

0.0%

†

Jasa

Marga

Persero

Tbk

.

PT

682,200

238,692

18,360,667

LUXEMBOURG

0.3%

Capital

Markets

0.3%

Reinet

Investments

SCA

84,219

2,037,598

MEXICO

3.3%

Banks

1.1%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

594,169

6,383,241

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

*

653,700

2,010,111

8,393,352

Beverages

1.8%

Arca

Continental

SAB

de

CV

473,702

5,170,006

Coca-Cola

Femsa

SAB

de

CV,

ADR

83,834

8,148,664

13,318,670

Consumer

Staples

Distribution

&

Retail

0.2%

Wal-Mart

de

Mexico

SAB

de

CV

477,700

1,940,242

Household

Products

0.2%

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

714,786

1,722,814

Metals

&

Mining

0.0%

†

Ternium

SA,

ADR

(a)

2,000

83,240

Transportation

Infrastructure

0.0%

†

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

16,202

172,022

25,630,340

PERU

0.2%

Banks

0.2%

Credicorp

Ltd.

9,600

1,626,528

PHILIPPINES

0.4%

Banks

0.2%

Metropolitan

Bank

&

Trust

Co.

980,600

1,139,678

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Aboitiz

Power

Corp.

1,634,500

1,032,031

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

PHILIPPINES

Transportation

Infrastructure

0.1%

International

Container

Terminal

Services,

Inc.

172,370

989,248

3,160,957

POLAND

1.5%

Banks

0.6%

Bank

Polska

Kasa

Opieki

SA

104,563

4,754,247

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

15,117

224,358

4,978,605

Insurance

0.7%

Powszechny

Zaklad

Ubezpieczen

SA

438,829

5,366,738

Metals

&

Mining

0.2%

Grupa

Kety

SA

6,218

1,183,897

11,529,240

QATAR

0.4%

Banks

0.4%

Commercial

Bank

PSQC

(The)

*

147,797

200,372

Qatar

Islamic

Bank

SAQ

233,707

1,219,589

Qatar

National

Bank

QPSC

233,013

908,677

2,328,638

Multi-Utilities

0.0%

†

Qatar

Electricity

&

Water

Co.

QSC

77,143

343,844

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Qatar

Gas

Transport

Co.

Ltd.

132,881

145,360

2,817,842

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,

GDR

Reg.

S

*^∞

7,548

0

0

SAUDI

ARABIA

3.7%

Banks

2.7%

Al

Rajhi

Bank

124,792

2,765,163

Alinma

Bank

420,228

4,909,391

Arab

National

Bank

439,798

3,465,361

Banque

Saudi

Fransi

158,814

1,650,412

Riyad

Bank

390,764

3,107,794

Saudi

Awwal

Bank

267,638

2,961,711

Saudi

Investment

Bank

(The)

48,316

213,343

Saudi

National

Bank

(The)

143,463

1,562,063

20,635,238

Building

Products

0.0%

†

Bawan

Co.

14,379

181,710

Construction

Materials

0.0%

†

Saudi

Cement

Co.

24,423

303,507

Diversified

Consumer

Services

0.0%

†

Ataa

Educational

Co.

9,600

188,145

Food

Products

0.1%

Saudia

Dairy

&

Foodstuff

Co.

11,006

1,135,845

Health

Care

Providers

&

Services

0.4%

Al

Hammadi

Holding

77,148

1,252,759

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Health

Care

Providers

&

Services

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,243

103,936

Mouwasat

Medical

Services

Co.

7,398

269,064

National

Medical

Care

Co.

17,455

870,214

Saudi

Chemical

Co.

Holding

189,282

353,609

2,849,582

Insurance

0.2%

Bupa

Arabia

for

Cooperative

Insurance

Co.

19,452

1,368,217

Co.

for

Cooperative

Insurance

(The)

5,098

220,320

1,588,537

Oil,

Gas

&

Consumable

Fuels

0.1%

Aldrees

Petroleum

and

Transport

Services

Co.

10,566

482,308

Real

Estate

Management

&

Development

0.0%

†

Arabian

Centres

Co.

Ltd.

36,390

246,504

Specialty

Retail

0.1%

Jarir

Marketing

Co.

223,026

874,242

Transportation

Infrastructure

0.1%

Sustained

Infrastructure

Holding

Co.

77,061

793,191

29,278,809

SOUTH

AFRICA

2.1%

Banks

0.3%

Standard

Bank

Group

Ltd.

247,234

2,418,903

Broadline

Retail

0.4%

Naspers

Ltd.,

Class

N

14,984

2,649,062

Capital

Markets

0.2%

Investec

Ltd.

257,514

1,698,710

Financial

Services

0.9%

FirstRand

Ltd.

1,980,332

6,454,404

Hotels,

Restaurants

&

Leisure

0.0%

†

Sun

International

Ltd.

173,110

329,502

Industrial

Conglomerates

0.0%

†

Reunert

Ltd.

70,141

244,335

Insurance

0.3%

Old

Mutual

Ltd.

1,203,825

746,831

Sanlam

Ltd.

385,252

1,412,027

2,158,858

Specialty

Retail

0.0%

†

Mr

Price

Group

Ltd.

32,340

296,630

16,250,404

SOUTH

KOREA

13.3%

Aerospace

&

Defense

0.5%

Hanwha

Aerospace

Co.

Ltd.

10,452

1,614,282

Korea

Aerospace

Industries

Ltd.

52,462

1,965,667

3,579,949

Automobile

Components

0.2%

Hankook

Tire

&

Technology

Co.

Ltd.

37,507

1,506,095

Automobiles

1.0%

Kia

Corp.

92,986

7,736,718

Banks

1.0%

Hana

Financial

Group,

Inc.

31,369

1,372,821

6

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Banks

Industrial

Bank

of

Korea

46,319

480,013

JB

Financial

Group

Co.

Ltd.

239,530

2,316,158

KB

Financial

Group,

Inc.

42,049

2,187,319

Shinhan

Financial

Group

Co.

Ltd.

47,794

1,688,381

8,044,692

Broadline

Retail

0.0%

†

Coupang,

Inc.

*

20,100

357,579

Capital

Markets

0.3%

Daou

Technology,

Inc.

7,232

113,905

KIWOOM

Securities

Co.

Ltd.

1,619

148,333

Korea

Investment

Holdings

Co.

Ltd.

24,867

1,226,230

Samsung

Securities

Co.

Ltd.

35,364

1,069,418

2,557,886

Construction

&

Engineering

0.1%

GS

Engineering

&

Construction

Corp.

*

14,789

166,596

HDC

Hyundai

Development

Co-

Engineering

&

Construction,

Class

E

18,309

243,751

Samsung

Engineering

Co.

Ltd.

*

12,880

241,164

651,511

Diversified

Telecommunication

Services

0.4%

KT

Corp.

116,632

3,288,587

Electrical

Equipment

0.1%

Doosan

Enerbility

Co.

Ltd.

*

40,190

523,481

LS

Electric

Co.

Ltd.

3,771

275,988

799,469

Electronic

Equipment,

Instruments

&

Components

0.0%

†

SOLUM

Co.

Ltd.

*

12,344

226,547

Financial

Services

0.6%

Meritz

Financial

Group,

Inc.

77,308

4,692,972

Industrial

Conglomerates

0.3%

Doosan

Co.

Ltd.

*

2,542

285,191

GS

Holdings

Corp.

57,623

2,071,552

SK

Square

Co.

Ltd.

*

6,419

373,050

2,729,793

Insurance

1.5%

DB

Insurance

Co.

Ltd.

49,970

3,579,817

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

35,351

810,221

Korean

Reinsurance

Co.

*

42,042

259,809

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

22,367

5,118,890

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Preference)

2,328

404,674

Samsung

Life

Insurance

Co.

Ltd.

14,503

1,029,040

11,202,451

Interactive

Media

&

Services

0.3%

NAVER

Corp.

19,596

2,724,490

Machinery

0.6%

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

*

47,533

4,245,361

Hyundai

Rotem

Co.

Ltd.

13,144

335,918

4,581,279

Metals

&

Mining

0.4%

Hyundai

Steel

Co.

15,207

358,258

POSCO

Holdings,

Inc.

8,063

2,522,338

2,880,596

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Pharmaceuticals

0.2%

Chong

Kun

Dang

Pharmaceutical

Corp.

7,468

629,690

Daewoong

Pharmaceutical

Co.

Ltd.

2,625

238,123

Hanmi

Science

Co.

Ltd.

12,768

420,674

Yuhan

Corp.

7,513

432,007

1,720,494

Semiconductors

&

Semiconductor

Equipment

1.2%

HAESUNG

DS

Co.

Ltd.

11,592

439,342

Hanmi

Semiconductor

Co.

Ltd.

37,561

3,754,496

Innox

Advanced

Materials

Co.

Ltd.

11,362

247,791

PSK,

Inc.

12,494

266,021

SK

Hynix,

Inc.

26,810

3,562,969

Systems

Technology,

Inc.

16,295

446,639

Worldex

Industry

&

Trading

Co.

Ltd.

38,141

676,074

9,393,332

Software

0.0%

†

Douzone

Bizon

Co.

Ltd.

7,078

220,940

Technology

Hardware,

Storage

&

Peripherals

4.3%

Samsung

Electronics

Co.

Ltd.

482,132

28,867,570

Samsung

Electronics

Co.

Ltd.

(Preference)

80,764

4,032,733

32,900,303

Trading

Companies

&

Distributors

0.3%

Posco

International

Corp.

52,621

2,080,219

103,875,902

TAIWAN

18.0%

Automobiles

0.0%

†

China

Motor

Corp.

57,000

231,889

Banks

1.4%

CTBC

Financial

Holding

Co.

Ltd.

8,392,000

8,503,770

E.Sun

Financial

Holding

Co.

Ltd.

2,153,000

1,827,096

King's

Town

Bank

Co.

Ltd.

349,000

562,703

10,893,569

Chemicals

0.0%

†

Nan

Pao

Resins

Chemical

Co.

Ltd.

19,000

186,141

Construction

Materials

0.0%

†

Goldsun

Building

Materials

Co.

Ltd.

243,000

286,393

Electronic

Equipment,

Instruments

&

Components

0.6%

Hon

Hai

Precision

Industry

Co.

Ltd.

965,000

4,689,061

Metals

&

Mining

0.1%

Tung

Ho

Steel

Enterprise

Corp.

243,000

520,890

Semiconductors

&

Semiconductor

Equipment

11.9%

AMPOC

Far-East

Co.

Ltd.

58,000

162,391

Ardentec

Corp.

239,000

614,743

ASE

Technology

Holding

Co.

Ltd.

625,000

3,034,604

ASMedia

Technology,

Inc.

10,000

722,921

Everlight

Electronics

Co.

Ltd.

383,000

640,292

FocalTech

Systems

Co.

Ltd.

*

66,000

195,374

Genesys

Logic,

Inc.

145,000

490,047

Global

Mixed

Mode

Technology,

Inc.

167,000

1,393,190

ITE

Technology,

Inc.

426,000

2,349,825

King

Yuan

Electronics

Co.

Ltd.

686,000

2,272,772

MediaTek,

Inc.

265,000

9,626,724

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

MPI

Corp.

42,000

399,708

Novatek

Microelectronics

Corp.

87,000

1,602,984

Orient

Semiconductor

Electronics

Ltd.

119,000

243,283

Powertech

Technology,

Inc.

381,000

2,393,445

Realtek

Semiconductor

Corp.

131,000

2,283,139

Silicon

Motion

Technology

Corp.,

ADR

5,900

453,946

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

2,645,000

63,728,448

Topco

Scientific

Co.

Ltd.

65,000

444,068

Visual

Photonics

Epitaxy

Co.

Ltd.

37,000

194,602

93,246,506

Technology

Hardware,

Storage

&

Peripherals

4.0%

Advantech

Co.

Ltd.

197,087

2,508,699

AIC,

Inc.

36,000

423,600

ASROCK,

Inc.

41,000

330,651

Asustek

Computer,

Inc.

37,000

490,370

Chicony

Electronics

Co.

Ltd.

489,000

3,386,664

Compal

Electronics,

Inc.

3,642,000

4,377,018

Darfon

Electronics

Corp.

212,000

412,747

Getac

Holdings

Corp.

101,000

419,813

Inventec

Corp.

911,000

1,668,445

Lite-On

Technology

Corp.

851,000

2,819,286

Micro-Star

International

Co.

Ltd.

72,000

376,159

Pegatron

Corp.

195,000

608,144

Quanta

Computer,

Inc.

505,000

4,425,685

Transcend

Information,

Inc.

132,000

366,700

Wistron

Corp.

1,364,000

5,138,073

Wiwynn

Corp.

49,000

3,354,948

31,107,002

141,161,451

THAILAND

1.8%

Banks

0.6%

Krung

Thai

Bank

PCL

1,950,700

898,888

SCB

X

PCL

1,078,800

3,373,273

Thanachart

Capital

PCL

203,700

287,605

TMBThanachart

Bank

PCL

7,991,000

398,962

4,958,728

Consumer

Staples

Distribution

&

Retail

0.1%

CP

ALL

PCL

402,200

600,956

Containers

&

Packaging

0.0%

†

SCG

Packaging

PCL

398,600

314,190

Health

Care

Providers

&

Services

0.3%

Bangkok

Chain

Hospital

PCL

208,400

117,686

Bumrungrad

Hospital

PCL

356,700

2,180,791

2,298,477

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Electricity

Generating

PCL

29,200

90,443

Oil,

Gas

&

Consumable

Fuels

0.7%

PTT

Exploration

&

Production

PCL

323,000

1,327,852

PTT

PCL

4,009,000

3,681,115

5,008,967

Pharmaceuticals

0.0%

†

Mega

Lifesciences

PCL

250,400

284,881

Common

Stocks

Shares

Value

($)

THAILAND

Specialty

Retail

0.1%

PTT

Oil

&

Retail

Business

PCL

1,781,800

864,347

14,420,989

TURKEY

1.2%

Banks

0.4%

Turkiye

Is

Bankasi

A/S,

Class

C

3,826,245

1,330,026

Yapi

ve

Kredi

Bankasi

A/S

*

2,045,913

1,740,210

3,070,236

Construction

&

Engineering

0.1%

Enka

Insaat

ve

Sanayi

A/S

620,794

661,780

Consumer

Staples

Distribution

&

Retail

0.1%

Migros

Ticaret

A/S

71,768

906,932

Industrial

Conglomerates

0.3%

KOC

Holding

A/S

*

333,098

2,095,187

Oil,

Gas

&

Consumable

Fuels

0.3%

Turkiye

Petrol

Rafinerileri

A/S

442,106

2,419,674

9,153,809

UNITED

ARAB

EMIRATES

1.3%

Banks

1.0%

Abu

Dhabi

Commercial

Bank

PJSC

401,872

919,262

Abu

Dhabi

Islamic

Bank

PJSC

374,110

1,112,550

Dubai

Islamic

Bank

PJSC

744,660

1,184,310

Emirates

NBD

Bank

PJSC

964,105

4,543,006

7,759,128

Industrial

Conglomerates

0.0%

†

Dubai

Investments

PJSC

184,966

115,339

Passenger

Airlines

0.1%

Air

Arabia

PJSC

1,109,139

836,730

Real

Estate

Management

&

Development

0.2%

Emaar

Development

PJSC

159,201

355,534

Emaar

Properties

PJSC

629,073

1,395,764

1,751,298

10,462,495

UNITED

KINGDOM

0.1%

Metals

&

Mining

0.1%

Anglogold

Ashanti

plc

20,805

466,740

Total

Common

Stocks

(cost

$701,412,097)

775,520,661

8

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Repurchase

Agreement

0.5%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$4,112,361,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$4,192,125.(c)

4,109,927

4,109,927

Total

Repurchase

Agreement

(cost

$4,109,927)

4,109,927

Total

Investments

(cost

$705,522,024)

—

99.5%

779,630,588

Other

assets

in

excess

of

liabilities

—

0.5%

3,839,557

NET

ASSETS

—

100.0%

$

783,470,145

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$4,490,517,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,109,927

and

by

$591,399

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

3.88%,

and

maturity

dates

ranging

from

10/31/2026

–

11/15/2049,

a

total

value

of

$4,701,326.

(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,

2024

was

$23,081,324

which

represents

2.95%

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,

2024

was

$4,109,927.

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,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

25

6/2024

USD

1,311,250

159

Net

contracts

159

As

of

March

31,

2024,

the

Fund

had

$41,554

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2024

(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,

2024.

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

$

–

$

11,266,035

$

–

$

11,266,035

Automobile

Components

–

3,517,867

–

3,517,867

Automobiles

–

26,075,127

–

26,075,127

Banks

29,241,368

109,350,955

–

138,592,323

Beverages

8,148,664

9,276,626

–

17,425,290

Biotechnology

–

1,635,725

–

1,635,725

Broadline

Retail

9,440,528

24,769,626

–

34,210,154

Building

Products

–

938,272

–

938,272

Capital

Markets

2,794,318

9,348,885

–

12,143,203

Chemicals

–

3,593,692

–

3,593,692

Construction

&

Engineering

–

13,084,623

–

13,084,623

Construction

Materials

–

3,297,460

–

3,297,460

Consumer

Staples

Distribution

&

Retail

–

3,448,130

–

3,448,130

Containers

&

Packaging

–

314,190

–

314,190

Diversified

Consumer

Services

–

2,957,209

–

2,957,209

Diversified

Telecommunication

Services

2,227,561

6,377,254

–

8,604,815

Electric

Utilities

631,597

–

–

631,597

Electrical

Equipment

1,404,490

8,276,369

–

9,680,859

Electronic

Equipment,

Instruments

&

Components

–

6,315,651

–

6,315,651

Entertainment

–

5,856,329

–

5,856,329

Financial

Services

259,896

15,239,298

–

15,499,194

Food

Products

430,270

2,380,059

–

2,810,329

Gas

Utilities

–

3,812,119

–

3,812,119

Health

Care

Providers

&

Services

–

10,002,912

–

10,002,912

Hotels,

Restaurants

&

Leisure

2,441,260

20,933,666

–

23,374,926

Household

Durables

–

2,026,120

–

2,026,120

Household

Products

–

2,001,695

–

2,001,695

Independent

Power

and

Renewable

Electricity

Producers

274,133

7,232,015

–

7,506,148

Industrial

Conglomerates

–

8,623,441

–

8,623,441

Insurance

4,258,236

24,956,727

–

29,214,963

Interactive

Media

&

Services

–

35,611,104

–

35,611,104

IT

Services

932,808

11,470,017

–

12,402,825

Life

Sciences

Tools

&

Services

–

1,936,197

–

1,936,197

Machinery

–

18,222,816

–

18,222,816

Marine

Transportation

1,327,669

357,498

–

1,685,167

Metals

&

Mining

11,268,510

12,936,255

–

24,204,765

Multi-Utilities

–

343,844

–

343,844

Oil,

Gas

&

Consumable

Fuels

8,794,823

22,657,109

–

31,451,932

Paper

&

Forest

Products

–

1,308,570

–

1,308,570

Passenger

Airlines

–

836,730

–

836,730

Pharmaceuticals

4,090,950

27,207,937

–

31,298,887

Professional

Services

212,226

–

–

212,226

Real

Estate

Management

&

Development

–

4,586,628

–

4,586,628

Semiconductors

&

Semiconductor

Equipment

453,946

104,662,526

–

105,116,472

Software

–

220,940

–

220,940

Specialty

Retail

864,347

4,702,320

–

5,566,667

Technology

Hardware,

Storage

&

Peripherals

–

72,607,240

–

72,607,240

Textiles,

Apparel

&

Luxury

Goods

–

5,219,343

–

5,219,343

Trading

Companies

&

Distributors

–

3,389,596

–

3,389,596

Transportation

Infrastructure

–

10,197,777

–

10,197,777

Water

Utilities

640,537

–

–

640,537

Total

Common

Stocks

$

90,138,137

$

685,382,524

$

–

$

775,520,661

Futures

Contracts

159

–

–

159

Repurchase

Agreement

–

4,109,927

–

4,109,927

Total

$

90,138,296

$

689,492,451

$

–

$

779,630,747

12

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

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,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

As

of

March

31,

2024,

the

Fund

held

three

common

stocks

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

159

Total

$

159

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

98.5%

Shares

Value

($)

AUSTRALIA

6.6%

Banks

0.9%

Commonwealth

Bank

of

Australia

5,102

401,184

National

Australia

Bank

Ltd.

273,591

6,176,492

6,577,676

Commercial

Services

&

Supplies

0.7%

Brambles

Ltd.

497,169

5,242,195

Consumer

Staples

Distribution

&

Retail

0.5%

Woolworths

Group

Ltd.

189,961

4,106,392

Financial

Services

0.0%

†

Challenger

Ltd.

39,408

183,094

Health

Care

Equipment

&

Supplies

0.5%

Cochlear

Ltd.

19,237

4,231,491

Hotels,

Restaurants

&

Leisure

0.1%

Aristocrat

Leisure

Ltd.

20,505

574,633

Insurance

1.1%

Insurance

Australia

Group

Ltd.

922,395

3,847,081

Suncorp

Group

Ltd.

444,991

4,754,870

8,601,951

Metals

&

Mining

2.0%

BHP

Group

Ltd.

238,821

6,896,955

BlueScope

Steel

Ltd.

102,487

1,594,730

Deterra

Royalties

Ltd.

278,137

893,663

Fortescue

Ltd.

240,079

4,023,052

Northern

Star

Resources

Ltd.

49,524

472,708

Perenti

Ltd.

242,627

155,129

Rio

Tinto

Ltd.

10,477

832,940

14,869,177

Office

REITs

0.4%

Dexus

581,252

3,003,895

Retail

REITs

0.4%

Scentre

Group

1,555,556

3,446,238

Software

0.0%

†

WiseTech

Global

Ltd.

4,746

290,622

51,127,364

AUSTRIA

0.3%

Banks

0.3%

BAWAG

Group

AG

Reg.

S

*(a)

31,835

2,017,639

Erste

Group

Bank

AG

9,111

405,705

2,423,344

BELGIUM

0.3%

Banks

0.0%

†

KBC

Ancora

4,206

204,683

Chemicals

0.1%

Umicore

SA

29,286

631,250

Health

Care

Providers

&

Services

0.0%

†

Fagron

10,404

198,167

Pharmaceuticals

0.2%

UCB

SA

8,401

1,036,118

2,070,218

CHINA

0.7%

Broadline

Retail

0.4%

Prosus

NV

108,697

3,406,151

Common

Stocks

Shares

Value

($)

CHINA

Machinery

0.3%

Yangzijiang

Shipbuilding

Holdings

Ltd.

1,574,300

2,227,389

5,633,540

DENMARK

5.4%

Banks

0.3%

Jyske

Bank

A/S

(Registered)

10,935

925,476

Spar

Nord

Bank

A/S

9,592

160,268

Sydbank

A/S

19,333

1,002,895

2,088,639

Biotechnology

1.0%

Genmab

A/S

*

26,665

7,977,936

Pharmaceuticals

3.7%

Novo

Nordisk

A/S,

Class

B

218,003

27,925,295

Textiles,

Apparel

&

Luxury

Goods

0.4%

Pandora

A/S

21,096

3,407,513

41,399,383

FINLAND

0.6%

Machinery

0.6%

Cargotec

OYJ,

Class

B

*

6,464

450,161

Kone

OYJ,

Class

B

48,165

2,240,360

Konecranes

OYJ

22,965

1,191,032

Wartsila

OYJ

Abp

24,830

377,186

4,258,739

FRANCE

9.1%

Aerospace

&

Defense

2.5%

Airbus

SE

12,129

2,237,268

Dassault

Aviation

SA

24,833

5,465,386

Safran

SA

24,618

5,574,504

Thales

SA

29,609

5,047,642

18,324,800

Automobile

Components

0.3%

Valeo

SE

155,054

1,937,172

Building

Products

0.4%

Cie

de

Saint-Gobain

SA

43,548

3,376,965

Chemicals

0.8%

Air

Liquide

SA

27,710

5,774,791

Construction

&

Engineering

0.7%

Eiffage

SA

48,220

5,467,175

Electrical

Equipment

1.3%

Legrand

SA

88,571

9,370,632

Nexans

SA

5,122

534,772

9,905,404

Financial

Services

0.1%

Edenred

SE

16,931

902,622

Food

Products

0.5%

Danone

SA

63,202

4,083,755

Health

Care

Equipment

&

Supplies

0.1%

EssilorLuxottica

SA

4,960

1,124,899

Insurance

0.0%

†

Coface

SA

23,597

372,814

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

*

2,226

634,347

Multi-Utilities

0.2%

Engie

SA

33,844

568,740

14

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Multi-Utilities

Veolia

Environnement

SA

18,497

600,095

1,168,835

Pharmaceuticals

0.1%

Ipsen

SA

6,436

765,004

Professional

Services

0.0%

†

Bureau

Veritas

SA

8,994

274,141

Retail

REITs

0.0%

†

Klepierre

SA

7,002

181,261

Software

0.4%

Dassault

Systemes

SE

77,607

3,432,651

Textiles,

Apparel

&

Luxury

Goods

1.4%

Hermes

International

SCA

3,072

7,875,493

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,881

2,605,683

10,481,176

Trading

Companies

&

Distributors

0.2%

Rexel

SA

60,353

1,628,706

Transportation

Infrastructure

0.0%

†

Getlink

SE

18,635

317,178

70,153,696

GEORGIA

0.1%

Banks

0.1%

Bank

of

Georgia

Group

plc

9,558

609,943

GERMANY

8.8%

Aerospace

&

Defense

0.0%

†

Rheinmetall

AG

639

359,113

Automobile

Components

0.1%

Continental

AG

8,306

599,523

Automobiles

0.6%

Bayerische

Motoren

Werke

AG

(Preference)

20,202

2,166,164

Porsche

Automobil

Holding

SE

(Preference)

22,954

1,216,735

Volkswagen

AG

(Preference)

8,595

1,139,907

4,522,806

Capital

Markets

0.5%

Deutsche

Boerse

AG

18,269

3,738,025

Chemicals

0.0%

†

FUCHS

SE

(Preference)

7,113

352,243

Construction

&

Engineering

0.1%

Hochtief

AG

8,177

950,131

Diversified

Telecommunication

Services

1.0%

Deutsche

Telekom

AG

(Registered)

327,725

7,955,596

Household

Products

1.2%

Henkel

AG

&

Co.

KGaA

50,854

3,662,633

Henkel

AG

&

Co.

KGaA

(Preference)

64,848

5,211,661

8,874,294

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

RWE

AG

2,775

94,177

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

33,227

6,343,203

Common

Stocks

Shares

Value

($)

GERMANY

Insurance

2.1%

Hannover

Rueck

SE

13,168

3,603,846

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

(Registered)

24,414

11,912,374

15,516,220

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S

(a)

3,299

248,654

IT

Services

0.0%

†

Bechtle

AG

4,619

244,081

Life

Sciences

Tools

&

Services

0.1%

Gerresheimer

AG

2,548

286,959

Sartorius

AG

(Preference)

*

1,912

760,417

1,047,376

Machinery

0.5%

Deutz

AG

45,994

292,045

GEA

Group

AG

49,201

2,080,206

Knorr-

Bremse

AG

19,055

1,441,197

3,813,448

Pharmaceuticals

0.1%

Merck

KGaA

3,758

663,243

Software

1.6%

Nemetschek

SE

13,950

1,380,404

SAP

SE

47,380

9,224,562

TeamViewer

SE

Reg.

S

*(a)

55,533

827,021

11,431,987

Textiles,

Apparel

&

Luxury

Goods

0.1%

Puma

SE

19,246

872,407

Trading

Companies

&

Distributors

0.0%

†

Brenntag

SE

3,249

273,687

67,900,214

HONG

KONG

1.1%

Insurance

0.7%

AIA

Group

Ltd.

798,600

5,359,397

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

30,000

406,729

Real

Estate

Management

&

Development

0.3%

Swire

Pacific

Ltd.,

Class

A

284,500

2,342,697

Swire

Pacific

Ltd.,

Class

B

142,500

185,846

2,528,543

8,294,669

ISRAEL

0.1%

Financial

Services

0.1%

Plus500

Ltd.

46,731

1,065,263

ITALY

2.0%

Banks

1.0%

Banca

Monte

dei

Paschi

di

Siena

SpA

*

124,492

564,094

Banco

BPM

SpA

217,453

1,447,007

BPER

Banca

62,925

297,250

Credito

Emiliano

SpA

51,808

518,129

UniCredit

SpA

111,610

4,235,437

7,061,917

Capital

Markets

0.3%

Azimut

Holding

SpA

62,509

1,698,085

Banca

Generali

SpA

8,641

343,473

2,041,558

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

ITALY

Electrical

Equipment

0.3%

Prysmian

SpA

51,437

2,686,307

Financial

Services

0.2%

Banca

Mediolanum

SpA

145,376

1,597,650

Insurance

0.2%

Unipol

Gruppo

SpA

217,866

1,825,357

15,212,789

JAPAN

25.9%

Automobile

Components

1.2%

Aisan

Industry

Co.

Ltd.

(b)

39,400

439,191

Aisin

Corp.

(b)

65,700

2,680,802

Sumitomo

Electric

Industries

Ltd.

300,500

4,653,399

Toyo

Tire

Corp.

71,300

1,347,862

Toyoda

Gosei

Co.

Ltd.

15,200

334,739

9,455,993

Automobiles

3.4%

Honda

Motor

Co.

Ltd.

855,900

10,585,718

Mazda

Motor

Corp.

347,700

4,066,366

Subaru

Corp.

97,500

2,219,104

Toyota

Motor

Corp.

404,200

10,160,019

27,031,207

Banks

1.3%

Kyoto

Financial

Group,

Inc.

(b)

19,200

346,128

Mitsubishi

UFJ

Financial

Group,

Inc.

250,600

2,549,168

Mizuho

Financial

Group,

Inc.

280,200

5,544,070

Sumitomo

Mitsui

Trust

Holdings,

Inc.

62,500

1,347,568

9,786,934

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

54,900

2,015,577

Broadline

Retail

0.3%

Takashimaya

Co.

Ltd.

120,900

1,927,507

Capital

Markets

0.7%

Daiwa

Securities

Group,

Inc.

110,300

839,408

Marusan

Securities

Co.

Ltd.

(b)

47,100

333,294

Nomura

Holdings,

Inc.

195,400

1,250,060

Okasan

Securities

Group,

Inc.

(b)

142,100

758,327

SBI

Holdings,

Inc.

40,100

1,050,980

Tokai

Tokyo

Financial

Holdings,

Inc.

(b)

266,200

1,059,367

5,291,436

Chemicals

0.1%

Air

Water,

Inc.

43,800

685,750

Commercial

Services

&

Supplies

0.5%

Dai

Nippon

Printing

Co.

Ltd.

(b)

40,000

1,226,031

Itoki

Corp.

(b)

106,400

1,219,977

Kokuyo

Co.

Ltd.

52,000

849,076

Okamura

Corp.

32,600

479,993

3,775,077

Construction

&

Engineering

0.0%

†

Seikitokyu

Kogyo

Co.

Ltd.

(b)

28,800

356,574

Construction

Materials

0.1%

Sumitomo

Osaka

Cement

Co.

Ltd.

(b)

28,300

707,872

Consumer

Staples

Distribution

&

Retail

0.1%

Life

Corp.

5,400

138,411

Common

Stocks

Shares

Value

($)

JAPAN

Consumer

Staples

Distribution

&

Retail

Mitsubishi

Shokuhin

Co.

Ltd.

16,300

599,493

737,904

Diversified

Telecommunication

Services

0.4%

Nippon

Telegraph

&

Telephone

Corp.

2,870,900

3,417,900

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

12,500

163,042

Kansai

Electric

Power

Co.,

Inc.

(The)

(b)

55,200

786,501

949,543

Electrical

Equipment

0.0%

†

Mitsubishi

Electric

Corp.

10,900

182,700

Electronic

Equipment,

Instruments

&

Components

0.3%

Canon

Marketing

Japan,

Inc.

5,400

159,103

Yokogawa

Electric

Corp.

79,700

1,836,830

1,995,933

Financial

Services

1.1%

Mitsubishi

HC

Capital,

Inc.

164,500

1,146,405

ORIX

Corp.

230,700

5,044,093

Tokyo

Century

Corp.

(b)

186,000

1,934,014

8,124,512

Food

Products

0.3%

Nisshin

Seifun

Group,

Inc.

(b)

47,000

647,090

Nissin

Foods

Holdings

Co.

Ltd.

(b)

71,900

1,982,326

2,629,416

Ground

Transportation

0.4%

Central

Japan

Railway

Co.

(b)

120,700

2,996,513

Nikkon

Holdings

Co.

Ltd.

(b)

5,800

111,826

3,108,339

Health

Care

Providers

&

Services

0.1%

Medipal

Holdings

Corp.

6,800

103,929

Suzuken

Co.

Ltd.

12,400

377,806

481,735

Hotels,

Restaurants

&

Leisure

0.2%

Zensho

Holdings

Co.

Ltd.

(b)

29,600

1,232,547

Household

Durables

2.0%

Panasonic

Holdings

Corp.

548,200

5,230,155

Sekisui

House

Ltd.

214,400

4,876,761

Sony

Group

Corp.

58,100

4,979,318

15,086,234

Industrial

Conglomerates

0.2%

Hitachi

Ltd.

20,800

1,899,866

Insurance

1.3%

MS&AD

Insurance

Group

Holdings,

Inc.

435,300

7,702,214

Sompo

Holdings,

Inc.

105,900

2,219,967

9,922,181

IT

Services

1.2%

Fujitsu

Ltd.

126,000

2,017,577

NEC

Corp.

37,000

2,692,157

NEC

Networks

&

System

Integration

Corp.

37,800

628,351

NS

Solutions

Corp.

12,100

394,564

SCSK

Corp.

189,800

3,519,320

TIS,

Inc.

4,200

89,905

9,341,874

Machinery

1.4%

IHI

Corp.

(b)

164,000

4,387,667

Kurita

Water

Industries

Ltd.

40,000

1,659,666

Mitsubishi

Logisnext

Co.

Ltd.

39,500

479,819

16

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

NGK

Insulators

Ltd.

203,800

2,736,331

Sumitomo

Heavy

Industries

Ltd.

50,600

1,593,454

10,856,937

Marine

Transportation

0.1%

Iino

Kaiun

Kaisha

Ltd.

(b)

54,000

449,844

Media

0.0%

†

SKY

Perfect

JSAT

Holdings,

Inc.

44,500

303,678

Metals

&

Mining

1.1%

JFE

Holdings,

Inc.

250,700

4,146,568

Kyoei

Steel

Ltd.

13,000

202,863

Nippon

Steel

Corp.

(b)

163,900

3,940,801

8,290,232

Oil,

Gas

&

Consumable

Fuels

0.5%

ENEOS

Holdings,

Inc.

833,700

4,013,421

Pharmaceuticals

0.4%

Daiichi

Sankyo

Co.

Ltd.

57,900

1,840,272

Otsuka

Holdings

Co.

Ltd.

13,400

555,730

Santen

Pharmaceutical

Co.

Ltd.

48,700

479,393

2,875,395

Professional

Services

0.0%

†

Tanseisha

Co.

Ltd.

37,200

215,020

Real

Estate

Management

&

Development

1.7%

Daiwa

House

Industry

Co.

Ltd.

53,200

1,582,385

Nomura

Real

Estate

Holdings,

Inc.

199,800

5,649,424

Sumitomo

Realty

&

Development

Co.

Ltd.

38,100

1,418,768

Tokyu

Fudosan

Holdings

Corp.

545,300

4,407,002

13,057,579

Semiconductors

&

Semiconductor

Equipment

2.3%

Advantest

Corp.

(b)

43,600

1,948,447

Disco

Corp.

6,100

2,241,162

Mimasu

Semiconductor

Industry

Co.

Ltd.

14,600

296,847

Optorun

Co.

Ltd.

(b)

9,700

131,938

Renesas

Electronics

Corp.

233,400

4,177,475

SCREEN

Holdings

Co.

Ltd.

(b)

13,000

1,691,220

Tokyo

Electron

Ltd.

26,800

7,028,285

YAC

Holdings

Co.

Ltd.

(b)

7,600

125,265

17,640,639

Software

0.5%

Computer

Engineering

&

Consulting

Ltd.

20,500

209,983

Rakus

Co.

Ltd.

(b)

16,500

222,503

Trend

Micro,

Inc.

61,000

3,102,652

3,535,138

Specialty

Retail

0.0%

†

USS

Co.

Ltd.

34,600

285,991

Technology

Hardware,

Storage

&

Peripherals

0.9%

Brother

Industries

Ltd.

(b)

39,800

739,599

Canon,

Inc.

(b)

120,100

3,575,126

Konica

Minolta,

Inc.

196,700

643,125

Seiko

Epson

Corp.

(b)

93,500

1,633,211

6,591,061

Trading

Companies

&

Distributors

0.1%

Kanematsu

Corp.

17,000

290,121

Sojitz

Corp.

(b)

29,700

782,603

1,072,724

Transportation

Infrastructure

0.1%

Kamigumi

Co.

Ltd.

(b)

22,200

488,329

Common

Stocks

Shares

Value

($)

JAPAN

Wireless

Telecommunication

Services

1.2%

KDDI

Corp.

(b)

129,300

3,823,137

SoftBank

Group

Corp.

95,400

5,701,114

9,524,251

199,344,850

NETHERLANDS

7.8%

Banks

0.7%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(a)

255,144

4,377,022

ING

Groep

NV

58,155

957,761

5,334,783

Capital

Markets

0.2%

Euronext

NV

Reg.

S

(a)

9,179

873,040

Van

Lanschot

Kempen

NV,

CVA

15,498

526,231

1,399,271

Chemicals

0.1%

Akzo

Nobel

NV

8,210

612,355

Consumer

Staples

Distribution

&

Retail

1.0%

Koninklijke

Ahold

Delhaize

NV

264,840

7,918,671

Financial

Services

0.2%

Adyen

NV

Reg.

S

*(a)

1,060

1,795,554

Machinery

0.1%

Aalberts

NV

16,814

807,622

Oil,

Gas

&

Consumable

Fuels

0.7%

Shell

plc

162,259

5,428,502

Professional

Services

0.4%

Wolters

Kluwer

NV

19,007

2,976,660

Semiconductors

&

Semiconductor

Equipment

4.4%

ASM

International

NV

7,774

4,735,964

ASML

Holding

NV

28,123

27,000,412

BE

Semiconductor

Industries

NV

11,358

1,734,156

33,470,532

59,743,950

NEW

ZEALAND

0.4%

Diversified

Telecommunication

Services

0.1%

Spark

New

Zealand

Ltd.

201,349

573,219

Software

0.3%

Xero

Ltd.

*

26,467

2,299,885

2,873,104

NORWAY

0.7%

Aerospace

&

Defense

0.5%

Kongsberg

Gruppen

ASA

46,257

3,199,071

Construction

&

Engineering

0.0%

†

Veidekke

ASA

22,572

245,060

Food

Products

0.0%

†

Orkla

ASA

23,482

165,671

Insurance

0.0%

†

Protector

Forsikring

ASA

13,095

273,864

Marine

Transportation

0.2%

Hoegh

Autoliners

ASA

37,089

316,251

Stolt-Nielsen

Ltd.

21,647

797,717

Wallenius

Wilhelmsen

ASA

47,326

385,139

1,499,107

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

NORWAY

Media

0.0%

†

Schibsted

ASA,

Class

B

10,877

331,661

5,714,434

PORTUGAL

0.1%

Consumer

Staples

Distribution

&

Retail

0.1%

Jeronimo

Martins

SGPS

SA

30,445

604,071

SINGAPORE

0.8%

Aerospace

&

Defense

0.1%

Singapore

Technologies

Engineering

Ltd.

264,800

789,193

Banks

0.4%

Oversea-Chinese

Banking

Corp.

Ltd.

124,600

1,246,455

United

Overseas

Bank

Ltd.

92,000

1,999,518

3,245,973

Industrial

Conglomerates

0.2%

Keppel

Ltd.

267,400

1,455,201

Oil,

Gas

&

Consumable

Fuels

0.1%

Hafnia

Ltd.

86,732

601,253

6,091,620

SPAIN

3.2%

Banks

1.2%

Banco

Bilbao

Vizcaya

Argentaria

SA

(b)

54,610

650,571

Banco

de

Sabadell

SA

255,754

401,525

Banco

Santander

SA

933,330

4,560,455

Bankinter

SA

(b)

397,248

2,905,147

CaixaBank

SA

(b)

151,389

733,920

9,251,618

Food

Products

0.0%

†

Ebro

Foods

SA

15,512

258,392

Hotels,

Restaurants

&

Leisure

0.6%

Amadeus

IT

Group

SA

67,639

4,337,831

Specialty

Retail

1.4%

Industria

de

Diseno

Textil

SA

220,548

11,106,098

24,953,939

SWEDEN

3.3%

Aerospace

&

Defense

0.3%

Saab

AB,

Class

B

26,276

2,336,636

Banks

0.1%

Swedbank

AB,

Class

A

(b)

20,506

406,877

Building

Products

0.0%

†

Lindab

International

AB

12,142

260,412

Capital

Markets

0.0%

†

Bure

Equity

AB

10,867

347,780

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Lagercrantz

Group

AB,

Class

B

22,438

342,692

Financial

Services

1.4%

Industrivarden

AB,

Class

A

9,113

313,500

Investor

AB,

Class

A

50,358

1,250,794

Investor

AB,

Class

B

356,204

8,928,965

10,493,259

Hotels,

Restaurants

&

Leisure

0.3%

Evolution

AB

Reg.

S

(a)

15,963

1,982,087

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

0.6%

Atlas

Copco

AB,

Class

B

88,736

1,309,927

Indutrade

AB

*

52,514

1,430,544

Trelleborg

AB,

Class

B

54,802

1,958,842

4,699,313

Metals

&

Mining

0.5%

SSAB

AB,

Class

A

319,697

2,357,518

SSAB

AB,

Class

B

224,542

1,653,527

4,011,045

Professional

Services

0.0%

†

AFRY

AB

5,581

88,989

Real

Estate

Management

&

Development

0.1%

Wihlborgs

Fastigheter

AB

65,320

604,260

Software

0.0%

†

Fortnox

AB

*

18,238

113,866

25,687,216

SWITZERLAND

6.4%

Capital

Markets

1.4%

Julius

Baer

Group

Ltd.

71,106

4,104,609

UBS

Group

AG

(Registered)

227,659

6,996,827

11,101,436

Chemicals

0.2%

Sika

AG

(Registered)

5,764

1,716,266

Electrical

Equipment

1.2%

ABB

Ltd.

(Registered)

195,358

9,067,090

Health

Care

Equipment

&

Supplies

0.1%

Sonova

Holding

AG

(Registered)

1,582

457,886

Insurance

0.8%

Zurich

Insurance

Group

AG

12,098

6,523,008

Life

Sciences

Tools

&

Services

1.0%

Lonza

Group

AG

(Registered)

12,392

7,419,593

Machinery

0.0%

†

VAT

Group

AG

Reg.

S

(a)

638

329,975

Pharmaceuticals

1.6%

Novartis

AG

(Registered)

115,678

11,202,759

Software

0.1%

Temenos

AG

(Registered)

14,746

1,056,104

Specialty

Retail

0.0%

†

Avolta

AG

*

2,959

123,116

48,997,233

UNITED

KINGDOM

8.7%

Aerospace

&

Defense

1.2%

BAE

Systems

plc

190,386

3,242,849

Melrose

Industries

plc

246,364

2,090,903

Rolls-Royce

Holdings

plc

*

665,480

3,578,834

8,912,586

Banks

0.9%

HSBC

Holdings

plc

538,575

4,209,771

NatWest

Group

plc

717,035

2,401,305

6,611,076

Broadline

Retail

0.3%

Next

plc

20,015

2,336,895

Capital

Markets

0.2%

3i

Group

plc

30,000

1,062,718

Investec

plc

75,329

504,703

1,567,421

18

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

150,318

897,053

Distributors

0.1%

Inchcape

plc

57,762

528,702

Diversified

Consumer

Services

0.2%

Pearson

plc

105,533

1,387,276

Financial

Services

0.2%

M&G

plc

374,063

1,042,332

OSB

Group

plc

37,344

177,763

1,220,095

Ground

Transportation

0.0%

†

Redde

Northgate

plc

45,522

219,013

Hotels,

Restaurants

&

Leisure

0.3%

Compass

Group

plc

61,801

1,811,207

Flutter

Entertainment

plc

*

2,066

412,505

Playtech

plc

*

44,365

258,602

2,482,314

Household

Durables

0.4%

Bellway

plc

30,151

1,013,734

Berkeley

Group

Holdings

plc

8,825

530,689

Redrow

plc

34,368

288,967

Taylor

Wimpey

plc

603,021

1,045,117

Vistry

Group

plc

6,758

104,907

2,983,414

Industrial

Conglomerates

0.4%

CK

Hutchison

Holdings

Ltd.

124,500

601,897

Smiths

Group

plc

123,312

2,558,323

3,160,220

Insurance

0.9%

Aviva

plc

488,196

3,063,763

Beazley

plc

199,628

1,678,910

Direct

Line

Insurance

Group

plc

*

323,369

796,881

Hiscox

Ltd.

41,338

647,389

Lancashire

Holdings

Ltd.

46,744

364,860

6,551,803

Leisure

Products

0.0%

†

Games

Workshop

Group

plc

2,863

363,179

Machinery

0.0%

†

Rotork

plc

76,119

316,213

Media

0.0%

†

4imprint

Group

plc

3,701

296,584

Multi-Utilities

0.7%

Centrica

plc

230,030

370,434

National

Grid

plc

385,027

5,179,949

5,550,383

Oil,

Gas

&

Consumable

Fuels

0.7%

BP

plc,

ADR

(b)

139,853

5,269,661

Personal

Care

Products

0.1%

Unilever

plc

20,323

1,019,992

Pharmaceuticals

1.1%

AstraZeneca

plc,

ADR

125,096

8,475,254

Professional

Services

0.1%

RELX

plc

13,567

586,217

Software

0.4%

Sage

Group

plc

(The)

202,004

3,226,088

Specialty

Retail

0.1%

Dunelm

Group

plc

41,748

597,336

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Tobacco

0.2%

British

American

Tobacco

plc

45,851

1,393,638

Trading

Companies

&

Distributors

0.1%

Travis

Perkins

plc

74,586

686,410

66,638,823

UNITED

STATES

6.1%

Automobiles

0.2%

Stellantis

NV

43,550

1,237,791

Construction

Materials

1.3%

CRH

plc

38,571

3,327,134

Holcim

AG

71,134

6,473,809

9,800,943

Electrical

Equipment

0.8%

Schneider

Electric

SE

27,035

6,113,486

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA

17,871

353,116

Food

Products

1.8%

Nestle

SA

(Registered)

131,527

13,965,592

Pharmaceuticals

1.4%

GSK

plc,

ADR

(b)

12,206

523,271

Roche

Holding

AG

12,367

3,157,009

Sanofi

SA

72,936

7,156,289

10,836,569

Professional

Services

0.0%

†

Experian

plc

5,265

229,849

Trading

Companies

&

Distributors

0.6%

Ferguson

plc

20,326

4,448,933

46,986,279

Total

Common

Stocks

(cost

$629,237,598)

757,784,681

Repurchase

Agreements

1.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$106,772,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$108,842.(c)

106,708

106,708

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,503,245,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$5,613,902.(c)

5,500,000

5,500,000

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$7,004,146,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$7,140,002.(c)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$12,606,708)

12,606,708

Total

Investments

(cost

$641,844,306)

—

100.1%

770,391,389

Liabilities

in

excess

of

other

assets

—

(0.1)%

(790,294)

NET

ASSETS

—

100.0%

$

769,601,095

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

March

31,

2024

was

$12,450,992

which

represents

1.62%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$34,860,110,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,606,708

and

by

$26,331,055

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/15/2024

–

2/15/2054,

a

total

value

of

$38,937,763.

(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,

2024

was

$12,606,708.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

TOPIX

Index

2

6/2024

JPY

363,258

8,133

Net

contracts

8,133

As

of

March

31,

2024,

the

Fund

had

$18,599

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

JPY

Japanese

Yen

20

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(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,

2024.

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

$

–

$

33,921,399

$

–

$

33,921,399

Automobile

Components

–

11,992,688

–

11,992,688

Automobiles

1,237,791

31,554,013

–

32,791,804

Banks

6,764,667

46,838,796

–

53,603,463

Beverages

–

2,015,577

–

2,015,577

Biotechnology

–

7,977,936

–

7,977,936

Broadline

Retail

–

7,670,553

–

7,670,553

Building

Products

–

3,637,377

–

3,637,377

Capital

Markets

1,698,085

23,788,842

–

25,486,927

Chemicals

–

9,772,655

–

9,772,655

Commercial

Services

&

Supplies

–

9,914,325

–

9,914,325

Construction

&

Engineering

–

7,018,940

–

7,018,940

Construction

Materials

3,327,134

7,181,681

–

10,508,815

Consumer

Staples

Distribution

&

Retail

–

13,367,038

–

13,367,038

Distributors

–

528,702

–

528,702

Diversified

Consumer

Services

–

1,387,276

–

1,387,276

Diversified

Telecommunication

Services

–

11,946,715

–

11,946,715

Electric

Utilities

163,042

786,501

–

949,543

Electrical

Equipment

–

27,954,987

–

27,954,987

Electronic

Equipment,

Instruments

&

Components

–

2,338,625

–

2,338,625

Energy

Equipment

&

Services

353,116

–

–

353,116

Financial

Services

–

25,382,049

–

25,382,049

Food

Products

–

21,102,826

–

21,102,826

Ground

Transportation

–

3,327,352

–

3,327,352

Health

Care

Equipment

&

Supplies

–

5,814,276

–

5,814,276

Health

Care

Providers

&

Services

–

679,902

–

679,902

Hotels,

Restaurants

&

Leisure

–

10,609,412

–

10,609,412

Household

Durables

–

18,069,648

–

18,069,648

Household

Products

–

8,874,294

–

8,874,294

Independent

Power

and

Renewable

Electricity

Producers

–

94,177

–

94,177

Industrial

Conglomerates

–

12,858,490

–

12,858,490

Insurance

1,825,357

53,121,238

–

54,946,595

Interactive

Media

&

Services

–

248,654

–

248,654

IT

Services

–

9,585,955

–

9,585,955

Leisure

Products

–

363,179

–

363,179

Life

Sciences

Tools

&

Services

–

9,101,316

–

9,101,316

Machinery

–

27,716,365

–

27,716,365

Marine

Transportation

–

1,948,951

–

1,948,951

Media

–

931,923

–

931,923

Metals

&

Mining

–

27,170,454

–

27,170,454

Multi-Utilities

–

6,719,218

–

6,719,218

Office

REITs

–

3,003,895

–

3,003,895

Oil,

Gas

&

Consumable

Fuels

5,269,661

10,043,176

–

15,312,837

Personal

Care

Products

–

1,019,992

–

1,019,992

Pharmaceuticals

8,998,525

54,781,112

–

63,779,637

Professional

Services

–

4,370,876

–

4,370,876

Real

Estate

Management

&

Development

–

16,190,382

–

16,190,382

Retail

REITs

–

3,627,499

–

3,627,499

Semiconductors

&

Semiconductor

Equipment

–

51,111,171

–

51,111,171

Software

–

25,386,341

–

25,386,341

Specialty

Retail

–

12,112,541

–

12,112,541

Technology

Hardware,

Storage

&

Peripherals

–

6,591,061

–

6,591,061

Textiles,

Apparel

&

Luxury

Goods

–

14,761,096

–

14,761,096

Tobacco

–

1,393,638

–

1,393,638

Trading

Companies

&

Distributors

–

8,110,460

–

8,110,460

22

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Level

1

Level

2

Level

3

Total

Assets:

Transportation

Infrastructure

$

–

$

805,507

$

–

$

805,507

Wireless

Telecommunication

Services

–

9,524,251

–

9,524,251

Total

Common

Stocks

$

29,637,378

$

728,147,303

$

–

$

757,784,681

Futures

Contracts

8,133

–

–

8,133

Repurchase

Agreements

–

12,606,708

–

12,606,708

Total

$

29,645,511

$

740,754,011

$

–

$

770,399,522

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

8,133

Total

$

8,133

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

98.9%

Shares

Value

($)

Aerospace

&

Defense

1.2%

AAR

Corp.*(a)

5,703

341,439

Kratos

Defense

&

Security

Solutions,

Inc.*

8,375

153,932

National

Presto

Industries,

Inc.

5,876

492,409

Parsons

Corp.*

22,397

1,857,831

2,845,611

Automobile

Components

1.6%

Adient

plc*

5,024

165,390

Cooper-Standard

Holdings,

Inc.*

3,527

58,407

Dorman

Products,

Inc.*

4,665

449,659

Fox

Factory

Holding

Corp.*(a)

2,690

140,068

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

97,037

1,332,318

Holley,

Inc.*(a)

25,164

112,232

Modine

Manufacturing

Co.*

16,229

1,544,839

3,802,913

Banks

7.4%

Amalgamated

Financial

Corp.

18,144

435,456

Ameris

Bancorp

18,615

900,594

Axos

Financial,

Inc.*(a)

2,514

135,857

BancFirst

Corp.

10,212

898,962

Bancorp,

Inc.

(The)*

27,487

919,715

BankUnited,

Inc.

9,271

259,588

Banner

Corp.

5,159

247,632

Business

First

Bancshares,

Inc.(a)

8,909

198,493

Byline

Bancorp,

Inc.

7,703

167,309

Capital

City

Bank

Group,

Inc.

3,266

90,468

Civista

Bancshares,

Inc.

1,278

19,656

Community

Trust

Bancorp,

Inc.

5,414

230,907

CVB

Financial

Corp.

53,403

952,710

Esquire

Financial

Holdings,

Inc.

4,567

216,795

Financial

Institutions,

Inc.

4,495

84,596

First

Bancorp

44,166

774,672

First

Bancorp,

Inc.

(The)

1,691

41,666

First

Bancshares,

Inc.

(The)(a)

1,305

33,865

First

Commonwealth

Financial

Corp.

35,910

499,867

First

Financial

Bancorp

15,978

358,227

Hancock

Whitney

Corp.

16,781

772,597

Hanmi

Financial

Corp.

29,704

472,888

Heartland

Financial

USA,

Inc.

5,033

176,910

Heritage

Commerce

Corp.(a)

7,649

65,628

Heritage

Financial

Corp.

35,693

692,087

Home

Bancorp,

Inc.

8,503

325,750

Home

BancShares,

Inc.

4,739

116,437

HomeTrust

Bancshares,

Inc.

3,466

94,760

Hope

Bancorp,

Inc.

2,014

23,181

Independent

Bank

Corp.

1,629

41,295

International

Bancshares

Corp.

18,109

1,016,639

Macatawa

Bank

Corp.

25,872

253,287

Metrocity

Bankshares,

Inc.

3,764

93,949

National

Bank

Holdings

Corp.,

Class

A

23,141

834,696

Northeast

Community

Bancorp,

Inc.(a)

10,067

158,354

OFG

Bancorp

21,775

801,538

Old

Second

Bancorp,

Inc.

12,122

167,768

Preferred

Bank(a)

7,136

547,831

Common

Stocks

Shares

Value

($)

Banks

Provident

Financial

Services,

Inc.(a)

10,558

153,830

Renasant

Corp.

446

13,969

Sierra

Bancorp

4,630

93,526

Southside

Bancshares,

Inc.

23,755

694,359

Texas

Capital

Bancshares,

Inc.*(a)

16,203

997,295

Timberland

Bancorp,

Inc.

3,463

93,224

TrustCo

Bank

Corp.

21,343

601,019

UMB

Financial

Corp.

12,736

1,107,905

WesBanco,

Inc.

2,561

76,343

17,954,100

Beverages

0.7%

Coca-Cola

Consolidated,

Inc.

276

233,609

Primo

Water

Corp.

78,465

1,428,848

1,662,457

Biotechnology

6.7%

4D

Molecular

Therapeutics,

Inc.*(a)

1,570

50,020

89bio,

Inc.*(a)

27,813

323,743

ACADIA

Pharmaceuticals,

Inc.*

4,400

81,356

Adicet

Bio,

Inc.*(a)

12,738

29,934

Agios

Pharmaceuticals,

Inc.*

2,115

61,843

Akero

Therapeutics,

Inc.*(a)

2,623

66,257

Aldeyra

Therapeutics,

Inc.*

11,960

39,109

Alpine

Immune

Sciences,

Inc.*

1,701

67,428

Altimmune,

Inc.*

3,185

32,423

Apogee

Therapeutics,

Inc.*(a)

2,907

193,170

Arcturus

Therapeutics

Holdings,

Inc.*(a)

5,957

201,168

Aurinia

Pharmaceuticals,

Inc.*(a)

126,925

635,894

Beam

Therapeutics,

Inc.*(a)

16,018

529,235

Biohaven

Ltd.*(a)

10,548

576,870

Biomea

Fusion,

Inc.*(a)

3,359

50,217

Blueprint

Medicines

Corp.*(a)

5,570

528,370

Celldex

Therapeutics,

Inc.*

5,763

241,873

Cogent

Biosciences,

Inc.*(a)

9,886

66,434

Cytokinetics,

Inc.*(a)

8,777

615,355

Day

One

Biopharmaceuticals,

Inc.*(a)

9,680

159,914

Deciphera

Pharmaceuticals,

Inc.*(a)

34,635

544,809

Design

Therapeutics,

Inc.*

13,866

55,880

Editas

Medicine,

Inc.*(a)

58,524

434,248

Erasca,

Inc.*(a)

8,544

17,601

Fate

Therapeutics,

Inc.*(a)

22,192

162,889

Generation

Bio

Co.*(a)

12,633

51,416

Ideaya

Biosciences,

Inc.*(a)

12,472

547,271

Inozyme

Pharma,

Inc.*(a)

16,643

127,485

Intellia

Therapeutics,

Inc.*(a)

2,589

71,223

Iovance

Biotherapeutics,

Inc.*(a)

8,046

119,242

iTeos

Therapeutics,

Inc.*

22,190

302,672

Keros

Therapeutics,

Inc.*

2,947

195,091

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*(a)

39,499

779,315

Kodiak

Sciences,

Inc.*

33,169

174,469

Krystal

Biotech,

Inc.*(a)

3,231

574,892

Kura

Oncology,

Inc.*

7,090

151,230

24

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Kymera

Therapeutics,

Inc.*

2,784

111,917

MannKind

Corp.*(a)

20,694

93,744

Morphic

Holding,

Inc.*

9,896

348,339

Mural

Oncology

plc*(a)

4,257

20,817

Nurix

Therapeutics,

Inc.*(a)

14,794

217,472

Nuvalent,

Inc.,

Class

A*

4,374

328,444

Olema

Pharmaceuticals,

Inc.*

9,965

112,804

PMV

Pharmaceuticals,

Inc.*

47,073

80,024

Poseida

Therapeutics,

Inc.,

Class

A*(a)

47,532

151,627

Precigen,

Inc.*(a)

17,843

25,872

Protagonist

Therapeutics,

Inc.*(a)

3,121

90,291

Relay

Therapeutics,

Inc.*(a)

56,198

466,443

REVOLUTION

Medicines,

Inc.*

25,729

829,246

Rhythm

Pharmaceuticals,

Inc.*

6,403

277,442

Rigel

Pharmaceuticals,

Inc.*

27,467

40,651

Rocket

Pharmaceuticals,

Inc.*(a)

9,790

263,743

Sana

Biotechnology,

Inc.*(a)

19,905

199,050

SpringWorks

Therapeutics,

Inc.*(a)

3,998

196,782

Sutro

Biopharma,

Inc.*(a)

75,024

423,886

Syndax

Pharmaceuticals,

Inc.*

10,463

249,019

Tango

Therapeutics,

Inc.*(a)

2,925

23,224

TG

Therapeutics,

Inc.*(a)

33,032

502,417

Verve

Therapeutics,

Inc.*(a)

30,924

410,671

Viking

Therapeutics,

Inc.*(a)

15,551

1,275,182

Viridian

Therapeutics,

Inc.*(a)

4,434

77,639

Y-mAbs

Therapeutics,

Inc.*(a)

41,704

678,107

16,355,199

Broadline

Retail

0.1%

Big

Lots,

Inc.*(a)

6,805

29,466

Dillard's,

Inc.,

Class

A(a)

602

283,927

313,393

Building

Products

0.7%

AAON,

Inc.(a)

1,198

105,544

American

Woodmark

Corp.*

2,817

286,376

Masterbrand,

Inc.*

49,084

919,834

Simpson

Manufacturing

Co.,

Inc.(a)

1,054

216,260

UFP

Industries,

Inc.(a)

1,097

134,942

1,662,956

Capital

Markets

0.8%

AssetMark

Financial

Holdings,

Inc.*

10,375

367,379

Moelis

&

Co.,

Class

A(a)

12,280

697,135

Open

Lending

Corp.*(a)

7,926

49,617

Piper

Sandler

Cos.

408

80,984

StepStone

Group,

Inc.,

Class

A(a)

1,901

67,942

StoneX

Group,

Inc.*

10,566

742,367

2,005,424

Chemicals

1.9%

Core

Molding

Technologies,

Inc.*(a)

2,879

54,499

HB

Fuller

Co.(a)

19,899

1,586,746

Ingevity

Corp.*

4,087

194,950

Innospec,

Inc.

13,146

1,695,045

Common

Stocks

Shares

Value

($)

Chemicals

Koppers

Holdings,

Inc.

718

39,612

Minerals

Technologies,

Inc.

12,009

904,038

Orion

SA

7,844

184,491

4,659,381

Commercial

Services

&

Supplies

0.9%

Cimpress

plc*

1,421

125,773

Deluxe

Corp.

14,475

298,040

Ennis,

Inc.

33,958

696,479

Enviri

Corp.*

3,381

30,936

Healthcare

Services

Group,

Inc.*

27,176

339,156

Montrose

Environmental

Group,

Inc.*

4,923

192,834

Steelcase,

Inc.,

Class

A(a)

7,276

95,170

UniFirst

Corp.

2,079

360,561

2,138,949

Communications

Equipment

0.5%

Calix,

Inc.*

1,594

52,857

NetScout

Systems,

Inc.*

37,611

821,424

Viavi

Solutions,

Inc.*(a)

27,042

245,812

1,120,093

Construction

&

Engineering

2.8%

Comfort

Systems

USA,

Inc.

8,037

2,553,435

Dycom

Industries,

Inc.*

1,192

171,088

Fluor

Corp.*(a)

14,729

622,742

IES

Holdings,

Inc.*

6,633

806,838

Limbach

Holdings,

Inc.*(a)

3,251

134,656

Primoris

Services

Corp.

25,822

1,099,243

Sterling

Infrastructure,

Inc.*(a)

13,789

1,521,065

6,909,067

Construction

Materials

1.4%

Knife

River

Corp.*

19,118

1,550,087

Summit

Materials,

Inc.,

Class

A*

38,901

1,733,818

3,283,905

Consumer

Finance

0.2%

Regional

Management

Corp.

8,422

203,897

Upstart

Holdings,

Inc.*(a)

7,433

199,873

World

Acceptance

Corp.*(a)

244

35,375

439,145

Consumer

Staples

Distribution

&

Retail

0.1%

PriceSmart,

Inc.

1,788

150,192

Weis

Markets,

Inc.(a)

2,511

161,708

311,900

Containers

&

Packaging

0.0%

†

TriMas

Corp.(a)

1,590

42,501

Distributors

0.0%

†

Weyco

Group,

Inc.(a)

969

30,892

Diversified

Consumer

Services

2.3%

Adtalem

Global

Education,

Inc.*(a)

2,571

132,149

Coursera,

Inc.*

97,319

1,364,412

Duolingo,

Inc.,

Class

A*

4,201

926,657

European

Wax

Center,

Inc.,

Class

A*(a)

25,944

336,753

Frontdoor,

Inc.*

28,970

943,843

Graham

Holdings

Co.,

Class

B

115

88,283

Laureate

Education,

Inc.

20,492

298,568

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Perdoceo

Education

Corp.

4,242

74,490

Strategic

Education,

Inc.(a)

13,046

1,358,350

5,523,505

Diversified

REITs

0.3%

American

Assets

Trust,

Inc.

37,001

810,692

Diversified

Telecommunication

Services

0.2%

Bandwidth,

Inc.,

Class

A*(a)

2,094

38,236

Cogent

Communications

Holdings,

Inc.(a)

596

38,937

Liberty

Latin

America

Ltd.,

Class

A*

5,873

40,935

Liberty

Latin

America

Ltd.,

Class

C*(a)

32,713

228,664

Lumen

Technologies,

Inc.*(a)

38,351

59,827

406,599

Electrical

Equipment

3.0%

Allient,

Inc.

1,682

60,014

Atkore,

Inc.(a)

9,175

1,746,553

Encore

Wire

Corp.(a)

6,480

1,702,814

FTC

Solar,

Inc.*(a)

85,937

46,320

NEXTracker,

Inc.,

Class

A*

22,812

1,283,631

Powell

Industries,

Inc.

8,700

1,238,010

Thermon

Group

Holdings,

Inc.*

30,630

1,002,214

TPI

Composites,

Inc.*(a)

8,434

24,543

Vicor

Corp.*

6,404

244,889

7,348,988

Electronic

Equipment,

Instruments

&

Components

2.1%

Badger

Meter,

Inc.(a)

8,711

1,409,527

ePlus,

Inc.*

13,201

1,036,806

Evolv

Technologies

Holdings,

Inc.*(a)

19,142

85,182

Fabrinet*(a)

4,897

925,631

Itron,

Inc.*

12,975

1,200,447

TTM

Technologies,

Inc.*

2,331

36,480

Vishay

Precision

Group,

Inc.*(a)

14,405

508,929

5,203,002

Energy

Equipment

&

Services

2.2%

Archrock,

Inc.(a)

47,159

927,617

Cactus,

Inc.,

Class

A(a)

28,218

1,413,440

ChampionX

Corp.(a)

32,551

1,168,255

Dril-Quip,

Inc.*(a)

15,747

354,780

Helix

Energy

Solutions

Group,

Inc.*(a)

4,167

45,170

Nabors

Industries

Ltd.*(a)

9,022

777,065

Newpark

Resources,

Inc.*

24,205

174,760

Oil

States

International,

Inc.*

32,505

200,231

Patterson-UTI

Energy,

Inc.(a)

20,633

246,358

SEACOR

Marine

Holdings,

Inc.*

2,134

29,748

Tidewater,

Inc.*(a)

734

67,528

5,404,952

Entertainment

0.7%

Eventbrite,

Inc.,

Class

A*

46,563

255,165

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

34,167

1,339,688

1,594,853

Common

Stocks

Shares

Value

($)

Financial

Services

4.8%

A-Mark

Precious

Metals,

Inc.

(a)

27,039

829,827

AvidXchange

Holdings,

Inc.*(a)

58,195

765,264

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

54,998

1,629,041

Flywire

Corp.*(a)

60,036

1,489,493

I3

Verticals,

Inc.,

Class

A*

25,433

582,161

Jackson

Financial,

Inc.,

Class

A

3,633

240,287

Marqeta,

Inc.,

Class

A*

214,825

1,280,357

Merchants

Bancorp

11,635

502,399

Mr.

Cooper

Group,

Inc.*

11,136

868,051

NewtekOne,

Inc.

2,299

25,289

NMI

Holdings,

Inc.,

Class

A*

13,483

436,040

Pagseguro

Digital

Ltd.,

Class

A*

28,923

413,021

Payoneer

Global,

Inc.*

119,979

583,098

Remitly

Global,

Inc.*(a)

32,352

670,981

Repay

Holdings

Corp.,

Class

A*

5,310

58,410

StoneCo

Ltd.,

Class

A*

78,563

1,304,931

11,678,650

Food

Products

0.2%

Lancaster

Colony

Corp.

2,029

421,281

SunOpta,

Inc.*

17,354

119,222

540,503

Ground

Transportation

0.2%

ArcBest

Corp.

3,266

465,405

Marten

Transport

Ltd.(a)

7,521

138,988

604,393

Health

Care

Equipment

&

Supplies

1.5%

Artivion,

Inc.*(a)

6,240

132,038

AtriCure,

Inc.*(a)

15,209

462,658

CVRx,

Inc.*

5,911

107,639

Embecta

Corp.(a)

43,878

582,261

Glaukos

Corp.*(a)

1,391

131,157

Inari

Medical,

Inc.*(a)

10,522

504,846

Lantheus

Holdings,

Inc.*

14,458

899,866

LeMaitre

Vascular,

Inc.

2,121

140,750

Pulmonx

Corp.*

15,082

139,810

Surmodics,

Inc.*

3,359

98,553

Tactile

Systems

Technology,

Inc.*

935

15,194

UFP

Technologies,

Inc.*(a)

1,179

297,344

Utah

Medical

Products,

Inc.

214

15,217

3,527,333

Health

Care

Providers

&

Services

3.3%

Accolade,

Inc.*(a)

14,726

154,328

AdaptHealth

Corp.,

Class

A*

2,755

31,710

Alignment

Healthcare,

Inc.*(a)

59,844

296,826

Brookdale

Senior

Living,

Inc.*(a)

55,953

369,849

Community

Health

Systems,

Inc.*

12,033

42,116

Guardant

Health,

Inc.*(a)

31,664

653,228

HealthEquity,

Inc.*(a)

24,882

2,031,118

Hims

&

Hers

Health,

Inc.*(a)

72,751

1,125,458

Joint

Corp.

(The)*(a)

36,044

470,735

26

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

LifeStance

Health

Group,

Inc.*(a)

4,718

29,110

Nano-X

Imaging

Ltd.*(a)

11,872

115,989

Option

Care

Health,

Inc.*

8,530

286,096

Pennant

Group,

Inc.

(The)*

35,679

700,379

Privia

Health

Group,

Inc.*(a)

2,227

43,627

Progyny,

Inc.*(a)

8,120

309,778

Select

Medical

Holdings

Corp.

(a)

32,204

970,951

US

Physical

Therapy,

Inc.(a)

740

83,524

Viemed

Healthcare,

Inc.*

45,730

431,234

8,146,056

Health

Care

REITs

0.0%

†

LTC

Properties,

Inc.(a)

3,696

120,157

Health

Care

Technology

0.2%

American

Well

Corp.,

Class

A*(a)

18,135

14,702

Health

Catalyst,

Inc.*(a)

19,739

148,635

HealthStream,

Inc.

532

14,183

Phreesia,

Inc.*(a)

8,179

195,723

373,243

Hotel

&

Resort

REITs

3.1%

Chatham

Lodging

Trust

102,655

1,037,842

DiamondRock

Hospitality

Co.(a)

141,404

1,358,893

RLJ

Lodging

Trust

127,150

1,502,913

Ryman

Hospitality

Properties,

Inc.

17,317

2,002,018

Service

Properties

Trust(a)

139,458

945,525

Summit

Hotel

Properties,

Inc.

(a)

74,910

487,664

Xenia

Hotels

&

Resorts,

Inc.(a)

13,239

198,718

7,533,573

Hotels,

Restaurants

&

Leisure

2.6%

Bloomin'

Brands,

Inc.(a)

9,714

278,597

Brinker

International,

Inc.*(a)

4,300

213,624

Cheesecake

Factory,

Inc.

(The)(a)

10,191

368,405

Chuy's

Holdings,

Inc.*

22,053

743,848

Denny's

Corp.*(a)

58,276

522,153

Dine

Brands

Global,

Inc.(a)

4,499

209,113

Everi

Holdings,

Inc.*

45,371

455,979

International

Game

Technology

plc(a)

43,721

987,657

Life

Time

Group

Holdings,

Inc.*(a)

31,473

488,461

Portillo's,

Inc.,

Class

A*(a)

56,720

804,290

RCI

Hospitality

Holdings,

Inc.

1,795

104,110

Sabre

Corp.*

8,258

19,984

Shake

Shack,

Inc.,

Class

A*

4,611

479,682

Sweetgreen,

Inc.,

Class

A*(a)

5,034

127,159

Xponential

Fitness,

Inc.,

Class

A*(a)

27,363

452,584

6,255,646

Household

Durables

2.7%

Cricut,

Inc.,

Class

A

31,770

151,225

Dream

Finders

Homes,

Inc.,

Class

A*(a)

7,051

308,340

Ethan

Allen

Interiors,

Inc.(a)

15,754

544,616

Common

Stocks

Shares

Value

($)

Household

Durables

Green

Brick

Partners,

Inc.*

13,079

787,748

Installed

Building

Products,

Inc.(a)

1,075

278,135

KB

Home

20,635

1,462,609

LGI

Homes,

Inc.*

9,876

1,149,270

M/I

Homes,

Inc.*

13,046

1,778,039

6,459,982

Household

Products

0.5%

Energizer

Holdings,

Inc.

9,514

280,092

WD-40

Co.(a)

3,405

862,521

1,142,613

Industrial

REITs

0.8%

LXP

Industrial

Trust(a)

144,189

1,300,585

Terreno

Realty

Corp.

9,446

627,214

1,927,799

Insurance

3.1%

Ambac

Financial

Group,

Inc.*(a)

10,500

164,115

BRP

Group,

Inc.,

Class

A*(a)

18,490

535,100

CNO

Financial

Group,

Inc.

26,325

723,411

Crawford

&

Co.,

Class

A

21,504

202,783

Employers

Holdings,

Inc.

20,956

951,193

Genworth

Financial,

Inc.,

Class

A*

71,730

461,224

Goosehead

Insurance,

Inc.,

Class

A*(a)

17,486

1,164,917

James

River

Group

Holdings

Ltd.(a)

70,063

651,586

Mercury

General

Corp.

11,425

589,530

Oscar

Health,

Inc.,

Class

A*

8,849

131,585

Palomar

Holdings,

Inc.*

12,137

1,017,445

Selective

Insurance

Group,

Inc.(a)

1,541

168,231

Skyward

Specialty

Insurance

Group,

Inc.*

4,703

175,939

Universal

Insurance

Holdings,

Inc.(a)

33,092

672,429

7,609,488

Interactive

Media

&

Services

0.7%

Cars.com,

Inc.*

21,733

373,373

fuboTV,

Inc.*(a)

80,688

127,487

Grindr,

Inc.*

20,495

207,614

QuinStreet,

Inc.*(a)

5,925

104,636

Vimeo,

Inc.*

111,974

457,974

Yelp,

Inc.,

Class

A*

2,558

100,785

ZipRecruiter,

Inc.,

Class

A*

22,155

254,561

1,626,430

IT

Services

0.5%

BigCommerce

Holdings,

Inc.,

Series

1*

6,025

41,512

DigitalOcean

Holdings,

Inc.*(a)

16,946

646,999

Fastly,

Inc.,

Class

A*(a)

17,792

230,762

Rackspace

Technology,

Inc.*(a)

62,250

98,355

Thoughtworks

Holding,

Inc.*(a)

45,870

116,051

1,133,679

Leisure

Products

1.1%

Acushnet

Holdings

Corp.

15,320

1,010,354

Funko,

Inc.,

Class

A*(a)

43,765

273,094

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Leisure

Products

Malibu

Boats,

Inc.,

Class

A*

8,567

370,780

MasterCraft

Boat

Holdings,

Inc.*

18,741

444,536

Topgolf

Callaway

Brands

Corp.*(a)

33,239

537,475

2,636,239

Life

Sciences

Tools

&

Services

0.1%

Adaptive

Biotechnologies

Corp.*

28,783

92,393

Quanterix

Corp.*

1,217

28,673

121,066

Machinery

2.6%

Atmus

Filtration

Technologies,

Inc.*

3,649

117,680

Chart

Industries,

Inc.*(a)

3,457

569,437

Douglas

Dynamics,

Inc.

15,658

377,671

Federal

Signal

Corp.

19,888

1,687,895

Franklin

Electric

Co.,

Inc.

9,338

997,392

Gencor

Industries,

Inc.*

2,906

48,501

Gorman-Rupp

Co.

(The)

5,355

211,790

Greenbrier

Cos.,

Inc.

(The)(a)

2,974

154,945

Helios

Technologies,

Inc.

3,024

135,143

Hillman

Solutions

Corp.*

36,303

386,264

John

Bean

Technologies

Corp.

1,145

120,099

Kadant,

Inc.

163

53,480

Mueller

Water

Products,

Inc.,

Class

A

11,781

189,556

Omega

Flex,

Inc.

1,099

77,952

Proto

Labs,

Inc.*

2,598

92,879

Standex

International

Corp.(a)

966

176,025

Terex

Corp.

2,411

155,268

Wabash

National

Corp.

28,717

859,787

6,411,764

Marine

Transportation

0.4%

Costamare,

Inc.(a)

46,491

527,673

Safe

Bulkers,

Inc.

69,403

344,239

871,912

Media

0.7%

Cardlytics,

Inc.*(a)

4,367

63,278

EW

Scripps

Co.

(The),

Class

A*(a)

16,735

65,769

iHeartMedia,

Inc.,

Class

A*(a)

24,326

50,841

Magnite,

Inc.*(a)

45,834

492,716

TechTarget,

Inc.*(a)

15,368

508,373

Thryv

Holdings,

Inc.*(a)

24,941

554,438

WideOpenWest,

Inc.*

7,934

28,721

1,764,136

Metals

&

Mining

1.5%

ATI,

Inc.*(a)

33,222

1,699,970

Carpenter

Technology

Corp.(a)

23,178

1,655,373

Commercial

Metals

Co.

1,055

62,002

Kaiser

Aluminum

Corp.

577

51,561

Materion

Corp.

995

131,091

Olympic

Steel,

Inc.

371

26,296

Ryerson

Holding

Corp.

1,928

64,588

3,690,881

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.8%

Angel

Oak

Mortgage

REIT,

Inc.

3,050

32,757

Arbor

Realty

Trust,

Inc.(a)

99,510

1,318,507

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

BrightSpire

Capital,

Inc.,

Class

A

17,031

117,344

Ladder

Capital

Corp.,

Class

A(a)

10,287

114,494

PennyMac

Mortgage

Investment

Trust

27,685

406,416

TPG

RE

Finance

Trust,

Inc.(a)

3,394

26,202

2,015,720

Multi-Utilities

1.1%

Avista

Corp.(a)

34,259

1,199,750

Black

Hills

Corp.(a)

28,096

1,534,042

2,733,792

Oil,

Gas

&

Consumable

Fuels

5.0%

Civitas

Resources,

Inc.

16,714

1,268,760

DHT

Holdings,

Inc.

123,755

1,423,182

Dorian

LPG

Ltd.(a)

35,518

1,366,022

Equitrans

Midstream

Corp.(a)

40,483

505,633

Excelerate

Energy,

Inc.,

Class

A

10,196

163,340

Golar

LNG

Ltd.(a)

17,065

410,584

International

Seaways,

Inc.(a)

17,698

941,534

Kosmos

Energy

Ltd.*

61,102

364,168

Matador

Resources

Co.(a)

2,680

178,944

Murphy

Oil

Corp.(a)

3,384

154,649

Nordic

American

Tankers

Ltd.

308,895

1,210,868

PBF

Energy,

Inc.,

Class

A

7,743

445,764

Peabody

Energy

Corp.

10,058

244,007

Scorpio

Tankers,

Inc.

23,522

1,682,999

Teekay

Corp.*

91,550

666,484

Teekay

Tankers

Ltd.,

Class

A

21,341

1,246,528

12,273,466

Passenger

Airlines

0.2%

SkyWest,

Inc.*

6,222

429,816

Personal

Care

Products

0.8%

elf

Beauty,

Inc.*

8,362

1,639,203

Herbalife

Ltd.*(a)

41,034

412,392

2,051,595

Pharmaceuticals

0.9%

Amylyx

Pharmaceuticals,

Inc.*(a)

15,775

44,801

Axsome

Therapeutics,

Inc.*(a)

8,406

670,799

Intra-Cellular

Therapies,

Inc.*

10,631

735,665

Longboard

Pharmaceuticals,

Inc.*(a)

7,719

166,730

Phathom

Pharmaceuticals,

Inc.*(a)

6,339

67,320

Phibro

Animal

Health

Corp.,

Class

A

32,515

420,419

Prestige

Consumer

Healthcare,

Inc.*

2,758

200,121

2,305,855

Professional

Services

2.7%

Asure

Software,

Inc.*(a)

15,579

121,205

CBIZ,

Inc.*(a)

20,340

1,596,690

Conduent,

Inc.*

141,394

477,912

CSG

Systems

International,

Inc.

23,907

1,232,167

ExlService

Holdings,

Inc.*

51,952

1,652,073

Exponent,

Inc.(a)

762

63,010

28

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Franklin

Covey

Co.*(a)

8,564

336,223

TriNet

Group,

Inc.

333

44,119

Upwork,

Inc.*

92,513

1,134,209

6,657,608

Real

Estate

Management

&

Development

1.2%

Compass,

Inc.,

Class

A*(a)

109,795

395,262

DigitalBridge

Group,

Inc.(a)

40,691

784,116

Douglas

Elliman,

Inc.*

42,369

66,943

Forestar

Group,

Inc.*

32,387

1,301,633

Redfin

Corp.*(a)

55,120

366,548

St

Joe

Co.

(The)

937

54,318

2,968,820

Residential

REITs

0.7%

Centerspace

6,687

382,095

NexPoint

Residential

Trust,

Inc.

34,408

1,107,593

UMH

Properties,

Inc.

16,511

268,139

1,757,827

Retail

REITs

0.3%

Alexander's,

Inc.(a)

2,130

462,508

Macerich

Co.

(The)(a)

11,479

197,783

Tanger,

Inc.(a)

5,297

156,421

816,712

Semiconductors

&

Semiconductor

Equipment

1.9%

ACM

Research,

Inc.,

Class

A*

4,852

141,387

Amkor

Technology,

Inc.

20,328

655,375

Axcelis

Technologies,

Inc.*

11,209

1,250,028

FormFactor,

Inc.*(a)

11,676

532,776

Onto

Innovation,

Inc.*(a)

2,462

445,819

PDF

Solutions,

Inc.*(a)

10,414

350,639

Photronics,

Inc.*

9,710

274,987

Rambus,

Inc.*

11,366

702,532

SiTime

Corp.*(a)

2,794

260,485

4,614,028

Software

7.0%

ACI

Worldwide,

Inc.*

7,685

255,219

Agilysys,

Inc.*

2,286

192,618

Alarm.com

Holdings,

Inc.*

11,649

844,203

Appfolio,

Inc.,

Class

A*

2,947

727,143

Braze,

Inc.,

Class

A*(a)

9,200

407,560

C3.ai,

Inc.,

Class

A*(a)

28,582

773,715

Cleanspark,

Inc.*(a)

30,034

637,021

Clear

Secure,

Inc.,

Class

A(a)

48,313

1,027,618

Consensus

Cloud

Solutions,

Inc.*

1,120

17,763

Daily

Journal

Corp.*(a)

411

148,622

Freshworks,

Inc.,

Class

A*(a)

22,858

416,244

Intapp,

Inc.*(a)

5,077

174,141

LiveRamp

Holdings,

Inc.*

11,237

387,676

Marathon

Digital

Holdings,

Inc.*(a)

26,523

598,889

MicroStrategy,

Inc.,

Class

A*(a)

1,275

2,173,314

Q2

Holdings,

Inc.*(a)

21,766

1,144,021

Qualys,

Inc.*

673

112,304

Rapid7,

Inc.*

4,836

237,157

Red

Violet,

Inc.*(a)

5,057

98,864

Riot

Platforms,

Inc.*(a)

27,318

334,372

Sapiens

International

Corp.

NV

13,910

447,346

Common

Stocks

Shares

Value

($)

Software

SolarWinds

Corp.*

38,232

482,488

SPS

Commerce,

Inc.*

9,817

1,815,163

Tenable

Holdings,

Inc.*(a)

31,790

1,571,380

Terawulf,

Inc.*(a)

77,360

203,457

Varonis

Systems,

Inc.,

Class

B*

37,969

1,790,998

Yext,

Inc.*(a)

6,614

39,882

17,059,178

Specialized

REITs

0.5%

Four

Corners

Property

Trust,

Inc.(a)

15,717

384,595

Outfront

Media,

Inc.

34,384

577,307

Uniti

Group,

Inc.(a)

33,750

199,125

1,161,027

Specialty

Retail

3.0%

Abercrombie

&

Fitch

Co.,

Class

A*

4,358

546,188

Academy

Sports

&

Outdoors,

Inc.(a)

2,723

183,911

American

Eagle

Outfitters,

Inc.

(a)

11,782

303,858

Beyond,

Inc.*(a)

772

27,722

Boot

Barn

Holdings,

Inc.*(a)

234

22,265

Buckle,

Inc.

(The)(a)

27,247

1,097,237

CarParts.com,

Inc.*

52,981

85,829

Carvana

Co.,

Class

A*(a)

10,907

958,834

Cato

Corp.

(The),

Class

A

10,814

62,397

Leslie's,

Inc.*(a)

4,232

27,508

Revolve

Group,

Inc.,

Class

A*

1,710

36,201

Shoe

Carnival,

Inc.(a)

2,204

80,755

Sleep

Number

Corp.*

29,669

475,594

Urban

Outfitters,

Inc.*

31,559

1,370,292

Warby

Parker,

Inc.,

Class

A*(a)

73,603

1,001,737

Winmark

Corp.(a)

2,101

759,932

Zumiez,

Inc.*(a)

14,453

219,541

7,259,801

Technology

Hardware,

Storage

&

Peripherals

1.9%

IonQ,

Inc.*(a)

2,135

21,329

Super

Micro

Computer,

Inc.*

4,554

4,599,676

4,621,005

Textiles,

Apparel

&

Luxury

Goods

0.6%

Figs,

Inc.,

Class

A*(a)

28,781

143,329

Oxford

Industries,

Inc.(a)

11,881

1,335,425

1,478,754

Tobacco

0.1%

Vector

Group

Ltd.

15,353

168,269

Trading

Companies

&

Distributors

1.7%

Applied

Industrial

Technologies,

Inc.

3,507

692,808

Beacon

Roofing

Supply,

Inc.*

1,083

106,156

DNOW,

Inc.*

57,173

869,030

FTAI

Aviation

Ltd.(a)

10,228

688,344

H&E

Equipment

Services,

Inc.

495

31,769

McGrath

RentCorp

1,375

169,634

MRC

Global,

Inc.*

54,065

679,597

Rush

Enterprises,

Inc.,

Class

A

15,995

856,052

4,093,390

Wireless

Telecommunication

Services

0.1%

Spok

Holdings,

Inc.

3,493

55,713

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

Telephone

&

Data

Systems,

Inc.

7,591

121,608

177,321

Total

Common

Stocks

(cost

$200,793,587)

240,650,004

Repurchase

Agreements

19.5%

Principal

Amount

($)

Bank

of

America

NA,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,001,777,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$3,060,000.

(b)

3,000,000

3,000,000

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$8,004,738,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$8,160,000.(b)

8,000,000

8,000,000

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$13,333,462,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$13,592,082.(b)

13,325,570

13,325,57

0

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,900,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$10,207,094.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$8,004,738,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$8,160,003.(b)

8,000,000

8,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$5,100,757.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$47,325,570)

47,325,570

Total

Investments

(cost

$248,119,157)

—

118.4%

287,975,574

Liabilities

in

excess

of

other

assets

—

(18.4)%

(44,764,566)

NET

ASSETS

—

100.0%

$

243,211,008

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$60,507,128,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$47,325,570

and

by

$14,802,919

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/15/2024

–

2/15/2054,

a

total

value

of

$62,128,489.

(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,

2024

was

$47,325,570.

REIT

Real

Estate

Investment

Trust

30

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

1

6/2024

USD

107,295

1,849

Net

contracts

1,849

As

of

March

31,

2024,

the

Fund

had

$7,150

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

32

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

240,650,004

$

–

$

–

$

240,650,004

Futures

Contracts

1,849

–

–

1,849

Repurchase

Agreements

–

47,325,570

–

47,325,570

Total

$

240,651,853

$

47,325,570

$

–

$

287,977,423

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,849

Total

$

1,849

The

Statement

of

Investments

should

be

read

in

conjunction

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

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

99

.7

%

Shares

Value

($)

Aerospace

&

Defense

1

.0

%

Lockheed

Martin

Corp.

19,135

8,703,937

Northrop

Grumman

Corp.

26,800

12,828,088

21,532,025

Air

Freight

&

Logistics

0

.9

%

United

Parcel

Service,

Inc.,

Class

B(a)

140,739

20,918,038

Automobile

Components

0

.6

%

Aptiv

plc*(a)

86,598

6,897,531

Lear

Corp.

43,205

6,259,540

13,157,071

Automobiles

1

.7

%

Ford

Motor

Co.

1,007,228

13,375,988

General

Motors

Co.

169,661

7,694,126

Tesla,

Inc.*

93,677

16,467,480

37,537,594

Banks

4

.1

%

Bank

of

America

Corp.

829,093

31,439,207

Citigroup,

Inc.

208,955

13,214,314

East

West

Bancorp,

Inc.(a)

92,758

7,338,085

First

Citizens

BancShares,

Inc.,

Class

A

3,613

5,907,255

Huntington

Bancshares,

Inc.

469,072

6,543,554

JPMorgan

Chase

&

Co.(a)

100,908

20,211,872

M&T

Bank

Corp.(a)

43,458

6,320,532

90,974,819

Beverages

1

.1

%

Coca-Cola

Europacific

Partners

plc(a)

77,684

5,433,996

Constellation

Brands,

Inc.,

Class

A

25,329

6,883,409

Monster

Beverage

Corp.*

215,885

12,797,663

25,115,068

Biotechnology

1

.3

%

AbbVie,

Inc.

8,067

1,469,001

Amgen,

Inc.

31,917

9,074,641

Biogen,

Inc.*

23,517

5,070,971

BioMarin

Pharmaceutical,

Inc.*

54,648

4,772,956

Moderna,

Inc.*

17,955

1,913,285

Neurocrine

Biosciences,

Inc.*

53,965

7,442,853

29,743,707

Broadline

Retail

3

.6

%

Amazon.com,

Inc.*

446,269

80,498,002

Ollie's

Bargain

Outlet

Holdings,

Inc.*

8,498

676,186

81,174,188

Building

Products

0

.5

%

Allegion

plc(a)

40,102

5,402,140

Builders

FirstSource,

Inc.*

31,220

6,510,931

11,913,071

Capital

Markets

1

.4

%

Ameriprise

Financial,

Inc.

745

326,638

CME

Group,

Inc.

60,980

13,128,384

Coinbase

Global,

Inc.,

Class

A*

1,823

483,314

Morgan

Stanley

2,605

245,287

Morningstar,

Inc.

2,817

868,678

MSCI,

Inc.,

Class

A

9,701

5,436,925

Nasdaq,

Inc.

109,154

6,887,617

Common

Stocks

Shares

Value

($)

Capital

Markets

Robinhood

Markets,

Inc.,

Class

A*

132,151

2,660,200

XP,

Inc.,

Class

A

58,118

1,491,308

31,528,351

Chemicals

2

.6

%

Axalta

Coating

Systems

Ltd.*

163,307

5,616,128

Celanese

Corp.,

Class

A(a)

40,694

6,993,671

Ecolab,

Inc.

7,866

1,816,259

Linde

plc

23,279

10,808,905

RPM

International,

Inc.

87,769

10,440,123

Sherwin-Williams

Co.

(The)

64,952

22,559,778

58,234,864

Commercial

Services

&

Supplies

0

.3

%

Cintas

Corp.

10,465

7,189,769

Communications

Equipment

1

.3

%

Cisco

Systems,

Inc.

301,236

15,034,689

Motorola

Solutions,

Inc.

38,107

13,527,223

28,561,912

Construction

Materials

0

.6

%

Martin

Marietta

Materials,

Inc.

4,630

2,842,542

Vulcan

Materials

Co.

41,717

11,385,404

14,227,946

Consumer

Finance

0

.5

%

American

Express

Co.

44,120

10,045,683

Consumer

Staples

Distribution

&

Retail

1

.2

%

Costco

Wholesale

Corp.

26,087

19,112,119

Performance

Food

Group

Co.*(a)

81,306

6,068,680

Walmart,

Inc.

19,867

1,195,397

26,376,196

Containers

&

Packaging

0

.3

%

Avery

Dennison

Corp.

32,582

7,273,931

Distributors

0

.1

%

Pool

Corp.

6,672

2,692,152

Diversified

Telecommunication

Services

0

.4

%

AT&T,

Inc.

529,620

9,321,312

Electric

Utilities

0

.6

%

FirstEnergy

Corp.

137,120

5,295,574

Xcel

Energy,

Inc.

160,690

8,637,088

13,932,662

Electrical

Equipment

1

.1

%

AMETEK,

Inc.

72,604

13,279,272

nVent

Electric

plc

68,795

5,187,143

Rockwell

Automation,

Inc.

22,040

6,420,913

24,887,328

Electronic

Equipment,

Instruments

&

Components

0

.6

%

CDW

Corp.

32,164

8,226,908

Keysight

Technologies,

Inc.*

36,971

5,781,525

14,008,433

Energy

Equipment

&

Services

0

.2

%

TechnipFMC

plc

165,626

4,158,869

Entertainment

1

.0

%

Electronic

Arts,

Inc.

46,330

6,146,601

Netflix,

Inc.*

25,618

15,558,580

21,705,181

34

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

Common

Stocks

Shares

Value

($)

Financial

Services

5

.6

%

Affirm

Holdings,

Inc.,

Class

A*

47,703

1,777,414

Berkshire

Hathaway,

Inc.,

Class

B*

102,713

43,192,871

Fidelity

National

Information

Services,

Inc.

102,955

7,637,202

Fiserv,

Inc.*(a)

145,137

23,195,795

Mastercard,

Inc.,

Class

A

7,809

3,760,580

Visa,

Inc.,

Class

A(a)

141,399

39,461,633

Voya

Financial,

Inc.

72,176

5,335,250

124,360,745

Food

Products

0

.8

%

General

Mills,

Inc.

190,771

13,348,247

McCormick

&

Co.,

Inc.

(Non-Voting)

69,489

5,337,450

18,685,697

Gas

Utilities

0

.4

%

Atmos

Energy

Corp.

80,141

9,526,361

Ground

Transportation

0

.7

%

Old

Dominion

Freight

Line,

Inc.

30,842

6,763,959

Saia,

Inc.*(a)

14,647

8,568,495

15,332,454

Health

Care

Equipment

&

Supplies

0

.6

%

Align

Technology,

Inc.*

13,884

4,552,841

Cooper

Cos.,

Inc.

(The)

33,715

3,420,724

Edwards

Lifesciences

Corp.*

4,556

435,371

Zimmer

Biomet

Holdings,

Inc.

40,030

5,283,160

13,692,096

Health

Care

Providers

&

Services

3

.7

%

Cencora,

Inc.(a)

31,049

7,544,597

Centene

Corp.*

27,135

2,129,555

CVS

Health

Corp.

107,204

8,550,591

Elevance

Health,

Inc.

12,387

6,423,155

Encompass

Health

Corp.

76,775

6,340,079

Humana,

Inc.

28,181

9,770,916

Quest

Diagnostics,

Inc.

90,203

12,006,921

UnitedHealth

Group,

Inc.

54,174

26,799,878

Universal

Health

Services,

Inc.,

Class

B

16,047

2,927,936

82,493,628

Health

Care

Technology

0

.1

%

Veeva

Systems,

Inc.,

Class

A*

13,807

3,198,944

Hotel

&

Resort

REITs

0

.9

%

Host

Hotels

&

Resorts,

Inc.

585,892

12,116,247

Park

Hotels

&

Resorts,

Inc.

504,762

8,828,287

20,944,534

Hotels,

Restaurants

&

Leisure

2

.3

%

Airbnb,

Inc.,

Class

A*

10,897

1,797,569

Chipotle

Mexican

Grill,

Inc.,

Class

A*

4,947

14,379,791

Darden

Restaurants,

Inc.

34,220

5,719,873

Domino's

Pizza,

Inc.(a)

16,406

8,151,813

Expedia

Group,

Inc.*

48,230

6,643,683

McDonald's

Corp.

17,399

4,905,648

Wingstop,

Inc.

8,841

3,239,343

Yum!

Brands,

Inc.

43,602

6,045,417

50,883,137

Household

Durables

0

.9

%

DR

Horton,

Inc.

66,009

10,861,781

Common

Stocks

Shares

Value

($)

Household

Durables

Lennar

Corp.,

Class

A

50,190

8,631,676

19,493,457

Household

Products

1

.0

%

Colgate-Palmolive

Co.

85,832

7,729,172

Procter

&

Gamble

Co.

(The)

91,425

14,833,706

22,562,878

Industrial

Conglomerates

0

.5

%

General

Electric

Co.

60,074

10,544,789

Industrial

REITs

0

.2

%

First

Industrial

Realty

Trust,

Inc.

101,854

5,351,409

Insurance

3

.6

%

Allstate

Corp.

(The)

52,256

9,040,810

American

Financial

Group,

Inc.(a)

33,629

4,589,686

Arch

Capital

Group

Ltd.*

77,904

7,201,446

Globe

Life,

Inc.

50,216

5,843,636

Kinsale

Capital

Group,

Inc.

7,393

3,879,403

Marsh

&

McLennan

Cos.,

Inc.

39,086

8,050,934

MetLife,

Inc.

94,869

7,030,742

Progressive

Corp.

(The)

74,009

15,306,541

Travelers

Cos.,

Inc.

(The)

56,179

12,929,035

Unum

Group

121,730

6,532,032

80,404,265

Interactive

Media

&

Services

6

.2

%

Alphabet,

Inc.,

Class

A*

441,247

66,597,410

Alphabet,

Inc.,

Class

C*

138,461

21,082,072

Match

Group,

Inc.*(a)

124,683

4,523,499

Meta

Platforms,

Inc.,

Class

A

91,807

44,579,643

Pinterest,

Inc.,

Class

A*

66,079

2,290,959

139,073,583

IT

Services

0

.6

%

Accenture

plc,

Class

A

32,646

11,315,430

Okta,

Inc.,

Class

A*

8,502

889,479

VeriSign,

Inc.*

9,046

1,714,308

13,919,217

Life

Sciences

Tools

&

Services

2

.6

%

Agilent

Technologies,

Inc.

50,537

7,353,639

Bruker

Corp.

7,265

682,474

Danaher

Corp.

41,197

10,287,715

ICON

plc*

2,506

841,891

IQVIA

Holdings,

Inc.*

52,132

13,183,661

Medpace

Holdings,

Inc.*

17,679

7,144,968

Mettler-Toledo

International,

Inc.*

9,880

13,153,145

West

Pharmaceutical

Services,

Inc.

14,213

5,624,226

58,271,719

Machinery

3

.5

%

Caterpillar,

Inc.(a)

31,579

11,571,493

Cummins,

Inc.

26,599

7,837,395

Fortive

Corp.

76,328

6,565,734

Illinois

Tool

Works,

Inc.(a)

26,878

7,212,174

ITT,

Inc.(a)

55,457

7,543,816

Otis

Worldwide

Corp.

28,747

2,853,715

Parker-Hannifin

Corp.

23,744

13,196,678

Stanley

Black

&

Decker,

Inc.

60,301

5,905,277

NVIT

GS

Large

Cap

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Machinery

Westinghouse

Air

Brake

Technologies

Corp.

69,275

10,091,982

Xylem,

Inc.

43,754

5,654,767

78,433,031

Media

0

.4

%

Trade

Desk,

Inc.

(The),

Class

A*

103,011

9,005,222

Metals

&

Mining

0

.7

%

Steel

Dynamics,

Inc.

98,446

14,592,651

Multi-Utilities

0

.5

%

NiSource,

Inc.

202,071

5,589,284

WEC

Energy

Group,

Inc.

75,467

6,197,350

11,786,634

Office

REITs

0

.3

%

Alexandria

Real

Estate

Equities,

Inc.(a)

48,652

6,271,729

Oil,

Gas

&

Consumable

Fuels

2

.6

%

Antero

Midstream

Corp.

85,404

1,200,780

Antero

Resources

Corp.*

93,400

2,708,600

Cheniere

Energy,

Inc.

35,749

5,765,599

Chesapeake

Energy

Corp.(a)

37,800

3,357,774

Chevron

Corp.

41,172

6,494,471

Devon

Energy

Corp.

247,677

12,428,432

Exxon

Mobil

Corp.

98,128

11,406,399

Marathon

Oil

Corp.

242,732

6,879,025

Marathon

Petroleum

Corp.

42,864

8,637,096

58,878,176

Personal

Care

Products

0

.3

%

Kenvue,

Inc.

291,437

6,254,238

Pharmaceuticals

2

.2

%

AstraZeneca

plc,

ADR-UK

79,656

5,396,694

Bristol-Myers

Squibb

Co.

157,530

8,542,852

Eli

Lilly

&

Co.

25,012

19,458,335

Johnson

&

Johnson

61,901

9,792,119

Merck

&

Co.,

Inc.

12,326

1,626,416

Zoetis,

Inc.,

Class

A

32,377

5,478,512

50,294,928

Professional

Services

0

.3

%

Equifax,

Inc.

2,147

574,365

FTI

Consulting,

Inc.*

29,964

6,301,130

6,875,495

Real

Estate

Management

&

Development

0

.4

%

CoStar

Group,

Inc.*

86,048

8,312,237

Residential

REITs

0

.2

%

AvalonBay

Communities,

Inc.

29,263

5,430,042

Semiconductors

&

Semiconductor

Equipment

8

.3

%

Advanced

Micro

Devices,

Inc.*

6,542

1,180,765

Applied

Materials,

Inc.

105,760

21,810,885

Broadcom,

Inc.

5,507

7,299,033

Enphase

Energy,

Inc.*

42,449

5,135,480

Intel

Corp.

48,392

2,137,475

KLA

Corp.

23,169

16,185,168

Marvell

Technology,

Inc.

102,559

7,269,382

Micron

Technology,

Inc.

70,989

8,368,893

MKS

Instruments,

Inc.

62,298

8,285,634

NVIDIA

Corp.

97,126

87,759,168

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Texas

Instruments,

Inc.

117,922

20,543,192

185,975,075

Software

12

.7

%

Adobe,

Inc.*

21,521

10,859,497

AppLovin

Corp.,

Class

A*(a)

127,150

8,801,323

Crowdstrike

Holdings,

Inc.,

Class

A*

38,902

12,471,592

Dropbox,

Inc.,

Class

A*

81,048

1,969,466

Dynatrace,

Inc.*

107,598

4,996,851

Fair

Isaac

Corp.*

3,705

4,629,805

HubSpot,

Inc.*

5,840

3,659,110

Intuit,

Inc.

41,284

26,834,600

Manhattan

Associates,

Inc.*

3,210

803,238

Microsoft

Corp.

349,872

147,198,148

Oracle

Corp.

148,261

18,623,064

Palantir

Technologies,

Inc.,

Class

A*

360,407

8,292,965

Salesforce,

Inc.

64,920

19,552,606

ServiceNow,

Inc.*

14,387

10,968,649

Workday,

Inc.,

Class

A*

18,481

5,040,693

284,701,607

Specialized

REITs

0

.4

%

American

Tower

Corp.

35,884

7,090,319

Lamar

Advertising

Co.,

Class

A

4,949

590,960

SBA

Communications

Corp.,

Class

A

7,011

1,519,284

9,200,563

Specialty

Retail

1

.9

%

Five

Below,

Inc.*

13,723

2,489,078

Home

Depot,

Inc.

(The)

8,857

3,397,545

Lowe's

Cos.,

Inc.

39,957

10,178,247

Ross

Stores,

Inc.

143,352

21,038,339

Ulta

Beauty,

Inc.*

12,050

6,300,704

43,403,913

Technology

Hardware,

Storage

&

Peripherals

6

.3

%

Apple,

Inc.

724,195

124,184,959

Dell

Technologies,

Inc.,

Class

C

144,032

16,435,491

140,620,450

Textiles,

Apparel

&

Luxury

Goods

0

.7

%

Deckers

Outdoor

Corp.*

8,531

8,029,889

NIKE,

Inc.,

Class

B

77,042

7,240,407

15,270,296

Trading

Companies

&

Distributors

0

.3

%

Fastenal

Co.

92,727

7,152,961

Total

Common

Stocks

(cost

$1,655,024,239)

2,237,408,331

36

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

Repurchase

Agreements

1

.9

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,008,152,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$6,124,687.

(b)

6,004,595

6,004,595

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$15,008,884,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$15,300,000.(b)

15,000,000

15,000,000

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,900,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$10,207,094.(b)

10,000,000

10,000,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,923,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$10,200,003.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,250,742,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$1,275,189.(b)

1,250,000

1,250,000

Total

Repurchase

Agreements

(cost

$42,254,595)

42,254,595

Total

Investments

(cost

$1,697,278,834)

—

101.6%

2,279,662,926

Liabilities

in

excess

of

other

assets

—

(1.6)%

(

36,561,233

)

NET

ASSETS

—

100.0%

$

2,243,101,693

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$68,208,638,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$42,254,595

and

by

$27,269,320

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/15/2024

–

2/15/2054,

a

total

value

of

$69,523,915.

(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,

2024

was

$42,254,595.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

NVIT

GS

Large

Cap

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

38

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024,

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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,237,408,331

$

–

$

–

$

2,237,408,331

Repurchase

Agreements

–

42,254,595

–

42,254,595

Total

$

2,237,408,331

$

42,254,595

$

–

$

2,279,662,926

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

97.8%

Shares

Value

($)

Automobile

Components

1.1%

BorgWarner,

Inc.

32,300

1,122,102

Lear

Corp.

66,629

9,653,210

10,775,312

Automobiles

0.9%

General

Motors

Co.

186,253

8,446,574

Banks

1.8%

Comerica,

Inc.

120,213

6,610,513

KeyCorp

685,171

10,832,553

17,443,066

Biotechnology

2.4%

Exelixis,

Inc.*

34,857

827,156

Incyte

Corp.*

116,340

6,627,890

Ionis

Pharmaceuticals,

Inc.*

44,104

1,911,908

Neurocrine

Biosciences,

Inc.*

36,041

4,970,775

Sarepta

Therapeutics,

Inc.*

45,956

5,949,464

Ultragenyx

Pharmaceutical,

Inc.*

58,119

2,713,576

23,000,769

Broadline

Retail

2.8%

Amazon.com,

Inc.*

91,429

16,491,963

eBay,

Inc.

99,776

5,266,177

Etsy,

Inc.*

43,229

2,970,697

MercadoLibre,

Inc.*

1,100

1,663,156

26,391,993

Capital

Markets

0.9%

LPL

Financial

Holdings,

Inc.

28,839

7,619,264

State

Street

Corp.

15,520

1,200,006

TPG,

Inc.,

Class

A

1,740

77,778

8,897,048

Chemicals

3.5%

Dow,

Inc.

223,461

12,945,095

DuPont

de

Nemours,

Inc.

149,228

11,441,311

Eastman

Chemical

Co.

11,404

1,142,909

Huntsman

Corp.

282,400

7,350,872

32,880,187

Construction

&

Engineering

1.1%

AECOM

107,429

10,536,636

Consumer

Finance

1.8%

SLM

Corp.

205,098

4,469,085

Synchrony

Financial

288,748

12,450,814

16,919,899

Consumer

Staples

Distribution

&

Retail

0.1%

Maplebear,

Inc.*

24,686

920,541

Distributors

0.4%

Genuine

Parts

Co.

27,348

4,237,026

Diversified

Consumer

Services

0.2%

Duolingo,

Inc.,

Class

A*

6,817

1,503,694

Diversified

Telecommunication

Services

0.4%

Iridium

Communications,

Inc.

132,604

3,468,921

Electric

Utilities

3.6%

Exelon

Corp.

279,142

10,487,365

NRG

Energy,

Inc.

217,065

14,693,130

Pinnacle

West

Capital

Corp.

122,830

9,179,086

34,359,581

Common

Stocks

Shares

Value

($)

Entertainment

1.5%

Live

Nation

Entertainment,

Inc.*

131,463

13,904,842

Playtika

Holding

Corp.

25,182

177,533

Roku,

Inc.,

Class

A*

8,225

536,023

14,618,398

Financial

Services

4.8%

Corebridge

Financial,

Inc.

248,380

7,135,958

Mastercard,

Inc.,

Class

A

44,879

21,612,380

PayPal

Holdings,

Inc.*

252,090

16,887,509

45,635,847

Food

Products

1.1%

Archer-Daniels-Midland

Co.

150,608

9,459,688

Tyson

Foods,

Inc.,

Class

A

23,519

1,381,271

10,840,959

Ground

Transportation

5.3%

JB

Hunt

Transport

Services,

Inc.

42,042

8,376,869

Landstar

System,

Inc.

3,191

615,097

Lyft,

Inc.,

Class

A*

423,074

8,186,482

Old

Dominion

Freight

Line,

Inc.

58,420

12,812,090

Schneider

National,

Inc.,

Class

B

28,249

639,557

Uber

Technologies,

Inc.*

250,486

19,284,917

49,915,012

Health

Care

Equipment

&

Supplies

0.5%

Tandem

Diabetes

Care,

Inc.*

139,756

4,948,760

Health

Care

Providers

&

Services

4.3%

Cardinal

Health,

Inc.

101,932

11,406,191

Elevance

Health,

Inc.

34,692

17,989,189

Humana,

Inc.

12,922

4,480,316

Molina

Healthcare,

Inc.*

16,313

6,701,870

40,577,566

Hotels,

Restaurants

&

Leisure

3.9%

Airbnb,

Inc.,

Class

A*

34,256

5,650,870

Booking

Holdings,

Inc.

4,858

17,624,241

Domino's

Pizza,

Inc.

26,839

13,335,762

Expedia

Group,

Inc.*

4,432

610,508

37,221,381

Household

Durables

3.3%

DR

Horton,

Inc.

84,810

13,955,485

Lennar

Corp.,

Class

A

77,521

13,332,062

NVR,

Inc.*

506

4,098,580

31,386,127

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Vistra

Corp.

38,594

2,688,072

Insurance

5.5%

Allstate

Corp.

(The)

80,884

13,993,741

Brighthouse

Financial,

Inc.*

108,409

5,587,400

Everest

Group

Ltd.

21,327

8,477,482

Hartford

Financial

Services

Group,

Inc.

(The)

15,715

1,619,431

Progressive

Corp.

(The)

44,332

9,168,744

Reinsurance

Group

of

America,

Inc.

46,926

9,051,087

RLI

Corp.

2,428

360,485

Travelers

Cos.,

Inc.

(The)

13,399

3,083,646

40

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Insurance

W

R

Berkley

Corp.

11,207

991,147

52,333,163

Interactive

Media

&

Services

1.9%

Alphabet,

Inc.,

Class

C*

105,175

16,013,946

Meta

Platforms,

Inc.,

Class

A

3,487

1,693,217

17,707,163

IT

Services

1.9%

DXC

Technology

Co.*

93,500

1,983,135

EPAM

Systems,

Inc.*

20,251

5,592,516

VeriSign,

Inc.*

55,571

10,531,260

18,106,911

Life

Sciences

Tools

&

Services

1.1%

Illumina,

Inc.*

77,461

10,636,945

Machinery

1.9%

AGCO

Corp.

50,190

6,174,374

Oshkosh

Corp.

18,062

2,252,512

Otis

Worldwide

Corp.

93,763

9,307,853

17,734,739

Media

2.6%

Fox

Corp.,

Class

A

86,089

2,692,003

Interpublic

Group

of

Cos.,

Inc.

(The)

142,152

4,638,420

Omnicom

Group,

Inc.

133,524

12,919,782

Paramount

Global,

Class

B

355,112

4,179,668

24,429,873

Oil,

Gas

&

Consumable

Fuels

4.0%

Marathon

Petroleum

Corp.

74,105

14,932,157

Phillips

66

40,561

6,625,234

Valero

Energy

Corp.

96,943

16,547,201

38,104,592

Paper

&

Forest

Products

0.6%

Louisiana-Pacific

Corp.

63,079

5,292,959

Professional

Services

4.1%

Automatic

Data

Processing,

Inc.

66,792

16,680,634

KBR,

Inc.

107,287

6,829,891

Paycom

Software,

Inc.

25,338

5,042,515

Robert

Half,

Inc.

109,487

8,680,129

TriNet

Group,

Inc.

15,433

2,044,718

39,277,887

Real

Estate

Management

&

Development

0.3%

Howard

Hughes

Holdings,

Inc.*

34,776

2,525,433

Residential

REITs

1.1%

Camden

Property

Trust

65,912

6,485,741

Essex

Property

Trust,

Inc.

17,345

4,246,229

10,731,970

Semiconductors

&

Semiconductor

Equipment

7.6%

Amkor

Technology,

Inc.

40,346

1,300,755

Cirrus

Logic,

Inc.*

18,054

1,671,078

Intel

Corp.

283,135

12,506,073

NVIDIA

Corp.

56,369

50,932,774

Teradyne,

Inc.

52,183

5,887,808

72,298,488

Software

11.5%

Adobe,

Inc.*

3,776

1,905,370

Atlassian

Corp.,

Class

A*

52,024

10,150,403

Common

Stocks

Shares

Value

($)

Software

DoubleVerify

Holdings,

Inc.*

30,108

1,058,597

Dropbox,

Inc.,

Class

A*

148,276

3,603,107

Fortinet,

Inc.*

215,937

14,750,656

Gitlab,

Inc.,

Class

A*

13,502

787,437

Guidewire

Software,

Inc.*

70,731

8,255,015

Microsoft

Corp.

115,595

48,633,128

Nutanix,

Inc.,

Class

A*

49,845

3,076,433

Procore

Technologies,

Inc.*

24,965

2,051,374

Qualys,

Inc.*

18,099

3,020,180

RingCentral,

Inc.,

Class

A*

66,257

2,301,768

SentinelOne,

Inc.,

Class

A*

131,405

3,063,051

Smartsheet,

Inc.,

Class

A*

89,379

3,441,091

Tenable

Holdings,

Inc.*

52,325

2,586,425

Teradata

Corp.*

23,340

902,558

109,586,593

Specialty

Retail

0.7%

Advance

Auto

Parts,

Inc.

81,453

6,930,836

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A*

29,900

68,172

6,999,008

Technology

Hardware,

Storage

&

Peripherals

7.0%

Apple,

Inc.

385,879

66,170,531

Total

Investments

(cost

$703,549,951)

—

97.8%

929,549,624

Other

assets

in

excess

of

liabilities

—

2.2%

20,800,083

NET

ASSETS

—

100.0%

$

950,349,707

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2024

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Advance

Auto

Parts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

57,755

48,514

48,514

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

23,717

1,660

1,660

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

22,072

125,590

125,590

Align

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

2/28/2025

28,784

229,696

229,696

Allstate

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

4/30/2025

1,134

2,495

2,495

Amkor

Technology,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

15,108

11,463

11,463

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

35,494

35,849

35,849

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

17,279

30,584

30,584

Archer-Daniels-

Midland

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

60,423

72,924

72,924

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

36,431

1,822

1,822

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

4/30/2025

25,084

25,335

25,335

BorgWarner,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

226,773

272,128

272,128

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

8/30/2024

38,560

79,048

79,048

Centene

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

78,875

72,565

72,565

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

6/28/2024

33,651

108,020

108,020

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

4/30/2025

9,277

9,648

9,648

Dell

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

4/30/2025

34,337

18,542

18,542

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

3/31/2025

35,237

54,617

54,617

DoubleVerify

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

4/30/2025

50,122

101,748

101,748

42

-

Statement

of

Investments

-

March

31,

2024

(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

($)

DXC

Technology

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

218,564

124,581

124,581

eBay,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

136,699

269,297

269,297

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

11/29/2024

9,525

73,914

73,914

Erie

Indemnity

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,881

34,598

34,598

Essex

Property

Trust,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

7,549

71,942

71,942

Evercore,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

65,316

202,480

202,480

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

2,625

28,718

28,718

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

3/31/2025

1,635

196

196

First

Horizon

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

239,693

182,167

182,167

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

11/29/2024

30,150

38,291

38,291

Fox

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

190,447

180,925

180,925

Genuine

Parts

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

40,853

138,900

138,900

Guidewire

Software,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

6,833

6,081

6,081

Hanover

Insurance

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

26,416

139,477

139,477

Hartford

Financial

Services

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

106,413

278,802

278,802

Howard

Hughes

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

4,404

5,417

5,417

Huntsman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

57,510

49,459

49,459

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

50,410

21,172

21,172

Iridium

Communications,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

9,716

6,801

6,801

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(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

($)

JB

Hunt

Transport

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

15,356

85,072

85,072

KBR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

8,077

19,223

19,223

Kyndryl

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

236,407

96,927

96,927

Louisiana-Pacific

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

63,796

115,471

115,471

Maplebear,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

12,967

9,725

9,725

Mastercard,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

5,708

27,227

27,227

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

31,799

45,563

45,563

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

1,397

240,885

240,885

Modine

Manufacturing

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

11,722

7,619

7,619

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

991

232,845

232,845

Old

Dominion

Freight

Line,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

8,862

25,788

25,788

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

7/31/2024

3,547

18,079

18,079

Otis

Worldwide

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

44,587

43,695

43,695

Paramount

Global

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

208,297

93,734

93,734

Petco

Health

&

Wellness

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

118,965

43,398

43,398

Phillips

66

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

55,265

372,486

372,486

Playtika

Holding

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

150,691

31,645

31,645

Qualys,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

19,261

37,944

37,944

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

12/31/2024

1,785

660

660

44

-

Statement

of

Investments

-

March

31,

2024

(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

($)

RingCentral,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

58,948

38,316

38,316

RLI

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

6,202

19,102

19,102

Robert

Half,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

11,176

26,599

26,599

Robinhood

Markets,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

129,538

110,107

110,107

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

4/30/2025

46,459

20,322

20,322

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

245,143

186,309

186,309

Smartsheet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

19,099

7,640

7,640

Snap,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

123,143

20,934

20,934

State

Street

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

19,742

36,128

36,128

Stericycle,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

87,194

–

–

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

4/30/2025

4,616

66,523

66,523

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

4/30/2025

13,275

22,833

22,833

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

41,577

66,523

66,523

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

7/31/2024

56,956

273,958

273,958

TPG,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

8

3

3

Travelers

Cos.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

18,930

109,983

109,983

Tyson

Foods,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

175,820

184,611

184,611

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

69,890

85,965

85,965

Valero

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

7,353

33,162

33,162

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(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

($)

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

3/31/2025

6,507

15,682

15,682

ZoomInfo

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

142,680

87,035

87,035

–

–

Total

unrealized

appreciation

6,115,187

6,115,187

–

–

AAON,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

58,752

(94,591)

(94,591)

Acadia

Healthcare

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

49,016

(118,619)

(118,619)

Advanced

Drainage

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

4,660

(20,690)

(20,690)

AGNC

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

471,302

(188,521)

(188,521)

Airbnb,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

77,253

(187,725)

(187,725)

Albemarle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

42,444

(557,290)

(557,290)

Alnylam

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

3/31/2025

12,838

(32,352)

(32,352)

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

3/31/2025

45,476

(101,411)

(101,411)

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

25,525

(248,869)

(248,869)

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

55,333

(33,753)

(33,753)

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

2,647

(6,353)

(6,353)

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

4/30/2025

25,226

(104,436)

(104,436)

Avantor,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

128,009

(24,322)

(24,322)

Azenta,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

44,426

(83,965)

(83,965)

Badger

Meter,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

41

(177)

(177)

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

42,655

(52,573)

(52,573)

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

12/31/2024

42,435

(148,098)

(148,098)

46

-

Statement

of

Investments

-

March

31,

2024

(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

($)

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

276

(6,748)

(6,748)

Boston

Beer

Co.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

8,551

(34,204)

(34,204)

Bridgebio

Pharma,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

16,027

(18,591)

(18,591)

Bright

Horizons

Family

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

20,002

(7,201)

(7,201)

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

56,921

(157,102)

(157,102)

Certara,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

80,354

(57,855)

(57,855)

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

42,234

(125,857)

(125,857)

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

8/30/2024

28,268

(101,482)

(101,482)

Cognex

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

41,278

(44,580)

(44,580)

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

75,761

(71,215)

(71,215)

Columbia

Banking

System,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

159,405

(213,603)

(213,603)

Confluent,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

123,093

(59,085)

(59,085)

Crocs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

13,633

(51,124)

(51,124)

Crowdstrike

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

3/31/2025

4,475

(42,154)

(42,154)

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

11/29/2024

16,759

(25,641)

(25,641)

Driven

Brands

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

3/31/2025

68,976

(66,907)

(66,907)

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

240,631

(36,095)

(36,095)

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

49,286

(56,679)

(56,679)

Entegris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

39,213

(9,411)

(9,411)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(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

($)

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

23,621

(90,232)

(90,232)

FirstCash

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

23,555

(86,918)

(86,918)

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

6/28/2024

37,801

(43,471)

(43,471)

Five

Below,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

14,105

(46,970)

(46,970)

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

11/29/2024

19,184

(33,764)

(33,764)

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

7/31/2024

52,575

(73,605)

(73,605)

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

8/30/2024

219,678

(166,955)

(166,955)

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

266,505

(166,566)

(166,566)

Ginkgo

Bioworks

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

6.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

763,041

(68,674)

(68,674)

Globus

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

4/30/2025

91,923

(185,684)

(185,684)

Halozyme

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

65,612

(39,367)

(39,367)

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

6/28/2024

316,252

(344,715)

(344,715)

Humana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

23,961

(18,570)

(18,570)

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

29,700

(194,832)

(194,832)

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

6,081

(4,622)

(4,622)

Iron

Mountain,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

68,234

(198,561)

(198,561)

Kirby

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

35,256

(7,404)

(7,404)

Lithia

Motors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

6,289

(15,597)

(15,597)

MACOM

Technology

Solutions

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

3/31/2025

17,294

(12,106)

(12,106)

48

-

Statement

of

Investments

-

March

31,

2024

(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

($)

Marvell

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

23,996

(62,869)

(62,869)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

16,263

(100,831)

(100,831)

Medical

Properties

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

7.20%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

1,038,831

(747,958)

(747,958)

MercadoLibre,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

527

(13,438)

(13,438)

Meta

Platforms,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

6,963

(68,307)

(68,307)

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

2/28/2025

88,419

(27,410)

(27,410)

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

44,754

(300,299)

(300,299)

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

17,988

(136,889)

(136,889)

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

15,487

(129,316)

(129,316)

Natera,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

38,036

(55,533)

(55,533)

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

22,047

(71,432)

(71,432)

New

York

Community

Bancorp,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

466,485

(9,330)

(9,330)

Nutanix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

66,605

(133,210)

(133,210)

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

6/28/2024

14,558

(320,422)

(320,422)

Old

National

Bancorp

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

274,837

(186,889)

(186,889)

ONEOK,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

62,435

(93,652)

(93,652)

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

20,799

(12,479)

(12,479)

Patterson-UTI

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

4/30/2025

75,418

(18,854)

(18,854)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

121,735

(26,782)

(26,782)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

49

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Procore

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

47,461

(9,018)

(9,018)

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

17,109

(80,070)

(80,070)

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

6/28/2024

26,833

(2,147)

(2,147)

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

4/30/2025

12,351

(84,851)

(84,851)

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

3/31/2025

45,384

(4,538)

(4,538)

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

119,278

(57,253)

(57,253)

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

4/30/2025

5,914

(24,839)

(24,839)

SPX

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

30,727

(76,510)

(76,510)

STERIS

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

11,819

(39,003)

(39,003)

Sunrun,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

118,496

(225,142)

(225,142)

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

9/30/2024

27,415

(49,895)

(49,895)

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

11/29/2024

12,140

(71,262)

(71,262)

TFS

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

11/29/2024

17,222

(10,032)

(10,032)

TKO

Group

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

4/30/2025

10,766

(1,938)

(1,938)

Ubiquiti,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

2,809

(13,146)

(13,146)

Union

Pacific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

19,601

(128,191)

(128,191)

US

Bancorp

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

90,338

(95,045)

(95,045)

Vaxcyte,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

34,890

(31,052)

(31,052)

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

5/31/2024

86,675

(76,274)

(76,274)

50

-

Statement

of

Investments

-

March

31,

2024

(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

($)

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

579,407

(202,792)

(202,792)

Webster

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

73,760

(90,725)

(90,725)

Wendy's

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

179,361

(159,631)

(159,631)

Wolfspeed,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

52,063

(133,802)

(133,802)

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

79,093

(98,075)

(98,075)

–

–

Total

unrealized

depreciation

(9,269,023)

(9,269,023)

–

–

Net

unrealized

depreciation

(3,153,836)

(3,153,836)

Financing

Costs

of

Swap

Contracts

(253,151)

(253,151)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(3,406,987)

(3,406,987)

OBFR

Overnight

Bank

Funding

Rate

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

51

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

52

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

929,549,624

$

–

$

–

$

929,549,624

Total

Return

Swaps†

–

6,115,187

–

6,115,187

Total

Assets

$

929,549,624

$

6,115,187

$

–

$

935,664,811

Liabilities:

Total

Return

Swaps†

$

–

$

(9,522,174)

$

–

$

(9,522,174)

Total

Liabilities

$

–

$

(9,522,174)

$

–

$

(9,522,174)

Total

$

929,549,624

$

(3,406,987)

$

–

$

926,142,637

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

53

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

6,115,187

Total

$

6,115,187

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(9,522,174)

Total

$

(9,522,174)

†

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,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

87

.6

%

Shares

Value

($)

Aerospace

&

Defense

1

.3

%

Axon

Enterprise,

Inc.*

3,268

1,022,492

Boeing

Co.

(The)*

26,959

5,202,817

General

Dynamics

Corp.

10,672

3,014,733

Howmet

Aerospace,

Inc.

18,011

1,232,493

Huntington

Ingalls

Industries,

Inc.

1,768

515,319

L3Harris

Technologies,

Inc.

8,922

1,901,278

Lockheed

Martin

Corp.

10,109

4,598,281

Northrop

Grumman

Corp.

6,706

3,209,894

RTX

Corp.

62,367

6,082,654

Textron,

Inc.

8,987

862,123

TransDigm

Group,

Inc.

2,614

3,219,402

30,861,486

Air

Freight

&

Logistics

0

.4

%

CH

Robinson

Worldwide,

Inc.

5,719

435,445

Expeditors

International

of

Washington,

Inc.

6,648

808,197

FedEx

Corp.

10,806

3,130,931

United

Parcel

Service,

Inc.,

Class

B

33,997

5,052,974

9,427,547

Automobile

Components

0

.1

%

Aptiv

plc*

13,338

1,062,372

BorgWarner,

Inc.

10,119

351,534

1,413,906

Automobiles

1

.2

%

Ford

Motor

Co.(a)

181,792

2,414,198

General

Motors

Co.

55,013

2,494,839

Tesla,

Inc.*

130,240

22,894,890

27,803,927

Banks

3

.0

%

Bank

of

America

Corp.

323,626

12,271,898

Citigroup,

Inc.

89,455

5,657,134

Citizens

Financial

Group,

Inc.

21,466

779,001

Comerica,

Inc.

5,755

316,468

Fifth

Third

Bancorp

31,458

1,170,552

Huntington

Bancshares,

Inc.

69,395

968,060

JPMorgan

Chase

&

Co.

135,891

27,218,967

KeyCorp

45,865

725,126

M&T

Bank

Corp.(a)

8,055

1,171,519

PNC

Financial

Services

Group,

Inc.

(The)

18,709

3,023,374

Regions

Financial

Corp.(a)

42,569

895,652

Truist

Financial

Corp.

62,692

2,443,734

US

Bancorp

72,986

3,262,474

Wells

Fargo

&

Co.

169,164

9,804,746

69,708,705

Beverages

1

.2

%

Brown-Forman

Corp.,

Class

B

8,127

419,516

Coca-Cola

Co.

(The)

182,899

11,189,761

Constellation

Brands,

Inc.,

Class

A

7,561

2,054,777

Keurig

Dr

Pepper,

Inc.

49,960

1,532,273

Molson

Coors

Beverage

Co.,

Class

B

8,404

565,169

Monster

Beverage

Corp.*

34,658

2,054,526

PepsiCo,

Inc.

64,605

11,306,521

29,122,543

Common

Stocks

Shares

Value

($)

Biotechnology

1

.7

%

AbbVie,

Inc.

82,989

15,112,297

Amgen,

Inc.

25,148

7,150,080

Biogen,

Inc.*

6,791

1,464,343

Gilead

Sciences,

Inc.

58,568

4,290,106

Incyte

Corp.*

8,741

497,975

Moderna,

Inc.*

15,500

1,651,680

Regeneron

Pharmaceuticals,

Inc.*

4,966

4,779,725

Vertex

Pharmaceuticals,

Inc.*

12,113

5,063,355

40,009,561

Broadline

Retail

3

.3

%

Amazon.com,

Inc.*

429,667

77,503,333

eBay,

Inc.

24,027

1,268,145

Etsy,

Inc.*

5,573

382,977

79,154,455

Building

Products

0

.5

%

A

O

Smith

Corp.

6,127

548,121

Allegion

plc

4,377

589,626

Builders

FirstSource,

Inc.*

5,782

1,205,836

Carrier

Global

Corp.

39,740

2,310,086

Johnson

Controls

International

plc

32,034

2,092,461

Masco

Corp.

10,750

847,960

Trane

Technologies

plc

10,696

3,210,939

10,805,029

Capital

Markets

2

.5

%

Ameriprise

Financial,

Inc.

4,707

2,063,737

Bank

of

New

York

Mellon

Corp.

(The)

35,782

2,061,759

BlackRock,

Inc.

6,573

5,479,910

Blackstone,

Inc.(a)

33,813

4,442,014

Cboe

Global

Markets,

Inc.

4,861

893,112

Charles

Schwab

Corp.

(The)

69,953

5,060,400

CME

Group,

Inc.

16,884

3,634,956

FactSet

Research

Systems,

Inc.

1,751

795,637

Franklin

Resources,

Inc.

13,898

390,673

Goldman

Sachs

Group,

Inc.

(The)

15,329

6,402,770

Intercontinental

Exchange,

Inc.

26,916

3,699,066

Invesco

Ltd.

22,566

374,370

MarketAxess

Holdings,

Inc.

1,591

348,827

Moody's

Corp.

7,417

2,915,103

Morgan

Stanley

58,887

5,544,800

MSCI,

Inc.,

Class

A

3,776

2,116,259

Nasdaq,

Inc.

16,226

1,023,861

Northern

Trust

Corp.(a)

10,036

892,401

Raymond

James

Financial,

Inc.

9,032

1,159,889

S&P

Global,

Inc.

15,103

6,425,571

State

Street

Corp.

13,912

1,075,676

T.

Rowe

Price

Group,

Inc.

10,858

1,323,807

58,124,598

Chemicals

1

.4

%

Air

Products

&

Chemicals,

Inc.

10,449

2,531,479

Albemarle

Corp.(a)

5,773

760,535

Celanese

Corp.,

Class

A(a)

4,658

800,524

CF

Industries

Holdings,

Inc.

9,223

767,446

Corteva,

Inc.

32,947

1,900,053

Dow,

Inc.

32,932

1,907,751

2

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Chemicals

DuPont

de

Nemours,

Inc.

20,207

1,549,271

Eastman

Chemical

Co.

5,829

584,182

Ecolab,

Inc.

11,929

2,754,406

FMC

Corp.(a)

5,575

355,128

International

Flavors

&

Fragrances,

Inc.

11,908

1,023,969

Linde

plc

22,792

10,582,781

LyondellBasell

Industries

NV,

Class

A

11,843

1,211,302

Mosaic

Co.

(The)

14,524

471,449

PPG

Industries,

Inc.

11,324

1,640,848

Sherwin-Williams

Co.

(The)

11,042

3,835,218

32,676,342

Commercial

Services

&

Supplies

0

.5

%

Cintas

Corp.

4,099

2,816,136

Copart,

Inc.*

41,322

2,393,370

Republic

Services,

Inc.,

Class

A

9,534

1,825,189

Rollins,

Inc.

13,854

641,025

Veralto

Corp.

10,091

894,668

Waste

Management,

Inc.

17,141

3,653,604

12,223,992

Communications

Equipment

0

.7

%

Arista

Networks,

Inc.*

11,845

3,434,813

Cisco

Systems,

Inc.

191,003

9,532,960

F5,

Inc.*

2,931

555,688

Juniper

Networks,

Inc.

15,872

588,216

Motorola

Solutions,

Inc.

7,858

2,789,433

16,901,110

Construction

&

Engineering

0

.1

%

Quanta

Services,

Inc.

6,829

1,774,174

Construction

Materials

0

.1

%

Martin

Marietta

Materials,

Inc.

2,883

1,769,989

Vulcan

Materials

Co.

6,246

1,704,658

3,474,647

Consumer

Finance

0

.5

%

American

Express

Co.

26,880

6,120,307

Capital

One

Financial

Corp.

17,881

2,662,302

Discover

Financial

Services

11,663

1,528,903

Synchrony

Financial

18,762

809,017

11,120,529

Consumer

Staples

Distribution

&

Retail

1

.6

%

Costco

Wholesale

Corp.

20,857

15,280,464

Dollar

General

Corp.

10,262

1,601,488

Dollar

Tree,

Inc.*

9,789

1,303,405

Kroger

Co.

(The)

30,864

1,763,260

Sysco

Corp.

23,400

1,899,612

Target

Corp.

21,700

3,845,457

Walgreens

Boots

Alliance,

Inc.

32,490

704,708

Walmart,

Inc.

201,211

12,106,866

38,505,260

Containers

&

Packaging

0

.2

%

Amcor

plc

71,170

676,827

Avery

Dennison

Corp.

3,893

869,112

Ball

Corp.

14,726

991,943

International

Paper

Co.

15,772

615,423

Packaging

Corp.

of

America

4,102

778,478

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

12,030

594,884

4,526,667

Distributors

0

.1

%

Genuine

Parts

Co.

6,557

1,015,876

LKQ

Corp.

13,235

706,881

Pool

Corp.

1,766

712,581

2,435,338

Diversified

Telecommunication

Services

0

.6

%

AT&T,

Inc.

336,085

5,915,096

Verizon

Communications,

Inc.

197,621

8,292,177

14,207,273

Electric

Utilities

1

.3

%

Alliant

Energy

Corp.

11,366

572,846

American

Electric

Power

Co.,

Inc.(a)

24,639

2,121,418

Constellation

Energy

Corp.

14,784

2,732,822

Duke

Energy

Corp.(a)

36,051

3,486,492

Edison

International

17,956

1,270,028

Entergy

Corp.(a)

9,836

1,039,469

Evergy,

Inc.(a)

11,160

595,721

Eversource

Energy

16,254

971,502

Exelon

Corp.

46,790

1,757,900

FirstEnergy

Corp.

24,929

962,758

NextEra

Energy,

Inc.

96,440

6,163,480

NRG

Energy,

Inc.

10,701

724,351

PG&E

Corp.

99,122

1,661,285

Pinnacle

West

Capital

Corp.

5,477

409,296

PPL

Corp.

33,664

926,770

Southern

Co.

(The)

51,769

3,713,908

Xcel

Energy,

Inc.

26,404

1,419,215

30,529,261

Electrical

Equipment

0

.6

%

AMETEK,

Inc.

10,895

1,992,695

Eaton

Corp.

plc

18,769

5,868,691

Emerson

Electric

Co.

26,804

3,040,110

Generac

Holdings,

Inc.*

2,991

377,285

Hubbell,

Inc.,

Class

B

2,495

1,035,550

Rockwell

Automation,

Inc.(a)

5,376

1,566,190

13,880,521

Electronic

Equipment,

Instruments

&

Components

0

.5

%

Amphenol

Corp.,

Class

A(a)

27,963

3,225,532

CDW

Corp.

6,262

1,601,694

Corning,

Inc.

35,219

1,160,818

Jabil,

Inc.

5,818

779,321

Keysight

Technologies,

Inc.*

8,259

1,291,543

TE

Connectivity

Ltd.

14,461

2,100,316

Teledyne

Technologies,

Inc.*

2,271

974,986

Trimble,

Inc.*

11,214

721,733

Zebra

Technologies

Corp.,

Class

A*

2,518

759,026

12,614,969

Energy

Equipment

&

Services

0

.3

%

Baker

Hughes

Co.,

Class

A

46,698

1,564,383

Halliburton

Co.(a)

41,764

1,646,337

Schlumberger

NV

67,095

3,677,477

6,888,197

Entertainment

1

.1

%

Electronic

Arts,

Inc.

11,415

1,514,428

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*

6,871

726,746

Netflix,

Inc.*

20,342

12,354,307

Take-Two

Interactive

Software,

Inc.*

7,433

1,103,726

Walt

Disney

Co.

(The)(a)

86,221

10,550,001

Warner

Bros

Discovery,

Inc.*

104,212

909,771

27,158,979

Financial

Services

3

.7

%

Berkshire

Hathaway,

Inc.,

Class

B*

85,523

35,964,132

Corpay,

Inc.*(a)

3,359

1,036,386

Fidelity

National

Information

Services,

Inc.

27,945

2,072,960

Fiserv,

Inc.*(a)

28,212

4,508,842

Global

Payments,

Inc.

12,253

1,637,736

Jack

Henry

&

Associates,

Inc.

3,453

599,890

Mastercard,

Inc.,

Class

A

38,780

18,675,284

PayPal

Holdings,

Inc.*

50,326

3,371,339

Visa,

Inc.,

Class

A(a)

74,342

20,747,365

88,613,934

Food

Products

0

.7

%

Archer-Daniels-Midland

Co.

25,037

1,572,574

Bunge

Global

SA

6,672

684,014

Campbell

Soup

Co.

9,934

441,566

Conagra

Brands,

Inc.

22,775

675,051

General

Mills,

Inc.

26,688

1,867,359

Hershey

Co.

(The)

6,974

1,356,443

Hormel

Foods

Corp.

13,527

471,957

J

M

Smucker

Co.

(The)

4,939

621,672

Kellanova

12,197

698,766

Kraft

Heinz

Co.

(The)(a)

37,898

1,398,436

Lamb

Weston

Holdings,

Inc.

6,783

722,593

McCormick

&

Co.,

Inc.

(Non-Voting)

11,532

885,773

Mondelez

International,

Inc.,

Class

A

63,291

4,430,370

Tyson

Foods,

Inc.,

Class

A

12,737

748,044

16,574,618

Gas

Utilities

0

.0

%

†

Atmos

Energy

Corp.(a)

7,261

863,115

Ground

Transportation

1

.0

%

CSX

Corp.

92,888

3,443,358

JB

Hunt

Transport

Services,

Inc.

3,690

735,232

Norfolk

Southern

Corp.

10,618

2,706,210

Old

Dominion

Freight

Line,

Inc.

8,412

1,844,836

Uber

Technologies,

Inc.*

96,729

7,447,166

Union

Pacific

Corp.

28,663

7,049,091

23,225,893

Health

Care

Equipment

&

Supplies

2

.3

%

Abbott

Laboratories

81,603

9,274,997

Align

Technology,

Inc.*(a)

3,487

1,143,457

Baxter

International,

Inc.

24,780

1,059,097

Becton

Dickinson

&

Co.

13,580

3,360,371

Boston

Scientific

Corp.*

68,861

4,716,290

Cooper

Cos.,

Inc.

(The)

9,276

941,143

Dentsply

Sirona,

Inc.

8,952

297,117

Dexcom,

Inc.*

18,121

2,513,383

Edwards

Lifesciences

Corp.*

28,681

2,740,756

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

GE

HealthCare

Technologies,

Inc.

18,938

1,721,654

Hologic,

Inc.*

10,849

845,788

IDEXX

Laboratories,

Inc.*

3,932

2,123,005

Insulet

Corp.*

3,393

581,560

Intuitive

Surgical,

Inc.*

16,561

6,609,329

Medtronic

plc

62,500

5,446,875

ResMed,

Inc.(a)

6,840

1,354,525

STERIS

plc

4,840

1,088,129

Stryker

Corp.

15,894

5,687,986

Teleflex,

Inc.(a)

2,090

472,695

Zimmer

Biomet

Holdings,

Inc.

10,154

1,340,125

53,318,282

Health

Care

Providers

&

Services

2

.3

%

Cardinal

Health,

Inc.

11,677

1,306,656

Cencora,

Inc.

7,783

1,891,191

Centene

Corp.*

25,123

1,971,653

Cigna

Group

(The)

13,749

4,993,499

CVS

Health

Corp.

59,153

4,718,043

DaVita,

Inc.*

2,476

341,812

Elevance

Health,

Inc.

11,044

5,726,756

HCA

Healthcare,

Inc.

9,390

3,131,847

Henry

Schein,

Inc.*

5,666

427,896

Humana,

Inc.

5,745

1,991,907

Laboratory

Corp.

of

America

Holdings

3,898

851,557

McKesson

Corp.

6,177

3,316,123

Molina

Healthcare,

Inc.*

2,705

1,111,295

Quest

Diagnostics,

Inc.

5,155

686,182

UnitedHealth

Group,

Inc.

43,476

21,507,577

Universal

Health

Services,

Inc.,

Class

B

2,910

530,959

54,504,953

Health

Care

REITs

0

.2

%

Healthpeak

Properties,

Inc.

33,950

636,563

Ventas,

Inc.

19,644

855,300

Welltower,

Inc.

26,269

2,454,575

3,946,438

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts,

Inc.

33,518

693,152

Hotels,

Restaurants

&

Leisure

1

.8

%

Airbnb,

Inc.,

Class

A*

20,473

3,377,226

Booking

Holdings,

Inc.

1,640

5,949,723

Caesars

Entertainment,

Inc.*

9,376

410,106

Carnival

Corp.*

48,334

789,778

Chipotle

Mexican

Grill,

Inc.,

Class

A*

1,289

3,746,826

Darden

Restaurants,

Inc.

5,596

935,371

Domino's

Pizza,

Inc.

1,611

800,474

Expedia

Group,

Inc.*

5,881

810,108

Hilton

Worldwide

Holdings,

Inc.

11,805

2,518,125

Las

Vegas

Sands

Corp.

16,991

878,435

Marriott

International,

Inc.,

Class

A

11,596

2,925,787

McDonald's

Corp.

34,095

9,613,085

MGM

Resorts

International*

13,278

626,854

Norwegian

Cruise

Line

Holdings

Ltd.*

21,647

453,072

Royal

Caribbean

Cruises

Ltd.*

11,292

1,569,701

4

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.

53,219

4,863,684

Wynn

Resorts

Ltd.

4,530

463,102

Yum!

Brands,

Inc.(a)

13,208

1,831,289

42,562,746

Household

Durables

0

.3

%

DR

Horton,

Inc.

14,037

2,309,789

Garmin

Ltd.

7,354

1,094,790

Lennar

Corp.,

Class

A

11,536

1,983,961

Mohawk

Industries,

Inc.*

2,052

268,586

NVR,

Inc.*

155

1,255,494

PulteGroup,

Inc.

10,157

1,225,137

8,137,757

Household

Products

1

.1

%

Church

&

Dwight

Co.,

Inc.

11,886

1,239,829

Clorox

Co.

(The)

5,997

918,201

Colgate-Palmolive

Co.

38,702

3,485,115

Kimberly-Clark

Corp.

16,001

2,069,729

Procter

&

Gamble

Co.

(The)

110,603

17,945,337

25,658,211

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

30,663

549,788

Industrial

Conglomerates

0

.8

%

3M

Co.

25,795

2,736,076

General

Electric

Co.

51,157

8,979,588

Honeywell

International,

Inc.

30,988

6,360,287

18,075,951

Industrial

REITs

0

.2

%

Prologis,

Inc.(a)

43,431

5,655,585

Insurance

1

.9

%

Aflac,

Inc.

24,744

2,124,520

Allstate

Corp.

(The)

12,339

2,134,770

American

International

Group,

Inc.

32,999

2,579,532

Aon

plc,

Class

A

9,557

3,189,362

Arch

Capital

Group

Ltd.*

17,439

1,612,061

Arthur

J

Gallagher

&

Co.

10,191

2,548,158

Assurant,

Inc.

2,514

473,235

Brown

&

Brown,

Inc.

11,478

1,004,784

Chubb

Ltd.

19,050

4,936,427

Cincinnati

Financial

Corp.

7,242

899,239

Everest

Group

Ltd.

2,139

850,253

Globe

Life,

Inc.

4,044

470,600

Hartford

Financial

Services

Group,

Inc.

(The)

14,140

1,457,127

Loews

Corp.

8,081

632,662

Marsh

&

McLennan

Cos.,

Inc.

23,126

4,763,493

MetLife,

Inc.

28,520

2,113,617

Principal

Financial

Group,

Inc.

10,214

881,570

Progressive

Corp.

(The)

27,512

5,690,032

Prudential

Financial,

Inc.

17,010

1,996,974

Travelers

Cos.,

Inc.

(The)

10,727

2,468,712

W

R

Berkley

Corp.

9,391

830,540

Willis

Towers

Watson

plc

4,832

1,328,800

44,986,468

Interactive

Media

&

Services

5

.4

%

Alphabet,

Inc.,

Class

A*

277,000

41,807,610

Alphabet,

Inc.,

Class

C*

231,911

35,310,769

Match

Group,

Inc.*

13,214

479,404

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Meta

Platforms,

Inc.,

Class

A

103,413

50,215,284

127,813,067

IT

Services

1

.0

%

Accenture

plc,

Class

A

29,472

10,215,290

Akamai

Technologies,

Inc.*

7,259

789,489

Cognizant

Technology

Solutions

Corp.,

Class

A

23,099

1,692,926

EPAM

Systems,

Inc.*

2,820

778,771

Gartner,

Inc.*

3,625

1,727,929

International

Business

Machines

Corp.

43,010

8,213,189

VeriSign,

Inc.*

4,271

809,397

24,226,991

Leisure

Products

0

.0

%

†

Hasbro,

Inc.

5,976

337,764

Life

Sciences

Tools

&

Services

1

.2

%

Agilent

Technologies,

Inc.

13,740

1,999,307

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,074

371,464

Bio-Techne

Corp.(a)

7,149

503,218

Charles

River

Laboratories

International,

Inc.*(a)

2,307

625,082

Danaher

Corp.

30,913

7,719,594

Illumina,

Inc.*

7,358

1,010,401

IQVIA

Holdings,

Inc.*

8,578

2,169,291

Mettler-Toledo

International,

Inc.*

1,008

1,341,940

Revvity,

Inc.

5,502

577,710

Thermo

Fisher

Scientific,

Inc.

18,161

10,555,355

Waters

Corp.*

2,833

975,204

West

Pharmaceutical

Services,

Inc.

3,421

1,353,724

29,202,290

Machinery

1

.6

%

Caterpillar,

Inc.

23,929

8,768,303

Cummins,

Inc.(a)

6,665

1,963,842

Deere

&

Co.

12,240

5,027,458

Dover

Corp.

6,524

1,155,988

Fortive

Corp.

16,624

1,429,996

IDEX

Corp.

3,489

851,386

Illinois

Tool

Works,

Inc.

12,781

3,429,526

Ingersoll

Rand,

Inc.

19,027

1,806,614

Nordson

Corp.

2,418

663,838

Otis

Worldwide

Corp.

19,182

1,904,197

PACCAR,

Inc.

24,899

3,084,737

Parker-Hannifin

Corp.

6,036

3,354,748

Pentair

plc

7,299

623,627

Snap-on,

Inc.

2,565

759,804

Stanley

Black

&

Decker,

Inc.

7,008

686,293

Westinghouse

Air

Brake

Technologies

Corp.

8,266

1,204,191

Xylem,

Inc.

11,315

1,462,351

38,176,899

Media

0

.5

%

Charter

Communications,

Inc.,

Class

A*(a)

4,573

1,329,051

Comcast

Corp.,

Class

A

186,253

8,074,068

Fox

Corp.,

Class

A

11,978

374,552

Fox

Corp.,

Class

B

7,090

202,916

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Media

Interpublic

Group

of

Cos.,

Inc.

(The)

18,549

605,254

News

Corp.,

Class

A(a)

17,115

448,071

News

Corp.,

Class

B(a)

5,994

162,197

Omnicom

Group,

Inc.(a)

8,990

869,872

Paramount

Global,

Class

B

23,173

272,746

12,338,727

Metals

&

Mining

0

.4

%

Freeport-McMoRan,

Inc.

67,701

3,183,301

Newmont

Corp.(a)

54,983

1,970,590

Nucor

Corp.

11,492

2,274,267

Steel

Dynamics,

Inc.(a)

7,112

1,054,212

8,482,370

Multi-Utilities

0

.5

%

Ameren

Corp.

11,970

885,301

CenterPoint

Energy,

Inc.(a)

30,690

874,358

CMS

Energy

Corp.(a)

14,022

846,088

Consolidated

Edison,

Inc.

16,227

1,473,574

Dominion

Energy,

Inc.

40,166

1,975,766

DTE

Energy

Co.

9,548

1,070,713

NiSource,

Inc.

19,808

547,889

Public

Service

Enterprise

Group,

Inc.

23,231

1,551,366

Sempra

29,722

2,134,931

WEC

Energy

Group,

Inc.

14,827

1,217,593

12,577,579

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

7,609

980,876

Boston

Properties,

Inc.

7,016

458,215

1,439,091

Oil,

Gas

&

Consumable

Fuels

3

.2

%

APA

Corp.

15,090

518,794

Chevron

Corp.

81,528

12,860,227

ConocoPhillips

55,377

7,048,385

Coterra

Energy,

Inc.

34,247

954,806

Devon

Energy

Corp.

30,116

1,511,221

Diamondback

Energy,

Inc.

8,413

1,667,204

EOG

Resources,

Inc.

27,389

3,501,410

EQT

Corp.

19,987

740,918

Exxon

Mobil

Corp.

186,656

21,696,893

Hess

Corp.

12,901

1,969,209

Kinder

Morgan,

Inc.

90,479

1,659,385

Marathon

Oil

Corp.

27,051

766,625

Marathon

Petroleum

Corp.

17,298

3,485,547

Occidental

Petroleum

Corp.(a)

31,384

2,039,646

ONEOK,

Inc.

27,339

2,191,768

Phillips

66

20,212

3,301,428

Pioneer

Natural

Resources

Co.

10,885

2,857,313

Targa

Resources

Corp.

10,499

1,175,783

Valero

Energy

Corp.

16,003

2,731,552

Williams

Cos.,

Inc.

(The)

57,431

2,238,086

74,916,200

Passenger

Airlines

0

.2

%

American

Airlines

Group,

Inc.*

32,407

497,448

Delta

Air

Lines,

Inc.(a)

30,017

1,436,914

Southwest

Airlines

Co.(a)

28,449

830,426

Common

Stocks

Shares

Value

($)

Passenger

Airlines

United

Airlines

Holdings,

Inc.*

16,114

771,538

3,536,326

Personal

Care

Products

0

.1

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

11,096

1,710,448

Kenvue,

Inc.

81,013

1,738,539

3,448,987

Pharmaceuticals

3

.4

%

Bristol-Myers

Squibb

Co.

95,644

5,186,774

Catalent,

Inc.*

7,886

445,165

Eli

Lilly

&

Co.

37,483

29,160,275

Johnson

&

Johnson

113,154

17,899,831

Merck

&

Co.,

Inc.

119,111

15,716,696

Pfizer,

Inc.

265,409

7,365,100

Viatris,

Inc.

56,388

673,273

Zoetis,

Inc.,

Class

A

21,581

3,651,721

80,098,835

Professional

Services

0

.6

%

Automatic

Data

Processing,

Inc.

19,309

4,822,230

Broadridge

Financial

Solutions,

Inc.

5,530

1,132,876

Dayforce,

Inc.*(a)

7,005

463,801

Equifax,

Inc.(a)

5,753

1,539,043

Jacobs

Solutions,

Inc.

5,827

895,785

Leidos

Holdings,

Inc.

6,282

823,507

Paychex,

Inc.

15,053

1,848,508

Paycom

Software,

Inc.

2,377

473,047

Robert

Half,

Inc.

4,834

383,239

Verisk

Analytics,

Inc.,

Class

A

6,800

1,602,964

13,985,000

Real

Estate

Management

&

Development

0

.1

%

CBRE

Group,

Inc.,

Class

A*

13,755

1,337,536

CoStar

Group,

Inc.*

19,187

1,853,464

3,191,000

Residential

REITs

0

.2

%

AvalonBay

Communities,

Inc.

6,596

1,223,954

Camden

Property

Trust(a)

5,127

504,497

Equity

Residential

15,794

996,759

Essex

Property

Trust,

Inc.

3,083

754,749

Invitation

Homes,

Inc.

26,750

952,567

Mid-America

Apartment

Communities,

Inc.

5,278

694,479

UDR,

Inc.

13,455

503,352

5,630,357

Retail

REITs

0

.3

%

Federal

Realty

Investment

Trust

3,772

385,197

Kimco

Realty

Corp.

31,542

618,539

Realty

Income

Corp.(a)

38,709

2,094,157

Regency

Centers

Corp.

7,995

484,177

Simon

Property

Group,

Inc.

15,409

2,411,354

5,993,424

Semiconductors

&

Semiconductor

Equipment

9

.0

%

Advanced

Micro

Devices,

Inc.*

75,950

13,708,215

Analog

Devices,

Inc.

23,307

4,609,892

Applied

Materials,

Inc.

39,111

8,065,862

Broadcom,

Inc.

20,685

27,416,106

Enphase

Energy,

Inc.*

6,612

799,920

6

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

First

Solar,

Inc.*(a)

5,107

862,062

Intel

Corp.

198,737

8,778,213

KLA

Corp.

6,357

4,440,809

Lam

Research

Corp.

6,162

5,986,814

Microchip

Technology,

Inc.

25,401

2,278,724

Micron

Technology,

Inc.

51,889

6,117,194

Monolithic

Power

Systems,

Inc.

2,258

1,529,614

NVIDIA

Corp.

116,102

104,905,123

NXP

Semiconductors

NV

12,116

3,001,981

ON

Semiconductor

Corp.*

20,140

1,481,297

Qorvo,

Inc.*

4,572

525,003

QUALCOMM,

Inc.

52,457

8,880,970

Skyworks

Solutions,

Inc.

7,832

848,362

Teradyne,

Inc.(a)

7,411

836,183

Texas

Instruments,

Inc.

42,741

7,445,910

212,518,254

Software

9

.4

%

Adobe,

Inc.*

21,246

10,720,732

ANSYS,

Inc.*

4,107

1,425,786

Autodesk,

Inc.*

10,055

2,618,523

Cadence

Design

Systems,

Inc.*

12,788

3,980,649

Fair

Isaac

Corp.*

1,168

1,459,544

Fortinet,

Inc.*

29,590

2,021,293

Gen

Digital,

Inc.(a)

27,574

617,658

Intuit,

Inc.

13,158

8,552,700

Microsoft

Corp.

349,267

146,943,612

Oracle

Corp.

74,943

9,413,590

Palo

Alto

Networks,

Inc.*

14,821

4,211,091

PTC,

Inc.*(a)

5,469

1,033,313

Roper

Technologies,

Inc.

4,998

2,803,078

Salesforce,

Inc.

45,501

13,703,991

ServiceNow,

Inc.*

9,636

7,346,486

Synopsys,

Inc.*

7,169

4,097,084

Tyler

Technologies,

Inc.*

1,942

825,369

221,774,499

Specialized

REITs

0

.9

%

American

Tower

Corp.

21,912

4,329,592

Crown

Castle,

Inc.

20,516

2,171,208

Digital

Realty

Trust,

Inc.

14,236

2,050,554

Equinix,

Inc.

4,413

3,642,181

Extra

Space

Storage,

Inc.

9,832

1,445,304

Iron

Mountain,

Inc.

13,435

1,077,622

Public

Storage(a)

7,439

2,157,756

SBA

Communications

Corp.,

Class

A

4,955

1,073,749

VICI

Properties,

Inc.,

Class

A

49,451

1,473,145

Weyerhaeuser

Co.

34,309

1,232,036

20,653,147

Specialty

Retail

1

.8

%

AutoZone,

Inc.*

808

2,546,533

Bath

&

Body

Works,

Inc.

10,203

510,354

Best

Buy

Co.,

Inc.

8,907

730,641

CarMax,

Inc.*

7,423

646,618

Home

Depot,

Inc.

(The)

46,782

17,945,575

Lowe's

Cos.,

Inc.

27,033

6,886,116

O'Reilly

Automotive,

Inc.*(a)

2,771

3,128,127

Ross

Stores,

Inc.

15,746

2,310,883

TJX

Cos.,

Inc.

(The)

53,570

5,433,069

Common

Stocks

Shares

Value

($)

Specialty

Retail

Tractor

Supply

Co.

5,005

1,309,909

Ulta

Beauty,

Inc.*

2,324

1,215,173

42,662,998

Technology

Hardware,

Storage

&

Peripherals

5

.3

%

Apple,

Inc.

682,293

116,999,603

Hewlett

Packard

Enterprise

Co.

59,416

1,053,446

HP,

Inc.

40,744

1,231,284

NetApp,

Inc.

9,794

1,028,076

Seagate

Technology

Holdings

plc(a)

8,920

830,006

Super

Micro

Computer,

Inc.*(a)

2,333

2,356,400

Western

Digital

Corp.*(a)

15,245

1,040,319

124,539,134

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

Deckers

Outdoor

Corp.*

1,212

1,140,807

Lululemon

Athletica,

Inc.*

5,398

2,108,729

NIKE,

Inc.,

Class

B

57,215

5,377,066

Ralph

Lauren

Corp.,

Class

A

1,911

358,809

Tapestry,

Inc.

11,199

531,728

VF

Corp.

17,190

263,695

9,780,834

Tobacco

0

.4

%

Altria

Group,

Inc.

82,891

3,615,706

Philip

Morris

International,

Inc.

72,973

6,685,786

10,301,492

Trading

Companies

&

Distributors

0

.3

%

Fastenal

Co.

26,898

2,074,911

United

Rentals,

Inc.

3,180

2,293,130

WW

Grainger,

Inc.(a)

2,053

2,088,517

6,456,558

Water

Utilities

0

.0

%

†

American

Water

Works

Co.,

Inc.

9,144

1,117,488

Wireless

Telecommunication

Services

0

.2

%

T-Mobile

US,

Inc.

24,453

3,991,219

Total

Common

Stocks

(cost

$1,068,028,740)

2,071,906,437

Purchased

Options

0

.6

%

Number

of

Contracts

Call

Options

0

.6

%

Future

Equity

Index

Options:

0.6%

S&P

500

E-Mini

Index

4/19/2024

at

USD

5,075.00,

European

Style

Notional

Amount:

USD

246,954,450

Exchange

Traded

*

940

11,327,000

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

S&P

500

E-Mini

Index

5/17/2024

at

USD

5,300.00,

European

Style

Notional

Amount:

USD

123,477,225

Exchange

Traded

*

470

2,197,250

Total

Purchased

Options

(cost

$3,325,107)

13,524,250

Short-Term

Investment

7

.3

%

Shares

U.S.

Treasury

Obligation

7.3%

U.S.

Treasury

Bills,

5.45%,

4/18/2024

173,000,000

172,569,981

Total

Short-Term

Investment

(cost

$172,564,160)

172,569,981

Repurchase

Agreements

0

.2

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,079,047,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,099,976.

(b)

1,078,408

1,078,408

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,001,770,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$3,062,128.

(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$4,078,408)

4,078,408

Total

Investments

(cost

$1,247,996,415)

—

95.7%

2,262,079,076

Other

assets

in

excess

of

liabilities

—

4.3%

101,718,736

NET

ASSETS

—

100.0%

$

2,363,797,812

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$77,923,146,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,078,408

and

by

$75,542,277

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/11/2024

–

8/15/2053,

a

total

value

of

$79,620,685.

(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,

2024

was

$4,078,408.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

8

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

228

6/2024

USD

60,516,900

1,389,634

Net

contracts

1,389,634

As

of

March

31,

2024,

the

Fund

had

$1,355,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2024

(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,

2024

(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,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

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

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,071,906,437

$

–

$

–

$

2,071,906,437

Futures

Contracts

1,389,634

–

–

1,389,634

Purchased

Option

13,524,250

–

–

13,524,250

Repurchase

Agreements

–

4,078,408

–

4,078,408

Short-Term

Investment

–

172,569,981

–

172,569,981

Total

$

2,086,820,321

$

176,648,389

$

–

$

2,263,468,710

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

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.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

13,524,250

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,389,634

Total

$

14,913,884

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

89.4%

Shares

Value

($)

Aerospace

&

Defense

4.5%

Howmet

Aerospace,

Inc.

129,779

8,880,777

L3Harris

Technologies,

Inc.

51,207

10,912,212

Northrop

Grumman

Corp.

10,654

5,099,643

24,892,632

Air

Freight

&

Logistics

1.6%

FedEx

Corp.

29,921

8,669,311

Automobiles

1.1%

General

Motors

Co.(a)

135,992

6,167,237

Banks

9.2%

Bank

of

America

Corp.

178,805

6,780,285

Citigroup,

Inc.(a)

139,990

8,852,968

First

Horizon

Corp.

416,083

6,407,678

JPMorgan

Chase

&

Co.(a)

120,224

24,080,867

US

Bancorp

116,178

5,193,157

51,314,955

Beverages

0.5%

PepsiCo,

Inc.

14,946

2,615,699

Biotechnology

1.6%

AbbVie,

Inc.

37,855

6,893,395

Amgen,

Inc.

7,940

2,257,501

9,150,896

Building

Products

1.7%

Johnson

Controls

International

plc

142,168

9,286,414

Capital

Markets

4.7%

CME

Group,

Inc.

35,412

7,623,850

Goldman

Sachs

Group,

Inc.

(The)

31,629

13,211,117

LPL

Financial

Holdings,

Inc.

20,322

5,369,072

26,204,039

Chemicals

1.0%

CF

Industries

Holdings,

Inc.

63,926

5,319,282

Commercial

Services

&

Supplies

0.7%

Veralto

Corp.

42,078

3,730,635

Communications

Equipment

2.1%

Cisco

Systems,

Inc.

239,037

11,930,337

Construction

Materials

2.0%

CRH

plc

131,352

11,330,424

Containers

&

Packaging

0.5%

International

Paper

Co.

65,752

2,565,643

Diversified

Telecommunication

Services

2.6%

AT&T,

Inc.

836,540

14,723,104

Electric

Utilities

1.7%

Constellation

Energy

Corp.

50,071

9,255,624

Electrical

Equipment

1.9%

Eaton

Corp.

plc

19,267

6,024,406

Hubbell,

Inc.,

Class

B

11,462

4,757,303

10,781,709

Financial

Services

4.1%

Berkshire

Hathaway,

Inc.,

Class

B*

42,504

17,873,782

Voya

Financial,

Inc.(a)

64,306

4,753,500

22,627,282

Health

Care

Equipment

&

Supplies

6.0%

Alcon,

Inc.CHF

27,947

2,327,706

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Becton

Dickinson

&

Co.

52,404

12,967,370

Medtronic

plc

208,103

18,136,176

33,431,252

Health

Care

Providers

&

Services

1.6%

UnitedHealth

Group,

Inc.

17,556

8,684,953

Hotels,

Restaurants

&

Leisure

3.5%

International

Game

Technology

plc(a)

408,020

9,217,172

Las

Vegas

Sands

Corp.

202,563

10,472,507

19,689,679

Industrial

Conglomerates

0.4%

3M

Co.

21,458

2,276,050

Insurance

7.5%

Allstate

Corp.

(The)

67,671

11,707,760

American

International

Group,

Inc.

82,454

6,445,429

Assurant,

Inc.

37,233

7,008,740

RenaissanceRe

Holdings

Ltd.

(a)

42,706

10,037,191

Willis

Towers

Watson

plc

23,551

6,476,525

41,675,645

Interactive

Media

&

Services

1.0%

Alphabet,

Inc.,

Class

A*

37,390

5,643,273

IT

Services

1.1%

International

Business

Machines

Corp.

33,009

6,303,399

Life

Sciences

Tools

&

Services

2.7%

Danaher

Corp.

60,538

15,117,549

Media

2.2%

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

187,650

6,123,020

Omnicom

Group,

Inc.(a)

64,782

6,268,306

12,391,326

Metals

&

Mining

3.4%

Freeport-McMoRan,

Inc.

216,379

10,174,141

Newmont

Corp.(a)

243,549

8,728,796

18,902,937

Multi-Utilities

0.5%

Dominion

Energy,

Inc.(a)

60,232

2,962,812

Oil,

Gas

&

Consumable

Fuels

9.4%

Chevron

Corp.

46,869

7,393,116

ConocoPhillips

99,413

12,653,287

Diamondback

Energy,

Inc.

16,576

3,284,866

EQT

Corp.

204,653

7,586,487

Marathon

Petroleum

Corp.

19,087

3,846,030

Occidental

Petroleum

Corp.(a)

109,009

7,084,495

Phillips

66

65,089

10,631,637

52,479,918

Personal

Care

Products

1.9%

Kenvue,

Inc.

489,687

10,508,683

Pharmaceuticals

2.1%

Sanofi

SA,

ADR(a)

240,842

11,704,921

Semiconductors

&

Semiconductor

Equipment

3.1%

Applied

Materials,

Inc.

54,639

11,268,201

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.

138,436

6,114,718

17,382,919

Software

1.0%

Dolby

Laboratories,

Inc.,

Class

A(a)

66,602

5,579,250

Textiles,

Apparel

&

Luxury

Goods

0.5%

Levi

Strauss

&

Co.,

Class

A(a)

139,266

2,783,927

Total

Common

Stocks

(cost

$375,845,192)

498,083,716

Purchased

Options

0.5%

Number

of

Contracts

Call

Options

0.5%

Future

Equity

Index

Options:

0.5%

S&P

500

E-Mini

Index

4/19/2024

at

USD

5,075.00,

European

Style

Notional

Amount:

USD

58,323,285

Exchange

Traded

*

222

2,675,100

S&P

500

E-Mini

Index

5/17/2024

at

USD

5,300.00,

European

Style

Notional

Amount:

USD

29,161,643

Exchange

Traded

*

111

518,925

Total

Purchased

Options

(cost

$785,291)

3,194,025

Short-Term

Investment

4.1%

Shares

U.S.

Treasury

Obligation

4.1%

U.S.

Treasury

Bills,

5.45%,

4/18/2024

23,000,000

22,942,829

Total

Short-Term

Investment

(cost

$22,942,333)

22,942,829

Repurchase

Agreements

6.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,690,566,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,723,356.

(b)

1,689,565

1,689,565

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,900,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$10,207,094.(b)

10,000,000

10,000,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$20,011,845,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$20,400,007.(b)

20,000,000

20,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$5,100,757.(b)

5,000,0

00

5,000,000

Total

Repurchase

Agreements

(cost

$36,689,565)

36,689,565

Total

Investments

(cost

$436,262,381)

—

100.6%

560,910,135

Liabilities

in

excess

of

other

assets

—

(0.6)%

(3,614,963)

NET

ASSETS

—

100.0%

$

557,295,172

14

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$50,527,707,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$36,689,565

and

by

$14,552,062

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/11/2024

–

8/15/2053,

a

total

value

of

$51,241,627.

(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,

2024

was

$36,689,565.

ADR

American

Depositary

Receipt

Currency:

CHF

Switzerland

Franc

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

642

6/2024

USD

57,234,300

1,595,774

Total

long

contracts

1,595,774

Short

Contracts

S&P

500

E-Mini

Index

(226)

6/2024

USD

(59,986,050)

(1,378,316)

Total

short

contracts

(1,378,316)

Net

contracts

217,458

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

16

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

498,083,716

$

–

$

–

$

498,083,716

Futures

Contracts

1,595,774

–

–

1,595,774

Purchased

Option

3,194,025

–

–

3,194,025

Repurchase

Agreements

–

36,689,565

–

36,689,565

Short-Term

Investment

–

22,942,829

–

22,942,829

Total

Assets

$

502,873,515

$

59,632,394

$

–

$

562,505,909

Liabilities:

Futures

Contracts

$

(1,378,316)

$

–

$

–

$

(1,378,316)

Total

Liabilities

$

(1,378,316)

$

–

$

–

$

(1,378,316)

Total

$

501,495,199

$

59,632,394

$

–

$

561,127,593

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

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.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

3,194,025

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,595,774

Total

$

4,789,799

Liabilities:

18

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,378,316)

Total

$

(1,378,316)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

98

.7

%

Shares

Value

($)

Broadline

Retail

2

.0

%

Amazon.com,

Inc.*

892

160,899

Communications

Equipment

1

.1

%

Arista

Networks,

Inc.*

293

84,964

Electronic

Equipment,

Instruments

&

Components

0

.5

%

Coherent

Corp.*

659

39,949

Entertainment

1

.1

%

Take-Two

Interactive

Software,

Inc.*

621

92,212

Financial

Services

1

.4

%

Toast,

Inc.,

Class

A*

4,579

114,109

Interactive

Media

&

Services

18

.3

%

Alphabet,

Inc.,

Class

A*

3,386

511,049

Meta

Platforms,

Inc.,

Class

A

1,681

816,260

Pinterest,

Inc.,

Class

A*

2,169

75,199

ZoomInfo

Technologies,

Inc.,

Class

A*

4,934

79,092

1,481,600

IT

Services

7

.3

%

International

Business

Machines

Corp.

1,171

223,614

MongoDB,

Inc.,

Class

A*

282

101,137

Shopify,

Inc.,

Class

A*

1,851

142,842

Snowflake,

Inc.,

Class

A*

749

121,038

588,631

Semiconductors

&

Semiconductor

Equipment

32

.6

%

Advanced

Micro

Devices,

Inc.*

2,020

364,590

Analog

Devices,

Inc.

1,019

201,548

Applied

Materials,

Inc.

755

155,704

Broadcom,

Inc.

240

318,098

Marvell

Technology,

Inc.

2,455

174,010

Microchip

Technology,

Inc.

2,365

212,164

Micron

Technology,

Inc.

2,448

288,595

Monolithic

Power

Systems,

Inc.

145

98,226

NVIDIA

Corp.

914

825,854

2,638,789

Software

23

.5

%

Adobe,

Inc.*

476

240,190

Crowdstrike

Holdings,

Inc.,

Class

A*

310

99,383

Elastic

NV*

601

60,244

Guidewire

Software,

Inc.*

1,026

119,744

Klaviyo,

Inc.,

Class

A*

3,389

86,352

Microsoft

Corp.

1,944

817,880

Monday.com

Ltd.*

369

83,346

Salesforce,

Inc.

1,311

394,847

1,901,986

Technology

Hardware,

Storage

&

Peripherals

10

.9

%

Apple,

Inc.

3,395

582,175

Dell

Technologies,

Inc.,

Class

C

1,623

185,200

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

Technology

Holdings

plc

1,209

112,497

879,872

Total

Investments

(cost

$5,516,767)

—

98.7%

7,983,011

Other

assets

in

excess

of

liabilities

—

1.3%

106,458

NET

ASSETS

—

100.0%

$

8,089,469

*

Denotes

a

non-income

producing

security.

20

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

7,983,011

$

–

$

–

$

7,983,011

Total

$

7,983,011

$

–

$

–

$

7,983,011

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

Innovators

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

98.8%

Shares

Value

($)

Automobiles

2.1%

Tesla,

Inc.*

706

124,108

Biotechnology

2.3%

Exact

Sciences

Corp.*

323

22,306

Iovance

Biotherapeutics,

Inc.*

2,789

41,333

Natera,

Inc.*

790

72,254

135,893

Broadline

Retail

5.3%

Amazon.com,

Inc.*

1,755

316,567

Building

Products

2.3%

Carrier

Global

Corp.

1,146

66,617

Trane

Technologies

plc

235

70,547

137,164

Capital

Markets

4.0%

Charles

Schwab

Corp.

(The)

2,058

148,876

MarketAxess

Holdings,

Inc.

410

89,892

238,768

Chemicals

1.7%

Sherwin-Williams

Co.

(The)

294

102,115

Communications

Equipment

1.2%

Arista

Networks,

Inc.*

252

73,075

Electric

Utilities

1.8%

NextEra

Energy,

Inc.

1,715

109,606

Electrical

Equipment

2.0%

AMETEK,

Inc.

333

60,906

Rockwell

Automation,

Inc.

194

56,518

117,424

Energy

Equipment

&

Services

0.9%

Schlumberger

NV

970

53,166

Entertainment

1.1%

ROBLOX

Corp.,

Class

A*

1,755

67,006

Financial

Services

9.3%

Block,

Inc.,

Class

A*

1,559

131,860

Corpay,

Inc.*

335

103,361

Fiserv,

Inc.*

813

129,934

Mastercard,

Inc.,

Class

A

195

93,906

Toast,

Inc.,

Class

A*

3,973

99,007

558,068

Food

Products

1.7%

Lamb

Weston

Holdings,

Inc.

941

100,245

Ground

Transportation

1.0%

Uber

Technologies,

Inc.*

797

61,361

Health

Care

Equipment

&

Supplies

6.6%

Boston

Scientific

Corp.*

1,276

87,393

Dexcom,

Inc.*

822

114,012

Intuitive

Surgical,

Inc.*

209

83,410

Stryker

Corp.

298

106,645

391,460

Health

Care

Providers

&

Services

2.0%

Humana,

Inc.

348

120,658

Hotels,

Restaurants

&

Leisure

2.5%

Domino's

Pizza,

Inc.

147

73,041

Royal

Caribbean

Cruises

Ltd.*

559

77,707

150,748

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

1.2%

Honeywell

International,

Inc.

338

69,374

Interactive

Media

&

Services

7.1%

Alphabet,

Inc.,

Class

A*

823

124,215

Meta

Platforms,

Inc.,

Class

A

492

238,905

ZoomInfo

Technologies,

Inc.,

Class

A*

3,785

60,674

423,794

IT

Services

0.4%

Snowflake,

Inc.,

Class

A*

151

24,401

Machinery

1.1%

Ingersoll

Rand,

Inc.

707

67,130

Pharmaceuticals

3.1%

Eli

Lilly

&

Co.

147

114,360

Zoetis,

Inc.,

Class

A

412

69,715

184,075

Professional

Services

1.3%

Automatic

Data

Processing,

Inc.

319

79,667

Real

Estate

Management

&

Development

1.8%

Zillow

Group,

Inc.,

Class

C*

2,220

108,291

Semiconductors

&

Semiconductor

Equipment

11.3%

Advanced

Micro

Devices,

Inc.*

798

144,031

NVIDIA

Corp.

310

280,104

NXP

Semiconductors

NV

356

88,206

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

749

101,901

Texas

Instruments,

Inc.

352

61,322

675,564

Software

13.1%

Autodesk,

Inc.*

176

45,834

Datadog,

Inc.,

Class

A*

512

63,283

Microsoft

Corp.

1,131

475,835

Procore

Technologies,

Inc.*

466

38,291

Salesforce,

Inc.

529

159,324

782,567

Specialty

Retail

3.9%

Burlington

Stores,

Inc.*

275

63,852

Lowe's

Cos.,

Inc.

428

109,024

Wayfair,

Inc.,

Class

A*

844

57,291

230,167

Technology

Hardware,

Storage

&

Peripherals

4.6%

Apple,

Inc.

1,273

218,294

Pure

Storage,

Inc.,

Class

A*

1,092

56,773

275,067

Tobacco

2.1%

Philip

Morris

International,

Inc.

1,366

125,153

Total

Investments

(cost

$4,423,186)

—

98.8%

5,902,682

Other

assets

in

excess

of

liabilities

—

1.2%

73,146

NET

ASSETS

—

100.0%

$

5,975,828

*

Denotes

a

non-income

producing

security.

22

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

ADR

American

Depositary

Receipt

TW

Taiwan

NVIT

J.P.

Morgan

Innovators

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

5,902,682

$

–

$

–

$

5,902,682

Total

$

5,902,682

$

–

$

–

$

5,902,682

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

24

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Common

Stocks

96

.0

%

Shares

Value

($)

Aerospace

&

Defense

1

.4

%

TransDigm

Group,

Inc.

149

183,508

Automobiles

0

.9

%

Tesla,

Inc.*

654

114,967

Beverages

1

.3

%

Celsius

Holdings,

Inc.*

1,758

145,773

Monster

Beverage

Corp.*

463

27,447

173,220

Biotechnology

2

.2

%

Exact

Sciences

Corp.*

664

45,856

Regeneron

Pharmaceuticals,

Inc.*

248

238,697

284,553

Broadline

Retail

7

.1

%

Amazon.com,

Inc.*

4,256

767,697

MercadoLibre,

Inc.*

110

166,316

934,013

Building

Products

1

.1

%

Trane

Technologies

plc

474

142,295

Capital

Markets

1

.2

%

Blackstone,

Inc.

666

87,493

KKR

&

Co.,

Inc.

685

68,897

156,390

Communications

Equipment

0

.9

%

Arista

Networks,

Inc.*

414

120,052

Construction

&

Engineering

0

.6

%

Quanta

Services,

Inc.

286

74,303

Electrical

Equipment

1

.8

%

Eaton

Corp.

plc

757

236,699

Electronic

Equipment,

Instruments

&

Components

1

.5

%

Amphenol

Corp.,

Class

A

1,082

124,809

Jabil,

Inc.

534

71,529

196,338

Entertainment

3

.7

%

Netflix,

Inc.*

658

399,623

Spotify

Technology

SA*

310

81,809

481,432

Financial

Services

2

.8

%

Block,

Inc.,

Class

A*

395

33,409

Mastercard,

Inc.,

Class

A

694

334,210

367,619

Ground

Transportation

2

.4

%

Uber

Technologies,

Inc.*

4,128

317,815

Health

Care

Equipment

&

Supplies

1

.4

%

Align

Technology,

Inc.*

104

34,104

Edwards

Lifesciences

Corp.*

482

46,060

Intuitive

Surgical,

Inc.*

274

109,350

189,514

Health

Care

Providers

&

Services

1

.2

%

HCA

Healthcare,

Inc.

28

9,339

McKesson

Corp.

287

154,076

163,415

Hotels,

Restaurants

&

Leisure

5

.2

%

Airbnb,

Inc.,

Class

A*

311

51,303

Booking

Holdings,

Inc.

27

97,953

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Chipotle

Mexican

Grill,

Inc.,

Class

A*

64

186,033

DoorDash,

Inc.,

Class

A*

825

113,619

Marriott

International,

Inc.,

Class

A

705

177,878

Starbucks

Corp.

624

57,027

683,813

Household

Durables

1

.5

%

DR

Horton,

Inc.

1,175

193,346

Interactive

Media

&

Services

9

.0

%

Alphabet,

Inc.,

Class

C*

3,460

526,820

Meta

Platforms,

Inc.,

Class

A

1,357

658,932

1,185,752

IT

Services

2

.0

%

Cognizant

Technology

Solutions

Corp.,

Class

A

463

33,933

MongoDB,

Inc.,

Class

A*

118

42,320

Shopify,

Inc.,

Class

A*

2,369

182,816

259,069

Life

Sciences

Tools

&

Services

0

.0

%

†

Thermo

Fisher

Scientific,

Inc.

11

6,393

Machinery

0

.2

%

Deere

&

Co.

77

31,627

Media

0

.4

%

Trade

Desk,

Inc.

(The),

Class

A*

596

52,102

Metals

&

Mining

0

.2

%

Freeport-McMoRan,

Inc.

620

29,152

Oil,

Gas

&

Consumable

Fuels

0

.7

%

Cheniere

Energy,

Inc.

117

18,870

ConocoPhillips

541

68,858

87,728

Pharmaceuticals

4

.9

%

Eli

Lilly

&

Co.

832

647,263

Semiconductors

&

Semiconductor

Equipment

14

.8

%

Advanced

Micro

Devices,

Inc.*

1,835

331,199

ASML

Holding

NV

(Registered),

ADR-NL

56

54,346

Broadcom,

Inc.

314

416,179

Lam

Research

Corp.

174

169,053

NVIDIA

Corp.

941

850,250

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

913

124,214

1,945,241

Software

19

.3

%

Adobe,

Inc.*

224

113,030

HubSpot,

Inc.*

134

83,959

Intuit,

Inc.

229

148,850

Microsoft

Corp.

2,820

1,186,430

Oracle

Corp.

2,055

258,129

Palo

Alto

Networks,

Inc.*

250

71,033

Salesforce,

Inc.

810

243,956

ServiceNow,

Inc.*

212

161,629

Synopsys,

Inc.*

321

183,451

Workday,

Inc.,

Class

A*

317

86,462

2,536,929

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Specialty

Retail

1

.6

%

AutoZone,

Inc.*

37

116,611

Lowe's

Cos.,

Inc.

348

88,646

205,257

Technology

Hardware,

Storage

&

Peripherals

4

.0

%

Apple,

Inc.

3,100

531,588

Trading

Companies

&

Distributors

0

.7

%

WW

Grainger,

Inc.

91

92,574

Total

Investments

(cost

$8,972,767)

—

96.0%

12,623,967

Other

assets

in

excess

of

liabilities

—

4.0%

525,003

NET

ASSETS

—

100.0%

$

13,148,970

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

ADR

American

Depositary

Receipt

NL

Netherlands

TW

Taiwan

26

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

12,623,967

$

–

$

–

$

12,623,967

Total

$

12,623,967

$

–

$

–

$

12,623,967

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

99

.4

%

Shares

Value

($)

Aerospace

&

Defense

2

.8

%

Howmet

Aerospace,

Inc.

11,494

786,534

Northrop

Grumman

Corp.

3,727

1,783,966

2,570,500

Banks

4

.1

%

US

Bancorp

32,079

1,433,931

Wells

Fargo

&

Co.

41,023

2,377,693

3,811,624

Biotechnology

5

.9

%

AbbVie,

Inc.

12,285

2,237,098

Biogen,

Inc.*

1,860

401,072

Regeneron

Pharmaceuticals,

Inc.*

2,008

1,932,680

Vertex

Pharmaceuticals,

Inc.*

2,088

872,805

5,443,655

Broadline

Retail

5

.2

%

Amazon.com,

Inc.*

26,812

4,836,349

Building

Products

2

.1

%

Carrier

Global

Corp.

13,181

766,211

Trane

Technologies

plc

3,858

1,158,172

1,924,383

Capital

Markets

3

.2

%

Ameriprise

Financial,

Inc.

3,498

1,533,663

Morgan

Stanley

15,776

1,485,468

3,019,131

Chemicals

1

.1

%

PPG

Industries,

Inc.

7,010

1,015,749

Construction

Materials

1

.6

%

Vulcan

Materials

Co.

5,293

1,444,566

Consumer

Finance

1

.9

%

American

Express

Co.

7,948

1,809,680

Electric

Utilities

2

.6

%

NextEra

Energy,

Inc.

15,359

981,594

PG&E

Corp.

84,360

1,413,873

2,395,467

Electrical

Equipment

2

.2

%

Eaton

Corp.

plc

6,663

2,083,387

Energy

Equipment

&

Services

1

.8

%

Baker

Hughes

Co.,

Class

A

51,030

1,709,505

Financial

Services

2

.7

%

Corpay,

Inc.*

1,918

591,780

Mastercard,

Inc.,

Class

A

3,915

1,885,346

2,477,126

Food

Products

1

.2

%

Mondelez

International,

Inc.,

Class

A

15,842

1,108,940

Ground

Transportation

2

.0

%

CSX

Corp.

50,677

1,878,596

Health

Care

Equipment

&

Supplies

2

.5

%

Medtronic

plc

10,522

916,993

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Stryker

Corp.

4,030

1,442,216

2,359,209

Health

Care

Providers

&

Services

2

.3

%

UnitedHealth

Group,

Inc.

4,303

2,128,694

Hotels,

Restaurants

&

Leisure

2

.7

%

Marriott

International,

Inc.,

Class

A

3,386

854,322

McDonald's

Corp.

5,760

1,624,032

2,478,354

Industrial

REITs

1

.8

%

Prologis,

Inc.

12,997

1,692,469

Insurance

1

.8

%

Progressive

Corp.

(The)

3,260

674,233

Travelers

Cos.,

Inc.

(The)

4,542

1,045,296

1,719,529

Interactive

Media

&

Services

6

.2

%

Alphabet,

Inc.,

Class

A*

18,552

2,800,054

Meta

Platforms,

Inc.,

Class

A

6,190

3,005,740

5,805,794

IT

Services

1

.4

%

Accenture

plc,

Class

A

3,782

1,310,879

Life

Sciences

Tools

&

Services

1

.1

%

Danaher

Corp.

4,153

1,037,087

Machinery

2

.3

%

Deere

&

Co.

5,254

2,158,028

Oil,

Gas

&

Consumable

Fuels

3

.0

%

ConocoPhillips

9,962

1,267,964

Exxon

Mobil

Corp.

12,951

1,505,424

2,773,388

Pharmaceuticals

2

.2

%

Bristol-Myers

Squibb

Co.

22,349

1,211,986

Eli

Lilly

&

Co.

1,103

858,090

2,070,076

Semiconductors

&

Semiconductor

Equipment

9

.7

%

Analog

Devices,

Inc.

4,602

910,230

ASML

Holding

NV

(Registered),

ADR-NL

615

596,839

NVIDIA

Corp.

6,136

5,544,244

NXP

Semiconductors

NV

8,002

1,982,655

9,033,968

Software

12

.0

%

Intuit,

Inc.

1,870

1,215,500

Microsoft

Corp.

20,323

8,550,293

Oracle

Corp.

10,897

1,368,772

11,134,565

Specialty

Retail

4

.3

%

AutoZone,

Inc.*

381

1,200,779

Lowe's

Cos.,

Inc.

7,977

2,031,981

TJX

Cos.,

Inc.

(The)

7,996

810,954

4,043,714

Technology

Hardware,

Storage

&

Peripherals

5

.7

%

Apple,

Inc.

26,761

4,588,976

28

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

Technology

Holdings

plc

7,392

687,826

5,276,802

Total

Investments

(cost

$67,598,212)

—

99.4%

92,551,214

Other

assets

in

excess

of

liabilities

—

0.6%

518,002

NET

ASSETS

—

100.0%

$

93,069,216

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

March

31,

2024

(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.

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.

30

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024,

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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

92,551,214

$

–

$

–

$

92,551,214

Total

$

92,551,214

$

–

$

–

$

92,551,214

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

99

.0

%

Shares

Value

($)

Automobiles

1

.2

%

Tesla,

Inc.*

836

146,960

Banks

0

.9

%

NU

Holdings

Ltd.,

Class

A*

9,213

109,911

Broadline

Retail

5

.1

%

Amazon.com,

Inc.*

2,672

481,975

MercadoLibre,

Inc.*

100

151,196

633,171

Capital

Markets

1

.2

%

Robinhood

Markets,

Inc.,

Class

A*

7,389

148,741

Communications

Equipment

1

.2

%

Arista

Networks,

Inc.*

522

151,370

Electrical

Equipment

0

.4

%

Vicor

Corp.*

1,141

43,632

Electronic

Equipment,

Instruments

&

Components

0

.7

%

Jabil,

Inc.

648

86,800

Entertainment

5

.0

%

Netflix,

Inc.*

713

433,026

Take-Two

Interactive

Software,

Inc.*

1,244

184,722

617,748

Ground

Transportation

2

.6

%

Uber

Technologies,

Inc.*

4,233

325,899

Health

Care

Technology

1

.6

%

Veeva

Systems,

Inc.,

Class

A*

873

202,265

Hotels,

Restaurants

&

Leisure

1

.7

%

Booking

Holdings,

Inc.

59

214,045

Interactive

Media

&

Services

8

.4

%

Alphabet,

Inc.,

Class

C*

2,489

378,975

Meta

Platforms,

Inc.,

Class

A

1,378

669,129

1,048,104

IT

Services

5

.5

%

MongoDB,

Inc.,

Class

A*

536

192,231

Shopify,

Inc.,

Class

A*

4,060

313,310

Snowflake,

Inc.,

Class

A*

1,104

178,407

683,948

Media

1

.5

%

Trade

Desk,

Inc.

(The),

Class

A*

2,158

188,652

Semiconductors

&

Semiconductor

Equipment

28

.6

%

Advanced

Micro

Devices,

Inc.*

2,663

480,645

ASML

Holding

NV

(Registered),

ADR-NL

174

168,862

Astera

Labs,

Inc.*

312

23,147

Axcelis

Technologies,

Inc.*

232

25,873

Broadcom,

Inc.

168

222,669

Credo

Technology

Group

Holding

Ltd.*

5,764

122,139

Entegris,

Inc.

1,105

155,297

Lam

Research

Corp.

357

346,850

Marvell

Technology,

Inc.

2,227

157,850

Micron

Technology,

Inc.

2,375

279,989

MKS

Instruments,

Inc.

686

91,238

Monolithic

Power

Systems,

Inc.

308

208,645

NVIDIA

Corp.

770

695,741

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Onto

Innovation,

Inc.*

428

77,502

Rambus,

Inc.*

1,718

106,190

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

1,959

266,522

Universal

Display

Corp.

738

124,316

3,553,475

Software

31

.9

%

Adobe,

Inc.*

486

245,236

Atlassian

Corp.,

Class

A*

651

127,017

BILL

Holdings,

Inc.*

1,338

91,947

Confluent,

Inc.,

Class

A*

5,806

177,199

Crowdstrike

Holdings,

Inc.,

Class

A*

561

179,851

Datadog,

Inc.,

Class

A*

1,127

139,297

Elastic

NV*

1,922

192,661

Gitlab,

Inc.,

Class

A*

2,106

122,822

HubSpot,

Inc.*

414

259,396

Intuit,

Inc.

267

173,550

Microsoft

Corp.

438

184,275

Oracle

Corp.

3,680

462,245

Palo

Alto

Networks,

Inc.*

283

80,409

Procore

Technologies,

Inc.*

1,650

135,580

Salesforce,

Inc.

1,189

358,103

ServiceNow,

Inc.*

364

277,514

Synopsys,

Inc.*

744

425,196

Unity

Software,

Inc.*

3,551

94,812

Workday,

Inc.,

Class

A*

886

241,656

3,968,766

Specialized

REITs

0

.3

%

Equinix,

Inc.

49

40,441

Technology

Hardware,

Storage

&

Peripherals

1

.2

%

Super

Micro

Computer,

Inc.*

149

150,494

Total

Investments

(cost

$8,861,087)

—

99.0%

12,314,422

Other

assets

in

excess

of

liabilities

—

1.0%

125,251

NET

ASSETS

—

100.0%

$

12,439,673

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

TW

Taiwan

32

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

12,314,422

$

–

$

–

$

12,314,422

Total

$

12,314,422

$

–

$

–

$

12,314,422

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98

.2

%

Shares

Value

($)

BRAZIL

1

.3

%

Broadline

Retail

1

.3

%

MercadoLibre,

Inc.

*

4,038

6,105,294

CANADA

2

.3

%

Commercial

Services

&

Supplies

1

.2

%

RB

Global,

Inc.

81,900

6,238,323

Software

1

.1

%

Descartes

Systems

Group,

Inc.

(The)

*

55,100

5,043,303

11,281,626

DENMARK

0

.9

%

Biotechnology

0

.9

%

Ascendis

Pharma

A/S,

ADR

*

28,214

4,265,110

ISRAEL

1

.5

%

Broadline

Retail

1

.5

%

Global-e

Online

Ltd.

*(a)

194,428

7,067,458

SWITZERLAND

1

.5

%

Textiles,

Apparel

&

Luxury

Goods

1

.5

%

On

Holding

AG,

Class

A

*(a)

196,152

6,939,858

UNITED

STATES

90

.7

%

Aerospace

&

Defense

4

.5

%

AAR

Corp.

*(a)

55,074

3,297,280

Axon

Enterprise,

Inc.

*

36,039

11,275,883

Parsons

Corp.

*(a)

84,100

6,976,095

21,549,258

Beverages

2

.1

%

Celsius

Holdings,

Inc.

*

118,300

9,809,436

Biotechnology

5

.3

%

Exact

Sciences

Corp.

*

80,200

5,538,612

Halozyme

Therapeutics,

Inc.

*(a)

91,500

3,722,220

Krystal

Biotech,

Inc.

*(a)

13,900

2,473,227

Natera,

Inc.

*

108,800

9,950,848

Sarepta

Therapeutics,

Inc.

*

27,329

3,538,012

25,222,919

Building

Products

1

.5

%

Advanced

Drainage

Systems,

Inc.

40,550

6,984,332

Capital

Markets

4

.3

%

Blue

Owl

Capital,

Inc.,

Class

A

(a)

277,800

5,239,308

Morningstar,

Inc.

(a)

31,200

9,621,144

Tradeweb

Markets,

Inc.,

Class

A

56,100

5,843,937

20,704,389

Commercial

Services

&

Supplies

5

.9

%

Casella

Waste

Systems,

Inc.,

Class

A

*(a)

127,159

12,572,211

Rollins,

Inc.

136,638

6,322,240

Tetra

Tech,

Inc.

50,123

9,258,219

28,152,670

Construction

&

Engineering

1

.9

%

EMCOR

Group,

Inc.

25,700

9,000,140

Electrical

Equipment

2

.8

%

Vertiv

Holdings

Co.,

Class

A

163,900

13,385,713

Electronic

Equipment,

Instruments

&

Components

3

.5

%

Novanta,

Inc.

*

50,973

8,908,551

Teledyne

Technologies,

Inc.

*

17,787

7,636,315

16,544,866

Entertainment

2

.7

%

Liberty

Media

Corp-Liberty

Live,

Class

C

*

142,588

6,248,206

Common

Stocks

Shares

Value

($)

UNITED

STATES

Entertainment

TKO

Group

Holdings,

Inc.,

Class

A

(a)

78,200

6,757,262

13,005,468

Financial

Services

1

.7

%

Jack

Henry

&

Associates,

Inc.

48,100

8,356,413

Ground

Transportation

3

.1

%

JB

Hunt

Transport

Services,

Inc.

(a)

28,700

5,718,475

Saia,

Inc.

*

15,561

9,103,185

14,821,660

Health

Care

Equipment

&

Supplies

6

.6

%

Dexcom,

Inc.

*

47,564

6,597,127

Inspire

Medical

Systems,

Inc.

*(a)

25,320

5,438,483

iRhythm

Technologies,

Inc.

*(a)

61,236

7,103,376

Shockwave

Medical,

Inc.

*(a)

27,971

9,108,196

TransMedics

Group,

Inc.

*(a)

46,700

3,452,998

31,700,180

Health

Care

Providers

&

Services

3

.0

%

HealthEquity,

Inc.

*(a)

99,600

8,130,348

Option

Care

Health,

Inc.

*

186,052

6,240,184

14,370,532

Hotels,

Restaurants

&

Leisure

3

.6

%

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

1,500

4,360,155

DraftKings,

Inc.,

Class

A

*

121,700

5,526,397

Wingstop,

Inc.

19,978

7,319,939

17,206,491

Household

Durables

1

.2

%

Taylor

Morrison

Home

Corp.,

Class

A

*

96,000

5,968,320

Industrial

REITs

1

.6

%

Rexford

Industrial

Realty,

Inc.

(a)

152,776

7,684,633

Interactive

Media

&

Services

0

.8

%

IAC,

Inc.

*

72,299

3,856,429

IT

Services

3

.0

%

Globant

SA

*

39,875

8,050,762

MongoDB,

Inc.,

Class

A

*(a)

17,239

6,182,595

14,233,357

Life

Sciences

Tools

&

Services

3

.0

%

Bio-Techne

Corp.

(a)

117,656

8,281,806

Repligen

Corp.

*(a)

31,700

5,830,264

14,112,070

Machinery

2

.8

%

Esab

Corp.

58,800

6,501,516

RBC

Bearings,

Inc.

*(a)

25,800

6,975,030

13,476,546

Metals

&

Mining

1

.6

%

ATI,

Inc.

*(a)

151,700

7,762,489

Personal

Care

Products

1

.0

%

Coty,

Inc.,

Class

A

*(a)

416,500

4,981,340

Semiconductors

&

Semiconductor

Equipment

5

.8

%

Entegris,

Inc.

(a)

54,300

7,631,322

Impinj,

Inc.

*(a)

53,916

6,923,354

Monolithic

Power

Systems,

Inc.

6,800

4,606,456

Onto

Innovation,

Inc.

*(a)

46,700

8,456,436

27,617,568

Software

10

.1

%

BILL

Holdings,

Inc.

*

52,265

3,591,651

2

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

CCC

Intelligent

Solutions

Holdings,

Inc.

*

807,304

9,655,356

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

381,200

6,743,428

Dynatrace,

Inc.

*

96,100

4,462,884

HubSpot,

Inc.

*

10,972

6,874,616

Procore

Technologies,

Inc.

*

59,400

4,880,898

Tyler

Technologies,

Inc.

*

15,700

6,672,657

Zscaler,

Inc.

*(a)

26,400

5,085,432

47,966,922

Specialty

Retail

1

.9

%

Burlington

Stores,

Inc.

*

22,700

5,270,713

Wayfair,

Inc.,

Class

A

*(a)

59,500

4,038,860

9,309,573

Trading

Companies

&

Distributors

5

.4

%

Applied

Industrial

Technologies,

Inc.

43,100

8,514,405

SiteOne

Landscape

Supply,

Inc.

*(a)

59,532

10,391,311

Watsco,

Inc.

(a)

15,900

6,868,323

25,774,039

433,557,753

Total

Common

Stocks

(cost

$331,211,208)

469,217,099

Repurchase

Agreements

7

.0

%

Principal

Amount

($)

Bank

of

America

NA,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$4,470,963,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$4,557,683.(b)

4,468,316

4,468,316

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$11,806,989,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$12,036,000.(b)

11,800,000

11,800,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$5,100,002.(b)

5,000,000

5,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$5,100,757.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$33,268,316)

33,268,316

Total

Investments

(cost

$364,479,524)

—

105.2%

502,485,415

Liabilities

in

excess

of

other

assets

—

(5.2)%

(

24,767,522

)

NET

ASSETS

—

100.0%

$

477,717,893

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$108,401,754,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$33,268,316

and

by

$77,388,175

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$110,656,491.

(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,

2024

was

$33,268,316.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

NVIT

Allspring

Discovery

Fund

-

March

31,

2024

(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,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

469,217,099

$

–

$

–

$

469,217,099

Repurchase

Agreements

–

33,268,316

–

33,268,316

Total

$

469,217,099

$

33,268,316

$

–

$

502,485,415

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

98.0%

Shares

Value

($)

Aerospace

&

Defense

1.6%

General

Dynamics

Corp.

2,164

611,308

Lockheed

Martin

Corp.

18,456

8,395,081

Northrop

Grumman

Corp.

5,052

2,418,190

11,424,579

Air

Freight

&

Logistics

0.7%

CH

Robinson

Worldwide,

Inc.

62,237

4,738,725

Beverages

4.1%

Coca-Cola

Co.

(The)

126,268

7,725,076

Keurig

Dr

Pepper,

Inc.

13,810

423,553

Molson

Coors

Beverage

Co.,

Class

B

19,375

1,302,969

Monster

Beverage

Corp.*

163,734

9,706,151

PepsiCo,

Inc.

51,885

9,080,394

28,238,143

Biotechnology

4.6%

AbbVie,

Inc.

10,795

1,965,770

Amgen,

Inc.

21,495

6,111,458

Gilead

Sciences,

Inc.

47,837

3,504,060

Regeneron

Pharmaceuticals,

Inc.*

10,020

9,644,150

United

Therapeutics

Corp.*

16,863

3,873,768

Vertex

Pharmaceuticals,

Inc.*

15,596

6,519,284

31,618,490

Capital

Markets

2.9%

Cboe

Global

Markets,

Inc.

49,381

9,072,771

CME

Group,

Inc.(a)

45,094

9,708,288

LPL

Financial

Holdings,

Inc.

5,421

1,432,228

20,213,287

Chemicals

0.6%

CF

Industries

Holdings,

Inc.

17,567

1,461,750

Corteva,

Inc.

24,926

1,437,482

LyondellBasell

Industries

NV,

Class

A

6,477

662,468

NewMarket

Corp.

1,037

658,101

4,219,801

Commercial

Services

&

Supplies

3.5%

Copart,

Inc.*

60,632

3,511,806

Republic

Services,

Inc.,

Class

A

53,548

10,251,229

Rollins,

Inc.

13,275

614,234

Waste

Management,

Inc.

47,953

10,221,182

24,598,451

Communications

Equipment

2.1%

Arista

Networks,

Inc.*

15,566

4,513,829

Cisco

Systems,

Inc.

195,242

9,744,528

14,258,357

Construction

&

Engineering

0.1%

EMCOR

Group,

Inc.

1,386

485,377

Consumer

Staples

Distribution

&

Retail

4.6%

Casey's

General

Stores,

Inc.

(a)

8,802

2,802,997

Costco

Wholesale

Corp.

13,265

9,718,337

Kroger

Co.

(The)

147,729

8,439,758

Walmart,

Inc.

181,917

10,945,946

31,907,038

Containers

&

Packaging

0.5%

AptarGroup,

Inc.

2,115

304,327

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Packaging

Corp.

of

America

14,863

2,820,700

3,125,027

Diversified

Consumer

Services

0.1%

Grand

Canyon

Education,

Inc.*(a)

6,466

880,734

Diversified

Telecommunication

Services

2.0%

AT&T,

Inc.

232,060

4,084,256

Verizon

Communications,

Inc.

230,212

9,659,696

13,743,952

Electric

Utilities

1.3%

Duke

Energy

Corp.

44,721

4,324,968

IDACORP,

Inc.(a)

3,055

283,779

Pinnacle

West

Capital

Corp.

14,628

1,093,150

Xcel

Energy,

Inc.

62,140

3,340,025

9,041,922

Electrical

Equipment

0.8%

Eaton

Corp.

plc

17,931

5,606,665

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.,

Class

A(a)

4,939

569,714

Entertainment

1.3%

Electronic

Arts,

Inc.

59,322

7,870,250

Take-Two

Interactive

Software,

Inc.*

5,816

863,618

8,733,868

Financial

Services

2.0%

Mastercard,

Inc.,

Class

A

8,059

3,880,973

Visa,

Inc.,

Class

A(a)

34,724

9,690,774

13,571,747

Food

Products

5.8%

Campbell

Soup

Co.

19,202

853,529

Flowers

Foods,

Inc.(a)

112,210

2,664,987

General

Mills,

Inc.

50,887

3,560,563

Hershey

Co.

(The)

36,995

7,195,527

Hormel

Foods

Corp.

152,248

5,311,933

J

M

Smucker

Co.

(The)

45,186

5,687,562

Kellanova

21,078

1,207,559

Kraft

Heinz

Co.

(The)(a)

127,794

4,715,599

McCormick

&

Co.,

Inc.

(Non-Voting)

23,716

1,821,626

Mondelez

International,

Inc.,

Class

A

92,274

6,459,180

Seaboard

Corp.

285

918,817

40,396,882

Ground

Transportation

2.1%

JB

Hunt

Transport

Services,

Inc.

5,615

1,118,789

Landstar

System,

Inc.(a)

27,300

5,262,348

Old

Dominion

Freight

Line,

Inc.

26,900

5,899,439

U-Haul

Holding

Co.*(a)

4,550

307,307

Union

Pacific

Corp.

9,445

2,322,809

14,910,692

Health

Care

Equipment

&

Supplies

3.1%

Abbott

Laboratories

82,933

9,426,165

Becton

Dickinson

&

Co.

12,973

3,210,169

Hologic,

Inc.*

12,645

985,804

Medtronic

plc

55,553

4,841,444

6

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Stryker

Corp.

8,166

2,922,366

21,385,948

Health

Care

Providers

&

Services

5.6%

Cardinal

Health,

Inc.

17,563

1,965,300

Cencora,

Inc.(a)

4,925

1,196,726

Chemed

Corp.

7,039

4,518,545

Cigna

Group

(The)

5,259

1,910,016

CVS

Health

Corp.

8,719

695,427

Elevance

Health,

Inc.

9,894

5,130,435

Humana,

Inc.

15,718

5,449,745

McKesson

Corp.

14,806

7,948,601

Molina

Healthcare,

Inc.*

971

398,916

Quest

Diagnostics,

Inc.

10,316

1,373,163

UnitedHealth

Group,

Inc.

17,080

8,449,476

39,036,350

Health

Care

Technology

0.3%

Veeva

Systems,

Inc.,

Class

A*

8,192

1,898,004

Hotels,

Restaurants

&

Leisure

1.6%

Booking

Holdings,

Inc.

170

616,740

Chipotle

Mexican

Grill,

Inc.,

Class

A*

404

1,174,335

McDonald's

Corp.

33,655

9,489,027

11,280,102

Household

Durables

0.8%

Garmin

Ltd.(a)

20,795

3,095,751

NVR,

Inc.*

233

1,887,291

PulteGroup,

Inc.

7,234

872,565

5,855,607

Household

Products

4.0%

Church

&

Dwight

Co.,

Inc.

54,434

5,678,011

Clorox

Co.

(The)

33,625

5,148,324

Colgate-Palmolive

Co.

77,768

7,003,008

Kimberly-Clark

Corp.

1,731

223,905

Procter

&

Gamble

Co.

(The)

61,892

10,041,977

28,095,225

Industrial

Conglomerates

1.2%

General

Electric

Co.

39,144

6,870,946

Honeywell

International,

Inc.

6,562

1,346,851

8,217,797

Insurance

8.1%

Allstate

Corp.

(The)

18,454

3,192,727

Aon

plc,

Class

A

1,560

520,603

Arch

Capital

Group

Ltd.*

17,463

1,614,280

Assured

Guaranty

Ltd.

12,359

1,078,323

Chubb

Ltd.

39,149

10,144,680

Everest

Group

Ltd.

7,945

3,158,138

Markel

Group,

Inc.*

1,696

2,580,430

Marsh

&

McLennan

Cos.,

Inc.

21,592

4,447,520

Old

Republic

International

Corp.

24,286

746,066

Progressive

Corp.

(The)

51,759

10,704,796

RenaissanceRe

Holdings

Ltd.

9,112

2,141,593

Travelers

Cos.,

Inc.

(The)

33,638

7,741,449

Unum

Group

98,751

5,298,979

White

Mountains

Insurance

Group

Ltd.(a)

1,530

2,745,279

56,114,863

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

2.7%

Alphabet,

Inc.,

Class

A*

58,993

8,903,813

Meta

Platforms,

Inc.,

Class

A

20,484

9,946,621

18,850,434

IT

Services

2.0%

Accenture

plc,

Class

A

13,497

4,678,195

Amdocs

Ltd.

8,422

761,096

International

Business

Machines

Corp.(a)

44,834

8,561,501

14,000,792

Life

Sciences

Tools

&

Services

1.3%

Danaher

Corp.

13,614

3,399,688

Thermo

Fisher

Scientific,

Inc.

9,283

5,395,372

West

Pharmaceutical

Services,

Inc.

1,191

471,291

9,266,351

Machinery

1.0%

Crane

Co.(a)

2,806

379,175

IDEX

Corp.

5,546

1,353,335

Illinois

Tool

Works,

Inc.(a)

19,835

5,322,325

7,054,835

Media

0.6%

New

York

Times

Co.

(The),

Class

A(a)

93,951

4,060,562

Metals

&

Mining

0.1%

Royal

Gold,

Inc.(a)

3,893

474,206

Multi-Utilities

0.5%

Consolidated

Edison,

Inc.

37,368

3,393,388

Office

REITs

0.0%

†

NET

Lease

Office

Properties(a)

7,962

189,496

Oil,

Gas

&

Consumable

Fuels

3.2%

Chevron

Corp.

9,563

1,508,468

ConocoPhillips

16,604

2,113,357

Coterra

Energy,

Inc.

43,458

1,211,609

EOG

Resources,

Inc.(a)

40,018

5,115,901

Exxon

Mobil

Corp.

27,466

3,192,648

HF

Sinclair

Corp.

4,222

254,882

Marathon

Petroleum

Corp.

33,331

6,716,196

Phillips

66

12,246

2,000,262

22,113,323

Pharmaceuticals

4.3%

Eli

Lilly

&

Co.

12,920

10,051,243

Johnson

&

Johnson

60,012

9,493,299

Merck

&

Co.,

Inc.

77,515

10,228,104

29,772,646

Professional

Services

3.3%

Automatic

Data

Processing,

Inc.

13,213

3,299,815

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,374

3,618,076

CACI

International,

Inc.,

Class

A*(a)

14,002

5,304,378

FTI

Consulting,

Inc.*

26,144

5,497,822

Leidos

Holdings,

Inc.

2,556

335,066

Paychex,

Inc.

2,348

288,334

Robert

Half,

Inc.

36,864

2,922,578

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

Professional

Services

Verisk

Analytics,

Inc.,

Class

A(a)

8,292

1,954,673

23,220,742

Semiconductors

&

Semiconductor

Equipment

1.3%

Broadcom,

Inc.

3,981

5,276,457

NVIDIA

Corp.

3,792

3,426,300

8,702,757

Software

5.0%

Adobe,

Inc.*

3,043

1,535,498

Crowdstrike

Holdings,

Inc.,

Class

A*

16,858

5,404,506

Dolby

Laboratories,

Inc.,

Class

A(a)

8,637

723,522

Fortinet,

Inc.*

28,494

1,946,425

Microsoft

Corp.

19,506

8,206,564

Oracle

Corp.

27,315

3,431,037

Palo

Alto

Networks,

Inc.*(a)

5,973

1,697,109

Roper

Technologies,

Inc.

15,191

8,519,720

Synopsys,

Inc.*

4,642

2,652,903

Tyler

Technologies,

Inc.*

802

340,858

34,458,142

Specialty

Retail

3.2%

AutoZone,

Inc.*

3,310

10,431,961

Murphy

USA,

Inc.

3,409

1,429,053

O'Reilly

Automotive,

Inc.*

9,117

10,291,999

Ulta

Beauty,

Inc.*

670

350,330

22,503,343

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.(a)

20,005

3,430,457

Textiles,

Apparel

&

Luxury

Goods

0.6%

Deckers

Outdoor

Corp.*

4,100

3,859,166

Tobacco

1.5%

Altria

Group,

Inc.

59,912

2,613,361

Philip

Morris

International,

Inc.

85,214

7,807,307

10,420,668

Wireless

Telecommunication

Services

1.4%

T-Mobile

US,

Inc.(a)

60,717

9,910,229

Total

Common

Stocks

(cost

$460,144,300)

679,848,884

Repurchase

Agreements

4.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,631,488,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$3,701,926.

(b)

3,629,339

3,629,339

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$5,100,000.

(b)

5,000,000

5,000,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,923,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$10,200,003.(b)

10,000,000

10,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,934,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$10,201,513.(b)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$28,629,339)

28,629,339

Total

Investments

(cost

$488,773,639)

—

102.1%

708,478,223

Liabilities

in

excess

of

other

assets

—

(2.1)%

(14,556,866)

NET

ASSETS

—

100.0%

$

693,921,357

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$48,137,171,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$28,629,339

and

by

$20,336,983

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$48,966,322.

(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,

2024

was

$28,629,339.

REIT

Real

Estate

Investment

Trust

8

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

8

6/2024

USD

2,123,400

32,362

Net

contracts

32,362

As

of

March

31,

2024,

the

Fund

had

$94,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2024

(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,

2024

(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,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

679,848,884

$

–

$

–

$

679,848,884

Futures

Contracts

32,362

–

–

32,362

Repurchase

Agreements

–

28,629,339

–

28,629,339

Total

$

679,881,246

$

28,629,339

$

–

$

708,510,585

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

32,362

Total

$

32,362

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

94

.9

%

Shares

Value

($)

Aerospace

&

Defense

3

.5

%

L3Harris

Technologies,

Inc.

54,275

11,566,003

RTX

Corp.(a)

81,476

7,946,354

19,512,357

Automobile

Components

0

.4

%

Lear

Corp.

14,224

2,060,773

Automobiles

2

.5

%

General

Motors

Co.

302,274

13,708,126

Banks

11

.8

%

Bank

of

America

Corp.

95,187

3,609,491

Citigroup,

Inc.

292,248

18,481,764

Citizens

Financial

Group,

Inc.

(a)

109,045

3,957,243

First

Citizens

BancShares,

Inc.,

Class

A

8,087

13,222,245

JPMorgan

Chase

&

Co.(a)

37,388

7,488,816

Wells

Fargo

&

Co.

327,067

18,956,803

65,716,362

Beverages

1

.1

%

Diageo

plc

36,106

1,333,417

Keurig

Dr

Pepper,

Inc.

114,584

3,514,291

Pernod

Ricard

SA

7,808

1,262,470

6,110,178

Broadline

Retail

0

.3

%

Alibaba

Group

Holding

Ltd.

202,200

1,824,817

Building

Products

1

.5

%

Allegion

plc(a)

29,263

3,942,018

Johnson

Controls

International

plc(a)

70,643

4,614,401

8,556,419

Capital

Markets

3

.1

%

Carlyle

Group,

Inc.

(The)

4,842

227,138

Charles

Schwab

Corp.

(The)

40,469

2,927,528

Goldman

Sachs

Group,

Inc.

(The)

7,093

2,962,675

Intercontinental

Exchange,

Inc.

38,415

5,279,373

Raymond

James

Financial,

Inc.(a)

23,064

2,961,879

UBS

Group

AG

(Registered)

CHF

93,278

2,866,788

17,225,381

Chemicals

1

.2

%

International

Flavors

&

Fragrances,

Inc.(a)

38,385

3,300,726

PPG

Industries,

Inc.

21,742

3,150,416

6,451,142

Communications

Equipment

1

.5

%

Cisco

Systems,

Inc.

163,560

8,163,280

Consumer

Finance

0

.5

%

American

Express

Co.

11,863

2,701,086

Consumer

Staples

Distribution

&

Retail

1

.4

%

Dollar

General

Corp.

49,733

7,761,332

Containers

&

Packaging

1

.3

%

Sealed

Air

Corp.(a)

201,085

7,480,362

Diversified

Telecommunication

Services

2

.2

%

AT&T,

Inc.

232,257

4,087,723

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.

200,352

8,406,770

12,494,493

Electric

Utilities

2

.8

%

American

Electric

Power

Co.,

Inc.

71,948

6,194,723

Edison

International

27,522

1,946,631

Exelon

Corp.

93,549

3,514,636

PG&E

Corp.(a)

227,958

3,820,576

15,476,566

Financial

Services

4

.1

%

Equitable

Holdings,

Inc.(a)

65,593

2,493,190

Fidelity

National

Information

Services,

Inc.(a)

169,676

12,586,566

Visa,

Inc.,

Class

A(a)

27,919

7,791,634

22,871,390

Food

Products

2

.2

%

Kraft

Heinz

Co.

(The)(a)

325,734

12,019,585

Health

Care

Equipment

&

Supplies

4

.8

%

Baxter

International,

Inc.

241,210

10,309,315

Koninklijke

Philips

NV*

253,687

5,087,157

Medtronic

plc

128,630

11,210,105

26,606,577

Health

Care

Providers

&

Services

7

.2

%

Cardinal

Health,

Inc.

79,063

8,847,150

Cencora,

Inc.(a)

10,889

2,645,918

Cigna

Group

(The)

20,111

7,304,114

CVS

Health

Corp.

26,314

2,098,805

Elevance

Health,

Inc.

18,251

9,463,873

Humana,

Inc.

11,025

3,822,588

Laboratory

Corp.

of

America

Holdings

28,686

6,266,744

40,449,192

Household

Durables

1

.7

%

Newell

Brands,

Inc.(a)

238,911

1,918,455

Panasonic

Holdings

Corp.

308,100

2,939,458

Sony

Group

Corp.

56,000

4,799,343

9,657,256

Household

Products

0

.4

%

Henkel

AG

&

Co.

KGaA

(Preference)

31,100

2,499,424

Industrial

Conglomerates

0

.3

%

Siemens

AG

(Registered)

7,829

1,494,596

Insurance

6

.2

%

American

International

Group,

Inc.

195,935

15,316,239

Fidelity

National

Financial,

Inc.

109,215

5,799,316

First

American

Financial

Corp.

8,542

521,489

Prudential

plc

259,918

2,444,926

Willis

Towers

Watson

plc

38,299

10,532,225

34,614,195

IT

Services

1

.1

%

Cognizant

Technology

Solutions

Corp.,

Class

A(a)

87,506

6,413,315

Leisure

Products

0

.5

%

Hasbro,

Inc.

53,391

3,017,659

Life

Sciences

Tools

&

Services

1

.2

%

Fortrea

Holdings,

Inc.*(a)

60,475

2,427,467

12

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Thermo

Fisher

Scientific,

Inc.

7,186

4,176,575

6,604,042

Machinery

2

.3

%

CNH

Industrial

NV(a)

238,318

3,088,601

Komatsu

Ltd.

85,100

2,520,008

Stanley

Black

&

Decker,

Inc.

(a)

27,263

2,669,866

Westinghouse

Air

Brake

Technologies

Corp.

30,476

4,439,744

12,718,219

Media

2

.8

%

Comcast

Corp.,

Class

A

223,584

9,692,366

Fox

Corp.,

Class

A

113,169

3,538,795

WPP

plc

230,460

2,181,004

15,412,165

Multi-Utilities

1

.3

%

Public

Service

Enterprise

Group,

Inc.

35,850

2,394,063

Sempra(a)

68,138

4,894,353

7,288,416

Oil,

Gas

&

Consumable

Fuels

6

.7

%

BP

plc

2,064,465

12,971,728

Chevron

Corp.(a)

39,731

6,267,168

Shell

plc

363,419

12,057,716

Suncor

Energy,

Inc.(a)

162,753

6,007,213

37,303,825

Personal

Care

Products

1

.5

%

Unilever

plc,

ADR-UK(a)

165,947

8,328,880

Pharmaceuticals

4

.4

%

AstraZeneca

plc

28,549

3,843,869

Bayer

AG

(Registered)

119,270

3,657,779

Bristol-Myers

Squibb

Co.

25,881

1,403,527

Eli

Lilly

&

Co.

7,017

5,458,945

Pfizer,

Inc.

43,878

1,217,614

Sanofi

SA

91,180

8,946,343

24,528,077

Professional

Services

4

.0

%

Leidos

Holdings,

Inc.

84,382

11,061,636

SS&C

Technologies

Holdings,

Inc.

173,665

11,178,816

22,240,452

Residential

REITs

0

.5

%

Mid-America

Apartment

Communities,

Inc.

19,664

2,587,389

Semiconductors

&

Semiconductor

Equipment

0

.5

%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

19,599

2,666,444

Software

1

.3

%

Microsoft

Corp.

17,716

7,453,476

Specialized

REITs

0

.5

%

Crown

Castle,

Inc.

28,610

3,027,796

Specialty

Retail

0

.4

%

Ross

Stores,

Inc.

14,352

2,106,300

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

1

.9

%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S(b)

7,167

10,650,775

Textiles,

Apparel

&

Luxury

Goods

0

.7

%

Swatch

Group

AG

(The)CHF

5,759

1,336,334

Tapestry,

Inc.(a)

57,967

2,752,273

4,088,607

Tobacco

1

.3

%

British

American

Tobacco

plc,

ADR-UK(a)

239,133

7,293,556

Wireless

Telecommunication

Services

0

.0

%

†

Rogers

Communications,

Inc.,

Class

B

2,823

115,667

Total

Common

Stocks

(cost

$435,657,315)

529,299,949

Master

Limited

Partnership

1

.0

%

Oil,

Gas

&

Consumable

Fuels

1

.0

%

Enterprise

Products

Partners

LP

195,360

5,700,605

Total

Master

Limited

Partnership

(cost  $3,767,935)

5,700,605

Repurchase

Agreements

6

.8

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$7,970,807,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$8,125,410.

(c)

7,966,089

7,966,089

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,950,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$5,103,547.

(c)

5,000,000

5,000,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$20,011,845,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$20,400,007.(c)

20,000,000

20,000,000

NVIT

BlackRock

Equity

Dividend

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$5,100,757.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$37,966,089)

37,966,089

Total

Investments

(cost

$477,391,339)

—

102.7%

572,966,643

Liabilities

in

excess

of

other

assets

—

(2.7)%

(

15,332,552

)

NET

ASSETS

—

100.0%

$

557,634,091

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$78,785,328,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$37,966,089

and

by

$42,797,869

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

2/15/2054,

a

total

value

of

$80,763,958.

(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,

2024

was

$10,650,775

which

represents

1.91%

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,

2024

was

$37,966,089.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

KR

South

Korea

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

TW

Taiwan

UK

United

Kingdom

14

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

BlackRock

Equity

Dividend

Fund

-

March

31,

2024

(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,

2024.

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

$

19,512,357

$

–

$

–

$

19,512,357

Automobile

Components

2,060,773

–

–

2,060,773

Automobiles

13,708,126

–

–

13,708,126

Banks

65,716,362

–

–

65,716,362

Beverages

3,514,291

2,595,887

–

6,110,178

Broadline

Retail

–

1,824,817

–

1,824,817

Building

Products

8,556,419

–

–

8,556,419

Capital

Markets

14,358,593

2,866,788

–

17,225,381

Chemicals

6,451,142

–

–

6,451,142

Communications

Equipment

8,163,280

–

–

8,163,280

Consumer

Finance

2,701,086

–

–

2,701,086

Consumer

Staples

Distribution

&

Retail

7,761,332

–

–

7,761,332

Containers

&

Packaging

7,480,362

–

–

7,480,362

Diversified

Telecommunication

Services

12,494,493

–

–

12,494,493

Electric

Utilities

15,476,566

–

–

15,476,566

Financial

Services

22,871,390

–

–

22,871,390

Food

Products

12,019,585

–

–

12,019,585

Health

Care

Equipment

&

Supplies

21,519,420

5,087,157

–

26,606,577

Health

Care

Providers

&

Services

40,449,192

–

–

40,449,192

Household

Durables

1,918,455

7,738,801

–

9,657,256

Household

Products

–

2,499,424

–

2,499,424

Industrial

Conglomerates

–

1,494,596

–

1,494,596

Insurance

32,169,269

2,444,926

–

34,614,195

IT

Services

6,413,315

–

–

6,413,315

Leisure

Products

3,017,659

–

–

3,017,659

Life

Sciences

Tools

&

Services

6,604,042

–

–

6,604,042

Machinery

10,198,211

2,520,008

–

12,718,219

Media

13,231,161

2,181,004

–

15,412,165

Multi-Utilities

7,288,416

–

–

7,288,416

Oil,

Gas

&

Consumable

Fuels

12,274,381

25,029,444

–

37,303,825

Personal

Care

Products

8,328,880

–

–

8,328,880

Pharmaceuticals

8,080,086

16,447,991

–

24,528,077

Professional

Services

22,240,452

–

–

22,240,452

Residential

REITs

2,587,389

–

–

2,587,389

Semiconductors

&

Semiconductor

Equipment

2,666,444

–

–

2,666,444

Software

7,453,476

–

–

7,453,476

Specialized

REITs

3,027,796

–

–

3,027,796

Specialty

Retail

2,106,300

–

–

2,106,300

Technology

Hardware,

Storage

&

Peripherals

–

10,650,775

–

10,650,775

Textiles,

Apparel

&

Luxury

Goods

2,752,273

1,336,334

–

4,088,607

Tobacco

7,293,556

–

–

7,293,556

Wireless

Telecommunication

Services

115,667

–

–

115,667

Total

Common

Stocks

$

444,581,997

$

84,717,952

$

–

$

529,299,949

Master

Limited

Partnership

5,700,605

–

–

5,700,605

Repurchase

Agreements

–

37,966,089

–

37,966,089

Total

$

450,282,602

$

122,684,041

$

–

$

572,966,643

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

NVIT

Calvert

Equity

Fund

Common

Stocks

97

.9

%

Shares

Value

($)

Capital

Markets

7

.2

%

Charles

Schwab

Corp.

(The)

14,458

1,045,892

Intercontinental

Exchange,

Inc.

16,223

2,229,527

Moody's

Corp.

2,719

1,068,648

S&P

Global,

Inc.

7,775

3,307,874

7,651,941

Chemicals

7

.3

%

Air

Products

&

Chemicals,

Inc.

4,741

1,148,602

Ecolab,

Inc.

14,463

3,339,507

Linde

plc

7,059

3,277,635

7,765,744

Commercial

Services

&

Supplies

1

.1

%

Veralto

Corp.

12,780

1,133,075

Consumer

Staples

Distribution

&

Retail

3

.2

%

Costco

Wholesale

Corp.

1,300

952,419

Dollar

General

Corp.

15,602

2,434,848

3,387,267

Containers

&

Packaging

0

.8

%

Ball

Corp.(a)

13,624

917,713

Electronic

Equipment,

Instruments

&

Components

4

.1

%

Amphenol

Corp.,

Class

A(a)

28,695

3,309,968

TE

Connectivity

Ltd.

7,150

1,038,466

4,348,434

Entertainment

0

.9

%

Electronic

Arts,

Inc.

7,541

1,000,464

Financial

Services

13

.3

%

Fidelity

National

Information

Services,

Inc.

10,716

794,913

Fiserv,

Inc.*

11,712

1,871,812

Mastercard,

Inc.,

Class

A

10,945

5,270,784

PayPal

Holdings,

Inc.*

18,733

1,254,924

Visa,

Inc.,

Class

A(a)

18,157

5,067,255

14,259,688

Health

Care

Equipment

&

Supplies

1

.5

%

IDEXX

Laboratories,

Inc.*

1,788

965,395

Intuitive

Surgical,

Inc.*

1,592

635,351

1,600,746

Hotels,

Restaurants

&

Leisure

1

.1

%

Starbucks

Corp.

12,716

1,162,115

Insurance

2

.5

%

Aon

plc,

Class

A

2,849

950,768

Marsh

&

McLennan

Cos.,

Inc.

8,253

1,699,953

2,650,721

Interactive

Media

&

Services

4

.8

%

Alphabet,

Inc.,

Class

C*

33,435

5,090,813

IT

Services

6

.1

%

Accenture

plc,

Class

A

3,393

1,176,048

Gartner,

Inc.*

7,406

3,530,218

Common

Stocks

Shares

Value

($)

IT

Services

VeriSign,

Inc.*

9,367

1,775,140

6,481,406

Life

Sciences

Tools

&

Services

11

.0

%

Agilent

Technologies,

Inc.

12,241

1,781,188

Danaher

Corp.

19,697

4,918,735

Thermo

Fisher

Scientific,

Inc.

8,728

5,072,801

11,772,724

Machinery

4

.3

%

IDEX

Corp.

7,393

1,804,040

Xylem,

Inc.

22,057

2,850,647

4,654,687

Personal

Care

Products

1

.4

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

9,623

1,483,385

Pharmaceuticals

3

.6

%

Zoetis,

Inc.,

Class

A

22,492

3,805,871

Professional

Services

3

.1

%

Verisk

Analytics,

Inc.,

Class

A

14,103

3,324,500

Semiconductors

&

Semiconductor

Equipment

0

.8

%

Texas

Instruments,

Inc.

4,888

851,539

Software

9

.5

%

Adobe,

Inc.*

3,139

1,583,939

Intuit,

Inc.

5,279

3,431,350

Microsoft

Corp.

12,197

5,131,522

10,146,811

Specialized

REITs

3

.7

%

American

Tower

Corp.(a)

14,972

2,958,318

Crown

Castle,

Inc.

9,215

975,223

3,933,541

Specialty

Retail

5

.6

%

Lowe's

Cos.,

Inc.

4,380

1,115,717

O'Reilly

Automotive,

Inc.*

948

1,070,178

TJX

Cos.,

Inc.

(The)

37,740

3,827,591

6,013,486

Textiles,

Apparel

&

Luxury

Goods

1

.0

%

NIKE,

Inc.,

Class

B

12,025

1,130,110

Total

Investments

(cost

$81,008,563)

—

97.9%

104,566,781

Other

assets

in

excess

of

liabilities

—

2.1%

2,215,370

NET

ASSETS

—

100.0%

$

106,782,151

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$7,555,010,

which

was

collateralized

by

$7,713,559

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

4/11/2024

–

8/15/2053.

REIT

Real

Estate

Investment

Trust

NVIT

Calvert

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

18

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Calvert

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

104,566,781

$

–

$

–

$

104,566,781

Total

$

104,566,781

$

–

$

–

$

104,566,781

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

99

.5

%

Shares

Value

($)

Aerospace

&

Defense

1

.1

%

Lockheed

Martin

Corp.

6,091

2,770,613

Air

Freight

&

Logistics

0

.6

%

Expeditors

International

of

Washington,

Inc.

12,434

1,511,601

Automobile

Components

0

.9

%

BorgWarner,

Inc.

27,614

959,310

Lear

Corp.

5,799

840,159

Phinia,

Inc.

11,046

424,498

2,223,967

Automobiles

2

.0

%

Ford

Motor

Co.

194,497

2,582,920

General

Motors

Co.

53,602

2,430,851

5,013,771

Banks

1

.0

%

Comerica,

Inc.

19,096

1,050,089

Cullen/Frost

Bankers,

Inc.

3,766

423,939

First

Horizon

Corp.

24,459

376,668

KeyCorp

44,001

695,656

2,546,352

Biotechnology

1

.5

%

Alnylam

Pharmaceuticals,

Inc.*

613

91,613

Gilead

Sciences,

Inc.

16,460

1,205,695

Incyte

Corp.*

23,593

1,344,093

Neurocrine

Biosciences,

Inc.*

3,991

550,439

Sarepta

Therapeutics,

Inc.*

4,564

590,855

3,782,695

Broadline

Retail

2

.8

%

Amazon.com,

Inc.*

24,015

4,331,825

eBay,

Inc.

35,355

1,866,037

Etsy,

Inc.*

5,729

393,697

MercadoLibre,

Inc.*

155

234,354

6,825,913

Building

Products

0

.6

%

Masco

Corp.

18,035

1,422,601

Capital

Markets

4

.0

%

Bank

of

New

York

Mellon

Corp.

(The)

46,250

2,664,925

Charles

Schwab

Corp.

(The)

37,084

2,682,656

LPL

Financial

Holdings,

Inc.

4,394

1,160,895

Northern

Trust

Corp.

21,068

1,873,367

State

Street

Corp.

18,393

1,422,147

TPG,

Inc.,

Class

A

5,060

226,182

10,030,172

Chemicals

2

.5

%

Dow,

Inc.

35,589

2,061,671

DuPont

de

Nemours,

Inc.

20,557

1,576,105

Eastman

Chemical

Co.

8,266

828,418

Huntsman

Corp.

25,142

654,446

LyondellBasell

Industries

NV,

Class

A

11,488

1,174,993

6,295,633

Commercial

Services

&

Supplies

0

.1

%

Veralto

Corp.

1,940

172,000

Construction

&

Engineering

0

.0

%

†

Fluor

Corp.*

1,320

55,810

Consumer

Finance

0

.9

%

SLM

Corp.

39,836

868,026

Common

Stocks

Shares

Value

($)

Consumer

Finance

Synchrony

Financial

33,646

1,450,816

2,318,842

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Maplebear,

Inc.*

2,580

96,208

Distributors

0

.6

%

Genuine

Parts

Co.

9,121

1,413,117

Diversified

Telecommunication

Services

0

.1

%

Iridium

Communications,

Inc.

9,100

238,056

Electric

Utilities

1

.8

%

Exelon

Corp.

57,303

2,152,874

NRG

Energy,

Inc.

23,677

1,602,696

Pinnacle

West

Capital

Corp.

9,530

712,177

4,467,747

Entertainment

1

.2

%

Electronic

Arts,

Inc.

12,289

1,630,382

Live

Nation

Entertainment,

Inc.*

10,308

1,090,277

Playtika

Holding

Corp.

32,243

227,313

2,947,972

Financial

Services

4

.0

%

Corebridge

Financial,

Inc.

27,142

779,789

Mastercard,

Inc.,

Class

A

13,626

6,561,873

PayPal

Holdings,

Inc.*

39,715

2,660,508

10,002,170

Food

Products

1

.4

%

Archer-Daniels-Midland

Co.

30,815

1,935,490

Tyson

Foods,

Inc.,

Class

A

27,832

1,634,574

3,570,064

Ground

Transportation

4

.3

%

JB

Hunt

Transport

Services,

Inc.

10,265

2,045,301

Lyft,

Inc.,

Class

A*

55,138

1,066,921

Old

Dominion

Freight

Line,

Inc.

12,146

2,663,739

Schneider

National,

Inc.,

Class

B

7,740

175,234

Uber

Technologies,

Inc.*

60,874

4,686,689

10,637,884

Health

Care

Equipment

&

Supplies

0

.9

%

Align

Technology,

Inc.*

2,700

885,384

Edwards

Lifesciences

Corp.*

11,651

1,113,369

Tandem

Diabetes

Care,

Inc.*

9,446

334,483

2,333,236

Health

Care

Providers

&

Services

5

.8

%

Cardinal

Health,

Inc.

11,857

1,326,798

Centene

Corp.*

19,205

1,507,208

DaVita,

Inc.*

1,198

165,384

Elevance

Health,

Inc.

4,640

2,406,026

Humana,

Inc.

6,767

2,346,254

McKesson

Corp.

8,780

4,713,543

Molina

Healthcare,

Inc.*

4,601

1,890,229

14,355,442

Hotels,

Restaurants

&

Leisure

4

.2

%

Airbnb,

Inc.,

Class

A*

18,398

3,034,934

Booking

Holdings,

Inc.

1,337

4,850,475

Domino's

Pizza,

Inc.

2,760

1,371,389

Expedia

Group,

Inc.*

8,653

1,191,951

10,448,749

20

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Common

Stocks

Shares

Value

($)

Household

Durables

2

.5

%

DR

Horton,

Inc.

11,379

1,872,415

Lennar

Corp.,

Class

A

12,845

2,209,083

NVR,

Inc.*

245

1,984,490

6,065,988

Household

Products

0

.7

%

Kimberly-Clark

Corp.

12,849

1,662,018

Insurance

5

.0

%

Allstate

Corp.

(The)

19,174

3,317,294

CNA

Financial

Corp.

1,200

54,504

Everest

Group

Ltd.

2,331

926,573

First

American

Financial

Corp.

8,517

519,963

Hartford

Financial

Services

Group,

Inc.

(The)

15,675

1,615,309

MetLife,

Inc.

2,359

174,825

Progressive

Corp.

(The)

16,098

3,329,388

Travelers

Cos.,

Inc.

(The)

10,287

2,367,450

12,305,306

Interactive

Media

&

Services

2

.3

%

Alphabet,

Inc.,

Class

C*

27,797

4,232,371

Meta

Platforms,

Inc.,

Class

A

2,900

1,408,182

Snap,

Inc.,

Class

A*

13,535

155,382

5,795,935

IT

Services

1

.9

%

DXC

Technology

Co.*

20,333

431,263

EPAM

Systems,

Inc.*

4,777

1,319,216

Kyndryl

Holdings,

Inc.*

24,605

535,405

VeriSign,

Inc.*

12,992

2,462,114

4,747,998

Life

Sciences

Tools

&

Services

0

.4

%

Illumina,

Inc.*

7,684

1,055,167

Machinery

2

.4

%

AGCO

Corp.

8,266

1,016,883

Cummins,

Inc.

6,624

1,951,762

Otis

Worldwide

Corp.

28,698

2,848,850

5,817,495

Media

1

.8

%

Fox

Corp.,

Class

A

36,509

1,141,636

Interpublic

Group

of

Cos.,

Inc.

(The)

37,401

1,220,395

Omnicom

Group,

Inc.

17,531

1,696,300

Paramount

Global,

Class

B

24,683

290,519

4,348,850

Multi-Utilities

0

.6

%

DTE

Energy

Co.

13,637

1,529,253

Oil,

Gas

&

Consumable

Fuels

3

.4

%

ConocoPhillips

18,075

2,300,586

Marathon

Oil

Corp.

13,831

391,971

Phillips

66

13,151

2,148,084

Valero

Energy

Corp.

21,605

3,687,757

8,528,398

Paper

&

Forest

Products

0

.3

%

Louisiana-Pacific

Corp.

9,576

803,522

Passenger

Airlines

0

.2

%

Southwest

Airlines

Co.

17,951

523,990

Common

Stocks

Shares

Value

($)

Personal

Care

Products

0

.6

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

8,898

1,371,627

Pharmaceuticals

2

.2

%

Merck

&

Co.,

Inc.

42,011

5,543,352

Professional

Services

4

.1

%

Automatic

Data

Processing,

Inc.

15,188

3,793,051

Jacobs

Solutions,

Inc.

8,698

1,337,143

KBR,

Inc.

11,977

762,456

Paycom

Software,

Inc.

3,814

759,024

Robert

Half,

Inc.

14,856

1,177,784

TransUnion

9,707

774,619

TriNet

Group,

Inc.

928

122,951

Verisk

Analytics,

Inc.,

Class

A

6,246

1,472,369

10,199,397

Real

Estate

Management

&

Development

0

.0

%

†

Howard

Hughes

Holdings,

Inc.*

670

48,655

Residential

REITs

0

.4

%

Camden

Property

Trust

10,140

997,776

Semiconductors

&

Semiconductor

Equipment

7

.7

%

Intel

Corp.

23,668

1,045,416

NVIDIA

Corp.

18,315

16,548,701

Teradyne,

Inc.

13,554

1,529,298

19,123,415

Software

12

.0

%

Adobe,

Inc.*

9,857

4,973,842

Atlassian

Corp.,

Class

A*

4,482

874,483

Autodesk,

Inc.*

972

253,128

Confluent,

Inc.,

Class

A*

15,252

465,491

Crowdstrike

Holdings,

Inc.,

Class

A*

3,175

1,017,873

DocuSign,

Inc.,

Class

A*

6,290

374,569

DoubleVerify

Holdings,

Inc.*

7,607

267,462

Dropbox,

Inc.,

Class

A*

44,337

1,077,389

Fortinet,

Inc.*

49,780

3,400,472

Gitlab,

Inc.,

Class

A*

2,137

124,630

Guidewire

Software,

Inc.*

8,357

975,345

HashiCorp,

Inc.,

Class

A*

9,495

255,890

Microsoft

Corp.

30,193

12,702,799

Nutanix,

Inc.,

Class

A*

8,429

520,238

Procore

Technologies,

Inc.*

7,035

578,066

RingCentral,

Inc.,

Class

A*

10,784

374,636

SentinelOne,

Inc.,

Class

A*

12,006

279,860

ServiceNow,

Inc.*

1,009

769,262

Smartsheet,

Inc.,

Class

A*

7,593

292,331

Tenable

Holdings,

Inc.*

5,188

256,443

Teradata

Corp.*

1,995

77,147

29,911,356

Specialty

Retail

0

.4

%

Advance

Auto

Parts,

Inc.

10,073

857,112

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A*

49,800

113,544

970,656

Technology

Hardware,

Storage

&

Peripherals

7

.7

%

Apple,

Inc.

101,425

17,392,359

HP,

Inc.

54,172

1,637,078

19,029,437

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0

.6

%

Lululemon

Athletica,

Inc.*

3,731

1,457,515

Total

Investments

(cost

$188,253,916)

—

99.5%

247,317,721

Other

assets

in

excess

of

liabilities

—

0.5%

1,227,484

NET

ASSETS

—

100.0%

$

248,545,205

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

22

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

247,317,721

$

–

$

–

$

247,317,721

Total

$

247,317,721

$

–

$

–

$

247,317,721

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.

24

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

97.5%

Shares

Value

($)

Air

Freight

&

Logistics

0.4%

Expeditors

International

of

Washington,

Inc.(a)

11,933

1,450,695

Automobile

Components

0.3%

Visteon

Corp.*

8,938

1,051,198

Banks

0.3%

NU

Holdings

Ltd.,

Class

A*

97,700

1,165,561

Beverages

0.1%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

812

247,189

Biotechnology

3.6%

Alnylam

Pharmaceuticals,

Inc.*

5,024

750,837

Apellis

Pharmaceuticals,

Inc.*

13,161

773,603

Exelixis

,

Inc.*(a)

66,504

1,578,140

Incyte

Corp.*

47,815

2,724,020

Ionis

Pharmaceuticals,

Inc.*

37,508

1,625,972

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

27,400

238,654

Neurocrine

Biosciences,

Inc.*(a)

16,540

2,281,197

PTC

Therapeutics,

Inc.*

30,630

891,027

Sarepta

Therapeutics,

Inc.*

18,606

2,408,733

TG

Therapeutics,

Inc.*

17,538

266,753

Ultragenyx

Pharmaceutical,

Inc.*

13,844

646,376

14,185,312

Broadline

Retail

5.5%

Amazon.com,

Inc.*

86,964

15,686,566

Coupang,

Inc.*

83,425

1,484,131

eBay,

Inc.

72,895

3,847,398

Etsy,

Inc.*

9,816

674,556

21,692,651

Capital

Markets

2.3%

LPL

Financial

Holdings,

Inc.

11,760

3,106,992

MSCI,

Inc.,

Class

A

7,197

4,033,558

TPG,

Inc.,

Class

A

27,187

1,215,259

XP,

Inc.,

Class

A

26,721

685,661

9,041,470

Chemicals

0.1%

Stepan

Co.(a)

3,109

279,934

Construction

&

Engineering

0.1%

Fluor

Corp.*

13,296

562,155

Consumer

Finance

0.1%

SLM

Corp.

13,367

291,267

Containers

&

Packaging

0.1%

Ardagh

Metal

Packaging

SA

74,750

256,393

Diversified

Consumer

Services

0.3%

Coursera,

Inc.*

82,915

1,162,468

Diversified

Telecommunication

Services

0.2%

Iridium

Communications,

Inc.

37,911

991,752

Electrical

Equipment

0.2%

Vertiv

Holdings

Co.,

Class

A

10,037

819,722

Energy

Equipment

&

Services

0.2%

Halliburton

Co.

25,076

988,496

Common

Stocks

Shares

Value

($)

Entertainment

2.5%

Live

Nation

Entertainment,

Inc.*

22,413

2,370,623

Playtika

Holding

Corp.

85,259

601,076

ROBLOX

Corp.,

Class

A*

44,045

1,681,638

Roku,

Inc.,

Class

A*

4,236

276,060

Spotify

Technology

SA*

18,846

4,973,460

9,902,857

Financial

Services

4.3%

Euronet

Worldwide,

Inc.*

11,562

1,271,011

Mastercard,

Inc.,

Class

A

24,696

11,892,853

PayPal

Holdings,

Inc.*

1,044

69,938

PennyMac

Financial

Services,

Inc.

21,378

1,947,322

Rocket

Cos.,

Inc.,

Class

A*

56,221

818,015

WEX,

Inc.*

3,502

831,830

16,830,969

Ground

Transportation

4.0%

ArcBest

Corp.

4,149

591,233

JB

Hunt

Transport

Services,

Inc.

13,796

2,748,853

Landstar

System,

Inc.(a)

5,150

992,714

Lyft,

Inc.,

Class

A*

126,476

2,447,311

Old

Dominion

Freight

Line,

Inc.(a)

27,574

6,047,254

RXO,

Inc.*

17,450

381,631

Uber

Technologies,

Inc.*

31,471

2,422,952

15,631,948

Health

Care

Equipment

&

Supplies

2.2%

Align

Technology,

Inc.*

10,982

3,601,217

GE

HealthCare

Technologies,

Inc.

29,721

2,701,936

Inspire

Medical

Systems,

Inc.*(a)

1,844

396,073

Novocure

Ltd.*

32,090

501,567

Tandem

Diabetes

Care,

Inc.*

44,408

1,572,487

8,773,280

Health

Care

Providers

&

Services

5.7%

Cardinal

Health,

Inc.

28,219

3,157,706

Cencora

,

Inc.(a)

4,173

1,013,997

Elevance

Health,

Inc.

7,633

3,958,016

Humana,

Inc.

10,869

3,768,500

McKesson

Corp.

10,207

5,479,628

Molina

Healthcare,

Inc.*

11,803

4,849,026

22,226,873

Health

Care

Technology

0.1%

Doximity

,

Inc.,

Class

A*

21,132

568,662

Hotels,

Restaurants

&

Leisure

6.4%

Airbnb,

Inc.,

Class

A*

40,800

6,730,368

Booking

Holdings,

Inc.

2,158

7,828,965

Domino's

Pizza,

Inc.

8,153

4,051,063

Expedia

Group,

Inc.*

26,286

3,620,896

Travel

+

Leisure

Co.

47,269

2,314,290

Wynn

Resorts

Ltd.

3,939

402,684

24,948,266

Household

Durables

1.6%

NVR,

Inc.*

617

4,997,675

Sonos,

Inc.*

66,933

1,275,743

6,273,418

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

1.7%

Vistra

Corp.(a)

96,565

6,725,752

Insurance

3.7%

Arch

Capital

Group

Ltd.*

18,078

1,671,130

Everest

Group

Ltd.

4,125

1,639,688

Kinsale

Capital

Group,

Inc.

5,363

2,814,181

Lincoln

National

Corp.

33,184

1,059,565

Progressive

Corp.

(The)

27,157

5,616,611

RLI

Corp.

10,541

1,565,022

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

2,938

163,059

14,529,256

Interactive

Media

&

Services

4.1%

Alphabet,

Inc.,

Class

C*

41,162

6,267,326

Meta

Platforms,

Inc.,

Class

A

17,380

8,439,381

Yelp,

Inc.,

Class

A*

14,505

571,497

ZoomInfo

Technologies,

Inc.,

Class

A*(a)

47,272

757,770

16,035,974

IT

Services

2.7%

DigitalOcean

Holdings,

Inc.*

7,521

287,152

EPAM

Systems,

Inc.*

9,485

2,619,378

GoDaddy,

Inc.,

Class

A*

30,883

3,665,194

Twilio,

Inc.,

Class

A*

8,823

539,527

VeriSign,

Inc.*

17,932

3,398,293

10,509,544

Life

Sciences

Tools

&

Services

0.4%

Illumina,

Inc.*

12,500

1,716,500

Machinery

2.2%

Allison

Transmission

Holdings,

Inc.

9,157

743,182

Otis

Worldwide

Corp.(a)

49,705

4,934,216

Terex

Corp.

47,650

3,068,660

8,746,058

Oil,

Gas

&

Consumable

Fuels

1.6%

Cheniere

Energy,

Inc.

22,414

3,614,930

Kosmos

Energy

Ltd.*

63,566

378,853

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

36,791

954,727

Ovintiv

,

Inc.

14,447

749,799

Par

Pacific

Holdings,

Inc.*

16,164

599,038

6,297,347

Personal

Care

Products

0.1%

Inter

Parfums,

Inc.

3,718

522,416

Pharmaceuticals

0.5%

Eli

Lilly

&

Co.

2,520

1,960,459

Professional

Services

5.0%

Automatic

Data

Processing,

Inc.

28,835

7,201,253

Genpact

Ltd.

40,562

1,336,518

Insperity,

Inc.

22,102

2,422,600

KBR,

Inc.

60,873

3,875,175

TriNet

Group,

Inc.

4,460

590,906

Verisk

Analytics,

Inc.,

Class

A

18,489

4,358,412

19,784,864

Semiconductors

&

Semiconductor

Equipment

4.7%

Broadcom,

Inc.

382

506,307

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

NVIDIA

Corp.

6,046

5,462,924

QUALCOMM,

Inc.

51,223

8,672,054

Silicon

Laboratories,

Inc.*(a)

5,107

733,978

Teradyne,

Inc.(a)

26,056

2,939,898

18,315,161

Software

20.8%

Adobe,

Inc.*

5,064

2,555,294

Atlassian

Corp.,

Class

A*

19,510

3,806,596

Autodesk,

Inc.*

10,783

2,808,109

Box,

Inc.,

Class

A*(a)

80,592

2,282,365

CommVault

Systems,

Inc.*

5,666

574,702

Confluent,

Inc.,

Class

A*

14,900

454,748

Crowdstrike

Holdings,

Inc.,

Class

A*

15,681

5,027,172

DocuSign,

Inc.,

Class

A*

31,120

1,853,196

DoubleVerify

Holdings,

Inc.*

25,074

881,602

Dropbox,

Inc.,

Class

A*(a)

121,545

2,953,544

Dynatrace,

Inc.*

9,811

455,623

Fortinet,

Inc.*

89,020

6,080,956

Gitlab,

Inc.,

Class

A*

18,109

1,056,117

Manhattan

Associates,

Inc.*(a)

4,089

1,023,190

Microsoft

Corp.

92,821

39,051,651

Nutanix,

Inc.,

Class

A*

52,627

3,248,138

Procore

Technologies,

Inc.*

14,916

1,225,648

RingCentral,

Inc.,

Class

A*

30,223

1,049,947

Smartsheet,

Inc.,

Class

A*

35,181

1,354,469

Tenable

Holdings,

Inc.*

23,542

1,163,681

Teradata

Corp.*

4,540

175,562

Workday,

Inc.,

Class

A*

9,153

2,496,481

81,578,791

Specialty

Retail

1.0%

Dick's

Sporting

Goods,

Inc.

13,023

2,928,352

Upbound

Group,

Inc.

5,220

183,796

Williams-Sonoma,

Inc.

3,061

971,959

4,084,107

Technology

Hardware,

Storage

&

Peripherals

6.9%

Apple,

Inc.

142,264

24,395,431

HP,

Inc.(a)

90,126

2,723,607

27,119,038

Textiles,

Apparel

&

Luxury

Goods

0.7%

Lululemon

Athletica,

Inc.*

6,722

2,625,949

Trading

Companies

&

Distributors

0.8%

Ferguson

plc

14,817

3,236,477

Total

Common

Stocks

(cost

$280,829,593)

383,130,229

26

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Repurchase

Agreements

2.3%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,881,560,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$2,937,451.

(b)

2,879,854

2,879,854

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,003,554,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$6,120,002.(b)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$8,879,854)

8,879,854

Total

Investments

(cost

$289,709,447)

—

99.8%

392,010,083

Other

assets

in

excess

of

liabilities

—

0.2%

715,741

NET

ASSETS

—

100.0%

$

392,725,824

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$22,230,984,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,879,854

and

by

$15,173,476

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$24,053,330.

(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,

2024

was

$8,879,854.

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2024

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Allegion

plc

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

18,970

25,989

25,989

Alphabet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

70,016

39,209

39,209

Amazon.com,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

3,510

7,301

7,301

APA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,903

10,354

10,354

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

3/31/2025

101,136

179,010

179,010

ArcBest

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

6,380

41,024

41,024

Atlassian

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

5,007

15,572

15,572

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

3/31/2025

43,219

864

864

Cleanspark

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

10,357

20,507

20,507

Costco

Wholesale

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

2,491

4,110

4,110

Coupang,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

58,944

11,200

11,200

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

4/30/2025

5,238

5,448

5,448

DocuSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

9,986

15,478

15,478

DoubleVerify

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

4/30/2025

6,523

13,242

13,242

eBay,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

19,688

38,785

38,785

Estee

Lauder

Cos.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

16,471

255,301

255,301

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

730

7,986

7,986

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

4/30/2025

51,160

6,139

6,139

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

4/30/2025

11,353

18,505

18,505

28

-

Statement

of

Investments

-

March

31,

2024

(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

($)

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

3/31/2025

5,938

7,542

7,542

Flywire

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

29,541

1,772

1,772

Fortinet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

3,220

2,769

2,769

Genpact

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

6,384

5,059

5,059

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

3/31/2025

11,995

5,038

5,038

Inspire

Medical

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

2,543

16,580

16,580

Iridium

Communications,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

15,648

10,954

10,954

Ironwood

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

134,352

52,397

52,397

JB

Hunt

Transport

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

10,016

55,489

55,489

KBR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

1,464

3,484

3,484

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

2/28/2025

8,409

70,468

70,468

Lincoln

National

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

4,676

6,921

6,921

Live

Nation

Entertainment,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

5,123

7,121

7,121

LPL

Financial

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

1,407

6,021

6,021

Lululemon

Athletica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

4,549

20,516

20,516

Manhattan

Associates,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

4,491

2,919

2,919

Maplebear

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

17,990

13,492

13,492

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

735

735

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

549

94,664

94,664

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2024

(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

($)

Modine

Manufacturing

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

4,503

2,927

2,927

O'Reilly

Automotive,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

924

5,452

5,452

Par

Pacific

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

8,624

6,813

6,813

Paycom

Software,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

13,137

115,409

115,409

Peloton

Interactive,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

61,589

7,699

7,699

Progressive

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

12/31/2024

5,500

11,935

11,935

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

2/28/2025

42,150

47,629

47,629

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

11/29/2024

10,294

10,294

10,294

RLI

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

2,829

8,713

8,713

ROBLOX

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

25,245

22,468

22,468

RXO,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

13,216

14,273

14,273

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

1,287

695

695

SentinelOne

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

26,542

28,931

28,931

Silicon

Laboratories,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,109

77,488

77,488

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

3/31/2025

54,117

12,447

12,447

Spotify

Technology

SA

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

3,480

3,793

3,793

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

4/30/2025

419

6,298

6,298

Sylvamo

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,504

8,405

8,405

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

4/30/2025

3,358

43,050

43,050

30

-

Statement

of

Investments

-

March

31,

2024

(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

($)

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

4/30/2025

25,636

44,094

44,094

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

8,633

13,813

13,813

TPG,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

32,693

12,423

12,423

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

4/30/2025

4,681

2,575

2,575

Travel

+

Leisure

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,074

12,330

12,330

TriNet

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

9,989

10,788

10,788

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

12/31/2024

12,145

14,938

14,938

Upbound

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

16,652

5,495

5,495

Verisk

Analytics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

1,468

6,636

6,636

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

2/28/2025

5,781

26,823

26,823

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

3/31/2025

3,194

6,308

6,308

Wynn

Resorts

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,630

12,597

12,597

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

2/28/2025

3,219

3,702

3,702

–

–

Total

unrealized

appreciation

1,707,206

1,707,206

–

–

AAON,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

22,752

(36,631)

(36,631)

Abbott

Laboratories

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

15,444

(33,359)

(33,359)

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

4/30/2025

3,728

(11,184)

(11,184)

Advanced

Energy

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

12,123

(42,188)

(42,188)

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

12,150

(31,833)

(31,833)

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

4/30/2025

5,020

(12,650)

(12,650)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2024

(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

($)

Alnylam

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

3/31/2025

966

(2,434)

(2,434)

Amicus

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

1/31/2025

43,529

(15,235)

(15,235)

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

4/30/2025

15,758

(35,140)

(35,140)

Array

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

4/30/2025

28,070

(22,176)

(22,176)

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

4/30/2025

12,576

(52,065)

(52,065)

Atlanta

Braves

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

41,204

(40,380)

(40,380)

Axsome

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

1,668

(5,137)

(5,137)

Badger

Meter,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

8,773

(40,179)

(40,179)

Bio-Techne

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

27,905

(55,531)

(55,531)

BJ's

Wholesale

Club

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

3/31/2025

17,972

(16,714)

(16,714)

Boston

Beer

Co.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

3,232

(12,928)

(12,928)

Brink's

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

6,417

(14,759)

(14,759)

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

21,367

(58,973)

(58,973)

Certara,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

33,126

(23,851)

(23,851)

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

11/29/2024

13,509

(40,257)

(40,257)

Cogent

Communications

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

20,404

(69,476)

(69,476)

Confluent,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

16,399

(7,872)

(7,872)

Crinetics

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

4/30/2025

21,218

(72,990)

(72,990)

Crocs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

7,743

(29,036)

(29,036)

32

-

Statement

of

Investments

-

March

31,

2024

(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

($)

Crowdstrike

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

4/30/2025

4,936

(46,497)

(46,497)

Denali

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

4/30/2025

25,767

(16,491)

(16,491)

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

3/31/2025

18,586

(12,825)

(12,825)

Dorman

Products,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

11,199

(37,517)

(37,517)

Duolingo,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

1,639

(4,687)

(4,687)

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

16,385

(18,843)

(18,843)

Entegris

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

12,837

(3,081)

(3,081)

Envestnet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

33,759

(58,403)

(58,403)

ePlus

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

16,146

(33,422)

(33,422)

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

7,113

(27,172)

(27,172)

First

Financial

Bankshares

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

61,359

(123,331)

(123,331)

FirstCash

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

10,060

(36,028)

(36,028)

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

11/29/2024

13,164

(15,138)

(15,138)

Five

Below,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

9,952

(33,140)

(33,140)

Freshpet

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

22,360

(31,304)

(31,304)

GATX

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

11,654

(37,642)

(37,642)

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

90,327

(56,050)

(56,050)

Gentherm

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

15,408

(43,738)

(43,738)

Ginkgo

Bioworks

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

6.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

267,573

(24,082)

(24,082)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2024

(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

($)

Globus

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

4/30/2025

38,569

(77,909)

(77,909)

GoDaddy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,753

(17,522)

(17,522)

Halozyme

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

34,877

(20,926)

(20,926)

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

2/28/2025

45,697

(76,314)

(76,314)

–

–

HashiCorp

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

25,154

(1,761)

(1,761)

ICON

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

6,119

(36,959)

(36,959)

Informatica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

25,497

(24,477)

(24,477)

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

3/31/2025

4,204

(3,195)

(3,195)

IonQ

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

7.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

10,634

(9,358)

(9,358)

Iron

Mountain,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

27,254

(79,309)

(79,309)

Itron

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

13,603

(42,849)

(42,849)

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

4/30/2025

8,445

(18,199)

(18,199)

Kadant

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

2,839

(17,715)

(17,715)

Krystal

Biotech,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

2,842

(10,686)

(10,686)

Kulicke

&

Soffa

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

1,060

(2,035)

(2,035)

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

4/30/2025

7,966

(29,554)

(29,554)

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

2/28/2025

18,480

(5,174)

(5,174)

MACOM

Technology

Solutions

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

4/30/2025

9,450

(6,615)

(6,615)

MarketAxess

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

5,843

(1,628)

(1,628)

34

-

Statement

of

Investments

-

March

31,

2024

(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

($)

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

3/31/2025

14,635

(90,737)

(90,737)

Microchip

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

3/31/2025

21,843

(85,625)

(85,625)

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

3/31/2025

698

(5,312)

(5,312)

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

5,502

(45,942)

(45,942)

Natera

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

22,884

(33,411)

(33,411)

NeoGenomics

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

31,021

(17,372)

(17,372)

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

3/31/2025

11,812

(38,271)

(38,271)

Northern

Oil

&

Gas,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

12,438

(15,174)

(15,174)

NU

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

2/28/2025

83,676

(25,102)

(25,102)

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

4/30/2025

10,041

(20,082)

(20,082)

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

3/31/2025

35,792

(787,782)

(787,782)

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

4/30/2025

11,869

(41,185)

(41,185)

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,793

(4,075)

(4,075)

Ormat

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

11,298

(12,202)

(12,202)

OSI

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

13,828

(41,207)

(41,207)

Otter

Tail

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

19,144

(89,929)

(89,929)

Patterson-UTI

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

4/30/2025

35,704

(8,926)

(8,926)

Pinterest,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

56,901

(47,797)

(47,797)

Plexus

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

20,610

(79,967)

(79,967)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

2/28/2025

3,391

(8,078)

(8,078)

Privia

Health

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

17,023

(10,554)

(10,554)

Procore

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

19,579

(3,720)

(3,720)

RadNet

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

24,318

(8,511)

(8,511)

RB

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

2/28/2025

26,427

(17,706)

(17,706)

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

1/31/2025

10,504

(841)

(841)

Rocket

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

2/28/2025

18,022

(6,849)

(6,849)

Rogers

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

9,922

(6,548)

(6,548)

Sanmina

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

23,612

(38,488)

(38,488)

Schrodinger,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

17,381

(23,464)

(23,464)

Select

Medical

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

3,953

(6,028)

(6,028)

Sensient

Technologies

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

1,216

(2,530)

(2,530)

ServisFirst

Bancshares,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

34,006

(99,298)

(99,298)

Shoals

Technologies

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

75,221

(3,009)

(3,009)

Sitio

Royalties

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

26,203

(27,513)

(27,513)

Skechers

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

4/30/2025

5,895

(7,369)

(7,369)

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

2/28/2025

39,766

(19,088)

(19,088)

SpringWorks

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

11,204

(224)

(224)

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

4/30/2025

4,661

(19,576)

(19,576)

36

-

Statement

of

Investments

-

March

31,

2024

(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

($)

SPX

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

16,811

(41,859)

(41,859)

Standex

International

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

2,666

(8,158)

(8,158)

Surgery

Partners,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

14,067

(9,003)

(9,003)

Teradata

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

8,560

(343)

(343)

Ubiquiti,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

4,842

(22,661)

(22,661)

Union

Pacific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

8,087

(52,001)

(52,001)

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

2/28/2025

21,100

(18,779)

(18,779)

Viking

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

5,068

(5,930)

(5,930)

Waters

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

797

(4,885)

(4,885)

WD-40

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

2,047

(7,942)

(7,942)

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

4/30/2025

15,284

(7,183)

(7,183)

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

(74,188)

(74,188)

–

–

Total

unrealized

depreciation

(3,976,978)

(3,976,978)

–

–

Net

unrealized

depreciation

(2,269,772)

(2,269,772)

Financing

Costs

of

Swap

Contracts

(91,879)

(91,879)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(2,361,651)

(2,361,651)

OBFR

Overnight

Bank

Funding

Rate

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

38

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

383,130,229

$

–

$

–

$

383,130,229

Repurchase

Agreements

–

8,879,854

–

8,879,854

Total

Return

Swaps†

–

1,707,206

–

1,707,206

Total

Assets

$

383,130,229

$

10,587,060

$

–

$

393,717,289

Liabilities:

Total

Return

Swaps†

$

–

$

(4,068,857)

$

–

$

(4,068,857)

Total

Liabilities

$

–

$

(4,068,857)

$

–

$

(4,068,857)

Total

$

383,130,229

$

6,518,203

$

–

$

389,648,432

†

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,

2024

(Unaudited)

-

Statement

of

Investments

-

39

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

1,707,206

Total

$

1,707,206

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(4,068,857)

Total

$

(4,068,857)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

40

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

Common

Stocks

97.6%

Shares

Value

($)

Aerospace

&

Defense

1.9%

Textron,

Inc.

70,300

6,743,879

Automobile

Components

2.7%

Aptiv

plc*

48,114

3,832,280

BorgWarner,

Inc.(a)

166,500

5,784,210

9,616,490

Banks

2.1%

Huntington

Bancshares,

Inc.

201,100

2,805,345

Prosperity

Bancshares,

Inc.

67,090

4,413,180

7,218,525

Broadline

Retail

1.2%

eBay,

Inc.

82,800

4,370,184

Building

Products

0.9%

Carrier

Global

Corp.(a)

51,700

3,005,321

Capital

Markets

2.8%

Bank

of

New

York

Mellon

Corp.

(The)

89,300

5,145,466

T.

Rowe

Price

Group,

Inc.

37,400

4,559,808

9,705,274

Chemicals

4.1%

Axalta

Coating

Systems

Ltd.*

122,000

4,195,580

RPM

International,

Inc.(a)

38,700

4,603,365

Westlake

Corp.(a)

36,600

5,592,480

14,391,425

Commercial

Services

&

Supplies

0.8%

Republic

Services,

Inc.,

Class

A

15,300

2,929,032

Communications

Equipment

1.0%

Motorola

Solutions,

Inc.

9,800

3,478,804

Consumer

Staples

Distribution

&

Retail

5.1%

BJ's

Wholesale

Club

Holdings,

Inc.*

75,200

5,688,880

Target

Corp.

36,500

6,468,165

US

Foods

Holding

Corp.*

107,930

5,824,982

17,982,027

Containers

&

Packaging

5.1%

AptarGroup,

Inc.

21,150

3,043,273

Avery

Dennison

Corp.

15,400

3,438,050

Crown

Holdings,

Inc.

67,300

5,334,198

Packaging

Corp.

of

America

32,636

6,193,660

18,009,181

Electric

Utilities

3.2%

Alliant

Energy

Corp.

123,100

6,204,240

Xcel

Energy,

Inc.

92,241

4,957,954

11,162,194

Electrical

Equipment

1.5%

Hubbell,

Inc.,

Class

B

5,400

2,241,270

Regal

Rexnord

Corp.

16,000

2,881,600

5,122,870

Electronic

Equipment,

Instruments

&

Components

3.3%

Amphenol

Corp.,

Class

A

25,500

2,941,425

Flex

Ltd.*

172,200

4,926,642

Zebra

Technologies

Corp.,

Class

A*

11,965

3,606,730

11,474,797

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

1.6%

Baker

Hughes

Co.,

Class

A

170,900

5,725,150

Financial

Services

1.5%

Global

Payments,

Inc.

39,800

5,319,668

Ground

Transportation

4.0%

JB

Hunt

Transport

Services,

Inc.

29,100

5,798,175

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

81,000

4,456,620

Landstar

System,

Inc.

19,304

3,721,039

13,975,834

Health

Care

Equipment

&

Supplies

4.3%

Cooper

Cos.,

Inc.

(The)

43,744

4,438,266

Hologic,

Inc.*

70,000

5,457,200

Zimmer

Biomet

Holdings,

Inc.

38,700

5,107,626

15,003,092

Health

Care

Providers

&

Services

1.8%

Quest

Diagnostics,

Inc.

47,500

6,322,725

Hotels,

Restaurants

&

Leisure

3.9%

Darden

Restaurants,

Inc.

36,400

6,084,260

Hilton

Worldwide

Holdings,

Inc.

12,100

2,581,051

Yum!

Brands,

Inc.

36,300

5,032,995

13,698,306

Insurance

9.5%

American

Financial

Group,

Inc.(a)

47,832

6,528,112

Fidelity

National

Financial,

Inc.

83,000

4,407,300

Hartford

Financial

Services

Group,

Inc.

(The)

63,487

6,542,335

Old

Republic

International

Corp.

149,000

4,577,280

W

R

Berkley

Corp.

54,200

4,793,448

Willis

Towers

Watson

plc

23,700

6,517,500

33,365,975

Life

Sciences

Tools

&

Services

2.3%

Agilent

Technologies,

Inc.

27,100

3,943,321

ICON

plc*

12,600

4,232,970

8,176,291

Machinery

5.8%

AGCO

Corp.(a)

42,178

5,188,738

Lincoln

Electric

Holdings,

Inc.

8,700

2,222,328

Middleby

Corp.

(The)*(a)

34,866

5,606,104

Toro

Co.

(The)(a)

46,800

4,288,284

Xylem,

Inc.

22,700

2,933,748

20,239,202

Metals

&

Mining

1.4%

Franco-Nevada

Corp.

40,200

4,790,232

Office

REITs

1.7%

Alexandria

Real

Estate

Equities,

Inc.

45,200

5,826,732

Oil,

Gas

&

Consumable

Fuels

3.3%

Coterra

Energy,

Inc.

219,300

6,114,084

Devon

Energy

Corp.

107,300

5,384,314

11,498,398

Passenger

Airlines

0.9%

Alaska

Air

Group,

Inc.*(a)

72,500

3,116,775

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Professional

Services

7.1%

FTI

Consulting,

Inc.*

27,000

5,677,830

Genpact

Ltd.

116,900

3,851,855

Leidos

Holdings,

Inc.

43,900

5,754,851

ManpowerGroup,

Inc.

45,525

3,534,561

Maximus,

Inc.

38,500

3,230,150

TransUnion

34,900

2,785,020

24,834,267

Residential

REITs

2.3%

Camden

Property

Trust

49,400

4,860,960

Equity

LifeStyle

Properties,

Inc.

47,200

3,039,680

7,900,640

Retail

REITs

2.0%

NNN

REIT,

Inc.

160,700

6,868,318

Semiconductors

&

Semiconductor

Equipment

3.3%

MKS

Instruments,

Inc.(a)

45,900

6,104,700

Skyworks

Solutions,

Inc.

50,000

5,416,000

11,520,700

Specialized

REITs

1.7%

Lamar

Advertising

Co.,

Class

A

51,000

6,089,910

Specialty

Retail

1.9%

Dick's

Sporting

Goods,

Inc.(a)

11,800

2,653,348

GCI

Liberty,

Inc.*^∞

32,251

0

Ross

Stores,

Inc.

28,263

4,147,878

6,801,226

Technology

Hardware,

Storage

&

Peripherals

0.6%

Western

Digital

Corp.*(a)

32,600

2,224,624

Textiles,

Apparel

&

Luxury

Goods

1.0%

Ralph

Lauren

Corp.,

Class

A

17,800

3,342,128

Total

Common

Stocks

(cost

$307,186,269)

341,850,196

Repurchase

Agreements

1.2%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,679,471,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$2,731,443.

(b)

2,677,885

2,677,885

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,500,885,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$1,531,064.

(b)

1,500,000

1,500,000

Total

Repurchase

Agreements

(cost

$4,177,885)

4,177,885

Total

Investments

(cost

$311,364,154)

—

98.8%

346,028,081

Other

assets

in

excess

of

liabilities

—

1.2%

4,082,644

NET

ASSETS

—

100.0%

$

350,110,725

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$21,354,493,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,177,885

and

by

$17,408,688

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.47%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$21,586,573.

(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,

2024

was

$4,177,885.

REIT

Real

Estate

Investment

Trust

42

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

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,

2024.

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

$

6,743,879

$

–

$

–

$

6,743,879

Automobile

Components

9,616,490

–

–

9,616,490

Banks

7,218,525

–

–

7,218,525

Broadline

Retail

4,370,184

–

–

4,370,184

Building

Products

3,005,321

–

–

3,005,321

Capital

Markets

9,705,274

–

–

9,705,274

Chemicals

14,391,425

–

–

14,391,425

Commercial

Services

&

Supplies

2,929,032

–

–

2,929,032

Communications

Equipment

3,478,804

–

–

3,478,804

Consumer

Staples

Distribution

&

Retail

17,982,027

–

–

17,982,027

Containers

&

Packaging

18,009,181

–

–

18,009,181

Electric

Utilities

11,162,194

–

–

11,162,194

Electrical

Equipment

5,122,870

–

–

5,122,870

Electronic

Equipment,

Instruments

&

Components

11,474,797

–

–

11,474,797

Energy

Equipment

&

Services

5,725,150

–

–

5,725,150

Financial

Services

5,319,668

–

–

5,319,668

Ground

Transportation

13,975,834

–

–

13,975,834

Health

Care

Equipment

&

Supplies

15,003,092

–

–

15,003,092

Health

Care

Providers

&

Services

6,322,725

–

–

6,322,725

Hotels,

Restaurants

&

Leisure

13,698,306

–

–

13,698,306

Insurance

33,365,975

–

–

33,365,975

Life

Sciences

Tools

&

Services

8,176,291

–

–

8,176,291

Machinery

20,239,202

–

–

20,239,202

Metals

&

Mining

4,790,232

–

–

4,790,232

Office

REITs

5,826,732

–

–

5,826,732

Oil,

Gas

&

Consumable

Fuels

11,498,398

–

–

11,498,398

Passenger

Airlines

3,116,775

–

–

3,116,775

Professional

Services

24,834,267

–

–

24,834,267

Residential

REITs

7,900,640

–

–

7,900,640

Retail

REITs

6,868,318

–

–

6,868,318

Semiconductors

&

Semiconductor

Equipment

11,520,700

–

–

11,520,700

Specialized

REITs

6,089,910

–

–

6,089,910

Specialty

Retail

6,801,226

–

–

6,801,226

Technology

Hardware,

Storage

&

Peripherals

2,224,624

–

–

2,224,624

Textiles,

Apparel

&

Luxury

Goods

3,342,128

–

–

3,342,128

Total

Common

Stocks

$

341,850,196

$

–

$

–

$

341,850,196

Repurchase

Agreements

–

4,177,885

–

4,177,885

Total

$

341,850,196

$

4,177,885

$

–

$

346,028,081

As

of

March

31,

2024,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

44

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

As

of

March

31,

2024,

the

Fund

had

no

open

forward

foreign

currency

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

Invesco

Small

Cap

Growth

Fund

(formerly,

NVIT

Multi-Manager

Small

Cap

Growth

Fund)

-

March

31,

2024

(Unaudited)

-

State-

ment

of

Investments

-

45

Common

Stocks

96.5%

Shares

Value

($)

Aerospace

&

Defense

3.6%

AAR

Corp.*

16,472

986,179

Curtiss-Wright

Corp.

8,225

2,105,106

Hexcel

Corp.

4,209

306,626

Parsons

Corp.*

24,937

2,068,524

5,466,435

Automobile

Components

1.4%

Modine

Manufacturing

Co.*(a)

21,942

2,088,659

Biotechnology

3.1%

Blueprint

Medicines

Corp.*(a)

8,077

766,184

Cytokinetics,

Inc.*(a)

12,028

843,283

Halozyme

Therapeutics,

Inc.*

15,733

640,019

SpringWorks

Therapeutics,

Inc.*(a)

9,174

451,544

Twist

Bioscience

Corp.*(a)

14,434

495,231

Ultragenyx

Pharmaceutical,

Inc.*

7,757

362,174

Vaxcyte,

Inc.*(a)

8,381

572,506

Vericel

Corp.*

3,208

166,880

Viking

Therapeutics,

Inc.*(a)

4,487

367,934

4,665,755

Broadline

Retail

0.7%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

13,845

1,101,647

Building

Products

2.7%

AAON,

Inc.(a)

18,918

1,666,676

AZEK

Co.,

Inc.

(The),

Class

A*

30,958

1,554,711

Trex

Co.,

Inc.*

8,311

829,022

4,050,409

Capital

Markets

3.8%

Cohen

&

Steers,

Inc.(a)

4,516

347,235

Evercore,

Inc.,

Class

A

13,117

2,526,203

Hamilton

Lane,

Inc.,

Class

A

25,504

2,875,831

5,749,269

Chemicals

0.7%

Element

Solutions,

Inc.

45,450

1,135,341

Commercial

Services

&

Supplies

3.4%

Casella

Waste

Systems,

Inc.,

Class

A*(a)

19,555

1,933,403

Clean

Harbors,

Inc.*

16,136

3,248,338

5,181,741

Construction

&

Engineering

3.9%

Comfort

Systems

USA,

Inc.(a)

11,394

3,619,988

EMCOR

Group,

Inc.

6,481

2,269,646

5,889,634

Construction

Materials

1.1%

Eagle

Materials,

Inc.

6,036

1,640,283

Diversified

Consumer

Services

1.9%

Duolingo,

Inc.,

Class

A*

13,176

2,906,362

Electrical

Equipment

0.6%

NEXTracker,

Inc.,

Class

A*(a)

17,073

960,698

Electronic

Equipment,

Instruments

&

Components

2.6%

Celestica,

Inc.*

30,714

1,380,287

Novanta,

Inc.*

10,610

1,854,310

Vontier

Corp.

16,763

760,370

3,994,967

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

2.3%

TechnipFMC

plc(a)

68,060

1,708,986

Weatherford

International

plc*

15,047

1,736,725

3,445,711

Financial

Services

1.4%

Essent

Group

Ltd.

17,586

1,046,543

Mr.

Cooper

Group,

Inc.*

14,240

1,110,008

2,156,551

Food

Products

0.5%

Freshpet,

Inc.*(a)

6,471

749,730

Ground

Transportation

2.0%

Saia,

Inc.*

5,290

3,094,650

Health

Care

Equipment

&

Supplies

4.8%

Glaukos

Corp.*(a)

13,337

1,257,546

Integer

Holdings

Corp.*(a)

9,766

1,139,497

iRhythm

Technologies,

Inc.*(a)

2,858

331,528

Lantheus

Holdings,

Inc.*

6,031

375,369

Merit

Medical

Systems,

Inc.*(a)

14,467

1,095,875

RxSight,

Inc.*

15,490

798,974

Shockwave

Medical,

Inc.*(a)

4,877

1,588,098

TransMedics

Group,

Inc.*(a)

10,293

761,064

7,347,951

Health

Care

Providers

&

Services

6.1%

Acadia

Healthcare

Co.,

Inc.*(a)

27,433

2,173,242

BrightSpring

Health

Services,

Inc.*(a)

33,045

359,199

Encompass

Health

Corp.

23,568

1,946,245

HealthEquity,

Inc.*

19,112

1,560,113

Progyny,

Inc.*(a)

8,478

323,436

RadNet,

Inc.*

25,307

1,231,439

Surgery

Partners,

Inc.*(a)

55,046

1,642,022

9,235,696

Health

Care

Technology

0.3%

Evolent

Health,

Inc.,

Class

A*(a)

12,798

419,646

Hotels,

Restaurants

&

Leisure

5.7%

Cava

Group,

Inc.*(a)

10,284

720,394

Red

Rock

Resorts,

Inc.,

Class

A(a)

35,858

2,145,026

Shake

Shack,

Inc.,

Class

A*

11,570

1,203,627

Texas

Roadhouse,

Inc.,

Class

A

12,529

1,935,355

Wingstop,

Inc.

7,261

2,660,430

8,664,832

Household

Durables

3.4%

Meritage

Homes

Corp.

6,756

1,185,408

Taylor

Morrison

Home

Corp.,

Class

A*

28,380

1,764,384

TopBuild

Corp.*

5,167

2,277,252

5,227,044

Industrial

REITs

0.5%

Terreno

Realty

Corp.(a)

10,573

702,047

Insurance

1.2%

Kinsale

Capital

Group,

Inc.

3,497

1,835,016

Life

Sciences

Tools

&

Services

3.6%

Medpace

Holdings,

Inc.*

9,527

3,850,337

46

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Invesco

Small

Cap

Growth

Fund

(formerly,

NVIT

Multi-Manager

Small

Cap

Growth

Fund)

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Repligen

Corp.*(a)

8,902

1,637,256

5,487,593

Machinery

3.2%

Crane

Co.(a)

11,645

1,573,589

Esab

Corp.

18,417

2,036,368

Federal

Signal

Corp.

15,697

1,332,204

4,942,161

Metals

&

Mining

2.1%

ATI,

Inc.*(a)

33,791

1,729,086

Carpenter

Technology

Corp.(a)

19,884

1,420,115

3,149,201

Oil,

Gas

&

Consumable

Fuels

1.9%

Matador

Resources

Co.(a)

23,126

1,544,123

Northern

Oil

&

Gas,

Inc.(a)

35,877

1,423,599

2,967,722

Personal

Care

Products

2.5%

BellRing

Brands,

Inc.*

20,137

1,188,687

elf

Beauty,

Inc.*(a)

13,431

2,632,879

3,821,566

Pharmaceuticals

0.4%

Intra-Cellular

Therapies,

Inc.*

9,690

670,548

Semiconductors

&

Semiconductor

Equipment

9.6%

Allegro

MicroSystems,

Inc.*

28,315

763,372

Astera

Labs,

Inc.*(a)

6,302

467,545

Credo

Technology

Group

Holding

Ltd.*

52,876

1,120,442

Impinj,

Inc.*(a)

11,938

1,532,959

Lattice

Semiconductor

Corp.*(a)

25,472

1,992,675

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

16,829

1,609,526

Nova

Ltd.*

6,193

1,098,514

Onto

Innovation,

Inc.*

12,291

2,225,654

Rambus,

Inc.*

17,886

1,105,534

Silicon

Laboratories,

Inc.*(a)

10,651

1,530,762

Synaptics,

Inc.*

11,900

1,160,964

14,607,947

Software

13.0%

Altair

Engineering,

Inc.,

Class

A*(a)

19,473

1,677,599

Appfolio,

Inc.,

Class

A*(a)

3,265

805,606

Braze,

Inc.,

Class

A*

31,643

1,401,785

Confluent,

Inc.,

Class

A*(a)

33,549

1,023,915

CyberArk

Software

Ltd.*(a)

10,475

2,782,474

Gitlab,

Inc.,

Class

A*

36,736

2,142,444

Guidewire

Software,

Inc.*(a)

15,185

1,772,241

Informatica,

Inc.,

Class

A*(a)

55,235

1,933,225

JFrog

Ltd.*

42,995

1,901,239

Sprout

Social,

Inc.,

Class

A*(a)

23,129

1,381,033

SPS

Commerce,

Inc.*

7,287

1,347,366

Varonis

Systems,

Inc.,

Class

B*

35,057

1,653,639

19,822,566

Trading

Companies

&

Distributors

2.5%

Applied

Industrial

Technologies,

Inc.

9,258

1,828,918

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

H&E

Equipment

Services,

Inc.

32,155

2,063,708

3,892,626

Total

Common

Stocks

(cost

$112,085,082)

147,072,004

Repurchase

Agreements

8.2%

Principal

Amount

($)

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,507,891,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$2,556,534.

(b)

2,506,406

2,506,406

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$5,100,002.(b)

5,000,000

5,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,187,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$2,040,303.(b)

2,000,000

2,000,000

NVIT

Invesco

Small

Cap

Growth

Fund

(formerly,

NVIT

Multi-Manager

Small

Cap

Growth

Fund)

-

March

31,

2024

(Unaudited)

-

State-

ment

of

Investments

-

47

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Societe

Generale,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,000,590,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.63%

-

4.88%,

maturing

11/30/2025

-

10/31/2028;

total

market

value

$1,020,000.(b)

1,000,000

1,

000,000

Total

Repurchase

Agreements

(cost

$12,506,406)

12,506,406

Total

Investments

(cost

$124,591,488)

—

104.7%

159,578,410

Liabilities

in

excess

of

other

assets

—

(4.7)%

(7,165,292)

NET

ASSETS

—

100.0%

$

152,413,118

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$35,240,840,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,506,406

and

by

$23,501,279

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$36,007,685.

(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,

2024

was

$12,506,406.

REIT

Real

Estate

Investment

Trust

48

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Invesco

Small

Cap

Growth

Fund

(formerly,

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

Invesco

Small

Cap

Growth

Fund

(formerly,

NVIT

Multi-Manager

Small

Cap

Growth

Fund)

-

March

31,

2024

(Unaudited)

-

State-

ment

of

Investments

-

49

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

147,072,004

$

–

$

–

$

147,072,004

Repurchase

Agreements

–

12,506,406

–

12,506,406

Total

$

147,072,004

$

12,506,406

$

–

$

159,578,410

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

50

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

98

.5

%

Shares

Value

($)

Aerospace

&

Defense

0

.0

%

†

Astronics

Corp.*

2,008

38,232

Air

Freight

&

Logistics

0

.0

%

†

Radiant

Logistics,

Inc.*(a)

2,728

14,786

Automobile

Components

2

.9

%

Adient

plc*(a)

18,528

609,942

American

Axle

&

Manufacturing

Holdings,

Inc.*

24,723

181,961

Cooper-Standard

Holdings,

Inc.*

2,250

37,260

Dana,

Inc.(a)

60,280

765,556

Dorman

Products,

Inc.*(a)

30,400

2,930,256

Goodyear

Tire

&

Rubber

Co.

(The)*

109,850

1,508,241

Phinia,

Inc.

4,298

165,172

Stoneridge,

Inc.*

7,680

141,619

6,340,007

Banks

8

.0

%

Amalgamated

Financial

Corp.

6,503

156,072

Amerant

Bancorp,

Inc.,

Class

A(a)

4,022

93,672

BankUnited,

Inc.

46,370

1,298,360

BCB

Bancorp,

Inc.

3,196

33,398

Berkshire

Hills

Bancorp,

Inc.(a)

18,504

424,112

Byline

Bancorp,

Inc.

3,301

71,698

Capital

Bancorp,

Inc.

3,073

64,011

Capital

City

Bank

Group,

Inc.

(a)

3,672

101,714

Central

Pacific

Financial

Corp.

11,316

223,491

Community

Trust

Bancorp,

Inc.

6,849

292,110

ConnectOne

Bancorp,

Inc.

9,402

183,339

Cullen/Frost

Bankers,

Inc.

2,675

301,125

Customers

Bancorp,

Inc.*(a)

19,894

1,055,576

East

West

Bancorp,

Inc.(a)

2,348

185,750

Eastern

Bankshares,

Inc.(a)

47,835

659,166

FB

Financial

Corp.

12,906

486,040

Financial

Institutions,

Inc.

6,112

115,028

First

Bancorp(a)

85,666

1,502,582

First

Business

Financial

Services,

Inc.

764

28,650

First

Financial

Corp.

7,221

276,781

First

Foundation,

Inc.

68,474

516,979

First

Horizon

Corp.

8,799

135,505

First

Internet

Bancorp

5,028

174,673

First

Savings

Financial

Group,

Inc.(a)

421

7,052

Five

Star

Bancorp(a)

1,000

22,500

FS

Bancorp,

Inc.

1,120

38,875

Great

Southern

Bancorp,

Inc.

(a)

959

52,572

Guaranty

Bancshares,

Inc.(a)

3,052

92,659

Hanmi

Financial

Corp.

17,595

280,112

HarborOne

Bancorp,

Inc.

23,385

249,284

HBT

Financial,

Inc.

3,264

62,146

Hilltop

Holdings,

Inc.

33,375

1,045,305

Home

Bancorp,

Inc.

843

32,295

HomeTrust

Bancshares,

Inc.

5,589

152,803

Independent

Bank

Corp.

8,307

210,582

Investar

Holding

Corp.

257

4,204

Kearny

Financial

Corp.

14,695

94,636

Common

Stocks

Shares

Value

($)

Banks

Live

Oak

Bancshares,

Inc.

2,660

110,417

Macatawa

Bank

Corp.

1,488

14,567

Mercantile

Bank

Corp.

2,680

103,153

Metropolitan

Bank

Holding

Corp.*(a)

8,820

339,570

Midland

States

Bancorp,

Inc.

7,844

197,120

MVB

Financial

Corp.(a)

407

9,080

Northfield

Bancorp,

Inc.

6,713

65,250

Northrim

Bancorp,

Inc.(a)

2,505

126,527

OFG

Bancorp

31,207

1,148,730

Origin

Bancorp,

Inc.

1,840

57,482

Peapack-Gladstone

Financial

Corp.(a)

5,163

125,616

Preferred

Bank(a)

4,493

344,928

Primis

Financial

Corp.

5,970

72,655

QCR

Holdings,

Inc.

6,533

396,814

RBB

Bancorp(a)

3,770

67,898

Red

River

Bancshares,

Inc.

100

4,979

Sierra

Bancorp

2,845

57,469

SmartFinancial,

Inc.

3,443

72,544

South

Plains

Financial,

Inc.

2,612

69,897

Southern

First

Bancshares,

Inc.*

2,801

88,960

Texas

Capital

Bancshares,

Inc.*(a)

24,976

1,537,273

Third

Coast

Bancshares,

Inc.*

1,560

31,231

Towne

Bank

14,717

412,959

UMB

Financial

Corp.

11,162

970,982

Veritex

Holdings,

Inc.

9,140

187,279

17,338,237

Biotechnology

3

.3

%

2seventy

bio,

Inc.*(a)

14,583

78,019

ACELYRIN,

Inc.*

18,609

125,611

Arcturus

Therapeutics

Holdings,

Inc.*(a)

3,060

103,336

ARS

Pharmaceuticals,

Inc.*(a)

11,153

113,984

CareDx,

Inc.*(a)

64,415

682,155

Century

Therapeutics,

Inc.*(a)

4,100

17,138

Deciphera

Pharmaceuticals,

Inc.*

3,600

56,628

Design

Therapeutics,

Inc.*(a)

17,000

68,510

Editas

Medicine,

Inc.*(a)

11,700

86,814

Enanta

Pharmaceuticals,

Inc.*

6,639

115,917

Exelixis,

Inc.*

9,975

236,707

Fate

Therapeutics,

Inc.*(a)

102,155

749,818

FibroGen,

Inc.*(a)

89,781

210,985

Ironwood

Pharmaceuticals,

Inc.,

Class

A*(a)

91,420

796,268

iTeos

Therapeutics,

Inc.*(a)

26,049

355,308

Kodiak

Sciences,

Inc.*

28,289

148,800

MacroGenics,

Inc.*

8,938

131,567

Nurix

Therapeutics,

Inc.*

33,110

486,717

Organogenesis

Holdings,

Inc.,

Class

A*(a)

8,600

24,424

PMV

Pharmaceuticals,

Inc.*

13,800

23,460

Poseida

Therapeutics,

Inc.,

Class

A*(a)

44,959

143,419

PTC

Therapeutics,

Inc.*(a)

18,991

552,448

REGENXBIO,

Inc.*(a)

7,832

165,020

Relay

Therapeutics,

Inc.*(a)

75,102

623,347

Sangamo

Therapeutics,

Inc.*

3,600

2,413

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Biotechnology

Sutro

Biopharma,

Inc.*(a)

51,817

292,766

Vanda

Pharmaceuticals,

Inc.*

79,115

325,163

Vir

Biotechnology,

Inc.*(a)

8,798

89,124

Zymeworks,

Inc.*

42,850

450,782

7,256,648

Broadline

Retail

0

.8

%

1stdibs.com,

Inc.*(a)

8,623

51,393

ContextLogic,

Inc.,

Class

A*

7,100

40,399

Ollie's

Bargain

Outlet

Holdings,

Inc.*

21,700

1,726,669

1,818,461

Building

Products

4

.6

%

American

Woodmark

Corp.*

19,900

2,023,034

AZEK

Co.,

Inc.

(The),

Class

A*(a)

52,600

2,641,572

CSW

Industrials,

Inc.(a)

8,500

1,994,100

Hayward

Holdings,

Inc.*(a)

206,100

3,155,391

Insteel

Industries,

Inc.(a)

5,160

197,215

Resideo

Technologies,

Inc.*

1,000

22,420

10,033,732

Capital

Markets

2

.0

%

Donnelley

Financial

Solutions,

Inc.*

8,018

497,196

Robinhood

Markets,

Inc.,

Class

A*(a)

5,554

111,802

StoneX

Group,

Inc.*(a)

8,962

629,670

Virtus

Investment

Partners,

Inc.

12,400

3,074,952

4,313,620

Chemicals

4

.1

%

American

Vanguard

Corp.

15,515

200,919

Ashland,

Inc.

28,200

2,745,834

Core

Molding

Technologies,

Inc.*(a)

6,300

119,259

Ecovyst,

Inc.*(a)

57,802

644,492

Element

Solutions,

Inc.

184,400

4,606,312

Huntsman

Corp.

9,380

244,162

Origin

Materials,

Inc.*(a)

84,409

43,049

Rayonier

Advanced

Materials,

Inc.*

58,404

279,171

Trinseo

plc

38,581

145,836

Valhi,

Inc.

120

2,062

9,031,096

Commercial

Services

&

Supplies

2

.1

%

Enviri

Corp.*(a)

42,459

388,500

Interface,

Inc.,

Class

A

25,759

433,266

SP

Plus

Corp.*

18,844

984,034

Steelcase,

Inc.,

Class

A(a)

57,458

751,551

UniFirst

Corp.

11,850

2,055,145

4,612,496

Communications

Equipment

0

.4

%

ADTRAN

Holdings,

Inc.(a)

66,065

359,394

DZS,

Inc.*(a)

8,508

11,230

NETGEAR,

Inc.*

28,912

455,942

Ribbon

Communications,

Inc.*(a)

42,520

136,064

962,630

Construction

&

Engineering

2

.9

%

API

Group

Corp.*(a)

118,600

4,657,422

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Argan,

Inc.

9,058

457,791

Fluor

Corp.*(a)

17,239

728,865

Limbach

Holdings,

Inc.*(a)

907

37,568

Matrix

Service

Co.*

7,700

100,331

Tutor

Perini

Corp.*

30,624

442,823

6,424,800

Construction

Materials

0

.1

%

Knife

River

Corp.*

3,280

265,942

Consumer

Finance

2

.6

%

Bread

Financial

Holdings,

Inc.

27,085

1,008,646

EZCORP,

Inc.,

Class

A*(a)

40,829

462,593

Green

Dot

Corp.,

Class

A*

51,437

479,907

LendingClub

Corp.*

90,162

792,524

LendingTree,

Inc.*

8,581

363,320

Navient

Corp.(a)

64,063

1,114,696

Oportun

Financial

Corp.*(a)

5,900

14,337

PROG

Holdings,

Inc.

27,596

950,406

Regional

Management

Corp.

1,920

46,483

SLM

Corp.

21,161

461,098

5,694,010

Consumer

Staples

Distribution

&

Retail

1

.8

%

Andersons,

Inc.

(The)(a)

18,303

1,050,043

Grocery

Outlet

Holding

Corp.*

85,500

2,460,690

SpartanNash

Co.

19,396

391,993

3,902,726

Containers

&

Packaging

0

.0

%

†

Pactiv

Evergreen,

Inc.

1,500

21,480

Diversified

Consumer

Services

0

.2

%

American

Public

Education,

Inc.*

7,450

105,790

Chegg,

Inc.*

44,932

340,135

Universal

Technical

Institute,

Inc.*

3,658

58,309

504,234

Diversified

REITs

0

.0

%

†

Armada

Hoffler

Properties,

Inc.

(a)

5,774

60,050

Diversified

Telecommunication

Services

0

.2

%

ATN

International,

Inc.

661

20,825

Bandwidth,

Inc.,

Class

A*(a)

26,702

487,578

508,403

Electric

Utilities

0

.6

%

NRG

Energy,

Inc.

18,335

1,241,096

Electrical

Equipment

0

.6

%

Powell

Industries,

Inc.

8,685

1,235,876

Electronic

Equipment,

Instruments

&

Components

2

.2

%

ePlus,

Inc.*

51,700

4,060,518

FARO

Technologies,

Inc.*(a)

18,868

405,851

Iteris,

Inc.*

6,128

30,272

ScanSource,

Inc.*

7,088

312,156

4,808,797

Energy

Equipment

&

Services

0

.8

%

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

12,776

288,993

Helix

Energy

Solutions

Group,

Inc.*(a)

24,452

265,060

Kodiak

Gas

Services,

Inc.(a)

25,620

700,451

52

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Newpark

Resources,

Inc.*

19,700

142,234

Oil

States

International,

Inc.*

59,197

364,653

1,761,391

Entertainment

0

.4

%

Eventbrite,

Inc.,

Class

A*

12,411

68,012

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

14,071

551,724

Playstudios,

Inc.*(a)

15,740

43,757

Playtika

Holding

Corp.(a)

10,682

75,308

Roku,

Inc.,

Class

A*(a)

956

62,303

801,104

Financial

Services

1

.8

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

3,780

111,964

Corebridge

Financial,

Inc.(a)

13,030

374,352

Enact

Holdings,

Inc.

13,241

412,854

Jackson

Financial,

Inc.,

Class

A

32,782

2,168,202

Merchants

Bancorp

6,550

282,829

Ocwen

Financial

Corp.*(a)

1,734

46,835

Paysafe

Ltd.*(a)

31,853

502,959

3,899,995

Food

Products

1

.2

%

Dole

plc(a)

13,837

165,075

Fresh

Del

Monte

Produce,

Inc.

5,649

146,366

Lancaster

Colony

Corp.(a)

11,000

2,283,930

2,595,371

Gas

Utilities

0

.1

%

Northwest

Natural

Holding

Co.(a)

7,984

297,165

Ground

Transportation

2

.3

%

ArcBest

Corp.

10,987

1,565,648

Covenant

Logistics

Group,

Inc.,

Class

A

7,734

358,548

Landstar

System,

Inc.

15,600

3,007,056

4,931,252

Health

Care

Equipment

&

Supplies

1

.9

%

AngioDynamics,

Inc.*

48,785

286,368

Butterfly

Network,

Inc.*(a)

18,038

19,481

Embecta

Corp.(a)

22,600

299,902

ICU

Medical,

Inc.*(a)

25,400

2,725,928

Inogen,

Inc.*

24,800

200,136

OraSure

Technologies,

Inc.*(a)

11,124

68,412

Orthofix

Medical,

Inc.*

14,215

206,402

Zimvie,

Inc.*(a)

18,696

308,297

4,114,926

Health

Care

Providers

&

Services

6

.3

%

Addus

HomeCare

Corp.*(a)

51,800

5,353,012

AMN

Healthcare

Services,

Inc.*

54,600

3,413,046

Castle

Biosciences,

Inc.*

20,000

443,000

DocGo,

Inc.*(a)

296,100

1,196,244

Ensign

Group,

Inc.

(The)(a)

26,700

3,322,014

13,727,316

Health

Care

REITs

0

.1

%

CareTrust

REIT,

Inc.

4,860

118,438

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0

.4

%

American

Well

Corp.,

Class

A*(a)

127,808

103,614

Health

Catalyst,

Inc.*

54,431

409,865

TruBridge,

Inc.*

8,594

79,237

Veradigm,

Inc.*(a)

47,646

366,874

959,590

Hotel

&

Resort

REITs

1

.9

%

Chatham

Lodging

Trust

14,712

148,738

Park

Hotels

&

Resorts,

Inc.

12,281

214,795

Pebblebrook

Hotel

Trust(a)

11,769

181,360

RLJ

Lodging

Trust(a)

120,660

1,426,201

Sunstone

Hotel

Investors,

Inc.

93,541

1,042,047

Xenia

Hotels

&

Resorts,

Inc.

78,400

1,176,784

4,189,925

Hotels,

Restaurants

&

Leisure

1

.1

%

Wyndham

Hotels

&

Resorts,

Inc.

30,200

2,317,850

Household

Durables

2

.9

%

GoPro,

Inc.,

Class

A*(a)

143,267

319,485

Hooker

Furnishings

Corp.(a)

3,198

76,784

iRobot

Corp.*

13,204

115,667

KB

Home

28,676

2,032,555

Landsea

Homes

Corp.*

17,847

259,317

Meritage

Homes

Corp.

5,333

935,728

Taylor

Morrison

Home

Corp.,

Class

A*

20,529

1,276,288

Tri

Pointe

Homes,

Inc.*(a)

32,812

1,268,512

Universal

Electronics,

Inc.*

3,687

36,907

6,321,243

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Infinity

Bio-energy

Ltd.*^∞

155,500

0

Insurance

4

.7

%

CNO

Financial

Group,

Inc.

35,392

972,572

Donegal

Group,

Inc.,

Class

A(a)

3,895

55,075

Employers

Holdings,

Inc.

16,815

763,233

Enstar

Group

Ltd.*

12,900

4,008,804

Fidelis

Insurance

Holdings

Ltd.

28,733

559,719

Horace

Mann

Educators

Corp.

1,320

48,827

James

River

Group

Holdings

Ltd.

27,603

256,708

Mercury

General

Corp.

2,640

136,224

ProAssurance

Corp.*

31,730

408,048

Reinsurance

Group

of

America,

Inc.

5,551

1,070,677

RLI

Corp.

1,563

232,059

Safety

Insurance

Group,

Inc.

(a)

4,890

401,909

Selectquote,

Inc.*

24,564

49,128

Skyward

Specialty

Insurance

Group,

Inc.*(a)

17,808

666,197

United

Fire

Group,

Inc.

7,353

160,075

Universal

Insurance

Holdings,

Inc.(a)

22,026

447,568

10,236,823

Interactive

Media

&

Services

0

.1

%

DHI

Group,

Inc.*(a)

3,985

10,162

fuboTV,

Inc.*(a)

19,600

30,968

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Outbrain,

Inc.*(a)

3,600

14,220

TrueCar,

Inc.*(a)

16,353

55,437

Vimeo,

Inc.*

44,971

183,931

294,718

IT

Services

1

.0

%

Brightcove,

Inc.*

1,600

3,104

DXC

Technology

Co.*

12,970

275,094

Edgio,

Inc.*(a)

114

1,100

Kyndryl

Holdings,

Inc.*

14,265

310,406

Rackspace

Technology,

Inc.*(a)

86,900

137,302

Squarespace,

Inc.,

Class

A*(a)

34,686

1,263,958

Unisys

Corp.*

47,591

233,672

2,224,636

Leisure

Products

0

.1

%

American

Outdoor

Brands,

Inc.*

3,614

31,803

Funko,

Inc.,

Class

A*(a)

25,105

156,655

Latham

Group,

Inc.*(a)

7,693

30,465

218,923

Life

Sciences

Tools

&

Services

0

.1

%

Codexis,

Inc.*(a)

20,900

72,941

Personalis,

Inc.*

13,000

19,370

Quantum-Si,

Inc.*

7,827

15,419

Seer,

Inc.,

Class

A*

24,400

46,360

154,090

Machinery

3

.3

%

AGCO

Corp.(a)

5,038

619,775

Astec

Industries,

Inc.

10,491

458,562

Greenbrier

Cos.,

Inc.

(The)(a)

720

37,512

Hillman

Solutions

Corp.*

359,800

3,828,272

Luxfer

Holdings

plc

2,858

29,637

Manitowoc

Co.,

Inc.

(The)*(a)

37,133

525,061

Microvast

Holdings,

Inc.*(a)

154,626

129,422

Proto

Labs,

Inc.*

14,700

525,525

REV

Group,

Inc.

19,976

441,270

Titan

International,

Inc.*(a)

36,700

457,282

Trinity

Industries,

Inc.(a)

4,184

116,524

7,168,842

Media

0

.7

%

Cardlytics,

Inc.*(a)

6,200

89,838

PubMatic,

Inc.,

Class

A*(a)

19,414

460,500

Scholastic

Corp.

13,005

490,418

Stagwell,

Inc.,

Class

A*(a)

65,153

405,252

WideOpenWest,

Inc.*

4,500

16,290

1,462,298

Metals

&

Mining

2

.1

%

Commercial

Metals

Co.

12,250

719,932

Olympic

Steel,

Inc.

7,454

528,340

Radius

Recycling,

Inc.,

Class

A

21,319

450,470

Ryerson

Holding

Corp.

22,299

747,017

SunCoke

Energy,

Inc.

74,948

844,664

Warrior

Met

Coal,

Inc.

22,085

1,340,560

4,630,983

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.1

%

Granite

Point

Mortgage

Trust,

Inc.

35,852

171,014

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Great

Ajax

Corp.

3,700

14,060

185,074

Office

REITs

0

.8

%

Easterly

Government

Properties,

Inc.,

Class

A(a)

15,250

175,527

Equity

Commonwealth*(a)

70,393

1,329,020

Orion

Office

REIT,

Inc.(a)

44,900

157,599

1,662,146

Oil,

Gas

&

Consumable

Fuels

6

.0

%

Berry

Corp.

63,000

507,150

California

Resources

Corp.(a)

20,058

1,105,196

Centrus

Energy

Corp.,

Class

A*(a)

3,241

134,599

CNX

Resources

Corp.*(a)

44,374

1,052,551

CONSOL

Energy,

Inc.

4,403

368,795

CVR

Energy,

Inc.(a)

20,683

737,556

Delek

US

Holdings,

Inc.(a)

28,440

874,246

DHT

Holdings,

Inc.

26,744

307,556

Excelerate

Energy,

Inc.,

Class

A(a)

2,600

41,652

Gulfport

Energy

Corp.*

9,518

1,524,022

Par

Pacific

Holdings,

Inc.*

26,267

973,455

PBF

Energy,

Inc.,

Class

A

23,661

1,362,164

Scorpio

Tankers,

Inc.

21,411

1,531,957

SM

Energy

Co.(a)

11,700

583,245

Teekay

Tankers

Ltd.,

Class

A

17,140

1,001,147

World

Kinect

Corp.

39,586

1,047,050

13,152,341

Paper

&

Forest

Products

0

.4

%

Clearwater

Paper

Corp.*

5,640

246,637

Louisiana-Pacific

Corp.

6,231

522,843

769,480

Personal

Care

Products

1

.3

%

Inter

Parfums,

Inc.

19,400

2,725,894

Nature's

Sunshine

Products,

Inc.*

4,838

100,485

2,826,379

Pharmaceuticals

0

.5

%

Amneal

Pharmaceuticals,

Inc.*(a)

20,217

122,515

Atea

Pharmaceuticals,

Inc.*

25,126

101,509

Athira

Pharma,

Inc.*

8,400

23,016

Nektar

Therapeutics,

Class

A*(a)

110,696

103,412

Nuvation

Bio,

Inc.*(a)

74,072

269,622

Theravance

Biopharma,

Inc.*(a)

32,829

294,476

WaVe

Life

Sciences

Ltd.*(a)

15,132

93,365

Zevra

Therapeutics,

Inc.*(a)

5,900

34,220

1,042,135

Professional

Services

3

.6

%

Barrett

Business

Services,

Inc.

2,257

286,007

Conduent,

Inc.*

96,727

326,937

Heidrick

&

Struggles

International,

Inc.

8,227

276,921

KBR,

Inc.

5,666

360,698

Kelly

Services,

Inc.,

Class

A(a)

11,613

290,789

Mistras

Group,

Inc.*

4,700

44,932

Resources

Connection,

Inc.(a)

29,082

382,719

54

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half,

Inc.

3,370

267,174

TrueBlue,

Inc.*(a)

30,879

386,605

Verra

Mobility

Corp.,

Class

A*(a)

205,500

5,131,335

7,754,117

Real

Estate

Management

&

Development

2

.4

%

Compass,

Inc.,

Class

A*(a)

65,782

236,815

Cushman

&

Wakefield

plc*(a)

272,600

2,851,396

Douglas

Elliman,

Inc.*

63,532

100,381

Forestar

Group,

Inc.*

16,155

649,269

Howard

Hughes

Holdings,

Inc.*

3,526

256,058

Newmark

Group,

Inc.,

Class

A

56,730

629,136

Opendoor

Technologies,

Inc.*

74,116

224,571

RE/MAX

Holdings,

Inc.,

Class

A

24,849

217,926

RMR

Group,

Inc.

(The),

Class

A(a)

2,574

61,776

5,227,328

Semiconductors

&

Semiconductor

Equipment

0

.5

%

Alpha

&

Omega

Semiconductor

Ltd.*(a)

12,370

272,635

Amkor

Technology,

Inc.

4,540

146,369

SMART

Global

Holdings,

Inc.*(a)

28,093

739,408

1,158,412

Software

3

.5

%

Adeia,

Inc.(a)

58,653

640,491

American

Software,

Inc.,

Class

A

15,866

181,666

CS

Disco,

Inc.*

12,800

104,064

Digital

Turbine,

Inc.*(a)

48,507

127,088

Dropbox,

Inc.,

Class

A*(a)

38,121

926,340

Guidewire

Software,

Inc.*(a)

3,753

438,013

MeridianLink,

Inc.*

144,389

2,700,074

Nutanix,

Inc.,

Class

A*

22,204

1,370,431

ON24,

Inc.

12,721

90,828

SecureWorks

Corp.,

Class

A*

4,792

32,202

SentinelOne,

Inc.,

Class

A*

4,988

116,270

SolarWinds

Corp.*

30,392

383,547

Upland

Software,

Inc.*(a)

30,932

95,580

Xperi,

Inc.*

34,282

413,441

7,620,035

Specialty

Retail

3

.2

%

1-800-Flowers.com,

Inc.,

Class

A*(a)

13,352

144,602

Aaron's

Co.,

Inc.

(The)

36,387

272,902

America's

Car-Mart,

Inc.*

25,300

1,615,911

Boot

Barn

Holdings,

Inc.*(a)

11,100

1,056,165

Designer

Brands,

Inc.,

Class

A(a)

15,818

172,891

Foot

Locker,

Inc.(a)

52,395

1,493,257

Genesco,

Inc.*(a)

15,793

444,415

Lands'

End,

Inc.*

12,050

131,225

Sleep

Number

Corp.*

18,258

292,676

Sonic

Automotive,

Inc.,

Class

A(a)

18,451

1,050,600

Tilly's,

Inc.,

Class

A*(a)

11,426

77,697

Common

Stocks

Shares

Value

($)

Specialty

Retail

Zumiez,

Inc.*

20,604

312,975

7,065,316

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Turtle

Beach

Corp.*

14,855

256,100

Textiles,

Apparel

&

Luxury

Goods

0

.2

%

Movado

Group,

Inc.

5,914

165,178

Superior

Group

of

Cos.,

Inc.

3,563

58,861

Unifi,

Inc.*(a)

5,898

35,329

Vera

Bradley,

Inc.*(a)

17,334

117,871

377,239

Tobacco

0

.3

%

Vector

Group

Ltd.

67,176

736,249

Trading

Companies

&

Distributors

2

.9

%

Beacon

Roofing

Supply,

Inc.*

30,000

2,940,600

Boise

Cascade

Co.(a)

15,708

2,409,136

DNOW,

Inc.*

57,015

866,628

6,216,364

Total

Common

Stocks

(cost

$177,411,815)

214,902,953

Rights

0

.0

%

†

Number

of

Rights

Biotechnology

0

.0

%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$6,109)

0

Repurchase

Agreements

10

.1

%

Principal

Amount

($)

Bank

of

America

NA,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$4,002,369,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$4,080,000.

(b)

4,000,000

4,000,000

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,096,591,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$10,292,427.(b)

10,090,614

10,090,614

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$4,002,369,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$4,080,000.

(b)

4,000,000

4,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,187,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$2,040,303.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$22,090,614)

22,090,614

Total

Investments

(cost

$199,508,538)

—

108.6%

236,993,567

Liabilities

in

excess

of

other

assets

—

(8.6)%

(

18,741,794

)

NET

ASSETS

—

100.0%

$

218,251,773

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$50,226,009,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$22,090,614

and

by

$29,009,772

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

2/15/2054,

a

total

value

of

$51,100,386.

(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,

2024

was

$22,090,614.

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

56

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

57

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

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

$

38,232

$

–

$

–

$

38,232

Air

Freight

&

Logistics

14,786

–

–

14,786

Automobile

Components

6,340,007

–

–

6,340,007

Banks

17,338,237

–

–

17,338,237

Biotechnology

7,256,648

–

–

7,256,648

Broadline

Retail

1,818,461

–

–

1,818,461

Building

Products

10,033,732

–

–

10,033,732

Capital

Markets

4,313,620

–

–

4,313,620

Chemicals

9,031,096

–

–

9,031,096

Commercial

Services

&

Supplies

4,612,496

–

–

4,612,496

Communications

Equipment

962,630

–

–

962,630

Construction

&

Engineering

6,424,800

–

–

6,424,800

Construction

Materials

265,942

–

–

265,942

Consumer

Finance

5,694,010

–

–

5,694,010

Consumer

Staples

Distribution

&

Retail

3,902,726

–

–

3,902,726

Containers

&

Packaging

21,480

–

–

21,480

Diversified

Consumer

Services

504,234

–

–

504,234

Diversified

REITs

60,050

–

–

60,050

Diversified

Telecommunication

Services

508,403

–

–

508,403

Electric

Utilities

1,241,096

–

–

1,241,096

Electrical

Equipment

1,235,876

–

–

1,235,876

Electronic

Equipment,

Instruments

&

Components

4,808,797

–

–

4,808,797

Energy

Equipment

&

Services

1,761,391

–

–

1,761,391

Entertainment

801,104

–

–

801,104

Financial

Services

3,899,995

–

–

3,899,995

Food

Products

2,595,371

–

–

2,595,371

Gas

Utilities

297,165

–

–

297,165

Ground

Transportation

4,931,252

–

–

4,931,252

Health

Care

Equipment

&

Supplies

4,114,926

–

–

4,114,926

Health

Care

Providers

&

Services

13,727,316

–

–

13,727,316

Health

Care

REITs

118,438

–

–

118,438

Health

Care

Technology

959,590

–

–

959,590

Hotel

&

Resort

REITs

4,189,925

–

–

4,189,925

Hotels,

Restaurants

&

Leisure

2,317,850

–

–

2,317,850

Household

Durables

6,321,243

–

–

6,321,243

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Insurance

10,236,823

–

–

10,236,823

Interactive

Media

&

Services

294,718

–

–

294,718

IT

Services

2,224,636

–

–

2,224,636

Leisure

Products

218,923

–

–

218,923

Life

Sciences

Tools

&

Services

154,090

–

–

154,090

Machinery

7,168,842

–

–

7,168,842

Media

1,462,298

–

–

1,462,298

Metals

&

Mining

4,630,983

–

–

4,630,983

Mortgage

Real

Estate

Investment

Trusts

(REITs)

185,074

–

–

185,074

Office

REITs

1,662,146

–

–

1,662,146

Oil,

Gas

&

Consumable

Fuels

13,152,341

–

–

13,152,341

Paper

&

Forest

Products

769,480

–

–

769,480

Personal

Care

Products

2,826,379

–

–

2,826,379

Pharmaceuticals

1,042,135

–

–

1,042,135

Professional

Services

7,754,117

–

–

7,754,117

Real

Estate

Management

&

Development

5,227,328

–

–

5,227,328

Semiconductors

&

Semiconductor

Equipment

1,158,412

–

–

1,158,412

Software

7,620,035

–

–

7,620,035

Specialty

Retail

7,065,316

–

–

7,065,316

58

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Technology

Hardware,

Storage

&

Peripherals

256,100

$

–

$

–

$

256,100

Textiles,

Apparel

&

Luxury

Goods

377,239

–

–

377,239

Tobacco

736,249

–

–

736,249

Trading

Companies

&

Distributors

6,216,364

–

–

6,216,364

Total

Common

Stocks

$

214,902,953

$

–

$

–

$

214,902,953

Repurchase

Agreements

–

22,090,614

–

22,090,614

Rights

–

–

–

–

Total

$

214,902,953

$

22,090,614

$

–

$

236,993,567

As

of

March

31,

2024,

the

Fund

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

98

.9

%

Shares

Value

($)

AUSTRALIA

0

.0

%

†

Capital

Markets

0

.0

%

†

Aet

&

D

Holdings

No.

1

*^∞

106,305

0

BERMUDA

0

.3

%

Insurance

0

.3

%

Fidelis

Insurance

Holdings

Ltd.

52,081

1,014,538

CANADA

0

.8

%

Electronic

Equipment,

Instruments

&

Components

0

.3

%

Celestica,

Inc.

*

26,915

1,209,560

Oil,

Gas

&

Consumable

Fuels

0

.5

%

Teekay

Tankers

Ltd.,

Class

A

31,128

1,818,187

3,027,747

ISRAEL

0

.7

%

Semiconductors

&

Semiconductor

Equipment

0

.3

%

Nova

Ltd.

*

5,427

962,641

Software

0

.4

%

JFrog

Ltd.

*

38,288

1,693,096

2,655,737

JAPAN

0

.2

%

Semiconductors

&

Semiconductor

Equipment

0

.2

%

Allegro

MicroSystems,

Inc.

*

24,770

667,799

MONACO

0

.8

%

Oil,

Gas

&

Consumable

Fuels

0

.8

%

Scorpio

Tankers,

Inc.

39,185

2,803,687

PUERTO

RICO

1

.4

%

Banks

1

.4

%

First

Bancorp

170,917

2,997,884

OFG

Bancorp

61,143

2,250,674

5,248,558

UNITED

KINGDOM

0

.4

%

Energy

Equipment

&

Services

0

.4

%

TechnipFMC

plc

60,870

1,528,445

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Infinity

Bio-energy

Ltd.

*^∞

94,500

0

Machinery

0

.0

%

†

Luxfer

Holdings

plc

4,561

47,298

1,575,743

UNITED

STATES

94

.3

%

Aerospace

&

Defense

1

.3

%

AAR

Corp.

*

14,536

870,270

Astronics

Corp.

*

2,250

42,840

Curtiss-Wright

Corp.

7,292

1,866,314

Hexcel

Corp.

3,730

271,731

Parsons

Corp.

*

21,806

1,808,808

4,859,963

Air

Freight

&

Logistics

0

.0

%

†

Radiant

Logistics,

Inc.

*

5,753

31,181

Automobile

Components

2

.4

%

Adient

plc

*(a)

49,598

1,632,766

American

Axle

&

Manufacturing

Holdings,

Inc.

*

35,762

263,208

Cooper-Standard

Holdings,

Inc.

*

4,150

68,724

Dana,

Inc.

(a)

133,986

1,701,622

Goodyear

Tire

&

Rubber

Co.

(The)

*

190,014

2,608,893

Modine

Manufacturing

Co.

*(a)

19,580

1,863,821

Common

Stocks

Shares

Value

($)

UNITED

STATES

Automobile

Components

Phinia,

Inc.

8,310

319,353

Stoneridge,

Inc.

*

13,919

256,666

8,715,053

Banks

8

.0

%

1st

Source

Corp.

480

25,162

Amalgamated

Financial

Corp.

11,632

279,168

Amerant

Bancorp,

Inc.,

Class

A

6,092

141,883

BankUnited,

Inc.

85,111

2,383,107

Bankwell

Financial

Group,

Inc.

1,851

48,015

BCB

Bancorp,

Inc.

7,431

77,654

Berkshire

Hills

Bancorp,

Inc.

51,754

1,186,202

Byline

Bancorp,

Inc.

13,252

287,833

Capital

Bancorp,

Inc.

3,180

66,239

Capital

City

Bank

Group,

Inc.

6,687

185,230

Central

Pacific

Financial

Corp.

23,426

462,664

Community

Trust

Bancorp,

Inc.

12,640

539,096

ConnectOne

Bancorp,

Inc.

17,009

331,676

Cullen/Frost

Bankers,

Inc.

4,991

561,837

Customers

Bancorp,

Inc.

*

48,812

2,589,964

East

West

Bancorp,

Inc.

4,376

346,185

Eastern

Bankshares,

Inc.

(a)

81,625

1,124,793

FB

Financial

Corp.

22,565

849,798

Financial

Institutions,

Inc.

11,604

218,387

First

Financial

Corp.

12,753

488,822

First

Foundation,

Inc.

(a)

138,183

1,043,282

First

Horizon

Corp.

16,397

252,514

First

Internet

Bancorp

10,228

355,321

First

Savings

Financial

Group,

Inc.

1,433

24,003

Five

Star

Bancorp

6,039

135,878

FS

Bancorp,

Inc.

2,350

81,569

Great

Southern

Bancorp,

Inc.

(a)

3,333

182,715

Guaranty

Bancshares,

Inc.

(a)

3,415

103,679

Hanmi

Financial

Corp.

41,355

658,372

HarborOne

Bancorp,

Inc.

36,551

389,634

HBT

Financial,

Inc.

6,368

121,247

Hilltop

Holdings,

Inc.

61,777

1,934,856

Home

Bancorp,

Inc.

1,500

57,465

HomeTrust

Bancshares,

Inc.

11,387

311,321

Independent

Bank

Corp.

(a)

17,100

433,485

Kearny

Financial

Corp.

26,873

173,062

Live

Oak

Bancshares,

Inc.

3,931

163,176

Macatawa

Bank

Corp.

13,797

135,073

Mercantile

Bank

Corp.

4,601

177,092

Metropolitan

Bank

Holding

Corp.

*

16,425

632,363

Midland

States

Bancorp,

Inc.

14,801

371,949

MVB

Financial

Corp.

1,464

32,662

Northfield

Bancorp,

Inc.

6,761

65,717

Northrim

Bancorp,

Inc.

4,095

206,838

Origin

Bancorp,

Inc.

3,880

121,211

Peapack-Gladstone

Financial

Corp.

(a)

10,049

244,492

Preferred

Bank

7,487

574,777

Primis

Financial

Corp.

10,826

131,752

QCR

Holdings,

Inc.

14,167

860,504

RBB

Bancorp

10,692

192,563

Sierra

Bancorp

3,626

73,245

SmartFinancial,

Inc.

1,217

25,642

South

Plains

Financial,

Inc.

4,692

125,558

Southern

First

Bancshares,

Inc.

*

5,449

173,060

Texas

Capital

Bancshares,

Inc.

*

50,098

3,083,531

Third

Coast

Bancshares,

Inc.

*

3,342

66,907

60

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Towne

Bank

22,114

620,519

UMB

Financial

Corp.

25,888

2,251,996

28,782,745

Biotechnology

4

.7

%

2seventy

bio,

Inc.

*

33,411

178,749

Aadi

Bioscience,

Inc.

*

1,000

2,340

ACELYRIN,

Inc.

*

34,700

234,225

Arcturus

Therapeutics

Holdings,

Inc.

*(a)

5,340

180,332

ARS

Pharmaceuticals,

Inc.

*

19,392

198,186

Blueprint

Medicines

Corp.

*(a)

7,073

670,945

CareDx,

Inc.

*

120,560

1,276,731

Century

Therapeutics,

Inc.

*

6,812

28,474

Cytokinetics,

Inc.

*(a)

10,757

754,173

Design

Therapeutics,

Inc.

*

28,300

114,049

Editas

Medicine,

Inc.

*

19,936

147,925

Enanta

Pharmaceuticals,

Inc.

*

7,556

131,928

Exelixis,

Inc.

*

13,044

309,534

Fate

Therapeutics,

Inc.

*

177,900

1,305,787

FibroGen,

Inc.

*

162,354

381,532

Halozyme

Therapeutics,

Inc.

*

13,690

556,909

Ironwood

Pharmaceuticals,

Inc.,

Class

A

*

161,347

1,405,333

iTeos

Therapeutics,

Inc.

*

47,105

642,512

Kodiak

Sciences,

Inc.

*

16,197

85,196

MacroGenics,

Inc.

*

16,463

242,335

Nurix

Therapeutics,

Inc.

*(a)

67,779

996,351

Organogenesis

Holdings,

Inc.,

Class

A

*

14,200

40,328

PMV

Pharmaceuticals,

Inc.

*

11,696

19,883

Poseida

Therapeutics,

Inc.,

Class

A

*

90,733

289,438

PTC

Therapeutics,

Inc.

*

36,406

1,059,051

REGENXBIO,

Inc.

*

9,816

206,823

Relay

Therapeutics,

Inc.

*

140,527

1,166,374

Sangamo

Therapeutics,

Inc.

*

1,550

1,039

SpringWorks

Therapeutics,

Inc.

*(a)

8,006

394,055

Sutro

Biopharma,

Inc.

*

97,977

553,570

Travere

Therapeutics,

Inc.

*

114

879

Twist

Bioscience

Corp.

*(a)

12,793

438,928

Ultragenyx

Pharmaceutical,

Inc.

*

6,892

321,787

Vanda

Pharmaceuticals,

Inc.

*

163,531

672,112

Vaxcyte,

Inc.

*

7,560

516,424

Vericel

Corp.

*

2,806

145,968

Viking

Therapeutics,

Inc.

*(a)

3,920

321,440

Vir

Biotechnology,

Inc.

*

16,453

166,669

Zymeworks,

Inc.

*

83,690

880,419

17,038,733

Broadline

Retail

0

.3

%

1stdibs.com,

Inc.

*

7,823

46,625

ContextLogic,

Inc.,

Class

A

*(a)

12,089

68,786

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

12,160

967,572

1,082,983

Building

Products

1

.1

%

AAON,

Inc.

16,658

1,467,569

AZEK

Co.,

Inc.

(The),

Class

A

*

27,520

1,382,054

Insteel

Industries,

Inc.

(a)

11,176

427,147

Resideo

Technologies,

Inc.

*

1,228

27,532

Common

Stocks

Shares

Value

($)

UNITED

STATES

Building

Products

Trex

Co.,

Inc.

*

7,385

736,654

4,040,956

Capital

Markets

2

.0

%

Cohen

&

Steers,

Inc.

(a)

4,063

312,404

Donnelley

Financial

Solutions,

Inc.

*

16,297

1,010,577

Evercore,

Inc.,

Class

A

11,882

2,288,354

Hamilton

Lane,

Inc.,

Class

A

22,745

2,564,726

Robinhood

Markets,

Inc.,

Class

A

*(a)

10,321

207,762

StoneX

Group,

Inc.

*(a)

14,373

1,009,847

7,393,670

Chemicals

1

.1

%

American

Vanguard

Corp.

24,712

320,020

Core

Molding

Technologies,

Inc.

*

10,889

206,129

Ecovyst,

Inc.

*(a)

109,048

1,215,886

Element

Solutions,

Inc.

40,448

1,010,391

Huntsman

Corp.

17,400

452,922

Origin

Materials,

Inc.

*(a)

150,375

76,691

Rayonier

Advanced

Materials,

Inc.

*

93,880

448,746

Trinseo

plc

71,821

271,483

4,002,268

Commercial

Services

&

Supplies

2

.2

%

Casella

Waste

Systems,

Inc.,

Class

A

*(a)

18,802

1,858,954

Clean

Harbors,

Inc.

*

14,298

2,878,330

Enviri

Corp.

*(a)

78,371

717,095

Interface,

Inc.,

Class

A

49,972

840,529

Steelcase,

Inc.,

Class

A

(a)

119,178

1,558,848

7,853,756

Communications

Equipment

0

.5

%

ADTRAN

Holdings,

Inc.

(a)

114,007

620,198

DZS,

Inc.

*

6,995

9,233

NETGEAR,

Inc.

*

52,881

833,934

Ribbon

Communications,

Inc.

*

86,425

276,560

1,739,925

Construction

&

Engineering

2

.4

%

Argan,

Inc.

15,262

771,341

Comfort

Systems

USA,

Inc.

(a)

10,088

3,205,058

EMCOR

Group,

Inc.

5,834

2,043,067

Fluor

Corp.

*

31,962

1,351,353

Limbach

Holdings,

Inc.

*

5,595

231,745

Matrix

Service

Co.

*

15,384

200,454

Tutor

Perini

Corp.

*

55,578

803,658

8,606,676

Construction

Materials

0

.5

%

Eagle

Materials,

Inc.

5,369

1,459,026

Knife

River

Corp.

*

5,630

456,480

1,915,506

Consumer

Finance

3

.0

%

Bread

Financial

Holdings,

Inc.

49,614

1,847,625

EZCORP,

Inc.,

Class

A

*(a)

68,999

781,759

Green

Dot

Corp.,

Class

A

*

93,428

871,683

LendingClub

Corp.

*

187,074

1,644,380

LendingTree,

Inc.

*

13,522

572,521

Navient

Corp.

116,562

2,028,180

Oportun

Financial

Corp.

*

11,318

27,503

PROG

Holdings,

Inc.

56,570

1,948,271

Regional

Management

Corp.

6,022

145,793

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

UNITED

STATES

Consumer

Finance

SLM

Corp.

39,412

858,787

10,726,502

Consumer

Staples

Distribution

&

Retail

0

.7

%

Andersons,

Inc.

(The)

34,256

1,965,267

SpartanNash

Co.

36,468

737,018

United

Natural

Foods,

Inc.

*

1,200

13,788

2,716,073

Containers

&

Packaging

0

.0

%

†

Pactiv

Evergreen,

Inc.

2,050

29,356

Diversified

Consumer

Services

1

.0

%

American

Public

Education,

Inc.

*

13,672

194,142

Chegg,

Inc.

*

85,784

649,385

Duolingo,

Inc.,

Class

A

*(a)

11,711

2,583,213

Universal

Technical

Institute,

Inc.

*

16,409

261,559

3,688,299

Diversified

REITs

0

.0

%

†

Armada

Hoffler

Properties,

Inc.

12,118

126,027

Diversified

Telecommunication

Services

0

.3

%

ATN

International,

Inc.

1,200

37,806

Bandwidth,

Inc.,

Class

A

*

52,351

955,929

993,735

Electric

Utilities

0

.7

%

NRG

Energy,

Inc.

36,137

2,446,114

Electrical

Equipment

0

.9

%

NEXTracker,

Inc.,

Class

A

*

15,287

860,199

Powell

Industries,

Inc.

16,904

2,405,440

3,265,639

Electronic

Equipment,

Instruments

&

Components

1

.0

%

FARO

Technologies,

Inc.

*

36,609

787,460

Iteris,

Inc.

*(a)

11,140

55,032

Novanta,

Inc.

*

9,468

1,654,721

ScanSource,

Inc.

*

9,445

415,958

Vontier

Corp.

14,738

668,516

3,581,687

Energy

Equipment

&

Services

1

.0

%

Helix

Energy

Solutions

Group,

Inc.

*

13,950

151,218

Kodiak

Gas

Services,

Inc.

(a)

45,714

1,249,821

Newpark

Resources,

Inc.

*

46,906

338,661

Oil

States

International,

Inc.

*

84,970

523,415

Weatherford

International

plc

*

13,399

1,546,513

3,809,628

Entertainment

0

.1

%

Eventbrite,

Inc.,

Class

A

*

15,483

84,847

Playstudios,

Inc.

*

21,110

58,686

Playtika

Holding

Corp.

21,202

149,474

Roku,

Inc.,

Class

A

*

1,796

117,045

410,052

Financial

Services

2

.4

%

Corebridge

Financial,

Inc.

23,834

684,751

Enact

Holdings,

Inc.

24,600

767,028

Essent

Group

Ltd.

15,520

923,595

Jackson

Financial,

Inc.,

Class

A

59,959

3,965,689

Merchants

Bancorp

9,852

425,409

Mr.

Cooper

Group,

Inc.

*

12,704

990,277

Ocwen

Financial

Corp.

*(a)

4,648

125,542

Paysafe

Ltd.

*

58,355

921,425

8,803,716

Food

Products

0

.3

%

Dole

plc

13,500

161,055

Common

Stocks

Shares

Value

($)

UNITED

STATES

Food

Products

Fresh

Del

Monte

Produce,

Inc.

5,580

144,578

Freshpet,

Inc.

*(a)

5,781

669,786

975,419

Gas

Utilities

0

.1

%

Northwest

Natural

Holding

Co.

7,414

275,949

Ground

Transportation

1

.3

%

ArcBest

Corp.

(a)

7,248

1,032,840

Covenant

Logistics

Group,

Inc.,

Class

A

21,360

990,250

Saia,

Inc.

*

4,671

2,732,535

4,755,625

Health

Care

Equipment

&

Supplies

2

.5

%

AngioDynamics,

Inc.

*

86,870

509,927

Butterfly

Network,

Inc.

*

16,604

17,932

Embecta

Corp.

(a)

40,297

534,741

Glaukos

Corp.

*(a)

11,702

1,103,382

Inogen,

Inc.

*

47,221

381,073

Integer

Holdings

Corp.

*(a)

8,677

1,012,432

iRhythm

Technologies,

Inc.

*(a)

2,589

300,324

Lantheus

Holdings,

Inc.

*

5,282

328,752

Merit

Medical

Systems,

Inc.

*(a)

12,656

958,692

OraSure

Technologies,

Inc.

*

18,247

112,219

Orthofix

Medical,

Inc.

*

26,478

384,461

RxSight,

Inc.

*

13,565

699,683

Shockwave

Medical,

Inc.

*(a)

4,285

1,395,324

TransMedics

Group,

Inc.

*(a)

9,002

665,608

Zimvie,

Inc.

*

35,627

587,489

8,992,039

Health

Care

Providers

&

Services

2

.5

%

Acadia

Healthcare

Co.,

Inc.

*

24,147

1,912,924

Addus

HomeCare

Corp.

*

100

10,334

BrightSpring

Health

Services,

Inc.

*(a)

29,619

321,959

Castle

Biosciences,

Inc.

*

37,300

826,195

Encompass

Health

Corp.

20,636

1,704,121

HealthEquity,

Inc.

*(a)

16,720

1,364,854

Progyny,

Inc.

*(a)

7,607

290,207

RadNet,

Inc.

*

22,136

1,077,138

Surgery

Partners,

Inc.

*(a)

49,849

1,486,996

8,994,728

Health

Care

Technology

0

.6

%

American

Well

Corp.,

Class

A

*

171,007

138,635

Evolent

Health,

Inc.,

Class

A

*(a)

11,557

378,954

Health

Catalyst,

Inc.

*

121,345

913,728

HealthStream,

Inc.

1,000

26,660

TruBridge,

Inc.

*

14,123

130,214

Veradigm,

Inc.

*

89,125

686,263

2,274,454

Hotel

&

Resort

REITs

2

.0

%

Chatham

Lodging

Trust

28,607

289,217

Park

Hotels

&

Resorts,

Inc.

21,304

372,607

RLJ

Lodging

Trust

228,235

2,697,737

Sunstone

Hotel

Investors,

Inc.

152,663

1,700,666

Xenia

Hotels

&

Resorts,

Inc.

149,855

2,249,324

7,309,551

Hotels,

Restaurants

&

Leisure

2

.1

%

Cava

Group,

Inc.

*(a)

9,537

668,067

Red

Rock

Resorts,

Inc.,

Class

A

(a)

32,476

1,942,714

Shake

Shack,

Inc.,

Class

A

*

10,215

1,062,666

Texas

Roadhouse,

Inc.,

Class

A

11,077

1,711,064

62

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

Wingstop,

Inc.

6,349

2,326,274

7,710,785

Household

Durables

4

.4

%

GoPro,

Inc.,

Class

A

*

281,212

627,103

Hooker

Furnishings

Corp.

5,453

130,927

iRobot

Corp.

*

23,650

207,174

KB

Home

56,124

3,978,069

Landsea

Homes

Corp.

*

31,001

450,445

Meritage

Homes

Corp.

14,566

2,555,750

Taylor

Morrison

Home

Corp.,

Class

A

*

65,745

4,087,366

TopBuild

Corp.

*

4,529

1,996,066

Tri

Pointe

Homes,

Inc.

*

51,289

1,982,833

Universal

Electronics,

Inc.

*

5,975

59,810

16,075,543

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

Vistra

Corp.

(a)

4,665

324,917

Industrial

REITs

0

.2

%

Terreno

Realty

Corp.

9,521

632,194

Insurance

3

.2

%

CNO

Financial

Group,

Inc.

70,781

1,945,062

Donegal

Group,

Inc.,

Class

A

(a)

7,425

104,990

Employers

Holdings,

Inc.

32,578

1,478,715

James

River

Group

Holdings

Ltd.

(a)

49,071

456,360

Kinsale

Capital

Group,

Inc.

3,077

1,614,625

Mercury

General

Corp.

840

43,344

ProAssurance

Corp.

*

61,500

790,890

Reinsurance

Group

of

America,

Inc.

10,733

2,070,181

Safety

Insurance

Group,

Inc.

5,340

438,895

Selectquote,

Inc.

*

44,683

89,366

Skyward

Specialty

Insurance

Group,

Inc.

*

34,928

1,306,656

United

Fire

Group,

Inc.

15,979

347,863

Universal

Insurance

Holdings,

Inc.

45,685

928,319

11,615,266

Interactive

Media

&

Services

0

.2

%

DHI

Group,

Inc.

*

3,672

9,364

fuboTV,

Inc.

*

34,800

54,984

Outbrain,

Inc.

*

7,962

31,450

TrueCar,

Inc.

*

59,490

201,671

Vimeo,

Inc.

*

80,737

330,214

627,683

IT

Services

1

.0

%

Brightcove,

Inc.

*

1,761

3,416

DXC

Technology

Co.

*

24,631

522,424

Edgio,

Inc.

*(a)

232

2,239

Kyndryl

Holdings,

Inc.

*

7,370

160,371

Rackspace

Technology,

Inc.

*

167,204

264,182

Squarespace,

Inc.,

Class

A

*

65,599

2,390,427

Unisys

Corp.

*

86,648

425,442

3,768,501

Leisure

Products

0

.1

%

American

Outdoor

Brands,

Inc.

*

1,687

14,846

Funko,

Inc.,

Class

A

*

41,900

261,456

Latham

Group,

Inc.

*

15,224

60,287

336,589

Life

Sciences

Tools

&

Services

1

.5

%

Codexis,

Inc.

*

41,913

146,276

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

Medpace

Holdings,

Inc.

*

8,621

3,484,178

Personalis,

Inc.

*

24,700

36,803

Quantum-Si,

Inc.

*(a)

15,400

30,338

Repligen

Corp.

*(a)

7,972

1,466,210

Seer,

Inc.,

Class

A

*

56,141

106,668

5,270,473

Machinery

3

.0

%

AGCO

Corp.

(a)

9,813

1,207,195

Astec

Industries,

Inc.

16,463

719,598

Crane

Co.

10,145

1,370,894

Esab

Corp.

16,505

1,824,958

Federal

Signal

Corp.

14,113

1,197,770

Manitowoc

Co.,

Inc.

(The)

*

73,636

1,041,213

Microvast

Holdings,

Inc.

*(a)

281,600

235,699

Proto

Labs,

Inc.

*

25,712

919,204

REV

Group,

Inc.

36,575

807,942

Titan

International,

Inc.

*

71,209

887,264

Trinity

Industries,

Inc.

24,248

675,307

10,887,044

Media

0

.8

%

Cardlytics,

Inc.

*

10,600

153,594

PubMatic,

Inc.,

Class

A

*

42,522

1,008,622

Scholastic

Corp.

27,535

1,038,344

Stagwell,

Inc.,

Class

A

*

113,498

705,958

WideOpenWest,

Inc.

*

7,361

26,647

2,933,165

Metals

&

Mining

2

.7

%

ATI,

Inc.

*(a)

29,388

1,503,784

Carpenter

Technology

Corp.

(a)

17,119

1,222,639

Commercial

Metals

Co.

8,840

519,527

Olympic

Steel,

Inc.

14,164

1,003,944

Radius

Recycling,

Inc.,

Class

A

34,588

730,844

Ryerson

Holding

Corp.

41,122

1,377,587

SunCoke

Energy,

Inc.

118,434

1,334,751

Warrior

Met

Coal,

Inc.

37,333

2,266,114

9,959,190

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.1

%

Granite

Point

Mortgage

Trust,

Inc.

64,139

305,943

Great

Ajax

Corp.

5,400

20,520

326,463

Office

REITs

0

.8

%

Easterly

Government

Properties,

Inc.,

Class

A

(a)

23,350

268,759

Equity

Commonwealth

*

126,032

2,379,484

Orion

Office

REIT,

Inc.

83,861

294,352

2,942,595

Oil,

Gas

&

Consumable

Fuels

6

.2

%

Berry

Corp.

109,963

885,202

California

Resources

Corp.

36,394

2,005,309

Centrus

Energy

Corp.,

Class

A

*

5,140

213,464

CNX

Resources

Corp.

*(a)

83,941

1,991,081

CONSOL

Energy,

Inc.

8,404

703,919

CVR

Energy,

Inc.

39,275

1,400,547

Delek

US

Holdings,

Inc.

53,932

1,657,870

DHT

Holdings,

Inc.

54,734

629,441

Excelerate

Energy,

Inc.,

Class

A

1,800

28,836

Gulfport

Energy

Corp.

*

17,870

2,861,343

Matador

Resources

Co.

(a)

21,518

1,436,757

Northern

Oil

&

Gas,

Inc.

(a)

24,395

967,994

Par

Pacific

Holdings,

Inc.

*

49,877

1,848,442

PBF

Energy,

Inc.,

Class

A

(a)

46,568

2,680,920

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

SM

Energy

Co.

22,900

1,141,565

World

Kinect

Corp.

83,327

2,203,999

22,656,689

Paper

&

Forest

Products

0

.4

%

Clearwater

Paper

Corp.

*

7,394

323,340

Louisiana-Pacific

Corp.

11,506

965,468

1,288,808

Personal

Care

Products

1

.0

%

BellRing

Brands,

Inc.

*

17,565

1,036,862

elf

Beauty,

Inc.

*

11,751

2,303,548

Nature's

Sunshine

Products,

Inc.

*

10,813

224,586

3,564,996

Pharmaceuticals

0

.7

%

Amneal

Pharmaceuticals,

Inc.

*

28,483

172,607

Atea

Pharmaceuticals,

Inc.

*

62,879

254,031

Athira

Pharma,

Inc.

*

16,000

43,840

Intra-Cellular

Therapies,

Inc.

*

8,691

601,417

Nektar

Therapeutics,

Class

A

*

165,735

154,830

Nuvation

Bio,

Inc.

*

138,525

504,231

Theravance

Biopharma,

Inc.

*(a)

64,468

578,278

WaVe

Life

Sciences

Ltd.

*(a)

16,100

99,337

Zevra

Therapeutics,

Inc.

*(a)

11,013

63,875

2,472,446

Professional

Services

1

.2

%

Barrett

Business

Services,

Inc.

3,949

500,417

Conduent,

Inc.

*

174,257

588,989

Heidrick

&

Struggles

International,

Inc.

14,394

484,502

KBR,

Inc.

10,363

659,709

Kelly

Services,

Inc.,

Class

A

(a)

20,047

501,977

Mistras

Group,

Inc.

*

7,500

71,700

Resources

Connection,

Inc.

(a)

54,048

711,272

Robert

Half,

Inc.

639

50,660

TrueBlue,

Inc.

*

62,259

779,482

4,348,708

Real

Estate

Management

&

Development

1

.1

%

Compass,

Inc.,

Class

A

*

112,120

403,632

Douglas

Elliman,

Inc.

*

126,607

200,039

Forestar

Group,

Inc.

*

27,694

1,113,021

Howard

Hughes

Holdings,

Inc.

*

4,514

327,807

Newmark

Group,

Inc.,

Class

A

97,611

1,082,506

Opendoor

Technologies,

Inc.

*

145,094

439,635

RE/MAX

Holdings,

Inc.,

Class

A

47,283

414,672

RMR

Group,

Inc.

(The),

Class

A

4,172

100,128

4,081,440

Semiconductors

&

Semiconductor

Equipment

3

.8

%

Alpha

&

Omega

Semiconductor

Ltd.

*(a)

22,025

485,431

Amkor

Technology,

Inc.

19,160

617,718

Astera

Labs,

Inc.

*

5,530

410,271

Credo

Technology

Group

Holding

Ltd.

*

47,438

1,005,211

Impinj,

Inc.

*(a)

10,444

1,341,114

Lattice

Semiconductor

Corp.

*(a)

22,504

1,760,488

MACOM

Technology

Solutions

Holdings,

Inc.

*(a)

14,894

1,424,462

Onto

Innovation,

Inc.

*

10,738

1,944,438

Rambus,

Inc.

*

15,995

988,651

Silicon

Laboratories,

Inc.

*(a)

9,278

1,333,434

SMART

Global

Holdings,

Inc.

*(a)

52,250

1,375,220

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

Synaptics,

Inc.

*(a)

10,568

1,031,014

13,717,452

Software

7

.0

%

Adeia,

Inc.

108,459

1,184,372

Altair

Engineering,

Inc.,

Class

A

*(a)

17,864

1,538,984

American

Software,

Inc.,

Class

A

20,524

235,000

Appfolio,

Inc.,

Class

A

*

2,866

707,157

Braze,

Inc.,

Class

A

*

27,891

1,235,571

Confluent,

Inc.,

Class

A

*(a)

29,455

898,967

CS

Disco,

Inc.

*

23,500

191,055

CyberArk

Software

Ltd.

*

8,965

2,381,373

Digital

Turbine,

Inc.

*(a)

89,112

233,473

Dropbox,

Inc.,

Class

A

*

68,812

1,672,132

Gitlab,

Inc.,

Class

A

*(a)

33,520

1,954,886

Guidewire

Software,

Inc.

*(a)

20,611

2,405,510

Informatica,

Inc.,

Class

A

*(a)

48,986

1,714,510

MeridianLink,

Inc.

*

32,112

600,494

Nutanix,

Inc.,

Class

A

*

40,555

2,503,054

ON24,

Inc.

26,272

187,582

SecureWorks

Corp.,

Class

A

*

9,539

64,102

SentinelOne,

Inc.,

Class

A

*

9,370

218,415

SolarWinds

Corp.

*

60,059

757,945

Sprout

Social,

Inc.,

Class

A

*(a)

20,734

1,238,027

SPS

Commerce,

Inc.

*

6,429

1,188,722

Upland

Software,

Inc.

*

50,996

157,578

Varonis

Systems,

Inc.,

Class

B

*

31,058

1,465,006

Xperi,

Inc.

*

67,232

810,818

25,544,733

Specialty

Retail

2

.2

%

1-800-Flowers.com,

Inc.,

Class

A

*

10,134

109,751

Aaron's

Co.,

Inc.

(The)

68,668

515,010

Designer

Brands,

Inc.,

Class

A

32,089

350,733

Foot

Locker,

Inc.

97,712

2,784,792

Genesco,

Inc.

*

28,207

793,745

Lands'

End,

Inc.

*

20,907

227,677

Sleep

Number

Corp.

*

33,590

538,448

Sonic

Automotive,

Inc.,

Class

A

(a)

33,834

1,926,508

Tilly's,

Inc.,

Class

A

*

19,986

135,905

Zumiez,

Inc.

*

37,991

577,083

7,959,652

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Turtle

Beach

Corp.

*

24,135

416,087

Textiles,

Apparel

&

Luxury

Goods

0

.2

%

Movado

Group,

Inc.

9,885

276,089

Superior

Group

of

Cos.,

Inc.

5,850

96,642

Unifi,

Inc.

*(a)

11,259

67,441

Vera

Bradley,

Inc.

*

30,019

204,129

644,301

Tobacco

0

.4

%

Vector

Group

Ltd.

120,625

1,322,050

Trading

Companies

&

Distributors

2

.9

%

Applied

Industrial

Technologies,

Inc.

8,129

1,605,884

Boise

Cascade

Co.

29,895

4,584,996

DNOW,

Inc.

*

153,033

2,326,102

Global

Industrial

Co.

4,520

202,406

64

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Trading

Companies

&

Distributors

H&E

Equipment

Services,

Inc.

(a)

30,169

1,936,246

10,655,634

342,321,412

Total

Common

Stocks

(cost

$286,774,133)

359,315,221

Rights

0

.0

%

†

Number

of

Rights

UNITED

STATES

0

.0

%

†

Biotechnology

0

.0

%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

4,756

0

Total

Rights

(cost

$12,075)

0

Repurchase

Agreements

1

.6

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$637,092,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$649,448.(b)

636,714

636,714

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,950,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$5,103,547.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$5,636,714)

5,636,714

Total

Investments

(cost

$292,422,922)

—

100.5%

364,951,935

Liabilities

in

excess

of

other

assets

—

(0.5)%

(

1,732,967

)

NET

ASSETS

—

100.0%

$

363,218,968

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$51,294,965,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,636,714

and

by

$46,649,640

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/2/2024

–

2/15/2054,

a

total

value

of

$52,286,354.

(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,

2024

was

$5,636,714.

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

65

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

66

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

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

$

4,859,963

$

–

$

–

$

4,859,963

Air

Freight

&

Logistics

31,181

–

–

31,181

Automobile

Components

8,715,053

–

–

8,715,053

Banks

34,031,303

–

–

34,031,303

Biotechnology

17,038,733

–

–

17,038,733

Broadline

Retail

1,082,983

–

–

1,082,983

Building

Products

4,040,956

–

–

4,040,956

Capital

Markets

7,393,670

–

–

7,393,670

Chemicals

4,002,268

–

–

4,002,268

Commercial

Services

&

Supplies

7,853,756

–

–

7,853,756

Communications

Equipment

1,739,925

–

–

1,739,925

Construction

&

Engineering

8,606,676

–

–

8,606,676

Construction

Materials

1,915,506

–

–

1,915,506

Consumer

Finance

10,726,502

–

–

10,726,502

Consumer

Staples

Distribution

&

Retail

2,716,073

–

–

2,716,073

Containers

&

Packaging

29,356

–

–

29,356

Diversified

Consumer

Services

3,688,299

–

–

3,688,299

Diversified

REITs

126,027

–

–

126,027

Diversified

Telecommunication

Services

993,735

–

–

993,735

Electric

Utilities

2,446,114

–

–

2,446,114

Electrical

Equipment

3,265,639

–

–

3,265,639

Electronic

Equipment,

Instruments

&

Components

4,791,247

–

–

4,791,247

Energy

Equipment

&

Services

5,338,073

–

–

5,338,073

Entertainment

410,052

–

–

410,052

Financial

Services

8,803,716

–

–

8,803,716

Food

Products

975,419

–

–

975,419

Gas

Utilities

275,949

–

–

275,949

Ground

Transportation

4,755,625

–

–

4,755,625

Health

Care

Equipment

&

Supplies

8,992,039

–

–

8,992,039

Health

Care

Providers

&

Services

8,994,728

–

–

8,994,728

Health

Care

Technology

2,274,454

–

–

2,274,454

Hotel

&

Resort

REITs

7,309,551

–

–

7,309,551

Hotels,

Restaurants

&

Leisure

7,710,785

–

–

7,710,785

Household

Durables

16,075,543

–

–

16,075,543

Independent

Power

and

Renewable

Electricity

Producers

324,917

–

–

324,917

Industrial

REITs

632,194

–

–

632,194

Insurance

12,629,804

–

–

12,629,804

Interactive

Media

&

Services

627,683

–

–

627,683

IT

Services

3,768,501

–

–

3,768,501

Leisure

Products

336,589

–

–

336,589

Life

Sciences

Tools

&

Services

5,270,473

–

–

5,270,473

Machinery

10,934,342

–

–

10,934,342

Media

2,933,165

–

–

2,933,165

Metals

&

Mining

9,959,190

–

–

9,959,190

Mortgage

Real

Estate

Investment

Trusts

(REITs)

326,463

–

–

326,463

Office

REITs

2,942,595

–

–

2,942,595

Oil,

Gas

&

Consumable

Fuels

27,278,563

–

–

27,278,563

Paper

&

Forest

Products

1,288,808

–

–

1,288,808

Personal

Care

Products

3,564,996

–

–

3,564,996

Pharmaceuticals

2,472,446

–

–

2,472,446

Professional

Services

4,348,708

–

–

4,348,708

Real

Estate

Management

&

Development

4,081,440

–

–

4,081,440

Semiconductors

&

Semiconductor

Equipment

15,347,892

–

–

15,347,892

Software

27,237,829

–

–

27,237,829

Specialty

Retail

7,959,652

–

–

7,959,652

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

67

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

416,087

$

–

$

–

$

416,087

Textiles,

Apparel

&

Luxury

Goods

644,301

–

–

644,301

Tobacco

1,322,050

–

–

1,322,050

Trading

Companies

&

Distributors

10,655,634

–

–

10,655,634

Total

Common

Stocks

$

359,315,221

$

–

$

–

$

359,315,221

Repurchase

Agreements

–

5,636,714

–

5,636,714

Rights

–

–

–

–

Total

$

359,315,221

$

5,636,714

$

–

$

364,951,935

As

of

March

31,

2024,

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.

68

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Real

Estate

Fund

Common

Stocks

98

.7

%

Shares

Value

($)

Construction

&

Engineering

1

.3

%

WillScot

Mobile

Mini

Holdings

Corp.*

59,088

2,747,592

Diversified

REITs

5

.3

%

Empire

State

Realty

Trust,

Inc.,

Class

A

584,548

5,921,471

Essential

Properties

Realty

Trust,

Inc.

203,472

5,424,564

11,346,035

Health

Care

Providers

&

Services

1

.2

%

Brookdale

Senior

Living,

Inc.*

378,130

2,499,439

Health

Care

REITs

10

.0

%

American

Healthcare

REIT,

Inc.

264,181

3,896,670

CareTrust

REIT,

Inc.

218,260

5,318,996

Welltower,

Inc.

132,003

12,334,360

21,550,026

Hotel

&

Resort

REITs

2

.3

%

Ryman

Hospitality

Properties,

Inc.

43,248

4,999,901

Hotels,

Restaurants

&

Leisure

2

.6

%

Hyatt

Hotels

Corp.,

Class

A

16,306

2,602,764

Marriott

International,

Inc.,

Class

A

12,127

3,059,763

5,662,527

Household

Durables

0

.8

%

DR

Horton,

Inc.

10,755

1,769,735

Industrial

REITs

15

.0

%

EastGroup

Properties,

Inc.

16,557

2,976,452

Plymouth

Industrial

REIT,

Inc.

181,002

4,072,545

Prologis,

Inc.

194,230

25,292,631

32,341,628

Office

REITs

4

.1

%

Kilroy

Realty

Corp.

88,130

3,210,576

SL

Green

Realty

Corp.

101,963

5,621,220

8,831,796

Real

Estate

Management

&

Development

3

.3

%

CBRE

Group,

Inc.,

Class

A*

36,176

3,517,754

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Corp.

Inmobiliaria

Vesta

SAB

de

CV,

ADR-MX

92,652

3,635,665

7,153,419

Residential

REITs

15

.4

%

American

Homes

4

Rent,

Class

A

177,740

6,537,277

AvalonBay

Communities,

Inc.

56,230

10,434,039

Essex

Property

Trust,

Inc.

42,178

10,325,596

Sun

Communities,

Inc.

27,454

3,530,035

Veris

Residential,

Inc.

143,783

2,186,940

33,013,887

Retail

REITs

14

.1

%

Acadia

Realty

Trust

178,083

3,029,192

Brixmor

Property

Group,

Inc.

144,375

3,385,594

Macerich

Co.

(The)

95,255

1,641,243

NETSTREIT

Corp.

136,105

2,500,249

Phillips

Edison

&

Co.,

Inc.

90,752

3,255,274

Simon

Property

Group,

Inc.

77,498

12,127,662

Tanger,

Inc.

149,251

4,407,382

30,346,596

Specialized

REITs

23

.3

%

American

Tower

Corp.

10,375

2,049,996

CubeSmart

128,024

5,789,246

Digital

Realty

Trust,

Inc.

53,480

7,703,259

Equinix,

Inc.

22,451

18,529,484

Extra

Space

Storage,

Inc.

40,467

5,948,649

Iron

Mountain,

Inc.

60,317

4,838,027

Lamar

Advertising

Co.,

Class

A

25,488

3,043,522

VICI

Properties,

Inc.,

Class

A

74,075

2,206,694

50,108,877

Total

Investments

(cost

$166,027,241)

—

98.7%

212,371,458

Other

assets

in

excess

of

liabilities

—

1.3%

2,699,039

NET

ASSETS

—

100.0%

$

215,070,497

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

MX

Mexico

REIT

Real

Estate

Investment

Trust

NVIT

Real

Estate

Fund

-

March

31,

2024

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

212,371,458

$

–

$

–

$

212,371,458

Total

$

212,371,458

$

–

$

–

$

212,371,458

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

7.7%

Principal

Amount

($)

Value

($)

Airlines

0.8%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

259,500

238,715

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

1,807,369

1,572,501

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

198,492

195,301

2,006,517

Automobiles

3.4%

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

Series

2024-1A,

Class

B,

6.87%,

6/17/2030(a)

870,000

868,729

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

C,

6.48%,

6/20/2030(a)

540,000

546,720

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

C,

6.43%,

4/15/2027

985,000

1,003,593

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

600,000

566,982

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

490,000

455,923

GLS

Auto

Select

Receivables

Trust,

Series

2024-

1A,

Class

D,

6.43%,

1/15/2031(a)

650,000

659,037

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

1,560,000

1,533,400

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

1,000,000

966,952

Santander

Bank

Auto

Credit-

Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(a)

1,075,000

1,115,343

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

C,

5.45%,

3/15/2030

740,000

737,746

8,454,425

Credit

Card

0.5%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,191,918

Equipment

Loans

&

Leases

0.3%

NMEF

Funding

LLC,

Series

2023-A,

Class

C,

8.04%,

6/17/2030(a)

750,000

746,779

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Financial

Services

0.4%

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/2054(a)

600,000

564,425

Switch

ABS

Issuer

LLC,

Series

2024-1A,

Class

A2,

6.28%,

3/25/2054(a)

300,000

297,762

862,187

Other

2.3%

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

1,868,907

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,450,037

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

674,465

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

7.63%,

2/20/2030(a)(b)

650,000

641,471

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

946,930

5,581,810

Total

Asset-Backed

Securities

(cost

$19,790,455)

18,843,636

Collateralized

Mortgage

Obligations

13.5%

Bellemeade

Re

Ltd.,

Series

2021-3A,

Class

B1,

9.17%,

9/25/2031(a)(b)

2,100,000

2,089,241

Connecticut

Avenue

Securities

Trust

Series

2023-R03,

Class

2M1,

7.82%,

4/25/2043(a)

(b)

834,452

850,931

Series

2023-R06,

Class

1M1,

7.02%,

7/25/2043(a)

(b)

868,784

876,440

Series

2024-R02,

Class

1B1,

7.82%,

2/25/2044(a)(b)

1,270,000

1,277,937

Eagle

RE

Ltd.,

Series

2023-

1,

Class

M1B,

9.27%,

9/26/2033(a)(b)

2,380,000

2,458,882

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

604,634

436,324

FHLMC

STACR

REMIC

Trust

Series

2020-HQA5,

Class

B2,

12.72%,

11/25/2050(a)

(b)

1,140,000

1,353,653

Series

2020-DNA6,

Class

B2,

10.97%,

12/25/2050(a)

(b)

2,115,000

2,317,472

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

16.43%,

10/25/2048(a)

(b)

2,800,000

3,542,696

2

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-DNA3,

Class

B2,

13.58%,

7/25/2049(a)(b)

1,360,000

1,567,641

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

82,598,222

925,695

GCAT

Trust,

Series

2021-

CM1,

Class

M1,

2.28%,

4/25/2065(a)(b)

805,000

659,650

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,819,297

327,460

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

909,517

155,876

Home

RE

Ltd.,

Series

2023-

1,

Class

M1B,

9.92%,

10/25/2033(a)(b)

570,000

591,619

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.22%,

7/25/2051(a)(b)

27,515,178

316,661

JP

Morgan

Mortgage

Trust

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

46,153,457

294,145

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

51,276,328

323,672

MFA

Trust,

Series

2023-

RTL2,

Class

A1,

8.50%,

11/25/2028(a)(c)

718,000

729,133

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

9.78%,

7/25/2029(a)(b)

3,270,000

3,295,741

Radnor

RE

Ltd.

Series

2023-1,

Class

M1A,

8.02%,

7/25/2033(a)(b)

1,930,000

1,956,691

Series

2023-1,

Class

M1B,

9.67%,

7/25/2033(a)(b)

510,000

528,611

Saluda

Grade

Alternative

Mortgage

Trust

Series

2024-RTL4,

Class

A1,

7.50%,

2/25/2030(a)(c)

960,000

962,890

Series

2024-RTL5,

Class

A1,

7.76%,

4/25/2030(a)(c)

860,000

860,599

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

15.93%,

2/25/2047(a)(b)

2,000,000

2,452,943

Towd

Point

Mortgage

Trust,

Series

2022-SJ1,

Class

B1,

5.25%,

3/25/2062(a)(b)

1,829,000

1,634,309

Visio

Trust,

Series

2020-

1R,

Class

M1,

2.93%,

11/25/2055(a)

490,000

433,440

Total

Collateralized

Mortgage

Obligations

(cost

$30,612,696)

33,220,352

Commercial

Mortgage-Backed

Securities

7.8%

BX

Trust,

Series

2021-

ARIA,

Class

D,

7.33%,

10/15/2036(a)(b)

1,700,000

1,666,000

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Commercial

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.46%,

10/10/2048(b)

3,000,000

2,341,968

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

9.07%,

1/25/2051(a)(b)

1,275,000

1,246,644

Series

2021-MN3,

Class

M2,

9.32%,

11/25/2051(a)

(b)

1,615,000

1,584,234

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

7.54%,

10/15/2036(a)(b)

700,000

673,387

Series

2021-IP,

Class

E,

8.99%,

10/15/2036(a)(b)

300,000

295,060

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.33%,

6/15/2049(a)(b)

2,500,000

1,183,445

Med

Trust,

Series

2021-

MDLN,

Class

F,

9.44%,

11/15/2038(a)(b)

1,084,794

1,082,761

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.19%,

4/15/2048(a)(b)

2,000,000

1,384,463

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,560,114

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

715,000

575,235

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

14.18%,

10/25/2049(a)(b)

2,136,000

2,086,194

SLG

Office

Trust,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

3,425,000

2,600,426

Total

Commercial

Mortgage-Backed

Securities

(cost

$22,199,767)

19,279,931

Common

Stocks

0.4%

Shares

Paper

&

Forest

Products

0.2%

Catalyst

Paper

Corp.

*^∞

344,368

422,195

Passenger

Airlines

0.2%

Grupo

Aeromexico

SAB

de

CV

*^∞

43,743

544,666

Total

Common

Stocks

(cost

$729,291)

966,861

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

61.0%

Principal

Amount

($)

Value

($)

Automobiles

1.0%

Hyundai

Capital

America

,

5.68%,

6/26/2028(a)(d)

950,000

963,099

6.50%,

1/16/2029(a)(d)

690,000

723,888

6.20%,

9/21/2030(a)

770,000

803,137

2,490,124

Banks

16.1%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.62%),

5.73%,

9/18/2034(a)(e)

1,375,000

1,368,112

Banco

Bilbao

Vizcaya

Argentaria

SA

,

5.38%,

3/13/2029

800,000

807,106

Banco

Santander

SA

,

6.92%,

8/8/2033

800,000

837,176

6.94%,

11/7/2033

1,600,000

1,767,266

Bank

of

Nova

Scotia

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(e)

782,000

708,875

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(d)(e)

1,845,000

1,956,549

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.00%),

5.75%,

8/9/2033(d)(e)

1,155,000

1,159,917

CaixaBank

SA

,

(SOFR

+

2.77%),

6.84%,

9/13/2034(a)(e)

1,280,000

1,368,091

(SOFR

+

2.26%),

6.04%,

6/15/2035(a)(e)

200,000

201,781

Citigroup,

Inc.

,

(SOFR

+

2.66%),

6.17%,

5/25/2034(e)

1,110,000

1,127,193

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(e)

295,000

294,576

Comerica

Bank

,

(SOFR

+

2.61%),

5.33%,

8/25/2033(e)

989,000

899,732

Federation

des

Caisses

Desjardins

du

Quebec

,

5.25%,

4/26/2029(a)

1,480,000

1,476,501

HSBC

Holdings

plc

,

(SOFR

+

3.35%),

7.39%,

11/3/2028(d)(e)

1,145,000

1,218,181

ING

Groep

NV

,

(SOFR

+

1.44%),

5.34%,

3/19/2030(d)(e)

955,000

952,666

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

4.25%,

5/16/2031(e)(f)

2,408,000

1,826,921

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Intesa

Sanpaolo

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

4.40%),

8.25%,

11/21/2033(a)(d)(e)

1,380,000

1,540,358

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.90%),

7.78%,

6/20/2054(a)(e)

955,000

1,018,444

KeyCorp

,

(United

States

SOFR

Compounded

Index

+

2.42%),

6.40%,

3/6/2035(d)

(e)

510,000

520,815

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

1,006,866

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(d)(e)

1,407,000

1,584,120

NatWest

G

roup

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.20%),

6.48%,

6/1/2034(d)(e)

755,000

767,448

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

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

1,525,000

1,256,168

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(e)

535,000

518,256

(SOFR

+

2.28%),

6.88%,

10/20/2034(d)(e)

980,000

1,073,129

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

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

2,300,000

2,304,476

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.10%),

6.10%,

1/11/2035(a)(d)(e)

1,600,000

1,647,664

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(e)

145,000

154,628

(SOFR

+

2.24%),

4.92%,

7/28/2033(e)

2,350,000

2,188,641

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(e)

1,760,000

1,718,636

US

Bancorp

,

(SOFR

+

2.11%),

4.97%,

7/22/2033(d)(e)

1,240,000

1,172,156

4

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp,

(SOFR

+

2.09%),

5.85%,

10/21/2033(e)

1,995,000

2,034,049

Wells

Fargo

&

Co.

,

(SOFR

+

1.99%),

5.56%,

7/25/2034(e)

120,000

120,463

(SOFR

+

2.06%),

6.49%,

10/23/2034(e)

960,000

1,029,671

39,626,631

Capital

Markets

2.9%

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)(e)

1,310,000

1,256,813

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(e)

695,000

696,414

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%),

5.94%,

2/7/2039(d)(e)

375,000

372,738

Nomura

Holdings,

Inc.

,

5.61%,

7/6/2029

2,400,000

2,429,405

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.76%),

9.25%,

11/13/2033(a)(d)

(e)(f)

390,000

440,130

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

1/12/2034(a)(e)

1,890,000

1,939,120

7,134,620

Chemicals

0.6%

Albemarle

Corp.

,

5.65%,

6/1/2052(d)

302,000

277,014

Rain

Carbon,

Inc.

,

12.25%,

9/1/2029(a)(d)

1,100,000

1,141,049

1,418,063

Commercial

Services

&

Supplies

0.7%

Element

Fleet

Management

Corp.

,

5.64%,

3/13/2027(a)(d)

550,000

551,705

6.32%,

12/4/2028(a)(d)

1,025,000

1,058,664

1,610,369

Consumer

Finance

4.3%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032(d)

1,090,000

934,845

Ally

Financial,

Inc.

,

(SOFR

+

3.26%),

6.99%,

6/13/2029(d)(e)

1,040,000

1,078,184

8.00%,

11/1/2031(d)

1,219,000

1,357,835

Avolon

Holdings

Funding

Ltd.

,

6.38%,

5/4/2028(a)

1,665,000

1,698,617

Capital

One

Financial

Corp.

,

(SOFR

+

2.60%),

5.82%,

2/1/2034(d)(e)

480,000

479,269

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.,

(SOFR

+

2.86%),

6.38%,

6/8/2034(e)

1,260,000

1,308,528

Ford

Motor

Credit

Co.

LLC

,

2.90%,

2/10/2029(d)

1,422,000

1,253,781

General

Motors

Financial

Co.,

Inc.

,

6.40%,

1/9/2033

2,340,000

2,452,160

10,563,219

Distributors

0.5%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

1,247,000

1,241,298

Diversified

Consumer

Services

0.3%

Champions

Financing,

Inc.

,

8.75%,

2/15/2029(a)(d)

620,000

649,541

Diversified

REITs

0.4%

Uniti

Group

LP

,

6.00%,

1/15/2030(a)

1,450,000

1,081,140

Diversified

Telecommunication

Services

1.2%

Altice

France

SA

,

5.13%,

7/15/2029(a)

835,000

564,488

Total

Play

Telecomunicaciones

SA

de

CV

,

6.38%,

9/20/2028(a)

2,605,000

1,279,547

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)(d)

1,135,000

1,050,523

2,894,558

Electric

Utilities

1.5%

Light

Servicos

de

Eletricidade

SA

,

4.38%,

6/18/2026(a)(g)

1,730,000

826,075

PacifiCorp

,

5.45%,

2/15/2034(d)

1,330,000

1,334,280

Vistra

Operations

Co.

LLC

,

7.75%,

10/15/2031(a)

1,195,000

1,251,499

6.95%,

10/15/2033(a)(d)

295,000

314,872

3,726,726

Electrical

Equipment

0.8%

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/2029(a)

EUR

1,080,000

1,034,611

Regal

Rexnord

Corp.

,

6.30%,

2/15/2030(a)

1,030,000

1,054,419

2,089,030

Energy

Equipment

&

Services

0.7%

Borr

IHC

Ltd.

,

10.00%,

11/15/2028(a)(d)

425,000

441,382

10.38%,

11/15/2030(a)

305,000

317,200

USA

Compression

Partners

LP

,

7.13%,

3/15/2029(a)

895,000

906,148

1,664,730

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

6.0%

Alamo

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.18%),

12.55%,

6/7/2024(a)(e)

700,000

707,490

Series

A,

(T-BILL

1MO

+

8.50%),

13.87%,

6/7/2026(a)(e)

700,000

720,300

Aquila

Re

I

Ltd.

,

Series

A-1,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.55%,

6/8/2026(a)(e)

450,000

453,015

Series

C-1,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.55%,

6/8/2026(a)(e)

450,000

464,805

Atlas

Capital

DAC

,

Series

A,

(SOFR

+

7.25%),

12.60%,

6/5/2026(a)(e)

450,000

469,035

Black

Kite

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.85%),

12.21%,

6/9/2025(a)(e)

450,000

455,715

Cape

Lookout

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

6.50%),

11.86%,

4/28/2026(a)(e)

450,000

461,835

Series

A,

(T-BILL

1MO

+

8.00%),

13.06%,

4/5/2027(a)(e)

250,000

250,000

Citrus

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.75%),

12.08%,

6/7/2026(a)(e)

450,000

463,770

Everglades

Re

II

Ltd.

,

Series

A-1,

(T-BILL

1MO

+

6.61%),

11.98%,

5/14/2024(a)(e)

1,000,000

1,004,000

Series

B-1,

(T-BILL

1MO

+

7.63%),

13.00%,

5/14/2024(a)(e)

500,000

502,000

Four

Lakes

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.50%),

11.80%,

1/7/2026(a)(e)

450,000

459,540

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

5.75%,

1/7/2027(a)(e)

250,000

254,125

Gateway

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

13.00%),

18.37%,

2/24/2026(a)(e)

450,000

486,225

Series

AA,

(T-BILL

1MO

+

1.50%),

6.83%,

7/8/2027(a)

(e)

250,000

249,988

Herbie

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.00%),

11.38%,

1/7/2028(a)(e)

250,000

247,550

High

Point

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.12%,

1/6/2027(a)(e)

250,000

252,250

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Hypatia

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.50%),

14.79%,

4/8/2026(a)(e)

450,000

478,125

Lightning

Re

,

Series

2023,

(3

Month

Treasury

Bill

Rate

+

11.00%),

16.37%,

3/31/2026(a)(e)

400,000

430,000

Locke

Tavern

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.75%),

4.75%,

4/9/2026(a)(e)

450,000

458,640

Long

Point

Re

IV

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

4.25%),

9.65%,

6/1/2026(a)(e)

450,000

452,565

Mona

Lisa

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

17.80%,

1/8/2026(a)(e)

450,000

486,315

Mystic

Re

IV

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

11.69%),

17.03%,

1/8/2025(a)(e)

450,000

441,090

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.55%,

1/8/2026(a)(e)

450,000

468,585

Series

A,

(3

Month

Treasury

Bill

Rate

+

12.00%),

17.35%,

1/8/2027(a)(e)

250,000

254,975

Queen

Street

2023

RE

DAC

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.50%),

12.87%,

12/8/2025(a)(e)

450,000

469,800

Sanders

Re

III

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.61%),

8.95%,

4/7/2026(a)(e)

450,000

434,070

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.46%),

11.80%,

6/5/2026(a)(e)

450,000

459,315

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.09%,

4/7/2027(a)(e)

450,000

452,385

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.09%,

4/7/2028(a)(e)

250,000

253,750

Sussex

Capital

UK

Pcc

Ltd.

,

(3

Month

Treasury

Bill

Rate

+

8.36%),

13.75%,

1/8/2025(a)(e)

450,000

451,980

Topanga

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.05%),

8.61%,

1/8/2026(a)(e)

450,000

432,450

6

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Ursa

Re

Ltd.

,

Series

Aa,

(3

Month

Treasury

Bill

Rate

+

5.50%),

10.85%,

12/6/2025(a)(e)

450,000

457,515

14,783,203

Food

Products

1.4%

Bimbo

Bakeries

USA,

Inc.

,

5.38%,

1/9/2036(a)

640,000

634,959

JBS

USA

LUX

SA

,

5.75%,

4/1/2033(d)

645,000

635,436

6.50%,

12/1/2052(d)

1,285,000

1,269,711

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

1,145,000

957,271

3,497,377

Gas

Utilities

0.7%

KeySpan

Gas

East

Corp.

,

5.99%,

3/6/2033(a)(d)

1,770,000

1,793,768

Ground

Transportation

0.3%

Ashtead

Capital,

Inc.

,

5.95%,

10/15/2033(a)

700,000

707,818

Health

Care

Equipment

&

Supplies

0.3%

Smith

&

Nephew

plc

,

5.40%,

3/20/2034

760,000

756,247

Health

Care

Providers

&

Services

0.2%

Humana,

Inc.

,

5.38%,

4/15/2031

375,000

375,202

Health

Care

REITs

0.7%

MPT

Operating

Partnership

LP

,

3.50%,

3/15/2031(d)

2,550,000

1,750,881

Hotels,

Restaurants

&

Leisure

3.7%

Carnival

Corp.

,

6.00%,

5/1/2029(a)(d)

2,005,000

1,978,353

Darden

Restaurants,

Inc.

,

6.30%,

10/10/2033

2,960,000

3,088,234

Grupo

Posadas

SAB

de

CV

,

7.00%,

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

1,529,690

1,409,227

Hilton

Grand

Vacations

Borrower

Escrow

LLC

,

6.63%,

1/15/2032(a)

715,000

717,887

Marriott

International,

Inc.

,

5.30%,

5/15/2034

1,025,000

1,013,796

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5.63%,

2/15/2029(a)

910,000

885,594

9,093,091

Insurance

5.1%

Blue

Ridge

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.62%,

1/8/2027(a)(e)

250,000

250,225

Series

B,

(T-BILL

1MO

+

8.00%),

13.37%,

1/8/2027(a)(e)

250,000

255,625

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Bonanza

RE

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

5.78%),

11.13%,

3/16/2025(a)(e)

250,000

234,525

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.25%),

13.60%,

1/8/2026(a)(e)

450,000

455,805

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(e)

2,010,000

1,657,654

First

Coast

Re

IV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.00%),

9.00%,

4/7/2026(a)(e)

400,000

409,280

FloodSmart

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

16.25%),

21.61%,

3/11/2026(a)(e)

800,000

808,080

Series

A,

(3

Month

Treasury

Bill

Rate

+

14.00%),

19.37%,

3/12/2027(a)(e)

500,000

498,250

Integrity

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.00%),

17.38%,

6/6/2025(a)(e)

400,000

414,920

Series

B,

(T-BILL

1MO

+

13.25%),

18.62%,

6/6/2026(a)(e)

250,000

249,625

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

828,182

Merna

Reinsurance

II

Ltd.

,

Series

3,

(3

Month

Treasury

Bill

Rate

+

7.53%),

7.25%,

7/7/2025(e)

250,000

255,375

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.75%),

13.05%,

7/7/2026(a)(e)

400,000

419,200

Series

B,

(3

Month

Treasury

Bill

Rate

+

10.25%),

15.55%,

7/7/2026(a)(e)

450,000

481,050

Metropolitan

Life

Global

Funding

I

,

5.15%,

3/28/2033(a)

1,145,000

1,146,288

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(e)

170,000

167,212

Residential

Reinsurance

2020

Ltd.

,

Series

3,

(3

Month

Treasury

Bill

Rate

+

8.66%),

14.02%,

12/6/2024(a)(e)

416,000

402,771

Residential

Reinsurance

2023

Ltd.

,

Series

5,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.11%,

12/6/2027(a)(e)

250,000

250,400

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Residential

Reinsurance

2023

Ltd.,

Series

3,

(T-BILL

1MO

+

8.50%),

13.86%,

12/6/2027(a)(e)

250,000

248,550

Solomon

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.62%,

6/8/2026(a)(e)

450,000

466,830

Titania

RE

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.25%),

17.63%,

2/27/2026(a)(e)

450,000

490,500

Torrey

Pines

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.00%),

10.37%,

6/5/2026(a)(e)

450,000

456,615

Torrey

Pines

Re

Pte.

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.18%),

9.55%,

6/7/2024(a)(e)

250,000

249,250

Vitality

Re

XII

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

8.05%,

1/7/2025(a)(e)

250,000

249,050

Vitality

Re

XIII

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

7.30%,

1/6/2026(a)(e)

450,000

446,445

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

8.05%,

1/6/2026(a)(e)

250,000

247,800

Vitality

Re

XIV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

8.80%,

1/5/2027(a)(e)

500,000

508,400

12,547,907

Media

1.3%

Charter

Communications

Operating

LLC

,

6.65%,

2/1/2034(d)

2,225,000

2,280,724

CSC

Holdings

LLC

,

11.75%,

1/31/2029(a)

415,000

415,647

4.63%,

12/1/2030(a)

775,000

393,556

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(g)

693,000

19,058

3,108,985

Metals

&

Mining

0.6%

First

Quantum

Minerals

Ltd.

,

9.38%,

3/1/2029(a)(d)

335,000

347,032

Galileo

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

7.00%),

12.36%,

1/8/2026(a)(e)

250,000

256,750

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.00%),

12.36%,

1/7/2028(a)(e)

250,000

260,350

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Newmont

Corp.

,

5.35%,

3/15/2034(a)

510,000

513,252

1,377,384

Multi-Utilities

0.5%

Algonquin

Power

&

Utilities

Corp.

,

5.37%,

6/15/2026(c)

95,000

94,486

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(e)

1,330,000

1,172,469

1,266,955

Office

REITs

1.1%

COPT

Defense

Properties

LP

,

2.90%,

12/1/2033(d)

3,150,000

2,470,034

Highwoods

Realty

LP

,

3.05%,

2/15/2030(d)

79,000

66,615

2.60%,

2/1/2031

83,000

65,588

2,602,237

Oil,

Gas

&

Consumable

Fuels

4.7%

Aker

BP

ASA

,

6.00%,

6/13/2033(a)

2,005,000

2,070,320

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)(d)

1,090,000

1,147,456

Enbridge,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.43%),

8.50%,

1/15/2084(d)(e)

990,000

1,075,670

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)

620,000

605,298

6.55%,

12/1/2033

1,225,000

1,315,028

Golar

LNG

Ltd.

,

7.00%,

10/20/2025(a)

688,751

681,864

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

835,711

756,587

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)

481,000

464,350

Petroleos

Mexicanos

,

6.70%,

2/16/2032

2,047,000

1,702,372

SCC

Power

plc

,

4.00%,

12/31/2028(a)(h)

1,940,636

791,368

Tullow

Oil

plc

,

10.25%,

5/15/2026(a)

1,106,000

1,051,722

11,662,035

Passenger

Airlines

1.6%

ABRA

Global

Finance

,

6.00%,

3/2/2028(a)(h)

877,224

807,616

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)(d)

345,000

339,120

8

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Passenger

Airlines

Grupo

Aeromexico

SAB

de

CV

,

8.50%,

3/17/2027(a)

1,115,000

1,105,521

VistaJet

Malta

Finance

plc

,

7.88%,

5/1/2027(a)(d)

810,000

684,793

6.38%,

2/1/2030(a)(d)

1,192,000

878,651

3,815,701

Pharmaceuticals

0.0%

†

Tricida,

Inc.

,

3.50%,

5/15/2027^∞

2,520,000

0

Real

Estate

Management

&

Development

0.4%

Kennedy-Wilson,

Inc.

,

4.75%,

2/1/2030(d)

1,160,000

925,309

Residential

REITs

0.9%

Sun

Communities

Operating

LP

,

5.70%,

1/15/2033

2,305,000

2,285,948

Semiconductors

&

Semiconductor

Equipment

0.3%

Foundry

JV

Holdco

LLC

,

5.88%,

1/25/2034(a)

660,000

660,995

Tobacco

0.2%

BAT

Capital

Corp.

,

6.00%,

2/20/2034

605,000

612,590

Total

Corporate

Bonds

(cost

$153,488,384)

149,813,682

Foreign

Government

Security

0.4%

SAUDI

ARABIA

0.4%

Kingdom

of

Saudi

Arabia,

5.75%,

1/16/2054(a)

980,000

967,750

Total

Foreign

Government

Security

(cost

$958,417)

967,750

Loan

Participations

0.8%

Building

Products

0.1%

MIWD

Holdco

II

LLC,

Term

Loan,

(CME

Term

SOFR

1

Month

+

0.00%),

0.00%,

3/20/2031

(e)

220,000

218,900

0

Media

0.7%

Directv

Financing

LLC,

Term

Loan,

(CME

Term

SOFR

1

Month

+

5.25%),

10.69%,

8/2/2029

(e)

444,763

444,055

Loan

Participations

Principal

Amount

($)

Value

($)

Media

Radiate

Holdco

LLC,

Term

Loan

B,

(CME

Term

SOFR

1

Month

+

3.25%),

8.69%,

9/25/2026

(e)

1,647,088

1,374,198

1,818,253

0

Total

Loan

Participations

(cost

$2,305,238)

2,037,153

Mortgage-Backed

Securities

7.3%

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

Conventional

Pool

TBA

5.50%,

4/25/2039

900,000

906,952

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

4/25/2054

2,200,000

2,220,029

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

4/25/2054

3,800,000

3,140,549

3.00%,

4/25/2054

3,600,000

3,096,760

3.50%,

4/25/2054

2,000,000

1,789,755

5.50%,

4/25/2054

1,800,000

1,791,065

6.50%,

4/25/2054

2,200,000

2,247,560

GNMA

TBA

6.00%,

4/15/2054

1,300,000

1,311,362

6.50%,

4/15/2054

1,300,000

1,321,675

Total

Mortgage-Backed

Securities

(cost

$17,840,129)

17,825,707

Warrants

0.0%

†

Number

of

Warrants

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026

*

35,000

6,626

Total

Warrants

(cost

$0)

6,626

Short-Term

Investment

3.2%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligation

3.2%

U.S.

Treasury

Bills,

5.29%,

4/23/2024(i)

8,000,000

7,974,236

Total

Short-Term

Investment

(cost

$7,974,221)

7,974,236

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Repurchase

Agreements

6.9%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,000,593,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$1,020,000.

(j)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,907,551,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$2,963,947.

(j)

2,905,830

2,905,830

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$5,100,000.

(j)

5,

000,000

5,000,000

MetLife,

Inc.

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,180,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$2,041,419.

(j)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,003,554,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$6,120,002.

(j)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$16,905,830)

16,905,830

Total

Investments

(cost

$272,804,428)

—

109.0%

267,841,764

Liabilities

in

excess

of

other

assets

—

(9.0)%

(22,042,846)

NET

ASSETS

—

100.0%

$

245,798,918

*

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,

2024

was

$152,350,013

which

represents

61.98%

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,

2024.

(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,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$31,512,156,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,905,830

and

by

$15,757,279

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$32,663,109.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2024.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2024.

The

maturity

date

reflects

the

next

call

date.

(g)

Security

in

default.

(h)

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.

(i)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

10

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2024

was

$16,905,830.

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

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:

EUR

Euro

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2024

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

41-V2

5.00

Quarterly

12/20/2028

3.12

USD

77,000,000

(284,174)

(5,423,206)

(5,707,380)

(284,174)

(5,423,206)

(5,707,380)

As

of

March

31,

2024,

the

Fund

had

$3,480,558

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

12

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

1,036,762

EUR

950,914

Morgan

Stanley

Co.,

Inc.

4/19/2024

10,174

USD

585,447

MXN

9,845,834

Morgan

Stanley

Co.,

Inc.

6/27/2024

1,235

Total

unrealized

appreciation

11,409

Net

unrealized

appreciation

11,409

Currency:

EUR

Euro

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

88

6/2024

USD

17,994,625

(15,332)

U.S.

Treasury

10

Year

Note

3

6/2024

USD

332,391

(382)

U.S.

Treasury

Long

Bond

7

6/2024

USD

843,062

10,155

Total

long

contracts

(5,559)

Short

Contracts

Euro-Bobl

(13)

6/2024

EUR

(1,658,462)

(7,696)

Euro-Bund

(29)

6/2024

EUR

(4,173,013)

(36,822)

U.S.

Treasury

5

Year

Note

(158)

6/2024

USD

(16,908,469)

(3,554)

U.S.

Treasury

10

Year

Ultra

Note

(545)

6/2024

USD

(62,462,109)

(409,801)

U.S.

Treasury

Ultra

Bond

(34)

6/2024

USD

(4,386,000)

(47,367)

Total

short

contracts

(505,240)

Net

contracts

(510,799)

As

of

March

31,

2024,

the

Fund

had

$2,055,206

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,

2024

(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,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

18,843,636

$

–

$

18,843,636

Collateralized

Mortgage

Obligations

–

33,220,352

–

33,220,352

Commercial

Mortgage-Backed

Securities

–

19,279,931

–

19,279,931

Common

Stocks

–

–

966,861

966,861

Corporate

Bonds

Automobiles

–

2,490,124

–

2,490,124

Banks

–

39,626,631

–

39,626,631

Capital

Markets

–

7,134,620

–

7,134,620

Chemicals

–

1,418,063

–

1,418,063

Commercial

Services

&

Supplies

–

1,610,369

–

1,610,369

Consumer

Finance

–

10,563,219

–

10,563,219

Distributors

–

1,241,298

–

1,241,298

Diversified

Consumer

Services

–

649,541

–

649,541

Diversified

REITs

–

1,081,140

–

1,081,140

Diversified

Telecommunication

Services

–

2,894,558

–

2,894,558

Electric

Utilities

–

3,726,726

–

3,726,726

Electrical

Equipment

–

2,089,030

–

2,089,030

Energy

Equipment

&

Services

–

1,664,730

–

1,664,730

Financial

Services

–

14,783,203

–

14,783,203

Food

Products

–

3,497,377

–

3,497,377

Gas

Utilities

–

1,793,768

–

1,793,768

Ground

Transportation

–

707,818

–

707,818

Health

Care

Equipment

&

Supplies

–

756,247

–

756,247

Health

Care

Providers

&

Services

–

375,202

–

375,202

Health

Care

REITs

–

1,750,881

–

1,750,881

Hotels,

Restaurants

&

Leisure

–

9,093,091

–

9,093,091

Insurance

–

12,547,907

–

12,547,907

Media

–

3,108,985

–

3,108,985

Metals

&

Mining

–

1,377,384

–

1,377,384

Multi-Utilities

–

1,266,955

–

1,266,955

Office

REITs

–

2,602,237

–

2,602,237

Oil,

Gas

&

Consumable

Fuels

–

11,662,035

–

11,662,035

Passenger

Airlines

–

3,815,701

–

3,815,701

Pharmaceuticals

–

–

–

–

Real

Estate

Management

&

Development

–

925,309

–

925,309

Residential

REITs

–

2,285,948

–

2,285,948

Semiconductors

&

Semiconductor

Equipment

–

660,995

–

660,995

Tobacco

–

612,590

–

612,590

Total

Corporate

Bonds

$

–

$

149,813,682

$

–

$

149,813,682

Foreign

Government

Security

–

967,750

–

967,750

Forward

Foreign

Currency

Contracts

–

11,409

–

11,409

Futures

Contracts

10,155

–

–

10,155

Loan

Participations

–

2,037,153

–

2,037,153

Mortgage-Backed

Securities

–

17,825,707

–

17,825,707

Repurchase

Agreements

–

16,905,830

–

16,905,830

Short-Term

Investment

–

7,974,236

–

7,974,236

Warrants

6,626

–

–

6,626

Total

Assets

$

16,781

$

266,879,686

$

966,861

$

267,863,328

Liabilities:

Credit

Default

Swaps†

$

–

$

(5,423,206)

$

–

$

(5,423,206)

Futures

Contracts

(520,954)

–

–

(520,954)

Total

Liabilities

$

(520,954)

$

(

5,423,206)

$

–

$

(5,944,160)

Total

$

(504,173)

$

261,456,480

$

966,861

$

261,919,168

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

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,

2024.

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

As

of

March

31,

2024,

the

Fund

held

one

corporate

bond

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Common

Stocks

Total

Balance

as

of

12/31/2023

$

566,719

$

566,719

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

400,142

400,142

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2024

$

966,861

$

966,861

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

3/31/2024

$

400,142

$

400,142

16

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

March

31,

2024

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

NVIT

Amundi

Multi

Sector

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

11,409

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

10,155

Total

$

21,564

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(5,423,206)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(520,954)

Total

$

(5,944,160)

†

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.

18

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Asset-Backed

Securities

8.8%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

30,580

30,088

Automobiles

1.6%

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,814,000

1,796,042

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A,

2.33%,

8/20/2026(a)

2,475,000

2,385,664

Bayview

Opportunity

Master

Fund

VII

LLC,

Series

2024-

CAR1,

Class

A,

0.00%,

12/26/2031(a)(b)

1,250,000

1,250,000

Bayview

Opportunity

Master

Fund

VII

Trust,

Series

2024-SN1,

Class

C,

5.83%,

12/15/2028(a)

1,064,000

1,066,637

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

1,332,623

1,340,752

Credit

Acceptance

Auto

Loan

Trust,

Series

2022-

3A,

Class

A,

6.57%,

10/15/2032(a)

1,765,000

1,775,763

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

2,215,756

2,209,828

Ford

Credit

Auto

Owner

Trust

Series

2022-C,

Class

A4,

4.59%,

12/15/2027

4,071,000

4,030,459

Series

2024-1,

Class

A,

4.87%,

8/15/2036(a)

2,482,000

2,476,924

Oscar

US

Funding

XVI

LLC,

Series

2024-1A,

Class

A3,

5.54%,

2/10/2028(a)

1,854,000

1,851,123

Santander

Drive

Auto

Receivables

Trust

Series

2022-1,

Class

B,

2.36%,

8/17/2026

1,508,596

1,502,065

Series

2022-5,

Class

A3,

4.11%,

8/17/2026

578,342

576,633

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A2A,

5.89%,

3/22/2027(a)

1,452,432

1,454,732

Tesla

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

6.13%,

9/21/2026(a)

4,393,000

4,433,211

US

Bank

NA,

Series

2023-

1,

Class

B,

6.79%,

8/25/2032(a)

447,564

450,149

28,599,982

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

0.3%

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

514,002

512,729

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

1,232,000

1,238,556

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A3,

5.90%,

3/15/2027

4,184,000

4,219,783

5,971,068

Other

6.4%

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

6.62%,

4/21/2035(a)(b)

8,660,000

8,666,495

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

7.09%,

4/15/2034(a)(b)

5,600,000

5,577,505

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

4,008,000

3,582,839

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,091,815

3,744,994

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/2051(a)

4,941,000

4,477,588

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-

9A,

Class

A1TR,

7.13%,

10/15/2033(a)(b)

7,250,000

7,230,258

Fortress

Credit

Opportunities

XVII

CLO

Ltd.,

Series

2022-17A,

Class

A,

6.68%,

1/15/2030(a)(b)

2,464,173

2,461,174

Hilton

Grand

Vacations

Trust

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

398,138

386,390

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

825,694

833,310

Marlette

Funding

Trust,

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

144,456

144,225

MCF

CLO

IX

Ltd.,

Series

2019-1A,

Class

A1RR,

7.29%,

4/17/2036(a)(b)

6,200,000

6,201,091

MetroNet

Infrastructure

Issuer

LLC,

Series

2024-1A,

Class

A2,

6.23%,

4/20/2054(a)

418,400

418,735

MF1

Ltd.

Series

2021-FL7,

Class

AS,

6.89%,

10/16/2036(a)(b)

6,378,500

6,249,906

Series

2022-FL8,

Class

A,

6.68%,

2/19/2037(a)(b)

4,210,351

4,173,517

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.,

Series

2022-47A,

Class

A,

6.62%,

4/14/2035(a)(b)

12,721,428

12,727,751

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,364,883

OneMain

Financial

Issuance

Trust,

Series

2019-

2A,

Class

A,

3.14%,

10/14/2036(a)

3,625,000

3,412,654

PFS

Financing

Corp.,

Series

2021-B,

Class

A,

0.77%,

8/15/2026(a)

8,280,000

8,124,922

Purewest

Funding

LLC,

Series

2021-1,

Class

A1,

4.09%,

12/22/2036(a)

1,246,655

1,206,647

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,523,291

Stratus

CLO

Ltd.,

Series

2021-3A,

Class

A,

6.53%,

12/29/2029(a)(b)

3,822,409

3,822,366

Textainer

Marine

Containers

VII

Ltd.

Series

2020-2A,

Class

A,

2.10%,

9/20/2045(a)

2,791,269

2,534,898

Series

2021-2A,

Class

A,

2.23%,

4/20/2046(a)

2,894,167

2,592,720

TIF

Funding

III

LLC,

Series

2024-1A,

Class

A,

5.48%,

5/22/2034(a)

4,006,000

4,029,832

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

6.75%,

7/21/2034(a)(b)

1,450,000

1,450,151

Upstart

Securitization

Trust,

Series

2021-5,

Class

A,

1.31%,

11/20/2031(a)

39,246

39,141

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

6.85%,

7/20/2032(a)(b)

14,600,000

14,608,045

117,585,328

Student

Loan

0.5%

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

4,989,463

4,312,691

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

4,980,286

4,355,822

8,668,513

Total

Asset-Backed

Securities

(cost

$165,544,948)

160,854,979

Collateralized

Mortgage

Obligations

1.6%

Angel

Oak

Mortgage

Trust

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

417,178

403,794

Series

2024-3,

Class

A2,

4.80%,

11/26/2068(a)(c)

401,000

384,743

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

BRAVO

Residential

Funding

Trust,

Series

2023-

NQM5,

Class

A2,

6.86%,

6/25/2063(a)(c)

1,636,429

1,644,772

COLT

Mortgage

Loan

Trust,

Series

2023-3,

Class

A2,

7.43%,

9/25/2068(a)(c)

3,166,009

3,207,520

Cross

Mortgage

Trust

Series

2024-H2,

Class

A2,

6.42%,

4/25/2069(a)(c)

1,114,548

1,115,840

Series

2024-H2,

Class

A3,

6.52%,

4/25/2069(a)(c)

1,486,500

1,488,217

GCAT

Trust,

Series

2019-

NQM3,

Class

A1,

3.69%,

11/25/2059(a)(b)

688,183

653,742

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.69%,

11/20/2051(b)

2,303,094

2,334,824

Imperial

Fund

Mortgage

Trust,

Series

2023-NQM1,

Class

A1,

5.94%,

2/25/2068(a)(c)

1,854,060

1,836,941

J.P.

Morgan

Mortgage

Trust,

Series

2024-CES1,

Class

A2,

6.15%,

6/25/2054(a)(b)

1,874,464

1,876,983

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

1,045,511

956,555

Series

2022-NQM1,

Class

A1,

2.28%,

4/25/2061(a)(b)

7,847,884

6,712,743

RCKT

Mortgage

Trust,

Series

2024-CES2,

Class

A2,

6.39%,

4/25/2044(a)

1,420,702

1,419,141

Starwood

Mortgage

Residential

Trust,

Series

2021-3,

Class

A1,

1.13%,

6/25/2056(a)(b)

2,215,167

1,796,535

Towd

Point

Mortgage

Trust,

Series

2023-1,

Class

A1,

3.75%,

1/25/2063(a)

1,600,867

1,505,550

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

3.64%,

11/25/2059(a)(c)

252,766

244,569

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(b)

2,705,206

2,242,591

Total

Collateralized

Mortgage

Obligations

(cost

$31,980,520)

29,825,060

Commercial

Mortgage-Backed

Securities

0.8%

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,255,625

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

3,694,395

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

3,895,000

3,651,809

20

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(b)

2,620,000

2,378,339

Total

Commercial

Mortgage-Backed

Securities

(cost

$15,466,822)

13,980,168

Corporate

Bonds

48.8%

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,313,070

3.63%,

2/1/2031(d)

10,130,000

8,915,371

5.71%,

5/1/2040

1,560,000

1,493,140

5.81%,

5/1/2050

3,910,000

3,699,360

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)(d)

3,620,000

3,629,886

TransDigm,

Inc.

,

7.50%,

3/15/2027(d)

425,000

425,351

5.50%,

11/15/2027

610,000

597,039

6.75%,

8/15/2028(a)

863,000

874,390

23,947,607

Automobiles

0.5%

Ford

Motor

Co.

,

4.75%,

1/15/2043(d)

360,000

298,936

5.29%,

12/8/2046

360,000

320,065

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(a)

1,521,000

1,279,773

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

3,485,000

3,401,849

3.75%,

5/13/2030(a)

4,385,000

4,071,903

9,372,526

Banks

7.7%

Banco

Santander

SA

,

2.75%,

12/3/2030

4,400,000

3,636,573

Bank

of

America

Corp.

,

Series

JJ,

(CME

Term

SOFR

3

Month

+

3.55%),

5.13%,

6/20/2024(e)(f)

1,870,000

1,871,719

Series

X,

(CME

Term

SOFR

3

Month

+

3.97%),

6.25%,

9/05/2024(e)(f)

1,240,000

1,241,411

4.45%,

3/3/2026(d)

4,155,000

4,092,674

Series

FF,

(CME

Term

SOFR

3

Month

+

3.19%),

5.88%,

3/15/2028(e)(f)

1,000,000

984,703

(CME

Term

SOFR

3

Month

+

1.77%),

3.71%,

4/24/2028(d)(f)

3,125,000

2,990,013

(SOFR

+

2.15%),

2.59%,

4/29/2031(f)

4,605,000

3,970,188

(SOFR

+

1.32%),

2.69%,

4/22/2032(d)(f)

5,870,000

4,968,663

(SOFR

+

1.22%),

2.30%,

7/21/2032(d)(f)

5,145,000

4,210,197

(SOFR

+

1.91%),

5.29%,

4/25/2034(f)

5,180,000

5,164,251

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.65%),

5.47%,

1/23/2035(f)

1,034,000

1,040,740

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.63%,

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

1,290,000

1,064,156

Citigroup,

Inc.

,

Series

U,

(SOFR

+

3.81%),

5.00%,

9/12/2024(e)(f)

1,239,000

1,231,345

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(e)(f)

750,000

731,619

(CME

Term

SOFR

3

Month

+

1.16%),

3.35%,

4/24/2025(f)

5,475,000

5,465,908

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%,

12/10/2025(e)(f)

508,000

487,043

Citizens

Bank

NA

,

2.25%,

4/28/2025(d)

729,000

701,387

(SOFR

+

1.45%),

6.06%,

10/24/2025(f)

3,135,000

3,122,418

Citizens

Financial

Group,

Inc.

,

Series

B,

(CME

Term

SOFR

3

Month

+

3.26%),

8.59%,

7/06/2024(e)(f)

2,650,000

2,493,943

(SOFR

+

2.01%),

5.84%,

1/23/2030(f)

1,336,000

1,334,082

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.40%),

5.71%,

3/1/2030(a)(f)

6,249,000

6,288,926

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

630,887

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

4,722,259

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

4/16/2025(e)(f)

1,000,000

987,579

(SOFR

+

1.64%),

3.87%,

3/28/2026(d)(f)

7,254,000

7,124,579

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(e)(f)

1,385,000

1,318,584

JPMorgan

Chase

&

Co.

,

Series

CC,

(CME

Term

SOFR

3

Month

+

2.84%),

8.15%,

5/01/2024(e)(f)

1,430,000

1,433,352

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

Series

FF,

(CME

Term

SOFR

3

Month

+

3.38%),

5.00%,

8/01/2024(e)(f)

1,385,000

1,380,476

Series

HH,

(CME

Term

SOFR

3

Month

+

3.13%),

4.60%,

2/01/2025(e)(f)

2,208,000

2,170,715

Series

KK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.65%,

6/01/2026(e)(f)

450,000

427,382

(CME

Term

SOFR

3

Month

+

1.51%),

2.74%,

10/15/2030(d)(f)

4,550,000

4,029,366

(SOFR

+

1.07%),

1.95%,

2/4/2032(d)(f)

4,610,000

3,755,951

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(d)(f)

2,385,000

1,664,353

PNC

Financial

Services

Group,

Inc.

(The)

,

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(d)(f)

2,671,000

2,749,952

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(f)

1,280,000

1,309,187

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

1,497,729

Truist

Financial

Corp.

,

Series

L,

(CME

Term

SOFR

3

Month

+

3.36%),

8.69%,

12/15/2024(e)(f)

760,000

765,132

Series

P,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%),

4.95%,

9/01/2025(e)(f)

590,000

578,839

(SOFR

+

2.45%),

7.16%,

10/30/2029(f)

1,453,000

1,549,481

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(e)(f)

650,000

604,655

(SOFR

+

2.36%),

5.87%,

6/8/2034(f)

742,000

751,098

(SOFR

+

1.92%),

5.71%,

1/24/2035(f)

14,955,000

15,019,567

US

Bancorp

,

(SOFR

+

2.26%),

5.84%,

6/12/2034(d)(f)

1,532,000

1,561,497

(SOFR

+

1.86%),

5.68%,

1/23/2035(d)(f)

2,963,000

2,991,828

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.

,

Series

S,

(ICE

LIBOR

USD

3

Month

+

3.11%),

5.90%,

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

1,290,000

1,284,552

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

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

645,000

643,581

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%,

3/15/2026(e)(f)

1,335,000

1,270,154

(SOFR

+

2.00%),

2.19%,

4/30/2026(d)(f)

1,680,000

1,617,889

(SOFR

+

1.51%),

3.53%,

3/24/2028(d)(f)

3,183,000

3,029,545

(SOFR

+

1.74%),

5.57%,

7/25/2029(f)

2,408,000

2,436,540

(SOFR

+

1.50%),

5.20%,

1/23/2030(d)(f)

2,396,000

2,390,949

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(f)

8,980,000

7,938,266

(SOFR

+

2.53%),

3.07%,

4/30/2041(f)

5,055,000

3,782,221

140,510,104

Beverages

0.7%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,805,000

2,665,620

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

2,677,000

2,438,249

2.88%,

5/1/2030

6,555,000

5,798,516

2.25%,

8/1/2031

2,625,000

2,168,211

13,070,596

Biotechnology

1.2%

AbbVie,

Inc.

,

2.95%,

11/21/2026(d)

12,930,000

12,314,505

Amgen,

Inc.

,

5.25%,

3/2/2030

1,019,000

1,034,487

2.80%,

8/15/2041

5,190,000

3,760,182

5.65%,

3/2/2053

2,441,000

2,487,269

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050(d)

2,675,000

1,743,674

21,340,117

Broadline

Retail

0.2%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)(d)

1,440,000

1,399,753

Prosus

NV

,

3.26%,

1/19/2027(a)

2,250,000

2,084,936

3,484,689

Building

Products

1.0%

Builders

FirstSource,

Inc.

,

6.38%,

3/1/2034(a)

4,505,000

4,523,596

Carrier

Global

Corp.

,

2.49%,

2/15/2027

1,046,000

974,602

2.72%,

2/15/2030(d)

3,515,000

3,108,367

6.20%,

3/15/2054

523,000

575,888

22

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

Smyrna

Ready

Mix

Concrete

LLC

,

6.00%,

11/1/2028(a)(d)

2,710,000

2,648,638

8.88%,

11/15/2031(a)

5,120,000

5,472,722

17,303,813

Capital

Markets

2.7%

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

959,720

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

1,125,096

(CME

Term

SOFR

3

Month

+

1.46%),

3.27%,

9/29/2025(f)

2,200,000

2,173,517

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%,

5/10/2026(e)(f)

605,000

563,516

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

968,164

(SOFR

+

1.09%),

1.99%,

1/27/2032(f)

4,720,000

3,819,409

(SOFR

+

1.28%),

2.62%,

4/22/2032(f)

5,415,000

4,544,549

(SOFR

+

1.25%),

2.38%,

7/21/2032(d)(f)

6,565,000

5,385,647

Morgan

Stanley

,

(SOFR

+

1.15%),

2.72%,

7/22/2025(f)

3,440,000

3,405,254

3.63%,

1/20/2027(d)

4,000,000

3,863,611

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(f)

2,825,000

2,689,045

(SOFR

+

1.14%),

2.70%,

1/22/2031(f)

7,235,000

6,321,110

(SOFR

+

1.02%),

1.93%,

4/28/2032(d)(f)

4,630,000

3,716,295

Nasdaq,

Inc.

,

5.35%,

6/28/2028(d)

1,398,000

1,416,038

5.95%,

8/15/2053(d)

366,000

385,693

State

Street

Corp.

,

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%),

6.70%,

3/15/2029(e)(f)

3,595,000

3,647,926

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%,

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

1,040,000

855,214

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG,

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(f)

1,359,000

1,432,780

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.77%),

5.70%,

2/8/2035(a)(f)

2,591,000

2,604,112

49,876,696

Chemicals

1.3%

Alpek

SAB

de

CV

,

3.25%,

2/25/2031(a)(d)

4,982,000

4,266,103

Axalta

Coating

Systems

Dutch

Holding

B

BV

,

7.25%,

2/15/2031(a)(d)

189,000

196,599

Braskem

Netherlands

Finance

BV

,

4.50%,

1/31/2030(a)

5,844,000

5,025,106

Celanese

US

Holdings

LLC

,

5.34%,

1/19/2029

EUR

6,820,000

7,783,183

Orbia

Advance

Corp.

SAB

de

CV

,

2.88%,

5/11/2031(a)

1,769,000

1,471,029

Sasol

Financing

USA

LLC

,

4.38%,

9/18/2026(d)

200,000

188,619

6.50%,

9/27/2028

400,000

383,298

Sherwin-Williams

Co.

(The)

,

2.90%,

3/15/2052

5,312,000

3,456,662

Westlake

Corp.

,

3.38%,

8/15/2061

2,530,000

1,607,848

24,378,447

Commercial

Services

&

Supplies

0.3%

GFL

Environmental,

Inc.

,

6.75%,

1/15/2031(a)

4,363,000

4,471,259

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(a)

590,000

588,279

6.25%,

1/15/2028(a)(d)

1,250,000

1,224,473

6,284,011

Construction

Materials

0.1%

Cemex

SAB

de

CV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.16%),

9.13%,

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

1,420,000

1,542,623

Consumer

Finance

2.5%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

6,420,000

5,506,153

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

1,504,111

Capital

One

Financial

Corp.

,

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

888,276

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Discover

Financial

Services

,

6.70%,

11/29/2032(d)

1,606,000

1,697,614

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

10,914,000

10,584,041

5.80%,

3/5/2027(d)

2,690,000

2,699,948

4.13%,

8/17/2027

7,453,000

7,072,314

5.11%,

5/3/2029(d)

585,000

567,932

7.12%,

11/7/2033(d)

1,267,000

1,363,179

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

2,741,000

2,425,810

2.35%,

1/8/2031(d)

10,208,000

8,429,045

Macquarie

Airfinance

Holdings

Ltd.

,

6.50%,

3/26/2031(a)

2,067,000

2,103,856

44,842,279

Consumer

Staples

Distribution

&

Retail

0.4%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(a)

3,130,000

2,514,518

Sysco

Corp.

,

6.60%,

4/1/2050(d)

1,511,000

1,723,697

3.15%,

12/14/2051

2,505,000

1,716,000

US

Foods,

Inc.

,

7.25%,

1/15/2032(a)

652,000

678,556

6,632,771

Containers

&

Packaging

0.5%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)(d)

200,000

194,154

4.00%,

9/1/2029(a)(d)

3,043,000

2,452,814

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)(d)

6,640,000

5,997,736

6.13%,

2/1/2028(a)(d)

271,000

271,562

8,916,266

Diversified

REITs

0.2%

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

3,660,000

3,579,686

Diversified

Telecommunication

Services

1.8%

AT&T,

Inc.

,

4.35%,

3/1/2029(d)

2,955,000

2,878,885

2.25%,

2/1/2032

4,105,000

3,336,215

3.50%,

6/1/2041

1,420,000

1,108,449

3.50%,

9/15/2053

12,145,000

8,568,570

3.65%,

9/15/2059

1,290,000

898,113

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

100,000

98,474

4.75%,

3/1/2030(a)(d)

55,000

47,225

Frontier

Communications

Holdings

LLC

,

5.00%,

5/1/2028(a)(d)

220,000

204,207

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

195,000

207,799

8.75%,

3/15/2032

265,000

321,327

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030(d)

6,085,000

4,967,413

3.50%,

6/28/2032

EUR

4,659,000

5,039,581

2.65%,

11/20/2040

1,185,000

834,998

3.70%,

3/22/2061(d)

5,420,000

3,962,999

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(a)(d)

585,000

495,002

32,969,257

Electric

Utilities

2.7%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)

3,928,379

3,407,869

CenterPoint

Energy

Houston

Electric

LLC

,

5.30%,

4/1/2053

516,000

514,969

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

2,575,086

Duke

Energy

Corp.

,

3.50%,

6/15/2051

2,665,000

1,870,942

5.00%,

8/15/2052

7,175,000

6,494,578

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

1,758,532

Edison

International

,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%,

12/15/2026(e)(f)

2,457,000

2,327,768

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)

779,000

790,302

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.41%),

9.13%,

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

1,670,000

1,839,814

6.90%,

5/23/2053(a)

1,818,000

1,982,098

Enel

Finance

America

LLC

,

7.10%,

10/14/2027(a)

1,292,000

1,367,011

Enel

Finance

International

NV

,

7.50%,

10/14/2032(a)

1,371,000

1,544,871

Eversource

Energy

,

5.50%,

1/1/2034

1,271,000

1,271,141

Exelon

Corp.

,

4.05%,

4/15/2030

6,194,000

5,841,443

5.45%,

3/15/2034

891,000

896,993

FirstEnergy

Corp.

,

Series

C,

7.38%,

11/15/2031

45,000

52,982

Series

C,

5.10%,

7/15/2047(c)

450,000

395,036

Indiana

Michigan

Power

Co.

,

5.63%,

4/1/2053

376,000

379,833

IPALCO

Enterprises,

Inc.

,

5.75%,

4/1/2034(a)

2,309,000

2,301,677

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

1,643,155

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028(d)

2,320,000

2,054,862

Niagara

Mohawk

Power

Corp.

,

5.66%,

1/17/2054(a)

939,000

934,215

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)(d)

490,000

422,849

3.88%,

2/15/2032(a)

35,000

29,993

Pacific

Gas

and

Electric

Co.

,

3.25%,

6/1/2031(d)

5,875,000

5,101,169

24

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.,

3.30%,

8/1/2040(d)

1,410,000

1,032,304

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(a)(d)

270,000

250,124

49,081,616

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026(d)

2,886,000

2,667,161

Entertainment

0.3%

Netflix,

Inc.

,

5.88%,

11/15/2028(d)

1,862,000

1,935,601

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025

4,095,000

4,013,638

5,949,239

Financial

Services

0.4%

Fiserv,

Inc.

,

5.60%,

3/2/2033

1,244,000

1,268,280

Global

Payments,

Inc.

,

5.40%,

8/15/2032

1,723,000

1,708,795

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(a)

1,410,000

1,111,957

Synchrony

Bank

,

5.40%,

8/22/2025

2,951,000

2,924,055

7,013,087

Food

Products

1.0%

Bimbo

Bakeries

USA,

Inc.

,

6.40%,

1/15/2034(a)

3,871,000

4,149,306

5.38%,

1/9/2036(a)

449,000

445,463

J

M

Smucker

Co.

(The)

,

2.75%,

9/15/2041

4,817,000

3,261,591

6.50%,

11/15/2053(d)

1,041,000

1,156,015

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049(d)

5,265,000

4,764,416

NBM

US

Holdings,

Inc.

,

7.00%,

5/14/2026(a)

4,285,000

4,302,110

18,078,901

Ground

Transportation

0.3%

AerCap

Global

Aviation

Trust

,

(CME

Term

SOFR

3

Month

+

4.56%),

6.50%,

6/15/2045(a)(f)

229,000

227,438

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

1,418,000

1,143,221

XPO,

Inc.

,

7.13%,

2/1/2032(a)

4,325,000

4,451,082

5,821,741

Health

Care

Providers

&

Services

0.6%

CVS

Health

Corp.

,

3.00%,

8/15/2026(d)

3,045,000

2,902,510

1.75%,

8/21/2030(d)

4,080,000

3,351,349

5.88%,

6/1/2053(d)

577,000

586,987

HCA,

Inc.

,

7.69%,

6/15/2025

85,000

86,013

5.38%,

9/1/2026

690,000

689,839

3.13%,

3/15/2027

1,099,000

1,039,377

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

HCA,

Inc.,

5.63%,

9/1/2028

145,000

146,802

Tenet

Healthcare

Corp.

,

6.13%,

10/1/2028(d)

1,370,000

1,365,090

10,167,967

Health

Care

REITs

0.3%

Ventas

Realty

LP

,

3.50%,

4/15/2024

6,105,000

6,099,627

Hotels,

Restaurants

&

Leisure

1.8%

Caesars

Entertainment,

Inc.

,

8.13%,

7/1/2027(a)

770,000

788,604

7.00%,

2/15/2030(a)

1,648,000

1,691,647

6.50%,

2/15/2032(a)

305,000

307,686

Carnival

Corp.

,

6.00%,

5/1/2029(a)

750,000

740,032

International

Game

Technology

plc

,

5.25%,

1/15/2029(a)

4,665,000

4,507,288

MGM

China

Holdings

Ltd.

,

4.75%,

2/1/2027(a)(d)

2,089,000

1,990,009

NCL

Corp.

Ltd.

,

7.75%,

2/15/2029(a)

4,370,000

4,537,266

Royal

Caribbean

Cruises

Ltd.

,

6.25%,

3/15/2032(a)(d)

4,491,000

4,526,749

Starbucks

Corp.

,

2.55%,

11/15/2030(d)

5,610,000

4,861,877

Wynn

Macau

Ltd.

,

5.63%,

8/26/2028(a)(d)

8,198,000

7,770,276

5.63%,

8/26/2028(a)

1,950,000

1,848,260

33,569,694

Household

Durables

0.3%

Whirlpool

Corp.

,

5.75%,

3/1/2034

4,532,000

4,546,403

Independent

Power

and

Renewable

Electricity

Producers

0.4%

AES

Andes

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.92%),

6.35%,

10/7/2079(a)(f)

2,889,000

2,818,509

Constellation

Energy

Generation

LLC

,

5.80%,

3/1/2033

4,027,000

4,150,864

6,969,373

Industrial

REITs

0.2%

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031(d)

3,445,000

2,758,698

Insurance

1.5%

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

6,712,651

American

International

Group,

Inc.

,

4.38%,

6/30/2050

4,738,000

4,110,389

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.13%,

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

5,514,000

4,977,774

Massachusetts

Mutual

Life

Insurance

Co.

,

3.73%,

10/15/2070(a)

5,250,000

3,556,513

MetLife,

Inc.

,

6.40%,

12/15/2036

7,586,000

7,767,783

27,125,110

Interactive

Media

&

Services

0.2%

Meta

Platforms,

Inc.

,

4.45%,

8/15/2052(d)

4,840,000

4,302,005

IT

Services

0.1%

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026

1,054,000

965,546

Machinery

0.3%

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

5,709,000

5,515,406

Media

1.7%

Charter

Communications

Operating

LLC

,

2.80%,

4/1/2031

2,835,000

2,322,920

5.75%,

4/1/2048

2,009,000

1,691,788

4.80%,

3/1/2050(d)

1,720,000

1,273,164

3.70%,

4/1/2051

2,565,000

1,586,323

Comcast

Corp.

,

2.35%,

1/15/2027(d)

7,820,000

7,314,936

3.30%,

2/1/2027(d)

2,740,000

2,628,964

Cox

Communications,

Inc.

,

4.80%,

2/1/2035(a)(d)

6,985,000

6,483,507

Paramount

Global

,

4.20%,

5/19/2032(d)

3,702,000

3,075,448

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%,

3/30/2062(d)(f)

4,025,000

3,718,996

Univision

Communications,

Inc.

,

8.00%,

8/15/2028(a)(d)

139,000

141,608

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

440,000

403,691

30,641,345

Metals

&

Mining

0.3%

Cleveland-Cliffs,

Inc.

,

7.00%,

3/15/2032(a)(d)

4,520,000

4,579,666

Multi-Utilities

0.5%

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025(d)

2,645,000

2,511,418

NiSource,

Inc.

,

5.25%,

3/30/2028

485,000

488,334

5.35%,

4/1/2034(d)

2,130,000

2,118,462

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Public

Service

Enterprise

Group,

Inc.

,

6.13%,

10/15/2033

1,796,000

1,885,306

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031(d)

3,120,000

2,539,020

9,542,540

Oil,

Gas

&

Consumable

Fuels

7.0%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

492,908

Antero

Midstream

Partners

LP

,

6.63%,

2/1/2032(a)

1,669,000

1,676,287

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%,

6/22/2025(e)(f)

1,344,000

1,317,237

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(d)

795,000

756,638

3.25%,

1/31/2032

630,000

536,656

5.95%,

6/30/2033

874,000

893,554

CITGO

Petroleum

Corp.

,

7.00%,

6/15/2025(a)(d)

5,157,000

5,150,570

8.38%,

1/15/2029(a)(d)

269,000

282,622

Columbia

Pipelines

Holding

Co.

LLC

,

6.06%,

8/15/2026(a)

689,000

696,529

Columbia

Pipelines

Operating

Co.

LLC

,

6.54%,

11/15/2053(a)

1,524,000

1,651,138

CVR

Energy,

Inc.

,

5.75%,

2/15/2028(a)

5,408,000

5,071,306

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)(d)

675,000

620,549

4.30%,

4/15/2032(a)

3,995,000

3,622,561

EIG

Pearl

Holdings

Sarl

,

4.39%,

11/30/2046(a)

4,860,000

3,796,875

Enbridge,

Inc.

,

5.70%,

3/8/2033(d)

3,776,000

3,867,205

6.70%,

11/15/2053

2,215,000

2,503,458

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

4,555,000

4,591,923

Energy

Transfer

LP

,

2.90%,

5/15/2025(d)

2,930,000

2,843,824

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

1,470,287

7.38%,

2/1/2031(a)

352,000

368,199

5.55%,

5/15/2034(d)

575,000

576,751

5.95%,

5/15/2054(d)

1,424,000

1,421,075

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

4,544,148

Series

E,

(CME

Term

SOFR

3

Month

+

3.29%),

5.25%,

8/16/2077(f)

2,500,000

2,372,265

26

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Genesis

Energy

LP

,

6.25%,

5/15/2026(d)

330,000

327,918

Global

Partners

LP

,

6.88%,

1/15/2029

1,583,000

1,570,241

8.25%,

1/15/2032(a)

5,910,000

6,128,930

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)(d)

642,000

621,241

5.50%,

10/15/2030(a)

1,825,000

1,768,324

Howard

Midstream

Energy

Partners

LLC

,

6.75%,

1/15/2027(a)

1,239,000

1,236,182

8.88%,

7/15/2028(a)(d)

2,409,000

2,542,006

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

2,022,874

Korea

National

Oil

Corp.

,

1.75%,

4/18/2025(a)

2,812,000

2,709,221

Marathon

Oil

Corp.

,

4.40%,

7/15/2027(d)

1,710,000

1,661,678

MPLX

LP

,

4.90%,

4/15/2058

7,900,000

6,616,371

NGPL

PipeCo

LLC

,

7.77%,

12/15/2037(a)

3,413,000

3,802,684

Occidental

Petroleum

Corp.

,

6.45%,

9/15/2036(d)

4,155,000

4,430,331

ONEOK,

Inc.

,

3.25%,

6/1/2030(d)

2,270,000

2,051,870

5.80%,

11/1/2030

1,209,000

1,245,491

6.10%,

11/15/2032

1,246,000

1,305,426

6.63%,

9/1/2053

5,383,000

5,932,618

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(g)

322,820

29,215

Reg.

S,

6.00%,

11/15/2026(g)

830,693

76,500

Reg.

S,

5.38%,

4/12/2027(g)

789,800

71,154

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

2,955,000

2,326,580

Petroleos

Mexicanos

,

6.88%,

10/16/2025

97,000

95,744

5.95%,

1/28/2031

435,000

348,872

6.70%,

2/16/2032

759,000

631,217

Phillips

66

,

1.30%,

2/15/2026(d)

2,420,000

2,251,460

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031(d)

4,695,000

3,950,092

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

829,166

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

7,766,000

7,727,762

4.88%,

2/1/2031(d)

1,266,000

1,211,925

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031(d)

10,000,000

8,520,218

3.50%,

10/15/2051(d)

2,000,000

1,421,310

126,589,186

Paper

&

Forest

Products

0.3%

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

201,008

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

&

Forest

Products

Suzano

Austria

GmbH,

Series

DM3N,

3.13%,

1/15/2032(d)

5,750,000

4,776,724

4,977,732

Passenger

Airlines

0.4%

Air

Canada

,

3.88%,

8/15/2026(a)

255,000

243,377

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

603,750

599,638

5.75%,

4/20/2029(a)(d)

500,000

491,478

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

1,250,000

1,208,423

4.63%,

4/15/2029(a)(d)

4,641,000

4,316,131

6,859,047

Pharmaceuticals

0.3%

Bayer

US

Finance

LLC

,

6.50%,

11/21/2033(a)

2,206,000

2,244,623

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029(d)

841,000

808,185

Viatris,

Inc.

,

4.00%,

6/22/2050

4,135,000

2,848,682

5,901,490

Retail

REITs

0.2%

Brixmor

Operating

Partnership

LP

,

3.85%,

2/1/2025(d)

1,524,000

1,497,819

Kite

Realty

Group

LP

,

4.00%,

10/1/2026

1,256,000

1,195,307

5.50%,

3/1/2034

433,000

430,267

3,123,393

Semiconductors

&

Semiconductor

Equipment

1.4%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)(d)

4,411,000

3,823,894

3.47%,

4/15/2034(a)

9,110,000

7,806,442

3.14%,

11/15/2035(a)(d)

694,000

560,683

3.19%,

11/15/2036(a)

9,155,000

7,286,023

Intel

Corp.

,

5.20%,

2/10/2033

588,000

596,154

5.70%,

2/10/2053

388,000

401,085

Micron

Technology,

Inc.

,

2.70%,

4/15/2032

1,124,000

938,342

NXP

BV

,

3.25%,

11/30/2051

5,000,000

3,407,202

24,819,825

Software

0.5%

Oracle

Corp.

,

4.00%,

7/15/2046

2,510,000

1,977,299

3.60%,

4/1/2050

3,585,000

2,590,076

3.95%,

3/25/2051

1,505,000

1,146,713

5.55%,

2/6/2053(d)

768,000

751,284

VMware

LLC

,

2.20%,

8/15/2031(d)

2,540,000

2,067,015

8,532,387

Specialized

REITs

0.4%

Crown

Castle,

Inc.

,

2.10%,

4/1/2031(d)

1,655,000

1,339,645

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

EPR

Properties

,

4.50%,

4/1/2025

3,497,000

3,444,378

4.50%,

6/1/2027

385,000

366,272

4.95%,

4/15/2028

340,000

323,546

3.75%,

8/15/2029(d)

140,000

123,638

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

1,213,000

1,234,745

2.35%,

3/15/2032

1,535,000

1,228,181

8,060,405

Technology

Hardware,

Storage

&

Peripherals

0.2%

Dell

International

LLC

,

6.02%,

6/15/2026

670,000

678,563

8.10%,

7/15/2036(d)

1,296,000

1,566,657

8.35%,

7/15/2046

257,000

332,424

3.45%,

12/15/2051

2,421,000

1,703,559

4,281,203

Tobacco

0.9%

Altria

Group,

Inc.

,

4.25%,

8/9/2042(d)

2,457,000

2,013,444

BAT

Capital

Corp.

,

2.26%,

3/25/2028

4,275,000

3,805,549

6.34%,

8/2/2030

1,940,000

2,021,426

7.08%,

8/2/2053

699,000

753,556

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

3,036,000

2,825,787

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

871,000

897,017

2.10%,

5/1/2030

5,645,000

4,796,255

17,113,034

Trading

Companies

&

Distributors

0.5%

United

Rentals

North

America,

Inc.

,

6.13%,

3/15/2034(a)

9,065,000

9,076,268

Transportation

Infrastructure

0.4%

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

3.38%,

7/24/2024(a)

7,915,000

7,822,900

Wireless

Telecommunication

Services

0.9%

Sprint

LLC

,

7.13%,

6/15/2024

355,000

355,608

7.63%,

3/1/2026

315,000

325,439

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028(d)

2,985,000

2,674,585

2.63%,

2/15/2029

215,000

192,405

2.40%,

3/15/2029(d)

2,561,000

2,269,327

3.88%,

4/15/2030

5,240,000

4,908,740

2.55%,

2/15/2031(d)

2,990,000

2,546,935

2.88%,

2/15/2031(d)

550,000

477,647

4.38%,

4/15/2040(d)

2,975,000

2,649,663

16,400,349

Total

Corporate

Bonds

(cost

$975,160,954)

887,003,832

Foreign

Government

Securities

1.9%

Principal

Amount

($)

Value

($)

COLOMBIA

0.2%

Republic

of

Colombia,

8.75%,

11/14/2053

3,280,000

3,558,756

ECUADOR

0.0%

†

Republic

of

Ecuador,

0.00%,

7/31/2030(a)

97,034

47,807

6.00%,

7/31/2030(a)(c)

396,900

268,657

Reg.

S,

6.00%,

7/31/2030(c)

310,000

209,835

3.50%,

7/31/2035(a)(c)

750,130

393,777

2.50%,

7/31/2040(a)(c)

476,700

231,104

1,151,180

HUNGARY

0.1%

Hungary

Government

Bond,

6.75%,

9/25/2052(a)

1,220,000

1,307,169

ISRAEL

0.2%

State

of

Israel

Government

Bond,

5.75%,

3/12/2054

3,479,000

3,330,168

PERU

0.8%

Bonos

de

la

Tesoreria,

Reg.

S,

7.30%,

8/12/2033(a)

PEN

53,220,000

14,363,353

POLAND

0.4%

Republic

of

Poland,

5.50%,

3/18/2054

6,954,000

6,899,202

SAUDI

ARABIA

0.2%

Kingdom

of

Saudi

Arabia,

5.50%,

10/25/2032(a)

3,676,000

3,805,469

VENEZUELA

0.0%

†

Bolivarian

Republic

of

Venezuela,

Reg.

S,

8.25%,

10/13/2024(g)

542,900

76,279

Total

Foreign

Government

Securities

(cost

$34,586,073)

34,491,576

Mortgage-Backed

Securities

26.6%

FHLMC

Gold

Pool

Pool#

C03795

3.50%,

4/1/2042

384,511

354,397

Pool#

Q08997

3.50%,

6/1/2042

228,512

210,735

Pool#

Q19480

4.00%,

6/1/2043

717,142

680,312

Pool#

V80509

4.00%,

10/1/2043

99,702

94,583

Pool#

Q29697

3.50%,

11/1/2044

289,171

265,137

Pool#

G07961

3.50%,

3/1/2045

232,027

212,596

Pool#

V82196

4.50%,

1/1/2046

119,937

117,179

28

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61281

3.50%,

1/1/2048

635,738

580,371

FHLMC

UMBS

Pool

Pool#

SB0492

2.00%,

10/1/2035

8,490,814

7,582,183

Pool#

QA7325

3.00%,

2/1/2050

1,064,305

927,620

Pool#

QA6750

3.00%,

2/1/2050

102,159

89,253

Pool#

QA8311

3.00%,

3/1/2050

889,140

781,586

Pool#

RA2650

3.00%,

5/1/2050

891,772

779,108

Pool#

QB4785

2.50%,

10/1/2050

1,626,161

1,353,841

Pool#

SD0612

2.50%,

11/1/2050

10,276,529

8,700,975

Pool#

SD7535

2.50%,

2/1/2051

6,201,664

5,225,003

Pool#

QB9401

2.00%,

3/1/2051

1,966,621

1,585,570

Pool#

QC2992

2.50%,

6/1/2051

18,861,465

15,647,608

Pool#

RA5910

3.50%,

9/1/2051

7,423,583

6,668,168

Pool#

SD1607

2.50%,

3/1/2052

10,995,633

9,277,566

Pool#

QE3991

4.00%,

5/1/2052

8,517,693

7,898,019

Pool#

RA7557

4.50%,

6/1/2052

17,162,488

16,341,767

Pool#

RA7556

4.50%,

6/1/2052

12,716,362

12,108,255

Pool#

SD1440

3.50%,

7/1/2052

5,839,523

5,245,813

Pool#

SD1716

5.00%,

9/1/2052

9,211,809

9,153,949

Pool#

SD1686

5.50%,

9/1/2052

8,362,760

8,462,775

Pool#

SD1853

5.50%,

11/1/2052

4,036,768

4,094,766

Pool#

SD4084

5.50%,

10/1/2053

9,183,076

9,230,899

Pool#

RA9992

6.00%,

10/1/2053

15,219,330

15,573,573

FNMA

UMBS

Pool

Pool#

FM6329

2.00%,

3/1/2036

8,551,460

7,633,392

Pool#

CA9439

2.50%,

3/1/2036

16,811,356

15,414,858

Pool#

CB3424

3.00%,

5/1/2037

7,284,286

6,830,271

Pool#

FS4267

4.50%,

3/1/2038

2,589,715

2,570,885

Pool#

AH9471

4.50%,

4/1/2041

264,499

259,402

Pool#

AH4038

4.50%,

4/1/2041

175,041

171,663

Pool#

AI3506

4.50%,

6/1/2041

8,763

8,594

Pool#

FS3014

5.00%,

10/1/2042

12,569,384

12,465,000

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL2866

3.50%,

11/1/2042

4,853,050

4,465,684

Pool#

AQ9328

3.50%,

1/1/2043

82,392

75,807

Pool#

AB9046

3.50%,

4/1/2043

490,042

450,267

Pool#

AT2021

3.50%,

4/1/2043

333,228

306,629

Pool#

AB9864

3.50%,

7/1/2043

176,263

161,882

Pool#

AS0212

3.50%,

8/1/2043

782,222

717,429

Pool#

AS0210

3.50%,

8/1/2043

473,019

434,329

Pool#

AU3742

3.50%,

8/1/2043

266,602

244,962

Pool#

AU6857

4.00%,

9/1/2043

265,346

253,150

Pool#

AU4386

4.00%,

10/1/2043

78,588

74,461

Pool#

AS1559

4.00%,

1/1/2044

495,284

469,259

Pool#

AW2478

4.50%,

6/1/2044

84,129

82,089

Pool#

AL6432

4.00%,

1/1/2045

484,854

459,360

Pool#

AS5175

3.50%,

6/1/2045

458,088

418,815

Pool#

AS6464

3.50%,

1/1/2046

411,760

376,570

Pool#

MA3305

3.50%,

3/1/2048

4,061,193

3,703,069

Pool#

BO8947

3.00%,

1/1/2050

612,093

534,091

Pool#

FM4334

3.00%,

4/1/2050

1,339,155

1,167,388

Pool#

FS2253

3.50%,

4/1/2050

6,817,448

6,195,002

Pool#

CA5689

3.00%,

5/1/2050

1,919,033

1,684,910

Pool#

BP9581

2.50%,

8/1/2050

1,236,780

1,039,959

Pool#

FM5316

2.00%,

12/1/2050

1,453,247

1,159,889

Pool#

FS2008

3.00%,

1/1/2051

12,464,587

10,748,431

Pool#

FM7599

3.50%,

1/1/2051

7,694,557

6,967,433

Pool#

CA8817

2.00%,

2/1/2051

3,314,942

2,638,914

Pool#

BR4515

2.00%,

2/1/2051

2,213,851

1,770,976

Pool#

BR4029

2.00%,

2/1/2051

1,980,729

1,591,420

Pool#

BR4051

2.00%,

2/1/2051

1,534,301

1,232,391

Pool#

BR2667

2.00%,

2/1/2051

1,391,222

1,122,044

Pool#

BR7795

2.50%,

4/1/2051

2,839,857

2,359,463

Pool#

FM7151

2.00%,

5/1/2051

837,227

670,023

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM7189

2.50%,

5/1/2051

2,677,241

2,243,277

Pool#

FS3080

3.00%,

5/1/2051

8,921,586

7,837,488

Pool#

FM7398

2.50%,

6/1/2051

13,801,085

11,683,095

Pool#

FM7738

2.50%,

6/1/2051

1,980,107

1,650,484

Pool#

BT0417

2.50%,

6/1/2051

1,231,083

1,022,059

Pool#

FM9134

3.00%,

6/1/2051

13,510,831

12,003,149

Pool#

BT1339

2.50%,

7/1/2051

2,195,743

1,822,464

Pool#

FM8178

2.50%,

7/1/2051

1,430,590

1,187,100

Pool#

CB1038

2.50%,

7/1/2051

1,242,507

1,035,899

Pool#

FS3391

2.50%,

8/1/2051

5,533,764

4,660,487

Pool#

FP0012

3.00%,

8/1/2051

3,652,748

3,204,365

Pool#

FM9563

3.00%,

10/1/2051

13,473,057

11,681,276

Pool#

FS3537

2.50%,

4/1/2052

7,872,221

6,664,968

Pool#

FS1380

3.50%,

4/1/2052

7,584,578

6,876,763

Pool#

CB3674

3.50%,

5/1/2052

9,193,956

8,233,153

Pool#

CB3678

4.00%,

5/1/2052

8,770,793

8,144,025

Pool#

MA4644

4.00%,

5/1/2052

8,437,619

7,826,349

Pool#

FS1855

4.00%,

5/1/2052

7,646,151

7,149,680

Pool#

FS1804

4.00%,

5/1/2052

6,906,694

6,464,403

Pool#

FS2074

3.00%,

6/1/2052

5,256,656

4,611,463

Pool#

MA4625

3.50%,

6/1/2052

8,901,436

7,971,143

Pool#

CB3851

4.00%,

6/1/2052

4,660,620

4,376,304

Pool#

FS2513

4.00%,

7/1/2052

12,406,356

11,560,416

Pool#

FS2323

4.00%,

7/1/2052

5,979,921

5,557,814

Pool#

FS2293

4.50%,

7/1/2052

16,348,422

15,730,625

Pool#

FS2257

4.50%,

7/1/2052

3,184,295

3,062,157

Pool#

CB4037

5.00%,

7/1/2052

8,281,698

8,081,751

Pool#

FS2790

5.00%,

9/1/2052

12,209,983

12,011,689

Pool#

FS3210

5.00%,

9/1/2052

5,735,983

5,630,863

Pool#

FS3220

5.50%,

11/1/2052

8,288,111

8,259,983

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

417,836

388,222

Pool#

MA0783

3.50%,

2/20/2043

512,193

475,943

Pool#

MA2892

3.50%,

6/20/2045

25,472

23,554

Pool#

MA3663

3.50%,

5/20/2046

297,464

274,867

Pool#

MA3803

3.50%,

7/20/2046

140,639

129,926

Pool#

MA4262

3.50%,

2/20/2047

11,941

11,019

Pool#

MA4510

3.50%,

6/20/2047

451,467

416,631

Pool#

MA4586

3.50%,

7/20/2047

306,518

282,959

Pool#

MA4837

3.50%,

11/20/2047

531,139

488,702

Pool#

MA4962

3.50%,

1/20/2048

311,573

286,605

Pool#

MA6542

3.50%,

3/20/2050

340,370

312,729

Pool#

BT6867

3.00%,

5/20/2050

3,282,418

2,885,813

Pool#

MA6994

2.00%,

11/20/2050

9,906,689

8,116,647

Pool#

MA7590

3.00%,

9/20/2051

10,655,003

9,405,428

Pool#

MA7705

2.50%,

11/20/2051

14,815,288

12,624,667

Total

Mortgage-Backed

Securities

(cost

$514,342,434)

482,542,172

Municipal

Bonds

0.4%

California

0.2

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

3,673,021

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

3,285,000

2,802,623

Total

Municipal

Bonds

(cost

$8,215,386)

6,475,644

U.S.

Treasury

Obligations

10.6%

U.S.

Treasury

Bonds

2.25%,

5/15/2041

20,013,000

14,786,167

1.75%,

8/15/2041

34,057,900

22,983,761

4.75%,

11/15/2043

11,147,000

11,563,271

4.50%,

2/15/2044

(d)

6,643,000

6,679,329

3.13%,

8/15/2044

25,177,900

20,620,307

1.25%,

5/15/2050

7,740,800

3,958,996

4.75%,

11/15/2053

13,534,900

14,448,505

U.S.

Treasury

Notes

2.00%,

2/15/2025

5,700,000

5,548,482

4.88%,

11/30/2025

12,964,000

12,982,737

4.63%,

2/28/2026

(d)

1,800,000

1,798,523

30

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.63%,

9/15/2026

6,500,000

6,514,219

0.88%,

9/30/2026

66,889,000

61,216,499

4.00%,

1/15/2027

2,509,900

2,479,899

2.50%,

3/31/2027

120,000

113,616

4.00%,

1/31/2029

(d)

365,000

361,236

4.25%,

2/28/2029

(d)

3,883,000

3,888,157

4.00%,

1/31/2031

2,524,000

2,490,873

Total

U.S.

Treasury

Obligations

(cost

$220,663,584)

192,434,577

Repurchase

Agreements

1.9%

Bank

of

America

NA

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,001,777,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$3,060,000.

(h)

3,000,000

3,000,000

BofA

Securities,

Inc.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,000,593,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$1,020,000.

(h)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$8,703,574,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$8,872,391.

(h)

8,698,422

8,698,422

MetLife,

Inc.

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,900,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$10,207,094.

(h)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,923,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$10,200,003.

(h)

10,000,000

10,000,000

Santander

US

Capital

Markets

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,187,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$2,040,303.

(h)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$34,698,422)

34,698,422

Total

Investments

(cost

$2,000,659,143)

—

101.4%

1,842,306,430

Liabilities

in

excess

of

other

assets

—

(1.4)%

(25,338,863)

NET

ASSETS

—

100.0%

$

1,816,967,567

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

†

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,

2024

was

$463,693,426

which

represents

25.52%

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,

2024.

(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,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$90,504,489,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,698,422

and

by

$58,352,574

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

4/11/2024

–

2/15/2054,

a

total

value

of

$93,050,996.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2024.

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,

2024.

(g)

Security

in

default.

(h)

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,

2024

was

$34,698,422.

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:

EUR

Euro

PEN

Peru

Nuevo

Sol

USD

United

States

Dollar

32

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

7,899,387

EUR

7,240,000

Barclays

Bank

plc

4/9/2024

86,384

USD

5,159,175

EUR

4,747,000

JPMorgan

Chase

Bank

NA

4/9/2024

36,479

USD

130,783

GBP

103,000

Barclays

Bank

plc

4/9/2024

777

USD

14,595,822

PEN

54,295,000

Barclays

Bank

plc

**

5/14/2024

12,231

Total

unrealized

appreciation

135,871

EUR

130,000

USD

142,293

Barclays

Bank

plc

4/9/2024

(2,005)

GBP

102,000

USD

130,489

Barclays

Bank

plc

4/9/2024

(1,745)

Total

unrealized

depreciation

(3,750)

Net

unrealized

appreciation

132,121

Currency:

EUR

Euro

GBP

British

pound

PEN

Peruvian

nuevo

sol

USD

United

States

dollar

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

210

6/2024

USD

42,941,719

(50,637)

U.S.

Treasury

5

Year

Note

2,818

6/2024

USD

301,570,031

33,755

U.S.

Treasury

10

Year

Ultra

Note

623

6/2024

USD

71,401,641

(651,264)

U.S.

Treasury

Long

Bond

438

6/2024

USD

52,751,625

555,996

Total

long

contracts

(112,150)

Short

Contracts

Canada

10

Year

Bond

(269)

6/2024

CAD

(23,898,313)

(187,887)

Euro-Bobl

(59)

6/2024

EUR

(7,526,867)

(6,718)

Euro-Bund

(30)

6/2024

EUR

(4,316,910)

(43,305)

Japan

10

Year

Bond

(51)

6/2024

JPY

(49,147,047)

(179,270)

U.S.

Treasury

10

Year

Note

(264)

6/2024

USD

(29,250,375)

(37,828)

U.S.

Treasury

Ultra

Bond

(345)

6/2024

USD

(44,505,000)

(645,065)

Total

short

contracts

(1,100,073)

Net

contracts

(1,212,223)

As

of

March

31,

2024,

the

Fund

had

$7,159,269

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

CAD

Canadian

Dollar

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

34

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

160,854,979

$

–

$

160,854,979

Collateralized

Mortgage

Obligations

–

29,825,060

–

29,825,060

Commercial

Mortgage-Backed

Securities

–

13,980,168

–

13,980,168

Corporate

Bonds

–

887,003,832

–

887,003,832

Foreign

Government

Securities

–

34,491,576

–

34,491,576

Forward

Foreign

Currency

Contracts

–

135,871

–

135,871

Futures

Contracts

589,751

–

–

589,751

Mortgage-Backed

Securities

–

482,542,172

–

482,542,172

Municipal

Bonds

–

6,475,644

–

6,475,644

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(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

Level

1

Level

2

Level

3

Total

Assets:

Repurchase

Agreements

$

–

$

34,698,422

$

–

$

34,698,422

U.S.

Treasury

Obligations

–

192,434,577

–

192,434,577

Total

Assets

$

589,751

$

1,842,442,301

$

–

$

1,843,032,052

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(3,750)

$

–

$

(3,750)

Futures

Contracts

(1,801,974)

–

–

(1,801,974)

Total

Liabilities

$

(1,801,974)

$

(3,750)

$

–

$

(1,805,724)

Total

$

(1,212,223)

$

1,842,438,551

$

–

$

1,841,226,328

36

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

135,871

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

589,751

Total

$

725,622

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(3,750)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,801,974)

Total

$

(1,805,724)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

37

.

Asset-Backed

Securities

4.6%

Principal

Amount

($)

Value

($)

Airlines

0.6%

British

Airways

Pass-Through

Trust

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

1,137,315

1,134,605

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

3,610,118

3,290,692

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/2027

6,169,400

6,148,546

10,573,843

Automobiles

0.7%

Harley-Davidson

Motorcycle

Trust,

Series

2023-A,

Class

A3,

5.05%,

12/15/2027

6,000,000

5,978,132

Tesla

Auto

Lease

Trust,

Series

2024-A,

Class

A2A,

5.37%,

6/22/2026(a)

1,000,000

999,248

Westlake

Automobile

Receivables

Trust,

Series

2023-1A,

Class

A3,

5.21%,

1/18/2028(a)

4,088,000

4,074,885

11,052,265

Credit

Card

1.3%

American

Express

Credit

Account

Master

Trust,

Series

2022-3,

Class

A,

3.75%,

8/15/2027

3,500,000

3,432,545

BA

Credit

Card

Trust,

Series

2023-A1,

Class

A1,

4.79%,

5/15/2028

2,912,000

2,898,460

Capital

One

Multi-Asset

Execution

Trust,

Series

2023-A1,

Class

A,

4.42%,

5/15/2028

4,000,000

3,949,869

Chase

Issuance

Trust,

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

8,500,000

8,543,324

Discover

Card

Execution

Note

Trust,

Series

2023-A1,

Class

A,

4.31%,

3/15/2028

4,000,000

3,943,114

22,767,312

Home

Equity

0.0%

†

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

6.69%,

1/25/2036(b)

276,932

272,352

RASC

Trust,

Series

2005-

KS12,

Class

M2,

6.13%,

1/25/2036(b)

255,876

255,242

527,594

Other

2.0%

CVS

Pass-Through

Trust

6.04%,

12/10/2028

3,031,350

3,060,976

6.94%,

1/10/2030

6,066,318

6,213,905

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

629,945

533,341

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

FCI

Funding

LLC,

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

202,590

200,640

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

1,756,427

1,560,065

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

3,422,737

2,889,443

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

1,265,773

1,089,309

Goodgreen

Trust

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

315,225

285,097

Series

2021-1A,

Class

A,

2.66%,

10/15/2056(a)

5,521,687

4,531,145

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

1,420,287

1,295,453

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

488,862

455,296

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

602,688

558,975

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,356,988

2,154,303

Tricon

American

Homes

Trust,

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,539,401

7,146,590

Tricon

Residential

Trust,

Series

2024-SFR1,

Class

B,

4.75%,

4/17/2029(a)

1,575,000

1,514,628

33,489,166

Total

Asset-Backed

Securities

(cost

$81,431,127)

78,410,180

Collateralized

Mortgage

Obligations

0.9%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

709,410

670,110

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

6.57%,

1/20/2037(a)(b)

2,056,372

2,033,243

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

598,489

539,718

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

4,001,104

3,603,316

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

236,320

227,621

FNMA

REMICS,

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

31,266

31,698

38

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

New

Residential

Mortgage

Loan

Trust,

Series

2014-

2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

441,090

411,735

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

2,723,000

2,282,453

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

2,723,000

2,242,256

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

1,839,000

1,497,188

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

830,149

768,909

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

624,190

584,268

Total

Collateralized

Mortgage

Obligations

(cost

$16,868,611)

14,892,515

Commercial

Mortgage-Backed

Securities

1.1%

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

1,400,000

1,325,721

BB-UBS

Trust,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

4,697,905

BXP

Trust,

Series

2017-

GM,

Class

B,

3.42%,

6/13/2039(a)(b)

3,900,000

3,579,791

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

7,902,801

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

771,250

Total

Commercial

Mortgage-Backed

Securities

(cost

$22,028,244)

18,277,468

Corporate

Bonds

32.1%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

2.95%,

2/1/2030(d)

4,775,000

4,123,964

3.25%,

2/1/2035(d)

3,500,000

2,754,086

3.55%,

3/1/2038

1,060,000

806,441

RTX

Corp.

,

5.15%,

2/27/2033(d)

3,350,000

3,356,372

4.15%,

5/15/2045(d)

2,000,000

1,659,954

12,700,817

Automobile

Components

0.2%

Icahn

Enterprises

LP

,

6.38%,

12/15/2025(d)

2,925,000

2,901,305

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

0.6%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)(d)

5,080,000

4,605,532

1.80%,

1/10/2028(a)

672,000

591,863

5.80%,

4/1/2030(a)

2,500,000

2,556,568

6.38%,

4/8/2030(a)(d)

1,730,000

1,817,503

9,571,466

Banks

5.9%

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(e)

5,000,000

4,890,340

4.25%,

10/22/2026

3,000,000

2,933,566

Series

L,

4.18%,

11/25/2027(d)

4,000,000

3,882,717

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(d)(e)

2,340,000

2,217,485

(SOFR

+

1.53%),

1.90%,

7/23/2031(d)(e)

2,500,000

2,051,841

(SOFR

+

1.21%),

2.57%,

10/20/2032(d)(e)

1,150,000

954,067

(SOFR

+

1.91%),

5.29%,

4/25/2034(d)(e)

2,500,000

2,492,399

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

6,250,000

5,106,069

BPCE

SA

,

4.63%,

7/11/2024(a)

3,000,000

2,983,681

4.50%,

3/15/2025(a)

5,500,000

5,418,862

(SOFR

+

1.52%),

1.65%,

10/6/2026(a)(d)(e)

900,000

844,978

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(d)(e)

5,250,000

4,302,330

Citigroup,

Inc.

,

(SOFR

+

1.53%),

3.29%,

3/17/2026(e)

7,000,000

6,840,942

(SOFR

+

3.91%),

4.41%,

3/31/2031(d)(e)

3,250,000

3,097,768

(SOFR

+

1.94%),

3.79%,

3/17/2033(e)

3,650,000

3,260,344

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(d)

3,200,000

2,451,815

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)

4,000,000

3,535,033

Fifth

Third

Bank

NA

,

(United

States

SOFR

Compounded

Index

+

1.23%),

5.85%,

10/27/2025(d)(e)

2,550,000

2,547,951

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

2,000,000

2,011,165

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

2.08%,

4/22/2026(d)(e)

8,500,000

8,190,279

(CME

Term

SOFR

3

Month

+

1.11%),

1.76%,

11/19/2031(d)(e)

1,600,000

1,296,082

NVIT

Core

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

2.08%),

4.91%,

7/25/2033(d)(e)

1,125,000

1,101,538

(SOFR

+

2.58%),

5.72%,

9/14/2033(d)(e)

2,075,000

2,116,420

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(e)

3,724,000

3,607,447

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(e)

1,800,000

1,676,406

(SOFR

+

1.85%),

5.12%,

1/26/2034(e)

2,500,000

2,406,319

US

Bancorp

,

(SOFR

+

1.88%),

6.79%,

10/26/2027(d)(e)

2,550,000

2,640,574

(SOFR

+

1.86%),

5.68%,

1/23/2035(e)

1,800,000

1,817,513

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%),

2.49%,

11/3/2036(e)

500,000

393,377

Wells

Fargo

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.09%),

2.41%,

10/30/2025(d)(e)

1,000,000

980,951

3.00%,

4/22/2026(d)

5,000,000

4,781,705

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)(e)

3,000,000

2,602,883

(SOFR

+

2.10%),

4.90%,

7/25/2033(e)

1,500,000

1,445,486

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(d)(e)

4,750,000

3,901,809

100,782,142

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

1,000,000

950,310

Anheuser-Busch

InBev

Finance,

Inc.

,

4.90%,

2/1/2046(d)

1,700,000

1,596,421

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.90%,

1/23/2031(d)

2,500,000

2,529,559

Bacardi

Ltd.

,

5.90%,

6/15/2043(a)

1,500,000

1,508,049

5.30%,

5/15/2048(a)

825,000

775,866

PepsiCo,

Inc.

,

3.90%,

7/18/2032(d)

825,000

782,135

8,142,340

Biotechnology

0.6%

Amgen,

Inc.

,

4.05%,

8/18/2029(d)

1,675,000

1,609,983

5.65%,

3/2/2053

2,500,000

2,547,387

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

CSL

Finance

plc

,

4.25%,

4/27/2032(a)

7,000,000

6,661,157

10,818,527

Broadline

Retail

0.2%

Amazon.com,

Inc.

,

4.70%,

12/1/2032

4,175,000

4,191,002

Capital

Markets

2.5%

Brookfield

Finance,

Inc.

,

4.35%,

4/15/2030(d)

5,500,000

5,251,293

FMR

LLC

,

6.50%,

12/14/2040(a)(d)

2,000,000

2,143,273

5.15%,

2/1/2043(a)(d)

1,000,000

931,780

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

500,000

490,534

(SOFR

+

0.80%),

1.43%,

3/9/2027(e)

5,250,000

4,861,969

(SOFR

+

0.82%),

1.54%,

9/10/2027(e)

750,000

685,318

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(d)(e)

5,000,000

4,750,530

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

2,400,000

2,302,558

S&P

Global,

Inc.

,

2.90%,

3/1/2032

7,000,000

6,100,353

UBS

Group

AG

,

4.13%,

9/24/2025(a)

5,000,000

4,897,230

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

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

10,000,000

9,798,588

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(e)

1,250,000

1,063,211

43,276,637

Chemicals

0.3%

Syensqo

SA

,

3.95%,

5/1/2025

5,750,000

5,619,545

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

,

5.40%,

4/15/2034

4,265,000

4,256,574

Consumer

Finance

0.5%

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025(d)

9,500,000

9,212,790

Consumer

Staples

Distribution

&

Retail

0.3%

Walmart,

Inc.

,

4.15%,

9/9/2032

5,000,000

4,869,335

4.50%,

4/15/2053(d)

400,000

369,758

5,239,093

Containers

&

Packaging

0.1%

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

2,350,000

2,152,500

Diversified

REITs

0.2%

VICI

Properties

LP

,

4.63%,

6/15/2025(a)

1,500,000

1,476,996

40

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

REITs

WP

Carey,

Inc.

,

2.45%,

2/1/2032

1,615,000

1,299,174

2,776,170

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

5.40%,

2/15/2034(d)

1,500,000

1,519,677

3.65%,

6/1/2051(d)

3,945,000

2,896,169

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031(d)

1,712,000

1,462,598

4.00%,

3/22/2050

2,595,000

2,097,682

7,976,126

Electric

Utilities

5.2%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)(d)

9,525,000

9,122,566

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025(d)

3,750,000

3,757,673

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

1,175,000

1,102,024

Series

Z,

3.70%,

5/1/2050

2,555,000

1,816,322

DTE

Electric

Co.

,

5.20%,

4/1/2033(d)

6,175,000

6,257,427

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033

4,385,000

4,433,100

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

3,750,000

3,608,829

Evergy

Kansas

Central,

Inc.

,

5.90%,

11/15/2033(d)

2,000,000

2,098,009

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,140,000

2,775,308

Evergy

,

Inc.

,

2.90%,

9/15/2029(d)

3,505,000

3,130,707

Exelon

Corp.

,

4.05%,

4/15/2030

695,000

655,441

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

13,750,000

12,900,497

FirstEnergy

Pennsylvania

Electric

Co.

,

4.30%,

1/15/2029(a)(d)

6,000,000

5,788,795

Georgia

Power

Co.

,

4.70%,

5/15/2032(d)

4,750,000

4,640,703

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)(d)

2,000,000

1,954,131

2.75%,

3/1/2032(a)

2,670,000

2,218,530

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033(d)

3,675,000

3,753,379

Louisville

Gas

and

Electric

Co.

,

Series

LOU,

5.45%,

4/15/2033

2,000,000

2,039,635

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

765,000

767,910

NextEra

Energy

Operating

Partners

LP

,

4.25%,

7/15/2024(a)(d)

2,310,000

2,289,655

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031(d)

1,235,000

1,026,999

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030(d)

472,000

445,548

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

2,100,000

2,155,799

Southern

Co.

(The)

,

4.40%,

7/1/2046(d)

2,500,000

2,153,181

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)(d)

1,200,000

1,181,463

3.70%,

1/30/2027(a)

6,000,000

5,700,747

4.30%,

7/15/2029(a)

1,403,000

1,315,806

89,090,184

Energy

Equipment

&

Services

0.2%

Schlumberger

Holdings

Corp.

,

3.90%,

5/17/2028(a)(d)

4,389,000

4,230,636

Entertainment

0.3%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031(d)

3,000,000

2,641,112

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032(d)

2,550,000

2,277,759

4,918,871

Financial

Services

0.1%

Global

Payments,

Inc.

,

2.65%,

2/15/2025(d)

1,500,000

1,461,314

Food

Products

0.9%

Cargill,

Inc.

,

5.13%,

10/11/2032(a)(d)

5,000,000

5,027,967

4.38%,

4/22/2052(a)

650,000

568,710

J

M

Smucker

Co.

(The)

,

6.50%,

11/15/2043(d)

3,250,000

3,526,089

JBS

USA

LUX

SA

,

3.63%,

1/15/2032(d)

641,000

548,462

5.75%,

4/1/2033(d)

4,859,000

4,786,950

14,458,178

Ground

Transportation

0.8%

Ashtead

Capital,

Inc.

,

4.38%,

8/15/2027(a)

2,500,000

2,398,190

4.00%,

5/1/2028(a)

6,500,000

6,105,852

4.25%,

11/1/2029(a)

1,730,000

1,612,839

ERAC

USA

Finance

LLC

,

5.40%,

5/1/2053(a)(d)

3,000,000

3,011,413

13,128,294

Health

Care

Equipment

&

Supplies

0.3%

GE

HealthCare

Technologies,

Inc.

,

5.86%,

3/15/2030

5,000,000

5,204,693

Health

Care

Providers

&

Services

0.9%

CVS

Health

Corp.

,

5.00%,

2/20/2026(d)

8,000,000

7,972,065

Dignity

Health

,

3.81%,

11/1/2024

4,000,000

3,936,581

HCA,

Inc.

,

5.25%,

4/15/2025

1,500,000

1,493,737

UnitedHealth

Group,

Inc.

,

2.00%,

5/15/2030(d)

3,050,000

2,592,152

15,994,535

NVIT

Core

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

REITs

0.1%

Healthpeak

OP

LLC

,

3.25%,

7/15/2026(d)

1,025,000

980,519

Welltower

OP

LLC

,

4.00%,

6/1/2025(d)

1,000,000

983,015

1,963,534

Household

Durables

0.1%

Newell

Brands,

Inc.

,

4.88%,

6/1/2025

2,500,000

2,463,030

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Alexander

Funding

Trust

II

,

7.47%,

7/31/2028(a)(d)

1,770,000

1,871,422

Calpine

Corp.

,

5.25%,

6/1/2026(a)(d)

1,200,000

1,187,579

3,059,001

Industrial

Conglomerates

0.1%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032(d)

1,207,000

1,170,385

Industrial

REITs

0.3%

LXP

Industrial

Trust

,

6.75%,

11/15/2028(d)

5,100,000

5,316,225

Insurance

0.6%

Five

Corners

Funding

Trust

IV

,

6.00%,

2/15/2053(a)

2,875,000

3,036,710

MassMutual

Global

Funding

II

,

1.55%,

10/9/2030(a)

2,000,000

1,616,446

New

York

Life

Global

Funding

,

4.55%,

1/28/2033(a)(d)

5,750,000

5,546,857

10,200,013

IT

Services

0.2%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032(d)

4,150,000

3,989,802

Machinery

0.1%

Daimler

Truck

Finance

North

America

LLC

,

3.50%,

4/7/2025(a)

1,500,000

1,469,140

Media

0.4%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

1,450,000

1,221,051

3.70%,

4/1/2051

600,000

371,070

Comcast

Corp.

,

2.65%,

2/1/2030(d)

3,905,000

3,472,978

2.94%,

11/1/2056

3,432,000

2,160,809

7,225,908

Metals

&

Mining

0.0%

†

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)

420,000

397,519

Multi-Utilities

0.3%

Black

Hills

Corp.

,

3.05%,

10/15/2029

1,350,000

1,210,185

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025(d)

2,825,000

2,752,612

3.25%,

6/15/2026(d)

1,250,000

1,196,556

5,159,353

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

,

3.45%,

4/30/2025

1,650,000

1,615,420

Oil,

Gas

&

Consumable

Fuels

3.2%

Aker

BP

ASA

,

2.00%,

7/15/2026(a)(d)

7,500,000

6,931,122

Antero

Midstream

Partners

LP

,

7.88%,

5/15/2026(a)(d)

900,000

918,821

Boardwalk

Pipelines

LP

,

5.95%,

6/1/2026(d)

1,237,000

1,247,382

Chesapeake

Energy

Corp.

,

5.50%,

2/1/2026(a)

900,000

894,278

Continental

Resources,

Inc.

,

4.38%,

1/15/2028(d)

865,000

835,896

5.75%,

1/15/2031(a)

1,310,000

1,302,197

2.88%,

4/1/2032(a)(d)

1,905,000

1,552,560

Energy

Transfer

LP

,

5.75%,

4/1/2025

6,000,000

5,998,099

4.75%,

1/15/2026(d)

3,500,000

3,463,152

5.55%,

5/15/2034(d)

2,000,000

2,006,092

6.50%,

2/1/2042

1,850,000

1,962,013

MPLX

LP

,

1.75%,

3/1/2026(d)

3,343,000

3,125,016

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)(d)

5,400,000

4,612,703

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025(d)

6,500,000

6,520,345

5.50%,

12/1/2025(d)

2,500,000

2,498,266

6.60%,

3/15/2046(d)

1,535,000

1,654,312

ONEOK,

Inc.

,

5.85%,

1/15/2026(d)

1,620,000

1,635,386

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028

1,500,000

1,478,587

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

320,000

314,028

Var

Energi

ASA

,

5.00%,

5/18/2027(a)(d)

3,815,623

3,729,368

7.50%,

1/15/2028(a)(d)

1,000,000

1,057,676

53,737,299

Passenger

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)

1,200,000

1,145,305

Pharmaceuticals

0.5%

Bayer

US

Finance

LLC

,

6.25%,

1/21/2029(a)

1,335,000

1,358,255

Merck

&

Co.,

Inc.

,

6.55%,

9/15/2037

3,335,000

3,808,485

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.75%,

5/19/2033(d)

3,175,000

3,126,053

8,292,793

42

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Residential

REITs

0.4%

American

Homes

4

Rent

LP

,

3.63%,

4/15/2032(d)

2,000,000

1,758,744

5.50%,

2/1/2034(d)

1,433,000

1,428,688

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028(d)

4,226,000

3,690,762

6,878,194

Retail

REITs

0.2%

Kite

Realty

Group

LP

,

5.50%,

3/1/2034(d)

750,000

745,266

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030(d)

2,124,000

2,032,211

2,777,477

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

2,000,000

1,733,799

Foundry

JV

Holdco

LLC

,

5.88%,

1/25/2034(a)

5,586,000

5,594,421

7,328,220

Software

0.5%

Microsoft

Corp.

,

3.45%,

8/8/2036

5,000,000

4,474,637

Oracle

Corp.

,

2.95%,

4/1/2030

1,000,000

889,848

3.60%,

4/1/2040

3,500,000

2,758,955

8,123,440

Specialized

REITs

0.6%

American

Tower

Corp.

,

2.95%,

1/15/2025(d)

1,500,000

1,468,022

Crown

Castle,

Inc.

,

4.45%,

2/15/2026

430,000

422,829

3.70%,

6/15/2026(d)

3,870,000

3,737,398

CubeSmart

LP

,

4.00%,

11/15/2025

874,000

852,127

3.13%,

9/1/2026

3,125,000

2,967,649

9,448,025

Specialty

Retail

0.2%

AutoZone,

Inc.

,

4.75%,

8/1/2032

55,000

53,358

Home

Depot,

Inc.

(The)

,

2.88%,

4/15/2027

3,200,000

3,036,029

3,089,387

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

,

3.35%,

8/8/2032

8,350,000

7,666,950

Hewlett

Packard

Enterprise

Co.

,

5.90%,

10/1/2024

1,500,000

1,502,243

HP,

Inc.

,

3.40%,

6/17/2030

1,000,000

910,742

10,079,935

Tobacco

0.7%

BAT

Capital

Corp.

,

6.34%,

8/2/2030(d)

1,325,000

1,380,613

4.74%,

3/16/2032(d)

3,000,000

2,869,527

6.42%,

8/2/2033(d)

1,350,000

1,412,197

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029(d)

945,000

973,227

5.75%,

11/17/2032(d)

1,475,000

1,522,815

5.38%,

2/15/2033(d)

1,250,000

1,260,270

4.25%,

11/10/2044

2,000,000

1,675,577

11,094,226

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051

2,660,000

1,859,958

Total

Corporate

Bonds

(cost

$568,033,565)

545,987,328

Mortgage-Backed

Securities

26.3%

FHLMC

UMBS

Pool

Pool#

SB0861

2.50%,

2/1/2037

9,343,902

8,515,257

Pool#

SB8183

3.50%,

10/1/2037

11,544,281

10,967,676

Pool#

SB8260

5.00%,

10/1/2038

15,605,756

15,581,998

Pool#

SD8018

4.00%,

10/1/2049

1,713,316

1,602,284

Pool#

SD8080

2.00%,

6/1/2050

3,222,615

2,571,902

Pool#

SD8079

2.00%,

7/1/2050

8,053,714

6,426,236

Pool#

SD8084

3.00%,

8/1/2050

7,562,149

6,569,794

Pool#

SD1372

2.50%,

9/1/2051

18,964,235

15,738,547

Pool#

SD8178

2.50%,

11/1/2051

6,755,037

5,601,723

Pool#

SD8181

1.50%,

12/1/2051

7,152,671

5,388,185

Pool#

RA6433

2.50%,

12/1/2051

9,515,979

7,867,795

Pool#

SD8199

2.00%,

3/1/2052

49,520,315

39,220,863

Pool#

SD3088

2.00%,

3/1/2052

7,639,981

6,072,903

Pool#

SD8200

2.50%,

3/1/2052

13,255,075

10,982,228

Pool#

QE0799

2.50%,

4/1/2052

8,999,336

7,454,551

Pool#

SD8213

3.00%,

5/1/2052

4,539,960

3,909,712

Pool#

SD2254

3.50%,

7/1/2052

1,652,413

1,483,766

Pool#

QE6924

4.00%,

8/1/2052

28,187,715

26,140,080

Pool#

SD8255

3.50%,

10/1/2052

3,972,304

3,556,491

Pool#

SD8288

5.00%,

1/1/2053

29,533,623

28,831,919

Pool#

SD8302

6.50%,

2/1/2053

2,097,201

2,142,582

NVIT

Core

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8309

6.00%,

3/1/2053

1,587,886

1,603,637

Pool#

SD2921

4.50%,

5/1/2053

14,327,760

13,649,922

Pool#

SD8338

4.00%,

6/1/2053

4,835,362

4,480,457

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,235,416

2,216,671

Pool#

468516

5.17%,

6/1/2028

784,924

774,118

Pool#

468127

5.70%,

5/1/2041

1,062,774

1,097,165

FNMA

UMBS

Pool

Pool#

FS1360

3.00%,

4/1/2037

6,024,369

5,604,265

Pool#

AR9398

3.50%,

6/1/2043

756,538

693,186

Pool#

BC0180

4.00%,

1/1/2046

2,174,016

2,059,111

Pool#

AS7908

3.00%,

9/1/2046

4,840,774

4,260,125

Pool#

AS8483

3.00%,

12/1/2046

2,067,295

1,811,872

Pool#

MA2863

3.00%,

1/1/2047

3,309,967

2,900,156

Pool#

AS8784

3.00%,

2/1/2047

2,135,555

1,877,185

Pool#

BE7557

3.50%,

2/1/2047

3,918,162

3,572,742

Pool#

BM2003

4.00%,

10/1/2047

3,186,230

3,014,190

Pool#

BJ3716

3.50%,

12/1/2047

1,944,340

1,774,677

Pool#

MA3210

3.50%,

12/1/2047

808,112

736,852

Pool#

BM3355

3.50%,

2/1/2048

1,294,702

1,180,537

Pool#

CA1532

3.50%,

4/1/2048

4,253,867

3,891,203

Pool#

CA2208

4.50%,

8/1/2048

912,804

879,965

Pool#

CA2469

4.00%,

10/1/2048

847,760

795,852

Pool#

MA3745

3.50%,

8/1/2049

4,460,617

4,053,338

Pool#

FS2041

2.00%,

8/1/2051

8,151,625

6,478,188

Pool#

FS1080

2.50%,

2/1/2052

32,135,003

26,646,429

Pool#

BU8883

3.00%,

3/1/2052

18,471,646

15,908,701

Pool#

FS2122

3.00%,

3/1/2052

5,289,328

4,562,726

Pool#

MA4577

2.00%,

4/1/2052

18,314,555

14,497,875

Pool#

BV8011

3.00%,

8/1/2052

9,329,039

8,033,184

Pool#

MA4733

4.50%,

9/1/2052

18,182,566

17,313,974

Pool#

MA4782

3.50%,

10/1/2052

14,086,671

12,613,306

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4805

4.50%,

11/1/2052

5,558,327

5,292,811

Pool#

MA4839

4.00%,

12/1/2052

4,721,105

4,372,012

Pool#

MA4980

6.00%,

4/1/2053

3,608,906

3,643,729

Pool#

DA1019

6.50%,

9/1/2053

869,648

889,459

GNMA

II

Pool

Pool#

MA8099

3.50%,

6/20/2052

7,379,484

6,713,223

Pool#

MA8349

5.50%,

10/20/2052

9,080,335

9,075,889

Pool#

MA8429

5.50%,

11/20/2052

3,815,682

3,813,173

Pool#

MA8430

6.00%,

11/20/2052

4,468,607

4,510,300

Pool#

MA8571

6.00%,

1/20/2053

2,017,903

2,036,730

Pool#

MA8726

5.50%,

3/20/2053

13,539,001

13,530,097

Pool#

MA8727

6.00%,

3/20/2053

3,616,498

3,650,241

Pool#

MA8950

6.50%,

6/20/2053

4,223,557

4,296,692

Total

Mortgage-Backed

Securities

(cost

$484,067,603)

447,432,457

Municipal

Bonds

0.8%

California

0.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

4,483,398

District

of

Columbia

0.6

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

D,

7.46%,

10/1/2046

6,000,000

7,494,817

Series

D,

8.00%,

10/1/2047

2,000,000

2,607,428

10,102,245

Total

Municipal

Bonds

(cost

$14,082,047)

14,585,643

U.S.

Government

Agency

Security

0.8%

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

13,132,271

Total

U.S.

Government

Agency

Security

(cost

$13,703,376)

13,132,271

U.S.

Treasury

Obligations

27.4%

U.S.

Treasury

Bonds

2.00%,

11/15/2041

18,000,000

12,628,125

2.38%,

2/15/2042

55,000,000

40,908,398

44

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.25%,

5/15/2042

11,500,000

9,775,449

3.13%,

2/15/2043

23,000,000

19,054,063

3.88%,

2/15/2043

6,200,000

5,731,367

3.88%,

5/15/2043

18,000,000

16,612,734

2.25%,

8/15/2046

7,000,000

4,790,898

2.25%,

2/15/2052

54,800,000

36,045,985

2.88%,

5/15/2052

6,375,000

4,823,584

3.63%,

2/15/2053

1,000,000

878,125

3.63%,

5/15/2053

6,000,000

5,271,563

U.S.

Treasury

Notes

4.50%,

11/30/2024

12,000,000

11,942,344

1.00%,

12/15/2024

(d)

30,000,000

29,136,621

4.25%,

12/31/2024

(d)

24,600,000

24,430,154

4.13%,

1/31/2025

(d)

11,700,000

11,604,785

4.25%,

5/31/2025

(d)

24,000,000

23,803,125

2.88%,

6/15/2025

9,000,000

8,782,031

3.00%,

7/15/2025

22,000,000

21,484,375

0.25%,

8/31/2025

20,000,000

18,751,562

4.00%,

2/15/2026

(d)

12,200,000

12,048,453

3.63%,

5/15/2026

33,000,000

32,345,156

1.25%,

12/31/2026

26,000,000

23,869,219

2.25%,

2/15/2027

2,000,000

1,882,813

0.50%,

4/30/2027

1,000,000

888,320

3.25%,

6/30/2027

(d)

7,000,000

6,759,922

2.25%,

8/15/2027

11,000,000

10,270,820

3.88%,

12/31/2027

6,000,000

5,903,203

3.50%,

1/31/2028

12,300,000

11,940,129

3.63%,

5/31/2028

18,300,000

17,836,067

1.50%,

11/30/2028

(d)

11,000,000

9,729,414

2.75%,

5/31/2029

6,000,000

5,588,906

3.25%,

6/30/2029

2,000,000

1,907,344

3.50%,

1/31/2030

8,300,000

7,986,805

3.75%,

5/31/2030

2,400,000

2,337,094

4.25%,

2/28/2031

7,160,000

7,172,306

2.88%,

5/15/2032

1,500,000

1,361,895

Total

U.S.

Treasury

Obligations

(cost

$495,931,687)

466,283,154

Repurchase

Agreements

2.4%

Bank

of

America

NA

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$2,040,000.

(f)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,732,412,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,766,014.

(f)

1,731,387

1,731,387

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$20,011,845,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$20,400,000.

(f)

20,000,000

20,000,000

MetLife,

Inc.

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,950,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$5,103,547.

(f)

5,000,000

5,000,000

Pershing

LLC

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$12,007,107,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$12,240,004.

(f)

12,000,000

12,000,00

0

Total

Repurchase

Agreements

(cost

$40,731,387)

40,731,387

Total

Investments

(cost

$1,736,877,647)

—

96.4%

1,639,732,403

Other

assets

in

excess

of

liabilities

—

3.6%

60,648,650

NET

ASSETS

—

100.0%

$

1,700,381,053

NVIT

Core

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

45

†

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,

2024

was

$231,173,482

which

represents

13.60%

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,

2024.

(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,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$192,954,381,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$40,731,387

and

by

$158,304,625

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

3/31/2024

–

2/15/2054,

a

total

value

of

$199,036,012.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2024.

(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,

2024

was

$40,731,387.

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

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

381

6/2024

USD

77,908,547

(60,446)

U.S.

Treasury

5

Year

Note

802

6/2024

USD

85,826,531

211,107

U.S.

Treasury

10

Year

Note

1,546

6/2024

USD

171,291,969

784,774

U.S.

Treasury

Ultra

Bond

271

6/2024

USD

34,959,000

664,147

Total

long

contracts

1,599,582

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(257)

6/2024

USD

(29,454,609)

(221,476)

U.S.

Treasury

Long

Bond

(217)

6/2024

USD

(26,134,938)

(426,865)

Total

short

contracts

(648,341)

Net

contracts

951,241

As

of

March

31,

2024,

the

Fund

had

$5,440,815

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

46

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

78,410,180

$

–

$

78,410,180

Collateralized

Mortgage

Obligations

–

14,892,515

–

14,892,515

Commercial

Mortgage-Backed

Securities

–

18,277,468

–

18,277,468

Corporate

Bonds

–

545,987,328

–

545,987,328

Futures

Contracts

1,660,028

–

–

1,660,028

Mortgage-Backed

Securities

–

447,432,457

–

447,432,457

Municipal

Bonds

–

14,585,643

–

14,585,643

Repurchase

Agreements

–

40,731,387

–

40,731,387

U.S.

Government

Agency

Security

–

13,132,271

–

13,132,271

NVIT

Core

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

47

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

and

financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

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

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

466,283,154

$

–

$

466,283,154

Total

Assets

$

1,660,028

$

1,639,732,403

$

–

$

1,641,392,431

Liabilities:

Futures

Contracts

$

(708,787)

$

–

$

–

$

(708,787)

Total

Liabilities

$

(708,787)

$

–

$

–

$

(708,787)

Total

$

951,241

$

1,639,732,403

$

–

$

1,640,683,644

48

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

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,

2024,

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

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

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

NVIT

Core

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

49

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,

2024

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

As

of March

31,

2024,

the

Fund

had

no

open swap

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.

50

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,660,028

Total

$

1,660,028

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(708,787)

Total

$

(708,787)

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Asset-Backed

Securities

16

.5

%

Principal

Amount

($)

Value

($)

Airlines

0

.7

%

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

564,803

491,406

Sprite

Ltd.,

Series

2021-

1,

Class

A,

3.75%,

11/15/2046(a)

350,715

325,807

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

645,833

562,282

1,379,495

Automobiles

0

.2

%

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

203,721

198,665

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-2A,

Class

C,

1.08%,

6/15/2026(a)

181,020

179,345

378,010

Financial

Services

0

.1

%

Retained

Vantage

Data

Centers

Issuer

LLC,

Series

2023-1A,

Class

A2A,

5.00%,

9/15/2048(a)

250,000

241,650

Home

Equity

6

.3

%

Aegis

Asset-Backed

Securities

Corp.

Mortgage

Pass-

Through

Certificates,

Series

2003-2,

Class

M2,

7.99%,

11/25/2033(b)

742,527

650,580

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE2,

Class

A4,

5.67%,

5/25/2037(b)

1,327,699

917,086

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

3.23%,

5/25/2036(b)

2,138,297

1,378,757

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

5.80%,

4/25/2037(b)

419,768

277,351

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

5.92%,

8/25/2036(b)

1,560,352

684,100

Series

2007-CH3,

Class

M2,

5.76%,

3/25/2037(b)

1,500,000

1,295,238

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

5.65%,

5/25/2037(b)

921,897

875,460

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

5.94%,

6/25/2037(b)

3,752,040

924,186

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

6.00%,

5/25/2036(b)

1,500,000

1,338,542

Option

One

Mortgage

Loan

Trust,

Series

2006-1,

Class

M2,

6.01%,

1/25/2036(b)

2,049,000

1,483,052

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(c)

2,781,357

734,824

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

5.78%,

8/25/2036(b)

3,906,874

1,265,786

11,824,962

Other

9

.0

%

Affirm

Asset

Securitization

Trust,

Series

2023-B,

Class

A,

6.82%,

9/15/2028(a)

300,000

304,445

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A1A,

6.81%,

7/20/2034(a)(b)

500,000

500,100

Canyon

Capital

CLO

Ltd.,

Series

2019-1A,

Class

DR,

8.68%,

4/15/2032(a)(b)

600,000

595,613

CBAM

Ltd.,

Series

2019-

10A,

Class

DR,

9.08%,

4/20/2032(a)(b)

750,000

750,270

Fillmore

Park

CLO

Ltd.,

Series

2018-1A,

Class

D,

8.48%,

7/15/2030(a)(b)

500,000

500,076

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

927,888

Franklin

Park

Place

CLO

I

LLC,

Series

2022-1A,

Class

A,

6.71%,

4/14/2035(a)(b)

500,000

499,199

FS

RIALTO,

Series

2021-

FL2,

Class

A,

6.66%,

5/16/2038(a)(b)

333,019

327,824

FS

Rialto

Issuer

LLC,

Series

2022-FL4,

Class

AS,

7.72%,

1/19/2039(a)(b)

200,000

196,994

GoldenTree

Loan

Management

US

CLO

15

Ltd.,

Series

2022-

15A,

Class

DR,

9.72%,

10/20/2036(a)(b)

500,000

507,289

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(a)

452,427

333,737

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(a)

1,019,592

846,830

Series

2021-1,

Class

F,

3.33%,

9/17/2041(a)

599,160

472,719

52

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

LCM

XV

LP,

Series

15A,

Class

DR,

9.28%,

7/20/2030(a)(b)

250,000

249,215

LFT

CRE

Ltd.,

Series

2021-

FL1,

Class

B,

7.19%,

6/15/2039(a)(b)

110,000

107,633

Marble

Point

CLO

XXII

Ltd.,

Series

2021-2A,

Class

A,

6.79%,

7/25/2034(a)(b)

500,000

498,341

Marlette

Funding

Trust,

Series

2019-4A,

Class

C,

3.76%,

12/17/2029(a)

30,475

30,439

ME

Funding

LLC,

Series

2019-1,

Class

A2,

6.45%,

7/30/2049(a)

718,125

714,475

Pagaya

AI

Debt

Selection

Trust,

Series

2021-3,

Class

B,

1.74%,

5/15/2029(a)

181,767

180,805

Pagaya

AI

Debt

Trust,

Series

2022-1,

Class

B,

3.34%,

10/15/2029(a)

499,934

487,170

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

8.44%,

3/25/2026(a)(b)

850,000

858,574

PRET

LLC,

Series

2021-

NPL5,

Class

A1,

2.49%,

10/25/2051(a)(c)

690,289

675,547

Progress

Residential,

Series

2021-SFR4,

Class

A,

1.56%,

5/17/2038(a)

1,045,431

963,131

Progress

Residential

Trust,

Series

2022-SFR3,

Class

A,

3.20%,

4/17/2039(a)

483,155

453,814

PRPM

LLC,

Series

2022-

5,

Class

A1,

6.90%,

9/27/2027(a)(c)

1,703,699

1,700,183

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

6.77%,

10/20/2030(a)(b)

377,469

377,828

Sunnova

Helios

V

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(a)

392,812

343,068

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

437,714

400,067

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

6.66%,

1/17/2032(a)

(b)

500,000

500,156

Upstart

Pass-Through

Trust

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(a)

74,328

72,458

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(a)

70,551

68,062

Vibrant

CLO

XR

Ltd.,

Series

2018-10RA,

Class

C1,

10.31%,

4/20/2036(a)(b)

500,000

505,342

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

378,969

311,916

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

5.12%,

3/27/2051(a)(c)

217,378

212,676

Wellfleet

CLO

X

Ltd.,

Series

2019-XA,

Class

A2R,

7.33%,

7/20/2032(a)(b)

500,000

491,505

16,965,389

Student

Loan

0

.2

%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

456,684

Total

Asset-Backed

Securities

(cost

$35,538,572)

31,246,190

Collateralized

Mortgage

Obligations

19

.3

%

ACRE

Commercial

Mortgage

Ltd.,

Series

2021-

FL4,

Class

A,

6.27%,

12/18/2037(a)(b)

2,876

2,869

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

5.50%,

12/25/2035(b)

850,886

712,182

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

1,895,143

931,390

Series

2006-OA7,

Class

1A2,

6.03%,

6/25/2046(b)

1,233,246

1,033,505

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

5.92%,

2/25/2036(b)

844,052

738,577

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,573,021

700,477

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,127,421

533,614

CIM

Trust,

Series

2023-

R4,

Class

A1,

5.00%,

5/25/2062(a)(b)

897,024

884,614

COLT

Mortgage

Loan

Trust,

Series

2022-4,

Class

A1,

4.30%,

3/25/2067(a)(b)

836,787

814,532

FHLMC

REMICS

Series

5201,

Class

MA,

3.00%,

10/25/2049

1,718,112

1,549,011

Series

5004,

Class

LS,

IO,

0.72%,

7/25/2050(b)

2,626,086

293,599

Series

5198,

Class

KZ,

2.00%,

2/25/2052

2,297,346

1,361,607

FHLMC

STACR

REMIC

Trust,

Series

2021-DNA7,

Class

M2,

7.12%,

11/25/2041(a)

(b)

1,000,000

1,005,685

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

1,219,887

1,127,111

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2010-152,

Class

DE,

4.50%,

1/25/2041

3,300,000

3,234,679

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

1,854,454

1,610,185

Series

2018-33,

Class

A,

3.00%,

5/25/2048

590,809

520,248

Series

2019-64,

Class

D,

2.50%,

11/25/2049

384,892

328,738

Series

2020-77,

Class

S,

IO,

0.00%,

11/25/2050(b)

5,636,960

211,494

Series

2021-61,

Class

KZ,

2.50%,

9/25/2051

3,199,928

1,864,091

Series

2023-36,

Class

,

IO,

2.50%,

10/25/2052

2,143,037

306,939

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

570,491

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

0.00%,

7/20/2049(b)

4,323,712

62,610

Series

2020-79,

Class

IN,

IO,

2.50%,

6/20/2050

6,908,508

924,380

Series

2020-151,

Class

MI,

IO,

2.50%,

10/20/2050

2,859,551

392,543

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

3,317,837

430,090

Series

2021-30,

Class

KI,

IO,

3.00%,

2/20/2051

2,684,408

418,374

Series

2022-174,

Class

AZ,

3.50%,

5/20/2051

4,497,189

3,620,405

Series

2022-61,

Class

EI,

IO,

3.00%,

7/20/2051

3,741,732

576,840

Series

2023-81,

Class

YD,

4.00%,

6/20/2053

2,200,000

1,944,823

Series

2023-82,

Class

ZN,

4.50%,

6/20/2053

1,073,104

945,326

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

5.80%,

7/25/2047(b)

652,664

435,724

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

305,510

301,792

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1,

5.69%,

10/25/2060(a)(b)

347,929

343,905

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(b)

550,000

431,243

RALI

Trust

Series

2006-QS6,

Class

1A11,

6.00%,

6/25/2036(b)

1,392,566

987,140

Series

2006-QS17,

Class

A7,

6.00%,

12/25/2036

910,762

732,232

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

1,802,871

1,525,674

Towd

Point

Mortgage

Trust,

Series

2022-1,

Class

A1,

3.75%,

7/25/2062(a)(b)

1,053,266

979,711

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Verus

Securitization

Trust

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(b)

600,000

455,363

Series

2022-4,

Class

A2,

4.74%,

4/25/2067(a)(b)

769,409

736,761

Total

Collateralized

Mortgage

Obligations

(cost

$41,833,834)

36,580,574

Commercial

Mortgage-Backed

Securities

5

.8

%

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2019-RLJ,

Class

A,

6.42%,

4/15/2036(a)(b)

100,000

99,973

BANK

Series

2020-BN30,

Class

XB,

IO,

0.72%,

12/15/2053(b)

3,036,000

119,349

Series

2017-BNK6,

Class

XA,

IO,

0.77%,

7/15/2060(b)

4,011,469

75,610

Series

2018-BN10,

Class

XA,

IO,

0.69%,

2/15/2061(b)

2,721,803

60,758

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.04%,

2/15/2053(b)

1,961,052

88,843

Series

2021-C12,

Class

XA,

IO,

0.95%,

11/15/2054(b)

2,709,195

134,965

Series

2022-C18,

Class

XD,

IO,

2.15%,

12/15/2055(a)(b)

1,000,000

153,019

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.14%,

11/5/2036(a)

(b)

4,823,000

3,450

Series

2012-SHOW,

Class

XA,

IO,

0.60%,

11/5/2036(a)

(b)

8,760,000

19,629

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.76%,

9/15/2053(b)

1,300,893

81,621

Series

2021-B27,

Class

XA,

IO,

1.26%,

7/15/2054(b)

1,990,210

117,747

BPR

Trust,

Series

2021-

TY,

Class

A,

6.49%,

9/15/2038(a)(b)

111,000

110,306

BX

Commercial

Mortgage

Trust

Series

2021-VOLT,

Class

E,

7.44%,

9/15/2036(a)(b)

134,000

132,074

Series

2021-SOAR,

Class

A,

6.11%,

6/15/2038(a)(b)

176,549

175,335

Series

2024-MF,

Class

D,

8.02%,

2/15/2039(a)(b)

100,000

99,956

BX

Trust

Series

2019-OC11,

Class

E,

3.94%,

12/9/2041(a)(b)

211,000

182,070

Series

2019-OC11,

Class

D,

3.94%,

12/9/2041(a)(b)

100,000

88,122

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

6.49%,

5/15/2038(a)(b)

120,356

114,639

54

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CD

Mortgage

Trust,

Series

2017-CD6,

Class

XA,

IO,

0.87%,

11/13/2050(b)

5,014,725

106,754

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.60%,

5/10/2058(b)

1,837,052

41,560

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.50%,

12/10/2041(a)(b)

115,000

94,823

Series

2014-GC21,

Class

XA,

IO,

1.00%,

5/10/2047(b)

908,050

83

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(a)

139,000

55,888

COMM

Mortgage

Trust,

Series

2014-CR18,

Class

B,

4.46%,

7/15/2047(b)

109,000

106,835

Commercial

Mortgage

Trust

Series

2017-PANW,

Class

E,

3.81%,

10/10/2029(a)(b)

254,000

220,137

Series

2014-CR20,

Class

XA,

IO,

0.92%,

11/10/2047(b)

5,176,348

5,232

Series

2015-CR23,

Class

C,

4.28%,

5/10/2048(b)

407,000

380,872

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2019-ICE4,

Class

A,

6.35%,

5/15/2036(a)(b)

99,752

99,752

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

1.86%,

1/15/2049(b)

593,708

15,990

Series

2017-CX10,

Class

XA,

IO,

0.75%,

11/15/2050(b)

5,969,478

114,762

Series

2017-CX10,

Class

C,

4.17%,

11/15/2050(b)

247,000

195,504

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

220,732

CSMC

Trust

Series

2017-CALI,

Class

F,

3.78%,

11/10/2032(a)(b)

250,000

40,022

Series

2020-NET,

Class

A,

2.26%,

8/15/2037(a)

153,048

142,230

Series

2021-B33,

Class

A1,

3.05%,

10/10/2043(a)

100,000

90,984

Series

2021-B33,

Class

A2,

3.17%,

10/10/2043(a)

157,000

132,069

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.46%,

5/25/2030(b)

1,260,621

1,142,352

Series

2020-M7,

Class

X2,

IO,

1.24%,

3/25/2031(b)

5,144,082

289,473

Series

2022-M5,

Class

X,

IO,

0.60%,

1/1/2034(b)

13,031,000

452,148

GNMA

REMICS

Series

2021-35,

Class

,

IO,

1.03%,

12/16/2062(b)

4,246,054

306,054

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

4,710,378

257,919

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2021-129,

Class

,

IO,

0.98%,

6/16/2063(b)

5,294,425

362,076

Series

2021-79,

Class

,

IO,

0.88%,

8/16/2063(b)

4,996,389

319,953

Series

2021-65,

Class

,

IO,

0.88%,

8/16/2063(b)

4,921,099

317,435

Series

2021-150,

Class

,

IO,

1.03%,

11/16/2063(b)

5,956,280

396,737

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(b)

6,571,632

375,363

Series

2021-208,

Class

,

IO,

0.76%,

6/16/2064(b)

6,312,248

344,152

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

6.69%,

7/16/2035(a)(b)

108,602

107,867

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

8.37%,

12/15/2036(a)(b)

76,765

76,573

Series

2019-WOLF,

Class

F,

8.77%,

12/15/2036(a)(b)

76,765

76,117

GS

Mortgage

Securities

Corp.

Trust,

Series

2018-

TWR,

Class

D,

7.22%,

7/15/2031(a)(b)

100,000

40,000

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.56%,

11/10/2049(b)

5,330,134

61,478

Series

2017-GS8,

Class

XA,

IO,

0.93%,

11/10/2050(b)

4,693,542

123,118

Series

2018-GS9,

Class

C,

4.35%,

3/10/2051(b)

175,000

156,386

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

FFX,

5.36%,

7/5/2033(a)(b)

113,000

74,251

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C23,

Class

D,

3.98%,

9/15/2047(a)(b)

200,000

179,114

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.64%,

5/13/2053(b)

1,336,892

78,581

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(b)

158,000

107,806

Med

Trust,

Series

2021-

MDLN,

Class

G,

10.69%,

11/15/2038(a)(b)

200,040

199,665

MHC

Commercial

Mortgage

Trust,

Series

2021-

MHC,

Class

A,

6.24%,

4/15/2038(a)(b)

167,775

166,989

MHC

Trust,

Series

2021-

MHC2,

Class

A,

6.29%,

5/15/2038(a)(b)

154,199

153,477

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.25%,

5/15/2050(b)

2,353,186

64,174

Morgan

Stanley

Capital

I

Trust

Series

2019-L3,

Class

XA,

IO,

0.61%,

11/15/2052(b)

2,846,869

78,249

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

91,264

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

C,

7.64%,

1/15/2036(a)(b)

150,000

138,030

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

1.85%,

10/10/2048(b)

2,598,407

73,341

UBS

Commercial

Mortgage

Trust,

Series

2017-

C4,

Class

B,

4.24%,

10/15/2050(b)

161,000

147,605

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

XA,

IO,

0.57%,

5/15/2048(b)

7,973,636

30,419

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

135,008

Series

2021-C59,

Class

XA,

IO,

1.52%,

4/15/2054(b)

1,650,414

122,183

Total

Commercial

Mortgage-Backed

Securities

(cost

$12,178,672)

10,967,052

Corporate

Bonds

12

.5

%

Aerospace

&

Defense

0

.2

%

AAR

Escrow

Issuer

LLC

,

6.75%,

3/15/2029(a)

40,000

40,308

Bombardier,

Inc.

,

8.75%,

11/15/2030(a)

50,000

53,389

Lockheed

Martin

Corp.

,

5.20%,

2/15/2064

70,000

69,216

Northrop

Grumman

Corp.

,

5.20%,

6/1/2054

125,000

121,738

Spirit

AeroSystems,

Inc.

,

9.75%,

11/15/2030(a)

45,000

50,335

TransDigm,

Inc.

,

5.50%,

11/15/2027

65,000

63,619

398,605

Automobiles

0

.1

%

Ford

Motor

Co.

,

3.25%,

2/12/2032

75,000

62,385

Hyundai

Capital

America

,

5.30%,

1/8/2029(a)

125,000

125,166

187,551

Banks

1

.2

%

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

139,750

Banco

de

Credito

del

Peru

S.A.

,

5.85%,

1/11/2029(a)

50,000

50,574

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

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

95,764

Banco

GNB

Sudameris

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.56%),

7.05%,

4/3/2027(e)

50,000

49,959

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

142,951

Bank

of

America

Corp.

,

(SOFR

+

1.11%),

3.84%,

4/25/2025(e)

25,000

24,966

(SOFR

+

1.75%),

4.83%,

7/22/2026(e)

40,000

39,640

(SOFR

+

1.65%),

5.47%,

1/23/2035(e)

50,000

50,326

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(e)

240,000

191,960

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

155,000

126,631

BBVA

Bancomer

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.31%),

5.88%,

9/13/2034(e)

200,000

189,273

Citigroup,

Inc.

,

(CME

Term

SOFR

3

Month

+

1.65%),

3.67%,

7/24/2028(e)

255,000

242,374

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

186,026

Itau

Unibanco

Holding

SA

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.63%,

2/27/2025(d)(e)

200,000

188,185

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.99%),

4.85%,

7/25/2028(e)

60,000

59,494

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(e)

150,000

126,816

(SOFR

+

1.26%),

2.96%,

1/25/2033(e)

145,000

123,805

Royal

Bank

of

Canada

,

5.15%,

2/1/2034

30,000

30,029

56

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.57%),

3.58%,

5/22/2028(e)

130,000

123,593

(SOFR

+

1.98%),

4.81%,

7/25/2028(e)

50,000

49,266

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(e)

155,000

127,322

2,358,704

Beverages

0

.0

%

†

Primo

Water

Holdings,

Inc.

,

4.38%,

4/30/2029(a)

45,000

41,381

Biotechnology

0

.1

%

AbbVie,

Inc.

,

3.85%,

6/15/2024

125,000

124,514

5.50%,

3/15/2064

70,000

71,988

Amgen,

Inc.

,

5.75%,

3/2/2063

50,000

50,998

247,500

Broadline

Retail

0

.0

%

†

Macy's

Retail

Holdings

LLC

,

5.88%,

4/1/2029(a)

40,000

39,241

Building

Products

0

.2

%

Advanced

Drainage

Systems,

Inc.

,

6.38%,

6/15/2030(a)

135,000

135,699

Builders

FirstSource,

Inc.

,

6.38%,

6/15/2032(a)

50,000

50,739

Carrier

Global

Corp.

,

6.20%,

3/15/2054

10,000

11,011

EMRLD

Borrower

LP

,

6.63%,

12/15/2030(a)

65,000

65,624

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

39,169

Miter

Brands

Acquisition

Holdco,

Inc.

,

6.75%,

4/1/2032(a)

15,000

15,051

Standard

Industries,

Inc.

,

4.38%,

7/15/2030(a)

55,000

49,420

366,713

Capital

Markets

0

.5

%

Ares

Capital

Corp.

,

3.25%,

7/15/2025

60,000

57,961

BlackRock

Funding,

Inc.

,

5.25%,

3/14/2054

35,000

35,173

Blackstone

Holdings

Finance

Co.

LLC

,

2.00%,

1/30/2032(a)

195,000

152,834

Goldman

Sachs

Group,

Inc.

(The)

,

(CME

Term

SOFR

3

Month

+

1.43%),

6.74%,

5/15/2026(e)

239,000

241,099

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Macquarie

Group

Ltd.

,

(SOFR

+

1.53%),

2.87%,

1/14/2033(a)(e)

170,000

141,392

Morgan

Stanley

,

(SOFR

+

1.36%),

2.48%,

9/16/2036(e)

320,000

253,083

881,542

Chemicals

0

.2

%

Braskem

Netherlands

Finance

BV

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

1/23/2081(e)

200,000

200,602

LYB

International

Finance

III

LLC

,

5.50%,

3/1/2034

60,000

60,111

Sasol

Financing

USA

LLC

,

5.50%,

3/18/2031

200,000

168,490

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

40,000

35,795

464,998

Commercial

Services

&

Supplies

0

.2

%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

27,000

26,982

9.75%,

7/15/2027(a)

55,000

55,165

7.88%,

2/15/2031(a)

60,000

60,768

Garda

World

Security

Corp.

,

6.00%,

6/1/2029(a)

70,000

62,653

GFL

Environmental,

Inc.

,

6.75%,

1/15/2031(a)

30,000

30,744

Madison

IAQ

LLC

,

4.13%,

6/30/2028(a)

55,000

50,870

Veralto

Corp.

,

5.35%,

9/18/2028(a)

60,000

60,779

WASH

Multifamily

Acquisition,

Inc.

,

5.75%,

4/15/2026(a)

30,000

29,321

377,282

Communications

Equipment

0

.0

%

†

Motorola

Solutions,

Inc.

,

5.40%,

4/15/2034

65,000

64,872

Construction

&

Engineering

0

.2

%

Artera

Services

LLC

,

8.50%,

2/15/2031(a)

35,000

35,883

Bioceanico

Sovereign

Certificate

Ltd.

,

Reg.

S,

0.00%,

6/5/2034(f)

130,161

95,038

Brand

Industrial

Services,

Inc.

,

10.38%,

8/1/2030(a)

40,000

43,307

Pike

Corp.

,

5.50%,

9/1/2028(a)

75,000

71,786

8.63%,

1/31/2031(a)

30,000

31,880

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

155,000

125,949

403,843

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Materials

0

.1

%

Cemex

SAB

de

CV

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.13%,

6/08/2026(d)(e)

200,000

193,289

Consumer

Finance

0

.3

%

American

Express

Co.

,

3.95%,

8/1/2025

115,000

112,996

Avolon

Holdings

Funding

Ltd.

,

5.75%,

3/1/2029(a)

125,000

124,395

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

70,000

61,951

3.10%,

1/12/2032

30,000

25,410

GGAM

Finance

Ltd.

,

6.88%,

4/15/2029(a)

50,000

50,187

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(g)

63,417

60,318

Macquarie

Airfinance

Holdings

Ltd.

,

6.40%,

3/26/2029(a)

10,000

10,158

6.50%,

3/26/2031(a)

25,000

25,446

Navient

Corp.

,

5.00%,

3/15/2027

30,000

28,741

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

70,000

70,225

569,827

Consumer

Staples

Distribution

&

Retail

0

.2

%

Dollar

General

Corp.

,

4.25%,

9/20/2024

60,000

59,566

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

110,000

108,143

Sysco

Corp.

,

3.25%,

7/15/2027

65,000

61,417

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

40,000

33,224

US

Foods,

Inc.

,

7.25%,

1/15/2032(a)

50,000

52,037

314,387

Containers

&

Packaging

0

.2

%

Clydesdale

Acquisition

Holdings,

Inc.

,

6.63%,

4/15/2029(a)

35,000

34,972

Pactiv

Evergreen

Group

Issuer

LLC

,

4.38%,

10/15/2028(a)

50,000

46,643

Trident

TPI

Holdings,

Inc.

,

12.75%,

12/31/2028(a)

90,000

96,025

WRKCo,

Inc.

,

3.75%,

3/15/2025

125,000

122,863

300,503

Distributors

0

.0

%

†

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

60,000

58,589

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

30,000

29,863

88,452

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

0

.0

%

†

Mavis

Tire

Express

Services

Topco

Corp.

,

6.50%,

5/15/2029(a)

55,000

52,310

Wand

NewCo

3,

Inc.

,

7.63%,

1/30/2032(a)

40,000

41,369

93,679

Diversified

Telecommunication

Services

0

.2

%

AT&T,

Inc.

,

2.25%,

2/1/2032

150,000

121,908

CCO

Holdings

LLC

,

4.75%,

3/1/2030(a)

50,000

42,932

4.75%,

2/1/2032(a)

45,000

36,726

4.25%,

1/15/2034(a)

40,000

30,194

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

15,000

14,522

5.00%,

5/1/2028(a)

30,000

27,846

Level

3

Financing,

Inc.

,

10.50%,

5/15/2030(a)

37,000

37,833

Verizon

Communications,

Inc.

,

5.50%,

2/23/2054

125,000

126,349

438,310

Electric

Utilities

1

.0

%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

135,000

94,756

Buffalo

Energy

Mexico

Holdings

,

7.88%,

2/15/2039(a)

200,000

216,534

Duke

Energy

Corp.

,

2.65%,

9/1/2026

195,000

184,127

5.00%,

8/15/2052

20,000

18,104

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

45,000

40,096

Eversource

Energy

,

5.50%,

1/1/2034

65,000

65,007

JSW

Hydro

Energy

Ltd.

,

4.13%,

5/18/2031(a)

161,000

142,382

Kallpa

Generacion

SA

,

Reg.

S,

4.13%,

8/16/2027

200,000

190,145

LLPL

Capital

Pte.

Ltd.

,

Reg.

S,

6.88%,

2/4/2039

154,840

154,478

Mexico

Generadora

de

Energia

S

de

rl

,

Reg.

S,

5.50%,

12/6/2032

126,424

124,479

Minejesa

Capital

BV

,

Reg.

S,

5.63%,

8/10/2037

200,000

181,385

NextEra

Energy

Capital

Holdings,

Inc.

,

4.26%,

9/1/2024

60,000

59,600

5.55%,

3/15/2054

40,000

39,734

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

40,000

34,518

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

75,000

62,368

6.75%,

1/15/2053

60,000

65,356

58

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southern

Co.

(The)

,

Series

21-A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.75%,

9/15/2051(e)

135,000

126,198

Vistra

Operations

Co.

LLC

,

7.75%,

10/15/2031(a)

40,000

41,891

1,841,158

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

105,000

99,493

Energy

Equipment

&

Services

0

.1

%

Halliburton

Co.

,

4.85%,

11/15/2035

50,000

48,628

Kodiak

Gas

Services

LLC

,

7.25%,

2/15/2029(a)

65,000

66,208

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

50,625

50,683

Transocean,

Inc.

,

8.00%,

2/1/2027(a)

35,000

34,740

Weatherford

International

Ltd.

,

8.63%,

4/30/2030(a)

25,000

26,100

226,359

Entertainment

0

.2

%

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

30,000

30,328

4.75%,

10/15/2027(a)

75,000

71,612

Netflix,

Inc.

,

5.38%,

11/15/2029(a)

60,000

61,229

Take-Two

Interactive

Software,

Inc.

,

4.95%,

3/28/2028

125,000

124,520

287,689

Financial

Services

0

.1

%

Fiserv,

Inc.

,

5.45%,

3/15/2034

60,000

60,769

Nationstar

Mortgage

Holdings,

Inc.

,

5.75%,

11/15/2031(a)

75,000

69,176

PennyMac

Financial

Services,

Inc.

,

4.25%,

2/15/2029(a)

40,000

36,493

7.88%,

12/15/2029(a)

35,000

35,964

202,402

Food

Products

0

.2

%

Campbell

Soup

Co.

,

5.40%,

3/21/2034

30,000

30,225

MARB

BondCo

plc

,

Reg.

S,

3.95%,

1/29/2031

200,000

164,932

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(a)

130,000

124,838

319,995

Gas

Utilities

0

.1

%

Ferrellgas

LP

,

5.38%,

4/1/2026(a)

35,000

34,242

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gas

Utilities

Suburban

Propane

Partners

LP

,

5.00%,

6/1/2031(a)

55,000

50,143

Superior

Plus

LP

,

4.50%,

3/15/2029(a)

55,000

50,850

135,235

Ground

Transportation

0

.2

%

CSX

Corp.

,

3.35%,

9/15/2049

175,000

125,954

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

65,000

63,119

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

150,000

121,727

XPO,

Inc.

,

7.13%,

6/1/2031(a)

70,000

71,797

382,597

Health

Care

Equipment

&

Supplies

0

.1

%

Bausch

+

Lomb

Corp.

,

8.38%,

10/1/2028(a)

80,000

82,773

Medline

Borrower

LP

,

5.25%,

10/1/2029(a)

55,000

51,984

134,757

Health

Care

Providers

&

Services

0

.4

%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)

35,000

30,525

Centene

Corp.

,

3.00%,

10/15/2030

145,000

124,323

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

50,000

43,680

CVS

Health

Corp.

,

5.30%,

6/1/2033

60,000

60,141

5.88%,

6/1/2053

95,000

96,644

Elevance

Health,

Inc.

,

5.13%,

2/15/2053

125,000

119,793

HCA,

Inc.

,

5.13%,

6/15/2039

65,000

61,345

5.25%,

6/15/2049

70,000

63,891

Legacy

LifePoint

Health

LLC

,

4.38%,

2/15/2027(a)

65,000

61,939

ModivCare

Escrow

Issuer,

Inc.

,

5.00%,

10/1/2029(a)

45,000

32,629

Owens

&

Minor,

Inc.

,

6.63%,

4/1/2030(a)

55,000

54,588

Tenet

Healthcare

Corp.

,

6.25%,

2/1/2027

35,000

34,988

6.13%,

6/15/2030

70,000

69,839

854,325

Health

Care

REITs

0

.1

%

Welltower

OP

LLC

,

2.05%,

1/15/2029

145,000

126,215

Health

Care

Technology

0

.0

%

†

IQVIA,

Inc.

,

6.25%,

2/1/2029

40,000

41,533

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotel

&

Resort

REITs

0

.1

%

Host

Hotels

&

Resorts

LP

,

Series

I,

3.50%,

9/15/2030

140,000

124,492

Park

Intermediate

Holdings

LLC

,

4.88%,

5/15/2029(a)

55,000

51,145

175,637

Hotels,

Restaurants

&

Leisure

0

.7

%

Boyne

USA,

Inc.

,

4.75%,

5/15/2029(a)

125,000

115,872

Caesars

Entertainment,

Inc.

,

6.50%,

2/15/2032(a)

30,000

30,264

Carnival

Corp.

,

5.75%,

3/1/2027(a)

70,000

69,281

Cedar

Fair

LP

,

5.25%,

7/15/2029

35,000

33,178

Expedia

Group,

Inc.

,

5.00%,

2/15/2026

90,000

89,472

3.80%,

2/15/2028

160,000

152,199

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(a)

40,000

35,916

Full

House

Resorts,

Inc.

,

8.25%,

2/15/2028(a)

35,000

33,447

Light

&

Wonder

International,

Inc.

,

7.25%,

11/15/2029(a)

75,000

76,993

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

145,000

125,069

McDonald's

Corp.

,

5.45%,

8/14/2053

60,000

60,885

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

75,000

69,447

NCL

Corp.

Ltd.

,

5.88%,

2/15/2027(a)

45,000

44,460

Royal

Caribbean

Cruises

Ltd.

,

6.25%,

3/15/2032(a)

40,000

40,318

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

75,000

72,506

Station

Casinos

LLC

,

6.63%,

3/15/2032(a)

65,000

65,661

Viking

Cruises

Ltd.

,

5.88%,

9/15/2027(a)

70,000

68,678

9.13%,

7/15/2031(a)

120,000

131,233

1,314,879

Household

Durables

0

.0

%

†

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(a)

40,000

36,290

Whirlpool

Corp.

,

5.75%,

3/1/2034

35,000

35,111

71,401

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

AES

Andes

SA

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

4.64%),

7.13%,

3/26/2079(e)

200,000

198,000

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

0

.4

%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

40,000

39,409

AmWINS

Group,

Inc.

,

4.88%,

6/30/2029(a)

55,000

51,336

Athene

Holding

Ltd.

,

6.25%,

4/1/2054

65,000

65,967

Brighthouse

Financial

Global

Funding

,

1.00%,

4/12/2024(a)

45,000

44,938

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

105,000

87,020

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

50,000

50,017

Guardian

Life

Global

Funding

,

1.25%,

5/13/2026(a)

135,000

124,203

HUB

International

Ltd.

,

7.25%,

6/15/2030(a)

25,000

25,693

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

145,000

101,209

MetLife,

Inc.

,

5.25%,

1/15/2054

125,000

123,052

Panther

Escrow

Issuer

LLC

,

7.13%,

6/1/2031(a)

50,000

50,836

763,680

Interactive

Media

&

Services

0

.1

%

Meta

Platforms,

Inc.

,

5.60%,

5/15/2053

120,000

126,832

IT

Services

0

.0

%

†

Kyndryl

Holdings,

Inc.

,

6.35%,

2/20/2034

60,000

61,588

Life

Sciences

Tools

&

Services

0

.0

%

†

Fortrea

Holdings,

Inc.

,

7.50%,

7/1/2030(a)

65,000

67,098

Machinery

0

.1

%

AGCO

Corp.

,

5.80%,

3/21/2034

20,000

20,250

CNH

Industrial

Capital

LLC

,

5.10%,

4/20/2029

30,000

29,918

Cummins,

Inc.

,

5.45%,

2/20/2054

30,000

30,671

Husky

Injection

Molding

Systems

Ltd.

,

9.00%,

2/15/2029(a)

75,000

77,559

158,398

Media

0

.3

%

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

25,000

20,676

Comcast

Corp.

,

2.94%,

11/1/2056

197,000

124,032

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

105,000

99,334

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

40,000

27,490

GCI

LLC

,

4.75%,

10/15/2028(a)

50,000

45,845

60

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

McGraw-Hill

Education,

Inc.

,

5.75%,

8/1/2028(a)

45,000

42,388

News

Corp.

,

5.13%,

2/15/2032(a)

30,000

28,173

Sirius

XM

Radio,

Inc.

,

5.50%,

7/1/2029(a)

85,000

80,959

Townsquare

Media,

Inc.

,

6.88%,

2/1/2026(a)

30,000

29,250

Univision

Communications,

Inc.

,

7.38%,

6/30/2030(a)

40,000

39,554

537,701

Metals

&

Mining

0

.4

%

BHP

Billiton

Finance

USA

Ltd.

,

5.25%,

9/8/2030

120,000

122,025

CAP

SA

,

Reg.

S,

3.90%,

4/27/2031

200,000

156,233

Glencore

Funding

LLC

,

1.63%,

4/27/2026(a)

80,000

74,179

5.37%,

4/4/2029(a)

135,000

135,268

Minsur

SA

,

Reg.

S,

4.50%,

10/28/2031

200,000

175,289

Southern

Copper

Corp.

,

3.88%,

4/23/2025

50,000

49,005

SunCoke

Energy,

Inc.

,

4.88%,

6/30/2029(a)

55,000

49,797

761,796

Multi-Utilities

0

.1

%

DTE

Energy

Co.

,

5.10%,

3/1/2029

100,000

99,597

NiSource,

Inc.

,

5.35%,

4/1/2034

65,000

64,648

164,245

Office

REITs

0

.0

%

†

Alexandria

Real

Estate

Equities,

Inc.

,

5.25%,

5/15/2036

95,000

93,237

Oil,

Gas

&

Consumable

Fuels

1

.3

%

AI

Candelaria

Spain

SA

,

Reg.

S,

5.75%,

6/15/2033

250,000

202,921

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

24,000

23,699

BP

Capital

Markets

America,

Inc.

,

4.89%,

9/11/2033

125,000

124,129

Callon

Petroleum

Co.

,

7.50%,

6/15/2030(a)

60,000

63,450

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

125,000

121,119

Chesapeake

Energy

Corp.

,

5.88%,

2/1/2029(a)

65,000

64,466

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

40,000

42,108

CNX

Resources

Corp.

,

6.00%,

1/15/2029(a)

50,000

48,954

Cosan

Overseas

Ltd.

,

Reg.

S,

8.25%,

5/05/2024(d)(h)

100,000

102,375

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ecopetrol

SA

,

5.88%,

11/2/2051

200,000

143,961

Energy

Transfer

LP

,

4.75%,

1/15/2026

60,000

59,368

5.00%,

5/15/2044(c)

75,000

66,329

EQM

Midstream

Partners

LP

,

4.75%,

1/15/2031(a)

55,000

51,148

Hilcorp

Energy

I

LP

,

5.75%,

2/1/2029(a)

55,000

53,572

8.38%,

11/1/2033(a)

15,000

16,263

Kinder

Morgan,

Inc.

,

5.20%,

6/1/2033

125,000

123,103

Matador

Resources

Co.

,

6.50%,

4/15/2032(a)

50,000

50,061

MPLX

LP

,

1.75%,

3/1/2026

50,000

46,740

NGL

Energy

Operating

LLC

,

8.13%,

2/15/2029(a)

50,000

51,209

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030

60,000

63,582

ONEOK,

Inc.

,

6.63%,

9/1/2053

60,000

66,126

Parkland

Corp.

,

4.50%,

10/1/2029(a)

55,000

50,871

Permian

Resources

Operating

LLC

,

7.00%,

1/15/2032(a)

35,000

36,309

Petroleos

del

Peru

SA

,

Reg.

S,

4.75%,

6/19/2032

200,000

157,467

Petroleos

Mexicanos

,

6.75%,

9/21/2047

100,000

66,516

Phillips

66

Co.

,

5.65%,

6/15/2054

145,000

147,142

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

80,000

79,766

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

30,000

31,029

Southwestern

Energy

Co.

,

5.38%,

2/1/2029

35,000

33,993

Sunoco

LP

,

6.00%,

4/15/2027

35,000

34,860

4.50%,

5/15/2029

20,000

18,591

Tallgrass

Energy

Partners

LP

,

7.38%,

2/15/2029(a)

35,000

35,209

Venture

Global

LNG,

Inc.

,

8.13%,

6/1/2028(a)

45,000

45,909

8.38%,

6/1/2031(a)

30,000

30,938

9.88%,

2/1/2032(a)

30,000

32,332

Vital

Energy,

Inc.

,

7.88%,

4/15/2032(a)

25,000

25,397

Williams

Cos.,

Inc.

(The)

,

5.15%,

3/15/2034

65,000

64,414

2,475,426

Paper

&

Forest

Products

0

.1

%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(a)

121,000

119,076

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

61

Corporate

Bonds

Principal

Amount

($)

Value

($)

Passenger

Airlines

0

.1

%

American

Airlines,

Inc.

,

7.25%,

2/15/2028(a)

30,000

30,466

5.75%,

4/20/2029(a)

70,000

68,807

8.50%,

5/15/2029(a)

65,000

68,670

167,943

Personal

Care

Products

0

.1

%

Coty,

Inc.

,

5.00%,

4/15/2026(a)

40,000

39,403

6.63%,

7/15/2030(a)

60,000

60,930

100,333

Pharmaceuticals

0

.2

%

1375209

BC

Ltd.

,

9.00%,

1/30/2028(a)

5,000

4,900

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

25,000

15,577

14.00%,

10/15/2030(a)

1,000

575

Bristol-Myers

Squibb

Co.

,

5.50%,

2/22/2044

25,000

25,586

5.55%,

2/22/2054

100,000

102,838

Merck

&

Co.,

Inc.

,

4.50%,

5/17/2033

45,000

44,002

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

5.30%,

5/19/2053

60,000

59,654

Viatris,

Inc.

,

1.65%,

6/22/2025

40,000

38,038

291,170

Professional

Services

0

.1

%

Jacobs

Engineering

Group,

Inc.

,

5.90%,

3/1/2033

130,000

131,600

VT

Topco,

Inc.

,

8.50%,

8/15/2030(a)

70,000

73,891

205,491

Real

Estate

Management

&

Development

0

.0

%

†

InRetail

Shopping

Malls

,

Reg.

S,

5.75%,

4/3/2028

50,000

48,787

Realogy

Group

LLC

,

5.25%,

4/15/2030(a)

35,000

23,800

72,587

Residential

REITs

0

.1

%

American

Homes

4

Rent

LP

,

5.50%,

2/1/2034

100,000

99,699

Sun

Communities

Operating

LP

,

2.70%,

7/15/2031

75,000

61,762

161,461

Retail

REITs

0

.0

%

†

Realty

Income

Corp.

,

5.05%,

1/13/2026

60,000

59,788

Semiconductors

&

Semiconductor

Equipment

0

.2

%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

143,000

123,966

Marvell

Technology,

Inc.

,

1.65%,

4/15/2026

100,000

93,010

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

NXP

BV

,

3.88%,

6/18/2026

95,000

92,219

Qorvo,

Inc.

,

1.75%,

12/15/2024

45,000

43,669

3.38%,

4/1/2031(a)

35,000

30,101

382,965

Software

0

.2

%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

40,000

36,585

Central

Parent

LLC

,

8.00%,

6/15/2029(a)

50,000

51,832

Clarivate

Science

Holdings

Corp.

,

4.88%,

7/1/2029(a)

40,000

37,005

Microsoft

Corp.

,

2.92%,

3/17/2052

90,000

63,628

Oracle

Corp.

,

6.25%,

11/9/2032

10,000

10,699

3.80%,

11/15/2037

15,000

12,578

UKG,

Inc.

,

6.88%,

2/1/2031(a)

35,000

35,655

Workday,

Inc.

,

3.70%,

4/1/2029

130,000

122,587

370,569

Specialized

REITs

0

.3

%

American

Tower

Corp.

,

3.60%,

1/15/2028

80,000

75,581

Crown

Castle,

Inc.

,

4.30%,

2/15/2029

130,000

124,613

Equinix,

Inc.

,

3.90%,

4/15/2032

70,000

63,339

2.95%,

9/15/2051

120,000

77,036

Extra

Space

Storage

LP

,

5.40%,

2/1/2034

65,000

64,714

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

80,000

81,525

4.50%,

2/15/2031(a)

30,000

27,067

513,875

Specialty

Retail

0

.2

%

Gap,

Inc.

(The)

,

3.88%,

10/1/2031(a)

60,000

50,754

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025

140,000

138,283

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(a)

45,000

38,343

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

30,000

30,494

Sonic

Automotive,

Inc.

,

4.63%,

11/15/2029(a)

90,000

80,712

Staples,

Inc.

,

7.50%,

4/15/2026(a)

20,000

19,519

358,105

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Hewlett

Packard

Enterprise

Co.

,

5.90%,

10/1/2024

50,000

50,075

62

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

NetApp,

Inc.

,

1.88%,

6/22/2025

95,000

90,860

140,935

Tobacco

0

.1

%

BAT

Capital

Corp.

,

4.54%,

8/15/2047

85,000

65,627

Philip

Morris

International,

Inc.

,

5.25%,

2/13/2034

65,000

64,424

130,051

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

3.25%,

3/1/2025

100,000

97,778

Fortress

Transportation

and

Infrastructure

Investors

LLC

,

7.88%,

12/1/2030(a)

75,000

78,758

176,536

Transportation

Infrastructure

0

.2

%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

177,500

151,179

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

Reg.

S,

4.38%,

7/3/2029

200,000

178,103

Rutas

2

&

7

Finance

Ltd.

,

Reg.

S,

0.00%,

9/30/2036(f)

173,333

117,636

446,918

Water

Utilities

0

.1

%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

185,000

129,446

Wireless

Telecommunication

Services

0

.2

%

CT

Trust

,

Reg.

S,

5.13%,

2/3/2032

200,000

177,316

T-Mobile

USA,

Inc.

,

5.50%,

1/15/2055

185,000

184,646

361,962

Total

Corporate

Bonds

(cost

$24,486,535)

23,641,566

Foreign

Government

Securities

0

.2

%

COLOMBIA

0.1%

Republic

of

Colombia,

4.13%,

5/15/2051

250,000

154,680

SOUTH

AFRICA

0.1%

Republic

of

South

Africa,

4.30%,

10/12/2028

200,000

179,488

Total

Foreign

Government

Securities

(cost

$440,152)

334,168

Mortgage-Backed

Securities

19

.7

%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,316,228

1,201,609

Pool#

G08775

4.00%,

8/1/2047

406,456

381,694

Pool#

Q51461

3.50%,

10/1/2047

563,619

514,852

FHLMC

Pool

Gold

Pool

Pool#

WN2407

4.38%,

5/1/2028

1,800,000

1,760,055

Pool#

WA3229

4.09%,

9/1/2032

3,940,643

3,731,938

FHLMC

UMBS

Pool#

QH2160

,

6.00%,

10/1/2053

1,920,786

1,968,952

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,804,389

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

1,829,378

Pool#

BS3020

1.96%,

9/1/2033

1,300,000

1,025,284

Pool#

BS3514

2.08%,

10/1/2033

5,900,000

4,676,833

Pool#

BS7824

4.99%,

11/1/2039

1,783,496

1,776,660

Pool#

BS9551

5.94%,

9/1/2053

1,900,723

2,017,300

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

1,255,889

1,103,424

Pool#

MA2888

2.50%,

1/1/2047

968,371

827,231

Pool#

AS9937

3.00%,

7/1/2047

961,797

845,230

Pool#

MA4097

3.00%,

8/1/2050

2,525,088

2,194,927

Pool#

FM4865

2.50%,

11/1/2050

2,865,939

2,388,247

Pool#

FS1472

3.50%,

11/1/2050

2,297,339

2,087,564

Pool#

FM8215

2.50%,

3/1/2051

1,363,979

1,147,979

Pool#

FM7203

2.00%,

5/1/2051

2,399,354

1,922,805

Pool#

CB0705

3.00%,

6/1/2051

1,337,852

1,162,487

Pool#

MA4416

3.50%,

9/1/2051

1,124,253

1,009,623

Total

Mortgage-Backed

Securities

(cost

$42,509,068)

37,378,461

U.S.

Treasury

Obligations

19

.9

%

U.S.

Treasury

Bonds

4.75%,

11/15/2043

7,700,000

7,987,547

4.75%,

11/15/2053

11,000,000

11,742,500

4.25%,

2/15/2054

4,600,000

4,523,812

U.S.

Treasury

Notes

3.88%,

4/30/2025

1,250,000

1,235,156

4.88%,

11/30/2025

1,370,000

1,371,980

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

63

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.50%,

7/15/2026

1,420,000

1,417,892

4.38%,

12/15/2026

2,060,000

2,054,931

3.63%,

5/31/2028

820,000

799,212

4.00%,

6/30/2028

1,500,000

1,483,359

4.38%,

11/30/2028

1,620,000

1,628,543

3.75%,

6/30/2030

1,170,000

1,139,013

4.38%,

11/30/2030

1,080,000

1,088,986

3.50%,

2/15/2033

850,000

805,010

3.88%,

8/15/2033

340,000

330,969

Total

U.S.

Treasury

Obligations

(cost

$37,158,689)

37,608,910

Investment

Company

2

.0

%

Shares

Fixed

Income

Fund

2

.0

%

DoubleLine

Floating

Rate

Fund,

Class

I

412,891

3,732,536

Total

Investment

Company

(cost

$3,937,321)

3,732,536

Total

Investments

(cost

$198,082,843)

—

95.9%

181,489,457

Other

assets

in

excess

of

liabilities

—

4.1%

7,842,722

NET

ASSETS

—

100.0%

$

189,332,179

†

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,

2024

was

$37,235,251

which

represents

19.67%

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,

2024.

(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,

2024.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2024.

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,

2024.

(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

IO

Interest

only

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

64

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(Unaudited)

-

Statement

of

Investments

-

65

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

31,246,190

$

–

$

31,246,190

Collateralized

Mortgage

Obligations

–

36,580,574

–

36,580,574

Commercial

Mortgage-Backed

Securities

–

10,967,052

–

10,967,052

Corporate

Bonds

–

23,641,566

–

23,641,566

Foreign

Government

Securities

–

334,168

–

334,168

Investment

Company

3,732,536

–

–

3,732,536

Mortgage-Backed

Securities

–

37,378,461

–

37,378,461

U.S.

Treasury

Obligations

–

37,608,910

–

37,608,910

Total

$

3,732,536

$

177,756,921

$

–

$

181,489,457

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

66

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Common

Stock

0.0%

†

Shares

Value

($)

Media

Entertainment

0.0%

†

iHeartMedia,

Inc.,

Class A

*

4,485

9,374

Total

Common

Stock

(cost

$80,730)

9,374

Corporate

Bonds

96.6%

Principal

Amount

($)

Aerospace

/

Defense

1.6%

TransDigm,

Inc.

,

5.50%,

11/15/2027

1,000,000

978,752

6.38%,

3/1/2029(a)

150,000

150,467

4.88%,

5/1/2029

75,000

69,766

6.88%,

12/15/2030(a)

75,000

76,455

6.63%,

3/1/2032(a)

300,000

303,087

1,578,527

Airlines

0.2%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

187,500

186,223

Automotive

6.2%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

300,000

292,464

7.00%,

4/15/2028(a)

75,000

76,635

8.25%,

4/15/2031(a)

75,000

79,143

Clarios

Global

LP

,

8.50%,

5/15/2027(a)

1,075,000

1,076,626

6.75%,

5/15/2028(a)

100,000

101,363

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

26,000

25,866

Dana,

Inc.

,

5.38%,

11/15/2027

25,000

24,456

4.50%,

2/15/2032

325,000

280,905

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

525,000

466,524

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

750,000

721,552

4.39%,

1/8/2026

200,000

195,077

2.70%,

8/10/2026

200,000

186,427

4.27%,

1/9/2027

375,000

360,736

7.35%,

11/4/2027

200,000

209,754

6.80%,

5/12/2028

175,000

181,805

5.11%,

5/3/2029

275,000

266,977

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

500,000

499,353

6.38%,

5/15/2029(a)(b)

300,000

301,534

JB

Poindexter

&

Co.,

Inc.

,

8.75%,

12/15/2031(a)

275,000

284,249

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

350,000

306,674

ZF

North

America

Capital,

Inc.

,

6.88%,

4/14/2028(a)

150,000

155,580

6,093,700

Banking

0.1%

Ally

Financial,

Inc.

,

5.75%,

11/20/2025

100,000

99,280

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Materials

4.3%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4.00%,

1/15/2028(a)

75,000

70,218

Beacon

Roofing

Supply,

Inc.

,

6.50%,

8/1/2030(a)

50,000

50,736

Camelot

Return

Merger

Sub,

Inc.

,

8.75%,

8/1/2028(a)

225,000

231,132

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

325,000

305,015

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

725,000

666,698

GYP

Holdings

III

Corp.

,

4.63%,

5/1/2029(a)

300,000

278,904

Interface,

Inc.

,

5.50%,

12/1/2028(a)

325,000

308,803

Miter

Brands

Acquisition

Holdco,

Inc.

,

6.75%,

4/1/2032(a)

125,000

125,427

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

75,000

69,023

SRS

Distribution,

Inc.

,

6.13%,

7/1/2029(a)

200,000

203,950

6.00%,

12/1/2029(a)

575,000

587,367

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

375,000

363,760

3.38%,

1/15/2031(a)

475,000

398,270

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

350,000

343,297

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

200,000

199,805

4,202,405

Building

Products

0.6%

EMRLD

Borrower

LP

,

6.63%,

12/15/2030(a)

575,000

580,516

Cable

Satellite

7.2%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

50,000

49,237

5.13%,

5/1/2027(a)

200,000

190,554

5.00%,

2/1/2028(a)

525,000

488,725

5.38%,

6/1/2029(a)

50,000

45,772

4.75%,

3/1/2030(a)

750,000

643,981

4.50%,

5/1/2032

400,000

321,438

4.50%,

6/1/2033(a)

125,000

97,640

4.25%,

1/15/2034(a)

50,000

37,743

CSC

Holdings

LLC

,

5.50%,

4/15/2027(a)

400,000

357,886

7.50%,

4/1/2028(a)

200,000

134,810

5.75%,

1/15/2030(a)

700,000

370,561

4.50%,

11/15/2031(a)

400,000

283,187

Directv

Financing

LLC

,

5.88%,

8/15/2027(a)

200,000

189,207

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

150,000

103,088

5.13%,

6/1/2029

450,000

187,690

DISH

Network

Corp.

,

11.75%,

11/15/2027(a)

125,000

127,616

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

67

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

525,000

491,780

4.00%,

7/15/2028(a)

100,000

91,487

3.88%,

9/1/2031(a)

275,000

229,299

Sunrise

FinCo.

I

BV

,

4.88%,

7/15/2031(a)

625,000

557,799

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

600,000

562,878

Virgin

Media

Secured

Finance

plc

,

5.50%,

5/15/2029(a)

200,000

184,913

Vmed

O2

UK

Financing

I

plc

,

4.75%,

7/15/2031(a)

650,000

560,225

VZ

Secured

Financing

BV

,

5.00%,

1/15/2032(a)

400,000

343,441

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

200,000

197,114

5.13%,

2/28/2030(a)

250,000

214,101

7,062,172

Chemicals

3.0%

Axalta

Coating

Systems

Dutch

Holding

B

BV

,

7.25%,

2/15/2031(a)

150,000

156,031

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

175,000

168,907

3.38%,

2/15/2029(a)

150,000

134,230

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

206,404

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

69,497

Herens

Holdco

Sarl

,

4.75%,

5/15/2028(a)

550,000

479,992

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

200,000

197,300

Olympus

Water

US

Holding

Corp.

,

7.13%,

10/1/2027(a)

200,000

202,025

4.25%,

10/1/2028(a)

200,000

181,449

9.75%,

11/15/2028(a)

200,000

213,043

6.25%,

10/1/2029(a)

425,000

389,001

SNF

Group

SACA

,

3.38%,

3/15/2030(a)

250,000

216,403

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

300,000

268,467

7.38%,

3/1/2031(a)

50,000

50,628

2,933,377

Construction

Machinery

0.5%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

325,000

297,532

United

Rentals

North

America,

Inc.

,

4.88%,

1/15/2028

150,000

145,974

3.88%,

2/15/2031

50,000

44,800

488,306

Consumer

Cyclical

Services

3.1%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

124,000

123,918

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Cyclical

Services

Allied

Universal

Holdco

LLC,

9.75%,

7/15/2027(a)

675,000

677,028

6.00%,

6/1/2029(a)

200,000

172,085

7.88%,

2/15/2031(a)

200,000

202,559

Garda

World

Security

Corp.

,

9.50%,

11/1/2027(a)

807,000

808,942

7.75%,

2/15/2028(a)

50,000

51,275

6.00%,

6/1/2029(a)

350,000

313,265

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

200,000

195,594

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

250,000

239,602

4.13%,

8/1/2030(a)

250,000

222,436

3,006,704

Consumer

Products

1.8%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

800,000

781,192

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

325,000

298,212

Energizer

Holdings,

Inc.

,

6.50%,

12/31/2027(a)

150,000

149,190

4.75%,

6/15/2028(a)

200,000

185,240

4.38%,

3/31/2029(a)

350,000

313,622

1,727,456

Diversified

Manufacturing

0.9%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

500,000

498,788

WESCO

Distribution,

Inc.

,

7.25%,

6/15/2028(a)

400,000

408,375

907,163

Finance

Companies

2.4%

Boost

Newco

Borrower

LLC

,

7.50%,

1/15/2031(a)

250,000

261,703

Macquarie

Airfinance

Holdings

Ltd.

,

6.40%,

3/26/2029(a)

25,000

25,395

8.13%,

3/30/2029(a)

100,000

105,762

6.50%,

3/26/2031(a)

25,000

25,446

Navient

Corp.

,

6.75%,

6/25/2025

25,000

25,190

5.50%,

3/15/2029

550,000

512,103

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(a)

250,000

230,981

3.63%,

3/1/2029(a)

275,000

247,375

3.88%,

3/1/2031(a)

75,000

65,340

4.00%,

10/15/2033(a)

75,000

63,532

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

250,000

247,746

5.75%,

6/15/2027(a)

200,000

194,455

5.50%,

4/15/2029(a)

375,000

354,675

2,359,703

Food

&

Beverage

1.8%

BellRing

Brands,

Inc.

,

7.00%,

3/15/2030(a)

500,000

515,046

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

50,000

49,083

68

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Beverage

Performance

Food

Group,

Inc.,

4.25%,

8/1/2029(a)

275,000

252,013

Post

Holdings,

Inc.

,

5.50%,

12/15/2029(a)

325,000

314,064

6.25%,

2/15/2032(a)

100,000

100,729

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

450,000

427,165

4.63%,

6/1/2030(a)

150,000

139,153

1,797,253

Food

&

Staples

Retailing

0.0%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(c)

100,000

0

Gaming

5.1%

Affinity

Interactive

,

6.88%,

12/15/2027(a)

275,000

256,957

Boyd

Gaming

Corp.

,

4.75%,

12/1/2027

100,000

96,334

4.75%,

6/15/2031(a)

50,000

45,947

Caesars

Entertainment,

Inc.

,

8.13%,

7/1/2027(a)

400,000

409,664

7.00%,

2/15/2030(a)

100,000

102,649

6.50%,

2/15/2032(a)

150,000

151,321

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

50,000

49,954

Churchill

Downs,

Inc.

,

6.75%,

5/1/2031(a)

250,000

251,396

Light

&

Wonder

International,

Inc.

,

7.25%,

11/15/2029(a)

175,000

179,649

7.50%,

9/1/2031(a)

125,000

129,988

MGM

Resorts

International

,

6.50%,

4/15/2032

225,000

224,256

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

375,000

347,234

Mohegan

Tribal

Gaming

Authority

,

8.00%,

2/1/2026(a)

550,000

538,180

Ontario

Gaming

GTA

LP

,

8.00%,

8/1/2030(a)

275,000

283,242

Penn

Entertainment,

Inc.

,

4.13%,

7/1/2029(a)

100,000

85,995

Raptor

Acquisition

Corp.

,

4.88%,

11/1/2026(a)

175,000

168,335

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

700,000

676,722

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

275,000

259,060

4.63%,

12/1/2031(a)

150,000

134,819

6.63%,

3/15/2032(a)

100,000

101,017

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

25,000

24,451

4.25%,

12/1/2026(a)

150,000

144,220

3.88%,

2/15/2029(a)

25,000

23,009

4.63%,

12/1/2029(a)

150,000

141,859

4.13%,

8/15/2030(a)

75,000

68,198

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gaming

Wynn

Resorts

Finance

LLC

,

7.13%,

2/15/2031(a)

125,000

129,362

5,023,818

Health

Insurance

0.4%

Centene

Corp.

,

4.25%,

12/15/2027

100,000

95,348

4.63%,

12/15/2029

275,000

261,079

3.38%,

2/15/2030

50,000

44,247

400,674

Healthcare

4.7%

AHP

Health

Partners,

Inc.

,

5.75%,

7/15/2029(a)

425,000

386,751

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

225,000

213,213

3.88%,

11/1/2029(a)

350,000

315,504

Community

Health

Systems,

Inc.

,

6.88%,

4/15/2029(a)

400,000

299,487

6.13%,

4/1/2030(a)

250,000

180,278

5.25%,

5/15/2030(a)

150,000

122,312

Embecta

Corp.

,

5.00%,

2/15/2030(a)

75,000

61,268

6.75%,

2/15/2030(a)

175,000

151,627

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

250,000

244,622

6.50%,

5/15/2030(a)

175,000

178,590

Medline

Borrower

LP

,

3.88%,

4/1/2029(a)

175,000

159,286

6.25%,

4/1/2029(a)

175,000

175,784

5.25%,

10/1/2029(a)

1,000,000

945,168

Neogen

Food

Safety

Corp.

,

8.63%,

7/20/2030(a)

175,000

188,519

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

72,134

Tenet

Healthcare

Corp.

,

6.25%,

2/1/2027

250,000

249,913

5.13%,

11/1/2027

200,000

195,626

6.13%,

10/1/2028

75,000

74,731

4.25%,

6/1/2029

175,000

162,666

6.13%,

6/15/2030

200,000

199,541

4,577,020

Hotel

&

Resort

REITs

0.2%

RHP

Hotel

Properties

LP

,

7.25%,

7/15/2028(a)

50,000

51,491

6.50%,

4/1/2032(a)

150,000

150,506

201,997

Independent

Energy

4.0%

Antero

Resources

Corp.

,

7.63%,

2/1/2029(a)

13,000

13,352

5.38%,

3/1/2030(a)

125,000

120,047

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

350,000

350,876

8.25%,

12/31/2028(a)

150,000

154,092

5.88%,

6/30/2029(a)

75,000

71,507

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

125,000

123,393

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

69

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

Callon

Petroleum

Co.

,

7.50%,

6/15/2030(a)

100,000

105,750

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024(c)

200,000

4,000

5.50%,

2/1/2026(a)

25,000

24,841

5.88%,

2/1/2029(a)

25,000

24,795

Chord

Energy

Corp.

,

6.38%,

6/1/2026(a)

50,000

50,209

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

150,000

157,907

8.63%,

11/1/2030(a)

100,000

107,377

8.75%,

7/1/2031(a)

50,000

53,503

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

400,000

381,457

5.88%,

1/15/2030(a)

150,000

135,841

CrownRock

LP

,

5.63%,

10/15/2025(a)

300,000

299,283

Endeavor

Energy

Resources

LP

,

5.75%,

1/30/2028(a)

25,000

25,203

Matador

Resources

Co.

,

6.50%,

4/15/2032(a)

100,000

100,121

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

325,000

326,017

PDC

Energy,

Inc.

,

5.75%,

5/15/2026

100,000

99,832

Permian

Resources

Operating

LLC

,

6.88%,

4/1/2027(a)

275,000

275,103

Range

Resources

Corp.

,

4.88%,

5/15/2025

98,000

97,349

8.25%,

1/15/2029

125,000

130,026

4.75%,

2/15/2030(a)

75,000

69,926

Rockcliff

Energy

II

LLC

,

5.50%,

10/15/2029(a)

75,000

70,186

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

75,000

77,573

SM

Energy

Co.

,

6.75%,

9/15/2026

125,000

125,125

6.50%,

7/15/2028

125,000

125,536

Southwestern

Energy

Co.

,

8.38%,

9/15/2028

175,000

181,486

5.38%,

3/15/2030

50,000

48,123

3,929,836

Industrial

-

Other

1.8%

Artera

Services

LLC

,

8.50%,

2/15/2031(a)

50,000

51,262

Hillenbrand,

Inc.

,

6.25%,

2/15/2029

275,000

277,359

Madison

IAQ

LLC

,

5.88%,

6/30/2029(a)

750,000

686,160

SPX

Flow,

Inc.

,

8.75%,

4/1/2030(a)

500,000

504,947

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

200,000

193,218

1,712,946

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

-

P&C

8.2%

Alliant

Holdings

Intermediate

LLC

,

7.00%,

1/15/2031(a)

325,000

328,256

AmWINS

Group,

Inc.

,

6.38%,

2/15/2029(a)

225,000

226,215

4.88%,

6/30/2029(a)

575,000

536,695

Ardonagh

Group

Finance

Ltd.

,

8.88%,

2/15/2032(a)

875,000

863,907

AssuredPartners,

Inc.

,

5.63%,

1/15/2029(a)

125,000

115,160

7.50%,

2/15/2032(a)

150,000

147,398

BroadStreet

Partners,

Inc.

,

5.88%,

4/15/2029(a)

900,000

833,008

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

500,000

500,172

HUB

International

Ltd.

,

5.63%,

12/1/2029(a)

625,000

586,016

7.25%,

6/15/2030(a)

450,000

462,464

7.38%,

1/31/2032(a)

400,000

402,694

Jones

Deslauriers

Insurance

Management,

Inc.

,

8.50%,

3/15/2030(a)

325,000

338,773

10.50%,

12/15/2030(a)

325,000

342,950

NFP

Corp.

,

6.88%,

8/15/2028(a)

925,000

936,806

7.50%,

10/1/2030(a)

75,000

79,013

Panther

Escrow

Issuer

LLC

,

7.13%,

6/1/2031(a)

500,000

508,355

Ryan

Specialty

LLC

,

4.38%,

2/1/2030(a)

200,000

186,926

USI,

Inc.

,

7.50%,

1/15/2032(a)

575,000

576,059

7,970,867

Interactive

Media

&

Services

0.3%

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

300,000

291,685

Leisure

1.4%

Carnival

Corp.

,

7.00%,

8/15/2029(a)

50,000

52,149

NCL

Corp.

Ltd.

,

5.88%,

3/15/2026(a)

125,000

123,394

8.13%,

1/15/2029(a)

150,000

158,728

7.75%,

2/15/2029(a)

150,000

155,741

NCL

Finance

Ltd.

,

6.13%,

3/15/2028(a)

100,000

98,752

Royal

Caribbean

Cruises

Ltd.

,

4.25%,

7/1/2026(a)

100,000

96,505

6.25%,

3/15/2032(a)

175,000

176,393

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%,

8/15/2029(a)

450,000

423,832

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

75,000

73,261

1,358,755

Leisure

Products

0.1%

Acushnet

Co.

,

7.38%,

10/15/2028(a)

50,000

51,814

70

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Lodging

0.2%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

74,767

4.88%,

1/15/2030

100,000

95,880

3.63%,

2/15/2032(a)

50,000

43,050

213,697

Media

Entertainment

4.3%

Audacy

Capital

Corp.

,

6.50%,

5/1/2027(a)(c)

425,000

13,812

6.75%,

3/31/2029(a)(c)

200,000

6,500

CMG

Media

Corp.

,

8.88%,

12/15/2027(a)

250,000

165,678

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

50,000

48,694

7.00%,

5/15/2027(a)

75,000

69,752

4.75%,

10/15/2030(a)

75,000

49,188

5.38%,

11/15/2031(a)

175,000

114,751

iHeartCommunications,

Inc.

,

6.38%,

5/1/2026

75,360

64,289

8.38%,

5/1/2027

445,964

249,127

4.75%,

1/15/2028(a)

125,000

87,800

Lamar

Media

Corp.

,

4.88%,

1/15/2029

75,000

72,268

3.63%,

1/15/2031

50,000

43,872

Nexstar

Media,

Inc.

,

5.63%,

7/15/2027(a)

200,000

191,864

4.75%,

11/1/2028(a)

200,000

182,233

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

25,000

22,649

4.63%,

3/15/2030(a)

150,000

134,525

7.38%,

2/15/2031(a)

25,000

26,186

ROBLOX

Corp.

,

3.88%,

5/1/2030(a)

100,000

88,099

Scripps

Escrow

II,

Inc.

,

5.38%,

1/15/2031(a)

75,000

46,145

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

150,000

125,508

Sinclair

Television

Group,

Inc.

,

5.13%,

2/15/2027(a)

225,000

204,758

Stagwell

Global

LLC

,

5.63%,

8/15/2029(a)

850,000

771,891

TEGNA,

Inc.

,

5.00%,

9/15/2029

300,000

268,930

Univision

Communications,

Inc.

,

8.00%,

8/15/2028(a)

275,000

280,159

4.50%,

5/1/2029(a)

100,000

89,366

7.38%,

6/30/2030(a)

200,000

197,768

Urban

One,

Inc.

,

7.38%,

2/1/2028(a)

425,000

360,633

WMG

Acquisition

Corp.

,

3.75%,

12/1/2029(a)

200,000

179,214

4,155,659

Metals

&

Mining

0.6%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

225,000

209,746

7.00%,

3/15/2032(a)

125,000

126,650

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

300,000

283,436

619,832

Midstream

5.8%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

75,030

5.88%,

8/20/2026

300,000

299,503

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

300,000

296,244

5.75%,

1/15/2028(a)

225,000

221,535

5.38%,

6/15/2029(a)

525,000

504,871

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

150,000

142,762

4.00%,

3/1/2031

150,000

136,336

3.25%,

1/31/2032

75,000

63,888

CNX

Midstream

Partners

LP

,

4.75%,

4/15/2030(a)

175,000

155,972

DT

Midstream,

Inc.

,

4.38%,

6/15/2031(a)

175,000

158,484

Energy

Transfer

LP

,

8.00%,

4/1/2029(a)

225,000

233,537

7.38%,

2/1/2031(a)

100,000

104,602

EQM

Midstream

Partners

LP

,

7.50%,

6/1/2027(a)

50,000

51,270

6.50%,

7/1/2027(a)

450,000

453,980

5.50%,

7/15/2028

25,000

24,657

4.50%,

1/15/2029(a)

125,000

117,205

6.38%,

4/1/2029(a)

75,000

75,551

4.75%,

1/15/2031(a)

325,000

302,236

6.50%,

7/15/2048

75,000

75,224

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

175,000

169,341

4.25%,

2/15/2030(a)

100,000

91,891

5.50%,

10/15/2030(a)

125,000

121,118

HF

Sinclair

Corp.

,

6.38%,

4/15/2027(a)

50,000

50,281

5.00%,

2/1/2028(a)

275,000

267,151

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

275,000

277,990

Suburban

Propane

Partners

LP

,

5.88%,

3/1/2027

150,000

148,296

5.00%,

6/1/2031(a)

350,000

319,089

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027

50,000

50,553

5.00%,

1/15/2028

50,000

49,286

5.50%,

3/1/2030

250,000

248,769

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

142,125

Western

Midstream

Operating

LP

,

4.50%,

3/1/2028

125,000

120,800

5.30%,

3/1/2048

125,000

109,669

5,659,246

Oil

Field

Services

2.5%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

350,000

351,062

6.25%,

4/1/2028(a)

325,000

321,567

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

71

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil

Field

Services

Kodiak

Gas

Services

LLC

,

7.25%,

2/15/2029(a)

75,000

76,394

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

125,000

124,226

7.50%,

1/15/2028(a)

150,000

140,687

Nabors

Industries,

Inc.

,

7.38%,

5/15/2027(a)

125,000

124,770

9.13%,

1/31/2030(a)

50,000

51,983

Precision

Drilling

Corp.

,

7.13%,

1/15/2026(a)

92,000

92,095

6.88%,

1/15/2029(a)

125,000

124,768

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

575,000

574,339

6.88%,

9/1/2027

150,000

150,357

7.13%,

3/15/2029(a)

325,000

329,048

2,461,296

Packaging

4.6%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)(b)

525,000

175,688

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

625,000

503,782

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

225,000

141,750

5.25%,

8/15/2027(a)

200,000

126,000

Ball

Corp.

,

6.00%,

6/15/2029

100,000

100,950

Berry

Global,

Inc.

,

5.63%,

7/15/2027(a)

125,000

123,457

Clydesdale

Acquisition

Holdings,

Inc.

,

8.75%,

4/15/2030(a)

1,050,000

1,031,666

Crown

Americas

LLC

,

5.25%,

4/1/2030

150,000

144,617

Mauser

Packaging

Solutions

Holding

Co.

,

7.88%,

8/15/2026(a)

175,000

178,282

9.25%,

4/15/2027(a)

375,000

372,013

OI

European

Group

BV

,

4.75%,

2/15/2030(a)

100,000

92,070

Owens-Brockway

Glass

Container,

Inc.

,

6.63%,

5/13/2027(a)

207,000

207,117

7.25%,

5/15/2031(a)

200,000

203,700

Sealed

Air

Corp.

,

6.13%,

2/1/2028(a)

25,000

25,052

5.00%,

4/15/2029(a)

75,000

71,990

7.25%,

2/15/2031(a)

125,000

129,961

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(d)

900,000

888,774

4,516,869

Paper

0.3%

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

75,000

72,420

3.50%,

3/1/2029(a)

250,000

224,829

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

Graphic

Packaging

International

LLC,

3.75%,

2/1/2030(a)

25,000

22,233

319,482

Pharmaceuticals

1.2%

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

150,000

93,464

5.00%,

2/15/2029(a)

725,000

302,541

7.25%,

5/30/2029(a)

100,000

43,286

Grifols

SA

,

4.75%,

10/15/2028(a)

600,000

496,416

Organon

&

Co.

,

5.13%,

4/30/2031(a)

250,000

222,277

1,157,984

Professional

Services

0.3%

Dun

&

Bradstreet

Corp.

(The)

,

5.00%,

12/15/2029(a)

350,000

323,072

Restaurants

1.5%

1011778

BC

ULC

,

4.38%,

1/15/2028(a)

225,000

212,834

4.00%,

10/15/2030(a)

975,000

868,727

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

150,000

145,852

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

200,000

189,693

4.63%,

1/31/2032

50,000

46,141

5.38%,

4/1/2032

25,000

24,191

1,487,438

Retailers

1.7%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

200,000

196,996

Asbury

Automotive

Group,

Inc.

,

4.63%,

11/15/2029(a)

325,000

299,918

5.00%,

2/15/2032(a)

125,000

113,255

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(a)

100,000

87,597

Kontoor

Brands,

Inc.

,

4.13%,

11/15/2029(a)

250,000

224,388

LCM

Investments

Holdings

II

LLC

,

4.88%,

5/1/2029(a)

250,000

229,783

8.25%,

8/1/2031(a)

225,000

235,386

Sally

Holdings

LLC

,

6.75%,

3/1/2032

200,000

198,436

William

Carter

Co.

(The)

,

5.63%,

3/15/2027(a)

50,000

49,660

1,635,419

Supermarkets

0.5%

Albertsons

Cos.,

Inc.

,

5.88%,

2/15/2028(a)

100,000

99,004

6.50%,

2/15/2028(a)

75,000

75,796

3.50%,

3/15/2029(a)

375,000

336,594

511,394

Technology

9.9%

ams-OSRAM

AG

,

12.25%,

3/30/2029(a)

150,000

150,686

72

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

825,000

754,560

Boxer

Parent

Co.,

Inc.

,

9.13%,

3/1/2026(a)

175,000

174,935

Capstone

Borrower,

Inc.

,

8.00%,

6/15/2030(a)

175,000

181,588

Central

Parent

LLC

,

8.00%,

6/15/2029(a)

50,000

51,832

Central

Parent,

Inc.

,

7.25%,

6/15/2029(a)

625,000

638,004

Ciena

Corp.

,

4.00%,

1/31/2030(a)

50,000

44,682

Clarivate

Science

Holdings

Corp.

,

3.88%,

7/1/2028(a)

50,000

46,259

4.88%,

7/1/2029(a)

525,000

485,694

Cloud

Software

Group,

Inc.

,

6.50%,

3/31/2029(a)

250,000

237,241

9.00%,

9/30/2029(a)

325,000

311,713

Coherent

Corp.

,

5.00%,

12/15/2029(a)

450,000

423,830

Consensus

Cloud

Solutions,

Inc.

,

6.00%,

10/15/2026(a)

200,000

190,090

6.50%,

10/15/2028(a)

300,000

266,703

Elastic

NV

,

4.13%,

7/15/2029(a)

400,000

359,962

Entegris,

Inc.

,

5.95%,

6/15/2030(a)

200,000

197,632

Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

75,000

70,054

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

125,000

119,076

HealthEquity,

Inc.

,

4.50%,

10/1/2029(a)

425,000

392,121

Helios

Software

Holdings,

Inc.

,

4.63%,

5/1/2028(a)

200,000

179,455

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

225,000

229,288

McAfee

Corp.

,

7.38%,

2/15/2030(a)

825,000

756,563

Millennium

Escrow

Corp.

,

6.63%,

8/1/2026(a)

125,000

73,913

NCR

Atleos

Corp.

,

9.50%,

4/1/2029(a)

150,000

160,441

NCR

Voyix

Corp.

,

5.13%,

4/15/2029(a)

300,000

278,236

5.25%,

10/1/2030(a)

325,000

294,050

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

100,000

91,876

Open

Text

Corp.

,

3.88%,

12/1/2029(a)

175,000

155,925

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

150,000

134,381

Rackspace

Technology

Global,

Inc.

,

3.50%,

2/15/2028(a)

150,000

51,849

Rocket

Software,

Inc.

,

6.50%,

2/15/2029(a)

375,000

321,215

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

47,744

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Seagate

HDD

Cayman

,

8.25%,

12/15/2029(a)

150,000

161,170

9.63%,

12/1/2032

245,750

279,982

Sensata

Technologies

BV

,

5.88%,

9/1/2030(a)

200,000

195,670

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

50,000

45,507

3.75%,

2/15/2031(a)

25,000

21,625

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

200,000

195,552

Synaptics,

Inc.

,

4.00%,

6/15/2029(a)

125,000

112,499

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

350,000

317,450

UKG,

Inc.

,

6.88%,

2/1/2031(a)

275,000

280,150

Viavi

Solutions,

Inc.

,

3.75%,

10/1/2029(a)

175,000

150,149

9,631,352

Transportation

Services

0.5%

Stena

International

SA

,

7.25%,

1/15/2031(a)

200,000

199,491

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

250,000

247,103

446,594

Utility

-

Electric

2.8%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

16,000

15,834

4.50%,

2/15/2028(a)

125,000

118,559

5.13%,

3/15/2028(a)

300,000

287,923

4.63%,

2/1/2029(a)

75,000

69,414

5.00%,

2/1/2031(a)

50,000

45,865

3.75%,

3/1/2031(a)

150,000

131,357

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)(c)

152,000

66,120

NextEra

Energy

Operating

Partners

LP

,

7.25%,

1/15/2029(a)

175,000

179,054

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

26,000

26,013

3.38%,

2/15/2029(a)

150,000

133,264

5.25%,

6/15/2029(a)

275,000

262,903

3.88%,

2/15/2032(a)

5,000

4,285

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

325,000

309,534

4.75%,

1/15/2030(a)

175,000

160,412

TransAlta

Corp.

,

7.75%,

11/15/2029

200,000

207,898

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

147,683

5.63%,

2/15/2027(a)

300,000

295,396

5.00%,

7/31/2027(a)

175,000

169,457

NVIT

Federated

High

Income

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

73

Corporate

Bonds

Principal

Amount

($)

Value

($)

Utility

-

Electric

Vistra

Operations

Co.

LLC,

7.75%,

10/15/2031(a)

50,000

52,364

2,683,335

Total

Corporate

Bonds

(cost

$100,566,884)

94,364,866

Total

Investments

(cost

$100,647,614)

—

96.6%

94,374,240

Other

assets

in

excess

of

liabilities

—

3.4%

3,370,594

NET

ASSETS

—

100.0%

$

97,744,834

*

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,

2024

was

$82,157,771

which

represents

84.05%

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,

2024.

74

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(Unaudited)

-

Statement

of

Investments

-

75

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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stock

$

9,374

$

–

$

–

$

9,374

Corporate

Bonds

Aerospace

/

Defense

–

1,578,527

–

1,578,527

Airlines

–

186,223

–

186,223

Automotive

–

6,093,700

–

6,093,700

Banking

–

99,280

–

99,280

Building

Materials

–

4,202,405

–

4,202,405

Cable

Satellite

–

7,062,172

–

7,062,172

Chemicals

–

2,933,377

–

2,933,377

Construction

Machinery

–

488,306

–

488,306

Consumer

Cyclical

Services

–

3,006,704

–

3,006,704

Consumer

Products

–

1,727,456

–

1,727,456

Diversified

Manufacturing

–

907,163

–

907,163

Finance

Companies

–

2,359,703

–

2,359,703

Food

&

Beverage

–

1,797,253

–

1,797,253

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

4,610,588

–

4,610,588

Health

Insurance

–

400,674

–

400,674

Healthcare

–

4,577,020

–

4,577,020

Independent

Energy

–

3,929,836

–

3,929,836

Industrial

-

Other

–

2,293,462

–

2,293,462

Insurance

-

P&C

–

7,970,867

–

7,970,867

Leisure

–

673,486

–

673,486

Lodging

–

364,203

–

364,203

Media

Entertainment

–

4,155,659

–

4,155,659

Metals

&

Mining

–

619,832

–

619,832

Midstream

–

5,659,246

–

5,659,246

Oil

Field

Services

–

2,461,296

–

2,461,296

Packaging

–

4,516,869

–

4,516,869

Paper

–

319,482

–

319,482

Pharmaceuticals

–

1,157,984

–

1,157,984

REIT

–

other

–

51,491

–

51,491

Restaurants

–

2,637,751

–

2,637,751

Retailers

–

1,635,419

–

1,635,419

Supermarkets

–

511,394

–

511,394

Technology

–

10,246,109

–

10,246,109

Transportation

Services

–

446,594

–

446,594

Utility

-

Electric

–

2,683,335

–

2,683,335

Total

Corporate

Bonds

$

–

$

94,364,866

$

–

$

94,364,866

Total

$

9,374

$

94,364,866

$

–

$

94,374,240

As

of

March

31,

2024,

the

Fund

held

one

corporate

bond

investment

that

was

categorized

as

a

Level

3

investment

which

was

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.

76

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Government

Bond

Fund

Asset-Backed

Securities

4.7%

Principal

Amount

($)

Value

($)

Automobiles

1.4%

Carvana

Auto

Receivables

Trust,

Series

2023-

P3,

Class

A2,

6.09%,

11/10/2026(a)

783,731

784,655

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

1,781,581

1,792,450

Westlake

Automobile

Receivables

Trust,

Series

2023-4A,

Class

A2,

6.23%,

1/15/2027(a)

2,000,000

2,009,800

4,586,905

Equipment

Loans

&

Leases

1.1%

CCG

Receivables

Trust,

Series

2023-2,

Class

A2,

6.28%,

4/14/2032(a)

2,000,000

2,022,248

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

500,000

505,877

M&T

Equipment

Notes,

Series

2023-1A,

Class

A2,

6.09%,

7/15/2030(a)

966,610

967,156

3,495,281

Other

2.2%

AMSR

Trust

Series

2020-SFR1,

Class

D,

2.62%,

4/17/2037(a)

2,000,000

1,922,162

Series

2020-SFR2,

Class

C,

2.53%,

7/17/2037(a)

1,339,450

1,279,716

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

648,137

557,779

Reach

ABS

Trust

Series

2024-1A,

Class

A,

6.30%,

2/18/2031(a)

621,490

622,736

Series

2023-1A,

Class

A,

7.05%,

2/18/2031(a)

141,402

141,784

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,164,303

Tricon

Residential

Trust,

Series

2024-SFR1,

Class

B,

4.75%,

4/17/2029(a)

325,000

312,542

7,001,022

Total

Asset-Backed

Securities

(cost

$15,271,421)

15,083,208

Collateralized

Mortgage

Obligations

7.8%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

214,744

202,848

Barclays

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A1,

4.47%,

2/25/2062(a)(c)

890,903

868,570

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Cross

Mortgage

Trust,

Series

2024-H1,

Class

A1,

6.09%,

12/25/2068(a)(c)

1,463,555

1,461,561

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

210,962

209,041

FNMA

REMICS

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

178,948

177,508

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

2,246,065

2,022,575

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

8,505,561

7,946,145

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

1,705,948

1,528,103

GCAT

2022-CM1

Trust,

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

1,324,256

1,200,199

GCAT

Trust,

Series

2024-

NQM1,

Class

A1,

6.01%,

1/25/2059(a)(c)

1,472,140

1,468,189

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

586,591

548,649

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

1,801,992

1,702,978

OBX

Trust

Series

2023-NQM1,

Class

A1,

6.12%,

11/25/2062(a)(b)

1,268,124

1,267,250

Series

2024-NQM1,

Class

A1,

5.93%,

11/25/2063(a)(c)

977,628

975,210

Series

2024-NQM2,

Class

A1,

5.88%,

12/25/2063(a)(c)

1,470,583

1,467,274

Starwood

Mortgage

Residential

Trust,

Series

2022-3,

Class

A1,

4.16%,

3/25/2067(a)(b)

1,439,106

1,376,970

Verus

Securitization

Trust,

Series

2022-4,

Class

A1,

4.47%,

4/25/2067(a)(c)

769,401

750,942

Total

Collateralized

Mortgage

Obligations

(cost

$26,560,793)

25,174,012

Commercial

Mortgage-Backed

Securities

3.0%

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K-154,

Class

A2,

4.35%,

1/25/2033(b)

2,800,000

2,734,241

Series

K-157,

Class

A2,

4.20%,

5/25/2033

7,200,000

6,943,990

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,703,969)

9,678,231

NVIT

Government

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

77

Corporate

Bonds

4.8%

Principal

Amount

($)

Value

($)

Financial

Services

4.8%

Private

Export

Funding

Corp.

,

Series

GG,

2.45%,

7/15/2024

5,500,000

5,453,360

Series

OO,

1.75%,

11/15/2024

10,000,000

9,778,304

Total

Corporate

Bonds

(cost

$15,480,445)

15,231,664

Mortgage-Backed

Securities

48.4%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

1,827,828

1,729,374

Pool#

G08881

3.50%,

6/1/2049

1,109,106

1,009,069

FHLMC

Non

Gold

Pool

Pool#

847558

,

6.35%,

6/1/2035

(b)

274,869

279,287

FHLMC

UMBS

Pool

Pool#

SD8025

3.50%,

11/1/2049

2,500,255

2,275,886

Pool#

SD8030

3.00%,

12/1/2049

1,345,459

1,172,111

Pool#

SD8050

3.00%,

3/1/2050

1,983,582

1,726,781

Pool#

SD8080

2.00%,

6/1/2050

2,343,720

1,870,474

Pool#

SD8171

1.50%,

10/1/2051

2,948,203

2,222,447

Pool#

SD8182

2.00%,

12/1/2051

3,955,324

3,135,311

Pool#

RA6433

2.50%,

12/1/2051

2,854,793

2,360,338

Pool#

SD8199

2.00%,

3/1/2052

4,952,031

3,922,086

Pool#

QE0958

2.00%,

3/1/2052

3,569,742

2,830,546

Pool#

SD8200

2.50%,

3/1/2052

3,976,522

3,294,668

Pool#

QE0799

2.50%,

4/1/2052

2,699,801

2,236,365

Pool#

SD8213

3.00%,

5/1/2052

4,539,960

3,909,712

Pool#

SD8214

3.50%,

5/1/2052

3,497,706

3,131,953

Pool#

SD1413

3.50%,

7/1/2052

3,926,846

3,514,495

Pool#

SD8244

4.00%,

9/1/2052

2,780,622

2,575,846

Pool#

SD2253

3.50%,

12/1/2052

6,680,452

5,979,215

Pool#

SD8288

5.00%,

1/1/2053

2,937,045

2,867,263

Pool#

SD8302

6.50%,

2/1/2053

1,258,320

1,285,549

Pool#

SD8378

7.00%,

11/1/2053

935,720

964,736

FNMA

Pool

Pool#

745684

5.88%,

4/1/2034(b)

859,171

877,643

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

790760

5.92%,

9/1/2034(b)

322,744

322,180

Pool#

799144

5.16%,

4/1/2035(b)

61,912

61,373

Pool#

822705

5.39%,

4/1/2035(b)

139,715

138,288

Pool#

815217

4.81%,

5/1/2035(b)

497,245

490,830

Pool#

821377

5.81%,

5/1/2035(b)

83,521

82,624

Pool#

783609

5.98%,

5/1/2035(b)

334,333

332,995

Pool#

826181

5.85%,

7/1/2035(b)

550,136

548,481

Pool#

873932

6.31%,

8/1/2036

5,557,338

5,534,936

Pool#

745866

6.11%,

9/1/2036(b)

1,306,973

1,342,813

FNMA

UMBS

Pool

Pool#

BM5426

3.00%,

12/1/2047

8,448,968

7,436,331

Pool#

CA1564

4.50%,

4/1/2048

1,156,547

1,120,287

Pool#

BM5267

4.50%,

12/1/2048

2,724,647

2,641,720

Pool#

MA3746

4.00%,

8/1/2049

1,107,630

1,035,183

Pool#

BP5843

2.50%,

5/1/2050

5,322,923

4,439,051

Pool#

MA4096

2.50%,

8/1/2050

3,462,764

2,886,332

Pool#

MA4119

2.00%,

9/1/2050

4,255,427

3,392,679

Pool#

MA4183

2.50%,

11/1/2050

2,907,032

2,423,239

Pool#

CB0456

2.50%,

5/1/2051

3,365,551

2,784,204

Pool#

FS3885

3.00%,

11/1/2051

2,817,238

2,431,429

Pool#

MA4492

2.00%,

12/1/2051

4,839,152

3,837,051

Pool#

FS1648

2.50%,

1/1/2052

3,102,578

2,574,521

Pool#

FS1476

3.00%,

3/1/2052

1,780,907

1,534,233

Pool#

MA4577

2.00%,

4/1/2052

12,820,189

10,148,512

Pool#

FS1749

2.50%,

4/1/2052

4,093,278

3,391,128

Pool#

MA4656

4.50%,

7/1/2052

3,628,927

3,455,575

Pool#

MA4698

3.00%,

8/1/2052

1,870,492

1,610,828

Pool#

MA4732

4.00%,

9/1/2052

5,540,062

5,138,104

Pool#

MA4805

4.50%,

11/1/2052

2,779,163

2,646,405

Pool#

MA4839

4.00%,

12/1/2052

2,360,552

2,186,006

Pool#

MA4980

6.00%,

4/1/2053

1,353,340

1,366,398

78

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Government

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

23,876

23,516

Pool#

682492

3.50%,

10/15/2025

47,086

46,114

Pool#

719433

3.50%,

10/15/2025

44,329

43,535

Pool#

733504

3.50%,

11/15/2025

61,290

60,178

Pool#

740930

3.50%,

11/15/2025

50,983

49,887

Pool#

682497

3.50%,

11/15/2025

36,545

35,791

Pool#

749618

3.50%,

11/15/2025

25,897

25,384

Pool#

742371

3.50%,

11/15/2025

19,642

19,220

Pool#

750403

3.50%,

11/15/2025

7,089

6,960

Pool#

755650

3.50%,

12/15/2025

148,805

145,849

Pool#

682502

3.50%,

12/15/2025

13,261

13,067

GNMA

II

Pool

Pool#

MA8429

5.50%,

11/20/2052

1,998,691

1,997,376

Pool#

MA8571

6.00%,

1/20/2053

1,717,364

1,733,387

Pool#

MA8647

5.00%,

2/20/2053

1,890,173

1,859,261

Pool#

MA8726

5.50%,

3/20/2053

4,668,621

4,665,551

Pool#

MA8727

6.00%,

3/20/2053

1,732,454

1,748,619

Pool#

MA8801

5.50%,

4/20/2053

2,847,376

2,845,503

Pool#

MA9018

6.00%,

7/20/2053

1,444,449

1,457,926

GNMA

TBA

6.00%,

4/15/2054

1,600,000

1,613,984

6.50%,

4/15/2054

4,500,000

4,575,028

Total

Mortgage-Backed

Securities

(cost

$168,387,207)

155,471,027

U.S.

Government

Agency

Securities

15.6%

FFCB

3.14%,

7/2/2026

13,500,000

13,067,300

2.75%,

11/6/2026

2,000,000

1,911,634

2.38%,

3/16/2032

15,000,000

12,944,526

3.19%,

3/9/2033

2,475,000

2,243,780

Hashemite

Kingdom

of

Jordan

AID

Bond,

3.00%,

6/30/2025

2,125,000

2,054,228

Resolution

Funding

Corp.STRIPS,

0.00%,

1/15/2030(d)

15,000,000

11,510,525

U.S.

Government

Agency

Securities

Principal

Amount

($)

Value

($)

FFCB

State

of

Israel

AID

Bond,

5.50%,

9/18/2033(e)

6,024,000

6,472,431

Total

U.S.

Government

Agency

Securities

(cost

$56,113,119)

50,204,424

U.S.

Treasury

Obligations

16.4%

U.S.

Treasury

Bonds

2.50%,

2/15/2046

5,150,000

3,724,496

2.25%,

8/15/2046

18,250,000

12,490,557

1.25%,

5/15/2050

6,000,000

3,068,672

4.75%,

11/15/2053

1,500,000

1,601,250

U.S.

Treasury

Notes

4.63%,

2/28/2026

(e)

6,000,000

5,995,078

3.63%,

5/15/2026

5,750,000

5,635,898

4.63%,

11/15/2026

(e)

3,000,000

3,009,727

4.13%,

2/15/2027

4,000,000

3,966,250

4.25%,

3/15/2027

7,000,000

6,967,734

4.25%,

2/28/2029

(e)

6,000,000

6,007,969

Total

U.S.

Treasury

Obligations

(cost

$57,462,070)

52,467,631

Repurchase

Agreement

0.4%

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,356,659,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,382,972.

(f)

1,355,855

1,355,855

Total

Repurchase

Agreement

(cost

$1,355,855)

1,355,855

Total

Investments

(cost

$350,334,879)

—

101.1%

324,666,052

Liabilities

in

excess

of

other

assets

—

(1.1)%

(3,674,457)

NET

ASSETS

—

100.0%

$

320,991,595

NVIT

Government

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

79

(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,

2024

was

$28,373,848

which

represents

8.84%

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,

2024.

(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,

2024.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$12,663,435,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,355,855

and

by

$11,667,310

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

6/27/2024

–

5/15/2039,

a

total

value

of

$13,023,165.

(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,

2024

was

$1,355,855.

AID

Agency

for

International

Development

FFCB

Federal

Farm

Credit

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

Securities

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

338

6/2024

USD

36,171,281

118,845

Net

contracts

118,845

As

of

March

31,

2024,

the

Fund

had

$473,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

80

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

15,083,208

$

–

$

15,083,208

Collateralized

Mortgage

Obligations

–

25,174,012

–

25,174,012

Commercial

Mortgage-Backed

Securities

–

9,678,231

–

9,678,231

Corporate

Bonds

–

15,231,664

–

15,231,664

Futures

Contracts

118,845

–

–

118,845

Mortgage-Backed

Securities

–

155,471,027

–

155,471,027

Repurchase

Agreement

–

1,355,855

–

1,355,855

U.S.

Government

Agency

Securities

–

50,204,424

–

50,204,424

NVIT

Government

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

81

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

52,467,631

$

–

$

52,467,631

Total

$

118,845

$

324,666,052

$

–

$

324,784,897

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

118,845

Total

$

118,845

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

82

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

25.9%

Principal

Amount

($)

Value

($)

Airlines

0.2%

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

1,141,767

1,040,742

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,796,913

1,790,839

Series

2019-2,

Class

B,

3.50%,

5/1/2028

110,035

102,031

2,933,612

Automobiles

18.1%

Ally

Auto

Receivables

Trust,

Series

2023-1,

Class

A3,

5.46%,

5/15/2028

1,810,000

1,819,630

American

Credit

Acceptance

Receivables

Trust

Series

2023-4,

Class

B,

6.63%,

2/14/2028(a)

1,725,000

1,745,066

Series

2023-3,

Class

C,

6.44%,

10/12/2029(a)

2,915,000

2,941,419

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-2,

Class

B,

5.84%,

7/18/2029

5,365,000

5,423,270

ARI

Fleet

Lease

Trust,

Series

2024-A,

Class

A2,

5.30%,

11/15/2032(a)

700,000

698,489

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-3A,

Class

A,

5.44%,

2/22/2028(a)

4,575,000

4,601,517

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

1,010,000

1,015,001

BMW

Vehicle

Owner

Trust,

Series

2023-A,

Class

A3,

5.47%,

2/25/2028

1,205,000

1,209,943

Bridgecrest

Lending

Auto

Securitization

Trust,

Series

2023-1,

Class

A3,

6.51%,

11/15/2027

5,135,000

5,184,087

Capital

One

Prime

Auto

Receivables

Trust,

Series

2023-2,

Class

A3,

5.82%,

6/15/2028

3,200,000

3,245,798

Carmax

Auto

Owner

Trust

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

5,265,000

5,248,855

Series

2023-3,

Class

A3,

5.28%,

5/15/2028

1,195,000

1,197,151

Carvana

Auto

Receivables

Trust,

Series

2023-

N1,

Class

A,

6.36%,

4/12/2027(a)

2,836,360

2,842,313

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

5,523,544

5,529,451

Citizens

Auto

Receivables

Trust

Series

2023-2,

Class

A2A,

6.09%,

10/15/2026(a)

2,409,064

2,413,889

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2024-1,

Class

A3,

5.11%,

4/17/2028(a)

1,110,000

1,108,686

Credit

Acceptance

Auto

Loan

Trust

Series

2023-2A,

Class

B,

6.61%,

7/15/2033(a)

6,600,000

6,641,825

Series

2023-3A,

Class

A,

6.39%,

8/15/2033(a)

400,000

405,644

Series

2023-3A,

Class

C,

7.62%,

12/15/2033(a)

555,000

569,472

Series

2024-1A,

Class

A,

5.68%,

3/15/2034(a)

1,220,000

1,224,804

DT

Auto

Owner

Trust,

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

3,470,000

3,451,175

Enterprise

Fleet

Financing

LLC

Series

2024-1,

Class

A2,

5.23%,

3/20/2030(a)

1,945,000

1,941,788

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

2,977,683

2,980,832

Exeter

Automobile

Receivables

Trust

Series

2023-5A,

Class

A3,

6.32%,

3/15/2027

1,715,000

1,726,835

Series

2023-2A,

Class

B,

5.61%,

9/15/2027

4,035,000

4,023,630

Fifth

Third

Auto

Trust,

Series

2023-1,

Class

A3,

5.53%,

8/15/2028

3,725,000

3,748,993

Flagship

Credit

Auto

Trust

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

1,090,000

1,096,567

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

5,315,000

5,307,824

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

A2A,

5.14%,

3/15/2026

1,027,404

1,025,353

Series

2023-A,

Class

A3,

4.65%,

2/15/2028

1,610,000

1,595,654

Series

2023-B,

Class

A3,

5.23%,

5/15/2028

2,455,000

2,459,711

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,950,000

1,914,190

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

2,640,000

2,646,726

GLS

Auto

Receivables

Issuer

Trust

Series

2024-1A,

Class

A3,

5.40%,

9/15/2027(a)

900,000

898,500

Series

2023-2A,

Class

B,

5.52%,

11/15/2027(a)

2,905,000

2,894,988

Series

2023-3A,

Class

B,

5.89%,

1/18/2028(a)

3,110,000

3,112,404

GLS

Auto

Select

Receivables

Trust,

Series

2023-

2A,

Class

A2,

6.37%,

6/15/2028(a)

2,586,336

2,604,774

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

83

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

GM

Financial

Automobile

Leasing

Trust

Series

2023-2,

Class

A3,

5.05%,

7/20/2026

2,940,000

2,928,928

Series

2024-1,

Class

A3,

5.09%,

3/22/2027

2,490,000

2,488,358

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-2,

Class

A2A,

5.10%,

5/18/2026

1,004,566

1,002,602

Series

2023-2,

Class

A3,

4.47%,

2/16/2028

1,660,000

1,641,941

Series

2023-3,

Class

A3,

5.45%,

6/16/2028

1,365,000

1,371,057

Series

2023-4,

Class

A3,

5.78%,

8/16/2028

2,395,000

2,430,175

Harley-Davidson

Motorcycle

Trust

Series

2023-B,

Class

A3,

5.69%,

8/15/2028

1,810,000

1,827,396

Series

2023-B,

Class

A4,

5.78%,

4/15/2031

1,460,000

1,483,343

Hertz

Vehicle

Financing

III

LLC,

Series

2023-3A,

Class

A,

5.94%,

2/25/2028(a)

2,490,000

2,526,869

Honda

Auto

Receivables

Owner

Trust

Series

2023-2,

Class

A3,

4.93%,

11/15/2027

2,188,000

2,181,650

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

3,670,000

3,687,604

Series

2023-4,

Class

A3,

5.67%,

6/21/2028

975,000

986,799

Huntington

Auto

Trust,

Series

2024-1A,

Class

A3,

5.23%,

1/16/2029(a)

2,050,000

2,053,353

Hyundai

Auto

Lease

Securitization

Trust,

Series

2024-A,

Class

A4,

5.07%,

2/15/2028(a)

1,325,000

1,319,208

Hyundai

Auto

Receivables

Trust

Series

2023-A,

Class

A2A,

5.19%,

12/15/2025

1,098,965

1,097,190

Series

2023-A,

Class

A3,

4.58%,

4/15/2027

2,140,000

2,120,694

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

1,035,000

1,041,814

Series

2023-C,

Class

A3,

5.54%,

10/16/2028

1,360,000

1,374,844

LAD

Auto

Receivables

Trust

Series

2023-3A,

Class

A3,

6.12%,

9/15/2027(a)

4,050,000

4,069,157

Series

2024-1A,

Class

A3,

5.23%,

1/18/2028(a)

1,375,000

1,370,036

Series

2023-4A,

Class

B,

6.39%,

10/16/2028(a)

760,000

772,953

Merchants

Fleet

Funding

LLC,

Series

2023-1A,

Class

A,

7.21%,

5/20/2036(a)

5,065,000

5,097,524

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Series

2023-1,

Class

A,

6.18%,

8/25/2028(a)

1,710,000

1,723,346

NextGear

Floorplan

Master

Owner

Trust,

Series

2024-

1A,

Class

A2,

5.12%,

3/15/2029(a)

1,915,000

1,912,816

Nissan

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

5.69%,

7/15/2026

2,700,000

2,708,195

Nissan

Auto

Receivables

Owner

Trust

Series

2023-A,

Class

A3,

4.91%,

11/15/2027

4,045,000

4,026,724

Series

2023-B,

Class

A3,

5.93%,

3/15/2028

1,170,000

1,187,537

Prestige

Auto

Receivables

Trust,

Series

2023-

1A,

Class

C,

5.65%,

2/15/2028(a)

4,045,000

4,022,366

Santander

Drive

Auto

Receivables

Trust

Series

2023-4,

Class

B,

5.77%,

12/15/2028

2,575,000

2,592,917

Series

2023-5,

Class

B,

6.16%,

12/17/2029

3,950,000

4,041,964

Series

2023-3,

Class

C,

5.77%,

11/15/2030

1,155,000

1,163,646

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A3,

5.39%,

11/20/2026(a)

1,660,000

1,659,895

Series

2023-A,

Class

A3,

6.51%,

4/20/2027(a)

5,725,000

5,814,567

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A3,

5.32%,

12/15/2028(a)

645,000

644,855

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

4,295,000

4,314,124

Toyota

Auto

Receivables

Owner

Trust

Series

2023-B,

Class

A3,

4.71%,

2/15/2028

2,970,000

2,948,077

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

1,285,000

1,286,167

Toyota

Lease

Owner

Trust

Series

2023-A,

Class

A3,

4.93%,

4/20/2026(a)

3,405,000

3,389,906

Series

2024-A,

Class

A3,

5.25%,

4/20/2027(a)

2,265,000

2,271,499

Volkswagen

Auto

Lease

Trust,

Series

2023-A,

Class

A3,

5.81%,

10/20/2026

5,880,000

5,922,202

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2023-1,

Class

A3,

5.02%,

6/20/2028

1,815,000

1,812,389

84

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

VStrong

Auto

Receivables

Trust

Series

2023-A,

Class

A3,

6.87%,

11/15/2027(a)

5,735,000

5,794,323

Series

2024-A,

Class

B,

5.77%,

7/15/2030(a)

355,000

356,015

Westlake

Automobile

Receivables

Trust

Series

2022-1A,

Class

B,

2.75%,

3/15/2027(a)

443,231

441,013

Series

2024-1A,

Class

A3,

5.44%,

5/17/2027(a)

850,000

849,406

Series

2023-3A,

Class

C,

6.02%,

9/15/2028(a)

4,815,000

4,843,982

Westlake

Flooring

Master

Trust,

Series

2024-

1A,

Class

A,

5.43%,

2/15/2028(a)

750,000

750,730

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

5,525,000

5,528,318

World

Omni

Auto

Receivables

Trust

Series

2023-B,

Class

A2A,

5.25%,

11/16/2026

1,161,936

1,160,305

Series

2023-B,

Class

A3,

4.66%,

5/15/2028

2,720,000

2,696,733

Series

2023-D,

Class

A3,

5.79%,

2/15/2029

1,215,000

1,233,856

World

Omni

Automobile

Lease

Securitization

Trust,

Series

2023-A,

Class

A3,

5.07%,

9/15/2026

2,665,000

2,656,773

223,124,395

Credit

Card

0.6%

Mission

Lane

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

7.23%,

7/17/2028(a)

765,000

771,310

Synchrony

Card

Funding

LLC,

Series

2023-A1,

Class

A,

5.54%,

7/15/2029

1,055,000

1,064,826

World

Financial

Network

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

5.02%,

3/15/2030

5,960,000

5,919,085

7,755,221

Equipment

Loans

&

Leases

2.5%

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

1,135,000

1,141,040

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A4,

5.93%,

12/16/2030

3,435,000

3,476,244

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

5,385,000

5,448,291

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

6,780,000

6,763,735

GreatAmerica

Leasing

Receivables,

Series

2023-1,

Class

A3,

5.15%,

7/15/2027(a)

5,945,000

5,929,634

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A2,

5.40%,

2/17/2026(a)

1,605,866

1,604,449

M&T

Equipment

Notes,

Series

2023-1A,

Class

A3,

5.74%,

7/15/2030(a)

2,275,000

2,277,449

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

5.59%,

11/15/2029(a)

810,000

808,755

SCF

Equipment

Leasing

LLC,

Series

2023-1A,

Class

A2,

6.56%,

1/22/2030(a)

2,655,000

2,677,127

30,126,724

Other

4.3%

37

Capital

CLO

1

Ltd.,

Series

2021-1A,

Class

A,

6.78%,

10/15/2034(a)(b)

4,230,000

4,229,810

ACHV

ABS

TRUST

Series

2023-3PL,

Class

A,

6.60%,

8/19/2030(a)

11,460

11,462

Series

2024-1PL,

Class

A,

5.90%,

4/25/2031(a)

1,095,000

1,094,978

Affirm

Asset

Securitization

Trust

Series

2023-B,

Class

A,

6.82%,

9/15/2028(a)

2,100,000

2,131,116

Series

2023-X1,

Class

A,

7.11%,

11/15/2028(a)

894,406

898,660

Series

2024-A,

Class

A,

5.61%,

2/15/2029(a)

1,135,000

1,133,486

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

6.75%,

10/25/2034(a)(b)

2,700,000

2,701,550

BHG

Securitization

Trust

Series

2024-1CON,

Class

A,

5.81%,

4/17/2035(a)

1,200,000

1,201,379

Series

2023-B,

Class

A,

6.92%,

12/17/2036(a)

2,187,773

2,234,444

Brex

Commercial

Charge

Card

Master

Trust,

Series

2024-1,

Class

A1,

6.05%,

7/15/2027(a)

5,625,000

5,620,698

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

6.72%,

4/20/2034(a)(b)

700,000

700,015

Cedar

Funding

XII

CLO

Ltd.

Series

2020-12A,

Class

A1R,

6.72%,

10/25/2034(a)

(b)

3,300,000

3,300,990

Series

2020-12A,

Class

BR,

7.19%,

10/25/2034(a)(b)

700,000

696,210

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

85

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Hilton

Grand

Vacations

Trust,

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

1,414,308

1,427,354

Invesco

CLO

Ltd.,

Series

2021-1A,

Class

A1,

6.58%,

4/15/2034(a)(b)

1,350,000

1,350,420

Marlette

Funding

Trust

Series

2023-2A,

Class

A,

6.04%,

6/15/2033(a)

1,352,195

1,353,145

Series

2023-3A,

Class

A,

6.49%,

9/15/2033(a)

1,494,477

1,496,838

MVW

LLC,

Series

2024-

1A,

Class

A,

5.32%,

2/20/2043(a)

1,195,000

1,199,567

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.71%,

10/15/2034(a)(b)

1,300,000

1,300,849

T-Mobile

US

Trust,

Series

2024-1A,

Class

A,

5.05%,

9/20/2029(a)

1,125,000

1,124,430

Tricon

American

Homes

Trust

Series

2018-SFR1,

Class

E,

4.56%,

5/17/2037(a)

3,110,000

3,060,076

Series

2019-SFR1,

Class

E,

3.40%,

3/17/2038(a)

2,000,000

1,892,823

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

880,183

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,152,836

Verizon

Master

Trust,

Series

2023-2,

Class

A,

4.89%,

4/13/2028

7,705,000

7,659,727

Ziply

Fiber

Issuer

LLC,

Series

2024-1A,

Class

A2,

6.64%,

4/20/2054(a)

1,550,000

1,551,007

52,404,053

Student

Loan

0.2%

Navient

Private

Education

Refi

Loan

Trust,

Series

2023-A,

Class

A,

5.51%,

10/15/2071(a)

2,900,921

2,912,744

Total

Asset-Backed

Securities

(cost

$318,663,494)

319,256,749

Collateralized

Mortgage

Obligations

0.0%

†

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

1,129

1,083

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018^∞

4,678

0

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

320,002

307,749

Total

Collateralized

Mortgage

Obligations

(cost

$333,718)

308,832

Commercial

Mortgage-Backed

Securities

1.6%

BANK5

Series

2023-5YR3,

Class

A3,

6.72%,

9/15/2056(b)

1,520,000

1,612,464

Series

2023-5YR4,

Class

A3,

6.50%,

12/15/2056

650,000

684,858

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

7.58%,

10/15/2037(a)(b)

825,000

820,875

Series

2024-5C25,

Class

A3,

5.95%,

3/15/2057

1,485,000

1,538,981

Benchmark

Mortgage

Trust,

Series

2023-V2,

Class

A3,

5.81%,

5/15/2055(b)

2,590,000

2,647,946

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

685,000

606,225

DC

Commercial

Mortgage

Trust,

Series

2023-

DC,

Class

A,

6.31%,

9/12/2040(a)

1,190,000

1,216,463

Eleven

Madison

Mortgage

Trust,

Series

2015-

11MD,

Class

A,

3.55%,

9/10/2035(a)(b)

2,025,000

1,903,481

GS

Mortgage

Securities

Corp.

II,

Series

2023-SHIP,

Class

A,

4.32%,

9/10/2038(a)(b)

1,825,000

1,773,343

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)(b)

175,000

138,520

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,015,000

753,154

Med

Trust,

Series

2021-

MDLN,

Class

A,

6.39%,

11/15/2038(a)(b)

2,498,011

2,491,766

SPGN

Mortgage

Trust

Series

2022-TFLM,

Class

C,

7.98%,

2/15/2039(a)(b)

1,270,000

1,207,921

Series

2022-TFLM,

Class

D,

8.83%,

2/15/2039(a)(b)

2,880,000

2,686,494

Total

Commercial

Mortgage-Backed

Securities

(cost

$20,063,294)

20,082,491

Corporate

Bonds

44.2%

Aerospace

&

Defense

0.9%

BAE

Systems

plc

,

5.13%,

3/26/2029(a)

2,655,000

2,664,186

Bombardier,

Inc.

,

7.25%,

7/1/2031(a)

1,470,000

1,472,993

86

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

L3Harris

Technologies,

Inc.

,

5.05%,

6/1/2029(d)

2,815,000

2,806,006

RTX

Corp.

,

5.75%,

11/8/2026

3,830,000

3,888,870

10,832,055

Automobile

Components

0.2%

Aptiv

plc

,

2.40%,

2/18/2025(d)

3,105,000

3,013,986

Automobiles

1.1%

BMW

US

Capital

LLC

,

4.90%,

4/2/2029(a)

2,595,000

2,594,119

Hyundai

Capital

America

,

5.95%,

9/21/2026(a)

4,115,000

4,162,822

Nissan

Motor

Acceptance

Co.

LLC

,

7.05%,

9/15/2028(a)(d)

1,085,000

1,134,132

Volkswagen

Group

of

America

Finance

LLC

,

5.25%,

3/22/2029(a)

5,345,000

5,348,783

13,239,856

Banks

9.2%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

6.34%,

9/18/2027(a)(d)(e)

3,000,000

3,051,477

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(e)

2,290,000

2,349,592

(SOFR

+

2.33%),

6.61%,

9/13/2029(a)(e)

440,000

458,685

(SOFR

+

1.91%),

5.87%,

3/28/2035(a)(e)

500,000

501,401

ASB

Bank

Ltd.

,

5.35%,

6/15/2026(a)

4,110,000

4,114,113

Australia

&

New

Zealand

Banking

Group

Ltd.

,

5.00%,

3/18/2026

5,630,000

5,626,227

Banco

Bilbao

Vizcaya

Argentaria

SA

,

5.38%,

3/13/2029

3,000,000

3,026,648

Banco

Santander

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

5.54%,

3/14/2030(d)(e)

3,800,000

3,799,628

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

2,403,766

(SOFR

+

1.62%),

5.60%,

3/20/2030(a)(e)

1,905,000

1,902,638

Bank

of

Montreal

,

5.27%,

12/11/2026(d)

4,850,000

4,871,466

CaixaBank

SA

,

(SOFR

+

1.78%),

5.67%,

3/15/2030(a)(d)(e)

3,965,000

3,962,700

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citibank

NA

,

5.49%,

12/4/2026(d)

5,670,000

5,730,624

Citizens

Bank

NA

,

(SOFR

+

1.45%),

6.06%,

10/24/2025(e)

2,355,000

2,345,549

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(e)

505,000

504,275

Comerica,

Inc.

,

(SOFR

+

2.16%),

5.98%,

1/30/2030(d)(e)

1,395,000

1,378,225

Credit

Agricole

SA

,

(SOFR

+

1.69%),

5.34%,

1/10/2030(a)(d)(e)

2,785,000

2,777,061

5.37%,

3/11/2034(a)(d)

1,495,000

1,499,365

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

6.26%,

9/22/2026(a)(e)

2,825,000

2,852,306

Fifth

Third

Bank

NA

,

(United

States

SOFR

Compounded

Index

+

1.23%),

5.85%,

10/27/2025(d)(e)

2,395,000

2,393,076

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

2,000,000

1,984,607

(SOFR

+

1.57%),

5.89%,

8/14/2027(e)

1,680,000

1,694,696

HSBC

USA,

Inc.

,

5.29%,

3/4/2027(d)

5,635,000

5,667,763

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(d)(e)

2,115,000

2,164,728

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)(d)

2,275,000

2,316,543

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.57%),

6.09%,

10/23/2029(e)

1,435,000

1,491,843

KeyBank

NA

,

5.85%,

11/15/2027

1,685,000

1,671,071

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(e)

2,400,000

2,389,512

5.60%,

12/18/2028(d)

995,000

1,011,481

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.78%,

3/1/2035(e)

2,820,000

2,859,292

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)(d)

2,005,000

1,833,172

Royal

Bank

of

Canada

,

5.20%,

7/20/2026(d)

2,985,000

2,994,602

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.50%),

6.17%,

1/9/2030(e)

1,275,000

1,286,492

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

87

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

5.63%,

1/19/2030(a)(e)

4,015,000

3,997,890

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

7.02%,

2/8/2030(a)(e)

1,355,000

1,433,943

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

5.20%,

3/7/2027(a)(d)

3,095,000

3,097,563

Swedbank

AB

,

6.14%,

9/12/2026(a)(d)

1,370,000

1,388,224

5.41%,

3/14/2029(a)

2,520,000

2,519,954

Toronto-Dominion

Bank

(The)

,

4.99%,

4/5/2029

4,310,000

4,310,259

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(d)(e)

1,755,000

1,871,534

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(d)(e)

1,950,000

1,857,212

Wells

Fargo

Bank

NA

,

5.25%,

12/11/2026

5,720,000

5,742,240

Westpac

New

Zealand

Ltd.

,

5.13%,

2/26/2027(a)(d)

2,825,000

2,825,017

113,958,460

Beverages

1.0%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.00%,

6/15/2034

1,740,000

1,750,353

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

4,930,106

Keurig

Dr

Pepper,

Inc.

,

5.05%,

3/15/2029(d)

5,630,000

5,646,213

12,326,672

Biotechnology

0.4%

Amgen,

Inc.

,

5.25%,

3/2/2025(d)

5,000,000

4,984,842

Building

Products

0.3%

Builders

FirstSource,

Inc.

,

6.38%,

3/1/2034(a)

3,910,000

3,926,141

Capital

Markets

3.9%

Ares

Capital

Corp.

,

3.25%,

7/15/2025

605,000

584,438

7.00%,

1/15/2027(d)

1,095,000

1,126,470

5.88%,

3/1/2029

575,000

573,280

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.09%),

4.98%,

3/14/2030(e)

735,000

735,632

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026(d)

1,335,000

1,218,084

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(d)

1,435,000

1,265,200

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/2025

1,810,000

1,755,822

5.95%,

3/15/2029

520,000

517,071

Blue

Owl

Capital

Corp.

II

,

8.45%,

11/15/2026(a)

900,000

926,985

Blue

Owl

Credit

Income

Corp.

,

7.95%,

6/13/2028(a)

1,675,000

1,737,769

Blue

Owl

Technology

Finance

Corp.

II

,

6.75%,

4/4/2029(a)

2,465,000

2,434,423

Cantor

Fitzgerald

LP

,

7.20%,

12/12/2028(a)(d)

1,065,000

1,101,764

Deutsche

Bank

AG

,

(SOFR

+

2.52%),

7.15%,

7/13/2027(e)

1,130,000

1,161,315

(SOFR

+

1.59%),

5.71%,

2/8/2028(d)(e)

1,015,000

1,013,526

FS

KKR

Capital

Corp.

,

7.88%,

1/15/2029

2,200,000

2,299,295

Goldman

Sachs

Bank

USA

,

(SOFR

+

0.78%),

5.28%,

3/18/2027(e)

5,640,000

5,637,169

Goldman

Sachs

BDC,

Inc.

,

6.38%,

3/11/2027

1,065,000

1,072,938

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.08%),

5.80%,

8/10/2026(e)

2,985,000

2,994,675

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

1,355,000

1,244,948

6.00%,

7/15/2029

1,190,000

1,168,722

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

665,000

610,697

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028(d)

1,105,000

1,124,869

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026(d)

1,255,000

1,169,425

Morgan

Stanley

,

(SOFR

+

1.67%),

4.68%,

7/17/2026(d)(e)

5,000,000

4,946,126

(SOFR

+

0.86%),

1.51%,

7/20/2027(d)(e)

3,500,000

3,212,307

New

Mountain

Finance

Corp.

,

6.88%,

2/1/2029

575,000

568,940

Sixth

Street

Lending

Partners

,

6.50%,

3/11/2029(a)

1,295,000

1,294,232

Sixth

Street

Specialty

Lending,

Inc.

,

6.13%,

3/1/2029

980,000

974,332

State

Street

Corp.

,

4.99%,

3/18/2027(d)

3,445,000

3,451,673

47,922,127

Chemicals

0.8%

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027(d)

1,620,000

1,649,986

EIDP,

Inc.

,

4.50%,

5/15/2026(d)

3,755,000

3,711,761

88

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

LYB

International

Finance

III

LLC

,

1.25%,

10/1/2025(d)

3,260,000

3,060,473

5.50%,

3/1/2034

1,840,000

1,843,402

10,265,622

Commercial

Services

&

Supplies

0.5%

Element

Fleet

Management

Corp.

,

5.64%,

3/13/2027(a)

3,045,000

3,054,439

6.32%,

12/4/2028(a)

2,500,000

2,582,108

5,636,547

Construction

&

Engineering

0.0%

†

CIMIC

Finance

USA

Pty.

Ltd.

,

7.00%,

3/25/2034(a)

140,000

143,752

Consumer

Finance

2.2%

Ally

Financial,

Inc.

,

7.10%,

11/15/2027

490,000

511,984

(SOFR

+

2.82%),

6.85%,

1/3/2030(e)

1,395,000

1,435,685

American

Honda

Finance

Corp.

,

4.90%,

3/13/2029

2,820,000

2,812,010

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)(d)

2,405,000

2,380,024

Capital

One

Financial

Corp.

,

(SOFR

+

2.44%),

7.15%,

10/29/2027(e)

1,170,000

1,217,632

Caterpillar

Financial

Services

Corp.

,

4.85%,

2/27/2029

1,840,000

1,850,557

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

1,995,000

2,009,774

5.80%,

1/7/2029(d)

2,860,000

2,910,382

Harley-Davidson

Financial

Services,

Inc.

,

6.50%,

3/10/2028(a)

1,215,000

1,247,060

John

Deere

Capital

Corp.

,

4.90%,

3/7/2031

2,810,000

2,810,766

Macquarie

Airfinance

Holdings

Ltd.

,

6.40%,

3/26/2029(a)

715,000

726,311

Navient

Corp.

,

11.50%,

3/15/2031(d)

1,430,000

1,591,486

Toyota

Motor

Credit

Corp.

,

5.00%,

8/14/2026(d)

2,335,000

2,337,488

Series

B,

5.00%,

3/19/2027(d)

3,285,000

3,295,074

27,136,233

Containers

&

Packaging

0.5%

Smurfit

Kappa

Treasury

ULC

,

5.20%,

1/15/2030(a)

6,145,000

6,132,852

Diversified

Telecommunication

Services

0.2%

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

5.20%,

2/15/2034(d)

1,865,000

1,848,371

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

3.0%

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025

1,370,000

1,372,803

Appalachian

Power

Co.

,

5.65%,

4/1/2034(d)

1,315,000

1,327,155

Duke

Energy

Corp.

,

4.85%,

1/5/2027(d)

5,720,000

5,696,517

Edison

International

,

4.70%,

8/15/2025(d)

2,835,000

2,800,181

Entergy

Louisiana

LLC

,

5.35%,

3/15/2034

2,805,000

2,815,483

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)(d)

4,700,000

4,409,624

FirstEnergy

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)

810,000

803,270

Georgia

Power

Co.

,

5.00%,

2/23/2027(d)

2,820,000

2,823,388

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)(d)

4,180,000

4,150,029

NextEra

Energy

Capital

Holdings,

Inc.

,

5.75%,

9/1/2025

2,455,000

2,465,534

Southern

California

Edison

Co.

,

5.15%,

6/1/2029(d)

2,155,000

2,163,851

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

2,000,000

1,982,310

5.63%,

2/15/2027(a)(d)

1,750,000

1,723,146

Xcel

Energy,

Inc.

,

5.50%,

3/15/2034(d)

1,855,000

1,844,589

36,377,880

Electronic

Equipment,

Instruments

&

Components

0.2%

Flex

Ltd.

,

6.00%,

1/15/2028

2,845,000

2,893,795

Entertainment

0.1%

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

1,255,000

1,197,681

Financial

Services

1.4%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

2,037,000

1,858,739

JPMorgan

Chase

Bank

NA

,

5.11%,

12/8/2026(d)

5,720,000

5,736,423

Lseg

US

Fin

Corp.

,

5.30%,

3/28/2034(a)

1,540,000

1,549,714

National

Rural

Utilities

Cooperative

Finance

Corp.

,

5.60%,

11/13/2026

2,285,000

2,315,076

Nationwide

Building

Society

,

(SOFR

+

1.91%),

6.56%,

10/18/2027(a)(d)(e)

1,645,000

1,687,642

Radian

Group,

Inc.

,

6.20%,

5/15/2029

1,510,000

1,532,403

Synchrony

Bank

,

5.40%,

8/22/2025(d)

2,505,000

2,482,127

17,162,124

Food

Products

1.6%

Campbell

Soup

Co.

,

5.20%,

3/19/2027(d)

3,940,000

3,949,180

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

89

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Cargill,

Inc.

,

4.50%,

6/24/2026(a)

1,580,000

1,566,712

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026(d)

4,125,000

4,131,601

General

Mills,

Inc.

,

4.70%,

1/30/2027(d)

4,350,000

4,312,718

Tyson

Foods,

Inc.

,

5.40%,

3/15/2029(d)

5,625,000

5,675,294

19,635,505

Gas

Utilities

0.3%

Spire,

Inc.

,

5.30%,

3/1/2026

3,985,000

3,980,729

Ground

Transportation

0.0%

†

Penske

Truck

Leasing

Co.

LP

,

5.35%,

1/12/2027(a)

275,000

275,199

Health

Care

Equipment

&

Supplies

1.1%

DH

Europe

Finance

II

Sarl

,

2.20%,

11/15/2024(d)

3,065,000

3,005,566

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(d)

2,925,000

2,921,177

Smith

&

Nephew

plc

,

5.15%,

3/20/2027

3,945,000

3,944,108

Solventum

Corp.

,

5.45%,

2/25/2027(a)(d)

3,940,000

3,953,606

13,824,457

Health

Care

Providers

&

Services

0.5%

CVS

Health

Corp.

,

5.00%,

2/20/2026(d)

3,000,000

2,989,524

HCA,

Inc.

,

5.38%,

2/1/2025

650,000

648,113

Humana,

Inc.

,

5.38%,

4/15/2031(d)

3,030,000

3,031,633

6,669,270

Health

Care

REITs

0.1%

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

1,820,000

1,799,972

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

6.25%,

2/1/2029(d)

1,295,000

1,344,631

Hotels,

Restaurants

&

Leisure

0.5%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

2,275,000

2,284,948

Hyatt

Hotels

Corp.

,

5.75%,

1/30/2027(d)

2,050,000

2,081,899

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)

1,750,000

1,696,458

6,063,305

Insurance

3.8%

AmWINS

Group,

Inc.

,

6.38%,

2/15/2029(a)

1,245,000

1,251,721

Aon

North

America,

Inc.

,

5.15%,

3/1/2029(d)

2,790,000

2,805,279

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Athene

Global

Funding

,

5.52%,

3/25/2027(a)

3,070,000

3,073,036

CNA

Financial

Corp.

,

5.13%,

2/15/2034

250,000

243,235

Corebridge

Global

Funding

,

0.90%,

9/22/2025(a)

2,055,000

1,921,625

5.75%,

7/2/2026(a)

1,120,000

1,121,131

Jackson

National

Life

Global

Funding

,

5.25%,

4/12/2028(a)(d)

4,180,000

4,086,945

Lincoln

National

Corp.

,

5.85%,

3/15/2034

1,500,000

1,480,743

MassMutual

Global

Funding

II

,

4.15%,

8/26/2025(a)

1,206,000

1,189,687

Mutual

of

Omaha

Cos.

Global

Funding

,

5.80%,

7/27/2026(a)

2,850,000

2,874,978

New

York

Life

Global

Funding

,

4.90%,

4/2/2027(a)

6,160,000

6,149,610

Northwestern

Mutual

Global

Funding

,

5.07%,

3/25/2027(a)

5,620,000

5,642,521

Pricoa

Global

Funding

I

,

4.20%,

8/28/2025(a)

3,000,000

2,959,612

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)

6,000,000

5,874,262

Protective

Life

Global

Funding

,

5.21%,

4/14/2026(a)(d)

4,180,000

4,182,233

SiriusPoint

Ltd.

,

7.00%,

4/5/2029

1,685,000

1,684,761

46,541,379

Leisure

Products

0.1%

Brunswick

Corp.

,

5.85%,

3/18/2029

635,000

641,896

Media

0.2%

Charter

Communications

Operating

LLC

,

6.15%,

11/10/2026

2,835,000

2,857,201

Metals

&

Mining

1.4%

Alcoa

Nederland

Holding

BV

,

7.13%,

3/15/2031(a)(d)

1,205,000

1,227,478

Cleveland-Cliffs,

Inc.

,

7.00%,

3/15/2032(a)

3,260,000

3,303,033

Glencore

Funding

LLC

,

5.37%,

4/4/2029(a)

6,160,000

6,172,213

Mineral

Resources

Ltd.

,

9.25%,

10/1/2028(a)

1,485,000

1,564,001

Newmont

Corp.

,

5.35%,

3/15/2034(a)

1,315,000

1,323,386

Reliance,

Inc.

,

1.30%,

8/15/2025

3,230,000

3,052,863

16,642,974

Multi-Utilities

2.2%

Ameren

Corp.

,

5.70%,

12/1/2026

5,665,000

5,740,355

CenterPoint

Energy,

Inc.

,

5.25%,

8/10/2026

4,180,000

4,187,111

90

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)(d)

2,980,000

2,952,491

National

Grid

plc

,

5.42%,

1/11/2034

1,260,000

1,251,125

NiSource,

Inc.

,

0.95%,

8/15/2025(d)

3,225,000

3,034,909

5.35%,

4/1/2034

1,130,000

1,123,879

Public

Service

Enterprise

Group,

Inc.

,

5.20%,

4/1/2029

2,105,000

2,106,618

Sempra

,

5.40%,

8/1/2026

2,920,000

2,928,444

WEC

Energy

Group,

Inc.

,

5.60%,

9/12/2026(d)

3,445,000

3,484,814

26,809,746

Oil,

Gas

&

Consumable

Fuels

2.1%

Continental

Resources,

Inc.

,

3.80%,

6/1/2024

4,000,000

3,983,932

Crescent

Energy

Finance

LLC

,

9.25%,

2/15/2028(a)

855,000

902,782

EQT

Corp.

,

6.13%,

2/1/2025(c)

1,613,000

1,614,921

Kinetik

Holdings

LP

,

6.63%,

12/15/2028(a)(d)

3,985,000

4,055,750

Phillips

66

Co.

,

5.25%,

6/15/2031

3,905,000

3,957,061

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

3,690,000

3,685,348

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)(d)

2,595,000

2,684,011

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025(d)

4,500,000

4,436,192

25,319,997

Other

Specialized

Funds

0.1%

Prologis

Targeted

US

Logistics

Fund

LP

,

5.25%,

4/1/2029(a)

1,005,000

1,002,118

Passenger

Airlines

0.3%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

595,000

567,881

Southwest

Airlines

Co.

,

5.25%,

5/4/2025(d)

2,895,000

2,883,450

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

255,000

237,150

3,688,481

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The)

,

5.00%,

2/14/2034(d)

1,735,000

1,721,151

Pharmaceuticals

0.5%

Astrazeneca

Finance

LLC

,

4.85%,

2/26/2029

2,985,000

2,993,421

Bayer

US

Finance

LLC

,

6.25%,

1/21/2029(a)(d)

2,790,000

2,838,600

5,832,021

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retail

REITs

0.2%

Realty

Income

Corp.

,

4.75%,

2/15/2029(d)

2,855,000

2,819,806

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

1,265,000

1,205,019

Intel

Corp.

,

2.88%,

5/11/2024

2,000,000

1,993,564

Microchip

Technology,

Inc.

,

5.05%,

3/15/2029(d)

1,360,000

1,360,205

4,558,788

Specialty

Retail

0.8%

Advance

Auto

Parts,

Inc.

,

5.90%,

3/9/2026

1,165,000

1,163,158

AutoNation,

Inc.

,

4.50%,

10/1/2025(d)

465,000

457,847

AutoZone,

Inc.

,

5.05%,

7/15/2026(d)

2,830,000

2,834,418

Lowe's

Cos.,

Inc.

,

4.80%,

4/1/2026(d)

2,910,000

2,893,318

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

2,570,000

2,612,288

9,961,029

Technology

Hardware,

Storage

&

Peripherals

0.2%

NetApp,

Inc.

,

1.88%,

6/22/2025

3,150,000

3,012,728

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tapestry,

Inc.

,

7.35%,

11/27/2028(d)

2,720,000

2,866,073

Tobacco

0.6%

Altria

Group,

Inc.

,

6.20%,

11/1/2028(d)

2,125,000

2,214,827

BAT

Capital

Corp.

,

5.83%,

2/20/2031

1,845,000

1,860,834

Philip

Morris

International,

Inc.

,

4.88%,

2/13/2029

2,850,000

2,831,841

6,907,502

Trading

Companies

&

Distributors

0.9%

Air

Lease

Corp.

,

5.10%,

3/1/2029(d)

1,425,000

1,415,547

Aircastle

Ltd.

,

6.50%,

7/18/2028(a)

1,010,000

1,030,260

5.95%,

2/15/2029(a)(d)

675,000

675,265

GATX

Corp.

,

5.40%,

3/15/2027(d)

1,490,000

1,500,192

TTX

Co.

,

5.50%,

9/25/2026(a)

5,875,000

5,894,484

10,515,748

Total

Corporate

Bonds

(cost

$542,016,154)

544,290,702

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

91

Mortgage-Backed

Securities

1.6%

Principal

Amount

($)

Value

($)

FHLMC

Non

Gold

Pool

Pool#

1Q0648

5.95%,

6/1/2037(b)

84,482

86,009

Pool#

1B3601

6.32%,

10/1/2037(b)

93,724

94,168

FHLMC

UMBS

Pool#

SD8245

,

4.50%,

9/1/2052

5,481,664

5,219,802

FNMA

Pool

Pool#

747271

6.14%,

7/1/2034(b)

143,505

142,870

Pool#

886345

5.81%,

8/1/2036(b)

26,478

26,259

Pool#

949691

5.98%,

9/1/2037(b)

60,498

60,037

FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

2,613,535

2,314,907

Pool#

BN0906

4.00%,

11/1/2048

2,513,476

2,368,519

Pool#

MA4700

4.00%,

8/1/2052

3,672,841

3,406,554

Pool#

MA4803

3.50%,

11/1/2052

3,303,839

2,958,214

Pool#

MA4806

5.00%,

11/1/2052

3,223,815

3,147,478

Total

Mortgage-Backed

Securities

(cost

$19,917,501)

19,824,817

U.S.

Treasury

Obligations

25.5%

U.S.

Treasury

Notes

4.50%,

11/30/2024

(d)(f)

24,570,000

24,451,949

5.00%,

10/31/2025

128,960,000

129,322,700

4.63%,

2/28/2026

(d)

158,490,000

158,359,989

4.25%,

2/28/2029

(d)

2,405,000

2,408,194

Total

U.S.

Treasury

Obligations

(cost

$314,509,776)

314,542,832

Repurchase

Agreements

3.6%

Bank

of

America

NA

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$2,040,000.

(g)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,001,777,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$3,060,000.

(g)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,392,145,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,419,147.

(g)

1

,391,321

1,391,321

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,001,777,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$3,060,000.

(g)

3,000,000

3,000,000

MetLife,

Inc.

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,003,540,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$6,124,256.

(g)

6,000,000

6,000,000

Pershing

LLC

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$25,014,806,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$25,500,008.

(g)

25,000,000

25,000,000

92

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,752,225,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$3,825,567.

(g)

3,750,000

3,750,000

Total

Repurchase

Agreements

(cost

$44,141,321)

44,141,321

Total

Investments

(cost

$1,259,645,258)

—

102.4%

1,262,447,744

Liabilities

in

excess

of

other

assets

—

(2.4)%

(30,081,180)

NET

ASSETS

—

100.0%

$

1,232,366,564

^

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,

2024

was

$412,229,010

which

represents

33.45%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2024.

(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,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$145,663,576,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$44,141,321

and

by

$105,712,139

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.47%,

and

maturity

dates

ranging

from

4/2/2024

–

2/15/2054,

a

total

value

of

$149,853,460.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2024.

(f)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2024

was

$44,141,321.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

10

Year

Note

(812)

6/2024

USD

(89,967,063)

(477,118)

Net

contracts

(477,118)

As

of

March

31,

2024,

the

Fund

had

$1,725,500

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

93

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

94

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

319,256,749

$

–

$

319,256,749

Collateralized

Mortgage

Obligations  

–

308,832

–

308,832

Commercial

Mortgage-Backed

Securities

–

20,082,491

–

20,082,491

Corporate

Bonds

–

544,290,702

–

544,290,702

Mortgage-Backed

Securities

–

19,824,817

–

19,824,817

Repurchase

Agreements

–

44,141,321

–

44,141,321

U.S.

Treasury

Obligations

–

314,542,832

–

314,542,832

Total

Assets

$

–

$

1,262,447,744

$

–

$

1,262,447,744

Liabilities:

Futures

Contracts

$

(477,118)

$

–

$

–

$

(477,118)

Total

Liabilities

$

(477,118)

$

–

$

–

$

(477,118)

Total

$

(477,118)

$

1,262,447,744

$

–

$

1,261,970,626

Collateralized

Mortgage

Obligation

Total

Balance

as

of

12/31/2023

$

—

$

—

Accrued

Accretion/(Amortization)

(1)

(1)

Realized

Gains

(Losses)

(27)

(27)

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

28

28

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

3/31/2024

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

3/31/2024

$

28

$

28

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

95

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,

2024

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

As

of March

31,

2024,

the

Fund

had

no

open swap

contracts. 

(b)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

96

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

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.

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,

2024,

the

Fund

had

no

open

option

contracts. 

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

NVIT

Loomis

Short

Term

Bond

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

97

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(477,118)

Total

$

(477,118)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0

.5

%

Principal

Amount

($)

Value

($)

Airlines

0

.0

%

†

United

Airlines

Pass-Through

Trust

Series

2013-1,

Class

A,

4.30%,

8/15/2025

264,161

259,113

Series

2020-1,

Class

A,

5.88%,

10/15/2027

215,630

214,901

Series

2023-1,

Class

A,

5.80%,

1/15/2036

103,000

104,730

578,744

Automobiles

0

.2

%

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

B,

5.23%,

12/15/2028

210,000

209,566

Toyota

Auto

Receivables

Owner

Trust,

Series

2023-A,

Class

A3,

4.63%,

9/15/2027

4,384,000

4,345,779

4,555,345

Credit

Card

0

.2

%

American

Express

Credit

Account

Master

Trust

Series

2022-2,

Class

A,

3.39%,

5/15/2027

1,500,000

1,468,826

Series

2023-4,

Class

A,

5.15%,

9/15/2030

500,000

507,991

Capital

One

Multi-Asset

Execution

Trust,

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

1,500,000

1,494,154

3,470,971

Other

0

.1

%

Evergy

Metro,

Inc.,

3.65%,

8/15/2025

500,000

488,398

Verizon

Master

Trust,

Series

2023-1,

Class

A,

4.49%,

1/22/2029

1,000,000

988,403

1,476,801

Total

Asset-Backed

Securities

(cost

$10,128,489)

10,081,861

Commercial

Mortgage-Backed

Securities

1

.7

%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,306,358

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

957,345

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,742,745

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,224,998

Citigroup

Commercial

Mortgage

Trust

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

555,103

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,408,056

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

2,578,572

CSAIL

Commercial

Mortgage

Trust,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,190,940

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,384,924

Series

K517,

Class

A2,

5.36%,

1/25/2029(a)

1,910,000

1,961,260

Series

K100,

Class

A2,

2.67%,

9/25/2029

3,500,000

3,176,210

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

793,564

Series

K120,

Class

A2,

1.50%,

10/25/2030

2,000,000

1,649,820

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,654,541

Series

K-155,

Class

A2,

4.25%,

4/25/2033

1,000,000

968,292

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,311,628

FNMA

ACES

REMICS,

Series

2018-M14,

Class

A2,

3.58%,

8/25/2028(a)

1,327,212

1,270,671

GS

Mortgage

Securities

Trust,

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,456,884

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

971,315

Morgan

Stanley

Capital

I

Trust

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,084,314

Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

3,000,000

2,512,504

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,460,235

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,418,165

Total

Commercial

Mortgage-Backed

Securities

(cost

$40,741,489)

37,038,444

Corporate

Bonds

25

.4

%

Aerospace

&

Defense

0

.5

%

Boeing

Co.

(The)

,

4.88%,

5/1/2025

300,000

296,667

2.20%,

2/4/2026

550,000

514,910

2.25%,

6/15/2026

500,000

464,389

5.04%,

5/1/2027(b)

500,000

490,571

3.20%,

3/1/2029

150,000

134,002

2

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Boeing

Co.

(The),

2.95%,

2/1/2030(b)

85,000

73,411

5.15%,

5/1/2030(b)

400,000

387,003

3.25%,

2/1/2035(b)

100,000

78,688

5.71%,

5/1/2040(b)

350,000

334,999

3.75%,

2/1/2050

200,000

139,128

5.81%,

5/1/2050

500,000

473,064

5.93%,

5/1/2060

360,000

337,513

General

Dynamics

Corp.

,

1.15%,

6/1/2026

45,000

41,442

2.63%,

11/15/2027

300,000

277,874

3.63%,

4/1/2030

200,000

187,999

2.25%,

6/1/2031(b)

30,000

25,418

2.85%,

6/1/2041

50,000

37,004

4.25%,

4/1/2050(b)

200,000

174,191

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027(b)

200,000

187,859

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027

100,000

100,714

5.05%,

6/1/2029

50,000

49,840

2.90%,

12/15/2029

100,000

89,007

1.80%,

1/15/2031(b)

185,000

150,216

5.25%,

6/1/2031(b)

45,000

44,917

5.40%,

7/31/2033

95,000

95,597

5.35%,

6/1/2034(b)

35,000

35,000

4.85%,

4/27/2035

90,000

86,035

Leidos,

Inc.

,

3.63%,

5/15/2025

100,000

97,760

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026(b)

126,000

122,991

4.50%,

2/15/2029

45,000

44,573

3.90%,

6/15/2032

50,000

46,922

5.25%,

1/15/2033

25,000

25,697

4.80%,

8/15/2034

50,000

49,446

3.60%,

3/1/2035(b)

110,000

97,431

4.07%,

12/15/2042

393,000

340,649

4.70%,

5/15/2046

250,000

233,417

4.09%,

9/15/2052(b)

300,000

251,917

4.15%,

6/15/2053(b)

100,000

84,352

5.70%,

11/15/2054(b)

25,000

26,643

4.30%,

6/15/2062(b)

100,000

84,693

5.90%,

11/15/2063(b)

130,000

142,395

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028(b)

400,000

377,969

4.60%,

2/1/2029

50,000

49,433

4.70%,

3/15/2033(b)

100,000

97,623

4.90%,

6/1/2034(b)

50,000

49,132

4.75%,

6/1/2043

250,000

230,126

4.03%,

10/15/2047

400,000

327,093

4.95%,

3/15/2053

75,000

70,456

5.20%,

6/1/2054

100,000

97,391

RTX

Corp.

,

3.95%,

8/16/2025(b)

200,000

196,711

5.00%,

2/27/2026

75,000

74,805

5.75%,

11/8/2026

75,000

76,153

4.13%,

11/16/2028(b)

250,000

241,821

5.75%,

1/15/2029(b)

75,000

77,604

6.00%,

3/15/2031(b)

175,000

183,961

1.90%,

9/1/2031(b)

50,000

40,304

2.38%,

3/15/2032(b)

185,000

152,407

5.15%,

2/27/2033(b)

125,000

125,238

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

RTX

Corp.,

6.10%,

3/15/2034

110,000

117,566

4.70%,

12/15/2041

50,000

45,215

4.50%,

6/1/2042

700,000

624,569

3.75%,

11/1/2046

100,000

77,390

4.63%,

11/16/2048

400,000

355,559

3.03%,

3/15/2052

195,000

129,118

5.38%,

2/27/2053(b)

95,000

93,691

6.40%,

3/15/2054

50,000

56,568

10,924,247

Air

Freight

&

Logistics

0

.1

%

FedEx

Corp.

,

3.10%,

8/5/2029(b)

100,000

91,811

3.90%,

2/1/2035(b)

380,000

338,966

4.55%,

4/1/2046

500,000

431,225

5.25%,

5/15/2050

200,000

191,566

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027(b)

100,000

94,432

4.88%,

3/3/2033(b)

60,000

60,075

6.20%,

1/15/2038

295,000

326,467

3.40%,

9/1/2049

320,000

241,105

5.30%,

4/1/2050(b)

150,000

152,507

5.05%,

3/3/2053(b)

60,000

58,912

1,987,066

Automobile

Components

0

.0

%

†

Aptiv

plc

,

3.25%,

3/1/2032(b)

110,000

95,677

5.40%,

3/15/2049

50,000

45,627

3.10%,

12/1/2051(b)

50,000

31,535

4.15%,

5/1/2052(b)

100,000

76,595

BorgWarner,

Inc.

,

2.65%,

7/1/2027

55,000

50,923

Lear

Corp.

,

2.60%,

1/15/2032

50,000

41,021

5.25%,

5/15/2049

150,000

136,872

Magna

International,

Inc.

,

5.05%,

3/14/2029(b)

25,000

24,987

5.50%,

3/21/2033(b)

20,000

20,581

523,818

Automobiles

0

.1

%

Ford

Motor

Co.

,

3.25%,

2/12/2032(b)

100,000

83,181

6.10%,

8/19/2032

100,000

101,331

4.75%,

1/15/2043(b)

200,000

166,076

5.29%,

12/8/2046

300,000

266,721

General

Motors

Co.

,

6.13%,

10/1/2025(b)

400,000

403,365

4.20%,

10/1/2027(b)

250,000

242,074

6.80%,

10/1/2027(b)

100,000

104,707

5.40%,

10/15/2029

60,000

60,163

5.60%,

10/15/2032

90,000

91,082

5.15%,

4/1/2038(b)

250,000

234,655

6.25%,

10/2/2043(b)

300,000

306,884

5.20%,

4/1/2045

250,000

224,590

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032(b)

100,000

88,563

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

304,394

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Toyota

Motor

Corp.

,

5.12%,

7/13/2028

25,000

25,508

5.12%,

7/13/2033

25,000

26,380

2,729,674

Banks

4

.7

%

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

6.03%,

3/13/2035(c)

200,000

202,966

Banco

Santander

SA

,

2.75%,

5/28/2025

200,000

193,347

5.18%,

11/19/2025

200,000

197,754

5.29%,

8/18/2027

400,000

399,075

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(b)(c)

200,000

182,421

3.80%,

2/23/2028(b)

600,000

567,613

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.18%,

3/24/2028(c)

200,000

192,772

5.59%,

8/8/2028

200,000

202,825

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.23%,

11/22/2032(c)

200,000

166,163

6.92%,

8/8/2033

200,000

209,294

6.94%,

11/7/2033

200,000

220,908

Bank

of

America

Corp.

,

Series

L,

3.95%,

4/21/2025

310,000

305,036

3.88%,

8/1/2025

250,000

246,070

4.45%,

3/3/2026(b)

125,000

123,125

(SOFR

+

1.33%),

3.38%,

4/2/2026(c)

400,000

391,227

3.50%,

4/19/2026

290,000

281,233

(SOFR

+

1.75%),

4.83%,

7/22/2026(b)(c)

235,000

232,886

4.25%,

10/22/2026(b)

435,000

425,367

(SOFR

+

1.01%),

1.20%,

10/24/2026(b)(c)

200,000

187,193

(SOFR

+

1.29%),

5.08%,

1/20/2027(c)

220,000

218,892

(CME

Term

SOFR

3

Month

+

1.32%),

3.56%,

4/23/2027(b)(c)

100,000

96,492

(SOFR

+

0.96%),

1.73%,

7/22/2027(c)

850,000

783,657

(SOFR

+

1.34%),

5.93%,

9/15/2027(b)(c)

125,000

126,676

(CME

Term

SOFR

3

Month

+

1.84%),

3.82%,

1/20/2028(c)

500,000

481,578

(SOFR

+

1.05%),

2.55%,

2/4/2028(c)

280,000

260,265

(SOFR

+

1.58%),

4.38%,

4/27/2028(b)(c)

260,000

253,811

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

2.04%),

4.95%,

7/22/2028(c)

250,000

248,092

(SOFR

+

1.99%),

6.20%,

11/10/2028(b)(c)

70,000

72,412

(CME

Term

SOFR

3

Month

+

1.30%),

3.42%,

12/20/2028(c)

600,000

562,884

(SOFR

+

1.63%),

5.20%,

4/25/2029(c)

215,000

215,204

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

100,000

88,368

(CME

Term

SOFR

3

Month

+

1.57%),

4.27%,

7/23/2029(b)(c)

600,000

578,349

(SOFR

+

1.57%),

5.82%,

9/15/2029(b)(c)

125,000

128,167

(CME

Term

SOFR

3

Month

+

1.45%),

2.88%,

10/22/2030(c)

200,000

177,713

(CME

Term

SOFR

3

Month

+

1.25%),

2.50%,

2/13/2031(b)(c)

200,000

172,288

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

600,000

517,288

(SOFR

+

1.37%),

1.92%,

10/24/2031(b)(c)

400,000

325,928

(SOFR

+

1.32%),

2.69%,

4/22/2032(b)(c)

630,000

533,264

(SOFR

+

1.22%),

2.30%,

7/21/2032(b)(c)

100,000

81,831

(SOFR

+

1.21%),

2.57%,

10/20/2032(b)(c)

280,000

232,295

(SOFR

+

1.33%),

2.97%,

2/4/2033(c)

350,000

297,654

(SOFR

+

1.83%),

4.57%,

4/27/2033(c)

290,000

275,476

(SOFR

+

2.16%),

5.02%,

7/22/2033(b)(c)

665,000

654,531

(SOFR

+

1.91%),

5.29%,

4/25/2034(b)(c)

680,000

677,933

(SOFR

+

1.84%),

5.87%,

9/15/2034(b)(c)

125,000

129,646

(SOFR

+

1.65%),

5.47%,

1/23/2035(b)(c)

360,000

362,347

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(c)

300,000

239,950

(CME

Term

SOFR

3

Month

+

2.08%),

4.24%,

4/24/2038(c)

350,000

314,841

7.75%,

5/14/2038

200,000

242,643

(CME

Term

SOFR

3

Month

+

1.58%),

4.08%,

4/23/2040(b)(c)

100,000

86,399

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

300,000

213,458

5.88%,

2/7/2042(b)

250,000

266,709

(SOFR

+

1.58%),

3.31%,

4/22/2042(b)(c)

300,000

231,094

4

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

5.00%,

1/21/2044

50,000

48,390

(CME

Term

SOFR

3

Month

+

2.25%),

4.44%,

1/20/2048(b)(c)

300,000

263,287

(CME

Term

SOFR

3

Month

+

1.78%),

4.33%,

3/15/2050(c)

300,000

258,225

(CME

Term

SOFR

3

Month

+

3.41%),

4.08%,

3/20/2051(b)(c)

600,000

492,016

(SOFR

+

1.88%),

2.83%,

10/24/2051(c)

60,000

39,203

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)(c)

50,000

33,643

Bank

of

America

NA

,

5.65%,

8/18/2025

250,000

251,515

5.53%,

8/18/2026(b)

250,000

252,536

Bank

of

Montreal

,

1.85%,

5/1/2025(b)

500,000

481,507

5.92%,

9/25/2025

50,000

50,508

5.30%,

6/5/2026(b)

40,000

40,103

1.25%,

9/15/2026(b)

300,000

273,681

2.65%,

3/8/2027

100,000

93,732

5.20%,

2/1/2028(b)

150,000

151,111

5.72%,

9/25/2028

100,000

102,700

Bank

of

Nova

Scotia

(The)

,

3.45%,

4/11/2025

90,000

88,215

5.45%,

6/12/2025(b)

40,000

40,036

4.75%,

2/2/2026(b)

60,000

59,556

1.05%,

3/2/2026(b)

250,000

231,204

1.35%,

6/24/2026

300,000

276,486

1.30%,

9/15/2026(b)

200,000

182,603

5.35%,

12/7/2026

50,000

50,255

1.95%,

2/2/2027

50,000

46,056

5.25%,

6/12/2028(b)

40,000

40,349

4.85%,

2/1/2030

60,000

59,561

2.15%,

8/1/2031(b)

300,000

246,671

2.45%,

2/2/2032

50,000

41,401

5.65%,

2/1/2034(b)

50,000

51,508

Barclays

plc

,

5.20%,

5/12/2026(b)

500,000

494,851

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

5.30%,

8/9/2026(c)

200,000

198,951

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.05%),

7.33%,

11/2/2026(b)(c)

200,000

204,906

(SOFR

+

2.21%),

5.83%,

5/9/2027(c)

200,000

200,425

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(b)(c)

400,000

367,854

4.34%,

1/10/2028

200,000

192,945

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

5.50%,

8/9/2028(c)

200,000

199,424

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

200,000

212,092

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

400,000

392,008

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(b)(c)

200,000

192,668

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

7.44%,

11/2/2033(c)

200,000

222,151

(SOFR

+

2.98%),

6.22%,

5/9/2034(c)

400,000

412,559

5.25%,

8/17/2045(b)

205,000

195,957

4.95%,

1/10/2047(b)

200,000

182,646

Canadian

Imperial

Bank

of

Commerce

,

5.14%,

4/28/2025

60,000

59,808

3.95%,

8/4/2025

60,000

58,927

1.25%,

6/22/2026(b)

200,000

184,264

5.62%,

7/17/2026

25,000

25,220

5.93%,

10/2/2026(b)

50,000

50,959

5.00%,

4/28/2028(b)

60,000

59,789

5.99%,

10/3/2028

50,000

51,865

6.09%,

10/3/2033

50,000

52,605

Citibank

NA

,

5.86%,

9/29/2025

250,000

252,396

5.49%,

12/4/2026

250,000

252,673

5.80%,

9/29/2028

250,000

258,792

Citigroup,

Inc.

,

3.30%,

4/27/2025(b)

560,000

547,883

4.60%,

3/9/2026

350,000

344,447

(SOFR

+

2.84%),

3.11%,

4/8/2026(c)

400,000

389,875

3.40%,

5/1/2026(b)

500,000

481,425

(SOFR

+

1.55%),

5.61%,

9/29/2026(b)(c)

230,000

230,366

3.20%,

10/21/2026

500,000

476,177

(SOFR

+

0.77%),

1.46%,

6/9/2027(c)

285,000

261,781

4.45%,

9/29/2027

500,000

486,398

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(b)(c)

500,000

482,135

(SOFR

+

1.28%),

3.07%,

2/24/2028(b)(c)

400,000

376,249

(SOFR

+

1.89%),

4.66%,

5/24/2028(b)(c)

70,000

68,941

(SOFR

+

1.36%),

5.17%,

2/13/2030(c)

605,000

602,177

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(c)

250,000

235,554

(SOFR

+

1.42%),

2.98%,

11/5/2030(b)(c)

200,000

177,656

(SOFR

+

1.15%),

2.67%,

1/29/2031(b)(c)

100,000

86,667

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(SOFR

+

3.91%),

4.41%,

3/31/2031(b)(c)

300,000

285,948

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

300,000

256,348

(SOFR

+

1.17%),

2.56%,

5/1/2032(b)(c)

245,000

204,331

6.63%,

6/15/2032

83,000

88,958

(SOFR

+

1.35%),

3.06%,

1/25/2033(c)

450,000

382,570

(SOFR

+

1.94%),

3.79%,

3/17/2033(c)

90,000

80,392

(SOFR

+

2.09%),

4.91%,

5/24/2033(c)

335,000

322,963

(SOFR

+

2.34%),

6.27%,

11/17/2033(b)(c)

200,000

211,233

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

445,000

451,892

(SOFR

+

2.06%),

5.83%,

2/13/2035(c)

175,000

173,248

8.13%,

7/15/2039

350,000

447,851

(SOFR

+

4.55%),

5.32%,

3/26/2041(b)(c)

300,000

297,399

6.68%,

9/13/2043(b)

150,000

167,571

4.65%,

7/23/2048(b)

200,000

180,967

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030(b)

170,000

143,530

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(c)

40,000

37,337

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

229,334

Cooperatieve

Rabobank

UA

,

3.38%,

5/21/2025

250,000

245,210

5.25%,

5/24/2041(b)

175,000

179,197

5.25%,

8/4/2045

250,000

245,331

Fifth

Third

Bancorp

,

(SOFR

+

1.36%),

4.06%,

4/25/2028(c)

40,000

38,193

(United

States

SOFR

Compounded

Index

+

2.19%),

6.36%,

10/27/2028(c)

60,000

61,396

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(b)(c)

60,000

57,761

(SOFR

+

1.84%),

5.63%,

1/29/2032(b)(c)

100,000

100,102

(SOFR

+

1.66%),

4.34%,

4/25/2033(b)(c)

40,000

36,511

Fifth

Third

Bank

NA

,

3.95%,

7/28/2025

200,000

195,966

3.85%,

3/15/2026

300,000

288,907

2.25%,

2/1/2027(b)

295,000

272,813

HSBC

Holdings

plc

,

(SOFR

+

1.54%),

1.65%,

4/18/2026(c)

700,000

670,475

3.90%,

5/25/2026(b)

700,000

681,570

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(SOFR

+

3.03%),

7.34%,

11/3/2026(b)(c)

300,000

308,649

(SOFR

+

1.57%),

5.89%,

8/14/2027(b)(c)

400,000

403,499

(SOFR

+

1.10%),

2.25%,

11/22/2027(c)

200,000

184,327

(SOFR

+

2.11%),

4.76%,

6/9/2028(c)

200,000

196,130

(SOFR

+

3.35%),

7.39%,

11/3/2028(c)

215,000

228,742

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

200,000

175,285

(SOFR

+

1.46%),

5.55%,

3/4/2030(c)

200,000

201,195

4.95%,

3/31/2030(b)

200,000

198,598

(CME

Term

SOFR

3

Month

+

1.87%),

3.97%,

5/22/2030(b)(c)

200,000

186,916

(SOFR

+

1.95%),

2.36%,

8/18/2031(c)

300,000

250,042

(SOFR

+

1.19%),

2.80%,

5/24/2032(c)

220,000

184,556

(SOFR

+

2.53%),

4.76%,

3/29/2033(c)

200,000

185,884

(SOFR

+

2.87%),

5.40%,

8/11/2033(b)(c)

300,000

299,148

(SOFR

+

4.25%),

8.11%,

11/3/2033(b)(c)

300,000

343,478

(SOFR

+

2.39%),

6.25%,

3/9/2034(b)(c)

200,000

210,773

(SOFR

+

3.02%),

7.40%,

11/13/2034(b)(c)

200,000

218,735

(SOFR

+

1.78%),

5.72%,

3/4/2035(c)

200,000

202,413

6.50%,

5/2/2036

200,000

207,400

6.50%,

9/15/2037

200,000

208,208

6.80%,

6/1/2038

200,000

213,457

(SOFR

+

2.65%),

6.33%,

3/9/2044(b)(c)

200,000

214,514

5.25%,

3/14/2044(b)

250,000

236,648

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.97%),

4.44%,

8/4/2028(c)

30,000

28,950

(United

States

SOFR

Compounded

Index

+

1.87%),

5.71%,

2/2/2035(c)

100,000

99,712

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(c)

250,000

190,433

Huntington

National

Bank

(The)

,

(United

States

SOFR

Compounded

Index

+

1.65%),

4.55%,

5/17/2028(c)

250,000

242,301

ING

Groep

NV

,

3.95%,

3/29/2027

300,000

289,881

(SOFR

+

1.83%),

4.02%,

3/28/2028(c)

400,000

385,406

6

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

ING

Groep

NV,

4.55%,

10/2/2028(b)

200,000

195,906

(SOFR

+

1.77%),

5.55%,

3/19/2035(c)

200,000

198,469

JPMorgan

Chase

&

Co.

,

3.30%,

4/1/2026(b)

500,000

484,161

(SOFR

+

1.32%),

4.08%,

4/26/2026(b)(c)

355,000

349,561

2.95%,

10/1/2026(b)

1,000,000

953,160

(SOFR

+

0.80%),

1.05%,

11/19/2026(c)

250,000

233,099

8.00%,

4/29/2027(b)

290,000

315,255

(SOFR

+

0.77%),

1.47%,

9/22/2027(b)(c)

200,000

182,490

4.25%,

10/1/2027(b)

500,000

488,662

(SOFR

+

1.33%),

6.07%,

10/22/2027(c)

170,000

173,456

(SOFR

+

1.19%),

5.04%,

1/23/2028(c)

80,000

79,724

(SOFR

+

1.17%),

2.95%,

2/24/2028(b)(c)

85,000

79,865

(SOFR

+

1.56%),

4.32%,

4/26/2028(c)

360,000

351,692

(CME

Term

SOFR

3

Month

+

1.64%),

3.54%,

5/1/2028(b)(c)

500,000

477,656

(SOFR

+

1.99%),

4.85%,

7/25/2028(c)

180,000

178,482

(CME

Term

SOFR

3

Month

+

1.38%),

4.01%,

4/23/2029(c)

300,000

287,556

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

500,000

443,527

(SOFR

+

1.45%),

5.30%,

7/24/2029(b)(c)

235,000

236,746

(SOFR

+

1.57%),

6.09%,

10/23/2029(b)(c)

165,000

171,536

(SOFR

+

1.31%),

5.01%,

1/23/2030(c)

175,000

174,283

(SOFR

+

1.75%),

4.57%,

6/14/2030(c)

200,000

195,021

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

400,000

345,712

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(b)(c)

75,000

63,408

(SOFR

+

1.18%),

2.55%,

11/8/2032(b)(c)

510,000

424,374

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

130,000

110,998

(SOFR

+

1.80%),

4.59%,

4/26/2033(b)(c)

35,000

33,536

(SOFR

+

2.08%),

4.91%,

7/25/2033(b)(c)

790,000

773,524

(SOFR

+

2.58%),

5.72%,

9/14/2033(b)(c)

270,000

275,390

(SOFR

+

1.85%),

5.35%,

6/1/2034(c)

525,000

527,025

(SOFR

+

1.81%),

6.25%,

10/23/2034(c)

135,000

144,233

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

1.62%),

5.34%,

1/23/2035(b)(c)

245,000

245,957

(CME

Term

SOFR

3

Month

+

1.62%),

3.88%,

7/24/2038(c)

500,000

432,251

5.60%,

7/15/2041

400,000

418,826

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(b)(c)

300,000

209,353

4.85%,

2/1/2044(b)

500,000

478,035

(CME

Term

SOFR

3

Month

+

1.84%),

4.26%,

2/22/2048(b)(c)

750,000

647,406

(CME

Term

SOFR

3

Month

+

1.64%),

3.96%,

11/15/2048(b)(c)

250,000

204,462

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)(c)

600,000

416,876

(SOFR

+

1.58%),

3.33%,

4/22/2052(c)

200,000

145,062

KeyBank

NA

,

5.85%,

11/15/2027

250,000

247,933

6.95%,

2/1/2028

225,000

231,150

KeyCorp

,

2.25%,

4/6/2027

50,000

45,003

(United

States

SOFR

Compounded

Index

+

2.06%),

4.79%,

6/1/2033(c)

105,000

96,135

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

483,360

4.38%,

2/15/2033

200,000

193,100

5.63%,

10/23/2033

200,000

211,558

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026(b)

850,000

789,858

2.88%,

4/3/2028(b)

1,000,000

944,741

3.88%,

6/15/2028(b)

1,200,000

1,176,087

4.13%,

7/15/2033(b)

400,000

392,893

4.38%,

2/28/2034

1,000,000

1,003,348

0.00%,

6/29/2037(d)

750,000

414,839

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026

1,000,000

937,239

Lloyds

Banking

Group

plc

,

4.58%,

12/10/2025

350,000

343,161

4.65%,

3/24/2026(b)

200,000

196,047

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.72%,

8/11/2026(b)(c)

200,000

197,604

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.48%),

5.99%,

8/7/2027(c)

200,000

201,884

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.38%),

5.46%,

1/5/2028(b)(c)

200,000

200,044

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Lloyds

Banking

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

3/18/2028(b)(c)

200,000

191,448

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

5.87%,

3/6/2029(b)(c)

300,000

304,852

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(c)

200,000

225,177

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

5.68%,

1/5/2035(b)(c)

200,000

201,181

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/2046(c)

300,000

209,538

M&T

Bank

Corp.

,

(United

States

SOFR

Compounded

Index

+

1.78%),

4.55%,

8/16/2028(c)

40,000

38,189

Manufacturers

&

Traders

Trust

Co.

,

4.70%,

1/27/2028

250,000

240,875

Mitsubishi

UFJ

Financial

Group,

Inc.

,

1.41%,

7/17/2025(b)

700,000

665,706

3.85%,

3/1/2026(b)

200,000

195,302

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(b)(c)

200,000

184,205

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(c)

200,000

183,063

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(b)(c)

200,000

185,486

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

5.02%,

7/20/2028(b)(c)

300,000

298,888

3.74%,

3/7/2029(b)

600,000

570,665

3.20%,

7/18/2029(b)

500,000

457,996

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

2.31%,

7/20/2032(b)(c)

300,000

249,415

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(c)

200,000

169,826

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mitsubishi

UFJ

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%),

5.13%,

7/20/2033(c)

300,000

300,478

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.63%),

5.44%,

2/22/2034(b)(c)

200,000

203,778

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

7/9/2027(b)(c)

200,000

183,877

3.17%,

9/11/2027

250,000

234,596

4.02%,

3/5/2028(b)

300,000

289,865

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

5.78%,

7/6/2029(c)

200,000

204,357

(CME

Term

SOFR

3

Month

+

1.77%),

2.20%,

7/10/2031(c)

400,000

334,552

2.56%,

9/13/2031

200,000

163,722

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

5.75%,

7/6/2034(b)(c)

200,000

206,531

Morgan

Stanley

Bank

NA

,

5.88%,

10/30/2026(b)

250,000

254,820

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026(b)

350,000

331,525

NatWest

Group

plc

,

4.80%,

4/5/2026

300,000

296,504

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.85%),

7.47%,

11/10/2026(c)

300,000

308,138

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(b)(c)

200,000

183,874

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(b)(c)

200,000

186,673

(ICE

LIBOR

USD

3

Month

+

1.75%),

4.89%,

5/18/2029(c)

400,000

391,515

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

200,000

196,522

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.78%,

3/1/2035(c)

200,000

202,787

Oesterreichische

Kontrollbank

AG

,

4.13%,

1/18/2029(b)

860,000

851,617

8

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

PNC

Bank

NA

,

3.88%,

4/10/2025(b)

500,000

491,453

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.32%),

5.81%,

6/12/2026(c)

62,000

62,207

1.15%,

8/13/2026

100,000

91,167

(United

States

SOFR

Compounded

Index

+

1.09%),

4.76%,

1/26/2027(b)(c)

140,000

138,690

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(b)(c)

75,000

77,217

(SOFR

+

1.34%),

5.30%,

1/21/2028(c)

25,000

25,029

(SOFR

+

1.62%),

5.35%,

12/2/2028(b)(c)

135,000

135,565

(SOFR

+

1.84%),

5.58%,

6/12/2029(b)(c)

362,000

366,409

2.55%,

1/22/2030(b)

500,000

436,328

(SOFR

+

0.98%),

2.31%,

4/23/2032(c)

200,000

164,494

(United

States

SOFR

Compounded

Index

+

2.14%),

6.04%,

10/28/2033(c)

300,000

310,167

(SOFR

+

1.93%),

5.07%,

1/24/2034(b)(c)

125,000

121,088

(SOFR

+

1.95%),

5.94%,

8/18/2034(c)

100,000

102,601

(SOFR

+

2.28%),

6.88%,

10/20/2034(b)(c)

185,000

202,581

Regions

Financial

Corp.

,

2.25%,

5/18/2025(b)

400,000

384,587

1.80%,

8/12/2028(b)

200,000

172,378

Royal

Bank

of

Canada

,

3.38%,

4/14/2025

40,000

39,216

4.95%,

4/25/2025

80,000

79,724

4.88%,

1/12/2026

100,000

99,645

1.20%,

4/27/2026(b)

100,000

92,427

1.15%,

7/14/2026

200,000

183,165

5.20%,

7/20/2026(b)

75,000

75,241

1.40%,

11/2/2026(b)

300,000

274,016

4.88%,

1/19/2027

50,000

49,891

2.05%,

1/21/2027

200,000

185,260

3.63%,

5/4/2027(b)

40,000

38,483

4.24%,

8/3/2027(b)

90,000

87,948

6.00%,

11/1/2027

40,000

41,340

4.90%,

1/12/2028

100,000

100,018

5.20%,

8/1/2028(b)

75,000

75,747

4.95%,

2/1/2029

50,000

50,120

2.30%,

11/3/2031(b)

200,000

166,203

3.88%,

5/4/2032

40,000

36,966

5.00%,

2/1/2033(b)

100,000

99,643

5.00%,

5/2/2033(b)

80,000

79,697

5.15%,

2/1/2034

50,000

50,048

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.33%),

5.81%,

9/9/2026(b)(c)

40,000

40,018

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Santander

Holdings

USA,

Inc.,

3.24%,

10/5/2026(b)

300,000

283,417

(SOFR

+

1.25%),

2.49%,

1/6/2028(b)(c)

125,000

113,601

(SOFR

+

2.36%),

6.50%,

3/9/2029(b)(c)

60,000

61,368

(SOFR

+

2.70%),

6.57%,

6/12/2029(c)

24,000

24,710

(SOFR

+

2.50%),

6.17%,

1/9/2030(c)

40,000

40,361

(SOFR

+

3.28%),

7.66%,

11/9/2031(c)

50,000

54,347

Santander

UK

Group

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

8/21/2026(c)

500,000

470,966

(SOFR

+

2.75%),

6.83%,

11/21/2026(c)

300,000

304,949

(SOFR

+

1.22%),

2.47%,

1/11/2028(b)(c)

200,000

183,794

(SOFR

+

2.60%),

6.53%,

1/10/2029(c)

200,000

206,747

Sumitomo

Mitsui

Financial

Group,

Inc.

,

3.78%,

3/9/2026(b)

450,000

438,492

2.63%,

7/14/2026(b)

400,000

378,989

1.40%,

9/17/2026(b)

200,000

182,824

3.36%,

7/12/2027(b)

300,000

285,015

5.72%,

9/14/2028(b)

200,000

205,635

1.90%,

9/17/2028(b)

200,000

175,235

3.04%,

7/16/2029(b)

400,000

362,698

3.20%,

9/17/2029(b)

500,000

454,118

5.71%,

1/13/2030(b)

500,000

515,984

5.81%,

9/14/2033(b)

200,000

209,663

2.93%,

9/17/2041(b)

300,000

226,896

Toronto-Dominion

Bank

(The)

,

3.77%,

6/6/2025

100,000

98,233

0.75%,

1/6/2026(b)

200,000

185,593

1.20%,

6/3/2026(b)

200,000

183,946

5.53%,

7/17/2026

75,000

75,654

1.25%,

9/10/2026(b)

100,000

91,247

5.26%,

12/11/2026

35,000

35,227

1.95%,

1/12/2027(b)

100,000

92,437

2.80%,

3/10/2027(b)

100,000

94,155

4.98%,

4/5/2027

75,000

74,889

4.11%,

6/8/2027(b)

100,000

97,341

4.69%,

9/15/2027

90,000

89,142

5.52%,

7/17/2028(b)

75,000

76,596

4.99%,

4/5/2029

75,000

75,004

2.00%,

9/10/2031(b)

100,000

81,748

2.45%,

1/12/2032(b)

100,000

83,305

3.20%,

3/10/2032(b)

100,000

88,004

4.46%,

6/8/2032(b)

355,000

339,977

Truist

Bank

,

3.63%,

9/16/2025(b)

250,000

243,305

2.25%,

3/11/2030

300,000

249,672

Truist

Financial

Corp.

,

4.00%,

5/1/2025(b)

500,000

491,956

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.,

(SOFR

+

1.46%),

4.26%,

7/28/2026(c)

90,000

88,537

(SOFR

+

1.63%),

5.90%,

10/28/2026(b)(c)

100,000

100,496

(SOFR

+

2.05%),

6.05%,

6/8/2027(c)

55,000

55,742

1.13%,

8/3/2027(b)

300,000

263,372

(SOFR

+

1.37%),

4.12%,

6/6/2028(b)(c)

65,000

62,775

(SOFR

+

1.44%),

4.87%,

1/26/2029(b)(c)

80,000

78,673

(SOFR

+

0.86%),

1.89%,

6/7/2029(b)(c)

300,000

260,407

(SOFR

+

2.45%),

7.16%,

10/30/2029(c)

30,000

31,992

(SOFR

+

1.62%),

5.44%,

1/24/2030(c)

25,000

24,971

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

90,000

83,820

(SOFR

+

2.30%),

6.12%,

10/28/2033(b)(c)

100,000

103,337

(SOFR

+

1.85%),

5.12%,

1/26/2034(c)

30,000

28,876

(SOFR

+

2.36%),

5.87%,

6/8/2034(c)

245,000

248,004

(SOFR

+

1.92%),

5.71%,

1/24/2035(b)(c)

30,000

30,130

US

Bancorp

,

(SOFR

+

1.43%),

5.73%,

10/21/2026(b)(c)

300,000

301,623

Series

X,

3.15%,

4/27/2027(b)

300,000

284,697

(SOFR

+

1.88%),

6.79%,

10/26/2027(b)(c)

25,000

25,888

(SOFR

+

0.73%),

2.22%,

1/27/2028(c)

100,000

92,240

3.90%,

4/26/2028(b)

500,000

481,169

(SOFR

+

1.66%),

4.55%,

7/22/2028(b)(c)

105,000

102,909

(SOFR

+

1.23%),

4.65%,

2/1/2029(b)(c)

100,000

98,007

(SOFR

+

2.02%),

5.78%,

6/12/2029(b)(c)

40,000

40,698

(SOFR

+

1.02%),

2.68%,

1/27/2033(c)

100,000

82,691

(SOFR

+

2.11%),

4.97%,

7/22/2033(b)(c)

115,000

108,708

(SOFR

+

2.09%),

5.85%,

10/21/2033(b)(c)

200,000

203,915

(SOFR

+

1.60%),

4.84%,

2/1/2034(c)

100,000

94,956

(SOFR

+

2.26%),

5.84%,

6/12/2034(b)(c)

300,000

305,776

Wells

Fargo

&

Co.

,

3.00%,

4/22/2026

500,000

478,171

(SOFR

+

1.32%),

3.91%,

4/25/2026(b)(c)

800,000

785,167

(SOFR

+

2.00%),

2.19%,

4/30/2026(c)

400,000

385,212

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

1.56%),

4.54%,

8/15/2026(b)(c)

70,000

69,106

3.00%,

10/23/2026

200,000

189,327

4.30%,

7/22/2027(b)

200,000

194,811

(SOFR

+

1.51%),

3.53%,

3/24/2028(b)(c)

200,000

190,358

(SOFR

+

2.10%),

2.39%,

6/2/2028(c)

800,000

732,243

(SOFR

+

1.98%),

4.81%,

7/25/2028(c)

125,000

123,165

(SOFR

+

1.74%),

5.57%,

7/25/2029(c)

210,000

212,489

(SOFR

+

1.79%),

6.30%,

10/23/2029(b)(c)

185,000

192,685

(SOFR

+

1.50%),

5.20%,

1/23/2030(b)(c)

140,000

139,705

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(b)(c)

500,000

441,997

(CME

Term

SOFR

3

Month

+

1.26%),

2.57%,

2/11/2031(b)(c)

300,000

258,604

(CME

Term

SOFR

3

Month

+

4.03%),

4.48%,

4/4/2031(b)(c)

250,000

239,379

(SOFR

+

1.50%),

3.35%,

3/2/2033(b)(c)

200,000

173,526

(SOFR

+

2.10%),

4.90%,

7/25/2033(c)

175,000

168,640

(SOFR

+

2.02%),

5.39%,

4/24/2034(c)

1,040,000

1,033,524

(SOFR

+

1.99%),

5.56%,

7/25/2034(c)

265,000

266,023

(SOFR

+

2.06%),

6.49%,

10/23/2034(c)

215,000

230,603

(SOFR

+

1.78%),

5.50%,

1/23/2035(b)(c)

110,000

110,259

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

600,000

448,928

5.38%,

11/2/2043

250,000

241,445

4.65%,

11/4/2044(b)

300,000

262,152

4.90%,

11/17/2045

300,000

269,882

4.40%,

6/14/2046

200,000

166,417

(CME

Term

SOFR

3

Month

+

4.50%),

5.01%,

4/4/2051(c)

500,000

469,440

(SOFR

+

2.13%),

4.61%,

4/25/2053(b)(c)

300,000

265,080

Wells

Fargo

Bank

NA

,

5.55%,

8/1/2025(b)

250,000

251,169

5.45%,

8/7/2026

500,000

503,360

5.25%,

12/11/2026

250,000

250,972

Westpac

Banking

Corp.

,

5.51%,

11/17/2025

75,000

75,539

1.15%,

6/3/2026(b)

200,000

184,399

5.46%,

11/18/2027

200,000

204,022

3.40%,

1/25/2028(b)

300,000

285,329

5.54%,

11/17/2028(b)

75,000

77,078

1.95%,

11/20/2028(b)

200,000

176,481

2.65%,

1/16/2030(b)

120,000

107,268

10

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Westpac

Banking

Corp.,

(USD

SOFR

Spread-

Adjusted

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(c)

300,000

289,521

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(c)

500,000

461,832

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(c)

85,000

69,822

3.13%,

11/18/2041

65,000

45,945

101,886,281

Beverages

0

.5

%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

75,000

73,289

4.70%,

2/1/2036

510,000

493,078

4.90%,

2/1/2046

770,000

731,739

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044(b)

150,000

138,095

4.90%,

2/1/2046(b)

300,000

281,721

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028(b)

250,000

243,849

4.75%,

1/23/2029

900,000

899,737

3.50%,

6/1/2030(b)

400,000

372,590

5.00%,

6/15/2034

50,000

50,298

4.60%,

4/15/2048

71,000

64,882

4.44%,

10/6/2048(b)

331,000

294,517

5.55%,

1/23/2049(b)

350,000

364,923

4.75%,

4/15/2058

150,000

138,378

5.80%,

1/23/2059

150,000

161,329

Brown-Forman

Corp.

,

4.75%,

4/15/2033

40,000

39,593

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027(b)

500,000

475,951

3.45%,

3/25/2030(b)

200,000

188,023

2.00%,

3/5/2031(b)

95,000

80,348

2.25%,

1/5/2032(b)

300,000

255,549

2.88%,

5/5/2041

300,000

226,810

2.60%,

6/1/2050

400,000

261,553

3.00%,

3/5/2051(b)

135,000

96,009

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030

150,000

133,198

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027

500,000

477,117

4.80%,

1/15/2029

25,000

24,781

2.88%,

5/1/2030

100,000

88,460

2.25%,

8/1/2031

405,000

334,524

4.90%,

5/1/2033(b)

60,000

58,859

Diageo

Capital

plc

,

2.38%,

10/24/2029

210,000

185,518

Diageo

Investment

Corp.

,

7.45%,

4/15/2035

250,000

296,532

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

300,000

222,900

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Keurig

Dr

Pepper,

Inc.

,

5.10%,

3/15/2027(b)

25,000

25,037

5.05%,

3/15/2029(b)

25,000

25,072

3.95%,

4/15/2029

50,000

47,749

Series

10,

5.20%,

3/15/2031

25,000

25,060

4.05%,

4/15/2032(b)

50,000

46,591

5.30%,

3/15/2034(b)

25,000

25,086

4.50%,

4/15/2052(b)

250,000

214,285

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026(b)

190,000

181,346

5.00%,

5/1/2042(b)

250,000

236,698

4.20%,

7/15/2046(b)

150,000

125,337

Pepsico

Singapore

Financing

I

Pte.

Ltd.

,

4.65%,

2/16/2027

25,000

24,863

4.55%,

2/16/2029

25,000

24,822

4.70%,

2/16/2034

25,000

24,683

PepsiCo,

Inc.

,

5.25%,

11/10/2025

50,000

50,288

4.55%,

2/13/2026

60,000

59,704

5.13%,

11/10/2026

50,000

50,397

3.00%,

10/15/2027(b)

300,000

284,174

3.60%,

2/18/2028

25,000

24,149

4.45%,

5/15/2028

60,000

59,972

2.75%,

3/19/2030(b)

700,000

630,250

1.63%,

5/1/2030(b)

130,000

109,139

1.40%,

2/25/2031(b)

200,000

161,584

1.95%,

10/21/2031(b)

100,000

83,114

3.90%,

7/18/2032(b)

35,000

33,181

4.45%,

2/15/2033(b)

60,000

60,132

2.63%,

10/21/2041

50,000

36,330

4.45%,

4/14/2046

300,000

273,903

3.63%,

3/19/2050

200,000

159,682

2.75%,

10/21/2051

50,000

33,367

4.20%,

7/18/2052

25,000

21,837

4.65%,

2/15/2053

60,000

56,351

10,968,333

Biotechnology

0

.5

%

AbbVie,

Inc.

,

3.60%,

5/14/2025

500,000

490,737

3.20%,

5/14/2026(b)

120,000

115,822

2.95%,

11/21/2026

350,000

333,339

4.80%,

3/15/2027(b)

175,000

175,181

4.80%,

3/15/2029

175,000

175,257

3.20%,

11/21/2029

550,000

506,823

4.95%,

3/15/2031

95,000

95,678

5.05%,

3/15/2034(b)

275,000

278,408

4.55%,

3/15/2035

195,000

188,476

4.50%,

5/14/2035(b)

300,000

288,400

4.05%,

11/21/2039(b)

380,000

338,352

4.40%,

11/6/2042

375,000

340,369

5.35%,

3/15/2044(b)

55,000

56,081

4.75%,

3/15/2045

168,000

158,213

4.88%,

11/14/2048(b)

300,000

286,955

4.25%,

11/21/2049

475,000

411,376

5.40%,

3/15/2054

240,000

247,031

5.50%,

3/15/2064

45,000

46,278

Amgen,

Inc.

,

5.15%,

3/2/2028

290,000

291,859

1.65%,

8/15/2028(b)

200,000

174,947

4.05%,

8/18/2029(b)

120,000

115,342

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Amgen,

Inc.,

5.25%,

3/2/2030(b)

300,000

304,559

2.00%,

1/15/2032(b)

200,000

161,928

3.35%,

2/22/2032(b)

55,000

49,109

4.20%,

3/1/2033(b)

120,000

112,162

5.25%,

3/2/2033(b)

315,000

317,650

2.80%,

8/15/2041(b)

200,000

144,901

5.60%,

3/2/2043(b)

290,000

295,053

4.40%,

5/1/2045(b)

400,000

347,518

4.56%,

6/15/2048(b)

274,000

241,463

3.38%,

2/21/2050(b)

180,000

131,381

4.66%,

6/15/2051

318,000

281,654

3.00%,

1/15/2052

200,000

135,431

4.20%,

2/22/2052

25,000

20,563

4.88%,

3/1/2053

55,000

50,074

5.65%,

3/2/2053

405,000

412,677

4.40%,

2/22/2062(b)

165,000

135,938

5.75%,

3/2/2063

180,000

183,591

Baxalta,

Inc.

,

4.00%,

6/23/2025

60,000

59,019

Biogen,

Inc.

,

2.25%,

5/1/2030(b)

200,000

168,823

3.15%,

5/1/2050(b)

230,000

153,819

3.25%,

2/15/2051

130,000

89,908

Gilead

Sciences,

Inc.

,

3.65%,

3/1/2026

145,000

141,273

1.20%,

10/1/2027

60,000

53,137

1.65%,

10/1/2030(b)

115,000

94,731

5.25%,

10/15/2033(b)

50,000

51,023

4.00%,

9/1/2036

200,000

179,414

5.65%,

12/1/2041(b)

200,000

205,807

4.75%,

3/1/2046

200,000

183,681

4.15%,

3/1/2047(b)

400,000

335,990

2.80%,

10/1/2050(b)

95,000

61,925

5.55%,

10/15/2053(b)

45,000

46,579

Regeneron

Pharmaceuticals,

Inc.

,

2.80%,

9/15/2050

65,000

40,935

10,306,640

Broadline

Retail

0

.3

%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027(b)

500,000

472,775

4.00%,

12/6/2037(b)

200,000

173,853

4.20%,

12/6/2047(b)

500,000

411,398

Amazon.com,

Inc.

,

1.00%,

5/12/2026(b)

250,000

230,858

3.30%,

4/13/2027(b)

195,000

187,558

3.15%,

8/22/2027(b)

250,000

238,272

4.55%,

12/1/2027

400,000

399,786

1.65%,

5/12/2028(b)

200,000

178,584

3.45%,

4/13/2029

180,000

171,799

4.65%,

12/1/2029(b)

130,000

130,721

1.50%,

6/3/2030(b)

200,000

166,904

2.10%,

5/12/2031(b)

300,000

254,413

3.60%,

4/13/2032(b)

270,000

251,455

4.70%,

12/1/2032

130,000

130,498

4.80%,

12/5/2034

100,000

100,808

3.88%,

8/22/2037(b)

200,000

180,547

2.88%,

5/12/2041(b)

200,000

152,230

4.05%,

8/22/2047

400,000

348,530

2.50%,

6/3/2050

250,000

159,557

Corporate

Bonds

Principal

Amount

($)

Value

($)

Broadline

Retail

Amazon.com,

Inc.,

3.10%,

5/12/2051

300,000

215,460

3.95%,

4/13/2052(b)

190,000

159,483

4.25%,

8/22/2057(b)

250,000

217,635

2.70%,

6/3/2060

100,000

61,977

3.25%,

5/12/2061

200,000

140,456

eBay,

Inc.

,

1.40%,

5/10/2026

40,000

37,071

3.60%,

6/5/2027(b)

500,000

480,081

2.60%,

5/10/2031

75,000

64,463

3.65%,

5/10/2051(b)

100,000

74,131

JD.com,

Inc.

,

3.38%,

1/14/2030

200,000

182,083

5,973,386

Building

Products

0

.1

%

Allegion

plc

,

3.50%,

10/1/2029

250,000

230,500

Carlisle

Cos.,

Inc.

,

2.20%,

3/1/2032

100,000

80,253

Carrier

Global

Corp.

,

5.80%,

11/30/2025

100,000

100,664

2.49%,

2/15/2027

31,000

28,884

2.72%,

2/15/2030(b)

50,000

44,216

3.38%,

4/5/2040

300,000

234,871

3.58%,

4/5/2050(b)

350,000

260,856

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029

50,000

45,534

4.00%,

3/25/2032

100,000

91,369

5.88%,

6/1/2033

32,000

32,649

4.50%,

3/25/2052(b)

30,000

24,644

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

178,463

1.75%,

9/15/2030(b)

100,000

82,263

2.00%,

9/16/2031(b)

100,000

81,173

4.90%,

12/1/2032

65,000

63,939

4.63%,

7/2/2044(b)(e)

100,000

88,296

Masco

Corp.

,

2.00%,

2/15/2031(b)

250,000

204,463

3.13%,

2/15/2051

60,000

40,585

Owens

Corning

,

4.30%,

7/15/2047(b)

200,000

164,883

Trane

Technologies

Financing

Ltd.

,

4.50%,

3/21/2049

250,000

220,612

2,299,117

Capital

Markets

1

.6

%

Ameriprise

Financial,

Inc.

,

5.70%,

12/15/2028

25,000

25,790

4.50%,

5/13/2032

50,000

48,450

5.15%,

5/15/2033

45,000

45,468

Ares

Capital

Corp.

,

2.88%,

6/15/2027

100,000

91,862

2.88%,

6/15/2028(b)

250,000

222,816

5.88%,

3/1/2029

35,000

34,895

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

50,000

45,887

12

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.35%),

4.41%,

7/24/2026(b)(c)

25,000

24,697

1.05%,

10/15/2026(b)

100,000

90,784

2.05%,

1/26/2027

200,000

185,340

(SOFR

+

1.03%),

4.95%,

4/26/2027(c)

80,000

79,635

(SOFR

+

1.15%),

3.99%,

6/13/2028(c)

40,000

38,807

(United

States

SOFR

Compounded

Index

+

1.80%),

5.80%,

10/25/2028(c)

25,000

25,673

Series

J,

1.90%,

1/25/2029

200,000

175,916

(SOFR

+

1.17%),

4.54%,

2/1/2029(b)(c)

100,000

98,468

3.85%,

4/26/2029

90,000

86,288

(SOFR

+

1.60%),

6.32%,

10/25/2029(b)(c)

75,000

79,142

(SOFR

+

1.09%),

4.98%,

3/14/2030(b)(c)

125,000

125,108

1.80%,

7/28/2031(b)

100,000

80,744

2.50%,

1/26/2032(b)

100,000

84,222

(SOFR

+

1.42%),

4.29%,

6/13/2033(c)

40,000

37,602

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(c)

180,000

187,958

(SOFR

+

1.51%),

4.71%,

2/1/2034(c)

100,000

96,491

Series

J,

(SOFR

+

1.61%),

4.97%,

4/26/2034(b)(c)

80,000

78,532

(SOFR

+

1.85%),

6.47%,

10/25/2034(b)(c)

75,000

81,673

(SOFR

+

1.42%),

5.19%,

3/14/2035(b)(c)

125,000

124,422

Blackstone

Private

Credit

Fund

,

7.05%,

9/29/2025

50,000

50,746

3.25%,

3/15/2027(b)

200,000

184,585

7.30%,

11/27/2028(b)(f)

25,000

26,065

4.00%,

1/15/2029(b)

200,000

183,498

6.25%,

1/25/2031(f)

25,000

25,105

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(b)

200,000

176,334

Blue

Owl

Capital

Corp.

,

2.88%,

6/11/2028(b)

230,000

203,320

Blue

Owl

Capital

Corp.

III

,

3.13%,

4/13/2027

50,000

45,519

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

40,636

Brookfield

Finance

LLC

,

3.45%,

4/15/2050(b)

200,000

140,146

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

40,000

39,277

3.90%,

1/25/2028

40,000

38,516

4.85%,

3/29/2029(b)

300,000

297,661

6.35%,

1/5/2034(b)

50,000

53,190

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Brookfield

Finance,

Inc.,

3.50%,

3/30/2051

35,000

25,227

3.63%,

2/15/2052

15,000

10,893

5.97%,

3/4/2054(b)

25,000

25,860

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030

300,000

245,408

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026(b)

170,000

156,662

1.15%,

5/13/2026

400,000

368,757

2.45%,

3/3/2027

40,000

37,275

(SOFR

+

2.21%),

5.64%,

5/19/2029(b)(c)

300,000

304,554

(SOFR

+

1.88%),

6.20%,

11/17/2029(c)

75,000

77,955

1.65%,

3/11/2031

200,000

160,123

2.30%,

5/13/2031

300,000

251,906

1.95%,

12/1/2031

100,000

80,365

2.90%,

3/3/2032

100,000

85,742

(SOFR

+

2.01%),

6.14%,

8/24/2034(c)

220,000

229,503

CI

Financial

Corp.

,

4.10%,

6/15/2051

50,000

31,233

CME

Group,

Inc.

,

2.65%,

3/15/2032

50,000

43,169

Credit

Suisse

AG

,

2.95%,

4/9/2025

400,000

389,426

5.00%,

7/9/2027

250,000

247,722

7.50%,

2/15/2028

250,000

269,572

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

55,000

61,675

Deutsche

Bank

AG

,

(SOFR

+

3.19%),

6.12%,

7/14/2026(b)(c)

200,000

200,756

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

155,000

146,167

(SOFR

+

1.22%),

2.31%,

11/16/2027(c)

170,000

155,424

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

200,000

183,636

(SOFR

+

3.18%),

6.72%,

1/18/2029(b)(c)

300,000

310,249

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

350,000

308,224

(SOFR

+

1.72%),

3.04%,

5/28/2032(c)

150,000

126,338

(SOFR

+

3.65%),

7.08%,

2/10/2034(b)(c)

200,000

205,686

FactSet

Research

Systems,

Inc.

,

2.90%,

3/1/2027(b)

30,000

28,204

3.45%,

3/1/2032

25,000

22,073

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027

100,000

90,715

3.25%,

7/15/2027

50,000

45,525

3.13%,

10/12/2028

150,000

131,041

Goldman

Sachs

Bank

USA

,

(SOFR

+

0.78%),

5.28%,

3/18/2027(c)

100,000

99,950

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

670,000

657,316

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

3.75%,

5/22/2025(b)

500,000

490,689

(SOFR

+

1.08%),

5.80%,

8/10/2026(c)

300,000

300,972

3.85%,

1/26/2027(b)

800,000

775,584

(SOFR

+

0.80%),

1.43%,

3/9/2027(c)

250,000

231,522

(SOFR

+

1.51%),

4.39%,

6/15/2027(c)

65,000

63,744

(SOFR

+

0.82%),

1.54%,

9/10/2027(c)

500,000

456,878

(SOFR

+

0.91%),

1.95%,

10/21/2027(b)(c)

240,000

220,614

(SOFR

+

1.11%),

2.64%,

2/24/2028(c)

95,000

88,481

(SOFR

+

1.85%),

3.62%,

3/15/2028(c)

75,000

71,740

(SOFR

+

1.73%),

4.48%,

8/23/2028(c)

200,000

195,527

(CME

Term

SOFR

3

Month

+

1.56%),

4.22%,

5/1/2029(b)(c)

700,000

673,773

(SOFR

+

1.77%),

6.48%,

10/24/2029(b)(c)

125,000

131,515

(SOFR

+

1.28%),

2.62%,

4/22/2032(c)

390,000

327,308

(SOFR

+

1.25%),

2.38%,

7/21/2032(c)

280,000

229,700

(SOFR

+

1.26%),

2.65%,

10/21/2032(c)

165,000

137,284

(SOFR

+

1.41%),

3.10%,

2/24/2033(c)

695,000

594,396

(SOFR

+

1.95%),

6.56%,

10/24/2034(b)(c)

200,000

218,199

6.45%,

5/1/2036

150,000

160,019

6.75%,

10/1/2037

500,000

546,269

(CME

Term

SOFR

3

Month

+

1.63%),

4.02%,

10/31/2038(c)

200,000

172,218

(CME

Term

SOFR

3

Month

+

1.69%),

4.41%,

4/23/2039(c)

200,000

179,037

6.25%,

2/1/2041(b)

350,000

381,103

(SOFR

+

1.51%),

3.21%,

4/22/2042(c)

200,000

150,389

(SOFR

+

1.47%),

2.91%,

7/21/2042(b)(c)

300,000

215,709

(SOFR

+

1.63%),

3.44%,

2/24/2043(c)

35,000

27,111

4.80%,

7/8/2044(b)

300,000

277,262

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027

100,000

89,045

Intercontinental

Exchange,

Inc.

,

3.65%,

5/23/2025

45,000

44,154

3.75%,

12/1/2025

160,000

156,557

4.00%,

9/15/2027(b)

180,000

174,656

4.35%,

6/15/2029(b)

150,000

146,025

2.10%,

6/15/2030(b)

165,000

139,798

1.85%,

9/15/2032(b)

500,000

390,391

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Intercontinental

Exchange,

Inc.,

4.60%,

3/15/2033(b)

110,000

106,467

4.25%,

9/21/2048

100,000

85,050

3.00%,

6/15/2050(b)

75,000

50,161

4.95%,

6/15/2052(b)

120,000

112,826

5.20%,

6/15/2062

110,000

107,364

Jefferies

Financial

Group,

Inc.

,

4.85%,

1/15/2027

500,000

496,053

5.88%,

7/21/2028(b)

70,000

71,259

2.63%,

10/15/2031(b)

50,000

41,198

Legg

Mason,

Inc.

,

4.75%,

3/15/2026(b)

500,000

496,774

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026(b)

100,000

93,181

6.95%,

3/1/2029(b)

25,000

25,395

Moody's

Corp.

,

3.25%,

1/15/2028(b)

300,000

285,229

2.00%,

8/19/2031(b)

60,000

48,873

2.75%,

8/19/2041

75,000

53,304

3.25%,

5/20/2050

35,000

25,054

3.10%,

11/29/2061

95,000

61,837

Morgan

Stanley

,

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

640,000

617,441

(SOFR

+

1.67%),

4.68%,

7/17/2026(c)

80,000

79,138

3.13%,

7/27/2026(b)

500,000

478,244

(SOFR

+

1.30%),

5.05%,

1/28/2027(c)

105,000

104,596

3.95%,

4/23/2027(b)

500,000

482,751

(SOFR

+

0.88%),

1.59%,

5/4/2027(c)

600,000

554,996

(SOFR

+

0.86%),

1.51%,

7/20/2027(c)

480,000

440,545

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)(c)

195,000

181,394

(SOFR

+

1.61%),

4.21%,

4/20/2028(b)(c)

80,000

77,738

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(b)(c)

300,000

285,032

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(b)(c)

600,000

571,125

(SOFR

+

1.73%),

5.12%,

2/1/2029(b)(c)

90,000

89,781

(SOFR

+

1.59%),

5.16%,

4/20/2029(c)

255,000

254,794

(SOFR

+

1.63%),

5.45%,

7/20/2029(c)

35,000

35,307

(SOFR

+

1.83%),

6.41%,

11/1/2029(c)

70,000

73,399

(SOFR

+

1.45%),

5.17%,

1/16/2030(b)(c)

225,000

225,191

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(c)

500,000

484,207

(SOFR

+

1.14%),

2.70%,

1/22/2031(c)

600,000

524,211

14

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

3.12%),

3.62%,

4/1/2031(b)(c)

420,000

385,192

7.25%,

4/1/2032

324,000

369,603

(SOFR

+

1.02%),

1.93%,

4/28/2032(b)(c)

500,000

401,328

(SOFR

+

1.18%),

2.24%,

7/21/2032(b)(c)

500,000

408,443

(SOFR

+

1.20%),

2.51%,

10/20/2032(c)

275,000

227,471

(SOFR

+

1.29%),

2.94%,

1/21/2033(b)(c)

70,000

59,495

(SOFR

+

2.08%),

4.89%,

7/20/2033(c)

45,000

43,645

(SOFR

+

2.56%),

6.34%,

10/18/2033(b)(c)

130,000

139,093

(SOFR

+

1.87%),

5.25%,

4/21/2034(b)(c)

450,000

446,483

(SOFR

+

1.88%),

5.42%,

7/21/2034(c)

35,000

35,108

(SOFR

+

2.05%),

6.63%,

11/1/2034(c)

115,000

125,822

(SOFR

+

1.73%),

5.47%,

1/18/2035(b)(c)

350,000

353,128

(SOFR

+

1.36%),

2.48%,

9/16/2036(c)

450,000

355,898

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

80,000

76,752

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(c)

90,000

90,183

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%),

5.94%,

2/7/2039(b)(c)

75,000

74,548

(SOFR

+

1.49%),

3.22%,

4/22/2042(b)(c)

400,000

305,934

4.30%,

1/27/2045(b)

300,000

263,430

(SOFR

+

4.84%),

5.60%,

3/24/2051(b)(c)

100,000

104,709

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

205,000

134,206

Nasdaq,

Inc.

,

5.35%,

6/28/2028(b)

65,000

65,839

1.65%,

1/15/2031

400,000

322,027

5.55%,

2/15/2034(b)

80,000

81,349

3.95%,

3/7/2052

250,000

193,809

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027(b)

300,000

276,541

2.17%,

7/14/2028(b)

200,000

175,987

5.61%,

7/6/2029

200,000

202,450

3.10%,

1/16/2030(b)

200,000

177,583

2.61%,

7/14/2031(b)

200,000

166,259

Northern

Trust

Corp.

,

4.00%,

5/10/2027

65,000

63,326

6.13%,

11/2/2032(b)

130,000

137,322

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

90,430

7.10%,

2/15/2029

100,000

103,257

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Prospect

Capital

Corp.

,

3.36%,

11/15/2026

100,000

91,034

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046(b)

250,000

229,975

S&P

Global,

Inc.

,

2.45%,

3/1/2027

30,000

28,078

2.70%,

3/1/2029

100,000

90,848

2.50%,

12/1/2029

80,000

70,825

1.25%,

8/15/2030(b)

110,000

88,864

2.90%,

3/1/2032(b)

325,000

283,231

3.25%,

12/1/2049(b)

65,000

47,033

2.30%,

8/15/2060

40,000

21,945

State

Street

Corp.

,

(SOFR

+

1.13%),

5.10%,

5/18/2026(b)(c)

60,000

59,808

5.27%,

8/3/2026(b)

100,000

100,540

(SOFR

+

1.35%),

5.75%,

11/4/2026(c)

55,000

55,368

4.99%,

3/18/2027(b)

75,000

75,145

(SOFR

+

0.56%),

1.68%,

11/18/2027(b)(c)

200,000

183,809

(SOFR

+

0.73%),

2.20%,

2/7/2028(b)(c)

40,000

37,083

(SOFR

+

1.72%),

5.82%,

11/4/2028(c)

60,000

61,752

(SOFR

+

1.48%),

5.68%,

11/21/2029(c)

75,000

77,023

2.40%,

1/24/2030(b)

200,000

176,031

(SOFR

+

1.00%),

2.62%,

2/7/2033(c)

20,000

16,796

(SOFR

+

1.57%),

4.82%,

1/26/2034(c)

110,000

107,044

(SOFR

+

1.89%),

5.16%,

5/18/2034(c)

60,000

59,739

(SOFR

+

1.96%),

6.12%,

11/21/2034(c)

50,000

52,124

UBS

Group

AG

,

4.55%,

4/17/2026(b)

250,000

245,990

4.88%,

5/15/2045(b)

400,000

371,789

34,881,707

Chemicals

0

.4

%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

23,702

1.85%,

5/15/2027(b)

105,000

96,406

4.60%,

2/8/2029(b)

100,000

99,442

2.05%,

5/15/2030(b)

145,000

124,114

4.75%,

2/8/2031(b)

100,000

99,639

4.80%,

3/3/2033

70,000

69,624

4.85%,

2/8/2034

100,000

98,936

2.70%,

5/15/2040

65,000

47,449

2.80%,

5/15/2050(b)

40,000

26,852

Albemarle

Corp.

,

5.65%,

6/1/2052(b)

100,000

91,726

Cabot

Corp.

,

5.00%,

6/30/2032

30,000

29,291

Celanese

US

Holdings

LLC

,

1.40%,

8/5/2026(b)

100,000

91,166

6.17%,

7/15/2027(b)

100,000

101,851

6.35%,

11/15/2028(b)

90,000

93,236

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Celanese

US

Holdings

LLC,

6.33%,

7/15/2029(b)

165,000

171,097

6.55%,

11/15/2030(b)

100,000

105,182

6.38%,

7/15/2032(b)

70,000

72,619

6.70%,

11/15/2033(b)

55,000

58,642

CF

Industries,

Inc.

,

5.15%,

3/15/2034

300,000

295,218

Dow

Chemical

Co.

(The)

,

6.30%,

3/15/2033

25,000

26,942

5.15%,

2/15/2034(b)

25,000

24,911

9.40%,

5/15/2039

206,000

277,403

4.38%,

11/15/2042

300,000

256,352

4.80%,

5/15/2049

350,000

308,136

6.90%,

5/15/2053(b)

25,000

28,886

5.60%,

2/15/2054(b)

25,000

24,901

DuPont

de

Nemours,

Inc.

,

4.49%,

11/15/2025(b)

300,000

296,004

4.73%,

11/15/2028(b)

400,000

399,438

5.42%,

11/15/2048(b)

300,000

299,762

Eastman

Chemical

Co.

,

5.75%,

3/8/2033

35,000

35,593

4.65%,

10/15/2044(b)

200,000

170,199

Ecolab,

Inc.

,

5.25%,

1/15/2028

75,000

76,417

1.30%,

1/30/2031(b)

200,000

159,957

2.13%,

2/1/2032

100,000

83,050

2.13%,

8/15/2050

200,000

117,287

2.70%,

12/15/2051

75,000

48,495

2.75%,

8/18/2055

65,000

41,395

FMC

Corp.

,

5.15%,

5/18/2026

40,000

39,746

3.45%,

10/1/2029(b)

60,000

54,015

5.65%,

5/18/2033

40,000

39,336

4.50%,

10/1/2049

85,000

65,372

6.38%,

5/18/2053(b)

40,000

39,821

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048(b)

70,000

59,845

Linde,

Inc.

,

4.70%,

12/5/2025(b)

400,000

398,148

3.20%,

1/30/2026

250,000

242,331

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

166,380

LYB

International

Finance

III

LLC

,

2.25%,

10/1/2030

135,000

113,737

5.63%,

5/15/2033

40,000

40,972

5.50%,

3/1/2034

50,000

50,092

4.20%,

5/1/2050(b)

200,000

156,449

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055(b)

250,000

208,004

Mosaic

Co.

(The)

,

4.05%,

11/15/2027(b)

250,000

241,155

5.38%,

11/15/2028

25,000

25,300

Nutrien

Ltd.

,

3.00%,

4/1/2025

150,000

146,254

5.95%,

11/7/2025

50,000

50,409

4.90%,

3/27/2028(b)

25,000

24,868

5.88%,

12/1/2036(b)

125,000

129,962

5.25%,

1/15/2045(b)

154,000

145,210

5.80%,

3/27/2053(b)

150,000

153,149

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

PPG

Industries,

Inc.

,

1.20%,

3/15/2026(b)

110,000

101,975

2.80%,

8/15/2029

300,000

270,920

RPM

International,

Inc.

,

2.95%,

1/15/2032

45,000

38,086

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026(b)

400,000

390,936

2.95%,

8/15/2029(b)

200,000

181,424

2.20%,

3/15/2032

200,000

162,856

4.50%,

6/1/2047(b)

150,000

131,076

2.90%,

3/15/2052

80,000

52,058

Westlake

Corp.

,

2.88%,

8/15/2041

100,000

69,240

4.38%,

11/15/2047(b)

200,000

164,300

8,624,746

Commercial

Services

&

Supplies

0

.1

%

Cintas

Corp.

No.

2

,

3.45%,

5/1/2025

30,000

29,404

4.00%,

5/1/2032

40,000

37,732

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

15,781

Republic

Services,

Inc.

,

4.88%,

4/1/2029

25,000

25,039

1.45%,

2/15/2031(b)

165,000

131,377

2.38%,

3/15/2033

200,000

161,820

6.20%,

3/1/2040

70,000

76,100

UL

Solutions,

Inc.

,

6.50%,

10/20/2028(f)

25,000

25,912

Veralto

Corp.

,

5.50%,

9/18/2026(f)

50,000

50,196

5.35%,

9/18/2028(f)

50,000

50,649

5.45%,

9/18/2033(f)

50,000

50,618

Waste

Connections,

Inc.

,

4.25%,

12/1/2028(b)

100,000

97,500

2.20%,

1/15/2032

100,000

81,890

3.20%,

6/1/2032

50,000

44,079

4.20%,

1/15/2033(b)

100,000

93,992

5.00%,

3/1/2034

50,000

49,518

2.95%,

1/15/2052

70,000

46,892

Waste

Management,

Inc.

,

4.88%,

2/15/2029(b)

75,000

75,702

2.00%,

6/1/2029

35,000

30,706

4.63%,

2/15/2030

50,000

49,763

4.63%,

2/15/2033(b)

50,000

48,943

4.88%,

2/15/2034(b)

75,000

74,487

2.95%,

6/1/2041

85,000

63,556

4.15%,

7/15/2049(b)

125,000

107,092

1,518,748

Communications

Equipment

0

.1

%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025(b)

400,000

393,264

4.90%,

2/26/2026(b)

80,000

80,058

4.80%,

2/26/2027(b)

125,000

125,201

4.85%,

2/26/2029(b)

125,000

125,923

4.95%,

2/26/2031

95,000

95,838

5.05%,

2/26/2034

205,000

207,760

5.50%,

1/15/2040

200,000

210,484

5.30%,

2/26/2054(b)

70,000

71,854

5.35%,

2/26/2064

75,000

76,864

16

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Communications

Equipment

Motorola

Solutions,

Inc.

,

5.00%,

4/15/2029

25,000

24,872

2.30%,

11/15/2030

300,000

251,825

5.60%,

6/1/2032(b)

100,000

101,364

5.40%,

4/15/2034

25,000

24,951

1,790,258

Construction

&

Engineering

0

.0

%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030(b)

100,000

87,434

2.35%,

1/15/2032

50,000

40,629

3.05%,

10/1/2041(b)

55,000

39,295

167,358

Construction

Materials

0

.0

%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031

65,000

54,631

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030(b)

500,000

435,987

2.40%,

7/15/2031

25,000

20,940

3.20%,

7/15/2051(b)

50,000

34,982

Vulcan

Materials

Co.

,

4.50%,

6/15/2047(b)

250,000

217,337

763,877

Consumer

Finance

0

.9

%

AerCap

Ireland

Capital

DAC

,

4.45%,

4/3/2026

200,000

196,682

2.45%,

10/29/2026

480,000

445,756

3.88%,

1/23/2028(b)

500,000

474,032

3.00%,

10/29/2028

300,000

271,446

3.30%,

1/30/2032

300,000

257,297

3.40%,

10/29/2033(b)

150,000

126,354

3.85%,

10/29/2041(b)

150,000

118,808

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

40,000

38,857

7.10%,

11/15/2027

100,000

104,487

2.20%,

11/2/2028(b)

165,000

141,438

(SOFR

+

2.82%),

6.85%,

1/3/2030(c)

50,000

51,458

8.00%,

11/1/2031(b)

150,000

167,084

American

Express

Co.

,

3.95%,

8/1/2025

130,000

127,734

4.20%,

11/6/2025(b)

200,000

197,155

4.90%,

2/13/2026

200,000

199,073

(SOFR

+

1.00%),

4.99%,

5/1/2026(c)

80,000

79,522

(SOFR

+

1.33%),

6.34%,

10/30/2026(b)(c)

50,000

50,660

1.65%,

11/4/2026(b)

200,000

183,369

2.55%,

3/4/2027(b)

60,000

56,038

3.30%,

5/3/2027(b)

300,000

285,359

(SOFR

+

0.97%),

5.39%,

7/28/2027(b)(c)

25,000

25,085

5.85%,

11/5/2027

95,000

97,828

(SOFR

+

1.00%),

5.10%,

2/16/2028(c)

40,000

39,938

4.05%,

5/3/2029(b)

60,000

58,195

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

American

Express

Co.,

(United

States

SOFR

Compounded

Index

+

1.28%),

5.28%,

7/27/2029(b)(c)

100,000

100,622

(SOFR

+

1.94%),

6.49%,

10/30/2031(c)

50,000

53,576

(SOFR

+

2.26%),

4.99%,

5/26/2033(c)

25,000

24,352

(SOFR

+

1.76%),

4.42%,

8/3/2033(b)(c)

130,000

123,887

(SOFR

+

1.84%),

5.04%,

5/1/2034(c)

120,000

118,585

American

Honda

Finance

Corp.

,

Series

A,

4.60%,

4/17/2025

60,000

59,530

5.80%,

10/3/2025

50,000

50,407

4.95%,

1/9/2026(b)

50,000

49,884

1.30%,

9/9/2026(b)

115,000

105,329

2.35%,

1/8/2027(b)

100,000

93,566

4.90%,

3/12/2027

50,000

49,901

4.70%,

1/12/2028

20,000

19,916

5.65%,

11/15/2028(b)

50,000

51,524

2.25%,

1/12/2029

50,000

44,591

4.90%,

3/13/2029

50,000

49,858

4.60%,

4/17/2030(b)

60,000

59,046

5.85%,

10/4/2030

50,000

52,295

4.90%,

1/10/2034

35,000

34,464

Capital

One

Financial

Corp.

,

(SOFR

+

2.16%),

4.99%,

7/24/2026(b)(c)

60,000

59,613

3.75%,

7/28/2026

250,000

240,846

3.65%,

5/11/2027(b)

300,000

286,812

(SOFR

+

2.44%),

7.15%,

10/29/2027(c)

50,000

52,036

(SOFR

+

2.06%),

4.93%,

5/10/2028(b)(c)

300,000

296,142

(SOFR

+

2.08%),

5.47%,

2/1/2029(c)

100,000

99,674

(SOFR

+

2.64%),

6.31%,

6/8/2029(c)

240,000

246,733

(SOFR

+

1.79%),

3.27%,

3/1/2030(c)

95,000

85,581

(SOFR

+

2.60%),

5.25%,

7/26/2030(b)(c)

60,000

59,051

(SOFR

+

3.07%),

7.62%,

10/30/2031(c)

200,000

220,899

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

100,000

77,059

(SOFR

+

2.60%),

5.82%,

2/1/2034(b)(c)

90,000

89,863

(SOFR

+

2.86%),

6.38%,

6/8/2034(c)

280,000

290,784

(SOFR

+

2.26%),

6.05%,

2/1/2035(b)(c)

25,000

25,453

Caterpillar

Financial

Services

Corp.

,

5.15%,

8/11/2025

100,000

100,073

3.65%,

8/12/2025

100,000

98,006

5.05%,

2/27/2026

50,000

50,072

4.35%,

5/15/2026

100,000

98,910

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Caterpillar

Financial

Services

Corp.,

1.15%,

9/14/2026

100,000

91,581

1.70%,

1/8/2027(b)

200,000

184,363

4.50%,

1/8/2027

25,000

24,837

3.60%,

8/12/2027

100,000

96,372

4.85%,

2/27/2029

50,000

50,287

Discover

Financial

Services

,

4.10%,

2/9/2027(b)

250,000

241,190

(United

States

SOFR

Compounded

Index

+

3.37%),

7.96%,

11/2/2034(c)

75,000

84,953

Ford

Motor

Credit

Co.

LLC

,

4.13%,

8/4/2025

400,000

390,926

3.38%,

11/13/2025

200,000

192,414

4.39%,

1/8/2026(b)

200,000

195,077

6.95%,

3/6/2026

200,000

203,811

2.70%,

8/10/2026(b)

200,000

186,427

4.95%,

5/28/2027(b)

200,000

195,142

4.13%,

8/17/2027

200,000

189,784

7.35%,

11/4/2027(b)

400,000

419,509

6.80%,

5/12/2028(b)

400,000

415,555

6.80%,

11/7/2028(b)

200,000

208,755

7.35%,

3/6/2030

200,000

213,232

4.00%,

11/13/2030

200,000

178,571

7.12%,

11/7/2033(b)

200,000

215,182

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

50,000

50,370

5.25%,

3/1/2026(b)

455,000

453,555

5.40%,

4/6/2026

65,000

65,024

1.50%,

6/10/2026(b)

200,000

183,971

2.35%,

2/26/2027(b)

50,000

46,166

5.00%,

4/9/2027(b)

200,000

198,514

6.00%,

1/9/2028(b)

100,000

102,514

5.80%,

6/23/2028(b)

55,000

56,076

2.40%,

10/15/2028(b)

195,000

172,577

5.80%,

1/7/2029(b)

50,000

50,881

5.85%,

4/6/2030(b)

45,000

45,898

3.60%,

6/21/2030(b)

200,000

180,541

2.70%,

6/10/2031

145,000

120,867

6.40%,

1/9/2033

125,000

130,991

6.10%,

1/7/2034(b)

150,000

154,019

John

Deere

Capital

Corp.

,

3.40%,

6/6/2025

30,000

29,405

4.95%,

6/6/2025

25,000

24,981

4.05%,

9/8/2025

55,000

54,231

5.30%,

9/8/2025

25,000

25,091

4.80%,

1/9/2026

40,000

39,884

0.70%,

1/15/2026(b)

200,000

185,714

4.95%,

3/6/2026

25,000

25,006

4.75%,

6/8/2026(b)

40,000

39,873

1.05%,

6/17/2026

100,000

92,062

2.25%,

9/14/2026(b)

250,000

234,823

1.30%,

10/13/2026

55,000

50,201

4.50%,

1/8/2027

50,000

49,618

1.70%,

1/11/2027

200,000

183,841

4.85%,

3/5/2027

25,000

25,011

4.15%,

9/15/2027(b)

60,000

58,930

4.75%,

1/20/2028

40,000

40,085

1.50%,

3/6/2028(b)

250,000

221,098

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

John

Deere

Capital

Corp.,

4.95%,

7/14/2028

35,000

35,264

4.50%,

1/16/2029

50,000

49,505

3.35%,

4/18/2029

40,000

37,508

4.85%,

10/11/2029

40,000

40,263

4.70%,

6/10/2030

40,000

39,779

1.45%,

1/15/2031(b)

200,000

162,709

4.90%,

3/7/2031

25,000

25,007

4.35%,

9/15/2032

60,000

58,119

PACCAR

Financial

Corp.

,

3.55%,

8/11/2025

30,000

29,391

4.95%,

10/3/2025

80,000

79,823

4.45%,

3/30/2026

20,000

19,846

5.20%,

11/9/2026

25,000

25,201

2.00%,

2/4/2027

100,000

92,454

4.60%,

1/10/2028

100,000

99,574

4.60%,

1/31/2029

25,000

24,833

5.00%,

3/22/2034

25,000

25,129

Synchrony

Financial

,

4.88%,

6/13/2025

30,000

29,554

4.50%,

7/23/2025(b)

275,000

269,472

2.88%,

10/28/2031(b)

180,000

143,647

Toyota

Motor

Credit

Corp.

,

3.95%,

6/30/2025(b)

75,000

73,938

3.65%,

8/18/2025

75,000

73,587

5.60%,

9/11/2025(b)

25,000

25,168

4.80%,

1/5/2026

25,000

24,910

4.45%,

5/18/2026(b)

60,000

59,424

1.13%,

6/18/2026(b)

500,000

460,214

5.00%,

8/14/2026

100,000

100,107

5.40%,

11/20/2026

50,000

50,581

3.20%,

1/11/2027(b)

200,000

191,325

1.90%,

1/13/2027(b)

100,000

92,331

Series

B,

5.00%,

3/19/2027(b)

50,000

50,153

3.05%,

3/22/2027

100,000

95,127

4.55%,

9/20/2027

90,000

89,126

4.63%,

1/12/2028

40,000

39,839

5.25%,

9/11/2028

25,000

25,431

4.65%,

1/5/2029

25,000

24,847

4.45%,

6/29/2029

90,000

88,768

2.15%,

2/13/2030(b)

500,000

432,677

4.55%,

5/17/2030

60,000

59,015

5.10%,

3/21/2031

50,000

50,393

1.90%,

9/12/2031(b)

100,000

82,013

4.70%,

1/12/2033(b)

45,000

44,607

18,303,040

Consumer

Staples

Distribution

&

Retail

0

.3

%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030

500,000

420,942

Dollar

General

Corp.

,

4.63%,

11/1/2027

70,000

68,865

5.20%,

7/5/2028

20,000

20,103

3.50%,

4/3/2030(b)

500,000

457,159

5.00%,

11/1/2032(b)

75,000

74,107

5.45%,

7/5/2033(b)

20,000

20,063

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031(b)

50,000

41,763

3.38%,

12/1/2051

50,000

33,410

Kroger

Co.

(The)

,

7.50%,

4/1/2031(b)

257,000

291,610

18

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Kroger

Co.

(The),

5.40%,

7/15/2040

200,000

195,299

5.40%,

1/15/2049

50,000

49,304

3.95%,

1/15/2050(b)

100,000

79,679

Sysco

Corp.

,

5.75%,

1/17/2029(b)

25,000

25,723

2.40%,

2/15/2030

100,000

86,528

5.95%,

4/1/2030

200,000

208,534

2.45%,

12/14/2031

100,000

83,454

6.00%,

1/17/2034(b)

25,000

26,600

6.60%,

4/1/2050(b)

300,000

342,230

3.15%,

12/14/2051

50,000

34,252

Target

Corp.

,

2.25%,

4/15/2025(b)

280,000

271,956

2.50%,

4/15/2026(b)

750,000

719,422

1.95%,

1/15/2027

130,000

120,838

2.35%,

2/15/2030

105,000

92,340

2.65%,

9/15/2030(b)

50,000

44,210

4.50%,

9/15/2032

100,000

97,966

4.40%,

1/15/2033

150,000

146,075

3.63%,

4/15/2046(b)

200,000

158,284

4.80%,

1/15/2053

150,000

141,072

Walmart,

Inc.

,

3.90%,

9/9/2025

60,000

59,138

4.00%,

4/15/2026(b)

30,000

29,609

1.05%,

9/17/2026(b)

50,000

45,838

3.95%,

9/9/2027(b)

60,000

58,950

3.90%,

4/15/2028(b)

45,000

44,093

3.70%,

6/26/2028(b)

300,000

292,209

1.50%,

9/22/2028(b)

100,000

88,334

4.00%,

4/15/2030(b)

160,000

156,143

1.80%,

9/22/2031(b)

300,000

249,073

4.15%,

9/9/2032

60,000

58,432

4.10%,

4/15/2033(b)

80,000

77,072

6.50%,

8/15/2037(b)

350,000

405,653

2.50%,

9/22/2041

200,000

143,640

4.05%,

6/29/2048

125,000

108,607

2.65%,

9/22/2051

400,000

264,351

4.50%,

4/15/2053(b)

80,000

73,952

6,506,882

Containers

&

Packaging

0

.1

%

Amcor

Finance

USA,

Inc.

,

5.63%,

5/26/2033(b)

40,000

41,076

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

50,000

49,092

2.63%,

6/19/2030

50,000

43,056

2.69%,

5/25/2031(b)

75,000

63,723

Avery

Dennison

Corp.

,

2.25%,

2/15/2032

100,000

81,692

5.75%,

3/15/2033

90,000

93,674

Berry

Global,

Inc.

,

1.57%,

1/15/2026(b)

300,000

280,436

5.65%,

1/15/2034(f)

30,000

29,836

International

Paper

Co.

,

6.00%,

11/15/2041(b)

350,000

362,544

Packaging

Corp.

of

America

,

3.00%,

12/15/2029(b)

50,000

45,051

4.05%,

12/15/2049

100,000

79,763

3.05%,

10/1/2051

40,000

27,241

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

Sonoco

Products

Co.

,

2.25%,

2/1/2027

165,000

152,870

3.13%,

5/1/2030

50,000

44,683

2.85%,

2/1/2032(b)

200,000

169,665

WRKCo,

Inc.

,

4.90%,

3/15/2029

250,000

248,172

1,812,574

Distributors

0

.0

%

†

Genuine

Parts

Co.

,

6.50%,

11/1/2028

25,000

26,403

6.88%,

11/1/2033(b)

25,000

27,644

54,047

Diversified

Consumer

Services

0

.1

%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049(b)

35,000

28,388

California

Institute

of

Technology

,

3.65%,

9/1/2119

100,000

69,414

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

74,268

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

63,152

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

24,519

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

96,359

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111(b)

100,000

109,143

4.68%,

7/1/2114

75,000

68,373

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050(b)

28,000

18,917

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

57,089

3.30%,

7/15/2056

200,000

148,723

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

13,791

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050

84,000

56,176

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

29,011

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051

200,000

141,400

4.98%,

10/1/2053

75,000

75,517

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

39,363

1,113,603

Diversified

REITs

0

.1

%

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031(b)

85,000

67,164

Digital

Realty

Trust

LP

,

5.55%,

1/15/2028

380,000

382,723

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

491,642

Rayonier

LP

,

2.75%,

5/17/2031

45,000

37,148

Simon

Property

Group

LP

,

3.30%,

1/15/2026(b)

170,000

164,316

1.38%,

1/15/2027

100,000

90,956

2.45%,

9/13/2029(b)

250,000

219,669

2.65%,

2/1/2032

100,000

84,274

5.50%,

3/8/2033

100,000

101,837

4.25%,

11/30/2046

350,000

288,187

5.85%,

3/8/2053

100,000

102,990

Store

Capital

LLC

,

2.70%,

12/1/2031

100,000

78,685

VICI

Properties

LP

,

4.75%,

2/15/2028(b)

85,000

82,892

4.95%,

2/15/2030(b)

80,000

77,365

5.13%,

5/15/2032(b)

85,000

81,302

5.63%,

5/15/2052

30,000

27,802

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

112,012

2.45%,

2/1/2032

70,000

56,311

2,547,275

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

,

1.70%,

3/25/2026

300,000

280,484

2.30%,

6/1/2027

300,000

276,529

1.65%,

2/1/2028

200,000

177,119

4.35%,

3/1/2029(b)

500,000

487,121

4.30%,

2/15/2030(b)

300,000

288,321

2.75%,

6/1/2031(b)

500,000

430,680

2.25%,

2/1/2032

300,000

243,816

2.55%,

12/1/2033(b)

360,000

288,351

5.40%,

2/15/2034

110,000

111,443

4.50%,

5/15/2035

310,000

289,553

4.85%,

3/1/2039(b)

150,000

139,958

3.50%,

6/1/2041(b)

300,000

234,179

4.65%,

6/1/2044

250,000

220,162

4.50%,

3/9/2048(b)

300,000

255,169

3.65%,

6/1/2051(b)

500,000

367,068

3.50%,

9/15/2053

740,000

522,087

3.55%,

9/15/2055

975,000

681,745

3.80%,

12/1/2057

514,000

372,147

3.65%,

9/15/2059

379,000

263,864

Bell

Canada

(The)

,

5.10%,

5/11/2033

60,000

59,532

Series

US-4,

3.65%,

3/17/2051(b)

250,000

188,165

3.65%,

8/15/2052(b)

50,000

37,272

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

5.20%,

2/15/2034

50,000

49,554

5.55%,

2/15/2054

50,000

49,916

British

Telecommunications

plc

,

9.62%,

12/15/2030(e)

250,000

306,658

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(e)

369,000

436,200

Orange

SA

,

9.00%,

3/1/2031(e)

100,000

121,383

5.38%,

1/13/2042(b)

250,000

248,865

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

400,000

426,255

8.75%,

3/15/2032(b)

200,000

242,510

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

300,000

335,860

5.21%,

3/8/2047

250,000

230,038

5.52%,

3/1/2049

150,000

144,017

TELUS

Corp.

,

2.80%,

2/16/2027

200,000

187,914

3.40%,

5/13/2032(b)

60,000

52,596

4.30%,

6/15/2049

100,000

82,162

Verizon

Communications,

Inc.

,

0.85%,

11/20/2025(b)

250,000

233,004

1.45%,

3/20/2026(b)

105,000

97,903

4.13%,

3/16/2027(b)

300,000

293,631

2.10%,

3/22/2028(b)

125,000

112,533

4.33%,

9/21/2028(b)

283,000

276,702

3.88%,

2/8/2029(b)

110,000

105,310

4.02%,

12/3/2029(b)

400,000

381,647

3.15%,

3/22/2030

200,000

180,825

1.75%,

1/20/2031

500,000

405,864

2.55%,

3/21/2031(b)

348,000

297,304

2.36%,

3/15/2032

840,000

690,309

5.05%,

5/9/2033(b)

45,000

44,983

4.50%,

8/10/2033(b)

250,000

239,078

4.81%,

3/15/2039

385,000

363,519

3.40%,

3/22/2041(b)

530,000

414,249

2.85%,

9/3/2041

110,000

79,187

2.88%,

11/20/2050(b)

700,000

457,215

3.55%,

3/22/2051(b)

270,000

200,437

3.88%,

3/1/2052(b)

90,000

70,743

5.50%,

2/23/2054(b)

25,000

25,270

2.99%,

10/30/2056

500,000

319,830

3.00%,

11/20/2060

180,000

112,246

3.70%,

3/22/2061

350,000

255,913

14,786,395

Electric

Utilities

1

.6

%

AEP

Texas,

Inc.

,

4.70%,

5/15/2032

20,000

19,088

5.25%,

5/15/2052

20,000

18,775

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

50,000

31,445

Series

O,

4.50%,

6/15/2052

80,000

69,870

5.40%,

3/15/2053(b)

440,000

437,991

Alabama

Power

Co.

,

3.75%,

9/1/2027

40,000

38,514

3.94%,

9/1/2032

40,000

37,089

5.85%,

11/15/2033

25,000

26,324

20

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Alabama

Power

Co.,

4.15%,

8/15/2044

350,000

295,305

3.13%,

7/15/2051

80,000

55,230

American

Electric

Power

Co.,

Inc.

,

5.75%,

11/1/2027

100,000

102,298

5.20%,

1/15/2029

50,000

50,117

5.95%,

11/1/2032

100,000

103,946

5.63%,

3/1/2033(b)

24,000

24,366

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

30,000

28,137

5.65%,

4/1/2034(b)

25,000

25,231

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

50,000

44,344

2.20%,

12/15/2031(b)

100,000

81,569

6.35%,

12/15/2032

100,000

106,723

5.55%,

8/1/2033(b)

25,000

25,281

3.50%,

12/1/2049

200,000

140,896

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031

80,000

67,350

3.20%,

9/15/2049

115,000

79,285

2.90%,

6/15/2050

60,000

39,358

4.55%,

6/1/2052

30,000

26,184

5.40%,

6/1/2053(b)

25,000

24,864

CenterPoint

Energy

Houston

Electric

LLC

,

5.20%,

10/1/2028(b)

105,000

106,786

Series

ai.,

4.45%,

10/1/2032

40,000

38,375

4.50%,

4/1/2044

250,000

223,093

Series

AD,

2.90%,

7/1/2050

60,000

40,203

Series

AJ,

4.85%,

10/1/2052

40,000

37,216

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

170,643

3.65%,

6/15/2046

250,000

192,435

4.00%,

3/1/2048

350,000

283,938

Series

127,

3.20%,

11/15/2049

155,000

108,272

Series

131,

2.75%,

9/1/2051

200,000

123,909

Connecticut

Light

and

Power

Co.

(The)

,

4.65%,

1/1/2029

25,000

24,713

Series

A,

2.05%,

7/1/2031

100,000

81,797

4.90%,

7/1/2033

25,000

24,645

5.25%,

1/15/2053(b)

100,000

99,282

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031

50,000

41,401

6.05%,

1/15/2038

150,000

158,892

5.10%,

6/1/2065

100,000

92,996

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032(b)

40,000

34,790

5.20%,

4/1/2033

40,000

40,534

5.20%,

3/1/2034

50,000

50,229

4.30%,

7/1/2044

500,000

435,337

Series

B,

3.65%,

3/1/2052

25,000

18,922

5.40%,

4/1/2053(b)

40,000

40,335

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026

500,000

476,600

2.45%,

2/1/2030

100,000

87,899

2.85%,

3/15/2032

70,000

60,038

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Carolinas

LLC,

4.95%,

1/15/2033

80,000

79,559

4.85%,

1/15/2034(b)

25,000

24,576

6.00%,

1/15/2038

400,000

423,895

3.20%,

8/15/2049

50,000

34,896

3.55%,

3/15/2052

35,000

25,482

5.35%,

1/15/2053(b)

100,000

98,585

5.40%,

1/15/2054(b)

84,000

83,595

Duke

Energy

Corp.

,

0.90%,

9/15/2025

50,000

46,918

5.00%,

12/8/2025

65,000

64,798

4.85%,

1/5/2027(b)

25,000

24,897

5.00%,

12/8/2027

85,000

84,894

4.30%,

3/15/2028(b)

80,000

78,157

4.85%,

1/5/2029(b)

25,000

24,764

2.45%,

6/1/2030(b)

70,000

60,286

2.55%,

6/15/2031(b)

150,000

126,302

4.50%,

8/15/2032(b)

90,000

85,316

5.75%,

9/15/2033(b)

75,000

77,044

3.50%,

6/15/2051(b)

200,000

140,408

5.00%,

8/15/2052(b)

90,000

81,465

6.10%,

9/15/2053(b)

75,000

79,259

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027

250,000

238,616

2.50%,

12/1/2029

70,000

62,059

2.40%,

12/15/2031(b)

95,000

79,685

5.65%,

4/1/2040

300,000

308,298

3.40%,

10/1/2046

500,000

366,385

3.00%,

12/15/2051

45,000

29,526

6.20%,

11/15/2053

25,000

27,562

Duke

Energy

Indiana

LLC

,

5.25%,

3/1/2034

25,000

25,200

6.35%,

8/15/2038

250,000

271,806

5.40%,

4/1/2053(b)

40,000

39,255

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

131,117

5.25%,

4/1/2033

25,000

25,274

5.55%,

3/15/2054

25,000

24,935

Duke

Energy

Progress

LLC

,

3.40%,

4/1/2032

50,000

44,674

5.25%,

3/15/2033(b)

30,000

30,332

5.10%,

3/15/2034

25,000

24,986

4.15%,

12/1/2044

100,000

82,939

4.20%,

8/15/2045(b)

250,000

208,221

5.35%,

3/15/2053

50,000

48,773

Edison

International

,

4.70%,

8/15/2025

40,000

39,509

4.13%,

3/15/2028(b)

500,000

479,725

5.25%,

11/15/2028

25,000

24,912

Emera

US

Finance

LP

,

4.75%,

6/15/2046(b)

200,000

164,340

Entergy

Arkansas

LLC

,

5.15%,

1/15/2033

100,000

100,264

5.30%,

9/15/2033

40,000

40,363

Entergy

Corp.

,

1.90%,

6/15/2028(b)

500,000

441,236

2.80%,

6/15/2030

80,000

69,906

3.75%,

6/15/2050

35,000

25,650

Entergy

Louisiana

LLC

,

5.35%,

3/15/2034

25,000

25,094

4.75%,

9/15/2052

200,000

178,202

5.70%,

3/15/2054

25,000

25,426

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Entergy

Mississippi

LLC

,

5.00%,

9/1/2033

20,000

19,646

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029

50,000

47,913

1.75%,

3/15/2031(b)

400,000

322,362

3.55%,

9/30/2049

200,000

145,469

5.00%,

9/15/2052

20,000

18,268

5.80%,

9/1/2053

25,000

25,809

Evergy

Kansas

Central,

Inc.

,

5.90%,

11/15/2033(b)

25,000

26,225

4.10%,

4/1/2043

200,000

165,459

5.70%,

3/15/2053

20,000

20,212

Evergy

Metro,

Inc.

,

4.95%,

4/15/2033

30,000

29,488

Evergy,

Inc.

,

2.90%,

9/15/2029(b)

250,000

223,303

Eversource

Energy

,

Series

Q,

0.80%,

8/15/2025

100,000

93,625

4.75%,

5/15/2026

30,000

29,689

5.00%,

1/1/2027

25,000

24,930

2.90%,

3/1/2027

50,000

47,006

4.60%,

7/1/2027

35,000

34,400

5.45%,

3/1/2028(b)

95,000

96,173

5.95%,

2/1/2029

50,000

51,593

Series

O,

4.25%,

4/1/2029(b)

400,000

383,329

Series

R,

1.65%,

8/15/2030

100,000

80,395

3.38%,

3/1/2032

50,000

43,505

5.13%,

5/15/2033(b)

40,000

39,194

5.50%,

1/1/2034(b)

50,000

50,005

3.45%,

1/15/2050

100,000

69,902

Exelon

Corp.

,

5.15%,

3/15/2028

30,000

30,073

4.05%,

4/15/2030

300,000

282,924

5.30%,

3/15/2033(b)

60,000

60,186

5.45%,

3/15/2034

35,000

35,235

5.63%,

6/15/2035

300,000

304,750

4.10%,

3/15/2052(b)

35,000

27,843

5.60%,

3/15/2053(b)

90,000

89,832

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025

60,000

58,587

3.13%,

12/1/2025(b)

500,000

485,499

4.45%,

5/15/2026

25,000

24,759

5.05%,

4/1/2028(b)

35,000

35,383

4.40%,

5/15/2028

35,000

34,622

4.63%,

5/15/2030(b)

35,000

34,751

5.10%,

4/1/2033

60,000

60,402

4.80%,

5/15/2033

25,000

24,622

5.65%,

2/1/2037

450,000

469,034

3.95%,

3/1/2048

500,000

409,861

2.88%,

12/4/2051

10,000

6,572

5.30%,

4/1/2053(b)

40,000

40,077

Georgia

Power

Co.

,

4.65%,

5/16/2028

100,000

99,001

4.70%,

5/15/2032

60,000

58,619

4.95%,

5/17/2033

100,000

98,598

5.25%,

3/15/2034

50,000

50,505

4.30%,

3/15/2042

500,000

435,595

5.13%,

5/15/2052(b)

225,000

217,635

Idaho

Power

Co.

,

5.50%,

3/15/2053(b)

20,000

19,839

5.80%,

4/1/2054

25,000

25,605

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

100,000

85,097

5.63%,

4/1/2053

30,000

30,306

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

200,000

187,354

5.70%,

10/15/2033

25,000

25,611

3.10%,

11/30/2051

70,000

45,947

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033

20,000

20,427

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

450,000

377,174

MidAmerican

Energy

Co.

,

5.35%,

1/15/2034

25,000

25,727

5.80%,

10/15/2036

550,000

576,793

2.70%,

8/1/2052

100,000

62,263

5.85%,

9/15/2054

120,000

128,037

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

66,222

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

86,163

Series

EE,

3.13%,

8/1/2050

100,000

66,831

Series

GG,

5.90%,

5/1/2053

30,000

31,251

6.00%,

3/15/2054

50,000

52,761

NextEra

Energy

Capital

Holdings,

Inc.

,

4.45%,

6/20/2025

70,000

69,148

1.88%,

1/15/2027

270,000

247,235

4.63%,

7/15/2027(b)

150,000

147,908

4.90%,

2/28/2028

100,000

99,686

1.90%,

6/15/2028(b)

125,000

110,715

2.75%,

11/1/2029(b)

245,000

218,787

5.00%,

2/28/2030

100,000

100,343

2.25%,

6/1/2030(b)

300,000

255,441

2.44%,

1/15/2032

145,000

119,830

5.00%,

7/15/2032

105,000

104,405

5.05%,

2/28/2033

100,000

99,076

3.00%,

1/15/2052

85,000

54,910

5.25%,

2/28/2053(b)

100,000

95,231

5.55%,

3/15/2054

50,000

49,667

Northern

States

Power

Co.

,

4.00%,

8/15/2045

165,000

133,970

4.50%,

6/1/2052

25,000

21,958

5.10%,

5/15/2053(b)

40,000

38,536

5.40%,

3/15/2054(b)

30,000

30,210

NSTAR

Electric

Co.

,

3.95%,

4/1/2030(b)

200,000

188,528

Ohio

Power

Co.

,

Series

R,

2.90%,

10/1/2051

90,000

57,785

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033

150,000

153,008

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

9/15/2032

40,000

38,642

5.65%,

11/15/2033

55,000

57,213

4.55%,

12/1/2041(b)

150,000

137,376

5.30%,

6/1/2042

150,000

149,614

3.10%,

9/15/2049

50,000

34,686

2.70%,

11/15/2051

105,000

65,957

22

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Oncor

Electric

Delivery

Co.

LLC,

4.60%,

6/1/2052

90,000

79,171

4.95%,

9/15/2052

100,000

94,017

Pacific

Gas

and

Electric

Co.

,

4.95%,

6/8/2025

100,000

99,172

3.15%,

1/1/2026(b)

350,000

336,479

5.45%,

6/15/2027(b)

100,000

100,287

3.75%,

7/1/2028(b)

150,000

140,388

6.10%,

1/15/2029

30,000

30,914

4.20%,

3/1/2029

200,000

189,800

5.55%,

5/15/2029

50,000

50,437

4.55%,

7/1/2030

250,000

237,630

2.50%,

2/1/2031(b)

150,000

124,737

3.25%,

6/1/2031(b)

200,000

173,657

5.90%,

6/15/2032

100,000

101,708

6.15%,

1/15/2033(b)

115,000

118,535

6.40%,

6/15/2033(b)

40,000

42,118

6.95%,

3/15/2034

75,000

82,107

5.80%,

5/15/2034(b)

50,000

50,463

4.50%,

7/1/2040(b)

100,000

85,390

4.20%,

6/1/2041

250,000

201,246

4.95%,

7/1/2050(b)

250,000

215,048

5.25%,

3/1/2052

200,000

178,466

6.75%,

1/15/2053(b)

135,000

147,051

6.70%,

4/1/2053(b)

30,000

32,470

PacifiCorp

,

5.10%,

2/15/2029

50,000

50,359

5.30%,

2/15/2031

50,000

50,143

5.45%,

2/15/2034(b)

50,000

50,161

5.25%,

6/15/2035(b)

177,000

173,729

2.90%,

6/15/2052

550,000

337,121

5.35%,

12/1/2053(b)

100,000

93,031

5.50%,

5/15/2054(b)

65,000

62,536

5.80%,

1/15/2055(b)

100,000

98,587

PECO

Energy

Co.

,

4.90%,

6/15/2033

44,000

44,011

3.70%,

9/15/2047(b)

250,000

196,111

4.60%,

5/15/2052

30,000

27,025

4.38%,

8/15/2052(b)

30,000

26,045

PG&E

Wildfire

Recovery

Funding

LLC

,

Series

A-2,

4.26%,

6/1/2036

1,000,000

944,574

Potomac

Electric

Power

Co.

,

5.20%,

3/15/2034

25,000

25,255

5.50%,

3/15/2054

25,000

25,365

PPL

Electric

Utilities

Corp.

,

5.00%,

5/15/2033

100,000

99,714

4.85%,

2/15/2034

25,000

24,584

5.25%,

5/15/2053

100,000

98,853

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

136,000

153,887

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

200,000

163,891

Series

38,

4.10%,

6/1/2032

30,000

27,941

4.30%,

3/15/2044

250,000

208,659

Series

34,

3.20%,

3/1/2050

200,000

135,434

Series

36,

2.70%,

1/15/2051

200,000

120,814

Series

39,

4.50%,

6/1/2052(b)

30,000

25,207

5.25%,

4/1/2053(b)

80,000

75,953

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Public

Service

Co.

of

New

Hampshire

,

5.35%,

10/1/2033(b)

75,000

76,482

5.15%,

1/15/2053(b)

45,000

44,005

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031

100,000

81,727

5.25%,

1/15/2033

100,000

99,324

Series

K,

3.15%,

8/15/2051

50,000

33,476

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031(b)

165,000

134,385

4.90%,

12/15/2032

100,000

99,545

4.65%,

3/15/2033

30,000

29,240

5.20%,

3/1/2034

50,000

50,587

3.95%,

5/1/2042

400,000

337,720

3.20%,

8/1/2049

250,000

178,798

5.45%,

3/1/2054(b)

50,000

51,557

Sierra

Pacific

Power

Co.

,

5.90%,

3/15/2054(b)(f)

50,000

51,737

Southern

California

Edison

Co.

,

Series

C,

4.20%,

6/1/2025

70,000

69,043

5.35%,

3/1/2026

50,000

50,079

4.90%,

6/1/2026

30,000

29,849

4.88%,

2/1/2027

50,000

49,848

Series

D,

4.70%,

6/1/2027

75,000

74,176

5.85%,

11/1/2027

35,000

35,930

5.15%,

6/1/2029(b)

50,000

50,205

Series

G,

2.50%,

6/1/2031

100,000

84,392

2.75%,

2/1/2032

100,000

84,608

5.95%,

11/1/2032

25,000

26,216

6.00%,

1/15/2034

177,000

187,114

5.20%,

6/1/2034

50,000

49,499

4.00%,

4/1/2047

200,000

158,294

Series

C,

4.13%,

3/1/2048

200,000

161,439

Series

B,

4.88%,

3/1/2049

300,000

268,047

3.65%,

2/1/2050

300,000

222,186

Series

H,

3.65%,

6/1/2051

30,000

22,146

Series

E,

5.45%,

6/1/2052

40,000

39,107

5.88%,

12/1/2053

40,000

41,224

5.75%,

4/15/2054

50,000

50,714

Southern

Co.

(The)

,

5.15%,

10/6/2025

50,000

49,915

3.25%,

7/1/2026

295,000

283,501

4.85%,

6/15/2028

40,000

39,789

5.50%,

3/15/2029(b)

50,000

50,950

5.20%,

6/15/2033

40,000

39,969

5.70%,

3/15/2034

50,000

51,567

4.40%,

7/1/2046(b)

200,000

172,254

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%),

4.00%,

1/15/2051(b)(c)

300,000

288,409

Southwestern

Electric

Power

Co.

,

Series

K,

2.75%,

10/1/2026

200,000

187,484

5.30%,

4/1/2033(b)

25,000

24,699

Series

L,

3.85%,

2/1/2048

300,000

220,617

3.25%,

11/1/2051

100,000

66,384

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Tampa

Electric

Co.

,

4.90%,

3/1/2029(b)

35,000

35,028

4.10%,

6/15/2042

100,000

83,627

3.63%,

6/15/2050(b)

40,000

29,532

5.00%,

7/15/2052

35,000

32,272

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

17,434

5.50%,

4/15/2053

100,000

98,863

Union

Electric

Co.

,

2.15%,

3/15/2032

100,000

81,111

5.20%,

4/1/2034

50,000

50,082

3.65%,

4/15/2045

250,000

191,903

5.45%,

3/15/2053

100,000

99,031

5.25%,

1/15/2054

25,000

24,024

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

41,554

5.00%,

4/1/2033

40,000

39,461

5.30%,

8/15/2033(b)

50,000

50,185

5.00%,

1/15/2034

25,000

24,547

Series

B,

4.20%,

5/15/2045

200,000

167,904

2.95%,

11/15/2051

50,000

32,358

Series

C,

4.63%,

5/15/2052

40,000

34,884

5.45%,

4/1/2053(b)

90,000

89,048

5.70%,

8/15/2053

50,000

51,421

5.35%,

1/15/2054(b)

25,000

24,505

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028(b)

245,000

216,973

4.75%,

9/30/2032

25,000

24,620

5.63%,

5/15/2033

59,000

62,180

Wisconsin

Power

and

Light

Co.

,

3.95%,

9/1/2032

100,000

92,750

Wisconsin

Public

Service

Corp.

,

5.35%,

11/10/2025

30,000

30,100

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025

500,000

486,627

4.60%,

6/1/2032(b)

60,000

56,421

5.45%,

8/15/2033

100,000

99,391

5.50%,

3/15/2034(b)

50,000

49,719

6.50%,

7/1/2036

177,000

189,581

34,234,018

Electrical

Equipment

0

.1

%

Eaton

Corp.

,

3.10%,

9/15/2027(b)

500,000

474,053

4.15%,

3/15/2033

20,000

18,972

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

177,597

1.95%,

10/15/2030(b)

100,000

84,712

2.20%,

12/21/2031

100,000

83,654

2.80%,

12/21/2051

45,000

29,470

Regal

Rexnord

Corp.

,

6.05%,

4/15/2028(f)

20,000

20,275

6.40%,

4/15/2033(b)(f)

120,000

124,455

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031

50,000

40,344

2.80%,

8/15/2061

60,000

36,111

1,089,643

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Allegion

US

Holding

Co.,

Inc.

,

5.41%,

7/1/2032

30,000

30,065

Amphenol

Corp.

,

2.80%,

2/15/2030(b)

250,000

223,697

Arrow

Electronics,

Inc.

,

2.95%,

2/15/2032

160,000

134,300

Avnet,

Inc.

,

6.25%,

3/15/2028(b)

30,000

30,731

3.00%,

5/15/2031

100,000

82,809

5.50%,

6/1/2032(b)

20,000

19,346

CDW

LLC

,

2.67%,

12/1/2026(b)

150,000

139,287

3.28%,

12/1/2028

150,000

136,716

3.57%,

12/1/2031(b)

150,000

131,870

Corning,

Inc.

,

4.38%,

11/15/2057

380,000

314,662

Flex

Ltd.

,

6.00%,

1/15/2028

20,000

20,343

Jabil,

Inc.

,

1.70%,

4/15/2026(b)

140,000

129,954

4.25%,

5/15/2027

30,000

29,073

3.00%,

1/15/2031

270,000

231,143

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029

75,000

66,815

Tyco

Electronics

Group

SA

,

4.50%,

2/13/2026

50,000

49,449

1,770,260

Energy

Equipment

&

Services

0

.1

%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

345,000

318,839

3.34%,

12/15/2027(b)

285,000

269,582

3.14%,

11/7/2029

85,000

78,061

5.13%,

9/15/2040(b)

200,000

197,081

Halliburton

Co.

,

3.80%,

11/15/2025(b)

101,000

98,723

6.70%,

9/15/2038

300,000

337,883

5.00%,

11/15/2045(b)

300,000

281,657

NOV,

Inc.

,

3.95%,

12/1/2042

90,000

68,634

Schlumberger

Investment

SA

,

4.50%,

5/15/2028

40,000

39,803

2.65%,

6/26/2030(b)

300,000

265,748

4.85%,

5/15/2033

40,000

40,031

1,996,042

Entertainment

0

.3

%

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

105,258

Netflix,

Inc.

,

4.88%,

4/15/2028(b)

300,000

299,579

5.88%,

11/15/2028(b)

400,000

415,811

Take-Two

Interactive

Software,

Inc.

,

3.55%,

4/14/2025

55,000

53,957

5.00%,

3/28/2026(b)

80,000

79,588

3.70%,

4/14/2027

45,000

43,170

4.95%,

3/28/2028

80,000

79,693

4.00%,

4/14/2032(b)

55,000

50,804

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025(b)

325,000

316,065

3.00%,

2/13/2026(b)

150,000

144,608

24

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

TWDC

Enterprises

18

Corp.,

3.00%,

7/30/2046

150,000

106,264

Walt

Disney

Co.

(The)

,

1.75%,

1/13/2026(b)

100,000

94,536

2.00%,

9/1/2029(b)

300,000

261,357

2.65%,

1/13/2031(b)

200,000

176,074

6.55%,

3/15/2033(b)

300,000

337,324

6.20%,

12/15/2034(b)

245,000

271,315

6.65%,

11/15/2037

150,000

172,397

3.50%,

5/13/2040(b)

100,000

82,204

5.40%,

10/1/2043

300,000

306,161

2.75%,

9/1/2049

300,000

199,268

4.70%,

3/23/2050

200,000

187,487

3.60%,

1/13/2051(b)

100,000

77,467

3.80%,

5/13/2060(b)

130,000

101,460

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

450,000

429,448

4.05%,

3/15/2029(b)

130,000

121,696

4.28%,

3/15/2032(b)

230,000

205,445

5.05%,

3/15/2042(b)

580,000

498,506

5.14%,

3/15/2052(b)

750,000

622,498

5,839,440

Financial

Services

0

.6

%

Apollo

Global

Management,

Inc.

,

6.38%,

11/15/2033

25,000

26,892

Berkshire

Hathaway,

Inc.

,

3.13%,

3/15/2026

400,000

387,283

4.50%,

2/11/2043

250,000

239,695

Block

Financial

LLC

,

2.50%,

7/15/2028

105,000

93,272

Corebridge

Financial,

Inc.

,

3.50%,

4/4/2025(b)

50,000

48,947

3.65%,

4/5/2027

50,000

47,718

3.85%,

4/5/2029

50,000

46,749

3.90%,

4/5/2032

50,000

44,971

6.05%,

9/15/2033(f)

50,000

51,506

5.75%,

1/15/2034(b)

25,000

25,505

4.35%,

4/5/2042

50,000

42,202

4.40%,

4/5/2052

210,000

171,292

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

133,000

141,919

4.35%,

4/20/2028

650,000

629,730

5.59%,

1/11/2033(b)

150,000

151,572

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026

95,000

87,952

1.65%,

3/1/2028

110,000

96,961

3.10%,

3/1/2041(b)

75,000

54,662

Fiserv,

Inc.

,

3.20%,

7/1/2026(b)

300,000

287,607

5.15%,

3/15/2027(b)

50,000

50,189

2.25%,

6/1/2027(b)

400,000

367,449

5.45%,

3/2/2028

60,000

60,701

5.38%,

8/21/2028(b)

50,000

50,500

3.50%,

7/1/2029(b)

300,000

279,350

2.65%,

6/1/2030

215,000

187,194

5.35%,

3/15/2031

50,000

50,583

5.60%,

3/2/2033

40,000

40,781

5.63%,

8/21/2033

50,000

51,079

5.45%,

3/15/2034(b)

50,000

50,641

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Fiserv,

Inc.,

4.40%,

7/1/2049(b)

200,000

169,678

Global

Payments,

Inc.

,

1.20%,

3/1/2026(b)

300,000

277,508

2.15%,

1/15/2027(b)

90,000

83,051

4.45%,

6/1/2028

300,000

290,049

3.20%,

8/15/2029(b)

150,000

134,765

5.30%,

8/15/2029

45,000

44,785

2.90%,

11/15/2031

155,000

130,076

5.95%,

8/15/2052(b)

30,000

29,929

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

200,000

166,490

Mastercard,

Inc.

,

3.30%,

3/26/2027(b)

60,000

57,737

4.88%,

3/9/2028(b)

40,000

40,524

2.95%,

6/1/2029

200,000

184,144

3.35%,

3/26/2030

370,000

343,989

2.00%,

11/18/2031

300,000

247,951

4.85%,

3/9/2033(b)

50,000

50,368

3.80%,

11/21/2046

250,000

207,946

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.45%,

6/15/2025

20,000

19,574

5.45%,

10/30/2025(b)

100,000

100,336

5.60%,

11/13/2026

25,000

25,329

4.80%,

2/5/2027

25,000

25,017

4.80%,

3/15/2028

125,000

124,855

5.05%,

9/15/2028

25,000

25,138

4.85%,

2/7/2029(b)

25,000

24,978

3.70%,

3/15/2029

100,000

94,584

2.40%,

3/15/2030

185,000

160,255

5.00%,

2/7/2031

25,000

24,822

Series

C,

8.00%,

3/1/2032

159,000

186,323

2.75%,

4/15/2032(b)

50,000

42,428

4.15%,

12/15/2032

30,000

27,845

5.80%,

1/15/2033

50,000

52,022

ORIX

Corp.

,

5.00%,

9/13/2027

40,000

39,984

4.00%,

4/13/2032

50,000

46,681

5.20%,

9/13/2032(b)

40,000

40,837

PayPal

Holdings,

Inc.

,

1.65%,

6/1/2025(b)

95,000

91,151

2.85%,

10/1/2029(b)

170,000

153,732

2.30%,

6/1/2030

100,000

86,253

4.40%,

6/1/2032

60,000

58,101

3.25%,

6/1/2050(b)

120,000

85,010

5.05%,

6/1/2052

60,000

56,982

5.25%,

6/1/2062

60,000

57,432

Radian

Group,

Inc.

,

6.20%,

5/15/2029

50,000

50,742

Shell

International

Finance

BV

,

2.88%,

5/10/2026(b)

500,000

480,131

2.38%,

11/7/2029(b)

150,000

133,422

4.13%,

5/11/2035

150,000

140,314

6.38%,

12/15/2038

250,000

282,867

2.88%,

11/26/2041(b)

50,000

37,132

4.55%,

8/12/2043

200,000

185,743

4.38%,

5/11/2045(b)

500,000

447,093

3.75%,

9/12/2046

100,000

80,747

3.25%,

4/6/2050(b)

300,000

217,783

3.00%,

11/26/2051

100,000

68,277

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Visa,

Inc.

,

3.15%,

12/14/2025(b)

635,000

617,508

1.10%,

2/15/2031(b)

300,000

239,399

4.30%,

12/14/2045(b)

400,000

360,744

2.00%,

8/15/2050

300,000

176,774

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

240,771

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

154,329

11,887,337

Food

Products

0

.4

%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032

20,000

17,227

4.02%,

4/16/2043

172,000

141,843

2.70%,

9/15/2051(b)

80,000

51,083

Bunge

Ltd.

Finance

Corp.

,

2.75%,

5/14/2031

100,000

86,119

Campbell

Soup

Co.

,

5.30%,

3/20/2026

45,000

45,034

5.20%,

3/19/2027

50,000

50,116

4.15%,

3/15/2028(b)

500,000

484,714

5.20%,

3/21/2029

50,000

50,240

5.40%,

3/21/2034(b)

50,000

50,375

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026

50,000

50,080

7.00%,

10/1/2028(b)

221,000

237,896

5.30%,

11/1/2038(b)

250,000

238,052

General

Mills,

Inc.

,

4.70%,

1/30/2027

50,000

49,571

4.20%,

4/17/2028(b)

500,000

487,643

5.50%,

10/17/2028

55,000

56,128

2.25%,

10/14/2031(b)

100,000

82,682

4.95%,

3/29/2033(b)

30,000

29,665

3.00%,

2/1/2051(b)

100,000

65,631

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

223,473

Hormel

Foods

Corp.

,

4.80%,

3/30/2027

45,000

44,954

1.70%,

6/3/2028(b)

200,000

177,227

3.05%,

6/3/2051

200,000

136,595

Ingredion,

Inc.

,

2.90%,

6/1/2030(b)

200,000

176,971

J

M

Smucker

Co.

(The)

,

5.90%,

11/15/2028

75,000

77,769

2.13%,

3/15/2032

100,000

80,935

6.20%,

11/15/2033(b)

75,000

80,001

4.25%,

3/15/2035(b)

300,000

274,070

6.50%,

11/15/2043(b)

40,000

43,398

6.50%,

11/15/2053(b)

25,000

27,762

JBS

USA

LUX

SA

,

5.13%,

2/1/2028

100,000

98,476

3.00%,

5/15/2032(b)

200,000

163,112

5.75%,

4/1/2033(b)

100,000

98,517

6.75%,

3/15/2034(f)

150,000

157,608

4.38%,

2/2/2052(b)

100,000

72,620

6.50%,

12/1/2052(b)

100,000

98,810

7.25%,

11/15/2053(b)(f)

100,000

107,478

Kellanova

,

3.25%,

4/1/2026(b)

125,000

120,553

5.25%,

3/1/2033(b)

30,000

30,099

4.50%,

4/1/2046

250,000

214,101

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Kraft

Heinz

Foods

Co.

,

3.00%,

6/1/2026(b)

400,000

382,870

5.00%,

6/4/2042

400,000

375,340

4.38%,

6/1/2046

400,000

337,818

5.50%,

6/1/2050(b)

200,000

197,621

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027

100,000

94,990

4.95%,

4/15/2033

100,000

98,896

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044

50,000

44,630

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

60,000

57,528

4.75%,

2/20/2029

50,000

49,648

2.75%,

4/13/2030(b)

92,000

81,829

1.50%,

2/4/2031

70,000

55,889

2.63%,

9/4/2050

40,000

25,174

Pilgrim's

Pride

Corp.

,

4.25%,

4/15/2031(b)

100,000

90,144

6.25%,

7/1/2033(b)

45,000

45,985

6.88%,

5/15/2034

100,000

106,570

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027(b)

100,000

95,374

5.40%,

3/15/2029(b)

50,000

50,447

5.70%,

3/15/2034

50,000

50,660

4.55%,

6/2/2047(b)

100,000

82,659

5.10%,

9/28/2048(b)

250,000

225,165

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

100,000

93,766

1.38%,

9/14/2030(b)

165,000

134,105

5.90%,

11/15/2032

206,000

221,865

2.63%,

8/12/2051

200,000

131,522

7,909,123

Gas

Utilities

0

.1

%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

471,849

5.90%,

11/15/2033(b)

25,000

26,520

4.30%,

10/1/2048

100,000

87,052

3.38%,

9/15/2049

160,000

116,452

5.75%,

10/15/2052

30,000

31,786

CenterPoint

Energy

Resources

Corp.

,

5.25%,

3/1/2028(b)

140,000

141,415

4.40%,

7/1/2032(b)

40,000

38,053

5.40%,

3/1/2033(b)

100,000

101,615

National

Fuel

Gas

Co.

,

5.50%,

10/1/2026

20,000

20,004

ONE

Gas,

Inc.

,

4.66%,

2/1/2044(b)

250,000

226,962

Piedmont

Natural

Gas

Co.,

Inc.

,

5.40%,

6/15/2033

20,000

20,168

3.35%,

6/1/2050

150,000

101,329

Southern

California

Gas

Co.

,

2.95%,

4/15/2027(b)

80,000

75,476

5.20%,

6/1/2033

40,000

40,041

6.35%,

11/15/2052

10,000

11,004

5.75%,

6/1/2053

40,000

40,667

5.60%,

4/1/2054

25,000

25,016

Southwest

Gas

Corp.

,

5.80%,

12/1/2027

100,000

102,337

4.05%,

3/15/2032

100,000

91,582

26

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gas

Utilities

Southwest

Gas

Corp.,

3.18%,

8/15/2051

90,000

58,806

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

74,302

1,902,436

Ground

Transportation

0

.4

%

Burlington

Northern

Santa

Fe

LLC

,

3.65%,

9/1/2025(b)

250,000

244,796

3.25%,

6/15/2027(b)

300,000

286,496

4.55%,

9/1/2044

250,000

227,011

3.90%,

8/1/2046(b)

200,000

163,791

4.05%,

6/15/2048

250,000

208,243

3.55%,

2/15/2050

250,000

189,953

2.88%,

6/15/2052(b)

25,000

16,369

4.45%,

1/15/2053(b)

300,000

265,885

5.20%,

4/15/2054(b)

100,000

99,122

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028(b)

242,000

261,575

3.85%,

8/5/2032(b)

40,000

37,167

6.20%,

6/1/2036

236,000

258,688

2.45%,

5/1/2050

85,000

53,246

4.40%,

8/5/2052

35,000

31,256

Canadian

Pacific

Railway

Co.

,

2.88%,

11/15/2029

160,000

143,442

2.45%,

12/2/2031(b)

35,000

31,408

5.95%,

5/15/2037

250,000

260,748

3.00%,

12/2/2041(b)

25,000

21,337

3.10%,

12/2/2051

30,000

20,702

4.20%,

11/15/2069

115,000

90,862

6.13%,

9/15/2115

100,000

105,477

CSX

Corp.

,

4.10%,

11/15/2032(b)

40,000

37,681

5.20%,

11/15/2033(b)

100,000

101,679

4.10%,

3/15/2044

250,000

213,044

4.30%,

3/1/2048

250,000

215,979

4.50%,

3/15/2049

150,000

131,625

3.95%,

5/1/2050

100,000

80,366

4.50%,

11/15/2052

40,000

35,371

4.50%,

8/1/2054

150,000

131,653

4.65%,

3/1/2068

40,000

34,753

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

88,319

5.05%,

8/1/2030(b)

90,000

90,269

3.00%,

3/15/2032

55,000

47,766

4.45%,

3/1/2033(b)

200,000

191,867

5.55%,

3/15/2034

50,000

52,019

4.45%,

6/15/2045

200,000

174,374

3.40%,

11/1/2049

170,000

124,613

2.90%,

8/25/2051

100,000

65,075

3.70%,

3/15/2053

40,000

30,051

4.55%,

6/1/2053(b)

45,000

39,276

5.35%,

8/1/2054(b)

70,000

69,491

3.16%,

5/15/2055

250,000

165,780

5.95%,

3/15/2064

75,000

80,098

Ryder

System,

Inc.

,

1.75%,

9/1/2026

165,000

152,050

2.90%,

12/1/2026(b)

270,000

254,929

2.85%,

3/1/2027

25,000

23,435

4.30%,

6/15/2027

25,000

24,356

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Ryder

System,

Inc.,

5.65%,

3/1/2028(b)

40,000

40,765

5.25%,

6/1/2028

40,000

40,183

6.30%,

12/1/2028(b)

25,000

26,167

5.38%,

3/15/2029(b)

25,000

25,207

6.60%,

12/1/2033(b)

25,000

27,116

Union

Pacific

Corp.

,

3.25%,

8/15/2025

500,000

487,612

4.75%,

2/21/2026(b)

200,000

199,711

2.15%,

2/5/2027

55,000

51,140

3.95%,

9/10/2028(b)

500,000

487,410

2.38%,

5/20/2031(b)

200,000

170,797

4.50%,

1/20/2033

100,000

97,419

3.60%,

9/15/2037

100,000

86,346

3.20%,

5/20/2041(b)

100,000

77,920

4.05%,

11/15/2045

220,000

181,051

4.05%,

3/1/2046

40,000

33,255

2.95%,

3/10/2052

335,000

225,256

4.95%,

5/15/2053(b)

100,000

96,680

3.95%,

8/15/2059

300,000

232,638

3.84%,

3/20/2060

400,000

307,122

8,567,288

Health

Care

Equipment

&

Supplies

0

.3

%

Abbott

Laboratories

,

3.88%,

9/15/2025

90,000

88,729

3.75%,

11/30/2026(b)

298,000

291,220

1.15%,

1/30/2028(b)

90,000

79,526

1.40%,

6/30/2030

95,000

79,173

4.75%,

11/30/2036

150,000

148,769

5.30%,

5/27/2040(b)

200,000

206,501

4.90%,

11/30/2046

250,000

244,039

Baxter

International,

Inc.

,

2.60%,

8/15/2026

460,000

432,971

1.92%,

2/1/2027

280,000

255,662

2.27%,

12/1/2028

190,000

167,374

2.54%,

2/1/2032(b)

300,000

247,905

3.13%,

12/1/2051(b)

30,000

19,647

Becton

Dickinson

&

Co.

,

3.70%,

6/6/2027(b)

326,000

313,201

4.69%,

2/13/2028

65,000

64,339

4.30%,

8/22/2032

40,000

37,956

4.67%,

6/6/2047

200,000

179,220

3.79%,

5/20/2050(b)

91,000

71,373

Boston

Scientific

Corp.

,

2.65%,

6/1/2030

300,000

264,224

4.70%,

3/1/2049(b)

100,000

92,586

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029(b)

100,000

89,515

3.25%,

11/15/2039

100,000

80,769

3.40%,

11/15/2049(b)

140,000

104,856

GE

HealthCare

Technologies,

Inc.

,

5.60%,

11/15/2025(b)

150,000

150,505

5.65%,

11/15/2027

200,000

203,657

5.91%,

11/22/2032(b)

300,000

314,961

6.38%,

11/22/2052

100,000

112,859

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

100,000

91,432

Medtronic

Global

Holdings

SCA

,

4.25%,

3/30/2028

35,000

34,384

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

Global

Holdings

SCA,

4.50%,

3/30/2033

60,000

58,222

Medtronic,

Inc.

,

4.38%,

3/15/2035(b)

350,000

334,676

4.63%,

3/15/2045(b)

100,000

93,912

Solventum

Corp.

,

5.45%,

2/25/2027(f)

50,000

50,173

5.40%,

3/1/2029(f)

85,000

85,171

5.45%,

3/13/2031(f)

100,000

99,741

5.60%,

3/23/2034(f)

100,000

100,327

5.90%,

4/30/2054(f)

100,000

99,754

6.00%,

5/15/2064(f)

100,000

99,126

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031(b)

150,000

127,997

Stryker

Corp.

,

3.38%,

11/1/2025

160,000

155,378

3.50%,

3/15/2026

70,000

67,876

4.85%,

12/8/2028

25,000

25,008

4.63%,

3/15/2046(b)

200,000

182,833

Zimmer

Biomet

Holdings,

Inc.

,

5.35%,

12/1/2028(b)

50,000

50,719

2.60%,

11/24/2031(b)

200,000

168,312

4.45%,

8/15/2045

150,000

134,754

6,401,332

Health

Care

Providers

&

Services

1

.0

%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

50,349

Series

2020,

3.01%,

6/15/2050(b)

66,000

45,990

Aetna,

Inc.

,

6.63%,

6/15/2036

50,000

54,803

3.88%,

8/15/2047

200,000

152,582

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

39,816

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

173,018

Banner

Health

,

Series

2020,

3.18%,

1/1/2050

39,000

28,248

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

86,000

58,500

Cardinal

Health,

Inc.

,

3.41%,

6/15/2027(b)

100,000

94,955

5.13%,

2/15/2029

25,000

25,049

4.37%,

6/15/2047

200,000

168,674

Cencora,

Inc.

,

4.30%,

12/15/2047(b)

200,000

173,276

Centene

Corp.

,

4.25%,

12/15/2027(b)

400,000

381,392

2.45%,

7/15/2028(b)

400,000

354,685

3.38%,

2/15/2030

300,000

265,479

3.00%,

10/15/2030(b)

400,000

342,959

Cigna

Group

(The)

,

3.25%,

4/15/2025(b)

250,000

244,466

4.50%,

2/25/2026(b)

229,000

226,195

3.05%,

10/15/2027(b)

400,000

375,410

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Cigna

Group

(The),

4.38%,

10/15/2028

300,000

292,649

5.00%,

5/15/2029

50,000

50,071

2.38%,

3/15/2031

110,000

92,641

5.13%,

5/15/2031

50,000

50,046

5.40%,

3/15/2033(b)

60,000

61,091

5.25%,

2/15/2034

50,000

49,929

4.80%,

8/15/2038

200,000

187,901

4.80%,

7/15/2046

250,000

227,255

4.90%,

12/15/2048

500,000

455,463

5.60%,

2/15/2054

50,000

50,186

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114(b)

30,000

27,509

CommonSpirit

Health

,

1.55%,

10/1/2025

37,000

34,784

2.78%,

10/1/2030

77,000

66,788

5.32%,

12/1/2034

110,000

110,186

3.82%,

10/1/2049(b)

108,000

84,056

4.19%,

10/1/2049

37,000

30,763

3.91%,

10/1/2050

149,000

116,562

6.46%,

11/1/2052(b)

91,000

104,574

CVS

Health

Corp.

,

5.00%,

2/20/2026

75,000

74,738

2.88%,

6/1/2026

400,000

381,344

4.30%,

3/25/2028

652,000

636,271

5.00%,

1/30/2029(b)

80,000

80,221

3.25%,

8/15/2029

150,000

137,576

5.13%,

2/21/2030(b)

80,000

80,241

1.75%,

8/21/2030

360,000

295,707

5.25%,

1/30/2031

65,000

65,485

1.88%,

2/28/2031(b)

210,000

171,104

2.13%,

9/15/2031(b)

10,000

8,163

5.25%,

2/21/2033(b)

80,000

80,022

5.30%,

6/1/2033(b)

80,000

80,188

4.88%,

7/20/2035(b)

200,000

192,341

4.78%,

3/25/2038

400,000

369,391

4.13%,

4/1/2040(b)

200,000

168,482

5.13%,

7/20/2045

300,000

276,462

5.05%,

3/25/2048

600,000

544,907

4.25%,

4/1/2050

85,000

68,876

5.63%,

2/21/2053(b)

80,000

78,565

5.88%,

6/1/2053(b)

80,000

81,385

6.00%,

6/1/2063(b)

80,000

82,590

Elevance

Health,

Inc.

,

5.35%,

10/15/2025

40,000

40,021

3.65%,

12/1/2027(b)

300,000

287,002

2.25%,

5/15/2030

200,000

171,043

4.10%,

5/15/2032

40,000

37,453

5.50%,

10/15/2032

100,000

102,535

4.75%,

2/15/2033

120,000

117,106

4.63%,

5/15/2042

250,000

227,090

5.10%,

1/15/2044

50,000

47,467

4.65%,

8/15/2044

100,000

90,104

4.38%,

12/1/2047(b)

300,000

257,685

4.55%,

5/15/2052

40,000

35,006

5.13%,

2/15/2053(b)

150,000

143,751

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

78,647

28

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

HCA,

Inc.

,

5.25%,

6/15/2026

350,000

348,979

5.38%,

9/1/2026(b)

220,000

219,949

3.13%,

3/15/2027(b)

30,000

28,373

5.20%,

6/1/2028(b)

40,000

40,113

4.13%,

6/15/2029(b)

250,000

236,759

3.50%,

9/1/2030(b)

500,000

452,179

2.38%,

7/15/2031(b)

50,000

41,116

3.63%,

3/15/2032

375,000

331,964

5.50%,

6/1/2033(b)

80,000

80,288

5.60%,

4/1/2034(b)

55,000

55,381

5.50%,

6/15/2047

160,000

152,100

5.25%,

6/15/2049(b)

80,000

73,018

4.63%,

3/15/2052

330,000

275,802

5.90%,

6/1/2053(b)

75,000

75,414

6.00%,

4/1/2054(b)

45,000

45,674

6.10%,

4/1/2064

75,000

75,615

Humana,

Inc.

,

1.35%,

2/3/2027(b)

280,000

252,223

5.75%,

3/1/2028(b)

60,000

61,306

5.75%,

12/1/2028(b)

25,000

25,618

3.70%,

3/23/2029(b)

100,000

94,103

5.38%,

4/15/2031

25,000

25,013

2.15%,

2/3/2032(b)

215,000

171,901

5.88%,

3/1/2033(b)

100,000

103,194

5.95%,

3/15/2034

25,000

25,959

3.95%,

8/15/2049

150,000

117,645

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046(b)

20,000

16,614

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041(b)

86,000

63,467

4.88%,

4/1/2042

250,000

240,925

Series

2019,

3.27%,

11/1/2049

122,000

89,664

Laboratory

Corp.

of

America

Holdings

,

1.55%,

6/1/2026(b)

35,000

32,417

2.95%,

12/1/2029

250,000

224,256

4.70%,

2/1/2045(b)

75,000

67,741

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

34,490

Series

2020,

3.19%,

7/1/2049(b)

100,000

71,968

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061(b)

79,000

54,346

McKesson

Corp.

,

1.30%,

8/15/2026

100,000

91,533

3.95%,

2/16/2028

250,000

241,826

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

39,691

4.13%,

7/1/2052

50,000

42,598

Mount

Sinai

Hospital

,

Series

2017,

3.98%,

7/1/2048

33,000

26,775

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

143,579

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046(b)

150,000

120,796

4.26%,

11/1/2047(b)

35,000

29,004

Novant

Health,

Inc.

,

3.17%,

11/1/2051(b)

130,000

90,859

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

89,045

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

29,582

Series

21A,

2.70%,

10/1/2051(b)

151,000

92,522

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

100,000

96,990

2.95%,

6/30/2030

75,000

66,545

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

24,558

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

38,171

Series

2018,

4.09%,

8/15/2048

50,000

42,280

Series

20A,

3.36%,

8/15/2050(b)

134,000

98,662

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

48,299

UnitedHealth

Group,

Inc.

,

5.15%,

10/15/2025

30,000

30,036

1.15%,

5/15/2026(b)

120,000

110,994

3.38%,

4/15/2027(b)

200,000

192,449

4.60%,

4/15/2027

55,000

54,682

3.70%,

5/15/2027

55,000

53,328

2.95%,

10/15/2027

200,000

188,210

5.25%,

2/15/2028

45,000

45,825

4.25%,

1/15/2029(b)

120,000

117,596

4.70%,

4/15/2029(b)

50,000

49,828

4.00%,

5/15/2029

100,000

96,703

5.30%,

2/15/2030(b)

300,000

307,142

4.90%,

4/15/2031

75,000

75,035

2.30%,

5/15/2031

75,000

63,536

4.20%,

5/15/2032

140,000

133,049

5.35%,

2/15/2033

60,000

61,727

4.50%,

4/15/2033(b)

120,000

116,127

5.00%,

4/15/2034

75,000

75,131

4.63%,

7/15/2035

105,000

102,141

5.80%,

3/15/2036

500,000

536,020

3.50%,

8/15/2039

100,000

82,375

3.05%,

5/15/2041

180,000

136,248

3.95%,

10/15/2042(b)

250,000

212,802

4.75%,

7/15/2045

250,000

234,389

4.25%,

6/15/2048

300,000

259,048

3.70%,

8/15/2049

500,000

392,026

3.25%,

5/15/2051

60,000

43,135

4.75%,

5/15/2052(b)

200,000

185,486

5.88%,

2/15/2053

145,000

156,876

5.05%,

4/15/2053(b)

120,000

116,546

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

UnitedHealth

Group,

Inc.,

5.38%,

4/15/2054

75,000

76,279

3.88%,

8/15/2059(b)

100,000

77,415

3.13%,

5/15/2060

100,000

65,759

4.95%,

5/15/2062(b)

100,000

93,383

6.05%,

2/15/2063

190,000

208,924

5.20%,

4/15/2063(b)

80,000

77,818

5.50%,

4/15/2064

75,000

76,304

Universal

Health

Services,

Inc.

,

1.65%,

9/1/2026

100,000

91,142

2.65%,

1/15/2032

100,000

81,811

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048(b)

41,000

36,845

21,810,328

Health

Care

REITs

0

.1

%

DOC

DR

LLC

,

2.63%,

11/1/2031(b)

50,000

41,189

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030(b)

250,000

217,674

Healthpeak

OP

LLC

,

1.35%,

2/1/2027

60,000

54,145

3.50%,

7/15/2029

125,000

115,686

3.00%,

1/15/2030

180,000

159,412

5.25%,

12/15/2032(b)

85,000

84,307

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

532,249

3.63%,

10/1/2029(b)

100,000

89,261

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

50,000

45,070

3.20%,

12/1/2031

100,000

83,069

Ventas

Realty

LP

,

4.00%,

3/1/2028

250,000

238,231

3.00%,

1/15/2030

100,000

88,131

2.50%,

9/1/2031(b)

100,000

82,143

Welltower

OP

LLC

,

4.25%,

4/1/2026(b)

50,000

49,007

2.05%,

1/15/2029(b)

70,000

60,931

3.10%,

1/15/2030

100,000

89,899

2.75%,

1/15/2031(b)

300,000

258,037

2.75%,

1/15/2032(b)

200,000

167,576

2,456,017

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

100,000

89,061

Series

J,

2.90%,

12/15/2031

80,000

66,480

155,541

Hotels,

Restaurants

&

Leisure

0

.2

%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

197,531

Darden

Restaurants,

Inc.

,

6.30%,

10/10/2033

50,000

52,166

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(b)

200,000

190,248

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Expedia

Group,

Inc.,

3.25%,

2/15/2030(b)

165,000

148,530

Hyatt

Hotels

Corp.

,

4.85%,

3/15/2026

100,000

98,874

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

166,000

166,324

5.00%,

10/15/2027(b)

55,000

54,837

5.55%,

10/15/2028(b)

50,000

51,055

Series

HH,

2.85%,

4/15/2031(b)

200,000

172,508

Series

GG,

3.50%,

10/15/2032

200,000

175,325

5.30%,

5/15/2034

25,000

24,727

McDonald's

Corp.

,

3.70%,

1/30/2026(b)

300,000

293,538

3.80%,

4/1/2028

200,000

192,822

4.80%,

8/14/2028

50,000

50,144

4.95%,

8/14/2033(b)

75,000

75,105

4.70%,

12/9/2035(b)

400,000

389,038

4.88%,

7/15/2040

250,000

239,384

4.88%,

12/9/2045

250,000

233,331

3.63%,

9/1/2049(b)

200,000

151,885

4.20%,

4/1/2050

50,000

41,752

5.45%,

8/14/2053(b)

75,000

76,106

Starbucks

Corp.

,

4.75%,

2/15/2026

50,000

49,688

4.85%,

2/8/2027

25,000

24,953

3.50%,

3/1/2028

250,000

238,033

2.55%,

11/15/2030(b)

200,000

173,329

4.90%,

2/15/2031

25,000

24,878

3.00%,

2/14/2032

140,000

122,466

4.80%,

2/15/2033

100,000

99,006

5.00%,

2/15/2034

25,000

24,781

4.45%,

8/15/2049(b)

250,000

216,840

3.50%,

11/15/2050(b)

200,000

148,015

4,197,219

Household

Durables

0

.1

%

DR

Horton,

Inc.

,

1.30%,

10/15/2026(b)

220,000

200,107

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051(b)

50,000

33,780

MDC

Holdings,

Inc.

,

6.00%,

1/15/2043

100,000

101,587

Mohawk

Industries,

Inc.

,

5.85%,

9/18/2028

50,000

51,475

PulteGroup,

Inc.

,

6.38%,

5/15/2033

50,000

53,070

Whirlpool

Corp.

,

3.70%,

5/1/2025

500,000

490,540

2.40%,

5/15/2031(b)

175,000

144,878

4.70%,

5/14/2032

20,000

19,168

5.50%,

3/1/2033

50,000

50,395

5.75%,

3/1/2034

25,000

25,079

1,170,079

Household

Products

0

.1

%

Church

&

Dwight

Co.,

Inc.

,

2.30%,

12/15/2031

100,000

83,135

5.60%,

11/15/2032

40,000

41,821

5.00%,

6/15/2052

40,000

37,754

30

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Products

Clorox

Co.

(The)

,

4.60%,

5/1/2032

100,000

97,734

Colgate-Palmolive

Co.

,

4.80%,

3/2/2026

16,000

16,049

4.60%,

3/1/2028

16,000

16,170

3.25%,

8/15/2032

35,000

31,657

4.60%,

3/1/2033

16,000

16,041

Kimberly-Clark

Corp.

,

4.50%,

2/16/2033

100,000

98,457

6.63%,

8/1/2037

130,000

150,861

3.20%,

7/30/2046(b)

165,000

121,876

2.88%,

2/7/2050

100,000

68,681

Procter

&

Gamble

Co.

(The)

,

0.55%,

10/29/2025(b)

240,000

224,551

4.10%,

1/26/2026

150,000

148,555

1.00%,

4/23/2026(b)

170,000

157,789

2.85%,

8/11/2027(b)

250,000

236,953

4.35%,

1/29/2029

50,000

49,897

1.20%,

10/29/2030

100,000

81,794

1.95%,

4/23/2031(b)

300,000

255,074

4.55%,

1/29/2034(b)

50,000

49,725

3.60%,

3/25/2050(b)

300,000

247,550

2,232,124

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

,

5.45%,

6/1/2028(b)

60,000

59,884

2.45%,

1/15/2031(b)

70,000

57,271

Constellation

Energy

Generation

LLC

,

5.60%,

3/1/2028(b)

40,000

40,745

5.80%,

3/1/2033(b)

40,000

41,230

6.13%,

1/15/2034

25,000

26,397

6.25%,

10/1/2039

180,000

189,508

5.75%,

3/15/2054

50,000

50,084

Oglethorpe

Power

Corp.

,

4.50%,

4/1/2047(b)

40,000

33,276

5.25%,

9/1/2050

200,000

186,307

6.20%,

12/1/2053(b)(f)

50,000

52,551

Southern

Power

Co.

,

0.90%,

1/15/2026(b)

200,000

185,010

922,263

Industrial

Conglomerates

0

.1

%

3M

Co.

,

3.00%,

8/7/2025

400,000

388,552

3.05%,

4/15/2030

100,000

89,814

5.70%,

3/15/2037

415,000

437,500

3.25%,

8/26/2049

90,000

62,253

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035(b)

200,000

187,918

General

Electric

Co.

,

Series

A,

6.75%,

3/15/2032

300,000

334,181

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

40,000

38,332

2.50%,

11/1/2026(b)

500,000

472,441

1.10%,

3/1/2027(b)

100,000

90,356

4.95%,

2/15/2028

60,000

60,679

4.25%,

1/15/2029(b)

20,000

19,669

2.70%,

8/15/2029

500,000

453,387

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

Honeywell

International,

Inc.,

4.88%,

9/1/2029

50,000

50,332

1.75%,

9/1/2031

100,000

81,162

4.95%,

9/1/2031

50,000

50,362

5.00%,

2/15/2033(b)

60,000

60,675

4.50%,

1/15/2034(b)

20,000

19,445

5.00%,

3/1/2035

50,000

50,188

2.80%,

6/1/2050

90,000

62,382

5.25%,

3/1/2054

50,000

50,451

5.35%,

3/1/2064

50,000

50,660

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

30,972

3,141,711

Industrial

REITs

0

.1

%

Prologis

LP

,

4.88%,

6/15/2028(b)

45,000

45,048

2.88%,

11/15/2029

125,000

112,900

2.25%,

4/15/2030(b)

160,000

138,676

1.75%,

7/1/2030

65,000

53,993

1.25%,

10/15/2030

65,000

52,119

2.25%,

1/15/2032(b)

200,000

164,945

4.63%,

1/15/2033

50,000

48,563

4.75%,

6/15/2033

35,000

34,297

5.13%,

1/15/2034

50,000

50,217

5.00%,

3/15/2034(b)

50,000

49,704

3.00%,

4/15/2050

65,000

44,660

2.13%,

10/15/2050

155,000

86,521

5.25%,

6/15/2053(b)

30,000

29,532

5.25%,

3/15/2054

50,000

49,104

Rexford

Industrial

Realty

LP

,

5.00%,

6/15/2028

20,000

19,850

2.15%,

9/1/2031

90,000

72,071

1,052,200

Insurance

0

.7

%

Aflac,

Inc.

,

3.60%,

4/1/2030

500,000

465,088

Alleghany

Corp.

,

3.63%,

5/15/2030

50,000

46,769

3.25%,

8/15/2051

50,000

35,444

Allstate

Corp.

(The)

,

5.25%,

3/30/2033

20,000

20,072

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(b)(c)

195,000

198,124

American

International

Group,

Inc.

,

5.13%,

3/27/2033(b)

60,000

59,666

4.80%,

7/10/2045(b)

150,000

139,642

4.38%,

6/30/2050(b)

200,000

173,507

Aon

Corp.

,

2.80%,

5/15/2030

200,000

176,173

2.05%,

8/23/2031

50,000

40,788

2.60%,

12/2/2031(b)

25,000

21,034

5.00%,

9/12/2032

30,000

29,730

5.35%,

2/28/2033

25,000

25,135

2.90%,

8/23/2051

50,000

31,839

3.90%,

2/28/2052(b)

30,000

23,051

Aon

Global

Ltd.

,

4.60%,

6/14/2044

250,000

218,895

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Aon

North

America,

Inc.

,

5.13%,

3/1/2027

55,000

55,329

5.15%,

3/1/2029(b)

75,000

75,411

5.30%,

3/1/2031

75,000

75,560

5.45%,

3/1/2034

75,000

75,866

5.75%,

3/1/2054

50,000

51,260

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

229,749

Arthur

J

Gallagher

&

Co.

,

2.40%,

11/9/2031(b)

200,000

163,981

3.05%,

3/9/2052

100,000

63,712

5.75%,

3/2/2053

12,000

12,042

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

450,000

467,003

6.65%,

2/1/2033

50,000

52,910

5.88%,

1/15/2034(b)

25,000

25,050

6.25%,

4/1/2054(b)

50,000

50,744

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027

100,000

94,165

4.20%,

8/15/2048(b)

400,000

352,772

4.25%,

1/15/2049(b)

300,000

268,176

2.85%,

10/15/2050

45,000

30,368

3.85%,

3/15/2052(b)

100,000

80,837

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047(b)

150,000

118,947

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032(b)

30,000

27,695

4.95%,

3/17/2052(b)

25,000

22,070

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

177,969

Chubb

INA

Holdings,

Inc.

,

3.35%,

5/3/2026(b)

90,000

86,938

5.00%,

3/15/2034

50,000

50,173

4.35%,

11/3/2045(b)

250,000

222,437

2.85%,

12/15/2051

50,000

34,116

3.05%,

12/15/2061

35,000

23,435

Enstar

Group

Ltd.

,

3.10%,

9/1/2031(b)

80,000

66,419

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

125,000

87,676

3.13%,

10/15/2052

50,000

32,340

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028

50,000

51,923

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030(b)

200,000

190,596

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

22,326

First

American

Financial

Corp.

,

2.40%,

8/15/2031

75,000

59,327

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

209,451

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

83,803

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

329,326

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Kemper

Corp.

,

3.80%,

2/23/2032

30,000

25,637

Lincoln

National

Corp.

,

3.05%,

1/15/2030(b)

500,000

441,451

Loews

Corp.

,

4.13%,

5/15/2043(b)

200,000

170,315

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(c)

500,000

478,902

3.70%,

3/16/2032

20,000

18,436

Markel

Group,

Inc.

,

3.35%,

9/17/2029

475,000

431,362

3.45%,

5/7/2052

100,000

69,369

Marsh

&

McLennan

Cos.,

Inc.

,

4.38%,

3/15/2029(b)

300,000

295,060

5.75%,

11/1/2032(b)

25,000

26,228

5.40%,

9/15/2033

50,000

51,300

5.15%,

3/15/2034

25,000

25,169

4.20%,

3/1/2048

500,000

421,171

6.25%,

11/1/2052

25,000

27,790

5.70%,

9/15/2053(b)

100,000

103,820

5.45%,

3/15/2054

25,000

25,091

MetLife,

Inc.

,

3.60%,

11/13/2025(b)

500,000

487,819

5.38%,

7/15/2033

50,000

51,030

5.70%,

6/15/2035(b)

159,000

165,702

6.40%,

12/15/2036

300,000

307,189

4.88%,

11/13/2043

250,000

234,780

5.00%,

7/15/2052

60,000

56,485

5.25%,

1/15/2054(b)

100,000

98,442

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(g)

40,000

40,446

Old

Republic

International

Corp.

,

3.88%,

8/26/2026

200,000

193,315

5.75%,

3/28/2034

25,000

25,109

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025

500,000

488,706

5.38%,

3/15/2033

40,000

40,312

4.30%,

11/15/2046

50,000

42,011

5.50%,

3/15/2053

45,000

44,190

Progressive

Corp.

(The)

,

2.50%,

3/15/2027

40,000

37,477

3.00%,

3/15/2032

30,000

26,139

6.25%,

12/1/2032

162,000

175,854

4.95%,

6/15/2033

20,000

19,969

3.70%,

1/26/2045(b)

250,000

204,948

Prudential

Financial,

Inc.

,

3.88%,

3/27/2028(b)

200,000

192,888

4.60%,

5/15/2044(b)

250,000

225,020

3.91%,

12/7/2047

186,000

148,459

3.94%,

12/7/2049

505,000

398,778

3.70%,

3/13/2051(b)

300,000

229,775

Reinsurance

Group

of

America,

Inc.

,

6.00%,

9/15/2033

20,000

20,740

RenaissanceRe

Holdings

Ltd.

,

5.75%,

6/5/2033(b)

60,000

60,496

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040

250,000

253,529

32

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Travelers

Cos.,

Inc.

(The),

4.10%,

3/4/2049(b)

200,000

169,097

5.45%,

5/25/2053(b)

20,000

20,716

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033(b)

192,000

213,241

Unum

Group

,

4.00%,

6/15/2029(b)

250,000

235,837

4.13%,

6/15/2051(b)

50,000

37,799

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

100,000

77,667

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

49,194

4.50%,

9/15/2028

400,000

389,725

2.95%,

9/15/2029(b)

65,000

58,242

5.35%,

5/15/2033(b)

20,000

19,903

5.90%,

3/5/2054(b)

50,000

50,617

14,029,606

Interactive

Media

&

Services

0

.1

%

Alphabet,

Inc.

,

0.45%,

8/15/2025(b)

45,000

42,395

2.00%,

8/15/2026

500,000

470,600

0.80%,

8/15/2027(b)

90,000

80,017

1.10%,

8/15/2030(b)

165,000

135,113

1.90%,

8/15/2040

100,000

67,173

2.05%,

8/15/2050(b)

200,000

119,665

2.25%,

8/15/2060

200,000

115,175

Baidu,

Inc.

,

4.38%,

3/29/2028

200,000

195,670

Meta

Platforms,

Inc.

,

3.50%,

8/15/2027(b)

230,000

221,291

4.60%,

5/15/2028(b)

60,000

59,968

4.80%,

5/15/2030

60,000

60,329

3.85%,

8/15/2032

195,000

182,728

4.95%,

5/15/2033(b)

60,000

60,731

4.45%,

8/15/2052(b)

265,000

235,544

5.60%,

5/15/2053(b)

310,000

327,650

4.65%,

8/15/2062

180,000

161,620

5.75%,

5/15/2063

60,000

64,322

2,599,991

IT

Services

0

.2

%

CGI,

Inc.

,

1.45%,

9/14/2026(b)

50,000

45,524

2.30%,

9/14/2031

50,000

40,252

DXC

Technology

Co.

,

1.80%,

9/15/2026

100,000

91,184

2.38%,

9/15/2028

100,000

86,871

IBM

International

Capital

Pte.

Ltd.

,

4.70%,

2/5/2026

100,000

99,281

4.60%,

2/5/2027

100,000

98,955

4.60%,

2/5/2029

100,000

98,583

4.75%,

2/5/2031

100,000

98,123

4.90%,

2/5/2034

100,000

98,022

5.25%,

2/5/2044

100,000

97,581

5.30%,

2/5/2054(b)

200,000

195,298

International

Business

Machines

Corp.

,

4.50%,

2/6/2026

300,000

297,890

3.30%,

5/15/2026(b)

400,000

385,949

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

International

Business

Machines

Corp.,

1.70%,

5/15/2027(b)

300,000

272,257

3.50%,

5/15/2029

400,000

376,749

1.95%,

5/15/2030(b)

100,000

84,549

5.88%,

11/29/2032(b)

53,000

56,362

4.15%,

5/15/2039(b)

300,000

264,867

4.00%,

6/20/2042(b)

150,000

126,648

4.25%,

5/15/2049(b)

300,000

254,576

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031(b)

150,000

126,218

3,295,739

Leisure

Products

0

.0

%

†

Brunswick

Corp.

,

2.40%,

8/18/2031

65,000

51,755

4.40%,

9/15/2032

100,000

90,970

5.10%,

4/1/2052

30,000

24,629

Hasbro,

Inc.

,

3.55%,

11/19/2026(b)

100,000

95,335

3.90%,

11/19/2029(b)

100,000

92,824

5.10%,

5/15/2044

100,000

86,241

441,754

Life

Sciences

Tools

&

Services

0

.1

%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029(b)

165,000

148,310

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032(b)

50,000

44,957

Danaher

Corp.

,

3.35%,

9/15/2025

250,000

244,513

2.80%,

12/10/2051

140,000

92,201

Illumina,

Inc.

,

5.80%,

12/12/2025

100,000

100,167

5.75%,

12/13/2027

100,000

101,155

Revvity,

Inc.

,

1.90%,

9/15/2028(b)

60,000

52,250

3.30%,

9/15/2029(b)

100,000

90,777

2.25%,

9/15/2031(b)

35,000

28,711

Thermo

Fisher

Scientific,

Inc.

,

4.95%,

8/10/2026

100,000

100,176

5.00%,

12/5/2026

50,000

50,207

4.80%,

11/21/2027

65,000

65,060

1.75%,

10/15/2028(b)

115,000

101,486

5.00%,

1/31/2029(b)

75,000

75,711

2.60%,

10/1/2029(b)

325,000

291,622

4.98%,

8/10/2030(b)

65,000

65,465

2.00%,

10/15/2031(b)

55,000

45,311

4.95%,

11/21/2032

70,000

70,301

5.09%,

8/10/2033(b)

80,000

80,879

5.20%,

1/31/2034

50,000

50,992

2.80%,

10/15/2041(b)

30,000

21,942

5.40%,

8/10/2043(b)

90,000

92,033

5.30%,

2/1/2044

100,000

100,217

2,114,443

Machinery

0

.2

%

AGCO

Corp.

,

5.45%,

3/21/2027(b)

50,000

50,224

5.80%,

3/21/2034

50,000

50,624

Caterpillar,

Inc.

,

2.60%,

9/19/2029(b)

70,000

63,238

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Caterpillar,

Inc.,

6.05%,

8/15/2036

177,000

194,959

3.80%,

8/15/2042

300,000

252,402

3.25%,

9/19/2049(b)

330,000

244,438

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

30,000

29,462

5.45%,

10/14/2025

100,000

100,178

1.45%,

7/15/2026

150,000

137,690

4.55%,

4/10/2028(b)

40,000

39,192

5.50%,

1/12/2029(b)

100,000

101,433

5.10%,

4/20/2029(b)

50,000

49,864

Cummins,

Inc.

,

2.60%,

9/1/2050

50,000

31,573

Deere

&

Co.

,

3.90%,

6/9/2042(b)

250,000

215,988

Dover

Corp.

,

2.95%,

11/4/2029

45,000

40,551

5.38%,

3/1/2041

100,000

99,544

Flowserve

Corp.

,

2.80%,

1/15/2032

100,000

82,204

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

195,466

Ingersoll

Rand,

Inc.

,

5.70%,

8/14/2033

100,000

102,584

Nordson

Corp.

,

5.80%,

9/15/2033

25,000

26,096

nVent

Finance

Sarl

,

5.65%,

5/15/2033

40,000

40,318

Otis

Worldwide

Corp.

,

5.25%,

8/16/2028

30,000

30,390

3.11%,

2/15/2040(b)

300,000

230,615

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027(b)

65,000

63,739

4.50%,

9/15/2029

95,000

93,547

4.20%,

11/21/2034

300,000

277,732

Stanley

Black

&

Decker,

Inc.

,

6.00%,

3/6/2028

100,000

103,111

4.25%,

11/15/2028(b)

250,000

242,432

2.30%,

3/15/2030(b)

500,000

423,280

3.00%,

5/15/2032

40,000

33,968

Westinghouse

Air

Brake

Technologies

Corp.

,

4.70%,

9/15/2028(e)

250,000

245,900

3,892,742

Media

0

.5

%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

410,000

405,010

6.15%,

11/10/2026

95,000

95,744

4.20%,

3/15/2028(b)

200,000

188,506

2.25%,

1/15/2029(b)

100,000

85,073

5.05%,

3/30/2029

150,000

144,633

4.40%,

4/1/2033(b)

75,000

66,466

6.65%,

2/1/2034(b)

125,000

128,131

6.38%,

10/23/2035(b)

300,000

296,483

3.50%,

3/1/2042

100,000

66,723

5.38%,

5/1/2047

400,000

322,306

5.75%,

4/1/2048

350,000

294,737

4.80%,

3/1/2050(b)

500,000

370,106

3.90%,

6/1/2052

200,000

127,193

5.25%,

4/1/2053(b)

180,000

142,554

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC,

6.83%,

10/23/2055

150,000

143,913

3.85%,

4/1/2061

310,000

183,932

Comcast

Corp.

,

3.95%,

10/15/2025

500,000

491,648

5.35%,

11/15/2027

55,000

56,049

3.15%,

2/15/2028(b)

500,000

471,479

4.55%,

1/15/2029(b)

80,000

79,356

2.65%,

2/1/2030

300,000

266,810

3.40%,

4/1/2030(b)

165,000

152,588

1.95%,

1/15/2031

700,000

581,633

5.50%,

11/15/2032(b)

60,000

62,175

4.25%,

1/15/2033

250,000

236,711

4.65%,

2/15/2033(b)

160,000

157,016

7.05%,

3/15/2033(b)

95,000

107,607

4.80%,

5/15/2033(b)

80,000

78,925

4.40%,

8/15/2035(b)

200,000

187,734

6.50%,

11/15/2035

100,000

110,907

3.90%,

3/1/2038

250,000

217,850

3.40%,

7/15/2046

250,000

186,655

4.70%,

10/15/2048(b)

400,000

366,276

4.00%,

11/1/2049(b)

450,000

364,332

2.89%,

11/1/2051

500,000

324,562

2.45%,

8/15/2052

300,000

176,006

5.35%,

5/15/2053(b)

80,000

79,400

2.94%,

11/1/2056

527,000

331,803

2.65%,

8/15/2062

300,000

171,182

5.50%,

5/15/2064(b)

280,000

280,357

Discovery

Communications

LLC

,

4.90%,

3/11/2026(b)

115,000

113,858

3.63%,

5/15/2030(b)

200,000

178,875

5.00%,

9/20/2037(b)

125,000

109,897

4.00%,

9/15/2055

330,000

225,842

Fox

Corp.

,

6.50%,

10/13/2033(b)

100,000

105,918

5.58%,

1/25/2049(b)

300,000

279,365

Grupo

Televisa

SAB

,

6.63%,

1/15/2040(b)

250,000

254,911

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031(b)

160,000

134,042

5.38%,

6/15/2033

24,000

23,945

3.38%,

3/1/2041

70,000

52,243

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

200,000

194,253

Paramount

Global

,

5.50%,

5/15/2033

118,000

104,424

4.38%,

3/15/2043

459,000

311,493

4.60%,

1/15/2045(b)

250,000

172,221

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039(b)

700,000

666,729

11,528,587

Metals

&

Mining

0

.2

%

ArcelorMittal

SA

,

6.55%,

11/29/2027(b)

40,000

41,506

6.80%,

11/29/2032(b)

40,000

42,777

7.00%,

10/15/2039(b)(e)

100,000

108,823

34

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

100,000

103,291

BHP

Billiton

Finance

USA

Ltd.

,

4.88%,

2/27/2026

60,000

59,796

6.42%,

3/1/2026

80,000

81,845

5.25%,

9/8/2026

100,000

100,592

4.75%,

2/28/2028(b)

60,000

59,874

5.10%,

9/8/2028

100,000

101,115

5.25%,

9/8/2030(b)

100,000

101,687

4.90%,

2/28/2033(b)

35,000

34,700

5.25%,

9/8/2033

100,000

101,135

5.00%,

9/30/2043

400,000

385,107

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034(b)

350,000

345,754

Newmont

Corp.

,

5.30%,

3/15/2026(f)

50,000

50,123

2.60%,

7/15/2032(b)

115,000

96,248

5.35%,

3/15/2034(b)(f)

50,000

50,319

5.88%,

4/1/2035

236,000

246,740

4.88%,

3/15/2042(b)

150,000

139,465

Nucor

Corp.

,

3.95%,

5/23/2025

60,000

59,058

4.30%,

5/23/2027(b)

60,000

58,802

5.20%,

8/1/2043

200,000

197,851

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

215,987

Rio

Tinto

Finance

USA

Ltd.

,

2.75%,

11/2/2051

300,000

193,193

Rio

Tinto

Finance

USA

plc

,

5.00%,

3/9/2033

55,000

55,319

4.13%,

8/21/2042

250,000

217,068

5.13%,

3/9/2053

60,000

58,313

Southern

Copper

Corp.

,

3.88%,

4/23/2025

50,000

49,006

6.75%,

4/16/2040

250,000

277,247

5.88%,

4/23/2045

100,000

100,436

Steel

Dynamics,

Inc.

,

3.25%,

1/15/2031(b)

200,000

178,096

Teck

Resources

Ltd.

,

6.25%,

7/15/2041(b)

250,000

255,372

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030(b)

300,000

269,798

6.13%,

6/12/2033(b)

250,000

252,435

6.88%,

11/10/2039(b)

175,000

187,131

4,876,009

Multi-Utilities

0

.4

%

Ameren

Corp.

,

5.70%,

12/1/2026

50,000

50,665

1.95%,

3/15/2027

80,000

73,609

5.00%,

1/15/2029(b)

50,000

49,727

Ameren

Illinois

Co.

,

3.85%,

9/1/2032

40,000

36,635

2.90%,

6/15/2051

100,000

65,593

5.90%,

12/1/2052

100,000

107,090

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043

400,000

390,372

4.60%,

5/1/2053

90,000

77,896

Black

Hills

Corp.

,

5.95%,

3/15/2028(b)

100,000

103,231

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Black

Hills

Corp.,

3.05%,

10/15/2029

210,000

188,251

6.15%,

5/15/2034

70,000

72,232

3.88%,

10/15/2049

100,000

73,172

CenterPoint

Energy,

Inc.

,

5.25%,

8/10/2026

25,000

25,043

2.65%,

6/1/2031

85,000

71,993

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031(b)

50,000

42,544

5.20%,

3/1/2033(b)

40,000

40,687

5.50%,

3/15/2034(b)

50,000

51,651

3.95%,

3/1/2043(b)

500,000

414,436

4.50%,

12/1/2045(b)

150,000

131,577

6.15%,

11/15/2052(b)

200,000

220,551

5.90%,

11/15/2053(b)

50,000

53,363

4.63%,

12/1/2054

150,000

131,137

3.70%,

11/15/2059

50,000

36,741

3.60%,

6/15/2061(b)

200,000

145,751

Consumers

Energy

Co.

,

4.65%,

3/1/2028(b)

200,000

198,778

4.90%,

2/15/2029(b)

100,000

100,320

4.63%,

5/15/2033

100,000

97,338

4.35%,

4/15/2049

300,000

262,004

3.10%,

8/15/2050(b)

45,000

31,715

2.65%,

8/15/2052

15,000

9,480

2.50%,

5/1/2060

100,000

57,648

Dominion

Energy,

Inc.

,

Series

D,

2.85%,

8/15/2026

500,000

472,857

Series

C,

3.38%,

4/1/2030(b)

300,000

272,638

Series

C,

2.25%,

8/15/2031

30,000

24,549

Series

A,

4.35%,

8/15/2032

40,000

37,714

5.38%,

11/15/2032(b)

50,000

50,284

Series

E,

6.30%,

3/15/2033

10,000

10,535

Series

F,

5.25%,

8/1/2033

50,000

49,392

Series

B,

5.95%,

6/15/2035

151,000

155,449

Series

C,

4.90%,

8/1/2041

300,000

273,237

Series

B,

4.85%,

8/15/2052(b)

40,000

35,761

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025(b)

170,000

161,414

4.88%,

6/1/2028(b)

100,000

98,869

5.10%,

3/1/2029

75,000

74,698

2.95%,

3/1/2030

50,000

44,102

National

Grid

plc

,

5.42%,

1/11/2034

100,000

99,296

NiSource,

Inc.

,

0.95%,

8/15/2025

160,000

150,569

2.95%,

9/1/2029(b)

250,000

225,782

1.70%,

2/15/2031(b)

85,000

67,891

5.35%,

4/1/2034

25,000

24,864

5.95%,

6/15/2041

300,000

309,153

5.00%,

6/15/2052

70,000

64,709

Public

Service

Enterprise

Group,

Inc.

,

5.88%,

10/15/2028

50,000

51,482

5.20%,

4/1/2029

50,000

50,039

6.13%,

10/15/2033

50,000

52,486

5.45%,

4/1/2034

50,000

50,092

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

244,118

2.38%,

6/15/2028(b)

200,000

178,374

4.22%,

3/15/2032

40,000

36,274

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041

200,000

201,237

San

Diego

Gas

&

Electric

Co.

,

4.95%,

8/15/2028

100,000

100,375

Series

VVV,

1.70%,

10/1/2030

100,000

82,198

4.15%,

5/15/2048(b)

200,000

167,142

3.32%,

4/15/2050

200,000

141,613

5.35%,

4/1/2053(b)

95,000

93,568

5.55%,

4/15/2054

50,000

50,719

Sempra

,

5.40%,

8/1/2026

50,000

50,145

3.40%,

2/1/2028(b)

300,000

283,458

5.50%,

8/1/2033

50,000

50,134

6.00%,

10/15/2039

220,000

224,053

4.00%,

2/1/2048

150,000

116,998

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031(b)

250,000

203,447

5.75%,

9/15/2033

50,000

51,758

Series

21A,

3.15%,

9/30/2051

100,000

65,329

WEC

Energy

Group,

Inc.

,

4.75%,

1/9/2026

70,000

69,354

5.60%,

9/12/2026

25,000

25,289

5.15%,

10/1/2027

100,000

100,175

4.75%,

1/15/2028

50,000

49,646

1.80%,

10/15/2030(b)

300,000

246,878

9,151,374

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

300,000

227,908

4.85%,

4/15/2049

300,000

263,241

3.55%,

3/15/2052

70,000

49,106

5.15%,

4/15/2053

70,000

64,468

5.63%,

5/15/2054

50,000

49,200

Boston

Properties

LP

,

2.75%,

10/1/2026

250,000

232,872

2.90%,

3/15/2030

100,000

85,652

2.45%,

10/1/2033(b)

300,000

225,954

COPT

Defense

Properties

LP

,

2.00%,

1/15/2029(b)

100,000

83,840

2.90%,

12/1/2033

100,000

78,414

Highwoods

Realty

LP

,

3.05%,

2/15/2030(b)

250,000

210,805

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

85,094

1,656,554

Oil,

Gas

&

Consumable

Fuels

1

.6

%

Apache

Corp.

,

5.10%,

9/1/2040(b)

200,000

171,634

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031

250,000

221,650

5.63%,

8/1/2034

25,000

25,011

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

500,000

486,063

4.23%,

11/6/2028(b)

400,000

391,456

4.70%,

4/10/2029

50,000

49,875

2.72%,

1/12/2032(b)

400,000

344,654

4.81%,

2/13/2033(b)

300,000

296,071

4.89%,

9/11/2033(b)

240,000

238,328

4.99%,

4/10/2034(b)

50,000

49,935

3.06%,

6/17/2041(b)

50,000

37,957

3.00%,

2/24/2050

200,000

136,443

2.77%,

11/10/2050

300,000

194,188

2.94%,

6/4/2051

150,000

100,142

3.00%,

3/17/2052

50,000

33,857

3.38%,

2/8/2061

50,000

34,539

BP

Capital

Markets

plc

,

3.28%,

9/19/2027(b)

300,000

285,525

Canadian

Natural

Resources

Ltd.

,

6.25%,

3/15/2038(b)

340,000

353,832

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032

45,000

37,325

6.75%,

11/15/2039(b)

17,000

18,731

5.40%,

6/15/2047(b)

120,000

113,023

3.75%,

2/15/2052(b)

25,000

18,381

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

250,000

249,404

3.70%,

11/15/2029

65,000

60,461

2.74%,

12/31/2039

100,000

80,773

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(b)

300,000

285,524

4.00%,

3/1/2031(b)

300,000

272,673

3.25%,

1/31/2032

200,000

170,367

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028(b)

300,000

290,685

5.65%,

4/15/2034(f)

150,000

151,071

Chevron

Corp.

,

1.55%,

5/11/2025(b)

200,000

192,333

2.95%,

5/16/2026(b)

300,000

288,840

2.00%,

5/11/2027(b)

120,000

110,939

2.24%,

5/11/2030(b)

60,000

52,478

3.08%,

5/11/2050(b)

25,000

17,952

Chevron

USA,

Inc.

,

0.69%,

8/12/2025(b)

140,000

132,078

1.02%,

8/12/2027(b)

120,000

106,559

3.85%,

1/15/2028(b)

50,000

48,863

2.34%,

8/12/2050

200,000

121,939

CNOOC

Finance

2013

Ltd.

,

3.30%,

9/30/2049

200,000

147,557

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025

500,000

490,415

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

141,759

6.40%,

5/15/2037

200,000

223,734

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045

100,000

98,824

ConocoPhillips

,

5.90%,

10/15/2032(b)

177,000

190,658

6.50%,

2/1/2039(b)

300,000

340,319

36

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

ConocoPhillips

Co.

,

5.05%,

9/15/2033

70,000

70,633

3.76%,

3/15/2042

100,000

83,079

4.30%,

11/15/2044

155,000

135,917

3.80%,

3/15/2052

50,000

39,044

5.30%,

5/15/2053(b)

40,000

39,719

5.55%,

3/15/2054(b)

50,000

51,532

4.03%,

3/15/2062(b)

200,000

158,497

5.70%,

9/15/2063(b)

50,000

52,406

Continental

Resources,

Inc.

,

4.90%,

6/1/2044(b)

60,000

49,867

Coterra

Energy,

Inc.

,

5.60%,

3/15/2034

50,000

50,377

Devon

Energy

Corp.

,

5.88%,

6/15/2028

100,000

100,513

4.75%,

5/15/2042(b)

300,000

261,113

Diamondback

Energy,

Inc.

,

3.50%,

12/1/2029

100,000

92,504

6.25%,

3/15/2033(b)

35,000

37,313

4.40%,

3/24/2051

50,000

41,419

6.25%,

3/15/2053

60,000

64,731

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029(b)

200,000

178,691

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025

250,000

251,450

Enbridge,

Inc.

,

1.60%,

10/4/2026

95,000

87,035

5.90%,

11/15/2026(b)

70,000

71,300

3.70%,

7/15/2027(b)

50,000

48,061

6.00%,

11/15/2028(b)

50,000

51,987

3.13%,

11/15/2029(b)

150,000

136,931

6.20%,

11/15/2030(b)

30,000

31,783

5.70%,

3/8/2033(b)

380,000

389,179

2.50%,

8/1/2033

200,000

161,152

4.00%,

11/15/2049

250,000

194,703

3.40%,

8/1/2051(b)

65,000

45,712

6.70%,

11/15/2053

70,000

79,116

Energy

Transfer

LP

,

4.75%,

1/15/2026

250,000

247,368

6.05%,

12/1/2026

75,000

76,478

5.55%,

2/15/2028(b)

50,000

50,709

3.75%,

5/15/2030

60,000

55,302

6.40%,

12/1/2030(b)

40,000

42,223

5.75%,

2/15/2033(b)

30,000

30,475

6.55%,

12/1/2033

230,000

246,903

5.55%,

5/15/2034(b)

40,000

40,122

6.05%,

6/1/2041

75,000

75,296

6.50%,

2/1/2042

250,000

265,137

5.00%,

5/15/2044(b)(e)

150,000

132,658

5.35%,

5/15/2045

200,000

184,685

5.30%,

4/15/2047(b)

300,000

272,752

6.25%,

4/15/2049

450,000

461,851

5.95%,

5/15/2054(b)

90,000

89,815

Enterprise

Products

Operating

LLC

,

5.05%,

1/10/2026

70,000

69,950

4.60%,

1/11/2027

50,000

49,696

2.80%,

1/31/2030(b)

120,000

107,556

5.35%,

1/31/2033(b)

70,000

71,449

4.85%,

1/31/2034

50,000

49,251

6.13%,

10/15/2039

285,000

304,596

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Enterprise

Products

Operating

LLC,

4.45%,

2/15/2043

100,000

89,185

4.85%,

3/15/2044(b)

100,000

93,454

4.25%,

2/15/2048(b)

250,000

213,943

4.80%,

2/1/2049

300,000

276,306

3.70%,

1/31/2051(b)

250,000

193,151

3.20%,

2/15/2052

80,000

56,042

4.95%,

10/15/2054(b)

200,000

186,616

EOG

Resources,

Inc.

,

4.95%,

4/15/2050(b)

60,000

57,075

EQT

Corp.

,

3.90%,

10/1/2027(b)

300,000

285,160

5.75%,

2/1/2034

50,000

49,835

Equinor

ASA

,

3.13%,

4/6/2030(b)

200,000

183,624

3.70%,

4/6/2050(b)

500,000

396,428

Exxon

Mobil

Corp.

,

3.04%,

3/1/2026(b)

235,000

227,603

2.28%,

8/16/2026(b)

100,000

94,678

3.29%,

3/19/2027(b)

200,000

193,472

3.48%,

3/19/2030(b)

250,000

235,639

2.61%,

10/15/2030(b)

250,000

221,519

4.23%,

3/19/2040(b)

200,000

182,198

4.11%,

3/1/2046(b)

250,000

215,624

3.10%,

8/16/2049(b)

50,000

35,711

4.33%,

3/19/2050(b)

326,000

288,479

3.45%,

4/15/2051

274,000

207,578

Hess

Corp.

,

4.30%,

4/1/2027

500,000

490,257

5.60%,

2/15/2041(b)

250,000

254,778

Kinder

Morgan

Energy

Partners

LP

,

6.38%,

3/1/2041

250,000

259,001

5.00%,

8/15/2042

350,000

311,954

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

160,000

157,727

1.75%,

11/15/2026(b)

300,000

275,189

5.00%,

2/1/2029

60,000

59,753

2.00%,

2/15/2031(b)

50,000

41,123

4.80%,

2/1/2033(b)

60,000

57,358

5.20%,

6/1/2033(b)

90,000

88,634

5.40%,

2/1/2034(b)

75,000

74,699

5.30%,

12/1/2034(b)

350,000

344,114

5.55%,

6/1/2045(b)

200,000

190,837

5.05%,

2/15/2046

250,000

221,971

3.25%,

8/1/2050

50,000

32,977

5.45%,

8/1/2052(b)

60,000

56,630

Marathon

Oil

Corp.

,

5.30%,

4/1/2029

50,000

49,909

6.80%,

3/15/2032(b)

118,000

127,135

5.70%,

4/1/2034

50,000

49,998

6.60%,

10/1/2037(b)

70,000

73,646

Marathon

Petroleum

Corp.

,

6.50%,

3/1/2041

250,000

271,822

MPLX

LP

,

4.88%,

6/1/2025

250,000

247,908

1.75%,

3/1/2026

160,000

149,567

4.25%,

12/1/2027

350,000

340,392

4.00%,

3/15/2028(b)

100,000

96,289

2.65%,

8/15/2030

190,000

163,419

4.95%,

9/1/2032

90,000

87,425

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

MPLX

LP,

5.00%,

3/1/2033(b)

35,000

33,976

4.50%,

4/15/2038

250,000

222,010

4.70%,

4/15/2048

200,000

170,614

5.50%,

2/15/2049(b)

300,000

285,588

4.95%,

3/14/2052

110,000

96,620

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030(b)

210,000

222,537

6.13%,

1/1/2031(b)

300,000

310,683

6.45%,

9/15/2036(b)

250,000

266,566

4.20%,

3/15/2048

180,000

138,400

ONEOK

Partners

LP

,

6.13%,

2/1/2041

100,000

103,469

ONEOK,

Inc.

,

5.55%,

11/1/2026(b)

100,000

100,915

4.00%,

7/13/2027(b)

500,000

483,299

5.65%,

11/1/2028

100,000

102,221

4.35%,

3/15/2029(b)

100,000

96,909

5.80%,

11/1/2030

75,000

77,264

6.05%,

9/1/2033(b)

100,000

104,295

5.20%,

7/15/2048(b)

250,000

229,504

3.95%,

3/1/2050(b)

25,000

18,436

6.63%,

9/1/2053

350,000

385,736

Ovintiv,

Inc.

,

5.65%,

5/15/2025

60,000

60,010

5.65%,

5/15/2028(b)

60,000

60,992

6.25%,

7/15/2033

40,000

41,588

6.50%,

2/1/2038

250,000

260,444

7.10%,

7/15/2053(b)

40,000

44,754

Phillips

66

,

4.65%,

11/15/2034(b)

200,000

190,396

5.88%,

5/1/2042(b)

132,000

138,676

4.88%,

11/15/2044(b)

300,000

280,021

Phillips

66

Co.

,

4.95%,

12/1/2027(b)

40,000

40,025

5.25%,

6/15/2031

50,000

50,667

5.30%,

6/30/2033

100,000

100,619

4.90%,

10/1/2046(b)

50,000

46,000

5.65%,

6/15/2054(b)

50,000

50,739

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

30,000

29,962

1.90%,

8/15/2030

200,000

168,010

2.15%,

1/15/2031(b)

300,000

252,402

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

200,000

197,283

5.15%,

6/1/2042(b)

250,000

225,665

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

200,000

199,415

4.50%,

5/15/2030(b)

400,000

384,684

5.90%,

9/15/2037(b)

60,000

62,309

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045(b)

100,000

84,558

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

350,000

373,094

Targa

Resources

Corp.

,

5.20%,

7/1/2027(b)

60,000

59,913

6.15%,

3/1/2029(b)

35,000

36,478

6.13%,

3/15/2033(b)

100,000

104,327

6.50%,

3/30/2034(b)

50,000

53,724

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Targa

Resources

Corp.,

6.25%,

7/1/2052

60,000

62,282

6.50%,

2/15/2053

100,000

107,158

Targa

Resources

Partners

LP

,

4.00%,

1/15/2032

100,000

90,008

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029(b)

300,000

284,212

2.83%,

1/10/2030(b)

500,000

451,621

3.13%,

5/29/2050(b)

200,000

142,432

3.39%,

6/29/2060

100,000

70,219

TransCanada

PipeLines

Ltd.

,

4.88%,

1/15/2026(b)

285,000

283,059

4.25%,

5/15/2028(b)

500,000

484,739

2.50%,

10/12/2031(b)

100,000

83,193

5.85%,

3/15/2036

450,000

462,705

7.63%,

1/15/2039

110,000

130,348

6.10%,

6/1/2040

200,000

206,738

Valero

Energy

Corp.

,

2.80%,

12/1/2031(b)

100,000

85,405

7.50%,

4/15/2032

118,000

135,462

6.63%,

6/15/2037

200,000

218,028

3.65%,

12/1/2051(b)

50,000

36,186

Western

Midstream

Operating

LP

,

6.15%,

4/1/2033(b)

100,000

102,532

5.30%,

3/1/2048

120,000

105,283

5.25%,

2/1/2050(b)(e)

100,000

89,452

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025(b)

500,000

490,462

5.40%,

3/2/2026

55,000

55,141

3.75%,

6/15/2027(b)

300,000

288,695

5.30%,

8/15/2028

200,000

201,694

4.90%,

3/15/2029

50,000

49,669

3.50%,

11/15/2030(b)

400,000

363,533

4.65%,

8/15/2032

60,000

57,823

5.65%,

3/15/2033

100,000

102,598

5.15%,

3/15/2034(b)

50,000

49,549

5.80%,

11/15/2043

250,000

249,376

4.90%,

1/15/2045(b)

350,000

314,743

35,342,835

Paper

&

Forest

Products

0

.0

%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

61,553

Suzano

Austria

GmbH

,

2.50%,

9/15/2028(b)

200,000

176,517

6.00%,

1/15/2029

200,000

201,008

5.00%,

1/15/2030(b)

200,000

191,912

630,990

Passenger

Airlines

0

.0

%

†

American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

275,870

234,246

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

274,457

2.63%,

2/10/2030

50,000

43,485

552,188

38

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Personal

Care

Products

0

.1

%

Estee

Lauder

Cos.,

Inc.

(The)

,

2.38%,

12/1/2029

35,000

30,775

1.95%,

3/15/2031

100,000

82,778

5.00%,

2/14/2034(b)

25,000

24,800

3.13%,

12/1/2049(b)

150,000

103,521

Haleon

US

Capital

LLC

,

3.38%,

3/24/2027(b)

400,000

382,790

3.63%,

3/24/2032

500,000

450,605

Kenvue,

Inc.

,

5.05%,

3/22/2028(b)

105,000

106,128

5.00%,

3/22/2030

80,000

80,835

4.90%,

3/22/2033(b)

140,000

139,882

5.10%,

3/22/2043(b)

60,000

59,670

5.05%,

3/22/2053(b)

100,000

97,925

5.20%,

3/22/2063

45,000

44,517

1,604,226

Pharmaceuticals

1

.0

%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026(b)

200,000

184,746

4.80%,

2/26/2027

75,000

74,968

4.88%,

3/3/2028

100,000

100,241

1.75%,

5/28/2028(b)

125,000

110,985

4.85%,

2/26/2029

75,000

75,212

4.90%,

3/3/2030

100,000

100,756

4.90%,

2/26/2031

75,000

75,248

2.25%,

5/28/2031

35,000

29,565

4.88%,

3/3/2033

100,000

99,791

5.00%,

2/26/2034

75,000

75,308

AstraZeneca

plc

,

3.38%,

11/16/2025(b)

150,000

146,176

0.70%,

4/8/2026

200,000

183,948

1.38%,

8/6/2030(b)

200,000

163,236

6.45%,

9/15/2037

200,000

226,088

4.00%,

9/18/2042(b)

250,000

214,729

2.13%,

8/6/2050

85,000

50,413

Bristol-Myers

Squibb

Co.

,

4.95%,

2/20/2026

60,000

59,988

3.20%,

6/15/2026(b)

132,000

127,253

4.90%,

2/22/2027

40,000

40,090

3.90%,

2/20/2028(b)

750,000

728,347

4.90%,

2/22/2029(b)

60,000

60,252

3.40%,

7/26/2029(b)

400,000

375,735

5.75%,

2/1/2031(b)

75,000

78,716

5.10%,

2/22/2031(b)

230,000

232,224

2.95%,

3/15/2032

140,000

122,282

5.90%,

11/15/2033(b)

60,000

64,118

5.20%,

2/22/2034(b)

170,000

172,605

4.13%,

6/15/2039(b)

300,000

265,842

3.25%,

8/1/2042

250,000

191,040

5.50%,

2/22/2044

25,000

25,585

4.55%,

2/20/2048(b)

195,000

174,435

4.25%,

10/26/2049(b)

400,000

341,599

2.55%,

11/13/2050

300,000

184,633

6.25%,

11/15/2053(b)

50,000

56,322

5.55%,

2/22/2054(b)

110,000

113,122

6.40%,

11/15/2063

200,000

228,582

5.65%,

2/22/2064(b)

125,000

128,597

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025

95,000

92,505

4.50%,

2/9/2027

75,000

74,788

4.50%,

2/9/2029(b)

75,000

74,739

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Eli

Lilly

&

Co.,

4.70%,

2/27/2033

40,000

39,897

4.70%,

2/9/2034

175,000

174,025

2.25%,

5/15/2050(b)

300,000

183,465

4.88%,

2/27/2053(b)

40,000

39,061

5.00%,

2/9/2054(b)

160,000

159,099

2.50%,

9/15/2060

150,000

88,381

4.95%,

2/27/2063(b)

100,000

97,272

5.10%,

2/9/2064(b)

75,000

74,641

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028(b)

300,000

291,694

5.38%,

4/15/2034(b)

201,000

214,708

6.38%,

5/15/2038(b)

200,000

226,145

4.20%,

3/18/2043(b)

50,000

44,717

Johnson

&

Johnson

,

2.45%,

3/1/2026(b)

250,000

239,541

0.95%,

9/1/2027(b)

300,000

266,957

1.30%,

9/1/2030(b)

300,000

248,159

4.95%,

5/15/2033

263,000

275,049

3.63%,

3/3/2037

100,000

88,742

3.70%,

3/1/2046(b)

250,000

208,767

3.75%,

3/3/2047

100,000

83,088

2.45%,

9/1/2060

500,000

297,732

Merck

&

Co.,

Inc.

,

1.70%,

6/10/2027(b)

170,000

154,941

4.05%,

5/17/2028(b)

30,000

29,490

1.90%,

12/10/2028(b)

130,000

115,299

3.40%,

3/7/2029(b)

400,000

378,763

4.30%,

5/17/2030

60,000

58,676

2.15%,

12/10/2031

115,000

96,251

4.50%,

5/17/2033

35,000

34,224

3.90%,

3/7/2039(b)

100,000

88,373

3.60%,

9/15/2042

250,000

204,566

4.90%,

5/17/2044(b)

40,000

38,866

3.70%,

2/10/2045

400,000

326,436

4.00%,

3/7/2049(b)

350,000

293,890

2.75%,

12/10/2051

70,000

45,763

5.00%,

5/17/2053

35,000

34,266

2.90%,

12/10/2061

100,000

62,805

5.15%,

5/17/2063(b)

25,000

24,759

Novartis

Capital

Corp.

,

3.00%,

11/20/2025

300,000

291,380

3.10%,

5/17/2027(b)

500,000

478,488

2.20%,

8/14/2030

300,000

260,307

4.00%,

11/20/2045

200,000

172,879

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.65%,

5/19/2025

300,000

298,058

4.45%,

5/19/2026

300,000

296,882

4.45%,

5/19/2028

300,000

295,731

4.65%,

5/19/2030(b)

500,000

495,149

4.75%,

5/19/2033(b)

395,000

388,910

5.30%,

5/19/2053(b)

520,000

517,002

5.34%,

5/19/2063

350,000

342,959

Pfizer,

Inc.

,

3.00%,

12/15/2026(b)

300,000

287,148

2.63%,

4/1/2030

100,000

89,075

1.70%,

5/28/2030(b)

140,000

117,610

1.75%,

8/18/2031(b)

100,000

81,594

7.20%,

3/15/2039(b)

525,000

632,951

2.55%,

5/28/2040

45,000

32,145

4.00%,

3/15/2049(b)

500,000

418,280

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Pfizer,

Inc.,

2.70%,

5/28/2050

65,000

43,529

Pharmacia

LLC

,

6.60%,

12/1/2028(e)

177,000

190,108

Royalty

Pharma

plc

,

2.20%,

9/2/2030

50,000

41,541

2.15%,

9/2/2031

35,000

28,208

3.55%,

9/2/2050(b)

200,000

137,789

3.35%,

9/2/2051

50,000

32,889

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

925,000

884,752

Takeda

Pharmaceutical

Co.

Ltd.

,

5.00%,

11/26/2028(b)

300,000

300,446

2.05%,

3/31/2030(b)

200,000

169,589

3.03%,

7/9/2040

200,000

150,719

3.18%,

7/9/2050

300,000

209,070

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026(b)

500,000

483,067

5.25%,

6/15/2046

100,000

82,961

Viatris,

Inc.

,

1.65%,

6/22/2025

200,000

190,191

2.30%,

6/22/2027(b)

100,000

90,803

2.70%,

6/22/2030(b)

150,000

127,174

3.85%,

6/22/2040(b)

300,000

221,564

4.00%,

6/22/2050

100,000

68,892

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

228,167

Zoetis,

Inc.

,

4.50%,

11/13/2025(b)

230,000

227,047

3.90%,

8/20/2028(b)

350,000

336,770

3.00%,

5/15/2050

300,000

206,656

21,201,797

Professional

Services

0

.1

%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

107,406

1.25%,

9/1/2030(b)

100,000

81,703

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

215,000

206,469

2.60%,

5/1/2031

135,000

113,645

Concentrix

Corp.

,

6.65%,

8/2/2026

50,000

50,382

6.60%,

8/2/2028(b)

50,000

50,561

6.85%,

8/2/2033(b)

50,000

49,674

Equifax,

Inc.

,

5.10%,

12/15/2027

45,000

44,959

5.10%,

6/1/2028

40,000

40,069

2.35%,

9/15/2031

100,000

82,592

Jacobs

Engineering

Group,

Inc.

,

6.35%,

8/18/2028(b)

100,000

103,358

5.90%,

3/1/2033

75,000

75,923

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

280,000

269,525

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025

250,000

245,623

5.75%,

4/1/2033(b)

55,000

57,173

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

Verisk

Analytics,

Inc.,

3.63%,

5/15/2050(b)

85,000

62,939

1,642,001

Real

Estate

Management

&

Development

0

.0

%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026(b)

500,000

494,722

5.95%,

8/15/2034(b)

25,000

25,657

Jones

Lang

LaSalle,

Inc.

,

6.88%,

12/1/2028

25,000

26,474

546,853

Residential

REITs

0

.1

%

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

395,000

386,959

1.90%,

12/1/2028

200,000

175,308

3.30%,

6/1/2029

20,000

18,527

2.45%,

1/15/2031(b)

210,000

180,492

2.05%,

1/15/2032

85,000

69,873

5.30%,

12/7/2033

25,000

25,293

ERP

Operating

LP

,

1.85%,

8/1/2031(b)

30,000

24,356

4.50%,

7/1/2044

200,000

173,574

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

81,105

Essex

Portfolio

LP

,

3.38%,

4/15/2026(b)

300,000

288,832

4.00%,

3/1/2029(b)

100,000

95,373

3.00%,

1/15/2030(b)

75,000

66,511

2.65%,

3/15/2032(b)

35,000

28,978

Invitation

Homes

Operating

Partnership

LP

,

2.30%,

11/15/2028(b)

125,000

110,602

5.45%,

8/15/2030

60,000

60,181

4.15%,

4/15/2032

100,000

91,517

5.50%,

8/15/2033(b)

90,000

89,653

2.70%,

1/15/2034(b)

30,000

23,880

Mid-America

Apartments

LP

,

1.10%,

9/15/2026

30,000

27,214

2.75%,

3/15/2030

50,000

44,218

5.00%,

3/15/2034

25,000

24,611

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

65,000

56,768

5.50%,

1/15/2029

25,000

24,935

2.70%,

7/15/2031(b)

55,000

45,292

4.20%,

4/15/2032

30,000

26,905

5.70%,

1/15/2033

100,000

99,173

UDR,

Inc.

,

3.00%,

8/15/2031

250,000

217,006

1.90%,

3/15/2033

55,000

41,667

2,598,803

Retail

REITs

0

.1

%

Brixmor

Operating

Partnership

LP

,

2.50%,

8/16/2031(b)

100,000

82,089

5.50%,

2/15/2034(b)

25,000

24,687

Federal

Realty

OP

LP

,

5.38%,

5/1/2028

20,000

20,057

3.50%,

6/1/2030(b)

200,000

180,485

40

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retail

REITs

Kimco

Realty

OP

LLC

,

2.25%,

12/1/2031(b)

25,000

20,159

6.40%,

3/1/2034(b)

25,000

26,763

4.45%,

9/1/2047(b)

250,000

203,457

NNN

REIT,

Inc.

,

2.50%,

4/15/2030(b)

300,000

256,719

5.60%,

10/15/2033(b)

25,000

25,312

3.50%,

4/15/2051

40,000

28,952

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031

100,000

81,180

Realty

Income

Corp.

,

0.75%,

3/15/2026

70,000

64,159

4.70%,

12/15/2028

40,000

39,397

4.75%,

2/15/2029

25,000

24,692

3.40%,

1/15/2030

250,000

227,643

3.25%,

1/15/2031

65,000

57,985

5.63%,

10/13/2032(b)

45,000

45,937

2.85%,

12/15/2032

400,000

332,671

1.80%,

3/15/2033

55,000

41,668

4.90%,

7/15/2033

60,000

57,972

5.13%,

2/15/2034(b)

25,000

24,532

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

44,738

3.70%,

6/15/2030(b)

300,000

276,645

2,187,899

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Advanced

Micro

Devices,

Inc.

,

3.92%,

6/1/2032(b)

75,000

70,535

4.39%,

6/1/2052(b)

85,000

75,369

Analog

Devices,

Inc.

,

2.80%,

10/1/2041

175,000

127,041

Applied

Materials,

Inc.

,

3.30%,

4/1/2027(b)

200,000

192,246

1.75%,

6/1/2030

60,000

50,550

5.10%,

10/1/2035(b)

250,000

256,521

2.75%,

6/1/2050

85,000

58,272

Broadcom

Corp.

,

3.88%,

1/15/2027(b)

500,000

484,715

Broadcom,

Inc.

,

3.15%,

11/15/2025(b)

26,000

25,151

4.00%,

4/15/2029(f)

95,000

90,496

4.15%,

11/15/2030(b)

121,000

114,416

2.45%,

2/15/2031(f)

200,000

168,604

4.15%,

4/15/2032(f)

80,000

74,219

4.30%,

11/15/2032

200,000

187,922

2.60%,

2/15/2033(f)

260,000

211,162

3.42%,

4/15/2033(f)

84,000

72,820

3.47%,

4/15/2034(f)

1,000,000

856,909

3.14%,

11/15/2035(f)

300,000

242,370

4.93%,

5/15/2037(f)

363,000

344,511

3.50%,

2/15/2041(f)

100,000

77,616

Intel

Corp.

,

3.70%,

7/29/2025(b)

500,000

490,007

4.88%,

2/10/2026

110,000

109,642

3.75%,

3/25/2027

200,000

194,151

3.15%,

5/11/2027(b)

300,000

285,042

3.75%,

8/5/2027

60,000

58,012

4.88%,

2/10/2028(b)

110,000

110,272

1.60%,

8/12/2028

75,000

65,813

4.00%,

8/5/2029(b)

60,000

58,041

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.,

2.45%,

11/15/2029(b)

400,000

354,304

5.13%,

2/10/2030(b)

310,000

314,714

3.90%,

3/25/2030

400,000

380,599

5.00%,

2/21/2031

30,000

30,031

2.00%,

8/12/2031

100,000

82,175

4.15%,

8/5/2032

300,000

284,928

5.20%,

2/10/2033(b)

150,000

152,080

5.15%,

2/21/2034

40,000

40,091

2.80%,

8/12/2041

30,000

21,690

5.63%,

2/10/2043

45,000

46,528

4.10%,

5/11/2047(b)

300,000

251,364

3.73%,

12/8/2047

443,000

344,169

3.25%,

11/15/2049

100,000

70,555

4.75%,

3/25/2050

400,000

362,320

4.90%,

8/5/2052(b)

60,000

56,010

5.70%,

2/10/2053(b)

120,000

124,047

3.10%,

2/15/2060

200,000

127,017

5.05%,

8/5/2062(b)

60,000

56,423

5.90%,

2/10/2063(b)

110,000

116,704

KLA

Corp.

,

4.65%,

7/15/2032

50,000

49,203

4.70%,

2/1/2034(b)

25,000

24,613

3.30%,

3/1/2050(b)

220,000

161,486

4.95%,

7/15/2052(b)

90,000

86,746

5.25%,

7/15/2062

75,000

74,311

Lam

Research

Corp.

,

1.90%,

6/15/2030(b)

90,000

76,079

Microchip

Technology,

Inc.

,

5.05%,

3/15/2029(b)

50,000

50,008

Micron

Technology,

Inc.

,

5.38%,

4/15/2028(b)

60,000

60,593

5.33%,

2/6/2029(b)

150,000

151,364

6.75%,

11/1/2029

150,000

161,004

5.30%,

1/15/2031(b)

40,000

40,231

2.70%,

4/15/2032(b)

100,000

83,482

5.88%,

2/9/2033(b)

50,000

51,740

5.88%,

9/15/2033(b)

60,000

62,206

3.37%,

11/1/2041

50,000

37,147

3.48%,

11/1/2051(b)

50,000

35,601

NVIDIA

Corp.

,

1.55%,

6/15/2028(b)

365,000

325,409

2.85%,

4/1/2030(b)

110,000

99,844

2.00%,

6/15/2031(b)

200,000

168,994

3.50%,

4/1/2050

280,000

222,913

NXP

BV

,

2.70%,

5/1/2025

25,000

24,260

3.88%,

6/18/2026(b)

35,000

33,975

4.30%,

6/18/2029

100,000

96,359

3.40%,

5/1/2030

35,000

31,767

2.50%,

5/11/2031(b)

190,000

159,079

2.65%,

2/15/2032(b)

40,000

33,240

5.00%,

1/15/2033(b)

85,000

83,163

3.25%,

5/11/2041(b)

195,000

144,818

3.13%,

2/15/2042

50,000

36,054

3.25%,

11/30/2051

30,000

20,443

QUALCOMM,

Inc.

,

3.25%,

5/20/2027(b)

250,000

239,561

1.30%,

5/20/2028(b)

73,000

64,003

2.15%,

5/20/2030(b)

80,000

69,405

1.65%,

5/20/2032(b)

190,000

150,501

5.40%,

5/20/2033

100,000

104,852

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

QUALCOMM,

Inc.,

4.65%,

5/20/2035(b)

100,000

99,143

4.30%,

5/20/2047(b)

300,000

264,503

4.50%,

5/20/2052(b)

90,000

80,815

6.00%,

5/20/2053(b)

100,000

111,776

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031

40,000

33,548

Texas

Instruments,

Inc.

,

4.60%,

2/8/2027

25,000

24,964

4.60%,

2/15/2028

105,000

105,037

4.60%,

2/8/2029

25,000

25,039

2.25%,

9/4/2029(b)

300,000

265,717

1.90%,

9/15/2031(b)

80,000

66,662

3.65%,

8/16/2032

40,000

37,139

4.90%,

3/14/2033

20,000

20,202

4.85%,

2/8/2034(b)

25,000

25,121

4.15%,

5/15/2048

300,000

258,277

2.70%,

9/15/2051

100,000

65,144

5.00%,

3/14/2053(b)

20,000

19,623

5.15%,

2/8/2054

25,000

25,096

5.05%,

5/18/2063(b)

55,000

53,563

TSMC

Arizona

Corp.

,

3.13%,

10/25/2041

200,000

160,395

4.50%,

4/22/2052(b)

200,000

192,506

Xilinx,

Inc.

,

2.38%,

6/1/2030

50,000

43,383

13,660,281

Software

0

.5

%

Adobe,

Inc.

,

2.15%,

2/1/2027(b)

245,000

228,754

2.30%,

2/1/2030(b)

100,000

88,004

Autodesk,

Inc.

,

2.40%,

12/15/2031

155,000

129,815

Intuit,

Inc.

,

5.25%,

9/15/2026

55,000

55,515

5.13%,

9/15/2028

75,000

76,283

5.20%,

9/15/2033

75,000

76,385

Microsoft

Corp.

,

3.13%,

11/3/2025

600,000

584,405

2.40%,

8/8/2026(b)

465,000

441,325

3.30%,

2/6/2027(b)

800,000

775,428

1.35%,

9/15/2030(f)

25,000

20,636

3.50%,

2/12/2035(b)

325,000

299,345

3.45%,

8/8/2036

239,000

213,888

2.53%,

6/1/2050

436,000

286,523

2.50%,

9/15/2050(f)

200,000

129,194

2.92%,

3/17/2052(b)

575,000

406,510

2.68%,

6/1/2060

400,000

257,522

3.04%,

3/17/2062

250,000

174,158

Oracle

Corp.

,

2.50%,

4/1/2025(b)

100,000

96,984

2.95%,

5/15/2025

450,000

438,174

5.80%,

11/10/2025(b)

35,000

35,288

2.65%,

7/15/2026(b)

190,000

179,786

3.25%,

11/15/2027

300,000

282,390

4.50%,

5/6/2028

55,000

54,182

6.15%,

11/9/2029(b)

65,000

68,506

2.95%,

4/1/2030

600,000

533,909

4.65%,

5/6/2030

55,000

53,934

3.25%,

5/15/2030(b)

250,000

226,669

2.88%,

3/25/2031(b)

500,000

434,738

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.,

6.25%,

11/9/2032(b)

180,000

192,589

4.90%,

2/6/2033(b)

85,000

83,219

3.90%,

5/15/2035

200,000

175,508

3.80%,

11/15/2037

400,000

335,412

3.60%,

4/1/2040(b)

300,000

236,482

5.38%,

7/15/2040

350,000

339,507

4.50%,

7/8/2044(b)

120,000

102,577

4.00%,

7/15/2046

100,000

78,777

4.00%,

11/15/2047

400,000

312,267

3.60%,

4/1/2050(b)

700,000

505,733

6.90%,

11/9/2052

180,000

207,118

5.55%,

2/6/2053(b)

130,000

127,170

3.85%,

4/1/2060

250,000

177,930

4.10%,

3/25/2061

300,000

225,280

Roper

Technologies,

Inc.

,

1.00%,

9/15/2025(b)

60,000

56,413

2.95%,

9/15/2029

90,000

80,955

1.75%,

2/15/2031

245,000

197,241

Salesforce,

Inc.

,

3.70%,

4/11/2028(b)

500,000

485,105

1.95%,

7/15/2031

35,000

29,054

2.70%,

7/15/2041(b)

200,000

144,727

2.90%,

7/15/2051

290,000

195,618

ServiceNow,

Inc.

,

1.40%,

9/1/2030(b)

145,000

117,318

VMware

LLC

,

1.40%,

8/15/2026

300,000

273,977

4.70%,

5/15/2030(b)

300,000

292,024

Workday,

Inc.

,

3.50%,

4/1/2027

50,000

47,878

3.70%,

4/1/2029

50,000

47,149

3.80%,

4/1/2032

70,000

63,740

11,779,018

Specialized

REITs

0

.2

%

American

Tower

Corp.

,

1.45%,

9/15/2026

105,000

95,700

3.65%,

3/15/2027(b)

35,000

33,549

1.50%,

1/31/2028

300,000

261,881

5.50%,

3/15/2028

60,000

60,502

5.25%,

7/15/2028(b)

40,000

40,003

5.80%,

11/15/2028(b)

85,000

87,026

5.20%,

2/15/2029(b)

25,000

24,988

3.95%,

3/15/2029(b)

300,000

283,417

2.90%,

1/15/2030(b)

110,000

96,716

1.88%,

10/15/2030(b)

165,000

133,782

2.30%,

9/15/2031

145,000

118,346

4.05%,

3/15/2032

60,000

54,910

5.65%,

3/15/2033(b)

60,000

60,939

5.55%,

7/15/2033(b)

40,000

40,309

5.90%,

11/15/2033(b)

100,000

103,548

5.45%,

2/15/2034

25,000

25,041

2.95%,

1/15/2051(b)

200,000

128,963

Crown

Castle,

Inc.

,

3.70%,

6/15/2026(b)

60,000

57,944

1.05%,

7/15/2026

300,000

272,691

2.90%,

3/15/2027(b)

40,000

37,413

3.65%,

9/1/2027

150,000

142,190

5.00%,

1/11/2028(b)

65,000

64,316

3.80%,

2/15/2028

150,000

142,008

4.80%,

9/1/2028(b)

35,000

34,317

42

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

Crown

Castle,

Inc.,

5.60%,

6/1/2029

75,000

76,006

3.10%,

11/15/2029(b)

260,000

232,030

5.10%,

5/1/2033(b)

35,000

34,138

5.80%,

3/1/2034(b)

65,000

66,492

2.90%,

4/1/2041

200,000

141,420

4.75%,

5/15/2047(b)

100,000

85,676

CubeSmart

LP

,

2.25%,

12/15/2028

155,000

135,945

2.00%,

2/15/2031

50,000

40,220

2.50%,

2/15/2032(b)

175,000

142,864

EPR

Properties

,

4.95%,

4/15/2028

200,000

190,321

Equinix,

Inc.

,

1.00%,

9/15/2025

50,000

46,759

1.55%,

3/15/2028

100,000

86,737

2.00%,

5/15/2028(b)

30,000

26,353

3.20%,

11/18/2029(b)

105,000

93,999

2.50%,

5/15/2031(b)

90,000

75,074

2.95%,

9/15/2051

100,000

64,197

3.40%,

2/15/2052

200,000

139,925

Extra

Space

Storage

LP

,

5.50%,

7/1/2030(b)

150,000

151,532

2.40%,

10/15/2031(b)

90,000

74,045

2.35%,

3/15/2032

40,000

32,005

5.40%,

2/1/2034

25,000

24,890

Public

Storage

Operating

Co.

,

1.50%,

11/9/2026

140,000

128,491

1.85%,

5/1/2028(b)

185,000

164,666

1.95%,

11/9/2028

135,000

119,035

5.13%,

1/15/2029(b)

30,000

30,487

2.30%,

5/1/2031(b)

160,000

135,125

2.25%,

11/9/2031(b)

100,000

83,000

Weyerhaeuser

Co.

,

4.75%,

5/15/2026

60,000

59,442

7.38%,

3/15/2032(b)

193,000

219,261

5,300,634

Specialty

Retail

0

.4

%

AutoNation,

Inc.

,

1.95%,

8/1/2028(b)

45,000

38,944

2.40%,

8/1/2031(b)

90,000

72,502

3.85%,

3/1/2032(b)

30,000

26,666

AutoZone,

Inc.

,

3.25%,

4/15/2025

325,000

317,584

5.05%,

7/15/2026(b)

25,000

25,039

4.50%,

2/1/2028(b)

145,000

142,751

6.25%,

11/1/2028

25,000

26,217

4.00%,

4/15/2030(b)

100,000

94,876

4.75%,

8/1/2032

40,000

38,806

4.75%,

2/1/2033(b)

150,000

144,916

5.20%,

8/1/2033

25,000

25,037

6.55%,

11/1/2033(b)

25,000

27,364

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030

125,000

103,914

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

36,238

Home

Depot,

Inc.

(The)

,

2.70%,

4/15/2025

30,000

29,251

4.00%,

9/15/2025

30,000

29,587

4.95%,

9/30/2026

50,000

50,081

2.50%,

4/15/2027

200,000

187,405

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The),

2.88%,

4/15/2027(b)

45,000

42,694

0.90%,

3/15/2028(b)

130,000

112,957

1.50%,

9/15/2028(b)

100,000

87,637

3.90%,

12/6/2028(b)

300,000

291,269

4.90%,

4/15/2029

50,000

50,486

1.38%,

3/15/2031(b)

300,000

239,805

1.88%,

9/15/2031(b)

100,000

81,657

3.25%,

4/15/2032

200,000

178,757

4.50%,

9/15/2032(b)

90,000

88,371

5.88%,

12/16/2036

200,000

214,789

5.95%,

4/1/2041(b)

150,000

161,076

4.20%,

4/1/2043(b)

150,000

130,695

4.40%,

3/15/2045

600,000

533,078

3.35%,

4/15/2050(b)

135,000

99,097

2.38%,

3/15/2051

200,000

118,898

2.75%,

9/15/2051

100,000

64,441

3.63%,

4/15/2052(b)

140,000

106,926

4.95%,

9/15/2052(b)

25,000

23,983

Lowe's

Cos.,

Inc.

,

4.00%,

4/15/2025(b)

500,000

493,197

4.40%,

9/8/2025

40,000

39,509

4.80%,

4/1/2026(b)

60,000

59,656

2.50%,

4/15/2026

300,000

285,289

3.35%,

4/1/2027

60,000

57,329

3.10%,

5/3/2027(b)

250,000

237,082

1.30%,

4/15/2028(b)

170,000

148,179

1.70%,

9/15/2028

80,000

69,943

6.50%,

3/15/2029(b)

236,000

253,420

1.70%,

10/15/2030

75,000

61,282

2.63%,

4/1/2031

300,000

258,144

3.75%,

4/1/2032(b)

245,000

225,046

5.00%,

4/15/2033(b)

60,000

59,764

5.15%,

7/1/2033

75,000

75,582

2.80%,

9/15/2041

60,000

42,647

4.05%,

5/3/2047(b)

250,000

201,327

3.00%,

10/15/2050

345,000

225,974

4.25%,

4/1/2052(b)

65,000

53,254

5.63%,

4/15/2053(b)

200,000

202,002

4.45%,

4/1/2062(b)

75,000

61,244

5.80%,

9/15/2062(b)

60,000

61,480

5.85%,

4/1/2063

110,000

113,466

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026(b)

300,000

290,839

5.75%,

11/20/2026

35,000

35,576

4.70%,

6/15/2032

100,000

97,729

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026(b)

500,000

471,184

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

44,586

5.25%,

5/15/2033(b)

20,000

20,148

8,288,672

Technology

Hardware,

Storage

&

Peripherals

0

.4

%

Apple,

Inc.

,

1.13%,

5/11/2025(b)

140,000

134,048

0.55%,

8/20/2025(b)

500,000

470,798

0.70%,

2/8/2026(b)

500,000

463,869

3.25%,

2/23/2026(b)

230,000

223,559

2.45%,

8/4/2026(b)

625,000

593,768

3.35%,

2/9/2027(b)

500,000

483,095

3.20%,

5/11/2027(b)

300,000

287,266

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Apple,

Inc.,

1.20%,

2/8/2028(b)

500,000

442,068

4.00%,

5/10/2028

60,000

59,054

1.40%,

8/5/2028(b)

350,000

307,598

3.25%,

8/8/2029(b)

150,000

140,878

2.20%,

9/11/2029(b)

235,000

208,781

4.15%,

5/10/2030(b)

60,000

59,139

1.65%,

5/11/2030

300,000

253,587

1.25%,

8/20/2030

500,000

408,282

1.65%,

2/8/2031(b)

250,000

207,611

1.70%,

8/5/2031

50,000

41,152

3.35%,

8/8/2032

150,000

137,730

4.30%,

5/10/2033

60,000

59,735

3.85%,

5/4/2043

550,000

476,904

4.38%,

5/13/2045

355,000

327,717

4.65%,

2/23/2046(b)

460,000

442,481

2.65%,

5/11/2050

300,000

199,205

2.40%,

8/20/2050

100,000

63,128

2.65%,

2/8/2051

400,000

263,367

2.70%,

8/5/2051

50,000

33,091

3.95%,

8/8/2052(b)

120,000

101,138

4.85%,

5/10/2053(b)

60,000

59,613

2.55%,

8/20/2060

300,000

187,442

2.85%,

8/5/2061

50,000

32,284

4.10%,

8/8/2062

120,000

101,803

Dell

International

LLC

,

6.02%,

6/15/2026

261,000

264,336

5.30%,

10/1/2029(b)

300,000

303,682

5.75%,

2/1/2033(b)

60,000

62,109

5.40%,

4/15/2034(b)

50,000

50,117

3.38%,

12/15/2041

100,000

74,389

8.35%,

7/15/2046

43,000

55,620

3.45%,

12/15/2051

55,000

38,701

Hewlett

Packard

Enterprise

Co.

,

4.90%,

10/15/2025(e)

400,000

397,330

5.25%,

7/1/2028

20,000

20,168

6.35%,

10/15/2045(b)(e)

150,000

160,397

HP,

Inc.

,

4.75%,

1/15/2028(b)

60,000

59,651

4.00%,

4/15/2029(b)

60,000

57,339

2.65%,

6/17/2031(b)

50,000

42,393

5.50%,

1/15/2033

60,000

60,675

6.00%,

9/15/2041

250,000

259,704

Western

Digital

Corp.

,

2.85%,

2/1/2029

250,000

217,511

9,394,313

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

361,424

3.88%,

11/1/2045(b)

250,000

208,841

3.38%,

3/27/2050(b)

200,000

151,305

Tapestry,

Inc.

,

7.05%,

11/27/2025

35,000

35,720

7.00%,

11/27/2026(b)

125,000

128,791

7.35%,

11/27/2028

50,000

52,685

7.70%,

11/27/2030

50,000

53,321

7.85%,

11/27/2033(b)

110,000

119,381

1,111,468

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

0

.3

%

Altria

Group,

Inc.

,

4.40%,

2/14/2026(b)

160,000

157,613

6.20%,

11/1/2028

25,000

26,057

4.80%,

2/14/2029(b)

400,000

396,071

5.80%,

2/14/2039(b)

400,000

405,327

4.50%,

5/2/2043(b)

250,000

210,643

5.38%,

1/31/2044

170,000

167,445

5.95%,

2/14/2049(b)

250,000

254,433

3.70%,

2/4/2051

250,000

174,704

BAT

Capital

Corp.

,

4.70%,

4/2/2027(b)

100,000

98,336

3.56%,

8/15/2027(b)

198,000

187,495

2.26%,

3/25/2028

160,000

142,430

6.34%,

8/2/2030(b)

100,000

104,197

4.74%,

3/16/2032(b)

70,000

66,956

6.42%,

8/2/2033(b)

90,000

94,146

6.00%,

2/20/2034

100,000

101,255

4.39%,

8/15/2037

350,000

294,195

7.08%,

8/2/2043

50,000

53,344

4.76%,

9/6/2049

150,000

119,384

5.65%,

3/16/2052(b)

70,000

63,159

7.08%,

8/2/2053(b)

75,000

80,854

BAT

International

Finance

plc

,

1.67%,

3/25/2026(b)

150,000

139,614

4.45%,

3/16/2028(b)

70,000

67,974

5.93%,

2/2/2029(b)

200,000

205,285

Philip

Morris

International,

Inc.

,

5.00%,

11/17/2025

90,000

89,766

4.88%,

2/13/2026(b)

100,000

99,601

4.75%,

2/12/2027

50,000

49,722

5.13%,

11/17/2027(b)

90,000

90,465

4.88%,

2/15/2028(b)

100,000

99,724

5.25%,

9/7/2028

25,000

25,292

4.88%,

2/13/2029

50,000

49,681

5.63%,

11/17/2029(b)

70,000

72,091

5.13%,

2/15/2030(b)

100,000

99,999

5.50%,

9/7/2030(b)

25,000

25,479

5.13%,

2/13/2031

250,000

248,361

5.75%,

11/17/2032

30,000

30,973

5.38%,

2/15/2033(b)

250,000

252,054

5.63%,

9/7/2033(b)

25,000

25,566

5.25%,

2/13/2034(b)

250,000

247,784

6.38%,

5/16/2038(b)

460,000

503,482

3.88%,

8/21/2042

250,000

200,163

4.25%,

11/10/2044

160,000

134,046

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

310,000

305,854

5.70%,

8/15/2035

120,000

117,178

5.85%,

8/15/2045(b)

400,000

371,019

6,749,217

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

3.75%,

6/1/2026

250,000

241,122

1.88%,

8/15/2026

80,000

73,757

5.30%,

2/1/2028(b)

50,000

50,027

2.10%,

9/1/2028

100,000

87,516

5.10%,

3/1/2029(b)

50,000

49,668

3.25%,

10/1/2029(b)

250,000

226,097

GATX

Corp.

,

3.25%,

9/15/2026

50,000

47,718

44

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

GATX

Corp.,

4.00%,

6/30/2030(b)

100,000

92,891

4.90%,

3/15/2033(b)

145,000

139,547

5.45%,

9/15/2033(b)

100,000

99,461

6.05%,

3/15/2034

50,000

51,464

6.90%,

5/1/2034

25,000

27,270

3.10%,

6/1/2051

90,000

58,727

WW

Grainger,

Inc.

,

3.75%,

5/15/2046

250,000

205,009

1,450,274

Water

Utilities

0

.0

%

†

American

Water

Capital

Corp.

,

4.45%,

6/1/2032

60,000

57,825

5.15%,

3/1/2034(b)

50,000

50,164

4.30%,

9/1/2045

500,000

436,233

5.45%,

3/1/2054

50,000

50,426

Essential

Utilities,

Inc.

,

5.38%,

1/15/2034

25,000

24,875

3.35%,

4/15/2050

200,000

139,942

5.30%,

5/1/2052

40,000

37,423

796,888

Wireless

Telecommunication

Services

0

.4

%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

177,000

192,812

6.13%,

3/30/2040

350,000

370,247

Rogers

Communications,

Inc.

,

3.63%,

12/15/2025(b)

200,000

194,090

3.20%,

3/15/2027

60,000

56,957

5.00%,

2/15/2029(b)

150,000

148,958

3.80%,

3/15/2032(b)

70,000

62,909

5.30%,

2/15/2034(b)

150,000

148,662

4.50%,

3/15/2042(b)

70,000

60,796

4.50%,

3/15/2043

100,000

86,069

5.00%,

3/15/2044(b)

80,000

73,370

4.35%,

5/1/2049(b)

300,000

246,081

4.55%,

3/15/2052

80,000

67,315

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

250,000

245,107

2.25%,

2/15/2026

300,000

283,877

3.75%,

4/15/2027(b)

500,000

481,553

2.05%,

2/15/2028

100,000

89,601

4.95%,

3/15/2028(b)

85,000

84,795

4.80%,

7/15/2028

80,000

79,338

4.85%,

1/15/2029

45,000

44,667

3.38%,

4/15/2029

500,000

462,415

3.88%,

4/15/2030

500,000

468,391

2.55%,

2/15/2031(b)

500,000

425,909

2.70%,

3/15/2032(b)

80,000

67,275

5.05%,

7/15/2033

245,000

242,340

5.75%,

1/15/2034(b)

65,000

67,690

5.15%,

4/15/2034(b)

25,000

24,916

4.38%,

4/15/2040(b)

250,000

222,661

3.00%,

2/15/2041(b)

200,000

147,310

4.50%,

4/15/2050(b)

150,000

130,020

3.30%,

2/15/2051

300,000

209,770

3.40%,

10/15/2052

200,000

141,859

5.65%,

1/15/2053(b)

200,000

204,225

5.75%,

1/15/2054

80,000

82,842

6.00%,

6/15/2054

100,000

106,885

5.80%,

9/15/2062(b)

200,000

206,474

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

Vodafone

Group

plc

,

4.13%,

5/30/2025

500,000

492,384

7.88%,

2/15/2030

206,000

234,829

4.38%,

2/19/2043(b)

100,000

86,398

4.88%,

6/19/2049(b)

300,000

268,593

4.25%,

9/17/2050(b)

40,000

32,288

5.63%,

2/10/2053(b)

100,000

99,384

5.75%,

2/10/2063

100,000

101,090

7,543,152

Total

Corporate

Bonds

(cost

$593,120,634)

545,171,781

Foreign

Government

Securities

1

.5

%

CANADA

0.3%

Canada

Government

Bond,

3.75%,

4/26/2028(b)

1,300,000

1,267,245

Export

Development

Canada,

3.88%,

2/14/2028(b)

500,000

489,830

4.13%,

2/13/2029

500,000

495,077

Province

of

Alberta,

3.30%,

3/15/2028(b)

500,000

476,914

Province

of

Ontario,

2.50%,

4/27/2026

600,000

572,805

2.00%,

10/2/2029(b)

1,000,000

879,221

Province

of

Quebec,

0.60%,

7/23/2025

450,000

424,906

3.63%,

4/13/2028

500,000

482,726

7.50%,

9/15/2029(b)

578,000

660,081

5,748,805

CHILE

0.1%

Republic

of

Chile,

3.24%,

2/6/2028

200,000

187,271

4.85%,

1/22/2029

200,000

198,095

2.45%,

1/31/2031

500,000

427,355

2.55%,

1/27/2032

500,000

421,940

2.55%,

7/27/2033(b)

350,000

284,052

3.10%,

5/7/2041(b)

400,000

295,610

5.33%,

1/5/2054(b)

328,290

315,148

3.25%,

9/21/2071

200,000

125,948

2,255,419

HUNGARY

0.0%

†

Hungary

Government

Bond,

7.63%,

3/29/2041

100,000

115,373

INDONESIA

0.1%

Republic

of

Indonesia,

4.15%,

9/20/2027

200,000

194,266

3.50%,

1/11/2028(b)

500,000

474,025

4.10%,

4/24/2028

1,000,000

966,330

2.85%,

2/14/2030(b)

500,000

445,624

4.65%,

9/20/2032

200,000

194,510

5.35%,

2/11/2049(b)

200,000

200,751

4.20%,

10/15/2050

200,000

168,250

5.65%,

1/11/2053

200,000

208,986

4.45%,

4/15/2070(b)

200,000

168,372

3,021,114

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

45

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ISRAEL

0.1%

State

of

Israel

Government

Bond,

3.25%,

1/17/2028

200,000

186,051

5.50%,

3/12/2034

250,000

246,713

3.38%,

1/15/2050

200,000

134,250

3.88%,

7/3/2050(b)

200,000

147,470

5.75%,

3/12/2054

250,000

239,305

4.50%,

4/3/2120

200,000

149,000

1,102,789

ITALY

0.0%

†

Italian

Republic

Government

Bond,

5.38%,

6/15/2033(b)

491,000

483,820

4.00%,

10/17/2049

400,000

296,935

780,755

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

2.38%,

4/20/2026

500,000

475,279

1.88%,

7/21/2026(b)

500,000

467,747

2.88%,

7/21/2027

500,000

472,137

3.50%,

10/31/2028

400,000

381,736

1.88%,

4/15/2031

800,000

670,769

Japan

International

Cooperation

Agency,

4.00%,

5/23/2028

450,000

436,730

2,904,398

MEXICO

0.3%

United

Mexican

States,

4.15%,

3/28/2027(b)

200,000

194,801

3.75%,

1/11/2028

1,000,000

949,442

2.66%,

5/24/2031

700,000

583,947

4.88%,

5/19/2033(b)

200,000

189,375

3.50%,

2/12/2034

250,000

207,929

6.75%,

9/27/2034

596,000

634,774

6.35%,

2/9/2035(b)

200,000

206,181

6.05%,

1/11/2040

400,000

394,808

4.75%,

3/8/2044

400,000

332,927

5.55%,

1/21/2045

300,000

278,704

4.60%,

1/23/2046

347,000

278,706

4.40%,

2/12/2052

200,000

152,534

6.34%,

5/4/2053

550,000

542,629

6.40%,

5/7/2054

400,000

398,511

3.77%,

5/24/2061

200,000

129,805

5,475,073

PANAMA

0.1%

Republic

of

Panama,

3.88%,

3/17/2028

200,000

182,475

2.25%,

9/29/2032

200,000

142,641

6.40%,

2/14/2035(b)

200,000

188,666

6.70%,

1/26/2036(b)

250,000

242,352

8.00%,

3/1/2038

200,000

209,522

4.30%,

4/29/2053

500,000

323,702

6.85%,

3/28/2054

200,000

181,375

4.50%,

4/1/2056

400,000

260,192

3.87%,

7/23/2060

200,000

115,744

1,846,669

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

PERU

0.1%

Republic

of

Peru,

4.13%,

8/25/2027

175,000

169,173

2.78%,

1/23/2031

500,000

427,780

8.75%,

11/21/2033

300,000

370,125

3.00%,

1/15/2034

200,000

163,650

3.30%,

3/11/2041

200,000

149,750

5.63%,

11/18/2050(b)

300,000

298,380

3.60%,

1/15/2072

150,000

99,187

1,678,045

PHILIPPINES

0.1%

Republic

of

Philippines,

9.50%,

2/2/2030

500,000

613,932

2.46%,

5/5/2030

500,000

432,525

7.75%,

1/14/2031(b)

200,000

231,314

6.38%,

10/23/2034

500,000

550,626

3.70%,

2/2/2042

600,000

489,840

3.20%,

7/6/2046

400,000

286,001

5.50%,

1/17/2048(b)

200,000

203,000

2,807,238

POLAND

0.0%

†

Republic

of

Poland,

4.88%,

10/4/2033

200,000

196,762

5.50%,

4/4/2053

200,000

199,116

5.50%,

3/18/2054

300,000

297,636

693,514

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea,

2.38%,

4/21/2027

1,000,000

929,595

4.50%,

9/15/2032

400,000

390,050

5.13%,

1/11/2033(b)

200,000

203,884

Republic

of

Korea,

5.63%,

11/3/2025

300,000

302,527

4.13%,

6/10/2044(b)

250,000

223,907

2,049,963

SWEDEN

0.1%

Svensk

Exportkredit

AB,

4.38%,

2/13/2026

500,000

495,543

4.13%,

6/14/2028

500,000

492,463

988,006

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay,

4.38%,

10/27/2027

250,000

247,496

5.75%,

10/28/2034

200,000

210,900

5.10%,

6/18/2050

350,000

338,737

4.98%,

4/20/2055

200,000

187,724

984,857

Total

Foreign

Government

Securities

(cost

$35,586,195)

32,452,018

Mortgage-Backed

Securities

25

.8

%

FHLMC

Gold

Pool

Pool#

J09912

4.00%,

6/1/2024

3,240

3,223

46

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C00351

8.00%,

7/1/2024

6

6

Pool#

D60780

8.00%,

6/1/2025

128

128

Pool#

G30267

5.00%,

8/1/2025

5,495

5,447

Pool#

E02746

3.50%,

11/1/2025

19,974

19,656

Pool#

J13883

3.50%,

12/1/2025

45,050

44,307

Pool#

J14732

4.00%,

3/1/2026

26,522

26,160

Pool#

E02896

3.50%,

5/1/2026

22,664

22,266

Pool#

J18127

3.00%,

3/1/2027

44,205

42,924

Pool#

J18702

3.00%,

3/1/2027

37,764

36,694

Pool#

J19106

3.00%,

5/1/2027

17,627

17,105

Pool#

J20471

3.00%,

9/1/2027

73,059

70,735

Pool#

G14609

3.00%,

11/1/2027

130,719

126,421

Pool#

C00566

7.50%,

12/1/2027

207

209

Pool#

G15100

2.50%,

7/1/2028

59,712

57,132

Pool#

C18271

7.00%,

11/1/2028

924

954

Pool#

C00678

7.00%,

11/1/2028

197

204

Pool#

C00836

7.00%,

7/1/2029

185

191

Pool#

C31285

7.00%,

9/1/2029

281

290

Pool#

G18536

2.50%,

1/1/2030

959,018

905,118

Pool#

C37436

8.00%,

1/1/2030

631

657

Pool#

C36429

7.00%,

2/1/2030

426

439

Pool#

C36306

7.00%,

2/1/2030

282

291

Pool#

C00921

7.50%,

2/1/2030

436

446

Pool#

G01108

7.00%,

4/1/2030

152

157

Pool#

G18552

3.00%,

5/1/2030

351,935

336,246

Pool#

U49055

3.00%,

6/1/2030

35,990

34,532

Pool#

J32243

3.00%,

7/1/2030

287,303

273,915

Pool#

J32257

3.00%,

7/1/2030

57,301

54,632

Pool#

J32255

3.00%,

7/1/2030

55,928

53,342

Pool#

C41561

8.00%,

8/1/2030

1,378

1,385

Pool#

C01051

8.00%,

9/1/2030

719

748

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C43550

7.00%,

10/1/2030

979

1,010

Pool#

C44017

7.50%,

10/1/2030

320

318

Pool#

C44957

8.00%,

11/1/2030

623

623

Pool#

J33361

3.00%,

12/1/2030

124,085

118,400

Pool#

G18578

3.00%,

12/1/2030

122,890

116,983

Pool#

J33315

3.00%,

12/1/2030

57,929

55,212

Pool#

C01103

7.50%,

12/1/2030

306

316

Pool#

C46932

7.50%,

1/1/2031

473

472

Pool#

G18587

3.00%,

2/1/2031

90,820

86,330

Pool#

G18592

3.00%,

3/1/2031

98,688

93,747

Pool#

C48206

7.50%,

3/1/2031

1,254

1,247

Pool#

C91366

4.50%,

4/1/2031

31,374

30,934

Pool#

G18601

3.00%,

5/1/2031

58,317

55,430

Pool#

G18605

3.00%,

6/1/2031

33,904

32,223

Pool#

J34627

3.00%,

6/1/2031

9,795

9,308

Pool#

C91377

4.50%,

6/1/2031

16,559

16,328

Pool#

C53324

7.00%,

6/1/2031

1,157

1,194

Pool#

J35107

2.50%,

8/1/2031

59,729

55,914

Pool#

G01309

7.00%,

8/1/2031

405

418

Pool#

G01311

7.00%,

9/1/2031

3,058

3,156

Pool#

C01222

7.00%,

9/1/2031

458

472

Pool#

G01315

7.00%,

9/1/2031

112

116

Pool#

J35522

2.50%,

10/1/2031

228,098

213,333

Pool#

C60012

7.00%,

11/1/2031

463

478

Pool#

C61298

8.00%,

11/1/2031

1,770

1,771

Pool#

J35957

2.50%,

12/1/2031

338,307

316,348

Pool#

C61105

7.00%,

12/1/2031

3,911

4,037

Pool#

C63171

7.00%,

1/1/2032

2,843

2,935

Pool#

V61548

2.50%,

2/1/2032

325,327

303,708

Pool#

D99004

3.50%,

3/1/2032

56,683

54,334

Pool#

G30577

3.50%,

4/1/2032

124,821

119,728

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

47

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01391

7.00%,

4/1/2032

5,503

5,691

Pool#

C01345

7.00%,

4/1/2032

2,089

2,156

Pool#

C01370

8.00%,

4/1/2032

510

524

Pool#

C01381

8.00%,

5/1/2032

7,221

7,488

Pool#

C68290

7.00%,

6/1/2032

1,807

1,865

Pool#

C68300

7.00%,

6/1/2032

644

665

Pool#

D99266

3.50%,

7/1/2032

94,826

90,931

Pool#

G01449

7.00%,

7/1/2032

3,522

3,635

Pool#

C69908

7.00%,

8/1/2032

18,253

18,839

Pool#

C91558

3.50%,

9/1/2032

18,688

17,859

Pool#

G16407

2.50%,

1/1/2033

170,542

158,576

Pool#

G16408

2.50%,

1/1/2033

120,609

112,150

Pool#

G01536

7.00%,

3/1/2033

6,073

6,267

Pool#

C01528

5.00%,

4/1/2033

26,087

26,257

Pool#

G30646

3.00%,

5/1/2033

121,002

113,128

Pool#

G30642

3.00%,

5/1/2033

60,770

56,843

Pool#

K90535

3.00%,

5/1/2033

25,300

23,644

Pool#

G18693

4.00%,

5/1/2033

36,821

35,966

Pool#

G18696

3.50%,

7/1/2033

10,461

10,056

Pool#

A16419

6.50%,

11/1/2033

12,069

12,483

Pool#

A21356

6.50%,

4/1/2034

37,480

39,142

Pool#

C01851

6.50%,

4/1/2034

14,886

15,430

Pool#

A24301

6.50%,

5/1/2034

22,879

23,589

Pool#

A22067

6.50%,

5/1/2034

11,334

11,782

Pool#

G18737

3.50%,

6/1/2034

67,491

64,663

Pool#

A24988

6.50%,

7/1/2034

9,059

9,327

Pool#

G01741

6.50%,

10/1/2034

4,683

4,817

Pool#

G08023

6.50%,

11/1/2034

10,284

10,766

Pool#

G01947

7.00%,

5/1/2035

4,567

4,713

Pool#

G08073

5.50%,

8/1/2035

45,289

46,287

Pool#

A37135

5.50%,

9/1/2035

83,851

85,700

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A47368

5.00%,

10/1/2035

60,208

60,601

Pool#

A38531

5.50%,

10/1/2035

113,373

115,289

Pool#

A38255

5.50%,

10/1/2035

70,596

72,151

Pool#

G08088

6.50%,

10/1/2035

43,195

45,065

Pool#

A39759

5.50%,

11/1/2035

3,674

3,755

Pool#

A40376

5.50%,

12/1/2035

1,918

1,960

Pool#

A42305

5.50%,

1/1/2036

4,786

4,901

Pool#

A41548

7.00%,

1/1/2036

5,699

5,882

Pool#

G08111

5.50%,

2/1/2036

57,726

58,998

Pool#

A43886

5.50%,

3/1/2036

210,724

215,371

Pool#

A43885

5.50%,

3/1/2036

149,856

153,163

Pool#

A43884

5.50%,

3/1/2036

57,791

58,955

Pool#

A48378

5.50%,

3/1/2036

54,388

55,587

Pool#

A43861

5.50%,

3/1/2036

29,510

30,160

Pool#

G08116

5.50%,

3/1/2036

13,495

13,792

Pool#

A48735

5.50%,

5/1/2036

6,071

6,205

Pool#

A53039

6.50%,

10/1/2036

39,371

40,820

Pool#

G05254

5.00%,

1/1/2037

43,185

43,466

Pool#

G04331

5.00%,

2/1/2037

43,472

43,755

Pool#

G05941

6.00%,

2/1/2037

221,301

229,500

Pool#

G03620

6.50%,

10/1/2037

1,540

1,619

Pool#

G03721

6.00%,

12/1/2037

19,723

20,458

Pool#

G03969

6.00%,

2/1/2038

22,320

23,149

Pool#

C91982

3.50%,

3/1/2038

75,734

70,760

Pool#

G04913

5.00%,

3/1/2038

77,610

78,116

Pool#

G05299

4.50%,

6/1/2038

68,401

67,510

Pool#

G04581

6.50%,

8/1/2038

39,814

40,924

Pool#

C92013

3.50%,

9/1/2038

188,964

176,617

Pool#

A81674

6.00%,

9/1/2038

153,935

158,010

Pool#

G05459

5.50%,

5/1/2039

569,646

582,217

Pool#

G05535

4.50%,

7/1/2039

212,510

208,674

48

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A89500

4.50%,

10/1/2039

18,781

18,390

Pool#

A91165

5.00%,

2/1/2040

865,345

864,599

Pool#

G60342

4.50%,

5/1/2042

213,640

209,788

Pool#

G60195

4.00%,

6/1/2042

285,934

271,259

Pool#

Q08977

4.00%,

6/1/2042

59,143

56,045

Pool#

Q09824

4.00%,

8/1/2042

35,954

34,120

Pool#

Q11087

4.00%,

9/1/2042

45,486

42,908

Pool#

G07158

3.50%,

10/1/2042

151,228

139,227

Pool#

G07163

3.50%,

10/1/2042

130,867

120,604

Pool#

Q11532

3.50%,

10/1/2042

108,371

99,770

Pool#

Q12051

3.50%,

10/1/2042

84,413

77,757

Pool#

Q12052

3.50%,

10/1/2042

35,583

32,774

Pool#

C09020

3.50%,

11/1/2042

248,453

228,734

Pool#

G07264

3.50%,

12/1/2042

226,503

208,433

Pool#

Q14292

3.50%,

1/1/2043

64,603

59,489

Pool#

Q15884

3.00%,

2/1/2043

339,824

303,785

Pool#

Q16470

3.00%,

3/1/2043

702,656

628,140

Pool#

V80002

2.50%,

4/1/2043

288,091

247,140

Pool#

Q16915

3.00%,

4/1/2043

258,571

231,417

Pool#

Q17675

3.50%,

4/1/2043

272,051

250,738

Pool#

Q18523

3.50%,

5/1/2043

273,825

251,745

Pool#

Q18751

3.50%,

6/1/2043

366,435

336,887

Pool#

G07410

3.50%,

7/1/2043

111,373

102,737

Pool#

Q20332

3.50%,

7/1/2043

39,474

36,283

Pool#

G07459

3.50%,

8/1/2043

324,764

298,646

Pool#

G60038

3.50%,

1/1/2044

681,181

627,110

Pool#

Q26869

4.00%,

6/1/2044

311,734

295,725

Pool#

G07946

4.00%,

7/1/2044

9,869

9,365

Pool#

Q28607

3.50%,

9/1/2044

118,403

108,759

Pool#

G61231

3.50%,

9/1/2044

32,825

30,199

Pool#

G08609

3.50%,

10/1/2044

104,777

96,004

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q30833

4.00%,

1/1/2045

13,673

12,967

Pool#

G60400

4.50%,

1/1/2045

85,981

84,004

Pool#

G07925

4.00%,

2/1/2045

27,682

26,497

Pool#

Q34165

4.00%,

6/1/2045

181,103

171,802

Pool#

V81873

4.00%,

8/1/2045

103,803

98,439

Pool#

G08669

4.00%,

9/1/2045

158,051

149,883

Pool#

V82126

3.50%,

12/1/2045

99,177

90,542

Pool#

Q38199

3.50%,

1/1/2046

4,601

4,200

Pool#

Q38357

4.00%,

1/1/2046

42,090

39,915

Pool#

G61365

4.50%,

1/1/2046

31,719

30,990

Pool#

G08697

3.00%,

3/1/2046

461,796

408,214

Pool#

Q39364

3.50%,

3/1/2046

74,158

67,701

Pool#

Q39434

3.50%,

3/1/2046

59,655

54,532

Pool#

Q39440

4.00%,

3/1/2046

25,261

23,958

Pool#

G08704

4.50%,

4/1/2046

16,191

15,819

Pool#

Q40097

4.50%,

4/1/2046

2,837

2,771

Pool#

G60582

3.50%,

5/1/2046

181,550

166,234

Pool#

Q40718

3.50%,

5/1/2046

60,533

55,262

Pool#

G08707

4.00%,

5/1/2046

74,863

70,994

Pool#

G08708

4.50%,

5/1/2046

10,848

10,598

Pool#

Q41548

3.00%,

7/1/2046

68,115

60,296

Pool#

Q41903

3.50%,

7/1/2046

85,953

78,470

Pool#

Q41491

3.50%,

7/1/2046

9,244

8,439

Pool#

G61791

4.00%,

7/1/2046

69,435

65,862

Pool#

Q41947

4.50%,

7/1/2046

3,696

3,606

Pool#

G08715

3.00%,

8/1/2046

467,602

412,185

Pool#

Q42596

3.50%,

8/1/2046

74,754

68,511

Pool#

Q42203

3.50%,

8/1/2046

19,593

17,920

Pool#

G61237

3.50%,

8/1/2046

14,065

12,943

Pool#

Q42393

3.50%,

8/1/2046

11,737

10,715

Pool#

Q42680

4.00%,

8/1/2046

2,481

2,370

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

49

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08720

4.50%,

8/1/2046

8,983

8,772

Pool#

G61323

3.00%,

9/1/2046

440,672

393,956

Pool#

G08721

3.00%,

9/1/2046

256,010

225,616

Pool#

V82617

3.50%,

9/1/2046

164,916

150,318

Pool#

G08722

3.50%,

9/1/2046

50,331

46,135

Pool#

G60733

4.50%,

9/1/2046

94,735

92,556

Pool#

G60722

3.00%,

10/1/2046

739,202

652,113

Pool#

Q44035

3.00%,

10/1/2046

363,229

319,880

Pool#

G61815

4.00%,

10/1/2046

29,386

27,868

Pool#

G61257

3.00%,

11/1/2046

708,725

623,204

Pool#

Q44452

3.00%,

11/1/2046

163,205

143,664

Pool#

G08732

3.00%,

11/1/2046

46,515

40,964

Pool#

Q44473

3.50%,

11/1/2046

20,305

18,537

Pool#

Q44223

3.50%,

11/1/2046

12,895

11,772

Pool#

G08734

4.00%,

11/1/2046

218,307

206,913

Pool#

G08737

3.00%,

12/1/2046

1,552,274

1,366,700

Pool#

G60989

3.00%,

12/1/2046

266,322

234,744

Pool#

Q45878

3.00%,

12/1/2046

56,421

49,583

Pool#

G08738

3.50%,

12/1/2046

982,258

896,730

Pool#

Q45024

3.50%,

12/1/2046

72,297

65,270

Pool#

G08741

3.00%,

1/1/2047

425,586

374,619

Pool#

G08747

3.00%,

2/1/2047

805,188

708,711

Pool#

G08748

3.50%,

2/1/2047

203,363

185,655

Pool#

G08749

4.00%,

2/1/2047

338,311

320,508

Pool#

G61890

4.00%,

2/1/2047

23,712

22,480

Pool#

G08751

3.50%,

3/1/2047

302,852

276,480

Pool#

Q47592

3.50%,

4/1/2047

52,438

47,872

Pool#

Q47484

3.50%,

4/1/2047

11,702

10,684

Pool#

G60988

3.00%,

5/1/2047

912,054

804,665

Pool#

Q48098

3.50%,

5/1/2047

37,165

33,852

Pool#

Q48237

4.50%,

5/1/2047

63,918

62,249

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61390

3.00%,

6/1/2047

709,824

624,854

Pool#

Q48414

4.50%,

6/1/2047

44,960

43,145

Pool#

Q48365

4.50%,

6/1/2047

14,914

14,537

Pool#

G08770

3.50%,

7/1/2047

578,983

530,498

Pool#

V83270

3.50%,

7/1/2047

119,844

109,407

Pool#

G61339

3.00%,

8/1/2047

138,687

122,142

Pool#

G08774

3.50%,

8/1/2047

63,700

58,153

Pool#

Q49917

3.50%,

8/1/2047

49,234

44,947

Pool#

Q53085

3.00%,

9/1/2047

150,421

133,146

Pool#

G61295

3.50%,

9/1/2047

327,271

298,893

Pool#

G08779

3.50%,

9/1/2047

173,686

158,457

Pool#

G61622

3.00%,

10/1/2047

341,141

300,585

Pool#

G08785

4.00%,

10/1/2047

19,996

18,775

Pool#

Q52075

4.00%,

11/1/2047

118,158

111,991

Pool#

V83598

3.50%,

12/1/2047

51,741

47,235

Pool#

G67707

3.50%,

1/1/2048

377,433

345,149

Pool#

V83909

4.00%,

1/1/2048

141,759

134,428

Pool#

G61311

3.50%,

2/1/2048

353,718

322,912

Pool#

T65458

3.50%,

2/1/2048

64,770

57,720

Pool#

G08801

4.00%,

2/1/2048

105,646

99,835

Pool#

Q54460

4.00%,

2/1/2048

103,667

99,226

Pool#

G61298

4.00%,

2/1/2048

51,288

48,478

Pool#

Q54727

3.50%,

3/1/2048

146,851

134,062

Pool#

Q55401

5.00%,

4/1/2048

30,131

29,933

Pool#

V84237

3.50%,

5/1/2048

236,370

215,597

Pool#

G08813

3.50%,

5/1/2048

26,461

24,120

Pool#

G08820

4.50%,

5/1/2048

198,861

193,052

Pool#

G08821

5.00%,

5/1/2048

7,700

7,645

Pool#

G67712

4.00%,

6/1/2048

102,938

98,528

Pool#

G67713

4.00%,

6/1/2048

85,200

80,602

Pool#

G08817

4.00%,

6/1/2048

30,988

29,210

50

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08818

4.50%,

6/1/2048

106,275

103,171

Pool#

Q56473

4.50%,

6/1/2048

25,522

24,829

Pool#

Q56472

4.50%,

6/1/2048

24,715

24,175

Pool#

G08827

4.50%,

7/1/2048

72,192

69,939

Pool#

Q57401

4.50%,

7/1/2048

31,362

30,511

Pool#

Q57402

4.50%,

7/1/2048

8,776

8,585

Pool#

G08833

5.00%,

7/1/2048

3,034

3,014

Pool#

G08831

4.00%,

8/1/2048

84,838

80,032

Pool#

G08836

4.00%,

9/1/2048

341,646

322,078

Pool#

G67716

4.50%,

10/1/2048

58,906

57,308

Pool#

G08843

4.50%,

10/1/2048

25,716

24,933

Pool#

V85044

4.00%,

12/1/2048

100,882

94,854

Pool#

V85082

4.50%,

12/1/2048

19,060

18,475

Pool#

G61846

4.00%,

1/1/2049

1,826

1,717

Pool#

V85139

4.50%,

1/1/2049

24,464

23,714

FHLMC

Non

Gold

Pool

Pool#

1B8478

5.98%,

7/1/2041(a)

19,976

20,245

Pool#

2B0108

6.15%,

1/1/2042(a)

3,755

3,754

Pool#

2B1381

5.24%,

6/1/2043(a)

444

444

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

19,295

19,014

Pool#

ZS7757

3.00%,

3/1/2030

224,247

214,821

Pool#

SB0383

2.50%,

4/1/2032

553,807

517,365

Pool#

ZS8701

3.50%,

6/1/2033

36,710

35,244

Pool#

SB0218

3.00%,

10/1/2033

65,750

62,137

Pool#

SB0366

3.50%,

2/1/2034

90,897

87,265

Pool#

QN0248

3.00%,

7/1/2034

34,081

31,920

Pool#

SB0095

3.50%,

7/1/2034

48,708

47,374

Pool#

SB0069

3.00%,

9/1/2034

118,604

111,174

Pool#

SB8021

3.00%,

12/1/2034

237,204

222,157

Pool#

SB8500

2.50%,

7/1/2035

609,046

557,118

Pool#

SB8505

2.50%,

10/1/2035

1,805,945

1,655,853

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8506

2.00%,

2/1/2036

1,554,122

1,390,798

Pool#

SB8508

2.00%,

2/1/2036

1,125,184

1,004,414

Pool#

RC1826

2.00%,

2/1/2036

332,350

296,253

Pool#

SB8092

1.50%,

3/1/2036

379,193

330,159

Pool#

RC1887

2.00%,

3/1/2036

620,098

552,753

Pool#

RC2049

2.00%,

6/1/2036

1,451,402

1,293,736

Pool#

RC2045

2.00%,

6/1/2036

451,100

402,092

Pool#

SB8112

2.50%,

7/1/2036

257,323

234,512

Pool#

QN7405

2.00%,

8/1/2036

188,864

168,347

Pool#

SB8119

2.00%,

9/1/2036

843,795

747,441

Pool#

SB8140

1.50%,

2/1/2037

558,076

483,217

Pool#

SB8144

1.50%,

3/1/2037

1,167,172

1,010,611

Pool#

QN9700

1.50%,

3/1/2037

372,257

322,324

Pool#

SB8148

2.00%,

4/1/2037

2,563,730

2,273,195

Pool#

SB8154

2.50%,

5/1/2037

175,596

159,824

Pool#

SB0725

4.00%,

8/1/2037

58,547

56,916

Pool#

SB1009

4.00%,

2/1/2038

60,502

58,645

Pool#

QA2237

3.00%,

7/1/2046

906,913

802,502

Pool#

QA2226

3.00%,

7/1/2046

534,148

472,874

Pool#

ZS4693

3.00%,

12/1/2046

709,963

624,270

Pool#

ZM2339

3.50%,

1/1/2047

142,634

130,048

Pool#

ZS4746

3.00%,

12/1/2047

347,971

305,079

Pool#

ZA5785

4.50%,

10/1/2048

144,513

139,961

Pool#

ZT1321

4.50%,

11/1/2048

178,310

172,624

Pool#

ZA6139

4.50%,

12/1/2048

56,688

54,785

Pool#

SD0295

3.00%,

2/1/2049

1,659,044

1,470,794

Pool#

ZA6536

4.00%,

3/1/2049

65,278

61,085

Pool#

ZA6380

4.00%,

3/1/2049

64,957

60,818

Pool#

ZT1858

4.50%,

4/1/2049

33,534

32,440

Pool#

RA3022

2.50%,

6/1/2050

541,188

450,782

Pool#

SD7521

2.50%,

7/1/2050

798,634

673,231

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8074

3.00%,

7/1/2050

231,327

201,259

Pool#

SD7523

2.50%,

8/1/2050

208,959

175,764

Pool#

SD0500

3.00%,

8/1/2050

36,945

32,476

Pool#

SD0514

2.00%,

10/1/2050

768,958

617,407

Pool#

RA3723

2.00%,

10/1/2050

254,919

203,956

Pool#

SD8100

3.00%,

10/1/2050

1,503,079

1,304,431

Pool#

RA3935

2.50%,

11/1/2050

2,353,474

1,961,771

Pool#

RA3932

2.50%,

11/1/2050

1,404,912

1,176,895

Pool#

RA3934

2.50%,

11/1/2050

713,174

593,297

Pool#

RA3987

2.50%,

11/1/2050

305,965

255,041

Pool#

RA4071

2.50%,

12/1/2050

823,696

685,241

Pool#

RA4216

2.50%,

12/1/2050

750,915

624,247

Pool#

SD0522

3.00%,

12/1/2050

488,430

423,878

Pool#

RA4411

2.50%,

1/1/2051

1,718,892

1,432,878

Pool#

RA4351

2.50%,

1/1/2051

933,136

776,092

Pool#

RA4410

2.50%,

1/1/2051

606,774

504,808

Pool#

RA4652

2.00%,

2/1/2051

2,913,412

2,330,916

Pool#

RA4493

2.00%,

2/1/2051

1,371,101

1,091,455

Pool#

QB9104

2.00%,

2/1/2051

730,138

581,148

Pool#

RA4737

2.00%,

3/1/2051

2,613,901

2,085,642

Pool#

RA4718

2.00%,

3/1/2051

1,164,330

931,538

Pool#

SD7537

2.00%,

3/1/2051

614,707

492,480

Pool#

SD8139

1.50%,

4/1/2051

888,736

671,568

Pool#

SD8140

2.00%,

4/1/2051

4,976,291

3,959,798

Pool#

SD8145

1.50%,

5/1/2051

1,758,598

1,328,874

Pool#

SD8146

2.00%,

5/1/2051

8,987,726

7,143,699

Pool#

QC2070

2.00%,

5/1/2051

122,566

98,420

Pool#

SD0593

3.00%,

5/1/2051

1,743,485

1,532,135

Pool#

RA5436

2.00%,

6/1/2051

371,007

294,870

Pool#

RA5373

2.00%,

6/1/2051

311,155

249,753

Pool#

SD8154

1.50%,

7/1/2051

1,770,228

1,335,279

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA5398

2.00%,

7/1/2051

1,058,841

849,892

Pool#

QC5128

2.00%,

8/1/2051

295,824

236,401

Pool#

SD8166

2.00%,

9/1/2051

1,771,966

1,406,815

Pool#

RA6140

2.00%,

10/1/2051

1,259,872

999,926

Pool#

RA6085

2.00%,

10/1/2051

741,318

596,383

Pool#

RA6091

2.00%,

10/1/2051

711,555

570,368

Pool#

RA6503

2.00%,

12/1/2051

8,656,187

6,879,777

Pool#

RA6624

2.00%,

1/1/2052

5,627,020

4,454,091

Pool#

SD0856

2.00%,

1/1/2052

1,400,998

1,111,916

Pool#

SD8211

2.00%,

5/1/2052

9,904,477

7,844,670

Pool#

RA7543

4.00%,

6/1/2052

204,343

189,540

Pool#

SD8224

2.50%,

7/1/2052

2,770,563

2,293,214

Pool#

RA7664

4.00%,

7/1/2052

466,340

432,460

Pool#

SD1488

4.00%,

8/1/2052

517,179

479,723

Pool#

SD1424

4.00%,

8/1/2052

436,887

405,279

Pool#

RA7779

4.50%,

8/1/2052

586,871

559,079

Pool#

RA7920

4.00%,

9/1/2052

536,545

497,509

Pool#

SD2215

4.00%,

10/1/2052

560,745

524,639

Pool#

SD7557

4.50%,

12/1/2052

1,300,413

1,253,327

Pool#

RA8406

5.00%,

1/1/2053

652,503

636,944

Pool#

RA8411

5.50%,

1/1/2053

188,438

189,410

Pool#

QF5629

6.00%,

1/1/2053

465,592

477,255

Pool#

SD7560

4.00%,

2/1/2053

920,569

863,588

Pool#

SD8299

5.00%,

2/1/2053

2,200,567

2,147,275

Pool#

RA8791

5.00%,

4/1/2053

465,476

454,614

Pool#

RA8794

5.50%,

4/1/2053

961,612

966,572

Pool#

SD2661

5.50%,

4/1/2053

647,273

645,659

Pool#

SD8324

5.50%,

5/1/2053

1,192,738

1,187,128

Pool#

RA9090

5.50%,

5/1/2053

948,652

945,379

Pool#

SD2890

5.50%,

5/1/2053

378,345

380,297

Pool#

SD2905

5.50%,

5/1/2053

227,670

227,215

52

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA9162

5.50%,

6/1/2053

474,907

475,463

Pool#

SD3085

5.50%,

6/1/2053

225,237

225,583

Pool#

SD3260

6.00%,

6/1/2053

192,144

195,158

Pool#

SD3565

4.50%,

8/1/2053

187,708

179,086

Pool#

SD3853

5.50%,

8/1/2053

159,351

158,706

Pool#

SD3603

6.00%,

8/1/2053

1,744,522

1,783,897

Pool#

SD8367

5.50%,

10/1/2053

2,334,154

2,322,386

Pool#

SD4350

6.50%,

10/1/2053

182,105

186,046

Pool#

SD4340

5.50%,

11/1/2053

1,029,038

1,031,876

Pool#

RJ0528

6.50%,

12/1/2053

421,456

432,669

Pool#

RJ0530

6.50%,

12/1/2053

337,287

345,113

Pool#

RJ0527

6.50%,

12/1/2053

169,091

172,750

Pool#

RJ0717

6.50%,

1/1/2054

77,815

79,681

Pool#

RJ0841

6.00%,

2/1/2054

273,070

277,213

Pool#

SD4870

6.50%,

2/1/2054

105,654

107,940

FNMA

Pool

Pool#

AC9895

5.06%,

4/1/2040(a)

344,823

341,881

Pool#

AC9890

5.55%,

4/1/2040(a)

165,325

164,035

Pool#

AJ1249

6.06%,

9/1/2041(a)

47,295

48,644

Pool#

AK0714

6.27%,

2/1/2042(a)

6,451

6,467

Pool#

AT4250

5.42%,

6/1/2043(a)

14,871

15,074

Pool#

BF0203

3.00%,

2/1/2047

407,166

360,308

Pool#

BF0206

4.00%,

2/1/2047

247,175

230,877

Pool#

BF0200

3.50%,

11/1/2051

173,839

158,499

Pool#

BF0171

4.00%,

1/1/2057

150,473

139,619

Pool#

BF0184

4.00%,

2/1/2057

171,640

159,262

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

41

41

Pool#

934863

4.00%,

6/1/2024

1,390

1,383

Pool#

AC1374

4.00%,

8/1/2024

2,974

2,946

Pool#

AC1529

4.50%,

9/1/2024

8,250

8,162

Pool#

AD0244

4.50%,

10/1/2024

1,248

1,241

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AD4089

4.50%,

5/1/2025

32,741

32,458

Pool#

890216

4.50%,

7/1/2025

4,496

4,461

Pool#

AB1609

4.00%,

10/1/2025

15,768

15,557

Pool#

AH1361

3.50%,

12/1/2025

15,597

15,224

Pool#

AH1518

3.50%,

12/1/2025

7,492

7,317

Pool#

AH5616

3.50%,

2/1/2026

48,674

47,761

Pool#

AL0298

4.00%,

5/1/2026

46,582

45,893

Pool#

AB4277

3.00%,

1/1/2027

104,021

101,015

Pool#

AL1391

3.50%,

1/1/2027

1,604

1,558

Pool#

AP4746

3.00%,

8/1/2027

28,844

27,925

Pool#

AP7855

3.00%,

9/1/2027

173,548

167,728

Pool#

AP4640

3.00%,

9/1/2027

20,128

19,323

Pool#

AQ5096

3.00%,

11/1/2027

43,923

42,427

Pool#

AB6887

3.00%,

11/1/2027

37,500

36,267

Pool#

AQ4532

3.00%,

11/1/2027

31,958

30,625

Pool#

AQ3758

3.00%,

11/1/2027

23,374

22,425

Pool#

AB6886

3.00%,

11/1/2027

18,251

17,639

Pool#

AQ7406

3.00%,

11/1/2027

14,787

14,197

Pool#

AQ2884

3.00%,

12/1/2027

17,003

16,308

Pool#

AS0487

2.50%,

9/1/2028

100,754

96,165

Pool#

930998

4.50%,

4/1/2029

2,162

2,123

Pool#

BM1507

2.50%,

12/1/2029

55,389

53,063

Pool#

AL8077

3.50%,

12/1/2029

7,324

7,100

Pool#

BM4299

3.00%,

3/1/2030

190,024

184,422

Pool#

AS4874

3.00%,

4/1/2030

165,515

158,031

Pool#

AS5412

2.50%,

7/1/2030

64,270

60,415

Pool#

AS5420

3.00%,

7/1/2030

144,866

137,951

Pool#

AL7152

3.50%,

7/1/2030

137,141

132,810

Pool#

AS5702

2.50%,

8/1/2030

238,018

223,504

Pool#

AZ4898

2.50%,

8/1/2030

154,525

145,585

Pool#

AY8448

3.00%,

8/1/2030

497,916

474,007

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AZ2953

3.00%,

9/1/2030

420,018

399,791

Pool#

AZ5718

3.00%,

9/1/2030

274,182

261,290

Pool#

AS6060

3.00%,

10/1/2030

320,822

305,296

Pool#

AZ9234

3.50%,

10/1/2030

16,491

15,851

Pool#

BA2993

3.00%,

11/1/2030

70,111

66,741

Pool#

AS6174

3.50%,

11/1/2030

9,409

9,081

Pool#

AS6272

2.50%,

12/1/2030

89,779

84,171

Pool#

AS6295

3.00%,

12/1/2030

129,341

123,152

Pool#

BA3545

3.00%,

12/1/2030

58,588

55,784

Pool#

AH1515

4.00%,

12/1/2030

138,050

134,138

Pool#

AD0716

6.50%,

12/1/2030

358,201

365,952

Pool#

BA6532

2.50%,

1/1/2031

70,348

66,126

Pool#

BM5016

3.00%,

1/1/2031

199,791

190,791

Pool#

AB2121

4.00%,

1/1/2031

22,490

21,876

Pool#

AL8060

3.00%,

2/1/2031

141,031

134,346

Pool#

MA0641

4.00%,

2/1/2031

94,343

91,668

Pool#

560868

7.50%,

2/1/2031

376

373

Pool#

AS6799

3.00%,

3/1/2031

109,254

103,726

Pool#

BC0774

3.00%,

3/1/2031

62,832

59,779

Pool#

AS6919

3.50%,

3/1/2031

7,482

7,218

Pool#

BC4410

3.50%,

3/1/2031

7,175

6,923

Pool#

BC0320

3.50%,

3/1/2031

5,503

5,313

Pool#

BC4430

3.00%,

4/1/2031

23,891

22,714

Pool#

AL8565

3.00%,

6/1/2031

76,718

72,786

Pool#

AL8566

3.00%,

6/1/2031

73,167

69,451

Pool#

AL8561

3.50%,

6/1/2031

66,121

63,900

Pool#

AS8028

2.50%,

9/1/2031

266,860

249,415

Pool#

AL9378

3.00%,

9/1/2031

37,004

35,232

Pool#

MA2775

2.50%,

10/1/2031

548,046

512,015

Pool#

BM1888

2.50%,

10/1/2031

401,222

383,609

Pool#

AS8038

2.50%,

10/1/2031

260,032

242,861

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC4777

2.50%,

10/1/2031

202,801

189,451

Pool#

AL9323

2.50%,

10/1/2031

11,809

11,029

Pool#

AS8612

3.00%,

10/1/2031

61,135

58,013

Pool#

607212

7.50%,

10/1/2031

2,504

2,485

Pool#

MA0895

3.50%,

11/1/2031

96,898

92,747

Pool#

MA2830

2.50%,

12/1/2031

217,286

202,858

Pool#

BM3814

2.50%,

12/1/2031

147,082

137,405

Pool#

AS8594

2.50%,

1/1/2032

173,737

162,264

Pool#

AS8597

2.50%,

1/1/2032

148,128

138,347

Pool#

AS8609

3.00%,

1/1/2032

111,636

105,523

Pool#

AL9786

3.00%,

1/1/2032

93,964

89,436

Pool#

AL9585

3.50%,

1/1/2032

38,980

37,557

Pool#

BM1036

2.50%,

2/1/2032

786,930

735,049

Pool#

BM4624

3.00%,

2/1/2032

107,979

102,499

Pool#

AL9872

3.00%,

2/1/2032

80,674

76,541

Pool#

AL9740

3.00%,

2/1/2032

75,698

71,524

Pool#

AL9871

3.00%,

2/1/2032

49,525

47,005

Pool#

AS8767

3.00%,

2/1/2032

9,158

8,669

Pool#

BM1007

2.50%,

3/1/2032

239,867

223,072

Pool#

AL9899

3.00%,

3/1/2032

14,880

14,090

Pool#

BM3269

2.50%,

4/1/2032

354,613

330,629

Pool#

MA1029

3.50%,

4/1/2032

85,751

81,889

Pool#

545556

7.00%,

4/1/2032

1,528

1,576

Pool#

AS9695

3.50%,

5/1/2032

16,862

16,228

Pool#

AO2565

3.50%,

5/1/2032

16,232

15,395

Pool#

545605

7.00%,

5/1/2032

2,146

2,227

Pool#

BM4088

3.00%,

6/1/2032

136,564

129,677

Pool#

AO5103

3.50%,

6/1/2032

101,928

97,479

Pool#

890786

3.50%,

6/1/2032

17,495

16,834

Pool#

MA1107

3.50%,

7/1/2032

12,413

11,849

Pool#

FM1664

4.00%,

7/1/2032

39,208

38,606

54

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

651361

7.00%,

7/1/2032

844

870

Pool#

BM1669

3.00%,

8/1/2032

85,236

80,535

Pool#

AP1990

3.50%,

8/1/2032

45,817

43,568

Pool#

AP1997

3.50%,

8/1/2032

24,379

23,211

Pool#

BH5355

3.50%,

8/1/2032

4,325

4,161

Pool#

AO7202

3.50%,

9/1/2032

84,520

80,892

Pool#

MA1166

3.50%,

9/1/2032

66,730

63,694

Pool#

BM5167

3.50%,

9/1/2032

11,152

10,758

Pool#

CA0586

2.50%,

10/1/2032

35,476

32,966

Pool#

AP3673

3.50%,

10/1/2032

80,126

76,688

Pool#

BH9391

3.50%,

10/1/2032

5,612

5,399

Pool#

BM3389

3.00%,

11/1/2032

137,634

129,976

Pool#

AB6962

3.50%,

11/1/2032

125,418

119,987

Pool#

AQ3343

3.50%,

11/1/2032

73,839

70,644

Pool#

BM3977

3.00%,

12/1/2032

201,855

190,630

Pool#

CA0951

3.00%,

12/1/2032

111,571

105,339

Pool#

FM1661

2.50%,

1/1/2033

367,859

347,290

Pool#

BM4338

2.50%,

1/1/2033

229,994

214,841

Pool#

BM3919

3.00%,

2/1/2033

127,047

119,968

Pool#

BM3750

3.50%,

3/1/2033

112,001

107,697

Pool#

BM4129

3.50%,

4/1/2033

129,000

124,072

Pool#

555346

5.50%,

4/1/2033

24,323

24,332

Pool#

713560

5.50%,

4/1/2033

5,919

6,008

Pool#

694846

6.50%,

4/1/2033

2,010

2,079

Pool#

AB9402

3.00%,

5/1/2033

144,325

134,915

Pool#

AB9403

3.00%,

5/1/2033

62,712

58,506

Pool#

AB9300

3.00%,

5/1/2033

50,394

47,227

Pool#

BM4132

3.50%,

5/1/2033

102,160

97,988

Pool#

MA3372

4.00%,

5/1/2033

83,534

81,395

Pool#

555421

5.00%,

5/1/2033

507,380

510,038

Pool#

MA3393

4.00%,

6/1/2033

37,499

36,531

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3427

4.00%,

7/1/2033

28,184

27,477

Pool#

720087

5.50%,

7/1/2033

92,956

94,886

Pool#

728721

5.50%,

7/1/2033

11,033

11,262

Pool#

555684

5.50%,

7/1/2033

3,223

3,290

Pool#

MA1527

3.00%,

8/1/2033

502,776

469,728

Pool#

743235

5.50%,

10/1/2033

7,703

7,862

Pool#

750229

6.50%,

10/1/2033

14,939

15,384

Pool#

FM2154

4.00%,

12/1/2033

64,045

63,162

Pool#

755872

5.50%,

12/1/2033

80,859

82,536

Pool#

725221

5.50%,

1/1/2034

2,126

2,170

Pool#

725223

5.50%,

3/1/2034

256

261

Pool#

725228

6.00%,

3/1/2034

199,475

205,574

Pool#

725425

5.50%,

4/1/2034

121,652

124,176

Pool#

725423

5.50%,

5/1/2034

12,081

12,331

Pool#

725594

5.50%,

7/1/2034

53,482

54,593

Pool#

MA3739

3.50%,

8/1/2034

77,845

74,493

Pool#

788027

6.50%,

9/1/2034

19,284

19,848

Pool#

MA3827

2.50%,

11/1/2034

453,551

416,987

Pool#

FM1905

3.00%,

11/1/2034

55,404

51,890

Pool#

807310

7.00%,

11/1/2034

1,469

1,515

Pool#

FM2412

3.50%,

1/1/2035

30,071

28,776

Pool#

735141

5.50%,

1/1/2035

164,221

167,633

Pool#

889852

5.50%,

5/1/2035

4,289

4,378

Pool#

FM5474

2.50%,

10/1/2035

427,501

391,963

Pool#

MA4156

2.50%,

10/1/2035

346,653

315,274

Pool#

FM4900

2.00%,

12/1/2035

55,289

49,352

Pool#

256023

6.00%,

12/1/2035

138,127

143,096

Pool#

CA8793

2.00%,

2/1/2036

1,344,077

1,196,524

Pool#

CA8736

2.00%,

2/1/2036

661,068

590,098

Pool#

CA8789

2.00%,

2/1/2036

649,289

578,772

Pool#

FM5908

2.00%,

2/1/2036

454,318

405,553

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA9141

2.00%,

2/1/2036

439,851

392,634

Pool#

CA9145

2.00%,

2/1/2036

374,066

333,441

Pool#

FM5571

2.00%,

2/1/2036

208,555

186,167

Pool#

CA9435

2.00%,

3/1/2036

407,543

363,278

Pool#

CA9475

2.00%,

3/1/2036

380,113

338,830

Pool#

CA9441

2.50%,

3/1/2036

299,863

274,955

Pool#

CB0262

2.00%,

4/1/2036

602,982

536,590

Pool#

745418

5.50%,

4/1/2036

24,164

24,667

Pool#

FM7259

2.50%,

5/1/2036

267,907

244,244

Pool#

745516

5.50%,

5/1/2036

13,932

14,222

Pool#

MA4360

2.00%,

6/1/2036

1,095,931

972,021

Pool#

889745

5.50%,

6/1/2036

2,577

2,630

Pool#

CB1090

2.50%,

7/1/2036

158,039

144,030

Pool#

FM8538

2.00%,

8/1/2036

207,708

185,143

Pool#

995065

5.50%,

9/1/2036

85,273

85,420

Pool#

888635

5.50%,

9/1/2036

58,290

59,499

Pool#

MA4441

1.50%,

10/1/2036

244,443

212,075

Pool#

MA4535

1.50%,

2/1/2037

4,156,530

3,598,984

Pool#

MA4566

1.50%,

3/1/2037

1,856,268

1,608,075

Pool#

MA4581

1.50%,

4/1/2037

488,680

423,337

Pool#

BT2234

2.00%,

4/1/2037

4,857,789

4,308,671

Pool#

MA4582

2.00%,

4/1/2037

2,340,695

2,073,242

Pool#

FS2950

2.50%,

4/1/2037

86,213

78,568

Pool#

FS2035

2.00%,

5/1/2037

2,323,061

2,060,486

Pool#

CB4006

2.00%,

5/1/2037

1,959,542

1,737,469

Pool#

MA4628

2.50%,

6/1/2037

176,507

160,734

Pool#

FS2497

1.50%,

8/1/2037

303,334

262,759

Pool#

995024

5.50%,

8/1/2037

32,166

32,834

Pool#

MA4726

4.00%,

9/1/2037

81,686

79,180

Pool#

995050

6.00%,

9/1/2037

298,383

309,122

Pool#

MA4797

4.00%,

11/1/2037

113,916

110,293

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

955194

7.00%,

11/1/2037

23,040

24,121

Pool#

928940

7.00%,

12/1/2037

19,862

20,478

Pool#

MA5023

4.00%,

5/1/2038

53,255

51,561

Pool#

MA3389

4.00%,

6/1/2038

62,660

60,048

Pool#

MA3464

3.50%,

9/1/2038

125,150

116,737

Pool#

990810

7.00%,

10/1/2038

39,222

40,438

Pool#

MA5223

4.00%,

11/1/2038

32,979

31,930

Pool#

AD8536

5.00%,

8/1/2040

96,863

96,656

Pool#

AB1735

3.50%,

11/1/2040

4,582

4,226

Pool#

AE9747

4.50%,

12/1/2040

343,128

336,512

Pool#

AB2067

3.50%,

1/1/2041

132,726

122,564

Pool#

932888

3.50%,

1/1/2041

113,495

104,711

Pool#

AB2068

3.50%,

1/1/2041

78,698

72,628

Pool#

932891

3.50%,

1/1/2041

20,715

19,125

Pool#

AL3650

5.00%,

2/1/2041

6,626

6,610

Pool#

AL6521

5.00%,

4/1/2041

567,979

566,769

Pool#

AL0390

5.00%,

5/1/2041

194,426

194,012

Pool#

AL5863

4.50%,

6/1/2041

1,101,496

1,076,639

Pool#

AI9851

4.50%,

9/1/2041

21,131

20,723

Pool#

AL0761

5.00%,

9/1/2041

62,561

62,395

Pool#

BM3907

5.50%,

9/1/2041

143,813

146,799

Pool#

AJ5431

4.50%,

10/1/2041

47,356

46,402

Pool#

AJ4861

4.00%,

12/1/2041

62,325

59,053

Pool#

AX5316

4.50%,

1/1/2042

34,527

33,861

Pool#

AL2499

4.50%,

1/1/2042

11,054

10,843

Pool#

AW8167

3.50%,

2/1/2042

410,154

377,853

Pool#

AB5185

3.50%,

5/1/2042

187,938

172,908

Pool#

AO3575

4.50%,

5/1/2042

43,530

42,600

Pool#

AO4647

3.50%,

6/1/2042

409,976

377,213

Pool#

AO8036

4.50%,

7/1/2042

176,884

173,474

Pool#

AP2092

4.50%,

8/1/2042

10,974

10,655

56

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AP6579

3.50%,

9/1/2042

341,751

314,572

Pool#

AL2782

4.50%,

9/1/2042

61,480

60,294

Pool#

AB6524

3.50%,

10/1/2042

566,637

520,419

Pool#

AB7074

3.00%,

11/1/2042

329,768

294,421

Pool#

AP8785

3.00%,

11/1/2042

105,867

94,529

Pool#

AL2677

3.50%,

11/1/2042

368,574

339,201

Pool#

AB6786

3.50%,

11/1/2042

193,382

177,729

Pool#

MA1273

3.50%,

12/1/2042

154,820

142,352

Pool#

AR4210

3.50%,

1/1/2043

95,975

88,165

Pool#

AT4040

3.00%,

3/1/2043

86,302

77,050

Pool#

AR8213

3.50%,

4/1/2043

79,348

73,114

Pool#

AB9238

3.00%,

5/1/2043

541,796

483,709

Pool#

AB9237

3.00%,

5/1/2043

431,290

385,048

Pool#

AB9236

3.00%,

5/1/2043

136,134

121,538

Pool#

AB9362

3.50%,

5/1/2043

556,679

511,494

Pool#

AT4145

3.00%,

6/1/2043

161,465

144,152

Pool#

AB9814

3.00%,

7/1/2043

512,144

457,236

Pool#

AT6871

3.00%,

7/1/2043

64,181

57,280

Pool#

AS0203

3.00%,

8/1/2043

395,856

353,413

Pool#

AS0255

4.50%,

8/1/2043

141,340

137,914

Pool#

AS0516

3.00%,

9/1/2043

270,796

241,728

Pool#

AL4471

4.00%,

9/1/2043

205,578

196,132

Pool#

AL6951

3.50%,

10/1/2043

270,820

248,971

Pool#

BM4222

3.00%,

1/1/2044

373,732

333,706

Pool#

AS2276

4.50%,

4/1/2044

203,344

198,414

Pool#

AW1006

4.00%,

5/1/2044

78,222

74,780

Pool#

AL7767

4.50%,

6/1/2044

18,804

18,071

Pool#

AS3161

4.00%,

8/1/2044

467,698

443,069

Pool#

BM4650

3.00%,

10/1/2044

676,812

604,332

Pool#

CA0688

3.50%,

10/1/2044

165,725

152,182

Pool#

BC5090

4.00%,

10/1/2044

39,389

37,320

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS3946

4.00%,

12/1/2044

530,434

502,613

Pool#

AL8303

3.00%,

1/1/2045

119,399

106,613

Pool#

BM4384

4.00%,

1/1/2045

201,825

191,219

Pool#

BM3611

4.00%,

1/1/2045

167,309

158,519

Pool#

BM3804

3.50%,

2/1/2045

74,036

67,996

Pool#

AL9555

4.00%,

2/1/2045

1,065,363

1,009,445

Pool#

AX9524

4.00%,

2/1/2045

610,474

583,601

Pool#

AS4418

4.00%,

2/1/2045

407,480

389,546

Pool#

AS4375

4.00%,

2/1/2045

287,326

274,679

Pool#

AL6889

4.50%,

2/1/2045

65,726

64,134

Pool#

BM3931

3.00%,

3/1/2045

329,634

294,336

Pool#

AY1312

3.50%,

3/1/2045

980,699

897,654

Pool#

AX9567

3.50%,

3/1/2045

57,535

52,642

Pool#

BM4975

4.00%,

3/1/2045

82,320

77,996

Pool#

AS4578

4.00%,

3/1/2045

78,620

75,160

Pool#

BM3664

3.00%,

5/1/2045

367,791

328,404

Pool#

AS4921

3.50%,

5/1/2045

482,713

441,154

Pool#

AS5012

4.00%,

5/1/2045

776,882

742,684

Pool#

BM5562

4.00%,

6/1/2045

146,451

138,759

Pool#

AS5312

3.50%,

7/1/2045

100,817

92,233

Pool#

AZ7111

4.00%,

7/1/2045

10,913

10,336

Pool#

AZ9866

4.00%,

8/1/2045

8,173

7,674

Pool#

AL7207

4.50%,

8/1/2045

84,386

82,342

Pool#

AL9634

3.50%,

10/1/2045

61,873

56,939

Pool#

BA2164

3.00%,

11/1/2045

86,263

76,522

Pool#

AS6311

3.50%,

12/1/2045

789,564

719,965

Pool#

AS6282

3.50%,

12/1/2045

718,152

656,969

Pool#

BC0326

3.50%,

12/1/2045

462,252

421,504

Pool#

BC0092

3.50%,

12/1/2045

42,339

38,607

Pool#

BC0475

3.50%,

12/1/2045

33,742

30,794

Pool#

AS6362

4.50%,

12/1/2045

14,522

14,170

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS6474

3.50%,

1/1/2046

181,877

167,481

Pool#

AS6539

3.50%,

1/1/2046

164,499

151,487

Pool#

AL9849

3.50%,

1/1/2046

92,470

84,953

Pool#

AS6527

4.00%,

1/1/2046

111,803

105,894

Pool#

BC0178

4.50%,

1/1/2046

2,036

1,985

Pool#

BC1158

3.50%,

2/1/2046

617,354

562,931

Pool#

BC2667

4.00%,

2/1/2046

17,803

16,862

Pool#

BC0605

4.00%,

2/1/2046

14,089

13,336

Pool#

AL9781

4.50%,

2/1/2046

160,164

156,524

Pool#

BC0300

3.50%,

3/1/2046

461,518

420,832

Pool#

BM4621

3.50%,

3/1/2046

237,180

218,217

Pool#

AS6833

3.50%,

3/1/2046

10,099

9,221

Pool#

AS6795

4.00%,

3/1/2046

56,418

53,376

Pool#

BA6972

4.00%,

3/1/2046

20,618

19,528

Pool#

BC0311

4.50%,

3/1/2046

2,488

2,425

Pool#

BC0823

3.50%,

4/1/2046

74,636

68,057

Pool#

BA7692

3.50%,

4/1/2046

9,465

8,630

Pool#

AS7026

4.00%,

4/1/2046

43,388

41,099

Pool#

AS7171

3.50%,

5/1/2046

19,996

18,233

Pool#

AS7251

4.00%,

5/1/2046

7,536

7,137

Pool#

AS7387

3.50%,

6/1/2046

57,903

52,798

Pool#

AL8833

4.00%,

6/1/2046

491,790

470,153

Pool#

AS7594

3.50%,

7/1/2046

422,680

385,414

Pool#

AS7593

3.50%,

7/1/2046

384,477

350,579

Pool#

AL8824

3.50%,

7/1/2046

109,060

100,429

Pool#

AS7545

3.50%,

7/1/2046

103,648

94,509

Pool#

AS7490

3.50%,

7/1/2046

76,173

69,638

Pool#

BC1452

4.00%,

7/1/2046

767,962

727,676

Pool#

BD5180

4.50%,

7/1/2046

1,201

1,169

Pool#

MA2705

3.00%,

8/1/2046

380,458

335,137

Pool#

BC1489

3.00%,

8/1/2046

87,387

77,153

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BD4890

3.50%,

8/1/2046

492,329

448,924

Pool#

BC9501

3.50%,

8/1/2046

17,073

15,539

Pool#

AS7760

4.00%,

8/1/2046

80,714

76,440

Pool#

AS7648

4.00%,

8/1/2046

37,523

35,524

Pool#

AS7795

4.00%,

8/1/2046

30,985

29,337

Pool#

BD3911

4.00%,

8/1/2046

6,958

6,546

Pool#

BD3923

4.00%,

8/1/2046

6,081

5,720

Pool#

AS7770

4.50%,

8/1/2046

21,745

21,199

Pool#

BD5232

4.50%,

8/1/2046

4,208

4,099

Pool#

AL8947

3.50%,

9/1/2046

135,684

123,722

Pool#

BD4944

3.50%,

9/1/2046

11,031

10,059

Pool#

AL9263

3.00%,

10/1/2046

131,692

116,034

Pool#

AL9234

3.50%,

10/1/2046

53,274

48,975

Pool#

BM3932

3.50%,

10/1/2046

31,622

28,834

Pool#

AS8125

3.50%,

10/1/2046

30,569

27,874

Pool#

FM1871

4.00%,

10/1/2046

76,259

72,255

Pool#

BC4766

4.50%,

10/1/2046

25,177

24,567

Pool#

AS8154

4.50%,

10/1/2046

7,447

7,262

Pool#

FM1368

3.00%,

11/1/2046

727,558

644,496

Pool#

MA2806

3.00%,

11/1/2046

253,747

223,729

Pool#

BC9003

3.00%,

11/1/2046

101,622

89,412

Pool#

AS8369

3.50%,

11/1/2046

407,909

371,943

Pool#

BE5067

3.50%,

11/1/2046

268,406

244,887

Pool#

BE0065

3.50%,

11/1/2046

10,818

9,894

Pool#

BE5038

4.00%,

11/1/2046

9,148

8,757

Pool#

MA2833

3.00%,

12/1/2046

2,128,116

1,871,969

Pool#

AS8483

3.00%,

12/1/2046

506,155

443,618

Pool#

BC9067

3.00%,

12/1/2046

250,987

220,778

Pool#

AS8488

3.00%,

12/1/2046

197,471

174,313

Pool#

AS8509

3.00%,

12/1/2046

63,733

56,621

Pool#

BM1121

3.50%,

12/1/2046

404,004

369,679

58

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8492

3.50%,

12/1/2046

400,431

368,429

Pool#

AS8572

3.50%,

12/1/2046

293,418

267,547

Pool#

AS8417

3.50%,

12/1/2046

239,738

218,600

Pool#

BE4224

3.50%,

12/1/2046

10,027

9,143

Pool#

AS8650

3.00%,

1/1/2047

867,938

763,111

Pool#

AL9697

3.00%,

1/1/2047

497,001

438,718

Pool#

AS8647

3.00%,

1/1/2047

374,022

330,152

Pool#

BE5775

3.00%,

1/1/2047

323,548

282,536

Pool#

AL9774

3.50%,

1/1/2047

262,360

241,661

Pool#

BM3204

3.50%,

1/1/2047

204,397

188,179

Pool#

BD2440

3.50%,

1/1/2047

144,658

131,904

Pool#

AS8692

3.50%,

1/1/2047

130,340

118,976

Pool#

BD2450

3.50%,

1/1/2047

100,940

92,195

Pool#

BE6548

3.50%,

1/1/2047

52,101

47,507

Pool#

BE5856

4.50%,

1/1/2047

6,610

6,442

Pool#

BE7115

4.50%,

1/1/2047

6,253

6,076

Pool#

BE6503

4.50%,

1/1/2047

3,559

3,464

Pool#

BM3908

5.50%,

1/1/2047

29,223

29,830

Pool#

MA2895

3.00%,

2/1/2047

2,716,299

2,388,228

Pool#

BM3688

3.50%,

2/1/2047

328,176

299,246

Pool#

BD5046

3.50%,

2/1/2047

61,441

56,024

Pool#

BM5274

4.00%,

2/1/2047

55,207

52,289

Pool#

BE8495

4.50%,

2/1/2047

3,541

3,446

Pool#

BE7869

4.50%,

2/1/2047

2,857

2,776

Pool#

AL9859

3.00%,

3/1/2047

805,771

708,786

Pool#

AL9848

3.00%,

3/1/2047

264,314

232,446

Pool#

BM5383

4.00%,

3/1/2047

36,972

35,019

Pool#

AS8966

4.00%,

3/1/2047

22,766

21,532

Pool#

AS8979

4.50%,

3/1/2047

35,780

34,868

Pool#

BE9247

4.50%,

3/1/2047

4,018

3,910

Pool#

BM3707

2.50%,

4/1/2047

142,046

120,728

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS9463

3.50%,

4/1/2047

111,738

102,199

Pool#

AS9451

3.50%,

4/1/2047

76,214

69,494

Pool#

BD7122

4.00%,

4/1/2047

338,897

320,598

Pool#

AS9467

4.00%,

4/1/2047

179,345

169,717

Pool#

AS9470

4.50%,

4/1/2047

118,281

115,169

Pool#

BH0304

4.50%,

4/1/2047

5,234

5,087

Pool#

AS9562

3.00%,

5/1/2047

55,575

48,793

Pool#

BM3237

3.50%,

5/1/2047

274,060

250,880

Pool#

AS9577

3.50%,

5/1/2047

102,411

92,431

Pool#

BM1268

4.00%,

5/1/2047

205,207

194,169

Pool#

BE3670

3.50%,

6/1/2047

107,502

98,023

Pool#

AS9794

3.50%,

6/1/2047

95,486

87,961

Pool#

AS9747

4.00%,

6/1/2047

496,601

470,550

Pool#

BM3549

4.00%,

6/1/2047

208,976

197,983

Pool#

BE3702

4.00%,

6/1/2047

73,762

69,546

Pool#

BM1295

4.50%,

6/1/2047

75,943

73,961

Pool#

BE9624

4.50%,

6/1/2047

10,766

10,403

Pool#

BM3801

3.00%,

7/1/2047

445,462

391,844

Pool#

AS9938

3.50%,

7/1/2047

108,919

100,162

Pool#

BM1551

3.50%,

7/1/2047

93,088

85,141

Pool#

AS9909

3.50%,

7/1/2047

54,376

49,727

Pool#

BM1492

4.00%,

7/1/2047

355,279

336,169

Pool#

AS9973

4.00%,

7/1/2047

22,769

21,530

Pool#

890673

3.00%,

8/1/2047

223,080

196,368

Pool#

MA3087

3.50%,

8/1/2047

181,218

165,132

Pool#

CA0240

3.50%,

8/1/2047

94,198

85,891

Pool#

BM1658

3.50%,

8/1/2047

75,571

69,048

Pool#

BH7375

3.50%,

8/1/2047

62,275

56,784

Pool#

CA0123

4.00%,

8/1/2047

286,916

271,865

Pool#

BH2597

4.00%,

8/1/2047

175,142

165,504

Pool#

BH5359

4.00%,

8/1/2047

99,043

93,757

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0133

4.00%,

8/1/2047

32,664

30,860

Pool#

BM5787

4.00%,

8/1/2047

10,009

9,488

Pool#

CA0407

3.50%,

9/1/2047

146,541

133,619

Pool#

BH4004

4.00%,

9/1/2047

162,314

153,449

Pool#

BM3556

4.00%,

9/1/2047

95,110

91,045

Pool#

CA0392

4.00%,

9/1/2047

64,771

61,102

Pool#

CA0265

4.00%,

9/1/2047

19,504

18,447

Pool#

CA0487

3.50%,

10/1/2047

385,714

351,701

Pool#

BM1959

3.50%,

10/1/2047

276,457

254,246

Pool#

CA0493

4.00%,

10/1/2047

176,354

166,649

Pool#

BM3015

4.00%,

10/1/2047

118,341

113,131

Pool#

CA0549

4.00%,

10/1/2047

100,002

94,457

Pool#

CA0496

4.50%,

10/1/2047

126,664

123,123

Pool#

CA0623

4.50%,

10/1/2047

28,232

27,468

Pool#

CA0693

3.50%,

11/1/2047

273,328

249,226

Pool#

CA0680

3.50%,

11/1/2047

135,812

124,891

Pool#

BM3358

3.50%,

11/1/2047

123,080

113,185

Pool#

CA0696

4.00%,

11/1/2047

300,133

282,759

Pool#

BM3191

4.00%,

11/1/2047

61,583

58,219

Pool#

CA0808

4.00%,

11/1/2047

50,574

47,929

Pool#

BM3379

3.00%,

12/1/2047

403,283

355,357

Pool#

BJ2492

3.50%,

12/1/2047

174,998

159,566

Pool#

MA3211

4.00%,

12/1/2047

458,108

433,700

Pool#

BJ1699

4.00%,

12/1/2047

139,508

133,545

Pool#

MA3238

3.50%,

1/1/2048

284,628

259,529

Pool#

CA0991

3.50%,

1/1/2048

280,856

258,275

Pool#

CA1015

4.00%,

1/1/2048

181,149

171,494

Pool#

CA1025

4.50%,

1/1/2048

228,837

221,870

Pool#

CA1189

3.50%,

2/1/2048

1,117,500

1,020,761

Pool#

BH9280

3.50%,

2/1/2048

596,304

545,273

Pool#

CA1242

3.50%,

2/1/2048

132,464

121,906

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3277

4.00%,

2/1/2048

10,260

9,684

Pool#

BJ8271

4.50%,

2/1/2048

245,375

237,904

Pool#

BJ8269

4.50%,

2/1/2048

177,108

172,100

Pool#

BK1586

4.50%,

2/1/2048

173,305

168,084

Pool#

BJ8270

4.50%,

2/1/2048

151,598

147,265

Pool#

CA4341

3.00%,

3/1/2048

98,300

86,121

Pool#

MA3305

3.50%,

3/1/2048

30,729

28,020

Pool#

BK1972

4.50%,

3/1/2048

45,667

44,774

Pool#

BJ0640

5.00%,

3/1/2048

12,509

12,413

Pool#

CA1531

3.50%,

4/1/2048

101,958

93,831

Pool#

CA1510

3.50%,

4/1/2048

59,178

53,960

Pool#

CA1551

4.00%,

4/1/2048

446,128

419,743

Pool#

CA1560

4.50%,

4/1/2048

92,003

89,106

Pool#

BJ2681

5.00%,

4/1/2048

33,896

33,605

Pool#

MA3348

5.00%,

4/1/2048

3,105

3,081

Pool#

BM4024

3.50%,

5/1/2048

65,980

60,726

Pool#

MA3358

4.50%,

5/1/2048

137,722

133,474

Pool#

MA3374

5.00%,

5/1/2048

8,843

8,772

Pool#

CA1898

4.50%,

6/1/2048

114,808

111,552

Pool#

CA1951

4.00%,

7/1/2048

112,474

105,936

Pool#

BK6577

4.50%,

7/1/2048

9,570

9,257

Pool#

CA1988

4.50%,

7/1/2048

3,603

3,487

Pool#

BK4766

4.50%,

8/1/2048

191,059

185,303

Pool#

CA2376

4.00%,

9/1/2048

106,982

100,564

Pool#

MA3472

5.00%,

9/1/2048

11,869

11,785

Pool#

MA3495

4.00%,

10/1/2048

155,634

146,346

Pool#

BM4664

4.50%,

10/1/2048

71,101

68,959

Pool#

CA2493

4.50%,

10/1/2048

69,919

67,690

Pool#

BM5024

3.00%,

11/1/2048

512,910

449,679

Pool#

FM1001

3.50%,

11/1/2048

36,796

33,552

Pool#

MA3521

4.00%,

11/1/2048

165,845

155,126

60

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3536

4.00%,

12/1/2048

123,551

116,024

Pool#

CA2779

4.50%,

12/1/2048

240,455

233,211

Pool#

BN0340

4.50%,

12/1/2048

183,785

177,335

Pool#

BM5212

4.50%,

12/1/2048

48,743

47,178

Pool#

FM2888

3.50%,

1/1/2049

1,294,913

1,180,727

Pool#

MA3563

4.00%,

1/1/2049

1,817,393

1,706,675

Pool#

BN3944

4.00%,

1/1/2049

78,974

74,212

Pool#

BN3960

4.50%,

1/1/2049

126,826

122,757

Pool#

BN6135

4.00%,

2/1/2049

57,417

53,787

Pool#

FM2337

4.50%,

2/1/2049

192,685

186,549

Pool#

CA3387

4.00%,

4/1/2049

272,995

258,669

Pool#

CA3394

5.00%,

4/1/2049

23,297

23,093

Pool#

CA3489

4.00%,

5/1/2049

199,639

189,163

Pool#

MA3665

4.50%,

5/1/2049

197,486

190,905

Pool#

FM1051

4.50%,

5/1/2049

108,849

105,248

Pool#

FM7504

3.50%,

6/1/2049

265,360

241,976

Pool#

CA3669

4.00%,

6/1/2049

295,616

278,566

Pool#

CA3639

4.00%,

6/1/2049

104,288

97,934

Pool#

FM8304

4.00%,

7/1/2049

568,746

534,111

Pool#

CA3825

4.00%,

7/1/2049

235,014

224,209

Pool#

FM7105

3.50%,

8/1/2049

175,328

159,881

Pool#

BO5494

3.00%,

11/1/2049

80,110

70,337

Pool#

FM2170

4.00%,

11/1/2049

248,645

234,115

Pool#

BO6225

3.00%,

12/1/2049

652,014

567,112

Pool#

BO5380

3.00%,

12/1/2049

93,278

81,898

Pool#

MA3873

4.00%,

12/1/2049

111,193

103,850

Pool#

CA5152

3.00%,

2/1/2050

213,069

185,407

Pool#

FM2887

3.00%,

3/1/2050

429,301

374,630

Pool#

FM0077

3.00%,

3/1/2050

106,148

92,287

Pool#

CA5510

3.00%,

4/1/2050

352,958

307,320

Pool#

MA4048

3.00%,

6/1/2050

281,414

244,491

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4077

2.00%,

7/1/2050

967,285

772,035

Pool#

BP6466

3.00%,

7/1/2050

984,889

855,500

Pool#

FM6159

3.00%,

7/1/2050

680,228

590,863

Pool#

CA6598

2.50%,

8/1/2050

821,904

688,474

Pool#

MA4097

3.00%,

8/1/2050

75,342

65,491

Pool#

BQ4909

2.00%,

9/1/2050

1,674,965

1,338,030

Pool#

CA6985

2.00%,

9/1/2050

872,115

698,906

Pool#

FM4226

2.50%,

9/1/2050

2,103,532

1,755,746

Pool#

FM4231

2.50%,

9/1/2050

1,964,533

1,638,733

Pool#

FM4222

2.50%,

9/1/2050

487,274

411,233

Pool#

CA7029

2.50%,

9/1/2050

468,949

395,954

Pool#

CA7972

3.00%,

9/1/2050

568,330

493,490

Pool#

CA7572

2.50%,

10/1/2050

2,876,828

2,425,224

Pool#

CA7368

2.50%,

10/1/2050

1,202,087

1,002,221

Pool#

CA7369

2.50%,

10/1/2050

910,722

759,297

Pool#

MA4181

1.50%,

11/1/2050

866,811

654,588

Pool#

CA7573

2.50%,

11/1/2050

4,132,966

3,480,925

Pool#

FM4859

2.50%,

11/1/2050

1,010,698

843,600

Pool#

FM4808

2.50%,

11/1/2050

800,610

666,836

Pool#

FM5169

3.00%,

11/1/2050

516,206

448,069

Pool#

FM5480

3.00%,

11/1/2050

511,027

443,574

Pool#

FM4969

2.00%,

12/1/2050

1,680,464

1,347,995

Pool#

CA8442

2.00%,

1/1/2051

2,023,521

1,625,803

Pool#

FM6360

3.00%,

1/1/2051

547,445

475,015

Pool#

FM6031

2.00%,

2/1/2051

2,545,780

2,021,015

Pool#

CA8823

2.00%,

2/1/2051

1,061,253

847,027

Pool#

CA8893

2.00%,

2/1/2051

1,042,927

832,399

Pool#

BQ9747

2.00%,

2/1/2051

778,907

619,985

Pool#

FM6135

2.00%,

2/1/2051

575,064

460,848

Pool#

CA8866

2.50%,

2/1/2051

660,474

551,809

Pool#

MA4280

1.50%,

3/1/2051

3,538,587

2,675,275

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

61

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM6554

2.00%,

3/1/2051

1,897,556

1,520,679

Pool#

MA4281

2.00%,

3/1/2051

1,742,803

1,384,463

Pool#

FM6569

2.50%,

3/1/2051

2,140,747

1,779,936

Pool#

FM7677

2.50%,

3/1/2051

2,039,827

1,701,881

Pool#

FM7460

4.00%,

3/1/2051

734,368

687,889

Pool#

FM6834

2.00%,

4/1/2051

2,301,484

1,844,374

Pool#

CB0235

2.00%,

4/1/2051

1,210,573

968,295

Pool#

CB0149

2.00%,

4/1/2051

318,759

255,103

Pool#

BR7647

2.00%,

4/1/2051

222,996

178,462

Pool#

BR7703

2.50%,

4/1/2051

352,100

293,493

Pool#

MA4325

2.00%,

5/1/2051

914,425

727,664

Pool#

CB0400

2.00%,

5/1/2051

303,403

245,431

Pool#

CB0514

2.50%,

5/1/2051

1,286,780

1,078,209

Pool#

FS3950

3.00%,

5/1/2051

1,195,537

1,039,588

Pool#

FS1463

4.00%,

5/1/2051

267,334

251,710

Pool#

CB0684

2.00%,

6/1/2051

1,292,533

1,033,598

Pool#

CB0819

2.00%,

6/1/2051

1,183,355

946,292

Pool#

FM7719

2.00%,

6/1/2051

845,829

676,656

Pool#

FM8630

1.50%,

7/1/2051

1,404,786

1,060,963

Pool#

MA4378

2.00%,

7/1/2051

2,058,300

1,637,043

Pool#

CB1110

2.00%,

7/1/2051

544,594

435,667

Pool#

FM8160

2.50%,

7/1/2051

619,272

520,513

Pool#

FM8007

2.50%,

7/1/2051

410,491

342,201

Pool#

CB1065

2.50%,

7/1/2051

339,617

281,884

Pool#

CB1133

2.50%,

7/1/2051

286,123

237,722

Pool#

CB1330

2.50%,

8/1/2051

1,513,721

1,262,009

Pool#

FM8011

2.50%,

8/1/2051

1,253,553

1,051,248

Pool#

CB1400

3.00%,

8/1/2051

39,830

34,795

Pool#

MA4437

2.00%,

10/1/2051

10,179,132

8,076,729

Pool#

BU1052

2.00%,

10/1/2051

467,262

375,936

Pool#

FM9082

2.00%,

10/1/2051

465,948

373,801

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM9081

2.00%,

10/1/2051

175,664

140,848

Pool#

FS1215

2.50%,

10/1/2051

1,064,609

883,405

Pool#

FS1473

3.50%,

10/1/2051

1,210,584

1,103,823

Pool#

MA4464

1.50%,

11/1/2051

1,793,312

1,351,609

Pool#

CB2038

2.00%,

11/1/2051

5,558,157

4,414,389

Pool#

FM9450

2.00%,

11/1/2051

1,867,222

1,491,128

Pool#

MA4465

2.00%,

11/1/2051

1,786,359

1,416,588

Pool#

FM9411

2.00%,

11/1/2051

1,769,662

1,406,383

Pool#

CB2148

2.00%,

11/1/2051

870,174

692,872

Pool#

MA4466

2.50%,

11/1/2051

5,272,722

4,374,205

Pool#

FM9491

2.50%,

11/1/2051

730,281

607,736

Pool#

FM9494

2.50%,

11/1/2051

473,674

395,498

Pool#

BU5908

2.00%,

12/1/2051

3,400,548

2,732,085

Pool#

CB2297

2.50%,

12/1/2051

4,356,450

3,636,440

Pool#

MA4493

2.50%,

12/1/2051

3,390,236

2,811,184

Pool#

FM9543

2.50%,

12/1/2051

2,569,119

2,144,965

Pool#

CB2410

2.50%,

12/1/2051

1,843,089

1,538,374

Pool#

FM9806

2.50%,

12/1/2051

1,592,613

1,329,384

Pool#

FM9864

2.50%,

12/1/2051

942,200

790,133

Pool#

CB2469

2.50%,

12/1/2051

860,625

717,247

Pool#

FM9697

2.50%,

12/1/2051

424,947

356,355

Pool#

FS1192

2.00%,

1/1/2052

4,395,677

3,496,052

Pool#

FS1095

2.00%,

1/1/2052

2,652,833

2,111,004

Pool#

MA4512

2.50%,

1/1/2052

4,184,196

3,459,914

Pool#

FS2639

2.50%,

1/1/2052

905,786

752,559

Pool#

FS2040

2.00%,

2/1/2052

1,806,464

1,432,913

Pool#

BU9905

2.00%,

2/1/2052

887,818

704,520

Pool#

CB2868

2.50%,

2/1/2052

1,731,023

1,434,730

Pool#

CB3156

2.00%,

3/1/2052

1,826,679

1,454,491

Pool#

CB3159

2.50%,

3/1/2052

1,781,195

1,483,404

Pool#

BV4133

2.50%,

3/1/2052

1,779,027

1,473,548

62

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB3016

2.50%,

3/1/2052

892,495

745,623

Pool#

CB3237

3.00%,

3/1/2052

894,498

770,526

Pool#

BV5355

2.50%,

4/1/2052

886,120

734,281

Pool#

CB3368

3.00%,

4/1/2052

891,810

768,141

Pool#

CB3362

3.00%,

4/1/2052

849,957

732,094

Pool#

FS2141

3.50%,

6/1/2052

1,023,387

916,429

Pool#

CB3915

4.50%,

6/1/2052

68,123

64,882

Pool#

FS3806

2.50%,

7/1/2052

12,882,249

10,670,718

Pool#

MA4733

4.50%,

9/1/2052

946,403

901,192

Pool#

CB4673

4.50%,

9/1/2052

906,439

873,640

Pool#

CB4831

4.50%,

10/1/2052

1,388,374

1,322,626

Pool#

MA4805

4.50%,

11/1/2052

821,706

782,454

Pool#

CB5535

5.00%,

1/1/2053

1,923,667

1,882,127

Pool#

CB5642

5.50%,

2/1/2053

793,283

790,601

Pool#

FS3801

5.50%,

2/1/2053

189,577

189,236

Pool#

CB6065

5.00%,

4/1/2053

1,049,202

1,024,844

Pool#

CB6004

5.50%,

4/1/2053

3,053,214

3,075,190

Pool#

CB6082

5.50%,

4/1/2053

691,678

689,499

Pool#

CB6182

5.00%,

5/1/2053

972,168

948,797

Pool#

CB6650

5.50%,

6/1/2053

2,147,731

2,162,594

Pool#

MA5071

5.00%,

7/1/2053

1,216,432

1,186,779

Pool#

FS5214

5.00%,

7/1/2053

768,056

754,026

Pool#

MA5073

6.00%,

7/1/2053

1,447,949

1,461,473

Pool#

FS5424

4.50%,

8/1/2053

544,348

519,340

Pool#

CB6921

6.00%,

8/1/2053

496,571

510,327

Pool#

CB7115

6.00%,

9/1/2053

1,519,462

1,556,137

Pool#

CB7482

6.00%,

11/1/2053

2,041,010

2,063,771

Pool#

CB7484

6.50%,

11/1/2053

1,469,635

1,503,677

Pool#

FS6294

6.50%,

11/1/2053

215,006

219,658

Pool#

CB7653

6.50%,

12/1/2053

1,136,184

1,172,229

Pool#

CB7649

6.50%,

12/1/2053

765,974

801,046

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB7652

6.50%,

12/1/2053

671,670

695,443

Pool#

CB7803

6.50%,

1/1/2054

226,309

232,868

Pool#

CB7865

6.50%,

1/1/2054

172,215

176,423

Pool#

FS7172

6.50%,

2/1/2054

448,619

460,789

Pool#

CB8024

6.50%,

2/1/2054

336,477

349,312

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

4/25/2039

2,840,250

2,459,454

2.00%,

4/25/2039

1,349,750

1,195,940

3.00%,

4/25/2039

1,648,663

1,534,323

3.50%,

4/25/2039

1,893,000

1,799,211

4.00%,

4/25/2039

993,000

961,706

4.50%,

4/25/2039

215,000

211,665

5.00%,

4/25/2039

35,000

34,946

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

4/25/2054

3,525,000

3,557,091

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.00%,

4/25/2054

2,275,000

1,956,980

3.50%,

4/25/2054

250,000

223,719

4.00%,

4/25/2054

4,050,000

3,750,307

4.50%,

4/25/2054

3,700,000

3,523,223

5.00%,

4/25/2054

6,251,000

6,098,871

5.50%,

4/25/2054

1,275,000

1,268,671

6.50%,

4/25/2054

5,125,000

5,235,793

GNMA

I

Pool

Pool#

457801

7.00%,

8/15/2028

765

771

Pool#

486936

6.50%,

2/15/2029

344

352

Pool#

502969

6.00%,

3/15/2029

1,325

1,348

Pool#

487053

7.00%,

3/15/2029

445

446

Pool#

781014

6.00%,

4/15/2029

831

839

Pool#

509099

7.00%,

6/15/2029

2,007

2,010

Pool#

434505

7.50%,

8/15/2029

34

34

Pool#

781124

7.00%,

12/15/2029

3,159

3,253

Pool#

507396

7.50%,

9/15/2030

23,430

23,453

Pool#

531352

7.50%,

9/15/2030

1,611

1,612

Pool#

536334

7.50%,

10/15/2030

123

123

Pool#

486019

7.50%,

1/15/2031

590

590

Pool#

535388

7.50%,

1/15/2031

397

397

Pool#

528589

6.50%,

3/15/2031

6,997

7,120

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

63

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

508473

7.50%,

4/15/2031

2,430

2,438

Pool#

544470

8.00%,

4/15/2031

911

911

Pool#

781287

7.00%,

5/15/2031

1,517

1,560

Pool#

781319

7.00%,

7/15/2031

498

522

Pool#

485879

7.00%,

8/15/2031

1,157

1,159

Pool#

572554

6.50%,

9/15/2031

22,646

23,288

Pool#

781328

7.00%,

9/15/2031

1,446

1,500

Pool#

550991

6.50%,

10/15/2031

380

392

Pool#

571267

7.00%,

10/15/2031

202

202

Pool#

555171

6.50%,

12/15/2031

934

957

Pool#

781380

7.50%,

12/15/2031

480

510

Pool#

781481

7.50%,

1/15/2032

2,255

2,374

Pool#

580972

6.50%,

2/15/2032

124

127

Pool#

781401

7.50%,

2/15/2032

1,591

1,683

Pool#

781916

6.50%,

3/15/2032

15,455

15,745

Pool#

552474

7.00%,

3/15/2032

2,956

3,004

Pool#

781478

7.50%,

3/15/2032

918

959

Pool#

781429

8.00%,

3/15/2032

1,663

1,753

Pool#

781431

7.00%,

4/15/2032

6,066

6,340

Pool#

552616

7.00%,

6/15/2032

23,172

23,503

Pool#

570022

7.00%,

7/15/2032

10,110

10,334

Pool#

595077

6.00%,

10/15/2032

3,053

3,165

Pool#

552903

6.50%,

11/15/2032

37,686

38,638

Pool#

552952

6.00%,

12/15/2032

2,041

2,064

Pool#

602102

6.00%,

2/15/2033

11,563

11,856

Pool#

588192

6.00%,

2/15/2033

2,375

2,420

Pool#

553144

5.50%,

4/15/2033

7,861

7,941

Pool#

604243

6.00%,

4/15/2033

4,009

4,176

Pool#

611526

6.00%,

5/15/2033

6,424

6,543

Pool#

553320

6.00%,

6/15/2033

12,419

12,761

Pool#

604788

6.50%,

11/15/2033

40,619

42,190

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781688

6.00%,

12/15/2033

16,587

17,120

Pool#

604875

6.00%,

12/15/2033

14,832

15,379

Pool#

781690

6.00%,

12/15/2033

6,003

6,197

Pool#

781699

7.00%,

12/15/2033

1,837

1,854

Pool#

621856

6.00%,

1/15/2034

7,382

7,505

Pool#

564799

6.00%,

3/15/2034

5,537

5,621

Pool#

630038

6.50%,

8/15/2034

26,188

27,085

Pool#

781804

6.00%,

9/15/2034

16,565

17,085

Pool#

781847

6.00%,

12/15/2034

12,306

12,693

Pool#

486921

5.50%,

2/15/2035

4,332

4,439

Pool#

781902

6.00%,

2/15/2035

16,106

16,611

Pool#

781933

6.00%,

6/15/2035

1,652

1,704

Pool#

649513

5.50%,

10/15/2035

87,446

88,862

Pool#

649510

5.50%,

10/15/2035

51,742

53,281

Pool#

652207

5.50%,

3/15/2036

36,269

37,035

Pool#

655519

5.00%,

5/15/2036

16,923

17,093

Pool#

652539

5.00%,

5/15/2036

5,815

5,782

Pool#

606308

5.50%,

5/15/2036

5,958

6,106

Pool#

657912

6.50%,

8/15/2036

2,817

2,894

Pool#

697957

4.50%,

3/15/2039

472,690

465,241

Pool#

704630

5.50%,

7/15/2039

15,289

15,612

Pool#

710724

4.50%,

8/15/2039

138,004

135,991

Pool#

722292

5.00%,

9/15/2039

287,463

288,008

Pool#

782803

6.00%,

11/15/2039

144,995

149,575

Pool#

736666

4.50%,

4/15/2040

340,929

328,709

Pool#

733312

4.00%,

9/15/2040

40,032

38,098

Pool#

742235

4.00%,

12/15/2040

84,869

80,769

Pool#

755959

4.00%,

1/15/2041

77,006

73,665

Pool#

755958

4.00%,

1/15/2041

70,883

67,807

Pool#

742244

4.00%,

1/15/2041

65,450

62,288

Pool#

759075

4.00%,

1/15/2041

59,390

56,521

64

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

753826

4.00%,

1/15/2041

35,324

33,617

Pool#

690662

4.00%,

1/15/2041

21,832

20,777

Pool#

719486

4.00%,

1/15/2041

6,828

6,464

Pool#

759207

4.00%,

2/15/2041

145,204

138,188

Pool#

757555

4.00%,

2/15/2041

14,901

14,254

Pool#

757557

4.00%,

2/15/2041

7,342

7,023

Pool#

738107

4.00%,

3/15/2041

171,059

162,795

Pool#

784637

4.00%,

8/15/2041

55,024

52,809

Pool#

778869

4.00%,

2/15/2042

100,842

95,968

Pool#

AD8789

3.50%,

3/15/2043

347,321

322,867

Pool#

AD2254

3.50%,

3/15/2043

52,285

48,683

Pool#

AA6403

3.00%,

5/15/2043

413,223

373,306

Pool#

AD2411

3.50%,

5/15/2043

213,981

199,571

Pool#

783781

3.50%,

6/15/2043

286,803

265,874

Pool#

784015

3.00%,

7/15/2043

79,102

71,462

Pool#

784459

3.00%,

12/15/2046

179,103

159,997

Pool#

784293

3.00%,

12/15/2046

49,118

43,667

Pool#

784355

4.00%,

12/15/2046

73,103

68,654

Pool#

784500

3.00%,

2/15/2047

385,244

343,431

Pool#

784713

3.00%,

2/15/2047

97,631

87,055

Pool#

784747

4.00%,

5/15/2048

53,293

50,431

Pool#

784715

4.00%,

5/15/2048

48,050

45,593

Pool#

785073

4.00%,

9/15/2049

61,630

58,276

Pool#

BD4016

3.00%,

10/15/2049

154,109

136,157

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

179,739

184,338

Pool#

4245

6.00%,

9/20/2038

70,690

74,380

Pool#

4559

5.00%,

10/20/2039

164,997

166,045

Pool#

4715

5.00%,

6/20/2040

42,696

43,034

Pool#

4747

5.00%,

7/20/2040

479,698

483,497

Pool#

4771

4.50%,

8/20/2040

395,962

390,175

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

4802

5.00%,

9/20/2040

329,490

332,295

Pool#

4834

4.50%,

10/20/2040

108,183

106,602

Pool#

737727

4.00%,

12/20/2040

677,582

646,518

Pool#

737730

4.00%,

12/20/2040

196,837

187,814

Pool#

4923

4.50%,

1/20/2041

169,429

166,953

Pool#

4978

4.50%,

3/20/2041

23,717

23,370

Pool#

5017

4.50%,

4/20/2041

243,966

240,402

Pool#

5056

5.00%,

5/20/2041

81,194

81,885

Pool#

5082

4.50%,

6/20/2041

96,584

95,173

Pool#

5175

4.50%,

9/20/2041

114,757

113,080

Pool#

675523

3.50%,

3/20/2042

131,830

120,527

Pool#

5332

4.00%,

3/20/2042

109,773

105,551

Pool#

MA0392

3.50%,

9/20/2042

1,002,440

931,306

Pool#

MA0462

3.50%,

10/20/2042

792,009

735,846

Pool#

MA0534

3.50%,

11/20/2042

1,804,218

1,676,368

Pool#

MA0625

3.50%,

12/20/2042

380,226

353,282

Pool#

MA0698

3.00%,

1/20/2043

416,243

374,302

Pool#

MA0852

3.50%,

3/20/2043

419,148

389,504

Pool#

MA0934

3.50%,

4/20/2043

381,084

354,132

Pool#

AF1001

3.50%,

6/20/2043

342,966

313,972

Pool#

MA1376

4.00%,

10/20/2043

165,506

159,104

Pool#

AJ9335

3.50%,

10/20/2044

36,953

33,813

Pool#

MA2677

3.00%,

3/20/2045

138,266

123,825

Pool#

MA2754

3.50%,

4/20/2045

253,101

234,501

Pool#

MA2824

2.50%,

5/20/2045

276,843

239,830

Pool#

MA2825

3.00%,

5/20/2045

541,436

484,722

Pool#

AM4381

3.50%,

5/20/2045

339,172

304,414

Pool#

MA2891

3.00%,

6/20/2045

914,375

817,694

Pool#

MA2892

3.50%,

6/20/2045

192,765

178,244

Pool#

MA2960

3.00%,

7/20/2045

315,096

282,795

Pool#

784156

4.00%,

8/20/2045

133,473

126,452

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

65

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

AO1103

3.50%,

9/20/2045

548,873

504,732

Pool#

AO1099

3.50%,

9/20/2045

296,866

272,993

Pool#

MA3106

4.00%,

9/20/2045

73,784

70,459

Pool#

MA3172

3.00%,

10/20/2045

152,047

136,426

Pool#

MA3173

3.50%,

10/20/2045

104,634

96,559

Pool#

MA3174

4.00%,

10/20/2045

9,174

8,757

Pool#

MA3243

3.00%,

11/20/2045

288,431

258,835

Pool#

MA3244

3.50%,

11/20/2045

274,300

253,551

Pool#

784098

3.00%,

12/20/2045

561,027

502,954

Pool#

MA3309

3.00%,

12/20/2045

491,270

440,507

Pool#

MA3310

3.50%,

12/20/2045

204,957

189,455

Pool#

784111

3.00%,

1/20/2046

293,111

262,665

Pool#

MA3377

4.00%,

1/20/2046

41,230

39,322

Pool#

784119

3.00%,

2/20/2046

559,232

501,345

Pool#

784115

3.00%,

2/20/2046

25,572

22,925

Pool#

MA3520

3.00%,

3/20/2046

375,504

336,499

Pool#

MA3521

3.50%,

3/20/2046

716,567

659,002

Pool#

MA3522

4.00%,

3/20/2046

282,661

269,808

Pool#

MA3596

3.00%,

4/20/2046

196,188

175,597

Pool#

MA3597

3.50%,

4/20/2046

205,369

189,784

Pool#

MA3662

3.00%,

5/20/2046

747,488

668,763

Pool#

MA3735

3.00%,

6/20/2046

456,631

408,420

Pool#

MA3736

3.50%,

6/20/2046

1,166,844

1,078,023

Pool#

MA3804

4.00%,

7/20/2046

43,265

41,173

Pool#

MA3873

3.00%,

8/20/2046

975,410

872,173

Pool#

MA3876

4.50%,

8/20/2046

46,085

45,468

Pool#

MA3936

3.00%,

9/20/2046

986,150

881,649

Pool#

MA3939

4.50%,

9/20/2046

7,437

7,192

Pool#

MA4006

4.50%,

10/20/2046

139,087

137,225

Pool#

MA4068

3.00%,

11/20/2046

148,349

132,610

Pool#

MA4069

3.50%,

11/20/2046

15,264

14,099

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4070

4.00%,

11/20/2046

27,013

25,707

Pool#

MA4071

4.50%,

11/20/2046

9,316

9,179

Pool#

MA4125

2.50%,

12/20/2046

87,852

75,856

Pool#

MA4126

3.00%,

12/20/2046

1,522,462

1,360,734

Pool#

MA4127

3.50%,

12/20/2046

365,833

337,871

Pool#

MA4194

2.50%,

1/20/2047

339,780

293,120

Pool#

MA4196

3.50%,

1/20/2047

95,143

87,724

Pool#

MA4261

3.00%,

2/20/2047

400,523

358,061

Pool#

MA4262

3.50%,

2/20/2047

1,450,134

1,338,146

Pool#

MA4264

4.50%,

2/20/2047

11,200

10,995

Pool#

MA4321

3.50%,

3/20/2047

719,375

664,351

Pool#

AZ1974

3.50%,

4/20/2047

189,398

174,151

Pool#

MA4382

3.50%,

4/20/2047

123,903

114,082

Pool#

MA4383

4.00%,

4/20/2047

571,888

542,175

Pool#

MA4384

4.50%,

4/20/2047

13,766

13,505

Pool#

MA4509

3.00%,

6/20/2047

140,756

125,778

Pool#

MA4511

4.00%,

6/20/2047

270,073

256,568

Pool#

MA4512

4.50%,

6/20/2047

31,784

31,076

Pool#

MA4585

3.00%,

7/20/2047

25,705

23,007

Pool#

MA4587

4.00%,

7/20/2047

808,834

768,055

Pool#

784471

3.50%,

8/20/2047

320,208

295,365

Pool#

BC1888

3.50%,

8/20/2047

309,505

284,420

Pool#

MA4652

3.50%,

8/20/2047

281,904

259,933

Pool#

MA4653

4.00%,

8/20/2047

42,484

40,323

Pool#

784408

3.50%,

10/20/2047

196,850

179,179

Pool#

MA4780

4.50%,

10/20/2047

10,565

10,305

Pool#

MA4836

3.00%,

11/20/2047

264,470

236,054

Pool#

MA4837

3.50%,

11/20/2047

249,917

229,949

Pool#

MA4838

4.00%,

11/20/2047

1,116,538

1,061,363

Pool#

784421

3.50%,

12/20/2047

290,281

267,070

Pool#

MA4900

3.50%,

12/20/2047

179,765

165,426

66

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4962

3.50%,

1/20/2048

365,579

336,283

Pool#

MA5018

3.00%,

2/20/2048

100,028

89,237

Pool#

MA5019

3.50%,

2/20/2048

18,917

17,410

Pool#

784480

3.50%,

4/20/2048

244,800

225,621

Pool#

784479

3.50%,

4/20/2048

170,874

157,710

Pool#

784481

3.50%,

4/20/2048

75,259

69,124

Pool#

MA5137

4.00%,

4/20/2048

234,969

222,587

Pool#

BD4034

4.00%,

4/20/2048

81,913

76,939

Pool#

MA5138

4.50%,

4/20/2048

96,350

93,855

Pool#

MA5191

3.50%,

5/20/2048

640,858

590,300

Pool#

MA5192

4.00%,

5/20/2048

430,457

407,640

Pool#

MA5265

4.50%,

6/20/2048

171,749

167,205

Pool#

MA5331

4.50%,

7/20/2048

77,463

75,405

Pool#

MA5398

4.00%,

8/20/2048

432,426

407,969

Pool#

MA5399

4.50%,

8/20/2048

214,976

209,244

Pool#

MA5465

3.50%,

9/20/2048

68,618

63,187

Pool#

MA5466

4.00%,

9/20/2048

96,987

91,786

Pool#

BJ2692

4.00%,

11/20/2048

64,717

60,227

Pool#

MA5597

5.00%,

11/20/2048

7,229

7,214

Pool#

MA5652

4.50%,

12/20/2048

99,017

96,361

Pool#

784656

4.50%,

12/20/2048

55,509

52,859

Pool#

BK2856

4.50%,

12/20/2048

12,277

11,691

Pool#

MA5653

5.00%,

12/20/2048

20,978

20,892

Pool#

MA5712

5.00%,

1/20/2049

77,439

77,000

Pool#

MA5818

4.50%,

3/20/2049

69,980

68,096

Pool#

MA5878

5.00%,

4/20/2049

8,141

8,095

Pool#

MA5987

4.50%,

6/20/2049

466,330

451,997

Pool#

MA6041

4.50%,

7/20/2049

126,494

122,913

Pool#

MA6092

4.50%,

8/20/2049

54,451

52,711

Pool#

MA6153

3.00%,

9/20/2049

102,136

90,760

Pool#

MA6409

3.00%,

1/20/2050

710,166

631,381

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6474

3.00%,

2/20/2050

659,033

585,921

Pool#

MA6542

3.50%,

3/20/2050

164,418

151,066

Pool#

MA6657

3.50%,

5/20/2050

334,358

307,192

Pool#

MA6766

3.00%,

7/20/2050

802,828

709,044

Pool#

MA6818

2.00%,

8/20/2050

1,202,211

986,655

Pool#

BW4732

2.50%,

8/20/2050

907,399

750,254

Pool#

BW6206

2.50%,

8/20/2050

844,372

698,142

Pool#

MA6820

3.00%,

8/20/2050

666,993

589,076

Pool#

MA6821

3.50%,

8/20/2050

549,603

504,138

Pool#

MA6864

2.00%,

9/20/2050

1,226,473

1,006,763

Pool#

BW4741

2.50%,

9/20/2050

890,182

736,019

Pool#

BY0776

2.50%,

9/20/2050

578,056

477,946

Pool#

BY0805

2.50%,

9/20/2050

552,918

457,163

Pool#

MA6994

2.00%,

11/20/2050

1,634,604

1,339,247

Pool#

MA7051

2.00%,

12/20/2050

2,332,104

1,912,515

Pool#

MA7053

3.00%,

12/20/2050

802,332

710,895

Pool#

MA7136

2.50%,

1/20/2051

1,715,916

1,463,998

Pool#

MA7192

2.00%,

2/20/2051

4,155,325

3,405,257

Pool#

MA7193

2.50%,

2/20/2051

470,708

401,602

Pool#

MA7367

2.50%,

5/20/2051

3,555,372

3,031,365

Pool#

MA7472

2.50%,

7/20/2051

3,101,345

2,643,596

Pool#

MA7534

2.50%,

8/20/2051

2,584,192

2,202,634

Pool#

MA7589

2.50%,

9/20/2051

449,744

383,291

Pool#

MA7647

1.50%,

10/20/2051

377,078

296,301

Pool#

MA7648

2.00%,

10/20/2051

3,347,155

2,742,251

Pool#

MA7650

3.00%,

10/20/2051

2,191,368

1,932,215

Pool#

MA7704

2.00%,

11/20/2051

858,508

703,354

Pool#

MA7705

2.50%,

11/20/2051

1,502,106

1,280,001

Pool#

MA7766

2.00%,

12/20/2051

3,287,769

2,693,577

Pool#

MA7767

2.50%,

12/20/2051

1,670,327

1,422,824

Pool#

MA7768

3.00%,

12/20/2051

430,194

379,521

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

67

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA7826

2.00%,

1/20/2052

1,070,381

877,259

Pool#

MA7935

2.00%,

3/20/2052

3,411,217

2,795,737

Pool#

786843

3.00%,

3/20/2052

482,446

422,369

Pool#

MA7986

2.00%,

4/20/2052

3,808,222

3,121,097

Pool#

MA7987

2.50%,

4/20/2052

4,411,302

3,756,455

Pool#

MA8042

2.50%,

5/20/2052

790,414

673,120

Pool#

MA8043

3.00%,

5/20/2052

901,839

795,109

Pool#

MA8147

2.50%,

7/20/2052

255,416

217,501

Pool#

MA8148

3.00%,

7/20/2052

1,763,205

1,554,537

Pool#

MA8197

2.50%,

8/20/2052

1,017,385

866,778

Pool#

MA8265

3.00%,

9/20/2052

448,847

395,729

Pool#

MA8491

5.50%,

12/20/2052

833,547

833,545

Pool#

MA8726

5.50%,

3/20/2053

357,952

357,716

Pool#

MA8800

5.00%,

4/20/2053

1,148,775

1,129,239

Pool#

MA8801

5.50%,

4/20/2053

1,161,352

1,160,588

Pool#

MA8946

4.50%,

6/20/2053

3,410,860

3,276,721

Pool#

MA8948

5.50%,

6/20/2053

256,976

256,807

Pool#

MA9016

5.00%,

7/20/2053

2,859,146

2,809,447

Pool#

786798

5.50%,

7/20/2053

464,185

467,576

Pool#

MA9364

6.50%,

12/20/2053

74,291

75,577

Pool#

MA9424

6.00%,

1/20/2054

642,408

648,402

Pool#

MA9490

6.50%,

2/20/2054

74,807

76,103

GNMA

TBA

4.00%,

4/15/2054

2,564,000

2,399,687

4.50%,

4/15/2054

3,950,000

3,795,993

5.00%,

4/15/2054

3,350,000

3,292,235

5.50%,

4/15/2054

2,550,000

2,547,605

6.00%,

4/15/2054

4,850,000

4,892,390

6.50%,

4/15/2054

1,850,000

1,880,845

Total

Mortgage-Backed

Securities

(cost

$618,487,030)

552,928,325

Municipal

Bonds

0

.6

%

Principal

Amount

($)

Value

($)

California

0

.2

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

120,253

Bay

Area

Toll

Authority,

RB,

Series

F,

6.26%,

4/1/2049

250,000

282,132

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

62,807

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

105,000

Golden

State

Tobacco

Securitization

Corp,

RB,

Series

A-1,

3.71%,

6/1/2041

90,000

70,567

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

350,181

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

92,293

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

230,505

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

463,423

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Series

H,

6.55%,

5/15/2048

150,000

170,175

Series

F,

6.58%,

5/15/2049

200,000

227,288

Series

N,

3.26%,

5/15/2060

230,000

158,346

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

109,396

State

of

California

7.55%,

4/1/2039

1,410,000

1,726,320

7.63%,

3/1/2040

425,000

518,366

University

of

California

Series

BD,

3.35%,

7/1/2029

200,000

189,101

Series

AQ,

4.77%,

5/15/2115

150,000

136,860

5,013,013

Connecticut

0

.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

523,634

Florida

0

.0

%

†

State

Board

of

Administration

Finance

Corp.

Series

A,

1.26%,

7/1/2025

95,000

90,570

Series

A,

2.15%,

7/1/2030

105,000

89,690

180,260

Georgia

0

.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

473,000

545,267

68

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

Illinois

0

.1

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue,

RB,

Series

A,

6.90%,

12/1/2040

286,238

323,322

State

of

Illinois,

GO,

5.10%,

6/1/2033

945,000

938,121

1,261,443

Louisiana

0

.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth

Series

A,

3.62%,

2/1/2029

47,663

46,700

Series

A,

4.48%,

8/1/2039

50,000

47,091

5.20%,

12/1/2039

95,000

96,336

190,127

Michigan

0

.0

%

†

University

of

Michigan,

RB,

Series

B,

3.50%,

4/1/2052

83,000

65,839

New

Jersey

0

.1

%

New

Jersey

Economic

Development

Authority,

RB,

Series

A,

7.43%,

2/15/2029

125,000

133,981

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

524,719

Rutgers

The

State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

261,835

920,535

New

York

0

.1

%

City

of

New

York,

GO,

Series

B,

5.26%,

10/1/2052

35,000

36,415

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

555,283

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

299,406

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

RB,

Series

B,

5.57%,

11/1/2038

500,000

512,491

New

York

State

Dormitory

Authority,

RB,

Series

F,

5.63%,

3/15/2039

250,000

256,149

Port

Authority

of

New

York

&

New

Jersey

6.04%,

12/1/2029

620,000

662,832

3.18%,

7/15/2060

135,000

93,545

2,416,121

Ohio

0

.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

99,193

Municipal

Bonds

Principal

Amount

($)

Value

($)

Ohio

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

147,861

247,054

Oklahoma

0

.0

%

†

Oklahoma

Development

Finance

Authority

4.62%,

6/1/2044

60,000

57,515

4.38%,

11/1/2045

60,000

56,290

113,805

South

Carolina

0

.0

%

†

South

Carolina

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

111,715

Texas

0

.1

%

Board

of

Regents

of

the

University

of

Texas

System,

RB,

Series

C,

4.79%,

8/15/2046

200,000

190,442

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

214,622

Dallas

Fort

Worth

International

Airport

Series

C,

2.92%,

11/1/2050

100,000

72,203

Series

A,

4.51%,

11/1/2051

45,000

41,350

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

33,094

North

Texas

Tollway

Authority,

RB,

Series

A,

3.01%,

1/1/2043

35,000

26,741

Permanent

University

Fund

-

University

of

Texas

System,

RB,

Series

A,

5.26%,

7/1/2039

260,000

263,662

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

342,440

Texas

Natural

Gas

Securitization

Finance

Corp.

Series

A,

5.10%,

4/1/2035

150,000

151,312

Series

A,

5.17%,

4/1/2041

140,000

142,126

Texas

Transportation

Commission

State

Highway

Fund,

RB,

5.18%,

4/1/2030

150,000

149,763

1,627,755

Virginia

0

.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

55,021

Washington

0

.0

%

†

State

of

Washington,

GO,

Series

F,

5.14%,

8/1/2040

200,000

200,000

Total

Municipal

Bonds

(cost

$13,589,522)

13,471,589

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

69

Supranational

1

.3

%

Principal

Amount

($)

Value

($)

African

Development

Bank

0.88%,

3/23/2026

200,000

185,669

4.38%,

3/14/2028(b)

500,000

498,049

Asian

Development

Bank

0.63%,

4/29/2025

1,000,000

954,883

0.38%,

9/3/2025

1,000,000

938,593

1.00%,

4/14/2026

200,000

185,695

1.50%,

1/20/2027

760,000

699,819

3.75%,

4/25/2028

1,250,000

1,218,779

4.50%,

8/25/2028

700,000

703,696

1.88%,

1/24/2030

500,000

436,005

4.00%,

1/12/2033

350,000

340,539

Asian

Infrastructure

Investment

Bank

(The)

4.00%,

1/18/2028

350,000

343,913

4.13%,

1/18/2029

1,000,000

989,710

Council

of

Europe

Development

Bank,

3.75%,

5/25/2026

450,000

441,160

European

Bank

for

Reconstruction

&

Development,

4.13%,

1/25/2029

1,000,000

990,286

European

Investment

Bank

0.38%,

3/26/2026

1,500,000

1,376,938

0.75%,

10/26/2026(b)

290,000

263,494

2.38%,

5/24/2027(b)

2,000,000

1,878,539

3.63%,

7/15/2030

900,000

865,698

1.25%,

2/14/2031

300,000

246,425

3.75%,

2/14/2033(b)

900,000

862,815

4.13%,

2/13/2034

400,000

393,059

Inter-American

Development

Bank

0.63%,

7/15/2025

1,000,000

946,937

2.00%,

7/23/2026

1,000,000

942,642

2.25%,

6/18/2029

250,000

225,620

3.50%,

9/14/2029

900,000

862,814

1.13%,

1/13/2031

400,000

325,036

3.50%,

4/12/2033

750,000

700,825

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

1,000,000

955,800

1.88%,

10/27/2026

400,000

373,970

2.50%,

11/22/2027

1,000,000

935,073

3.50%,

7/12/2028

1,000,000

966,362

1.13%,

9/13/2028

1,000,000

870,133

3.88%,

2/14/2030(b)

850,000

828,615

0.88%,

5/14/2030

1,000,000

813,720

4.00%,

7/25/2030

300,000

294,195

4.00%,

1/10/2031

700,000

684,234

1.63%,

11/3/2031

1,000,000

825,302

4.75%,

11/14/2033

600,000

618,413

International

Finance

Corp.,

4.50%,

7/13/2028

400,000

402,155

Nordic

Investment

Bank,

4.38%,

3/14/2028

500,000

498,409

Total

Supranational

(cost

$29,306,558)

27,884,019

U.S.

Government

Agency

Securities

0

.6

%

Principal

Amount

($)

Value

($)

FHLB

2.75%,

12/13/2024

1,000,000

983,228

5.50%,

7/15/2036

1,500,000

1,648,276

FHLMC

0.38%,

7/21/2025

1,165,000

1,099,045

6.25%,

7/15/2032(b)

1,245,000

1,415,116

FNMA

0.50%,

6/17/2025

1,000,000

948,350

6.25%,

5/15/2029

2,500,000

2,723,173

7.25%,

5/15/2030(b)

2,000,000

2,314,036

0.88%,

8/5/2030

440,000

356,248

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

503,667

Total

U.S.

Government

Agency

Securities

(cost

$12,859,509)

11,991,139

U.S.

Treasury

Obligations

41

.6

%

U.S.

Treasury

Bonds

6.88%,

8/15/2025

449,000

462,260

6.00%,

2/15/2026

4,042,000

4,144,471

6.50%,

11/15/2026

(b)

3,000,000

3,152,930

5.50%,

8/15/2028

(b)

3,000,000

3,148,359

5.38%,

2/15/2031

1,000,000

1,073,633

4.75%,

2/15/2037

(b)

709,600

754,726

5.00%,

5/15/2037

305,000

331,509

4.38%,

2/15/2038

1,050,000

1,071,082

4.25%,

5/15/2039

2,500,000

2,494,629

4.50%,

8/15/2039

1,080,000

1,106,536

4.38%,

11/15/2039

300,000

302,648

1.13%,

5/15/2040

6,000,000

3,748,828

4.38%,

5/15/2040

1,000,000

1,005,313

1.13%,

8/15/2040

3,000,000

1,857,070

3.88%,

8/15/2040

1,000,000

943,906

1.38%,

11/15/2040

7,500,000

4,822,852

4.25%,

11/15/2040

1,400,000

1,380,969

1.88%,

2/15/2041

1,000,000

697,148

4.75%,

2/15/2041

2,000,000

2,093,203

1.75%,

8/15/2041

4,300,000

2,901,828

3.75%,

8/15/2041

4,900,000

4,510,488

2.00%,

11/15/2041

6,000,000

4,209,375

3.13%,

11/15/2041

4,100,000

3,444,480

2.38%,

2/15/2042

3,000,000

2,231,367

3.13%,

2/15/2042

1,000,000

836,797

3.00%,

5/15/2042

1,000,000

818,477

3.25%,

5/15/2042

2,000,000

1,700,078

2.75%,

8/15/2042

1,000,000

784,727

3.38%,

8/15/2042

3,000,000

2,591,250

2.75%,

11/15/2042

1,500,000

1,174,043

4.00%,

11/15/2042

3,000,000

2,825,859

3.13%,

2/15/2043

1,750,000

1,449,766

3.88%,

2/15/2043

3,000,000

2,773,242

2.88%,

5/15/2043

2,850,000

2,264,525

3.88%,

5/15/2043

3,500,000

3,230,254

4.38%,

8/15/2043

1,000,000

988,125

3.63%,

2/15/2044

3,500,000

3,105,566

3.38%,

5/15/2044

4,000,000

3,413,281

3.13%,

8/15/2044

3,700,000

3,030,242

3.00%,

11/15/2044

5,500,000

4,404,297

2.50%,

2/15/2045

3,500,000

2,559,238

3.00%,

5/15/2045

5,500,000

4,384,961

70

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.88%,

8/15/2045

3,300,000

2,568,715

2.50%,

2/15/2046

2,500,000

1,808,008

2.50%,

5/15/2046

3,000,000

2,164,219

2.88%,

11/15/2046

3,000,000

2,311,758

3.00%,

2/15/2047

2,000,000

1,573,359

3.00%,

5/15/2047

(b)

2,000,000

1,571,016

2.75%,

8/15/2047

2,500,000

1,870,898

2.75%,

11/15/2047

3,200,000

2,391,000

3.00%,

2/15/2048

3,000,000

2,346,445

3.13%,

5/15/2048

2,000,000

1,599,531

3.00%,

8/15/2048

3,000,000

2,341,406

3.38%,

11/15/2048

5,000,000

4,178,320

3.00%,

2/15/2049

3,000,000

2,338,945

2.88%,

5/15/2049

3,500,000

2,662,324

2.25%,

8/15/2049

3,000,000

2,000,508

2.38%,

11/15/2049

800,000

547,969

2.00%,

2/15/2050

4,500,000

2,818,477

1.25%,

5/15/2050

2,700,000

1,380,902

1.38%,

8/15/2050

5,000,000

2,640,430

1.63%,

11/15/2050

6,800,000

3,840,672

1.88%,

2/15/2051

6,400,000

3,855,500

2.38%,

5/15/2051

6,500,000

4,412,637

2.00%,

8/15/2051

7,200,000

4,460,906

1.88%,

11/15/2051

7,100,000

4,252,512

2.25%,

2/15/2052

6,000,000

3,946,641

2.88%,

5/15/2052

5,500,000

4,161,523

3.00%,

8/15/2052

5,200,000

4,039,141

4.00%,

11/15/2052

4,800,000

4,512,937

3.63%,

2/15/2053

5,100,000

4,478,438

3.63%,

5/15/2053

5,200,000

4,568,688

4.13%,

8/15/2053

(b)

5,000,000

4,805,469

4.75%,

11/15/2053

3,300,000

3,522,750

4.25%,

2/15/2054

2,500,000

2,458,594

U.S.

Treasury

Notes

3.88%,

4/30/2025

6,000,000

5,928,750

2.13%,

5/15/2025

6,300,000

6,105,340

0.25%,

5/31/2025

7,500,000

7,103,320

4.25%,

5/31/2025

(b)

8,000,000

7,934,375

0.25%,

7/31/2025

10,000,000

9,407,813

2.88%,

7/31/2025

(b)

6,500,000

6,332,930

2.00%,

8/15/2025

6,000,000

5,775,000

0.25%,

8/31/2025

4,000,000

3,750,312

2.75%,

8/31/2025

4,000,000

3,885,469

3.50%,

9/15/2025

10,000,000

9,813,281

0.25%,

9/30/2025

8,000,000

7,475,938

5.00%,

9/30/2025

8,000,000

8,019,688

4.25%,

10/15/2025

3,000,000

2,975,273

0.25%,

10/31/2025

8,000,000

7,451,875

2.25%,

11/15/2025

8,500,000

8,164,980

4.50%,

11/15/2025

(b)

3,000,000

2,986,523

0.38%,

11/30/2025

6,200,000

5,768,180

2.88%,

11/30/2025

2,000,000

1,939,922

4.00%,

12/15/2025

4,000,000

3,950,781

0.38%,

12/31/2025

9,000,000

8,347,500

3.88%,

1/15/2026

6,000,000

5,914,219

0.38%,

1/31/2026

7,000,000

6,471,992

2.63%,

1/31/2026

4,000,000

3,855,938

1.63%,

2/15/2026

8,500,000

8,037,813

4.00%,

2/15/2026

(b)

7,000,000

6,913,047

0.50%,

2/28/2026

2,000,000

1,848,516

4.63%,

3/15/2026

10,000,000

9,991,406

0.75%,

3/31/2026

4,000,000

3,706,250

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.75%,

4/15/2026

5,500,000

5,405,039

0.75%,

4/30/2026

5,000,000

4,619,141

1.63%,

5/15/2026

2,000,000

1,879,766

3.63%,

5/15/2026

9,000,000

8,821,406

0.75%,

5/31/2026

3,000,000

2,763,867

0.88%,

6/30/2026

6,000,000

5,532,187

4.50%,

7/15/2026

6,000,000

5,991,094

0.63%,

7/31/2026

(b)

2,000,000

1,827,812

1.50%,

8/15/2026

9,700,000

9,039,945

4.38%,

8/15/2026

6,000,000

5,977,031

0.75%,

8/31/2026

(b)

5,000,000

4,570,508

1.38%,

8/31/2026

4,500,000

4,177,441

4.63%,

9/15/2026

7,000,000

7,015,313

0.88%,

9/30/2026

8,000,000

7,321,562

1.63%,

9/30/2026

7,000,000

6,529,414

1.13%,

10/31/2026

8,000,000

7,347,500

1.63%,

10/31/2026

8,000,000

7,446,562

4.63%,

11/15/2026

(b)

4,000,000

4,012,969

1.25%,

11/30/2026

2,000,000

1,838,984

4.38%,

12/15/2026

10,000,000

9,975,391

1.25%,

12/31/2026

6,000,000

5,508,281

4.00%,

1/15/2027

8,000,000

7,904,375

2.25%,

2/15/2027

1,200,000

1,129,688

4.13%,

2/15/2027

10,000,000

9,915,625

1.88%,

2/28/2027

2,500,000

2,326,172

2.50%,

3/31/2027

2,500,000

2,366,992

2.75%,

4/30/2027

3,500,000

3,332,930

2.38%,

5/15/2027

5,700,000

5,363,789

0.50%,

5/31/2027

(b)

1,000,000

885,664

2.63%,

5/31/2027

(b)

3,000,000

2,842,852

0.50%,

6/30/2027

5,000,000

4,417,188

2.75%,

7/31/2027

3,000,000

2,849,062

2.25%,

8/15/2027

5,300,000

4,948,668

0.50%,

8/31/2027

8,000,000

7,027,500

3.13%,

8/31/2027

3,000,000

2,881,875

4.13%,

9/30/2027

4,000,000

3,968,906

0.50%,

10/31/2027

(b)

3,000,000

2,619,727

4.13%,

10/31/2027

(b)

2,000,000

1,984,141

2.25%,

11/15/2027

5,390,000

5,013,542

0.63%,

11/30/2027

8,500,000

7,439,160

3.88%,

11/30/2027

3,000,000

2,951,484

3.88%,

12/31/2027

4,500,000

4,427,402

0.75%,

1/31/2028

4,000,000

3,499,688

3.50%,

1/31/2028

4,000,000

3,882,969

2.75%,

2/15/2028

8,000,000

7,551,875

1.13%,

2/29/2028

3,000,000

2,657,461

4.00%,

2/29/2028

2,500,000

2,470,801

1.25%,

3/31/2028

1,500,000

1,332,715

3.63%,

3/31/2028

1,000,000

974,844

1.25%,

4/30/2028

5,000,000

4,433,008

3.50%,

4/30/2028

2,500,000

2,425,098

2.88%,

5/15/2028

7,000,000

6,624,023

1.25%,

5/31/2028

4,000,000

3,538,906

3.63%,

5/31/2028

(b)

5,500,000

5,360,566

1.25%,

6/30/2028

4,000,000

3,531,562

4.00%,

6/30/2028

4,200,000

4,153,406

1.00%,

7/31/2028

4,000,000

3,485,312

4.13%,

7/31/2028

(b)

3,000,000

2,981,250

2.88%,

8/15/2028

5,500,000

5,193,633

1.13%,

8/31/2028

4,000,000

3,497,656

4.38%,

8/31/2028

(b)

4,000,000

4,016,406

1.25%,

9/30/2028

4,500,000

3,948,223

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

71

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

1.38%,

10/31/2028

7,000,000

6,166,016

4.88%,

10/31/2028

(b)

6,000,000

6,150,703

3.13%,

11/15/2028

5,000,000

4,762,305

1.50%,

11/30/2028

3,000,000

2,653,477

4.38%,

11/30/2028

(b)

3,000,000

3,015,820

1.38%,

12/31/2028

5,000,000

4,386,523

3.75%,

12/31/2028

3,000,000

2,936,016

1.75%,

1/31/2029

2,000,000

1,783,906

4.00%,

1/31/2029

(b)

4,000,000

3,958,750

2.63%,

2/15/2029

7,772,000

7,219,763

1.88%,

2/28/2029

4,000,000

3,583,438

2.38%,

3/31/2029

5,000,000

4,582,422

4.13%,

3/31/2029

3,000,000

2,987,109

2.88%,

4/30/2029

5,000,000

4,689,844

2.38%,

5/15/2029

5,700,000

5,214,387

2.75%,

5/31/2029

3,500,000

3,260,195

2.63%,

7/31/2029

3,000,000

2,771,836

1.63%,

8/15/2029

3,000,000

2,633,086

3.13%,

8/31/2029

4,000,000

3,786,875

3.88%,

9/30/2029

3,500,000

3,438,477

4.00%,

10/31/2029

2,500,000

2,470,410

1.75%,

11/15/2029

(b)

4,000,000

3,522,031

3.88%,

11/30/2029

3,000,000

2,945,859

3.88%,

12/31/2029

3,000,000

2,945,508

3.50%,

1/31/2030

3,000,000

2,886,797

1.50%,

2/15/2030

4,700,000

4,040,715

4.00%,

2/28/2030

3,700,000

3,655,484

3.63%,

3/31/2030

2,800,000

2,710,313

3.50%,

4/30/2030

4,000,000

3,843,750

0.63%,

5/15/2030

7,300,000

5,895,605

3.75%,

5/31/2030

2,500,000

2,434,473

3.75%,

6/30/2030

3,000,000

2,920,547

4.00%,

7/31/2030

3,000,000

2,960,859

0.63%,

8/15/2030

7,000,000

5,605,742

4.13%,

8/31/2030

3,000,000

2,980,781

4.63%,

9/30/2030

2,500,000

2,554,785

4.88%,

10/31/2030

(b)

2,000,000

2,072,734

0.88%,

11/15/2030

8,400,000

6,799,078

4.38%,

11/30/2030

3,000,000

3,024,961

3.75%,

12/31/2030

3,000,000

2,916,914

4.00%,

1/31/2031

2,000,000

1,973,750

1.13%,

2/15/2031

9,000,000

7,380,352

4.25%,

2/28/2031

3,000,000

3,005,156

4.13%,

3/31/2031

4,000,000

3,977,500

1.63%,

5/15/2031

5,500,000

4,635,039

1.25%,

8/15/2031

9,500,000

7,738,418

1.38%,

11/15/2031

7,500,000

6,125,977

1.88%,

2/15/2032

7,100,000

5,996,727

2.88%,

5/15/2032

8,800,000

7,989,781

2.75%,

8/15/2032

8,200,000

7,354,695

4.13%,

11/15/2032

7,900,000

7,845,996

3.50%,

2/15/2033

8,700,000

8,239,512

3.38%,

5/15/2033

7,500,000

7,025,977

3.88%,

8/15/2033

(b)

9,200,000

8,955,625

4.50%,

11/15/2033

(b)

9,000,000

9,199,687

4.00%,

2/15/2034

5,000,000

4,917,187

Total

U.S.

Treasury

Obligations

(cost

$975,780,004)

893,798,437

Repurchase

Agreements

3

.4

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$12,007,107,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$12,240,000.

(h)

12,000,000

12,000,000

BofA

Securities,

Inc.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$2,040,000.

(h)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,378,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$6,501,828.

(h)

6,374,342

6,374,342

Cantor

Fitzgerald

&

Co.

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$28,016,583,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$28,560,000.

(h)

28,000,000

28,000,000

Pershing

LLC

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$15,008,884,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$15,300,005.

(h)

15,000,000

15,000,000

72

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,934,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$10,201,513.

(h)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$73,374,342)

73,374,342

Total

Investments

(cost

$2,402,973,772)

—

102.4%

2,198,191,955

Liabilities

in

excess

of

other

assets

—

(2.4)%

(

50,595,413

)

NET

ASSETS

—

100.0%

$

2,147,596,542

†

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,

2024.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$272,280,091,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$73,374,342

and

by

$208,034,224

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.63%,

and

maturity

dates

ranging

from

3/31/2024

–

2/15/2054,

a

total

value

of

$281,408,566.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2024.

(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,

2024.

(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,

2024

was

$3,898,333

which

represents

0.18%

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,

2024

was

$73,374,342.

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

NVIT

Bond

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

73

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

74

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

10,081,861

$

–

$

10,081,861

Commercial

Mortgage-Backed

Securities

–

37,038,444

–

37,038,444

Corporate

Bonds

–

545,171,781

–

545,171,781

Foreign

Government

Securities

–

32,452,018

–

32,452,018

Mortgage-Backed

Securities

–

552,928,325

–

552,928,325

Municipal

Bonds

–

13,471,589

–

13,471,589

Repurchase

Agreements

–

73,374,342

–

73,374,342

Supranational

–

27,884,019

–

27,884,019

U.S.

Government

Agency

Securities

–

11,991,139

–

11,991,139

U.S.

Treasury

Obligations

–

893,798,437

–

893,798,437

Total

$

–

$

2,198,191,955

$

–

$

2,198,191,955

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

98.5%

Shares

Value

($)

AUSTRALIA

7.2%

Banks

1.9%

ANZ

Group

Holdings

Ltd.

255,947

4,903,911

Commonwealth

Bank

of

Australia

142,159

11,178,358

National

Australia

Bank

Ltd.

265,652

5,997,264

Westpac

Banking

Corp.

299,274

5,097,218

27,176,751

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

70,199

572,215

Broadline

Retail

0.3%

Wesfarmers

Ltd.

96,174

4,290,625

Capital

Markets

0.3%

ASX

Ltd.

15,894

687,973

Macquarie

Group

Ltd.

31,112

4,049,263

4,737,236

Chemicals

0.0%

†

Orica

Ltd.

36,803

438,739

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

117,014

1,233,806

Consumer

Staples

Distribution

&

Retail

0.3%

Coles

Group

Ltd.

115,048

1,272,498

Endeavour

Group

Ltd.(a)

113,529

407,667

Woolworths

Group

Ltd.

104,206

2,252,624

3,932,789

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

25,165

293,772

Diversified

REITs

0.1%

GPT

Group

(The)

163,541

488,333

Mirvac

Group

341,991

527,635

Stockland

207,550

657,721

1,673,689

Diversified

Telecommunication

Services

0.1%

Telstra

Group

Ltd.

349,751

880,480

Electric

Utilities

0.1%

Origin

Energy

Ltd.

148,252

889,171

Financial

Services

0.0%

†

Washington

H

Soul

Pattinson

&

Co.

Ltd.

21,336

467,353

Gas

Utilities

0.0%

†

APA

Group

105,236

577,083

Ground

Transportation

0.0%

†

Aurizon

Holdings

Ltd.

157,539

410,913

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

5,571

1,225,432

Health

Care

Providers

&

Services

0.1%

EBOS

Group

Ltd.(a)

12,144

248,496

Ramsay

Health

Care

Ltd.

16,394

603,821

Sonic

Healthcare

Ltd.

38,580

739,354

1,591,671

Hotels,

Restaurants

&

Leisure

0.1%

Aristocrat

Leisure

Ltd.

48,737

1,365,807

Lottery

Corp.

Ltd.

(The)

195,313

655,564

2,021,371

Industrial

REITs

0.2%

Goodman

Group

145,213

3,199,925

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

0.3%

Insurance

Australia

Group

Ltd.

203,851

850,212

Medibank

Pvt

Ltd.

239,796

587,570

QBE

Insurance

Group

Ltd.

124,602

1,472,395

Suncorp

Group

Ltd.

107,988

1,153,886

4,064,063

Interactive

Media

&

Services

0.1%

CAR

Group

Ltd.(a)

31,182

733,209

REA

Group

Ltd.(a)

4,439

536,562

SEEK

Ltd.

31,559

515,253

1,785,024

Metals

&

Mining

2.2%

BHP

Group

Ltd.

430,645

12,397,111

BlueScope

Steel

Ltd.

36,808

572,744

Fortescue

Ltd.

144,830

2,426,946

Glencore

plc

874,289

4,809,859

Mineral

Resources

Ltd.(a)

15,464

715,766

Northern

Star

Resources

Ltd.

97,532

930,945

Pilbara

Minerals

Ltd.(a)

253,627

635,652

Rio

Tinto

Ltd.

31,673

2,518,059

Rio

Tinto

plc

95,849

6,082,157

South32

Ltd.

373,386

733,158

31,822,397

Office

REITs

0.0%

†

Dexus

91,836

474,606

Oil,

Gas

&

Consumable

Fuels

0.4%

Ampol

Ltd.

19,569

507,680

Santos

Ltd.

275,003

1,388,992

Woodside

Energy

Group

Ltd.

159,996

3,194,564

5,091,236

Passenger

Airlines

0.0%

†

Qantas

Airways

Ltd.*

64,507

229,349

Professional

Services

0.1%

Computershare

Ltd.

45,516

774,576

Retail

REITs

0.1%

Scentre

Group

437,636

969,555

Vicinity

Ltd.

329,354

457,240

1,426,795

Software

0.1%

WiseTech

Global

Ltd.

13,889

850,494

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.

18,060

331,106

Seven

Group

Holdings

Ltd.

(a)

14,009

372,420

703,526

Transportation

Infrastructure

0.2%

Transurban

Group

262,937

2,285,734

105,120,821

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

29,666

1,321,001

Electric

Utilities

0.0%

†

Verbund

AG

5,866

429,552

Metals

&

Mining

0.0%

†

voestalpine

AG

10,407

292,021

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

13,078

619,613

76

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

AUSTRIA

Paper

&

Forest

Products

0.1%

Mondi

plc(a)

36,443

642,192

3,304,379

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

21,721

1,632,036

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

74,180

4,512,257

Chemicals

0.1%

Syensqo

SA*

6,692

633,579

Umicore

SA

18,800

405,228

1,038,807

Distributors

0.0%

†

D'ieteren

Group

1,911

423,531

Electric

Utilities

0.0%

†

Elia

Group

SA/NV(a)

2,584

279,331

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

NV

4,876

368,362

Groupe

Bruxelles

Lambert

NV

2,295

173,566

Sofina

SA

1,194

267,654

809,582

Food

Products

0.0%

†

Lotus

Bakeries

NV

36

347,606

Industrial

REITs

0.0%

†

Warehouses

De

Pauw

CVA

13,861

395,338

Insurance

0.1%

Ageas

SA/NV

12,698

588,158

Pharmaceuticals

0.1%

UCB

SA

10,870

1,340,626

11,367,272

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

14,711

466,115

BURKINA

FASO

0.0%

†

Metals

&

Mining

0.0%

†

Endeavour

Mining

plc

16,881

343,505

CHILE

0.1%

Metals

&

Mining

0.1%

Antofagasta

plc

34,922

901,509

CHINA

0.4%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

318,500

853,460

Broadline

Retail

0.3%

Prosus

NV

125,052

3,918,654

Food

Products

0.0%

†

Wilmar

International

Ltd.

166,794

423,129

Marine

Transportation

0.0%

†

SITC

International

Holdings

Co.

Ltd.

127,000

232,046

Real

Estate

Management

&

Development

0.0%

†

ESR

Group

Ltd.

Reg.

S(b)

150,200

160,872

Common

Stocks

Shares

Value

($)

CHINA

Real

Estate

Management

&

Development

Wharf

Holdings

Ltd.

(The)

92,708

304,710

465,582

5,892,871

DENMARK

3.6%

Air

Freight

&

Logistics

0.2%

DSV

A/S

15,001

2,437,442

Banks

0.1%

Danske

Bank

A/S

58,046

1,739,570

Beverages

0.1%

Carlsberg

A/S,

Class

B

8,631

1,182,559

Biotechnology

0.1%

Genmab

A/S*

5,549

1,660,213

Building

Products

0.0%

†

ROCKWOOL

A/S,

Class

B*

699

230,703

Chemicals

0.1%

Novonesis

(Novozymes)

B,

Class

B

31,918

1,873,286

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S*(b)

16,268

915,927

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S*

86,120

2,392,290

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S,

Class

B

10,758

1,455,959

Demant

A/S*

7,552

376,501

1,832,460

Insurance

0.0%

†

Tryg

A/S

29,442

606,070

Marine

Transportation

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

279

356,543

AP

Moller

-

Maersk

A/S,

Class

B

350

455,072

811,615

Pharmaceuticals

2.4%

Novo

Nordisk

A/S,

Class

B

277,274

35,517,669

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

7,291

1,177,672

52,377,476

FINLAND

1.0%

Banks

0.2%

Nordea

Bank

Abp

267,589

3,023,698

Communications

Equipment

0.1%

Nokia

OYJ

449,263

1,589,554

Consumer

Staples

Distribution

&

Retail

0.0%

†

Kesko

OYJ,

Class

B

23,790

444,184

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

11,336

505,709

Electric

Utilities

0.0%

†

Fortum

OYJ(a)

38,960

480,832

Insurance

0.1%

Sampo

OYJ,

Class

A

38,834

1,655,534

Machinery

0.2%

Kone

OYJ,

Class

B

29,503

1,372,310

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

FINLAND

Machinery

Metso

Oyj

56,615

671,765

Wartsila

OYJ

Abp

(a)

40,478

614,891

2,658,966

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ(a)

34,980

948,314

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R(a)

49,510

688,519

UPM-

Kymmene

OYJ(a)

44,658

1,486,389

2,174,908

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B

8,849

329,934

13,811,633

FRANCE

10.3%

Aerospace

&

Defense

1.2%

Airbus

SE

50,515

9,317,798

Dassault

Aviation

SA

1,795

395,054

Safran

SA

29,146

6,599,826

Thales

SA

8,069

1,375,576

17,688,254

Automobile

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

57,670

2,211,072

Automobiles

0.1%

Renault

SA

16,544

835,158

Banks

0.6%

BNP

Paribas

SA

88,092

6,269,352

Credit

Agricole

SA

93,042

1,386,054

Societe

Generale

SA

60,683

1,632,645

9,288,051

Beverages

0.2%

Pernod

Ricard

SA

17,347

2,804,824

Remy

Cointreau

SA

1,823

183,611

2,988,435

Building

Products

0.2%

Cie

de

Saint-Gobain

SA

38,404

2,978,069

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

4,809

329,944

Chemicals

0.7%

Air

Liquide

SA

44,566

9,287,598

Arkema

SA

5,154

542,145

9,829,743

Construction

&

Engineering

0.5%

Bouygues

SA

16,354

667,460

Eiffage

SA

6,459

732,320

Vinci

SA

42,709

5,470,504

6,870,284

Consumer

Staples

Distribution

&

Retail

0.1%

Carrefour

SA(a)

47,995

821,365

Diversified

REITs

0.0%

†

Covivio

SA

4,146

213,637

Diversified

Telecommunication

Services

0.1%

Orange

SA

158,144

1,857,820

Electrical

Equipment

0.2%

Legrand

SA

22,474

2,377,703

Common

Stocks

Shares

Value

($)

FRANCE

Entertainment

0.0%

†

Bollore

SE

61,454

410,300

Financial

Services

0.1%

Edenred

SE

20,976

1,118,268

Eurazeo

SE

3,333

291,968

Worldline

SA

Reg.

S*(b)

20,109

248,963

1,659,199

Food

Products

0.2%

Danone

SA

54,335

3,510,820

Health

Care

Equipment

&

Supplies

0.4%

BioMerieux

3,455

380,623

EssilorLuxottica

SA

13,384

3,035,412

EssilorLuxottica

SA

11,628

2,630,659

6,046,694

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA

15,849

739,843

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

9,632

392,597

Sodexo

SA

7,384

633,115

1,765,555

Household

Durables

0.0%

†

SEB

SA

1,982

254,187

Insurance

0.4%

AXA

SA

154,396

5,797,370

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

30,453

319,817

IT

Services

0.2%

Capgemini

SE

13,295

3,065,731

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech*

2,500

712,429

Machinery

0.0%

†

Alstom

SA(a)

25,000

380,843

Media

0.2%

Publicis

Groupe

SA

19,579

2,133,700

Vivendi

SE

56,463

615,871

2,749,571

Multi-Utilities

0.3%

Engie

SA

156,548

2,630,752

Veolia

Environnement

SA

58,489

1,897,548

4,528,300

Office

REITs

0.0%

†

Gecina

SA

4,125

421,087

Oil,

Gas

&

Consumable

Fuels

0.9%

TotalEnergies

SE

184,790

12,706,163

Personal

Care

Products

0.7%

L'Oreal

SA

20,428

9,688,226

Pharmaceuticals

0.0%

†

Ipsen

SA

2,861

340,068

Professional

Services

0.1%

Bureau

Veritas

SA

23,919

729,061

Teleperformance

SE

5,078

492,412

1,221,473

Retail

REITs

0.1%

Klepierre

SA

18,139

469,564

Unibail

-

Rodamco

-Westfield*

10,082

809,917

1,279,481

78

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Software

0.2%

Dassault

Systemes

SE

57,126

2,526,751

Textiles,

Apparel

&

Luxury

Goods

2.1%

Hermes

International

SCA

2,687

6,888,493

Kering

SA

6,263

2,475,541

LVMH

Moet

Hennessy

Louis

Vuitton

SE

23,461

21,219,002

30,583,036

Trading

Companies

&

Distributors

0.0%

†

Rexel

SA

19,312

521,160

Transportation

Infrastructure

0.1%

Aeroports

de

Paris

SA

2,745

376,090

Getlink

SE

31,417

534,734

910,824

149,688,620

GERMANY

8.5%

Aerospace

&

Defense

0.2%

MTU

Aero

Engines

AG

4,646

1,178,885

Rheinmetall

AG

3,728

2,095,109

3,273,994

Air

Freight

&

Logistics

0.2%

Deutsche

Post

AG

83,177

3,581,890

Automobile

Components

0.1%

Continental

AG

9,726

702,018

Automobiles

0.9%

Bayerische

Motoren

Werke

AG

27,098

3,126,600

Bayerische

Motoren

Werke

AG

(Preference)

5,025

538,807

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S(b)

9,927

988,169

Mercedes-Benz

Group

AG

68,084

5,423,112

Porsche

Automobil

Holding

SE

(Preference)

12,660

671,075

Volkswagen

AG

2,526

385,896

Volkswagen

AG

(Preference)

17,562

2,329,150

13,462,809

Banks

0.1%

Commerzbank

AG

91,119

1,251,306

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

165,210

2,598,618

Deutsche

Boerse

AG

15,981

3,269,876

5,868,494

Chemicals

0.5%

BASF

SE

75,778

4,327,347

Covestro

AG

Reg.

S*(b)

15,931

871,527

Evonik

Industries

AG

19,951

394,433

Symrise

AG,

Class

A

11,239

1,345,413

6,938,720

Construction

Materials

0.1%

Heidelberg

Materials

AG

11,117

1,222,833

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

276,004

6,700,057

Electrical

Equipment

0.1%

Siemens

Energy

AG*

42,109

772,556

Common

Stocks

Shares

Value

($)

GERMANY

Health

Care

Equipment

&

Supplies

0.1%

Carl

Zeiss

Meditec

AG

3,159

394,673

Siemens

Healthineers

AG

Reg.

S*(b)

24,170

1,479,091

1,873,764

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

18,230

701,109

Fresenius

SE

&

Co.

KGaA

36,014

971,280

1,672,389

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

9,232

664,912

Henkel

AG

&

Co.

KGaA

(Preference)

13,947

1,120,883

1,785,795

Independent

Power

and

Renewable

Electricity

Producers

0.1%

RWE

AG

54,011

1,833,007

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

64,760

12,363,014

Insurance

1.2%

Allianz

SE

(Registered)

33,283

9,974,418

Hannover

Rueck

SE

5,244

1,435,189

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

(Registered)

11,592

5,656,109

Talanx

AG

5,760

456,028

17,521,744

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

6,712

505,901

IT

Services

0.0%

†

Bechtle

AG

6,759

357,165

Life

Sciences

Tools

&

Services

0.1%

Sartorius

AG

(Preference)*

2,215

880,922

Machinery

0.3%

Daimler

Truck

Holding

AG

45,181

2,288,725

GEA

Group

AG

13,311

562,786

Knorr-

Bremse

AG

5,864

443,515

Rational

AG

404

348,186

3,643,212

Multi-Utilities

0.2%

E.ON

SE

191,132

2,656,644

Passenger

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

50,076

393,367

Personal

Care

Products

0.1%

Beiersdorf

AG

8,294

1,207,566

Pharmaceuticals

0.3%

Bayer

AG

(Registered)

82,590

2,532,875

Merck

KGaA

11,154

1,968,549

4,501,424

Real

Estate

Management

&

Development

0.2%

LEG

Immobilien

SE*

6,075

521,483

Vonovia

SE

61,403

1,815,958

2,337,441

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

111,033

3,774,645

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

GERMANY

Software

1.2%

Nemetschek

SE

4,770

472,009

SAP

SE

88,723

17,273,762

17,745,771

Specialty

Retail

0.0%

†

Zalando

SE

Reg.

S*(b)

19,231

549,609

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

13,708

3,061,993

Puma

SE

9,260

419,749

3,481,742

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

11,606

977,658

123,837,457

HONG

KONG

1.6%

Banks

0.1%

Hang

Seng

Bank

Ltd.

66,200

725,475

Capital

Markets

0.2%

Futu

Holdings

Ltd.,

ADR*

5,070

274,541

Hong

Kong

Exchanges

&

Clearing

Ltd.

101,300

2,954,544

3,229,085

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

296,220

345,562

Electric

Utilities

0.1%

CK

Infrastructure

Holdings

Ltd.

47,500

277,975

CLP

Holdings

Ltd.

142,500

1,136,106

Power

Assets

Holdings

Ltd.

111,000

649,589

2,063,670

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

703,545

464,299

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

940,266

713,207

Ground

Transportation

0.0%

†

MTR

Corp.

Ltd.

137,500

453,273

Industrial

Conglomerates

0.0%

†

Jardine

Matheson

Holdings

Ltd.

11,900

435,897

Jardine

Matheson

Holdings

Ltd.

600

22,373

458,270

Insurance

0.6%

AIA

Group

Ltd.

965,600

6,480,132

Prudential

plc

233,612

2,197,478

8,677,610

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

121,000

1,640,473

Real

Estate

Management

&

Development

0.3%

CK

Asset

Holdings

Ltd.

172,516

710,687

Hang

Lung

Properties

Ltd.

156,000

160,142

Henderson

Land

Development

Co.

Ltd.

135,775

387,562

Hongkong

Land

Holdings

Ltd.

95,100

281,496

Hongkong

Land

Holdings

Ltd.

100

307

Sino

Land

Co.

Ltd.

293,000

304,581

Common

Stocks

Shares

Value

($)

HONG

KONG

Real

Estate

Management

&

Development

Sun

Hung

Kai

Properties

Ltd.

126,000

1,214,127

Swire

Pacific

Ltd.,

Class

A

38,000

312,909

Swire

Properties

Ltd.

110,800

233,087

Wharf

Real

Estate

Investment

Co.

Ltd.

138,500

451,136

4,056,034

Retail

REITs

0.1%

Link

REIT

214,540

924,101

23,751,059

IRELAND

0.4%

Banks

0.1%

AIB

Group

plc

121,552

616,490

Bank

of

Ireland

Group

plc

90,782

926,427

1,542,917

Building

Products

0.1%

Kingspan

Group

plc

13,218

1,203,282

Containers

&

Packaging

0.0%

†

Smurfit

Kappa

Group

plc(a)

22,206

1,012,986

Food

Products

0.1%

Kerry

Group

plc,

Class

A

13,194

1,132,376

Trading

Companies

&

Distributors

0.1%

AerCap

Holdings

NV*

17,419

1,513,885

6,405,446

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

2,289

478,268

Banks

0.2%

Bank

Hapoalim

BM

109,425

1,025,320

Bank

Leumi

Le-Israel

BM

125,722

1,044,320

Israel

Discount

Bank

Ltd.,

Class

A

108,494

561,137

Mizrahi

Tefahot

Bank

Ltd.

13,283

497,976

3,128,753

Broadline

Retail

0.0%

†

Global-e

Online

Ltd.*(a)

7,886

286,656

Chemicals

0.0%

†

ICL

Group

Ltd.

71,495

378,415

IT

Services

0.1%

Wix.com

Ltd.*

4,836

664,853

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

94,772

1,337,233

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

3,509

253,092

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

8,026

1,316,344

Nice

Ltd.*

5,533

1,441,646

2,757,990

9,285,260

ITALY

2.4%

Aerospace

&

Defense

0.1%

Leonardo

SpA

24,207

608,129

80

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

ITALY

Automobiles

0.3%

Ferrari

NV

10,700

4,663,653

Banks

0.8%

Banco

BPM

SpA

105,555

702,400

FinecoBank

Banca

Fineco

SpA

51,063

764,660

Intesa

Sanpaolo

SpA

1,252,353

4,543,753

Mediobanca

Banca

di

Credito

Finanziario

SpA

41,919

624,548

UniCredit

SpA

131,962

5,007,766

11,643,127

Beverages

0.1%

Coca-Cola

HBC

AG

18,455

583,173

Davide

Campari-Milano

NV

52,713

529,682

1,112,855

Diversified

Telecommunication

Services

0.0%

†

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

27,811

315,958

Telecom

Italia

SpA

*(a)

974,463

235,896

551,854

Electric

Utilities

0.4%

Enel

SpA

694,173

4,582,571

Terna

-

Rete

Elettrica

Nazionale

120,938

1,002,936

5,585,507

Electrical

Equipment

0.1%

Prysmian

SpA

21,847

1,140,963

Financial

Services

0.0%

†

Nexi

SpA

Reg.

S*(a)(b)

48,821

309,588

Gas

Utilities

0.1%

Snam

SpA

171,556

809,764

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

1,793

172,962

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

11,235

409,686

Insurance

0.2%

Assicurazioni

Generali

SpA

85,955

2,176,493

Poste

Italiane

SpA

Reg.

S(b)

38,198

478,241

2,654,734

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

187,889

2,978,986

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

9,618

531,546

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

17,904

1,335,808

34,509,162

JAPAN

23.2%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

6,300

321,478

SG

Holdings

Co.

Ltd.

27,300

345,666

Yamato

Holdings

Co.

Ltd.

24,400

351,305

1,018,449

Automobile

Components

0.5%

Aisin

Corp.(a)

12,200

497,805

Bridgestone

Corp.

48,500

2,151,468

Denso

Corp.

160,100

3,063,372

Common

Stocks

Shares

Value

($)

JAPAN

Automobile

Components

Koito

Manufacturing

Co.

Ltd.

17,200

231,626

Sumitomo

Electric

Industries

Ltd.

59,400

919,840

6,864,111

Automobiles

2.3%

Honda

Motor

Co.

Ltd.

392,700

4,856,889

Isuzu

Motors

Ltd.

51,600

697,206

Mazda

Motor

Corp.(a)

48,180

563,467

Nissan

Motor

Co.

Ltd.

209,900

832,414

Subaru

Corp.(a)

52,500

1,194,902

Suzuki

Motor

Corp.

134,400

1,533,134

Toyota

Motor

Corp.

901,070

22,649,402

Yamaha

Motor

Co.

Ltd.

78,300

721,146

33,048,560

Banks

1.7%

Chiba

Bank

Ltd.

(The)(a)

40,500

337,145

Concordia

Financial

Group

Ltd.(a)

85,000

427,273

Japan

Post

Bank

Co.

Ltd.

121,500

1,307,462

Mitsubishi

UFJ

Financial

Group,

Inc.

944,167

9,604,312

Mizuho

Financial

Group,

Inc.

203,751

4,031,440

Resona

Holdings,

Inc.

182,900

1,129,987

Shizuoka

Financial

Group,

Inc.(a)

42,600

405,049

Sumitomo

Mitsui

Financial

Group,

Inc.

108,053

6,316,827

Sumitomo

Mitsui

Trust

Holdings,

Inc.(a)

54,380

1,172,492

24,731,987

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

40,000

1,468,544

Kirin

Holdings

Co.

Ltd.

68,300

949,022

Suntory

Beverage

&

Food

Ltd.

11,700

395,500

2,813,066

Broadline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

33,600

893,282

Rakuten

Group,

Inc.*

121,000

686,619

1,579,901

Building

Products

0.3%

AGC,

Inc.

17,000

616,440

Daikin

Industries

Ltd.(a)

22,200

3,036,736

TOTO

Ltd.

11,600

325,438

3,978,614

Capital

Markets

0.3%

Daiwa

Securities

Group,

Inc.

(a)

116,900

889,635

Japan

Exchange

Group,

Inc.

42,000

1,137,449

Nomura

Holdings,

Inc.

252,400

1,614,715

SBI

Holdings,

Inc.

20,490

537,022

4,178,821

Chemicals

0.8%

Asahi

Kasei

Corp.

104,100

762,471

JSR

Corp.*

14,300

409,107

Mitsubishi

Chemical

Group

Corp.

113,500

691,352

Mitsui

Chemicals,

Inc.(a)

15,000

439,850

Nippon

Paint

Holdings

Co.

Ltd.

77,500

557,430

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Nippon

Sanso

Holdings

Corp.

15,700

492,871

Nissan

Chemical

Corp.

11,100

420,612

Nitto

Denko

Corp.

12,000

1,096,633

Shin-Etsu

Chemical

Co.

Ltd.

152,700

6,699,853

Toray

Industries,

Inc.(a)

110,200

529,385

12,099,564

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

(a)

16,900

517,998

Secom

Co.

Ltd.

18,400

1,334,178

TOPPAN

Holdings,

Inc.(a)

18,500

463,594

2,315,770

Construction

&

Engineering

0.1%

Kajima

Corp.

36,100

740,281

Obayashi

Corp.

53,900

640,242

Shimizu

Corp.(a)

43,500

280,992

Taisei

Corp.

13,900

505,960

2,167,475

Consumer

Staples

Distribution

&

Retail

0.3%

Aeon

Co.

Ltd.

54,500

1,291,908

Kobe

Bussan

Co.

Ltd.

12,200

298,830

MatsukiyoCocokara

&

Co.(a)

28,800

462,574

Seven

&

i

Holdings

Co.

Ltd.

193,500

2,816,541

4,869,853

Diversified

REITs

0.1%

KDX

Realty

Investment

Corp.

360

383,214

Nomura

Real

Estate

Master

Fund,

Inc.

345

341,154

724,368

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

2,560,500

3,048,359

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.

56,700

739,557

Kansai

Electric

Power

Co.,

Inc.

(The)

57,000

812,148

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

130,200

791,657

2,343,362

Electrical

Equipment

0.3%

Fuji

Electric

Co.

Ltd.(a)

10,700

717,429

Mitsubishi

Electric

Corp.

165,000

2,765,649

Nidec

Corp.

34,900

1,440,610

4,923,688

Electronic

Equipment,

Instruments

&

Components

1.1%

Azbil

Corp.(a)

10,200

282,317

Hamamatsu

Photonics

KK

12,300

433,560

Hirose

Electric

Co.

Ltd.(a)

2,094

215,078

Ibiden

Co.

Ltd.(a)

9,400

421,909

Keyence

Corp.

16,544

7,692,949

Kyocera

Corp.

110,400

1,474,570

Murata

Manufacturing

Co.

Ltd.

148,000

2,784,971

Omron

Corp.

15,400

551,981

Shimadzu

Corp.

20,900

582,879

TDK

Corp.(a)

32,800

1,611,305

Yokogawa

Electric

Corp.

18,700

430,975

16,482,494

Common

Stocks

Shares

Value

($)

JAPAN

Entertainment

0.5%

Capcom

Co.

Ltd.(a)

30,200

566,182

Konami

Group

Corp.

9,100

619,488

Nexon

Co.

Ltd.

29,700

493,298

Nintendo

Co.

Ltd.

88,400

4,838,386

Square

Enix

Holdings

Co.

Ltd.

6,900

265,510

Toho

Co.

Ltd.

9,100

302,442

7,085,306

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

70,200

489,225

ORIX

Corp.

99,400

2,173,311

2,662,536

Food

Products

0.2%

Ajinomoto

Co.,

Inc.(a)

40,200

1,500,607

Kikkoman

Corp.

58,500

750,676

MEIJI

Holdings

Co.

Ltd.(a)

19,360

422,392

Nissin

Foods

Holdings

Co.

Ltd.(a)

17,400

479,728

Yakult

Honsha

Co.

Ltd.(a)

23,200

473,868

3,627,271

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

33,000

743,236

Tokyo

Gas

Co.

Ltd.(a)

32,100

731,157

1,474,393

Ground

Transportation

0.5%

Central

Japan

Railway

Co.

66,100

1,641,007

East

Japan

Railway

Co.(a)

77,328

1,482,601

Hankyu

Hanshin

Holdings,

Inc.

20,200

578,768

Keisei

Electric

Railway

Co.

Ltd.(a)

11,000

446,687

Kintetsu

Group

Holdings

Co.

Ltd.(a)

14,500

422,310

Odakyu

Electric

Railway

Co.

Ltd.(a)

28,900

398,157

Tobu

Railway

Co.

Ltd.

17,000

424,756

Tokyu

Corp.

41,500

504,597

West

Japan

Railway

Co.(a)

36,400

758,356

6,657,239

Health

Care

Equipment

&

Supplies

0.6%

Asahi

Intecc

Co.

Ltd.

20,000

350,639

Hoya

Corp.

29,600

3,705,386

Olympus

Corp.(a)

101,200

1,455,913

Sysmex

Corp.

43,200

770,812

Terumo

Corp.(a)

113,800

2,085,884

8,368,634

Health

Care

Technology

0.0%

†

M3,

Inc.(a)

37,800

544,729

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

8,026

361,016

Oriental

Land

Co.

Ltd.(a)

91,800

2,940,594

Zensho

Holdings

Co.

Ltd.(a)

8,100

337,285

3,638,895

Household

Durables

0.9%

Iida

Group

Holdings

Co.

Ltd.

(a)

13,000

168,099

Panasonic

Holdings

Corp.

188,500

1,798,402

Sekisui

Chemical

Co.

Ltd.

31,200

456,233

Sekisui

House

Ltd.

50,200

1,141,854

82

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Household

Durables

Sharp

Corp.*(a)

22,900

127,581

Sony

Group

Corp.

107,600

9,221,594

12,913,763

Household

Products

0.1%

Unicharm

Corp.

33,900

1,078,839

Industrial

Conglomerates

0.5%

Hikari

Tsushin,

Inc.

1,900

356,997

Hitachi

Ltd.

78,600

7,179,302

7,536,299

Industrial

REITs

0.0%

†

GLP

J-REIT

419

351,637

Nippon

Prologis

REIT,

Inc.

202

359,971

711,608

Insurance

0.9%

Dai-ichi

Life

Holdings,

Inc.

79,300

2,023,455

Japan

Post

Holdings

Co.

Ltd.

180,100

1,812,910

Japan

Post

Insurance

Co.

Ltd.(a)

15,200

290,346

MS&AD

Insurance

Group

Holdings,

Inc.

107,823

1,907,824

Sompo

Holdings,

Inc.

77,250

1,619,381

T&D

Holdings,

Inc.

40,800

709,722

Tokio

Marine

Holdings,

Inc.

152,800

4,799,255

13,162,893

Interactive

Media

&

Services

0.0%

†

LY

Corp.(a)

233,600

590,231

IT

Services

0.5%

Fujitsu

Ltd.

149,000

2,385,864

NEC

Corp.(a)

20,700

1,506,153

Nomura

Research

Institute

Ltd.

32,315

912,110

NTT

Data

Group

Corp.

52,800

839,117

Obic

Co.

Ltd.

5,900

889,198

Otsuka

Corp.

18,800

398,796

SCSK

Corp.

12,600

233,633

TIS,

Inc.

19,700

421,696

7,586,567

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

(a)

52,500

971,956

Shimano,

Inc.

6,700

1,000,470

Yamaha

Corp.(a)

11,900

256,394

2,228,820

Machinery

1.1%

Daifuku

Co.

Ltd.

25,700

616,476

FANUC

Corp.(a)

81,900

2,290,654

Hitachi

Construction

Machinery

Co.

Ltd.(a)

10,200

307,986

Hoshizaki

Corp.

9,400

342,842

Komatsu

Ltd.

78,600

2,327,528

Kubota

Corp.

85,700

1,364,650

Makita

Corp.

18,900

536,185

MINEBEA

MITSUMI,

Inc.(a)

31,600

619,436

MISUMI

Group,

Inc.

24,900

347,316

Mitsubishi

Heavy

Industries

Ltd.

270,000

2,449,180

SMC

Corp.

4,800

2,708,459

Toyota

Industries

Corp.

12,300

1,285,776

Yaskawa

Electric

Corp.

19,900

846,493

16,042,981

Common

Stocks

Shares

Value

($)

JAPAN

Marine

Transportation

0.2%

Kawasaki

Kisen

Kaisha

Ltd.

(a)

32,700

439,057

Mitsui

OSK

Lines

Ltd.(a)

28,700

874,412

Nippon

Yusen

KK(a)

38,800

1,063,711

2,377,180

Media

0.0%

†

Dentsu

Group,

Inc.

17,001

470,971

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

50,100

828,652

Nippon

Steel

Corp.(a)

71,844

1,727,412

Sumitomo

Metal

Mining

Co.

Ltd.(a)

19,800

587,249

3,143,313

Office

REITs

0.1%

Japan

Real

Estate

Investment

Corp.

108

385,057

Nippon

Building

Fund,

Inc.

135

540,421

925,478

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

253,239

1,219,089

Idemitsu

Kosan

Co.

Ltd.(a)

85,280

584,432

Inpex

Corp.

80,400

1,225,093

3,028,614

Passenger

Airlines

0.0%

†

ANA

Holdings,

Inc.(a)

13,200

275,610

Japan

Airlines

Co.

Ltd.

12,186

231,192

506,802

Personal

Care

Products

0.2%

Kao

Corp.

39,500

1,477,917

Shiseido

Co.

Ltd.

34,800

951,306

2,429,223

Pharmaceuticals

1.2%

Astellas

Pharma,

Inc.

153,100

1,645,324

Chugai

Pharmaceutical

Co.

Ltd.

56,500

2,159,498

Daiichi

Sankyo

Co.

Ltd.

157,700

5,012,278

Eisai

Co.

Ltd.

21,500

885,694

Kyowa

Kirin

Co.

Ltd.

23,300

418,900

Ono

Pharmaceutical

Co.

Ltd.

(a)

28,800

472,023

Otsuka

Holdings

Co.

Ltd.

36,400

1,509,594

Shionogi

&

Co.

Ltd.

21,000

1,075,349

Takeda

Pharmaceutical

Co.

Ltd.

134,549

3,739,434

16,918,094

Professional

Services

0.4%

Recruit

Holdings

Co.

Ltd.

122,800

5,409,594

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.

4,700

535,804

Daiwa

House

Industry

Co.

Ltd.

50,800

1,510,999

Hulic

Co.

Ltd.

30,600

314,158

Mitsubishi

Estate

Co.

Ltd.

94,700

1,722,665

Mitsui

Fudosan

Co.

Ltd.

226,500

2,440,493

Nomura

Real

Estate

Holdings,

Inc.

10,300

291,237

Sumitomo

Realty

&

Development

Co.

Ltd.

24,700

919,779

7,735,135

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

JAPAN

Retail

REITs

0.0%

†

Japan

Metropolitan

Fund

Invest

590

367,823

Semiconductors

&

Semiconductor

Equipment

1.5%

Advantest

Corp.(a)

65,100

2,909,264

Disco

Corp.

7,600

2,792,267

Lasertec

Corp.

6,500

1,843,393

Renesas

Electronics

Corp.

125,000

2,237,294

Rohm

Co.

Ltd.(a)

26,700

426,016

SCREEN

Holdings

Co.

Ltd.

(a)

7,000

910,657

SUMCO

Corp.(a)

29,300

463,738

Tokyo

Electron

Ltd.

40,000

10,489,977

22,072,606

Software

0.1%

Oracle

Corp.

Japan

3,100

232,984

Trend

Micro,

Inc.

11,700

595,099

828,083

Specialty

Retail

0.4%

Fast

Retailing

Co.

Ltd.

14,800

4,586,425

Nitori

Holdings

Co.

Ltd.

6,700

1,009,970

USS

Co.

Ltd.

31,800

262,848

ZOZO,

Inc.(a)

12,300

305,244

6,164,487

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.(a)

18,700

347,500

Canon,

Inc.

84,100

2,503,481

FUJIFILM

Holdings

Corp.

94,800

2,129,644

Ricoh

Co.

Ltd.(a)

43,000

382,894

Seiko

Epson

Corp.(a)

23,300

406,993

5,770,512

Tobacco

0.2%

Japan

Tobacco,

Inc.

102,100

2,721,760

Trading

Companies

&

Distributors

1.5%

ITOCHU

Corp.(a)

101,300

4,343,935

Marubeni

Corp.

121,700

2,107,813

Mitsubishi

Corp.

293,400

6,776,288

Mitsui

&

Co.

Ltd.

110,000

5,139,493

MonotaRO

Co.

Ltd.

23,200

278,570

Sumitomo

Corp.

88,200

2,123,563

Toyota

Tsusho

Corp.

17,900

1,228,863

21,998,525

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.(a)

127,200

3,761,045

SoftBank

Corp.

246,800

3,169,551

SoftBank

Group

Corp.

87,600

5,234,985

12,165,581

338,133,227

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

13,161

318,371

LUXEMBOURG

0.1%

Life

Sciences

Tools

&

Services

0.0%

†

Eurofins

Scientific

SE(a)

11,096

706,623

Metals

&

Mining

0.1%

ArcelorMittal

SA(a)

42,427

1,165,579

1,872,202

Common

Stocks

Shares

Value

($)

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.

192,000

965,149

Sands

China

Ltd.*

193,900

546,838

1,511,987

NETHERLANDS

5.9%

Banks

0.4%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

41,456

711,182

ING

Groep

NV

279,905

4,609,784

5,320,966

Beverages

0.2%

Heineken

Holding

NV

11,287

910,576

Heineken

NV

24,449

2,355,799

3,266,375

Biotechnology

0.1%

Argenx

SE*

4,945

1,951,825

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

7,510

714,296

Chemicals

0.1%

Akzo

Nobel

NV

14,977

1,117,082

OCI

NV

7,381

202,006

1,319,088

Consumer

Staples

Distribution

&

Retail

0.2%

Koninklijke

Ahold

Delhaize

NV

81,127

2,425,684

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

283,714

1,060,966

Entertainment

0.1%

Universal

Music

Group

NV

69,020

2,075,345

Financial

Services

0.3%

Adyen

NV

Reg.

S*(b)

1,867

3,162,546

EXOR

NV

8,117

902,097

4,064,643

Food

Products

0.0%

†

JDE

Peet's

NV(a)

7,330

153,889

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV*

65,360

1,310,657

Insurance

0.2%

Aegon

Ltd.

123,837

754,557

ASR

Nederland

NV

13,953

683,095

NN

Group

NV

22,036

1,019,300

2,456,952

Oil,

Gas

&

Consumable

Fuels

1.2%

Shell

plc

552,311

18,324,878

Professional

Services

0.3%

Randstad

NV(a)

9,330

492,063

Wolters

Kluwer

NV

21,090

3,302,875

3,794,938

Semiconductors

&

Semiconductor

Equipment

2.5%

ASM

International

NV

3,997

2,434,995

ASML

Holding

NV

34,253

32,885,722

BE

Semiconductor

Industries

NV

6,729

1,027,393

36,348,110

Trading

Companies

&

Distributors

0.1%

IMCD

NV

4,716

831,140

85,419,752

84

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

0.2%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

161,178

458,857

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

61,413

254,231

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

47,876

733,715

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

106,098

374,673

Software

0.1%

Xero

Ltd.*

12,159

1,056,572

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.

109,506

545,723

3,423,771

NORWAY

0.5%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

7,983

552,093

Banks

0.1%

DNB

Bank

ASA

77,121

1,530,940

Diversified

Telecommunication

Services

0.0%

†

Telenor

ASA

54,613

607,399

Food

Products

0.1%

Mowi

ASA

40,780

749,494

Orkla

ASA

64,348

453,991

Salmar

ASA

5,395

356,649

1,560,134

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

15,461

224,416

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

112,142

618,399

Oil,

Gas

&

Consumable

Fuels

0.2%

Aker

BP

ASA

26,204

654,879

Equinor

ASA

76,232

2,045,410

2,700,289

7,793,670

PORTUGAL

0.2%

Consumer

Staples

Distribution

&

Retail

0.0%

†

Jeronimo

Martins

SGPS

SA

24,718

490,440

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

259,329

1,011,688

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

39,391

652,038

2,154,166

SINGAPORE

1.5%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

128,000

381,483

Banks

0.7%

DBS

Group

Holdings

Ltd.

155,700

4,164,537

Oversea-Chinese

Banking

Corp.

Ltd.

289,700

2,898,058

Common

Stocks

Shares

Value

($)

SINGAPORE

Banks

United

Overseas

Bank

Ltd.

107,800

2,342,914

9,405,509

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

74,100

506,090

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

702,650

1,316,823

Entertainment

0.1%

Sea

Ltd.,

ADR*(a)

30,286

1,626,661

Ground

Transportation

0.0%

†

Grab

Holdings

Ltd.,

Class

A*

169,866

533,379

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

509,396

333,355

Industrial

Conglomerates

0.1%

Jardine

Cycle

&

Carriage

Ltd.

9,600

171,885

Keppel

Ltd.

118,000

642,160

814,045

Industrial

REITs

0.1%

CapitaLand

Ascendas

REIT

296,407

609,200

Mapletree

Logistics

Trust

322,304

348,629

957,829

Machinery

0.0%

†

Seatrium

Ltd.*

3,597,922

210,670

Multi-Utilities

0.0%

†

Sembcorp

Industries

Ltd.

78,000

312,039

Passenger

Airlines

0.0%

†

Singapore

Airlines

Ltd.

129,614

615,064

Real

Estate

Management

&

Development

0.1%

CapitaLand

Investment

Ltd.

230,697

458,816

City

Developments

Ltd.

40,200

174,531

633,347

Retail

REITs

0.1%

CapitaLand

Integrated

Commercial

Trust

426,070

626,216

Mapletree

Pan

Asia

Commercial

Trust

227,800

216,386

842,602

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

58,594

2,522,252

21,011,148

SOUTH

AFRICA

0.2%

Metals

&

Mining

0.2%

Anglo

American

plc

108,770

2,687,739

SOUTH

KOREA

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

Delivery

Hero

SE

Reg.

S*(b)

14,579

417,027

SPAIN

2.5%

Banks

1.0%

Banco

Bilbao

Vizcaya

Argentaria

SA(a)

497,978

5,932,426

Banco

Santander

SA

1,375,339

6,720,209

CaixaBank

SA(a)

319,967

1,551,171

14,203,806

Biotechnology

0.0%

†

Grifols

SA*(a)

26,811

240,935

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

SPAIN

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

17,784

744,128

Diversified

Telecommunication

Services

0.2%

Cellnex

Telecom

SA

Reg.

S(b)

39,319

1,390,282

Telefonica

SA

407,208

1,799,162

3,189,444

Electric

Utilities

0.5%

Acciona

SA

2,355

286,762

Endesa

SA

28,043

519,820

Iberdrola

SA

517,955

6,430,834

Redeia

Corp.

SA

35,743

610,224

7,847,640

Gas

Utilities

0.0%

†

Enagas

SA

20,028

297,634

Hotels,

Restaurants

&

Leisure

0.2%

Amadeus

IT

Group

SA

38,617

2,476,589

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

EDP

Renovaveis

SA(a)

22,534

305,674

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

101,984

1,702,184

Specialty

Retail

0.3%

Industria

de

Diseno

Textil

SA

92,515

4,658,762

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S(b)

6,474

1,274,430

36,941,226

SWEDEN

3.0%

Aerospace

&

Defense

0.1%

Saab

AB,

Class

B

7,282

647,564

Automobiles

0.0%

†

Volvo

Car

AB,

Class

B*(a)

52,647

199,120

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A(a)

136,438

1,845,390

Svenska

Handelsbanken

AB,

Class

A(a)

123,497

1,248,935

Swedbank

AB,

Class

A(a)

71,208

1,412,899

4,507,224

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*

17,580

438,490

Building

Products

0.2%

Assa

Abloy

AB,

Class

B

84,125

2,413,108

Nibe

Industrier

AB,

Class

B(a)

123,952

608,480

3,021,588

Capital

Markets

0.1%

EQT

AB(a)

31,973

1,009,986

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B(a)

39,607

407,946

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson,

Class

B(a)

249,738

1,374,655

Common

Stocks

Shares

Value

($)

SWEDEN

Construction

&

Engineering

0.0%

†

Skanska

AB,

Class

B(a)

29,468

523,654

Diversified

Telecommunication

Services

0.0%

†

Telia

Co.

AB

204,156

523,175

Electronic

Equipment,

Instruments

&

Components

0.1%

Hexagon

AB,

Class

B

173,048

2,048,380

Financial

Services

0.3%

Industrivarden

AB,

Class

A

10,309

354,644

Industrivarden

AB,

Class

C(a)

12,230

420,078

Investor

AB,

Class

B

148,801

3,729,994

L

E

Lundbergforetagen

AB,

Class

B(a)

5,964

322,991

4,827,707

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB,

Class

B(a)

21,456

431,408

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

15,525

1,927,702

Household

Products

0.1%

Essity

AB,

Class

B(a)

51,790

1,229,921

Industrial

Conglomerates

0.1%

Investment

AB

Latour,

Class

B(a)

13,357

350,893

Lifco

AB,

Class

B

19,835

517,261

868,154

Machinery

1.1%

Alfa

Laval

AB

24,213

951,760

Atlas

Copco

AB,

Class

A

227,543

3,839,862

Atlas

Copco

AB,

Class

B

135,638

2,002,298

Epiroc

AB,

Class

A

57,516

1,084,493

Epiroc

AB,

Class

B

34,103

577,537

Husqvarna

AB,

Class

B(a)

28,391

242,958

Indutrade

AB*(a)

23,089

628,972

Sandvik

AB

90,518

2,008,421

SKF

AB,

Class

B(a)

29,532

601,951

Volvo

AB,

Class

A

16,247

447,398

Volvo

AB,

Class

B(a)

127,458

3,451,944

15,837,594

Metals

&

Mining

0.1%

Boliden

AB

22,578

625,509

Paper

&

Forest

Products

0.1%

Holmen

AB,

Class

B*

6,610

268,918

Svenska

Cellulosa

AB

SCA,

Class

B(a)

53,900

827,429

1,096,347

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder,

Class

B*(a)

52,175

382,687

Sagax

AB,

Class

B

18,146

477,890

860,577

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

53,338

871,696

Trading

Companies

&

Distributors

0.0%

†

Beijer

Ref

AB,

Class

B(a)

30,092

446,154

86

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB,

Class

B

46,644

383,034

44,107,585

SWITZERLAND

6.1%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

2,334

271,314

Building

Products

0.1%

Geberit

AG

(Registered)

2,871

1,696,390

Capital

Markets

0.9%

Julius

Baer

Group

Ltd.

17,065

985,081

Partners

Group

Holding

AG

1,940

2,772,184

UBS

Group

AG

(Registered)

279,060

8,576,575

12,333,840

Chemicals

0.7%

Clariant

AG

(Registered)

16,802

227,057

DSM-

Firmenich

AG

15,560

1,768,087

EMS-

Chemie

Holding

AG

(Registered)

575

440,986

Givaudan

SA

(Registered)

790

3,529,751

Sika

AG

(Registered)

13,050

3,885,716

9,851,597

Containers

&

Packaging

0.0%

†

SIG

Group

AG

26,973

598,014

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)*

2,211

1,351,702

Electric

Utilities

0.0%

†

BKW

AG

1,655

253,945

Electrical

Equipment

0.4%

ABB

Ltd.

(Registered)

136,532

6,336,817

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

316

458,660

Chocoladefabriken

Lindt

&

Spruengli

AG(a)

81

969,004

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

9

1,085,498

2,513,162

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.

42,223

3,495,620

Sonova

Holding

AG

(Registered)

4,277

1,237,912

Straumann

Holding

AG

(Registered)

9,421

1,503,836

6,237,368

Insurance

0.7%

Baloise

Holding

AG

(Registered)

4,074

638,210

Helvetia

Holding

AG

(Registered)

3,375

465,146

Swiss

Life

Holding

AG

(Registered)(a)

2,473

1,733,266

Zurich

Insurance

Group

AG

12,475

6,726,279

9,562,901

Life

Sciences

Tools

&

Services

0.3%

Bachem

Holding

AG(a)

2,947

282,218

Common

Stocks

Shares

Value

($)

SWITZERLAND

Life

Sciences

Tools

&

Services

Lonza

Group

AG

(Registered)

6,285

3,763,085

4,045,303

Machinery

0.2%

Schindler

Holding

AG

3,376

850,004

Schindler

Holding

AG

(Registered)

1,883

459,293

VAT

Group

AG

Reg.

S(b)

2,270

1,174,048

2,483,345

Marine

Transportation

0.1%

Kuehne

+

Nagel

International

AG

(Registered)(a)

4,613

1,283,765

Pharmaceuticals

1.2%

Novartis

AG

(Registered)

174,052

16,855,952

Sandoz

Group

AG*

35,758

1,078,629

17,934,581

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

13,332

527,073

SGS

SA

(Registered)*(a)

12,428

1,205,553

1,732,626

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

6,753

636,770

Software

0.0%

†

Temenos

AG

(Registered)

5,369

384,526

Specialty

Retail

0.0%

†

Avolta

AG*

8,964

372,968

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

14,452

1,293,264

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

45,598

6,975,319

Swatch

Group

AG

(The)(a)

2,410

559,223

Swatch

Group

AG

(The)

(Registered)

4,684

212,373

7,746,915

88,921,113

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

10.7%

Aerospace

&

Defense

0.6%

BAE

Systems

plc

258,707

4,406,562

Melrose

Industries

plc

117,974

1,001,251

Rolls-Royce

Holdings

plc*

714,687

3,843,460

9,251,273

Banks

1.5%

Barclays

plc

1,292,821

3,004,203

HSBC

Holdings

plc

1,624,806

12,700,292

Lloyds

Banking

Group

plc

5,376,068

3,519,160

NatWest

Group

plc

476,157

1,594,620

Standard

Chartered

plc

187,809

1,591,555

22,409,830

Beverages

0.6%

Coca-Cola

Europacific

Partners

plc

17,827

1,246,999

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Beverages

Diageo

plc

188,879

6,975,419

8,222,418

Broadline

Retail

0.1%

Next

plc

10,076

1,176,445

Capital

Markets

0.6%

3i

Group

plc

82,947

2,938,310

abrdn

plc(a)

148,282

264,539

Hargreaves

Lansdown

plc

27,474

255,565

London

Stock

Exchange

Group

plc

35,529

4,255,619

Schroders

plc

65,633

312,679

St.

James's

Place

plc

48,826

287,300

8,314,012

Chemicals

0.0%

†

Croda

International

plc

10,749

666,681

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

219,218

1,308,228

Consumer

Staples

Distribution

&

Retail

0.2%

J

Sainsbury

plc

129,442

442,361

Ocado

Group

plc*(a)

52,554

302,821

Tesco

plc

603,945

2,260,024

3,005,206

Diversified

Consumer

Services

0.1%

Pearson

plc

54,008

709,958

Diversified

REITs

0.0%

†

Land

Securities

Group

plc

57,633

478,307

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

550,364

761,558

Electric

Utilities

0.1%

SSE

plc

92,684

1,932,553

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

32,273

964,335

Financial

Services

0.1%

M&G

plc

194,963

543,268

Wise

plc,

Class

A*

49,856

585,106

1,128,374

Food

Products

0.1%

Associated

British

Foods

plc

29,424

928,812

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

76,086

962,139

Hotels,

Restaurants

&

Leisure

0.7%

Compass

Group

plc

145,461

4,263,037

Entain

plc

53,534

538,122

Flutter

Entertainment

plc*

15,110

3,016,914

InterContinental

Hotels

Group

plc

13,983

1,454,547

Whitbread

plc

16,104

674,561

9,947,181

Household

Durables

0.1%

Barratt

Developments

plc

87,500

526,223

Berkeley

Group

Holdings

plc

9,492

570,799

Persimmon

plc

26,416

438,296

Taylor

Wimpey

plc

303,173

525,440

2,060,758

Household

Products

0.2%

Reckitt

Benckiser

Group

plc

61,052

3,473,186

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

231,016

1,116,851

DCC

plc

8,462

615,981

Smiths

Group

plc

30,004

622,485

2,355,317

Industrial

REITs

0.1%

Segro

plc

107,285

1,222,085

Insurance

0.3%

Admiral

Group

plc

22,672

811,449

Aviva

plc

227,564

1,428,120

Legal

&

General

Group

plc

518,328

1,662,850

Phoenix

Group

Holdings

plc

64,297

448,729

4,351,148

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

74,523

658,089

Machinery

0.1%

Spirax-Sarco

Engineering

plc

6,229

791,796

Media

0.1%

Informa

plc

119,139

1,249,082

WPP

plc

94,602

895,285

2,144,367

Multi-Utilities

0.3%

Centrica

plc

436,308

702,618

National

Grid

plc

313,170

4,213,223

4,915,841

Oil,

Gas

&

Consumable

Fuels

0.6%

BP

plc

1,456,898

9,154,181

Personal

Care

Products

0.7%

Unilever

plc

213,093

10,695,758

Pharmaceuticals

1.2%

AstraZeneca

plc

131,636

17,723,617

Professional

Services

0.5%

Intertek

Group

plc

13,230

833,647

RELX

plc

159,747

6,917,619

7,751,266

Software

0.1%

Sage

Group

plc

(The)

86,880

1,387,510

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

220,362

373,616

Kingfisher

plc

172,677

543,135

916,751

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Burberry

Group

plc

30,483

467,655

Tobacco

0.5%

British

American

Tobacco

plc

169,955

5,165,771

Imperial

Brands

plc

71,053

1,588,604

6,754,375

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

37,359

2,655,520

Bunzl

plc

29,357

1,130,497

3,786,017

Water

Utilities

0.1%

Severn

Trent

plc

22,598

705,171

United

Utilities

Group

plc

56,387

733,182

1,438,353

88

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

1,933,140

1,711,610

155,926,990

UNITED

STATES

7.2%

Automobiles

0.4%

Stellantis

NV

130,240

3,695,497

Stellantis

NV

56,713

1,611,914

5,307,411

Biotechnology

0.5%

CSL

Ltd.

40,894

7,686,139

Construction

&

Engineering

0.1%

Ferrovial

SE

43,357

1,715,933

Construction

Materials

0.7%

CRH

plc

59,180

5,105,556

Holcim

AG

44,561

4,055,436

James

Hardie

Industries

plc

CHDI*

37,764

1,516,400

10,677,392

Electrical

Equipment

0.7%

Schneider

Electric

SE

46,238

10,455,904

Energy

Equipment

&

Services

0.1%

Tenaris

SA(a)

41,967

829,232

Food

Products

1.6%

Nestle

SA

(Registered)

226,857

24,087,771

Insurance

0.2%

Swiss

Re

AG

25,847

3,322,835

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

18,850

806,076

Personal

Care

Products

0.2%

Haleon

plc

592,400

2,486,143

Pharmaceuticals

2.3%

GSK

plc

348,988

7,495,201

Roche

Holding

AG

62,303

15,941,835

Sanofi

SA

96,872

9,504,827

32,941,863

Professional

Services

0.2%

Experian

plc

78,916

3,445,160

Software

0.1%

CyberArk

Software

Ltd.*

3,507

931,564

Monday.com

Ltd.*(a)

2,312

522,212

1,453,776

105,215,635

Total

Common

Stocks

(cost

$827,438,489)

1,436,918,194

Repurchase

Agreements

2.5%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,500,889,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$1,530,000.(c)

1,500,000

1

,500,000

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,345,519,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$2,391,013.(c)

2,344,130

2,344,130

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$15,008,884,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$15,300,000.(c)

15,000,000

15,000,00

0

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,501,475,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$2,551,774.(c)

2,500,000

2,500,000

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

89

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$8,004,738,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$8,160,003.(c)

8,000,000

8,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$5,100,757.(c)

5,000,00

0

5,000,000

Total

Repurchase

Agreements

(cost

$36,344,130)

36,344,130

Total

Investments

(cost

$863,782,619)

—

101.0%

1,473,262,324

Liabilities

in

excess

of

other

assets

—

(1.0)%

(14,430,427)

NET

ASSETS

—

100.0%

$

1,458,831,897

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$84,704,396,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$36,344,130

and

by

$59,516,326

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/11/2024

–

2/15/2054,

a

total

value

of

$95,860,456.

(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,

2024

was

$19,440,288

which

represents

1.33%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2024

was

$36,344,130.

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

90

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

91

6/2024

EUR

4,952,947

63,215

FTSE

100

Index

32

6/2024

GBP

3,226,257

63,661

Nikkei

225

Index

24

6/2024

JPY

3,184,701

46,816

SPI

200

Index

14

6/2024

AUD

1,813,444

31,415

Net

contracts

205,107

As

of

March

31,

2024,

the

Fund

had

$743,222

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,

2024

(Unaudited)

-

Statement

of

Investments

-

91

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

92

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

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

$

–

$

32,881,058

$

–

$

32,881,058

Air

Freight

&

Logistics

–

7,037,781

–

7,037,781

Automobile

Components

–

9,777,201

–

9,777,201

Automobiles

6,275,567

51,241,144

–

57,516,711

Banks

10,878,467

134,829,254

–

145,707,721

Beverages

1,776,681

22,893,499

–

24,670,180

Biotechnology

–

11,977,602

–

11,977,602

Broadline

Retail

286,656

10,965,625

–

11,252,281

Building

Products

–

13,108,646

–

13,108,646

Capital

Markets

274,541

40,947,263

–

41,221,804

Chemicals

–

44,900,755

–

44,900,755

Commercial

Services

&

Supplies

–

5,265,750

–

5,265,750

Communications

Equipment

–

2,964,209

–

2,964,209

Construction

&

Engineering

–

12,021,474

–

12,021,474

Construction

Materials

–

11,900,225

–

11,900,225

Consumer

Staples

Distribution

&

Retail

–

15,989,521

–

15,989,521

Containers

&

Packaging

–

1,611,000

–

1,611,000

Distributors

–

423,531

–

423,531

Diversified

Consumer

Services

–

1,003,730

–

1,003,730

Diversified

REITs

–

3,090,001

–

3,090,001

Diversified

Telecommunication

Services

–

23,159,765

–

23,159,765

Electric

Utilities

5,322,128

18,965,281

–

24,287,409

Electrical

Equipment

–

28,399,921

–

28,399,921

Electronic

Equipment,

Instruments

&

Components

–

19,495,209

–

19,495,209

Energy

Equipment

&

Services

829,232

–

–

829,232

Entertainment

1,626,661

9,570,951

–

11,197,612

Financial

Services

368,362

15,560,620

–

15,928,982

Food

Products

–

38,749,269

–

38,749,269

Gas

Utilities

–

3,872,081

–

3,872,081

Ground

Transportation

533,379

7,521,425

–

8,054,804

Health

Care

Equipment

&

Supplies

2,630,659

26,564,574

–

29,195,233

Health

Care

Providers

&

Services

409,686

3,264,060

–

3,673,746

Health

Care

Technology

–

544,729

–

544,729

Hotels,

Restaurants

&

Leisure

–

24,039,662

–

24,039,662

Household

Durables

–

15,228,708

–

15,228,708

Household

Products

–

7,567,741

–

7,567,741

Independent

Power

and

Renewable

Electricity

Producers

–

2,513,354

–

2,513,354

Industrial

Conglomerates

435,897

23,959,202

–

24,395,099

Industrial

REITs

–

6,486,785

–

6,486,785

Insurance

478,241

74,168,187

–

74,646,428

Interactive

Media

&

Services

–

3,859,062

–

3,859,062

IT

Services

664,853

11,009,463

–

11,674,316

Leisure

Products

–

2,228,820

–

2,228,820

Life

Sciences

Tools

&

Services

–

7,151,353

–

7,151,353

Machinery

–

43,689,880

–

43,689,880

Marine

Transportation

–

4,704,606

–

4,704,606

Media

–

5,364,909

–

5,364,909

Metals

&

Mining

–

41,599,971

–

41,599,971

Multi-Utilities

–

12,412,824

–

12,412,824

Office

REITs

–

1,821,171

–

1,821,171

Oil,

Gas

&

Consumable

Fuels

–

57,906,496

–

57,906,496

Paper

&

Forest

Products

–

3,913,447

–

3,913,447

Passenger

Airlines

–

1,744,582

–

1,744,582

Personal

Care

Products

–

26,506,916

–

26,506,916

Pharmaceuticals

1,337,233

128,397,793

–

129,735,026

Professional

Services

–

24,129,633

–

24,129,633

Real

Estate

Management

&

Development

281,496

16,696,482

–

16,977,978

NVIT

International

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

93

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,

2024.

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:

Retail

REITs

$

–

$

4,840,802

$

–

$

4,840,802

Semiconductors

&

Semiconductor

Equipment

–

64,717,613

–

64,717,613

Software

2,770,120

26,221,353

–

28,991,473

Specialty

Retail

–

13,534,273

–

13,534,273

Technology

Hardware,

Storage

&

Peripherals

–

7,063,776

–

7,063,776

Textiles,

Apparel

&

Luxury

Goods

–

44,792,828

–

44,792,828

Tobacco

–

9,476,135

–

9,476,135

Trading

Companies

&

Distributors

1,513,885

29,264,180

–

30,778,065

Transportation

Infrastructure

–

5,016,711

–

5,016,711

Water

Utilities

–

1,438,353

–

1,438,353

Wireless

Telecommunication

Services

–

14,260,225

–

14,260,225

Total

Common

Stocks

$

38,693,744

$

1,398,224,450

$

–

$

1,436,918,194

Futures

Contracts

205,107

–

–

205,107

Repurchase

Agreements

–

36,344,130

–

36,344,130

Total

$

38,898,851

$

1,434,568,580

$

–

$

1,473,467,431

As

of

March

31,

2024,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

94

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Index

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

205,107

Total

$

205,107

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

99

.2

%

Shares

Value

($)

Aerospace

&

Defense

1

.3

%

BWX

Technologies,

Inc.

41,105

4,218,195

Curtiss-Wright

Corp.

17,064

4,367,360

Hexcel

Corp.

37,700

2,746,445

Woodward,

Inc.(a)

27,140

4,182,817

15,514,817

Air

Freight

&

Logistics

0

.2

%

GXO

Logistics,

Inc.*

54,096

2,908,201

Automobile

Components

1

.4

%

Adient

plc*(a)

41,507

1,366,410

Autoliv,

Inc.(a)

33,275

4,007,308

Fox

Factory

Holding

Corp.*(a)

18,610

969,023

Gentex

Corp.(a)

103,955

3,754,854

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

128,048

1,758,099

Lear

Corp.(a)

26,253

3,803,535

Visteon

Corp.*(a)

12,429

1,461,775

17,121,004

Automobiles

0

.4

%

Harley-Davidson,

Inc.(a)

57,579

2,518,506

Thor

Industries,

Inc.(a)

24,242

2,844,556

5,363,062

Banks

5

.3

%

Associated

Banc-Corp.

65,972

1,419,058

Bank

OZK

48,593

2,209,038

Cadence

Bank

81,433

2,361,557

Columbia

Banking

System,

Inc.

95,119

1,840,553

Commerce

Bancshares,

Inc.

(a)

53,007

2,819,972

Cullen/Frost

Bankers,

Inc.

29,311

3,299,539

East

West

Bancorp,

Inc.(a)

64,478

5,100,854

First

Financial

Bankshares,

Inc.(a)

56,925

1,867,709

First

Horizon

Corp.

253,105

3,897,817

FNB

Corp.(a)

166,218

2,343,674

Glacier

Bancorp,

Inc.(a)

50,079

2,017,182

Hancock

Whitney

Corp.

39,154

1,802,650

Home

BancShares,

Inc.(a)

83,709

2,056,730

International

Bancshares

Corp.

23,391

1,313,171

New

York

Community

Bancorp,

Inc.(a)

317,495

1,022,334

Old

National

Bancorp

135,864

2,365,392

Pinnacle

Financial

Partners,

Inc.(a)

34,767

2,985,790

Prosperity

Bancshares,

Inc.(a)

42,860

2,819,331

SouthState

Corp.

34,390

2,924,182

Synovus

Financial

Corp.(a)

67,665

2,710,660

Texas

Capital

Bancshares,

Inc.*

20,720

1,275,316

UMB

Financial

Corp.

19,930

1,733,711

United

Bankshares,

Inc.(a)

60,720

2,173,169

Valley

National

Bancorp(a)

195,661

1,557,461

Webster

Financial

Corp.

79,808

4,051,852

Wintrust

Financial

Corp.(a)

28,448

2,969,687

Zions

Bancorp

NA

66,733

2,896,212

65,834,601

Beverages

0

.7

%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

4,214

1,282,826

Celsius

Holdings,

Inc.*

66,826

5,541,212

Common

Stocks

Shares

Value

($)

Beverages

Coca-Cola

Consolidated,

Inc.

2,134

1,806,239

8,630,277

Biotechnology

1

.9

%

Arrowhead

Pharmaceuticals,

Inc.*(a)

55,768

1,594,965

Cytokinetics,

Inc.*(a)

44,223

3,100,475

Exelixis,

Inc.*

136,138

3,230,555

Halozyme

Therapeutics,

Inc.*

59,608

2,424,853

Neurocrine

Biosciences,

Inc.*

45,149

6,226,950

Roivant

Sciences

Ltd.*

152,383

1,606,117

United

Therapeutics

Corp.*

21,246

4,880,631

23,064,546

Broadline

Retail

0

.5

%

Macy's,

Inc.

124,138

2,481,519

Nordstrom,

Inc.(a)

44,398

899,947

Ollie's

Bargain

Outlet

Holdings,

Inc.*

27,422

2,181,969

5,563,435

Building

Products

3

.6

%

Advanced

Drainage

Systems,

Inc.

30,793

5,303,786

Carlisle

Cos.,

Inc.

21,914

8,587,001

Fortune

Brands

Innovations,

Inc.(a)

57,231

4,845,749

Lennox

International,

Inc.(a)

14,517

7,095,329

Owens

Corning(a)

40,344

6,729,379

Simpson

Manufacturing

Co.,

Inc.(a)

19,175

3,934,326

Trex

Co.,

Inc.*

48,673

4,855,132

UFP

Industries,

Inc.

27,995

3,443,665

44,794,367

Capital

Markets

3

.0

%

Affiliated

Managers

Group,

Inc.

16,308

2,731,101

Carlyle

Group,

Inc.

(The)(a)

100,155

4,698,271

Evercore,

Inc.,

Class

A

16,694

3,215,098

Federated

Hermes,

Inc.,

Class

B

38,195

1,379,603

Houlihan

Lokey,

Inc.,

Class

A(a)

24,170

3,098,352

Interactive

Brokers

Group,

Inc.,

Class

A(a)

48,861

5,458,262

Janus

Henderson

Group

plc

61,626

2,026,879

Jefferies

Financial

Group,

Inc.

81,814

3,607,998

Morningstar,

Inc.

11,579

3,570,616

SEI

Investments

Co.

44,708

3,214,505

Stifel

Financial

Corp.

49,013

3,831,346

36,832,031

Chemicals

2

.4

%

Arcadium

Lithium

plc*(a)

462,462

1,993,211

Ashland,

Inc.

22,584

2,199,004

Avient

Corp.

41,677

1,808,782

Axalta

Coating

Systems

Ltd.*

99,298

3,414,858

Cabot

Corp.(a)

25,008

2,305,738

Chemours

Co.

(The)(a)

66,469

1,745,476

NewMarket

Corp.(a)

3,102

1,968,591

Olin

Corp.

54,802

3,222,358

RPM

International,

Inc.(a)

58,269

6,931,097

Scotts

Miracle-Gro

Co.

(The)

(a)

18,659

1,391,775

96

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Westlake

Corp.(a)

15,117

2,309,878

29,290,768

Commercial

Services

&

Supplies

1

.3

%

Brink's

Co.

(The)(a)

20,655

1,908,109

Clean

Harbors,

Inc.*

22,961

4,622,279

MSA

Safety,

Inc.(a)

16,634

3,220,176

Stericycle,

Inc.*(a)

41,350

2,181,213

Tetra

Tech,

Inc.

24,161

4,462,778

16,394,555

Communications

Equipment

0

.4

%

Ciena

Corp.*

65,363

3,232,200

Lumentum

Holdings,

Inc.*(a)

30,591

1,448,484

4,680,684

Construction

&

Engineering

2

.3

%

AECOM

61,970

6,078,018

Comfort

Systems

USA,

Inc.(a)

16,042

5,096,704

EMCOR

Group,

Inc.

21,207

7,426,691

Fluor

Corp.*(a)

77,300

3,268,244

MasTec,

Inc.*(a)

27,311

2,546,751

MDU

Resources

Group,

Inc.

91,871

2,315,149

Valmont

Industries,

Inc.

9,408

2,147,658

28,879,215

Construction

Materials

0

.5

%

Eagle

Materials,

Inc.(a)

15,561

4,228,702

Knife

River

Corp.*

25,164

2,040,297

6,268,999

Consumer

Finance

0

.8

%

Ally

Financial,

Inc.

123,188

5,000,201

FirstCash

Holdings,

Inc.

17,472

2,228,379

SLM

Corp.

102,366

2,230,555

9,459,135

Consumer

Staples

Distribution

&

Retail

2

.0

%

BJ's

Wholesale

Club

Holdings,

Inc.*

59,764

4,521,147

Casey's

General

Stores,

Inc.

(a)

16,673

5,309,517

Grocery

Outlet

Holding

Corp.*(a)

41,968

1,207,839

Performance

Food

Group

Co.*

70,640

5,272,570

Sprouts

Farmers

Market,

Inc.*(a)

45,186

2,913,593

US

Foods

Holding

Corp.*

102,521

5,533,058

24,757,724

Containers

&

Packaging

1

.7

%

AptarGroup,

Inc.(a)

29,532

4,249,360

Berry

Global

Group,

Inc.(a)

53,211

3,218,201

Crown

Holdings,

Inc.

54,289

4,302,946

Graphic

Packaging

Holding

Co.(a)

139,317

4,065,270

Greif,

Inc.,

Class

A

11,643

803,949

Silgan

Holdings,

Inc.(a)

37,076

1,800,411

Sonoco

Products

Co.

45,254

2,617,491

21,057,628

Diversified

Consumer

Services

0

.9

%

Graham

Holdings

Co.,

Class

B

1,593

1,222,914

Grand

Canyon

Education,

Inc.*

13,022

1,773,727

H&R

Block,

Inc.(a)

64,046

3,145,299

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Service

Corp.

International

66,962

4,969,250

11,111,190

Diversified

REITs

0

.5

%

WP

Carey,

Inc.(a)

99,620

5,622,553

Diversified

Telecommunication

Services

0

.3

%

Frontier

Communications

Parent,

Inc.*(a)

100,136

2,453,332

Iridium

Communications,

Inc.

55,410

1,449,526

3,902,858

Electric

Utilities

0

.8

%

ALLETE,

Inc.(a)

25,161

1,500,602

IDACORP,

Inc.(a)

22,492

2,089,282

OGE

Energy

Corp.

93,664

3,212,675

PNM

Resources,

Inc.

38,213

1,438,337

Portland

General

Electric

Co.(a)

46,942

1,971,564

10,212,460

Electrical

Equipment

1

.5

%

Acuity

Brands,

Inc.

13,674

3,674,614

EnerSys

18,208

1,719,928

nVent

Electric

plc

75,092

5,661,937

Regal

Rexnord

Corp.

29,922

5,388,952

Sensata

Technologies

Holding

plc

68,434

2,514,265

18,959,696

Electronic

Equipment,

Instruments

&

Components

2

.4

%

Arrow

Electronics,

Inc.*

24,676

3,194,555

Avnet,

Inc.

42,397

2,102,043

Belden,

Inc.(a)

18,657

1,727,825

Cognex

Corp.

76,609

3,249,754

Coherent

Corp.*(a)

59,543

3,609,497

Crane

NXT

Co.(a)

21,192

1,311,785

IPG

Photonics

Corp.*(a)

12,924

1,172,078

Littelfuse,

Inc.

11,161

2,704,868

Novanta,

Inc.*

15,968

2,790,727

TD

SYNNEX

Corp.

26,593

3,007,668

Vishay

Intertechnology,

Inc.(a)

55,296

1,254,113

Vontier

Corp.(a)

69,373

3,146,759

29,271,672

Energy

Equipment

&

Services

1

.0

%

ChampionX

Corp.(a)

85,891

3,082,628

NOV,

Inc.(a)

178,654

3,487,326

Valaris

Ltd.*(a)

27,779

2,090,648

Weatherford

International

plc*(a)

32,539

3,755,651

12,416,253

Entertainment

0

.2

%

TKO

Group

Holdings,

Inc.,

Class

A(a)

27,180

2,348,624

Financial

Services

1

.6

%

Equitable

Holdings,

Inc.

52,794

2,006,700

Essent

Group

Ltd.

48,103

2,862,609

Euronet

Worldwide,

Inc.*

20,006

2,199,260

MGIC

Investment

Corp.

121,801

2,723,470

Voya

Financial,

Inc.

49,786

3,680,181

Western

Union

Co.

(The)

136,090

1,902,538

WEX,

Inc.*(a)

19,135

4,545,137

19,919,895

NVIT

Mid

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Food

Products

1

.1

%

Darling

Ingredients,

Inc.*(a)

72,577

3,375,556

Flowers

Foods,

Inc.

87,274

2,072,758

Ingredion,

Inc.(a)

29,957

3,500,476

Lancaster

Colony

Corp.(a)

9,061

1,881,335

Pilgrim's

Pride

Corp.*(a)

18,027

618,687

Post

Holdings,

Inc.*(a)

23,080

2,452,942

13,901,754

Gas

Utilities

0

.9

%

National

Fuel

Gas

Co.(a)

41,582

2,233,785

New

Jersey

Resources

Corp.

(a)

43,810

1,879,887

ONE

Gas,

Inc.(a)

24,963

1,610,863

Southwest

Gas

Holdings,

Inc.

(a)

27,284

2,077,131

Spire,

Inc.

24,571

1,507,922

UGI

Corp.

96,320

2,363,693

11,673,281

Ground

Transportation

2

.1

%

Avis

Budget

Group,

Inc.(a)

8,386

1,026,950

Hertz

Global

Holdings,

Inc.*(a)

62,640

490,471

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

73,271

4,031,370

Landstar

System,

Inc.

15,994

3,083,003

Ryder

System,

Inc.(a)

20,623

2,478,678

Saia,

Inc.*

11,976

7,005,960

Werner

Enterprises,

Inc.

25,281

988,993

XPO,

Inc.*

52,385

6,392,542

25,497,967

Health

Care

Equipment

&

Supplies

2

.2

%

Enovis

Corp.*(a)

22,355

1,396,070

Envista

Holdings

Corp.*(a)

78,120

1,670,206

Globus

Medical,

Inc.,

Class

A*(a)

52,161

2,797,916

Haemonetics

Corp.*(a)

22,943

1,958,185

Integra

LifeSciences

Holdings

Corp.*(a)

29,854

1,058,324

Lantheus

Holdings,

Inc.*(a)

30,891

1,922,656

LivaNova

plc*

24,078

1,346,923

Masimo

Corp.*(a)

20,099

2,951,538

Neogen

Corp.*(a)

87,390

1,379,014

Penumbra,

Inc.*(a)

17,415

3,886,680

QuidelOrtho

Corp.*(a)

22,074

1,058,228

Shockwave

Medical,

Inc.*(a)

16,645

5,420,111

26,845,851

Health

Care

Providers

&

Services

2

.1

%

Acadia

Healthcare

Co.,

Inc.*(a)

41,356

3,276,222

Amedisys,

Inc.*

14,247

1,313,004

Chemed

Corp.

6,712

4,308,634

Encompass

Health

Corp.

45,149

3,728,405

HealthEquity,

Inc.*(a)

38,851

3,171,407

Option

Care

Health,

Inc.*

79,535

2,667,604

Progyny,

Inc.*(a)

36,302

1,384,921

R1

RCM,

Inc.*(a)

88,450

1,139,236

Tenet

Healthcare

Corp.*

46,135

4,849,250

25,838,683

Health

Care

REITs

0

.6

%

Healthcare

Realty

Trust,

Inc.,

Class

A(a)

172,928

2,446,931

Omega

Healthcare

Investors,

Inc.(a)

110,999

3,515,338

Common

Stocks

Shares

Value

($)

Health

Care

REITs

Sabra

Health

Care

REIT,

Inc.

(a)

103,076

1,522,433

7,484,702

Health

Care

Technology

0

.1

%

Doximity,

Inc.,

Class

A*(a)

54,892

1,477,144

Hotel

&

Resort

REITs

0

.1

%

Park

Hotels

&

Resorts,

Inc.(a)

95,798

1,675,507

Hotels,

Restaurants

&

Leisure

3

.6

%

Aramark

119,494

3,885,945

Boyd

Gaming

Corp.

31,843

2,143,671

Choice

Hotels

International,

Inc.(a)

10,946

1,383,027

Churchill

Downs,

Inc.

30,656

3,793,680

Hilton

Grand

Vacations,

Inc.*(a)

32,840

1,550,376

Hyatt

Hotels

Corp.,

Class

A(a)

19,995

3,191,602

Light

&

Wonder,

Inc.*(a)

40,651

4,150,061

Marriott

Vacations

Worldwide

Corp.(a)

15,048

1,621,121

Penn

Entertainment,

Inc.*(a)

66,424

1,209,581

Planet

Fitness,

Inc.,

Class

A*(a)

38,583

2,416,453

Texas

Roadhouse,

Inc.,

Class

A(a)

30,130

4,654,181

Travel

+

Leisure

Co.

33,068

1,619,009

Vail

Resorts,

Inc.(a)

17,184

3,829,111

Wendy's

Co.

(The)

77,589

1,461,777

Wingstop,

Inc.

13,245

4,852,968

Wyndham

Hotels

&

Resorts,

Inc.

37,474

2,876,129

44,638,692

Household

Durables

2

.2

%

Helen

of

Troy

Ltd.*

10,365

1,194,463

KB

Home

33,181

2,351,869

Leggett

&

Platt,

Inc.(a)

60,984

1,167,844

Taylor

Morrison

Home

Corp.,

Class

A*

48,162

2,994,231

Tempur

Sealy

International,

Inc.

78,146

4,440,256

Toll

Brothers,

Inc.(a)

47,145

6,099,149

TopBuild

Corp.*(a)

14,283

6,294,947

Whirlpool

Corp.(a)

25,131

3,006,421

27,549,180

Independent

Power

and

Renewable

Electricity

Producers

1

.0

%

Ormat

Technologies,

Inc.(a)

23,442

1,551,626

Vistra

Corp.(a)

152,125

10,595,506

12,147,132

Industrial

REITs

1

.2

%

EastGroup

Properties,

Inc.

21,253

3,820,652

First

Industrial

Realty

Trust,

Inc.

58,946

3,097,023

Rexford

Industrial

Realty,

Inc.

(a)

95,028

4,779,908

STAG

Industrial,

Inc.(a)

81,723

3,141,432

14,839,015

Insurance

4

.6

%

American

Financial

Group,

Inc.(a)

30,136

4,112,961

98

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

Brighthouse

Financial,

Inc.*

30,893

1,592,225

CNO

Financial

Group,

Inc.

49,361

1,356,440

Erie

Indemnity

Co.,

Class

A(a)

11,249

4,517,261

Fidelity

National

Financial,

Inc.

(a)

85,982

4,565,644

First

American

Financial

Corp.

46,081

2,813,245

Hanover

Insurance

Group,

Inc.

(The)

16,441

2,238,771

Kemper

Corp.(a)

27,284

1,689,425

Kinsale

Capital

Group,

Inc.

9,912

5,201,223

Old

Republic

International

Corp.(a)

120,996

3,716,997

Primerica,

Inc.(a)

16,601

4,199,389

Reinsurance

Group

of

America,

Inc.

30,836

5,947,648

RenaissanceRe

Holdings

Ltd.

(a)

23,905

5,618,392

RLI

Corp.

17,922

2,660,880

Selective

Insurance

Group,

Inc.(a)

27,572

3,010,035

Unum

Group

69,848

3,748,044

56,988,580

Interactive

Media

&

Services

0

.3

%

Ziff

Davis,

Inc.*

20,051

1,264,015

ZoomInfo

Technologies,

Inc.,

Class

A*

134,344

2,153,534

3,417,549

IT

Services

0

.8

%

GoDaddy,

Inc.,

Class

A*

64,115

7,609,168

Kyndryl

Holdings,

Inc.*

104,779

2,279,991

9,889,159

Leisure

Products

0

.8

%

Brunswick

Corp.(a)

31,135

3,005,150

Mattel,

Inc.*(a)

159,216

3,154,069

Polaris,

Inc.(a)

24,132

2,416,096

YETI

Holdings,

Inc.*(a)

39,035

1,504,799

10,080,114

Life

Sciences

Tools

&

Services

1

.2

%

Azenta,

Inc.*(a)

25,277

1,523,698

Bruker

Corp.

41,979

3,943,507

Medpace

Holdings,

Inc.*

10,517

4,250,446

Repligen

Corp.*(a)

23,431

4,309,429

Sotera

Health

Co.*(a)

54,894

659,277

14,686,357

Machinery

4

.9

%

AGCO

Corp.(a)

28,339

3,486,264

Chart

Industries,

Inc.*(a)

18,924

3,117,161

Crane

Co.(a)

21,923

2,962,455

Donaldson

Co.,

Inc.

53,526

3,997,322

Esab

Corp.

25,304

2,797,863

Flowserve

Corp.(a)

58,674

2,680,228

Graco,

Inc.

75,576

7,063,333

ITT,

Inc.(a)

37,077

5,043,584

Lincoln

Electric

Holdings,

Inc.

(a)

25,807

6,592,140

Middleby

Corp.

(The)*(a)

24,224

3,894,977

Oshkosh

Corp.

29,774

3,713,116

RBC

Bearings,

Inc.*(a)

13,015

3,518,605

Terex

Corp.(a)

30,150

1,941,660

Timken

Co.

(The)(a)

29,157

2,549,197

Common

Stocks

Shares

Value

($)

Machinery

Toro

Co.

(The)(a)

47,053

4,311,466

Watts

Water

Technologies,

Inc.,

Class

A

12,062

2,563,778

60,233,149

Marine

Transportation

0

.2

%

Kirby

Corp.*(a)

26,376

2,514,160

Media

0

.6

%

Cable

One,

Inc.(a)

1,998

845,414

New

York

Times

Co.

(The),

Class

A

73,753

3,187,605

Nexstar

Media

Group,

Inc.,

Class

A(a)

14,873

2,562,469

TEGNA,

Inc.(a)

88,673

1,324,774

7,920,262

Metals

&

Mining

2

.3

%

Alcoa

Corp.(a)

81,393

2,750,270

Cleveland-Cliffs,

Inc.*

225,810

5,134,919

Commercial

Metals

Co.

52,727

3,098,766

MP

Materials

Corp.*(a)

66,011

943,957

Reliance,

Inc.(a)

25,985

8,683,667

Royal

Gold,

Inc.(a)

29,546

3,598,998

United

States

Steel

Corp.(a)

101,089

4,122,410

28,332,987

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.6

%

Annaly

Capital

Management,

Inc.(a)

232,212

4,572,254

Starwood

Property

Trust,

Inc.

(a)

143,979

2,927,093

7,499,347

Multi-Utilities

0

.3

%

Black

Hills

Corp.(a)

31,625

1,726,725

Northwestern

Energy

Group,

Inc.(a)

26,022

1,325,300

3,052,025

Office

REITs

0

.5

%

COPT

Defense

Properties(a)

45,446

1,098,430

Cousins

Properties,

Inc.(a)

66,369

1,595,511

Kilroy

Realty

Corp.(a)

48,404

1,763,357

Vornado

Realty

Trust(a)

72,626

2,089,450

6,546,748

Oil,

Gas

&

Consumable

Fuels

4

.4

%

Antero

Midstream

Corp.(a)

152,691

2,146,835

Antero

Resources

Corp.*

126,927

3,680,883

Chesapeake

Energy

Corp.(a)

50,294

4,467,616

Chord

Energy

Corp.(a)

18,698

3,332,732

Civitas

Resources,

Inc.

39,255

2,979,847

CNX

Resources

Corp.*(a)

65,429

1,551,976

DT

Midstream,

Inc.(a)

42,908

2,621,679

Equitrans

Midstream

Corp.

195,631

2,443,431

HF

Sinclair

Corp.

72,193

4,358,291

Matador

Resources

Co.(a)

50,012

3,339,301

Murphy

Oil

Corp.

66,247

3,027,488

Ovintiv,

Inc.

114,874

5,961,961

PBF

Energy,

Inc.,

Class

A

49,474

2,848,218

Permian

Resources

Corp.,

Class

A(a)

207,166

3,658,552

Range

Resources

Corp.(a)

108,251

3,727,082

NVIT

Mid

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Southwestern

Energy

Co.*

496,654

3,764,637

53,910,529

Paper

&

Forest

Products

0

.2

%

Louisiana-Pacific

Corp.

28,704

2,408,553

Personal

Care

Products

0

.8

%

BellRing

Brands,

Inc.*

59,073

3,487,079

Coty,

Inc.,

Class

A*(a)

171,448

2,050,518

elf

Beauty,

Inc.*

24,962

4,893,301

10,430,898

Pharmaceuticals

0

.4

%

Jazz

Pharmaceuticals

plc*

28,487

3,430,405

Perrigo

Co.

plc(a)

61,311

1,973,601

5,404,006

Professional

Services

2

.7

%

ASGN,

Inc.*(a)

21,768

2,280,416

CACI

International,

Inc.,

Class

A*

10,221

3,872,021

Concentrix

Corp.(a)

21,860

1,447,569

ExlService

Holdings,

Inc.*(a)

73,699

2,343,628

Exponent,

Inc.(a)

22,498

1,860,360

FTI

Consulting,

Inc.*

15,650

3,291,038

Genpact

Ltd.

75,063

2,473,326

Insperity,

Inc.

16,095

1,764,173

KBR,

Inc.

61,420

3,909,997

ManpowerGroup,

Inc.

22,784

1,768,950

Maximus,

Inc.

27,604

2,315,976

Paylocity

Holding

Corp.*(a)

19,637

3,374,815

Science

Applications

International

Corp.(a)

24,084

3,140,313

33,842,582

Real

Estate

Management

&

Development

0

.3

%

Jones

Lang

LaSalle,

Inc.*(a)

21,621

4,218,041

Residential

REITs

1

.2

%

American

Homes

4

Rent,

Class

A

143,900

5,292,642

Apartment

Income

REIT

Corp.,

Class

A

65,723

2,134,026

Equity

LifeStyle

Properties,

Inc.

84,569

5,446,243

Independence

Realty

Trust,

Inc.(a)

98,229

1,584,434

14,457,345

Retail

REITs

0

.9

%

Agree

Realty

Corp.(a)

45,048

2,573,142

Brixmor

Property

Group,

Inc.

136,367

3,197,806

Kite

Realty

Group

Trust

99,093

2,148,336

NNN

REIT,

Inc.(a)

82,490

3,525,623

11,444,907

Semiconductors

&

Semiconductor

Equipment

2

.7

%

Allegro

MicroSystems,

Inc.*

31,910

860,294

Amkor

Technology,

Inc.(a)

46,693

1,505,382

Cirrus

Logic,

Inc.*

24,164

2,236,620

Lattice

Semiconductor

Corp.*(a)

62,031

4,852,685

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

24,533

2,346,336

MKS

Instruments,

Inc.

28,433

3,781,589

Onto

Innovation,

Inc.*(a)

22,123

4,006,033

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Power

Integrations,

Inc.(a)

24,753

1,771,077

Rambus,

Inc.*(a)

48,234

2,981,343

Silicon

Laboratories,

Inc.*(a)

14,276

2,051,747

Synaptics,

Inc.*

17,734

1,730,129

Universal

Display

Corp.(a)

19,560

3,294,882

Wolfspeed,

Inc.*(a)

56,126

1,655,717

33,073,834

Software

2

.4

%

Appfolio,

Inc.,

Class

A*

9,224

2,275,930

Aspen

Technology,

Inc.*(a)

12,669

2,702,044

Blackbaud,

Inc.*(a)

19,382

1,436,981

CommVault

Systems,

Inc.*

19,497

1,977,581

Dolby

Laboratories,

Inc.,

Class

A(a)

27,311

2,287,842

Dropbox,

Inc.,

Class

A*

116,560

2,832,408

Dynatrace,

Inc.*

109,037

5,063,678

Manhattan

Associates,

Inc.*(a)

27,842

6,966,904

Qualys,

Inc.*(a)

16,626

2,774,381

Teradata

Corp.*

44,346

1,714,860

30,032,609

Specialized

REITs

1

.7

%

CubeSmart(a)

101,623

4,595,392

EPR

Properties

34,609

1,469,152

Gaming

and

Leisure

Properties,

Inc.

122,462

5,641,824

Lamar

Advertising

Co.,

Class

A

39,817

4,754,548

National

Storage

Affiliates

Trust(a)

34,033

1,332,732

PotlatchDeltic

Corp.(a)

35,269

1,658,349

Rayonier,

Inc.(a)

60,315

2,004,871

21,456,868

Specialty

Retail

4

.2

%

AutoNation,

Inc.*(a)

11,862

1,964,110

Burlington

Stores,

Inc.*

28,866

6,702,397

Dick's

Sporting

Goods,

Inc.(a)

26,269

5,906,847

Five

Below,

Inc.*(a)

24,729

4,485,346

Floor

&

Decor

Holdings,

Inc.,

Class

A*(a)

48,091

6,233,555

GameStop

Corp.,

Class

A*(a)

119,550

1,496,766

Gap,

Inc.

(The)(a)

97,136

2,676,097

Lithia

Motors,

Inc.,

Class

A(a)

12,487

3,756,839

Murphy

USA,

Inc.

8,559

3,587,933

Penske

Automotive

Group,

Inc.(a)

8,712

1,411,257

RH*(a)

6,933

2,414,487

Valvoline,

Inc.*

58,188

2,593,439

Williams-Sonoma,

Inc.(a)

28,897

9,175,664

52,404,737

Technology

Hardware,

Storage

&

Peripherals

0

.6

%

Pure

Storage,

Inc.,

Class

A*

133,736

6,952,935

Textiles,

Apparel

&

Luxury

Goods

1

.4

%

Capri

Holdings

Ltd.*

52,516

2,378,975

Carter's,

Inc.(a)

15,906

1,346,920

Columbia

Sportswear

Co.(a)

14,506

1,177,597

Crocs,

Inc.*

27,291

3,924,446

PVH

Corp.(a)

27,110

3,811,937

Skechers

USA,

Inc.,

Class

A*

60,146

3,684,544

Under

Armour,

Inc.,

Class

A*(a)

94,093

694,406

100

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Under

Armour,

Inc.,

Class

C*(a)

75,206

536,971

17,555,796

Trading

Companies

&

Distributors

1

.7

%

Applied

Industrial

Technologies,

Inc.

17,447

3,446,655

Core

&

Main,

Inc.,

Class

A*(a)

77,450

4,434,013

GATX

Corp.(a)

15,915

2,133,087

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

20,439

1,983,401

Watsco,

Inc.(a)

14,193

6,130,950

WESCO

International,

Inc.(a)

20,016

3,428,340

21,556,446

Water

Utilities

0

.4

%

Essential

Utilities,

Inc.(a)

114,473

4,241,225

Total

Common

Stocks

(cost

$762,827,896)

1,228,300,906

Repurchase

Agreements

11

.6

%

Principal

Amount

($)

Bank

of

America

NA,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,923,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,003,554,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$6,120,000.(b)

6,000,000

6,000,000

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$19,462,322,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$19,839,819.(b)

19,450,802

19,450,802

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$25,014,806,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$25,500,000.(b)

25,000,000

25,000,000

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$23,908,098,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$24,388,830.(b)

23,894,000

23,894,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$30,017,767,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$30,600,010.(b)

30,000,000

30,000,000

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$30,017,800,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$30,604,539.(b)

30,000,000

30,000,000

Total

Repurchase

Agreements

(cost

$144,344,802)

144,344,802

Total

Investments

(cost

$907,172,698)

—

110.8%

1,372,645,708

Liabilities

in

excess

of

other

assets

—

(10.8)%

(

133,328,723

)

NET

ASSETS

—

100.0%

$

1,239,316,985

NVIT

Mid

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

101

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$328,822,353,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$144,344,802

and

by

$190,061,199

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/2/2024

–

2/15/2054,

a

total

value

of

$334,406,001.

(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,

2024

was

$144,344,802.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

34

6/2024

USD

10,463,160

199,122

Net

contracts

199,122

As

of

March

31,

2024,

the

Fund

had

$561,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

102

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(Unaudited)

-

Statement

of

Investments

-

103

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,228,300,906

$

–

$

–

$

1,228,300,906

Futures

Contracts

199,122

–

–

199,122

Repurchase

Agreements

–

144,344,802

–

144,344,802

Total

$

1,228,500,028

$

144,344,802

$

–

$

1,372,844,830

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

199,122

Total

$

199,122

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

104

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

98

.6

%

Shares

Value

($)

Aerospace

&

Defense

1

.5

%

Axon

Enterprise,

Inc.*

5,840

1,827,219

Boeing

Co.

(The)*

46,482

8,970,561

General

Dynamics

Corp.

18,638

5,265,048

Howmet

Aerospace,

Inc.

31,672

2,167,315

Huntington

Ingalls

Industries,

Inc.

3,089

900,351

L3Harris

Technologies,

Inc.

15,623

3,329,261

Lockheed

Martin

Corp.

17,540

7,978,420

Northrop

Grumman

Corp.

11,454

5,482,572

RTX

Corp.

108,211

10,553,819

Textron,

Inc.

15,882

1,523,560

TransDigm

Group,

Inc.

4,523

5,570,527

53,568,653

Air

Freight

&

Logistics

0

.4

%

CH

Robinson

Worldwide,

Inc.

9,253

704,523

Expeditors

International

of

Washington,

Inc.

11,733

1,426,381

FedEx

Corp.

18,875

5,468,843

United

Parcel

Service,

Inc.,

Class

B

58,834

8,744,497

16,344,244

Automobile

Components

0

.1

%

Aptiv

plc*

22,875

1,821,994

BorgWarner,

Inc.(a)

18,583

645,573

2,467,567

Automobiles

1

.3

%

Ford

Motor

Co.(a)

316,983

4,209,534

General

Motors

Co.(a)

94,151

4,269,748

Tesla,

Inc.*

225,560

39,651,192

48,130,474

Banks

3

.3

%

Bank

of

America

Corp.

528,944

20,057,556

Citigroup,

Inc.

156,289

9,883,716

Citizens

Financial

Group,

Inc.

40,947

1,485,967

Comerica,

Inc.

11,533

634,200

Fifth

Third

Bancorp

58,161

2,164,171

Huntington

Bancshares,

Inc.

119,684

1,669,592

JPMorgan

Chase

&

Co.

235,783

47,227,335

KeyCorp(a)

81,596

1,290,033

M&T

Bank

Corp.

13,604

1,978,566

PNC

Financial

Services

Group,

Inc.

(The)

32,590

5,266,544

Regions

Financial

Corp.(a)

78,252

1,646,422

Truist

Financial

Corp.

111,184

4,333,952

US

Bancorp

127,298

5,690,221

Wells

Fargo

&

Co.

293,511

17,011,897

120,340,172

Beverages

1

.4

%

Brown-Forman

Corp.,

Class

B(a)

15,771

814,099

Coca-Cola

Co.

(The)

317,345

19,415,167

Constellation

Brands,

Inc.,

Class

A(a)

13,090

3,557,339

Keurig

Dr

Pepper,

Inc.

83,990

2,575,973

Molson

Coors

Beverage

Co.,

Class

B

14,728

990,458

Monster

Beverage

Corp.*

59,637

3,535,281

PepsiCo,

Inc.

112,130

19,623,871

50,512,188

Common

Stocks

Shares

Value

($)

Biotechnology

1

.9

%

AbbVie,

Inc.

143,992

26,220,943

Amgen,

Inc.

43,763

12,442,696

Biogen,

Inc.*

12,033

2,594,676

Gilead

Sciences,

Inc.

101,046

7,401,620

Incyte

Corp.*

14,429

822,020

Moderna,

Inc.*

27,317

2,910,900

Regeneron

Pharmaceuticals,

Inc.*

8,616

8,292,814

Vertex

Pharmaceuticals,

Inc.*

21,137

8,835,477

69,521,146

Broadline

Retail

3

.8

%

Amazon.com,

Inc.*

745,499

134,473,110

eBay,

Inc.

41,645

2,198,023

Etsy,

Inc.*

10,021

688,643

137,359,776

Building

Products

0

.5

%

A

O

Smith

Corp.

10,396

930,026

Allegion

plc

6,908

930,577

Builders

FirstSource,

Inc.*

9,975

2,080,286

Carrier

Global

Corp.

67,617

3,930,576

Johnson

Controls

International

plc(a)

55,348

3,615,331

Masco

Corp.

17,778

1,402,329

Trane

Technologies

plc

18,812

5,647,363

18,536,488

Capital

Markets

2

.8

%

Ameriprise

Financial,

Inc.

8,147

3,571,971

Bank

of

New

York

Mellon

Corp.

(The)(a)

62,447

3,598,196

BlackRock,

Inc.

11,404

9,507,515

Blackstone,

Inc.(a)

57,744

7,585,829

Cboe

Global

Markets,

Inc.

8,825

1,621,417

Charles

Schwab

Corp.

(The)

120,789

8,737,876

CME

Group,

Inc.

29,389

6,327,158

FactSet

Research

Systems,

Inc.

3,183

1,446,323

Franklin

Resources,

Inc.(a)

21,735

610,971

Goldman

Sachs

Group,

Inc.

(The)

26,630

11,123,085

Intercontinental

Exchange,

Inc.

47,040

6,464,707

Invesco

Ltd.

35,513

589,161

MarketAxess

Holdings,

Inc.(a)

2,947

646,130

Moody's

Corp.

12,703

4,992,660

Morgan

Stanley

102,144

9,617,879

MSCI,

Inc.,

Class

A

6,395

3,584,078

Nasdaq,

Inc.

32,100

2,025,510

Northern

Trust

Corp.

16,939

1,506,216

Raymond

James

Financial,

Inc.

15,771

2,025,312

S&P

Global,

Inc.

26,318

11,196,993

State

Street

Corp.

25,550

1,975,526

T.

Rowe

Price

Group,

Inc.

17,905

2,182,977

100,937,490

Chemicals

1

.5

%

Air

Products

&

Chemicals,

Inc.

18,279

4,428,453

Albemarle

Corp.(a)

9,540

1,256,800

Celanese

Corp.,

Class

A(a)

8,475

1,456,513

CF

Industries

Holdings,

Inc.

15,556

1,294,415

Corteva,

Inc.

56,316

3,247,744

Dow,

Inc.

58,129

3,367,413

NVIT

S&P

500

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Chemicals

DuPont

de

Nemours,

Inc.

34,764

2,665,356

Eastman

Chemical

Co.

9,702

972,334

Ecolab,

Inc.

20,674

4,773,627

FMC

Corp.(a)

9,785

623,304

International

Flavors

&

Fragrances,

Inc.(a)

20,320

1,747,317

Linde

plc

39,704

18,435,361

LyondellBasell

Industries

NV,

Class

A

20,385

2,084,978

Mosaic

Co.

(The)

27,086

879,212

PPG

Industries,

Inc.

19,377

2,807,727

Sherwin-Williams

Co.

(The)

19,135

6,646,160

56,686,714

Commercial

Services

&

Supplies

0

.6

%

Cintas

Corp.

7,005

4,812,645

Copart,

Inc.*(a)

71,959

4,167,865

Republic

Services,

Inc.,

Class

A

16,655

3,188,433

Rollins,

Inc.

23,027

1,065,460

Veralto

Corp.

17,564

1,557,224

Waste

Management,

Inc.

29,864

6,365,512

21,157,139

Communications

Equipment

0

.8

%

Arista

Networks,

Inc.*

20,751

6,017,375

Cisco

Systems,

Inc.

330,351

16,487,819

F5,

Inc.*

4,653

882,162

Juniper

Networks,

Inc.

25,273

936,617

Motorola

Solutions,

Inc.

13,437

4,769,866

29,093,839

Construction

&

Engineering

0

.1

%

Quanta

Services,

Inc.(a)

11,813

3,069,017

Construction

Materials

0

.2

%

Martin

Marietta

Materials,

Inc.

5,034

3,090,574

Vulcan

Materials

Co.

10,674

2,913,148

6,003,722

Consumer

Finance

0

.5

%

American

Express

Co.

46,545

10,597,831

Capital

One

Financial

Corp.

31,176

4,641,795

Discover

Financial

Services

20,042

2,627,306

Synchrony

Financial

33,211

1,432,058

19,298,990

Consumer

Staples

Distribution

&

Retail

1

.8

%

Costco

Wholesale

Corp.

36,109

26,454,537

Dollar

General

Corp.

18,025

2,812,981

Dollar

Tree,

Inc.*

17,238

2,295,240

Kroger

Co.

(The)

53,557

3,059,711

Sysco

Corp.

40,281

3,270,012

Target

Corp.

37,929

6,721,398

Walgreens

Boots

Alliance,

Inc.

56,545

1,226,461

Walmart,

Inc.

349,032

21,001,255

66,841,595

Containers

&

Packaging

0

.2

%

Amcor

plc

119,712

1,138,461

Avery

Dennison

Corp.

6,432

1,435,944

Ball

Corp.(a)

25,343

1,707,104

International

Paper

Co.

28,336

1,105,671

Packaging

Corp.

of

America

7,387

1,401,905

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

21,091

1,042,950

7,832,035

Distributors

0

.1

%

Genuine

Parts

Co.

11,452

1,774,258

LKQ

Corp.

22,920

1,224,157

Pool

Corp.(a)

3,151

1,271,429

4,269,844

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

583,136

10,263,194

Verizon

Communications,

Inc.

342,875

14,387,035

24,650,229

Electric

Utilities

1

.5

%

Alliant

Energy

Corp.

20,588

1,037,635

American

Electric

Power

Co.,

Inc.

42,889

3,692,743

Constellation

Energy

Corp.

26,104

4,825,324

Duke

Energy

Corp.

62,527

6,046,986

Edison

International

32,001

2,263,431

Entergy

Corp.(a)

17,037

1,800,470

Evergy,

Inc.

19,154

1,022,441

Eversource

Energy

28,047

1,676,369

Exelon

Corp.

81,430

3,059,325

FirstEnergy

Corp.

41,378

1,598,018

NextEra

Energy,

Inc.

167,332

10,694,188

NRG

Energy,

Inc.

19,142

1,295,722

PG&E

Corp.(a)

174,003

2,916,290

Pinnacle

West

Capital

Corp.(a)

8,702

650,301

PPL

Corp.(a)

59,081

1,626,500

Southern

Co.

(The)

89,404

6,413,843

Xcel

Energy,

Inc.

45,821

2,462,879

53,082,465

Electrical

Equipment

0

.7

%

AMETEK,

Inc.

18,810

3,440,349

Eaton

Corp.

plc

32,566

10,182,737

Emerson

Electric

Co.

46,597

5,285,032

Generac

Holdings,

Inc.*

4,937

622,753

Hubbell,

Inc.,

Class

B

4,302

1,785,545

Rockwell

Automation,

Inc.

9,532

2,776,957

24,093,373

Electronic

Equipment,

Instruments

&

Components

0

.6

%

Amphenol

Corp.,

Class

A(a)

49,290

5,685,601

CDW

Corp.

10,979

2,808,209

Corning,

Inc.

61,372

2,022,821

Jabil,

Inc.

10,343

1,385,445

Keysight

Technologies,

Inc.*

14,082

2,202,143

TE

Connectivity

Ltd.

25,288

3,672,829

Teledyne

Technologies,

Inc.*

3,780

1,622,830

Trimble,

Inc.*(a)

19,664

1,265,575

Zebra

Technologies

Corp.,

Class

A*(a)

4,170

1,257,005

21,922,458

Energy

Equipment

&

Services

0

.3

%

Baker

Hughes

Co.,

Class

A

83,004

2,780,634

Halliburton

Co.(a)

73,769

2,907,974

Schlumberger

NV

117,355

6,432,228

12,120,836

Entertainment

1

.3

%

Electronic

Arts,

Inc.

19,768

2,622,621

106

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*(a)

12,002

1,269,452

Netflix,

Inc.*

35,294

21,435,105

Take-Two

Interactive

Software,

Inc.*

12,981

1,927,549

Walt

Disney

Co.

(The)(a)

149,232

18,260,027

Warner

Bros

Discovery,

Inc.*

178,895

1,561,753

47,076,507

Financial

Services

4

.2

%

Berkshire

Hathaway,

Inc.,

Class

B*

148,389

62,400,542

Corpay,

Inc.*(a)

6,037

1,862,656

Fidelity

National

Information

Services,

Inc.

47,797

3,545,582

Fiserv,

Inc.*

49,213

7,865,222

Global

Payments,

Inc.

21,588

2,885,452

Jack

Henry

&

Associates,

Inc.

5,685

987,655

Mastercard,

Inc.,

Class

A

67,287

32,403,401

PayPal

Holdings,

Inc.*

87,154

5,838,446

Visa,

Inc.,

Class

A(a)

128,989

35,998,250

153,787,206

Food

Products

0

.8

%

Archer-Daniels-Midland

Co.

42,809

2,688,833

Bunge

Global

SA

11,960

1,226,139

Campbell

Soup

Co.

15,564

691,820

Conagra

Brands,

Inc.

39,142

1,160,169

General

Mills,

Inc.(a)

46,751

3,271,167

Hershey

Co.

(The)

12,275

2,387,487

Hormel

Foods

Corp.

23,374

815,519

J

M

Smucker

Co.

(The)

9,041

1,137,991

Kellanova

22,566

1,292,806

Kraft

Heinz

Co.

(The)

64,275

2,371,748

Lamb

Weston

Holdings,

Inc.

11,972

1,275,377

McCormick

&

Co.,

Inc.

(Non-Voting)

20,041

1,539,349

Mondelez

International,

Inc.,

Class

A

109,741

7,681,870

Tyson

Foods,

Inc.,

Class

A

22,538

1,323,657

28,863,932

Gas

Utilities

0

.0

%

†

Atmos

Energy

Corp.(a)

12,287

1,460,556

Ground

Transportation

1

.1

%

CSX

Corp.

162,415

6,020,724

JB

Hunt

Transport

Services,

Inc.

6,495

1,294,129

Norfolk

Southern

Corp.

18,487

4,711,782

Old

Dominion

Freight

Line,

Inc.

14,838

3,254,122

Uber

Technologies,

Inc.*

167,833

12,921,462

Union

Pacific

Corp.

49,717

12,226,902

40,429,121

Health

Care

Equipment

&

Supplies

2

.5

%

Abbott

Laboratories

141,531

16,086,413

Align

Technology,

Inc.*(a)

5,700

1,869,144

Baxter

International,

Inc.

40,571

1,734,004

Becton

Dickinson

&

Co.

23,464

5,806,167

Boston

Scientific

Corp.*

119,988

8,217,978

Cooper

Cos.,

Inc.

(The)

16,132

1,636,753

Dentsply

Sirona,

Inc.

16,794

557,393

Dexcom,

Inc.*

31,760

4,405,112

Edwards

Lifesciences

Corp.*

49,201

4,701,648

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

GE

HealthCare

Technologies,

Inc.

33,053

3,004,848

Hologic,

Inc.*

19,456

1,516,790

IDEXX

Laboratories,

Inc.*

6,822

3,683,402

Insulet

Corp.*

5,547

950,756

Intuitive

Surgical,

Inc.*

28,803

11,494,989

Medtronic

plc

108,515

9,457,082

ResMed,

Inc.(a)

12,296

2,434,977

STERIS

plc(a)

8,069

1,814,073

Stryker

Corp.

27,575

9,868,265

Teleflex,

Inc.

3,968

897,443

Zimmer

Biomet

Holdings,

Inc.

16,749

2,210,533

92,347,770

Health

Care

Providers

&

Services

2

.6

%

Cardinal

Health,

Inc.

19,749

2,209,913

Cencora,

Inc.(a)

13,265

3,223,262

Centene

Corp.*

43,902

3,445,429

Cigna

Group

(The)

23,809

8,647,191

CVS

Health

Corp.

102,635

8,186,168

DaVita,

Inc.*(a)

4,450

614,322

Elevance

Health,

Inc.

19,260

9,987,080

HCA

Healthcare,

Inc.

16,139

5,382,841

Henry

Schein,

Inc.*

10,876

821,355

Humana,

Inc.

9,962

3,454,025

Laboratory

Corp.

of

America

Holdings

7,154

1,562,863

McKesson

Corp.

10,714

5,751,811

Molina

Healthcare,

Inc.*

4,861

1,997,045

Quest

Diagnostics,

Inc.

9,434

1,255,760

UnitedHealth

Group,

Inc.(a)

75,434

37,317,200

Universal

Health

Services,

Inc.,

Class

B

5,255

958,827

94,815,092

Health

Care

REITs

0

.2

%

Healthpeak

Properties,

Inc.

57,721

1,082,269

Ventas,

Inc.

31,831

1,385,922

Welltower,

Inc.

45,485

4,250,118

6,718,309

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts,

Inc.(a)

55,371

1,145,072

Hotels,

Restaurants

&

Leisure

2

.0

%

Airbnb,

Inc.,

Class

A*

35,457

5,848,987

Booking

Holdings,

Inc.

2,848

10,332,202

Caesars

Entertainment,

Inc.*

17,288

756,177

Carnival

Corp.*(a)

82,742

1,352,004

Chipotle

Mexican

Grill,

Inc.,

Class

A*

2,223

6,461,750

Darden

Restaurants,

Inc.(a)

10,116

1,690,889

Domino's

Pizza,

Inc.

2,875

1,428,530

Expedia

Group,

Inc.*

11,053

1,522,551

Hilton

Worldwide

Holdings,

Inc.

20,565

4,386,720

Las

Vegas

Sands

Corp.

29,857

1,543,607

Marriott

International,

Inc.,

Class

A

20,088

5,068,403

McDonald's

Corp.

59,157

16,679,316

MGM

Resorts

International*

22,509

1,062,650

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

32,777

686,023

NVIT

S&P

500

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Royal

Caribbean

Cruises

Ltd.*(a)

18,898

2,627,011

Starbucks

Corp.

92,639

8,466,278

Wynn

Resorts

Ltd.

8,098

827,859

Yum!

Brands,

Inc.

23,217

3,219,037

73,959,994

Household

Durables

0

.4

%

DR

Horton,

Inc.

24,267

3,993,135

Garmin

Ltd.(a)

12,704

1,891,245

Lennar

Corp.,

Class

A

20,229

3,478,983

Mohawk

Industries,

Inc.*

4,471

585,209

NVR,

Inc.*

264

2,138,389

PulteGroup,

Inc.

17,221

2,077,197

14,164,158

Household

Products

1

.2

%

Church

&

Dwight

Co.,

Inc.

19,779

2,063,148

Clorox

Co.

(The)

10,019

1,534,009

Colgate-Palmolive

Co.

67,221

6,053,251

Kimberly-Clark

Corp.

27,228

3,521,942

Procter

&

Gamble

Co.

(The)

192,221

31,187,857

44,360,207

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

54,846

983,389

Industrial

Conglomerates

0

.9

%

3M

Co.

44,691

4,740,374

General

Electric

Co.

88,766

15,581,096

Honeywell

International,

Inc.

53,767

11,035,677

31,357,147

Industrial

REITs

0

.3

%

Prologis,

Inc.

75,357

9,812,989

Insurance

2

.1

%

Aflac,

Inc.

43,348

3,721,859

Allstate

Corp.

(The)

21,553

3,728,885

American

International

Group,

Inc.

57,085

4,462,334

Aon

plc,

Class

A

16,185

5,401,258

Arch

Capital

Group

Ltd.*

29,978

2,771,166

Arthur

J

Gallagher

&

Co.

17,438

4,360,198

Assurant,

Inc.

4,031

758,795

Brown

&

Brown,

Inc.

19,318

1,691,098

Chubb

Ltd.

33,146

8,589,123

Cincinnati

Financial

Corp.

12,556

1,559,079

Everest

Group

Ltd.

3,455

1,373,362

Globe

Life,

Inc.

7,116

828,089

Hartford

Financial

Services

Group,

Inc.

(The)

24,388

2,513,183

Loews

Corp.

15,820

1,238,548

Marsh

&

McLennan

Cos.,

Inc.

40,465

8,334,981

MetLife,

Inc.

50,653

3,753,894

Principal

Financial

Group,

Inc.

18,084

1,560,830

Progressive

Corp.

(The)

47,714

9,868,209

Prudential

Financial,

Inc.

29,245

3,433,363

Travelers

Cos.,

Inc.

(The)

18,822

4,331,695

W

R

Berkley

Corp.(a)

16,265

1,438,477

Willis

Towers

Watson

plc

8,405

2,311,375

78,029,801

Interactive

Media

&

Services

6

.1

%

Alphabet,

Inc.,

Class

A*

480,612

72,538,769

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Alphabet,

Inc.,

Class

C*

402,381

61,266,531

Match

Group,

Inc.*(a)

22,017

798,777

Meta

Platforms,

Inc.,

Class

A(a)

179,428

87,126,648

221,730,725

IT

Services

1

.1

%

Accenture

plc,

Class

A

51,186

17,741,580

Akamai

Technologies,

Inc.*

12,450

1,354,062

Cognizant

Technology

Solutions

Corp.,

Class

A(a)

40,742

2,985,981

EPAM

Systems,

Inc.*

4,639

1,281,106

Gartner,

Inc.*

6,393

3,047,351

International

Business

Machines

Corp.

74,472

14,221,173

VeriSign,

Inc.*

7,137

1,352,533

41,983,786

Leisure

Products

0

.0

%

†

Hasbro,

Inc.

10,037

567,291

Life

Sciences

Tools

&

Services

1

.4

%

Agilent

Technologies,

Inc.

24,231

3,525,853

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,681

581,408

Bio-Techne

Corp.(a)

13,140

924,925

Charles

River

Laboratories

International,

Inc.*(a)

4,419

1,197,328

Danaher

Corp.

53,636

13,393,982

Illumina,

Inc.*

12,978

1,782,139

IQVIA

Holdings,

Inc.*

14,789

3,739,990

Mettler-Toledo

International,

Inc.*

1,763

2,347,064

Revvity,

Inc.

9,805

1,029,525

Thermo

Fisher

Scientific,

Inc.

31,511

18,314,508

Waters

Corp.*

4,702

1,618,569

West

Pharmaceutical

Services,

Inc.

5,972

2,363,180

50,818,471

Machinery

1

.8

%

Caterpillar,

Inc.

41,606

15,245,687

Cummins,

Inc.

11,669

3,438,271

Deere

&

Co.

21,237

8,722,885

Dover

Corp.

11,158

1,977,086

Fortive

Corp.

28,838

2,480,645

IDEX

Corp.

6,374

1,555,384

Illinois

Tool

Works,

Inc.(a)

22,275

5,977,051

Ingersoll

Rand,

Inc.

32,953

3,128,887

Nordson

Corp.

4,354

1,195,347

Otis

Worldwide

Corp.

33,411

3,316,710

PACCAR,

Inc.

43,008

5,328,261

Parker-Hannifin

Corp.

10,517

5,845,243

Pentair

plc

12,775

1,091,496

Snap-on,

Inc.

4,202

1,244,716

Stanley

Black

&

Decker,

Inc.

12,256

1,200,230

Westinghouse

Air

Brake

Technologies

Corp.

14,500

2,112,360

Xylem,

Inc.

19,640

2,538,274

66,398,533

Media

0

.6

%

Charter

Communications,

Inc.,

Class

A*(a)

8,161

2,371,831

108

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Media

Comcast

Corp.,

Class

A(a)

323,160

14,008,986

Fox

Corp.,

Class

A

20,342

636,094

Fox

Corp.,

Class

B

9,417

269,515

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

30,709

1,002,034

News

Corp.,

Class

A

30,655

802,548

News

Corp.,

Class

B(a)

9,114

246,625

Omnicom

Group,

Inc.

16,409

1,587,735

Paramount

Global,

Class

B(a)

39,422

463,997

21,389,365

Metals

&

Mining

0

.4

%

Freeport-McMoRan,

Inc.

118,133

5,554,614

Newmont

Corp.(a)

95,450

3,420,928

Nucor

Corp.

19,791

3,916,639

Steel

Dynamics,

Inc.(a)

12,359

1,831,974

14,724,155

Multi-Utilities

0

.6

%

Ameren

Corp.(a)

21,913

1,620,685

CenterPoint

Energy,

Inc.

52,666

1,500,454

CMS

Energy

Corp.(a)

23,400

1,411,956

Consolidated

Edison,

Inc.

28,660

2,602,615

Dominion

Energy,

Inc.(a)

68,014

3,345,609

DTE

Energy

Co.

16,607

1,862,309

NiSource,

Inc.(a)

32,080

887,333

Public

Service

Enterprise

Group,

Inc.

41,484

2,770,301

Sempra

51,224

3,679,420

WEC

Energy

Group,

Inc.

25,835

2,121,570

21,802,252

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

12,836

1,654,689

Boston

Properties,

Inc.

12,518

817,550

2,472,239

Oil,

Gas

&

Consumable

Fuels

3

.6

%

APA

Corp.

25,361

871,911

Chevron

Corp.

141,456

22,313,269

ConocoPhillips

96,005

12,219,516

Coterra

Energy,

Inc.

63,132

1,760,120

Devon

Energy

Corp.

52,874

2,653,217

Diamondback

Energy,

Inc.

14,714

2,915,873

EOG

Resources,

Inc.

47,287

6,045,170

EQT

Corp.(a)

33,251

1,232,615

Exxon

Mobil

Corp.

323,861

37,645,603

Hess

Corp.

22,622

3,453,022

Kinder

Morgan,

Inc.

156,594

2,871,934

Marathon

Oil

Corp.(a)

46,561

1,319,539

Marathon

Petroleum

Corp.

30,013

6,047,620

Occidental

Petroleum

Corp.(a)

53,204

3,457,728

ONEOK,

Inc.

47,487

3,807,033

Phillips

66

35,706

5,832,218

Pioneer

Natural

Resources

Co.

18,963

4,977,788

Targa

Resources

Corp.

18,746

2,099,365

Valero

Energy

Corp.(a)

27,509

4,695,511

Williams

Cos.,

Inc.

(The)

99,456

3,875,800

130,094,852

Passenger

Airlines

0

.2

%

American

Airlines

Group,

Inc.*

54,960

843,636

Delta

Air

Lines,

Inc.(a)

51,575

2,468,895

Common

Stocks

Shares

Value

($)

Passenger

Airlines

Southwest

Airlines

Co.(a)

47,487

1,386,146

United

Airlines

Holdings,

Inc.*(a)

26,375

1,262,835

5,961,512

Personal

Care

Products

0

.2

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

19,289

2,973,399

Kenvue,

Inc.

138,819

2,979,056

5,952,455

Pharmaceuticals

3

.8

%

Bristol-Myers

Squibb

Co.

166,548

9,031,898

Catalent,

Inc.*

14,088

795,268

Eli

Lilly

&

Co.

65,035

50,594,629

Johnson

&

Johnson

196,331

31,057,601

Merck

&

Co.,

Inc.

206,668

27,269,842

Pfizer,

Inc.

460,506

12,779,041

Viatris,

Inc.

95,453

1,139,709

Zoetis,

Inc.,

Class

A

37,719

6,382,432

139,050,420

Professional

Services

0

.7

%

Automatic

Data

Processing,

Inc.

33,423

8,347,060

Broadridge

Financial

Solutions,

Inc.

9,563

1,959,076

Dayforce,

Inc.*(a)

13,476

892,246

Equifax,

Inc.

10,078

2,696,067

Jacobs

Solutions,

Inc.

10,022

1,540,682

Leidos

Holdings,

Inc.

10,902

1,429,143

Paychex,

Inc.

26,229

3,220,921

Paycom

Software,

Inc.

3,785

753,253

Robert

Half,

Inc.

8,760

694,493

Verisk

Analytics,

Inc.,

Class

A

11,990

2,826,403

24,359,344

Real

Estate

Management

&

Development

0

.1

%

CBRE

Group,

Inc.,

Class

A*

24,579

2,390,062

CoStar

Group,

Inc.*

33,307

3,217,456

5,607,518

Residential

REITs

0

.3

%

AvalonBay

Communities,

Inc.

11,456

2,125,775

Camden

Property

Trust(a)

8,878

873,595

Equity

Residential

28,632

1,806,966

Essex

Property

Trust,

Inc.

5,368

1,314,140

Invitation

Homes,

Inc.

48,391

1,723,204

Mid-America

Apartment

Communities,

Inc.

9,438

1,241,852

UDR,

Inc.

24,803

927,880

10,013,412

Retail

REITs

0

.3

%

Federal

Realty

Investment

Trust(a)

6,116

624,566

Kimco

Realty

Corp.

56,787

1,113,593

Realty

Income

Corp.

67,217

3,636,440

Regency

Centers

Corp.

13,290

804,842

Simon

Property

Group,

Inc.

26,856

4,202,696

10,382,137

Semiconductors

&

Semiconductor

Equipment

10

.1

%

Advanced

Micro

Devices,

Inc.*

131,770

23,783,167

Analog

Devices,

Inc.

40,765

8,062,909

Applied

Materials,

Inc.

67,860

13,994,768

NVIT

S&P

500

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Broadcom,

Inc.

35,799

47,448,353

Enphase

Energy,

Inc.*

11,600

1,403,368

First

Solar,

Inc.*(a)

8,640

1,458,432

Intel

Corp.

343,846

15,187,678

KLA

Corp.

11,039

7,711,514

Lam

Research

Corp.

10,766

10,459,923

Microchip

Technology,

Inc.

43,775

3,927,055

Micron

Technology,

Inc.

89,553

10,557,403

Monolithic

Power

Systems,

Inc.

3,885

2,631,777

NVIDIA

Corp.

201,447

182,019,451

NXP

Semiconductors

NV

20,826

5,160,058

ON

Semiconductor

Corp.*

35,027

2,576,236

Qorvo,

Inc.*

8,062

925,759

QUALCOMM,

Inc.

90,482

15,318,603

Skyworks

Solutions,

Inc.

12,928

1,400,361

Teradyne,

Inc.

12,154

1,371,336

Texas

Instruments,

Inc.

74,379

12,957,565

368,355,716

Software

10

.6

%

Adobe,

Inc.*

36,864

18,601,574

ANSYS,

Inc.*

7,036

2,442,618

Autodesk,

Inc.*

17,289

4,502,401

Cadence

Design

Systems,

Inc.*

22,194

6,908,548

Fair

Isaac

Corp.*

2,005

2,505,468

Fortinet,

Inc.*

52,510

3,586,958

Gen

Digital,

Inc.(a)

45,482

1,018,797

Intuit,

Inc.

22,857

14,857,050

Microsoft

Corp.

606,155

255,021,532

Oracle

Corp.

129,581

16,276,670

Palo

Alto

Networks,

Inc.*

25,349

7,202,411

PTC,

Inc.*(a)

9,611

1,815,902

Roper

Technologies,

Inc.

8,700

4,879,308

Salesforce,

Inc.

79,355

23,900,139

ServiceNow,

Inc.*

16,719

12,746,566

Synopsys,

Inc.*

12,375

7,072,313

Tyler

Technologies,

Inc.*(a)

3,409

1,448,859

384,787,114

Specialized

REITs

1

.0

%

American

Tower

Corp.

38,101

7,528,376

Crown

Castle,

Inc.

35,761

3,784,587

Digital

Realty

Trust,

Inc.

24,483

3,526,531

Equinix,

Inc.

7,657

6,319,552

Extra

Space

Storage,

Inc.

17,011

2,500,617

Iron

Mountain,

Inc.

23,713

1,902,020

Public

Storage

12,960

3,759,177

SBA

Communications

Corp.,

Class

A(a)

8,899

1,928,413

VICI

Properties,

Inc.,

Class

A(a)

84,397

2,514,187

Weyerhaeuser

Co.(a)

59,614

2,140,739

35,904,199

Specialty

Retail

2

.0

%

AutoZone,

Inc.*

1,420

4,475,343

Bath

&

Body

Works,

Inc.

19,150

957,883

Best

Buy

Co.,

Inc.

15,770

1,293,613

CarMax,

Inc.*(a)

12,857

1,119,973

Home

Depot,

Inc.

(The)

81,170

31,136,812

Lowe's

Cos.,

Inc.

47,107

11,999,566

Common

Stocks

Shares

Value

($)

Specialty

Retail

O'Reilly

Automotive,

Inc.*(a)

4,783

5,399,433

Ross

Stores,

Inc.

27,218

3,994,514

TJX

Cos.,

Inc.

(The)

93,475

9,480,234

Tractor

Supply

Co.(a)

8,826

2,309,941

Ulta

Beauty,

Inc.*

4,010

2,096,749

74,264,061

Technology

Hardware,

Storage

&

Peripherals

5

.9

%

Apple,

Inc.

1,183,822

203,001,796

Hewlett

Packard

Enterprise

Co.

105,489

1,870,320

HP,

Inc.

71,190

2,151,362

NetApp,

Inc.

17,340

1,820,180

Seagate

Technology

Holdings

plc

15,377

1,430,830

Super

Micro

Computer,

Inc.*(a)

3,969

4,008,809

Western

Digital

Corp.*

27,324

1,864,590

216,147,887

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Deckers

Outdoor

Corp.*

2,093

1,970,057

Lululemon

Athletica,

Inc.*

9,279

3,624,842

NIKE,

Inc.,

Class

B

99,037

9,307,497

Ralph

Lauren

Corp.,

Class

A(a)

3,037

570,227

Tapestry,

Inc.(a)

19,167

910,049

VF

Corp.

25,696

394,177

16,776,849

Tobacco

0

.5

%

Altria

Group,

Inc.

145,527

6,347,888

Philip

Morris

International,

Inc.

126,700

11,608,254

17,956,142

Trading

Companies

&

Distributors

0

.3

%

Fastenal

Co.

46,723

3,604,212

United

Rentals,

Inc.

5,569

4,015,862

WW

Grainger,

Inc.(a)

3,571

3,632,778

11,252,852

Water

Utilities

0

.0

%

†

American

Water

Works

Co.,

Inc.

16,346

1,997,645

Wireless

Telecommunication

Services

0

.2

%

T-Mobile

US,

Inc.

41,776

6,818,679

Total

Common

Stocks

(cost

$1,021,697,257)

3,594,721,315

Repurchase

Agreements

0

.9

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$16,023,938,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$16,334,742.(b)

16,014,453

16,014,453

110

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$5,100,000.

(b)

5,000,000

5,000,000

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,950,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$5,103,547.

(b)

5,000,000

5,000,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$5,100,002.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$31,014,453)

31,014,453

Total

Investments

(cost

$1,052,711,710)

—

99.5%

3,625,735,768

Other

assets

in

excess

of

liabilities

—

0.5%

19,123,345

NET

ASSETS

—

100.0%

$

3,644,859,113

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$176,251,574,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$31,014,453

and

by

$148,615,269

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$179,629,722.

(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,

2024

was

$31,014,453.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

191

6/2024

USD

50,696,175

731,804

Net

contracts

731,804

As

of

March

31,

2024,

the

Fund

had

$2,671,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

S&P

500

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

111

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

112

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

3,594,721,315

$

–

$

–

$

3,594,721,315

Futures

Contracts

731,804

–

–

731,804

Repurchase

Agreements

–

31,014,453

–

31,014,453

Total

$

3,595,453,119

$

31,014,453

$

–

$

3,626,467,572

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

731,804

Total

$

731,804

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

113

Closed

End

Fund

Closed

End

Fund

0.0%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

5,320

35,112

Total

Closed

End

Fund

(cost  $54,894)

35,112

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

1.0%

AAR

Corp.*

5,474

327,728

AeroVironment,

Inc.*(a)

4,225

647,608

AerSale

Corp.*(a)

5,138

36,891

Archer

Aviation,

Inc.,

Class

A*(a)

23,659

109,304

Astronics

Corp.*(a)

4,662

88,764

Cadre

Holdings,

Inc.

2,923

105,812

Ducommun,

Inc.*

2,094

107,422

Eve

Holding,

Inc.*(a)

2,638

14,245

Kaman

Corp.

4,464

204,764

Kratos

Defense

&

Security

Solutions,

Inc.*

22,236

408,698

Leonardo

DRS,

Inc.*

10,429

230,377

Moog,

Inc.,

Class

A

4,526

722,576

National

Presto

Industries,

Inc.

740

62,012

Park

Aerospace

Corp.(a)

2,647

44,020

Parsons

Corp.*

6,460

535,857

Redwire

Corp.*(a)

628

2,757

Rocket

Lab

USA,

Inc.*(a)

43,801

180,022

Terran

Orbital

Corp.*(a)

13,199

17,291

Triumph

Group,

Inc.*(a)

9,852

148,174

V2X,

Inc.*

1,769

82,630

Virgin

Galactic

Holdings,

Inc.*(a)

55,816

82,608

4,159,560

Air

Freight

&

Logistics

0.2%

Air

Transport

Services

Group,

Inc.*

7,875

108,360

Forward

Air

Corp.

3,938

122,511

Hub

Group,

Inc.,

Class

A

9,890

427,446

Radiant

Logistics,

Inc.*(a)

5,309

28,775

687,092

Automobile

Components

1.3%

Adient

plc*(a)

14,595

480,467

American

Axle

&

Manufacturing

Holdings,

Inc.*

17,494

128,756

Cooper-Standard

Holdings,

Inc.*

2,530

41,897

Dana,

Inc.(a)

20,343

258,356

Dorman

Products,

Inc.*

4,065

391,825

Fox

Factory

Holding

Corp.*

6,723

350,067

Gentherm

,

Inc.*(a)

5,182

298,380

Goodyear

Tire

&

Rubber

Co.

(The)*

44,141

606,056

Holley,

Inc.*(a)

7,906

35,261

LCI

Industries(a)

3,900

479,934

Luminar

Technologies,

Inc.,

Class

A*(a)

45,196

89,036

Common

Stocks

Shares

Value

($)

Automobile

Components

Modine

Manufacturing

Co.*(a)

8,024

763,805

Patrick

Industries,

Inc.(a)

3,386

404,525

Solid

Power,

Inc.*(a)

23,719

48,150

Standard

Motor

Products,

Inc.

3,100

104,005

Stoneridge,

Inc.*

3,976

73,317

Visteon

Corp.*(a)

4,341

510,545

XPEL,

Inc.

Reg.

S*(a)

3,460

186,909

5,251,291

Automobiles

0.1%

Livewire

Group,

Inc.*(a)

2,867

20,728

Winnebago

Industries,

Inc.(a)

4,555

337,070

Workhorse

Group,

Inc.*(a)

23,904

5,608

363,406

Banks

8.3%

1st

Source

Corp.

2,744

143,840

ACNB

Corp.(a)

1,409

52,978

Amalgamated

Financial

Corp.

2,917

70,008

Amerant

Bancorp,

Inc.,

Class

A(a)

4,329

100,822

American

National

Bankshares

,

Inc.(a)

1,721

82,195

Ameris

Bancorp(a)

9,972

482,445

Ames

National

Corp.(a)

1,751

35,335

Arrow

Financial

Corp.

2,431

60,824

Associated

Banc-Corp.

25,368

545,666

Atlantic

Union

Bankshares

Corp.

11,203

395,578

Axos

Financial,

Inc.*

8,382

452,963

Banc

of

California,

Inc.(a)

21,065

320,399

BancFirst

Corp.(a)

3,622

318,845

Bancorp,

Inc.

(The)*

8,071

270,056

Bank

First

Corp.(a)

1,512

131,045

Bank

of

Hawaii

Corp.(a)

5,495

342,833

Bank

of

Marin

Bancorp(a)

2,695

45,195

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

8,159

261,006

Bank7

Corp.

774

21,827

BankUnited,

Inc.

10,264

287,392

Bankwell

Financial

Group,

Inc.

1,138

29,520

Banner

Corp.

4,634

222,432

Bar

Harbor

Bankshares

3,092

81,876

BayCom

Corp.

1,915

39,468

BCB

Bancorp,

Inc.

2,988

31,225

Berkshire

Hills

Bancorp,

Inc.

5,986

137,199

Blue

Foundry

Bancorp*(a)

3,416

31,974

Bridgewater

Bancshares,

Inc.*

3,221

37,492

Brookline

Bancorp,

Inc.

11,891

118,434

Burke

&

Herbert

Financial

Services

Corp.(a)

1,092

61,185

Business

First

Bancshares,

Inc.

4,047

90,167

Byline

Bancorp,

Inc.

4,406

95,698

C&F

Financial

Corp.(a)

587

28,763

Cadence

Bank(a)

23,154

671,466

Cambridge

Bancorp

1,183

80,633

Camden

National

Corp.

2,422

81,185

Capital

Bancorp,

Inc.

1,596

33,245

Capital

City

Bank

Group,

Inc.

2,265

62,740

Capitol

Federal

Financial,

Inc.

(a)

19,252

114,742

114

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Capstar

Financial

Holdings,

Inc.(a)

3,580

71,958

Carter

Bankshares

,

Inc.*(a)

3,912

49,448

Cathay

General

Bancorp

10,862

410,909

Central

Pacific

Financial

Corp.

3,687

72,818

Central

Valley

Community

Bancorp(a)

1,538

30,591

Chemung

Financial

Corp.

508

21,580

ChoiceOne

Financial

Services,

Inc.(a)

986

26,967

Citizens

&

Northern

Corp.

2,310

43,382

Citizens

Financial

Services,

Inc.

564

27,749

City

Holding

Co.

1,983

206,668

Civista

Bancshares,

Inc.

2,448

37,650

CNB

Financial

Corp.

3,932

80,173

Coastal

Financial

Corp.*(a)

1,665

64,719

Codorus

Valley

Bancorp,

Inc.

1,414

32,183

Colony

Bankcorp

,

Inc.

2,473

28,439

Columbia

Financial,

Inc.*(a)

4,683

80,594

Community

Bank

System,

Inc.

(a)

7,430

356,863

Community

Trust

Bancorp,

Inc.

2,652

113,108

ConnectOne

Bancorp,

Inc.

5,989

116,785

CrossFirst

Bankshares

,

Inc.*

7,329

101,433

Customers

Bancorp,

Inc.*(a)

4,424

234,737

CVB

Financial

Corp.

19,618

349,985

Dime

Community

Bancshares,

Inc.

5,411

104,216

Eagle

Bancorp,

Inc.

3,931

92,339

Eastern

Bankshares

,

Inc.

25,373

349,640

Enterprise

Bancorp,

Inc.

1,543

40,072

Enterprise

Financial

Services

Corp.

6,361

258,002

Equity

Bancshares,

Inc.,

Class

A(a)

2,635

90,565

Esquire

Financial

Holdings,

Inc.

1,024

48,609

ESSA

Bancorp,

Inc.(a)

1,201

21,894

Evans

Bancorp,

Inc.(a)

833

24,873

Farmers

&

Merchants

Bancorp,

Inc.

2,175

48,481

Farmers

National

Banc

Corp.

6,208

82,939

FB

Financial

Corp.

6,270

236,128

Fidelity

D&D

Bancorp,

Inc.(a)

857

41,505

Financial

Institutions,

Inc.

2,681

50,456

First

Bancorp(a)

29,175

622,020

First

Bancorp,

Inc.

(The)

1,741

42,898

First

Bancshares,

Inc.

(The)

5,432

140,960

First

Bank

3,241

44,531

First

Busey

Corp.

9,556

229,822

First

Business

Financial

Services,

Inc.

1,356

50,850

First

Commonwealth

Financial

Corp.

14,091

196,147

First

Community

Bankshares

,

Inc.(a)

2,782

96,341

First

Community

Corp.(a)

1,306

22,764

First

Financial

Bancorp

13,447

301,482

First

Financial

Bankshares

,

Inc.(a)

20,558

674,508

Common

Stocks

Shares

Value

($)

Banks

First

Financial

Corp.

2,215

84,901

First

Foundation,

Inc.

7,758

58,573

First

Interstate

BancSystem

,

Inc.,

Class

A

13,763

374,491

First

Merchants

Corp.

10,414

363,449

First

Mid

Bancshares,

Inc.

3,687

120,491

First

of

Long

Island

Corp.

(The)

3,855

42,752

First

Western

Financial,

Inc.*

1,380

20,120

Five

Star

Bancorp

1,944

43,740

Flushing

Financial

Corp.

4,731

59,658

FS

Bancorp,

Inc.

1,125

39,049

Fulton

Financial

Corp.(a)

25,040

397,886

FVCBankcorp

,

Inc.*

2,595

31,607

German

American

Bancorp,

Inc.

4,751

164,575

Glacier

Bancorp,

Inc.(a)

17,616

709,572

Great

Southern

Bancorp,

Inc.

(a)

1,641

89,960

Greene

County

Bancorp,

Inc.

(a)

1,142

32,878

Guaranty

Bancshares,

Inc.(a)

1,385

42,049

Hancock

Whitney

Corp.

13,491

621,126

Hanmi

Financial

Corp.

4,070

64,794

HarborOne

Bancorp,

Inc.

6,493

69,215

HBT

Financial,

Inc.

2,220

42,269

Heartland

Financial

USA,

Inc.

7,326

257,509

Heritage

Commerce

Corp.

10,343

88,743

Heritage

Financial

Corp.

5,224

101,293

Hilltop

Holdings,

Inc.

7,859

246,144

Hingham

Institution

for

Savings(a)

254

44,313

Home

Bancorp,

Inc.

1,225

46,930

Home

BancShares

,

Inc.(a)

30,204

742,112

HomeStreet

,

Inc.

2,867

43,148

HomeTrust

Bancshares,

Inc.

2,539

69,416

Hope

Bancorp,

Inc.

17,615

202,749

Horizon

Bancorp,

Inc.

7,251

93,030

Independent

Bank

Corp.

9,687

407,186

Independent

Bank

Group,

Inc.

5,683

259,429

International

Bancshares

Corp.

8,649

485,555

John

Marshall

Bancorp,

Inc.(a)

1,893

33,923

Kearny

Financial

Corp.

8,958

57,690

Lakeland

Bancorp,

Inc.

10,516

127,244

Lakeland

Financial

Corp.

3,665

243,063

LCNB

Corp.(a)

1,815

28,931

Live

Oak

Bancshares,

Inc.(a)

5,511

228,762

Macatawa

Bank

Corp.

4,543

44,476

MainStreet

Bancshares,

Inc.

(a)

1,047

19,014

Mercantile

Bank

Corp.

2,640

101,614

Metrocity

Bankshares

,

Inc.

3,036

75,779

Metropolitan

Bank

Holding

Corp.*(a)

1,593

61,330

Mid

Penn

Bancorp,

Inc.

2,416

48,344

Middlefield

Banc

Corp.(a)

1,398

33,384

Midland

States

Bancorp,

Inc.

3,442

86,497

MidWestOne

Financial

Group,

Inc.

2,570

60,241

MVB

Financial

Corp.

1,734

38,686

National

Bank

Holdings

Corp.,

Class

A

4,629

166,968

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Banks

National

Bankshares

,

Inc.

1,074

35,882

NBT

Bancorp,

Inc.(a)

6,893

252,835

Nicolet

Bankshares

,

Inc.(a)

2,143

184,277

Northeast

Bank

1,152

63,752

Northeast

Community

Bancorp,

Inc.

2,179

34,276

Northfield

Bancorp,

Inc.

6,407

62,276

Northrim

Bancorp,

Inc.

898

45,358

Northwest

Bancshares,

Inc.

17,929

208,873

Norwood

Financial

Corp.(a)

1,304

35,482

Oak

Valley

Bancorp

1,116

27,654

OceanFirst

Financial

Corp.

10,302

169,056

OFG

Bancorp

7,199

264,995

Old

National

Bancorp

46,810

814,962

Old

Second

Bancorp,

Inc.

7,661

106,028

Orange

County

Bancorp,

Inc.

(a)

773

35,558

Origin

Bancorp,

Inc.

4,820

150,577

Orrstown

Financial

Services,

Inc.

1,796

48,079

Pacific

Premier

Bancorp,

Inc.

13,012

312,288

Park

National

Corp.(a)

2,278

309,466

Parke

Bancorp,

Inc.

1,750

30,144

Pathward

Financial,

Inc.

3,767

190,158

PCB

Bancorp

1,729

28,235

Peapack-Gladstone

Financial

Corp.(a)

2,897

70,484

Penns

Woods

Bancorp,

Inc.(a)

1,232

23,913

Peoples

Bancorp,

Inc.(a)

5,951

176,209

Peoples

Financial

Services

Corp.

1,208

52,077

Pioneer

Bancorp,

Inc.*(a)

2,248

22,053

Plumas

Bancorp

970

35,686

Ponce

Financial

Group,

Inc.*

2,998

26,682

Preferred

Bank(a)

1,239

95,118

Premier

Financial

Corp.

5,804

117,821

Primis

Financial

Corp.

3,510

42,717

Princeton

Bancorp,

Inc.

721

22,192

Provident

Financial

Services,

Inc.

11,206

163,271

QCR

Holdings,

Inc.

2,676

162,540

RBB

Bancorp

2,743

49,401

Red

River

Bancshares,

Inc.

791

39,384

Renasant

Corp.

7,662

239,974

Republic

Bancorp,

Inc.,

Class

A

1,465

74,715

S&T

Bancorp,

Inc.(a)

5,285

169,543

Sandy

Spring

Bancorp,

Inc.

8,003

185,510

Seacoast

Banking

Corp.

of

Florida(a)

11,312

287,212

ServisFirst

Bancshares,

Inc.(a)

7,947

527,363

Shore

Bancshares,

Inc.

5,204

59,846

Sierra

Bancorp

2,175

43,935

Simmons

First

National

Corp.,

Class

A

17,939

349,093

SmartFinancial

,

Inc.

2,720

57,310

South

Plains

Financial,

Inc.

2,014

53,895

Southern

First

Bancshares,

Inc.*

1,282

40,716

Southern

Missouri

Bancorp,

Inc.

1,460

63,817

Common

Stocks

Shares

Value

($)

Banks

Southern

States

Bancshares,

Inc.

1,197

31,026

Southside

Bancshares,

Inc.

4,407

128,817

SouthState

Corp.

12,058

1,025,292

Stellar

Bancorp,

Inc.(a)

7,632

185,916

Sterling

Bancorp,

Inc.*(a)

3,556

18,349

Stock

Yards

Bancorp,

Inc.(a)

4,545

222,296

Summit

Financial

Group,

Inc.

1,725

46,851

Texas

Capital

Bancshares,

Inc.*

7,691

473,381

Third

Coast

Bancshares,

Inc.*

2,127

42,583

Timberland

Bancorp,

Inc.

1,353

36,423

Tompkins

Financial

Corp.

2,344

117,880

Towne

Bank

12,049

338,095

TriCo

Bancshares

5,280

194,198

Triumph

Financial,

Inc.*(a)

3,462

274,606

TrustCo

Bank

Corp.(a)

2,520

70,963

Trustmark

Corp.

8,118

228,197

UMB

Financial

Corp.

7,048

613,106

United

Bankshares

,

Inc.

20,413

730,581

United

Community

Banks,

Inc.

17,300

455,336

Unity

Bancorp,

Inc.

1,254

34,610

Univest

Financial

Corp.

5,277

109,867

USCB

Financial

Holdings,

Inc.

1,595

18,183

Valley

National

Bancorp(a)

68,408

544,528

Veritex

Holdings,

Inc.

7,076

144,987

Virginia

National

Bankshares

Corp.

841

25,314

WaFd

,

Inc.(a)

10,731

311,521

Washington

Trust

Bancorp,

Inc.

3,050

81,984

WesBanco

,

Inc.(a)

10,111

301,409

West

Bancorp,

Inc.

2,818

50,245

Westamerica

Bancorp

3,734

182,518

WSFS

Financial

Corp.(a)

8,416

379,898

35,039,783

Beverages

0.4%

Coca-Cola

Consolidated,

Inc.

743

628,883

Duckhorn

Portfolio,

Inc.

(The)*(a)

8,226

76,584

MGP

Ingredients,

Inc.(a)

2,440

210,157

National

Beverage

Corp.*

3,545

168,246

Primo

Water

Corp.

24,655

448,968

Vita

Coco

Co.,

Inc.

(The)*

5,764

140,814

Zevia

PBC,

Class

A*(a)

3,699

4,328

1,677,980

Biotechnology

7.9%

2seventy

bio,

Inc.*(a)

7,622

40,778

4D

Molecular

Therapeutics,

Inc.*(a)

6,451

205,529

89bio,

Inc.*(a)

12,154

141,473

Aadi

Bioscience,

Inc.*(a)

2,938

6,875

ACADIA

Pharmaceuticals,

Inc.*

18,943

350,256

ACELYRIN,

Inc.*

11,116

75,033

Acrivon

Therapeutics,

Inc.*(a)

1,227

8,773

Actinium

Pharmaceuticals,

Inc.*

4,724

36,989

Adicet

Bio,

Inc.*(a)

8,279

19,456

ADMA

Biologics,

Inc.*

33,821

223,219

116

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Aerovate

Therapeutics,

Inc.*(a)

1,797

53,137

Agenus,

Inc.*(a)

56,480

32,758

Agios

Pharmaceuticals,

Inc.*

8,685

253,949

Akero

Therapeutics,

Inc.*(a)

9,764

246,639

Aldeyra

Therapeutics,

Inc.*

6,869

22,462

Alector

,

Inc.*(a)

11,159

67,177

Alkermes

plc*

25,820

698,947

Allakos

,

Inc.*(a)

9,885

12,455

Allogene

Therapeutics,

Inc.*(a)

15,175

67,832

Allovir

,

Inc.*(a)

9,811

7,406

Alpine

Immune

Sciences,

Inc.*

6,098

241,725

Altimmune

,

Inc.*

8,610

87,650

ALX

Oncology

Holdings,

Inc.*(a)

4,234

47,209

Amicus

Therapeutics,

Inc.*

45,582

536,956

AnaptysBio

,

Inc.*(a)

2,844

64,047

Anavex

Life

Sciences

Corp.*(a)

11,323

57,634

Anika

Therapeutics,

Inc.*

2,268

57,607

Annexon

,

Inc.*

10,419

74,704

Apogee

Therapeutics,

Inc.*(a)

6,474

430,197

Arbutus

Biopharma

Corp.*

17,413

44,926

Arcellx

,

Inc.*(a)

5,989

416,535

Arcturus

Therapeutics

Holdings,

Inc.*(a)

3,757

126,874

Arcus

Biosciences,

Inc.*(a)

8,430

159,158

Arcutis

Biotherapeutics,

Inc.*(a)

12,637

125,233

Ardelyx

,

Inc.*(a)

35,515

259,259

ArriVent

Biopharma,

Inc.*(a)

1,474

26,326

Arrowhead

Pharmaceuticals,

Inc.*

18,243

521,750

ARS

Pharmaceuticals,

Inc.*

3,431

35,065

Astria

Therapeutics,

Inc.*(a)

7,650

107,674

Atara

Biotherapeutics,

Inc.*

14,299

9,924

Aura

Biosciences,

Inc.*(a)

5,420

42,547

Aurinia

Pharmaceuticals,

Inc.*

20,786

104,138

Avid

Bioservices

,

Inc.*(a)

10,318

69,131

Avidity

Biosciences,

Inc.*(a)

11,703

298,661

Avita

Medical,

Inc.*(a)

3,758

60,241

Beam

Therapeutics,

Inc.*(a)

11,751

388,253

BioAtla

,

Inc.*

6,618

22,766

BioCryst

Pharmaceuticals,

Inc.*(a)

30,711

156,012

Biohaven

Ltd.*(a)

10,695

584,910

Biomea

Fusion,

Inc.*(a)

2,964

44,312

Bioxcel

Therapeutics,

Inc.*(a)

2,888

8,144

Bluebird

Bio,

Inc.*(a)

30,145

38,586

Blueprint

Medicines

Corp.*(a)

9,517

902,783

Bridgebio

Pharma,

Inc.*(a)

18,274

565,032

Cabaletta

Bio,

Inc.*

5,197

88,661

CareDx

,

Inc.*

7,967

84,371

Cargo

Therapeutics,

Inc.*(a)

3,279

73,187

Caribou

Biosciences,

Inc.*(a)

12,763

65,602

Carisma

Therapeutics,

Inc.*(a)

4,009

9,100

Cartesian

Therapeutics,

Inc.*(a)

17,065

11,092

Catalyst

Pharmaceuticals,

Inc.*(a)

17,495

278,870

Celcuity

,

Inc.*

2,917

63,007

Celldex

Therapeutics,

Inc.*(a)

9,795

411,096

Common

Stocks

Shares

Value

($)

Biotechnology

Century

Therapeutics,

Inc.*(a)

3,114

13,017

Cerevel

Therapeutics

Holdings,

Inc.*

11,232

474,777

CG

oncology,

Inc.*(a)

3,556

156,108

Cogent

Biosciences,

Inc.*(a)

13,071

87,837

Coherus

Biosciences,

Inc.*(a)

15,073

36,024

Compass

Therapeutics,

Inc.*

13,288

26,310

Crinetics

Pharmaceuticals,

Inc.*(a)

10,347

484,343

Cue

Biopharma,

Inc.*(a)

4,925

9,308

Cullinan

Oncology,

Inc.*

3,849

65,587

Cytokinetics,

Inc.*(a)

14,922

1,046,181

Day

One

Biopharmaceuticals,

Inc.*(a)

9,500

156,940

Deciphera

Pharmaceuticals,

Inc.*

8,275

130,166

Denali

Therapeutics,

Inc.*

18,933

388,505

Design

Therapeutics,

Inc.*

5,087

20,501

Disc

Medicine,

Inc.*

1,454

90,526

Dynavax

Technologies

Corp.*(a)

19,924

247,257

Dyne

Therapeutics,

Inc.*(a)

9,374

266,128

Eagle

Pharmaceuticals,

Inc.*(a)

1,462

7,661

Editas

Medicine,

Inc.*(a)

12,463

92,475

Emergent

BioSolutions,

Inc.*(a)

7,331

18,547

Enanta

Pharmaceuticals,

Inc.*

3,088

53,916

Entrada

Therapeutics,

Inc.*

3,164

44,834

Erasca

,

Inc.*

13,319

27,437

Fate

Therapeutics,

Inc.*(a)

13,253

97,277

Fennec

Pharmaceuticals,

Inc.*(a)

2,452

27,266

FibroGen

,

Inc.*(a)

14,114

33,168

Foghorn

Therapeutics,

Inc.*

3,074

20,627

Genelux

Corp.*(a)

2,761

17,753

Generation

Bio

Co.*

7,261

29,552

Geron

Corp.*(a)

80,852

266,812

Gritstone

bio,

Inc.*(a)

13,209

33,947

Halozyme

Therapeutics,

Inc.*

20,236

823,200

Heron

Therapeutics,

Inc.*(a)

16,678

46,198

HilleVax

,

Inc.*(a)

4,055

67,435

Humacyte

,

Inc.*(a)

8,759

27,240

Ideaya

Biosciences,

Inc.*(a)

10,313

452,534

IGM

Biosciences,

Inc.*(a)

1,799

17,360

Immuneering

Corp.,

Class

A*(a)

3,973

11,482

ImmunityBio

,

Inc.*(a)

20,656

110,923

Immunovant

,

Inc.*

8,303

268,270

Inhibrx

,

Inc.*

5,247

183,435

Inozyme

Pharma,

Inc.*(a)

7,395

56,646

Insmed

,

Inc.*(a)

21,728

589,481

Intellia

Therapeutics,

Inc.*(a)

14,365

395,181

Iovance

Biotherapeutics,

Inc.*(a)

37,175

550,933

Ironwood

Pharmaceuticals,

Inc.,

Class

A*(a)

21,899

190,740

iTeos

Therapeutics,

Inc.*

3,621

49,390

Janux

Therapeutics,

Inc.*

2,674

100,676

KalVista

Pharmaceuticals,

Inc.*(a)

4,796

56,881

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Biotechnology

Karyopharm

Therapeutics,

Inc.*(a)

17,122

25,854

Keros

Therapeutics,

Inc.*

4,065

269,103

Kezar

Life

Sciences,

Inc.*

10,798

9,735

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*(a)

5,162

101,846

Kodiak

Sciences,

Inc.*

5,383

28,315

Krystal

Biotech,

Inc.*(a)

3,376

600,692

Kura

Oncology,

Inc.*

10,838

231,175

Kymera

Therapeutics,

Inc.*

6,267

251,933

Larimar

Therapeutics,

Inc.*(a)

4,299

32,629

LENZ

Therapeutics,

Inc.

555

12,393

Lexeo

Therapeutics,

Inc.*(a)

1,509

23,661

Lexicon

Pharmaceuticals,

Inc.*(a)

16,008

38,419

Lineage

Cell

Therapeutics,

Inc.*(a)

17,844

26,409

Lyell

Immunopharma

,

Inc.*(a)

28,216

62,922

MacroGenics

,

Inc.*

9,416

138,604

Madrigal

Pharmaceuticals,

Inc.*(a)

2,316

618,465

MannKind

Corp.*(a)

40,869

185,137

MeiraGTx

Holdings

plc*(a)

4,571

27,746

Merrimack

Pharmaceuticals,

Inc.*

1,448

21,387

Mersana

Therapeutics,

Inc.*

16,681

74,731

MiMedx

Group,

Inc.*

18,084

139,247

Mineralys

Therapeutics,

Inc.*(a)

3,270

42,216

Mirum

Pharmaceuticals,

Inc.*(a)

3,746

94,100

Monte

Rosa

Therapeutics,

Inc.*

4,852

34,207

Morphic

Holding,

Inc.*(a)

5,909

207,997

Mural

Oncology

plc*(a)

2,506

12,254

Myriad

Genetics,

Inc.*

13,916

296,689

Nkarta

,

Inc.*(a)

4,587

49,585

Novavax,

Inc.*(a)

17,685

84,534

Nurix

Therapeutics,

Inc.*

7,332

107,780

Nuvalent

,

Inc.,

Class

A*(a)

4,190

314,627

Nuvectis

Pharma,

Inc.*(a)

921

7,552

Ocean

Biomedical,

Inc.*

1,339

5,068

Olema

Pharmaceuticals,

Inc.*(a)

4,063

45,993

Omega

Therapeutics,

Inc.*(a)

3,524

12,863

Organogenesis

Holdings,

Inc.,

Class

A*(a)

10,831

30,760

ORIC

Pharmaceuticals,

Inc.*(a)

5,876

80,795

Outlook

Therapeutics,

Inc.*

1,236

14,758

Ovid

therapeutics,

Inc.*

8,507

25,946

PDS

Biotechnology

Corp.*(a)

4,087

16,185

PepGen

,

Inc.*

1,488

21,874

PMV

Pharmaceuticals,

Inc.*

5,949

10,113

Poseida

Therapeutics,

Inc.,

Class

A*(a)

10,171

32,445

Precigen

,

Inc.*(a)

20,259

29,376

Prelude

Therapeutics,

Inc.*

1,794

8,504

Prime

Medicine,

Inc.*(a)

5,948

41,636

ProKidney

Corp.,

Class

A*(a)

6,803

11,157

Protagonist

Therapeutics,

Inc.*

9,028

261,180

Common

Stocks

Shares

Value

($)

Biotechnology

Protalix

BioTherapeutics

,

Inc.*(a)

12,167

15,330

Prothena

Corp.

plc*(a)

6,652

164,770

PTC

Therapeutics,

Inc.*(a)

11,371

330,782

Rallybio

Corp.*(a)

4,631

8,567

RAPT

Therapeutics,

Inc.*

4,409

39,593

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

22,069

220,028

REGENXBIO,

Inc.*(a)

6,273

132,172

Relay

Therapeutics,

Inc.*(a)

15,643

129,837

Reneo

Pharmaceuticals,

Inc.*(a)

2,263

3,757

Replimune

Group,

Inc.*(a)

7,726

63,121

REVOLUTION

Medicines,

Inc.*

21,882

705,257

Rhythm

Pharmaceuticals,

Inc.*(a)

8,398

363,885

Rigel

Pharmaceuticals,

Inc.*

25,206

37,305

Rocket

Pharmaceuticals,

Inc.*(a)

9,695

261,183

Sage

Therapeutics,

Inc.*(a)

8,567

160,546

Sagimet

Biosciences,

Inc.,

Class

A*

3,486

18,894

Sana

Biotechnology,

Inc.*(a)

15,078

150,780

Sangamo

Therapeutics,

Inc.*

20,702

13,874

Savara

,

Inc.*(a)

13,633

67,892

Scholar

Rock

Holding

Corp.*

9,039

160,533

Seres

Therapeutics,

Inc.*(a)

14,647

11,338

SpringWorks

Therapeutics,

Inc.*

10,750

529,115

Stoke

Therapeutics,

Inc.*(a)

4,185

56,498

Summit

Therapeutics,

Inc.*(a)

17,218

71,283

Sutro

Biopharma,

Inc.*(a)

9,746

55,065

Syndax

Pharmaceuticals,

Inc.*

12,147

289,099

Tango

Therapeutics,

Inc.*(a)

6,668

52,944

Tenaya

Therapeutics,

Inc.*(a)

6,660

34,832

TG

Therapeutics,

Inc.*(a)

21,502

327,045

Travere

Therapeutics,

Inc.*(a)

10,967

84,556

Turnstone

Biologics

Corp.*(a)

1,310

3,432

Twist

Bioscience

Corp.*(a)

9,151

313,971

Tyra

Biosciences,

Inc.*(a)

2,120

34,768

UroGen

Pharma

Ltd.*

4,197

62,955

Vanda

Pharmaceuticals,

Inc.*

8,969

36,863

Vaxcyte

,

Inc.*

16,581

1,132,648

Vaxxinity

,

Inc.,

Class

A*(a)

6,371

4,571

Vera

Therapeutics,

Inc.,

Class

A*(a)

6,331

272,993

Veracyte

,

Inc.*

11,293

250,253

Vericel

Corp.*

7,358

382,763

Verve

Therapeutics,

Inc.*(a)

10,186

135,270

Vigil

Neuroscience,

Inc.*(a)

2,301

7,846

Viking

Therapeutics,

Inc.*(a)

15,982

1,310,524

Vir

Biotechnology,

Inc.*(a)

13,274

134,466

Viridian

Therapeutics,

Inc.*

7,706

134,932

Vor

BioPharma,

Inc.*

5,522

13,087

Voyager

Therapeutics,

Inc.*(a)

5,969

55,571

X4

Pharmaceuticals,

Inc.*

18,673

25,955

Xencor

,

Inc.*(a)

9,344

206,783

XOMA

Corp.*(a)

990

23,809

Y-

mAbs

Therapeutics,

Inc.*(a)

5,594

90,958

Zentalis

Pharmaceuticals,

Inc.*(a)

8,866

139,728

118

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Zura

Bio

Ltd.,

Class

A*

4,222

10,851

Zymeworks

,

Inc.*

8,676

91,272

33,097,637

Broadline

Retail

0.1%

Big

Lots,

Inc.*(a)

4,251

18,407

ContextLogic

,

Inc.,

Class

A*(a)

3,334

18,970

Dillard's,

Inc.,

Class

A(a)

536

252,799

Savers

Value

Village,

Inc.*

4,134

79,704

369,880

Building

Products

2.0%

AAON,

Inc.

10,525

927,253

American

Woodmark

Corp.*

2,538

258,013

Apogee

Enterprises,

Inc.

3,627

214,718

AZZ,

Inc.(a)

3,938

304,447

CSW

Industrials,

Inc.

2,370

556,002

Gibraltar

Industries,

Inc.*

4,835

389,363

Griffon

Corp.

6,170

452,508

Insteel

Industries,

Inc.

2,861

109,347

Janus

International

Group,

Inc.*(a)

13,184

199,474

JELD-WEN

Holding,

Inc.*

13,708

291,021

Masonite

International

Corp.*

3,426

450,348

Masterbrand,

Inc.*

19,943

373,732

Quanex

Building

Products

Corp.

5,079

195,186

Resideo

Technologies,

Inc.*

23,008

515,839

Simpson

Manufacturing

Co.,

Inc.

6,676

1,369,782

UFP

Industries,

Inc.

9,344

1,149,405

Zurn

Elkay

Water

Solutions

Corp.(a)

23,137

774,395

8,530,833

Capital

Markets

1.4%

AlTi

Global,

Inc.*(a)

4,184

23,681

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

9,464

433,167

AssetMark

Financial

Holdings,

Inc.*

3,390

120,040

B.

Riley

Financial,

Inc.(a)

3,227

68,316

Bakkt

Holdings,

Inc.*(a)

9,264

4,260

BGC

Group,

Inc.,

Class

A(a)

55,171

428,679

Brightsphere

Investment

Group,

Inc.

5,016

114,565

Cohen

&

Steers,

Inc.

4,139

318,248

Diamond

Hill

Investment

Group,

Inc.

447

68,914

Donnelley

Financial

Solutions,

Inc.*

3,971

246,242

Forge

Global

Holdings,

Inc.*(a)

17,009

32,827

GCM

Grosvenor,

Inc.,

Class

A(a)

6,325

61,100

Hamilton

Lane,

Inc.,

Class

A

5,724

645,438

MarketWise

,

Inc.

5,364

9,280

Moelis

&

Co.,

Class

A(a)

9,604

545,219

Open

Lending

Corp.*(a)

15,207

95,196

P10,

Inc.,

Class

A(a)

5,682

47,842

Patria

Investments

Ltd.,

Class

A

9,421

139,808

Common

Stocks

Shares

Value

($)

Capital

Markets

Perella

Weinberg

Partners,

Class

A

6,679

94,374

Piper

Sandler

Cos.

2,782

552,199

PJT

Partners,

Inc.,

Class

A(a)

3,662

345,180

Silvercrest

Asset

Management

Group,

Inc.,

Class

A(a)

1,403

22,181

StepStone

Group,

Inc.,

Class

A(a)

8,765

313,261

StoneX

Group,

Inc.*

4,248

298,464

Value

Line,

Inc.

128

5,184

Victory

Capital

Holdings,

Inc.,

Class

A

4,417

187,413

Virtus

Investment

Partners,

Inc.

1,120

277,738

WisdomTree,

Inc.

20,624

189,535

5,688,351

Chemicals

1.9%

AdvanSix

,

Inc.

4,295

122,837

American

Vanguard

Corp.

4,232

54,804

Arcadium

Lithium

plc*(a)

160,712

692,669

Aspen

Aerogels,

Inc.*(a)

7,835

137,896

Avient

Corp.

14,459

627,521

Balchem

Corp.(a)

4,941

765,608

Cabot

Corp.

8,466

780,565

Core

Molding

Technologies,

Inc.*(a)

1,260

23,852

Danimer

Scientific,

Inc.,

Class

A*(a)

13,402

14,608

Ecovyst

,

Inc.*(a)

13,908

155,074

Hawkins,

Inc.(a)

3,010

231,168

HB

Fuller

Co.(a)

8,391

669,098

Ingevity

Corp.*

5,679

270,888

Innospec,

Inc.

3,827

493,453

Intrepid

Potash,

Inc.*

1,684

35,128

Koppers

Holdings,

Inc.

3,119

172,075

Kronos

Worldwide,

Inc.(a)

3,307

39,023

LSB

Industries,

Inc.*(a)

8,319

73,041

Mativ

Holdings,

Inc.(a)

8,554

160,388

Minerals

Technologies,

Inc.

5,150

387,692

Origin

Materials,

Inc.*(a)

16,210

8,267

Orion

SA

8,814

207,305

Perimeter

Solutions

SA*

22,956

170,334

PureCycle

Technologies,

Inc.*(a)

17,685

110,001

Quaker

Chemical

Corp.(a)

2,193

450,113

Rayonier

Advanced

Materials,

Inc.*

9,740

46,557

Sensient

Technologies

Corp.

6,635

459,076

Stepan

Co.(a)

3,316

298,573

Trinseo

plc

5,242

19,815

Tronox

Holdings

plc(a)

18,792

326,041

Valhi,

Inc.(a)

328

5,635

8,009,105

Commercial

Services

&

Supplies

1.6%

ABM

Industries,

Inc.

9,991

445,798

ACCO

Brands

Corp.

14,310

80,279

ACV

Auctions,

Inc.,

Class

A*(a)

20,035

376,057

Aris

Water

Solutions,

Inc.,

Class

A

4,548

64,354

BrightView

Holdings,

Inc.*

6,115

72,768

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

119

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Brink's

Co.

(The)

6,968

643,704

Casella

Waste

Systems,

Inc.,

Class

A*(a)

8,717

861,850

CECO

Environmental

Corp.*

4,668

107,457

Cimpress

plc*

2,862

253,316

CompX

International,

Inc.

302

10,359

CoreCivic

,

Inc.*

18,045

281,682

Deluxe

Corp.

6,888

141,824

Ennis,

Inc.

3,907

80,133

Enviri

Corp.*

12,252

112,106

GEO

Group,

Inc.

(The)*(a)

18,554

261,982

Healthcare

Services

Group,

Inc.*

11,660

145,517

HNI

Corp.

7,362

332,247

Interface,

Inc.,

Class

A

8,811

148,201

LanzaTech

Global,

Inc.*

3,233

10,006

Li-Cycle

Holdings

Corp.*(a)

20,899

21,526

Liquidity

Services,

Inc.*

3,548

65,993

Matthews

International

Corp.,

Class

A

4,645

144,367

MillerKnoll

,

Inc.(a)

11,652

288,503

Montrose

Environmental

Group,

Inc.*(a)

4,518

176,970

NL

Industries,

Inc.

1,817

13,319

OPENLANE,

Inc.*

16,623

287,578

Performant

Financial

Corp.*(a)

9,988

29,365

Pitney

Bowes,

Inc.(a)

17,361

75,173

Quad/Graphics,

Inc.

4,927

26,162

SP

Plus

Corp.*

3,077

160,681

Steelcase,

Inc.,

Class

A

14,562

190,471

UniFirst

Corp.(a)

2,377

412,243

Viad

Corp.*

3,118

123,130

VSE

Corp.

2,039

163,120

6,608,241

Communications

Equipment

0.5%

ADTRAN

Holdings,

Inc.(a)

12,091

65,775

Aviat

Networks,

Inc.*(a)

1,772

67,939

Calix,

Inc.*

9,346

309,913

Cambium

Networks

Corp.*

1,855

7,995

Clearfield,

Inc.*(a)

1,992

61,433

CommScope

Holding

Co.,

Inc.*

31,294

40,995

Comtech

Telecommunications

Corp.*(a)

4,456

15,284

Digi

International,

Inc.*

5,426

173,252

DZS,

Inc.*(a)

3,418

4,512

Extreme

Networks,

Inc.*

20,009

230,904

Harmonic,

Inc.*(a)

17,078

229,528

Infinera

Corp.*(a)

30,971

186,755

KVH

Industries,

Inc.*(a)

3,397

17,325

NETGEAR,

Inc.*(a)

4,352

68,631

NetScout

Systems,

Inc.*

10,720

234,125

Ribbon

Communications,

Inc.*(a)

14,052

44,966

Viavi

Solutions,

Inc.*

34,151

310,433

2,069,765

Construction

&

Engineering

1.9%

Ameresco,

Inc.,

Class

A*(a)

5,069

122,315

API

Group

Corp.*

32,644

1,281,930

Arcosa

,

Inc.

7,562

649,273

Argan,

Inc.(a)

1,894

95,723

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Bowman

Consulting

Group

Ltd.,

Class

A*(a)

1,629

56,673

Comfort

Systems

USA,

Inc.(a)

5,514

1,751,853

Concrete

Pumping

Holdings,

Inc.*

3,608

28,503

Construction

Partners,

Inc.,

Class

A*(a)

6,750

379,013

Dycom

Industries,

Inc.*

4,479

642,871

Fluor

Corp.*(a)

22,367

945,677

Granite

Construction,

Inc.(a)

6,954

397,282

Great

Lakes

Dredge

&

Dock

Corp.*

9,726

85,102

IES

Holdings,

Inc.*

1,296

157,645

INNOVATE

Corp.*(a)

7,366

5,161

Limbach

Holdings,

Inc.*

1,361

56,373

MYR

Group,

Inc.*(a)

2,592

458,136

Northwest

Pipe

Co.*(a)

1,475

51,153

Primoris

Services

Corp.

8,383

356,864

Southland

Holdings,

Inc.*(a)

851

4,383

Sterling

Infrastructure,

Inc.*

4,683

516,582

Tutor

Perini

Corp.*

6,359

91,951

8,134,463

Construction

Materials

0.4%

Knife

River

Corp.*

8,820

715,126

Summit

Materials,

Inc.,

Class

A*

18,661

831,721

United

States

Lime

&

Minerals,

Inc.

318

94,808

1,641,655

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*(a)

709

20,979

Bread

Financial

Holdings,

Inc.

4,254

158,419

Consumer

Portfolio

Services,

Inc.*(a)

1,397

10,561

Encore

Capital

Group,

Inc.*(a)

3,603

164,333

Enova

International,

Inc.*

4,347

273,122

FirstCash

Holdings,

Inc.

5,867

748,277

Green

Dot

Corp.,

Class

A*

6,983

65,151

LendingClub

Corp.*

17,172

150,942

LendingTree,

Inc.*

1,694

71,724

Navient

Corp.(a)

13,765

239,511

Nelnet,

Inc.,

Class

A

2,012

190,436

NerdWallet,

Inc.,

Class

A*

5,307

78,013

OppFi

,

Inc.*(a)

1,958

4,895

PRA

Group,

Inc.*(a)

6,159

160,627

PROG

Holdings,

Inc.

6,862

236,327

Regional

Management

Corp.

1,175

28,447

Upstart

Holdings,

Inc.*(a)

11,736

315,581

World

Acceptance

Corp.*

652

94,527

3,011,872

Consumer

Staples

Distribution

&

Retail

0.6%

Andersons,

Inc.

(The)

5,102

292,702

Chefs'

Warehouse,

Inc.

(The)*(a)

5,636

212,252

HF

Foods

Group,

Inc.*

6,626

23,191

Ingles

Markets,

Inc.,

Class

A

2,188

167,776

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,284

23,176

PriceSmart

,

Inc.

4,002

336,168

SpartanNash

Co.

5,496

111,074

120

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

Sprouts

Farmers

Market,

Inc.*

15,834

1,020,976

United

Natural

Foods,

Inc.*

9,296

106,811

Village

Super

Market,

Inc.,

Class

A(a)

1,149

32,873

Weis

Markets,

Inc.(a)

2,535

163,254

2,490,253

Containers

&

Packaging

0.3%

Greif,

Inc.,

Class

A

3,843

265,359

Greif,

Inc.,

Class

B

779

54,156

Myers

Industries,

Inc.

5,802

134,432

O-I

Glass,

Inc.*

24,167

400,931

Pactiv

Evergreen,

Inc.

6,542

93,682

Ranpak

Holdings

Corp.,

Class

A*

6,398

50,352

TriMas

Corp.

6,445

172,275

1,171,187

Distributors

0.0%

†

Weyco

Group,

Inc.

835

26,620

Diversified

Consumer

Services

1.1%

2U,

Inc.*(a)

11,850

4,618

Adtalem

Global

Education,

Inc.*(a)

6,140

315,596

Carriage

Services,

Inc.,

Class

A

2,126

57,487

Chegg,

Inc.*

18,431

139,523

Coursera,

Inc.*

21,109

295,948

Duolingo,

Inc.,

Class

A*

4,622

1,019,521

European

Wax

Center,

Inc.,

Class

A*(a)

5,083

65,977

Frontdoor

,

Inc.*

12,715

414,255

Graham

Holdings

Co.,

Class

B

540

414,547

Laureate

Education,

Inc.

20,510

298,831

Lincoln

Educational

Services

Corp.*

3,627

37,467

Nerdy,

Inc.*(a)

10,262

29,862

OneSpaWorld

Holdings

Ltd.*

13,434

177,732

Perdoceo

Education

Corp.

10,046

176,408

Strategic

Education,

Inc.

3,581

372,854

Stride,

Inc.*(a)

6,611

416,823

Udemy,

Inc.*(a)

14,275

156,739

Universal

Technical

Institute,

Inc.*

5,869

93,552

WW

International,

Inc.*

8,642

15,988

4,503,728

Diversified

REITs

0.5%

Alexander

&

Baldwin,

Inc.

11,963

197,031

Alpine

Income

Property

Trust,

Inc.

2,179

33,295

American

Assets

Trust,

Inc.

7,385

161,805

Armada

Hoffler

Properties,

Inc.

10,800

112,320

Broadstone

Net

Lease,

Inc.

29,836

467,530

CTO

Realty

Growth,

Inc.

3,414

57,867

Empire

State

Realty

Trust,

Inc.,

Class

A(a)

20,410

206,753

Essential

Properties

Realty

Trust,

Inc.(a)

24,329

648,611

Gladstone

Commercial

Corp.

(a)

6,053

83,774

Global

Net

Lease,

Inc.(a)

30,332

235,680

Common

Stocks

Shares

Value

($)

Diversified

REITs

One

Liberty

Properties,

Inc.

2,498

56,430

2,261,096

Diversified

Telecommunication

Services

0.4%

Anterix

,

Inc.*

1,973

66,312

AST

SpaceMobile

,

Inc.,

Class

A*(a)

17,694

51,313

ATN

International,

Inc.

1,691

53,275

Bandwidth,

Inc.,

Class

A*(a)

3,872

70,703

Cogent

Communications

Holdings,

Inc.(a)

6,840

446,857

Consolidated

Communications

Holdings,

Inc.*(a)

10,829

46,781

Globalstar

,

Inc.*(a)

111,012

163,188

IDT

Corp.,

Class

B

2,360

89,232

Liberty

Latin

America

Ltd.,

Class

A*

4,920

34,293

Liberty

Latin

America

Ltd.,

Class

C*

21,964

153,528

Lumen

Technologies,

Inc.*(a)

155,833

243,099

Ooma

,

Inc.*

3,428

29,241

Shenandoah

Telecommunications

Co.

7,404

128,607

1,576,429

Electric

Utilities

0.7%

ALLETE,

Inc.

9,050

539,742

Genie

Energy

Ltd.,

Class

B

3,009

45,376

MGE

Energy,

Inc.(a)

5,641

444,059

Otter

Tail

Corp.(a)

6,406

553,478

PNM

Resources,

Inc.

13,456

506,484

Portland

General

Electric

Co.(a)

15,898

667,716

2,756,855

Electrical

Equipment

1.4%

Allient

,

Inc.

2,047

73,037

Amprius

Technologies,

Inc.*

768

2,035

Array

Technologies,

Inc.*(a)

23,783

354,604

Atkore,

Inc.(a)

5,816

1,107,134

Babcock

&

Wilcox

Enterprises,

Inc.*(a)

8,831

9,979

Blink

Charging

Co.*(a)

8,465

25,480

Bloom

Energy

Corp.,

Class

A*(a)

30,642

344,416

Dragonfly

Energy

Holdings

Corp.*(a)

6,259

3,380

Encore

Wire

Corp.

2,346

616,482

Energy

Vault

Holdings,

Inc.*(a)

15,325

27,432

EnerSys

6,393

603,883

Enovix

Corp.*(a)

21,204

169,844

Eos

Energy

Enterprises,

Inc.*(a)

24,536

25,272

ESS

Tech,

Inc.*(a)

12,975

9,385

Fluence

Energy,

Inc.*(a)

9,417

163,291

FTC

Solar,

Inc.*(a)

9,801

5,283

FuelCell

Energy,

Inc.*(a)

70,754

84,197

GrafTech

International

Ltd.(a)

30,135

41,586

LSI

Industries,

Inc.

4,180

63,201

NEXTracker,

Inc.,

Class

A*

19,610

1,103,455

NuScale

Power

Corp.,

Class

A*(a)

9,192

48,809

Powell

Industries,

Inc.

1,469

209,039

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

121

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Preformed

Line

Products

Co.

364

46,836

SES

AI

Corp.*(a)

19,304

32,431

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

26,689

298,383

SKYX

Platforms

Corp.*(a)

7,743

10,143

Stem,

Inc.*(a)

21,415

46,899

SunPower

Corp.*(a)

14,362

43,086

Thermon

Group

Holdings,

Inc.*(a)

5,123

167,624

TPI

Composites,

Inc.*(a)

6,424

18,694

Vicor

Corp.*(a)

3,432

131,240

5,886,560

Electronic

Equipment,

Instruments

&

Components

2.6%

908

Devices,

Inc.*(a)

3,053

23,050

Advanced

Energy

Industries,

Inc.(a)

5,895

601,172

Aeva

Technologies,

Inc.*(a)

3,452

13,566

Akoustis

Technologies,

Inc.*(a)

11,706

6,919

Arlo

Technologies,

Inc.*(a)

13,826

174,899

Badger

Meter,

Inc.(a)

4,560

737,854

Bel

Fuse,

Inc.,

Class

B(a)

1,570

94,687

Belden,

Inc.

6,514

603,262

Benchmark

Electronics,

Inc.

5,494

164,875

Climb

Global

Solutions,

Inc.(a)

690

48,907

CTS

Corp.(a)

4,808

224,966

Daktronics,

Inc.*

5,703

56,802

ePlus

,

Inc.*

4,210

330,653

Evolv

Technologies

Holdings,

Inc.*(a)

16,914

75,267

Fabrinet*(a)

5,739

1,084,786

FARO

Technologies,

Inc.*

2,820

60,658

Insight

Enterprises,

Inc.*(a)

4,386

813,691

Iteris

,

Inc.*(a)

7,211

35,622

Itron

,

Inc.*(a)

7,128

659,483

Kimball

Electronics,

Inc.*

3,653

79,088

Knowles

Corp.*

13,862

223,178

Lightwave

Logic,

Inc.*(a)

18,427

86,238

Luna

Innovations,

Inc.*

4,771

15,291

Methode

Electronics,

Inc.

5,312

64,700

MicroVision

,

Inc.*(a)

29,892

55,001

Mirion

Technologies,

Inc.,

Class

A*(a)

31,732

360,793

Napco

Security

Technologies,

Inc.

5,145

206,623

nLight

,

Inc.*(a)

7,012

91,156

Novanta

,

Inc.*

5,586

976,265

OSI

Systems,

Inc.*

2,524

360,478

PAR

Technology

Corp.*(a)

4,220

191,419

PC

Connection,

Inc.

1,819

119,927

Plexus

Corp.*(a)

4,347

412,183

Richardson

Electronics

Ltd.(a)

1,752

16,136

Rogers

Corp.*

2,722

323,074

Sanmina

Corp.*

8,590

534,126

ScanSource,

Inc.*

4,038

177,834

SmartRent

,

Inc.,

Class

A*(a)

27,918

74,820

TTM

Technologies,

Inc.*

15,956

249,711

Vishay

Intertechnology

,

Inc.(a)

19,701

446,819

Vishay

Precision

Group,

Inc.*

1,936

68,399

Vuzix

Corp.*(a)

8,846

10,704

10,955,082

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

2.5%

Archrock

,

Inc.(a)

21,582

424,518

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

2,908

65,779

Borr

Drilling

Ltd.(a)

34,753

238,058

Bristow

Group,

Inc.,

Class

A*

3,589

97,621

Cactus,

Inc.,

Class

A(a)

10,308

516,328

ChampionX

Corp.(a)

30,810

1,105,771

Core

Laboratories,

Inc.(a)

7,356

125,640

Diamond

Offshore

Drilling,

Inc.*

15,912

217,040

DMC

Global,

Inc.*

2,859

55,722

Dril

-Quip,

Inc.*(a)

5,240

118,057

Expro

Group

Holdings

NV*

13,948

278,542

Forum

Energy

Technologies,

Inc.*(a)

1,376

27,492

Helix

Energy

Solutions

Group,

Inc.*(a)

23,268

252,225

Helmerich

&

Payne,

Inc.(a)

15,315

644,149

KLX

Energy

Services

Holdings,

Inc.*

1,834

14,195

Kodiak

Gas

Services,

Inc.(a)

2,535

69,307

Liberty

Energy,

Inc.,

Class

A(a)

25,777

534,099

Mammoth

Energy

Services,

Inc.*

3,270

11,903

Nabors

Industries

Ltd.*(a)

1,416

121,960

Newpark

Resources,

Inc.*

11,269

81,362

Noble

Corp.

plc(a)

17,518

849,448

Oceaneering

International,

Inc.*

16,037

375,266

Oil

States

International,

Inc.*

9,662

59,518

Patterson-UTI

Energy,

Inc.

55,559

663,374

ProFrac

Holding

Corp.,

Class

A*(a)

4,055

33,900

ProPetro

Holding

Corp.*

14,128

114,154

Ranger

Energy

Services,

Inc.,

Class

A

2,344

26,464

RPC,

Inc.(a)

12,765

98,801

SEACOR

Marine

Holdings,

Inc.*

3,424

47,731

Seadrill

Ltd.*

7,384

371,415

Select

Water

Solutions,

Inc.,

Class

A

12,552

115,855

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

4,833

41,902

TETRA

Technologies,

Inc.*

20,266

89,778

Tidewater,

Inc.*(a)

7,249

666,908

US

Silica

Holdings,

Inc.*

11,525

143,025

Valaris

Ltd.*(a)

9,230

694,650

Weatherford

International

plc*

11,059

1,276,430

10,668,387

Entertainment

0.4%

Atlanta

Braves

Holdings,

Inc.,

Class

A*(a)

2,005

84,010

Atlanta

Braves

Holdings,

Inc.,

Class

C*

6,891

269,162

Cinemark

Holdings,

Inc.*(a)

17,100

307,287

Eventbrite,

Inc.,

Class

A*

11,549

63,289

IMAX

Corp.*

6,886

111,347

Lions

Gate

Entertainment

Corp.,

Class

A*

11,116

110,604

122

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Entertainment

Lions

Gate

Entertainment

Corp.,

Class

B*

16,577

154,332

Loop

Media,

Inc.*(a)

5,283

1,936

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

6,169

241,886

Marcus

Corp.

(The)(a)

3,915

55,828

Playstudios

,

Inc.*(a)

12,987

36,104

Reservoir

Media,

Inc.*(a)

2,894

22,949

Sphere

Entertainment

Co.*

4,166

204,467

Vivid

Seats,

Inc.,

Class

A*

11,457

68,627

1,731,828

Financial

Services

2.4%

Acacia

Research

Corp.*

5,497

29,299

Alerus

Financial

Corp.

2,974

64,922

A-Mark

Precious

Metals,

Inc.

(a)

3,104

95,262

AvidXchange

Holdings,

Inc.*(a)

24,429

321,241

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,252

125,944

Cannae

Holdings,

Inc.*

10,549

234,610

Cantaloupe,

Inc.*(a)

9,085

58,416

Cass

Information

Systems,

Inc.

2,127

102,457

Compass

Diversified

Holdings

10,130

243,829

Enact

Holdings,

Inc.(a)

4,776

148,916

Essent

Group

Ltd.

16,447

978,761

EVERTEC,

Inc.

10,223

407,898

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,456

286,657

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

7,374

5,421

Flywire

Corp.*

16,802

416,858

I3

Verticals,

Inc.,

Class

A*

3,664

83,869

International

Money

Express,

Inc.*

4,767

108,831

Jackson

Financial,

Inc.,

Class

A

11,766

778,203

Marqeta

,

Inc.,

Class

A*

73,385

437,374

Merchants

Bancorp

2,685

115,938

Mr.

Cooper

Group,

Inc.*

10,093

786,749

NewtekOne

,

Inc.

3,747

41,217

NMI

Holdings,

Inc.,

Class

A*

12,859

415,860

Ocwen

Financial

Corp.*

983

26,551

Pagseguro

Digital

Ltd.,

Class

A*

31,205

445,607

Payoneer

Global,

Inc.*(a)

40,072

194,750

Paysafe

Ltd.*

4,973

78,524

Paysign

,

Inc.*(a)

4,598

16,829

PennyMac

Financial

Services,

Inc.(a)

4,052

369,097

Priority

Technology

Holdings,

Inc.*(a)

2,909

9,512

Radian

Group,

Inc.(a)

23,055

771,651

Remitly

Global,

Inc.*

21,370

443,214

Repay

Holdings

Corp.,

Class

A*

13,248

145,728

Security

National

Financial

Corp.,

Class

A*(a)

2,360

18,668

Common

Stocks

Shares

Value

($)

Financial

Services

StoneCo

Ltd.,

Class

A*

45,639

758,064

Velocity

Financial,

Inc.*

1,120

20,160

Walker

&

Dunlop,

Inc.(a)

5,081

513,486

Waterstone

Financial,

Inc.

2,912

35,439

10,135,812

Food

Products

0.9%

Alico

,

Inc.(a)

1,170

34,258

B&G

Foods,

Inc.(a)

12,037

137,703

Benson

Hill,

Inc.*(a)

26,419

5,297

Beyond

Meat,

Inc.*(a)

8,879

73,518

BRC,

Inc.,

Class

A*(a)

6,089

26,061

Calavo

Growers,

Inc.(a)

2,682

74,586

Cal-Maine

Foods,

Inc.

6,344

373,344

Dole

plc(a)

11,236

134,046

Forafric

Global

plc*(a)

651

6,744

Fresh

Del

Monte

Produce,

Inc.

5,343

138,437

Hain

Celestial

Group,

Inc.

(The)*(a)

13,461

105,803

J

&

J

Snack

Foods

Corp.(a)

2,367

342,174

John

B

Sanfilippo

&

Son,

Inc.

1,345

142,462

Lancaster

Colony

Corp.

3,012

625,382

Limoneira

Co.(a)

2,792

54,612

Mission

Produce,

Inc.*(a)

7,128

84,609

Seneca

Foods

Corp.,

Class

A*

725

41,253

Simply

Good

Foods

Co.

(The)*

14,208

483,498

SunOpta,

Inc.*(a)

15,070

103,531

TreeHouse

Foods,

Inc.*(a)

8,124

316,430

Utz

Brands,

Inc.(a)

11,534

212,687

Vital

Farms,

Inc.*

4,710

109,508

Westrock

Coffee

Co.*(a)

4,134

42,704

3,668,647

Gas

Utilities

0.9%

Brookfield

Infrastructure

Corp.,

Class

A

18,771

676,507

Chesapeake

Utilities

Corp.(a)

3,457

370,936

New

Jersey

Resources

Corp.

15,171

650,988

Northwest

Natural

Holding

Co.

6,061

225,590

ONE

Gas,

Inc.(a)

8,693

560,959

RGC

Resources,

Inc.

1,082

21,900

Southwest

Gas

Holdings,

Inc.

9,742

741,658

Spire,

Inc.

8,208

503,725

3,752,263

Ground

Transportation

0.4%

ArcBest

Corp.

3,743

533,377

Covenant

Logistics

Group,

Inc.,

Class

A

1,333

61,798

Daseke

,

Inc.*

6,903

57,295

FTAI

Infrastructure,

Inc.(a)

15,858

99,588

Heartland

Express,

Inc.

7,007

83,664

Marten

Transport

Ltd.

8,882

164,139

PAM

Transportation

Services,

Inc.*

941

15,254

RXO,

Inc.*

17,962

392,829

Universal

Logistics

Holdings,

Inc.

1,189

43,838

Werner

Enterprises,

Inc.

10,208

399,337

1,851,119

Health

Care

Equipment

&

Supplies

2.6%

Accuray

,

Inc.*(a)

13,673

33,772

Alphatec

Holdings,

Inc.*(a)

14,275

196,852

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

123

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

AngioDynamics

,

Inc.*

5,579

32,749

Artivion

,

Inc.*(a)

6,195

131,086

AtriCure

,

Inc.*(a)

7,474

227,359

Atrion

Corp.(a)

218

101,054

Avanos

Medical,

Inc.*

7,018

139,728

Axogen

,

Inc.*

6,418

51,793

Axonics

,

Inc.*

7,825

539,690

Beyond

Air,

Inc.*(a)

3,893

6,774

Butterfly

Network,

Inc.*(a)

20,256

21,876

Cerus

Corp.*(a)

26,970

50,973

ClearPoint

Neuro,

Inc.*(a)

3,367

22,896

CONMED

Corp.(a)

4,867

389,749

Cutera

,

Inc.*(a)

3,025

4,447

CVRx

,

Inc.*(a)

1,636

29,792

Embecta

Corp.

9,192

121,978

Glaukos

Corp.*(a)

7,422

699,820

Haemonetics

Corp.*(a)

7,834

668,632

Inari

Medical,

Inc.*(a)

8,398

402,936

Inmode

Ltd.*(a)

12,300

265,803

Inogen

,

Inc.*

3,620

29,213

Integer

Holdings

Corp.*(a)

5,184

604,869

iRadimed

Corp.

1,046

46,014

iRhythm

Technologies,

Inc.*(a)

4,849

562,484

KORU

Medical

Systems,

Inc.*(a)

3,944

9,308

Lantheus

Holdings,

Inc.*

10,629

661,549

LeMaitre

Vascular,

Inc.

3,105

206,048

LivaNova

plc*

8,545

478,007

Merit

Medical

Systems,

Inc.*

8,850

670,387

Neogen

Corp.*(a)

33,654

531,060

Nevro

Corp.*

5,638

81,413

Omnicell,

Inc.*

7,242

211,684

OraSure

Technologies,

Inc.*(a)

11,118

68,376

Orchestra

BioMed

Holdings,

Inc.*(a)

1,999

10,535

Orthofix

Medical,

Inc.*

5,414

78,611

OrthoPediatrics

Corp.*

2,322

67,710

Outset

Medical,

Inc.*(a)

7,404

16,437

Paragon

28,

Inc.*

6,604

81,559

PROCEPT

BioRobotics

Corp.*(a)

6,239

308,331

Pulmonx

Corp.*(a)

5,714

52,969

Pulse

Biosciences,

Inc.*(a)

2,248

19,580

RxSight

,

Inc.*

4,387

226,281

Sanara

Medtech

,

Inc.*(a)

526

19,462

Semler

Scientific,

Inc.*

712

20,798

SI-BONE,

Inc.*

6,166

100,937

Sight

Sciences,

Inc.*(a)

3,605

19,034

Silk

Road

Medical,

Inc.*(a)

5,870

107,538

STAAR

Surgical

Co.*

7,771

297,474

Surmodics

,

Inc.*(a)

2,093

61,409

Tactile

Systems

Technology,

Inc.*

3,544

57,590

Tela

Bio,

Inc.*(a)

2,240

12,701

TransMedics

Group,

Inc.*(a)

4,987

368,739

Treace

Medical

Concepts,

Inc.*

7,217

94,182

UFP

Technologies,

Inc.*

1,088

274,394

Utah

Medical

Products,

Inc.

445

31,644

Varex

Imaging

Corp.*(a)

6,399

115,822

Vicarious

Surgical,

Inc.,

Class

A*(a)

11,193

3,375

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Zimvie

,

Inc.*

3,974

65,531

Zynex

,

Inc.*(a)

2,448

30,282

10,843,096

Health

Care

Providers

&

Services

2.5%

23andMe

Holding

Co.,

Class

A*(a)

48,335

25,714

Accolade,

Inc.*(a)

10,662

111,738

AdaptHealth

Corp.,

Class

A*(a)

15,058

173,318

Addus

HomeCare

Corp.*

2,483

256,593

Agiliti

,

Inc.*

4,358

44,103

AirSculpt

Technologies,

Inc.*(a)

2,144

13,164

Alignment

Healthcare,

Inc.*(a)

12,946

64,212

AMN

Healthcare

Services,

Inc.*

5,982

373,935

Astrana

Health,

Inc.*(a)

6,860

288,051

Aveanna

Healthcare

Holdings,

Inc.*(a)

8,039

20,017

BrightSpring

Health

Services,

Inc.*(a)

8,126

88,330

Brookdale

Senior

Living,

Inc.*(a)

29,326

193,845

CareMax

,

Inc.*

386

1,861

Castle

Biosciences,

Inc.*

3,739

82,819

Community

Health

Systems,

Inc.*

19,521

68,323

CorVel

Corp.*(a)

1,350

354,996

Cross

Country

Healthcare,

Inc.*

5,459

102,192

DocGo

,

Inc.*(a)

11,669

47,143

Enhabit

,

Inc.*(a)

7,503

87,410

Ensign

Group,

Inc.

(The)

8,435

1,049,483

Fulgent

Genetics,

Inc.*

3,045

66,077

Guardant

Health,

Inc.*

17,939

370,082

HealthEquity,

Inc.*

13,249

1,081,516

Hims

&

Hers

Health,

Inc.*

19,156

296,343

InfuSystem

Holdings,

Inc.*

2,391

20,491

Innovage

Holding

Corp.*

2,750

12,210

Joint

Corp.

(The)*(a)

2,244

29,307

LifeStance

Health

Group,

Inc.*(a)

15,905

98,134

ModivCare

,

Inc.*

2,027

47,533

Nano-X

Imaging

Ltd.*(a)

7,790

76,108

National

HealthCare

Corp.

1,924

181,837

National

Research

Corp.

2,083

82,508

NeoGenomics

,

Inc.*(a)

20,081

315,673

OPKO

Health,

Inc.*(a)

60,959

73,151

Option

Care

Health,

Inc.*

26,204

878,882

Owens

&

Minor,

Inc.*

11,765

326,008

P3

Health

Partners,

Inc.*

6,298

6,487

Patterson

Cos.,

Inc.(a)

13,160

363,874

Pediatrix

Medical

Group,

Inc.*

12,860

128,986

Pennant

Group,

Inc.

(The)*

4,426

86,882

PetIQ

,

Inc.,

Class

A*

4,322

79,006

Privia

Health

Group,

Inc.*(a)

17,969

352,013

Progyny,

Inc.*(a)

12,506

477,104

Quipt

Home

Medical

Corp.*

5,166

22,575

RadNet

,

Inc.*

9,455

460,080

Select

Medical

Holdings

Corp.

16,106

485,596

Surgery

Partners,

Inc.*(a)

12,045

359,302

US

Physical

Therapy,

Inc.

2,409

271,904

124

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Viemed

Healthcare,

Inc.*(a)

5,387

50,799

10,547,715

Health

Care

REITs

0.5%

CareTrust

REIT,

Inc.

18,936

461,470

Community

Healthcare

Trust,

Inc.(a)

4,139

109,890

Diversified

Healthcare

Trust(a)

34,849

85,729

Global

Medical

REIT,

Inc.(a)

9,292

81,305

LTC

Properties,

Inc.(a)

6,360

206,764

National

Health

Investors,

Inc.

(a)

6,683

419,893

Sabra

Health

Care

REIT,

Inc.

(a)

36,624

540,936

Universal

Health

Realty

Income

Trust

2,165

79,477

1,985,464

Health

Care

Technology

0.4%

American

Well

Corp.,

Class

A*

37,528

30,424

Definitive

Healthcare

Corp.,

Class

A*(a)

7,022

56,668

Evolent

Health,

Inc.,

Class

A*(a)

17,638

578,350

Health

Catalyst,

Inc.*

8,660

65,210

HealthStream,

Inc.

3,608

96,189

Multiplan

Corp.*(a)

59,552

48,309

OptimizeRx

Corp.*(a)

2,621

31,845

Phreesia,

Inc.*

8,465

202,567

Schrodinger,

Inc.*(a)

8,619

232,713

Sharecare,

Inc.*(a)

47,928

36,785

Simulations

Plus,

Inc.(a)

2,416

99,418

TruBridge

,

Inc.*

2,114

19,491

1,497,969

Hotel

&

Resort

REITs

0.8%

Apple

Hospitality

REIT,

Inc.(a)

34,327

562,276

Braemar

Hotels

&

Resorts,

Inc.(a)

9,817

19,634

Chatham

Lodging

Trust

7,140

72,185

DiamondRock

Hospitality

Co.(a)

32,954

316,688

Pebblebrook

Hotel

Trust(a)

19,350

298,184

RLJ

Lodging

Trust

24,463

289,153

Ryman

Hospitality

Properties,

Inc.

9,157

1,058,641

Service

Properties

Trust(a)

25,567

173,344

Summit

Hotel

Properties,

Inc.

16,386

106,673

Sunstone

Hotel

Investors,

Inc.

31,985

356,313

Xenia

Hotels

&

Resorts,

Inc.(a)

16,316

244,903

3,497,994

Hotels,

Restaurants

&

Leisure

2.2%

Accel

Entertainment,

Inc.,

Class

A*

8,357

98,529

Bally's

Corp.*(a)

4,638

64,654

Biglari

Holdings,

Inc.,

Class

B*

109

20,675

BJ's

Restaurants,

Inc.*

3,506

126,847

Bloomin'

Brands,

Inc.(a)

13,908

398,881

Bowlero

Corp.,

Class

A(a)

2,721

37,278

Brinker

International,

Inc.*(a)

7,019

348,704

Carrols

Restaurant

Group,

Inc.

(a)

5,328

50,669

Century

Casinos,

Inc.*(a)

4,640

14,662

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Cheesecake

Factory,

Inc.

(The)(a)

7,751

280,199

Chuy's

Holdings,

Inc.*

2,752

92,825

Cracker

Barrel

Old

Country

Store,

Inc.(a)

3,455

251,282

Dave

&

Buster's

Entertainment,

Inc.*

5,368

336,037

Denny's

Corp.*(a)

7,699

68,983

Dine

Brands

Global,

Inc.(a)

2,387

110,948

El

Pollo

Loco

Holdings,

Inc.*

4,706

45,836

Empire

Resorts,

Inc.*∞

444

0

Everi

Holdings,

Inc.*

12,355

124,168

First

Watch

Restaurant

Group,

Inc.*(a)

3,251

80,040

Full

House

Resorts,

Inc.*(a)

5,321

29,638

Global

Business

Travel

Group

I*(a)

4,673

28,085

Golden

Entertainment,

Inc.

3,131

115,315

Hilton

Grand

Vacations,

Inc.*(a)

12,325

581,863

Inspired

Entertainment,

Inc.*(a)

3,144

31,000

International

Game

Technology

plc(a)

17,075

385,724

Jack

in

the

Box,

Inc.

3,088

211,466

Krispy

Kreme,

Inc.(a)

13,486

205,459

Kura

Sushi

USA,

Inc.,

Class

A*

884

101,801

Life

Time

Group

Holdings,

Inc.*(a)

6,745

104,682

Light

&

Wonder,

Inc.*(a)

14,128

1,442,328

Lindblad

Expeditions

Holdings,

Inc.*

5,191

48,432

Monarch

Casino

&

Resort,

Inc.

2,077

155,754

Mondee

Holdings,

Inc.,

Class

A*(a)

6,602

15,251

Nathan's

Famous,

Inc.(a)

319

22,585

Noodles

&

Co.,

Class

A*(a)

6,632

12,667

ONE

Group

Hospitality,

Inc.

(The)*(a)

3,598

20,041

Papa

John's

International,

Inc.

(a)

5,188

345,521

PlayAGS

,

Inc.*

5,370

48,223

Portillo's,

Inc.,

Class

A*

6,761

95,871

Potbelly

Corp.*

4,278

51,807

RCI

Hospitality

Holdings,

Inc.

1,273

73,834

Red

Robin

Gourmet

Burgers,

Inc.*(a)

2,358

18,062

Red

Rock

Resorts,

Inc.,

Class

A

7,495

448,351

Rush

Street

Interactive,

Inc.*

10,443

67,984

Sabre

Corp.*(a)

52,269

126,491

Shake

Shack,

Inc.,

Class

A*

5,901

613,881

Six

Flags

Entertainment

Corp.*(a)

11,576

304,680

Super

Group

SGHC

Ltd.*

21,912

75,596

Sweetgreen,

Inc.,

Class

A*(a)

15,401

389,029

Target

Hospitality

Corp.*(a)

4,946

53,763

United

Parks

&

Resorts,

Inc.*

5,656

317,924

Xponential

Fitness,

Inc.,

Class

A*

3,624

59,941

9,154,266

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

125

Common

Stocks

Shares

Value

($)

Household

Durables

2.4%

Beazer

Homes

USA,

Inc.*

4,467

146,518

Cavco

Industries,

Inc.*(a)

1,297

517,581

Century

Communities,

Inc.

4,551

439,171

Cricut,

Inc.,

Class

A

7,120

33,891

Dream

Finders

Homes,

Inc.,

Class

A*(a)

3,831

167,530

Ethan

Allen

Interiors,

Inc.

3,549

122,689

GoPro,

Inc.,

Class

A*

20,161

44,959

Green

Brick

Partners,

Inc.*

4,067

244,955

Helen

of

Troy

Ltd.*(a)

3,727

429,499

Hooker

Furnishings

Corp.(a)

1,597

38,344

Hovnanian

Enterprises,

Inc.,

Class

A*

756

118,647

Installed

Building

Products,

Inc.(a)

3,703

958,077

iRobot

Corp.*(a)

4,168

36,512

KB

Home

10,617

752,533

Landsea

Homes

Corp.*

3,049

44,302

La-Z-Boy,

Inc.(a)

6,661

250,587

Legacy

Housing

Corp.*

1,552

33,399

LGI

Homes,

Inc.*

3,302

384,254

Lovesac

Co.

(The)*(a)

2,163

48,884

M/I

Homes,

Inc.*

4,228

576,234

MDC

Holdings,

Inc.

9,381

590,159

Meritage

Homes

Corp.

5,626

987,138

Purple

Innovation,

Inc.,

Class

A(a)

8,758

15,239

Skyline

Champion

Corp.*

8,416

715,444

Snap

One

Holdings

Corp.*(a)

2,953

25,455

Sonos,

Inc.*(a)

19,602

373,614

Taylor

Morrison

Home

Corp.,

Class

A*

16,051

997,891

Traeger,

Inc.*

5,223

13,214

Tri

Pointe

Homes,

Inc.*

14,987

579,397

United

Homes

Group,

Inc.*(a)

678

4,739

Vizio

Holding

Corp.,

Class

A*(a)

12,121

132,604

VOXX

International

Corp.,

Class

A*(a)

1,940

15,830

Worthington

Enterprises,

Inc.

(a)

4,833

300,758

10,140,048

Household

Products

0.3%

Central

Garden

&

Pet

Co.*

1,618

69,299

Central

Garden

&

Pet

Co.,

Class

A*

7,826

288,936

Energizer

Holdings,

Inc.

11,475

337,824

Oil-

Dri

Corp.

of

America

718

53,534

WD-40

Co.(a)

2,116

536,004

1,285,597

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Altus

Power,

Inc.,

Class

A*(a)

9,953

47,575

Montauk

Renewables,

Inc.*

9,842

40,943

Ormat

Technologies,

Inc.(a)

8,516

563,674

Sunnova

Energy

International,

Inc.*(a)

16,038

98,313

750,505

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A

3,942

95,160

Industrial

REITs

0.4%

Innovative

Industrial

Properties,

Inc.

4,432

458,889

LXP

Industrial

Trust

45,139

407,154

Plymouth

Industrial

REIT,

Inc.

6,822

153,495

Terreno

Realty

Corp.

13,012

863,997

1,883,535

Insurance

1.8%

Ambac

Financial

Group,

Inc.*

6,990

109,254

American

Coastal

Insurance

Corp.*(a)

2,940

31,429

American

Equity

Investment

Life

Holding

Co.*

12,485

701,907

AMERISAFE,

Inc.

3,302

165,661

BRP

Group,

Inc.,

Class

A*(a)

9,548

276,319

CNO

Financial

Group,

Inc.

17,809

489,391

Crawford

&

Co.,

Class

A

2,335

22,019

Donegal

Group,

Inc.,

Class

A(a)

2,925

41,360

eHealth,

Inc.*

4,649

28,034

Employers

Holdings,

Inc.

3,619

164,266

Enstar

Group

Ltd.*

1,888

586,715

F&G

Annuities

&

Life,

Inc.(a)

2,808

113,864

Fidelis

Insurance

Holdings

Ltd.

9,357

182,274

Genworth

Financial,

Inc.,

Class

A*

63,323

407,167

GoHealth

,

Inc.,

Class

A*

657

6,905

Goosehead

Insurance,

Inc.,

Class

A*

3,362

223,976

Greenlight

Capital

Re

Ltd.,

Class

A*

4,450

55,492

Hamilton

Insurance

Group

Ltd.,

Class

B*

2,680

37,332

HCI

Group,

Inc.(a)

1,126

130,706

Hippo

Holdings,

Inc.*(a)

1,749

31,954

Horace

Mann

Educators

Corp.

5,449

201,559

Investors

Title

Co.

216

35,249

James

River

Group

Holdings

Ltd.(a)

5,756

53,531

Kingsway

Financial

Services,

Inc.*(a)

2,051

17,105

Lemonade,

Inc.*(a)

7,827

128,441

Maiden

Holdings

Ltd.*(a)

16,681

37,532

MBIA,

Inc.(a)

7,296

49,321

Mercury

General

Corp.

4,203

216,875

National

Western

Life

Group,

Inc.,

Class

A

364

179,074

NI

Holdings,

Inc.*

1,529

23,164

Oscar

Health,

Inc.,

Class

A*

25,383

377,445

Palomar

Holdings,

Inc.*

3,776

316,542

ProAssurance

Corp.*

6,970

89,634

Safety

Insurance

Group,

Inc.

(a)

1,931

158,709

Selective

Insurance

Group,

Inc.

9,457

1,032,421

Selectquote

,

Inc.*

22,130

44,260

SiriusPoint

Ltd.*

11,073

140,738

Skyward

Specialty

Insurance

Group,

Inc.*(a)

4,855

181,626

126

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

Stewart

Information

Services

Corp.

3,733

242,869

Tiptree,

Inc.,

Class

A

3,938

68,049

Trupanion

,

Inc.*(a)

6,118

168,918

United

Fire

Group,

Inc.

3,360

73,147

Universal

Insurance

Holdings,

Inc.

4,017

81,625

7,723,859

Interactive

Media

&

Services

0.6%

Bumble,

Inc.,

Class

A*

15,577

176,799

Cargurus

,

Inc.,

Class

A*

14,943

344,884

Cars.com,

Inc.*

10,334

177,538

DHI

Group,

Inc.*

6,050

15,427

EverQuote

,

Inc.,

Class

A*

3,294

61,137

fuboTV

,

Inc.*(a)

42,779

67,591

Grindr,

Inc.*(a)

6,052

61,307

MediaAlpha

,

Inc.,

Class

A*

3,523

71,764

Nextdoor

Holdings,

Inc.*(a)

22,351

50,290

Outbrain,

Inc.*(a)

7,466

29,491

QuinStreet

,

Inc.*(a)

8,251

145,713

Shutterstock,

Inc.(a)

3,789

173,574

System1,

Inc.*(a)

6,163

12,079

TrueCar,

Inc.*

12,900

43,731

Vimeo,

Inc.*

23,826

97,448

Yelp,

Inc.,

Class

A*

10,504

413,858

Ziff

Davis,

Inc.*

7,230

455,779

ZipRecruiter,

Inc.,

Class

A*

10,503

120,679

2,519,089

IT

Services

0.5%

Applied

Digital

Corp.*(a)

12,690

54,313

BigBear.ai

Holdings,

Inc.*(a)

8,663

17,759

BigCommerce

Holdings,

Inc.,

Series

1*

10,316

71,077

Brightcove,

Inc.*

6,532

12,672

Couchbase,

Inc.*

5,464

143,758

DigitalOcean

Holdings,

Inc.*(a)

9,640

368,055

Fastly,

Inc.,

Class

A*(a)

19,380

251,359

Grid

Dynamics

Holdings,

Inc.*

8,680

106,677

Hackett

Group,

Inc.

(The)

3,896

94,673

Information

Services

Group,

Inc.(a)

5,028

20,313

Perficient,

Inc.*

5,436

305,993

Rackspace

Technology,

Inc.*(a)

9,045

14,291

Squarespace,

Inc.,

Class

A*

8,920

325,045

Thoughtworks

Holding,

Inc.*

14,195

35,913

Tucows

,

Inc.,

Class

A*(a)

1,737

32,239

Unisys

Corp.*

10,000

49,100

1,903,237

Leisure

Products

0.4%

Acushnet

Holdings

Corp.(a)

4,690

309,305

AMMO,

Inc.*(a)

13,357

36,732

Clarus

Corp.(a)

4,367

29,477

Escalade,

Inc.(a)

1,771

24,351

Funko,

Inc.,

Class

A*(a)

5,390

33,634

JAKKS

Pacific,

Inc.*

1,258

31,073

Johnson

Outdoors,

Inc.,

Class

A

808

37,257

Latham

Group,

Inc.*

6,923

27,415

Malibu

Boats,

Inc.,

Class

A*

3,081

133,346

Common

Stocks

Shares

Value

($)

Leisure

Products

Marine

Products

Corp.

1,063

12,490

MasterCraft

Boat

Holdings,

Inc.*

2,395

56,809

Smith

&

Wesson

Brands,

Inc.

6,985

121,260

Solo

Brands,

Inc.,

Class

A*(a)

3,415

7,411

Sturm

Ruger

&

Co.,

Inc.

2,735

126,220

Topgolf

Callaway

Brands

Corp.*(a)

22,931

370,794

Vista

Outdoor,

Inc.*(a)

8,941

293,086

1,650,660

Life

Sciences

Tools

&

Services

0.2%

Adaptive

Biotechnologies

Corp.*(a)

17,390

55,822

Akoya

Biosciences,

Inc.*(a)

3,898

18,282

BioLife

Solutions,

Inc.*(a)

5,321

98,705

Codexis,

Inc.*

10,060

35,109

CryoPort

,

Inc.*(a)

6,942

122,873

Cytek

Biosciences,

Inc.*(a)

18,369

123,256

Harvard

Bioscience,

Inc.*

5,847

24,791

MaxCyte,

Inc.*

12,310

51,579

MaxCyte,

Inc.*(a)

918

3,846

Mesa

Laboratories,

Inc.(a)

769

84,382

Nautilus

Biotechnology,

Inc.,

Class

A*(a)

8,320

24,461

OmniAb

,

Inc.*(a)

14,006

75,913

OmniAb

,

Inc.*^∞(a)

1,742

0

Pacific

Biosciences

of

California,

Inc.*(a)

38,194

143,227

Quanterix

Corp.*(a)

5,700

134,292

Quantum-Si,

Inc.*(a)

15,042

29,633

Seer,

Inc.,

Class

A*

8,495

16,141

1,042,312

Machinery

3.7%

374Water,

Inc.*(a)

8,478

10,682

3D

Systems

Corp.*(a)

20,466

90,869

Alamo

Group,

Inc.

1,595

364,186

Albany

International

Corp.,

Class

A

5,009

468,392

Astec

Industries,

Inc.

3,529

154,253

Atmus

Filtration

Technologies,

Inc.*

13,232

426,732

Barnes

Group,

Inc.(a)

7,735

287,355

Blue

Bird

Corp.*

4,277

163,980

Chart

Industries,

Inc.*(a)

6,719

1,106,754

Columbus

McKinnon

Corp.

4,341

193,739

Commercial

Vehicle

Group,

Inc.*(a)

4,727

30,395

Desktop

Metal,

Inc.,

Class

A*(a)

40,602

35,730

Douglas

Dynamics,

Inc.

3,440

82,973

Energy

Recovery,

Inc.*

8,494

134,120

Enerpac

Tool

Group

Corp.,

Class

A

8,391

299,223

Enpro

,

Inc.

3,285

554,409

ESCO

Technologies,

Inc.

4,028

431,197

Federal

Signal

Corp.

9,251

785,132

Franklin

Electric

Co.,

Inc.(a)

7,096

757,924

Gencor

Industries,

Inc.*

1,714

28,607

Gorman-Rupp

Co.

(The)

3,482

137,713

Greenbrier

Cos.,

Inc.

(The)

4,728

246,329

Helios

Technologies,

Inc.

5,203

232,522

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

127

Common

Stocks

Shares

Value

($)

Machinery

Hillenbrand,

Inc.(a)

11,030

554,699

Hillman

Solutions

Corp.*

29,981

318,998

Hyliion

Holdings

Corp.*(a)

22,896

40,297

Hyster-Yale

Materials

Handling,

Inc.

1,767

113,388

John

Bean

Technologies

Corp.

(a)

4,999

524,345

Kadant

,

Inc.(a)

1,822

597,798

Kennametal,

Inc.(a)

13,458

335,642

Lindsay

Corp.

1,702

200,257

Luxfer

Holdings

plc

4,095

42,465

Manitowoc

Co.,

Inc.

(The)*

5,302

74,970

Mayville

Engineering

Co.,

Inc.*

1,593

22,828

Microvast

Holdings,

Inc.*(a)

33,326

27,894

Miller

Industries,

Inc.

1,750

87,675

Mueller

Industries,

Inc.(a)

17,320

934,068

Mueller

Water

Products,

Inc.,

Class

A

24,472

393,754

Nikola

Corp.*(a)

115,864

120,499

Omega

Flex,

Inc.(a)

477

33,834

Park-Ohio

Holdings

Corp.

1,231

32,843

Proto

Labs,

Inc.*

3,940

140,855

REV

Group,

Inc.

5,143

113,609

Shyft

Group,

Inc.

(The)

5,328

66,174

SPX

Technologies,

Inc.*

6,851

843,564

Standex

International

Corp.(a)

1,828

333,098

Tennant

Co.

2,875

349,629

Terex

Corp.

10,430

671,692

Titan

International,

Inc.*(a)

8,255

102,857

Trinity

Industries,

Inc.(a)

13,039

363,136

Velo3D,

Inc.*(a)

13,912

6,338

Wabash

National

Corp.

7,120

213,173

Watts

Water

Technologies,

Inc.,

Class

A

4,220

896,961

15,580,556

Marine

Transportation

0.3%

Costamare

,

Inc.

6,989

79,325

Eagle

Bulk

Shipping,

Inc.(a)

1,454

90,831

Genco

Shipping

&

Trading

Ltd.

6,516

132,470

Golden

Ocean

Group

Ltd.(a)

19,227

249,182

Himalaya

Shipping

Ltd.

3,784

29,175

Matson,

Inc.(a)

5,404

607,410

Pangaea

Logistics

Solutions

Ltd.(a)

5,812

40,510

Safe

Bulkers,

Inc.

9,515

47,194

1,276,097

Media

0.6%

Advantage

Solutions,

Inc.*(a)

14,252

61,711

AMC

Networks,

Inc.,

Class

A*

4,661

56,538

Boston

Omaha

Corp.,

Class

A*(a)

3,394

52,471

Cardlytics,

Inc.*(a)

5,994

86,853

Clear

Channel

Outdoor

Holdings,

Inc.*

60,568

99,937

EchoStar

Corp.,

Class

A*(a)

19,203

273,643

Emerald

Holding,

Inc.*

2,270

15,459

Entravision

Communications

Corp.,

Class

A(a)

9,139

14,988

EW

Scripps

Co.

(The),

Class

A*(a)

9,061

35,610

Gambling.com

Group

Ltd.*

1,902

17,365

Common

Stocks

Shares

Value

($)

Media

Gannett

Co.,

Inc.*(a)

23,990

58,536

Gray

Television,

Inc.

12,970

81,970

iHeartMedia,

Inc.,

Class

A*(a)

16,177

33,810

Integral

Ad

Science

Holding

Corp.*

10,237

102,063

John

Wiley

&

Sons,

Inc.,

Class

A

5,832

222,374

Magnite

,

Inc.*

21,167

227,545

PubMatic,

Inc.,

Class

A*(a)

6,624

157,121

Scholastic

Corp.

3,950

148,955

Sinclair,

Inc.(a)

5,357

72,159

Stagwell

,

Inc.,

Class

A*(a)

13,638

84,828

TechTarget,

Inc.*

4,004

132,452

TEGNA,

Inc.(a)

31,403

469,161

Thryv

Holdings,

Inc.*(a)

4,679

104,014

Townsquare

Media,

Inc.,

Class

A

1,528

16,777

Urban

One,

Inc.*

1,698

3,464

Urban

One,

Inc.,

Class

A*

1,171

3,162

WideOpenWest

,

Inc.*(a)

7,624

27,599

2,660,565

Metals

&

Mining

1.8%

5E

Advanced

Materials,

Inc.*(a)

6,368

8,533

Alpha

Metallurgical

Resources,

Inc.(a)

1,802

596,768

Arch

Resources,

Inc.

2,815

452,624

ATI,

Inc.*(a)

20,138

1,030,461

Caledonia

Mining

Corp.

plc(a)

2,051

22,705

Carpenter

Technology

Corp.

7,710

550,648

Century

Aluminum

Co.*(a)

8,072

124,228

Coeur

Mining,

Inc.*(a)

55,407

208,884

Commercial

Metals

Co.

18,239

1,071,906

Compass

Minerals

International,

Inc.(a)

5,363

84,414

Constellium

SE,

Class

A*

20,327

449,430

Contango

ORE,

Inc.*(a)

1,142

22,669

Dakota

Gold

Corp.*(a)

7,459

17,678

Haynes

International,

Inc.

1,905

114,529

Hecla

Mining

Co.(a)

97,157

467,325

i-80

Gold

Corp.*(a)

27,622

37,014

Ivanhoe

Electric,

Inc.*(a)

9,783

95,873

Kaiser

Aluminum

Corp.

2,503

223,668

Materion

Corp.

3,224

424,762

Metallus

,

Inc.*(a)

6,667

148,341

Novagold

Resources,

Inc.*

36,912

110,736

Olympic

Steel,

Inc.

1,608

113,975

Perpetua

Resources

Corp.*(a)

4,998

20,792

Piedmont

Lithium,

Inc.*(a)

2,723

36,270

Radius

Recycling,

Inc.,

Class

A

4,025

85,048

Ramaco

Resources,

Inc.,

Class

A(a)

3,456

58,199

Ramaco

Resources,

Inc.,

Class

B

691

8,672

Ryerson

Holding

Corp.

4,424

148,204

SunCoke

Energy,

Inc.

13,044

147,006

Tredegar

Corp.

4,091

26,673

Warrior

Met

Coal,

Inc.

8,058

489,121

Worthington

Steel,

Inc.(a)

4,695

168,316

7,565,472

128

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.1%

AFC

Gamma,

Inc.(a)

2,971

36,781

Angel

Oak

Mortgage

REIT,

Inc.

1,703

18,290

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

22,081

245,982

Arbor

Realty

Trust,

Inc.(a)

24,899

329,912

Ares

Commercial

Real

Estate

Corp.(a)

8,515

63,437

ARMOUR

Residential

REIT,

Inc.(a)

7,639

151,023

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

26,772

533,030

BrightSpire

Capital,

Inc.,

Class

A(a)

20,268

139,646

Chicago

Atlantic

Real

Estate

Finance,

Inc.

2,337

36,854

Chimera

Investment

Corp.

35,074

161,691

Claros

Mortgage

Trust,

Inc.(a)

14,157

138,172

Dynex

Capital,

Inc.

9,434

117,453

Ellington

Financial,

Inc.(a)

11,592

136,902

Franklin

BSP

Realty

Trust,

Inc.

(a)

13,000

173,680

Granite

Point

Mortgage

Trust,

Inc.

7,976

38,046

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(a)

17,256

490,070

Invesco

Mortgage

Capital,

Inc.

(a)

9,360

90,605

KKR

Real

Estate

Finance

Trust,

Inc.

8,910

89,635

Ladder

Capital

Corp.,

Class

A

19,157

213,217

MFA

Financial,

Inc.(a)

15,860

180,963

New

York

Mortgage

Trust,

Inc.

(a)

13,838

99,634

Nexpoint

Real

Estate

Finance,

Inc.

1,188

17,060

Orchid

Island

Capital,

Inc.(a)

8,044

71,833

PennyMac

Mortgage

Investment

Trust

13,670

200,676

Ready

Capital

Corp.(a)

25,697

234,614

Redwood

Trust,

Inc.(a)

20,276

129,158

TPG

RE

Finance

Trust,

Inc.

10,371

80,064

Two

Harbors

Investment

Corp.

(a)

16,217

214,713

4,433,141

Multi-Utilities

0.4%

Avista

Corp.(a)

11,828

414,217

Black

Hills

Corp.

10,901

595,195

Northwestern

Energy

Group,

Inc.

9,809

499,572

Unitil

Corp.

2,310

120,928

1,629,912

Office

REITs

0.6%

Brandywine

Realty

Trust(a)

26,714

128,227

City

Office

REIT,

Inc.

6,201

32,307

COPT

Defense

Properties

17,794

430,081

Douglas

Emmett,

Inc.(a)

13,845

192,030

Easterly

Government

Properties,

Inc.,

Class

A(a)

14,416

165,928

Equity

Commonwealth*

15,771

297,757

Common

Stocks

Shares

Value

($)

Office

REITs

Hudson

Pacific

Properties,

Inc.

(a)

20,695

133,483

JBG

SMITH

Properties

14,693

235,823

Office

Properties

Income

Trust(a)

7,536

15,373

Orion

Office

REIT,

Inc.

8,563

30,056

Paramount

Group,

Inc.(a)

29,075

136,362

Peakstone

Realty

Trust(a)

5,474

88,296

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

19,609

137,851

Postal

Realty

Trust,

Inc.,

Class

A(a)

2,595

37,160

SL

Green

Realty

Corp.(a)

9,789

539,668

2,600,402

Oil,

Gas

&

Consumable

Fuels

4.6%

Amplify

Energy

Corp.*

5,927

39,177

Ardmore

Shipping

Corp.(a)

6,618

108,668

Berry

Corp.(a)

12,278

98,838

California

Resources

Corp.(a)

10,772

593,537

Centrus

Energy

Corp.,

Class

A*(a)

1,877

77,952

Chord

Energy

Corp.(a)

6,491

1,156,956

Civitas

Resources,

Inc.

12,666

961,476

Clean

Energy

Fuels

Corp.*(a)

25,598

68,603

CNX

Resources

Corp.*(a)

24,419

579,219

Comstock

Resources,

Inc.(a)

14,501

134,569

CONSOL

Energy,

Inc.

4,733

396,436

Crescent

Energy

Co.,

Class

A(a)

12,085

143,811

CVR

Energy,

Inc.(a)

5,065

180,618

Delek

US

Holdings,

Inc.

10,361

318,497

DHT

Holdings,

Inc.

21,415

246,272

Dorian

LPG

Ltd.(a)

5,287

203,338

Empire

Petroleum

Corp.*(a)

2,287

11,687

Encore

Energy

Corp.*(a)

24,736

108,344

Energy

Fuels,

Inc.*(a)

24,267

152,639

Equitrans

Midstream

Corp.(a)

68,304

853,117

Evolution

Petroleum

Corp.

4,403

27,034

Excelerate

Energy,

Inc.,

Class

A(a)

2,900

46,458

FLEX

LNG

Ltd.(a)

4,640

117,995

FutureFuel

Corp.

4,710

37,915

Gevo

,

Inc.*(a)

38,577

29,654

Golar

LNG

Ltd.

15,642

376,347

Granite

Ridge

Resources,

Inc.

4,967

32,285

Green

Plains,

Inc.*

5,719

132,223

Gulfport

Energy

Corp.*

1,715

274,606

Hallador

Energy

Co.*

3,903

20,803

HighPeak

Energy,

Inc.(a)

2,031

32,029

International

Seaways,

Inc.

6,365

338,618

Kinetik

Holdings,

Inc.,

Class

A

5,544

221,039

Kosmos

Energy

Ltd.*

70,444

419,846

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

27,622

716,791

Matador

Resources

Co.

17,741

1,184,567

Murphy

Oil

Corp.

22,993

1,050,780

NACCO

Industries,

Inc.,

Class

A

573

17,305

NextDecade

Corp.*(a)

12,052

68,455

Nordic

American

Tankers

Ltd.

(a)

32,003

125,452

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

129

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Northern

Oil

&

Gas,

Inc.(a)

13,803

547,703

Overseas

Shipholding

Group,

Inc.,

Class

A

8,411

53,830

Par

Pacific

Holdings,

Inc.*

8,990

333,169

PBF

Energy,

Inc.,

Class

A

17,221

991,413

Peabody

Energy

Corp.(a)

17,685

429,038

Permian

Resources

Corp.,

Class

A(a)

71,398

1,260,889

PrimeEnergy

Resources

Corp.*

74

7,418

REX

American

Resources

Corp.*

2,456

144,192

Riley

Exploration

Permian,

Inc.

(a)

1,322

43,626

Ring

Energy,

Inc.*(a)

19,283

37,795

SandRidge

Energy,

Inc.(a)

3,038

44,264

Scorpio

Tankers,

Inc.

7,463

533,978

SFL

Corp.

Ltd.

17,498

230,624

SilverBow

Resources,

Inc.*(a)

3,554

121,334

Sitio

Royalties

Corp.,

Class

A(a)

13,164

325,414

SM

Energy

Co.(a)

18,186

906,572

Talos

Energy,

Inc.*

22,473

313,049

Teekay

Corp.*

9,371

68,221

Teekay

Tankers

Ltd.,

Class

A

3,667

214,189

Tellurian,

Inc.*(a)

93,849

62,072

Uranium

Energy

Corp.*(a)

59,427

401,132

VAALCO

Energy,

Inc.(a)

16,270

113,402

Vertex

Energy,

Inc.*(a)

10,179

14,251

Vital

Energy,

Inc.*(a)

3,647

191,613

Vitesse

Energy,

Inc.(a)

4,081

96,842

W&T

Offshore,

Inc.(a)

15,523

41,136

World

Kinect

Corp.

9,437

249,609

19,480,731

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

2,463

107,707

Glatfelter

Corp.*(a)

6,936

13,872

Sylvamo

Corp.

5,567

343,707

465,286

Passenger

Airlines

0.4%

Allegiant

Travel

Co.(a)

2,427

182,535

Blade

Air

Mobility,

Inc.*

9,653

27,511

Frontier

Group

Holdings,

Inc.*(a)

5,920

48,011

Hawaiian

Holdings,

Inc.*

8,160

108,773

JetBlue

Airways

Corp.*(a)

51,850

384,727

Joby

Aviation,

Inc.*(a)

43,119

231,118

SkyWest,

Inc.*

6,429

444,115

Spirit

Airlines,

Inc.

16,835

81,482

Sun

Country

Airlines

Holdings,

Inc.*

6,515

98,311

1,606,583

Personal

Care

Products

1.0%

Beauty

Health

Co.

(The)*(a)

12,420

55,145

BellRing

Brands,

Inc.*

20,482

1,209,052

Edgewell

Personal

Care

Co.(a)

8,184

316,230

elf

Beauty,

Inc.*

8,409

1,648,416

Herbalife

Ltd.*(a)

15,218

152,941

Inter

Parfums,

Inc.

2,868

402,982

Medifast

,

Inc.(a)

1,609

61,657

Common

Stocks

Shares

Value

($)

Personal

Care

Products

Nature's

Sunshine

Products,

Inc.*

2,114

43,908

Nu

Skin

Enterprises,

Inc.,

Class

A

7,937

109,769

USANA

Health

Sciences,

Inc.*

1,730

83,905

Waldencast

plc,

Class

A*

4,054

26,351

4,110,356

Pharmaceuticals

1.6%

Aclaris

Therapeutics,

Inc.*

10,643

13,197

Amneal

Pharmaceuticals,

Inc.*(a)

18,544

112,377

Amphastar

Pharmaceuticals,

Inc.*(a)

5,928

260,299

Amylyx

Pharmaceuticals,

Inc.*(a)

7,707

21,888

ANI

Pharmaceuticals,

Inc.*

2,302

159,137

Arvinas

,

Inc.*(a)

7,794

321,736

Assertio

Holdings,

Inc.*(a)

13,126

12,592

Atea

Pharmaceuticals,

Inc.*

12,355

49,914

Axsome

Therapeutics,

Inc.*(a)

5,599

446,800

Biote

Corp.,

Class

A*

1,496

8,677

Bright

Green

Corp.*(a)

9,488

2,311

Cara

Therapeutics,

Inc.*(a)

7,085

6,447

Cassava

Sciences,

Inc.*(a)

6,253

126,873

Citius

Pharmaceuticals,

Inc.*(a)

17,486

15,690

Collegium

Pharmaceutical,

Inc.*

5,207

202,136

Corcept

Therapeutics,

Inc.*(a)

12,812

322,734

CorMedix,

Inc.*(a)

8,284

35,124

Edgewise

Therapeutics,

Inc.*

8,825

160,968

Enliven

Therapeutics,

Inc.*

3,400

59,806

Evolus

,

Inc.*

6,836

95,704

Eyenovia

,

Inc.*(a)

3,825

3,771

EyePoint

Pharmaceuticals,

Inc.*(a)

5,738

118,605

Harmony

Biosciences

Holdings,

Inc.*

4,969

166,859

Harrow,

Inc.*(a)

4,375

57,881

Ikena

Oncology,

Inc.*

4,719

6,701

Innoviva

,

Inc.*(a)

8,957

136,505

Intra-Cellular

Therapies,

Inc.*

14,677

1,015,648

Ligand

Pharmaceuticals,

Inc.*(a)

2,606

190,499

Liquidia

Corp.*(a)

8,080

119,180

Longboard

Pharmaceuticals,

Inc.*(a)

3,816

82,426

Marinus

Pharmaceuticals,

Inc.*(a)

8,599

77,735

Neumora

Therapeutics,

Inc.*

2,315

31,831

NGM

Biopharmaceuticals,

Inc.*

6,878

10,936

Nuvation

Bio,

Inc.*

22,014

80,131

Ocular

Therapeutix

,

Inc.*(a)

17,811

162,080

Omeros

Corp.*(a)

9,036

31,174

Optinose

,

Inc.*(a)

10,065

14,695

Pacira

BioSciences

,

Inc.*

7,132

208,397

Phathom

Pharmaceuticals,

Inc.*(a)

5,378

57,114

Phibro

Animal

Health

Corp.,

Class

A

3,214

41,557

130

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Pliant

Therapeutics,

Inc.*(a)

9,050

134,845

Prestige

Consumer

Healthcare,

Inc.*

7,818

567,274

Revance

Therapeutics,

Inc.*(a)

13,056

64,236

Scilex

Holding

Co.*(a)

9,936

15,798

scPharmaceuticals

,

Inc.*(a)

4,250

21,335

SIGA

Technologies,

Inc.(a)

7,082

60,622

Supernus

Pharmaceuticals,

Inc.*

7,518

256,439

Taro

Pharmaceutical

Industries

Ltd.*

1,167

49,411

Tarsus

Pharmaceuticals,

Inc.*(a)

4,453

161,867

Terns

Pharmaceuticals,

Inc.*

6,372

41,800

Theravance

Biopharma,

Inc.*(a)

7,219

64,754

Third

Harmonic

Bio,

Inc.*(a)

3,362

31,737

Trevi

Therapeutics,

Inc.*

6,083

20,986

Ventyx

Biosciences,

Inc.*(a)

7,023

38,627

Verrica

Pharmaceuticals,

Inc.*(a)

3,081

18,240

WaVe

Life

Sciences

Ltd.*(a)

11,576

71,424

Xeris

Biopharma

Holdings,

Inc.*(a)

21,127

46,691

Zevra

Therapeutics,

Inc.*(a)

5,162

29,940

6,744,161

Professional

Services

2.4%

Alight,

Inc.,

Class

A*

64,879

639,058

ASGN,

Inc.*(a)

7,260

760,558

Asure

Software,

Inc.*(a)

3,873

30,132

Barrett

Business

Services,

Inc.

1,002

126,974

BlackSky

Technology,

Inc.,

Class

A*(a)

18,256

24,828

CBIZ,

Inc.*

7,433

583,491

Conduent,

Inc.*

26,608

89,935

CRA

International,

Inc.

1,076

160,948

CSG

Systems

International,

Inc.

4,710

242,753

ExlService

Holdings,

Inc.*(a)

25,207

801,583

Exponent,

Inc.

7,907

653,830

First

Advantage

Corp.(a)

8,443

136,946

FiscalNote

Holdings,

Inc.*(a)

9,675

12,868

Forrester

Research,

Inc.*

1,832

39,498

Franklin

Covey

Co.*(a)

1,824

71,610

Heidrick

&

Struggles

International,

Inc.

3,017

101,552

HireQuest

,

Inc.

773

10,010

HireRight

Holdings

Corp.*

1,816

25,914

Huron

Consulting

Group,

Inc.*

2,926

282,710

IBEX

Holdings

Ltd.*

1,335

20,599

ICF

International,

Inc.

2,910

438,333

Innodata,

Inc.*(a)

3,765

24,849

Insperity,

Inc.

5,569

610,418

Kelly

Services,

Inc.,

Class

A(a)

5,203

130,283

Kforce

,

Inc.

2,980

210,150

Korn

Ferry

8,224

540,810

Legalzoom.com,

Inc.*

20,553

274,177

Maximus,

Inc.

9,488

796,043

Mistras

Group,

Inc.*

2,906

27,781

NV5

Global,

Inc.*(a)

2,127

208,467

Planet

Labs

PBC*(a)

29,038

74,047

Common

Stocks

Shares

Value

($)

Professional

Services

Resources

Connection,

Inc.(a)

5,026

66,142

Skillsoft

Corp.*(a)

574

5,166

Sterling

Check

Corp.*(a)

4,725

75,978

TriNet

Group,

Inc.

4,971

658,608

TrueBlue,

Inc.*(a)

4,889

61,210

TTEC

Holdings,

Inc.

3,369

34,937

Upwork,

Inc.*

19,812

242,895

Verra

Mobility

Corp.,

Class

A*

21,410

534,608

Willdan

Group,

Inc.*

1,764

51,138

9,881,837

Real

Estate

Management

&

Development

0.7%

American

Realty

Investors,

Inc.*

366

6,559

Anywhere

Real

Estate,

Inc.*

16,668

103,008

Compass,

Inc.,

Class

A*(a)

45,848

165,053

Cushman

&

Wakefield

plc*(a)

24,335

254,544

DigitalBridge

Group,

Inc.(a)

25,635

493,986

Douglas

Elliman,

Inc.*

12,118

19,146

eXp

World

Holdings,

Inc.(a)

10,899

112,587

Forestar

Group,

Inc.*

2,941

118,199

FRP

Holdings,

Inc.*

1,026

62,996

Kennedy-Wilson

Holdings,

Inc.

19,162

164,410

Marcus

&

Millichap,

Inc.

3,821

130,564

Maui

Land

&

Pineapple

Co.,

Inc.*(a)

1,270

27,508

Newmark

Group,

Inc.,

Class

A

21,841

242,217

Opendoor

Technologies,

Inc.*

87,473

265,043

RE/MAX

Holdings,

Inc.,

Class

A

2,763

24,231

Redfin

Corp.*(a)

16,889

112,312

RMR

Group,

Inc.

(The),

Class

A

2,557

61,368

St

Joe

Co.

(The)

5,391

312,516

Star

Holdings*(a)

3,599

46,499

Stratus

Properties,

Inc.*

834

19,040

Tejon

Ranch

Co.*(a)

2,733

42,116

Transcontinental

Realty

Investors,

Inc.*

178

6,702

2,790,604

Residential

REITs

0.4%

Apartment

Investment

and

Management

Co.,

Class

A*

23,097

189,165

BRT

Apartments

Corp.(a)

1,783

29,954

Centerspace

2,380

135,993

Clipper

Realty,

Inc.

2,440

11,785

Elme

Communities

13,708

190,815

Independence

Realty

Trust,

Inc.(a)

35,862

578,454

NexPoint

Residential

Trust,

Inc.

3,605

116,045

UMH

Properties,

Inc.

9,245

150,139

Veris

Residential,

Inc.(a)

12,769

194,217

1,596,567

Retail

REITs

1.2%

Acadia

Realty

Trust(a)

17,153

291,772

Alexander's,

Inc.(a)

322

69,919

CBL

&

Associates

Properties,

Inc.(a)

4,751

108,845

Getty

Realty

Corp.

7,254

198,397

InvenTrust

Properties

Corp.

11,109

285,612

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

131

Common

Stocks

Shares

Value

($)

Retail

REITs

Kite

Realty

Group

Trust

34,270

742,974

Macerich

Co.

(The)(a)

34,213

589,490

NETSTREIT

Corp.(a)

10,751

197,496

Phillips

Edison

&

Co.,

Inc.(a)

18,633

668,366

Retail

Opportunity

Investments

Corp.

19,428

249,067

Saul

Centers,

Inc.

2,135

82,176

SITE

Centers

Corp.

30,329

444,320

Tanger

,

Inc.(a)

16,505

487,393

Urban

Edge

Properties(a)

18,530

320,013

Whitestone

REIT(a)

8,173

102,571

4,838,411

Semiconductors

&

Semiconductor

Equipment

2.9%

ACM

Research,

Inc.,

Class

A*

7,574

220,706

Aehr

Test

Systems*(a)

4,316

53,518

Alpha

&

Omega

Semiconductor

Ltd.*(a)

3,548

78,198

Ambarella,

Inc.*

5,991

304,163

Amkor

Technology,

Inc.

17,609

567,714

Atomera

,

Inc.*(a)

3,049

18,782

Axcelis

Technologies,

Inc.*

5,081

566,633

CEVA,

Inc.*

3,564

80,938

Cohu

,

Inc.*

7,601

253,341

Credo

Technology

Group

Holding

Ltd.*

19,407

411,234

Diodes,

Inc.*

7,067

498,224

FormFactor

,

Inc.*(a)

12,070

550,754

Ichor

Holdings

Ltd.*

4,397

169,812

Impinj

,

Inc.*(a)

3,660

469,981

indie

Semiconductor,

Inc.,

Class

A*(a)

23,255

164,645

inTEST

Corp.*(a)

1,488

19,716

Kulicke

&

Soffa

Industries,

Inc.

(a)

8,669

436,137

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

8,593

821,835

Maxeon

Solar

Technologies

Ltd.*(a)

4,424

14,732

MaxLinear

,

Inc.,

Class

A*

11,673

217,935

Navitas

Semiconductor

Corp.,

Class

A*(a)

17,377

82,888

NVE

Corp.(a)

781

70,431

Onto

Innovation,

Inc.*

7,614

1,378,743

PDF

Solutions,

Inc.*

4,959

166,970

Photronics

,

Inc.*

9,574

271,136

Power

Integrations,

Inc.

8,833

632,001

Rambus,

Inc.*

16,801

1,038,470

Semtech

Corp.*(a)

10,150

279,024

Silicon

Laboratories,

Inc.*(a)

4,978

715,438

SiTime

Corp.*(a)

2,834

264,214

SkyWater

Technology,

Inc.*(a)

2,649

26,940

SMART

Global

Holdings,

Inc.*(a)

7,946

209,139

Synaptics

,

Inc.*

6,190

603,896

Transphorm

,

Inc.*

5,074

24,913

Ultra

Clean

Holdings,

Inc.*

7,005

321,810

Veeco

Instruments,

Inc.*

7,981

280,692

12,285,703

Software

6.3%

8x8,

Inc.*(a)

19,018

51,349

A10

Networks,

Inc.

11,011

150,741

Common

Stocks

Shares

Value

($)

Software

ACI

Worldwide,

Inc.*(a)

17,092

567,625

Adeia

,

Inc.(a)

16,871

184,231

Agilysys

,

Inc.*

3,176

267,610

Alarm.com

Holdings,

Inc.*

7,506

543,960

Alkami

Technology,

Inc.*(a)

6,405

157,371

Altair

Engineering,

Inc.,

Class

A*(a)

8,597

740,632

American

Software,

Inc.,

Class

A(a)

5,207

59,620

Amplitude,

Inc.,

Class

A*

11,458

124,663

Appfolio

,

Inc.,

Class

A*

2,995

738,986

Appian

Corp.,

Class

A*(a)

6,359

254,042

Asana,

Inc.,

Class

A*(a)

13,280

205,707

Aurora

Innovation,

Inc.,

Class

A*(a)

57,266

161,490

AvePoint,

Inc.*

22,873

181,154

Bit

Digital,

Inc.*(a)

13,915

39,936

Blackbaud,

Inc.*

6,845

507,488

BlackLine

,

Inc.*

8,926

576,441

Box,

Inc.,

Class

A*

22,055

624,598

Braze,

Inc.,

Class

A*

8,460

374,778

C3.ai,

Inc.,

Class

A*(a)

12,984

351,477

Cerence

,

Inc.*

6,846

107,825

Cipher

Mining,

Inc.*

5,951

30,648

Cleanspark

,

Inc.*(a)

30,219

640,945

Clear

Secure,

Inc.,

Class

A

12,976

276,000

CommVault

Systems,

Inc.*

6,854

695,201

Consensus

Cloud

Solutions,

Inc.*

3,057

48,484

CoreCard

Corp.*(a)

1,305

14,420

CS

Disco,

Inc.*

3,220

26,179

Daily

Journal

Corp.*(a)

211

76,300

Digimarc

Corp.*(a)

2,114

57,459

Digital

Turbine,

Inc.*(a)

15,207

39,842

Domo,

Inc.,

Class

B*

5,122

45,688

E2open

Parent

Holdings,

Inc.*(a)

28,094

124,737

eGain

Corp.*

3,411

22,001

Enfusion

,

Inc.,

Class

A*(a)

6,533

60,430

Envestnet,

Inc.*(a)

6,895

399,289

Everbridge,

Inc.*

6,565

228,659

EverCommerce

,

Inc.*(a)

3,504

33,008

Expensify,

Inc.,

Class

A*

8,499

15,638

Freshworks

,

Inc.,

Class

A*

25,482

464,027

Instructure

Holdings,

Inc.*

3,009

64,332

Intapp

,

Inc.*

6,357

218,045

InterDigital

,

Inc.(a)

4,014

427,330

Jamf

Holding

Corp.*(a)

10,867

199,409

Kaltura,

Inc.*(a)

11,922

16,095

LivePerson

,

Inc.*(a)

11,083

11,054

LiveRamp

Holdings,

Inc.*

10,236

353,142

Marathon

Digital

Holdings,

Inc.*(a)

35,049

791,406

Matterport,

Inc.*(a)

38,365

86,705

MeridianLink

,

Inc.*

3,957

73,996

MicroStrategy,

Inc.,

Class

A*(a)

2,317

3,949,466

Mitek

Systems,

Inc.*(a)

6,755

95,245

Model

N,

Inc.*

6,232

177,425

N-able,

Inc.*

11,083

144,855

NextNav

,

Inc.*(a)

7,930

52,179

Olo,

Inc.,

Class

A*

15,691

86,144

132

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

ON24,

Inc.

4,248

30,331

OneSpan

,

Inc.*

6,055

70,420

PagerDuty,

Inc.*(a)

14,231

322,759

PowerSchool

Holdings,

Inc.,

Class

A*(a)

8,707

185,372

Progress

Software

Corp.(a)

6,817

363,414

PROS

Holdings,

Inc.*(a)

7,233

262,775

Q2

Holdings,

Inc.*(a)

9,019

474,039

Qualys,

Inc.*

5,791

966,344

Rapid7,

Inc.*(a)

9,510

466,370

Red

Violet,

Inc.*

1,649

32,238

Rimini

Street,

Inc.*(a)

7,111

23,182

Riot

Platforms,

Inc.*(a)

31,103

380,701

Sapiens

International

Corp.

NV

4,854

156,105

SEMrush

Holdings,

Inc.,

Class

A*(a)

4,740

62,852

SolarWinds

Corp.*

7,865

99,256

SoundHound

AI,

Inc.,

Class

A*(a)

21,434

126,246

SoundThinking

,

Inc.*

1,386

22,010

Sprinklr,

Inc.,

Class

A*

16,631

204,062

Sprout

Social,

Inc.,

Class

A*(a)

7,705

460,066

SPS

Commerce,

Inc.*

5,692

1,052,451

Tenable

Holdings,

Inc.*

18,208

900,021

Terawulf

,

Inc.*(a)

24,061

63,280

Varonis

Systems,

Inc.,

Class

B*

17,030

803,305

Verint

Systems,

Inc.*

9,827

325,765

Veritone

,

Inc.*(a)

3,676

19,336

Viant

Technology,

Inc.,

Class

A*

2,463

26,256

Weave

Communications,

Inc.*

5,489

63,014

Workiva,

Inc.,

Class

A*(a)

7,794

660,931

Xperi

,

Inc.*

7,545

90,993

Yext

,

Inc.*

17,137

103,336

Zeta

Global

Holdings

Corp.,

Class

A*

21,914

239,520

Zuora,

Inc.,

Class

A*

20,905

190,654

26,264,911

Specialized

REITs

0.4%

Farmland

Partners,

Inc.(a)

6,942

77,056

Four

Corners

Property

Trust,

Inc.(a)

15,119

369,962

Gladstone

Land

Corp.

5,048

67,340

Outfront

Media,

Inc.

23,451

393,742

PotlatchDeltic

Corp.

12,435

584,694

Safehold,

Inc.(a)

7,746

159,568

Uniti

Group,

Inc.(a)

36,938

217,934

1,870,296

Specialty

Retail

2.7%

1-800-Flowers.com,

Inc.,

Class

A*(a)

4,156

45,010

Aaron's

Co.,

Inc.

(The)

4,783

35,873

Abercrombie

&

Fitch

Co.,

Class

A*

7,609

953,636

Academy

Sports

&

Outdoors,

Inc.(a)

11,257

760,298

American

Eagle

Outfitters,

Inc.

(a)

28,584

737,181

America's

Car-Mart,

Inc.*

932

59,527

Common

Stocks

Shares

Value

($)

Specialty

Retail

Arko

Corp.(a)

12,165

69,341

Asbury

Automotive

Group,

Inc.*(a)

3,226

760,626

BARK,

Inc.*(a)

23,596

29,259

Beyond,

Inc.*

7,147

256,649

Big

5

Sporting

Goods

Corp.(a)

3,349

11,788

Boot

Barn

Holdings,

Inc.*(a)

4,759

452,819

Buckle,

Inc.

(The)(a)

4,696

189,108

Build-A-Bear

Workshop,

Inc.

(a)

2,007

59,949

Caleres,

Inc.(a)

5,231

214,628

Camping

World

Holdings,

Inc.,

Class

A(a)

6,872

191,385

CarParts.com,

Inc.*

8,128

13,167

Carvana

Co.,

Class

A*(a)

16,114

1,416,582

Cato

Corp.

(The),

Class

A

2,624

15,141

Children's

Place,

Inc.

(The)*(a)

2,019

23,299

Designer

Brands,

Inc.,

Class

A(a)

6,795

74,269

Destination

XL

Group,

Inc.*(a)

9,352

33,667

Duluth

Holdings,

Inc.,

Class

B*(a)

1,620

7,938

Envela

Corp.*(a)

924

4,269

EVgo

,

Inc.,

Class

A*(a)

15,318

38,448

Foot

Locker,

Inc.

12,948

369,018

Genesco,

Inc.*

1,856

52,228

Group

1

Automotive,

Inc.

2,139

625,080

GrowGeneration

Corp.*(a)

8,995

25,726

Guess?,

Inc.(a)

4,707

148,129

Haverty

Furniture

Cos.,

Inc.(a)

2,220

75,746

Hibbett,

Inc.

1,770

135,954

J

Jill,

Inc.*

718

22,954

Lands'

End,

Inc.*

2,516

27,399

Lazydays

Holdings,

Inc.*(a)

1,284

5,175

Leslie's,

Inc.*(a)

28,112

182,728

MarineMax

,

Inc.*

3,268

108,694

Monro

,

Inc.(a)

4,610

145,399

National

Vision

Holdings,

Inc.*

12,051

267,050

ODP

Corp.

(The)*(a)

5,078

269,388

OneWater

Marine,

Inc.,

Class

A*(a)

1,715

48,277

PetMed

Express,

Inc.(a)

3,451

16,530

Rent

the

Runway,

Inc.,

Class

A*(a)

6,610

2,283

Revolve

Group,

Inc.,

Class

A*

6,168

130,577

Sally

Beauty

Holdings,

Inc.*

17,093

212,295

Shoe

Carnival,

Inc.

2,953

108,198

Signet

Jewelers

Ltd.(a)

6,834

683,878

Sleep

Number

Corp.*

3,329

53,364

Sonic

Automotive,

Inc.,

Class

A(a)

2,258

128,571

Sportsman's

Warehouse

Holdings,

Inc.*

5,835

18,147

Stitch

Fix,

Inc.,

Class

A*

13,358

35,265

ThredUp

,

Inc.,

Class

A*(a)

11,067

22,134

Tile

Shop

Holdings,

Inc.*

3,839

26,988

Tilly's,

Inc.,

Class

A*

2,773

18,856

Torrid

Holdings,

Inc.*(a)

1,699

8,291

Upbound

Group,

Inc.

8,509

299,602

Urban

Outfitters,

Inc.*

9,978

433,245

Warby

Parker,

Inc.,

Class

A*

13,323

181,326

Winmark

Corp.

434

156,978

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

133

Common

Stocks

Shares

Value

($)

Specialty

Retail

Zumiez,

Inc.*

2,532

38,461

11,537,791

Technology

Hardware,

Storage

&

Peripherals

2.1%

CompoSecure

,

Inc.,

Class

A*(a)

2,069

14,959

Corsair

Gaming,

Inc.*

5,657

69,807

CPI

Card

Group,

Inc.*(a)

600

10,716

Eastman

Kodak

Co.*

8,630

42,718

Immersion

Corp.(a)

5,003

37,422

Intevac,

Inc.*(a)

3,353

12,876

IonQ

,

Inc.*(a)

25,578

255,524

Super

Micro

Computer,

Inc.*

7,935

8,014,588

Turtle

Beach

Corp.*

2,558

44,100

Xerox

Holdings

Corp.(a)

18,675

334,283

8,836,993

Textiles,

Apparel

&

Luxury

Goods

0.5%

Allbirds

,

Inc.,

Class

A*(a)

14,980

10,398

Figs,

Inc.,

Class

A*(a)

19,896

99,082

Fossil

Group,

Inc.*(a)

6,867

7,004

G-III

Apparel

Group

Ltd.*

6,568

190,538

Hanesbrands,

Inc.*(a)

55,633

322,671

Kontoor

Brands,

Inc.(a)

8,804

530,441

Movado

Group,

Inc.

2,318

64,742

Oxford

Industries,

Inc.

2,377

267,175

Rocky

Brands,

Inc.(a)

1,179

31,986

Steven

Madden

Ltd.

11,530

487,488

Vera

Bradley,

Inc.*

3,799

25,833

Wolverine

World

Wide,

Inc.(a)

12,364

138,601

2,175,959

Tobacco

0.1%

Ispire

Technology,

Inc.*(a)

2,685

16,459

Turning

Point

Brands,

Inc.

2,547

74,627

Universal

Corp.(a)

3,845

198,863

Vector

Group

Ltd.

22,361

245,077

535,026

Trading

Companies

&

Distributors

2.1%

Alta

Equipment

Group,

Inc.

3,295

42,670

Applied

Industrial

Technologies,

Inc.

5,974

1,180,164

Beacon

Roofing

Supply,

Inc.*

9,870

967,457

BlueLinx

Holdings,

Inc.*

1,375

179,080

Boise

Cascade

Co.

6,179

947,673

Custom

Truck

One

Source,

Inc.*(a)

8,074

46,991

Distribution

Solutions

Group,

Inc.*

1,622

57,548

DNOW,

Inc.*

16,739

254,433

DXP

Enterprises,

Inc.*

1,985

106,654

EVI

Industries,

Inc.(a)

1,027

25,572

FTAI

Aviation

Ltd.(a)

15,562

1,047,323

GATX

Corp.

5,486

735,289

Global

Industrial

Co.

1,992

89,202

GMS,

Inc.*

6,272

610,516

H&E

Equipment

Services,

Inc.

5,143

330,078

Herc

Holdings,

Inc.

4,442

747,589

Hudson

Technologies,

Inc.*

6,524

71,829

Karat

Packaging,

Inc.

964

27,580

McGrath

RentCorp

(a)

3,854

475,468

MRC

Global,

Inc.*

13,139

165,157

Rush

Enterprises,

Inc.,

Class

A

9,294

497,415

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Rush

Enterprises,

Inc.,

Class

B

1,506

80,255

Titan

Machinery,

Inc.*

3,102

76,961

Transcat

,

Inc.*

1,257

140,067

Willis

Lease

Finance

Corp.*

363

18,012

Xometry

,

Inc.,

Class

A*(a)

5,234

88,402

9,009,385

Water

Utilities

0.4%

American

States

Water

Co.

5,791

418,342

Artesian

Resources

Corp.,

Class

A

1,277

47,389

Cadiz,

Inc.*(a)

6,055

17,560

California

Water

Service

Group

8,959

416,414

Consolidated

Water

Co.

Ltd.

2,466

72,278

Global

Water

Resources,

Inc.

1,601

20,557

Middlesex

Water

Co.

2,693

141,383

Pure

Cycle

Corp.*

3,202

30,419

SJW

Group

4,951

280,177

York

Water

Co.

(The)(a)

1,918

69,566

1,514,085

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.*(a)

9,976

87,589

Spok

Holdings,

Inc.

2,869

45,761

Telephone

&

Data

Systems,

Inc.

15,424

247,093

Tingo

Group,

Inc.*(a)

17,126

438

380,881

Total

Common

Stocks

(cost

$294,937,638)

415,968,997

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,552

0

Chinook

Therapeutics,

Inc.,

CVR*^∞

8,695

0

Icosavax

,

Inc.,

CVR*∞

4,394

0

Oncternal

Therapeutics,

Inc.,

CVR*^∞(a)

97

0

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Empire

Petroleum

Corp.,

expiring

4/3/2024*∞(a)

2,287

0

Total

Rights

(cost

$6,480)

0

134

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Repurchase

Agreements

10.0%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,003,554,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$6,120,000.

(b)

6,000,000

6,000,000

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,910,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$3,985,848.

(b)

3,907,694

3,907,694

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$2,040,000.

(b)

2,000,000

2,000,000

MetLife,

Inc.,

5.31%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$18,010,620,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$18,372,769.(b)

18,000,000

18,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$10,005,923,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$10,200,003.(b)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$41,907,694)

41,907,694

Total

Investments

(cost

$336,906,706)

—

109.1%

457,911,803

Liabilities

in

excess

of

other

assets

—

(9.1)%

(38,178,632)

NET

ASSETS

—

100.0%

$

419,733,171

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$123,669,758,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$41,907,694

and

by

$84,896,490

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

4/2/2024

–

2/15/2054,

a

total

value

of

$126,804,184.

(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,

2024

was

$41,907,694.

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,

2024

(Unaudited)

-

Statement

of

Investments

-

135

Futures

contracts

outstanding

as

of

March

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

55

6/2024

USD

5,901,225

62,297

Net

contracts

62,297

As

of

March

31,

2024,

the

Fund

had

$390,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

136

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

137

Level

1

Level

2

Level

3

Total

Assets:

Closed

End

Fund

$

35,112

$

–

$

–

$

35,112

Common

Stocks

Aerospace

&

Defense

4,159,560

–

–

4,159,560

Air

Freight

&

Logistics

687,092

–

–

687,092

Automobile

Components

5,251,291

–

–

5,251,291

Automobiles

363,406

–

–

363,406

Banks

35,039,783

–

–

35,039,783

Beverages

1,677,980

–

–

1,677,980

Biotechnology

33,097,637

–

–

33,097,637

Broadline

Retail

369,880

–

–

369,880

Building

Products

8,530,833

–

–

8,530,833

Capital

Markets

5,688,351

–

–

5,688,351

Chemicals

8,009,105

–

–

8,009,105

Commercial

Services

&

Supplies

6,608,241

–

–

6,608,241

Communications

Equipment

2,069,765

–

–

2,069,765

Construction

&

Engineering

8,134,463

–

–

8,134,463

Construction

Materials

1,641,655

–

–

1,641,655

Consumer

Finance

3,011,872

–

–

3,011,872

Consumer

Staples

Distribution

&

Retail

2,490,253

–

–

2,490,253

Containers

&

Packaging

1,171,187

–

–

1,171,187

Distributors

26,620

–

–

26,620

Diversified

Consumer

Services

4,503,728

–

–

4,503,728

Diversified

REITs

2,261,096

–

–

2,261,096

Diversified

Telecommunication

Services

1,576,429

–

–

1,576,429

Electric

Utilities

2,756,855

–

–

2,756,855

Electrical

Equipment

5,886,560

–

–

5,886,560

Electronic

Equipment,

Instruments

&

Components

10,955,082

–

–

10,955,082

Energy

Equipment

&

Services

10,668,387

–

–

10,668,387

Entertainment

1,731,828

–

–

1,731,828

Financial

Services

10,135,812

–

–

10,135,812

Food

Products

3,668,647

–

–

3,668,647

Gas

Utilities

3,752,263

–

–

3,752,263

Ground

Transportation

1,851,119

–

–

1,851,119

Health

Care

Equipment

&

Supplies

10,843,096

–

–

10,843,096

Health

Care

Providers

&

Services

10,547,715

–

–

10,547,715

Health

Care

REITs

1,985,464

–

–

1,985,464

Health

Care

Technology

1,497,969

–

–

1,497,969

Hotel

&

Resort

REITs

3,497,994

–

–

3,497,994

Hotels,

Restaurants

&

Leisure

9,154,266

–

–

9,154,266

Household

Durables

10,140,048

–

–

10,140,048

Household

Products

1,285,597

–

–

1,285,597

Independent

Power

and

Renewable

Electricity

Producers

750,505

–

–

750,505

Industrial

Conglomerates

95,160

–

–

95,160

Industrial

REITs

1,883,535

–

–

1,883,535

Insurance

7,723,859

–

–

7,723,859

Interactive

Media

&

Services

2,519,089

–

–

2,519,089

IT

Services

1,903,237

–

–

1,903,237

Leisure

Products

1,650,660

–

–

1,650,660

Life

Sciences

Tools

&

Services

1,042,312

–

–

1,042,312

Machinery

15,580,556

–

–

15,580,556

Marine

Transportation

1,276,097

–

–

1,276,097

Media

2,660,565

–

–

2,660,565

Metals

&

Mining

7,565,472

–

–

7,565,472

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,433,141

–

–

4,433,141

Multi-Utilities

1,629,912

–

–

1,629,912

Office

REITs

2,600,402

–

–

2,600,402

Oil,

Gas

&

Consumable

Fuels

19,480,731

–

–

19,480,731

Paper

&

Forest

Products

465,286

–

–

465,286

Passenger

Airlines

1,606,583

–

–

1,606,583

Personal

Care

Products

4,110,356

–

–

4,110,356

138

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

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

Level

1

Level

2

Level

3

Total

Assets:

Pharmaceuticals

$

6,744,161

$

–

$

–

$

6,744,161

Professional

Services

9,881,837

–

–

9,881,837

Real

Estate

Management

&

Development

2,790,604

–

–

2,790,604

Residential

REITs

1,596,567

–

–

1,596,567

Retail

REITs

4,838,411

–

–

4,838,411

Semiconductors

&

Semiconductor

Equipment

12,285,703

–

–

12,285,703

Software

26,264,911

–

–

26,264,911

Specialized

REITs

1,870,296

–

–

1,870,296

Specialty

Retail

11,537,791

–

–

11,537,791

Technology

Hardware,

Storage

&

Peripherals

8,836,993

–

–

8,836,993

Textiles,

Apparel

&

Luxury

Goods

2,175,959

–

–

2,175,959

Tobacco

535,026

–

–

535,026

Trading

Companies

&

Distributors

9,009,385

–

–

9,009,385

Water

Utilities

1,514,085

–

–

1,514,085

Wireless

Telecommunication

Services

380,881

–

–

380,881

Total

Common

Stocks

$

415,968,997

$

–

$

–

$

415,968,997

Futures

Contracts

62,297

–

–

62,297

Repurchase

Agreements

–

41,907,694

–

41,907,694

Rights  

–

–

–

–

Total

$

416,066,406

$

41,907,694

$

–

$

457,974,100

As

of

March

31,

2024,

the

Fund

held

one

common

stock

investment

and

three

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

NVIT

Small

Cap

Index

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

139

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,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

62,297

Total

$

62,297

The

Statement

of

Investments

should

be

read

in

conjunction

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,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

97.7%

Shares

Value

($)

AUSTRALIA

2.0%

Metals

&

Mining

2.0%

Northern

Star

Resources

Ltd.

481,077

4,591,893

BELGIUM

1.0%

Diversified

Telecommunication

Services

1.0%

Liberty

Global

Ltd.,

Class

C

*(a)

125,762

2,218,442

CANADA

4.6%

Chemicals

0.4%

Nutrien

Ltd.

16,010

869,503

Metals

&

Mining

1.2%

Pan

American

Silver

Corp.

(a)

67,070

1,011,416

Teck

Resources

Ltd.,

Class

B

38,389

1,757,448

2,768,864

Oil,

Gas

&

Consumable

Fuels

3.0%

Cameco

Corp.

(a)

90,345

3,913,745

Vermilion

Energy,

Inc.

237,861

2,958,991

6,872,736

10,511,103

CHINA

0.5%

Water

Utilities

0.5%

Guangdong

Investment

Ltd.

2,432,000

1,040,518

FINLAND

1.8%

Paper

&

Forest

Products

1.8%

UPM-

Kymmene

OYJ

(a)

124,551

4,145,533

FRANCE

12.3%

Banks

2.3%

BNP

Paribas

SA

74,100

5,273,566

Biotechnology

0.0%

†

DBV

Technologies

SA,

ADR

*

26,640

20,132

Construction

&

Engineering

1.1%

Eiffage

SA

22,805

2,585,627

Financial

Services

0.2%

Worldline

SA

Reg.

S

*(b)

40,720

504,141

Insurance

2.9%

AXA

SA

176,364

6,622,240

Multi-Utilities

2.2%

Engie

SA

297,860

5,005,467

Oil,

Gas

&

Consumable

Fuels

3.6%

TotalEnergies

SE

123,212

8,472,059

28,483,232

GERMANY

4.1%

Automobiles

0.8%

Mercedes-Benz

Group

AG

24,322

1,937,326

Machinery

1.1%

Duerr

AG

56,705

1,310,366

KION

Group

AG

24,954

1,313,330

2,623,696

Multi-Utilities

1.5%

E.ON

SE

231,009

3,210,915

Pharmaceuticals

0.7%

Merck

KGaA

8,780

1,549,567

9,321,504

GREECE

1.3%

Banks

1.3%

Piraeus

Financial

Holdings

SA

*

694,418

2,902,153

Common

Stocks

Shares

Value

($)

HONG

KONG

1.3%

Food

Products

1.3%

WH

Group

Ltd.

Reg.

S

(b)

4,474,377

2,952,832

IRELAND

1.8%

Banks

1.3%

Bank

of

Ireland

Group

plc

300,626

3,067,877

Biotechnology

0.0%

†

Amarin

Corp.

plc,

ADR

*(a)

23,312

20,766

Containers

&

Packaging

0.5%

Smurfit

Kappa

Group

plc

(a)

24,733

1,128,262

4,216,905

ISRAEL

3.4%

Banks

0.8%

Bank

Hapoalim

BM

203,615

1,907,887

Diversified

Telecommunication

Services

0.5%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

931,047

1,196,786

Software

2.1%

Check

Point

Software

Technologies

Ltd.

*

28,184

4,622,458

7,727,131

JAPAN

24.0%

Automobiles

1.2%

Toyota

Motor

Corp.

106,900

2,687,051

Banks

3.9%

Mebuki

Financial

Group,

Inc.

(a)

809,700

2,657,914

Sumitomo

Mitsui

Financial

Group,

Inc.

109,400

6,395,574

9,053,488

Building

Products

0.8%

Sanwa

Holdings

Corp.

103,200

1,801,657

Commercial

Services

&

Supplies

1.6%

TOPPAN

Holdings,

Inc.

(a)

142,700

3,575,936

Construction

&

Engineering

0.6%

Kinden

Corp.

85,500

1,487,603

Consumer

Staples

Distribution

&

Retail

1.8%

Kusuri

no

Aoki

Holdings

Co.

Ltd.

27,400

563,943

MatsukiyoCocokara

&

Co.

(a)

147,100

2,362,663

Sundrug

Co.

Ltd.

40,800

1,265,388

4,191,994

Electronic

Equipment,

Instruments

&

Components

2.6%

Daiwabo

Holdings

Co.

Ltd.

165,500

2,769,087

Macnica

Holdings,

Inc.

(a)

66,200

3,246,056

6,015,143

Financial

Services

1.8%

ORIX

Corp.

193,600

4,232,927

Health

Care

Providers

&

Services

0.6%

Ship

Healthcare

Holdings,

Inc.

93,300

1,288,166

Insurance

1.4%

Dai-ichi

Life

Holdings,

Inc.

122,700

3,130,870

Leisure

Products

1.7%

Sankyo

Co.

Ltd.

(a)

350,800

3,830,030

Machinery

0.3%

Takuma

Co.

Ltd.

58,000

719,395

2

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

1.4%

Takeda

Pharmaceutical

Co.

Ltd.

117,100

3,254,485

Specialty

Retail

1.7%

Shimamura

Co.

Ltd.

68,900

3,928,618

Trading

Companies

&

Distributors

2.6%

ITOCHU

Corp.

(a)

77,100

3,306,193

Marubeni

Corp.

157,000

2,719,201

6,025,394

55,222,757

JERSEY

0.3%

Chemicals

0.3%

Arcadium

Lithium

plc

*(a)

173,123

746,160

NETHERLANDS

10.6%

Banks

2.7%

ING

Groep

NV

373,924

6,158,193

Consumer

Staples

Distribution

&

Retail

1.9%

Koninklijke

Ahold

Delhaize

NV

145,593

4,353,206

Insurance

2.1%

ASR

Nederland

NV

97,630

4,779,658

Oil,

Gas

&

Consumable

Fuels

3.9%

Shell

plc

272,528

9,042,084

24,333,141

NORWAY

1.1%

Food

Products

1.1%

Leroy

Seafood

Group

ASA

550,526

2,409,708

RUSSIA

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

LUKOIL

PJSC

^∞

10,847

0

SINGAPORE

2.3%

Electronic

Equipment,

Instruments

&

Components

1.4%

Venture

Corp.

Ltd.

313,400

3,310,355

Oil,

Gas

&

Consumable

Fuels

0.9%

BW

LPG

Ltd.

Reg.

S

(b)

177,693

1,997,693

5,308,048

SOUTH

AFRICA

0.2%

Metals

&

Mining

0.2%

Sibanye

Stillwater

Ltd.,

ADR

(a)

99,915

470,600

SOUTH

KOREA

0.6%

Broadline

Retail

0.1%

Hyundai

Home

Shopping

Network

Corp.

7,306

283,322

Textiles,

Apparel

&

Luxury

Goods

0.5%

Youngone

Corp.

35,038

1,051,515

1,334,837

SPAIN

2.6%

Banks

2.6%

Banco

Santander

SA

1,222,881

5,975,266

SWITZERLAND

2.4%

Capital

Markets

0.4%

UBS

Group

AG

(Registered)

32,310

993,009

Pharmaceuticals

2.0%

Novartis

AG

(Registered)

45,774

4,432,953

5,425,962

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

11.5%

Capital

Markets

1.4%

TP

ICAP

Group

plc

1,098,998

3,126,118

Diversified

Telecommunication

Services

1.0%

BT

Group

plc

1,708,261

2,363,782

Energy

Equipment

&

Services

0.1%

John

Wood

Group

plc

*

187,789

313,914

Hotels,

Restaurants

&

Leisure

0.5%

Flutter

Entertainment

plc

*

5,397

1,077,583

Household

Durables

0.1%

Crest

Nicholson

Holdings

plc

128,850

314,830

Industrial

Conglomerates

1.8%

DCC

plc

56,394

4,105,132

Insurance

1.1%

Just

Group

plc

1,977,642

2,622,794

Media

0.7%

WPP

plc

178,398

1,688,305

Oil,

Gas

&

Consumable

Fuels

0.8%

BP

plc

294,386

1,849,726

Pharmaceuticals

0.7%

AstraZeneca

plc,

ADR

23,795

1,612,111

Specialty

Retail

0.6%

JD

Sports

Fashion

plc

752,959

1,276,617

Tobacco

1.5%

Imperial

Brands

plc

150,882

3,373,422

Wireless

Telecommunication

Services

1.2%

Vodafone

Group

plc

3,089,898

2,735,809

26,460,143

UNITED

STATES

8.0%

Biotechnology

0.2%

Insmed

,

Inc.

*(a)

14,890

403,965

Sage

Therapeutics,

Inc.

*

4,428

82,981

486,946

Financial

Services

1.3%

Burford

Capital

Ltd.

186,525

2,978,804

Food

Products

0.6%

JBS

SA

294,305

1,261,626

Oil,

Gas

&

Consumable

Fuels

1.3%

Diversified

Energy

Co.

plc

Reg.

S

(a)

123,486

1,479,580

Energy

Fuels,

Inc.

*(a)

241,493

1,518,991

2,998,571

Pharmaceuticals

4.6%

Jazz

Pharmaceuticals

plc

*

24,453

2,944,630

Roche

Holding

AG

10,050

2,565,532

Sanofi

SA

51,006

5,004,576

10,514,738

18,240,685

Total

Common

Stocks

(cost

$174,531,277)

224,038,553

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Exchange

Traded

Fund

1.1%

Shares

Value

($)

UNITED

STATES

1.1%

iShares

MSCI

EAFE

Value

ETF

48,368

2,631,219

Total

Exchange

Traded

Fund

(cost

$2,585,823)

2,631,219

Repurchase

Agreements

6.3%

Principal

Amount

($)

Bank

of

America

NA,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,000,593,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

4.00%,

maturing

4/1/2042

-

8/1/2045;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

BofA

Securities,

Inc.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,500,889,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.50%

-

6.04%,

maturing

2/25/2028

-

10/20/2069;

total

market

value

$1,530,000.(c)

1,500,000

1

,500,000

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$6,697,459,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$6,827,364.(c)

6,693,494

6,693,494

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,200,711,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,224,000.(c)

1,200,000

1,200,000

Pershing

LLC,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$3,001,777,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

5/2/2024

-

12/20/2066;

total

market

value

$3,060,001.(c)

3,000,000

3,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

5.34%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,000,594,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.01%

-

6.50%,

maturing

8/25/2024

-

11/20/2069;

total

market

value

$1,020,151.(c)

1,000,0

00

1,000,000

Total

Repurchase

Agreements

(cost

$14,393,494)

14,393,494

Total

Investments

(cost

$191,510,594)

—

105.1%

241,063,266

Liabilities

in

excess

of

other

assets

—

(5.1)%

(11,765,776)

NET

ASSETS

—

100.0%

$

229,297,490

4

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$24,698,356,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,393,494

and

by

$11,664,069

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

11/15/2053,

a

total

value

of

$26,057,563.

(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,

2024

was

$5,454,666

which

represents

2.38%

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,

2024

was

$14,393,494.

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.

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

7,451,103

CAD

10,023,000

Citibank

NA

5/13/2024

47,148

USD

1,815,465

ILS

6,574,000

HSBC

Bank

USA,

N.A.

5/13/2024

24,524

USD

5,412,360

JPY

793,111,000

Barclays

Bank

plc

5/13/2024

139,407

USD

1,346,385

KRW

1,775,208,000

Goldman

Sachs

International

**

5/13/2024

24,733

USD

2,482,116

SGD

3,298,000

HSBC

Bank

USA,

N.A.

5/13/2024

34,922

Total

unrealized

appreciation

270,734

AUD

18,724,000

USD

12,427,119

UBS

AG

Stamford

Branch

5/13/2024

(211,126)

CHF

4,326,000

USD

4,945,385

Barclays

Bank

plc

5/13/2024

(126,539)

DKK

6,134,000

USD

901,331

State

Street

Bank

and

Trust

Co.

5/13/2024

(12,283)

EUR

4,527,000

USD

4,964,888

Citibank

NA

5/13/2024

(72,879)

NZD

733,000

USD

452,085

UBS

AG

Stamford

Branch

5/13/2024

(14,132)

SEK

43,724,000

USD

4,277,784

Morgan

Stanley

Co.,

Inc.

5/13/2024

(186,084)

Total

unrealized

depreciation

(623,043)

Net

unrealized

depreciation

(352,309)

**

Non-deliverable

forward.

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

DKK

Danish

krone

EUR

Euro

ILS

Israeli

shekel

JPY

Japanese

yen

KRW

South

Korean

won

NZD

New

Zealand

dollar

SEK

Swedish

krona

SGD

Singapore

dollar

USD

United

States

dollar

6

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

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,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Automobiles

$

–

$

4,624,377

$

–

$

4,624,377

Banks

–

34,338,430

–

34,338,430

Biotechnology

527,844

–

–

527,844

Broadline

Retail

–

283,322

–

283,322

Building

Products

–

1,801,657

–

1,801,657

Capital

Markets

–

4,119,127

–

4,119,127

Chemicals

1,615,663

–

–

1,615,663

Commercial

Services

&

Supplies

–

3,575,936

–

3,575,936

Construction

&

Engineering

–

4,073,230

–

4,073,230

Consumer

Staples

Distribution

&

Retail

–

8,545,200

–

8,545,200

Containers

&

Packaging

–

1,128,262

–

1,128,262

Diversified

Telecommunication

Services

2,218,442

3,560,568

–

5,779,010

Electronic

Equipment,

Instruments

&

Components

–

9,325,498

–

9,325,498

Energy

Equipment

&

Services

–

313,914

–

313,914

Financial

Services

2,978,804

4,737,068

–

7,715,872

Food

Products

1,261,626

5,362,540

–

6,624,166

Health

Care

Providers

&

Services

–

1,288,166

–

1,288,166

Hotels,

Restaurants

&

Leisure

–

1,077,583

–

1,077,583

Household

Durables

–

314,830

–

314,830

Industrial

Conglomerates

–

4,105,132

–

4,105,132

Insurance

–

17,155,562

–

17,155,562

Leisure

Products

–

3,830,030

–

3,830,030

Machinery

–

3,343,091

–

3,343,091

Media

–

1,688,305

–

1,688,305

Metals

&

Mining

3,239,464

4,591,893

–

7,831,357

Multi-Utilities

–

8,216,382

–

8,216,382

Oil,

Gas

&

Consumable

Fuels

8,391,727

22,841,142

–

31,232,869

Paper

&

Forest

Products

–

4,145,533

–

4,145,533

Pharmaceuticals

4,556,741

16,807,113

–

21,363,854

Software

4,622,458

–

–

4,622,458

Specialty

Retail

–

5,205,235

–

5,205,235

Textiles,

Apparel

&

Luxury

Goods

–

1,051,515

–

1,051,515

Tobacco

–

3,373,422

–

3,373,422

Trading

Companies

&

Distributors

–

6,025,394

–

6,025,394

Water

Utilities

–

1,040,518

–

1,040,518

Wireless

Telecommunication

Services

–

2,735,809

–

2,735,809

Total

Common

Stocks

$

29,412,769

$

194,625,784

$

–

$

224,038,553

Exchange

Traded

Fund

2,631,219

–

–

2,631,219

Forward

Foreign

Currency

Contracts

–

270,734

–

270,734

Repurchase

Agreements

–

14,393,494

–

14,393,494

Total

Assets

$

32,043,988

$

209,290,012

$

–

$

241,334,000

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(623,043)

$

–

$

(623,043)

Total

Liabilities

$

–

$

(623,043)

$

–

$

(623,043)

Total

$

32,043,988

$

208,666,969

$

–

$

240,710,957

As

of

March

31,

2024,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

8

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2024:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

270,734

Total

$

270,734

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(623,043)

Total

$

(623,043)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Emerging

Markets

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

98.6%

Shares

Value

($)

BRAZIL

3.3%

Banks

1.9%

Banco

Bradesco

SA,

ADR

293,080

838,209

Itau

Unibanco

Holding

SA,

ADR

267,023

1,850,469

2,688,678

Oil,

Gas

&

Consumable

Fuels

1.4%

Petroleo

Brasileiro

SA,

ADR

141,993

2,159,714

4,848,392

CHILE

0.6%

Banks

0.6%

Banco

Santander

Chile

18,488,046

920,845

CHINA

21.1%

Automobiles

0.8%

BYD

Co.

Ltd.,

Class

A

42,200

1,220,353

Beverages

1.1%

Kweichow

Moutai

Co.

Ltd.,

Class

A

7,052

1,662,831

Broadline

Retail

1.2%

Alibaba

Group

Holding

Ltd.

199,469

1,800,170

Electrical

Equipment

1.0%

NARI

Technology

Co.

Ltd.,

Class

A

448,765

1,498,637

Electronic

Equipment,

Instruments

&

Components

0.5%

Sunny

Optical

Technology

Group

Co.

Ltd.

150,200

768,204

Entertainment

0.8%

NetEase,

Inc.

60,103

1,249,052

Health

Care

Equipment

&

Supplies

0.9%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

35,100

1,360,911

Hotels,

Restaurants

&

Leisure

1.9%

Trip.com

Group

Ltd.,

ADR

*

63,700

2,795,793

Independent

Power

and

Renewable

Electricity

Producers

1.7%

CGN

Power

Co.

Ltd.,

Class

A

1,987,100

1,093,898

China

Yangtze

Power

Co.

Ltd.,

Class

A

423,800

1,457,103

2,551,001

Interactive

Media

&

Services

3.7%

Tencent

Holdings

Ltd.

142,000

5,541,506

Metals

&

Mining

1.0%

Zijin

Mining

Group

Co.

Ltd.,

Class

A

671,100

1,503,169

Oil,

Gas

&

Consumable

Fuels

1.9%

PetroChina

Co.

Ltd.,

Class

H

3,374,000

2,886,045

Passenger

Airlines

0.9%

Spring

Airlines

Co.

Ltd.,

Class

A

*

182,225

1,388,378

Real

Estate

Management

&

Development

0.9%

KE

Holdings,

Inc.,

ADR

93,500

1,283,755

Software

1.5%

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

408,069

2,175,769

Textiles,

Apparel

&

Luxury

Goods

1.3%

Shenzhou

International

Group

Holdings

Ltd.

200,700

1,903,880

31,589,454

Common

Stocks

Shares

Value

($)

GREECE

1.9%

Hotels,

Restaurants

&

Leisure

1.2%

OPAP

SA

103,926

1,870,158

Industrial

Conglomerates

0.7%

Mytilineos

SA

25,793

995,375

2,865,533

HONG

KONG

2.7%

Insurance

1.8%

AIA

Group

Ltd.

281,413

1,888,560

Prudential

plc

77,258

726,729

2,615,289

Semiconductors

&

Semiconductor

Equipment

0.9%

ASMPT

Ltd.

107,700

1,355,459

3,970,748

INDIA

18.7%

Automobile

Components

0.9%

Sona

Blw

Precision

Forgings

Ltd.

Reg.

S

(a)

151,106

1,279,468

Banks

4.6%

Axis

Bank

Ltd.

167,597

2,108,631

HDFC

Bank

Ltd.

168,966

2,939,587

HDFC

Bank

Ltd.,

ADR

33,023

1,848,297

6,896,515

Beverages

3.2%

Varun

Beverages

Ltd.

281,528

4,727,287

Construction

&

Engineering

1.5%

Larsen

&

Toubro

Ltd.

49,685

2,242,828

Ground

Transportation

1.0%

Container

Corp.

of

India

Ltd.

135,432

1,432,945

Health

Care

Providers

&

Services

3.2%

Entero

Healthcare

Solutions

Ltd.

*

79,497

941,211

Max

Healthcare

Institute

Ltd.

386,677

3,803,582

4,744,793

Hotels,

Restaurants

&

Leisure

0.6%

Juniper

Hotels

Ltd.

*

141,672

879,138

Independent

Power

and

Renewable

Electricity

Producers

1.0%

JSW

Energy

Ltd.

245,021

1,558,951

Personal

Care

Products

0.3%

Honasa

Consumer

Ltd.

*

97,068

468,562

Wireless

Telecommunication

Services

2.4%

Bharti

Airtel

Ltd.

246,116

3,625,945

27,856,432

INDONESIA

4.1%

Banks

3.1%

Bank

Central

Asia

Tbk.

PT

3,267,515

2,076,509

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

6,768,800

2,587,158

4,663,667

Diversified

Telecommunication

Services

1.0%

Telkom

Indonesia

Persero

Tbk.

PT

6,818,100

1,495,369

6,159,036

MALAYSIA

1.5%

Banks

1.5%

Public

Bank

Bhd.

2,450,400

2,182,343

10

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

Shares

Value

($)

MEXICO

1.8%

Consumer

Staples

Distribution

&

Retail

1.8%

Wal-Mart

de

Mexico

SAB

de

CV

644,753

2,618,749

PHILIPPINES

0.9%

Hotels,

Restaurants

&

Leisure

0.9%

Jollibee

Foods

Corp.

298,760

1,343,092

POLAND

2.0%

Banks

1.4%

Bank

Polska

Kasa

Opieki

SA

47,440

2,156,992

Textiles,

Apparel

&

Luxury

Goods

0.6%

LPP

SA

231

884,595

3,041,587

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

(Preference)

^∞

533,346

0

TCS

Group

Holding

plc,

GDR

Reg.

S

*^∞

24,424

0

0

Consumer

Staples

Distribution

&

Retail

0.0%

†

Magnit

PJSC

^∞

32,259

0

Interactive

Media

&

Services

0.0%

†

Yandex

NV,

Class

A

*^∞

33,418

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Gazprom

PJSC

*^∞

1,425,666

0

0

SOUTH

AFRICA

1.0%

Financial

Services

1.0%

FirstRand

Ltd.

459,770

1,498,507

SOUTH

KOREA

16.9%

Automobile

Components

0.7%

Hyundai

Mobis

Co.

Ltd.

5,740

1,115,325

Automobiles

2.6%

Hyundai

Motor

Co.

5,867

1,033,336

Hyundai

Motor

Co.

(Preference)

9,311

1,084,756

Kia

Corp.

21,079

1,753,837

3,871,929

Banks

1.5%

KB

Financial

Group,

Inc.

43,355

2,255,255

Semiconductors

&

Semiconductor

Equipment

3.5%

HPSP

Co.

Ltd.

24,845

991,398

SK

Hynix,

Inc.

31,309

4,160,873

5,152,271

Technology

Hardware,

Storage

&

Peripherals

8.6%

Samsung

Electronics

Co.

Ltd.

162,517

9,730,677

Samsung

Electronics

Co.

Ltd.

(Preference)

60,704

3,031,091

12,761,768

25,156,548

TAIWAN

18.7%

Communications

Equipment

1.0%

Accton

Technology

Corp.

100,541

1,440,684

Electronic

Equipment,

Instruments

&

Components

3.2%

Delta

Electronics,

Inc.

114,000

1,221,401

Lotes

Co.

Ltd.

48,000

2,083,659

Unimicron

Technology

Corp.

236,000

1,403,249

4,708,309

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

13.0%

Alchip

Technologies

Ltd.

14,000

1,385,021

eMemory

Technology,

Inc.

12,000

903,740

MediaTek,

Inc.

60,000

2,179,636

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

626,923

15,105,039

19,573,436

Technology

Hardware,

Storage

&

Peripherals

1.5%

Wiwynn

Corp.

32,000

2,190,987

27,913,416

THAILAND

3.4%

Banks

0.9%

SCB

X

PCL

409,200

1,279,518

Hotels,

Restaurants

&

Leisure

1.0%

Minor

International

PCL

1,723,200

1,546,689

Oil,

Gas

&

Consumable

Fuels

1.5%

PTT

Exploration

&

Production

PCL

528,075

2,170,914

4,997,121

Total

Common

Stocks

(cost

$129,128,592)

146,961,803

Total

Investments

(cost

$129,128,592)

—

98.6%

146,961,803

Other

assets

in

excess

of

liabilities

—

1.4%

2,145,151

NET

ASSETS

—

100.0%

$

149,106,954

*

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,

2024

was

$1,279,468

which

represents

0.86%

of

net

assets.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

Emerging

Markets

Fund

-

March

31,

2024

(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,

2024

(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. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

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

$

–

$

2,394,793

$

–

$

2,394,793

Automobiles

–

5,092,282

–

5,092,282

Banks

5,457,820

17,585,993

–

23,043,813

Beverages

–

6,390,118

–

6,390,118

Broadline

Retail

–

1,800,170

–

1,800,170

Communications

Equipment

–

1,440,684

–

1,440,684

Construction

&

Engineering

–

2,242,828

–

2,242,828

Consumer

Staples

Distribution

&

Retail

–

2,618,749

–

2,618,749

Diversified

Telecommunication

Services

–

1,495,369

–

1,495,369

Electrical

Equipment

–

1,498,637

–

1,498,637

Electronic

Equipment,

Instruments

&

Components

–

5,476,513

–

5,476,513

Entertainment

–

1,249,052

–

1,249,052

Financial

Services

–

1,498,507

–

1,498,507

Ground

Transportation

–

1,432,945

–

1,432,945

Health

Care

Equipment

&

Supplies

–

1,360,911

–

1,360,911

Health

Care

Providers

&

Services

941,211

3,803,582

–

4,744,793

Hotels,

Restaurants

&

Leisure

5,221,620

3,213,250

–

8,434,870

Independent

Power

and

Renewable

Electricity

Producers

–

4,109,952

–

4,109,952

Industrial

Conglomerates

–

995,375

–

995,375

Insurance

–

2,615,289

–

2,615,289

Interactive

Media

&

Services

–

5,541,506

–

5,541,506

Metals

&

Mining

–

1,503,169

–

1,503,169

Oil,

Gas

&

Consumable

Fuels

4,330,628

2,886,045

–

7,216,673

Passenger

Airlines

–

1,388,378

–

1,388,378

Personal

Care

Products

–

468,562

–

468,562

Real

Estate

Management

&

Development

1,283,755

–

–

1,283,755

Semiconductors

&

Semiconductor

Equipment

–

26,081,166

–

26,081,166

Software

–

2,175,769

–

2,175,769

Technology

Hardware,

Storage

&

Peripherals

–

14,952,755

–

14,952,755

Textiles,

Apparel

&

Luxury

Goods

–

2,788,475

–

2,788,475

Wireless

Telecommunication

Services

–

3,625,945

–

3,625,945

Total

$

17,235,034

$

129,726,769

$

–

$

146,961,803

As

of

March

31,

2024,

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,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

99.1%

Shares

Value

($)

AUSTRALIA

4.3%

Commercial

Services

&

Supplies

1.1%

Brambles

Ltd.

99,367

1,047,735

Health

Care

Equipment

&

Supplies

0.4%

Cochlear

Ltd.

1,699

373,723

Hotels,

Restaurants

&

Leisure

0.8%

Aristocrat

Leisure

Ltd.

28,844

808,325

Metals

&

Mining

1.6%

BlueScope

Steel

Ltd.

19,018

295,926

Fortescue

Ltd.

27,072

453,651

Northern

Star

Resources

Ltd.

22,790

217,531

Perseus

Mining

Ltd.

(a)

252,363

357,494

Ramelius

Resources

Ltd.

103,337

126,706

Westgold

Resources

Ltd.

72,139

124,224

1,575,532

Passenger

Airlines

0.3%

Qantas

Airways

Ltd.

*

78,931

280,633

Specialty

Retail

0.1%

Cettire

Ltd.

*

29,967

79,104

4,165,052

AUSTRIA

0.2%

Banks

0.2%

Raiffeisen

Bank

International

AG

11,229

224,256

BELGIUM

0.3%

Consumer

Staples

Distribution

&

Retail

0.3%

Etablissements

Franz

Colruyt

NV

6,077

280,275

BRAZIL

1.4%

Metals

&

Mining

0.1%

Vale

SA

6,500

78,836

Oil,

Gas

&

Consumable

Fuels

1.1%

Petroleo

Brasileiro

SA

(Preference)

144,900

1,079,369

Passenger

Airlines

0.1%

Azul

SA

(Preference)

*

32,400

84,240

Water

Utilities

0.1%

Cia

De

Sanena

Do

Parana

*

19,200

99,648

1,342,093

CANADA

7.7%

Broadline

Retail

1.2%

Dollarama,

Inc.

15,582

1,187,041

Capital

Markets

0.4%

Brookfield

Corp.,

Class

A

8,495

355,466

Consumer

Staples

Distribution

&

Retail

0.2%

Metro,

Inc.,

Class

A

2,729

146,508

Insurance

2.2%

Fairfax

Financial

Holdings

Ltd.

531

572,377

Manulife

Financial

Corp.

68,461

1,709,819

2,282,196

IT

Services

1.3%

CGI,

Inc.

*

9,047

998,105

Shopify,

Inc.,

Class

A

*

3,717

286,757

1,284,862

Metals

&

Mining

0.4%

Kinross

Gold

Corp.

16,134

98,980

Torex

Gold

Resources,

Inc.

*

20,092

295,770

394,750

Common

Stocks

Shares

Value

($)

CANADA

Oil,

Gas

&

Consumable

Fuels

0.1%

Vermilion

Energy,

Inc.

(a)

5,733

71,274

Passenger

Airlines

0.2%

Air

Canada

*

12,376

179,169

Software

1.7%

Constellation

Software,

Inc.

630

1,720,867

7,622,133

CHINA

7.7%

Automobiles

0.2%

BYD

Co.

Ltd.,

Class

H

8,500

217,310

Banks

0.6%

Bank

of

China

Ltd.,

Class

H

850,000

351,097

China

Construction

Bank

Corp.,

Class

H

305,000

184,102

China

Merchants

Bank

Co.

Ltd.,

Class

H

16,500

65,349

600,548

Broadline

Retail

1.8%

Alibaba

Group

Holding

Ltd.

84,100

758,987

Alibaba

Group

Holding

Ltd.,

ADR

2,708

195,951

JD.com,

Inc.,

Class

A

32,307

439,513

PDD

Holdings,

Inc.,

ADR

*

2,288

265,980

Vipshop

Holdings

Ltd.,

ADR

12,965

214,571

1,875,002

Communications

Equipment

0.1%

BYD

Electronic

International

Co.

Ltd.

17,500

64,623

Diversified

Consumer

Services

0.1%

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

*

1,255

108,959

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Sunny

Optical

Technology

Group

Co.

Ltd.

9,200

47,054

Entertainment

1.0%

NetEase,

Inc.

36,500

758,538

Tencent

Music

Entertainment

Group,

ADR

*

21,871

244,736

1,003,274

Gas

Utilities

0.2%

Beijing

Enterprises

Holdings

Ltd.

23,500

68,203

Kunlun

Energy

Co.

Ltd.

102,000

85,169

153,372

Health

Care

Providers

&

Services

0.1%

Sinopharm

Group

Co.

Ltd.,

Class

H

24,800

63,613

Hotels,

Restaurants

&

Leisure

0.4%

Haidilao

International

Holding

Ltd.

Reg.

S

(b)

110,000

248,784

Meituan,

Class

B

Reg.

S

*(b)

12,600

155,652

404,436

Household

Durables

0.1%

Hisense

Home

Appliances

Group

Co.

Ltd.

34,000

105,881

Independent

Power

and

Renewable

Electricity

Producers

0.5%

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

680,000

478,623

14

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Insurance

0.1%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

70,000

92,302

Interactive

Media

&

Services

1.4%

Baidu,

Inc.,

ADR

*(a)

1,970

207,402

Kuaishou

Technology

Reg.

S

*(b)

11,600

72,825

Meitu,

Inc.

Reg.

S

*(b)

165,000

69,273

Tencent

Holdings

Ltd.

25,100

979,519

1,329,019

Oil,

Gas

&

Consumable

Fuels

0.4%

PetroChina

Co.

Ltd.,

Class

H

412,000

352,416

Pharmaceuticals

0.2%

CSPC

Pharmaceutical

Group

Ltd.

259,200

204,210

Real

Estate

Management

&

Development

0.1%

China

Overseas

Property

Holdings

Ltd.

85,000

47,115

KE

Holdings,

Inc.,

ADR

(a)

5,603

76,929

124,044

Technology

Hardware,

Storage

&

Peripherals

0.4%

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

177,000

366,963

7,591,649

COLOMBIA

0.1%

Banks

0.1%

Bancolombia

SA,

ADR

2,242

76,721

DENMARK

3.6%

Marine

Transportation

0.0%

†

AP

Moller

-

Maersk

A/S,

Class

B

37

48,108

Pharmaceuticals

3.3%

Novo

Nordisk

A/S,

Class

B

24,178

3,097,103

Textiles,

Apparel

&

Luxury

Goods

0.3%

Pandora

A/S

1,925

310,934

3,456,145

FINLAND

0.5%

Banks

0.5%

Nordea

Bank

Abp

45,871

518,332

FRANCE

6.2%

Banks

1.3%

BNP

Paribas

SA

13,227

941,342

Societe

Generale

SA

11,579

311,527

1,252,869

Building

Products

0.2%

Cie

de

Saint-Gobain

SA

2,832

219,610

Construction

&

Engineering

1.8%

Vinci

SA

13,143

1,683,459

Containers

&

Packaging

0.3%

Verallia

SA

Reg.

S

(b)

7,786

302,584

Financial

Services

0.6%

Eurazeo

SE

6,386

559,408

Hotels,

Restaurants

&

Leisure

0.5%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

11,788

480,475

IT

Services

0.5%

Capgemini

SE

1,911

440,663

Oil,

Gas

&

Consumable

Fuels

0.2%

TotalEnergies

SE

2,730

187,715

Common

Stocks

Shares

Value

($)

FRANCE

Professional

Services

0.3%

Teleperformance

SE

3,178

308,170

Retail

REITs

0.4%

Unibail-Rodamco-Westfield

*

5,068

407,128

Software

0.1%

Dassault

Systemes

SE

3,124

138,178

5,980,259

GERMANY

4.9%

Automobiles

1.5%

Bayerische

Motoren

Werke

AG

12,938

1,492,802

Capital

Markets

0.8%

Deutsche

Bank

AG

(Registered)

51,026

802,597

Electrical

Equipment

0.2%

Siemens

Energy

AG

*

12,587

230,928

Hotels,

Restaurants

&

Leisure

0.2%

TUI

AG

*

17,994

148,212

Machinery

0.1%

Rational

AG

78

67,224

Semiconductors

&

Semiconductor

Equipment

1.8%

Infineon

Technologies

AG

49,909

1,696,693

Software

0.3%

SAP

SE

1,462

284,641

4,723,097

GREECE

0.4%

Banks

0.4%

National

Bank

of

Greece

SA

*

26,561

207,948

Piraeus

Financial

Holdings

SA

*

33,302

139,178

347,126

HONG

KONG

1.3%

Food

Products

0.3%

WH

Group

Ltd.

Reg.

S

(b)

403,000

265,957

Oil,

Gas

&

Consumable

Fuels

0.1%

United

Energy

Group

Ltd.

(a)

846,000

60,544

Real

Estate

Management

&

Development

0.4%

Swire

Pacific

Ltd.,

Class

A

44,500

366,432

Retail

REITs

0.5%

Link

REIT

141,600

609,922

1,302,855

INDIA

4.5%

Aerospace

&

Defense

0.3%

Hindustan

Aeronautics

Ltd.

Reg.

S

6,269

251,056

Banks

1.5%

Bank

of

Baroda

54,229

171,758

State

Bank

of

India

142,629

1,290,376

1,462,134

Financial

Services

0.1%

LIC

Housing

Finance

Ltd.

16,772

122,906

Independent

Power

and

Renewable

Electricity

Producers

0.1%

PTC

India

Ltd.

38,906

86,797

Insurance

0.6%

Life

Insurance

Corp.

of

India

53,387

589,284

IT

Services

0.3%

HCL

Technologies

Ltd.

17,902

331,459

NVIT

International

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

INDIA

Metals

&

Mining

0.1%

NMDC

Steel

Ltd.

*

167,036

109,602

Oil,

Gas

&

Consumable

Fuels

0.3%

Chennai

Petroleum

Corp.

Ltd.

9,119

99,170

Reliance

Industries

Ltd.

5,397

192,825

291,995

Pharmaceuticals

1.2%

Cipla

Ltd.

6,213

111,504

Dr

Reddy's

Laboratories

Ltd.

14,229

1,051,581

1,163,085

4,408,318

INDONESIA

0.8%

Banks

0.7%

Bank

Mandiri

Persero

Tbk.

PT

1,276,800

584,529

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

259,900

99,338

683,867

Food

Products

0.1%

First

Resources

Ltd.

57,200

58,046

741,913

IRELAND

0.5%

Trading

Companies

&

Distributors

0.5%

AerCap

Holdings

NV

*

5,106

443,762

ISRAEL

0.1%

Software

0.1%

Check

Point

Software

Technologies

Ltd.

*

648

106,278

ITALY

2.9%

Automobiles

1.4%

Ferrari

NV

3,165

1,379,483

Banks

1.3%

UniCredit

SpA

32,138

1,219,590

Construction

Materials

0.1%

Buzzi

SpA

2,923

114,787

Diversified

Telecommunication

Services

0.1%

Telecom

Italia

SpA

*(a)

548,762

132,843

2,846,703

JAPAN

15.1%

Automobiles

2.2%

Honda

Motor

Co.

Ltd.

72,700

899,150

Subaru

Corp.

(a)

8,500

193,460

Toyota

Motor

Corp.

44,800

1,126,099

2,218,709

Banks

1.9%

Hachijuni

Bank

Ltd.

(The)

14,300

96,456

Hyakugo

Bank

Ltd.

(The)

23,500

99,496

Japan

Post

Bank

Co.

Ltd.

5,400

58,109

Mizuho

Financial

Group,

Inc.

75,000

1,483,959

Tokyo

Kiraboshi

Financial

Group,

Inc.

3,900

120,868

1,858,888

Beverages

0.1%

Takara

Holdings,

Inc.

(a)

9,700

69,761

Capital

Markets

0.6%

Daiwa

Securities

Group,

Inc.

(a)

72,500

551,741

Chemicals

0.5%

Kansai

Paint

Co.

Ltd.

(a)

22,800

326,611

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Shin-Etsu

Chemical

Co.

Ltd.

4,300

188,666

515,277

Electrical

Equipment

1.1%

GS

Yuasa

Corp.

5,300

110,212

Nidec

Corp.

24,200

998,933

1,109,145

Entertainment

0.1%

Anycolor,

Inc.

*(a)

4,100

70,253

Financial

Services

0.4%

ORIX

Corp.

19,200

419,794

Ground

Transportation

0.1%

East

Japan

Railway

Co.

4,500

86,278

Household

Durables

1.6%

Panasonic

Holdings

Corp.

164,600

1,570,382

Insurance

1.6%

Japan

Post

Holdings

Co.

Ltd.

157,200

1,582,396

Leisure

Products

0.4%

Bandai

Namco

Holdings,

Inc.

(a)

2,600

48,135

Sankyo

Co.

Ltd.

(a)

27,000

294,785

Sega

Sammy

Holdings,

Inc.

(a)

5,600

69,256

412,176

Machinery

0.4%

NGK

Insulators

Ltd.

24,200

324,923

NSK

Ltd.

(a)

15,000

85,493

410,416

Media

0.1%

SKY

Perfect

JSAT

Holdings,

Inc.

(a)

8,900

60,736

Passenger

Airlines

0.2%

ANA

Holdings,

Inc.

(a)

9,700

202,532

Pharmaceuticals

1.7%

Chugai

Pharmaceutical

Co.

Ltd.

14,300

546,563

Ono

Pharmaceutical

Co.

Ltd.

(a)

26,900

440,882

Otsuka

Holdings

Co.

Ltd.

15,500

642,822

1,630,267

Real

Estate

Management

&

Development

0.2%

Tokyu

Fudosan

Holdings

Corp.

21,200

171,334

Semiconductors

&

Semiconductor

Equipment

0.2%

Tokyo

Electron

Ltd.

600

157,350

Tobacco

1.3%

Japan

Tobacco,

Inc.

48,400

1,290,237

Trading

Companies

&

Distributors

0.1%

Mitsui

&

Co.

Ltd.

1,900

88,773

Wireless

Telecommunication

Services

0.3%

SoftBank

Corp.

24,000

308,222

14,784,667

MALAYSIA

0.1%

Construction

&

Engineering

0.1%

IJM

Corp.

Bhd.

209,100

107,050

MEXICO

0.8%

Beverages

0.5%

Arca

Continental

SAB

de

CV

(a)

17,500

190,996

Coca-Cola

Femsa

SAB

de

CV,

ADR

2,962

287,906

478,902

16

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

MEXICO

Diversified

REITs

0.1%

Fibra

Uno

Administracion

SA

de

CV

62,000

102,958

Household

Products

0.2%

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

74,300

179,082

760,942

NETHERLANDS

4.9%

Financial

Services

0.1%

EXOR

NV

905

100,579

Insurance

0.1%

NN

Group

NV

1,449

67,025

Oil,

Gas

&

Consumable

Fuels

0.6%

Shell

plc

18,216

604,380

Professional

Services

1.4%

Wolters

Kluwer

NV

8,406

1,316,452

Semiconductors

&

Semiconductor

Equipment

2.7%

ASML

Holding

NV

2,763

2,652,709

4,741,145

PHILIPPINES

0.3%

Transportation

Infrastructure

0.3%

International

Container

Terminal

Services,

Inc.

43,480

249,536

POLAND

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

ORLEN

SA

16,341

266,065

PORTUGAL

0.3%

Construction

&

Engineering

0.2%

Mota-Engil

SGPS

SA

38,346

199,031

Consumer

Staples

Distribution

&

Retail

0.1%

Jeronimo

Martins

SGPS

SA

3,533

70,100

269,131

SAUDI

ARABIA

0.5%

Electrical

Equipment

0.1%

Riyadh

Cables

Group

Co.

3,586

96,583

Health

Care

Providers

&

Services

0.1%

Saudi

Chemical

Co.

Holding

74,731

139,609

IT

Services

0.3%

Arabian

Internet

&

Communications

Services

Co.

1,946

196,244

Elm

Co.

371

94,865

291,109

527,301

SINGAPORE

1.6%

Multi-Utilities

0.1%

Sembcorp

Industries

Ltd.

36,200

144,818

Passenger

Airlines

0.5%

Singapore

Airlines

Ltd.

95,000

450,808

Semiconductors

&

Semiconductor

Equipment

1.0%

STMicroelectronics

NV

23,304

1,003,150

1,598,776

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

0.7%

Insurance

0.1%

Momentum

Metropolitan

Holdings

71,468

76,758

Metals

&

Mining

0.5%

Gold

Fields

Ltd.,

ADR

(a)

14,441

229,467

Harmony

Gold

Mining

Co.

Ltd.,

ADR

29,102

237,764

467,231

Paper

&

Forest

Products

0.1%

Sappi

Ltd.

39,319

104,308

648,297

SOUTH

KOREA

3.7%

Automobiles

1.1%

Kia

Corp.

13,061

1,086,715

Banks

0.2%

KB

Financial

Group,

Inc.

4,246

220,870

Insurance

0.3%

DB

Insurance

Co.

Ltd.

2,865

205,246

Samsung

Life

Insurance

Co.

Ltd.

1,214

86,138

291,384

Machinery

0.5%

Doosan

Bobcat,

Inc.

9,896

397,109

Hyundai

Rotem

Co.

Ltd.

2,974

76,006

473,115

Pharmaceuticals

0.1%

Hanmi

Pharm

Co.

Ltd.

373

94,771

Technology

Hardware,

Storage

&

Peripherals

1.5%

Samsung

Electronics

Co.

Ltd.

23,082

1,382,032

3,548,887

SPAIN

1.0%

Banks

0.7%

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)

29,363

349,803

Banco

Santander

SA

62,283

304,328

654,131

Electric

Utilities

0.3%

Acciona

SA

2,401

292,363

946,494

SWEDEN

1.3%

Hotels,

Restaurants

&

Leisure

0.2%

Betsson

AB,

Class

B

*

22,018

217,687

Interactive

Media

&

Services

0.1%

Hemnet

Group

AB

2,969

90,818

Machinery

0.3%

SKF

AB,

Class

B

(a)

8,149

166,101

Volvo

AB,

Class

B

(a)

5,879

159,221

325,322

Metals

&

Mining

0.1%

Boliden

AB

(a)

4,798

132,926

Real

Estate

Management

&

Development

0.6%

Fastighets

AB

Balder,

Class

B

*(a)

71,240

522,523

1,289,276

SWITZERLAND

3.5%

Capital

Markets

0.2%

UBS

Group

AG

(Registered)

6,965

214,061

NVIT

International

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

SWITZERLAND

Chemicals

0.7%

Givaudan

SA

(Registered)

151

674,674

Electrical

Equipment

1.7%

ABB

Ltd.

(Registered)

35,880

1,665,287

Technology

Hardware,

Storage

&

Peripherals

0.9%

Logitech

International

SA

(Registered)

9,456

846,188

3,400,210

TAIWAN

5.3%

Communications

Equipment

0.2%

Accton

Technology

Corp.

16,000

229,269

Electrical

Equipment

0.2%

Fortune

Electric

Co.

Ltd.

7,000

146,584

Electronic

Equipment,

Instruments

&

Components

1.3%

Delta

Electronics,

Inc.

80,000

857,124

Hon

Hai

Precision

Industry

Co.

Ltd.

78,000

379,012

1,236,136

Entertainment

0.4%

International

Games

System

Co.

Ltd.

10,000

351,578

Personal

Care

Products

0.2%

Grape

King

Bio

Ltd.

30,000

151,410

Semiconductors

&

Semiconductor

Equipment

2.6%

MediaTek,

Inc.

30,000

1,089,818

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

63,000

1,517,917

2,607,735

Technology

Hardware,

Storage

&

Peripherals

0.4%

Asia

Vital

Components

Co.

Ltd.

9,000

152,860

Chicony

Electronics

Co.

Ltd.

25,000

173,142

Wiwynn

Corp.

1,000

68,468

394,470

5,117,182

THAILAND

0.4%

Health

Care

Providers

&

Services

0.3%

Bumrungrad

Hospital

PCL

48,200

294,685

Oil,

Gas

&

Consumable

Fuels

0.1%

PTT

Exploration

&

Production

PCL

20,300

83,453

378,138

TURKEY

0.4%

Banks

0.2%

Turkiye

Garanti

Bankasi

A/S

41,460

91,689

Turkiye

Is

Bankasi

A/S,

Class

C

272,376

94,679

186,368

Wireless

Telecommunication

Services

0.2%

Turkcell

Iletisim

Hizmetleri

A/S

75,828

160,356

346,724

UNITED

ARAB

EMIRATES

0.4%

Real

Estate

Management

&

Development

0.4%

Emaar

Properties

PJSC

172,065

381,772

UNITED

KINGDOM

6.6%

Aerospace

&

Defense

0.9%

BAE

Systems

plc

15,146

257,982

Rolls-Royce

Holdings

plc

*

109,269

587,630

845,612

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Banks

2.6%

Barclays

plc

361,838

840,825

HSBC

Holdings

plc

41,122

321,430

NatWest

Group

plc

115,014

385,175

Standard

Chartered

plc

87,552

741,944

Virgin

Money

UK

plc

77,506

209,733

2,499,107

Beverages

0.1%

Britvic

plc

5,219

54,098

Capital

Markets

0.7%

3i

Group

plc

10,808

382,861

IG

Group

Holdings

plc

10,657

98,136

Investec

plc

19,253

128,995

Man

Group

plc

20,936

70,757

680,749

Commercial

Services

&

Supplies

0.2%

Johnson

Service

Group

plc

110,000

182,383

Consumer

Staples

Distribution

&

Retail

0.6%

J

Sainsbury

plc

24,748

84,575

Marks

&

Spencer

Group

plc

85,587

286,854

Tesco

plc

67,402

252,225

623,654

Hotels,

Restaurants

&

Leisure

0.1%

Compass

Group

plc

4,940

144,777

Marine

Transportation

0.1%

Global

Ship

Lease,

Inc.,

Class

A

4,573

92,832

Oil,

Gas

&

Consumable

Fuels

0.1%

BP

plc

18,716

117,599

Passenger

Airlines

0.5%

International

Consolidated

Airlines

Group

SA

*

227,025

507,087

Pharmaceuticals

0.2%

AstraZeneca

plc,

ADR

2,744

185,906

Professional

Services

0.3%

RELX

plc

5,837

252,211

Software

0.1%

Darktrace

plc

*

20,333

112,045

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

154,426

136,729

6,434,789

UNITED

STATES

4.5%

Automobiles

0.4%

Stellantis

NV

(a)

14,271

404,933

Pharmaceuticals

3.7%

GSK

plc

105,282

2,261,137

Roche

Holding

AG

5,057

1,290,935

3,552,072

Professional

Services

0.4%

Experian

plc

8,907

388,844

4,345,849

Total

Common

Stocks

(cost

$78,237,342)

96,319,198

18

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

International

Equity

Fund

Warrants

0.0%

†

Number

of

Warrants

Value

($)

CANADA

0.0%

†

Software

0.0%

†

Constellation

Software,

Inc.,

expiring

at

an

exercise

price

of

$11.50

on

03/31/40*^∞

723

0

Total

Warrants

(cost

$0)

0

Repurchase

Agreement

3.0%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$2,894,615,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$2,950,759.(c)

2,892,901

2,892,901

Total

Repurchase

Agreement

(cost

$2,892,901)

2,892,901

Total

Investments

(cost

$81,130,243)

—

102.1%

99,212,099

Liabilities

in

excess

of

other

assets

—

(2.1)%

(2,011,496)

NET

ASSETS

—

100.0%

$

97,200,603

*

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,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$4,497,806,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,892,901

and

by

$1,867,884

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

4/2/2024

–

2/15/2054,

a

total

value

of

$4,760,785.

(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,

2024

was

$1,962,513

which

represents

2.02%

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,

2024

was

$2,892,901.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

International

Equity

Fund

-

March

31,

2024

(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.

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.

20

-

Statement

of

Investments

-

March

31,

2024

(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,

2024.

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

$

–

$

1,096,668

$

–

$

1,096,668

Automobiles

1,379,483

5,420,469

–

6,799,952

Banks

1,296,311

10,508,496

–

11,804,807

Beverages

287,906

314,855

–

602,761

Broadline

Retail

1,863,543

1,198,500

–

3,062,043

Building

Products

–

219,610

–

219,610

Capital

Markets

355,466

2,249,148

–

2,604,614

Chemicals

–

1,189,951

–

1,189,951

Commercial

Services

&

Supplies

–

1,230,118

–

1,230,118

Communications

Equipment

–

293,892

–

293,892

Construction

&

Engineering

–

1,989,540

–

1,989,540

Construction

Materials

114,787

–

–

114,787

Consumer

Staples

Distribution

&

Retail

146,508

974,029

–

1,120,537

Containers

&

Packaging

–

302,584

–

302,584

Diversified

Consumer

Services

108,959

–

–

108,959

Diversified

REITs

–

102,958

–

102,958

Diversified

Telecommunication

Services

–

132,843

–

132,843

Electric

Utilities

–

292,363

–

292,363

Electrical

Equipment

–

3,248,527

–

3,248,527

Electronic

Equipment,

Instruments

&

Components

–

1,283,190

–

1,283,190

Entertainment

244,736

1,180,369

–

1,425,105

Financial

Services

–

1,202,687

–

1,202,687

Food

Products

–

324,003

–

324,003

Gas

Utilities

–

153,372

–

153,372

Ground

Transportation

–

86,278

–

86,278

Health

Care

Equipment

&

Supplies

–

373,723

–

373,723

Health

Care

Providers

&

Services

–

497,907

–

497,907

Hotels,

Restaurants

&

Leisure

–

2,203,912

–

2,203,912

Household

Durables

–

1,676,263

–

1,676,263

Household

Products

–

179,082

–

179,082

Independent

Power

and

Renewable

Electricity

Producers

–

565,420

–

565,420

Insurance

2,282,196

2,699,149

–

4,981,345

Interactive

Media

&

Services

207,402

1,212,435

–

1,419,837

IT

Services

1,284,862

1,063,231

–

2,348,093

Leisure

Products

–

412,176

–

412,176

Machinery

–

1,276,077

–

1,276,077

Marine

Transportation

92,832

48,108

–

140,940

Media

–

60,736

–

60,736

Metals

&

Mining

940,817

1,818,060

–

2,758,877

Multi-Utilities

–

144,818

–

144,818

Oil,

Gas

&

Consumable

Fuels

1,234,096

1,880,714

–

3,114,810

Paper

&

Forest

Products

–

104,308

–

104,308

Passenger

Airlines

263,409

1,441,060

–

1,704,469

Personal

Care

Products

–

151,410

–

151,410

Pharmaceuticals

185,906

9,741,508

–

9,927,414

Professional

Services

–

2,265,677

–

2,265,677

Real

Estate

Management

&

Development

76,929

1,489,176

–

1,566,105

Retail

REITs

–

1,017,050

–

1,017,050

Semiconductors

&

Semiconductor

Equipment

–

8,117,637

–

8,117,637

Software

1,827,145

534,864

–

2,362,009

Specialty

Retail

–

79,104

–

79,104

Technology

Hardware,

Storage

&

Peripherals

–

2,989,653

–

2,989,653

Textiles,

Apparel

&

Luxury

Goods

–

310,934

–

310,934

Tobacco

–

1,290,237

–

1,290,237

Trading

Companies

&

Distributors

443,762

88,773

–

532,535

NVIT

International

Equity

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

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:

Transportation

Infrastructure

$

–

$

249,536

$

–

$

249,536

Water

Utilities

99,648

–

–

99,648

Wireless

Telecommunication

Services

–

605,307

–

605,307

Total

Common

Stocks

$

14,736,703

$

81,582,495

$

–

$

96,319,198

Repurchase

Agreement

–

2,892,901

–

2,892,901

Warrants

–

–

–

–

Total

$

14,736,703

$

84,475,396

$

–

$

99,212,099

As

of

March

31,

2024,

the

Fund

held

one

warrant

investment

that

was

categorized

as

a

Level

3

investment

which

was

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.

22

-

Statement

of

Investments

-

March

31,

2024

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

Common

Stocks

99.6%

Shares

Value

($)

AUSTRALIA

5.6%

Capital

Markets

1.7%

Macquarie

Group

Ltd.

30,649

3,989,003

Industrial

REITs

3.1%

Goodman

Group

323,724

7,133,607

Metals

&

Mining

0.8%

Pilbara

Minerals

Ltd.

(a)

718,320

1,800,287

12,922,897

DENMARK

6.2%

Pharmaceuticals

6.2%

Novo

Nordisk

A/S,

Class

B

111,538

14,287,563

FAROE

ISLANDS

2.9%

Food

Products

2.9%

Bakkafrost

P/F

102,812

6,658,505

FRANCE

13.5%

Aerospace

&

Defense

3.0%

Airbus

SE

37,502

6,917,472

Beverages

1.1%

Remy

Cointreau

SA

24,206

2,438,005

Chemicals

2.3%

Air

Liquide

SA

25,606

5,336,316

Diversified

Telecommunication

Services

1.4%

Orange

SA

280,372

3,293,711

Insurance

1.5%

AXA

SA

92,411

3,469,914

Textiles,

Apparel

&

Luxury

Goods

4.2%

Hermes

International

SCA

1,968

5,045,238

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,000

4,522,186

9,567,424

31,022,842

GERMANY

7.8%

Interactive

Media

&

Services

1.3%

Scout24

SE

Reg.

S

(b)

38,636

2,912,099

Life

Sciences

Tools

&

Services

1.2%

Sartorius

AG

(Preference)

*

6,828

2,715,547

Personal

Care

Products

1.4%

Beiersdorf

AG

22,496

3,275,309

Software

3.9%

SAP

SE

46,699

9,091,976

17,994,931

HONG

KONG

3.5%

Insurance

2.6%

AIA

Group

Ltd.

518,600

3,480,319

Prudential

plc

255,514

2,403,499

5,883,818

Semiconductors

&

Semiconductor

Equipment

0.9%

ASMPT

Ltd.

170,000

2,139,536

8,023,354

JAPAN

19.8%

Chemicals

2.3%

Shin-Etsu

Chemical

Co.

Ltd.

118,100

5,181,746

Electronic

Equipment,

Instruments

&

Components

2.4%

Keyence

Corp.

12,000

5,579,992

Common

Stocks

Shares

Value

($)

JAPAN

Food

Products

1.8%

Ajinomoto

Co.,

Inc.

(a)

113,800

4,247,988

Health

Care

Equipment

&

Supplies

4.9%

Hoya

Corp.

46,000

5,758,370

Terumo

Corp.

(a)

286,800

5,256,867

11,015,237

Household

Durables

2.4%

Sony

Group

Corp.

64,700

5,544,955

Professional

Services

2.7%

Recruit

Holdings

Co.

Ltd.

142,800

6,290,635

Semiconductors

&

Semiconductor

Equipment

3.3%

Advantest

Corp.

(a)

69,600

3,110,365

Socionext,

Inc.

(a)

45,700

1,247,536

SUMCO

Corp.

203,700

3,224,008

7,581,909

45,442,462

NETHERLANDS

11.2%

Entertainment

2.0%

Universal

Music

Group

NV

150,516

4,525,827

Professional

Services

2.0%

Wolters

Kluwer

NV

29,947

4,689,958

Semiconductors

&

Semiconductor

Equipment

7.2%

ASM

International

NV

4,755

2,896,772

ASML

Holding

NV

11,896

11,421,147

BE

Semiconductor

Industries

NV

14,283

2,180,749

16,498,668

25,714,453

NEW

ZEALAND

1.5%

Software

1.5%

Xero

Ltd.

*

38,977

3,386,957

SOUTH

KOREA

1.6%

Technology

Hardware,

Storage

&

Peripherals

1.6%

Samsung

Electronics

Co.

Ltd.,

GDR

Reg.

S

(b)

2,411

3,582,952

SPAIN

5.3%

Diversified

Telecommunication

Services

1.6%

Cellnex

Telecom

SA

Reg.

S

(b)

103,833

3,671,435

Hotels,

Restaurants

&

Leisure

2.0%

Amadeus

IT

Group

SA

73,034

4,683,824

Specialty

Retail

1.7%

Industria

de

Diseno

Textil

SA

77,572

3,906,280

12,261,539

SWITZERLAND

6.0%

Chemicals

2.0%

Sika

AG

(Registered)

15,144

4,509,217

Health

Care

Equipment

&

Supplies

1.2%

Straumann

Holding

AG

(Registered)

17,239

2,751,792

Life

Sciences

Tools

&

Services

2.8%

Lonza

Group

AG

(Registered)

10,721

6,419,097

13,680,106

UNITED

KINGDOM

5.0%

Household

Durables

1.3%

Barratt

Developments

plc

480,694

2,890,882

NVIT

NS

Partners

International

Focused

Growth

Fund

-

March

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Industrial

REITs

1.0%

Segro

plc

208,100

2,370,469

Oil,

Gas

&

Consumable

Fuels

1.3%

BP

plc

473,860

2,977,422

Trading

Companies

&

Distributors

1.4%

Ashtead

Group

plc

44,078

3,133,113

11,371,886

UNITED

STATES

9.7%

Biotechnology

2.5%

CSL

Ltd.

30,905

5,808,679

Electrical

Equipment

3.0%

Schneider

Electric

SE

30,293

6,850,225

Food

Products

2.2%

Nestle

SA

(Registered)

47,748

5,069,903

Professional

Services

2.0%

Experian

plc

106,571

4,652,468

22,381,275

Total

Common

Stocks

(cost

$183,058,686)

228,731,722

Repurchase

Agreement

0.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.33%,

dated

3/28/2024,

due

4/1/2024,

repurchase

price

$1,375,589,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.85%

-

39.76%,

maturing

8/1/2024

-

2/20/2074;

total

market

value

$1,402,270.(c)

1,374,774

1,374,774

Total

Repurchase

Agreement

(cost

$1,374,774)

1,374,774

Total

Investments

(cost

$184,433,460)

—

100.2%

230,106,496

Liabilities

in

excess

of

other

assets

—

(0.2)%

(396,406)

NET

ASSETS

—

100.0%

$

229,710,090

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

March

31,

2024.

The

total

value

of

securities

on

loan

as

of

March

31,

2024

was

$11,104,811,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,374,774

and

by

$15,092,555

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.63%,

and

maturity

dates

ranging

from

1/31/2025

–

11/15/2052,

a

total

value

of

$16,467,329.

(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,

2024

was

$10,166,486

which

represents

4.43%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2024

was

$1,374,774.

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

24

-

Statement

of

Investments

-

March

31,

2024

(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,

2024

(Unaudited)

-

Statement

of

Investments

-

25

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

–

$

228,731,722

$

–

$

228,731,722

Repurchase

Agreement

–

1,374,774

–

1,374,774

Total

$

–

$

230,106,496

$

–

$

230,106,496

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.