Nationwide Variable Insurance Trust NPORT-P NVIT American Funds Bond Fund (Sep 2024 report)

NVIT

American

Funds

Asset

Allocation

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100

.1

%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

249,219,386

6,532,040,096

Total

Investment

Company

(cost

$4,579,086,013)

6,532,040,096

Total

Investments

(cost

$4,579,086,013)

—

100.1%

6,532,040,096

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

3,601,642

)

NET

ASSETS

—

100.0%

$

6,528,438,454

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

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)

354,933,612

3,520,941,433

Total

Investment

Company

(cost

$3,710,489,615)

3,520,941,433

Total

Investments

(cost

$3,710,489,615)

—

100.1%

3,520,941,433

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

1,959,200

)

NET

ASSETS

—

100.0%

$

3,518,982,233

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

15,413,511

592,341,244

Total

Investment

Company

(cost

$419,647,104)

592,341,244

Total

Investments

(cost

$419,647,104)

—

100.1%

592,341,244

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

363,127

)

NET

ASSETS

—

100.0%

$

591,978,117

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

16,116,189

1,925,401,069

Total

Investment

Company

(cost

$1,273,194,760)

1,925,401,069

Total

Investments

(cost

$1,273,194,760)

—

100.1%

1,925,401,069

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

1,023,459

)

NET

ASSETS

—

100.0%

$

1,924,377,610

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

60,393,609

4,143,001,595

Total

Investment

Company

(cost

$2,602,742,659)

4,143,001,595

Total

Investments

(cost

$2,602,742,659)

—

100.1%

4,143,001,595

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

2,246,349

)

NET

ASSETS

—

100.0%

$

4,140,755,246

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

September

30,

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 September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

94

.9

%

Shares

Value

($)

Equity

Funds

85.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

12,178,725

152,842,997

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,442,063

22,125,094

NVIT

International

Index

Fund,

Class

Y(a)

7,510,094

88,994,608

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

2,579,509

53,499,020

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,496,472

30,468,162

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

155,805

1,377,312

Total

Equity

Funds

(cost

$303,153,931)

349,307,193

Fixed

Income

Funds

9.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

893,906

8,259,696

NVIT

Bond

Index

Fund,

Class

Y(a)

3,343,318

32,028,986

Total

Fixed

Income

Funds

(cost

$40,039,448)

40,288,682

Total

Investment

Companies

(cost

$343,193,379)

389,595,875

Exchange

Traded

Funds

4

.4

%

Equity

Funds

3.0%

iShares

Core

MSCI

EAFE

ETF

31,290

2,442,184

iShares

Core

S&P

500

ETF

9,995

5,765,316

iShares

Core

S&P

Small-Cap

ETF

34,359

4,018,629

Total

Equity

Funds

(cost

$11,865,487)

12,226,129

Fixed

Income

Funds

1.4%

iShares

7-10

Year

Treasury

Bond

ETF

50,281

4,933,572

iShares

U.S.

Treasury

Bond

ETF

35,044

821,782

Total

Fixed

Income

Funds

(cost

$6,342,587)

5,755,354

Total

Exchange

Traded

Funds

(cost

$18,208,074)

17,981,483

Short-Term

Investment

0

.8

%

Shares

Value

($)

Money

Market

Fund

0

.8

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(b)

3,303,182

3,303,182

Total

Short-Term

Investment

(cost

$3,303,182)

3,303,182

Total

Investments

(cost

$364,704,635)

—

100.1%

410,880,540

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

238,335

)

NET

ASSETS

—

100.0%

$

410,642,205

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

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

$

17,981,483

$

–

$

–

$

17,981,483

Investment

Companies

389,595,875

–

–

389,595,875

Short-Term

Investment

3,303,182

–

–

3,303,182

Total

$

410,880,540

$

–

$

–

$

410,880,540

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

82

.4

%

Shares

Value

($)

Equity

Funds

43.0%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

20,070,298

251,882,241

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,840,815

34,797,786

NVIT

International

Index

Fund,

Class

Y(a)

8,857,329

104,959,347

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

4,351,585

90,251,869

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

884,770

18,013,911

Total

Equity

Funds

(cost

$432,011,814)

499,905,154

Fixed

Income

Funds

39.4%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,318,837

58,386,058

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

508,750

4,655,064

NVIT

Bond

Index

Fund,

Class

Y(a)

36,282,377

347,585,175

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,599,383

46,545,755

Total

Fixed

Income

Funds

(cost

$488,833,281)

457,172,052

Total

Investment

Companies

(cost

$920,845,095)

957,077,206

Exchange

Traded

Funds

11

.4

%

Equity

Funds

4.0%

iShares

Core

MSCI

EAFE

ETF(b)

132,873

10,370,738

iShares

Core

S&P

500

ETF

42,447

24,484,279

iShares

Core

S&P

Small-Cap

ETF

95,962

11,223,715

Total

Equity

Funds

(cost

$45,518,433)

46,078,732

Fixed

Income

Funds

7.4%

iShares

20+

Year

Treasury

Bond

ETF

47,420

4,651,902

iShares

7-10

Year

Treasury

Bond

ETF

628,695

61,687,553

iShares

U.S.

Treasury

Bond

ETF

868,089

20,356,687

Total

Fixed

Income

Funds

(cost

$96,685,891)

86,696,142

Total

Exchange

Traded

Funds

(cost

$142,204,324)

132,774,874

Short-Term

Investment

6

.2

%

Shares

Value

($)

Money

Market

Fund

6

.2

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(c)

72,351,619

72,351,619

Total

Short-Term

Investment

(cost

$72,351,619)

72,351,619

Total

Investments

(cost

$1,135,401,038)

—

100.0%

1,162,203,699

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

355,087

)

NET

ASSETS

—

100.0%

$

1,161,848,612

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$577,570,

which

was

collateralized

by

$590,927

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

10/24/2024

–

11/15/2051.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

$

132,774,874

$

–

$

–

$

132,774,874

Investment

Companies

957,077,206

–

–

957,077,206

Short-Term

Investment

72,351,619

–

–

72,351,619

Total

$

1,162,203,699

$

–

$

–

$

1,162,203,699

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

89

.4

%

Shares

Value

($)

Equity

Funds

62.7%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

28,086,233

352,482,223

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

5,176,827

46,902,053

NVIT

International

Index

Fund,

Class

Y(a)

12,545,188

148,660,475

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

6,046,184

125,397,855

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,353,536

27,558,002

Total

Equity

Funds

(cost

$591,861,351)

701,000,608

Fixed

Income

Funds

26.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

2,441,202

22,556,705

NVIT

Bond

Index

Fund,

Class

Y(a)

25,892,480

248,049,958

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,767,523

28,007,331

Total

Fixed

Income

Funds

(cost

$314,619,692)

298,613,994

Total

Investment

Companies

(cost

$906,481,043)

999,614,602

Exchange

Traded

Funds

8

.0

%

Equity

Funds

4.3%

iShares

Core

MSCI

EAFE

ETF

127,923

9,984,390

iShares

Core

S&P

500

ETF

40,866

23,572,326

iShares

Core

S&P

Small-Cap

ETF(b)

124,795

14,596,024

Total

Equity

Funds

(cost

$47,421,522)

48,152,740

Fixed

Income

Funds

3.7%

iShares

20+

Year

Treasury

Bond

ETF

159,786

15,675,007

iShares

7-10

Year

Treasury

Bond

ETF

194,145

19,049,507

iShares

U.S.

Treasury

Bond

ETF

286,543

6,719,433

Total

Fixed

Income

Funds

(cost

$52,705,630)

41,443,947

Total

Exchange

Traded

Funds

(cost

$100,127,152)

89,596,687

Short-Term

Investment

2

.6

%

Shares

Value

($)

Money

Market

Fund

2

.6

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(c)

29,178,057

29,178,057

Total

Short-Term

Investment

(cost

$29,178,057)

29,178,057

Total

Investments

(cost

$1,035,786,252)

—

100.0%

1,118,389,346

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

546,080

)

NET

ASSETS

—

100.0%

$

1,117,843,266

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$10,387,568,

which

was

collateralized

by

$10,612,431

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/24/2024

–

2/15/2053.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

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

$

89,596,687

$

–

$

–

$

89,596,687

Investment

Companies

999,614,602

–

–

999,614,602

Short-Term

Investment

29,178,057

–

–

29,178,057

Total

$

1,118,389,346

$

–

$

–

$

1,118,389,346

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

10

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

78

.6

%

Shares

Value

($)

Equity

Funds

15.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

3,166,408

39,738,417

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

628,539

5,694,559

NVIT

International

Index

Fund,

Class

Y(a)

1,241,724

14,714,424

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

686,563

14,239,313

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

16,634

338,673

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

43,483

384,390

Total

Equity

Funds

(cost

$64,147,971)

75,109,776

Fixed

Income

Funds

62.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

4,647,251

42,940,598

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,601,729

23,805,820

NVIT

Bond

Index

Fund,

Class

Y(a)

19,133,153

183,295,608

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,703,135

47,595,725

Total

Fixed

Income

Funds

(cost

$311,386,667)

297,637,751

Total

Investment

Companies

(cost

$375,534,638)

372,747,527

Exchange

Traded

Funds

13

.1

%

Equity

Funds

2.2%

iShares

Core

MSCI

EAFE

ETF

36,240

2,828,532

iShares

Core

S&P

500

ETF

11,577

6,677,845

iShares

Core

S&P

Small-Cap

ETF

8,387

980,943

Total

Equity

Funds

(cost

$10,442,090)

10,487,320

Fixed

Income

Funds

10.9%

iShares

20+

Year

Treasury

Bond

ETF

97,001

9,515,798

iShares

7-10

Year

Treasury

Bond

ETF

279,048

27,380,190

iShares

U.S.

Treasury

Bond

ETF

639,269

14,990,858

Total

Fixed

Income

Funds

(cost

$60,675,573)

51,886,846

Total

Exchange

Traded

Funds

(cost

$71,117,663)

62,374,166

Short-Term

Investment

8

.3

%

Shares

Value

($)

Money

Market

Fund

8

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(b)

39,534,150

39,534,150

Total

Short-Term

Investment

(cost

$39,534,150)

39,534,150

Total

Investments

(cost

$486,186,451)

—

100.0%

474,655,843

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

113,465

)

NET

ASSETS

—

100.0%

$

474,542,378

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

$

62,374,166

$

–

$

–

$

62,374,166

Investment

Companies

372,747,527

–

–

372,747,527

Short-Term

Investment

39,534,150

–

–

39,534,150

Total

$

474,655,843

$

–

$

–

$

474,655,843

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

85

.5

%

Shares

Value

($)

Equity

Funds

53.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

39,920,352

501,000,423

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

7,374,009

66,808,524

NVIT

International

Index

Fund,

Class

Y(a)

17,503,279

207,413,854

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

8,686,180

180,151,380

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,562,172

31,805,818

Total

Equity

Funds

(cost

$836,503,788)

987,179,999

Fixed

Income

Funds

32.4%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

8,091,295

74,763,561

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

813,960

7,447,733

NVIT

Bond

Index

Fund,

Class

Y(a)

50,382,616

482,665,458

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,679,324

37,234,763

Total

Fixed

Income

Funds

(cost

$640,175,920)

602,111,515

Total

Investment

Companies

(cost

$1,476,679,708)

1,589,291,514

Exchange

Traded

Funds

9

.2

%

Equity

Funds

3.9%

iShares

Core

MSCI

EAFE

ETF

212,587

16,592,415

iShares

Core

S&P

500

ETF

67,912

39,173,000

iShares

Core

S&P

Small-Cap

ETF(b)

143,243

16,753,701

Total

Equity

Funds

(cost

$71,685,922)

72,519,116

Fixed

Income

Funds

5.3%

iShares

20+

Year

Treasury

Bond

ETF

227,603

22,327,854

iShares

7-10

Year

Treasury

Bond

ETF

569,356

55,865,211

iShares

U.S.

Treasury

Bond

ETF

912,688

21,402,534

Total

Fixed

Income

Funds

(cost

$119,591,534)

99,595,599

Total

Exchange

Traded

Funds

(cost

$191,277,456)

172,114,715

Short-Term

Investment

5

.3

%

Shares

Value

($)

Money

Market

Fund

5

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(c)

97,728,779

97,728,779

Total

Short-Term

Investment

(cost

$97,728,779)

97,728,779

Total

Investments

(cost

$1,765,685,943)

—

100.0%

1,859,135,008

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

673,904

)

NET

ASSETS

—

100.0%

$

1,858,461,104

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$16,753,584,

which

was

collateralized

by

$17,036,834

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

1/31/2025

–

2/15/2053.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

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

$

172,114,715

$

–

$

–

$

172,114,715

Investment

Companies

1,589,291,514

–

–

1,589,291,514

Short-Term

Investment

97,728,779

–

–

97,728,779

Total

$

1,859,135,008

$

–

$

–

$

1,859,135,008

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

94

.6

%

Shares

Value

($)

Equity

Funds

72.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

27,444,450

344,427,846

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

5,444,375

49,326,040

NVIT

International

Index

Fund,

Class

Y(a)

15,568,272

184,484,024

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

5,915,674

122,691,070

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,330,754

47,454,157

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

147,128

1,300,615

Total

Equity

Funds

(cost

$631,781,038)

749,683,752

Fixed

Income

Funds

21.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

4,473,099

41,331,439

NVIT

Bond

Index

Fund,

Class

Y(a)

19,028,148

182,289,655

Total

Fixed

Income

Funds

(cost

$232,444,464)

223,621,094

Total

Investment

Companies

(cost

$864,225,502)

973,304,846

Exchange

Traded

Funds

4

.2

%

Equity

Funds

2.2%

iShares

Core

MSCI

EAFE

ETF

39,239

3,062,604

iShares

Core

S&P

500

ETF

12,534

7,229,862

iShares

Core

S&P

Small-Cap

ETF(b)

102,643

12,005,125

Total

Equity

Funds

(cost

$21,579,642)

22,297,591

Fixed

Income

Funds

2.0%

iShares

7-10

Year

Treasury

Bond

ETF

178,655

17,529,629

iShares

U.S.

Treasury

Bond

ETF

131,841

3,091,671

Total

Fixed

Income

Funds

(cost

$23,249,535)

20,621,300

Total

Exchange

Traded

Funds

(cost

$44,829,177)

42,918,891

Short-Term

Investment

1

.3

%

Shares

Value

($)

Money

Market

Fund

1

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(c)

13,563,379

13,563,379

Total

Short-Term

Investment

(cost

$13,563,379)

13,563,379

Total

Investments

(cost

$922,618,058)

—

100.1%

1,029,787,116

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

553,158

)

NET

ASSETS

—

100.0%

$

1,029,233,958

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$4,955,244,

which

was

collateralized

by

$5,041,376

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

11/21/2024

–

2/15/2053.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

$

42,918,891

$

–

$

–

$

42,918,891

Investment

Companies

973,304,846

–

–

973,304,846

Short-Term

Investment

13,563,379

–

–

13,563,379

Total

$

1,029,787,116

$

–

$

–

$

1,029,787,116

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

80

.8

%

Shares

Value

($)

Equity

Funds

33.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

7,046,123

88,428,845

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,421,467

12,878,488

NVIT

International

Index

Fund,

Class

Y(a)

3,091,618

36,635,670

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,523,764

31,602,869

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

357,614

7,281,029

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

264,890

2,341,631

Total

Equity

Funds

(cost

$152,813,361)

179,168,532

Fixed

Income

Funds

47.3%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

3,502,453

32,362,664

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,762,012

16,122,412

NVIT

Bond

Index

Fund,

Class

Y(a)

18,307,876

175,389,449

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,916,842

29,518,446

Total

Fixed

Income

Funds

(cost

$268,971,163)

253,392,971

Total

Investment

Companies

(cost

$421,784,524)

432,561,503

Exchange

Traded

Funds

11

.3

%

Equity

Funds

3.6%

iShares

Core

MSCI

EAFE

ETF

61,466

4,797,421

iShares

Core

S&P

500

ETF

19,636

11,326,438

iShares

Core

S&P

Small-Cap

ETF(b)

26,031

3,044,586

Total

Equity

Funds

(cost

$18,994,838)

19,168,445

Fixed

Income

Funds

7.7%

iShares

20+

Year

Treasury

Bond

ETF

87,746

8,607,882

iShares

7-10

Year

Treasury

Bond

ETF(b)

211,267

20,729,518

iShares

U.S.

Treasury

Bond

ETF

516,315

12,107,587

Total

Fixed

Income

Funds

(cost

$49,505,372)

41,444,987

Total

Exchange

Traded

Funds

(cost

$68,500,210)

60,613,432

Short-Term

Investment

8

.0

%

Shares

Value

($)

Money

Market

Fund

8

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(c)

43,037,334

43,037,334

Total

Short-Term

Investment

(cost

$43,037,334)

43,037,334

Total

Investments

(cost

$533,322,068)

—

100.1%

536,212,269

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

355,145

)

NET

ASSETS

—

100.0%

$

535,857,124

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$4,223,822,

which

was

collateralized

by

$4,326,739

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.25%,

and

maturity

dates

ranging

from

10/31/2024

–

5/15/2050.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

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

$

60,613,432

$

–

$

–

$

60,613,432

Investment

Companies

432,561,503

–

–

432,561,503

Short-Term

Investment

43,037,334

–

–

43,037,334

Total

$

536,212,269

$

–

$

–

$

536,212,269

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

78

.8

%

Shares

Value

($)

Equity

Funds

48.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

21,125,706

265,127,609

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,809,236

34,511,676

NVIT

International

Index

Fund,

Class

Y(a)

9,041,652

107,143,571

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

4,202,386

87,157,482

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

811,700

16,526,222

Total

Equity

Funds

(cost

$442,912,797)

510,466,560

Fixed

Income

Funds

29.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

4,178,444

38,608,823

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

420,473

3,847,329

NVIT

Bond

Index

Fund,

Class

Y(a)

26,075,163

249,800,065

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,900,654

19,234,623

Total

Fixed

Income

Funds

(cost

$320,075,465)

311,490,840

Total

Investment

Companies

(cost

$762,988,262)

821,957,400

Exchange

Traded

Funds

8

.6

%

Equity

Funds

3.6%

iShares

Core

MSCI

EAFE

ETF

109,997

8,585,266

iShares

Core

S&P

500

ETF

35,139

20,268,878

iShares

Core

S&P

Small-Cap

ETF

74,866

8,756,327

Total

Equity

Funds

(cost

$37,160,993)

37,610,471

Fixed

Income

Funds

5.0%

iShares

20+

Year

Treasury

Bond

ETF

117,768

11,553,041

iShares

7-10

Year

Treasury

Bond

ETF

294,599

28,906,054

iShares

U.S.

Treasury

Bond

ETF

472,247

11,074,192

Total

Fixed

Income

Funds

(cost

$61,484,208)

51,533,287

Total

Exchange

Traded

Funds

(cost

$98,645,201)

89,143,758

Short-Term

Investment

4

.8

%

Shares

Value

($)

Money

Market

Fund

4

.8

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(b)

50,572,643

50,572,643

Total

Short-Term

Investment

(cost

$50,572,643)

50,572,643

Total

Investments

(cost

$912,206,106)

—

92.2%

961,673,801

Other

assets

in

excess

of

liabilities

—

7.8%

81,124,417

NET

ASSETS

—

100.0%

$

1,042,798,218

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

605

12/2024

USD

75,255,950

1,176,803

Russell

2000

Emini

Index

133

12/2024

USD

14,957,180

204,698

S&P

500

E-Mini

Index

559

12/2024

USD

162,508,288

2,868,980

S&P

Midcap

400

E-Mini

Index

71

12/2024

USD

22,355,060

436,099

Net

contracts

4,686,580

As

of

September

30,

2024,

the

Fund

had

$14,185,326

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

24

-

Statement

of

Investments

-

September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

89,143,758

$

–

$

–

$

89,143,758

Futures

Contracts

4,686,580

–

–

4,686,580

Investment

Companies

821,957,400

–

–

821,957,400

Short-Term

Investment

50,572,643

–

–

50,572,643

Total

$

966,360,381

$

–

$

–

$

966,360,381

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

4,686,580

Total

$

4,686,580

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

26

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Investment

Companies

76

.9

%

Shares

Value

($)

Equity

Funds

40.2%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

6,952,800

87,257,639

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,314,136

11,906,068

NVIT

International

Index

Fund,

Class

Y(a)

3,173,643

37,607,667

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,365,271

28,315,725

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

302,722

6,163,411

Total

Equity

Funds

(cost

$148,372,797)

171,250,510

Fixed

Income

Funds

36.7%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

2,161,357

19,970,941

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

174,069

1,592,731

NVIT

Bond

Index

Fund,

Class

Y(a)

12,413,953

118,925,668

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,573,679

15,925,636

Total

Fixed

Income

Funds

(cost

$161,533,406)

156,414,976

Total

Investment

Companies

(cost

$309,906,203)

327,665,486

Exchange

Traded

Funds

10

.7

%

Equity

Funds

3.7%

iShares

Core

MSCI

EAFE

ETF

45,486

3,550,182

iShares

Core

S&P

500

ETF

14,531

8,381,771

iShares

Core

S&P

Small-Cap

ETF(b)

33,161

3,878,511

Total

Equity

Funds

(cost

$15,611,141)

15,810,464

Fixed

Income

Funds

7.0%

iShares

20+

Year

Treasury

Bond

ETF

16,233

1,592,457

iShares

7-10

Year

Treasury

Bond

ETF

215,222

21,117,583

iShares

U.S.

Treasury

Bond

ETF

297,173

6,968,707

Total

Fixed

Income

Funds

(cost

$32,617,071)

29,678,747

Total

Exchange

Traded

Funds

(cost

$48,228,212)

45,489,211

Short-Term

Investment

5

.8

%

Shares

Value

($)

Money

Market

Fund

5

.8

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.87%

(c)

24,922,875

24,922,875

Total

Short-Term

Investment

(cost

$24,922,875)

24,922,875

Total

Investments

(cost

$383,057,290)

—

93.4%

398,077,572

Other

assets

in

excess

of

liabilities

—

6.6%

28,117,810

NET

ASSETS

—

100.0%

$

426,195,382

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$3,490,554,

which

was

collateralized

by

$3,549,969

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.88%,

and

maturity

dates

ranging

from

10/24/2024

–

11/15/2051.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2024.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

121

12/2024

USD

15,051,190

95,245

Russell

2000

Emini

Index

29

12/2024

USD

3,261,340

6,716

S&P

500

E-Mini

Index

110

12/2024

USD

31,978,375

260,747

S&P

Midcap

400

E-Mini

Index

15

12/2024

USD

4,722,900

18,627

Net

contracts

381,335

As

of

September

30,

2024,

the

Fund

had

$2,844,414

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

28

-

Statement

of

Investments

-

September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

45,489,211

$

–

$

–

$

45,489,211

Futures

Contracts

381,335

–

–

381,335

Investment

Companies

327,665,486

–

–

327,665,486

Short-Term

Investment

24,922,875

–

–

24,922,875

Total

$

398,458,907

$

–

$

–

$

398,458,907

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

381,335

Total

$

381,335

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Aggressive

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

98

.0

%

Shares

Value

($)

Equity

Funds

86.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,477,476

13,385,931

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,566,370

52,650,249

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

6,966,781

95,096,563

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

958,052

11,985,237

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,357,401

40,490,258

Total

Equity

Funds

(cost

$174,003,321)

213,608,238

Fixed

Income

Funds

12.0%

Nationwide

Bond

Fund,

Class

R6(a)

295,264

2,492,027

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

712,606

7,453,854

Investment

Companies

Shares

Value

($)

NVIT

Core

Bond

Fund,

Class

Y(a)

2,081,128

19,895,587

Total

Fixed

Income

Funds

(cost

$29,549,596)

29,841,468

Total

Investment

Companies

(cost

$203,552,917)

243,449,706

Exchange

Traded

Funds

2

.0

%

Equity

Funds

2.0%

iShares

Core

MSCI

EAFE

ETF

18,930

1,477,486

iShares

Core

S&P

500

ETF

6,047

3,488,031

Total

Exchange

Traded

Funds

(cost

$4,968,629)

4,965,517

Total

Investments

(cost

$208,521,546)

—

100.0%

248,415,223

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

105,505

)

NET

ASSETS

—

100.0%

$

248,309,718

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

4,965,517

$

–

$

–

$

4,965,517

Investment

Companies

243,449,706

–

–

243,449,706

Total

$

248,415,223

$

–

$

–

$

248,415,223

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

99.0%

Shares

Value

($)

Equity

Funds

74.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,494,878

22,603,596

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

7,445,851

85,850,660

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

11,359,377

155,055,497

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,582,116

19,792,277

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

5,441,347

65,622,640

Total

Equity

Funds

(cost

$280,942,946)

348,924,670

Fixed

Income

Funds

25.0%

Nationwide

Bond

Fund,

Class

R6(a)

1,126,006

9,503,489

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

4,059,999

42,467,585

Investment

Companies

Shares

Value

($)

NVIT

Core

Bond

Fund,

Class

Y(a)

6,910,625

66,065,573

Total

Fixed

Income

Funds

(cost

$123,186,975)

118,036,647

Total

Investment

Companies

(cost

$404,129,921)

466,961,317

Exchange

Traded

Funds

1.0%

Equity

Funds

1.0%

iShares

Core

MSCI

EAFE

ETF

18,049

1,408,725

iShares

Core

S&P

500

ETF

5,766

3,325,944

Total

Exchange

Traded

Funds

(cost

$4,737,393)

4,734,669

Total

Investments

(cost

$408,867,314)

—

100.0%

471,695,986

Liabilities

in

excess

of

other

assets

—

0.0%

†

(176,009)

NET

ASSETS

—

100.0%

$

471,519,977

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

4,734,669

$

–

$

–

$

4,734,669

Investment

Companies

466,961,317

–

–

466,961,317

Total

$

471,695,986

$

–

$

–

$

471,695,986

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderate

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

97

.5

%

Shares

Value

($)

Equity

Funds

54.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

7,745,415

70,173,460

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

19,979,766

230,366,698

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

36,431,859

497,294,877

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,547,633

44,380,886

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

17,553,155

211,691,054

Total

Equity

Funds

(cost

$839,506,718)

1,053,906,975

Fixed

Income

Funds

43.5%

Nationwide

Bond

Fund,

Class

R6(a)

5,805,663

48,999,795

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

27,075,369

283,208,358

NVIT

Core

Bond

Fund,

Class

Y(a)

40,856,297

390,586,201

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,087,585

9,777,391

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

11,593,916

117,330,432

Total

Fixed

Income

Funds

(cost

$903,944,504)

849,902,177

Total

Investment

Companies

(cost

$1,743,451,222)

1,903,809,152

Exchange

Traded

Funds

2

.5

%

Equity

Funds

2.5%

iShares

Core

MSCI

EAFE

ETF

186,077

14,523,310

iShares

Core

S&P

500

ETF

59,444

34,288,488

Total

Exchange

Traded

Funds

(cost

$48,840,252)

48,811,798

Total

Investments

(cost

$1,792,291,474)

—

100.0%

1,952,620,950

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

676,572

)

NET

ASSETS

—

100.0%

$

1,951,944,378

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

6

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

48,811,798

$

–

$

–

$

48,811,798

Investment

Companies

1,903,809,152

–

–

1,903,809,152

Total

$

1,952,620,950

$

–

$

–

$

1,952,620,950

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

97

.7

%

Shares

Value

($)

Equity

Funds

34.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,347,696

12,210,124

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,318,171

38,258,508

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

5,875,859

80,205,478

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

524,694

6,563,928

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

2,970,716

35,826,830

Total

Equity

Funds

(cost

$136,973,324)

173,064,868

Fixed

Income

Funds

63.7%

Nationwide

Bond

Fund,

Class

R6(a)

2,424,447

20,462,336

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,115,715

10,208,794

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

8,766,264

91,695,124

NVIT

Core

Bond

Fund,

Class

Y(a)

14,389,675

137,565,292

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

374,700

3,368,551

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,050,728

61,233,364

Total

Fixed

Income

Funds

(cost

$343,772,908)

324,533,461

Total

Investment

Companies

(cost

$480,746,232)

497,598,329

Exchange

Traded

Funds

2

.3

%

Equity

Funds

2.3%

iShares

Core

MSCI

EAFE

ETF

45,458

3,547,997

iShares

Core

S&P

500

ETF

14,521

8,376,003

Total

Exchange

Traded

Funds

(cost

$11,930,937)

11,924,000

Total

Investments

(cost

$492,677,169)

—

100.0%

509,522,329

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

208,700

)

NET

ASSETS

—

100.0%

$

509,313,629

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

11,924,000

$

–

$

–

$

11,924,000

Investment

Companies

497,598,329

–

–

497,598,329

Total

$

509,522,329

$

–

$

–

$

509,522,329

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Conservative

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

98

.8

%

Shares

Value

($)

Equity

Funds

16.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

672,536

6,093,180

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

1,448,980

16,706,744

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

2,901,631

39,607,266

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

163,539

2,045,875

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

1,381,788

16,664,362

Total

Equity

Funds

(cost

$59,937,810)

81,117,427

Fixed

Income

Funds

82.8%

Nationwide

Bond

Fund,

Class

R6(a)

3,320,094

28,021,595

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,220,654

20,318,984

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

11,647,826

121,836,259

NVIT

Core

Bond

Fund,

Class

Y(a)

17,788,385

170,056,964

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

464,589

4,176,655

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

7,525,048

76,153,485

Total

Fixed

Income

Funds

(cost

$439,799,080)

420,563,942

Total

Investment

Companies

(cost

$499,736,890)

501,681,369

Exchange

Traded

Funds

1

.2

%

Equity

Funds

1.2%

iShares

Core

MSCI

EAFE

ETF

22,878

1,785,628

iShares

Core

S&P

500

ETF

7,309

4,215,977

Total

Exchange

Traded

Funds

(cost

$6,005,935)

6,001,605

Total

Investments

(cost

$505,742,825)

—

100.0%

507,682,974

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

215,356

)

NET

ASSETS

—

100.0%

$

507,467,618

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

6,001,605

$

–

$

–

$

6,001,605

Investment

Companies

501,681,369

–

–

501,681,369

Total

$

507,682,974

$

–

$

–

$

507,682,974

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Balanced

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

97

.5

%

Shares

Value

($)

Equity

Funds

43.9%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

5,302,141

48,037,401

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

14,946,872

172,337,434

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

23,242,944

317,266,184

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,270,556

28,404,661

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

11,410,316

137,608,407

Total

Equity

Funds

(cost

$561,773,773)

703,654,087

Fixed

Income

Funds

53.6%

Nationwide

Bond

Fund,

Class

R6(a)

6,677,007

56,353,941

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

25,279,700

264,425,661

NVIT

Core

Bond

Fund,

Class

Y(a)

38,546,598

368,505,478

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

893,445

8,032,073

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

15,844,451

160,345,844

Total

Fixed

Income

Funds

(cost

$911,845,774)

857,662,997

Total

Investment

Companies

(cost

$1,473,619,547)

1,561,317,084

Exchange

Traded

Funds

2

.5

%

Equity

Funds

2.5%

iShares

Core

MSCI

EAFE

ETF

152,856

11,930,411

iShares

Core

S&P

500

ETF

48,831

28,166,697

Total

Exchange

Traded

Funds

(cost

$40,120,474)

40,097,108

Total

Investments

(cost

$1,513,740,021)

—

100.0%

1,601,414,192

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

571,249

)

NET

ASSETS

—

100.0%

$

1,600,842,943

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

12

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

40,097,108

$

–

$

–

$

40,097,108

Investment

Companies

1,561,317,084

–

–

1,561,317,084

Total

$

1,601,414,192

$

–

$

–

$

1,601,414,192

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

97

.3

%

Shares

Value

($)

Equity

Funds

64.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

9,092,044

82,373,919

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

25,286,712

291,555,794

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

44,091,204

601,844,929

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

5,076,635

63,508,700

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

17,913,943

216,042,157

Total

Equity

Funds

(cost

$1,000,873,004)

1,255,325,499

Fixed

Income

Funds

33.3%

Nationwide

Bond

Fund,

Class

R6(a)

4,673,077

39,440,767

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

18,790,139

196,544,858

NVIT

Core

Bond

Fund,

Class

Y(a)

36,968,478

353,418,645

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

722,243

6,492,966

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,832,695

59,026,869

Total

Fixed

Income

Funds

(cost

$696,363,044)

654,924,105

Total

Investment

Companies

(cost

$1,697,236,048)

1,910,249,604

Exchange

Traded

Funds

2

.7

%

Equity

Funds

2.7%

iShares

Core

MSCI

EAFE

ETF

199,956

15,606,566

iShares

Core

S&P

500

ETF

63,878

36,846,108

Total

Exchange

Traded

Funds

(cost

$52,483,236)

52,452,674

Total

Investments

(cost

$1,749,719,284)

—

100.0%

1,962,702,278

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

680,111

)

NET

ASSETS

—

100.0%

$

1,962,022,167

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

52,452,674

$

–

$

–

$

52,452,674

Investment

Companies

1,910,249,604

–

–

1,910,249,604

Total

$

1,962,702,278

$

–

$

–

$

1,962,702,278

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

91

.2

%

Shares

Value

($)

Equity

Funds

41.1%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,576,201

14,280,377

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,443,235

51,230,502

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

6,929,998

94,594,469

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

677,681

8,477,793

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,405,403

41,069,158

Total

Equity

Funds

(cost

$165,988,030)

209,652,299

Fixed

Income

Funds

50.1%

Nationwide

Bond

Fund,

Class

R6(a)

1,984,293

16,747,436

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

7,525,459

78,716,297

NVIT

Core

Bond

Fund,

Class

Y(a)

11,489,301

109,837,713

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

265,549

2,387,287

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,718,757

47,753,825

Total

Fixed

Income

Funds

(cost

$262,539,374)

255,442,558

Total

Investment

Companies

(cost

$428,527,404)

465,094,857

Exchange

Traded

Funds

2

.4

%

Equity

Funds

2.4%

iShares

Core

MSCI

EAFE

ETF

45,540

3,554,397

iShares

Core

S&P

500

ETF

14,548

8,391,578

Total

Exchange

Traded

Funds

(cost

$11,952,932)

11,945,975

Total

Investments

(cost

$440,480,336)

—

93.6%

477,040,832

Other

assets

in

excess

of

liabilities

—

6.4%

32,786,124

NET

ASSETS

—

100.0%

$

509,826,956

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

153

12/2024

USD

19,031,670

139,360

Russell

2000

Emini

Index

22

12/2024

USD

2,474,120

5,329

S&P

500

E-Mini

Index

127

12/2024

USD

36,920,488

321,839

S&P

Midcap

400

E-Mini

Index

7

12/2024

USD

2,204,020

10,642

Net

contracts

477,170

As

of

September

30,

2024,

the

Fund

had

$3,037,628

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

11,945,975

$

–

$

–

$

11,945,975

Futures

Contracts

477,170

–

–

477,170

Investment

Companies

465,094,857

–

–

465,094,857

Total

$

477,518,002

$

–

$

–

$

477,518,002

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

477,170

Total

$

477,170

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

89.9%

Shares

Value

($)

Equity

Funds

49.8%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,335,479

39,279,437

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

11,183,366

128,944,207

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

20,397,482

278,425,628

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,985,826

24,842,677

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

9,825,375

118,494,026

Total

Equity

Funds

(cost

$466,654,126)

589,985,975

Fixed

Income

Funds

40.1%

Nationwide

Bond

Fund,

Class

R6(a)

3,248,623

27,418,376

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

15,158,675

158,559,745

NVIT

Core

Bond

Fund,

Class

Y(a)

22,900,136

218,925,299

Investment

Companies

Shares

Value

($)

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

608,667

5,471,920

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,489,688

65,675,647

Total

Fixed

Income

Funds

(cost

$488,357,811)

476,050,987

Total

Investment

Companies

(cost

$955,011,937)

1,066,036,962

Exchange

Traded

Funds

2.3%

Equity

Funds

2.3%

iShares

Core

MSCI

EAFE

ETF

104,386

8,147,327

iShares

Core

S&P

500

ETF

33,346

19,234,640

Total

Exchange

Traded

Funds

(cost

$27,397,925)

27,381,967

Total

Investments

(cost

$982,409,862)

—

92.2%

1,093,418,929

Other

assets

in

excess

of

liabilities

—

7.8%

92,177,073

NET

ASSETS

—

100.0%

$

1,185,596,002

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

717

12/2024

USD

89,187,630

1,442,450

Russell

2000

Emini

Index

116

12/2024

USD

13,045,360

186,364

S&P

500

E-Mini

Index

680

12/2024

USD

197,684,500

3,640,143

S&P

Midcap

400

E-Mini

Index

39

12/2024

USD

12,279,540

250,636

Net

contracts

5,519,593

As

of

September

30,

2024,

the

Fund

had

$15,831,005

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

September

30,

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

September

30,

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

$

27,381,967

$

–

$

–

$

27,381,967

Futures

Contracts

5,519,593

–

–

5,519,593

Investment

Companies

1,066,036,962

–

–

1,066,036,962

Total

$

1,098,938,522

$

–

$

–

$

1,098,938,522

20

-

Statement

of

Investments

-

September

30,

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

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

5,519,593

Total

$

5,519,593

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

95.0%

Shares

Value

($)

Alternative

Assets

95.0%

BlackRock

Global

Allocation

VI

Fund,

Class

I

17,906,660

323,215,208

Total

Alternative

Assets

(cost

$284,756,107)

323,215,208

Total

Investment

Company

(cost

$284,756,107)

323,215,208

Total

Investments

(cost

$284,756,107)

—

95.0%

323,215,208

Other

assets

in

excess

of

liabilities

—

5.0%

17,127,917

NET

ASSETS

—

100.0%

$

340,343,125

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

75

12/2024

USD

9,329,250

(2,786)

Russell

2000

Emini

Index

1

12/2024

USD

112,460

452

S&P

500

E-Mini

Index

54

12/2024

USD

15,698,475

45,562

S&P

Midcap

400

E-Mini

Index

2

12/2024

USD

629,720

1,375

Net

contracts

44,603

As

of

September

30,

2024,

the

Fund

had

$1,245,692

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

2

-

Statement

of

Investments

-

September

30,

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

47,389

$

–

$

–

$

47,389

Investment

Company

323,215,208

–

–

323,215,208

Total

Assets

$

323,262,597

$

–

$

–

$

323,262,597

Liabilities:

Futures

Contracts

$

(2,786)

$

–

$

–

$

(2,786)

Total

Liabilities

$

(2,786)

$

–

$

–

$

(2,786)

Total

$

323,259,811

$

–

$

–

$

323,259,811

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

s

it

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

47,389

Total

$

47,389

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(2,786)

Total

$

(2,786)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

September

30,

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

138,542

7,380,132

iShares

Core

1-5

Year

USD

Bond

ETF

221,551

10,785,103

iShares

Core

Total

USD

Bond

Market

ETF(a)

152,964

7,207,664

iShares

Core

U.S.

Aggregate

Bond

ETF

356,352

36,087,767

iShares

MBS

ETF

75,287

7,213,247

iShares

U.S.

Treasury

Bond

ETF

152,427

3,574,413

Total

Exchange

Traded

Funds

(cost

$75,237,605)

72,248,326

Repurchase

Agreements

7

.9

%

Principal

Amount

($)

BofA

Securities,

Inc.,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,136,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$3,728,033,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$3,802,070.(b)

3,727,520

3,727,520

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,135,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$1,020,003.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$5,727,520)

5,727,520

Total

Investments

(cost

$80,965,125)

—

107.8%

77,975,846

Liabilities

in

excess

of

other

assets

—

(7.8)%

(

5,645,806

)

NET

ASSETS

—

100.0%

$

72,330,040

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$5,739,216,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,727,520

and

by

$166,471

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

9/30/2025

–

2/15/2054,

a

total

value

of

$5,893,991.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$5,727,520.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

September

30,

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

September

30,

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

$

72,248,326

$

–

$

–

$

72,248,326

Repurchase

Agreements

–

5,727,520

–

5,727,520

Total

$

72,248,326

$

5,727,520

$

–

$

77,975,846

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

6

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange

Traded

Funds

99

.9

%

Shares

Value

($)

Equity

Funds

99.9%

iShares

Core

MSCI

EAFE

ETF

133,957

10,455,344

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

174,338

12,348,361

iShares

Core

S&P

500

ETF

11,613

6,698,611

iShares

Core

S&P

Mid-Cap

ETF

266,453

16,605,351

iShares

Core

S&P

Small-Cap

ETF(a)

22,724

2,657,799

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

204,657

25,709,012

iShares

MSCI

USA

Momentum

Factor

ETF(a)

9,863

1,999,822

iShares

MSCI

USA

Quality

Factor

ETF

10,935

1,960,645

iShares

MSCI

USA

Size

Factor

ETF(a)

11,954

1,778,636

iShares

MSCI

USA

Value

Factor

ETF(a)

15,803

1,723,159

iShares

U.S.

Equity

Factor

ETF(a)

142,951

8,401,230

iShares

U.S.

Small-Cap

Equity

Factor

ETF(a)

27,372

1,816,132

Total

Exchange

Traded

Funds

(cost

$70,368,180)

92,154,102

Repurchase

Agreements

11

.6

%

Principal

Amount

($)

BofA

Securities,

Inc.,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,271,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,689,964,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$5,802,966.(b)

5,689,182

5,689,182

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,135,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$2,040,007.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$10,689,182)

10,689,182

Total

Investments

(cost

$81,057,362)

—

111.5%

102,843,284

Liabilities

in

excess

of

other

assets

—

(11.5)%

(

10,628,707

)

NET

ASSETS

—

100.0%

$

92,214,577

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$20,254,315,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,689,182

and

by

$10,000,811

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/31/2024

–

2/15/2054,

a

total

value

of

$20,689,993.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$10,689,182.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

September

30,

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

September

30,

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

$

92,154,102

$

–

$

–

$

92,154,102

Repurchase

Agreements

–

10,689,182

–

10,689,182

Total

$

92,154,102

$

10,689,182

$

–

$

102,843,284

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

Investment

Company

96.0%

Shares

Value

($)

Equity

Fund

96.0%

American

Funds

Growth-Income

Fund,

Class

1

10,505,462

720,674,704

Total

Investment

Company

(cost

$488,754,475)

720,674,704

Total

Investments

(cost

$488,754,475)

—

96.0%

720,674,704

Other

assets

in

excess

of

liabilities

—

4.0%

29,861,103

NET

ASSETS

—

100.0%

$

750,535,807

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

12

12/2024

USD

1,492,680

24,402

S&P

500

E-Mini

Index

87

12/2024

USD

25,291,988

380,103

S&P

Midcap

400

E-Mini

Index

6

12/2024

USD

1,889,160

11,945

Net

contracts

416,450

As

of

September

30,

2024,

the

Fund

had

$1,571,398

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Growth-Income

Fund

-

September

30,

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

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

416,450

$

–

$

–

$

416,450

Investment

Company

720,674,704

–

–

720,674,704

Total

$

721,091,154

$

–

$

–

$

721,091,154

10

-

Statement

of

Investments

-

September

30,

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

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

416,450

Total

$

416,450

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

92.7%

Shares

Value

($)

Balanced

Fund

27.7%

American

Balanced

Fund,

Class

R6

21,966,737

797,612,208

Total

Balanced

Fund

(cost

$731,532,009)

797,612,208

Equity

Funds

46.8%

American

Funds

Growth

Fund,

Class

1

6,819,647

814,743,279

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

31,249,192

533,423,701

Total

Equity

Funds

(cost

$1,184,111,647)

1,348,166,980

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.2%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

12,699,840

130,427,356

Bond

Fund

of

America

(The),

Class

R6

33,711,646

392,066,448

Total

Fixed

Income

Funds

(cost

$558,555,437)

522,493,804

Total

Investment

Companies

(cost

$2,474,199,093)

2,668,272,992

Total

Investments

(cost

$2,474,199,093)

—

92.7%

2,668,272,992

Other

assets

in

excess

of

liabilities

—

7.3%

210,689,366

NET

ASSETS

—

100.0%

$

2,878,962,358

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

77

12/2024

USD

9,578,030

(34,311)

Russell

2000

Emini

Index

10

12/2024

USD

1,124,600

1,385

S&P

500

E-Mini

Index

640

12/2024

USD

186,056,000

386,468

S&P

Midcap

400

E-Mini

Index

36

12/2024

USD

11,334,960

(832)

Net

contracts

352,710

As

of

September

30,

2024,

the

Fund

had

$11,429,042

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

387,853

$

–

$

–

$

387,853

Investment

Companies

2,668,272,992

–

–

2,668,272,992

Total

Assets

$

2,668,660,845

$

–

$

–

$

2,668,660,845

Liabilities:

Futures

Contracts

$

(35,143)

$

–

$

–

$

(35,143)

Total

Liabilities

$

(35,143)

$

–

$

–

$

(35,143)

Total

$

2,668,625,702

$

–

$

–

$

2,668,625,702

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

387,853

Total

$

387,853

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(35,143)

Total

$

(35,143)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

101.4%

Shares

Value

($)

BRAZIL

5.0%

Aerospace

&

Defense

0.2%

Embraer

SA,

ADR

*(a)

31,650

1,119,461

Banks

2.3%

Banco

do

Brasil

SA

13,300

66,357

Itau

Unibanco

Holding

SA

(Preference)

992,900

6,581,423

Itausa

SA

(Preference)

3,260,400

6,625,298

13,273,078

Diversified

Telecommunication

Services

0.1%

Telefonica

Brasil

SA,

ADR

53,600

550,472

Electric

Utilities

0.8%

Cia

Paranaense

de

Energia

-

Copel

(Preference)

924,800

1,729,852

Energisa

S/A

217,398

1,787,406

Transmissora

Alianca

de

Energia

Eletrica

SA

169,700

1,066,602

4,583,860

Electrical

Equipment

0.3%

WEG

SA

184,400

1,841,055

Household

Durables

0.1%

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

211,600

797,039

Insurance

0.2%

BB

Seguridade

Participacoes

SA

176,400

1,149,513

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Ultrapar

Participacoes

SA

60,500

235,550

Real

Estate

Management

&

Development

0.1%

Allos

SA

196,900

789,740

Specialty

Retail

0.5%

Lojas

Renner

SA

840,800

2,787,387

Transportation

Infrastructure

0.0%

†

Santos

Brasil

Participacoes

SA

105,900

286,925

Water

Utilities

0.4%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP,

ADR

*(a)

114,900

1,900,446

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

61,500

260,102

2,160,548

29,574,628

CHILE

0.6%

Banks

0.2%

Banco

de

Chile

9,365,964

1,194,568

Electric

Utilities

0.2%

Enel

Americas

SA

9,407,355

960,193

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Colbun

SA

800,270

108,388

Marine

Transportation

0.2%

Cia

Sud

Americana

de

Vapores

SA

17,112,381

1,046,571

3,309,720

CHINA

27.8%

Automobiles

0.7%

Geely

Automobile

Holdings

Ltd.

2,695,000

4,159,524

Common

Stocks

Shares

Value

($)

CHINA

Banks

2.3%

Agricultural

Bank

of

China

Ltd.,

Class

H

1,372,000

640,478

Bank

of

China

Ltd.,

Class

H

6,731,000

3,150,948

Bank

of

Communications

Co.

Ltd.,

Class

H

2,599,000

1,971,788

China

CITIC

Bank

Corp.

Ltd.,

Class

H

3,767,000

2,383,337

China

Construction

Bank

Corp.,

Class

H

5,609,000

4,204,805

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

576,000

340,703

Industrial

Bank

Co.

Ltd.,

Class

A

106,100

287,945

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

623,900

888,520

13,868,524

Beverages

0.0%

†

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

5,900

227,945

Biotechnology

0.2%

3SBio,

Inc.

Reg.

S

(b)

376,500

332,381

Innovent

Biologics,

Inc.

Reg.

S

*(b)

137,000

831,383

1,163,764

Broadline

Retail

4.9%

Alibaba

Group

Holding

Ltd.

1,290,700

17,155,549

JD.com,

Inc.,

Class

A

237,895

4,759,220

PDD

Holdings,

Inc.,

ADR

*

53,680

7,236,601

29,151,370

Building

Products

0.1%

China

Lesso

Group

Holdings

Ltd.

926,000

471,175

Capital

Markets

0.1%

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

6,217,000

863,229

Communications

Equipment

0.8%

BYD

Electronic

International

Co.

Ltd.

185,000

776,978

ZTE

Corp.,

Class

A

296,800

1,318,632

ZTE

Corp.,

Class

H

1,032,200

2,638,874

4,734,484

Construction

&

Engineering

0.2%

China

Communications

Services

Corp.

Ltd.,

Class

H

1,862,000

1,009,991

Consumer

Finance

0.0%

†

Qifu

Technology,

Inc.,

Class

A,

ADR

9,200

274,252

Electrical

Equipment

0.3%

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

1,171,100

1,673,230

Electronic

Equipment,

Instruments

&

Components

0.4%

GoerTek,

Inc.,

Class

A

537,500

1,741,244

Sunny

Optical

Technology

Group

Co.

Ltd.

62,800

462,380

2,203,624

Entertainment

1.5%

Kingsoft

Corp.

Ltd.

180,800

688,652

NetEase,

Inc.

428,100

8,001,283

8,689,935

Food

Products

0.6%

China

Feihe

Ltd.

Reg.

S

(b)

226,000

170,922

2

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

Muyuan

Foods

Co.

Ltd.,

Class

A

*

299,824

1,979,283

Uni-President

China

Holdings

Ltd.

1,127,000

1,057,276

Want

Want

China

Holdings

Ltd.

380,000

258,866

3,466,347

Gas

Utilities

0.3%

China

Gas

Holdings

Ltd.

1,749,200

1,626,475

Kunlun

Energy

Co.

Ltd.

278,000

286,711

1,913,186

Health

Care

Providers

&

Services

0.0%

†

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

32,000

84,746

Hotels,

Restaurants

&

Leisure

2.6%

Meituan,

Class

B

Reg.

S

*(b)

484,160

10,304,800

Tongcheng

Travel

Holdings

Ltd.

Reg.

S

161,200

403,973

Trip.com

Group

Ltd.

*

80,550

4,868,886

15,577,659

Household

Durables

0.3%

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

84,100

569,618

Midea

Group

Co.

Ltd.,

Class

A

119,600

1,278,525

1,848,143

Independent

Power

and

Renewable

Electricity

Producers

1.2%

Beijing

Jingneng

Clean

Energy

Co.

Ltd.,

Class

H

730,000

190,248

CGN

Power

Co.

Ltd.,

Class

H

Reg.

S

(b)

1,415,000

545,871

China

Yangtze

Power

Co.

Ltd.,

Class

A

1,481,000

6,343,430

7,079,549

Insurance

2.9%

China

Life

Insurance

Co.

Ltd.,

Class

H

533,000

1,049,161

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

513,500

2,809,992

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

823,200

2,901,705

China

Taiping

Insurance

Holdings

Co.

Ltd.

1,194,800

1,887,992

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

6,242,000

2,978,486

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

532,000

788,370

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

592,400

4,738,682

17,154,388

Interactive

Media

&

Services

5.3%

Kanzhun

Ltd.,

ADR

8,400

145,824

Tencent

Holdings

Ltd.

549,400

30,762,490

30,908,314

Life

Sciences

Tools

&

Services

0.1%

WuXi

AppTec

Co.

Ltd.,

Class

H

Reg.

S

(a)(b)

78,000

540,288

Machinery

0.0%

†

Sinotruk

Hong

Kong

Ltd.

74,000

222,284

Marine

Transportation

0.0%

†

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

105,500

175,014

Common

Stocks

Shares

Value

($)

CHINA

Metals

&

Mining

1.5%

Zijin

Mining

Group

Co.

Ltd.,

Class

A

1,569,400

4,022,711

Zijin

Mining

Group

Co.

Ltd.,

Class

H

2,182,000

4,909,661

8,932,372

Pharmaceuticals

0.8%

China

Medical

System

Holdings

Ltd.

549,000

631,739

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

79,490

539,467

CSPC

Pharmaceutical

Group

Ltd.

442,000

343,852

Hansoh

Pharmaceutical

Group

Co.

Ltd.

Reg.

S

(b)

148,000

393,827

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

382,400

2,850,558

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

52,800

198,601

4,958,044

Real

Estate

Management

&

Development

0.5%

China

Resources

Land

Ltd.

631,000

2,274,561

KE

Holdings,

Inc.,

ADR

46,900

933,779

3,208,340

Textiles,

Apparel

&

Luxury

Goods

0.2%

Bosideng

International

Holdings

Ltd.

1,592,000

904,406

165,464,127

EGYPT

0.0%

†

Real

Estate

Management

&

Development

0.0%

†

Talaat

Moustafa

Group

181,122

238,970

HONG

KONG

0.6%

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S

(b)

348,000

275,277

Pharmaceuticals

0.6%

Sino

Biopharmaceutical

Ltd.

4,337,000

2,056,861

United

Laboratories

International

Holdings

Ltd.

(The)

912,000

1,171,654

3,228,515

3,503,792

INDIA

19.7%

Aerospace

&

Defense

0.5%

Bharat

Electronics

Ltd.

789,818

2,698,124

Automobiles

0.2%

Tata

Motors

Ltd.

115,038

1,337,486

Banks

1.7%

Bank

of

Baroda

841,875

2,494,716

Federal

Bank

Ltd.

535,745

1,260,297

IDBI

Bank

Ltd.

436,791

454,314

Punjab

National

Bank

1,004,917

1,285,267

State

Bank

of

India

411,263

3,865,754

Union

Bank

of

India

Ltd.

403,321

592,607

9,952,955

Capital

Markets

0.4%

Central

Depository

Services

India

Ltd.

Reg.

S

44,644

765,362

JM

Financial

Ltd.

400,006

718,887

Kfin

Technologies

Ltd.

13,694

167,358

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

INDIA

Capital

Markets

Motilal

Oswal

Financial

Services

Ltd.

62,181

567,117

2,218,724

Chemicals

0.7%

PI

Industries

Ltd.

32,465

1,808,071

Solar

Industries

India

Ltd.

12,903

1,779,191

Supreme

Industries

Ltd.

7,059

448,121

4,035,383

Construction

&

Engineering

0.6%

Ashoka

Buildcon

Ltd.

*

215,238

587,032

ITD

Cementation

India

Ltd.

191,498

1,211,495

Larsen

&

Toubro

Ltd.

37,117

1,627,480

3,426,007

Construction

Materials

0.2%

UltraTech

Cement

Ltd.

7,793

1,099,173

Consumer

Finance

0.2%

Shriram

Finance

Ltd.

25,615

1,096,208

Electric

Utilities

0.9%

Power

Grid

Corp.

of

India

Ltd.

1,146,822

4,837,694

Torrent

Power

Ltd.

32,014

717,281

5,554,975

Electrical

Equipment

1.0%

ABB

India

Ltd.

47,469

4,574,113

Finolex

Cables

Ltd.

25,890

437,378

Havells

India

Ltd.

3,629

87,396

Suzlon

Energy

Ltd.

*

301,589

288,021

Triveni

Turbine

Ltd.

74,119

605,461

5,992,369

Financial

Services

1.2%

Home

First

Finance

Co.

India

Ltd.

Reg.

S

(b)

13,519

191,356

Power

Finance

Corp.

Ltd.

828,501

4,844,093

REC

Ltd.

343,099

2,269,228

7,304,677

Food

Products

0.2%

Patanjali

Foods

Ltd.

45,468

913,119

Gas

Utilities

0.3%

Mahanagar

Gas

Ltd.

Reg.

S

77,017

1,786,057

Health

Care

Providers

&

Services

0.6%

Apollo

Hospitals

Enterprise

Ltd.

34,440

2,963,839

Narayana

Hrudayalaya

Ltd.

Reg.

S

36,494

544,749

3,508,588

Hotels,

Restaurants

&

Leisure

0.3%

Jubilant

Foodworks

Ltd.

60,830

494,804

Zomato

Ltd.

*

456,440

1,491,649

1,986,453

Household

Durables

0.4%

Crompton

Greaves

Consumer

Electricals

Ltd.

91,681

456,996

Dixon

Technologies

India

Ltd.

Reg.

S

11,928

1,971,278

2,428,274

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Jaiprakash

Power

Ventures

Ltd.

*

3,946,582

858,824

PTC

India

Ltd.

610,616

1,527,938

2,386,762

Insurance

0.1%

ICICI

Lombard

General

Insurance

Co.

Ltd.

Reg.

S

(b)

12,147

315,572

Common

Stocks

Shares

Value

($)

INDIA

IT

Services

1.6%

HCL

Technologies

Ltd.

113,168

2,433,665

Infosys

Ltd.,

ADR

(a)

76,221

1,697,442

Tata

Consultancy

Services

Ltd.

76,626

3,910,192

Wipro

Ltd.

237,762

1,535,499

9,576,798

Machinery

0.1%

Force

Motors

Ltd.

4,135

369,063

Metals

&

Mining

0.5%

Hindalco

Industries

Ltd.

276,864

2,506,361

Hindustan

Zinc

Ltd.

46,027

287,002

2,793,363

Oil,

Gas

&

Consumable

Fuels

1.6%

Bharat

Petroleum

Corp.

Ltd.

398,455

1,763,578

Great

Eastern

Shipping

Co.

Ltd.

(The)

29,283

420,799

Indian

Oil

Corp.

Ltd.

252,072

543,304

Oil

&

Natural

Gas

Corp.

Ltd.

335,331

1,195,533

Petronet

LNG

Ltd.

1,389,815

5,662,921

Reliance

Industries

Ltd.

13,929

491,651

10,077,786

Paper

&

Forest

Products

0.0%

†

Greenply

Industries

Ltd.

35,746

162,665

Passenger

Airlines

0.2%

InterGlobe

Aviation

Ltd.

Reg.

S

*(b)

24,037

1,375,753

Pharmaceuticals

3.5%

Ajanta

Pharma

Ltd.

48,748

1,862,204

Alkem

Laboratories

Ltd.

27,473

1,983,535

Cipla

Ltd.

115,454

2,278,377

Dr

Reddy's

Laboratories

Ltd.,

ADR

(a)

25,107

1,994,751

Eris

Lifesciences

Ltd.

Reg.

S

*(b)

18,935

302,030

Glenmark

Pharmaceuticals

Ltd.

26,089

521,997

JB

Chemicals

&

Pharmaceuticals

Ltd.

34,049

763,737

Lupin

Ltd.

174,570

4,562,686

Torrent

Pharmaceuticals

Ltd.

116,743

4,730,128

Zydus

Lifesciences

Ltd.

188,687

2,405,446

21,404,891

Real

Estate

Management

&

Development

0.7%

Godrej

Properties

Ltd.

*

70,990

2,676,346

Oberoi

Realty

Ltd.

75,754

1,709,889

4,386,235

Specialty

Retail

0.0%

†

PC

Jeweller

Ltd.

*

13,460

28,524

Tobacco

0.1%

ITC

Ltd.

134,499

833,511

Trading

Companies

&

Distributors

0.1%

IndiaMart

InterMesh

Ltd.

Reg.

S

(b)

9,450

333,589

Transportation

Infrastructure

0.2%

Gujarat

Pipavav

Port

Ltd.

392,106

1,031,922

Wireless

Telecommunication

Services

1.2%

Bharti

Airtel

Ltd.

305,392

6,243,663

Vodafone

Idea

Ltd.

*

4,929,033

611,485

6,855,148

117,270,154

4

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDONESIA

2.1%

Banks

2.1%

Bank

Central

Asia

Tbk.

PT

4,512,000

3,076,290

Bank

CIMB

Niaga

Tbk.

PT

3,918,000

486,502

Bank

Mandiri

Persero

Tbk.

PT

14,063,500

6,430,657

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

5,219,500

1,706,161

11,699,610

Gas

Utilities

0.0%

†

Perusahaan

Gas

Negara

Tbk.

PT

2,977,600

282,431

Household

Products

0.0%

†

Unilever

Indonesia

Tbk.

PT

1,637,100

239,042

Metals

&

Mining

0.0%

†

Aneka

Tambang

Tbk.

1,495,900

145,732

Real

Estate

Management

&

Development

0.0%

†

Ciputra

Development

Tbk.

PT

898,400

79,014

12,445,829

LUXEMBOURG

0.0%

†

Capital

Markets

0.0%

†

Reinet

Investments

SCA

5,546

153,778

MEXICO

2.1%

Banks

0.3%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(a)

13,033

92,336

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

*

653,700

1,480,702

1,573,038

Beverages

0.9%

Arca

Continental

SAB

de

CV

95,902

896,676

Coca-Cola

Femsa

SAB

de

CV,

ADR

48,464

4,299,726

5,196,402

Diversified

REITs

0.0%

†

Fibra

Uno

Administracion

SA

de

CV

163,400

190,205

Food

Products

0.2%

Gruma

SAB

de

CV,

Class

B

49,218

913,945

Household

Products

0.4%

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(a)

1,429,886

2,312,218

Metals

&

Mining

0.2%

Southern

Copper

Corp.

9,200

1,064,164

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Vista

Energy

SAB

de

CV,

ADR

*

5,600

247,408

Transportation

Infrastructure

0.1%

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

899

254,201

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

45,067

424,166

678,367

12,175,747

PERU

0.1%

Banks

0.1%

Credicorp

Ltd.

2,300

416,231

PHILIPPINES

0.7%

Banks

0.2%

Metropolitan

Bank

&

Trust

Co.

980,600

1,377,076

Common

Stocks

Shares

Value

($)

PHILIPPINES

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Aboitiz

Power

Corp.

1,634,500

1,112,493

Transportation

Infrastructure

0.3%

International

Container

Terminal

Services,

Inc.

231,500

1,669,859

4,159,428

POLAND

0.4%

Banks

0.1%

Bank

Polska

Kasa

Opieki

SA

14,917

569,960

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

15,117

220,290

790,250

Insurance

0.2%

Powszechny

Zaklad

Ubezpieczen

SA

106,073

1,160,090

Metals

&

Mining

0.1%

KGHM

Polska

Miedz

SA

14,680

607,742

2,558,082

QATAR

0.4%

Banks

0.1%

Commercial

Bank

PSQC

(The)

147,797

178,602

Qatar

Islamic

Bank

QPSC

176,150

1,032,866

1,211,468

Diversified

Telecommunication

Services

0.1%

Ooredoo

QPSC

104,906

337,477

Multi-Utilities

0.1%

Qatar

Electricity

&

Water

Co.

QSC

77,143

334,598

Oil,

Gas

&

Consumable

Fuels

0.1%

Qatar

Gas

Transport

Co.

Ltd.

261,447

312,366

2,195,909

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

^∞

819,980

0

VTB

Bank

PJSC

*^∞

109,749

0

0

Chemicals

0.0%

†

PhosAgro

PJSC,

GDR

Reg.

S

*^∞

7,548

0

0

SAUDI

ARABIA

3.8%

Banks

2.8%

Al

Rajhi

Bank

137,413

3,196,838

Alinma

Bank

500,928

3,807,732

Arab

National

Bank

423,303

2,156,561

Banque

Saudi

Fransi

158,814

1,367,723

Riyad

Bank

416,331

2,769,628

Saudi

Awwal

Bank

267,638

2,474,072

Saudi

Investment

Bank

(The)

60,395

210,005

Saudi

National

Bank

(The)

130,365

1,193,664

17,176,223

Chemicals

0.1%

SABIC

Agri-Nutrients

Co.

12,956

410,062

Diversified

Telecommunication

Services

0.4%

Saudi

Telecom

Co.

183,866

2,142,936

Food

Products

0.1%

Almarai

Co.

JSC

20,658

304,269

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Food

Products

Saudia

Dairy

&

Foodstuff

Co.

632

63,546

367,815

Health

Care

Providers

&

Services

0.1%

Al

Hammadi

Holding

10,111

115,136

Mouwasat

Medical

Services

Co.

6,642

177,182

National

Medical

Care

Co.

2,151

118,517

Saudi

Chemical

Co.

Holding

143,735

438,352

849,187

Insurance

0.2%

Bupa

Arabia

for

Cooperative

Insurance

Co.

19,452

1,076,794

Co.

for

Cooperative

Insurance

(The)

2,799

110,319

1,187,113

Metals

&

Mining

0.1%

Saudi

Arabian

Mining

Co.

*

34,064

444,100

22,577,436

SOUTH

AFRICA

2.7%

Banks

0.2%

Capitec

Bank

Holdings

Ltd.

8,220

1,450,174

Broadline

Retail

0.1%

Naspers

Ltd.,

Class

N

3,516

853,889

Capital

Markets

0.3%

Investec

Ltd.

257,514

1,955,286

Diversified

REITs

0.0%

†

Growthpoint

Properties

Ltd.

313,310

254,486

Financial

Services

1.2%

FirstRand

Ltd.

1,325,342

6,387,822

Industrial

Conglomerates

0.1%

Reunert

Ltd.

70,141

329,191

Insurance

0.1%

Old

Mutual

Ltd.

962,411

763,638

Metals

&

Mining

0.4%

Gold

Fields

Ltd.,

ADR

153,601

2,357,775

Retail

REITs

0.2%

Hyprop

Investments

Ltd.

227,395

605,522

Resilient

REIT

Ltd.

40,076

136,267

Vukile

Property

Fund

Ltd.

173,048

182,823

924,612

Specialty

Retail

0.1%

Mr

Price

Group

Ltd.

11,598

181,807

Truworths

International

Ltd.

44,606

281,483

463,290

15,740,163

SOUTH

KOREA

11.4%

Aerospace

&

Defense

0.2%

Korea

Aerospace

Industries

Ltd.

24,248

971,985

Air

Freight

&

Logistics

0.1%

Hyundai

Glovis

Co.

Ltd.

7,099

666,784

Automobiles

0.4%

Kia

Corp.

29,652

2,273,244

Banks

1.7%

Hana

Financial

Group,

Inc.

94,693

4,270,417

KB

Financial

Group,

Inc.

53,433

3,318,542

Shinhan

Financial

Group

Co.

Ltd.

58,680

2,498,861

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Banks

Woori

Financial

Group,

Inc.

23,733

280,330

10,368,150

Construction

&

Engineering

0.1%

HDC

Hyundai

Development

Co-

Engineering

&

Construction,

Class

E

18,309

310,982

Diversified

Telecommunication

Services

0.1%

KT

Corp.

27,135

835,341

Electrical

Equipment

0.6%

HD

Hyundai

Electric

Co.

Ltd.

13,061

3,328,838

Entertainment

0.0%

†

NCSoft

Corp.

1,438

210,480

Financial

Services

0.1%

Meritz

Financial

Group,

Inc.

5,414

403,146

Industrial

Conglomerates

0.1%

Samsung

C&T

Corp.

3,587

379,157

SK

Square

Co.

Ltd.

*

4,057

252,559

631,716

Insurance

1.3%

DB

Insurance

Co.

Ltd.

31,313

2,696,038

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

35,351

893,770

Korean

Reinsurance

Co.

11,794

74,077

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

9,964

2,633,940

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Preference)

2,328

489,559

Samsung

Life

Insurance

Co.

Ltd.

14,503

1,037,207

7,824,591

Interactive

Media

&

Services

0.2%

NAVER

Corp.

8,463

1,101,911

Machinery

0.8%

HD

Hyundai

Heavy

Industries

Co.

Ltd.

*

1,651

234,209

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

*

28,148

4,059,480

HD-Hyundai

Marine

Engine

*

29,988

439,525

4,733,214

Pharmaceuticals

0.1%

JW

Pharmaceutical

Corp.

16,934

357,971

Semiconductors

&

Semiconductor

Equipment

0.5%

SK

Hynix,

Inc.

22,732

3,062,194

Technology

Hardware,

Storage

&

Peripherals

4.2%

Samsung

Electronics

Co.

Ltd.

485,189

22,995,703

Samsung

Electronics

Co.

Ltd.

(Preference)

55,148

2,155,274

25,150,977

Tobacco

0.9%

KT&G

Corp.

62,707

5,232,415

67,463,939

TAIWAN

18.7%

Aerospace

&

Defense

0.0%

†

Evergreen

Aviation

Technologies

Corp.

86,000

266,135

Banks

1.0%

CTBC

Financial

Holding

Co.

Ltd.

2,194,000

2,389,277

6

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

TAIWAN

Banks

SinoPac

Financial

Holdings

Co.

Ltd.

1,652,050

1,269,882

Taishin

Financial

Holding

Co.

Ltd.

3,492,000

2,032,930

5,692,089

Construction

&

Engineering

0.2%

Run

Long

Construction

Co.

Ltd.

305,800

514,061

Yankey

Engineering

Co.

Ltd.

57,000

557,340

1,071,401

Consumer

Staples

Distribution

&

Retail

0.3%

President

Chain

Store

Corp.

167,000

1,558,763

Diversified

Telecommunication

Services

0.4%

Chunghwa

Telecom

Co.

Ltd.

563,000

2,230,923

Electrical

Equipment

0.1%

Zippy

Technology

Corp.

169,000

406,488

Electronic

Equipment,

Instruments

&

Components

1.7%

Chroma

ATE,

Inc.

45,000

534,476

Delta

Electronics,

Inc.

104,000

1,256,155

General

Interface

Solution

Holding

Ltd.

*

80,000

148,112

Genius

Electronic

Optical

Co.

Ltd.

66,000

1,018,683

Hon

Hai

Precision

Industry

Co.

Ltd.

929,000

5,552,472

Sinbon

Electronics

Co.

Ltd.

71,000

676,066

Syncmold

Enterprise

Corp.

164,000

541,611

Tripod

Technology

Corp.

167,000

1,042,094

10,769,669

Entertainment

0.4%

Gamania

Digital

Entertainment

Co.

Ltd.

393,000

970,572

International

Games

System

Co.

Ltd.

42,000

1,311,612

2,282,184

Financial

Services

0.1%

Yuanta

Financial

Holding

Co.

Ltd.

551,000

553,832

Food

Products

0.3%

Uni-President

Enterprises

Corp.

570,000

1,569,506

Household

Durables

0.1%

Nien

Made

Enterprise

Co.

Ltd.

55,000

884,753

Insurance

0.7%

Cathay

Financial

Holding

Co.

Ltd.

550,000

1,158,655

Fubon

Financial

Holding

Co.

Ltd.

974,400

2,790,156

3,948,811

Leisure

Products

0.2%

Giant

Manufacturing

Co.

Ltd.

144,000

1,021,393

Marine

Transportation

0.1%

Evergreen

Marine

Corp.

Taiwan

Ltd.

79,000

502,851

Passenger

Airlines

0.2%

Eva

Airways

Corp.

1,062,000

1,260,644

Real

Estate

Management

&

Development

0.8%

Advancetek

Enterprise

Co.

Ltd.

133,000

285,021

Da-Li

Development

Co.

Ltd.

415,800

650,560

Huang

Hsiang

Construction

Corp.

70,000

131,774

Ruentex

Development

Co.

Ltd.

2,256,000

3,497,979

4,565,334

Semiconductors

&

Semiconductor

Equipment

11.8%

AMPOC

Far-East

Co.

Ltd.

58,000

160,729

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

Chang

Wah

Technology

Co.

Ltd.

152,000

188,581

Foxsemicon

Integrated

Technology,

Inc.

25,000

283,487

Genesys

Logic,

Inc.

145,000

681,165

Global

Mixed

Mode

Technology,

Inc.

65,000

462,024

Integrated

Service

Technology,

Inc.

85,000

444,412

ITE

Technology,

Inc.

331,000

1,479,916

Keystone

Microtech

Corp.

40,000

441,122

MediaTek,

Inc.

176,000

6,572,471

Pixart

Imaging,

Inc.

102,000

868,963

Realtek

Semiconductor

Corp.

46,000

686,344

Sigurd

Microelectronics

Corp.

100,000

240,285

Sunplus

Technology

Co.

Ltd.

*

381,000

383,148

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,852,000

56,540,967

Topco

Scientific

Co.

Ltd.

65,000

581,699

Ultra

Chip,

Inc.

125,000

374,174

70,389,487

Technology

Hardware,

Storage

&

Peripherals

0.2%

Advantech

Co.

Ltd.

78,087

796,621

Asustek

Computer,

Inc.

22,000

385,170

Compal

Electronics,

Inc.

203,000

214,520

1,396,311

Wireless

Telecommunication

Services

0.1%

Far

EasTone

Telecommunications

Co.

Ltd.

232,000

666,102

111,036,676

THAILAND

2.1%

Banks

0.5%

Krung

Thai

Bank

PCL

4,300,000

2,752,856

Thanachart

Capital

PCL

203,700

319,962

TMBThanachart

Bank

PCL

6,408,200

392,285

3,465,103

Consumer

Staples

Distribution

&

Retail

0.3%

CP

ALL

PCL

887,300

1,805,872

Electronic

Equipment,

Instruments

&

Components

0.2%

KCE

Electronics

PCL

959,300

1,161,054

Food

Products

0.1%

Charoen

Pokphand

Foods

PCL

457,900

341,481

Sappe

PCL

75,200

164,184

505,665

Health

Care

Providers

&

Services

0.5%

Bumrungrad

Hospital

PCL

356,700

2,981,969

Oil,

Gas

&

Consumable

Fuels

0.0%

†

PTT

PCL

115,300

121,821

Pharmaceuticals

0.1%

Mega

Lifesciences

PCL

250,400

305,296

Real

Estate

Management

&

Development

0.1%

Supalai

PCL

816,300

522,651

Specialty

Retail

0.3%

Com7

PCL,

Class

F

2,003,500

1,488,273

12,357,704

TURKEY

1.1%

Banks

0.2%

Turkiye

Is

Bankasi

A/S,

Class

C

1,010,350

416,096

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

TURKEY

Banks

Yapi

ve

Kredi

Bankasi

A/S

1,143,943

1,035,621

1,451,717

Construction

&

Engineering

0.3%

Enka

Insaat

ve

Sanayi

A/S

1,166,275

1,549,353

Consumer

Staples

Distribution

&

Retail

0.1%

BIM

Birlesik

Magazalar

A/S

60,863

884,044

Diversified

Telecommunication

Services

0.1%

Turk

Telekomunikasyon

A/S

*

278,702

406,173

Gas

Utilities

0.1%

Aygaz

A/S

45,085

199,163

Enerya

Enerji

A/S

43,986

271,471

470,634

Industrial

Conglomerates

0.3%

KOC

Holding

A/S

333,098

1,835,430

6,597,351

UNITED

ARAB

EMIRATES

1.7%

Banks

1.4%

Abu

Dhabi

Commercial

Bank

PJSC

1,020,362

2,342,460

Dubai

Islamic

Bank

PJSC

1,013,134

1,739,687

Emirates

NBD

Bank

PJSC

821,858

4,541,765

8,623,912

Multi-Utilities

0.1%

Dubai

Electricity

&

Water

Authority

PJSC

535,478

371,729

Real

Estate

Management

&

Development

0.2%

Aldar

Properties

PJSC

192,996

395,003

Emaar

Development

PJSC

294,877

701,937

1,096,940

10,092,581

UNITED

KINGDOM

0.4%

Metals

&

Mining

0.4%

Anglogold

Ashanti

plc

96,464

2,557,640

Total

Common

Stocks

(cost

$499,609,334)

601,889,885

Repurchase

Agreements

0.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$40,006,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$40,800.(c)

40,000

40,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,250,911,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$2,295,614.(c)

2,250,602

2,250,602

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,136,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$1,020,138.(c)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$3,290,602)

3,290,602

Total

Investments

(cost

$502,899,936)

—

102.0%

605,180,487

Liabilities

in

excess

of

other

assets

—

(2.0)%

(11,741,075)

NET

ASSETS

—

100.0%

$

593,439,412

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$3,990,762,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,290,602

and

by

$833,422

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$4,124,024.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$15,913,049

which

represents

2.68%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$3,290,602.

8

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

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

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

1,119,461

$

3,936,244

$

–

$

5,055,705

Air

Freight

&

Logistics

–

666,784

–

666,784

Automobiles

–

7,770,254

–

7,770,254

Banks

19,209,768

84,374,397

–

103,584,165

Beverages

5,196,403

227,945

–

5,424,348

Biotechnology

–

1,163,764

–

1,163,764

Broadline

Retail

7,236,601

22,768,660

–

30,005,261

Building

Products

–

471,175

–

471,175

Capital

Markets

–

5,191,017

–

5,191,017

Chemicals

–

4,445,446

–

4,445,446

Communications

Equipment

–

4,734,484

–

4,734,484

Construction

&

Engineering

–

7,367,733

–

7,367,733

Construction

Materials

–

1,099,173

–

1,099,173

Consumer

Finance

274,252

1,096,208

–

1,370,460

Consumer

Staples

Distribution

&

Retail

–

4,248,678

–

4,248,678

Diversified

REITs

190,205

254,485

–

444,690

Diversified

Telecommunication

Services

550,472

5,952,850

–

6,503,322

Electric

Utilities

5,544,054

5,554,974

–

11,099,028

Electrical

Equipment

1,841,055

11,400,925

–

13,241,980

Electronic

Equipment,

Instruments

&

Components

–

14,134,348

–

14,134,348

Entertainment

–

11,182,599

–

11,182,599

Financial

Services

–

14,649,477

–

14,649,477

Food

Products

913,945

7,097,728

–

8,011,673

Gas

Utilities

–

4,452,307

–

4,452,307

Health

Care

Providers

&

Services

2,981,969

4,442,520

–

7,424,489

Hotels,

Restaurants

&

Leisure

–

17,564,112

–

17,564,112

Household

Durables

797,039

5,161,171

–

5,958,210

Household

Products

2,312,218

239,042

–

2,551,260

Independent

Power

and

Renewable

Electricity

Producers

108,388

10,578,803

–

10,687,191

Industrial

Conglomerates

–

2,796,339

–

2,796,339

Insurance

1,149,513

32,354,202

–

33,503,715

Interactive

Media

&

Services

145,824

31,864,402

–

32,010,226

IT

Services

1,697,442

7,879,356

–

9,576,798

Leisure

Products

–

1,021,393

–

1,021,393

Life

Sciences

Tools

&

Services

–

540,288

–

540,288

Machinery

–

5,324,561

–

5,324,561

Marine

Transportation

1,046,570

677,865

–

1,724,435

Metals

&

Mining

3,421,939

15,480,949

–

18,902,888

Multi-Utilities

–

706,327

–

706,327

Oil,

Gas

&

Consumable

Fuels

482,958

10,511,972

–

10,994,930

Paper

&

Forest

Products

–

162,665

–

162,665

Passenger

Airlines

–

2,636,398

–

2,636,398

Pharmaceuticals

1,994,751

28,259,966

–

30,254,717

Real

Estate

Management

&

Development

1,723,519

13,163,705

–

14,887,224

Retail

REITs

–

924,612

–

924,612

Semiconductors

&

Semiconductor

Equipment

–

73,451,681

–

73,451,681

Specialty

Retail

2,787,388

1,980,087

–

4,767,475

Technology

Hardware,

Storage

&

Peripherals

–

26,547,288

–

26,547,288

Textiles,

Apparel

&

Luxury

Goods

–

904,406

–

904,406

Tobacco

–

6,065,926

–

6,065,926

Trading

Companies

&

Distributors

–

333,589

–

333,589

Transportation

Infrastructure

965,291

2,701,782

–

3,667,073

Water

Utilities

2,160,548

–

–

2,160,548

Wireless

Telecommunication

Services

–

7,521,250

–

7,521,250

Total

Common

Stocks

$

65,851,573

$

536,038,312

$

–

$

601,889,885

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

11

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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 September

30,

2024,

the

Fund

had

no

open

futures

contracts.  

Level

1

Level

2

Level

3

Total

Assets:

Repurchase

Agreements

$

–

$

3,290,602

$

–

$

3,290,602

Total

$

65,851,573

$

539,328,914

$

–

$

605,180,487

As

of

September

30,

2024,

the

Fund

held

three

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.

12

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

99.4%

Shares

Value

($)

AUSTRALIA

7.9%

Banks

3.3%

ANZ

Group

Holdings

Ltd.

229,912

4,857,871

Commonwealth

Bank

of

Australia

129,837

12,187,368

National

Australia

Bank

Ltd.

648,540

16,795,199

Westpac

Banking

Corp.

120,848

2,657,860

36,498,298

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

110,534

1,456,960

Diversified

REITs

0.1%

GPT

Group

(The)

239,382

823,244

Diversified

Telecommunication

Services

0.7%

Telstra

Group

Ltd.

2,594,585

6,970,998

Financial

Services

0.0%

†

AMP

Ltd.

217,760

200,087

Health

Care

Technology

0.2%

Pro

Medicus

Ltd.

16,304

2,015,775

Insurance

0.3%

Insurance

Australia

Group

Ltd.

256,332

1,307,079

Suncorp

Group

Ltd.

174,363

2,187,720

3,494,799

Metals

&

Mining

1.8%

BHP

Group

Ltd.

215,674

6,705,941

Deterra

Royalties

Ltd.

58,568

164,120

Fortescue

Ltd.

242,532

3,420,257

Glencore

plc

448,332

2,567,384

Northern

Star

Resources

Ltd.

476,856

5,217,979

Ramelius

Resources

Ltd.

139,134

208,800

Resolute

Mining

Ltd.

*

1,188,694

600,823

Westgold

Resources

Ltd.

66,766

122,327

19,007,631

Office

REITs

0.0%

†

Dexus

41,677

218,229

Passenger

Airlines

0.1%

Qantas

Airways

Ltd.

*

107,822

553,856

Professional

Services

0.6%

Computershare

Ltd.

353,942

6,178,635

Retail

REITs

0.2%

Charter

Hall

Retail

REIT

265,081

663,443

Scentre

Group

581,103

1,471,169

2,134,612

Specialty

Retail

0.5%

JB

Hi-Fi

Ltd.

59,820

3,315,779

Premier

Investments

Ltd.

74,501

1,593,067

4,908,846

84,461,970

AUSTRIA

0.2%

Banks

0.2%

BAWAG

Group

AG

Reg.

S

(a)

31,835

2,467,100

BELGIUM

0.1%

Banks

0.0%

†

KBC

Ancora

4,206

227,234

Consumer

Staples

Distribution

&

Retail

0.1%

Colruyt

Group

N.V

8,941

416,220

643,454

Common

Stocks

Shares

Value

($)

BERMUDA

0.0%

†

Insurance

0.0%

†

Conduit

Holdings

Ltd.

22,596

157,338

CHINA

1.1%

Broadline

Retail

0.8%

Prosus

NV

186,392

8,061,290

Industrial

Conglomerates

0.0%

†

Fosun

International

Ltd.

285,500

182,878

Machinery

0.3%

Yangzijiang

Shipbuilding

Holdings

Ltd.

1,756,000

3,345,798

11,589,966

DENMARK

3.7%

Banks

0.0%

†

Sydbank

A/S

9,969

491,592

Biotechnology

0.4%

Genmab

A/S

*

14,551

3,541,710

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

*

101,638

2,244,173

Pharmaceuticals

2.9%

Novo

Nordisk

A/S,

Class

B

254,615

30,317,840

Textiles,

Apparel

&

Luxury

Goods

0.2%

Pandora

A/S

14,588

2,403,617

38,998,932

FINLAND

0.0%

†

Machinery

0.0%

†

Cargotec

OYJ,

Class

B

6,464

377,834

FRANCE

10.1%

Aerospace

&

Defense

1.9%

Dassault

Aviation

SA

17,373

3,578,822

Safran

SA

64,107

15,126,098

Thales

SA

14,598

2,318,801

21,023,721

Automobile

Components

0.2%

Valeo

SE

205,499

2,482,400

Building

Products

0.2%

Cie

de

Saint-Gobain

SA

23,448

2,137,283

Chemicals

1.7%

Air

Liquide

SA

92,605

17,885,298

Construction

&

Engineering

0.6%

Bouygues

SA

54,431

1,823,173

Eiffage

SA

48,220

4,657,119

6,480,292

Electrical

Equipment

1.2%

Legrand

SA

110,457

12,737,523

Food

Products

1.0%

Danone

SA

139,641

10,168,189

Health

Care

Equipment

&

Supplies

1.0%

EssilorLuxottica

SA

43,081

10,208,485

Hotels,

Restaurants

&

Leisure

0.0%

†

La

Francaise

des

Jeux

SAEM

Reg.

S

(a)

9,550

393,051

Insurance

0.3%

Coface

SA

11,091

181,606

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

FRANCE

Insurance

SCOR

SE

149,484

3,342,719

3,524,325

IT

Services

0.6%

Capgemini

SE

27,272

5,907,590

Media

0.2%

JCDecaux

SE

*

32,979

738,471

Publicis

Groupe

SA

14,500

1,586,761

2,325,232

Multi-Utilities

0.7%

Veolia

Environnement

SA

220,129

7,242,472

Office

REITs

0.0%

†

Gecina

SA

3,509

404,256

Retail

REITs

0.1%

Klepierre

SA

38,287

1,255,451

Software

0.0%

†

Dassault

Systemes

SE

8,917

353,868

Textiles,

Apparel

&

Luxury

Goods

0.3%

Hermes

International

SCA

757

1,862,612

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,708

1,311,769

3,174,381

Trading

Companies

&

Distributors

0.1%

Rexel

SA

25,158

728,805

108,432,622

GEORGIA

0.1%

Banks

0.1%

Bank

of

Georgia

Group

plc

9,558

469,806

TBC

Bank

Group

plc

6,250

221,448

691,254

GERMANY

11.7%

Aerospace

&

Defense

0.6%

MTU

Aero

Engines

AG

22,017

6,862,323

Automobile

Components

0.4%

Continental

AG

64,801

4,192,228

Capital

Markets

0.3%

Deutsche

Bank

AG

(Registered)

164,411

2,834,075

Chemicals

1.0%

BASF

SE

166,121

8,791,443

Symrise

AG,

Class

A

12,341

1,706,211

10,497,654

Electrical

Equipment

0.5%

Siemens

Energy

AG

*

136,632

5,032,607

Health

Care

Providers

&

Services

0.7%

Fresenius

Medical

Care

AG

51,735

2,200,157

Fresenius

SE

&

Co.

KGaA

*

151,187

5,757,321

7,957,478

Household

Products

1.2%

Henkel

AG

&

Co.

KGaA

50,854

4,325,359

Henkel

AG

&

Co.

KGaA

(Preference)

88,906

8,353,834

12,679,193

Industrial

Conglomerates

1.0%

Siemens

AG

(Registered)

52,704

10,643,608

Insurance

3.0%

Allianz

SE

(Registered)

35,159

11,536,665

Hannover

Rueck

SE

28,382

8,090,024

Common

Stocks

Shares

Value

($)

GERMANY

Insurance

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

23,074

12,695,906

Talanx

AG

6,775

570,346

32,892,941

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S

(a)

1,559

134,095

Machinery

0.3%

GEA

Group

AG

5,447

266,375

Knorr-Bremse

AG

33,136

2,945,837

3,212,212

Real

Estate

Management

&

Development

0.1%

Vonovia

SE

26,913

980,843

Software

2.4%

Nemetschek

SE

13,950

1,444,194

SAP

SE

105,663

24,002,546

TeamViewer

SE

Reg.

S

*(a)

55,533

706,285

26,153,025

Specialty

Retail

0.2%

Zalando

SE

Reg.

S

*(a)

49,797

1,643,067

125,715,349

HONG

KONG

1.5%

Electric

Utilities

0.1%

Power

Assets

Holdings

Ltd.

168,500

1,079,362

Food

Products

0.1%

WH

Group

Ltd.

Reg.

S

(a)

1,013,000

801,309

Industrial

Conglomerates

0.3%

Swire

Pacific

Ltd.,

Class

A

284,500

2,438,352

Swire

Pacific

Ltd.,

Class

B

310,000

417,004

2,855,356

Insurance

0.5%

AIA

Group

Ltd.

655,200

5,793,803

Prudential

plc

41,799

389,925

6,183,728

Real

Estate

Management

&

Development

0.4%

Sun

Hung

Kai

Properties

Ltd.

410,000

4,452,459

Textiles,

Apparel

&

Luxury

Goods

0.1%

Stella

International

Holdings

Ltd.

82,000

154,833

Yue

Yuen

Industrial

Holdings

Ltd.

215,000

408,711

563,544

15,935,758

INDONESIA

0.0%

†

Food

Products

0.0%

†

First

Pacific

Co.

Ltd.

434,000

238,994

IRELAND

0.1%

Food

Products

0.1%

Greencore

Group

plc

*

371,419

915,492

ISRAEL

0.1%

Capital

Markets

0.1%

Plus500

Ltd.

46,731

1,565,142

ITALY

2.4%

Banks

1.0%

Banca

Monte

dei

Paschi

di

Siena

SpA

92,495

535,165

Banca

Popolare

di

Sondrio

SpA

103,247

791,328

Banco

BPM

SpA

1,057,923

7,147,556

BPER

Banca

SpA

239,173

1,347,812

14

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

ITALY

Banks

Credito

Emiliano

SpA

51,808

586,429

UniCredit

SpA

35,061

1,540,745

11,949,035

Capital

Markets

0.4%

Azimut

Holding

SpA

122,580

3,166,429

Banca

Generali

SpA

13,681

613,532

3,779,961

Diversified

Telecommunication

Services

0.1%

RAI

Way

SpA

Reg.

S

(a)

30,873

183,279

Telecom

Italia

SpA

*(b)

1,408,239

391,609

574,888

Electrical

Equipment

0.1%

Prysmian

SpA

(b)

8,672

630,480

Financial

Services

0.7%

Banca

Mediolanum

SpA

554,155

6,996,152

Insurance

0.0%

†

Unipol

Gruppo

SpA

34,859

414,795

Multi-Utilities

0.1%

A2A

SpA

334,096

772,084

25,117,395

JAPAN

23.5%

Automobile

Components

0.7%

Sumitomo

Electric

Industries

Ltd.

410,500

6,587,596

Sumitomo

Rubber

Industries

Ltd.

71,500

783,418

Toyo

Tire

Corp.

20,900

305,272

7,676,286

Automobiles

0.3%

Honda

Motor

Co.

Ltd.

137,000

1,445,918

Toyota

Motor

Corp.

89,500

1,603,035

3,048,953

Banks

1.9%

Hachijuni

Bank

Ltd.

(The)

27,400

160,910

Hyakujushi

Bank

Ltd.

(The)

10,800

186,713

Japan

Post

Bank

Co.

Ltd.

473,300

4,422,490

Mitsubishi

UFJ

Financial

Group,

Inc.

328,900

3,348,239

Mizuho

Financial

Group,

Inc.

253,500

5,210,698

Ogaki

Kyoritsu

Bank

Ltd.

(The)

10,100

128,540

Sumitomo

Mitsui

Trust

Holdings,

Inc.

251,900

5,980,758

19,438,348

Beverages

0.2%

Kirin

Holdings

Co.

Ltd.

125,400

1,910,824

Broadline

Retail

0.5%

J

Front

Retailing

Co.

Ltd.

151,500

1,640,112

Rakuten

Group,

Inc.

*

256,400

1,660,169

Takashimaya

Co.

Ltd.

(b)

227,800

1,819,914

5,120,195

Capital

Markets

1.3%

Daiwa

Securities

Group,

Inc.

526,700

3,748,053

Marusan

Securities

Co.

Ltd.

(b)

100,900

648,783

Nomura

Holdings,

Inc.

1,073,700

5,622,746

Okasan

Securities

Group,

Inc.

(b)

162,600

704,590

SBI

Holdings,

Inc.

(b)

105,400

2,428,845

Tokai

Tokyo

Financial

Holdings,

Inc.

266,200

898,341

14,051,358

Chemicals

1.0%

Air

Water,

Inc.

9,500

133,380

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Asahi

Kasei

Corp.

91,500

691,112

DIC

Corp.

123,700

2,800,990

Kaneka

Corp.

5,400

147,165

Lintec

Corp.

37,000

854,478

Mitsubishi

Gas

Chemical

Co.,

Inc.

(b)

66,700

1,291,385

Nippon

Kayaku

Co.

Ltd.

(b)

30,200

262,987

Nippon

Shokubai

Co.

Ltd.

18,000

217,675

Nitto

Denko

Corp.

242,500

4,052,862

Sakai

Chemical

Industry

Co.

Ltd.

15,200

272,047

Sanyo

Chemical

Industries

Ltd.

6,700

193,725

Sumitomo

Seika

Chemicals

Co.

Ltd.

(b)

4,200

150,605

11,068,411

Commercial

Services

&

Supplies

0.3%

Dai

Nippon

Printing

Co.

Ltd.

14,000

249,332

TOPPAN

Holdings,

Inc.

103,300

3,062,169

3,311,501

Construction

&

Engineering

0.1%

JGC

Holdings

Corp.

33,700

295,030

Obayashi

Corp.

(b)

102,700

1,301,821

1,596,851

Consumer

Staples

Distribution

&

Retail

0.1%

H2O

Retailing

Corp.

(b)

32,200

463,408

Life

Corp.

5,400

136,690

Mitsubishi

Shokuhin

Co.

Ltd.

16,300

599,048

Valor

Holdings

Co.

Ltd.

(b)

15,700

240,940

1,440,086

Containers

&

Packaging

0.1%

Toyo

Seikan

Group

Holdings

Ltd.

41,500

652,048

Diversified

Telecommunication

Services

0.5%

Nippon

Telegraph

&

Telephone

Corp.

4,713,900

4,824,355

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

34,100

399,699

Shikoku

Electric

Power

Co.,

Inc.

78,900

700,512

1,100,211

Electrical

Equipment

0.7%

Mitsubishi

Electric

Corp.

455,900

7,347,199

Electronic

Equipment,

Instruments

&

Components

0.5%

I-PEX,

Inc.

15,800

173,692

Japan

Aviation

Electronics

Industry

Ltd.

36,900

655,553

Omron

Corp.

14,300

654,404

Restar

Corp.

7,400

139,968

TDK

Corp.

55,000

701,951

Yokogawa

Electric

Corp.

105,900

2,703,466

5,029,034

Energy

Equipment

&

Services

0.2%

Modec,

Inc.

93,300

2,214,998

Entertainment

0.0%

†

Nexon

Co.

Ltd.

22,500

447,054

Financial

Services

1.1%

Mitsubishi

HC

Capital,

Inc.

(b)

413,400

2,919,186

ORIX

Corp.

303,000

7,034,659

Tokyo

Century

Corp.

149,400

1,675,782

11,629,627

Food

Products

0.6%

Kewpie

Corp.

5,500

137,043

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

JAPAN

Food

Products

Kikkoman

Corp.

312,700

3,555,581

Morinaga

&

Co.

Ltd.

37,800

755,017

Nichirei

Corp.

12,500

388,681

Nissui

Corp.

44,400

284,357

Yamazaki

Baking

Co.

Ltd.

75,100

1,490,513

6,611,192

Ground

Transportation

0.2%

Central

Japan

Railway

Co.

65,000

1,504,143

Nishi-Nippon

Railroad

Co.

Ltd.

29,000

462,170

1,966,313

Health

Care

Equipment

&

Supplies

0.0%

†

PHC

Holdings

Corp.

(b)

29,700

218,508

Health

Care

Providers

&

Services

0.5%

Alfresa

Holdings

Corp.

(b)

89,500

1,407,567

H.U.

Group

Holdings,

Inc.

(b)

40,000

741,017

Medipal

Holdings

Corp.

(b)

8,800

152,576

Suzuken

Co.

Ltd.

29,800

1,041,885

Toho

Holdings

Co.

Ltd.

(b)

58,000

1,832,819

5,175,864

Hotels,

Restaurants

&

Leisure

0.3%

Doutor

Nichires

Holdings

Co.

Ltd.

16,600

265,526

Food

&

Life

Cos.

Ltd.

(b)

116,300

2,336,464

Heiwa

Corp.

36,300

536,969

Round

One

Corp.

19,200

146,974

Skylark

Holdings

Co.

Ltd.

19,000

305,570

3,591,503

Household

Durables

0.9%

Foster

Electric

Co.

Ltd.

60,300

765,183

Hoosiers

Holdings

Co.

Ltd.

18,600

135,094

Rinnai

Corp.

44,900

1,106,808

Sekisui

Chemical

Co.

Ltd.

51,500

802,577

Sekisui

House

Ltd.

254,600

7,085,848

9,895,510

Industrial

Conglomerates

0.6%

Hitachi

Ltd.

236,900

6,258,590

Nisshinbo

Holdings,

Inc.

64,400

431,037

6,689,627

Insurance

1.7%

Dai-ichi

Life

Holdings,

Inc.

141,900

3,655,364

Japan

Post

Holdings

Co.

Ltd.

283,400

2,704,570

MS&AD

Insurance

Group

Holdings,

Inc.

256,200

5,977,228

T&D

Holdings,

Inc.

156,600

2,735,130

Tokio

Marine

Holdings,

Inc.

75,700

2,777,032

17,849,324

IT

Services

0.1%

NEC

Networks

&

System

Integration

Corp.

25,900

500,557

SCSK

Corp.

26,400

545,349

1,045,906

Machinery

0.6%

Kawasaki

Heavy

Industries

Ltd.

(b)

62,400

2,536,574

Namura

Shipbuilding

Co.

Ltd.

(b)

27,900

273,163

NGK

Insulators

Ltd.

(b)

203,800

2,664,746

Sumitomo

Heavy

Industries

Ltd.

50,600

1,216,848

6,691,331

Marine

Transportation

1.1%

Iino

Kaiun

Kaisha

Ltd.

(b)

54,000

473,640

Mitsui

OSK

Lines

Ltd.

(b)

176,200

6,069,581

Nippon

Yusen

KK

(b)

153,800

5,610,875

12,154,096

Common

Stocks

Shares

Value

($)

JAPAN

Media

0.0%

†

SKY

Perfect

JSAT

Holdings,

Inc.

44,500

277,517

Metals

&

Mining

0.1%

Mitsubishi

Materials

Corp.

(b)

24,700

444,609

Mitsui

Mining

&

Smelting

Co.

Ltd.

5,100

174,082

Nippon

Light

Metal

Holdings

Co.

Ltd.

28,500

323,956

942,647

Pharmaceuticals

1.9%

Daiichi

Sankyo

Co.

Ltd.

211,100

6,940,161

Eisai

Co.

Ltd.

16,400

610,227

Nippon

Shinyaku

Co.

Ltd.

66,100

1,716,720

Otsuka

Holdings

Co.

Ltd.

20,400

1,150,470

Santen

Pharmaceutical

Co.

Ltd.

56,200

679,313

Sawai

Group

Holdings

Co.

Ltd.

(b)

19,500

276,985

Shionogi

&

Co.

Ltd.

451,500

6,466,722

Towa

Pharmaceutical

Co.

Ltd.

18,000

377,916

Tsumura

&

Co.

26,900

848,108

19,066,622

Real

Estate

Management

&

Development

1.6%

Daiwa

House

Industry

Co.

Ltd.

175,800

5,526,010

Hulic

Co.

Ltd.

115,300

1,170,205

Ichigo,

Inc.

59,500

152,094

Mitsubishi

Estate

Co.

Ltd.

42,500

670,964

Nomura

Real

Estate

Holdings,

Inc.

(b)

272,000

7,283,124

Tokyu

Fudosan

Holdings

Corp.

340,000

2,346,279

17,148,676

Semiconductors

&

Semiconductor

Equipment

0.8%

Lasertec

Corp.

1,900

314,759

Tokyo

Electron

Ltd.

46,100

8,186,051

Yamaichi

Electronics

Co.

Ltd.

(b)

13,800

243,242

8,744,052

Software

0.6%

Computer

Engineering

&

Consulting

Ltd.

16,200

211,506

Trend

Micro,

Inc.

105,400

6,248,132

6,459,638

Specialty

Retail

0.8%

Aoyama

Trading

Co.

Ltd.

(b)

63,200

594,787

Bic

Camera,

Inc.

(b)

24,100

266,054

EDION

Corp.

(b)

53,800

689,182

Fast

Retailing

Co.

Ltd.

9,900

3,279,928

Kohnan

Shoji

Co.

Ltd.

6,900

183,214

Shimamura

Co.

Ltd.

11,500

627,404

USS

Co.

Ltd.

(b)

20,800

196,772

Yamada

Holdings

Co.

Ltd.

952,300

2,977,712

8,815,053

Technology

Hardware,

Storage

&

Peripherals

0.2%

Brother

Industries

Ltd.

(b)

119,400

2,320,214

Konica

Minolta,

Inc.

(b)

108,500

312,743

2,632,957

Trading

Companies

&

Distributors

0.7%

Sojitz

Corp.

296,100

6,971,564

Wireless

Telecommunication

Services

0.6%

KDDI

Corp.

(b)

58,500

1,872,516

SoftBank

Corp.

2,008,000

2,622,006

SoftBank

Group

Corp.

41,000

2,420,463

6,914,985

251,770,224

16

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

MGM

China

Holdings

Ltd.

467,600

745,479

NETHERLANDS

3.3%

Banks

0.3%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(a)

151,800

2,741,701

Capital

Markets

0.1%

Van

Lanschot

Kempen

NV,

CVA

15,498

736,874

Consumer

Staples

Distribution

&

Retail

0.9%

Koninklijke

Ahold

Delhaize

NV

265,351

9,168,397

Diversified

Telecommunication

Services

0.0%

†

Koninklijke

KPN

NV

112,937

461,264

Professional

Services

0.5%

Wolters

Kluwer

NV

29,359

4,948,661

Retail

REITs

0.0%

†

Wereldhave

NV

9,027

149,591

Semiconductors

&

Semiconductor

Equipment

1.5%

ASM

International

NV

4,737

3,121,672

ASML

Holding

NV

(b)

16,522

13,773,560

16,895,232

35,101,720

NEW

ZEALAND

0.0%

†

Air

Freight

&

Logistics

0.0%

†

Mainfreight

Ltd.

4,428

200,737

NIGERIA

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

Airtel

Africa

plc

Reg.

S

(a)

104,423

159,467

NORWAY

0.4%

Aerospace

&

Defense

0.3%

Kongsberg

Gruppen

ASA

31,005

3,037,789

Marine

Transportation

0.1%

Stolt-Nielsen

Ltd.

21,647

800,079

3,837,868

PORTUGAL

0.0%

†

Consumer

Staples

Distribution

&

Retail

0.0%

†

Sonae

SGPS

SA

235,249

248,473

SINGAPORE

0.4%

Aerospace

&

Defense

0.3%

Singapore

Technologies

Engineering

Ltd.

871,200

3,149,325

Banks

0.1%

Oversea-Chinese

Banking

Corp.

Ltd.

69,000

812,497

3,961,822

SPAIN

2.0%

Banks

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

76,304

825,985

Banco

Santander

SA

843,638

4,311,292

Bankinter

SA

84,721

748,212

Unicaja

Banco

SA

Reg.

S

(a)

285,614

363,526

6,249,015

Food

Products

0.0%

†

Ebro

Foods

SA

(b)

15,512

275,165

Common

Stocks

Shares

Value

($)

SPAIN

Specialty

Retail

1.4%

Industria

de

Diseno

Textil

SA

(b)

246,326

14,579,263

21,103,443

SWEDEN

4.5%

Banks

0.4%

Swedbank

AB,

Class

A

191,206

4,056,601

Commercial

Services

&

Supplies

0.1%

Loomis

AB,

Class

B

30,423

1,000,071

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B

(b)

316,159

2,389,596

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB,

Class

B

164,519

1,775,543

Financial

Services

0.9%

Investor

AB,

Class

B

309,524

9,533,172

Health

Care

Providers

&

Services

0.1%

Ambea

AB

Reg.

S

(a)

104,338

925,498

Hotels,

Restaurants

&

Leisure

0.8%

Evolution

AB

Reg.

S

(a)

88,680

8,715,957

Household

Products

0.5%

Essity

AB,

Class

B

157,609

4,918,764

Interactive

Media

&

Services

0.0%

†

Hemnet

Group

AB

8,512

314,330

Machinery

0.8%

Alfa

Laval

AB

151,564

7,277,753

Indutrade

AB

39,868

1,240,028

8,517,781

Metals

&

Mining

0.3%

SSAB

AB,

Class

A

248,193

1,299,797

SSAB

AB,

Class

B

(b)

464,796

2,380,161

3,679,958

Specialty

Retail

0.2%

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(b)

104,130

1,772,663

47,599,934

SWITZERLAND

5.7%

Capital

Markets

1.5%

UBS

Group

AG

(Registered)

528,040

16,303,192

Chemicals

0.9%

Sika

AG

(Registered)

29,259

9,707,229

Health

Care

Equipment

&

Supplies

0.1%

Ypsomed

Holding

AG

(Registered)

1,314

639,902

Life

Sciences

Tools

&

Services

0.5%

Lonza

Group

AG

(Registered)

9,206

5,823,888

Pharmaceuticals

2.7%

Novartis

AG

(Registered)

243,618

28,044,276

60,518,487

UNITED

KINGDOM

9.5%

Aerospace

&

Defense

0.6%

BAE

Systems

plc

218,117

3,610,626

Rolls-Royce

Holdings

plc

*

435,675

3,076,871

6,687,497

Banks

1.3%

HSBC

Holdings

plc

305,238

2,737,850

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Banks

Lloyds

Banking

Group

plc

721,408

566,469

NatWest

Group

plc

2,011,645

9,294,024

12,598,343

Broadline

Retail

0.3%

Next

plc

24,239

3,174,898

Capital

Markets

0.2%

IG

Group

Holdings

plc

36,218

445,950

Investec

plc

215,230

1,638,467

2,084,417

Commercial

Services

&

Supplies

0.0%

†

Mears

Group

plc

25,084

126,768

Mitie

Group

plc

164,236

260,113

386,881

Consumer

Staples

Distribution

&

Retail

0.6%

J

Sainsbury

plc

563,049

2,227,336

Marks

&

Spencer

Group

plc

812,286

4,054,038

6,281,374

Diversified

REITs

0.1%

British

Land

Co.

plc

(The)

223,382

1,301,066

Diversified

Telecommunication

Services

0.4%

BT

Group

plc

(b)

2,318,838

4,594,497

Electric

Utilities

0.1%

SSE

plc

(b)

61,907

1,560,471

Energy

Equipment

&

Services

0.0%

†

Subsea

7

SA

27,097

439,738

Financial

Services

0.3%

M&G

plc

907,370

2,517,642

OSB

Group

plc

37,344

194,601

Paragon

Banking

Group

plc

20,690

215,497

2,927,740

Food

Products

0.4%

Associated

British

Foods

plc

122,924

3,836,187

Ground

Transportation

0.0%

†

Zigup

plc

45,522

234,396

Hotels,

Restaurants

&

Leisure

0.1%

Greggs

plc

14,586

609,619

Household

Durables

1.1%

Barratt

Developments

plc

472,505

3,030,152

Bellway

plc

30,151

1,256,057

Berkeley

Group

Holdings

plc

8,515

538,042

Persimmon

plc

122,056

2,680,125

Taylor

Wimpey

plc

1,469,348

3,233,773

Vistry

Group

plc

*

76,321

1,336,161

12,074,310

Industrial

Conglomerates

0.3%

DCC

plc

16,336

1,113,466

Smiths

Group

plc

100,876

2,265,691

3,379,157

Insurance

0.3%

Beazley

plc

199,628

2,034,721

Direct

Line

Insurance

Group

plc

178,430

447,804

Lancashire

Holdings

Ltd.

46,744

430,156

2,912,681

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S

(a)

42,983

498,976

Multi-Utilities

0.4%

National

Grid

plc

334,194

4,607,059

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Passenger

Airlines

0.1%

JET2

plc

51,513

966,307

Pharmaceuticals

0.7%

AstraZeneca

plc,

ADR

91,122

7,099,315

Professional

Services

0.7%

RELX

plc

156,337

7,386,255

Specialty

Retail

0.0%

†

Currys

plc

*

213,521

255,537

Tobacco

1.4%

British

American

Tobacco

plc

41,460

1,511,917

Imperial

Brands

plc

437,494

12,725,116

14,237,033

Water

Utilities

0.1%

United

Utilities

Group

plc

76,726

1,073,891

101,207,645

UNITED

STATES

11.0%

Electrical

Equipment

2.0%

Schneider

Electric

SE

81,388

21,532,190

Food

Products

2.9%

Nestle

SA

(Registered)

304,940

30,732,776

Health

Care

Equipment

&

Supplies

0.2%

Alcon,

Inc.

17,558

1,755,582

Insurance

0.1%

Swiss

Re

AG

7,981

1,102,419

Oil,

Gas

&

Consumable

Fuels

1.8%

BP

plc,

ADR

(b)

418,497

13,136,621

Shell

plc

179,435

5,934,074

19,070,695

Pharmaceuticals

3.9%

GSK

plc,

ADR

301,872

12,340,527

Roche

Holding

AG

88,651

28,378,485

Sanofi

SA

20,941

2,412,701

43,131,713

Professional

Services

0.1%

Experian

plc

13,511

711,787

118,037,162

Total

Common

Stocks

(cost

$930,046,558)

1,061,801,061

Repurchase

Agreements

2.7%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,678,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

18

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$12,057,167,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$12,240,000.(c)

12,000,000

12,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,691,668,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$5,804,704.(c)

5,690,886

5,690,886

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$6,000,813,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$6,120,830.(c)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$28,690,886)

28,690,886

Total

Investments

(cost

$958,737,444)

—

102.1%

1,090,491,947

Liabilities

in

excess

of

other

assets

—

(2.1)%

(22,780,984)

NET

ASSETS

—

100.0%

$

1,067,710,963

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$19,733,311

which

represents

1.85%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$58,856,030,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$28,690,886

and

by

$36,664,550

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.25%,

and

maturity

dates

ranging

from

10/15/2024

–

2/15/2054,

a

total

value

of

$65,355,436.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$28,690,886.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Hang

Seng

Index

10

10/2024

HKD

1,368,562

101,163

MSCI

Singapore

Index

1

10/2024

SGD

26,719

(34)

EURO

STOXX

50

Index

23

12/2024

EUR

1,287,803

(1,827)

FTSE

100

Index

4

12/2024

GBP

443,252

(3,114)

SPI

200

Index

1

12/2024

AUD

143,559

1,194

TOPIX

Index

4

12/2024

JPY

736,824

(6,972)

Net

contracts

90,410

As

of

September

30,

2024,

the

Fund

had

$271,290

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

SGD

Singapore

Dollar

20

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

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

$

–

$

40,760,656

$

–

$

40,760,656

Air

Freight

&

Logistics

–

200,737

–

200,737

Automobile

Components

–

14,350,914

–

14,350,914

Automobiles

–

3,048,953

–

3,048,953

Banks

–

98,221,016

–

98,221,016

Beverages

–

1,910,824

–

1,910,824

Biotechnology

–

3,541,710

–

3,541,710

Broadline

Retail

–

16,356,383

–

16,356,383

Building

Products

–

2,137,283

–

2,137,283

Capital

Markets

–

41,355,020

–

41,355,020

Chemicals

–

49,158,593

–

49,158,593

Commercial

Services

&

Supplies

–

6,155,412

–

6,155,412

Communications

Equipment

–

2,389,596

–

2,389,596

Construction

&

Engineering

–

8,077,142

–

8,077,142

Consumer

Staples

Distribution

&

Retail

–

17,554,551

–

17,554,551

Containers

&

Packaging

–

652,048

–

652,048

Diversified

REITs

–

2,124,310

–

2,124,310

Diversified

Telecommunication

Services

–

17,426,002

–

17,426,002

Electric

Utilities

–

3,740,044

–

3,740,044

Electrical

Equipment

–

49,524,171

–

49,524,171

Electronic

Equipment,

Instruments

&

Components

–

6,804,577

–

6,804,577

Energy

Equipment

&

Services

–

2,654,735

–

2,654,735

Entertainment

–

447,054

–

447,054

Financial

Services

–

31,286,779

–

31,286,779

Food

Products

–

53,579,305

–

53,579,305

Ground

Transportation

–

2,200,709

–

2,200,709

Health

Care

Equipment

&

Supplies

–

12,822,478

–

12,822,478

Health

Care

Providers

&

Services

–

14,058,840

–

14,058,840

Health

Care

Technology

–

2,015,775

–

2,015,775

Hotels,

Restaurants

&

Leisure

–

14,055,609

–

14,055,609

Household

Durables

–

21,969,821

–

21,969,821

Household

Products

–

17,597,957

–

17,597,957

Industrial

Conglomerates

–

23,750,626

–

23,750,626

Insurance

–

68,532,350

–

68,532,350

Interactive

Media

&

Services

–

947,401

–

947,401

IT

Services

–

6,953,495

–

6,953,495

Life

Sciences

Tools

&

Services

–

5,823,888

–

5,823,888

Machinery

–

22,144,955

–

22,144,955

Marine

Transportation

–

12,954,175

–

12,954,175

Media

–

2,602,748

–

2,602,748

Metals

&

Mining

–

23,630,236

–

23,630,236

Multi-Utilities

–

12,621,614

–

12,621,614

Office

REITs

–

622,484

–

622,484

Oil,

Gas

&

Consumable

Fuels

13,136,621

5,934,074

–

19,070,695

Passenger

Airlines

–

1,520,163

–

1,520,163

Pharmaceuticals

19,439,842

108,219,924

–

127,659,766

Professional

Services

–

19,225,337

–

19,225,337

Real

Estate

Management

&

Development

–

22,581,978

–

22,581,978

Retail

REITs

–

3,539,654

–

3,539,654

Semiconductors

&

Semiconductor

Equipment

–

25,639,285

–

25,639,285

Software

–

32,966,531

–

32,966,531

Specialty

Retail

–

31,974,430

–

31,974,430

Technology

Hardware,

Storage

&

Peripherals

–

2,632,957

–

2,632,957

Textiles,

Apparel

&

Luxury

Goods

–

6,141,543

–

6,141,543

Tobacco

–

14,237,033

–

14,237,033

Trading

Companies

&

Distributors

–

7,700,370

–

7,700,370

22

-

Statement

of

Investments

-

September

30,

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

September

30,

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:

Water

Utilities

$

–

$

1,073,891

$

–

$

1,073,891

Wireless

Telecommunication

Services

–

7,074,452

–

7,074,452

Total

Common

Stocks

$

32,576,463

$

1,029,224,598

$

–

$

1,061,801,061

Futures

Contracts

102,357

–

–

102,357

Repurchase

Agreements

–

28,690,886

–

28,690,886

Total

Assets

$

32,678,820

$

1,057,915,484

$

–

$

1,090,594,304

Liabilities:

Futures

Contracts

$

(11,947)

$

–

$

–

$

(11,947)

Total

Liabilities

$

(11,947)

$

–

$

–

$

(11,947)

Total

$

32,666,873

$

1,057,915,484

$

–

$

1,090,582,357

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

23

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

102,357

Total

$

102,357

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(11,947)

Total

$

(11,947)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

24

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Closed

End

Fund

Closed

End

Fund

0

.0

%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0

.0

%

†

NexPoint

Diversified

Real

Estate

Trust

10,298

64,363

Total

Closed

End

Fund

(cost  $54,466)

64,363

Common

Stocks

97

.9

%

Shares

Value

($)

Aerospace

&

Defense

1

.2

%

Cadre

Holdings,

Inc.

1,697

64,401

Kratos

Defense

&

Security

Solutions,

Inc.*

6,274

146,184

Leonardo

DRS,

Inc.*(a)

41,023

1,157,669

Park

Aerospace

Corp.

4,449

57,971

Rocket

Lab

USA,

Inc.*(a)

104,347

1,015,296

2,441,521

Automobile

Components

1

.9

%

American

Axle

&

Manufacturing

Holdings,

Inc.*

36,443

225,218

Cooper-Standard

Holdings,

Inc.*

3,527

48,919

Fox

Factory

Holding

Corp.*

10,939

453,969

Goodyear

Tire

&

Rubber

Co.

(The)*

168,279

1,489,269

Holley,

Inc.*(a)

31,580

93,161

LCI

Industries(a)

363

43,756

Modine

Manufacturing

Co.*(a)

11,586

1,538,505

Stoneridge,

Inc.*

10,274

114,966

4,007,763

Banks

10

.4

%

Amalgamated

Financial

Corp.

11,349

356,018

Ameris

Bancorp

15,144

944,834

Atlantic

Union

Bankshares

Corp.(a)

5,124

193,021

Axos

Financial,

Inc.*

10,105

635,402

BancFirst

Corp.

4,214

443,524

Bancorp,

Inc.

(The)*(a)

15,853

848,135

BankUnited,

Inc.

20,245

737,728

Banner

Corp.

5,159

307,270

Berkshire

Hills

Bancorp,

Inc.

7,403

199,363

Business

First

Bancshares,

Inc.

1,212

31,112

Cadence

Bank

31,389

999,740

Capital

City

Bank

Group,

Inc.

3,266

115,257

Capitol

Federal

Financial,

Inc.

111,890

653,438

Cathay

General

Bancorp

943

40,502

Civista

Bancshares,

Inc.

1,278

22,774

Colony

Bankcorp,

Inc.

2,510

38,955

Community

Trust

Bancorp,

Inc.

5,414

268,859

CVB

Financial

Corp.

45,298

807,210

Dime

Community

Bancshares,

Inc.(a)

6,971

200,765

Eagle

Bancorp,

Inc.

3,613

81,582

Financial

Institutions,

Inc.

4,495

114,488

First

Bancorp

11,881

251,521

First

Bancorp,

Inc.

(The)

1,691

44,507

Common

Stocks

Shares

Value

($)

Banks

First

Commonwealth

Financial

Corp.

44,042

755,320

First

Financial

Bankshares,

Inc.

9,085

336,236

First

Internet

Bancorp(a)

3,844

131,695

Fulton

Financial

Corp.

3,803

68,948

Hancock

Whitney

Corp.(a)

19,050

974,788

Hanmi

Financial

Corp.

35,804

665,954

Heritage

Financial

Corp.

2,669

58,104

Home

Bancorp,

Inc.(a)

6,563

292,579

HomeTrust

Bancshares,

Inc.

(a)

3,466

118,121

Hope

Bancorp,

Inc.

2,014

25,296

Independent

Bank

Corp.

15,364

866,478

International

Bancshares

Corp.

14,601

872,994

Kearny

Financial

Corp.

7,436

51,085

Live

Oak

Bancshares,

Inc.

9,396

445,089

Metrocity

Bankshares,

Inc.

3,764

115,254

Northeast

Community

Bancorp,

Inc.

10,067

266,272

Northrim

Bancorp,

Inc.(a)

1,276

90,877

OFG

Bancorp

17,527

787,313

Old

Second

Bancorp,

Inc.(a)

29,926

466,546

Park

National

Corp.

4,396

738,440

Preferred

Bank(a)

5,991

480,778

Primis

Financial

Corp.

5,031

61,278

Princeton

Bancorp,

Inc.

930

34,391

Red

River

Bancshares,

Inc.

1,958

101,816

Renasant

Corp.

18,586

604,045

ServisFirst

Bancshares,

Inc.(a)

4,658

374,736

Sierra

Bancorp

4,630

133,714

SmartFinancial,

Inc.

1,234

35,959

Southern

First

Bancshares,

Inc.*

3,168

107,965

Southside

Bancshares,

Inc.

17,985

601,239

Stock

Yards

Bancorp,

Inc.(a)

8,464

524,683

Texas

Capital

Bancshares,

Inc.*

12,100

864,666

Timberland

Bancorp,

Inc.

3,463

104,790

TrustCo

Bank

Corp.

20,239

669,304

United

Community

Banks,

Inc.

3,484

101,315

Washington

Trust

Bancorp,

Inc.(a)

1,179

37,976

WesBanco,

Inc.

9,082

270,462

Westamerica

Bancorp

6,065

299,732

21,872,243

Biotechnology

8

.3

%

89bio,

Inc.*

12,203

90,302

ACADIA

Pharmaceuticals,

Inc.*

49,303

758,280

ADMA

Biologics,

Inc.*

10,964

219,170

Amicus

Therapeutics,

Inc.*

98,279

1,049,620

AnaptysBio,

Inc.*

2,892

96,882

Annexon,

Inc.*

26,187

155,027

Arcturus

Therapeutics

Holdings,

Inc.*(a)

5,957

138,262

Ardelyx,

Inc.*(a)

4,127

28,435

ArriVent

Biopharma,

Inc.*(a)

2,033

47,776

Aurinia

Pharmaceuticals,

Inc.*

108,720

796,918

Beam

Therapeutics,

Inc.*(a)

4,168

102,116

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Biotechnology

BioCryst

Pharmaceuticals,

Inc.*

32,210

244,796

Biohaven

Ltd.*(a)

5,864

293,024

Biomea

Fusion,

Inc.*(a)

3,359

33,926

Blueprint

Medicines

Corp.*

8,929

825,933

Bridgebio

Pharma,

Inc.*(a)

17,549

446,798

C4

Therapeutics,

Inc.*(a)

12,786

72,880

Cabaletta

Bio,

Inc.*

3,426

16,171

CareDx,

Inc.*

5,448

170,114

Catalyst

Pharmaceuticals,

Inc.*

22,464

446,584

Celldex

Therapeutics,

Inc.*

23,068

784,081

Coherus

Biosciences,

Inc.*(a)

15,697

16,325

Day

One

Biopharmaceuticals,

Inc.*(a)

7,037

98,025

Denali

Therapeutics,

Inc.*

26,488

771,595

Design

Therapeutics,

Inc.*(a)

21,319

114,696

Dyne

Therapeutics,

Inc.*(a)

5,443

195,513

Editas

Medicine,

Inc.*

27,975

95,395

Generation

Bio

Co.*

12,633

31,204

Heron

Therapeutics,

Inc.*(a)

30,982

61,654

Ideaya

Biosciences,

Inc.*(a)

5,842

185,075

Immunovant,

Inc.*(a)

11,735

334,565

iTeos

Therapeutics,

Inc.*(a)

34,207

349,253

Janux

Therapeutics,

Inc.*

5,480

248,956

Keros

Therapeutics,

Inc.*

2,947

171,132

Kiniksa

Pharmaceuticals

International

plc,

Class

A*(a)

3,060

76,469

Kodiak

Sciences,

Inc.*

13,656

35,642

Krystal

Biotech,

Inc.*(a)

2,049

372,979

Larimar

Therapeutics,

Inc.*(a)

11,949

78,266

Madrigal

Pharmaceuticals,

Inc.*

736

156,194

MannKind

Corp.*(a)

5,076

31,928

MeiraGTx

Holdings

plc*

8,242

34,369

Nurix

Therapeutics,

Inc.*

7,262

163,177

Nuvalent,

Inc.,

Class

A*(a)

4,381

448,176

ORIC

Pharmaceuticals,

Inc.*(a)

5,382

55,165

Poseida

Therapeutics,

Inc.,

Class

A*

47,532

135,942

Precigen,

Inc.*(a)

17,843

16,899

Protagonist

Therapeutics,

Inc.*(a)

12,620

567,900

Prothena

Corp.

plc*

9,959

166,614

PTC

Therapeutics,

Inc.*

36,948

1,370,771

Puma

Biotechnology,

Inc.*

8,741

22,290

RAPT

Therapeutics,

Inc.*(a)

48,461

97,407

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

3,643

24,007

Relay

Therapeutics,

Inc.*(a)

72,282

511,757

REVOLUTION

Medicines,

Inc.*

2,456

111,380

Rhythm

Pharmaceuticals,

Inc.*(a)

900

47,151

Rocket

Pharmaceuticals,

Inc.*(a)

9,385

173,341

Sage

Therapeutics,

Inc.*

10,523

75,976

Solid

Biosciences,

Inc.*(a)

5,466

38,098

SpringWorks

Therapeutics,

Inc.*(a)

10,945

350,678

Common

Stocks

Shares

Value

($)

Biotechnology

Sutro

Biopharma,

Inc.*

110,498

382,323

Taysha

Gene

Therapies,

Inc.*(a)

38,744

77,875

Tenaya

Therapeutics,

Inc.*(a)

28,624

55,244

TG

Therapeutics,

Inc.*(a)

41,018

959,411

Tyra

Biosciences,

Inc.*(a)

1,508

35,453

Vanda

Pharmaceuticals,

Inc.*

15,083

70,739

Vaxcyte,

Inc.*(a)

2,606

297,788

Vera

Therapeutics,

Inc.,

Class

A*(a)

3,473

153,507

Veracyte,

Inc.*

18,634

634,301

Verve

Therapeutics,

Inc.*(a)

33,119

160,296

17,479,996

Broadline

Retail

0

.2

%

Savers

Value

Village,

Inc.*(a)

44,880

472,138

Capital

Markets

1

.0

%

BGC

Group,

Inc.,

Class

A

46,870

430,267

Brightsphere

Investment

Group,

Inc.

4,066

103,276

Moelis

&

Co.,

Class

A

5,805

397,701

Open

Lending

Corp.*(a)

21,695

132,773

Patria

Investments

Ltd.,

Class

A

29,653

331,224

Piper

Sandler

Cos.

940

266,781

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

2,914

50,237

StoneX

Group,

Inc.*

1,859

152,215

Virtus

Investment

Partners,

Inc.

959

200,863

2,065,337

Chemicals

1

.9

%

Aspen

Aerogels,

Inc.*

889

24,616

Ecovyst,

Inc.*

7,393

50,642

Hawkins,

Inc.(a)

5,394

687,573

HB

Fuller

Co.

19,899

1,579,583

Innospec,

Inc.

6,474

732,145

Mativ

Holdings,

Inc.

21,180

359,848

Minerals

Technologies,

Inc.

2,346

181,182

Stepan

Co.

4,429

342,140

3,957,729

Commercial

Services

&

Supplies

1

.5

%

ABM

Industries,

Inc.

4,481

236,417

CECO

Environmental

Corp.*

36,019

1,015,736

Deluxe

Corp.

14,475

282,118

Enviri

Corp.*

6,924

71,594

Healthcare

Services

Group,

Inc.*

110,628

1,235,715

Montrose

Environmental

Group,

Inc.*

7,793

204,956

Viad

Corp.*

4,638

166,179

3,212,715

Communications

Equipment

0

.7

%

Harmonic,

Inc.*

4,372

63,700

NetScout

Systems,

Inc.*

56,682

1,232,834

Viasat,

Inc.*

17,551

209,559

1,506,093

Construction

&

Engineering

3

.2

%

Construction

Partners,

Inc.,

Class

A*(a)

4,311

300,908

26

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Dycom

Industries,

Inc.*

2,338

460,820

Fluor

Corp.*

25,732

1,227,674

Great

Lakes

Dredge

&

Dock

Corp.*

4,548

47,890

IES

Holdings,

Inc.*(a)

6,633

1,324,079

Limbach

Holdings,

Inc.*(a)

11,781

892,529

Primoris

Services

Corp.

15,566

904,073

Sterling

Infrastructure,

Inc.*

11,470

1,663,379

6,821,352

Construction

Materials

1

.2

%

Knife

River

Corp.*

11,013

984,452

Summit

Materials,

Inc.,

Class

A*

33,461

1,305,983

United

States

Lime

&

Minerals,

Inc.

2,540

248,056

2,538,491

Consumer

Finance

1

.7

%

Bread

Financial

Holdings,

Inc.

1,411

67,136

Encore

Capital

Group,

Inc.*(a)

18,333

866,601

Enova

International,

Inc.*

10,361

868,148

Green

Dot

Corp.,

Class

A*

24,810

290,525

Moneylion,

Inc.*

2,018

83,848

Navient

Corp.(a)

47,856

746,075

Regional

Management

Corp.

11,661

381,431

Upstart

Holdings,

Inc.*

3,726

149,077

World

Acceptance

Corp.*

1,308

154,318

3,607,159

Consumer

Staples

Distribution

&

Retail

0

.4

%

SpartanNash

Co.

2,285

51,207

Sprouts

Farmers

Market,

Inc.*

6,493

716,892

Weis

Markets,

Inc.

1,999

137,791

905,890

Containers

&

Packaging

0

.1

%

O-I

Glass,

Inc.*

17,358

227,737

Diversified

Consumer

Services

1

.5

%

Coursera,

Inc.*(a)

110,314

875,893

Frontdoor,

Inc.*

16,267

780,653

Graham

Holdings

Co.,

Class

B(a)

250

205,430

Mister

Car

Wash,

Inc.*

8,417

54,795

OneSpaWorld

Holdings

Ltd.

15,261

251,959

Strategic

Education,

Inc.(a)

9,641

892,275

3,061,005

Diversified

REITs

0

.1

%

Armada

Hoffler

Properties,

Inc.

12,887

139,566

Diversified

Telecommunication

Services

0

.5

%

AST

SpaceMobile,

Inc.,

Class

A*(a)

6,466

169,086

ATN

International,

Inc.

1,073

34,701

Lumen

Technologies,

Inc.*

112,373

797,848

1,001,635

Electrical

Equipment

2

.0

%

American

Superconductor

Corp.*

3,888

91,757

Atkore,

Inc.

12,697

1,075,944

Bloom

Energy

Corp.,

Class

A*(a)

16,185

170,913

Fluence

Energy,

Inc.*(a)

17,298

392,837

Common

Stocks

Shares

Value

($)

Electrical

Equipment

FuelCell

Energy,

Inc.*(a)

124,382

47,265

NEXTracker,

Inc.,

Class

A*

3,023

113,302

NuScale

Power

Corp.,

Class

A*(a)

7,591

87,904

Powell

Industries,

Inc.(a)

2,439

541,434

Shoals

Technologies

Group,

Inc.,

Class

A*

38,667

216,922

Sunrun,

Inc.*(a)

25,579

461,957

Thermon

Group

Holdings,

Inc.*(a)

33,739

1,006,772

TPI

Composites,

Inc.*(a)

7,359

33,483

4,240,490

Electronic

Equipment,

Instruments

&

Components

2

.8

%

Arlo

Technologies,

Inc.*

4,816

58,322

Badger

Meter,

Inc.

5,000

1,092,050

ePlus,

Inc.*

260

25,568

Fabrinet*

8,680

2,052,299

Itron,

Inc.*

9,210

983,720

Knowles

Corp.*

39,893

719,271

Napco

Security

Technologies,

Inc.

2,862

115,797

nLight,

Inc.*

21,608

230,990

Novanta,

Inc.*

885

158,344

Vishay

Precision

Group,

Inc.*

12,999

336,674

5,773,035

Energy

Equipment

&

Services

1

.6

%

Archrock,

Inc.

2,510

50,803

Borr

Drilling

Ltd.

21,123

115,965

ChampionX

Corp.

23,969

722,665

Expro

Group

Holdings

NV*(a)

1,208

20,741

Nabors

Industries

Ltd.*(a)

1,101

70,982

Newpark

Resources,

Inc.*

22,809

158,066

Oceaneering

International,

Inc.*

21,922

545,200

Oil

States

International,

Inc.*

9,155

42,113

Patterson-UTI

Energy,

Inc.

69,237

529,663

SEACOR

Marine

Holdings,

Inc.*

12,295

118,647

Seadrill

Ltd.*

483

19,195

Tidewater,

Inc.*

9,856

707,562

Transocean

Ltd.*(a)

58,000

246,500

3,348,102

Entertainment

0

.8

%

AMC

Entertainment

Holdings,

Inc.,

Class

A*

28,770

130,903

Eventbrite,

Inc.,

Class

A*

44,090

120,366

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

32,825

1,396,047

1,647,316

Financial

Services

2

.5

%

Alerus

Financial

Corp.

1,821

41,664

AvidXchange

Holdings,

Inc.*(a)

14,925

121,042

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

43,575

1,415,752

I3

Verticals,

Inc.,

Class

A*

31,267

666,300

Jackson

Financial,

Inc.,

Class

A

5,711

521,015

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Financial

Services

Merchants

Bancorp

20,657

928,739

Mr.

Cooper

Group,

Inc.*

2,963

273,129

NCR

Atleos

Corp.*(a)

6,961

198,597

NMI

Holdings,

Inc.,

Class

A*

9,813

404,197

Payoneer

Global,

Inc.*

92,001

692,768

5,263,203

Food

Products

0

.7

%

Hain

Celestial

Group,

Inc.

(The)*(a)

40,457

349,144

Lancaster

Colony

Corp.

4,079

720,229

WK

Kellogg

Co.(a)

17,478

299,049

1,368,422

Gas

Utilities

0

.4

%

ONE

Gas,

Inc.(a)

12,140

903,459

Ground

Transportation

1

.2

%

ArcBest

Corp.(a)

2,927

317,433

Heartland

Express,

Inc.

27,261

334,765

PAM

Transportation

Services,

Inc.*

2,108

38,998

RXO,

Inc.*

13,222

370,216

Werner

Enterprises,

Inc.

36,928

1,425,052

2,486,464

Health

Care

Equipment

&

Supplies

1

.9

%

AtriCure,

Inc.*(a)

32,809

919,964

Avanos

Medical,

Inc.*

2,312

55,557

Cerus

Corp.*(a)

24,945

43,404

Embecta

Corp.

36,506

514,735

Haemonetics

Corp.*(a)

2,834

227,797

Inari

Medical,

Inc.*

4,626

190,776

iRadimed

Corp.

11,037

555,051

Lantheus

Holdings,

Inc.*

6,577

721,826

Merit

Medical

Systems,

Inc.*

6,142

607,014

PROCEPT

BioRobotics

Corp.*(a)

2,590

207,511

Pulmonx

Corp.*(a)

3,544

29,380

4,073,015

Health

Care

Providers

&

Services

4

.5

%

Addus

HomeCare

Corp.*

2,742

364,768

agilon

health,

Inc.*(a)

160,028

628,910

Brookdale

Senior

Living,

Inc.*

48,008

325,974

Community

Health

Systems,

Inc.*

109,796

666,462

Enhabit,

Inc.*

45,553

359,869

Ensign

Group,

Inc.

(The)(a)

10,743

1,545,058

Guardant

Health,

Inc.*(a)

18,289

419,550

HealthEquity,

Inc.*

8,810

721,099

InfuSystem

Holdings,

Inc.*

10,493

70,303

Joint

Corp.

(The)*(a)

36,044

412,344

LifeStance

Health

Group,

Inc.*(a)

129,496

906,472

ModivCare,

Inc.*(a)

7,804

111,441

PACS

Group,

Inc.*(a)

694

27,739

Pennant

Group,

Inc.

(The)*

35,679

1,273,740

RadNet,

Inc.*(a)

1,080

74,941

Select

Medical

Holdings

Corp.

19,009

662,844

Surgery

Partners,

Inc.*(a)

11,605

374,145

Viemed

Healthcare,

Inc.*

56,606

414,922

9,360,581

Common

Stocks

Shares

Value

($)

Health

Care

REITs

0

.1

%

Universal

Health

Realty

Income

Trust

4,748

217,221

Health

Care

Technology

0

.4

%

Evolent

Health,

Inc.,

Class

A*(a)

17,173

485,652

Health

Catalyst,

Inc.*(a)

7,405

60,277

LifeMD,

Inc.*(a)

61,537

322,454

868,383

Hotel

&

Resort

REITs

1

.3

%

Apple

Hospitality

REIT,

Inc.

8,877

131,823

Chatham

Lodging

Trust

102,655

874,621

RLJ

Lodging

Trust

135,360

1,242,605

Service

Properties

Trust(a)

99,447

453,478

Summit

Hotel

Properties,

Inc.

(a)

11,000

75,460

2,777,987

Hotels,

Restaurants

&

Leisure

3

.2

%

BJ's

Restaurants,

Inc.*

24,147

786,226

Cheesecake

Factory,

Inc.

(The)(a)

8,225

333,524

Denny's

Corp.*(a)

96,585

622,973

Dine

Brands

Global,

Inc.(a)

17,587

549,242

El

Pollo

Loco

Holdings,

Inc.*

36,661

502,256

Hilton

Grand

Vacations,

Inc.*

6,335

230,087

International

Game

Technology

plc

12,776

272,129

Jack

in

the

Box,

Inc.

1,732

80,607

Life

Time

Group

Holdings,

Inc.*

53,402

1,304,077

Nathan's

Famous,

Inc.

691

55,902

Portillo's,

Inc.,

Class

A*(a)

39,132

527,108

RCI

Hospitality

Holdings,

Inc.

10,000

445,500

Red

Rock

Resorts,

Inc.,

Class

A(a)

9,239

502,971

Rush

Street

Interactive,

Inc.*

20,002

217,022

Shake

Shack,

Inc.,

Class

A*

1,983

204,665

6,634,289

Household

Durables

2

.3

%

GoPro,

Inc.,

Class

A*

78,966

107,394

Green

Brick

Partners,

Inc.*

13,079

1,092,358

Installed

Building

Products,

Inc.(a)

4,028

991,976

LGI

Homes,

Inc.*(a)

7,094

840,781

M/I

Homes,

Inc.*

10,332

1,770,491

4,803,000

Industrial

REITs

0

.7

%

LXP

Industrial

Trust

153,735

1,545,037

Insurance

2

.3

%

Ambac

Financial

Group,

Inc.*

13,203

148,006

American

Coastal

Insurance

Corp.*

3,362

37,890

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*(a)

6,923

344,765

CNO

Financial

Group,

Inc.

3,810

133,731

Genworth

Financial,

Inc.,

Class

A*

115,138

788,695

HCI

Group,

Inc.(a)

2,543

272,253

James

River

Group

Holdings

Ltd.(a)

66,814

418,924

28

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Insurance

Lemonade,

Inc.*(a)

5,143

84,808

Mercury

General

Corp.

21,442

1,350,417

Selective

Insurance

Group,

Inc.

4,777

445,694

Tiptree,

Inc.,

Class

A

1,631

31,919

Universal

Insurance

Holdings,

Inc.

33,092

733,319

4,790,421

Interactive

Media

&

Services

1

.0

%

EverQuote,

Inc.,

Class

A*

17,321

365,300

fuboTV,

Inc.*(a)

88,789

126,080

MediaAlpha,

Inc.,

Class

A*

27,041

489,713

QuinStreet,

Inc.*

20,103

384,570

Vimeo,

Inc.*

124,775

630,114

ZipRecruiter,

Inc.,

Class

A*

17,866

169,727

2,165,504

IT

Services

0

.2

%

Backblaze,

Inc.,

Class

A*

4,185

26,742

Hackett

Group,

Inc.

(The)

17,415

457,492

484,234

Leisure

Products

0

.7

%

Malibu

Boats,

Inc.,

Class

A*(a)

7,788

302,252

Peloton

Interactive,

Inc.,

Class

A*(a)

52,519

245,789

Smith

&

Wesson

Brands,

Inc.

35,943

466,540

Topgolf

Callaway

Brands

Corp.*(a)

39,517

433,897

1,448,478

Life

Sciences

Tools

&

Services

0

.7

%

Adaptive

Biotechnologies

Corp.*

98,611

504,888

BioLife

Solutions,

Inc.*(a)

3,496

87,540

Codexis,

Inc.*

29,957

92,268

Cytek

Biosciences,

Inc.*(a)

43,341

240,109

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*(a)

52,358

435,095

Pacific

Biosciences

of

California,

Inc.*(a)

22,347

37,990

1,397,890

Machinery

4

.0

%

Chart

Industries,

Inc.*(a)

3,457

429,152

Douglas

Dynamics,

Inc.(a)

34,797

959,701

ESCO

Technologies,

Inc.(a)

3,811

491,543

Federal

Signal

Corp.

18,984

1,774,245

Gencor

Industries,

Inc.*

5,075

105,864

Gorman-Rupp

Co.

(The)

6,523

254,071

Helios

Technologies,

Inc.

3,117

148,681

Hillman

Solutions

Corp.*

26,357

278,330

Mayville

Engineering

Co.,

Inc.*

6,310

133,015

Miller

Industries,

Inc.(a)

15,457

942,877

Mueller

Industries,

Inc.

6,194

458,975

Omega

Flex,

Inc.

5,309

265,025

SPX

Technologies,

Inc.*

11,810

1,883,223

Wabash

National

Corp.

10,550

202,454

8,327,156

Marine

Transportation

0

.1

%

Safe

Bulkers,

Inc.

24,713

128,013

Media

0

.9

%

AMC

Networks,

Inc.,

Class

A*

17,031

147,999

Common

Stocks

Shares

Value

($)

Media

Cable

One,

Inc.(a)

1,617

565,610

Entravision

Communications

Corp.,

Class

A(a)

38,028

78,718

EW

Scripps

Co.

(The),

Class

A*(a)

82,815

185,920

Gray

Television,

Inc.

134,729

722,148

Thryv

Holdings,

Inc.*(a)

12,196

210,137

1,910,532

Metals

&

Mining

1

.6

%

Carpenter

Technology

Corp.

7,534

1,202,276

Coeur

Mining,

Inc.*

46,915

322,775

Hecla

Mining

Co.(a)

202,553

1,351,028

Kaiser

Aluminum

Corp.(a)

542

39,306

Materion

Corp.

995

111,301

Olympic

Steel,

Inc.

5,888

229,632

Worthington

Steel,

Inc.

3,187

108,390

3,364,708

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1

.2

%

Arbor

Realty

Trust,

Inc.(a)

88,557

1,377,947

BrightSpire

Capital,

Inc.,

Class

A

17,031

95,374

Invesco

Mortgage

Capital,

Inc.

(a)

13,941

130,906

Ladder

Capital

Corp.,

Class

A

5,945

68,962

Orchid

Island

Capital,

Inc.

43,307

355,983

PennyMac

Mortgage

Investment

Trust(a)

19,919

284,045

TPG

RE

Finance

Trust,

Inc.

33,886

289,048

2,602,265

Multi-Utilities

0

.8

%

Black

Hills

Corp.

27,176

1,660,997

Office

REITs

0

.2

%

COPT

Defense

Properties(a)

8,936

271,029

JBG

SMITH

Properties(a)

3,047

53,261

324,290

Oil,

Gas

&

Consumable

Fuels

2

.2

%

Ardmore

Shipping

Corp.

4,269

77,269

Dorian

LPG

Ltd.

13,223

455,136

Excelerate

Energy,

Inc.,

Class

A

24,024

528,768

FLEX

LNG

Ltd.

7,814

198,788

Kinetik

Holdings,

Inc.,

Class

A

10,961

496,095

Kosmos

Energy

Ltd.*

61,102

246,241

Nordic

American

Tankers

Ltd.

(a)

174,200

639,314

PBF

Energy,

Inc.,

Class

A

11,401

352,861

Scorpio

Tankers,

Inc.

10,395

741,163

Talos

Energy,

Inc.*(a)

33,931

351,186

Teekay

Corp.*

2,295

21,114

Uranium

Energy

Corp.*(a)

5,975

37,105

World

Kinect

Corp.(a)

15,802

488,440

4,633,480

Paper

&

Forest

Products

0

.2

%

Sylvamo

Corp.(a)

5,446

467,539

Passenger

Airlines

0

.6

%

Allegiant

Travel

Co.(a)

8,681

477,976

Joby

Aviation,

Inc.*(a)

12,347

62,105

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Passenger

Airlines

SkyWest,

Inc.*

7,779

661,371

1,201,452

Pharmaceuticals

1

.9

%

Amphastar

Pharmaceuticals,

Inc.*

1,332

64,642

Arvinas,

Inc.*

12,272

302,259

Axsome

Therapeutics,

Inc.*(a)

6,243

561,059

Collegium

Pharmaceutical,

Inc.*(a)

7,964

307,729

Corcept

Therapeutics,

Inc.*(a)

9,737

450,628

Evolus,

Inc.*

8,227

133,277

Fulcrum

Therapeutics,

Inc.*(a)

5,815

20,760

Innoviva,

Inc.*

27,609

533,130

Ligand

Pharmaceuticals,

Inc.*(a)

281

28,125

Longboard

Pharmaceuticals,

Inc.*(a)

1,289

42,962

Phathom

Pharmaceuticals,

Inc.*

2,334

42,199

Phibro

Animal

Health

Corp.,

Class

A(a)

12,434

280,014

Supernus

Pharmaceuticals,

Inc.*

31,080

969,074

Theravance

Biopharma,

Inc.*

24,568

198,018

3,933,876

Professional

Services

1

.1

%

ExlService

Holdings,

Inc.*

4,146

158,170

Franklin

Covey

Co.*

12,682

521,611

IBEX

Holdings

Ltd.*(a)

2,265

45,255

Maximus,

Inc.

9,247

861,450

TriNet

Group,

Inc.

7,423

719,808

2,306,294

Real

Estate

Management

&

Development

0

.1

%

Compass,

Inc.,

Class

A*

14,506

88,632

Redfin

Corp.*

4,793

60,056

St

Joe

Co.

(The)

937

54,636

203,324

Residential

REITs

0

.9

%

Centerspace

6,687

471,233

NexPoint

Residential

Trust,

Inc.

31,401

1,381,958

Veris

Residential,

Inc.

6,921

123,609

1,976,800

Retail

REITs

0

.6

%

Alexander's,

Inc.(a)

715

173,287

Kite

Realty

Group

Trust

23,686

629,100

Macerich

Co.

(The)

11,479

209,377

Retail

Opportunity

Investments

Corp.

4,210

66,223

Tanger,

Inc.

5,297

175,755

1,253,742

Semiconductors

&

Semiconductor

Equipment

1

.3

%

Ambarella,

Inc.*

4,813

271,477

Axcelis

Technologies,

Inc.*

7,545

791,093

Cohu,

Inc.*

1,442

37,059

FormFactor,

Inc.*(a)

15,178

698,188

Impinj,

Inc.*(a)

963

208,509

MaxLinear,

Inc.,

Class

A*(a)

6,075

87,966

PDF

Solutions,

Inc.*

10,414

329,916

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Power

Integrations,

Inc.(a)

722

46,295

Semtech

Corp.*

4,597

209,899

SiTime

Corp.*(a)

110

18,866

Ultra

Clean

Holdings,

Inc.*

1,939

77,424

2,776,692

Software

7

.8

%

ACI

Worldwide,

Inc.*

35,270

1,795,243

Agilysys,

Inc.*

5,356

583,643

Alarm.com

Holdings,

Inc.*(a)

23,133

1,264,681

Alkami

Technology,

Inc.*(a)

38,142

1,202,999

BlackLine,

Inc.*

6,080

335,251

Blend

Labs,

Inc.,

Class

A*(a)

23,836

89,385

C3.ai,

Inc.,

Class

A*

2,107

51,053

Cleanspark,

Inc.*(a)

6,966

65,062

Clear

Secure,

Inc.,

Class

A(a)

47,932

1,588,466

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

45,117

1,139,204

CommVault

Systems,

Inc.*

11,432

1,758,813

Consensus

Cloud

Solutions,

Inc.*

26,370

621,014

Dave,

Inc.*

3,947

157,722

Intapp,

Inc.*

7,332

350,690

MARA

Holdings,

Inc.*(a)

14,878

241,321

Olo,

Inc.,

Class

A*

87,879

435,880

OneSpan,

Inc.*

8,928

148,830

Pagaya

Technologies

Ltd.,

Class

A*(a)

26,408

279,133

Q2

Holdings,

Inc.*(a)

6,263

499,600

Rapid7,

Inc.*

2,238

89,274

Red

Violet,

Inc.*

9,115

259,322

Riot

Platforms,

Inc.*(a)

7,151

53,060

SoundThinking,

Inc.*

5,495

63,687

Varonis

Systems,

Inc.,

Class

B*

12,789

722,578

Verint

Systems,

Inc.*

36,943

935,766

Workiva,

Inc.,

Class

A*

5,003

395,837

Zeta

Global

Holdings

Corp.,

Class

A*

12,148

362,375

Zuora,

Inc.,

Class

A*(a)

95,471

822,960

16,312,849

Specialty

Retail

2

.9

%

Abercrombie

&

Fitch

Co.,

Class

A*

11,243

1,572,896

American

Eagle

Outfitters,

Inc.

47,016

1,052,688

America's

Car-Mart,

Inc.*(a)

6,601

276,714

Buckle,

Inc.

(The)(a)

13,690

601,949

Haverty

Furniture

Cos.,

Inc.

3,481

95,623

Leslie's,

Inc.*(a)

71,981

227,460

Monro,

Inc.(a)

1,674

48,311

Revolve

Group,

Inc.,

Class

A*(a)

17,065

422,871

Shoe

Carnival,

Inc.(a)

21,115

925,893

Upbound

Group,

Inc.

6,482

207,359

Zumiez,

Inc.*

33,466

712,826

6,144,590

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Eastman

Kodak

Co.*(a)

20,275

95,698

IonQ,

Inc.*(a)

3,157

27,592

Turtle

Beach

Corp.*

5,628

86,334

209,624

30

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0

.3

%

Figs,

Inc.,

Class

A*(a)

16,243

111,102

G-III

Apparel

Group

Ltd.*(a)

14,921

455,389

Steven

Madden

Ltd.

1,051

51,489

617,980

Tobacco

0

.2

%

Universal

Corp.

7,290

387,172

Trading

Companies

&

Distributors

1

.1

%

DXP

Enterprises,

Inc.*

4,030

215,041

FTAI

Aviation

Ltd.(a)

11,624

1,544,830

McGrath

RentCorp

450

47,376

MRC

Global,

Inc.*

39,695

505,714

2,312,961

Water

Utilities

0

.4

%

California

Water

Service

Group

1,927

104,482

Consolidated

Water

Co.

Ltd.(a)

4,377

110,344

Global

Water

Resources,

Inc.

2,739

34,484

SJW

Group

10,145

589,526

838,836

Wireless

Telecommunication

Services

0

.3

%

Spok

Holdings,

Inc.

8,553

128,808

Telephone

&

Data

Systems,

Inc.

25,411

590,806

719,614

Total

Common

Stocks

(cost

$179,937,927)

205,529,687

Repurchase

Agreements

11

.2

%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,678,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$3,463,764,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$3,532,553.(b)

3,463,288

3,463,288

Repurchase

Agreements

Principal

Amount

($)

Value

($)

ING

Financial

Services

LLC,

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$5,023,479,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$5,100,002.(b)

5,000,000

5,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,001,347,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$10,200,034.(b)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$23,463,288)

23,463,288

Total

Investments

(cost

$203,455,681)

—

109.1%

229,057,338

Liabilities

in

excess

of

other

assets

—

(9.1)%

(

19,044,699

)

NET

ASSETS

—

100.0%

$

210,012,639

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$33,895,243,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$23,463,288

and

by

$11,289,017

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$34,752,305.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$23,463,288.

REIT

Real

Estate

Investment

Trust

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

Emini

Index

26

12/2024

USD

2,923,960

15,736

Net

contracts

15,736

As

of

September

30,

2024,

the

Fund

had

$217,360

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

32

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

33

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Closed

End

Fund

$

64,363

$

–

$

–

$

64,363

Common

Stocks

205,529,687

–

–

205,529,687

Futures

Contracts

15,736

–

–

15,736

Repurchase

Agreements

–

23,463,288

–

23,463,288

Total

$

205,609,786

$

23,463,288

$

–

$

229,073,074

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

15,736

Total

$

15,736

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

34

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

Common

Stocks

99

.5

%

Shares

Value

($)

Aerospace

&

Defense

1

.3

%

General

Dynamics

Corp.

30,656

9,264,243

Huntington

Ingalls

Industries,

Inc.

25,518

6,746,449

Northrop

Grumman

Corp.

22,952

12,120,263

28,130,955

Air

Freight

&

Logistics

1

.0

%

United

Parcel

Service,

Inc.,

Class

B

154,384

21,048,715

Automobile

Components

0

.4

%

Lear

Corp.

76,418

8,341,025

Automobiles

1

.0

%

General

Motors

Co.

161,661

7,248,879

Tesla,

Inc.*

54,577

14,278,981

21,527,860

Banks

2

.4

%

Bank

of

America

Corp.

300,239

11,913,483

Citigroup,

Inc.

118,851

7,440,073

Citizens

Financial

Group,

Inc.

9,074

372,669

East

West

Bancorp,

Inc.

80,911

6,694,576

JPMorgan

Chase

&

Co.

65,889

13,893,355

M&T

Bank

Corp.

41,411

7,376,127

Prosperity

Bancshares,

Inc.

47,911

3,452,946

51,143,229

Beverages

0

.5

%

Coca-Cola

Co.

(The)

19,589

1,407,666

Coca-Cola

Consolidated,

Inc.

2,861

3,766,220

Coca-Cola

Europacific

Partners

plc

74,021

5,829,154

11,003,040

Biotechnology

2

.9

%

AbbVie,

Inc.

69,572

13,739,079

Amgen,

Inc.

30,409

9,798,084

Biogen,

Inc.*

22,410

4,343,954

Gilead

Sciences,

Inc.

143,025

11,991,216

Natera,

Inc.*

11,869

1,506,769

Neurocrine

Biosciences,

Inc.*

51,855

5,974,733

Regeneron

Pharmaceuticals,

Inc.*

12,862

13,521,049

Vertex

Pharmaceuticals,

Inc.*

5,534

2,573,753

63,448,637

Broadline

Retail

3

.4

%

Amazon.com,

Inc.*

398,558

74,263,312

Building

Products

0

.3

%

Builders

FirstSource,

Inc.*

29,749

5,767,141

Capital

Markets

2

.6

%

Ameriprise

Financial,

Inc.

22,596

10,615,827

CME

Group,

Inc.

61,339

13,534,450

Coinbase

Global,

Inc.,

Class

A*

7,434

1,324,516

Evercore,

Inc.,

Class

A

1,831

463,866

Franklin

Resources,

Inc.

329,961

6,648,714

MSCI,

Inc.,

Class

A

9,243

5,388,022

Nasdaq,

Inc.

97,231

7,098,835

Northern

Trust

Corp.

78,960

7,108,769

Stifel

Financial

Corp.

42,837

4,022,394

56,205,393

Chemicals

2

.1

%

Ecolab,

Inc.

51,098

13,046,852

Common

Stocks

Shares

Value

($)

Chemicals

FMC

Corp.

9,953

656,301

Linde

plc

22,179

10,576,278

Mosaic

Co.

(The)

65,105

1,743,512

NewMarket

Corp.

1,766

974,638

RPM

International,

Inc.(a)

41,827

5,061,067

Sherwin-Williams

Co.

(The)

37,563

14,336,670

46,395,318

Commercial

Services

&

Supplies

0

.4

%

Cintas

Corp.

41,330

8,509,020

Communications

Equipment

0

.7

%

Cisco

Systems,

Inc.

224,091

11,926,123

Motorola

Solutions,

Inc.

8,033

3,611,878

15,538,001

Construction

&

Engineering

0

.6

%

Comfort

Systems

USA,

Inc.

29,705

11,595,347

MasTec,

Inc.*

18,870

2,322,897

13,918,244

Consumer

Finance

0

.9

%

Ally

Financial,

Inc.

138,115

4,915,513

American

Express

Co.

38,148

10,345,738

Capital

One

Financial

Corp.

3,421

512,226

OneMain

Holdings,

Inc.

17,067

803,344

Synchrony

Financial

48,812

2,434,742

19,011,563

Consumer

Staples

Distribution

&

Retail

2

.1

%

Costco

Wholesale

Corp.

25,388

22,506,970

Performance

Food

Group

Co.*

70,925

5,558,392

Target

Corp.

89,027

13,875,748

Walmart,

Inc.

52,985

4,278,539

46,219,649

Containers

&

Packaging

0

.3

%

Avery

Dennison

Corp.

31,048

6,854,156

Berry

Global

Group,

Inc.

7,070

480,619

7,334,775

Diversified

Consumer

Services

0

.2

%

Bright

Horizons

Family

Solutions,

Inc.*

33,897

4,749,987

Diversified

Telecommunication

Services

0

.5

%

AT&T,

Inc.

504,644

11,102,168

Electric

Utilities

0

.6

%

Xcel

Energy,

Inc.

187,095

12,217,303

Electrical

Equipment

0

.7

%

GE

Vernova,

Inc.*

37,818

9,642,834

Rockwell

Automation,

Inc.

21,001

5,637,928

15,280,762

Electronic

Equipment,

Instruments

&

Components

0

.7

%

CDW

Corp.

30,649

6,935,869

Jabil,

Inc.

69,852

8,370,365

15,306,234

Energy

Equipment

&

Services

0

.7

%

Halliburton

Co.

217,326

6,313,321

NOV,

Inc.

20,030

319,879

Schlumberger

NV

136,339

5,719,421

TechnipFMC

plc

100,596

2,638,633

14,991,254

NVIT

GS

Large

Cap

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Entertainment

1

.4

%

Electronic

Arts,

Inc.

44,146

6,332,302

Netflix,

Inc.*

25,756

18,267,958

ROBLOX

Corp.,

Class

A*

126,415

5,595,128

30,195,388

Financial

Services

4

.5

%

Berkshire

Hathaway,

Inc.,

Class

B*

86,858

39,977,263

Corpay,

Inc.*

18,201

5,692,545

Euronet

Worldwide,

Inc.*

20,645

2,048,603

Fidelity

National

Information

Services,

Inc.

90,804

7,604,835

Fiserv,

Inc.*

130,433

23,432,288

Mastercard,

Inc.,

Class

A

28,391

14,019,476

Visa,

Inc.,

Class

A(a)

13,070

3,593,597

96,368,607

Food

Products

0

.3

%

Kraft

Heinz

Co.

(The)(a)

160,437

5,632,943

Ground

Transportation

1

.1

%

Old

Dominion

Freight

Line,

Inc.

67,220

13,352,581

Saia,

Inc.*

11,683

5,108,509

Uber

Technologies,

Inc.*

69,120

5,195,059

23,656,149

Health

Care

Equipment

&

Supplies

1

.2

%

Abbott

Laboratories

78,311

8,928,237

Align

Technology,

Inc.*

21,526

5,474,492

Penumbra,

Inc.*

17,944

3,486,699

Teleflex,

Inc.

13,986

3,459,017

Zimmer

Biomet

Holdings,

Inc.

38,144

4,117,645

25,466,090

Health

Care

Providers

&

Services

3

.6

%

Cencora,

Inc.

29,586

6,659,217

Centene

Corp.*

33,274

2,504,867

Encompass

Health

Corp.

93,137

9,000,760

Humana,

Inc.

16,679

5,282,906

Quest

Diagnostics,

Inc.

13,306

2,065,756

Tenet

Healthcare

Corp.*

44,404

7,379,945

UnitedHealth

Group,

Inc.

54,570

31,905,988

Universal

Health

Services,

Inc.,

Class

B

52,610

12,048,216

76,847,655

Health

Care

REITs

0

.2

%

Alexandria

Real

Estate

Equities,

Inc.

46,360

5,505,250

Hotel

&

Resort

REITs

0

.3

%

Park

Hotels

&

Resorts,

Inc.

403,314

5,686,727

Hotels,

Restaurants

&

Leisure

2

.0

%

Carnival

Corp.*

23,073

426,389

Cava

Group,

Inc.*

10,519

1,302,778

Domino's

Pizza,

Inc.(a)

14,260

6,133,796

DoorDash,

Inc.,

Class

A*

2,774

395,933

Marriott

International,

Inc.,

Class

A

42,058

10,455,619

McDonald's

Corp.

25,731

7,835,347

MGM

Resorts

International*

33,987

1,328,552

Texas

Roadhouse,

Inc.,

Class

A

5,088

898,541

Wingstop,

Inc.

19,519

8,121,466

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Yum!

Brands,

Inc.

41,547

5,804,531

42,702,952

Household

Durables

0

.9

%

DR

Horton,

Inc.

32,627

6,224,253

Lennar

Corp.,

Class

A

39,863

7,473,515

NVR,

Inc.*

633

6,210,869

19,908,637

Household

Products

1

.9

%

Colgate-Palmolive

Co.

77,643

8,060,120

Procter

&

Gamble

Co.

(The)

185,347

32,102,100

40,162,220

Independent

Power

and

Renewable

Electricity

Producers

0

.4

%

Vistra

Corp.

67,105

7,954,627

Industrial

Conglomerates

0

.7

%

3M

Co.

50,949

6,964,728

Honeywell

International,

Inc.

37,917

7,837,823

14,802,551

Industrial

REITs

0

.1

%

First

Industrial

Realty

Trust,

Inc.

41,139

2,302,961

Rexford

Industrial

Realty,

Inc.

20,033

1,007,860

3,310,821

Insurance

1

.9

%

American

Financial

Group,

Inc.

32,045

4,313,257

Arch

Capital

Group

Ltd.*

63,154

7,065,670

Kinsale

Capital

Group,

Inc.

7,777

3,620,738

Marsh

&

McLennan

Cos.,

Inc.

37,245

8,308,987

Travelers

Cos.,

Inc.

(The)

45,929

10,752,897

Unum

Group

115,990

6,894,446

40,955,995

Interactive

Media

&

Services

6

.6

%

Alphabet,

Inc.,

Class

A

449,963

74,626,364

Alphabet,

Inc.,

Class

C

106,233

17,761,095

Meta

Platforms,

Inc.,

Class

A

86,516

49,525,219

141,912,678

IT

Services

1

.6

%

Accenture

plc,

Class

A

31,105

10,994,995

Gartner,

Inc.*

11,946

6,053,755

International

Business

Machines

Corp.

49,583

10,961,810

VeriSign,

Inc.*

33,291

6,323,958

34,334,518

Leisure

Products

0

.4

%

Hasbro,

Inc.

130,657

9,449,114

Life

Sciences

Tools

&

Services

2

.1

%

Agilent

Technologies,

Inc.

48,155

7,150,054

Danaher

Corp.

37,902

10,537,514

IQVIA

Holdings,

Inc.*

53,024

12,565,097

Medpace

Holdings,

Inc.*

19,995

6,674,331

Mettler-Toledo

International,

Inc.*

3,875

5,811,338

West

Pharmaceutical

Services,

Inc.

7,619

2,286,919

45,025,253

Machinery

3

.3

%

Caterpillar,

Inc.

29,070

11,369,858

36

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

Common

Stocks

Shares

Value

($)

Machinery

Fortive

Corp.

72,730

5,740,579

IDEX

Corp.

28,009

6,007,930

Illinois

Tool

Works,

Inc.

81,552

21,372,333

ITT,

Inc.

49,963

7,469,968

PACCAR,

Inc.

35,833

3,536,000

Parker-Hannifin

Corp.

16,430

10,380,803

Xylem,

Inc.

41,692

5,629,671

71,507,142

Media

0

.2

%

Charter

Communications,

Inc.,

Class

A*

6,608

2,141,520

News

Corp.,

Class

A

47,506

1,265,085

3,406,605

Metals

&

Mining

0

.3

%

ATI,

Inc.*

14,313

957,683

Steel

Dynamics,

Inc.

48,586

6,125,723

7,083,406

Multi-Utilities

0

.3

%

NiSource,

Inc.

192,542

6,671,580

Oil,

Gas

&

Consumable

Fuels

2

.5

%

Chevron

Corp.(a)

35,631

5,247,377

Chord

Energy

Corp.

11,726

1,527,077

ConocoPhillips

83,373

8,777,509

Exxon

Mobil

Corp.

91,893

10,771,698

Marathon

Oil

Corp.

231,285

6,159,120

Marathon

Petroleum

Corp.

40,845

6,654,059

Ovintiv,

Inc.

93,669

3,588,459

Phillips

66

49,150

6,460,768

Valero

Energy

Corp.

34,242

4,623,697

53,809,764

Personal

Care

Products

0

.3

%

Kenvue,

Inc.

277,694

6,423,062

Pharmaceuticals

2

.9

%

AstraZeneca

plc,

ADR-UK

75,901

5,913,447

Bristol-Myers

Squibb

Co.

199,996

10,347,793

Eli

Lilly

&

Co.

16,352

14,486,891

Johnson

&

Johnson

138,827

22,498,304

Merck

&

Co.,

Inc.

11,746

1,333,876

Zoetis,

Inc.,

Class

A

40,967

8,004,132

62,584,443

Professional

Services

0

.6

%

Equifax,

Inc.

21,194

6,228,069

FTI

Consulting,

Inc.*

26,959

6,134,790

12,362,859

Residential

REITs

1

.1

%

American

Homes

4

Rent,

Class

A

157,684

6,053,489

AvalonBay

Communities,

Inc.

27,883

6,280,646

Camden

Property

Trust

96,751

11,951,651

24,285,786

Semiconductors

&

Semiconductor

Equipment

9

.1

%

Applied

Materials,

Inc.

43,648

8,819,078

Broadcom,

Inc.

206,662

35,649,195

Enphase

Energy,

Inc.*

55,433

6,265,038

KLA

Corp.

10,458

8,098,780

Marvell

Technology,

Inc.

161,696

11,661,515

MKS

Instruments,

Inc.

38,025

4,133,698

NVIDIA

Corp.

884,573

107,422,545

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

QUALCOMM,

Inc.

11,352

1,930,408

Texas

Instruments,

Inc.

60,181

12,431,589

196,411,846

Software

10

.1

%

Adobe,

Inc.*

21,679

11,224,953

AppLovin

Corp.,

Class

A*(a)

64,376

8,404,287

Dynatrace,

Inc.*

65,594

3,507,311

Fortinet,

Inc.*

6,588

510,899

Intuit,

Inc.

23,652

14,687,892

Microsoft

Corp.

344,478

148,228,883

Nutanix,

Inc.,

Class

A*

40,339

2,390,086

Oracle

Corp.

105,761

18,021,674

Salesforce,

Inc.

41,579

11,380,588

Smartsheet,

Inc.,

Class

A*

7,746

428,819

218,785,392

Specialized

REITs

0

.3

%

VICI

Properties,

Inc.,

Class

A

194,482

6,478,195

Specialty

Retail

2

.4

%

Best

Buy

Co.,

Inc.

43,134

4,455,742

Burlington

Stores,

Inc.*

8,470

2,231,676

CarMax,

Inc.*

78,143

6,046,705

Home

Depot,

Inc.

(The)

5,836

2,364,747

Lowe's

Cos.,

Inc.

43,741

11,847,250

Ross

Stores,

Inc.

135,020

20,321,860

Ulta

Beauty,

Inc.*

11,480

4,467,098

51,735,078

Technology

Hardware,

Storage

&

Peripherals

7

.3

%

Apple,

Inc.

650,945

151,670,185

Dell

Technologies,

Inc.,

Class

C(a)

44,896

5,321,972

156,992,157

Textiles,

Apparel

&

Luxury

Goods

0

.7

%

Birkenstock

Holding

plc*

23,638

1,165,117

PVH

Corp.

49,102

4,950,955

Skechers

USA,

Inc.,

Class

A*

135,326

9,056,016

15,172,088

Tobacco

0

.0

%

†

Altria

Group,

Inc.

8,036

410,157

Trading

Companies

&

Distributors

0

.6

%

Fastenal

Co.

88,355

6,310,314

Ferguson

Enterprises,

Inc.

30,413

6,039,110

12,349,424

Total

Common

Stocks

(cost

$1,522,249,812)

2,147,800,744

Repurchase

Agreements

0

.9

%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,136,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

NVIT

GS

Large

Cap

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,688,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$8,550,186,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$8,719,991.(b)

8,549,011

8,549,011

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,674,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$19,549,011)

19,549,011

Total

Investments

(cost

$1,541,798,823)

—

100.4%

2,167,349,755

Liabilities

in

excess

of

other

assets

—

(0.4)%

(

7,666,551

)

NET

ASSETS

—

100.0%

$

2,159,683,204

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$22,137,568,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,549,011

and

by

$3,138,351

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$22,687,362.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$19,549,011.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

38

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

1

12/2024

USD

290,713

608

Net

contracts

608

As

of

September

30,

2024,

the

Fund

had

$16,060

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Large

Cap

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

39

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

40

-

Statement

of

Investments

-

September

30,

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

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,147,800,744

$

–

$

–

$

2,147,800,744

Futures

Contracts

608

–

–

608

Repurchase

Agreements

–

19,549,011

–

19,549,011

Total

$

2,147,801,352

$

19,549,011

$

–

$

2,167,350,363

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

608

Total

$

608

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

96.1%

Shares

Value

($)

Aerospace

&

Defense

0.3%

Leonardo

DRS,

Inc.*

88,637

2,501,336

Automobile

Components

0.8%

Lear

Corp.

64,604

7,051,527

Automobiles

2.2%

Ford

Motor

Co.

783,702

8,275,893

General

Motors

Co.

242,140

10,857,558

19,133,451

Banks

0.3%

BOK

Financial

Corp.

12,032

1,258,788

Comerica,

Inc.

17,617

1,055,434

2,314,222

Biotechnology

1.0%

Exelixis,

Inc.*

11,475

297,776

Ionis

Pharmaceuticals,

Inc.*

42,579

1,705,715

Neurocrine

Biosciences,

Inc.*

6,001

691,435

Sarepta

Therapeutics,

Inc.*

51,641

6,449,445

9,144,371

Broadline

Retail

1.7%

Amazon.com,

Inc.*

80,491

14,997,888

Building

Products

0.9%

Builders

FirstSource,

Inc.*

41,681

8,080,279

Capital

Markets

0.7%

Northern

Trust

Corp.

49,163

4,426,145

Robinhood

Markets,

Inc.,

Class

A*

85,681

2,006,649

6,432,794

Chemicals

3.6%

Dow,

Inc.

17,128

935,703

DuPont

de

Nemours,

Inc.

144,692

12,893,504

Huntsman

Corp.

271,282

6,565,024

LyondellBasell

Industries

NV,

Class

A

118,612

11,374,891

Westlake

Corp.

1,125

169,076

31,938,198

Commercial

Services

&

Supplies

1.1%

Veralto

Corp.

72,013

8,055,374

Vestis

Corp.

131,420

1,958,158

10,013,532

Consumer

Finance

2.0%

SLM

Corp.

144,372

3,301,788

Synchrony

Financial

279,971

13,964,953

17,266,741

Consumer

Staples

Distribution

&

Retail

0.3%

Maplebear,

Inc.*

72,191

2,941,061

Containers

&

Packaging

0.3%

Crown

Holdings,

Inc.

28,563

2,738,620

Diversified

Consumer

Services

0.2%

Duolingo,

Inc.,

Class

A*

6,610

1,864,152

Electric

Utilities

2.9%

NRG

Energy,

Inc.

170,114

15,497,385

Pinnacle

West

Capital

Corp.

119,096

10,550,715

26,048,100

Electrical

Equipment

0.2%

GE

Vernova,

Inc.*

8,114

2,068,908

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

0.8%

Amphenol

Corp.,

Class

A

108,395

7,063,018

Entertainment

1.8%

Live

Nation

Entertainment,

Inc.*

98,640

10,800,094

Playtika

Holding

Corp.

11,285

89,377

ROBLOX

Corp.,

Class

A*

113,036

5,002,973

15,892,444

Financial

Services

2.9%

Corebridge

Financial,

Inc.

314,774

9,178,810

PayPal

Holdings,

Inc.*

207,246

16,171,405

25,350,215

Food

Products

1.8%

Archer-Daniels-Midland

Co.

144,193

8,614,090

Pilgrim's

Pride

Corp.*

132,307

6,092,737

Tyson

Foods,

Inc.,

Class

A

17,460

1,039,918

15,746,745

Ground

Transportation

3.2%

JB

Hunt

Transport

Services,

Inc.

40,009

6,894,751

Landstar

System,

Inc.

3,094

584,364

Lyft,

Inc.,

Class

A*

472,325

6,022,144

Old

Dominion

Freight

Line,

Inc.

56,375

11,198,330

Ryder

System,

Inc.

17,795

2,594,511

Schneider

National,

Inc.,

Class

B

25,978

741,412

28,035,512

Health

Care

Equipment

&

Supplies

2.9%

Align

Technology,

Inc.*

17,860

4,542,155

Edwards

Lifesciences

Corp.*

168,752

11,135,945

GE

HealthCare

Technologies,

Inc.

102,980

9,664,673

25,342,773

Health

Care

Providers

&

Services

3.3%

Cardinal

Health,

Inc.

10,798

1,193,395

Elevance

Health,

Inc.

31,060

16,151,200

Humana,

Inc.

15,126

4,791,009

McKesson

Corp.

737

364,388

Molina

Healthcare,

Inc.*

19,813

6,826,767

29,326,759

Hotels,

Restaurants

&

Leisure

5.9%

Airbnb,

Inc.,

Class

A*

14,894

1,888,708

Booking

Holdings,

Inc.

4,229

17,813,056

Domino's

Pizza,

Inc.

26,023

11,193,533

Expedia

Group,

Inc.*

15,073

2,231,105

Hilton

Worldwide

Holdings,

Inc.

50,418

11,621,349

Wingstop,

Inc.

16,815

6,996,385

51,744,136

Household

Durables

1.9%

Lennar

Corp.,

Class

A

75,165

14,091,934

PulteGroup,

Inc.

20,797

2,984,994

17,076,928

Independent

Power

and

Renewable

Electricity

Producers

1.7%

Vistra

Corp.

124,220

14,725,039

Insurance

5.4%

Allstate

Corp.

(The)

61,738

11,708,612

42

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Insurance

Arch

Capital

Group

Ltd.*

20,603

2,305,063

Brighthouse

Financial,

Inc.*

103,942

4,680,508

Globe

Life,

Inc.

134,310

14,224,772

Hartford

Financial

Services

Group,

Inc.

(The)

12,898

1,516,934

Reinsurance

Group

of

America,

Inc.

45,445

9,901,102

RLI

Corp.

2,166

335,687

Travelers

Cos.,

Inc.

(The)

11,506

2,693,785

W

R

Berkley

Corp.

2,638

149,654

47,516,117

Interactive

Media

&

Services

3.1%

Alphabet,

Inc.,

Class

C

107,229

17,927,616

Meta

Platforms,

Inc.,

Class

A

8,855

5,068,956

Snap,

Inc.,

Class

A*

248,594

2,659,956

TripAdvisor,

Inc.*

97,797

1,417,079

27,073,607

IT

Services

1.6%

EPAM

Systems,

Inc.*

19,346

3,850,434

VeriSign,

Inc.*

53,684

10,197,813

14,048,247

Machinery

1.0%

Otis

Worldwide

Corp.

89,558

9,308,658

Media

0.5%

Fox

Corp.,

Class

A

105,961

4,485,329

Oil,

Gas

&

Consumable

Fuels

1.9%

Phillips

66

38,234

5,025,859

Valero

Energy

Corp.

84,858

11,458,376

16,484,235

Paper

&

Forest

Products

0.7%

Louisiana-Pacific

Corp.

59,222

6,363,996

Passenger

Airlines

1.3%

Southwest

Airlines

Co.

380,331

11,269,208

Pharmaceuticals

2.0%

Merck

&

Co.,

Inc.

152,117

17,274,406

Professional

Services

4.3%

Automatic

Data

Processing,

Inc.

59,872

16,568,379

KBR,

Inc.

135,759

8,841,984

ManpowerGroup,

Inc.

23,919

1,758,525

Paycom

Software,

Inc.

24,568

4,092,292

Robert

Half,

Inc.

63,218

4,261,525

TriNet

Group,

Inc.

21,615

2,096,006

37,618,711

Real

Estate

Management

&

Development

0.3%

Howard

Hughes

Holdings,

Inc.*

33,585

2,600,487

Residential

REITs

1.9%

Camden

Property

Trust

86,191

10,647,174

Essex

Property

Trust,

Inc.

21,836

6,450,791

17,097,965

Semiconductors

&

Semiconductor

Equipment

8.6%

Amkor

Technology,

Inc.

38,660

1,182,996

Cirrus

Logic,

Inc.*

16,482

2,047,229

Intel

Corp.

98,497

2,310,740

Lam

Research

Corp.

3,755

3,064,381

NVIDIA

Corp.

503,021

61,086,870

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Teradyne,

Inc.

48,866

6,544,623

76,236,839

Software

10.6%

Atlassian

Corp.,

Class

A*

50,443

8,010,853

Confluent,

Inc.,

Class

A*

25,207

513,719

Crowdstrike

Holdings,

Inc.,

Class

A*

26,390

7,401,603

Dropbox,

Inc.,

Class

A*

165,236

4,201,951

Guidewire

Software,

Inc.*

68,373

12,508,157

Microsoft

Corp.

93,742

40,337,183

Nutanix,

Inc.,

Class

A*

62,950

3,729,787

Palo

Alto

Networks,

Inc.*

29,570

10,107,026

Procore

Technologies,

Inc.*

35,578

2,195,874

SentinelOne,

Inc.,

Class

A*

125,850

3,010,332

Teradata

Corp.*

22,379

678,979

UiPath,

Inc.,

Class

A*

100,725

1,289,280

93,984,744

Specialty

Retail

0.7%

Williams-Sonoma,

Inc.

42,291

6,551,722

Technology

Hardware,

Storage

&

Peripherals

6.7%

Apple,

Inc.

204,423

47,630,559

Seagate

Technology

Holdings

plc

103,337

11,318,502

58,949,061

Textiles,

Apparel

&

Luxury

Goods

0.5%

Deckers

Outdoor

Corp.*

28,218

4,499,360

Trading

Companies

&

Distributors

0.3%

WESCO

International,

Inc.

15,586

2,618,136

Total

Investments

(cost

$642,565,998)

—

96.1%

848,819,577

Other

assets

in

excess

of

liabilities

—

3.9%

34,696,715

NET

ASSETS

—

100.0%

$

883,516,292

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

43

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2024

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Albemarle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.46%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

55,657

49,978

49,978

Alliant

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

62,464

3,123

3,123

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

6/30/2025

8,642

18,148

18,148

Amphenol

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

122,048

37,225

37,225

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

22,959

22,041

22,041

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

10/31/2025

40,848

19,127

19,127

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

8/29/2025

89,031

463,852

463,852

Aptiv

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

66,413

148,101

148,101

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

3/31/2025

60,423

14,502

14,502

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

7/31/2025

44,426

41,760

41,760

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

24,322

3,892

3,892

BOK

Financial

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

6,805

5,376

5,376

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

2,786

15,713

15,713

Brighthouse

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

38,560

15,424

15,424

Brunswick

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

38,460

11,153

11,153

Charter

Communications,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

12,374

26,480

26,480

Choice

Hotels

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

6.46%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

36,217

89,456

89,456

Cirrus

Logic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

33,651

87,829

87,829

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

7/31/2025

40,133

36,922

36,922

44

-

Statement

of

Investments

-

September

30,

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

($)

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

9/30/2025

241,250

164,050

164,050

Crown

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

10/31/2025

29,713

33,873

33,873

Darling

Ingredients,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

44,558

26,735

26,735

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

9/30/2025

312,572

37,509

37,509

Dutch

Bros,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

42,420

18,241

18,241

Enphase

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

8/29/2025

33,368

66,069

66,069

Envista

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

9/30/2025

246,656

–

–

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

24,685

24,685

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

11/29/2024

13,517

135

135

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

10/31/2025

38,160

161,798

161,798

Five9,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

68,982

1,725

1,725

Fortrea

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

8/29/2025

51,330

8,213

8,213

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

9/30/2025

17,959

5,926

5,926

GE

HealthCare

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

42,157

78,412

78,412

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

33,960

33,960

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

52,832

52,832

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

76,963

100,052

100,052

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

10/31/2025

285,014

8,550

8,550

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

8,885

8,885

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

Lattice

Semiconductor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

63,000

28,350

28,350

Leonardo

DRS,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

6,143

2,150

2,150

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

9/30/2025

8,894

28,372

28,372

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

12/31/2024

63,796

33,174

33,174

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

9/30/2025

24,200

6,292

6,292

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

7/31/2025

95,311

80,061

80,061

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

10/31/2025

28,951

197,201

197,201

Medical

Properties

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.08%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

976,674

14,561

14,561

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

7,490

57,074

57,074

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

9/30/2025

17,988

48,568

48,568

Monolithic

Power

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

1,069

812

812

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

8.08%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

144,863

84,021

84,021

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

7/31/2025

77,748

3,887

3,887

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

3/31/2025

635

49,054

49,054

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

19,408

19,408

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

11/29/2024

11,592

90,534

90,534

Organon

&

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

96,439

22,181

22,181

Palo

Alto

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

13,228

80,029

80,029

Penn

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

17,862

7,502

7,502

46

-

Statement

of

Investments

-

September

30,

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

($)

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

4/30/2025

36,005

55,808

55,808

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

17,458

34,741

34,741

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

125,785

10,063

10,063

PulteGroup,

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

28,805

16,131

16,131

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

7/31/2025

16,004

7,842

7,842

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

4,034

4,034

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

8,249

8,249

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

1,118

637

637

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

6/30/2025

36,095

2,888

2,888

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

5/30/2025

46,459

13,241

13,241

Sirius

XM

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

166,246

121,360

121,360

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

213,074

89,491

89,491

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

45,384

4,085

4,085

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

3/31/2025

73,371

4,402

4,402

Super

Micro

Computer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.46%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

4,616

15,417

15,417

Tempur

Sealy

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

51,575

9,284

9,284

Twilio,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

31,231

17,489

17,489

Tyson

Foods,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

175,820

63,295

63,295

Vail

Resorts,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

11,312

5,524

5,524

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

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

6/30/2025

7,353

956

956

Veralto

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

42,300

69,795

69,795

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

6/30/2025

19,935

20,722

20,722

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

8/29/2025

593,026

77,093

77,093

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

105,583

2,112

2,112

Williams-Sonoma,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

36,442

20,772

20,772

WillScot

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

105,372

102,211

102,211

Wolfspeed,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.46%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

226,445

108,693

108,693

ZoomInfo

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

183,336

32,999

32,999

–

–

Total

unrealized

appreciation

3,714,317

3,714,317

–

–

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

30,868

(25,620)

(25,620)

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

9/30/2025

61,013

(7,932)

(7,932)

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

9/30/2025

14,140

(17,958)

(17,958)

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

11/29/2024

448,741

(76,286)

(76,286)

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

12/31/2024

56,893

(81,926)

(81,926)

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

(14,104)

(14,104)

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

(3,192)

(3,192)

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

16,251

(26,002)

(26,002)

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

9/30/2025

140,958

(5,638)

(5,638)

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

(103)

(103)

48

-

Statement

of

Investments

-

September

30,

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

($)

Blueprint

Medicines

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

45,773

(2,289)

(2,289)

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

1/31/2025

55,200

(447)

(447)

Builders

FirstSource,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

7,615

(2,970)

(2,970)

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

51,506

(58,202)

(58,202)

Casey's

General

Stores,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

10,450

(25,080)

(25,080)

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

7/31/2025

28,379

(33,771)

(33,771)

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

10/31/2025

28,268

(27,703)

(27,703)

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

9/30/2025

68,402

(34,885)

(34,885)

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

13,633

(6,816)

(6,816)

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

10/31/2025

18,900

(101,871)

(101,871)

Cummins,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

10,440

(8,248)

(8,248)

Cytokinetics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

25,900

(11,914)

(11,914)

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

(4,096)

(4,096)

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

724

(7)

(7)

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

25,588

(17,144)

(17,144)

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

36,843

(46,791)

(46,791)

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

196,192

(16,676)

(16,676)

General

Motors

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

47,521

(72,232)

(72,232)

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

69,840

(64,951)

(64,951)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

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

($)

Graphic

Packaging

Holding

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

147,056

(27,941)

(27,941)

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

9/30/2025

38,479

(10,389)

(10,389)

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

9/30/2025

4,404

(1,365)

(1,365)

Howmet

Aerospace,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

29,873

(31,068)

(31,068)

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

9/30/2025

23,961

(46,604)

(46,604)

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

6/30/2025

83,360

(8,336)

(8,336)

Insmed,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

18,877

(9,816)

(9,816)

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

6,081

(4,804)

(4,804)

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

1,797

(267)

(267)

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

5/30/2025

24,829

(497)

(497)

Kraft

Heinz

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

5/30/2025

38,440

(5,382)

(5,382)

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

10/31/2025

165,664

(4,970)

(4,970)

Lam

Research

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

5,732

(63,281)

(63,281)

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

121,920

(10,973)

(10,973)

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

9/30/2025

35,902

(40,569)

(40,569)

Mattel,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

228,743

(2,287)

(2,287)

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

(12,543)

(12,543)

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

9/30/2025

14,084

(60,207)

(60,207)

Newell

Brands,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

400,220

(48,026)

(48,026)

50

-

Statement

of

Investments

-

September

30,

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

($)

Nutanix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

66,605

(23,978)

(23,978)

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

11/29/2024

258,171

(87,778)

(87,778)

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

6/30/2025

16,632

(3,659)

(3,659)

OneMain

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

20,583

(4,528)

(4,528)

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

55,707

(49,579)

(49,579)

Oracle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

18,047

(29,958)

(29,958)

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

6/30/2025

44,587

(4,459)

(4,459)

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

7/31/2025

73,859

(24,373)

(24,373)

Rayonier,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

62,904

(11,884)

(11,884)

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

26,833

(77,547)

(77,547)

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

9/30/2025

184,717

(86,817)

(86,817)

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

12,023

(57,831)

(57,831)

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

7/31/2025

51,351

(8,216)

(8,216)

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

26,890

(20,168)

(20,168)

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)

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

5/30/2025

20,685

(83,981)

(83,981)

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

6/30/2025

8,292

(83)

(83)

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

8/29/2025

56,956

(33,604)

(33,604)

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

12,123

(3,788)

(3,788)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

6/30/2025

48,888

(45,955)

(45,955)

TripAdvisor,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

100,034

(28,010)

(28,010)

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

6/30/2025

6,009

(15,278)

(15,278)

UGI

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

182,776

(86,753)

(86,753)

UWM

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

8/29/2025

215,877

(49,652)

(49,652)

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

12/31/2024

34,890

(39,426)

(39,426)

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

(4,425)

(4,425)

Vestis

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

144,699

(25,322)

(25,322)

VF

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

260,615

(122,489)

(122,489)

Walgreens

Boots

Alliance,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

539,459

(42,240)

(42,240)

WESCO

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

2,641

(8,417)

(8,417)

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

9/30/2025

75,093

(27,032)

(27,032)

–

–

Total

unrealized

depreciation

(2,312,343)

(2,312,343)

–

–

Net

unrealized

appreciation

1,401,974

1,401,974

Financing

Costs

of

Swap

Contracts

(306,371)

(306,371)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

1,095,603

1,095,603

As

of

September

30,

2024,

the

Fund

had

$3,070,000

segregated

as

collateral

for

swap

contracts.

OBFR

Overnight

Bank

Funding

Rate

52

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

53

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

848,819,577

$

–

$

–

$

848,819,577

Total

Return

Swaps†

–

3,714,317

–

3,714,317

Total

Assets

$

848,819,577

$

3,714,317

$

–

$

852,533,894

Liabilities:

Total

Return

Swaps†

$

–

$

(2,618,714)

$

–

$

(2,618,714)

Total

Liabilities

$

–

$

(2,618,714)

$

–

$

(2,618,714)

Total

$

848,819,577

$

1,095,603

$

–

$

849,915,180

†

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).

54

-

Statement

of

Investments

-

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

3,714,317

Total

$

3,714,317

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(2,618,714)

Total

$

(2,618,714)

†

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

87.8%

Shares

Value

($)

Aerospace

&

Defense

1.7%

Axon

Enterprise,

Inc.*

3,151

1,259,140

Boeing

Co.

(The)*

25,631

3,896,937

General

Dynamics

Corp.

11,394

3,443,267

General

Electric

Co.

47,493

8,956,230

Howmet

Aerospace,

Inc.

17,836

1,788,059

Huntington

Ingalls

Industries,

Inc.

1,768

467,424

L3Harris

Technologies,

Inc.

8,373

1,991,685

Lockheed

Martin

Corp.

9,299

5,435,823

Northrop

Grumman

Corp.

6,040

3,189,543

RTX

Corp.

58,355

7,070,292

Textron,

Inc.

8,244

730,253

TransDigm

Group,

Inc.

2,469

3,523,584

41,752,237

Air

Freight

&

Logistics

0.3%

CH

Robinson

Worldwide,

Inc.

5,196

573,482

Expeditors

International

of

Washington,

Inc.

6,115

803,511

FedEx

Corp.

9,993

2,734,884

United

Parcel

Service,

Inc.,

Class

B

32,196

4,389,603

8,501,480

Automobile

Components

0.0%

†

Aptiv

plc*

11,710

843,237

BorgWarner,

Inc.(a)

10,119

367,219

1,210,456

Automobiles

1.5%

Ford

Motor

Co.

170,581

1,801,335

General

Motors

Co.

49,238

2,207,832

Tesla,

Inc.*

121,977

31,912,843

35,922,010

Banks

2.7%

Bank

of

America

Corp.

300,322

11,916,777

Citigroup,

Inc.

84,252

5,274,175

Citizens

Financial

Group,

Inc.

19,724

810,065

Fifth

Third

Bancorp

29,277

1,254,227

Huntington

Bancshares,

Inc.

63,660

935,802

JPMorgan

Chase

&

Co.

125,037

26,365,302

KeyCorp

40,366

676,130

M&T

Bank

Corp.

7,259

1,292,973

PNC

Financial

Services

Group,

Inc.

(The)

17,309

3,199,569

Regions

Financial

Corp.

39,889

930,610

Truist

Financial

Corp.(a)

58,576

2,505,295

US

Bancorp

68,122

3,115,219

Wells

Fargo

&

Co.

149,042

8,419,383

66,695,527

Beverages

1.2%

Brown-Forman

Corp.,

Class

B(a)

8,127

399,848

Coca-Cola

Co.

(The)

170,636

12,261,903

Constellation

Brands,

Inc.,

Class

A

6,860

1,767,754

Keurig

Dr

Pepper,

Inc.

46,074

1,726,854

Molson

Coors

Beverage

Co.,

Class

B

7,643

439,625

Monster

Beverage

Corp.*

30,790

1,606,314

PepsiCo,

Inc.

60,053

10,212,013

28,414,311

Common

Stocks

Shares

Value

($)

Biotechnology

1.7%

AbbVie,

Inc.

77,463

15,297,393

Amgen,

Inc.

23,679

7,629,611

Biogen,

Inc.*

6,367

1,234,179

Gilead

Sciences,

Inc.

54,993

4,610,613

Incyte

Corp.*(a)

6,840

452,124

Moderna,

Inc.*

14,759

986,344

Regeneron

Pharmaceuticals,

Inc.*

4,649

4,887,215

Vertex

Pharmaceuticals,

Inc.*

11,312

5,260,985

40,358,464

Broadline

Retail

3.2%

Amazon.com,

Inc.*

410,513

76,490,887

eBay,

Inc.

22,032

1,434,504

77,925,391

Building

Products

0.5%

A

O

Smith

Corp.

5,116

459,570

Allegion

plc

3,885

566,200

Builders

FirstSource,

Inc.*

5,362

1,039,477

Carrier

Global

Corp.

36,987

2,977,084

Johnson

Controls

International

plc

30,192

2,343,201

Masco

Corp.

9,900

831,006

Trane

Technologies

plc

9,886

3,842,985

12,059,523

Capital

Markets

2.6%

Ameriprise

Financial,

Inc.

4,421

2,077,030

Bank

of

New

York

Mellon

Corp.

(The)

32,726

2,351,690

BlackRock,

Inc.

6,166

5,854,679

Blackstone,

Inc.

31,545

4,830,486

Cboe

Global

Markets,

Inc.

4,559

934,002

Charles

Schwab

Corp.

(The)

65,899

4,270,914

CME

Group,

Inc.

15,770

3,479,650

FactSet

Research

Systems,

Inc.

1,751

805,197

Franklin

Resources,

Inc.(a)

13,898

280,045

Goldman

Sachs

Group,

Inc.

(The)

13,914

6,888,961

Intercontinental

Exchange,

Inc.

25,293

4,063,068

Invesco

Ltd.

21,872

384,072

KKR

&

Co.,

Inc.

29,471

3,848,323

MarketAxess

Holdings,

Inc.

1,658

424,780

Moody's

Corp.

6,823

3,238,128

Morgan

Stanley

54,399

5,670,552

MSCI,

Inc.,

Class

A

3,500

2,040,255

Nasdaq,

Inc.

17,920

1,308,339

Northern

Trust

Corp.

8,771

789,653

Raymond

James

Financial,

Inc.(a)

8,082

989,722

S&P

Global,

Inc.

14,034

7,250,245

State

Street

Corp.

12,947

1,145,421

T.

Rowe

Price

Group,

Inc.(a)

9,683

1,054,769

63,979,981

Chemicals

1.3%

Air

Products

&

Chemicals,

Inc.

9,728

2,896,415

Albemarle

Corp.(a)

5,200

492,492

Celanese

Corp.,

Class

A(a)

4,658

633,302

CF

Industries

Holdings,

Inc.

7,895

677,391

Corteva,

Inc.

30,368

1,785,335

Dow,

Inc.(a)

30,473

1,664,740

2

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Chemicals

DuPont

de

Nemours,

Inc.

18,169

1,619,040

Eastman

Chemical

Co.

5,221

584,491

Ecolab,

Inc.

11,137

2,843,610

FMC

Corp.

5,575

367,615

International

Flavors

&

Fragrances,

Inc.

11,243

1,179,728

Linde

plc

21,192

10,105,617

LyondellBasell

Industries

NV,

Class

A

11,209

1,074,943

Mosaic

Co.

(The)

14,524

388,953

PPG

Industries,

Inc.

10,339

1,369,504

Sherwin-Williams

Co.

(The)

10,175

3,883,492

31,566,668

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

15,152

3,119,494

Copart,

Inc.*

38,607

2,023,007

Republic

Services,

Inc.,

Class

A

8,908

1,789,083

Rollins,

Inc.

12,147

614,395

Veralto

Corp.

10,727

1,199,922

Waste

Management,

Inc.

16,111

3,344,643

12,090,544

Communications

Equipment

0.7%

Arista

Networks,

Inc.*

11,277

4,328,338

Cisco

Systems,

Inc.

176,887

9,413,926

F5,

Inc.*

2,580

568,116

Juniper

Networks,

Inc.

14,158

551,879

Motorola

Solutions,

Inc.

7,362

3,310,176

18,172,435

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

6,458

1,925,453

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,666

1,434,975

Vulcan

Materials

Co.

5,761

1,442,727

2,877,702

Consumer

Finance

0.5%

American

Express

Co.

24,573

6,664,197

Capital

One

Financial

Corp.

16,994

2,544,512

Discover

Financial

Services

10,972

1,539,262

Synchrony

Financial

17,032

849,556

11,597,527

Consumer

Staples

Distribution

&

Retail

1.7%

Costco

Wholesale

Corp.

19,452

17,244,587

Dollar

General

Corp.(a)

9,762

825,572

Dollar

Tree,

Inc.*

8,828

620,785

Kroger

Co.

(The)

29,176

1,671,785

Sysco

Corp.

21,605

1,686,486

Target

Corp.(a)

20,246

3,155,542

Walgreens

Boots

Alliance,

Inc.

(a)

30,185

270,458

Walmart,

Inc.

190,238

15,361,718

40,836,933

Containers

&

Packaging

0.2%

Amcor

plc

65,238

739,147

Avery

Dennison

Corp.

3,522

777,517

Ball

Corp.

13,197

896,208

International

Paper

Co.(a)

15,204

742,715

Packaging

Corp.

of

America

3,912

842,645

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Smurfit

WestRock

plc

21,551

1,065,050

5,063,282

Distributors

0.1%

Genuine

Parts

Co.

6,074

848,417

LKQ

Corp.

11,363

453,611

Pool

Corp.(a)

1,679

632,647

1,934,675

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.(a)

316,498

6,962,956

Verizon

Communications,

Inc.

184,751

8,297,167

15,260,123

Electric

Utilities

1.5%

Alliant

Energy

Corp.

11,366

689,803

American

Electric

Power

Co.,

Inc.

23,104

2,370,470

Constellation

Energy

Corp.

13,752

3,575,795

Duke

Energy

Corp.(a)

33,840

3,901,752

Edison

International

17,072

1,486,800

Entergy

Corp.(a)

9,317

1,226,210

Evergy,

Inc.

10,057

623,635

Eversource

Energy

16,268

1,107,037

Exelon

Corp.

43,570

1,766,764

FirstEnergy

Corp.

23,405

1,038,012

NextEra

Energy,

Inc.

90,142

7,619,703

NRG

Energy,

Inc.

9,015

821,267

PG&E

Corp.

93,770

1,853,833

Pinnacle

West

Capital

Corp.(a)

4,763

421,954

PPL

Corp.

31,705

1,048,801

Southern

Co.

(The)

48,265

4,352,538

Xcel

Energy,

Inc.

24,291

1,586,202

35,490,576

Electrical

Equipment

0.7%

AMETEK,

Inc.

10,048

1,725,342

Eaton

Corp.

plc

17,439

5,779,982

Emerson

Electric

Co.

25,063

2,741,140

GE

Vernova,

Inc.*

11,979

3,054,406

Generac

Holdings,

Inc.*(a)

2,693

427,864

Hubbell,

Inc.,

Class

B(a)

2,337

1,001,054

Rockwell

Automation,

Inc.

4,983

1,337,736

16,067,524

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol

Corp.,

Class

A

53,022

3,454,913

CDW

Corp.

5,886

1,332,002

Corning,

Inc.(a)

33,744

1,523,542

Jabil,

Inc.

5,243

628,269

Keysight

Technologies,

Inc.*

7,663

1,217,880

Teledyne

Technologies,

Inc.*

2,070

905,956

Trimble,

Inc.*

10,746

667,219

Zebra

Technologies

Corp.,

Class

A*

2,255

835,072

10,564,853

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.,

Class

A

44,807

1,619,773

Halliburton

Co.

37,880

1,100,414

Schlumberger

NV

61,671

2,587,099

5,307,286

Entertainment

1.0%

Electronic

Arts,

Inc.

10,458

1,500,095

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*(a)

6,810

745,627

Netflix,

Inc.*

18,828

13,354,136

Take-Two

Interactive

Software,

Inc.*

7,174

1,102,716

Walt

Disney

Co.

(The)

79,507

7,647,778

Warner

Bros

Discovery,

Inc.*

98,639

813,772

25,164,124

Financial

Services

3.6%

Berkshire

Hathaway,

Inc.,

Class

B*

80,502

37,051,851

Corpay,

Inc.*

3,056

955,795

Fidelity

National

Information

Services,

Inc.

24,657

2,065,024

Fiserv,

Inc.*

25,273

4,540,294

Global

Payments,

Inc.

11,128

1,139,730

Jack

Henry

&

Associates,

Inc.

(a)

3,091

545,685

Mastercard,

Inc.,

Class

A

36,258

17,904,200

PayPal

Holdings,

Inc.*

44,837

3,498,631

Visa,

Inc.,

Class

A(a)

73,411

20,184,354

87,885,564

Food

Products

0.6%

Archer-Daniels-Midland

Co.

21,665

1,294,267

Bunge

Global

SA

6,097

589,214

Campbell

Soup

Co.

8,592

420,321

Conagra

Brands,

Inc.

20,575

669,099

General

Mills,

Inc.(a)

24,920

1,840,342

Hershey

Co.

(The)

6,456

1,238,132

Hormel

Foods

Corp.

12,808

406,014

J

M

Smucker

Co.

(The)

4,703

569,533

Kellanova

11,730

946,728

Kraft

Heinz

Co.

(The)

39,738

1,395,201

Lamb

Weston

Holdings,

Inc.(a)

6,783

439,131

McCormick

&

Co.,

Inc.

(Non-Voting)

10,992

904,642

Mondelez

International,

Inc.,

Class

A

58,606

4,317,504

Tyson

Foods,

Inc.,

Class

A

12,569

748,610

15,778,738

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

6,740

934,905

Ground

Transportation

0.9%

CSX

Corp.

86,130

2,974,069

JB

Hunt

Transport

Services,

Inc.

3,454

595,228

Norfolk

Southern

Corp.

9,972

2,478,042

Old

Dominion

Freight

Line,

Inc.

8,467

1,681,885

Uber

Technologies,

Inc.*

92,748

6,970,939

Union

Pacific

Corp.

26,858

6,619,960

21,320,123

Health

Care

Equipment

&

Supplies

2.1%

Abbott

Laboratories

76,789

8,754,714

Align

Technology,

Inc.*

3,086

784,832

Baxter

International,

Inc.

22,206

843,162

Becton

Dickinson

&

Co.

12,714

3,065,345

Boston

Scientific

Corp.*

64,895

5,438,201

Cooper

Cos.,

Inc.

(The)*

8,793

970,220

Dexcom,

Inc.*

17,358

1,163,680

Edwards

Lifesciences

Corp.*

26,229

1,730,852

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

GE

HealthCare

Technologies,

Inc.(a)

20,069

1,883,476

Hologic,

Inc.*

10,079

821,035

IDEXX

Laboratories,

Inc.*(a)

3,583

1,810,203

Insulet

Corp.*

3,069

714,310

Intuitive

Surgical,

Inc.*

15,509

7,619,106

Medtronic

plc

55,973

5,039,249

ResMed,

Inc.

6,424

1,568,227

Solventum

Corp.*

6,010

419,017

STERIS

plc

4,273

1,036,373

Stryker

Corp.

15,144

5,470,922

Teleflex,

Inc.

2,090

516,899

Zimmer

Biomet

Holdings,

Inc.

(a)

9,316

1,005,662

50,655,485

Health

Care

Providers

&

Services

2.2%

Cardinal

Health,

Inc.

11,045

1,220,693

Cencora,

Inc.

7,734

1,740,769

Centene

Corp.*

23,542

1,772,242

Cigna

Group

(The)

12,539

4,344,011

CVS

Health

Corp.

55,037

3,460,727

DaVita,

Inc.*

2,028

332,450

Elevance

Health,

Inc.

10,234

5,321,680

HCA

Healthcare,

Inc.

8,136

3,306,714

Henry

Schein,

Inc.*(a)

5,302

386,516

Humana,

Inc.

5,246

1,661,618

Labcorp

Holdings,

Inc.

3,627

810,562

McKesson

Corp.

5,664

2,800,395

Molina

Healthcare,

Inc.*

2,586

891,032

Quest

Diagnostics,

Inc.

4,890

759,172

UnitedHealth

Group,

Inc.

40,582

23,727,484

Universal

Health

Services,

Inc.,

Class

B

2,560

586,266

53,122,331

Health

Care

REITs

0.2%

Alexandria

Real

Estate

Equities,

Inc.

6,925

822,344

Healthpeak

Properties,

Inc.

30,731

702,818

Ventas,

Inc.

18,384

1,178,966

Welltower,

Inc.

25,432

3,256,059

5,960,187

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.

29,994

527,894

Hotels,

Restaurants

&

Leisure

1.7%

Airbnb,

Inc.,

Class

A*

19,333

2,451,618

Booking

Holdings,

Inc.

1,472

6,200,241

Caesars

Entertainment,

Inc.*(a)

9,376

391,354

Carnival

Corp.*

44,231

817,389

Chipotle

Mexican

Grill,

Inc.,

Class

A*

60,432

3,482,092

Darden

Restaurants,

Inc.(a)

5,140

843,628

Domino's

Pizza,

Inc.

1,524

655,533

Expedia

Group,

Inc.*

5,439

805,081

Hilton

Worldwide

Holdings,

Inc.

10,744

2,476,492

Las

Vegas

Sands

Corp.(a)

15,512

780,874

Marriott

International,

Inc.,

Class

A

10,199

2,535,471

McDonald's

Corp.

31,451

9,577,144

4

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

MGM

Resorts

International*(a)

10,025

391,877

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

19,133

392,418

Royal

Caribbean

Cruises

Ltd.

(a)

10,451

1,853,589

Starbucks

Corp.

49,709

4,846,131

Wynn

Resorts

Ltd.(a)

4,073

390,519

Yum!

Brands,

Inc.

12,232

1,708,933

40,600,384

Household

Durables

0.4%

DR

Horton,

Inc.

13,182

2,514,730

Garmin

Ltd.

6,771

1,191,899

Lennar

Corp.,

Class

A

10,672

2,000,787

Mohawk

Industries,

Inc.*

2,289

367,797

NVR,

Inc.*

138

1,354,028

PulteGroup,

Inc.

9,176

1,317,031

8,746,272

Household

Products

1.1%

Church

&

Dwight

Co.,

Inc.

10,690

1,119,457

Clorox

Co.

(The)

5,543

903,010

Colgate-Palmolive

Co.

35,614

3,697,089

Kimberly-Clark

Corp.

14,717

2,093,935

Procter

&

Gamble

Co.

(The)

103,454

17,918,233

25,731,724

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

31,424

630,365

Vistra

Corp.

15,027

1,781,301

2,411,666

Industrial

Conglomerates

0.4%

3M

Co.

24,101

3,294,607

Honeywell

International,

Inc.

28,534

5,898,263

9,192,870

Industrial

REITs

0.2%

Prologis,

Inc.

40,657

5,134,166

Insurance

1.9%

Aflac,

Inc.

21,996

2,459,153

Allstate

Corp.

(The)

11,544

2,189,319

American

International

Group,

Inc.

28,968

2,121,327

Aon

plc,

Class

A

9,529

3,296,939

Arch

Capital

Group

Ltd.*

16,425

1,837,629

Arthur

J

Gallagher

&

Co.

9,645

2,713,814

Assurant,

Inc.(a)

2,195

436,498

Brown

&

Brown,

Inc.

10,786

1,117,429

Chubb

Ltd.

16,436

4,739,978

Cincinnati

Financial

Corp.

6,783

923,302

Erie

Indemnity

Co.,

Class

A

1,077

581,386

Everest

Group

Ltd.

1,890

740,559

Globe

Life,

Inc.

4,044

428,300

Hartford

Financial

Services

Group,

Inc.

(The)

12,994

1,528,224

Loews

Corp.

8,081

638,803

Marsh

&

McLennan

Cos.,

Inc.

21,540

4,805,358

MetLife,

Inc.

25,568

2,108,849

Principal

Financial

Group,

Inc.

9,432

810,209

Progressive

Corp.

(The)

25,677

6,515,795

Prudential

Financial,

Inc.

15,569

1,885,406

Travelers

Cos.,

Inc.

(The)

9,974

2,335,113

Common

Stocks

Shares

Value

($)

Insurance

W

R

Berkley

Corp.

13,037

739,589

Willis

Towers

Watson

plc

4,437

1,306,830

46,259,809

Interactive

Media

&

Services

5.5%

Alphabet,

Inc.,

Class

A

257,975

42,785,154

Alphabet,

Inc.,

Class

C

210,707

35,228,103

Match

Group,

Inc.*

11,221

424,602

Meta

Platforms,

Inc.,

Class

A

96,013

54,961,682

133,399,541

IT

Services

1.1%

Accenture

plc,

Class

A

27,465

9,708,328

Akamai

Technologies,

Inc.*

6,575

663,746

Amentum

Holdings,

Inc.*

5,412

174,537

Cognizant

Technology

Solutions

Corp.,

Class

A

21,619

1,668,555

EPAM

Systems,

Inc.*

2,466

490,808

Gartner,

Inc.*

3,355

1,700,180

GoDaddy,

Inc.,

Class

A*

6,126

960,434

International

Business

Machines

Corp.

40,548

8,964,352

TE

Connectivity

plc

13,242

1,999,410

VeriSign,

Inc.*

3,642

691,834

27,022,184

Leisure

Products

0.0%

†

Hasbro,

Inc.

5,976

432,184

Life

Sciences

Tools

&

Services

1.1%

Agilent

Technologies,

Inc.

12,750

1,893,120

Bio-Techne

Corp.

7,149

571,420

Charles

River

Laboratories

International,

Inc.*(a)

2,206

434,516

Danaher

Corp.

28,737

7,989,461

IQVIA

Holdings,

Inc.*

7,585

1,797,417

Mettler-Toledo

International,

Inc.*

923

1,384,223

Revvity,

Inc.(a)

5,502

702,880

Thermo

Fisher

Scientific,

Inc.

16,725

10,345,583

Waters

Corp.*

2,580

928,516

West

Pharmaceutical

Services,

Inc.

3,222

967,116

27,014,252

Machinery

1.5%

Caterpillar,

Inc.

21,230

8,303,478

Cummins,

Inc.

6,001

1,943,064

Deere

&

Co.(a)

11,232

4,687,451

Dover

Corp.

5,987

1,147,947

Fortive

Corp.

15,365

1,212,759

IDEX

Corp.

3,489

748,390

Illinois

Tool

Works,

Inc.

12,000

3,144,840

Ingersoll

Rand,

Inc.

17,681

1,735,567

Nordson

Corp.

2,418

635,039

Otis

Worldwide

Corp.

17,394

1,807,932

PACCAR,

Inc.

22,957

2,265,397

Parker-Hannifin

Corp.

5,624

3,553,356

Pentair

plc

7,299

713,769

Snap-on,

Inc.

2,345

679,370

Stanley

Black

&

Decker,

Inc.

6,721

740,184

Westinghouse

Air

Brake

Technologies

Corp.

7,654

1,391,268

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Machinery

Xylem,

Inc.

10,631

1,435,504

36,145,315

Media

0.5%

Charter

Communications,

Inc.,

Class

A*(a)

4,248

1,376,692

Comcast

Corp.,

Class

A

169,386

7,075,253

Fox

Corp.,

Class

A

10,117

428,253

Fox

Corp.,

Class

B

6,732

261,201

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

16,412

519,111

News

Corp.,

Class

A

17,115

455,772

News

Corp.,

Class

B

4,547

127,089

Omnicom

Group,

Inc.

8,599

889,051

Paramount

Global,

Class

B(a)

25,553

271,373

11,403,795

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

63,221

3,155,992

Newmont

Corp.

50,209

2,683,671

Nucor

Corp.

10,709

1,609,991

Steel

Dynamics,

Inc.

6,358

801,617

8,251,271

Multi-Utilities

0.6%

Ameren

Corp.

11,724

1,025,381

CenterPoint

Energy,

Inc.

28,629

842,265

CMS

Energy

Corp.(a)

12,948

914,517

Consolidated

Edison,

Inc.

15,239

1,586,837

Dominion

Energy,

Inc.(a)

36,596

2,114,883

DTE

Energy

Co.

9,048

1,161,854

NiSource,

Inc.(a)

19,808

686,347

Public

Service

Enterprise

Group,

Inc.

22,017

1,964,137

Sempra

27,934

2,336,120

WEC

Energy

Group,

Inc.(a)

14,105

1,356,619

13,988,960

Office

REITs

0.0%

†

BXP,

Inc.(a)

6,304

507,220

Oil,

Gas

&

Consumable

Fuels

2.7%

APA

Corp.(a)

17,009

416,040

Chevron

Corp.(a)

74,442

10,963,073

ConocoPhillips

51,624

5,434,975

Coterra

Energy,

Inc.

32,380

775,501

Devon

Energy

Corp.(a)

27,500

1,075,800

Diamondback

Energy,

Inc.

8,400

1,448,160

EOG

Resources,

Inc.

25,057

3,080,257

EQT

Corp.(a)

25,766

944,066

Exxon

Mobil

Corp.

195,250

22,887,205

Hess

Corp.

12,058

1,637,476

Kinder

Morgan,

Inc.

83,982

1,855,162

Marathon

Oil

Corp.

24,784

659,998

Marathon

Petroleum

Corp.

15,427

2,513,213

Occidental

Petroleum

Corp.

29,719

1,531,717

ONEOK,

Inc.

25,542

2,327,643

Phillips

66

18,217

2,394,625

Targa

Resources

Corp.

9,544

1,412,608

Valero

Energy

Corp.

13,930

1,880,968

Williams

Cos.,

Inc.

(The)

53,405

2,437,938

65,676,425

Passenger

Airlines

0.1%

Delta

Air

Lines,

Inc.(a)

28,078

1,426,082

Common

Stocks

Shares

Value

($)

Passenger

Airlines

Southwest

Airlines

Co.

26,234

777,313

United

Airlines

Holdings,

Inc.*

14,431

823,433

3,026,828

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

10,190

1,015,841

Kenvue,

Inc.

84,571

1,956,127

2,971,968

Pharmaceuticals

3.2%

Bristol-Myers

Squibb

Co.

88,903

4,599,841

Catalent,

Inc.*

7,888

477,776

Eli

Lilly

&

Co.

34,678

30,722,627

Johnson

&

Johnson

105,791

17,144,490

Merck

&

Co.,

Inc.

111,168

12,624,238

Pfizer,

Inc.

248,623

7,195,150

Viatris,

Inc.

51,158

593,944

Zoetis,

Inc.,

Class

A

19,860

3,880,247

77,238,313

Professional

Services

0.6%

Automatic

Data

Processing,

Inc.

17,885

4,949,316

Broadridge

Financial

Solutions,

Inc.

5,213

1,120,951

Dayforce,

Inc.*(a)

6,651

407,374

Equifax,

Inc.

5,418

1,592,134

Jacobs

Solutions,

Inc.

6,591

862,762

Leidos

Holdings,

Inc.

5,887

959,581

Paychex,

Inc.(a)

14,079

1,889,261

Paycom

Software,

Inc.

2,120

353,128

Verisk

Analytics,

Inc.,

Class

A

6,298

1,687,612

13,822,119

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

13,212

1,644,630

CoStar

Group,

Inc.*(a)

17,773

1,340,795

2,985,425

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

6,285

1,415,696

Camden

Property

Trust

4,541

560,950

Equity

Residential

14,954

1,113,475

Essex

Property

Trust,

Inc.

2,850

841,947

Invitation

Homes,

Inc.

25,033

882,663

Mid-America

Apartment

Communities,

Inc.

5,151

818,494

UDR,

Inc.

13,458

610,186

6,243,411

Retail

REITs

0.3%

Federal

Realty

Investment

Trust

3,176

365,145

Kimco

Realty

Corp.

31,624

734,309

Realty

Income

Corp.

38,688

2,453,593

Regency

Centers

Corp.

6,976

503,876

Simon

Property

Group,

Inc.

13,475

2,277,545

6,334,468

Semiconductors

&

Semiconductor

Equipment

9.8%

Advanced

Micro

Devices,

Inc.*

70,978

11,646,070

Analog

Devices,

Inc.

21,890

5,038,421

Applied

Materials,

Inc.

36,677

7,410,588

Broadcom,

Inc.

204,569

35,288,152

Enphase

Energy,

Inc.*(a)

6,080

687,162

6

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

First

Solar,

Inc.*

4,649

1,159,647

Intel

Corp.

186,935

4,385,495

KLA

Corp.

5,943

4,602,319

Lam

Research

Corp.

5,771

4,709,598

Microchip

Technology,

Inc.

23,364

1,875,896

Micron

Technology,

Inc.

48,594

5,039,684

Monolithic

Power

Systems,

Inc.

2,116

1,956,242

NVIDIA

Corp.

1,081,100

131,288,784

NXP

Semiconductors

NV

11,113

2,667,231

ON

Semiconductor

Corp.*

18,713

1,358,751

Qorvo,

Inc.*

4,025

415,782

QUALCOMM,

Inc.

48,761

8,291,808

Skyworks

Solutions,

Inc.

7,182

709,366

Teradyne,

Inc.

7,421

993,894

Texas

Instruments,

Inc.(a)

39,988

8,260,321

237,785,211

Software

9.1%

Adobe,

Inc.*

19,775

10,239,099

ANSYS,

Inc.*

3,826

1,219,078

Autodesk,

Inc.*

9,442

2,601,082

Cadence

Design

Systems,

Inc.*

12,011

3,255,341

Crowdstrike

Holdings,

Inc.,

Class

A*

10,151

2,847,051

Fair

Isaac

Corp.*

1,075

2,089,284

Fortinet,

Inc.*

28,202

2,187,065

Gen

Digital,

Inc.

23,744

651,298

Intuit,

Inc.

12,266

7,617,186

Microsoft

Corp.

326,661

140,562,228

Oracle

Corp.

70,094

11,944,018

Palantir

Technologies,

Inc.,

Class

A*

88,248

3,282,826

Palo

Alto

Networks,

Inc.*

14,262

4,874,752

PTC,

Inc.*

5,468

987,849

Roper

Technologies,

Inc.

4,725

2,629,179

Salesforce,

Inc.

42,453

11,619,811

ServiceNow,

Inc.*

9,025

8,071,870

Synopsys,

Inc.*

6,733

3,409,524

Tyler

Technologies,

Inc.*

1,836

1,071,710

221,160,251

Specialized

REITs

0.9%

American

Tower

Corp.

20,494

4,766,085

Crown

Castle,

Inc.

19,077

2,263,104

Digital

Realty

Trust,

Inc.

13,531

2,189,722

Equinix,

Inc.

4,165

3,696,979

Extra

Space

Storage,

Inc.

9,303

1,676,308

Iron

Mountain,

Inc.

12,879

1,530,411

Public

Storage

6,923

2,519,072

SBA

Communications

Corp.,

Class

A

4,681

1,126,717

VICI

Properties,

Inc.,

Class

A

45,559

1,517,570

Weyerhaeuser

Co.

31,725

1,074,208

22,360,176

Specialty

Retail

1.7%

AutoZone,

Inc.*

759

2,390,880

Best

Buy

Co.,

Inc.

8,554

883,628

CarMax,

Inc.*(a)

6,548

506,684

Home

Depot,

Inc.

(The)

43,745

17,725,474

Lowe's

Cos.,

Inc.

24,927

6,751,478

Common

Stocks

Shares

Value

($)

Specialty

Retail

O'Reilly

Automotive,

Inc.*

2,536

2,920,458

Ross

Stores,

Inc.

14,550

2,189,920

TJX

Cos.,

Inc.

(The)

49,865

5,861,132

Tractor

Supply

Co.(a)

4,759

1,384,536

Ulta

Beauty,

Inc.*

2,080

809,370

41,423,560

Technology

Hardware,

Storage

&

Peripherals

6.7%

Apple,

Inc.

668,178

155,685,474

Dell

Technologies,

Inc.,

Class

C(a)

12,591

1,492,537

Hewlett

Packard

Enterprise

Co.

56,194

1,149,729

HP,

Inc.

42,615

1,528,600

NetApp,

Inc.

9,091

1,122,830

Seagate

Technology

Holdings

plc(a)

9,178

1,005,266

Super

Micro

Computer,

Inc.*(a)

2,209

919,828

Western

Digital

Corp.*

14,439

986,039

163,890,303

Textiles,

Apparel

&

Luxury

Goods

0.3%

Deckers

Outdoor

Corp.*

6,661

1,062,096

Lululemon

Athletica,

Inc.*(a)

5,034

1,365,976

NIKE,

Inc.,

Class

B

52,666

4,655,674

Ralph

Lauren

Corp.,

Class

A

1,709

331,324

Tapestry,

Inc.(a)

10,161

477,364

7,892,434

Tobacco

0.5%

Altria

Group,

Inc.

75,818

3,869,751

Philip

Morris

International,

Inc.

68,620

8,330,468

12,200,219

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

25,060

1,789,785

United

Rentals,

Inc.

2,919

2,363,602

WW

Grainger,

Inc.(a)

1,957

2,032,951

6,186,338

Water

Utilities

0.0%

†

American

Water

Works

Co.,

Inc.

8,660

1,266,438

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.

21,471

4,430,756

Total

Common

Stocks

(cost

$1,006,692,937)

2,140,060,568

Purchased

Options

0.4%

Number

of

Contracts

Call

Options

0.4%

Future

Equity

Index

Options:

0.4%

S&P

500

E-Mini

Index

10/18/2024

at

USD

5,900.00,

European

Style

Notional

Amount:

USD

127,350,808

Exchange

Traded

*

442

591,175

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

S&P

500

E-Mini

Index

11/15/2024

at

USD

5,800.00,

European

Style

Notional

Amount:

USD

254,701,616

Exchange

Traded

*

884

5,734,950

S&P

500

E-Mini

Index

12/20/2024

at

USD

5,975.00,

American

Style

Notional

Amount:

USD

254,701,616

Exchange

Traded

*

884

3,237,650

Total

Purchased

Options

(cost

$6,353,009)

9,563,775

Short-Term

Investment

7.1%

Shares

U.S.

Treasury

Obligation

7.1%

U.S.

Treasury

Bills,

5.27%,

10/3/2024(a)

173,000,000

172,954,877

Total

Short-Term

Investment

(cost

$172,950,589)

172,954,877

Repurchase

Agreements

1.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$10,047,639,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$17,978,787,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$18,335,842.(b)

17,976,315

17,97

6,315

Repurchase

Agreements

Principal

Amount

($)

Value

($)

ING

Financial

Services

LLC,

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$4,018,783,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$4,080,002.(b)

4,000,000

4,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$6,022,540,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$6,120,002.(b)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$37,976,315)

37,976,315

Total

Investments

(cost

$1,223,972,850)

—

96.9%

2,360,555,535

Other

assets

in

excess

of

liabilities

—

3.1%

75,748,921

NET

ASSETS

—

100.0%

$

2,436,304,456

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$231,370,540,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$37,976,315

and

by

$198,131,613

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$236,107,928.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$37,976,315.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

8

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

430

12/2024

USD

125,006,375

791,234

U.S.

Treasury

Long

Bond

1,746

12/2024

USD

216,831,375

(1,134,297)

Net

contracts

(343,063)

As

of

September

30,

2024,

the

Fund

had

$2,583,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,140,060,568

$

–

$

–

$

2,140,060,568

Futures

Contracts

791,234

–

–

791,234

Purchased

Option

9,563,775

–

–

9,563,775

Repurchase

Agreements

–

37,976,315

–

37,976,315

Short-Term

Investment

–

172,954,877

–

172,954,877

Total

Assets

$

2,150,415,577

$

210,931,192

$

–

$

2,361,346,769

Liabilities:

Futures

Contracts

$

(1,134,297)

$

–

$

–

$

(1,134,297)

Total

Liabilities

$

(1,134,297)

$

–

$

–

$

(1,134,297)

Total

$

2,149,281,280

$

210,931,192

$

–

$

2,360,212,472

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

11

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

12

-

Statement

of

Investments

-

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

9,563,775

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

791,234

Total

$

10,355,009

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,134,297)

Total

$

(1,134,297)

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

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

88.6%

Shares

Value

($)

Aerospace

&

Defense

3.9%

Howmet

Aerospace,

Inc.

81,478

8,168,169

L3Harris

Technologies,

Inc.

58,247

13,855,214

22,023,383

Air

Freight

&

Logistics

1.2%

FedEx

Corp.

24,455

6,692,844

Automobiles

0.8%

General

Motors

Co.

107,089

4,801,871

Banks

7.9%

Bank

of

America

Corp.

243,869

9,676,722

Citigroup,

Inc.

49,476

3,097,197

First

Horizon

Corp.

357,790

5,556,479

JPMorgan

Chase

&

Co.

62,805

13,243,062

PNC

Financial

Services

Group,

Inc.

(The)

13,549

2,504,533

US

Bancorp

229,870

10,511,955

44,589,948

Biotechnology

0.4%

Amgen,

Inc.

7,457

2,402,720

Building

Products

1.2%

Johnson

Controls

International

plc

83,949

6,515,282

Capital

Markets

3.6%

CME

Group,

Inc.

38,892

8,581,520

Goldman

Sachs

Group,

Inc.

(The)

23,390

11,580,623

20,162,143

Commercial

Services

&

Supplies

0.4%

Veralto

Corp.

22,369

2,502,196

Communications

Equipment

3.4%

Cisco

Systems,

Inc.

357,810

19,042,648

Construction

Materials

1.6%

CRH

plc

97,628

9,054,021

Consumer

Finance

0.5%

Capital

One

Financial

Corp.

17,297

2,589,880

Containers

&

Packaging

2.5%

Crown

Holdings,

Inc.(a)

38,982

3,737,594

International

Paper

Co.(a)

208,210

10,171,059

13,908,653

Diversified

Telecommunication

Services

3.4%

AT&T,

Inc.

867,193

19,078,246

Electric

Utilities

1.7%

Constellation

Energy

Corp.

36,852

9,582,257

Electrical

Equipment

4.3%

AMETEK,

Inc.

29,957

5,143,916

GE

Vernova,

Inc.*

37,066

9,451,089

Hubbell,

Inc.,

Class

B(a)

22,802

9,767,237

24,362,242

Financial

Services

4.5%

Berkshire

Hathaway,

Inc.,

Class

B*

42,632

19,621,804

Voya

Financial,

Inc.

72,194

5,719,209

25,341,013

Health

Care

Equipment

&

Supplies

7.4%

Alcon,

Inc.CHF

61,734

6,177,721

Baxter

International,

Inc.

163,116

6,193,515

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Becton

Dickinson

&

Co.

48,683

11,737,471

Medtronic

plc

195,390

17,590,962

41,699,669

Health

Care

Providers

&

Services

3.0%

Labcorp

Holdings,

Inc.

22,596

5,049,754

UnitedHealth

Group,

Inc.

19,899

11,634,547

16,684,301

Hotels,

Restaurants

&

Leisure

2.2%

International

Game

Technology

plc(a)

126,694

2,698,582

Las

Vegas

Sands

Corp.(a)

190,177

9,573,510

12,272,092

Industrial

Conglomerates

0.7%

3M

Co.

29,937

4,092,388

Insurance

7.9%

Allstate

Corp.

(The)

62,078

11,773,093

American

International

Group,

Inc.

61,330

4,491,196

Aon

plc,

Class

A

22,165

7,668,868

Assurant,

Inc.(a)

40,320

8,018,035

Globe

Life,

Inc.

24,016

2,543,534

RenaissanceRe

Holdings

Ltd.

24,752

6,742,445

Willis

Towers

Watson

plc

12,305

3,624,192

44,861,363

IT

Services

1.5%

International

Business

Machines

Corp.

27,923

6,173,217

TE

Connectivity

plc

17,166

2,591,894

8,765,111

Life

Sciences

Tools

&

Services

2.0%

Danaher

Corp.

40,887

11,367,404

Media

1.4%

Omnicom

Group,

Inc.

75,268

7,781,959

Metals

&

Mining

2.9%

Freeport-McMoRan,

Inc.

147,684

7,372,385

Newmont

Corp.

166,761

8,913,376

16,285,761

Multi-Utilities

1.1%

Dominion

Energy,

Inc.(a)

110,874

6,407,409

Oil,

Gas

&

Consumable

Fuels

6.4%

ConocoPhillips

107,452

11,312,547

Diamondback

Energy,

Inc.

32,544

5,610,586

EQT

Corp.(a)

221,508

8,116,053

Marathon

Petroleum

Corp.

16,773

2,732,489

Phillips

66

62,760

8,249,802

36,021,477

Personal

Care

Products

2.4%

Kenvue,

Inc.

579,287

13,398,908

Pharmaceuticals

3.6%

Bristol-Myers

Squibb

Co.

117,581

6,083,641

Sanofi

SA,

ADR(a)

248,560

14,324,513

20,408,154

Semiconductors

&

Semiconductor

Equipment

1.3%

Applied

Materials,

Inc.

37,306

7,537,677

14

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

Shares

Value

($)

Software

0.9%

Dolby

Laboratories,

Inc.,

Class

A

63,504

4,859,961

Specialty

Retail

0.6%

Best

Buy

Co.,

Inc.

31,164

3,219,241

Tobacco

1.3%

Philip

Morris

International,

Inc.

62,667

7,607,774

Wireless

Telecommunication

Services

0.7%

T-Mobile

US,

Inc.

20,262

4,181,266

Total

Common

Stocks

(cost

$371,940,200)

500,101,262

Purchased

Options

0.4%

Number

of

Contracts

Call

Options

0.4%

Future

Equity

Index

Options:

0.4%

S&P

500

E-Mini

Index

10/18/2024

at

USD

5,900.00,

European

Style

Notional

Amount:

USD

28,812,400

Exchange

Traded

*

100

133,750

S&P

500

E-Mini

Index

11/15/2024

at

USD

5,800.00,

European

Style

Notional

Amount:

USD

57,624,800

Exchange

Traded

*

200

1,297,500

S&P

500

E-Mini

Index

12/20/2024

at

USD

5,975.00,

American

Style

Notional

Amount:

USD

57,624,800

Exchange

Traded

*

200

732,500

Total

Purchased

Options

(cost

$1,437,332)

2,163,750

Short-Term

Investment

3.7%

Shares

U.S.

Treasury

Obligation

3.7%

U.S.

Treasury

Bills,

5.27%,

10/3/2024(a)

21,000,000

20,994,522

Total

Short-Term

Investment

(cost

$20,993,947)

20,994,522

Repurchase

Agreements

1.8%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$3,000,413,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,918,317,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$1,956,414.(b)

1,918,053

1,918,053

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$3,000,404,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$2,040,007.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$9,918,053)

9,918,053

Total

Investments

(cost

$404,289,532)

—

94.5%

533,177,587

Other

assets

in

excess

of

liabilities

—

5.5%

31,239,224

NET

ASSETS

—

100.0%

$

564,416,811

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

15

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$43,704,085,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,918,053

and

by

$34,855,510

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/31/2024

–

2/15/2053,

a

total

value

of

$44,773,563.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$9,918,053.

ADR

American

Depositary

Receipt

Currency:

CHF

Switzerland

Franc

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

Emini

Index

575

12/2024

USD

54,199,500

811,314

U.S.

Treasury

Long

Bond

407

12/2024

USD

50,544,313

(264,380)

Total

long

contracts

546,934

Short

Contracts

S&P

500

E-Mini

Index

(150)

12/2024

USD

(43,606,875)

(696,639)

Total

short

contracts

(696,639)

Net

contracts

(149,705)

As

of

September

30,

2024,

the

Fund

had

$3,581,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

500,101,262

$

–

$

–

$

500,101,262

Futures

Contracts

811,314

–

–

811,314

Purchased

Option

2,163,750

–

–

2,163,750

Repurchase

Agreements

–

9,918,053

–

9,918,053

Short-Term

Investment

–

20,994,522

–

20,994,522

Total

Assets

$

503,076,326

$

30,912,575

$

–

$

533,988,901

Liabilities:

Futures

Contracts

$

(961,019)

$

–

$

–

$

(961,019)

Total

Liabilities

$

(961,019)

$

–

$

–

$

(961,019)

Total

$

502,115,307

$

30,912,575

$

–

$

533,027,882

18

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

19

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,163,750

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

811,314

Total

$

2,975,064

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(696,639)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(264,380)

Total

$

(961,019)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Common

Stocks

98

.4

%

Shares

Value

($)

Broadline

Retail

2

.1

%

Amazon.com,

Inc.*

1,106

206,081

Communications

Equipment

4

.1

%

Arista

Networks,

Inc.*

397

152,376

Cisco

Systems,

Inc.

4,622

245,983

398,359

Entertainment

1

.2

%

Take-Two

Interactive

Software,

Inc.*

793

121,892

Financial

Services

1

.4

%

Toast,

Inc.,

Class

A*

5,000

141,550

Hotels,

Restaurants

&

Leisure

2

.3

%

DoorDash,

Inc.,

Class

A*

805

114,898

Trip.com

Group

Ltd.,

ADR-CN*

1,844

109,589

224,487

Interactive

Media

&

Services

16

.0

%

Alphabet,

Inc.,

Class

A

4,316

715,808

Meta

Platforms,

Inc.,

Class

A

1,127

645,140

Pinterest,

Inc.,

Class

A*

4,448

143,982

ZoomInfo

Technologies,

Inc.,

Class

A*

5,313

54,830

1,559,760

IT

Services

6

.9

%

International

Business

Machines

Corp.

995

219,974

MongoDB,

Inc.,

Class

A*

422

114,088

Shopify,

Inc.,

Class

A*

2,839

227,517

Snowflake,

Inc.,

Class

A*

1,017

116,813

678,392

Semiconductors

&

Semiconductor

Equipment

30

.4

%

Advanced

Micro

Devices,

Inc.*

1,988

326,191

Analog

Devices,

Inc.

508

116,926

Applied

Materials,

Inc.

1,365

275,798

Broadcom,

Inc.

2,086

359,835

Marvell

Technology,

Inc.

3,481

251,050

Microchip

Technology,

Inc.

3,150

252,914

Micron

Technology,

Inc.

3,261

338,198

NVIDIA

Corp.

8,677

1,053,735

2,974,647

Software

23

.9

%

Adobe,

Inc.*

574

297,206

Cadence

Design

Systems,

Inc.*

536

145,272

Crowdstrike

Holdings,

Inc.,

Class

A*

432

121,163

Dynatrace,

Inc.*

1,914

102,342

Guidewire

Software,

Inc.*

816

149,279

Microsoft

Corp.

2,028

872,648

Monday.com

Ltd.*

283

78,609

Salesforce,

Inc.

1,348

368,961

Unity

Software,

Inc.*(a)

5,726

129,522

Zscaler,

Inc.*

391

66,838

2,331,840

Technology

Hardware,

Storage

&

Peripherals

10

.1

%

Apple,

Inc.

2,722

634,226

Dell

Technologies,

Inc.,

Class

C

1,534

181,840

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

Technology

Holdings

plc

1,535

168,129

984,195

Total

Investments

(cost

$6,642,386)

—

98.4%

9,621,203

Other

assets

in

excess

of

liabilities

—

1.6%

151,914

NET

ASSETS

—

100.0%

$

9,773,117

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$129,500,

which

was

collateralized

by

$132,119

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

1/15/2025

–

5/15/2054.

ADR

American

Depositary

Receipt

CN

China

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

9,621,203

$

–

$

–

$

9,621,203

Total

$

9,621,203

$

–

$

–

$

9,621,203

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

Common

Stocks

98

.7

%

Shares

Value

($)

Beverages

0

.9

%

Monster

Beverage

Corp.*

1,203

62,761

Biotechnology

2

.3

%

Exact

Sciences

Corp.*

1,235

84,128

Vertex

Pharmaceuticals,

Inc.*

159

73,948

158,076

Broadline

Retail

6

.8

%

Amazon.com,

Inc.*

1,734

323,096

Global-e

Online

Ltd.*

1,773

68,154

PDD

Holdings,

Inc.,

ADR-CN*

539

72,663

463,913

Building

Products

2

.5

%

Carrier

Global

Corp.

1,203

96,829

Trane

Technologies

plc

190

73,859

170,688

Capital

Markets

4

.1

%

Charles

Schwab

Corp.

(The)

2,533

164,164

MarketAxess

Holdings,

Inc.

443

113,496

277,660

Chemicals

2

.5

%

Sherwin-Williams

Co.

(The)

443

169,080

Communications

Equipment

0

.9

%

Arista

Networks,

Inc.*

158

60,644

Electric

Utilities

2

.3

%

NextEra

Energy,

Inc.

1,837

155,282

Electrical

Equipment

0

.9

%

Rockwell

Automation,

Inc.

222

59,598

Energy

Equipment

&

Services

1

.5

%

Schlumberger

NV

2,425

101,729

Financial

Services

6

.4

%

Corpay,

Inc.*

443

138,553

Fiserv,

Inc.*

987

177,314

Mastercard,

Inc.,

Class

A

127

62,713

Toast,

Inc.,

Class

A*

1,932

54,695

433,275

Ground

Transportation

2

.0

%

Uber

Technologies,

Inc.*

1,773

133,259

Health

Care

Equipment

&

Supplies

4

.6

%

Boston

Scientific

Corp.*

1,014

84,973

Intuitive

Surgical,

Inc.*

255

125,274

Stryker

Corp.

286

103,320

313,567

Health

Care

Providers

&

Services

1

.8

%

Humana,

Inc.

160

50,679

UnitedHealth

Group,

Inc.

127

74,254

124,933

Hotels,

Restaurants

&

Leisure

2

.5

%

Carnival

Corp.*

3,798

70,187

Chipotle

Mexican

Grill,

Inc.,

Class

A*

760

43,791

DraftKings,

Inc.,

Class

A*

1,490

58,408

172,386

Industrial

Conglomerates

1

.1

%

Honeywell

International,

Inc.

348

71,935

Insurance

1

.3

%

Kinsale

Capital

Group,

Inc.

190

88,458

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

5

.4

%

Alphabet,

Inc.,

Class

A

2,014

334,022

Meta

Platforms,

Inc.,

Class

A

64

36,636

370,658

Life

Sciences

Tools

&

Services

1

.1

%

ICON

plc*

255

73,264

Machinery

1

.4

%

Deere

&

Co.

95

39,647

Ingersoll

Rand,

Inc.

570

55,951

95,598

Pharmaceuticals

2

.2

%

Eli

Lilly

&

Co.

64

56,700

Novo

Nordisk

A/S,

ADR-DK

761

90,612

147,312

Professional

Services

1

.4

%

Automatic

Data

Processing,

Inc.

348

96,302

Real

Estate

Management

&

Development

2

.3

%

Zillow

Group,

Inc.,

Class

C*

2,481

158,412

Semiconductors

&

Semiconductor

Equipment

16

.4

%

Lam

Research

Corp.

158

128,940

Micron

Technology,

Inc.

918

95,206

NVIDIA

Corp.

4,941

600,035

NXP

Semiconductors

NV

507

121,685

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

603

104,723

Texas

Instruments,

Inc.

317

65,483

1,116,072

Software

11

.8

%

Autodesk,

Inc.*

348

95,867

Braze,

Inc.,

Class

A*

1,172

37,902

Datadog,

Inc.,

Class

A*

665

76,515

Microsoft

Corp.

1,140

490,542

Salesforce,

Inc.

380

104,010

804,836

Specialty

Retail

3

.0

%

Lowe's

Cos.,

Inc.

443

119,986

Wayfair,

Inc.,

Class

A*

1,520

85,394

205,380

Technology

Hardware,

Storage

&

Peripherals

6

.7

%

Apple,

Inc.

1,426

332,258

Pure

Storage,

Inc.,

Class

A*

1,075

54,008

Western

Digital

Corp.*

1,041

71,090

457,356

Tobacco

2

.6

%

Philip

Morris

International,

Inc.

1,488

180,643

Total

Investments

(cost

$5,224,280)

—

98.7%

6,723,077

Other

assets

in

excess

of

liabilities

—

1.3%

88,469

NET

ASSETS

—

100.0%

$

6,811,546

*

Denotes

a

non-income

producing

security.

NVIT

J.P.

Morgan

Innovators

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

23

ADR

American

Depositary

Receipt

CN

China

DK

Denmark

TW

Taiwan

24

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

6,723,077

$

–

$

–

$

6,723,077

Total

$

6,723,077

$

–

$

–

$

6,723,077

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

95

.4

%

Shares

Value

($)

Aerospace

&

Defense

1

.5

%

TransDigm

Group,

Inc.

164

234,049

Automobiles

1

.5

%

Tesla,

Inc.*

914

239,130

Beverages

1

.7

%

Celsius

Holdings,

Inc.*

1,240

38,886

Coca-Cola

Co.

(The)

3,013

216,514

Monster

Beverage

Corp.*

374

19,512

274,912

Biotechnology

1

.8

%

Regeneron

Pharmaceuticals,

Inc.*

274

288,040

Broadline

Retail

6

.1

%

Amazon.com,

Inc.*

4,345

809,604

MercadoLibre,

Inc.*

89

182,624

992,228

Building

Products

1

.1

%

Trane

Technologies

plc

460

178,816

Capital

Markets

2

.9

%

Blackstone,

Inc.

833

127,557

Goldman

Sachs

Group,

Inc.

(The)

299

148,038

KKR

&

Co.,

Inc.

1,416

184,901

460,496

Communications

Equipment

1

.2

%

Arista

Networks,

Inc.*

511

196,132

Construction

&

Engineering

0

.8

%

Quanta

Services,

Inc.

436

129,993

Electrical

Equipment

1

.6

%

Eaton

Corp.

plc

514

170,360

Vertiv

Holdings

Co.,

Class

A

886

88,148

258,508

Electronic

Equipment,

Instruments

&

Components

0

.8

%

Amphenol

Corp.,

Class

A

2,090

136,184

Entertainment

4

.2

%

Netflix,

Inc.*

691

490,106

Spotify

Technology

SA*

519

191,267

681,373

Financial

Services

4

.3

%

Berkshire

Hathaway,

Inc.,

Class

B*

350

161,091

Block,

Inc.,

Class

A*

243

16,313

Mastercard,

Inc.,

Class

A

934

461,209

PayPal

Holdings,

Inc.*

628

49,003

687,616

Ground

Transportation

1

.2

%

Uber

Technologies,

Inc.*

2,466

185,345

Health

Care

Equipment

&

Supplies

2

.7

%

Abbott

Laboratories

761

86,761

Edwards

Lifesciences

Corp.*

538

35,503

Intuitive

Surgical,

Inc.*

649

318,834

441,098

Health

Care

Providers

&

Services

0

.7

%

McKesson

Corp.

239

118,166

Hotels,

Restaurants

&

Leisure

3

.3

%

Airbnb,

Inc.,

Class

A*

68

8,623

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Booking

Holdings,

Inc.

20

84,242

Chipotle

Mexican

Grill,

Inc.,

Class

A*

785

45,232

DoorDash,

Inc.,

Class

A*

1,011

144,300

McDonald's

Corp.

498

151,646

Starbucks

Corp.

999

97,393

531,436

Household

Durables

1

.7

%

DR

Horton,

Inc.

1,474

281,195

Industrial

Conglomerates

0

.9

%

3M

Co.

1,080

147,636

Interactive

Media

&

Services

9

.5

%

Alphabet,

Inc.,

Class

C

4,234

707,883

Meta

Platforms,

Inc.,

Class

A

1,457

834,045

1,541,928

IT

Services

1

.3

%

International

Business

Machines

Corp.

608

134,417

MongoDB,

Inc.,

Class

A*

90

24,332

Shopify,

Inc.,

Class

A*

632

50,648

209,397

Life

Sciences

Tools

&

Services

0

.2

%

Thermo

Fisher

Scientific,

Inc.

49

30,310

Media

0

.5

%

Trade

Desk,

Inc.

(The),

Class

A*

670

73,465

Metals

&

Mining

0

.2

%

Freeport-McMoRan,

Inc.

684

34,145

Oil,

Gas

&

Consumable

Fuels

0

.5

%

Cheniere

Energy,

Inc.

129

23,199

ConocoPhillips

599

63,063

86,262

Pharmaceuticals

5

.2

%

Eli

Lilly

&

Co.

944

836,327

Semiconductors

&

Semiconductor

Equipment

14

.4

%

Advanced

Micro

Devices,

Inc.*

164

26,909

ASML

Holding

NV

(Registered),

ADR-NL

29

24,164

Broadcom,

Inc.

2,652

457,470

Lam

Research

Corp.

185

150,975

NVIDIA

Corp.

12,318

1,495,898

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

1,023

177,665

2,333,081

Software

17

.4

%

Adobe,

Inc.*

33

17,087

Fair

Isaac

Corp.*

56

108,837

HubSpot,

Inc.*

155

82,398

Intuit,

Inc.

266

165,186

Microsoft

Corp.

3,500

1,506,050

Oracle

Corp.

2,367

403,337

Palo

Alto

Networks,

Inc.*

285

97,413

Salesforce,

Inc.

98

26,824

ServiceNow,

Inc.*

337

301,409

Synopsys,

Inc.*

221

111,912

2,820,453

26

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

0

.7

%

AutoZone,

Inc.*

38

119,702

Technology

Hardware,

Storage

&

Peripherals

4

.9

%

Apple,

Inc.

3,373

785,909

Trading

Companies

&

Distributors

0

.6

%

WW

Grainger,

Inc.

100

103,881

Total

Investments

(cost

$10,440,853)

—

95.4%

15,437,213

Other

assets

in

excess

of

liabilities

—

4.6%

750,091

NET

ASSETS

—

100.0%

$

16,187,304

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

TW

Taiwan

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

15,437,213

$

–

$

–

$

15,437,213

Total

$

15,437,213

$

–

$

–

$

15,437,213

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

28

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Common

Stocks

99

.5

%

Shares

Value

($)

Aerospace

&

Defense

2

.9

%

Howmet

Aerospace,

Inc.

79,465

7,966,366

Northrop

Grumman

Corp.

30,710

16,217,030

24,183,396

Automobiles

0

.6

%

Tesla,

Inc.*

17,633

4,613,322

Banks

3

.7

%

US

Bancorp

204,938

9,371,815

Wells

Fargo

&

Co.

379,107

21,415,754

30,787,569

Biotechnology

5

.9

%

AbbVie,

Inc.

93,962

18,555,616

Biogen,

Inc.*

17,206

3,335,211

Regeneron

Pharmaceuticals,

Inc.*

16,811

17,672,396

Vertex

Pharmaceuticals,

Inc.*

19,094

8,880,237

48,443,460

Broadline

Retail

4

.2

%

Amazon.com,

Inc.*

186,563

34,762,284

Building

Products

2

.4

%

Carrier

Global

Corp.

99,367

7,998,050

Trane

Technologies

plc

29,678

11,536,729

19,534,779

Capital

Markets

2

.2

%

Ameriprise

Financial,

Inc.

24,814

11,657,866

Morgan

Stanley

60,843

6,342,274

18,000,140

Construction

Materials

1

.8

%

Vulcan

Materials

Co.

61,198

15,325,815

Consumer

Finance

2

.1

%

American

Express

Co.

63,707

17,277,338

Electric

Utilities

4

.1

%

NextEra

Energy,

Inc.

141,845

11,990,158

PG&E

Corp.

698,744

13,814,169

Southern

Co.

(The)

86,295

7,782,083

33,586,410

Electrical

Equipment

2

.2

%

Eaton

Corp.

plc

54,101

17,931,235

Energy

Equipment

&

Services

2

.2

%

Baker

Hughes

Co.,

Class

A

501,486

18,128,719

Financial

Services

3

.5

%

Block,

Inc.,

Class

A*

61,853

4,152,192

Corpay,

Inc.*

14,124

4,417,422

Mastercard,

Inc.,

Class

A

41,324

20,405,791

28,975,405

Food

Products

1

.2

%

Mondelez

International,

Inc.,

Class

A

135,107

9,953,333

Ground

Transportation

2

.0

%

CSX

Corp.

482,856

16,673,018

Health

Care

Equipment

&

Supplies

2

.6

%

Medtronic

plc

93,422

8,410,783

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Stryker

Corp.

36,147

13,058,465

21,469,248

Health

Care

Providers

&

Services

2

.7

%

UnitedHealth

Group,

Inc.

37,696

22,040,097

Hotels,

Restaurants

&

Leisure

3

.2

%

Chipotle

Mexican

Grill,

Inc.,

Class

A*

129,101

7,438,800

Marriott

International,

Inc.,

Class

A

29,306

7,285,471

McDonald's

Corp.

39,833

12,129,547

26,853,818

Industrial

REITs

0

.7

%

Prologis,

Inc.

47,009

5,936,297

Insurance

0

.9

%

Travelers

Cos.,

Inc.

(The)

32,502

7,609,368

Interactive

Media

&

Services

6

.1

%

Alphabet,

Inc.,

Class

A

137,351

22,779,663

Meta

Platforms,

Inc.,

Class

A

48,923

28,005,482

50,785,145

Machinery

1

.5

%

Deere

&

Co.

29,296

12,226,100

Oil,

Gas

&

Consumable

Fuels

2

.5

%

Exxon

Mobil

Corp.

176,825

20,727,426

Pharmaceuticals

1

.0

%

Eli

Lilly

&

Co.

9,350

8,283,539

Semiconductors

&

Semiconductor

Equipment

12

.1

%

Analog

Devices,

Inc.

33,375

7,681,924

Marvell

Technology,

Inc.

78,173

5,637,837

Micron

Technology,

Inc.

83,693

8,679,801

NVIDIA

Corp.

485,836

58,999,924

NXP

Semiconductors

NV

77,869

18,689,338

99,688,824

Software

12

.3

%

Intuit,

Inc.

18,131

11,259,351

Microsoft

Corp.

169,787

73,059,346

Oracle

Corp.

101,054

17,219,602

101,538,299

Specialty

Retail

4

.5

%

AutoZone,

Inc.*

2,918

9,191,817

Lowe's

Cos.,

Inc.

80,405

21,777,694

TJX

Cos.,

Inc.

(The)

53,688

6,310,487

37,279,998

Technology

Hardware,

Storage

&

Peripherals

8

.4

%

Apple,

Inc.

273,025

63,614,825

Seagate

Technology

Holdings

plc

53,068

5,812,538

69,427,363

Total

Investments

(cost

$751,354,422)

—

99.5%

822,041,745

Other

assets

in

excess

of

liabilities

—

0.5%

4,058,157

NET

ASSETS

—

100.0%

$

826,099,902

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

29

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

30

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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 September

30,

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

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

822,041,745

$

–

$

–

$

822,041,745

Total

$

822,041,745

$

–

$

–

$

822,041,745

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

32

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Common

Stocks

99

.3

%

Shares

Value

($)

Automobiles

3

.8

%

Tesla,

Inc.*

2,112

552,563

Banks

1

.7

%

NU

Holdings

Ltd.,

Class

A*

18,098

247,038

Broadline

Retail

6

.3

%

Alibaba

Group

Holding

Ltd.,

ADR-CN

2,064

219,032

Amazon.com,

Inc.*

2,326

433,403

MercadoLibre,

Inc.*

126

258,547

910,982

Capital

Markets

1

.8

%

Robinhood

Markets,

Inc.,

Class

A*

11,016

257,995

Communications

Equipment

2

.2

%

Arista

Networks,

Inc.*

816

313,197

Electrical

Equipment

0

.6

%

Vicor

Corp.*

2,072

87,231

Entertainment

5

.9

%

Netflix,

Inc.*

698

495,071

Sea

Ltd.,

ADR-SG*

1,130

106,536

Take-Two

Interactive

Software,

Inc.*

1,575

242,093

843,700

Ground

Transportation

2

.0

%

Uber

Technologies,

Inc.*

3,736

280,798

Health

Care

Technology

1

.9

%

Veeva

Systems,

Inc.,

Class

A*

1,323

277,658

Hotels,

Restaurants

&

Leisure

1

.7

%

Booking

Holdings,

Inc.

59

248,515

Interactive

Media

&

Services

9

.0

%

Alphabet,

Inc.,

Class

C

2,916

487,526

Meta

Platforms,

Inc.,

Class

A

1,314

752,186

Snap,

Inc.,

Class

A*

4,646

49,712

1,289,424

IT

Services

5

.1

%

MongoDB,

Inc.,

Class

A*

791

213,847

Shopify,

Inc.,

Class

A*

5,015

401,902

Snowflake,

Inc.,

Class

A*

1,031

118,421

734,170

Media

2

.1

%

Trade

Desk,

Inc.

(The),

Class

A*

2,734

299,783

Semiconductors

&

Semiconductor

Equipment

26

.4

%

Advanced

Micro

Devices,

Inc.*

1,602

262,856

Allegro

MicroSystems,

Inc.*

3,938

91,755

ASML

Holding

NV

(Registered),

ADR-NL

182

151,652

Astera

Labs,

Inc.*

1,262

66,116

Broadcom,

Inc.

1,608

277,380

Credo

Technology

Group

Holding

Ltd.*

8,672

267,098

Entegris,

Inc.

995

111,967

First

Solar,

Inc.*

668

166,626

Lam

Research

Corp.

347

283,180

Micron

Technology,

Inc.

1,307

135,549

MKS

Instruments,

Inc.

201

21,851

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Monolithic

Power

Systems,

Inc.

247

228,352

NVIDIA

Corp.

5,087

617,765

ON

Semiconductor

Corp.*

2,057

149,359

Onto

Innovation,

Inc.*

807

167,501

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

2,751

477,766

Teradyne,

Inc.

1,181

158,171

Universal

Display

Corp.

830

174,217

3,809,161

Software

27

.4

%

Adobe,

Inc.*

721

373,319

AppLovin

Corp.,

Class

A*

390

50,914

Atlassian

Corp.,

Class

A*

820

130,224

Confluent,

Inc.,

Class

A*

5,262

107,240

Datadog,

Inc.,

Class

A*

1,267

145,781

Elastic

NV*

1,618

124,198

Gitlab,

Inc.,

Class

A*

2,966

152,868

Guidewire

Software,

Inc.*

1,000

182,940

HubSpot,

Inc.*

470

249,852

Intuit,

Inc.

390

242,190

Manhattan

Associates,

Inc.*

590

166,014

Microsoft

Corp.

682

293,465

Oracle

Corp.

4,139

705,286

Palo

Alto

Networks,

Inc.*

561

191,750

Procore

Technologies,

Inc.*

974

60,115

ServiceNow,

Inc.*

462

413,208

Synopsys,

Inc.*

706

357,511

3,946,875

Specialized

REITs

0

.5

%

SBA

Communications

Corp.,

Class

A

299

71,969

Technology

Hardware,

Storage

&

Peripherals

0

.9

%

Western

Digital

Corp.*

1,822

124,424

Total

Investments

(cost

$10,369,310)

—

99.3%

14,295,483

Other

assets

in

excess

of

liabilities

—

0.7%

106,803

NET

ASSETS

—

100.0%

$

14,402,286

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

REIT

Real

Estate

Investment

Trust

SG

Singapore

TW

Taiwan

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

33

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

14,295,483

$

–

$

–

$

14,295,483

Total

$

14,295,483

$

–

$

–

$

14,295,483

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Allspring

Discovery

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99

.2

%

Shares

Value

($)

BRAZIL

1

.3

%

Broadline

Retail

1

.3

%

MercadoLibre,

Inc.

*

3,097

6,354,920

CANADA

2

.7

%

Commercial

Services

&

Supplies

1

.3

%

RB

Global,

Inc.

76,700

6,173,583

Software

1

.4

%

Descartes

Systems

Group,

Inc.

(The)

*

62,900

6,476,184

12,649,767

DENMARK

0

.8

%

Biotechnology

0

.8

%

Ascendis

Pharma

A/S,

ADR

*

26,714

3,988,667

ISRAEL

1

.2

%

Broadline

Retail

1

.2

%

Global-e

Online

Ltd.

*(a)

149,328

5,740,168

UNITED

STATES

93

.2

%

Aerospace

&

Defense

3

.6

%

AAR

Corp.

*

82,174

5,370,893

Axon

Enterprise,

Inc.

*

17,133

6,846,346

Curtiss-Wright

Corp.

14,829

4,874,144

17,091,383

Biotechnology

6

.5

%

Halozyme

Therapeutics,

Inc.

*(a)

85,700

4,905,468

Insmed,

Inc.

*

48,500

3,540,500

Krystal

Biotech,

Inc.

*(a)

9,500

1,729,285

Natera,

Inc.

*

101,400

12,872,730

Neurocrine

Biosciences,

Inc.

*

29,300

3,375,946

Vaxcyte,

Inc.

*(a)

37,900

4,330,833

30,754,762

Building

Products

1

.3

%

Advanced

Drainage

Systems,

Inc.

37,850

5,948,506

Capital

Markets

5

.4

%

Blue

Owl

Capital,

Inc.,

Class

A

(a)

259,200

5,018,112

Morningstar,

Inc.

29,200

9,318,304

Robinhood

Markets,

Inc.,

Class

A

*

205,169

4,805,058

Tradeweb

Markets,

Inc.,

Class

A

52,100

6,443,207

25,584,681

Commercial

Services

&

Supplies

4

.5

%

Casella

Waste

Systems,

Inc.,

Class

A

*(a)

104,259

10,372,728

Tetra

Tech,

Inc.

234,715

11,069,159

21,441,887

Construction

&

Engineering

3

.6

%

EMCOR

Group,

Inc.

21,200

9,127,236

Sterling

Infrastructure,

Inc.

*

55,000

7,976,100

17,103,336

Diversified

Consumer

Services

1

.0

%

Bright

Horizons

Family

Solutions,

Inc.

*

34,500

4,834,485

Electrical

Equipment

1

.3

%

Vertiv

Holdings

Co.,

Class

A

60,400

6,009,196

Electronic

Equipment,

Instruments

&

Components

2

.6

%

Novanta,

Inc.

*

47,773

8,547,545

Teledyne

Technologies,

Inc.

*

9,273

4,058,421

12,605,966

Entertainment

3

.4

%

Liberty

Media

Corp-Liberty

Live,

Class

C

*

149,288

7,662,953

Common

Stocks

Shares

Value

($)

UNITED

STATES

Entertainment

TKO

Group

Holdings,

Inc.,

Class

A

*(a)

70,500

8,721,555

16,384,508

Financial

Services

1

.3

%

Jack

Henry

&

Associates,

Inc.

(a)

35,100

6,196,554

Ground

Transportation

1

.8

%

Saia,

Inc.

*(a)

20,061

8,771,873

Health

Care

Equipment

&

Supplies

5

.8

%

Glaukos

Corp.

*(a)

34,300

4,468,604

Inspire

Medical

Systems,

Inc.

*(a)

30,200

6,373,710

iRhythm

Technologies,

Inc.

*

68,036

5,050,993

Penumbra,

Inc.

*

27,600

5,362,956

TransMedics

Group,

Inc.

*(a)

39,200

6,154,400

27,410,663

Health

Care

Providers

&

Services

4

.4

%

HealthEquity,

Inc.

*(a)

91,500

7,489,275

RadNet,

Inc.

*(a)

111,700

7,750,863

Tenet

Healthcare

Corp.

*

34,000

5,650,800

20,890,938

Hotels,

Restaurants

&

Leisure

6

.8

%

DraftKings,

Inc.,

Class

A

*

169,600

6,648,320

Dutch

Bros,

Inc.,

Class

A

*

80,900

2,591,227

Hyatt

Hotels

Corp.,

Class

A

(a)

30,700

4,672,540

Sweetgreen,

Inc.,

Class

A

*(a)

145,300

5,150,885

Viking

Holdings

Ltd.

*

153,941

5,371,001

Wingstop,

Inc.

18,578

7,729,935

32,163,908

Household

Durables

1

.5

%

Taylor

Morrison

Home

Corp.,

Class

A

*

100,800

7,082,208

Industrial

REITs

1

.4

%

Rexford

Industrial

Realty,

Inc.

(a)

128,476

6,463,628

Insurance

1

.3

%

Kinsale

Capital

Group,

Inc.

13,400

6,238,638

IT

Services

2

.9

%

Globant

SA

*(a)

41,575

8,237,670

MongoDB,

Inc.,

Class

A

*

20,839

5,633,824

13,871,494

Life

Sciences

Tools

&

Services

3

.4

%

Bio-Techne

Corp.

67,056

5,359,786

Medpace

Holdings,

Inc.

*(a)

18,104

6,043,115

Repligen

Corp.

*(a)

33,600

5,000,352

16,403,253

Machinery

2

.4

%

Esab

Corp.

54,700

5,815,157

RBC

Bearings,

Inc.

*(a)

19,300

5,778,034

11,593,191

Metals

&

Mining

1

.6

%

ATI,

Inc.

*

114,700

7,674,577

Personal

Care

Products

1

.2

%

elf

Beauty,

Inc.

*

50,600

5,516,918

Professional

Services

1

.6

%

Parsons

Corp.

*(a)

74,900

7,765,632

Semiconductors

&

Semiconductor

Equipment

5

.3

%

Entegris,

Inc.

50,600

5,694,018

Impinj,

Inc.

*(a)

26,382

5,712,231

Monolithic

Power

Systems,

Inc.

6,400

5,916,800

2

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

Onto

Innovation,

Inc.

*

38,200

7,928,792

25,251,841

Software

11

.3

%

CCC

Intelligent

Solutions

Holdings,

Inc.

*

755,704

8,350,529

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*(a)

418,400

10,564,601

CyberArk

Software

Ltd.

*(a)

13,200

3,849,252

Dynatrace,

Inc.

*

186,600

9,977,502

Monday.com

Ltd.

*

21,300

5,916,501

Procore

Technologies,

Inc.

*(a)

85,100

5,252,372

Samsara,

Inc.,

Class

A

*

88,000

4,234,560

Tyler

Technologies,

Inc.

*

9,200

5,370,224

53,515,541

Specialty

Retail

1

.2

%

Burlington

Stores,

Inc.

*

21,200

5,585,776

Trading

Companies

&

Distributors

4

.8

%

Applied

Industrial

Technologies,

Inc.

40,300

8,992,139

SiteOne

Landscape

Supply,

Inc.

*(a)

43,632

6,584,505

Watsco,

Inc.

(a)

14,800

7,279,824

22,856,468

443,011,811

Total

Common

Stocks

(cost

$344,494,478)

471,745,333

Repurchase

Agreements

11

.1

%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$9,001,220,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$9,180,000.(b)

9,000,000

9,000,000

BofA

Securities,

Inc.,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,800,786,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$5,916,000.(b)

5,800,000

5,800,000

Cantor

Fitzgerald

&

Co.,

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$6,028,583,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$6,120,000.(b)

6,000,000

6,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$9,212,600,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$9,395,560.(b)

9,211,333

9,211,333

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$8,037,567,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$8,160,003.(b)

8,000,000

8,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$2,007,513,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$2,040,001.(b)

2,000,000

2,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$11,001,482,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$11,220,037.(b)

11,000,000

11,000,000

Total

Repurchase

Agreements

(cost

$53,011,333)

53,011,333

Total

Investments

(cost

$397,505,811)

—

110.3%

524,756,666

Liabilities

in

excess

of

other

assets

—

(10.3)%

(

49,023,977

)

NET

ASSETS

—

100.0%

$

475,732,689

NVIT

Allspring

Discovery

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$122,393,762,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$53,011,333

and

by

$71,653,447

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$124,664,780.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$53,011,333.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

4

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Allspring

Discovery

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

5

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

471,745,333

$

–

$

–

$

471,745,333

Repurchase

Agreements

–

53,011,333

–

53,011,333

Total

$

471,745,333

$

53,011,333

$

–

$

524,756,666

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

6

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

98

.3

%

Shares

Value

($)

Aerospace

&

Defense

4

.2

%

General

Dynamics

Corp.

18,762

5,669,876

General

Electric

Co.

39,144

7,381,776

Lockheed

Martin

Corp.

18,456

10,788,639

Northrop

Grumman

Corp.

11,564

6,106,602

29,946,893

Banks

0

.4

%

JPMorgan

Chase

&

Co.

12,531

2,642,287

Beverages

3

.9

%

Coca-Cola

Co.

(The)

126,268

9,073,618

Keurig

Dr

Pepper,

Inc.

13,810

517,599

Molson

Coors

Beverage

Co.,

Class

B(a)

13,066

751,556

Monster

Beverage

Corp.*

163,734

8,542,003

PepsiCo,

Inc.

51,453

8,749,583

27,634,359

Biotechnology

4

.3

%

AbbVie,

Inc.

15,335

3,028,356

Alnylam

Pharmaceuticals,

Inc.*

2,293

630,644

Neurocrine

Biosciences,

Inc.*

19,615

2,260,040

Regeneron

Pharmaceuticals,

Inc.*

9,263

9,737,636

United

Therapeutics

Corp.*(a)

16,863

6,042,856

Vertex

Pharmaceuticals,

Inc.*

18,904

8,791,872

30,491,404

Capital

Markets

3

.1

%

Cboe

Global

Markets,

Inc.

53,158

10,890,480

CME

Group,

Inc.

45,094

9,949,991

LPL

Financial

Holdings,

Inc.

5,421

1,261,087

22,101,558

Chemicals

1

.0

%

Corteva,

Inc.

24,926

1,465,399

Linde

plc

10,688

5,096,680

NewMarket

Corp.

1,037

572,310

7,134,389

Commercial

Services

&

Supplies

3

.9

%

Cintas

Corp.

17,936

3,692,664

Copart,

Inc.*

60,632

3,177,117

Republic

Services,

Inc.,

Class

A

51,722

10,387,846

Rollins,

Inc.

13,275

671,449

Waste

Management,

Inc.

46,656

9,685,786

27,614,862

Communications

Equipment

2

.4

%

Arista

Networks,

Inc.*

15,566

5,974,542

Cisco

Systems,

Inc.

195,242

10,390,779

Motorola

Solutions,

Inc.

1,670

750,882

17,116,203

Construction

&

Engineering

0

.1

%

EMCOR

Group,

Inc.

2,192

943,722

Consumer

Staples

Distribution

&

Retail

4

.6

%

Casey's

General

Stores,

Inc.

5,494

2,064,151

Costco

Wholesale

Corp.

12,313

10,915,721

Kroger

Co.

(The)

137,270

7,865,571

Walmart,

Inc.

143,663

11,600,787

32,446,230

Containers

&

Packaging

0

.5

%

AptarGroup,

Inc.

2,115

338,802

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Packaging

Corp.

of

America

14,863

3,201,490

3,540,292

Diversified

Consumer

Services

0

.1

%

Grand

Canyon

Education,

Inc.*

6,466

917,202

Diversified

Telecommunication

Services

2

.2

%

AT&T,

Inc.

232,060

5,105,320

Verizon

Communications,

Inc.

228,744

10,272,893

15,378,213

Electric

Utilities

0

.8

%

Duke

Energy

Corp.

44,721

5,156,332

IDACORP,

Inc.

3,055

314,940

Pinnacle

West

Capital

Corp.(a)

3,819

338,325

5,809,597

Electrical

Equipment

0

.5

%

Eaton

Corp.

plc

11,216

3,717,431

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Amphenol

Corp.,

Class

A

8,870

577,969

Entertainment

1

.5

%

Electronic

Arts,

Inc.

59,322

8,509,148

Spotify

Technology

SA*

2,507

923,905

Take-Two

Interactive

Software,

Inc.*

5,816

893,977

10,327,030

Financial

Services

2

.3

%

Mastercard,

Inc.,

Class

A

14,337

7,079,610

Visa,

Inc.,

Class

A(a)

34,724

9,547,364

16,626,974

Food

Products

5

.1

%

Campbell

Soup

Co.(a)

19,202

939,362

Flowers

Foods,

Inc.(a)

112,210

2,588,685

General

Mills,

Inc.

50,887

3,758,005

Hershey

Co.

(The)(a)

29,348

5,628,359

Hormel

Foods

Corp.

104,076

3,299,209

J

M

Smucker

Co.

(The)

32,369

3,919,886

Kellanova

21,078

1,701,205

Kraft

Heinz

Co.

(The)

127,794

4,486,847

McCormick

&

Co.,

Inc.

(Non-Voting)

23,716

1,951,827

Mondelez

International,

Inc.,

Class

A

92,274

6,797,826

Seaboard

Corp.

287

900,319

35,971,530

Ground

Transportation

1

.2

%

Landstar

System,

Inc.

23,324

4,405,204

Old

Dominion

Freight

Line,

Inc.

7,916

1,572,434

U-Haul

Holding

Co.*(a)

4,550

352,534

Union

Pacific

Corp.

9,445

2,328,004

8,658,176

Health

Care

Equipment

&

Supplies

2

.8

%

Abbott

Laboratories

82,933

9,455,191

Becton

Dickinson

&

Co.

12,973

3,127,790

Hologic,

Inc.*

12,645

1,030,062

Medtronic

plc

40,526

3,648,556

Stryker

Corp.

8,166

2,950,049

20,211,648

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

5

.0

%

Cardinal

Health,

Inc.(a)

33,504

3,702,862

Cencora,

Inc.(a)

10,773

2,424,787

Chemed

Corp.(a)

7,039

4,230,228

Cigna

Group

(The)

5,259

1,821,928

Elevance

Health,

Inc.

9,894

5,144,880

Humana,

Inc.

544

172,307

McKesson

Corp.

16,351

8,084,261

Quest

Diagnostics,

Inc.

1,477

229,304

UnitedHealth

Group,

Inc.

17,080

9,986,334

35,796,891

Health

Care

Technology

0

.2

%

Veeva

Systems,

Inc.,

Class

A*(a)

8,192

1,719,255

Hotels,

Restaurants

&

Leisure

2

.0

%

Booking

Holdings,

Inc.

170

716,060

Chipotle

Mexican

Grill,

Inc.,

Class

A*

56,450

3,252,649

McDonald's

Corp.

33,655

10,248,284

14,216,993

Household

Durables

0

.6

%

Garmin

Ltd.

20,795

3,660,544

NVR,

Inc.*

68

667,202

4,327,746

Household

Products

3

.5

%

Church

&

Dwight

Co.,

Inc.

58,480

6,124,025

Colgate-Palmolive

Co.

77,768

8,073,096

Kimberly-Clark

Corp.

1,731

246,287

Procter

&

Gamble

Co.

(The)

61,924

10,725,237

25,168,645

Industrial

Conglomerates

0

.2

%

Honeywell

International,

Inc.

6,562

1,356,431

Insurance

8

.1

%

Allstate

Corp.

(The)

18,454

3,499,801

Arch

Capital

Group

Ltd.*

29,212

3,268,239

Assured

Guaranty

Ltd.

12,359

982,788

Chubb

Ltd.

35,864

10,342,819

Everest

Group

Ltd.

7,945

3,113,089

Markel

Group,

Inc.*

1,696

2,660,312

Marsh

&

McLennan

Cos.,

Inc.

21,592

4,816,959

Old

Republic

International

Corp.

24,286

860,210

Progressive

Corp.

(The)

45,980

11,667,885

RenaissanceRe

Holdings

Ltd.

8,601

2,342,912

Travelers

Cos.,

Inc.

(The)

33,638

7,875,329

Unum

Group

54,523

3,240,847

White

Mountains

Insurance

Group

Ltd.

1,527

2,590,097

57,261,287

Interactive

Media

&

Services

3

.0

%

Alphabet,

Inc.,

Class

A

58,433

9,691,113

Meta

Platforms,

Inc.,

Class

A

18,644

10,672,571

Pinterest,

Inc.,

Class

A*

18,856

610,369

20,974,053

IT

Services

1

.9

%

Accenture

plc,

Class

A

13,497

4,770,920

Amdocs

Ltd.

8,422

736,757

Common

Stocks

Shares

Value

($)

IT

Services

International

Business

Machines

Corp.

35,043

7,747,306

13,254,983

Life

Sciences

Tools

&

Services

1

.2

%

Danaher

Corp.

13,614

3,784,964

Medpace

Holdings,

Inc.*(a)

3,685

1,230,053

Thermo

Fisher

Scientific,

Inc.

4,968

3,073,056

West

Pharmaceutical

Services,

Inc.

1,191

357,491

8,445,564

Machinery

1

.0

%

Crane

Co.

4,429

701,022

IDEX

Corp.

5,546

1,189,617

Illinois

Tool

Works,

Inc.

19,835

5,198,159

7,088,798

Media

0

.7

%

New

York

Times

Co.

(The),

Class

A

93,951

5,230,252

Metals

&

Mining

0

.1

%

Royal

Gold,

Inc.(a)

3,893

546,188

Multi-Utilities

0

.6

%

Consolidated

Edison,

Inc.

37,368

3,891,130

Oil,

Gas

&

Consumable

Fuels

3

.8

%

Chevron

Corp.

9,563

1,408,343

ConocoPhillips

16,604

1,748,069

Coterra

Energy,

Inc.

43,458

1,040,819

DT

Midstream,

Inc.(a)

41,729

3,282,403

EOG

Resources,

Inc.

40,018

4,919,413

Exxon

Mobil

Corp.

36,242

4,248,287

HF

Sinclair

Corp.(a)

3,902

173,912

Marathon

Petroleum

Corp.

33,331

5,429,953

Phillips

66

12,246

1,609,737

Texas

Pacific

Land

Corp.(a)

3,212

2,841,785

26,702,721

Pharmaceuticals

4

.2

%

Eli

Lilly

&

Co.

12,638

11,196,510

Johnson

&

Johnson

61,667

9,993,754

Merck

&

Co.,

Inc.

78,473

8,911,394

30,101,658

Professional

Services

4

.7

%

Automatic

Data

Processing,

Inc.

27,303

7,555,559

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,374

3,967,112

CACI

International,

Inc.,

Class

A*

14,002

7,064,849

FTI

Consulting,

Inc.*

26,144

5,949,329

Leidos

Holdings,

Inc.

24,234

3,950,142

Paychex,

Inc.(a)

2,348

315,078

Robert

Half,

Inc.

31,494

2,123,011

Verisk

Analytics,

Inc.,

Class

A

8,292

2,221,924

33,147,004

Semiconductors

&

Semiconductor

Equipment

0

.7

%

NVIDIA

Corp.

39,050

4,742,232

Software

4

.2

%

Adobe,

Inc.*

3,043

1,575,604

8

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Software

Crowdstrike

Holdings,

Inc.,

Class

A*(a)

16,858

4,728,163

Dolby

Laboratories,

Inc.,

Class

A

8,637

660,990

Fortinet,

Inc.*

28,494

2,209,710

Microsoft

Corp.

19,506

8,393,432

Nutanix,

Inc.,

Class

A*

4,059

240,496

Palo

Alto

Networks,

Inc.*

2,352

803,914

Roper

Technologies,

Inc.

15,191

8,452,880

Synopsys,

Inc.*

4,642

2,350,662

Tyler

Technologies,

Inc.*

802

468,143

29,883,994

Specialty

Retail

3

.4

%

AutoZone,

Inc.*

3,234

10,187,229

Murphy

USA,

Inc.(a)

3,409

1,680,194

O'Reilly

Automotive,

Inc.*

8,785

10,116,806

TJX

Cos.,

Inc.

(The)

3,736

439,130

Ulta

Beauty,

Inc.*

670

260,710

Williams-Sonoma,

Inc.(a)

9,086

1,407,603

24,091,672

Technology

Hardware,

Storage

&

Peripherals

0

.7

%

Apple,

Inc.

20,005

4,661,165

NetApp,

Inc.

1,990

245,785

Pure

Storage,

Inc.,

Class

A*

7,496

376,599

5,283,549

Textiles,

Apparel

&

Luxury

Goods

0

.9

%

Deckers

Outdoor

Corp.*

39,786

6,343,878

Tobacco

1

.9

%

Altria

Group,

Inc.

59,912

3,057,908

Philip

Morris

International,

Inc.

85,214

10,344,980

13,402,888

Wireless

Telecommunication

Services

0

.7

%

T-Mobile

US,

Inc.

24,077

4,968,530

Total

Common

Stocks

(cost

$454,987,462)

697,754,311

Repurchase

Agreements

2

.8

%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,271,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,271,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,004,764,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$8,820,915,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$8,996,096.(b)

8,819,702

8,819,702

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$19,819,702)

19,819,702

Total

Investments

(cost

$474,807,164)

—

101.1%

717,574,013

Liabilities

in

excess

of

other

assets

—

(1.1)%

(

7,948,456

)

NET

ASSETS

—

100.0%

$

709,625,557

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

9

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$33,277,483,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,819,702

and

by

$14,238,144

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$34,057,846.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$19,819,702.

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

25

12/2024

USD

7,267,813

187,238

Net

contracts

187,238

As

of

September

30,

2024,

the

Fund

had

$365,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

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

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

697,754,311

$

–

$

–

$

697,754,311

Futures

Contracts

187,238

–

–

187,238

Repurchase

Agreements

–

19,819,702

–

19,819,702

Total

$

697,941,549

$

19,819,702

$

–

$

717,761,251

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

187,238

Total

$

187,238

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

94

.1

%

Shares

Value

($)

Aerospace

&

Defense

3

.6

%

Airbus

SE

19,331

2,830,578

L3Harris

Technologies,

Inc.

51,481

12,245,785

RTX

Corp.

42,323

5,127,855

20,204,218

Automobile

Components

0

.5

%

Lear

Corp.

24,824

2,709,540

Automobiles

1

.3

%

General

Motors

Co.

159,397

7,147,361

Banks

10

.2

%

Bank

of

America

Corp.

69,574

2,760,696

Citigroup,

Inc.

255,965

16,023,409

First

Citizens

BancShares,

Inc.,

Class

A

7,230

13,310,069

JPMorgan

Chase

&

Co.

35,463

7,477,728

Wells

Fargo

&

Co.

310,214

17,523,989

57,095,891

Beverages

1

.4

%

Constellation

Brands,

Inc.,

Class

A

11,115

2,864,224

Diageo

plc

34,449

1,201,995

Keurig

Dr

Pepper,

Inc.

57,249

2,145,693

Pernod

Ricard

SA

10,668

1,612,468

7,824,380

Broadline

Retail

0

.7

%

Alibaba

Group

Holding

Ltd.

275,900

3,667,170

Building

Products

1

.7

%

Allegion

plc

19,631

2,861,022

Johnson

Controls

International

plc

82,779

6,424,478

9,285,500

Capital

Markets

1

.3

%

Intercontinental

Exchange,

Inc.

46,645

7,493,053

Chemicals

3

.0

%

Air

Products

&

Chemicals,

Inc.

18,230

5,427,800

Albemarle

Corp.(a)

34,544

3,271,662

International

Flavors

&

Fragrances,

Inc.

34,489

3,618,931

PPG

Industries,

Inc.

33,387

4,422,442

16,740,835

Communications

Equipment

0

.8

%

Cisco

Systems,

Inc.

79,497

4,230,830

Consumer

Staples

Distribution

&

Retail

1

.0

%

Dollar

General

Corp.

67,724

5,727,419

Containers

&

Packaging

1

.2

%

Sealed

Air

Corp.

191,006

6,933,518

Diversified

Telecommunication

Services

1

.8

%

AT&T,

Inc.

125,880

2,769,360

Verizon

Communications,

Inc.

165,990

7,454,611

10,223,971

Electric

Utilities

3

.7

%

American

Electric

Power

Co.,

Inc.

41,897

4,298,632

Entergy

Corp.(a)

42,347

5,573,289

Exelon

Corp.

118,640

4,810,852

PG&E

Corp.

296,878

5,869,278

20,552,051

Common

Stocks

Shares

Value

($)

Entertainment

1

.1

%

Electronic

Arts,

Inc.

42,033

6,029,214

Financial

Services

2

.7

%

Fidelity

National

Information

Services,

Inc.

111,411

9,330,671

Visa,

Inc.,

Class

A(a)

21,257

5,844,612

15,175,283

Food

Products

2

.2

%

Kraft

Heinz

Co.

(The)

308,951

10,847,269

Lamb

Weston

Holdings,

Inc.(a)

22,697

1,469,404

12,316,673

Health

Care

Equipment

&

Supplies

4

.9

%

Baxter

International,

Inc.

288,358

10,948,953

Koninklijke

Philips

NV*

147,109

4,820,535

Medtronic

plc

127,667

11,493,860

27,263,348

Health

Care

Providers

&

Services

9

.5

%

Cardinal

Health,

Inc.

121,640

13,443,653

Cigna

Group

(The)

15,433

5,346,608

CVS

Health

Corp.

233,809

14,701,910

Elevance

Health,

Inc.

13,909

7,232,680

Humana,

Inc.

15,972

5,058,971

Labcorp

Holdings,

Inc.

33,175

7,413,949

53,197,771

Household

Durables

1

.3

%

Sony

Group

Corp.

376,500

7,312,170

Household

Products

1

.1

%

Henkel

AG

&

Co.

KGaA

(Preference)

29,674

2,788,245

Kimberly-Clark

Corp.

24,412

3,473,339

6,261,584

Insurance

4

.8

%

American

International

Group,

Inc.

124,759

9,136,102

Fidelity

National

Financial,

Inc.

114,834

7,126,598

Willis

Towers

Watson

plc

36,327

10,699,391

26,962,091

Interactive

Media

&

Services

0

.5

%

Alphabet,

Inc.,

Class

C

17,213

2,877,841

IT

Services

1

.6

%

Cognizant

Technology

Solutions

Corp.,

Class

A

112,842

8,709,146

Leisure

Products

0

.8

%

Hasbro,

Inc.

64,552

4,668,401

Life

Sciences

Tools

&

Services

0

.6

%

Fortrea

Holdings,

Inc.*(a)

81,937

1,638,740

Thermo

Fisher

Scientific,

Inc.

2,802

1,733,233

3,371,973

Machinery

1

.9

%

CNH

Industrial

NV

226,041

2,509,055

Komatsu

Ltd.

53,400

1,481,263

Stanley

Black

&

Decker,

Inc.

23,065

2,540,149

Westinghouse

Air

Brake

Technologies

Corp.

22,255

4,045,291

10,575,758

Media

3

.2

%

Comcast

Corp.,

Class

A

245,844

10,268,904

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Media

Fox

Corp.,

Class

A

66,672

2,822,226

WPP

plc

444,969

4,547,433

17,638,563

Metals

&

Mining

0

.7

%

Teck

Resources

Ltd.,

Class

B

70,047

3,659,255

Multi-Utilities

1

.7

%

Dominion

Energy,

Inc.

48,797

2,819,979

Sempra

82,984

6,939,952

9,759,931

Oil,

Gas

&

Consumable

Fuels

5

.7

%

BP

plc

2,219,704

11,708,437

EQT

Corp.(a)

41,485

1,520,010

Hess

Corp.

46,408

6,302,206

Shell

plc

272,332

8,876,090

Suncor

Energy,

Inc.

87,557

3,232,605

31,639,348

Pharmaceuticals

4

.0

%

AstraZeneca

plc

18,107

2,820,434

Bayer

AG

(Registered)

134,885

4,555,496

Eli

Lilly

&

Co.

4,139

3,666,906

Sanofi

SA

100,321

11,558,408

22,601,244

Professional

Services

2

.9

%

Leidos

Holdings,

Inc.

28,890

4,709,070

SS&C

Technologies

Holdings,

Inc.

154,119

11,437,171

16,146,241

Residential

REITs

0

.5

%

Mid-America

Apartment

Communities,

Inc.

18,652

2,963,803

Semiconductors

&

Semiconductor

Equipment

1

.1

%

Intel

Corp.

133,108

3,122,714

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

16,189

2,811,543

5,934,257

Software

1

.9

%

Microsoft

Corp.

24,910

10,718,773

Specialized

REITs

1

.4

%

Crown

Castle,

Inc.

63,516

7,534,903

Technology

Hardware,

Storage

&

Peripherals

4

.1

%

HP,

Inc.

333,504

11,962,788

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

9,574

11,224,855

23,187,643

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Swatch

Group

AG

(The)

CHF(a)

13,100

2,811,105

Tobacco

1

.2

%

British

American

Tobacco

plc,

ADR-UK(a)

189,376

6,927,374

Total

Common

Stocks

(cost

$426,449,937)

526,079,430

Master

Limited

Partnership

0

.9

%

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

0

.9

%

Enterprise

Products

Partners

LP

185,298

5,394,025

Total

Master

Limited

Partnership

(cost  $3,531,319)

5,394,025

Repurchase

Agreements

0

.3

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$485,372,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$495,011.(b)

485,305

485,305

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,135,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$1,485,305)

1,485,305

Total

Investments

(cost

$431,466,561)

—

95.3%

532,958,760

Other

assets

in

excess

of

liabilities

—

4.7%

26,070,837

NET

ASSETS

—

100.0%

$

559,029,597

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$15,561,137,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,485,305

and

by

$14,630,969

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$16,116,274.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$1,485,305.

14

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

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

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

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

-

September

30,

2024

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

17,373,640

$

2,830,578

$

–

$

20,204,218

Automobile

Components

2,709,540

–

–

2,709,540

Automobiles

7,147,361

–

–

7,147,361

Banks

57,095,890

–

–

57,095,890

Beverages

5,009,918

2,814,462

–

7,824,380

Broadline

Retail

–

3,667,170

–

3,667,170

Building

Products

9,285,500

–

–

9,285,500

Capital

Markets

7,493,053

–

–

7,493,053

Chemicals

16,740,835

–

–

16,740,835

Communications

Equipment

4,230,830

–

–

4,230,830

Consumer

Staples

Distribution

&

Retail

5,727,419

–

–

5,727,419

Containers

&

Packaging

6,933,518

–

–

6,933,518

Diversified

Telecommunication

Services

10,223,971

–

–

10,223,971

Electric

Utilities

20,552,051

–

–

20,552,051

Entertainment

6,029,214

–

–

6,029,214

Financial

Services

15,175,283

–

–

15,175,283

Food

Products

12,316,673

–

–

12,316,673

Health

Care

Equipment

&

Supplies

22,442,813

4,820,535

–

27,263,348

Health

Care

Providers

&

Services

53,197,771

–

–

53,197,771

Household

Durables

–

7,312,171

–

7,312,171

Household

Products

3,473,339

2,788,245

–

6,261,584

Insurance

26,962,091

–

–

26,962,091

Interactive

Media

&

Services

2,877,841

–

–

2,877,841

IT

Services

8,709,146

–

–

8,709,146

Leisure

Products

4,668,401

–

–

4,668,401

Life

Sciences

Tools

&

Services

3,371,973

–

–

3,371,973

Machinery

9,094,495

1,481,263

–

10,575,758

Media

13,091,130

4,547,433

–

17,638,563

Metals

&

Mining

3,659,255

–

–

3,659,255

Multi-Utilities

9,759,931

–

–

9,759,931

Oil,

Gas

&

Consumable

Fuels

11,054,820

20,584,528

–

31,639,348

Pharmaceuticals

3,666,906

18,934,338

–

22,601,244

Professional

Services

16,146,241

–

–

16,146,241

Residential

REITs

2,963,803

–

–

2,963,803

Semiconductors

&

Semiconductor

Equipment

5,934,257

–

–

5,934,257

Software

10,718,773

–

–

10,718,773

Specialized

REITs

7,534,903

–

–

7,534,903

Technology

Hardware,

Storage

&

Peripherals

11,962,788

11,224,855

–

23,187,643

Textiles,

Apparel

&

Luxury

Goods

–

2,811,105

–

2,811,105

Tobacco

6,927,374

–

–

6,927,374

Total

Common

Stocks

$

442,262,747

$

83,816,683

$

–

$

526,079,430

Master

Limited

Partnership

5,394,025

–

–

5,394,025

Repurchase

Agreements

–

1,485,305

–

1,485,305

Total

$

447,656,772

$

85,301,988

$

–

$

532,958,760

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Calvert

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

97

.2

%

Shares

Value

($)

Capital

Markets

9

.2

%

Charles

Schwab

Corp.

(The)

10,610

687,634

Intercontinental

Exchange,

Inc.

15,533

2,495,221

Moody's

Corp.

2,603

1,235,358

MSCI,

Inc.,

Class

A

2,090

1,218,324

S&P

Global,

Inc.

8,373

4,325,659

9,962,196

Chemicals

7

.5

%

Air

Products

&

Chemicals,

Inc.

4,539

1,351,442

Ecolab,

Inc.

13,848

3,535,809

Linde

plc

6,758

3,222,620

8,109,871

Commercial

Services

&

Supplies

1

.3

%

Veralto

Corp.

12,236

1,368,719

Consumer

Staples

Distribution

&

Retail

2

.2

%

Costco

Wholesale

Corp.

1,246

1,104,604

Dollar

General

Corp.

14,939

1,263,391

2,367,995

Containers

&

Packaging

0

.8

%

Ball

Corp.

13,045

885,886

Electronic

Equipment,

Instruments

&

Components

3

.0

%

Amphenol

Corp.,

Class

A

49,708

3,238,973

Entertainment

1

.0

%

Electronic

Arts,

Inc.

7,221

1,035,780

Financial

Services

12

.5

%

Fiserv,

Inc.*

11,214

2,014,595

Mastercard,

Inc.,

Class

A

10,480

5,175,024

PayPal

Holdings,

Inc.*

17,937

1,399,624

Visa,

Inc.,

Class

A(a)

18,308

5,033,785

13,623,028

Health

Care

Equipment

&

Supplies

1

.7

%

IDEXX

Laboratories,

Inc.*

2,156

1,089,254

Intuitive

Surgical,

Inc.*

1,524

748,696

1,837,950

Hotels,

Restaurants

&

Leisure

1

.1

%

Starbucks

Corp.

12,175

1,186,941

Insurance

2

.5

%

Aon

plc,

Class

A

2,728

943,861

Marsh

&

McLennan

Cos.,

Inc.

7,902

1,762,857

2,706,718

Interactive

Media

&

Services

4

.1

%

Alphabet,

Inc.,

Class

C

26,460

4,423,847

IT

Services

7

.3

%

Accenture

plc,

Class

A

3,249

1,148,457

Gartner,

Inc.*

7,091

3,593,435

TE

Connectivity

plc

6,846

1,033,678

Common

Stocks

Shares

Value

($)

IT

Services

VeriSign,

Inc.*

11,390

2,163,644

7,939,214

Life

Sciences

Tools

&

Services

12

.1

%

Agilent

Technologies,

Inc.

11,720

1,740,186

Danaher

Corp.

18,621

5,177,010

Thermo

Fisher

Scientific,

Inc.

8,378

5,182,379

West

Pharmaceutical

Services,

Inc.

3,612

1,084,178

13,183,753

Machinery

4

.0

%

IDEX

Corp.

7,079

1,518,445

Xylem,

Inc.

21,119

2,851,699

4,370,144

Personal

Care

Products

0

.8

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

9,214

918,544

Pharmaceuticals

3

.9

%

Zoetis,

Inc.,

Class

A

21,535

4,207,508

Professional

Services

3

.3

%

Verisk

Analytics,

Inc.,

Class

A

13,503

3,618,264

Software

9

.1

%

Adobe,

Inc.*

3,005

1,555,929

Intuit,

Inc.

5,776

3,586,896

Microsoft

Corp.

10,953

4,713,076

9,855,901

Specialized

REITs

4

.0

%

American

Tower

Corp.

14,335

3,333,748

Crown

Castle,

Inc.

8,824

1,046,791

4,380,539

Specialty

Retail

4

.9

%

O'Reilly

Automotive,

Inc.*

908

1,045,653

TJX

Cos.,

Inc.

(The)

36,135

4,247,308

5,292,961

Textiles,

Apparel

&

Luxury

Goods

0

.9

%

NIKE,

Inc.,

Class

B

11,514

1,017,838

Total

Investments

(cost

$77,450,743)

—

97.2%

105,532,570

Other

assets

in

excess

of

liabilities

—

2.8%

3,041,831

NET

ASSETS

—

100.0%

$

108,574,401

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$2,838,309,

which

was

collateralized

by

$2,898,082

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054.

REIT

Real

Estate

Investment

Trust

18

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Calvert

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Calvert

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

19

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

105,532,570

$

–

$

–

$

105,532,570

Total

$

105,532,570

$

–

$

–

$

105,532,570

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Common

Stocks

99

.2

%

Shares

Value

($)

Aerospace

&

Defense

1

.7

%

Leonardo

DRS,

Inc.*

20,913

590,165

Lockheed

Martin

Corp.

6,091

3,560,555

4,150,720

Automobile

Components

0

.6

%

BorgWarner,

Inc.

20,072

728,413

Lear

Corp.

6,888

751,825

1,480,238

Automobiles

1

.8

%

Ford

Motor

Co.

194,497

2,053,888

General

Motors

Co.

53,602

2,403,514

4,457,402

Banks

1

.0

%

BOK

Financial

Corp.

1,660

173,669

Comerica,

Inc.

19,096

1,144,041

Cullen/Frost

Bankers,

Inc.(a)

3,766

421,265

KeyCorp

44,001

737,017

2,475,992

Biotechnology

0

.4

%

Blueprint

Medicines

Corp.*

3,340

308,950

Incyte

Corp.*

972

64,249

Sarepta

Therapeutics,

Inc.*

4,564

569,998

943,197

Broadline

Retail

1

.7

%

Amazon.com,

Inc.*

21,733

4,049,510

Coupang,

Inc.*

10,713

263,004

4,312,514

Building

Products

1

.3

%

Builders

FirstSource,

Inc.*

6,448

1,250,009

Masco

Corp.

18,035

1,513,858

Trex

Co.,

Inc.*

5,924

394,420

3,158,287

Capital

Markets

2

.2

%

Bank

of

New

York

Mellon

Corp.

(The)

46,250

3,323,525

Northern

Trust

Corp.

21,068

1,896,752

Robinhood

Markets,

Inc.,

Class

A*

10,777

252,397

5,472,674

Chemicals

2

.8

%

Dow,

Inc.

35,589

1,944,227

DuPont

de

Nemours,

Inc.

20,557

1,831,834

Huntsman

Corp.

34,562

836,400

LyondellBasell

Industries

NV,

Class

A

14,734

1,412,991

Westlake

Corp.

5,889

885,058

6,910,510

Commercial

Services

&

Supplies

1

.7

%

Cintas

Corp.

10,864

2,236,680

Veralto

Corp.

14,443

1,615,594

Vestis

Corp.(a)

20,500

305,450

4,157,724

Consumer

Finance

1

.2

%

Ally

Financial,

Inc.

11,985

426,546

SLM

Corp.

39,836

911,049

Synchrony

Financial

33,646

1,678,263

3,015,858

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

0

.2

%

Maplebear,

Inc.*(a)

13,560

552,434

Containers

&

Packaging

0

.4

%

Crown

Holdings,

Inc.

11,549

1,107,318

Electric

Utilities

1

.8

%

Exelon

Corp.

57,303

2,323,636

NRG

Energy,

Inc.

23,677

2,156,975

4,480,611

Electrical

Equipment

0

.2

%

GE

Vernova,

Inc.*

2,205

562,231

Electronic

Equipment,

Instruments

&

Components

1

.3

%

Amphenol

Corp.,

Class

A

51,479

3,354,372

Entertainment

1

.6

%

Live

Nation

Entertainment,

Inc.*

10,308

1,128,623

Netflix,

Inc.*

3,273

2,321,441

Playtika

Holding

Corp.

27,343

216,557

ROBLOX

Corp.,

Class

A*

5,921

262,063

3,928,684

Financial

Services

2

.9

%

Corebridge

Financial,

Inc.

31,485

918,103

Mastercard,

Inc.,

Class

A

5,883

2,905,025

PayPal

Holdings,

Inc.*

42,008

3,277,884

7,101,012

Food

Products

1

.7

%

Archer-Daniels-Midland

Co.

33,092

1,976,916

Pilgrim's

Pride

Corp.*

11,176

514,655

Tyson

Foods,

Inc.,

Class

A

27,832

1,657,674

4,149,245

Ground

Transportation

4

.0

%

JB

Hunt

Transport

Services,

Inc.

17,073

2,942,190

Lyft,

Inc.,

Class

A*

55,138

703,010

Old

Dominion

Freight

Line,

Inc.

17,966

3,568,766

Ryder

System,

Inc.

1,000

145,800

Uber

Technologies,

Inc.*

33,482

2,516,507

9,876,273

Health

Care

Equipment

&

Supplies

2

.1

%

Align

Technology,

Inc.*

4,375

1,112,650

Edwards

Lifesciences

Corp.*

34,205

2,257,188

GE

HealthCare

Technologies,

Inc.

18,748

1,759,500

5,129,338

Health

Care

Providers

&

Services

4

.0

%

Elevance

Health,

Inc.

4,833

2,513,160

Humana,

Inc.

6,767

2,143,379

McKesson

Corp.

6,797

3,360,573

Molina

Healthcare,

Inc.*

5,512

1,899,215

9,916,327

Hotels,

Restaurants

&

Leisure

4

.9

%

Airbnb,

Inc.,

Class

A*

18,398

2,333,050

Booking

Holdings,

Inc.

1,150

4,843,938

Domino's

Pizza,

Inc.(a)

2,760

1,187,187

Expedia

Group,

Inc.*

8,653

1,280,817

Hilton

Worldwide

Holdings,

Inc.

8,316

1,916,838

Wynn

Resorts

Ltd.

7,299

699,828

12,261,658

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

Household

Durables

2

.0

%

Garmin

Ltd.

300

52,809

Lennar

Corp.,

Class

A

12,845

2,408,180

NVR,

Inc.*

167

1,638,571

PulteGroup,

Inc.

5,283

758,269

4,857,829

Household

Products

0

.7

%

Kimberly-Clark

Corp.

12,849

1,828,156

Independent

Power

and

Renewable

Electricity

Producers

0

.9

%

Vistra

Corp.

18,187

2,155,887

Industrial

REITs

0

.5

%

Prologis,

Inc.

9,350

1,180,718

Insurance

5

.6

%

Allstate

Corp.

(The)

19,174

3,636,349

Arch

Capital

Group

Ltd.*

2,073

231,927

Everest

Group

Ltd.

2,331

913,356

First

American

Financial

Corp.

8,517

562,207

Globe

Life,

Inc.

12,573

1,331,606

MetLife,

Inc.

2,359

194,570

Progressive

Corp.

(The)

15,273

3,875,677

RLI

Corp.

1,156

179,157

Selective

Insurance

Group,

Inc.

4,240

395,592

Travelers

Cos.,

Inc.

(The)

11,022

2,580,471

13,900,912

Interactive

Media

&

Services

2

.9

%

Alphabet,

Inc.,

Class

C

31,431

5,254,949

Meta

Platforms,

Inc.,

Class

A

2,468

1,412,782

Snap,

Inc.,

Class

A*

25,273

270,421

TripAdvisor,

Inc.*(a)

21,659

313,839

7,251,991

IT

Services

2

.1

%

EPAM

Systems,

Inc.*

4,777

950,766

GoDaddy,

Inc.,

Class

A*

10,045

1,574,855

Kyndryl

Holdings,

Inc.*

4,869

111,890

Twilio,

Inc.,

Class

A*

3,101

202,247

VeriSign,

Inc.*

12,992

2,467,961

5,307,719

Life

Sciences

Tools

&

Services

0

.0

%

†

Fortrea

Holdings,

Inc.*(a)

6,120

122,400

Machinery

2

.1

%

Cummins,

Inc.

6,624

2,144,785

Otis

Worldwide

Corp.

28,698

2,982,870

5,127,655

Media

0

.6

%

Fox

Corp.,

Class

A

36,509

1,545,426

Multi-Utilities

1

.3

%

CenterPoint

Energy,

Inc.

44,951

1,322,458

Public

Service

Enterprise

Group,

Inc.(a)

20,166

1,799,009

3,121,467

Oil,

Gas

&

Consumable

Fuels

1

.4

%

Phillips

66

4,269

561,160

Valero

Energy

Corp.

21,605

2,917,323

3,478,483

Common

Stocks

Shares

Value

($)

Passenger

Airlines

0

.4

%

Southwest

Airlines

Co.(a)

33,332

987,627

Pharmaceuticals

1

.9

%

Merck

&

Co.,

Inc.

42,011

4,770,769

Professional

Services

2

.3

%

Automatic

Data

Processing,

Inc.

15,188

4,202,975

KBR,

Inc.

12,599

820,573

Paycom

Software,

Inc.

3,814

635,298

TriNet

Group,

Inc.

928

89,988

5,748,834

Real

Estate

Management

&

Development

0

.1

%

Howard

Hughes

Holdings,

Inc.*

2,841

219,979

Residential

REITs

1

.6

%

Camden

Property

Trust(a)

17,250

2,130,893

Essex

Property

Trust,

Inc.

6,041

1,784,632

3,915,525

Semiconductors

&

Semiconductor

Equipment

9

.2

%

Intel

Corp.

91,227

2,140,185

Lam

Research

Corp.

1,512

1,233,913

NVIDIA

Corp.

160,415

19,480,798

22,854,896

Software

13

.2

%

Atlassian

Corp.,

Class

A*

4,482

711,786

Confluent,

Inc.,

Class

A*

15,252

310,836

Crowdstrike

Holdings,

Inc.,

Class

A*(a)

8,262

2,317,243

DoubleVerify

Holdings,

Inc.*

14,285

240,559

Dropbox,

Inc.,

Class

A*(a)

70,214

1,785,542

Fortinet,

Inc.*

49,780

3,860,439

Guidewire

Software,

Inc.*(a)

8,357

1,528,830

Intuit,

Inc.

7,498

4,656,258

Microsoft

Corp.

26,400

11,359,920

Nutanix,

Inc.,

Class

A*

10,796

639,663

Palo

Alto

Networks,

Inc.*

7,461

2,550,170

Procore

Technologies,

Inc.*(a)

9,185

566,898

Salesforce,

Inc.

2,765

756,808

SentinelOne,

Inc.,

Class

A*(a)

20,074

480,170

Teradata

Corp.*

8,155

247,423

UiPath,

Inc.,

Class

A*(a)

20,905

267,584

Workday,

Inc.,

Class

A*

1,977

483,199

32,763,328

Specialty

Retail

0

.2

%

Williams-Sonoma,

Inc.(a)

3,164

490,167

Technology

Hardware,

Storage

&

Peripherals

8

.2

%

Apple,

Inc.

82,342

19,185,686

Seagate

Technology

Holdings

plc(a)

11,851

1,298,040

20,483,726

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

Deckers

Outdoor

Corp.*

6,882

1,097,335

Trading

Companies

&

Distributors

0

.1

%

WESCO

International,

Inc.

1,879

315,635

Total

Common

Stocks

(cost

$183,515,634)

246,481,083

22

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Repurchase

Agreements

0

.8

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,138,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,013,869,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$1,034,004.(b)

1,013,729

1,013,729

Total

Repurchase

Agreements

(cost

$2,013,729)

2,013,729

Total

Investments

(cost

$185,529,363)

—

100.0%

248,494,812

Liabilities

in

excess

of

other

assets

—

0.0%

(

11,847

)

NET

ASSETS

—

100.0%

$

248,482,965

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$11,670,416,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,013,729

and

by

$9,915,750

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$11,929,479.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$2,013,729.

REIT

Real

Estate

Investment

Trust

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

September

30,

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.

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.

24

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

246,481,083

$

–

$

–

$

246,481,083

Repurchase

Agreements

–

2,013,729

–

2,013,729

Total

$

246,481,083

$

2,013,729

$

–

$

248,494,812

The

Statement

of

Investments

should

be

read

in

conjunction

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

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

98.4%

Shares

Value

($)

Aerospace

&

Defense

1.7%

Textron,

Inc.

65,400

5,793,132

Automobile

Components

2.6%

Aptiv

plc*(a)

46,400

3,341,264

BorgWarner,

Inc.(a)

160,300

5,817,287

9,158,551

Banks

2.4%

Huntington

Bancshares,

Inc.

242,550

3,565,485

Prosperity

Bancshares,

Inc.

64,900

4,677,343

8,242,828

Broadline

Retail

1.4%

eBay,

Inc.

74,300

4,837,673

Building

Products

1.1%

Carrier

Global

Corp.

49,500

3,984,255

Capital

Markets

2.6%

Bank

of

New

York

Mellon

Corp.

(The)

73,400

5,274,524

T.

Rowe

Price

Group,

Inc.

34,400

3,747,192

9,021,716

Chemicals

5.2%

Axalta

Coating

Systems

Ltd.*

131,900

4,773,461

CF

Industries

Holdings,

Inc.

44,600

3,826,680

RPM

International,

Inc.(a)

37,600

4,549,600

Westlake

Corp.

34,000

5,109,860

18,259,601

Commercial

Services

&

Supplies

0.6%

Republic

Services,

Inc.,

Class

A

10,700

2,148,988

Communications

Equipment

1.0%

Motorola

Solutions,

Inc.

7,875

3,540,836

Consumer

Staples

Distribution

&

Retail

5.8%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

80,600

6,647,888

Target

Corp.(a)

41,550

6,475,983

US

Foods

Holding

Corp.*

116,200

7,146,300

20,270,171

Containers

&

Packaging

5.9%

AptarGroup,

Inc.

27,500

4,405,225

Avery

Dennison

Corp.

16,400

3,620,464

Crown

Holdings,

Inc.(a)

74,100

7,104,708

Packaging

Corp.

of

America

24,475

5,271,915

20,402,312

Electric

Utilities

3.5%

Alliant

Energy

Corp.

136,100

8,259,909

Xcel

Energy,

Inc.

61,175

3,994,728

12,254,637

Electrical

Equipment

1.6%

Hubbell,

Inc.,

Class

B(a)

3,900

1,670,565

Regal

Rexnord

Corp.

23,000

3,815,240

5,485,805

Electronic

Equipment,

Instruments

&

Components

3.1%

Flex

Ltd.*

70,700

2,363,501

Trimble,

Inc.*

66,925

4,155,373

Zebra

Technologies

Corp.,

Class

A*

11,700

4,332,744

10,851,618

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

1.8%

Baker

Hughes

Co.,

Class

A

170,800

6,174,420

Financial

Services

1.0%

Global

Payments,

Inc.

35,700

3,656,394

Ground

Transportation

3.9%

JB

Hunt

Transport

Services,

Inc.

28,500

4,911,405

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

89,800

4,844,710

Landstar

System,

Inc.

20,300

3,834,061

13,590,176

Health

Care

Equipment

&

Supplies

4.3%

Cooper

Cos.,

Inc.

(The)*

50,600

5,583,204

Hologic,

Inc.*(a)

61,300

4,993,498

Zimmer

Biomet

Holdings,

Inc.

40,700

4,393,565

14,970,267

Health

Care

Providers

&

Services

2.0%

Quest

Diagnostics,

Inc.

44,000

6,831,000

Health

Care

REITs

1.4%

Alexandria

Real

Estate

Equities,

Inc.

41,000

4,868,750

Hotels,

Restaurants

&

Leisure

2.6%

Darden

Restaurants,

Inc.(a)

15,125

2,482,466

Expedia

Group,

Inc.*

13,700

2,027,874

Hilton

Worldwide

Holdings,

Inc.

10,100

2,328,050

Yum!

Brands,

Inc.

16,200

2,263,302

9,101,692

Industrial

REITs

0.7%

Lineage,

Inc.(a)

29,700

2,327,886

Insurance

8.6%

American

Financial

Group,

Inc.

40,300

5,424,380

Fidelity

National

Financial,

Inc.

91,600

5,684,696

Hartford

Financial

Services

Group,

Inc.

(The)

52,600

6,186,286

Old

Republic

International

Corp.

140,400

4,972,968

Willis

Towers

Watson

plc

25,900

7,628,327

29,896,657

IT

Services

2.3%

Akamai

Technologies,

Inc.*

42,800

4,320,660

Globant

SA*(a)

18,800

3,725,032

8,045,692

Life

Sciences

Tools

&

Services

2.5%

Agilent

Technologies,

Inc.

26,500

3,934,720

ICON

plc*

16,375

4,704,701

8,639,421

Machinery

4.1%

AGCO

Corp.

40,700

3,982,902

Lincoln

Electric

Holdings,

Inc.

13,525

2,597,071

Middleby

Corp.

(The)*

37,100

5,161,723

Xylem,

Inc.

19,800

2,673,594

14,415,290

Metals

&

Mining

1.6%

Franco-Nevada

Corp.

46,100

5,727,925

Oil,

Gas

&

Consumable

Fuels

3.6%

Chord

Energy

Corp.

28,275

3,682,253

26

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Coterra

Energy,

Inc.

201,800

4,833,110

Devon

Energy

Corp.(a)

100,000

3,912,000

12,427,363

Professional

Services

6.3%

FTI

Consulting,

Inc.*(a)

25,150

5,723,134

Genpact

Ltd.

108,000

4,234,680

Leidos

Holdings,

Inc.

30,100

4,906,300

ManpowerGroup,

Inc.

45,700

3,359,864

TransUnion

34,700

3,633,090

21,857,068

Residential

REITs

2.9%

Camden

Property

Trust

49,900

6,164,147

Equity

LifeStyle

Properties,

Inc.

53,500

3,816,690

9,980,837

Retail

REITs

2.2%

NNN

REIT,

Inc.(a)

158,400

7,680,816

Semiconductors

&

Semiconductor

Equipment

2.2%

MKS

Instruments,

Inc.

36,800

4,000,528

ON

Semiconductor

Corp.*

49,175

3,570,597

7,571,125

Specialized

REITs

2.8%

Lamar

Advertising

Co.,

Class

A

44,975

6,008,660

SBA

Communications

Corp.,

Class

A

15,200

3,658,640

9,667,300

Specialty

Retail

1.6%

Liberty

Broadband

Corp.*^∞

32,251

0

Ross

Stores,

Inc.

36,700

5,523,717

5,523,717

Textiles,

Apparel

&

Luxury

Goods

0.8%

Ralph

Lauren

Corp.,

Class

A

15,300

2,966,211

Water

Utilities

0.7%

American

Water

Works

Co.,

Inc.

17,525

2,562,856

Total

Common

Stocks

(cost

$299,553,189)

342,734,986

Repurchase

Agreements

5.5%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$8,981,965,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$9,160,345.(b)

8,980,730

8,980,730

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$8,037,567,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$8,160,003.(b)

8,000,000

8,000,000

Total

Repurchase

Agreements

(cost

$18,980,730)

18,980,730

Total

Investments

(cost

$318,533,919)

—

103.9%

361,715,716

Liabilities

in

excess

of

other

assets

—

(3.9)%

(13,681,307)

NET

ASSETS

—

100.0%

$

348,034,409

*

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

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$41,565,377,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$18,980,730

and

by

$23,527,573

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/31/2024

–

5/15/2054,

a

total

value

of

$42,508,303.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$18,980,730.

REIT

Real

Estate

Investment

Trust

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

28

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

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. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

5,793,132

$

–

$

–

$

5,793,132

Automobile

Components

9,158,551

–

–

9,158,551

Banks

8,242,828

–

–

8,242,828

Broadline

Retail

4,837,673

–

–

4,837,673

Building

Products

3,984,255

–

–

3,984,255

Capital

Markets

9,021,716

–

–

9,021,716

Chemicals

18,259,601

–

–

18,259,601

Commercial

Services

&

Supplies

2,148,988

–

–

2,148,988

Communications

Equipment

3,540,836

–

–

3,540,836

Consumer

Staples

Distribution

&

Retail

20,270,171

–

–

20,270,171

Containers

&

Packaging

20,402,312

–

–

20,402,312

Electric

Utilities

12,254,637

–

–

12,254,637

Electrical

Equipment

5,485,805

–

–

5,485,805

Electronic

Equipment,

Instruments

&

Components

10,851,618

–

–

10,851,618

Energy

Equipment

&

Services

6,174,420

–

–

6,174,420

Financial

Services

3,656,394

–

–

3,656,394

Ground

Transportation

13,590,176

–

–

13,590,176

Health

Care

Equipment

&

Supplies

14,970,267

–

–

14,970,267

Health

Care

Providers

&

Services

6,831,000

–

–

6,831,000

Health

Care

REITs

4,868,750

–

–

4,868,750

Hotels,

Restaurants

&

Leisure

9,101,692

–

–

9,101,692

Industrial

REITs

2,327,886

–

–

2,327,886

Insurance

29,896,657

–

–

29,896,657

IT

Services

8,045,692

–

–

8,045,692

Life

Sciences

Tools

&

Services

8,639,421

–

–

8,639,421

Machinery

14,415,290

–

–

14,415,290

Metals

&

Mining

5,727,925

–

–

5,727,925

Oil,

Gas

&

Consumable

Fuels

12,427,363

–

–

12,427,363

Professional

Services

21,857,068

–

–

21,857,068

Residential

REITs

9,980,837

–

–

9,980,837

Retail

REITs

7,680,816

–

–

7,680,816

Semiconductors

&

Semiconductor

Equipment

7,571,125

–

–

7,571,125

Specialized

REITs

9,667,300

–

–

9,667,300

Specialty

Retail

5,523,717

–

–

5,523,717

Textiles,

Apparel

&

Luxury

Goods

2,966,211

–

–

2,966,211

Water

Utilities

2,562,856

–

–

2,562,856

Total

Common

Stocks

$

342,734,986

$

–

$

–

$

342,734,986

Repurchase

Agreements

–

18,980,730

–

18,980,730

Total

$

342,734,986

$

18,980,730

$

–

$

361,715,716

As

of

September

30,

2024,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Victory

Mid

Cap

Value

Fund

(formerly,

NVIT

Multi-Manager

Mid

Cap

Value

Fund)

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

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.

30

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

96.4%

Shares

Value

($)

Aerospace

&

Defense

0.3%

Leonardo

DRS,

Inc.*

46,888

1,323,179

Automobiles

0.5%

Tesla,

Inc.*

7,220

1,888,969

Banks

1.5%

NU

Holdings

Ltd.,

Class

A*

346,930

4,735,595

Popular,

Inc.

14,341

1,437,972

6,173,567

Beverages

0.1%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

812

234,782

Biotechnology

1.4%

ACADIA

Pharmaceuticals,

Inc.*(a)

51,234

787,979

Blueprint

Medicines

Corp.*(a)

4,526

418,655

Exelixis,

Inc.*

35,020

908,769

Incyte

Corp.*(a)

1,274

84,211

PTC

Therapeutics,

Inc.*(a)

30,630

1,136,373

Sarepta

Therapeutics,

Inc.*

20,664

2,580,727

5,916,714

Broadline

Retail

4.7%

Amazon.com,

Inc.*

94,941

17,690,356

Coupang,

Inc.*

68,912

1,691,790

19,382,146

Building

Products

2.8%

AZEK

Co.,

Inc.

(The),

Class

A*

62,607

2,930,008

Builders

FirstSource,

Inc.*

10,953

2,123,348

Lennox

International,

Inc.

8,225

4,970,285

Trex

Co.,

Inc.*

20,624

1,373,146

11,396,787

Capital

Markets

1.1%

Moelis

&

Co.,

Class

A

33,552

2,298,648

Piper

Sandler

Cos.

1,708

484,747

TPG,

Inc.,

Class

A(a)

27,187

1,564,884

4,348,279

Chemicals

0.0%

†

Innospec,

Inc.

1,206

136,386

Commercial

Services

&

Supplies

2.0%

Cintas

Corp.

17,464

3,595,488

Veralto

Corp.

42,964

4,805,953

8,401,441

Consumer

Finance

0.7%

Ally

Financial,

Inc.(a)

80,707

2,872,362

Diversified

Consumer

Services

0.1%

Duolingo,

Inc.,

Class

A*(a)

2,131

600,985

Diversified

Telecommunication

Services

0.2%

Iridium

Communications,

Inc.

21,532

655,649

Electric

Utilities

1.3%

NRG

Energy,

Inc.

60,406

5,502,987

Electrical

Equipment

0.2%

Vertiv

Holdings

Co.,

Class

A

10,037

998,581

Electronic

Equipment,

Instruments

&

Components

1.5%

Amphenol

Corp.,

Class

A

97,595

6,359,290

Energy

Equipment

&

Services

0.1%

Weatherford

International

plc

5,816

493,895

Common

Stocks

Shares

Value

($)

Entertainment

2.7%

Live

Nation

Entertainment,

Inc.*(a)

22,413

2,453,999

ROBLOX

Corp.,

Class

A*

44,045

1,949,432

Roku,

Inc.,

Class

A*

4,236

316,260

Spotify

Technology

SA*

16,985

6,259,482

10,979,173

Financial

Services

2.3%

Equitable

Holdings,

Inc.

109,750

4,612,792

Mastercard,

Inc.,

Class

A

8,746

4,318,775

NCR

Atleos

Corp.*(a)

15,320

437,080

9,368,647

Food

Products

0.5%

Pilgrim's

Pride

Corp.*(a)

46,025

2,119,451

Ground

Transportation

2.2%

ArcBest

Corp.(a)

10,305

1,117,577

Lyft,

Inc.,

Class

A*

167,441

2,134,873

Old

Dominion

Freight

Line,

Inc.

29,261

5,812,405

9,064,855

Health

Care

Equipment

&

Supplies

3.4%

Align

Technology,

Inc.*

16,414

4,174,409

Edwards

Lifesciences

Corp.*

71,967

4,749,102

GE

HealthCare

Technologies,

Inc.(a)

33,036

3,100,429

Tandem

Diabetes

Care,

Inc.*(a)

44,408

1,883,343

13,907,283

Health

Care

Providers

&

Services

3.7%

Elevance

Health,

Inc.

7,633

3,969,160

McKesson

Corp.

11,276

5,575,080

Molina

Healthcare,

Inc.*

16,500

5,685,240

15,229,480

Hotels,

Restaurants

&

Leisure

6.5%

Airbnb,

Inc.,

Class

A*

40,800

5,173,848

Booking

Holdings,

Inc.

2,158

9,089,755

Domino's

Pizza,

Inc.(a)

8,153

3,506,931

Expedia

Group,

Inc.*

18,281

2,705,954

Hilton

Worldwide

Holdings,

Inc.

8,592

1,980,456

Wingstop,

Inc.

7,418

3,086,481

Wynn

Resorts

Ltd.(a)

10,200

977,976

26,521,401

Household

Durables

0.0%

†

SharkNinja,

Inc.

500

54,355

Household

Products

0.0%

†

Central

Garden

&

Pet

Co.,

Class

A*

1,240

38,936

Independent

Power

and

Renewable

Electricity

Producers

1.7%

Vistra

Corp.

57,582

6,825,770

Insurance

1.7%

Everest

Group

Ltd.

4,125

1,616,299

Kinsale

Capital

Group,

Inc.

1,769

823,593

Oscar

Health,

Inc.,

Class

A*

28,052

594,983

RLI

Corp.(a)

13,386

2,074,562

Selective

Insurance

Group,

Inc.

18,510

1,726,983

6,836,420

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

4.9%

Alphabet,

Inc.,

Class

C

45,394

7,589,423

Meta

Platforms,

Inc.,

Class

A

18,100

10,361,164

TripAdvisor,

Inc.*

116,359

1,686,042

Yelp,

Inc.,

Class

A*(a)

14,505

508,835

20,145,464

IT

Services

2.1%

DigitalOcean

Holdings,

Inc.*(a)

42,023

1,697,309

EPAM

Systems,

Inc.*

9,485

1,887,799

GoDaddy,

Inc.,

Class

A*

1,837

288,005

Twilio,

Inc.,

Class

A*

18,136

1,182,830

VeriSign,

Inc.*

17,932

3,406,363

8,462,306

Machinery

0.7%

Atmus

Filtration

Technologies,

Inc.

75,055

2,816,814

Media

0.1%

Trade

Desk,

Inc.

(The),

Class

A*

3,518

385,749

Paper

&

Forest

Products

1.0%

Louisiana-Pacific

Corp.

36,435

3,915,305

Pharmaceuticals

1.2%

Corcept

Therapeutics,

Inc.*(a)

57,045

2,640,043

Eli

Lilly

&

Co.

2,761

2,446,080

5,086,123

Professional

Services

1.7%

Insperity,

Inc.

22,102

1,944,976

KBR,

Inc.

68,212

4,442,648

TriNet

Group,

Inc.

4,460

432,486

6,820,110

Real

Estate

Management

&

Development

0.1%

Compass,

Inc.,

Class

A*

61,991

378,765

Semiconductors

&

Semiconductor

Equipment

5.8%

Broadcom,

Inc.

20,502

3,536,595

Monolithic

Power

Systems,

Inc.

5,391

4,983,980

NVIDIA

Corp.

66,298

8,051,229

Silicon

Laboratories,

Inc.*

1,339

154,748

Teradyne,

Inc.

38,518

5,158,716

Universal

Display

Corp.

10,228

2,146,857

24,032,125

Software

22.7%

Adobe,

Inc.*

15,420

7,984,167

Atlassian

Corp.,

Class

A*

22,172

3,521,135

Box,

Inc.,

Class

A*

80,592

2,637,776

Confluent,

Inc.,

Class

A*(a)

90,939

1,853,337

Crowdstrike

Holdings,

Inc.,

Class

A*(a)

15,681

4,398,050

DoubleVerify

Holdings,

Inc.*

5,875

98,935

Dropbox,

Inc.,

Class

A*(a)

205,437

5,224,263

Gitlab,

Inc.,

Class

A*(a)

18,109

933,338

Guidewire

Software,

Inc.*

12,354

2,260,041

Intuit,

Inc.

10,034

6,231,114

Manhattan

Associates,

Inc.*(a)

4,089

1,150,563

Microsoft

Corp.

91,123

39,210,227

Nutanix,

Inc.,

Class

A*

52,627

3,118,150

Procore

Technologies,

Inc.*

26,407

1,629,840

RingCentral,

Inc.,

Class

A*

30,223

955,953

Salesforce,

Inc.

11,769

3,221,293

Common

Stocks

Shares

Value

($)

Software

SentinelOne,

Inc.,

Class

A*(a)

73,448

1,756,876

Teradata

Corp.*

4,540

137,744

UiPath,

Inc.,

Class

A*(a)

100,118

1,281,510

Workday,

Inc.,

Class

A*

20,468

5,002,584

Workiva,

Inc.,

Class

A*

9,550

755,596

93,362,492

Specialty

Retail

1.3%

Williams-Sonoma,

Inc.(a)

34,190

5,296,715

Technology

Hardware,

Storage

&

Peripherals

10.4%

Apple,

Inc.

184,015

42,875,495

Textiles,

Apparel

&

Luxury

Goods

1.1%

Deckers

Outdoor

Corp.*

27,816

4,435,261

Trading

Companies

&

Distributors

0.1%

Herc

Holdings,

Inc.(a)

3,120

497,422

Total

Common

Stocks

(cost

$294,358,529)

396,141,916

Repurchase

Agreements

3.9%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,825,427,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$4,921,259.(b)

4,824,764

4,824,764

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,674,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,674,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$5,100,017.(b)

5,000,000

5,00

0,000

32

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,136,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$1,020,138.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$15,824,764)

15,824,764

Total

Investments

(cost

$310,183,293)

—

100.3%

411,966,680

Liabilities

in

excess

of

other

assets

—

(0.3)%

(1,403,774)

NET

ASSETS

—

100.0%

$

410,562,906

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$32,008,003,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,824,764

and

by

$16,687,811

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$32,512,575.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$15,824,764.

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

33

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2024

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Acushnet

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

8/29/2025

19,803

3,861

3,861

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

8/29/2025

13,690

3,697

3,697

Ally

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

7/31/2025

3,142

1,948

1,948

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

65,235

136,994

136,994

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

1,306

1,306

Amphenol

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

5,477

1,670

1,670

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

9/30/2025

18,471

8,081

8,081

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

54,713

285,055

285,055

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

1,634

1,634

Atlanta

Braves

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

49,438

25,708

25,708

Atmus

Filtration

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

44,090

6,614

6,614

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

18,228

18,228

Calix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

19,607

6,470

6,470

Choice

Hotels

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

6.46%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2025

17,234

42,568

42,568

Cintas

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

16,108

56,861

56,861

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

8,182

8,182

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

11,152

11,152

CONMED

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

11,041

29,148

29,148

Deckers

Outdoor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

726

22

22

34

-

Statement

of

Investments

-

September

30,

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

($)

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

8/29/2025

5,864

23,397

23,397

Eli

Lilly

&

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

276

2,249

2,249

Enphase

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

8/29/2025

20,461

40,513

40,513

Evolent

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

33,229

33,894

33,894

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

9/30/2025

25,532

108,256

108,256

Five9,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

29,352

734

734

Fortrea

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

31,535

5,046

5,046

Frontdoor,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

13,354

8,413

8,413

Geron

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

305,602

9,168

9,168

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

10/31/2025

6,719

33,394

33,394

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

52,744

91,247

91,247

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

5,359

1,447

1,447

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

10/31/2025

15,472

7,272

7,272

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

1,610

1,610

Lattice

Semiconductor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

43,633

19,635

19,635

Lennox

International,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

1,230

701

701

Leonardo

DRS,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

14,287

5,000

5,000

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

10/31/2025

5,123

3,842

3,842

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

10/31/2025

4,491

5,074

5,074

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

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

($)

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

5/30/2025

533

3,667

3,667

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

3,390

25,832

25,832

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

1,885

1,885

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

8.08%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

98,873

57,346

57,346

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

334,330

16,716

16,716

PAR

Technology

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.46%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

17,532

11,746

11,746

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

15,704

31,251

31,251

Popular,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

24,966

56,124

56,124

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

7/31/2025

11,105

16,880

16,880

Quaker

Chemical

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

4,757

14,414

14,414

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

3,763

3,763

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

8/29/2025

37,676

3,014

3,014

Selective

Insurance

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

10/31/2025

8,206

13,130

13,130

SharkNinja,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

8,401

22,767

22,767

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

10/31/2025

25,433

6,104

6,104

Super

Micro

Computer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.46%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2025

419

1,399

1,399

Tempur

Sealy

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

40,767

7,338

7,338

Tesla,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

2,816

3,295

3,295

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

22,011

3,826

3,826

36

-

Statement

of

Investments

-

September

30,

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

($)

Trade

Desk,

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

6/30/2025

21,854

4,371

4,371

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

10,017

10,017

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

8/29/2025

20,911

15,893

15,893

Universal

Display

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

10,367

45,718

45,718

Uranium

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

202,609

32,417

32,417

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

8/29/2025

7,116

7,397

7,397

WillScot

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

9/30/2025

56,659

54,960

54,960

Workday,

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

2,367

1,869

1,869

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

5/30/2025

10,558

1,795

1,795

–

–

Total

unrealized

appreciation

1,525,025

1,525,025

–

–

Advanced

Energy

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

12,123

(7,759)

(7,759)

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

9/30/2025

7,065

(8,972)

(8,972)

Agilysys,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

10,945

(10,945)

(10,945)

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

9/30/2025

9,535

(8,104)

(8,104)

Atlassian

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

6,976

(16,812)

(16,812)

Axos

Financial,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

26,919

(16,152)

(16,152)

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

(384)

(384)

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

9/30/2025

8,773

(22,021)

(22,021)

Blueprint

Medicines

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

12,562

(628)

(628)

Box,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

43,219

(864)

(864)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

8/29/2025

173

(90)

(90)

Builders

FirstSource,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

1,871

(730)

(730)

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

21,367

(24,145)

(24,145)

Casey's

General

Stores,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

5,532

(13,277)

(13,277)

Cavco

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

6,342

(22,704)

(22,704)

Central

Garden

&

Pet

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

1,234

(456)

(456)

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

7/31/2025

5,939

(7,067)

(7,067)

Cogent

Communications

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

26,003

(10,271)

(10,271)

Cohen

&

Steers,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

16,855

(4,214)

(4,214)

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

8/29/2025

33,694

(8,760)

(8,760)

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

10/31/2025

25,278

(8,847)

(8,847)

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

(3,872)

(3,872)

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

(26,605)

(26,605)

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

10/31/2025

17,040

(7,838)

(7,838)

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

(11,523)

(11,523)

Energizer

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

51,982

(42,106)

(42,106)

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

(956)

(956)

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

32,958

(71,189)

(71,189)

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

(512)

(512)

38

-

Statement

of

Investments

-

September

30,

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

($)

Expedia

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

2,921

(3,126)

(3,126)

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

11,705

(7,842)

(7,842)

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

8/29/2025

13,731

(17,438)

(17,438)

Hanesbrands,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

276,186

(19,333)

(19,333)

Hillenbrand,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

77,700

(13,711)

(13,711)

Hilton

Worldwide

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/30/2025

18,369

(68,149)

(68,149)

Howmet

Aerospace,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

20,962

(21,800)

(21,800)

Insmed,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

9,488

(4,934)

(4,934)

Integer

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

13,128

(53,825)

(53,825)

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

8,836

(2,934)

(2,934)

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

10/31/2025

5,814

(16,977)

(16,977)

Kratos

Defense

&

Security

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

7/31/2025

41,988

(420)

(420)

Lam

Research

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

5,787

(57,098)

(57,098)

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

10/31/2025

13,625

(10,627)

(10,627)

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

10/31/2025

136,215

(12,260)

(12,260)

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

9/30/2025

30,688

(34,678)

(34,678)

McDonald's

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

8,138

(20,264)

(20,264)

Merit

Medical

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

8,144

(9,366)

(9,366)

MGE

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

5/30/2025

24,487

(21,303)

(21,303)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

(4,818)

(4,818)

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

9/30/2025

5,116

(21,743)

(21,743)

NCR

Atleos

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

24,139

(5,069)

(5,069)

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

9/30/2025

4,791

(1,198)

(1,198)

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

10/31/2025

12,438

(8,210)

(8,210)

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

(18,409)

(18,409)

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

9/30/2025

10,041

(3,615)

(3,615)

Oracle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2025

14,264

(23,679)

(23,679)

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

9/30/2025

13,828

(89,052)

(89,052)

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

8/29/2025

20,237

(10,473)

(10,473)

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

10/31/2025

4,958

(4,251)

(4,251)

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

(6,461)

(6,461)

Progress

Software

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

37,330

(46,476)

(46,476)

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

(19,389)

(19,389)

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

10/31/2025

30,847

(1,851)

(1,851)

Rambus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

32,082

(3,208)

(3,208)

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

9/30/2025

11,770

(34,015)

(34,015)

Semtech

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

16,924

(11,677)

(11,677)

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

(4,246)

(4,246)

40

-

Statement

of

Investments

-

September

30,

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

($)

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

9/30/2025

24,229

(32,951)

(32,951)

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/29/2025

19,964

(14,973)

(14,973)

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

6/30/2025

4,319

(4,146)

(4,146)

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

8/29/2025

3,480

(2,332)

(2,332)

Starbucks

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

20,657

(2,685)

(2,685)

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

8/29/2025

25,636

(1,025)

(1,025)

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

5/30/2025

34,307

(343)

(343)

Trex

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

9/30/2025

25,602

(33,539)

(33,539)

Tyler

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

7/31/2025

4,204

(26,065)

(26,065)

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

5/30/2025

2,669

(6,786)

(6,786)

UWM

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

8/29/2025

94,997

(21,849)

(21,849)

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

10/31/2025

21,100

(23,843)

(23,843)

Vertex

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2025

1,751

(3,852)

(3,852)

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

(8,514)

(8,514)

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

8/29/2025

7,147

(18,297)

(18,297)

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

7/31/2025

3,184

(1,051)

(1,051)

Workiva,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

6,292

(8,557)

(8,557)

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

10/31/2025

6,630

(9,879)

(9,879)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

6/30/2025

57,795

(20,806)

(20,806)

–

–

Total

unrealized

depreciation

(1,313,221)

(1,313,221)

–

–

Net

unrealized

appreciation

211,804

211,804

Financing

Costs

of

Swap

Contracts

(116,360)

(116,360)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

95,444

95,444

OBFR

Overnight

Bank

Funding

Rate

42

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

43

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

396,141,916

$

–

$

–

$

396,141,916

Repurchase

Agreements

–

15,824,764

–

15,824,764

Total

Return

Swaps†

–

1,525,025

–

1,525,025

Total

Assets

$

396,141,916

$

17,349,789

$

–

$

413,491,705

Liabilities:

Total

Return

Swaps†

$

–

$

(1,429,581)

$

–

$

(1,429,581)

Total

Liabilities

$

–

$

(1,429,581)

$

–

$

(1,429,581)

Total

$

396,141,916

$

15,920,208

$

–

$

412,062,124

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

1,525,025

Total

$

1,525,025

44

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(1,429,581)

Total

$

(1,429,581)

†

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).

The

Statement

of

Investments

should

be

read

in

conjunction

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)

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

97

.6

%

Shares

Value

($)

Aerospace

&

Defense

2

.0

%

AeroVironment,

Inc.*(a)

3,041

609,720

Curtiss-Wright

Corp.

6,819

2,241,337

Loar

Holdings,

Inc.*

4,962

370,116

3,221,173

Automobile

Components

1

.9

%

Modine

Manufacturing

Co.*(a)

23,411

3,108,747

Biotechnology

6

.9

%

ADMA

Biologics,

Inc.*

35,333

706,307

Blueprint

Medicines

Corp.*(a)

10,849

1,003,532

Cytokinetics,

Inc.*(a)

7,996

422,189

Halozyme

Therapeutics,

Inc.*(a)

25,164

1,440,387

Insmed,

Inc.*

19,014

1,388,022

Krystal

Biotech,

Inc.*(a)

5,690

1,035,751

Merus

NV*

10,783

538,719

SpringWorks

Therapeutics,

Inc.*(a)

9,788

313,607

Twist

Bioscience

Corp.*(a)

27,911

1,261,019

Ultragenyx

Pharmaceutical,

Inc.*

12,841

713,318

Vaxcyte,

Inc.*(a)

8,941

1,021,688

Vericel

Corp.*

17,717

748,543

Viking

Therapeutics,

Inc.*(a)

8,807

557,571

11,150,653

Broadline

Retail

1

.3

%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

20,878

2,029,342

Building

Products

2

.1

%

AAON,

Inc.(a)

20,184

2,176,642

AZEK

Co.,

Inc.

(The),

Class

A*

27,542

1,288,966

3,465,608

Capital

Markets

7

.3

%

Cohen

&

Steers,

Inc.(a)

11,657

1,118,489

Evercore,

Inc.,

Class

A

13,994

3,545,240

Hamilton

Lane,

Inc.,

Class

A(a)

23,862

4,018,122

Piper

Sandler

Cos.

3,279

930,613

StepStone

Group,

Inc.,

Class

A

38,789

2,204,379

11,816,843

Chemicals

0

.8

%

Element

Solutions,

Inc.

46,615

1,266,063

Commercial

Services

&

Supplies

3

.7

%

Casella

Waste

Systems,

Inc.,

Class

A*

20,501

2,039,645

Clean

Harbors,

Inc.*

16,278

3,934,555

5,974,200

Communications

Equipment

0

.5

%

Lumentum

Holdings,

Inc.*(a)

12,655

802,074

Construction

&

Engineering

2

.5

%

Comfort

Systems

USA,

Inc.

10,279

4,012,408

Construction

Materials

0

.9

%

Eagle

Materials,

Inc.

5,163

1,485,137

Diversified

Consumer

Services

2

.0

%

Duolingo,

Inc.,

Class

A*(a)

11,422

3,221,232

Electronic

Equipment,

Instruments

&

Components

4

.3

%

Celestica,

Inc.*

25,527

1,304,940

Coherent

Corp.*(a)

27,125

2,411,684

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Fabrinet*

2,801

662,268

Itron,

Inc.*

12,214

1,304,577

Novanta,

Inc.*

6,754

1,208,426

6,891,895

Energy

Equipment

&

Services

1

.8

%

Archrock,

Inc.

32,611

660,047

TechnipFMC

plc

61,546

1,614,351

Tidewater,

Inc.*

9,985

716,823

2,991,221

Financial

Services

1

.8

%

Essent

Group

Ltd.

13,214

849,528

Mr.

Cooper

Group,

Inc.*

21,567

1,988,046

2,837,574

Food

Products

1

.2

%

Freshpet,

Inc.*

14,556

1,990,824

Health

Care

Equipment

&

Supplies

6

.3

%

Glaukos

Corp.*

15,886

2,069,628

Inspire

Medical

Systems,

Inc.*(a)

5,720

1,207,206

Integer

Holdings

Corp.*(a)

12,145

1,578,850

Lantheus

Holdings,

Inc.*

8,166

896,218

Merit

Medical

Systems,

Inc.*(a)

16,055

1,586,716

PROCEPT

BioRobotics

Corp.*

5,064

405,728

RxSight,

Inc.*

20,319

1,004,368

TransMedics

Group,

Inc.*

9,043

1,419,751

10,168,465

Health

Care

Providers

&

Services

6

.1

%

BrightSpring

Health

Services,

Inc.*(a)

34,752

510,159

Encompass

Health

Corp.

32,195

3,111,325

Guardant

Health,

Inc.*

12,243

280,855

HealthEquity,

Inc.*(a)

22,341

1,828,611

RadNet,

Inc.*(a)

27,001

1,873,599

Select

Medical

Holdings

Corp.

27,847

971,025

Surgery

Partners,

Inc.*(a)

37,858

1,220,542

9,796,116

Hotels,

Restaurants

&

Leisure

6

.2

%

Cava

Group,

Inc.*

10,782

1,335,351

Red

Rock

Resorts,

Inc.,

Class

A

14,982

815,620

Shake

Shack,

Inc.,

Class

A*

11,238

1,159,874

Sweetgreen,

Inc.,

Class

A*(a)

38,021

1,347,845

Texas

Roadhouse,

Inc.,

Class

A

12,862

2,271,429

Wingstop,

Inc.

7,455

3,101,876

10,031,995

Household

Durables

1

.3

%

Taylor

Morrison

Home

Corp.,

Class

A*

30,188

2,121,009

Industrial

REITs

0

.8

%

Terreno

Realty

Corp.(a)

20,140

1,345,956

Insurance

0

.4

%

Kinsale

Capital

Group,

Inc.

1,315

612,225

Life

Sciences

Tools

&

Services

0

.5

%

Repligen

Corp.*

5,594

832,499

46

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Invesco

Small

Cap

Growth

Fund

(formerly,

NVIT

Multi-Man-

ager

Small

Cap

Growth

Fund)

Common

Stocks

Shares

Value

($)

Machinery

5

.7

%

Crane

Co.

13,904

2,200,725

Esab

Corp.

14,488

1,540,219

Federal

Signal

Corp.

22,865

2,136,963

Flowserve

Corp.

15,514

801,919

SPX

Technologies,

Inc.*

15,979

2,548,011

9,227,837

Marine

Transportation

1

.0

%

Kirby

Corp.*

12,599

1,542,496

Metals

&

Mining

3

.6

%

ATI,

Inc.*(a)

36,053

2,412,306

Carpenter

Technology

Corp.(a)

21,215

3,385,490

5,797,796

Office

REITs

1

.2

%

Highwoods

Properties,

Inc.

35,362

1,184,981

SL

Green

Realty

Corp.(a)

10,872

756,800

1,941,781

Oil,

Gas

&

Consumable

Fuels

0

.4

%

Northern

Oil

&

Gas,

Inc.(a)

20,473

724,949

Personal

Care

Products

0

.6

%

BellRing

Brands,

Inc.*

15,221

924,219

Pharmaceuticals

0

.8

%

Intra-Cellular

Therapies,

Inc.*(a)

18,236

1,334,328

Professional

Services

1

.2

%

Parsons

Corp.*(a)

18,754

1,944,415

Semiconductors

&

Semiconductor

Equipment

7

.4

%

Astera

Labs,

Inc.*(a)

22,953

1,202,508

Impinj,

Inc.*(a)

8,281

1,793,002

MACOM

Technology

Solutions

Holdings,

Inc.*

20,664

2,299,077

Nova

Ltd.*(a)

11,934

2,486,329

Onto

Innovation,

Inc.*

10,061

2,088,261

SiTime

Corp.*(a)

12,176

2,088,306

11,957,483

Software

10

.9

%

Altair

Engineering,

Inc.,

Class

A*(a)

19,366

1,849,647

Appfolio,

Inc.,

Class

A*(a)

8,147

1,917,804

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

61,400

1,550,350

CyberArk

Software

Ltd.*(a)

9,306

2,713,723

Guidewire

Software,

Inc.*

13,047

2,386,818

Onestream,

Inc.,

Class

A*

10,499

355,916

Q2

Holdings,

Inc.*(a)

27,547

2,197,424

SentinelOne,

Inc.,

Class

A*(a)

40,764

975,075

SPS

Commerce,

Inc.*

8,799

1,708,502

Varonis

Systems,

Inc.,

Class

B*

35,807

2,023,095

17,678,354

Specialty

Retail

1

.4

%

Abercrombie

&

Fitch

Co.,

Class

A*

4,779

668,582

Boot

Barn

Holdings,

Inc.*(a)

9,055

1,514,720

2,183,302

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

0

.8

%

Applied

Industrial

Technologies,

Inc.

5,821

1,298,840

Total

Common

Stocks

(cost

$112,962,685)

157,729,059

Repurchase

Agreements

12

.0

%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$3,000,407,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$8,366,174,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$8,532,325.(b)

8,365,024

8,365,024

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

NVIT

Invesco

Small

Cap

Growth

Fund

(formerly,

NVIT

Multi-Manager

Small

Cap

Growth

Fund)

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

47

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$6,000,813,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$6,120,830.(b)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$19,365,024)

19,365,024

Total

Investments

(cost

$132,327,709)

—

109.6%

177,094,083

Liabilities

in

excess

of

other

assets

—

(9.6)%

(

15,503,841

)

NET

ASSETS

—

100.0%

$

161,590,242

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$48,348,016,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,365,024

and

by

$29,790,202

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$49,155,226.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$19,365,024.

REIT

Real

Estate

Investment

Trust

48

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Invesco

Small

Cap

Growth

Fund

(formerly,

NVIT

Multi-Man-

ager

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)

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

49

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

157,729,059

$

–

$

–

$

157,729,059

Repurchase

Agreements

–

19,365,024

–

19,365,024

Total

$

157,729,059

$

19,365,024

$

–

$

177,094,083

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

50

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

99

.0

%

Shares

Value

($)

Aerospace

&

Defense

0

.2

%

AerSale

Corp.*

800

4,040

Astronics

Corp.*(a)

2,008

39,116

V2X,

Inc.*

7,875

439,897

483,053

Air

Freight

&

Logistics

0

.0

%

†

Radiant

Logistics,

Inc.*(a)

2,728

17,541

Automobile

Components

3

.1

%

Adient

plc*(a)

18,528

418,177

American

Axle

&

Manufacturing

Holdings,

Inc.*

79,140

489,085

Cooper-Standard

Holdings,

Inc.*

2,250

31,207

Dana,

Inc.

60,280

636,557

Dorman

Products,

Inc.*

28,800

3,257,856

Goodyear

Tire

&

Rubber

Co.

(The)*

109,850

972,173

Phinia,

Inc.

14,981

689,575

Stoneridge,

Inc.*

14,556

162,882

6,657,512

Banks

9

.2

%

Amalgamated

Financial

Corp.

6,503

203,999

Amerant

Bancorp,

Inc.,

Class

A(a)

5,322

113,731

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

14,340

528,859

BankUnited,

Inc.

48,150

1,754,586

BCB

Bancorp,

Inc.

3,196

39,439

Berkshire

Hills

Bancorp,

Inc.

28,744

774,076

Byline

Bancorp,

Inc.(a)

4,874

130,477

Capital

Bancorp,

Inc.

2,375

61,061

Capital

City

Bank

Group,

Inc.

3,672

129,585

Central

Pacific

Financial

Corp.

11,316

333,935

Civista

Bancshares,

Inc.

1,300

23,166

Community

Trust

Bancorp,

Inc.

6,849

340,121

ConnectOne

Bancorp,

Inc.(a)

5,702

142,835

Cullen/Frost

Bankers,

Inc.(a)

2,675

299,225

Customers

Bancorp,

Inc.*

15,584

723,877

Eastern

Bankshares,

Inc.(a)

21,785

357,056

FB

Financial

Corp.

12,906

605,679

Financial

Institutions,

Inc.

6,112

155,673

First

Bancorp

85,666

1,813,549

First

Business

Financial

Services,

Inc.

764

34,831

First

Financial

Corp.(a)

5,964

261,521

First

Foundation,

Inc.(a)

68,474

427,278

First

Horizon

Corp.

7,799

121,118

First

Internet

Bancorp(a)

5,028

172,259

First

Savings

Financial

Group,

Inc.

421

10,024

Five

Star

Bancorp

189

5,619

FS

Bancorp,

Inc.

1,120

49,829

Great

Southern

Bancorp,

Inc.

(a)

959

54,960

Guaranty

Bancshares,

Inc.(a)

3,052

104,928

Hanmi

Financial

Corp.

15,595

290,067

HarborOne

Bancorp,

Inc.

23,385

303,537

HBT

Financial,

Inc.

3,264

71,416

Hilltop

Holdings,

Inc.

33,375

1,073,340

Home

Bancorp,

Inc.

843

37,581

Common

Stocks

Shares

Value

($)

Banks

HomeTrust

Bancshares,

Inc.

5,589

190,473

Independent

Bank

Corp.

7,307

243,688

Investar

Holding

Corp.(a)

257

4,986

Kearny

Financial

Corp.

36,195

248,660

Live

Oak

Bancshares,

Inc.

1,360

64,423

Mercantile

Bank

Corp.

1,860

81,319

Metropolitan

Bank

Holding

Corp.*

8,820

463,756

Midland

States

Bancorp,

Inc.

7,844

175,549

MVB

Financial

Corp.(a)

85

1,646

Northfield

Bancorp,

Inc.

26,211

304,048

Northrim

Bancorp,

Inc.

2,505

178,406

OFG

Bancorp(a)

31,207

1,401,818

Origin

Bancorp,

Inc.(a)

1,840

59,174

Peapack-Gladstone

Financial

Corp.

5,163

141,518

Preferred

Bank(a)

2,323

186,421

Primis

Financial

Corp.

5,970

72,715

QCR

Holdings,

Inc.

6,033

446,623

RBB

Bancorp

3,770

86,785

Red

River

Bancshares,

Inc.

100

5,200

Sierra

Bancorp

2,845

82,164

SmartFinancial,

Inc.

3,443

100,329

South

Plains

Financial,

Inc.

2,905

98,538

Southern

First

Bancshares,

Inc.*

2,685

91,505

Texas

Capital

Bancshares,

Inc.*

24,976

1,784,785

Third

Coast

Bancshares,

Inc.*

1,960

52,469

Towne

Bank

14,717

486,544

UMB

Financial

Corp.(a)

11,162

1,173,238

Veritex

Holdings,

Inc.

9,140

240,565

20,016,582

Biotechnology

2

.8

%

ACELYRIN,

Inc.*

63,045

310,812

Aldeyra

Therapeutics,

Inc.*

2,400

12,936

Arcturus

Therapeutics

Holdings,

Inc.*(a)

3,060

71,023

CareDx,

Inc.*

33,555

1,047,755

Coherus

Biosciences,

Inc.*(a)

11,140

11,585

Design

Therapeutics,

Inc.*(a)

4,800

25,824

Editas

Medicine,

Inc.*(a)

48,229

164,461

Enanta

Pharmaceuticals,

Inc.*

6,639

68,780

Entrada

Therapeutics,

Inc.*(a)

11,550

184,569

Fate

Therapeutics,

Inc.*(a)

102,155

357,542

Generation

Bio

Co.*

4,800

11,856

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

93,620

385,714

iTeos

Therapeutics,

Inc.*

21,499

219,505

Kodiak

Sciences,

Inc.*

24,484

63,903

MacroGenics,

Inc.*(a)

8,938

29,406

Mersana

Therapeutics,

Inc.*(a)

14,200

26,838

Organogenesis

Holdings,

Inc.,

Class

A*(a)

43,100

123,266

PMV

Pharmaceuticals,

Inc.*

8,632

12,862

Poseida

Therapeutics,

Inc.,

Class

A*

44,959

128,583

PTC

Therapeutics,

Inc.*

16,751

621,462

Pyxis

Oncology,

Inc.*(a)

6,300

23,121

REGENXBIO,

Inc.*(a)

7,832

82,158

Sage

Therapeutics,

Inc.*

36,263

261,819

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Biotechnology

Sutro

Biopharma,

Inc.*

51,817

179,287

Travere

Therapeutics,

Inc.*(a)

28,335

396,407

Vanda

Pharmaceuticals,

Inc.*(a)

78,115

366,359

Verve

Therapeutics,

Inc.*(a)

39,832

192,787

Vir

Biotechnology,

Inc.*

8,798

65,897

Zymeworks,

Inc.*(a)

42,850

537,767

5,984,284

Broadline

Retail

0

.9

%

1stdibs.com,

Inc.*(a)

8,623

38,027

Ollie's

Bargain

Outlet

Holdings,

Inc.*

20,600

2,002,320

2,040,347

Building

Products

4

.8

%

American

Woodmark

Corp.*

19,300

1,803,585

AZEK

Co.,

Inc.

(The),

Class

A*

51,000

2,386,800

CSW

Industrials,

Inc.(a)

8,100

2,967,759

Hayward

Holdings,

Inc.*

195,500

2,998,970

Insteel

Industries,

Inc.

6,520

202,707

Resideo

Technologies,

Inc.*

1,000

20,140

10,379,961

Capital

Markets

1

.9

%

Robinhood

Markets,

Inc.,

Class

A*

42,231

989,050

StoneX

Group,

Inc.*

8,462

692,869

Virtus

Investment

Partners,

Inc.

11,800

2,471,510

4,153,429

Chemicals

4

.7

%

AdvanSix,

Inc.(a)

1,060

32,203

American

Vanguard

Corp.

15,715

83,290

Ashland,

Inc.

27,300

2,374,281

Core

Molding

Technologies,

Inc.*

6,300

108,423

Ecovyst,

Inc.*(a)

57,802

395,944

Element

Solutions,

Inc.

174,900

4,750,284

Huntsman

Corp.

9,380

226,996

Koppers

Holdings,

Inc.

2,480

90,594

Kronos

Worldwide,

Inc.(a)

19,055

237,235

Origin

Materials,

Inc.*(a)

105,309

162,176

Quaker

Chemical

Corp.(a)

5,600

943,544

Rayonier

Advanced

Materials,

Inc.*

58,404

499,938

Scotts

Miracle-Gro

Co.

(The)

2,483

215,276

Valhi,

Inc.(a)

120

4,004

10,124,188

Commercial

Services

&

Supplies

2

.1

%

Enviri

Corp.*

42,459

439,026

Interface,

Inc.,

Class

A

25,759

488,648

Steelcase,

Inc.,

Class

A

57,458

775,108

UniFirst

Corp.

11,250

2,234,813

Vestis

Corp.(a)

36,881

549,527

4,487,122

Communications

Equipment

0

.3

%

Aviat

Networks,

Inc.*

111

2,401

NETGEAR,

Inc.*

26,832

538,250

Ribbon

Communications,

Inc.*(a)

41,120

133,640

674,291

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

2

.7

%

API

Group

Corp.*

94,100

3,107,182

Fluor

Corp.*

17,239

822,473

MasTec,

Inc.*(a)

3,228

397,367

Matrix

Service

Co.*

7,700

88,781

Primoris

Services

Corp.

2,292

133,119

Tutor

Perini

Corp.*

48,085

1,305,988

5,854,910

Consumer

Finance

2

.5

%

Bread

Financial

Holdings,

Inc.

31,367

1,492,442

EZCORP,

Inc.,

Class

A*(a)

2,112

23,676

Green

Dot

Corp.,

Class

A*

51,437

602,327

LendingTree,

Inc.*

8,581

497,956

Navient

Corp.

61,963

966,003

Oportun

Financial

Corp.*

5,900

16,579

PROG

Holdings,

Inc.

27,596

1,338,130

Regional

Management

Corp.

(a)

1,920

62,803

SLM

Corp.(a)

21,161

483,952

5,483,868

Consumer

Staples

Distribution

&

Retail

1

.6

%

Andersons,

Inc.

(The)

18,303

917,713

Grocery

Outlet

Holding

Corp.*(a)

117,700

2,065,635

Maplebear,

Inc.*

2,214

90,198

SpartanNash

Co.

19,396

434,664

United

Natural

Foods,

Inc.*

3,500

58,870

3,567,080

Containers

&

Packaging

0

.0

%

†

Pactiv

Evergreen,

Inc.(a)

1,500

17,265

Diversified

Consumer

Services

0

.1

%

American

Public

Education,

Inc.*(a)

5,278

77,850

Chegg,

Inc.*

44,932

79,530

157,380

Diversified

REITs

0

.1

%

Alpine

Income

Property

Trust,

Inc.

2,350

42,770

Armada

Hoffler

Properties,

Inc.

5,774

62,532

105,302

Diversified

Telecommunication

Services

0

.4

%

ATN

International,

Inc.

10,367

335,269

Bandwidth,

Inc.,

Class

A*

26,702

467,552

802,821

Electric

Utilities

0

.8

%

NRG

Energy,

Inc.

18,335

1,670,318

Electronic

Equipment,

Instruments

&

Components

2

.7

%

908

Devices,

Inc.*

2,600

9,022

ePlus,

Inc.*

50,100

4,926,834

FARO

Technologies,

Inc.*

16,368

313,284

Methode

Electronics,

Inc.

14,262

170,573

ScanSource,

Inc.*(a)

10,648

511,423

5,931,136

Energy

Equipment

&

Services

0

.7

%

Helix

Energy

Solutions

Group,

Inc.*(a)

24,452

271,417

Kodiak

Gas

Services,

Inc.

25,620

742,980

Newpark

Resources,

Inc.*

19,700

136,521

52

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Oil

States

International,

Inc.*

59,197

272,306

1,423,224

Entertainment

0

.4

%

Eventbrite,

Inc.,

Class

A*(a)

64,358

175,697

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

14,071

598,440

Playstudios,

Inc.*

15,740

23,767

Playtika

Holding

Corp.

10,682

84,602

882,506

Financial

Services

2

.1

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

2,080

67,579

Corebridge

Financial,

Inc.

13,030

379,955

Enact

Holdings,

Inc.

13,241

481,045

Jackson

Financial,

Inc.,

Class

A

28,404

2,591,297

Merchants

Bancorp(a)

6,550

294,488

Onity

Group,

Inc.*

1,734

55,384

Paysafe

Ltd.*(a)

31,853

714,463

4,584,211

Food

Products

1

.2

%

Dole

plc

37,920

617,717

Fresh

Del

Monte

Produce,

Inc.

6,629

195,820

Lancaster

Colony

Corp.

10,400

1,836,328

2,649,865

Gas

Utilities

0

.2

%

Northwest

Natural

Holding

Co.(a)

7,984

325,907

Southwest

Gas

Holdings,

Inc.

500

36,880

362,787

Ground

Transportation

2

.2

%

Covenant

Logistics

Group,

Inc.,

Class

A

7,734

408,665

Heartland

Express,

Inc.

26,938

330,799

Landstar

System,

Inc.

14,800

2,795,276

Lyft,

Inc.,

Class

A*

86,434

1,102,033

Ryder

System,

Inc.

1,175

171,315

4,808,088

Health

Care

Equipment

&

Supplies

2

.9

%

AngioDynamics,

Inc.*

48,785

379,547

Embecta

Corp.(a)

18,350

258,735

ICU

Medical,

Inc.*

24,600

4,482,612

Inogen,

Inc.*

24,800

240,560

Nevro

Corp.*(a)

48,300

269,997

OraSure

Technologies,

Inc.*

35,135

150,026

Varex

Imaging

Corp.*

16,950

202,044

Zimvie,

Inc.*

18,696

296,706

6,280,227

Health

Care

Providers

&

Services

6

.7

%

Addus

HomeCare

Corp.*

49,200

6,545,076

AMN

Healthcare

Services,

Inc.*(a)

53,000

2,246,670

Castle

Biosciences,

Inc.*

19,000

541,880

Cross

Country

Healthcare,

Inc.*(a)

39,100

525,504

DocGo,

Inc.*(a)

280,900

932,588

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Ensign

Group,

Inc.

(The)(a)

25,300

3,638,646

14,430,364

Health

Care

REITs

0

.2

%

CareTrust

REIT,

Inc.

4,860

149,980

Diversified

Healthcare

Trust

57,000

238,830

388,810

Health

Care

Technology

0

.1

%

Health

Catalyst,

Inc.*(a)

16,109

131,127

Veradigm,

Inc.*

7,219

70,025

201,152

Hotel

&

Resort

REITs

1

.7

%

Chatham

Lodging

Trust

15,812

134,718

Park

Hotels

&

Resorts,

Inc.

12,281

173,162

Pebblebrook

Hotel

Trust(a)

11,769

155,704

RLJ

Lodging

Trust

111,960

1,027,793

Sunstone

Hotel

Investors,

Inc.

93,541

965,343

Xenia

Hotels

&

Resorts,

Inc.

78,400

1,157,968

3,614,688

Hotels,

Restaurants

&

Leisure

1

.0

%

Wyndham

Hotels

&

Resorts,

Inc.(a)

28,600

2,234,804

Household

Durables

3

.8

%

Flexsteel

Industries,

Inc.

800

35,432

GoPro,

Inc.,

Class

A*

143,267

194,843

Green

Brick

Partners,

Inc.*

910

76,003

Hooker

Furnishings

Corp.

3,198

57,820

iRobot

Corp.*(a)

44,947

390,589

KB

Home(a)

28,676

2,457,246

Landsea

Homes

Corp.*

19,547

241,406

Lifetime

Brands,

Inc.(a)

1,000

6,540

Meritage

Homes

Corp.

5,333

1,093,638

Purple

Innovation,

Inc.,

Class

A*

698

690

Taylor

Morrison

Home

Corp.,

Class

A*

20,529

1,442,368

Traeger,

Inc.*

9,758

35,909

Tri

Pointe

Homes,

Inc.*

45,473

2,060,382

Universal

Electronics,

Inc.*

3,420

31,567

8,124,433

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Infinity

Bio-energy

Ltd.

Reg.

S*^∞

155,500

0

Insurance

5

.7

%

CNO

Financial

Group,

Inc.

35,392

1,242,259

Donegal

Group,

Inc.,

Class

A(a)

3,895

57,412

eHealth,

Inc.*

9,000

36,720

Employers

Holdings,

Inc.

16,815

806,616

Enstar

Group

Ltd.*

9,500

3,055,105

Fidelis

Insurance

Holdings

Ltd.

28,733

518,918

Genworth

Financial,

Inc.,

Class

A*

40,694

278,754

Hamilton

Insurance

Group

Ltd.,

Class

B*

17,300

334,582

Hippo

Holdings,

Inc.*(a)

6,186

104,420

Horace

Mann

Educators

Corp.

1,320

46,134

James

River

Group

Holdings

Ltd.

32,803

205,675

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Insurance

Mercury

General

Corp.

10,968

690,765

ProAssurance

Corp.*

30,730

462,179

Reinsurance

Group

of

America,

Inc.

5,551

1,209,396

RLI

Corp.

765

118,560

Safety

Insurance

Group,

Inc.

4,890

399,904

Selectquote,

Inc.*

24,564

53,304

Skyward

Specialty

Insurance

Group,

Inc.*

17,808

725,320

Stewart

Information

Services

Corp.(a)

1,400

104,636

United

Fire

Group,

Inc.

7,353

153,898

Universal

Insurance

Holdings,

Inc.

22,026

488,096

White

Mountains

Insurance

Group

Ltd.

760

1,289,112

12,381,765

Interactive

Media

&

Services

0

.3

%

fuboTV,

Inc.*(a)

60,100

85,342

Outbrain,

Inc.*

3,600

17,496

TripAdvisor,

Inc.*

5,038

73,001

TrueCar,

Inc.*

16,353

56,418

Vimeo,

Inc.*

100,891

509,499

741,756

IT

Services

0

.3

%

Brightcove,

Inc.*

1,600

3,456

Fastly,

Inc.,

Class

A*(a)

16,450

124,526

Kyndryl

Holdings,

Inc.*

2,617

60,139

Rackspace

Technology,

Inc.*(a)

82,300

201,635

Unisys

Corp.*

47,591

270,317

660,073

Leisure

Products

1

.2

%

American

Outdoor

Brands,

Inc.*

3,514

32,399

Clarus

Corp.

16,873

75,929

Funko,

Inc.,

Class

A*(a)

17,055

208,412

Johnson

Outdoors,

Inc.,

Class

A(a)

792

28,670

MasterCraft

Boat

Holdings,

Inc.*(a)

15,453

281,399

Solo

Brands,

Inc.,

Class

A*(a)

7,211

10,168

YETI

Holdings,

Inc.*

46,300

1,899,689

2,536,666

Life

Sciences

Tools

&

Services

0

.1

%

Codexis,

Inc.*

18,900

58,212

Cytek

Biosciences,

Inc.*(a)

18,978

105,138

Personalis,

Inc.*

4,800

25,824

Quantum-Si,

Inc.*(a)

40,119

35,393

Seer,

Inc.,

Class

A*(a)

13,700

26,989

251,556

Machinery

2

.4

%

Astec

Industries,

Inc.(a)

11,871

379,160

Hillman

Solutions

Corp.*

341,400

3,605,184

Manitowoc

Co.,

Inc.

(The)*

32,542

313,054

Mayville

Engineering

Co.,

Inc.*

8,851

186,579

Proto

Labs,

Inc.*

14,700

431,739

REV

Group,

Inc.

2,909

81,626

Shyft

Group,

Inc.

(The)

11,501

144,337

Common

Stocks

Shares

Value

($)

Machinery

Trinity

Industries,

Inc.(a)

4,184

145,771

5,287,450

Marine

Transportation

0

.2

%

Golden

Ocean

Group

Ltd.

28,250

377,985

Media

0

.4

%

Scholastic

Corp.

12,505

400,285

Stagwell,

Inc.,

Class

A*(a)

65,153

457,374

857,659

Metals

&

Mining

1

.8

%

Commercial

Metals

Co.

21,253

1,168,065

Olympic

Steel,

Inc.

7,454

290,706

Radius

Recycling,

Inc.,

Class

A

24,696

457,864

Ryerson

Holding

Corp.

25,444

506,590

SSR

Mining,

Inc.

92,397

524,815

SunCoke

Energy,

Inc.

74,948

650,548

Worthington

Steel,

Inc.

7,900

268,679

3,867,267

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.0

%

†

Angel

Oak

Mortgage

REIT,

Inc.

3,300

34,419

Granite

Point

Mortgage

Trust,

Inc.

13,652

43,277

77,696

Office

REITs

0

.8

%

Easterly

Government

Properties,

Inc.,

Class

A(a)

15,250

207,095

Equity

Commonwealth*

70,393

1,400,821

Orion

Office

REIT,

Inc.

44,900

179,600

1,787,516

Oil,

Gas

&

Consumable

Fuels

3

.2

%

Berry

Corp.

35,500

182,470

California

Resources

Corp.

16,098

844,662

CONSOL

Energy,

Inc.(a)

4,403

460,774

Delek

US

Holdings,

Inc.

28,440

533,250

Excelerate

Energy,

Inc.,

Class

A

6,950

152,970

Granite

Ridge

Resources,

Inc.

(a)

7,500

44,550

Gulfport

Energy

Corp.*(a)

1,993

301,641

PBF

Energy,

Inc.,

Class

A

23,661

732,308

Scorpio

Tankers,

Inc.

20,011

1,426,784

Teekay

Tankers

Ltd.,

Class

A

19,292

1,123,759

World

Kinect

Corp.(a)

39,586

1,223,603

7,026,771

Paper

&

Forest

Products

0

.4

%

Clearwater

Paper

Corp.*

5,640

160,966

Louisiana-Pacific

Corp.

6,231

669,583

830,549

Personal

Care

Products

1

.2

%

Honest

Co.,

Inc.

(The)*

1,841

6,572

Inter

Parfums,

Inc.(a)

18,400

2,382,432

Medifast,

Inc.*(a)

6,121

117,156

Nature's

Sunshine

Products,

Inc.*

4,838

65,894

2,572,054

Pharmaceuticals

0

.3

%

Atea

Pharmaceuticals,

Inc.*(a)

25,126

84,172

Biote

Corp.,

Class

A*

8,873

49,511

54

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Nektar

Therapeutics,

Class

A*(a)

108,696

141,305

Theravance

Biopharma,

Inc.*

32,829

264,602

539,590

Professional

Services

3

.8

%

Barrett

Business

Services,

Inc.

(a)

1,728

64,817

Conduent,

Inc.*

120,866

487,090

Heidrick

&

Struggles

International,

Inc.

8,227

319,701

IBEX

Holdings

Ltd.*

2,450

48,951

KBR,

Inc.

5,166

336,462

Kelly

Services,

Inc.,

Class

A

18,737

401,159

Mistras

Group,

Inc.*

8,300

94,371

Planet

Labs

PBC*(a)

95,100

212,073

Resources

Connection,

Inc.

35,391

343,293

Robert

Half,

Inc.

3,370

227,172

TrueBlue,

Inc.*(a)

29,879

235,745

Verra

Mobility

Corp.,

Class

A*(a)

195,000

5,422,950

8,193,784

Real

Estate

Management

&

Development

2

.7

%

Cushman

&

Wakefield

plc*(a)

264,300

3,602,409

Douglas

Elliman,

Inc.*

54,132

99,062

Forestar

Group,

Inc.*

16,155

522,937

Howard

Hughes

Holdings,

Inc.*

3,526

273,018

Newmark

Group,

Inc.,

Class

A

56,730

881,017

Opendoor

Technologies,

Inc.*(a)

74,116

148,232

RE/MAX

Holdings,

Inc.,

Class

A*

24,849

309,370

RMR

Group,

Inc.

(The),

Class

A

2,574

65,328

5,901,373

Retail

REITs

0

.7

%

InvenTrust

Properties

Corp.

32,506

922,195

Phillips

Edison

&

Co.,

Inc.

15,027

566,668

Whitestone

REIT

9,635

130,362

1,619,225

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Alpha

&

Omega

Semiconductor

Ltd.*(a)

12,370

459,175

Amkor

Technology,

Inc.

4,540

138,924

MaxLinear,

Inc.,

Class

A*(a)

14,400

208,512

SMART

Global

Holdings,

Inc.*(a)

28,093

588,548

1,395,159

Software

3

.5

%

Adeia,

Inc.(a)

7,252

86,371

American

Software,

Inc.,

Class

A(a)

15,866

177,541

Cerence,

Inc.*(a)

46,126

145,297

CS

Disco,

Inc.*(a)

12,800

75,264

Dropbox,

Inc.,

Class

A*(a)

38,121

969,417

E2open

Parent

Holdings,

Inc.*(a)

116,557

514,016

Meridianlink,

Inc.*(a)

137,889

2,836,377

Nutanix,

Inc.,

Class

A*

22,204

1,315,587

Common

Stocks

Shares

Value

($)

Software

Olo,

Inc.,

Class

A*

3,900

19,344

ON24,

Inc.*

6,308

38,605

Ooma,

Inc.*

6,600

75,174

SecureWorks

Corp.,

Class

A*

4,292

37,984

SentinelOne,

Inc.,

Class

A*(a)

4,988

119,313

Telos

Corp.*(a)

11,900

42,721

UiPath,

Inc.,

Class

A*(a)

53,168

680,550

Upland

Software,

Inc.*

26,365

65,649

Xperi,

Inc.*

31,282

289,046

7,488,256

Specialty

Retail

2

.5

%

1-800-Flowers.com,

Inc.,

Class

A*(a)

13,352

105,881

America's

Car-Mart,

Inc.*(a)

24,000

1,006,080

Designer

Brands,

Inc.,

Class

A(a)

15,818

116,737

Foot

Locker,

Inc.

34,179

883,185

Genesco,

Inc.*

15,793

429,096

Haverty

Furniture

Cos.,

Inc.

16,672

457,980

Lands'

End,

Inc.*(a)

12,050

208,103

Sleep

Number

Corp.*

18,258

334,487

Sonic

Automotive,

Inc.,

Class

A(a)

17,951

1,049,774

Stitch

Fix,

Inc.,

Class

A*

94,000

265,080

ThredUp,

Inc.,

Class

A*(a)

29,300

24,671

Tilly's,

Inc.,

Class

A*(a)

10,926

55,723

Zumiez,

Inc.*

24,954

531,520

5,468,317

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Corsair

Gaming,

Inc.*(a)

10,500

73,080

Turtle

Beach

Corp.*

2,620

40,191

113,271

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

Movado

Group,

Inc.

5,914

110,000

Superior

Group

of

Cos.,

Inc.

5,350

82,872

Unifi,

Inc.*

2,658

19,510

212,382

Trading

Companies

&

Distributors

2

.6

%

Beacon

Roofing

Supply,

Inc.*

28,500

2,463,255

Boise

Cascade

Co.

15,708

2,214,514

DNOW,

Inc.*

57,015

737,204

WESCO

International,

Inc.

658

110,531

5,525,504

Total

Common

Stocks

(cost

$174,576,986)

214,307,173

Rights

0

.0

%

†

Number

of

Rights

Biotechnology

0

.0

%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$6,109)

0

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Repurchase

Agreements

6

.7

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$6,000,813,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$6,120,000.(b)

6,000,000

6,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,603,264,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$4,694,684.(b)

4,602,631

4,602,631

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,000,539,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$4,080,014.(b)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$14,602,631)

14,602,631

Total

Investments

(cost

$189,185,726)

—

105.7%

228,909,804

Liabilities

in

excess

of

other

assets

—

(5.7)%

(

12,333,487

)

NET

ASSETS

—

100.0%

$

216,576,317

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$27,953,334,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,602,631

and

by

$14,134,406

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$28,737,037.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$14,602,631.

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

56

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

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

$

483,053

$

–

$

–

$

483,053

Air

Freight

&

Logistics

17,541

–

–

17,541

Automobile

Components

6,657,512

–

–

6,657,512

Banks

20,016,581

–

–

20,016,581

Biotechnology

5,984,284

–

–

5,984,284

Broadline

Retail

2,040,347

–

–

2,040,347

Building

Products

10,379,961

–

–

10,379,961

Capital

Markets

4,153,429

–

–

4,153,429

Chemicals

10,124,188

–

–

10,124,188

Commercial

Services

&

Supplies

4,487,122

–

–

4,487,122

Communications

Equipment

674,291

–

–

674,291

Construction

&

Engineering

5,854,910

–

–

5,854,910

Consumer

Finance

5,483,868

–

–

5,483,868

Consumer

Staples

Distribution

&

Retail

3,567,080

–

–

3,567,080

Containers

&

Packaging

17,265

–

–

17,265

Diversified

Consumer

Services

157,380

–

–

157,380

Diversified

REITs

105,302

–

–

105,302

Diversified

Telecommunication

Services

802,821

–

–

802,821

Electric

Utilities

1,670,319

–

–

1,670,319

Electronic

Equipment,

Instruments

&

Components

5,931,136

–

–

5,931,136

Energy

Equipment

&

Services

1,423,224

–

–

1,423,224

Entertainment

882,506

–

–

882,506

Financial

Services

4,584,211

–

–

4,584,211

Food

Products

2,649,865

–

–

2,649,865

Gas

Utilities

362,787

–

–

362,787

Ground

Transportation

4,808,088

–

–

4,808,088

Health

Care

Equipment

&

Supplies

6,280,227

–

–

6,280,227

Health

Care

Providers

&

Services

14,430,363

–

–

14,430,363

Health

Care

REITs

388,810

–

–

388,810

Health

Care

Technology

201,152

–

–

201,152

Hotel

&

Resort

REITs

3,614,688

–

–

3,614,688

Hotels,

Restaurants

&

Leisure

2,234,804

–

–

2,234,804

Household

Durables

8,124,433

–

–

8,124,433

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Insurance

12,381,765

–

–

12,381,765

Interactive

Media

&

Services

741,756

–

–

741,756

IT

Services

660,073

–

–

660,073

Leisure

Products

2,536,666

–

–

2,536,666

Life

Sciences

Tools

&

Services

251,556

–

–

251,556

Machinery

5,287,451

–

–

5,287,451

Marine

Transportation

377,985

–

–

377,985

Media

857,659

–

–

857,659

Metals

&

Mining

3,867,267

–

–

3,867,267

Mortgage

Real

Estate

Investment

Trusts

(REITs)

77,696

–

–

77,696

Office

REITs

1,787,516

–

–

1,787,516

Oil,

Gas

&

Consumable

Fuels

7,026,771

–

–

7,026,771

Paper

&

Forest

Products

830,549

–

–

830,549

Personal

Care

Products

2,572,054

–

–

2,572,054

Pharmaceuticals

539,590

–

–

539,590

Professional

Services

8,193,784

–

–

8,193,784

Real

Estate

Management

&

Development

5,901,373

–

–

5,901,373

Retail

REITs

1,619,225

–

–

1,619,225

Semiconductors

&

Semiconductor

Equipment

1,395,159

–

–

1,395,159

Software

7,488,256

–

–

7,488,256

Specialty

Retail

5,468,317

–

–

5,468,317

58

-

Statement

of

Investments

-

September

30,

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

113,271

$

–

$

–

$

113,271

Textiles,

Apparel

&

Luxury

Goods

212,382

–

–

212,382

Trading

Companies

&

Distributors

5,525,504

–

–

5,525,504

Total

Common

Stocks

$

214,307,173

$

–

$

–

$

214,307,173

Repurchase

Agreements

–

14,602,631

–

14,602,631

Rights

–

–

–

–

Total

$

214,307,173

$

14,602,631

$

–

$

228,909,804

As

of

September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

98.8%

Shares

Value

($)

AUSTRALIA

0.0%

†

Capital

Markets

0.0%

†

Aet

&

D

Holdings

No.

1

*^∞

106,305

0

BERMUDA

0.4%

Banks

0.2%

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

26,514

977,836

Insurance

0.2%

Hamilton

Insurance

Group

Ltd.,

Class

B

*

35,691

690,264

1,668,100

CANADA

1.1%

Electronic

Equipment,

Instruments

&

Components

0.3%

Celestica,

Inc.

*

21,991

1,124,180

Metals

&

Mining

0.2%

SSR

Mining,

Inc.

(a)

153,955

874,464

Oil,

Gas

&

Consumable

Fuels

0.6%

Teekay

Tankers

Ltd.,

Class

A

35,437

2,064,206

4,062,850

ISRAEL

0.6%

Semiconductors

&

Semiconductor

Equipment

0.6%

Nova

Ltd.

*(a)

10,466

2,180,486

MONACO

0.7%

Oil,

Gas

&

Consumable

Fuels

0.7%

Scorpio

Tankers,

Inc.

37,765

2,692,645

NETHERLANDS

0.1%

Biotechnology

0.1%

Merus

NV

*

9,434

471,323

NORWAY

0.3%

Marine

Transportation

0.3%

Golden

Ocean

Group

Ltd.

81,239

1,086,978

PUERTO

RICO

1.7%

Banks

1.7%

First

Bancorp

170,917

3,618,312

OFG

Bancorp

61,143

2,746,544

6,364,856

THAILAND

0.2%

Electronic

Equipment,

Instruments

&

Components

0.2%

Fabrinet

*

2,445

578,096

UNITED

KINGDOM

0.6%

Energy

Equipment

&

Services

0.3%

TechnipFMC

plc

54,621

1,432,709

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Infinity

Bio-energy

Ltd.

Reg.

S

*^∞

94,500

0

Insurance

0.3%

Fidelis

Insurance

Holdings

Ltd.

52,081

940,583

2,373,292

UNITED

STATES

93.1%

Aerospace

&

Defense

1.0%

AeroVironment,

Inc.

*(a)

2,689

539,145

AerSale

Corp.

*

3,400

17,170

Astronics

Corp.

*

2,250

43,830

Curtiss-Wright

Corp.

6,058

1,991,203

Loar

Holdings,

Inc.

*

4,506

336,103

Common

Stocks

Shares

Value

($)

UNITED

STATES

Aerospace

&

Defense

V2X,

Inc.

*

16,577

925,991

3,853,442

Air

Freight

&

Logistics

0.0%

†

Radiant

Logistics,

Inc.

*(a)

5,753

36,992

Automobile

Components

2.8%

Adient

plc

*(a)

49,598

1,119,427

American

Axle

&

Manufacturing

Holdings,

Inc.

*

140,630

869,093

Cooper-Standard

Holdings,

Inc.

*(a)

4,150

57,561

Dana,

Inc.

(a)

133,986

1,414,892

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)

190,014

1,681,624

Modine

Manufacturing

Co.

*(a)

20,727

2,752,338

Phinia

,

Inc.

45,385

2,089,072

Stoneridge,

Inc.

*

23,569

263,737

10,247,744

Banks

8.3%

1st

Source

Corp.

480

28,742

Amalgamated

Financial

Corp.

11,632

364,896

Amerant

Bancorp,

Inc.,

Class

A

7,692

164,378

BankUnited,

Inc.

87,931

3,204,206

Bankwell

Financial

Group,

Inc.

1,851

55,437

BCB

Bancorp,

Inc.

7,431

91,699

Berkshire

Hills

Bancorp,

Inc.

52,714

1,419,588

Byline

Bancorp,

Inc.

13,352

357,433

Capital

Bancorp,

Inc.

1,992

51,214

Capital

City

Bank

Group,

Inc.

6,687

235,984

Central

Pacific

Financial

Corp.

23,426

691,301

Civista

Bancshares,

Inc.

2,000

35,640

Community

Trust

Bancorp,

Inc.

12,640

627,702

ConnectOne

Bancorp,

Inc.

10,158

254,458

Cullen/Frost

Bankers,

Inc.

(a)

4,991

558,293

Customers

Bancorp,

Inc.

*(a)

37,272

1,731,284

Eastern

Bankshares

,

Inc.

(a)

34,394

563,718

FB

Financial

Corp.

22,565

1,058,975

Financial

Institutions,

Inc.

11,604

295,554

First

Financial

Corp.

(a)

9,106

399,298

First

Foundation,

Inc.

(a)

138,183

862,262

First

Horizon

Corp.

15,047

233,680

First

Internet

Bancorp

(a)

10,228

350,411

First

Savings

Financial

Group,

Inc.

1,238

29,477

Five

Star

Bancorp

(a)

6,039

179,539

FS

Bancorp,

Inc.

(a)

2,350

104,552

Great

Southern

Bancorp,

Inc.

(a)

2,833

162,359

Guaranty

Bancshares,

Inc.

(a)

3,415

117,408

Hanmi

Financial

Corp.

37,728

701,741

HarborOne

Bancorp,

Inc.

36,551

474,432

HBT

Financial,

Inc.

6,368

139,332

Hilltop

Holdings,

Inc.

61,777

1,986,748

Home

Bancorp,

Inc.

(a)

1,500

66,870

HomeTrust

Bancshares,

Inc.

11,387

388,069

Independent

Bank

Corp.

16,000

533,600

Kearny

Financial

Corp.

72,748

499,779

Live

Oak

Bancshares,

Inc.

4,271

202,317

Mercantile

Bank

Corp.

3,127

136,712

Metropolitan

Bank

Holding

Corp.

*

16,425

863,627

Midland

States

Bancorp,

Inc.

14,801

331,246

MVB

Financial

Corp.

963

18,644

60

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Northeast

Community

Bancorp,

Inc.

1,000

26,450

Northfield

Bancorp,

Inc.

51,292

594,987

Northrim

Bancorp,

Inc.

4,095

291,646

Origin

Bancorp,

Inc.

3,880

124,781

Peapack-Gladstone

Financial

Corp.

10,049

275,443

Preferred

Bank

(a)

3,386

271,727

Primis

Financial

Corp.

10,529

128,243

QCR

Holdings,

Inc.

13,607

1,007,326

RBB

Bancorp

(a)

10,692

246,130

Sierra

Bancorp

3,626

104,719

South

Plains

Financial,

Inc.

5,592

189,681

Southern

First

Bancshares,

Inc.

*

4,215

143,647

Texas

Capital

Bancshares,

Inc.

*

50,098

3,580,003

Third

Coast

Bancshares,

Inc.

*

3,342

89,465

Towne

Bank

22,114

731,089

UMB

Financial

Corp.

(a)

25,888

2,721,088

31,099,030

Biotechnology

5.3%

ACELYRIN,

Inc.

*

89,167

439,593

ADMA

Biologics,

Inc.

*

30,635

612,394

Aldeyra

Therapeutics,

Inc.

*

4,400

23,716

Arcturus

Therapeutics

Holdings,

Inc.

*(a)

5,340

123,941

Blueprint

Medicines

Corp.

*

9,534

881,895

CareDx

,

Inc.

*

60,171

1,878,840

Coherus

Biosciences,

Inc.

*(a)

15,600

16,224

Cytokinetics,

Inc.

*(a)

6,955

367,224

Design

Therapeutics,

Inc.

*(a)

9,114

49,033

Editas

Medicine,

Inc.

*(a)

48,636

165,849

Enanta

Pharmaceuticals,

Inc.

*

7,556

78,280

Entrada

Therapeutics,

Inc.

*(a)

20,950

334,781

Fate

Therapeutics,

Inc.

*(a)

177,900

622,650

Generation

Bio

Co.

*

8,916

22,023

Halozyme

Therapeutics,

Inc.

*

21,960

1,256,991

Insmed

,

Inc.

*

16,658

1,216,034

Ironwood

Pharmaceuticals,

Inc.,

Class

A

*

161,347

664,750

iTeos

Therapeutics,

Inc.

*(a)

39,855

406,920

Kodiak

Sciences,

Inc.

*

14,197

37,054

Krystal

Biotech,

Inc.

*(a)

4,979

906,327

MacroGenics

,

Inc.

*(a)

16,463

54,163

Mersana

Therapeutics,

Inc.

*(a)

25,735

48,639

Organogenesis

Holdings,

Inc.,

Class

A

*(a)

83,300

238,238

PMV

Pharmaceuticals,

Inc.

*

9,196

13,702

Poseida

Therapeutics,

Inc.,

Class

A

*

90,733

259,496

PTC

Therapeutics,

Inc.

*

32,614

1,209,979

Pyxis

Oncology,

Inc.

*(a)

21,700

79,639

REGENXBIO,

Inc.

*

9,816

102,970

Sage

Therapeutics,

Inc.

*

63,636

459,452

SpringWorks

Therapeutics,

Inc.

*(a)

8,477

271,603

Sutro

Biopharma,

Inc.

*(a)

97,977

339,000

Travere

Therapeutics,

Inc.

*(a)

31,249

437,174

Twist

Bioscience

Corp.

*(a)

23,979

1,083,371

Ultragenyx

Pharmaceutical,

Inc.

*

11,320

628,826

Vanda

Pharmaceuticals,

Inc.

*(a)

162,531

762,270

Vaxcyte

,

Inc.

*(a)

8,003

914,503

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Vericel

Corp.

*

15,277

645,453

Verve

Therapeutics,

Inc.

*(a)

90,483

437,938

Viking

Therapeutics,

Inc.

*(a)

7,700

487,487

Vir

Biotechnology,

Inc.

*

16,453

123,233

Zymeworks

,

Inc.

*

83,690

1,050,310

19,751,965

Broadline

Retail

0.5%

1stdibs.com,

Inc.

*

7,823

34,499

Ollie's

Bargain

Outlet

Holdings,

Inc.

*(a)

18,278

1,776,622

1,811,121

Building

Products

0.9%

AAON,

Inc.

(a)

17,634

1,901,650

AZEK

Co.,

Inc.

(The),

Class

A

*

23,674

1,107,943

Insteel

Industries,

Inc.

14,209

441,758

Resideo

Technologies,

Inc.

*

1,228

24,732

3,476,083

Capital

Markets

3.5%

Cohen

&

Steers,

Inc.

(a)

10,080

967,176

Evercore,

Inc.,

Class

A

12,579

3,186,764

Hamilton

Lane,

Inc.,

Class

A

(a)

20,749

3,493,924

Piper

Sandler

Cos.

2,904

824,184

Robinhood

Markets,

Inc.,

Class

A

*

77,448

1,813,832

StepStone

Group,

Inc.,

Class

A

33,466

1,901,873

StoneX

Group,

Inc.

*

12,273

1,004,913

13,192,666

Chemicals

1.2%

AdvanSix

,

Inc.

(a)

2,080

63,190

American

Vanguard

Corp.

(a)

29,912

158,534

Core

Molding

Technologies,

Inc.

*

10,889

187,400

Ecovyst

,

Inc.

*(a)

109,048

746,979

Element

Solutions,

Inc.

40,790

1,107,855

Huntsman

Corp.

17,400

421,080

Koppers

Holdings,

Inc.

4,620

168,769

Kronos

Worldwide,

Inc.

(a)

32,831

408,746

Origin

Materials,

Inc.

*(a)

186,875

287,788

Rayonier

Advanced

Materials,

Inc.

*

93,880

803,613

4,353,954

Commercial

Services

&

Supplies

2.7%

Casella

Waste

Systems,

Inc.,

Class

A

*

19,749

1,964,828

Clean

Harbors,

Inc.

*

14,453

3,493,435

Enviri

Corp.

*

78,371

810,356

Interface,

Inc.,

Class

A

49,972

947,969

Steelcase,

Inc.,

Class

A

119,178

1,607,711

Vestis

Corp.

(a)

72,237

1,076,331

9,900,630

Communications

Equipment

0.5%

Aviat

Networks,

Inc.

*

293

6,338

Lumentum

Holdings,

Inc.

*(a)

11,046

700,095

NETGEAR,

Inc.

*

49,301

988,978

Ribbon

Communications,

Inc.

*(a)

82,425

267,881

1,963,292

Construction

&

Engineering

2.3%

Comfort

Systems

USA,

Inc.

9,119

3,559,601

Fluor

Corp.

*

31,962

1,524,907

MasTec

,

Inc.

*(a)

5,848

719,889

Matrix

Service

Co.

*

15,384

177,378

Tutor

Perini

Corp.

*(a)

89,344

2,426,583

8,408,358

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

UNITED

STATES

Construction

Materials

0.4%

Eagle

Materials,

Inc.

(a)

4,548

1,308,232

Consumer

Finance

2.8%

Bread

Financial

Holdings,

Inc.

57,993

2,759,306

EZCORP,

Inc.,

Class

A

*

4,701

52,698

Green

Dot

Corp.,

Class

A

*

93,428

1,094,042

LendingTree,

Inc.

*

13,522

784,682

Navient

Corp.

(a)

107,462

1,675,333

Oportun

Financial

Corp.

*

11,318

31,804

PROG

Holdings,

Inc.

56,570

2,743,079

Regional

Management

Corp.

6,022

196,980

SLM

Corp.

(a)

39,412

901,352

10,239,276

Consumer

Staples

Distribution

&

Retail

0.8%

Andersons,

Inc.

(The)

(a)

34,256

1,717,596

Maplebear

,

Inc.

*

4,030

164,182

SpartanNash

Co.

36,468

817,248

United

Natural

Foods,

Inc.

*

7,500

126,150

2,825,176

Containers

&

Packaging

0.0%

†

Pactiv

Evergreen,

Inc.

(a)

2,050

23,596

Diversified

Consumer

Services

0.8%

American

Public

Education,

Inc.

*(a)

6,472

95,462

Chegg,

Inc.

*

85,784

151,838

Duolingo,

Inc.,

Class

A

*(a)

9,646

2,720,365

2,967,665

Diversified

REITs

0.1%

Alpine

Income

Property

Trust,

Inc.

6,800

123,760

Armada

Hoffler

Properties,

Inc.

12,118

131,238

254,998

Diversified

Telecommunication

Services

0.4%

ATN

International,

Inc.

17,865

577,754

Bandwidth,

Inc.,

Class

A

*

52,351

916,666

1,494,420

Electric

Utilities

0.9%

NRG

Energy,

Inc.

36,137

3,292,081

Electronic

Equipment,

Instruments

&

Components

1.6%

908

Devices,

Inc.

*(a)

4,700

16,309

Coherent

Corp.

*(a)

23,981

2,132,151

FARO

Technologies,

Inc.

*

34,109

652,846

Itron

,

Inc.

*

10,509

1,122,466

Methode

Electronics,

Inc.

17,795

212,828

Novanta

,

Inc.

*

5,915

1,058,312

ScanSource,

Inc.

*(a)

18,565

891,677

6,086,589

Energy

Equipment

&

Services

0.9%

Archrock

,

Inc.

28,058

567,894

Helix

Energy

Solutions

Group,

Inc.

*(a)

13,950

154,845

Kodiak

Gas

Services,

Inc.

45,714

1,325,706

Newpark

Resources,

Inc.

*

46,906

325,059

Oil

States

International,

Inc.

*

84,970

390,862

Tidewater,

Inc.

*

8,656

621,414

3,385,780

Entertainment

0.1%

Eventbrite,

Inc.,

Class

A

*(a)

64,619

176,410

Playstudios

,

Inc.

*

21,110

31,876

Playtika

Holding

Corp.

21,202

167,920

376,206

Common

Stocks

Shares

Value

($)

UNITED

STATES

Financial

Services

2.9%

Corebridge

Financial,

Inc.

23,834

694,999

Enact

Holdings,

Inc.

24,600

893,718

Essent

Group

Ltd.

11,639

748,271

Jackson

Financial,

Inc.,

Class

A

52,112

4,754,178

Merchants

Bancorp

(a)

9,852

442,946

Mr.

Cooper

Group,

Inc.

*

18,496

1,704,961

Onity

Group,

Inc.

*

4,648

148,457

Paysafe

Ltd.

*(a)

58,355

1,308,903

10,696,433

Food

Products

1.0%

Cal-Maine

Foods,

Inc.

16,914

1,265,844

Dole

plc

37,561

611,869

Fresh

Del

Monte

Produce,

Inc.

9,577

282,905

Freshpet

,

Inc.

*

12,615

1,725,353

3,885,971

Gas

Utilities

0.1%

Northwest

Natural

Holding

Co.

7,414

302,639

Ground

Transportation

1.1%

Covenant

Logistics

Group,

Inc.,

Class

A

21,360

1,128,662

Heartland

Express,

Inc.

61,771

758,548

Landstar

System,

Inc.

940

177,538

Lyft,

Inc.,

Class

A

*

159,082

2,028,295

Ryder

System,

Inc.

951

138,656

4,231,699

Health

Care

Equipment

&

Supplies

3.2%

AngioDynamics

,

Inc.

*

86,870

675,849

Embecta

Corp.

(a)

28,391

400,313

Glaukos

Corp.

*

13,617

1,774,023

Inogen

,

Inc.

*

47,221

458,044

Inspire

Medical

Systems,

Inc.

*(a)

4,916

1,037,522

Integer

Holdings

Corp.

*(a)

10,519

1,367,470

Lantheus

Holdings,

Inc.

*

7,145

784,164

Merit

Medical

Systems,

Inc.

*(a)

13,921

1,375,812

Nevro

Corp.

*(a)

86,513

483,608

OraSure

Technologies,

Inc.

*

70,852

302,538

PROCEPT

BioRobotics

Corp.

*(a)

4,376

350,605

RxSight

,

Inc.

*

17,654

872,637

TransMedics

Group,

Inc.

*

7,833

1,229,781

Varex

Imaging

Corp.

*

20,600

245,552

Zimvie

,

Inc.

*

35,627

565,400

11,923,318

Health

Care

Providers

&

Services

2.8%

BrightSpring

Health

Services,

Inc.

*(a)

30,636

449,736

Castle

Biosciences,

Inc.

*

36,300

1,035,276

Cross

Country

Healthcare,

Inc.

*(a)

65,934

886,153

Encompass

Health

Corp.

28,327

2,737,522

Guardant

Health,

Inc.

*

10,734

246,238

HealthEquity,

Inc.

*(a)

19,957

1,633,480

RadNet

,

Inc.

*(a)

23,433

1,626,016

Select

Medical

Holdings

Corp.

24,323

848,143

Surgery

Partners,

Inc.

*(a)

32,605

1,051,185

10,513,749

Health

Care

REITs

0.1%

Diversified

Healthcare

Trust

46,400

194,416

Health

Care

Technology

0.1%

Health

Catalyst,

Inc.

*

24,892

202,621

HealthStream,

Inc.

1,000

28,840

62

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Health

Care

Technology

Veradigm

,

Inc.

*(a)

16,752

162,494

393,955

Hotel

&

Resort

REITs

1.7%

Chatham

Lodging

Trust

32,407

276,108

RLJ

Lodging

Trust

220,335

2,022,675

Sunstone

Hotel

Investors,

Inc.

168,160

1,735,411

Xenia

Hotels

&

Resorts,

Inc.

149,855

2,213,358

6,247,552

Hotels,

Restaurants

&

Leisure

2.4%

Cava

Group,

Inc.

*

10,222

1,265,995

Red

Rock

Resorts,

Inc.,

Class

A

(a)

13,109

713,654

Shake

Shack,

Inc.,

Class

A

*

9,803

1,011,768

Sweetgreen,

Inc.,

Class

A

*(a)

32,746

1,160,846

Texas

Roadhouse,

Inc.,

Class

A

11,285

1,992,931

Wingstop

,

Inc.

6,469

2,691,621

8,836,815

Household

Durables

4.7%

Flexsteel

Industries,

Inc.

2,551

112,984

GoPro,

Inc.,

Class

A

*

281,212

382,448

Green

Brick

Partners,

Inc.

*(a)

4,050

338,256

Hooker

Furnishings

Corp.

5,453

98,590

iRobot

Corp.

*(a)

83,152

722,591

KB

Home

(a)

56,124

4,809,266

Landsea

Homes

Corp.

*

42,111

520,071

Lifetime

Brands,

Inc.

(a)

4,350

28,449

Meritage

Homes

Corp.

8,534

1,750,067

Purple

Innovation,

Inc.,

Class

A

*

2,786

2,755

Taylor

Morrison

Home

Corp.,

Class

A

*

66,939

4,703,134

Traeger,

Inc.

*

16,985

62,505

Tri

Pointe

Homes,

Inc.

*

82,535

3,739,661

Universal

Electronics,

Inc.

*(a)

4,475

41,304

17,312,081

Industrial

REITs

0.3%

Terreno

Realty

Corp.

(a)

17,514

1,170,461

Insurance

3.7%

CNO

Financial

Group,

Inc.

70,781

2,484,413

Donegal

Group,

Inc.,

Class

A

(a)

7,425

109,445

eHealth,

Inc.

*

13,643

55,663

Employers

Holdings,

Inc.

32,578

1,562,767

Genworth

Financial,

Inc.,

Class

A

*

124,202

850,784

Hippo

Holdings,

Inc.

*(a)

12,259

206,932

James

River

Group

Holdings

Ltd.

64,383

403,681

Kinsale

Capital

Group,

Inc.

1,142

531,681

Mercury

General

Corp.

14,802

932,230

ProAssurance

Corp.

*

59,500

894,880

Reinsurance

Group

of

America,

Inc.

10,733

2,338,399

Safety

Insurance

Group,

Inc.

5,340

436,705

Selectquote

,

Inc.

*

44,683

96,962

Skyward

Specialty

Insurance

Group,

Inc.

*

34,928

1,422,617

Stewart

Information

Services

Corp.

1,400

104,636

United

Fire

Group,

Inc.

15,979

334,440

Universal

Insurance

Holdings,

Inc.

43,041

953,789

13,720,024

Interactive

Media

&

Services

0.4%

fuboTV

,

Inc.

*(a)

109,100

154,922

Outbrain,

Inc.

*

7,962

38,695

TripAdvisor,

Inc.

*

14,750

213,728

Common

Stocks

Shares

Value

($)

UNITED

STATES

Interactive

Media

&

Services

TrueCar,

Inc.

*

56,490

194,891

Vimeo,

Inc.

*

178,031

899,056

1,501,292

IT

Services

0.3%

Brightcove,

Inc.

*

1,761

3,804

Fastly,

Inc.,

Class

A

*(a)

30,168

228,372

Rackspace

Technology,

Inc.

*(a)

142,904

350,115

Unisys

Corp.

*

86,648

492,160

1,074,451

Leisure

Products

0.3%

American

Outdoor

Brands,

Inc.

*

1,687

15,554

Clarus

Corp.

27,600

124,200

Funko,

Inc.,

Class

A

*

29,203

356,861

Johnson

Outdoors,

Inc.,

Class

A

(a)

3,380

122,356

MasterCraft

Boat

Holdings,

Inc.

*(a)

16,649

303,178

Solo

Brands,

Inc.,

Class

A

*(a)

13,458

18,976

941,125

Life

Sciences

Tools

&

Services

0.3%

Codexis,

Inc.

*

40,030

123,292

Cytek

Biosciences,

Inc.

*(a)

24,600

136,284

Personalis

,

Inc.

*

12,564

67,594

Quantum-Si,

Inc.

*

72,804

64,228

Repligen

Corp.

*(a)

4,883

726,688

Seer,

Inc.,

Class

A

*(a)

32,541

64,106

1,182,192

Machinery

3.1%

Astec

Industries,

Inc.

(a)

18,983

606,317

Crane

Co.

12,198

1,930,700

Esab

Corp.

(a)

12,572

1,336,529

Federal

Signal

Corp.

19,805

1,850,975

Flowserve

Corp.

13,402

692,749

Manitowoc

Co.,

Inc.

(The)

*

65,128

626,531

Mayville

Engineering

Co.,

Inc.

*

16,263

342,824

Proto

Labs,

Inc.

*

25,712

755,161

Shyft

Group,

Inc.

(The)

21,350

267,943

SPX

Technologies,

Inc.

*

14,031

2,237,384

Trinity

Industries,

Inc.

(a)

24,248

844,800

11,491,913

Marine

Transportation

0.4%

Kirby

Corp.

*

11,245

1,376,725

Media

0.4%

Scholastic

Corp.

25,289

809,501

Stagwell

,

Inc.,

Class

A

*(a)

113,498

796,756

1,606,257

Metals

&

Mining

3.2%

ATI,

Inc.

*

31,111

2,081,637

Carpenter

Technology

Corp.

(a)

18,123

2,892,069

Commercial

Metals

Co.

61,740

3,393,231

Olympic

Steel,

Inc.

14,164

552,396

Radius

Recycling,

Inc.,

Class

A

(a)

41,158

763,069

Ryerson

Holding

Corp.

(a)

50,008

995,659

SunCoke

Energy,

Inc.

118,434

1,028,007

Worthington

Steel,

Inc.

9,312

316,701

12,022,769

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Angel

Oak

Mortgage

REIT,

Inc.

7,521

78,444

Granite

Point

Mortgage

Trust,

Inc.

(a)

22,058

69,924

148,368

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

UNITED

STATES

Office

REITs

1.3%

Easterly

Government

Properties,

Inc.,

Class

A

(a)

23,350

317,093

Equity

Commonwealth

*

126,032

2,508,037

Highwoods

Properties,

Inc.

30,496

1,021,921

Orion

Office

REIT,

Inc.

(a)

83,861

335,444

SL

Green

Realty

Corp.

(a)

9,520

662,687

4,845,182

Oil,

Gas

&

Consumable

Fuels

2.4%

Berry

Corp.

55,837

287,002

California

Resources

Corp.

31,254

1,639,897

CONSOL

Energy,

Inc.

8,404

879,479

Delek

US

Holdings,

Inc.

55,998

1,049,963

DHT

Holdings,

Inc.

46,283

510,501

Excelerate

Energy,

Inc.,

Class

A

6,535

143,835

Granite

Ridge

Resources,

Inc.

(a)

13,500

80,190

Gulfport

Energy

Corp.

*

4,806

727,388

Northern

Oil

&

Gas,

Inc.

(a)

17,631

624,314

PBF

Energy,

Inc.,

Class

A

35,305

1,092,690

World

Kinect

Corp.

(a)

63,726

1,969,771

9,005,030

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.

*

7,394

211,025

Louisiana-Pacific

Corp.

11,506

1,236,435

1,447,460

Personal

Care

Products

0.3%

BellRing

Brands,

Inc.

*

13,295

807,272

Medifast

,

Inc.

*(a)

11,847

226,752

Nature's

Sunshine

Products,

Inc.

*

10,813

147,273

1,181,297

Pharmaceuticals

0.6%

Atea

Pharmaceuticals,

Inc.

*

58,879

197,245

Biote

Corp.,

Class

A

*

9,200

51,336

Intra-Cellular

Therapies,

Inc.

*

15,913

1,164,353

Nektar

Therapeutics,

Class

A

*(a)

165,735

215,456

Theravance

Biopharma,

Inc.

*

64,468

519,612

2,148,002

Professional

Services

1.6%

Conduent,

Inc.

*

204,491

824,099

Heidrick

&

Struggles

International,

Inc.

15,054

584,998

IBEX

Holdings

Ltd.

*

4,150

82,917

KBR,

Inc.

9,375

610,594

Kelly

Services,

Inc.,

Class

A

(a)

31,659

677,819

Mistras

Group,

Inc.

*

14,919

169,629

Parsons

Corp.

*(a)

16,901

1,752,295

Planet

Labs

PBC

*(a)

134,921

300,874

Resources

Connection,

Inc.

60,998

591,681

Robert

Half,

Inc.

639

43,075

TrueBlue,

Inc.

*

57,985

457,502

6,095,483

Real

Estate

Management

&

Development

1.1%

Douglas

Elliman,

Inc.

*

97,705

178,800

Forestar

Group,

Inc.

*

27,694

896,455

Howard

Hughes

Holdings,

Inc.

*

4,514

349,519

Newmark

Group,

Inc.,

Class

A

(a)

97,611

1,515,899

Opendoor

Technologies,

Inc.

*(a)

145,094

290,188

RE/MAX

Holdings,

Inc.,

Class

A

*

47,283

588,673

RMR

Group,

Inc.

(The),

Class

A

4,172

105,885

3,925,419

Retail

REITs

0.7%

InvenTrust

Properties

Corp.

61,635

1,748,585

Common

Stocks

Shares

Value

($)

UNITED

STATES

Retail

REITs

Phillips

Edison

&

Co.,

Inc.

12,809

483,027

Whitestone

REIT

16,850

227,981

2,459,593

Semiconductors

&

Semiconductor

Equipment

3.1%

Alpha

&

Omega

Semiconductor

Ltd.

*

22,025

817,568

Amkor

Technology,

Inc.

19,160

586,296

Astera

Labs,

Inc.

*(a)

20,035

1,049,634

Impinj

,

Inc.

*(a)

7,213

1,561,759

MACOM

Technology

Solutions

Holdings,

Inc.

*(a)

17,910

1,992,667

MaxLinear

,

Inc.,

Class

A

*(a)

26,700

386,616

Onto

Innovation,

Inc.

*

8,808

1,828,188

SiTime

Corp.

*(a)

10,618

1,821,093

SMART

Global

Holdings,

Inc.

*(a)

62,292

1,305,017

11,348,838

Software

6.5%

Adeia

,

Inc.

(a)

34,689

413,146

Altair

Engineering,

Inc.,

Class

A

*(a)

16,841

1,608,484

American

Software,

Inc.,

Class

A

(a)

20,524

229,664

Appfolio

,

Inc.,

Class

A

*(a)

7,163

1,686,170

Cerence

,

Inc.

*(a)

89,800

282,870

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

53,254

1,344,664

CS

Disco,

Inc.

*(a)

23,500

138,180

CyberArk

Software

Ltd.

*(a)

8,010

2,335,796

Dropbox,

Inc.,

Class

A

*(a)

68,812

1,749,889

E2open

Parent

Holdings,

Inc.

*(a)

219,979

970,107

Guidewire

Software,

Inc.

*

11,717

2,143,508

Meridianlink

,

Inc.

*(a)

32,112

660,544

Nutanix,

Inc.,

Class

A

*

40,555

2,402,884

Olo,

Inc.,

Class

A

*

7,000

34,720

ON24,

Inc.

*

11,933

73,030

Onestream

,

Inc.,

Class

A

*

9,316

315,812

Ooma

,

Inc.

*

11,400

129,846

Q2

Holdings,

Inc.

*

24,104

1,922,776

SecureWorks

Corp.,

Class

A

*

6,906

61,118

SentinelOne

,

Inc.,

Class

A

*(a)

45,038

1,077,309

SPS

Commerce,

Inc.

*

7,546

1,465,207

Telos

Corp.

*

47,026

168,823

UiPath,

Inc.,

Class

A

*(a)

66,458

850,662

Upland

Software,

Inc.

*

40,020

99,650

Varonis

Systems,

Inc.,

Class

B

*(a)

31,454

1,777,151

Xperi

,

Inc.

*

63,232

584,264

24,526,274

Specialty

Retail

2.7%

1-800-Flowers.com,

Inc.,

Class

A

*

1,239

9,825

Abercrombie

&

Fitch

Co.,

Class

A

*

4,202

587,860

Boot

Barn

Holdings,

Inc.

*(a)

7,898

1,321,177

Designer

Brands,

Inc.,

Class

A

(a)

32,089

236,817

Foot

Locker,

Inc.

73,522

1,899,808

Genesco,

Inc.

*

28,207

766,384

Haverty

Furniture

Cos.,

Inc.

(a)

30,209

829,841

Lands'

End,

Inc.

*(a)

20,907

361,064

Sleep

Number

Corp.

*(a)

33,590

615,369

Sonic

Automotive,

Inc.,

Class

A

(a)

32,524

1,902,005

Stitch

Fix,

Inc.,

Class

A

*

174,464

491,988

ThredUp

,

Inc.,

Class

A

*(a)

55,339

46,595

Tilly's,

Inc.,

Class

A

*(a)

19,986

101,929

64

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Specialty

Retail

Zumiez,

Inc.

*

44,450

946,785

10,117,447

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Corsair

Gaming,

Inc.

*(a)

19,400

135,024

Turtle

Beach

Corp.

*

1,079

16,552

151,576

Textiles,

Apparel

&

Luxury

Goods

0.1%

Movado

Group,

Inc.

9,885

183,861

Superior

Group

of

Cos.,

Inc.

12,746

197,436

Unifi,

Inc.

*

2,859

20,985

402,282

Trading

Companies

&

Distributors

2.0%

Applied

Industrial

Technologies,

Inc.

5,051

1,127,030

Boise

Cascade

Co.

29,895

4,214,596

DNOW,

Inc.

*

153,033

1,978,717

7,320,343

346,097,727

Total

Common

Stocks

(cost

$290,857,826)

367,576,353

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

9.0%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,136,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

BofA

Securities,

Inc.,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,136,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$6,028,583,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$6,120,000.(b)

6,000,000

6,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,322,796,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$2,368,926.(b)

2,322,476

2,322,476

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$2,007,513,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$2,040,001.(b)

2,000,000

2,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$15,002,021,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$15,300,051.(b)

15,000,000

15,000,000

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

65

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,000,542,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$4,080,553.(b)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$33,322,476)

33,322,476

Total

Investments

(cost

$324,192,377)

—

107.8%

400,898,829

Liabilities

in

excess

of

other

assets

—

(7.8)%

(28,920,306)

NET

ASSETS

—

100.0%

$

371,978,523

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$76,292,545,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$33,322,476

and

by

$44,447,529

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$77,770,005.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$33,322,476.

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

66

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

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

Company

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

67

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

3,853,442

$

–

$

–

$

3,853,442

Air

Freight

&

Logistics

36,992

–

–

36,992

Automobile

Components

10,247,744

–

–

10,247,744

Banks

38,441,724

–

–

38,441,724

Biotechnology

20,223,287

–

–

20,223,287

Broadline

Retail

1,811,121

–

–

1,811,121

Building

Products

3,476,083

–

–

3,476,083

Capital

Markets

13,192,666

–

–

13,192,666

Chemicals

4,353,954

–

–

4,353,954

Commercial

Services

&

Supplies

9,900,630

–

–

9,900,630

Communications

Equipment

1,963,292

–

–

1,963,292

Construction

&

Engineering

8,408,358

–

–

8,408,358

Construction

Materials

1,308,232

–

–

1,308,232

Consumer

Finance

10,239,276

–

–

10,239,276

Consumer

Staples

Distribution

&

Retail

2,825,176

–

–

2,825,176

Containers

&

Packaging

23,596

–

–

23,596

Diversified

Consumer

Services

2,967,665

–

–

2,967,665

Diversified

REITs

254,998

–

–

254,998

Diversified

Telecommunication

Services

1,494,420

–

–

1,494,420

Electric

Utilities

3,292,081

–

–

3,292,081

Electronic

Equipment,

Instruments

&

Components

7,788,865

–

–

7,788,865

Energy

Equipment

&

Services

4,818,489

–

–

4,818,489

Entertainment

376,206

–

–

376,206

Financial

Services

10,696,433

–

–

10,696,433

Food

Products

3,885,971

–

–

3,885,971

Gas

Utilities

302,639

–

–

302,639

Ground

Transportation

4,231,699

–

–

4,231,699

Health

Care

Equipment

&

Supplies

11,923,318

–

–

11,923,318

Health

Care

Providers

&

Services

10,513,749

–

–

10,513,749

Health

Care

REITs

194,416

–

–

194,416

Health

Care

Technology

393,955

–

–

393,955

Hotel

&

Resort

REITs

6,247,552

–

–

6,247,552

Hotels,

Restaurants

&

Leisure

8,836,815

–

–

8,836,815

Household

Durables

17,312,081

–

–

17,312,081

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Industrial

REITs

1,170,461

–

–

1,170,461

Insurance

15,350,871

–

–

15,350,871

Interactive

Media

&

Services

1,501,292

–

–

1,501,292

IT

Services

1,074,451

–

–

1,074,451

Leisure

Products

941,125

–

–

941,125

Life

Sciences

Tools

&

Services

1,182,192

–

–

1,182,192

Machinery

11,491,913

–

–

11,491,913

Marine

Transportation

2,463,703

–

–

2,463,703

Media

1,606,257

–

–

1,606,257

Metals

&

Mining

12,897,233

–

–

12,897,233

Mortgage

Real

Estate

Investment

Trusts

(REITs)

148,368

–

–

148,368

Office

REITs

4,845,182

–

–

4,845,182

Oil,

Gas

&

Consumable

Fuels

13,761,879

–

–

13,761,879

Paper

&

Forest

Products

1,447,460

–

–

1,447,460

Personal

Care

Products

1,181,297

–

–

1,181,297

Pharmaceuticals

2,148,002

–

–

2,148,002

Professional

Services

6,095,483

–

–

6,095,483

Real

Estate

Management

&

Development

3,925,419

–

–

3,925,419

Retail

REITs

2,459,593

–

–

2,459,593

Semiconductors

&

Semiconductor

Equipment

13,529,325

–

–

13,529,325

68

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

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:

Software

$

24,526,274

$

–

$

–

$

24,526,274

Specialty

Retail

10,117,447

–

–

10,117,447

Technology

Hardware,

Storage

&

Peripherals

151,576

–

–

151,576

Textiles,

Apparel

&

Luxury

Goods

402,282

–

–

402,282

Trading

Companies

&

Distributors

7,320,343

–

–

7,320,343

Total

Common

Stocks

$

367,576,353

$

–

$

–

$

367,576,353

Repurchase

Agreements

–

33,322,476

–

33,322,476

Rights

–

–

–

–

Total

$

367,576,353

$

33,322,476

$

–

$

400,898,829

As

of

September

30,

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.

NVIT

Real

Estate

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

98

.6

%

Shares

Value

($)

Diversified

REITs

7

.0

%

Broadstone

Net

Lease,

Inc.

121,835

2,308,773

Empire

State

Realty

Trust,

Inc.,

Class

A

489,446

5,423,062

Essential

Properties

Realty

Trust,

Inc.

253,434

8,654,771

16,386,606

Health

Care

Providers

&

Services

1

.2

%

Brookdale

Senior

Living,

Inc.*

430,427

2,922,599

Health

Care

REITs

12

.7

%

American

Healthcare

REIT,

Inc.

196,980

5,141,178

CareTrust

REIT,

Inc.

231,498

7,144,028

Welltower,

Inc.

134,047

17,162,038

29,447,244

Hotel

&

Resort

REITs

1

.0

%

Ryman

Hospitality

Properties,

Inc.

21,766

2,334,186

Hotels,

Restaurants

&

Leisure

2

.4

%

Hyatt

Hotels

Corp.,

Class

A

22,956

3,493,903

Marriott

International,

Inc.,

Class

A

8,257

2,052,690

5,546,593

Household

Durables

1

.2

%

Lennar

Corp.,

Class

A

14,559

2,729,521

Industrial

REITs

14

.0

%

EastGroup

Properties,

Inc.

16,480

3,078,794

Innovative

Industrial

Properties,

Inc.

25,534

3,436,876

Lineage,

Inc.

53,476

4,191,449

Plymouth

Industrial

REIT,

Inc.

97,897

2,212,472

Prologis,

Inc.

154,530

19,514,048

32,433,639

Office

REITs

5

.4

%

Cousins

Properties,

Inc.

117,963

3,477,549

Common

Stocks

Shares

Value

($)

Office

REITs

Douglas

Emmett,

Inc.

97,383

1,711,020

SL

Green

Realty

Corp.

105,828

7,366,687

12,555,256

Real

Estate

Management

&

Development

1

.6

%

CBRE

Group,

Inc.,

Class

A*

29,614

3,686,351

Residential

REITs

16

.0

%

American

Homes

4

Rent,

Class

A

142,140

5,456,755

AvalonBay

Communities,

Inc.

58,698

13,221,724

Centerspace

37,886

2,669,826

Essex

Property

Trust,

Inc.

39,006

11,523,153

Independence

Realty

Trust,

Inc.

203,258

4,166,789

37,038,247

Retail

REITs

12

.2

%

Acadia

Realty

Trust

204,163

4,793,747

Brixmor

Property

Group,

Inc.

209,343

5,832,296

Phillips

Edison

&

Co.,

Inc.

79,403

2,994,287

Simon

Property

Group,

Inc.

56,205

9,499,769

Tanger,

Inc.

156,331

5,187,063

28,307,162

Specialized

REITs

23

.9

%

CubeSmart

133,736

7,199,009

Digital

Realty

Trust,

Inc.

37,684

6,098,402

Equinix,

Inc.

22,062

19,582,893

Extra

Space

Storage,

Inc.

55,788

10,052,440

Iron

Mountain,

Inc.

57,156

6,791,847

Lamar

Advertising

Co.,

Class

A

17,184

2,295,782

VICI

Properties,

Inc.,

Class

A

100,860

3,359,647

55,380,020

Total

Investments

(cost

$162,628,030)

—

98.6%

228,767,424

Other

assets

in

excess

of

liabilities

—

1.4%

3,213,906

NET

ASSETS

—

100.0%

$

231,981,330

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

70

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Real

Estate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

228,767,424

$

–

$

–

$

228,767,424

Total

$

228,767,424

$

–

$

–

$

228,767,424

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

11

.1

%

Principal

Amount

($)

Value

($)

Airlines

0

.7

%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

246,000

232,058

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

1,727,658

1,568,859

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

161,364

159,904

1,960,821

Automobiles

5

.7

%

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

Series

2024-1A,

Class

B,

6.87%,

6/17/2030(a)

870,000

890,717

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

C,

6.48%,

6/20/2030(a)

540,000

556,852

Exeter

Automobile

Receivables

Trust

Series

2024-4A,

Class

D,

5.81%,

12/16/2030

1,570,000

1,605,986

Series

2024-4A,

Class

E,

7.65%,

2/17/2032(a)

1,480,000

1,509,154

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(a)

600,000

586,083

Series

2021-2,

Class

F,

4.19%,

2/15/2029(a)

490,000

475,815

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028(a)

1,640,000

1,591,591

GLS

Auto

Select

Receivables

Trust,

Series

2024-

1A,

Class

D,

6.43%,

1/15/2031(a)

1,650,000

1,711,685

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(a)

1,560,000

1,556,099

Series

2021-3,

Class

F,

3.69%,

2/26/2029(a)

1,000,000

991,583

Kinetic

Advantage

Master

Owner

Trust,

Series

2024-1A,

Class

A,

7.99%,

11/15/2027(a)(b)

1,780,000

1,785,846

Prestige

Auto

Receivables

Trust,

Series

2023-

1A,

Class

D,

6.33%,

4/16/2029(a)

1,374,000

1,400,573

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Santander

Drive

Auto

Receivables

Trust,

Series

2024-2,

Class

D,

6.28%,

8/15/2031

810,000

844,939

15,506,923

Equipment

Loans

&

Leases

0

.6

%

NMEF

Funding

LLC,

Series

2023-A,

Class

C,

8.04%,

6/17/2030(a)

750,000

784,651

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

E,

5.26%,

7/20/2032(a)

940,000

914,525

1,699,176

Financial

Services

1

.7

%

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

Series

2021-FL3,

Class

A,

6.28%,

8/15/2034(a)(b)

1,287,808

1,281,383

Series

2022-FL2,

Class

A,

6.95%,

5/15/2037(a)(b)

1,124,577

1,124,226

FS

Rialto

Issuer

LLC,

Series

2022-FL4,

Class

A,

7.24%,

1/19/2039(a)(b)

719,963

720,860

LoanCore

Issuer

Ltd.,

Series

2022-CRE7,

Class

A,

6.89%,

1/17/2037(a)(b)

1,542,455

1,538,624

4,665,093

Home

Equity

0

.0

%

†

CWABS

Asset-Backed

Certificates

Trust,

Series

2007-4,

Class

A2,

4.40%,

4/25/2047(b)

9

9

Other

2

.4

%

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

Series

2021-FL1,

Class

A,

6.18%,

12/15/2035(a)(b)

72,612

72,195

Series

2022-FL1,

Class

A,

6.79%,

1/15/2037(a)(b)

1,207,335

1,204,319

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

1,952,171

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,560,751

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

715,564

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

974,444

6,479,444

Total

Asset-Backed

Securities

(cost

$30,588,002)

30,311,466

2

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Collateralized

Mortgage

Obligations

10

.4

%

Principal

Amount

($)

Value

($)

A&D

Mortgage

Trust,

Series

2023-NQM4,

Class

B1,

8.10%,

9/25/2068(a)(b)

930,000

938,606

Bellemeade

Re

Ltd.,

Series

2021-3A,

Class

B1,

9.13%,

9/25/2031(a)(b)

2,100,000

2,119,613

Connecticut

Avenue

Securities

Trust,

Series

2023-R03,

Class

2M1,

7.78%,

4/25/2043(a)(b)

718,632

731,802

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/2054(a)

290,000

288,740

Eagle

RE

Ltd.,

Series

2023-

1,

Class

M1B,

9.23%,

9/26/2033(a)(b)

2,380,000

2,463,776

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

591,858

447,597

FHLMC

STACR

REMIC

Trust

Series

2020-HQA5,

Class

B2,

12.68%,

11/25/2050(a)

(b)

1,140,000

1,392,666

Series

2020-DNA6,

Class

B2,

10.93%,

12/25/2050(a)

(b)

2,115,000

2,398,962

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

16.39%,

10/25/2048(a)

(b)

2,800,000

3,563,852

Series

2019-DNA3,

Class

B2,

13.54%,

7/25/2049(a)(b)

1,360,000

1,557,200

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

80,702,987

890,840

FNMA

REMICS,

Series

2018-

42,

Class

SB,

IO,

0.81%,

6/25/2048(b)

3,149,072

417,714

GCAT

Trust,

Series

2021-

CM1,

Class

M1,

3.28%,

4/25/2065(a)(b)

805,000

699,142

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,728,662

294,614

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

862,039

130,390

Home

RE

Ltd.,

Series

2023-

1,

Class

M1B,

9.88%,

10/25/2033(a)(b)

570,000

593,506

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

26,325,606

319,098

JP

Morgan

Mortgage

Trust

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

44,690,645

283,182

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

49,755,822

315,104

MFA

Trust,

Series

2023-

RTL2,

Class

A1,

8.50%,

11/25/2028(a)(c)

718,000

737,973

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

PFP

Ltd.,

Series

2024-

11,

Class

A,

6.92%,

9/17/2039(a)(b)

570,000

570,359

Radnor

RE

Ltd.

Series

2023-1,

Class

M1A,

7.98%,

7/25/2033(a)(b)

1,930,000

1,951,135

Series

2023-1,

Class

M1B,

9.63%,

7/25/2033(a)(b)

510,000

531,631

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2024-RTL5,

Class

A1,

7.76%,

4/25/2030(a)(c)

430,000

436,754

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

15.89%,

2/25/2047(a)(b)

2,000,000

2,427,592

Towd

Point

Mortgage

Trust,

Series

2022-SJ1,

Class

B1,

5.25%,

3/25/2062(a)(b)

1,829,000

1,741,282

Verus

Securitization

Trust,

Series

2023-5,

Class

B2,

8.10%,

6/25/2068(a)(b)

340,000

338,695

Total

Collateralized

Mortgage

Obligations

(cost

$25,700,228)

28,581,825

Commercial

Mortgage-Backed

Securities

7

.1

%

BX

Trust,

Series

2021-

ARIA,

Class

D,

7.11%,

10/15/2036(a)(b)

1,700,000

1,685,125

Commercial

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.61%,

10/10/2048(b)

3,000,000

2,269,492

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

9.03%,

1/25/2051(a)(b)

1,275,000

1,294,311

Series

2021-MN3,

Class

M2,

9.28%,

11/25/2051(a)

(b)

1,615,000

1,635,675

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

7.31%,

10/15/2036(a)(b)

700,000

688,035

Series

2021-IP,

Class

E,

8.76%,

10/15/2036(a)(b)

300,000

296,648

HTL

Commercial

Mortgage

Trust,

Series

2024-

T53,

Class

D,

8.47%,

5/10/2039(a)(b)

990,000

1,031,834

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.48%,

6/15/2049(a)(b)

2,500,000

1,103,402

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.34%,

4/15/2048(a)(b)

2,000,000

1,220,694

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,728,824

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

715,000

499,912

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

14.14%,

10/25/2049(a)(b)

2,136,000

2,125,836

SLG

Office

Trust,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(a)

3,425,000

2,767,657

Total

Commercial

Mortgage-Backed

Securities

(cost

$22,130,732)

19,347,445

Common

Stocks

0

.5

%

Shares

Paper

&

Forest

Products

0

.2

%

Catalyst

Paper

Corp.

*^∞

344,368

422,195

Passenger

Airlines

0

.3

%

Grupo

Aeromexico

SAB

de

CV

*^∞

43,743

870,122

Total

Common

Stocks

(cost

$729,291)

1,292,317

Corporate

Bonds

60

.8

%

Principal

Amount

($)

Aerospace

&

Defense

0

.5

%

Boeing

Co.

(The)

,

6.86%,

5/1/2054(a)

920,000

1,009,801

7.01%,

5/1/2064(a)

415,000

457,238

1,467,039

Automobiles

0

.9

%

Hyundai

Capital

America

,

5.68%,

6/26/2028(a)

950,000

985,416

6.50%,

1/16/2029(a)(d)

690,000

740,208

6.20%,

9/21/2030(a)

770,000

830,442

2,556,066

Banks

11

.7

%

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

1,417,094

Banco

Santander

SA

,

5.44%,

7/15/2031

3,600,000

3,764,318

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.91%),

8.00%,

2/01/2034(e)(f)

600,000

637,413

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.54%),

7.38%,

9/10/2034(a)(d)(e)(f)

985,000

1,025,011

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

CaixaBank

SA

,

(SOFR

+

2.77%),

6.84%,

9/13/2034(a)(e)

1,280,000

1,428,235

(SOFR

+

2.26%),

6.04%,

6/15/2035(a)(d)(e)

200,000

212,557

Reg.

S,

(EUR

Swap

Annual

5

Year

+

3.86%),

3.63%,

9/14/2028(e)(f)

EUR

1,000,000

990,631

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(d)(e)

295,000

306,880

Comerica

Bank

,

(SOFR

+

2.61%),

5.33%,

8/25/2033(e)

989,000

951,393

ING

Groep

NV

,

(SOFR

+

1.44%),

5.34%,

3/19/2030(d)(e)

955,000

988,428

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

2,007,117

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

1,602,438

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.90%),

7.78%,

6/20/2054(a)(d)(e)

955,000

1,080,535

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.20%),

6.48%,

6/1/2034(d)(e)

755,000

794,498

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%),

8.13%,

11/10/2033(d)(e)(f)

595,000

649,105

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

1,362,482

Regions

Financial

Corp.

,

(SOFR

+

2.06%),

5.50%,

9/6/2035(e)

955,000

971,838

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.14%),

6.34%,

5/31/2035(e)

1,900,000

1,993,089

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(a)(e)

2,300,000

2,374,555

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.10%),

6.10%,

1/11/2035(a)(e)

803,000

863,899

4

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(d)(e)

1,360,000

1,333,682

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(e)

1,760,000

1,770,991

US

Bancorp

,

(SOFR

+

2.11%),

4.97%,

7/22/2033(d)(e)

1,240,000

1,237,563

(SOFR

+

2.09%),

5.85%,

10/21/2033(d)(e)

1,995,000

2,127,997

31,891,749

Capital

Markets

2

.3

%

Jefferies

Financial

Group,

Inc.

,

6.20%,

4/14/2034(d)

1,260,000

1,348,820

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

1,310,000

1,319,912

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(d)(e)

695,000

728,592

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%),

5.94%,

2/7/2039(d)(e)

375,000

393,732

Nomura

Holdings,

Inc.

,

5.78%,

7/3/2034(d)

425,000

446,503

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

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

1,890,000

2,021,055

6,258,614

Commercial

Services

&

Supplies

0

.4

%

Element

Fleet

Management

Corp.

,

6.32%,

12/4/2028(a)(d)

1,025,000

1,092,264

Consumer

Finance

4

.8

%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

1,090,000

983,724

Ally

Financial,

Inc.

,

(SOFR

+

3.26%),

6.99%,

6/13/2029(d)(e)

1,040,000

1,099,397

(SOFR

+

2.29%),

6.18%,

7/26/2035(d)(e)

1,050,000

1,074,615

American

Honda

Finance

Corp.

,

5.05%,

7/10/2031

972,000

1,000,497

Avolon

Holdings

Funding

Ltd.

,

6.38%,

5/4/2028(a)(d)

1,665,000

1,740,513

Capital

One

Financial

Corp.

,

(SOFR

+

2.60%),

5.82%,

2/1/2034(d)(e)

480,000

499,495

(SOFR

+

2.86%),

6.38%,

6/8/2034(e)

1,260,000

1,361,227

Ford

Motor

Credit

Co.

LLC

,

2.90%,

2/10/2029(d)

1,422,000

1,290,772

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.

,

6.40%,

1/9/2033(d)

2,340,000

2,495,190

Global

Aircraft

Leasing

Co.

Ltd.

,

8.75%,

9/1/2027(a)(d)

1,435,000

1,456,172

13,001,602

Consumer

Staples

Distribution

&

Retail

0

.4

%

Kroger

Co.

(The)

,

5.50%,

9/15/2054

550,000

553,522

5.65%,

9/15/2064

550,000

552,914

1,106,436

Diversified

Consumer

Services

0

.2

%

Champions

Financing,

Inc.

,

8.75%,

2/15/2029(a)(d)

620,000

631,504

Diversified

REITs

1

.0

%

Uniti

Group

LP

,

6.00%,

1/15/2030(a)

3,200,000

2,729,347

Diversified

Telecommunication

Services

1

.5

%

Altice

France

SA

,

5.13%,

7/15/2029(a)

835,000

587,187

Level

3

Financing,

Inc.

,

10.50%,

5/15/2030(a)

1,400,000

1,506,750

Total

Play

Telecomunicaciones

SA

de

CV

,

6.38%,

9/20/2028(a)

2,605,000

1,274,022

Windstream

Escrow

LLC

,

8.25%,

10/1/2031(a)

850,000

864,137

4,232,096

Electric

Utilities

1

.4

%

Alpha

Generation

LLC

,

6.75%,

10/15/2032(a)

300,000

304,229

ITC

Holdings

Corp.

,

5.65%,

5/9/2034(a)(d)

645,000

680,283

Light

Servicos

de

Eletricidade

SA

,

4.38%,

6/18/2026(a)(g)

1,730,000

1,038,000

PacifiCorp

,

5.45%,

2/15/2034(d)

1,330,000

1,382,357

Vistra

Operations

Co.

LLC

,

6.95%,

10/15/2033(a)

295,000

332,582

3,737,451

Electrical

Equipment

0

.4

%

Energizer

Gamma

Acquisition

BV

,

3.50%,

6/30/2029(a)

EUR

1,080,000

1,128,152

Electronic

Equipment,

Instruments

&

Components

0

.5

%

CDW

LLC

,

5.55%,

8/22/2034(d)

840,000

859,438

Flex

Ltd.

,

5.25%,

1/15/2032(d)

580,000

585,438

1,444,876

Energy

Equipment

&

Services

0

.3

%

Borr

IHC

Ltd.

,

10.00%,

11/15/2028(a)(d)

409,451

424,806

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

Borr

IHC

Ltd.,

10.38%,

11/15/2030(a)(d)

297,597

314,411

739,217

Financial

Services

6

.1

%

Alamo

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

8.39%),

12.99%,

6/7/2026(a)(e)

700,000

731,640

Series

A,

(T-BILL

1MO

+

6.00%),

6.00%,

6/7/2027(a)

(e)

500,000

516,200

Series

B,

(T-BILL

1MO

+

7.75%),

12.35%,

6/7/2027(a)(e)

250,000

258,700

Aquila

Re

I

Ltd.

,

Series

A-1,

(3

Month

Treasury

Bill

Rate

+

5.65%),

11.00%,

6/8/2026(a)(e)

450,000

465,705

Series

C-1,

(3

Month

Treasury

Bill

Rate

+

9.18%),

14.53%,

6/8/2026(a)(e)

450,000

478,710

Series

A-1,

(3

Month

Treasury

Bill

Rate

+

5.50%),

10.10%,

6/7/2027(a)(e)

250,000

254,225

Atlas

Capital

DAC

,

Series

A,

(SOFR

+

7.72%),

12.57%,

6/5/2026(a)(e)

450,000

459,495

Series

2024,

(SOFR

+

12.50%),

17.36%,

6/8/2027(a)(e)

250,000

271,775

Black

Kite

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.82%),

11.42%,

6/9/2025(a)(e)

450,000

464,850

Cape

Lookout

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

8.42%),

13.02%,

4/28/2026(a)(e)

450,000

469,575

Series

A,

(T-BILL

1MO

+

8.00%),

12.60%,

4/5/2027(a)(e)

250,000

255,000

Citrus

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.59%),

11.92%,

6/7/2026(a)(e)

450,000

469,980

Four

Lakes

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.46%),

11.06%,

1/7/2026(a)(e)

450,000

463,185

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

10.35%,

1/7/2027(a)(e)

250,000

254,825

Freedom

Mortgage

Holdings

LLC

,

9.25%,

2/1/2029(a)

845,000

878,332

9.13%,

5/15/2031(a)(d)

1,010,000

1,038,389

Herbie

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.00%),

10.60%,

1/7/2028(a)(e)

250,000

233,825

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

High

Point

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

10.35%,

1/6/2027(a)(e)

250,000

255,750

Hypatia

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

10.50%),

15.10%,

4/8/2026(a)(e)

450,000

469,980

Lightning

Re

,

Series

2023,

(3

Month

Treasury

Bill

Rate

+

11.00%),

15.60%,

3/31/2026(a)(e)

400,000

425,080

Locke

Tavern

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.78%),

9.38%,

4/9/2026(a)(e)

450,000

463,725

Long

Point

Re

IV

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

4.25%),

9.35%,

6/1/2026(a)(e)

450,000

457,200

Mayflower

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

4.50%,

1.56%

Cap,

0.56%

Floor),

4.50%,

7/8/2027(a)

(e)

250,000

258,050

Mona

Lisa

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

17.10%,

1/8/2026(a)(e)

450,000

474,480

Mystic

Re

IV

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

11.69%),

16.29%,

1/8/2025(a)(e)

450,000

453,915

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.17%),

13.77%,

1/8/2026(a)(e)

450,000

471,960

Series

A,

(3

Month

Treasury

Bill

Rate

+

12.00%),

16.60%,

1/8/2027(a)(e)

250,000

258,000

Nationwide

Building

Society

,

5.13%,

7/29/2029(a)

1,026,000

1,056,645

Palm

RE

Ltd.

,

Series

A,

(T-BILL

1MO

+

9.50%),

14.55%,

6/7/2027(a)(e)

250,000

260,650

Queen

Street

2023

RE

DAC

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.50%),

12.10%,

12/8/2025(a)(e)

450,000

462,690

Sanders

Re

III

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.41%),

8.01%,

4/7/2026(a)(e)

450,000

448,470

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.14%),

12.74%,

6/5/2026(a)(e)

450,000

478,125

(3

Month

Treasury

Bill

Rate

+

5.55%),

10.15%,

4/7/2027(a)(e)

450,000

467,055

6

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Sanders

Re

III

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

10.35%,

4/7/2028(a)(e)

250,000

259,125

Sussex

Capital

UK

Pcc

Ltd.

,

(3

Month

Treasury

Bill

Rate

+

8.36%),

12.96%,

1/8/2025(a)(e)

450,000

452,835

Topanga

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.05%),

9.65%,

1/8/2026(a)(e)

450,000

442,170

Ursa

Re

Ltd.

,

Series

Aa,

(3

Month

Treasury

Bill

Rate

+

5.50%),

10.10%,

12/6/2025(a)(e)

450,000

458,730

16,739,046

Food

Products

1

.0

%

Fiesta

Purchaser,

Inc.

,

9.63%,

9/15/2032(a)(d)

810,000

838,461

JBS

USA

Holding

Lux

Sarl

,

5.75%,

4/1/2033

469,000

485,922

6.50%,

12/1/2052

1,285,000

1,370,704

2,695,087

Gas

Utilities

0

.7

%

KeySpan

Gas

East

Corp.

,

5.99%,

3/6/2033(a)

1,770,000

1,855,763

Health

Care

Providers

&

Services

1

.1

%

CVS

Health

Corp.

,

5.55%,

6/1/2031(d)

1,190,000

1,241,338

US

Acute

Care

Solutions

LLC

,

9.75%,

5/15/2029(a)(d)

1,675,000

1,734,896

2,976,234

Health

Care

REITs

0

.7

%

MPT

Operating

Partnership

LP

,

3.50%,

3/15/2031(d)

2,550,000

1,862,218

Hotels,

Restaurants

&

Leisure

3

.3

%

Carnival

Corp.

,

5.75%,

1/15/2030(a)

EUR

1,060,000

1,259,078

Cruise

Yacht

Upper

HoldCo

Ltd.

,

11.88%,

7/5/2028

800,000

822,000

Darden

Restaurants,

Inc.

,

6.30%,

10/10/2033(d)

2,960,000

3,225,368

Genting

New

York

LLC

,

7.25%,

10/1/2029(a)

1,710,000

1,730,231

Las

Vegas

Sands

Corp.

,

6.00%,

8/15/2029

80,000

83,136

Marriott

International,

Inc.

,

5.30%,

5/15/2034(d)

1,025,000

1,056,194

5.35%,

3/15/2035

815,000

835,281

9,011,288

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0

.4

%

Lightning

Power

LLC

,

7.25%,

8/15/2032(a)

950,000

998,960

Industrial

REITs

0

.2

%

Americold

Realty

Operating

Partnership

LP

,

5.41%,

9/12/2034(d)

420,000

421,331

Insurance

6

.6

%

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%),

5.60%,

9/3/2054(a)(e)

2,000,000

2,062,524

Blue

Ridge

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

9.85%,

1/8/2027(a)(e)

250,000

255,625

Series

B,

(T-BILL

1MO

+

8.00%),

12.60%,

1/8/2027(a)(e)

250,000

257,200

Bonanza

RE

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

5.62%),

10.22%,

3/16/2025(a)(e)

250,000

248,250

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.45%),

13.05%,

1/8/2026(a)(e)

450,000

466,920

CNO

Financial

Group,

Inc.

,

6.45%,

6/15/2034(d)

1,685,000

1,781,242

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(e)

2,010,000

1,797,181

First

Coast

Re

IV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.52%),

9.52%,

4/7/2026(a)(e)

400,000

416,360

FloodSmart

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

17.15%),

21.75%,

3/11/2026(a)(e)

800,000

841,120

Series

A,

(3

Month

Treasury

Bill

Rate

+

14.00%),

18.60%,

3/12/2027(a)(e)

500,000

525,550

Gateway

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

13.96%),

18.56%,

2/24/2026(a)(e)

450,000

485,730

Series

AA,

(T-BILL

1MO

+

5.50%),

10.10%,

7/8/2027(a)(e)

250,000

257,150

Integrity

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.86%),

17.46%,

6/6/2025(a)(e)

400,000

427,280

Series

B,

(T-BILL

1MO

+

13.25%),

17.85%,

6/6/2026(a)(e)

250,000

262,875

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Kendall

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.25%),

11.36%,

4/30/2027(a)(e)

250,000

259,275

Series

B,

(3

Month

Treasury

Bill

Rate

+

7.75%),

12.35%,

4/30/2027(a)(e)

250,000

253,325

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

866,704

Marlon

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.00%),

11.59%,

6/7/2027(a)(e)

250,000

252,425

Merna

Reinsurance

II

Ltd.

,

Series

3,

(3

Month

Treasury

Bill

Rate

+

7.53%),

12.13%,

7/7/2025(a)(e)

250,000

259,825

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.75%),

12.35%,

7/7/2026(a)(e)

400,000

419,240

Series

B,

(3

Month

Treasury

Bill

Rate

+

10.25%),

14.85%,

7/7/2026(a)(e)

450,000

474,750

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.25%),

11.85%,

7/7/2027(a)(e)

250,000

260,975

Series

C,

(3

Month

Treasury

Bill

Rate

+

8.50%),

13.10%,

7/7/2027(a)(e)

250,000

262,025

Purple

Re

Ltd.

,

Series

A,

(T-BILL

1MO

+

9.00%),

13.60%,

6/7/2027(a)(e)

500,000

515,650

Residential

Reinsurance

2020

Ltd.

,

Series

3,

(3

Month

Treasury

Bill

Rate

+

8.13%),

12.73%,

12/6/2024(a)(e)

416,000

415,584

Residential

Reinsurance

2023

Ltd.

,

Series

5,

(3

Month

Treasury

Bill

Rate

+

5.92%),

10.52%,

12/6/2027(a)(e)

250,000

257,650

Series

3,

(T-BILL

1MO

+

8.42%),

13.02%,

12/6/2027(a)(e)

250,000

254,825

Solomon

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.52%),

10.12%,

6/8/2026(a)(e)

450,000

461,160

Titania

RE

Ltd.

,

Series

A,

(T-BILL

1MO

+

12.53%),

17.13%,

2/27/2026(a)(e)

450,000

480,465

Torrey

Pines

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.22%),

9.82%,

6/5/2026(a)(e)

450,000

459,180

Series

A,

(T-BILL

1MO

+

6.00%),

10.60%,

6/7/2027(a)(e)

250,000

257,950

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Vitality

Re

XII

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

7.35%,

1/7/2025(a)(e)

250,000

249,475

Vitality

Re

XIII

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

6.60%,

1/6/2026(a)(e)

450,000

447,390

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

7.35%,

1/6/2026(a)(e)

250,000

247,675

Vitality

Re

XIV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

8.10%,

1/5/2027(a)(e)

500,000

507,150

17,947,705

IT

Services

1

.0

%

Acuris

Finance

US,

Inc.

,

9.00%,

8/1/2029(a)

2,485,000

2,497,425

ION

Trading

Technologies

Sarl

,

9.50%,

5/30/2029(a)(d)

305,000

312,219

2,809,644

Media

1

.1

%

Charter

Communications

Operating

LLC

,

6.65%,

2/1/2034(d)

2,225,000

2,328,762

CSC

Holdings

LLC

,

11.75%,

1/31/2029(a)

415,000

401,135

4.63%,

12/1/2030(a)

775,000

393,307

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(g)

693,000

8,663

3,131,867

Metals

&

Mining

0

.6

%

Anglo

American

Capital

plc

,

6.00%,

4/5/2054(a)

430,000

450,233

Cleveland-Cliffs,

Inc.

,

7.00%,

3/15/2032(a)(d)

810,000

818,903

Galileo

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

7.00%),

11.60%,

1/8/2026(a)(e)

250,000

256,150

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.00%),

11.60%,

1/7/2028(a)(e)

250,000

257,650

1,782,936

Multi-Utilities

0

.5

%

Algonquin

Power

&

Utilities

Corp.

,

5.37%,

6/15/2026(c)(d)

95,000

96,148

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(d)(e)

1,330,000

1,242,724

1,338,872

8

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Office

REITs

1

.0

%

COPT

Defense

Properties

LP

,

2.90%,

12/1/2033(d)

3,150,000

2,638,054

Highwoods

Realty

LP

,

3.05%,

2/15/2030

79,000

71,092

2.60%,

2/1/2031(d)

83,000

70,717

2,779,863

Oil,

Gas

&

Consumable

Fuels

6

.5

%

Aker

BP

ASA

,

6.00%,

6/13/2033(a)

2,005,000

2,101,358

Delek

Logistics

Partners

LP

,

8.63%,

3/15/2029(a)

920,000

967,974

Enbridge,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

7.20%,

6/27/2054(e)

185,000

193,954

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.12%),

7.38%,

3/15/2055(e)

185,000

191,872

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.43%),

8.50%,

1/15/2084(d)(e)

990,000

1,107,313

Energy

Transfer

LP

,

6.55%,

12/1/2033

1,225,000

1,352,416

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

620,000

633,345

Enterprise

Products

Operating

LLC

,

5.55%,

2/16/2055(d)

940,000

971,031

Golar

LNG

Ltd.

,

7.00%,

10/20/2025(a)

688,751

695,645

Hilcorp

Energy

I

LP

,

6.88%,

5/15/2034(a)

1,930,000

1,922,832

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

822,563

703,883

Petroleos

Mexicanos

,

6.70%,

2/16/2032

2,047,000

1,835,220

Phillips

66

Co.

,

5.25%,

6/15/2031(d)

1,880,000

1,944,092

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.67%),

7.50%,

3/1/2055(a)(d)(e)

450,000

472,777

Summit

Midstream

Holdings

LLC

,

8.63%,

10/31/2029(a)

1,045,000

1,093,041

Tullow

Oil

plc

,

10.25%,

5/15/2026(a)

1,106,000

1,003,865

Wildfire

Intermediate

Holdings

LLC

,

7.50%,

10/15/2029(a)

565,000

555,990

17,746,608

Corporate

Bonds

Principal

Amount

($)

Value

($)

Passenger

Airlines

0

.9

%

ABRA

Global

Finance

,

6.00%,

3/2/2028(a)(h)

919,371

977,669

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)(d)

345,000

344,428

Grupo

Aeromexico

SAB

de

CV

,

8.50%,

3/17/2027(a)

1,115,000

1,126,722

2,448,819

Pharmaceuticals

0

.5

%

Royalty

Pharma

plc

,

5.40%,

9/2/2034

1,420,000

1,456,687

Tricida,

Inc.

,

3.50%,

5/15/2027^∞

2,520,000

0

1,456,687

Residential

REITs

0

.9

%

Sun

Communities

Operating

LP

,

5.70%,

1/15/2033

2,305,000

2,376,106

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Foundry

JV

Holdco

LLC

,

6.15%,

1/25/2032(a)

260,000

270,387

5.88%,

1/25/2034(a)

660,000

672,391

6.25%,

1/25/2035(a)

385,000

402,899

6.40%,

1/25/2038(a)(d)

260,000

273,779

1,619,456

Software

0

.4

%

Roper

Technologies,

Inc.

,

4.90%,

10/15/2034

1,165,000

1,173,163

Wireless

Telecommunication

Services

0

.4

%

Connect

Finco

SARL

,

9.00%,

9/15/2029(a)(d)

860,000

832,252

Kenbourne

Invest

SA

,

6.88%,

11/26/2024(a)(g)

290,000

176,900

1,009,152

Total

Corporate

Bonds

(cost

$163,830,216)

166,197,218

Foreign

Government

Securities

0

.8

%

SAUDI

ARABIA

0.3%

Kingdom

of

Saudi

Arabia,

5.75%,

1/16/2054(a)

980,000

998,380

UNITED

ARAB

EMIRATES

0.5%

UAE

INTERNATIONAL

GOVERNMENT

BOND,

4.86%,

7/2/2034(a)(d)

1,296,000

1,350,586

Total

Foreign

Government

Securities

(cost

$2,254,554)

2,348,966

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Loan

Participations

3

.2

%

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

0

.2

%

Amazon

Holdco,

Inc.

First

Lien

Term

Loan,

(TSFR12M

+

2.25%),

7.30%,

7/30/2031

(e)

630,000

627,637

0

Diversified

Consumer

Services

0

.6

%

Champions

Financing,

Inc.

First

Lien

Term

Loan,

(CME

Term

SOFR

3

Month

+

4.75%),

9.85%,

2/6/2029

(e)

1,600,000

1,536,000

0

Electric

Utilities

0

.3

%

Alpha

Generation

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

3.25%),

2.75%,

9/19/2031

(e)

840,000

839,849

0

Health

Care

Equipment

0

.2

%

Sotera

Health

Holdings

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

3.25%),

8.10%,

5/30/2031

(e)

527,919

525,939

0

IT

Services

0

.5

%

Fortress

Intermediate

3,

Inc.

First

Lien  Term

Loan,

(CME

Term

SOFR

1

Month

+

3.75%),

8.60%,

6/27/2031

(e)

1,368,000

1,364,580

0

Media

1

.4

%

Directv

Financing

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

5.25%),

10.21%,

8/2/2029

(e)

424,288

416,731

Radiate

Holdco

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

3.25%),

8.21%,

9/25/2026

(e)

1,638,663

1,401,515

Zegona

Holdco

Ltd.

First

Lien

Term

Loan,

(TSFR2M

+

4.25%),

9.40%,

7/10/2029

(e)

2,015,000

2,009,963

3,828,209

0

Total

Loan

Participations

(cost

$8,978,182)

8,722,214

Mortgage-Backed

Securities

10

.2

%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

10/25/2054

7,000,000

7,154,202

6.50%,

10/25/2054

7,000,000

7,216,252

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

5.50%,

10/25/2054

5,000,000

5,057,897

GNMA

TBA

6.00%,

10/15/2054

4,100,000

4,169,463

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

TBA

6.50%,

10/15/2054

4,100,000

4,194,854

Total

Mortgage-Backed

Securities

(cost

$27,822,125)

27,792,668

Supranational

0

.3

%

International

Bank

for

Reconstruction

&

Development(e)

(SOFR

+

4.22%),

9.06%,

4/24/2028(a)(e)

250,000

253,825

(SOFR

+

12.22%),

17.05%,

4/24/2028(a)(e)

250,000

252,225

(SOFR

+

13.72%),

18.56%,

4/24/2028(a)(e)

250,000

261,850

Total

Supranational

(cost

$750,000)

767,900

Warrants

0

.0

%

†

Number

of

Warrants

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026

*

35,000

12,868

Total

Warrants

(cost

$0)

12,868

Repurchase

Agreements

8

.5

%

Principal

Amount

($)

Bank

of

America

NA

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,678,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$5,100,000.

(i)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,000,138,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$1,020,000.

(i)

1,000,000

1,000,000

10

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,329,196,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$1,355,594.

(i)

1,329,013

1,329,013

CF

Secured,

LLC

4.90%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,272,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

3/1/2030

-

8/20/2074;

total

market

value

$2,040,278.

(i)

2,000,000

2,000,000

Citi

Global

Market,

Inc.

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$12,001,617,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$12,240,000.

(i)

12,000,000

12,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$2,009,392,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$2,040,001.

(i)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$23,329,013)

23,329,013

Total

Investments

(cost

$306,112,343)

—

112.9%

308,703,900

Liabilities

in

excess

of

other

assets

—

(12.9)%

(

35,170,544

)

NET

ASSETS

—

100.0%

$

273,533,356

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$172,002,187

which

represents

62.88%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$37,687,696,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$23,329,013

and

by

$15,767,027

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/24/2024

–

5/15/2054,

a

total

value

of

$39,096,040.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

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)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$23,329,013.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Currency:

EUR

Euro

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

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

($)

Darden

Restaurants,

Inc.

1.00

Quarterly

6/20/2029

0.39

USD

533,898

(11,312)

(3,160)

(14,472)

Markit

CDX

North

American

High

Yield

Index

Series

43-V1

5.00

Quarterly

12/20/2029

3.07

USD

93,000,000

(6,746,507)

(145,623)

(6,892,130)

(6,757,819)

(148,783)

(6,906,602)

As

of

September

30,

2024,

the

Fund

had

$4,648,028

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

3,312,724

EUR

2,970,931

Morgan

Stanley

Co.,

Inc.

10/23/2024

2,512

USD

503,703

MXN

9,845,834

Morgan

Stanley

Co.,

Inc.

12/20/2024

9,836

Total

unrealized

appreciation

12,348

Net

unrealized

appreciation

12,348

Currency:

EUR

Euro

MXN

Mexican

peso

USD

United

States

dollar

12

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

61

12/2024

USD

12,702,774

16,425

U.S.

Treasury

10

Year

Note

6

12/2024

USD

685,688

(2,639)

U.S.

Treasury

Long

Bond

17

12/2024

USD

2,111,188

(1,884)

Total

long

contracts

11,902

Short

Contracts

Euro-Bobl

(

12

)

12/2024

EUR

(1,603,604)

(16,905)

Euro-Bund

(

29

)

12/2024

EUR

(4,355,400)

(59,132)

U.S.

Treasury

5

Year

Note

(

440

)

12/2024

USD

(48,348,438)

(46,796)

U.S.

Treasury

10

Year

Ultra

Note

(

507

)

12/2024

USD

(59,976,516)

(2,228)

U.S.

Treasury

Ultra

Bond

(

73

)

12/2024

USD

(9,715,844)

75,097

Total

short

contracts

(49,964)

Net

contracts

(38,062)

As

of

September

30,

2024,

the

Fund

had

$2,366,537

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

$

–

$

30,311,466

$

–

$

30,311,466

Collateralized

Mortgage

Obligations

–

28,581,825

–

28,581,825

Commercial

Mortgage-Backed

Securities

–

19,347,445

–

19,347,445

Common

Stocks

–

–

1,292,317

1,292,317

Corporate

Bonds

Aerospace

&

Defense

–

1,467,039

–

1,467,039

Automobiles

–

2,556,066

–

2,556,066

Banks

–

31,891,750

–

31,891,750

Capital

Markets

–

6,258,614

–

6,258,614

Commercial

Services

&

Supplies

–

1,092,264

–

1,092,264

Consumer

Finance

–

13,001,602

–

13,001,602

Consumer

Staples

Distribution

&

Retail

–

1,106,436

–

1,106,436

Diversified

Consumer

Services

–

631,503

–

631,503

Diversified

REITs

–

2,729,347

–

2,729,347

Diversified

Telecommunication

Services

–

4,232,096

–

4,232,096

Electric

Utilities

–

3,737,451

–

3,737,451

Electrical

Equipment

–

1,128,152

–

1,128,152

Electronic

Equipment,

Instruments

&

Components

–

1,444,876

–

1,444,876

Energy

Equipment

&

Services

–

739,217

–

739,217

Financial

Services

–

16,739,046

–

16,739,046

Food

Products

–

2,695,087

–

2,695,087

Gas

Utilities

–

1,855,763

–

1,855,763

Health

Care

Providers

&

Services

–

2,976,234

–

2,976,234

Health

Care

REITs

–

1,862,218

–

1,862,218

Hotels,

Restaurants

&

Leisure

–

9,011,288

–

9,011,288

Independent

Power

and

Renewable

Electricity

Producers

–

998,960

–

998,960

Industrial

REITs

–

421,331

–

421,331

Insurance

–

17,947,705

–

17,947,705

IT

Services

–

2,809,644

–

2,809,644

Media

–

3,131,867

–

3,131,867

Metals

&

Mining

–

1,782,936

–

1,782,936

Multi-Utilities

–

1,338,872

–

1,338,872

Office

REITs

–

2,779,863

–

2,779,863

Oil,

Gas

&

Consumable

Fuels

–

17,746,609

–

17,746,609

Passenger

Airlines

–

2,448,818

–

2,448,818

Pharmaceuticals

–

1,456,687

–

1,456,687

Residential

REITs

–

2,376,106

–

2,376,106

Semiconductors

&

Semiconductor

Equipment

–

1,619,456

–

1,619,456

Software

–

1,173,163

–

1,173,163

Wireless

Telecommunication

Services

–

1,009,152

–

1,009,152

Total

Corporate

Bonds

$

–

$

166,197,218

$

–

$

166,197,218

Foreign

Government

Securities

–

2,348,966

–

2,348,966

Forward

Foreign

Currency

Contracts

–

12,348

–

12,348

Futures

Contracts

91,522

–

–

91,522

Loan

Participations

–

8,722,214

–

8,722,214

Mortgage-Backed

Securities

–

27,792,668

–

27,792,668

Repurchase

Agreements

–

23,329,013

–

23,329,013

Supranational

–

767,900

–

767,900

Warrants

12,868

–

–

12,868

Total

Assets

$

104,390

$

307,411,063

$

1,292,317

$

308,807,770

Liabilities:

Credit

Default

Swaps†

$

–

$

(

148,783

)

$

–

$

(

148,783

)

Futures

Contracts

(

129,584

)

–

–

(

129,584

)

Total

Liabilities

$

(

129,584

)

$

(

148,783

)

$

–

$

(

278,367

)

Total

$

(

25,194

)

$

307,262,280

$

1,292,317

$

308,529,403

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

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

September

30,

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.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

As

of

September

30,

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

725,598

725,598

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2024

$

1,292,317

$

1,292,317

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2024

$

725,598

$

725,598

16

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

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  

NVIT

Amundi

Multi

Sector

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

17

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

12,348

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

91,522

Total

$

103,870

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(

148,783

)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(

129,584

)

Total

$

(

278,367

)

†

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

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Asset-Backed

Securities

8.1%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

24,860

24,635

Automobiles

1.5%

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,814,000

1,819,085

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A,

2.33%,

8/20/2026(a)

2,475,000

2,433,885

Bayview

Opportunity

Master

Fund

VII

LLC,

Series

2024-

CAR1,

Class

A,

6.38%,

12/26/2031(a)(b)

1,002,080

1,003,649

Bayview

Opportunity

Master

Fund

VII

Trust,

Series

2024-SN1,

Class

C,

5.83%,

12/15/2028(a)

1,064,000

1,083,498

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

1,141,547

1,160,649

Credit

Acceptance

Auto

Loan

Trust,

Series

2022-

3A,

Class

A,

6.57%,

10/15/2032(a)

1,765,000

1,777,377

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

592,656

592,526

Ford

Credit

Auto

Owner

Trust,

Series

2024-1,

Class

A,

4.87%,

8/15/2036(a)(c)

2,482,000

2,534,181

Merchants

Fleet

Funding

LLC,

Series

2024-1A,

Class

D,

6.85%,

4/20/2037(a)

2,815,000

2,890,554

Oscar

US

Funding

XVI

LLC,

Series

2024-1A,

Class

A3,

5.54%,

2/10/2028(a)

1,854,000

1,887,390

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A2A,

5.89%,

3/22/2027(a)

753,014

755,300

Tesla

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

6.13%,

9/21/2026(a)

4,393,000

4,435,564

US

Bank

NA,

Series

2023-

1,

Class

B,

6.79%,

8/25/2032(a)

332,191

337,161

World

Omni

Auto

Receivables

Trust,

Series

2024-C,

Class

A3,

4.43%,

12/17/2029

2,424,000

2,441,654

25,152,473

Equipment

Loans

&

Leases

0.3%

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

379,335

380,463

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

1,081,469

1,091,687

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A3,

5.90%,

3/15/2027

4,184,000

4,244,718

5,716,868

Other

5.8%

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

6.58%,

4/21/2035(a)(b)

8,660,000

8,667,629

Cerberus

Loan

Funding

XXXIX

LP,

Series

2022-

3A,

Class

AR,

6.64%,

1/15/2033(a)(b)

4,060,000

4,061,389

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

7.08%,

4/15/2034(a)(b)

5,600,000

5,602,178

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

4,008,000

3,780,656

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,070,885

3,857,833

EnFin

Residential

Solar

Receivables

Trust,

Series

2024-1A,

Class

A,

6.65%,

2/20/2055(a)

1,975,080

2,081,491

Flexential

Issuer,

Series

2021-1A,

Class

A2,

3.25%,

11/27/2051(a)

4,941,000

4,685,522

Fortress

Credit

Opportunities

IX

CLO

Ltd.,

Series

2017-

9A,

Class

A1TR,

7.11%,

10/15/2033(a)(b)

7,250,000

7,253,567

Fortress

Credit

Opportunities

XVII

CLO

Ltd.,

Series

2022-17A,

Class

A,

6.67%,

1/15/2030(a)(b)

20,880

20,881

Hilton

Grand

Vacations

Trust

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

330,478

328,164

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

677,743

699,005

MCF

CLO

IX

Ltd.,

Series

2019-1A,

Class

A1RR,

7.29%,

4/17/2036(a)(b)

6,200,000

6,227,757

MCF

CLO

VIII

Ltd.,

Series

2018-1A,

Class

AR,

7.25%,

4/18/2036(a)(b)

7,850,000

7,922,299

MetroNet

Infrastructure

Issuer

LLC,

Series

2024-1A,

Class

A2,

6.23%,

4/20/2054(a)

418,400

431,473

MF1

Ltd.,

Series

2021-

FL7,

Class

AS,

6.58%,

10/16/2036(a)(b)

6,378,500

6,291,189

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.,

Series

2022-47A,

Class

A,

6.60%,

4/14/2035(a)(b)

12,721,428

12,737,330

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,698,983

OneMain

Financial

Issuance

Trust,

Series

2019-

2A,

Class

A,

3.14%,

10/14/2036(a)

3,625,000

3,504,798

Purewest

Funding

LLC,

Series

2021-1,

Class

A1,

4.09%,

12/22/2036(a)

980,225

962,509

Regional

Management

Issuance

Trust,

Series

2024-1,

Class

A,

5.83%,

7/15/2036(a)

929,000

961,377

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,674,409

Textainer

Marine

Containers

VII

Ltd.

Series

2020-2A,

Class

A,

2.10%,

9/20/2045(a)

2,586,713

2,413,608

Series

2021-2A,

Class

A,

2.23%,

4/20/2046(a)

2,743,167

2,528,382

TIF

Funding

III

LLC,

Series

2024-1A,

Class

A,

5.48%,

4/20/2049(a)

3,855,775

3,909,411

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

6.71%,

7/21/2034(a)(b)

1,450,000

1,452,001

99,753,841

Student

Loan

0.5%

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

4,565,901

4,036,767

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

4,577,672

4,098,692

8,135,459

Total

Asset-Backed

Securities

(cost

$140,950,684)

138,783,276

Collateralized

Mortgage

Obligations

2.5%

Angel

Oak

Mortgage

Trust

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

336,398

329,182

Series

2024-3,

Class

A2,

4.80%,

11/26/2068(a)(c)

372,317

367,582

BRAVO

Residential

Funding

Trust,

Series

2023-

NQM5,

Class

A2,

6.86%,

6/25/2063(a)(c)

1,428,842

1,450,628

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

COLT

Mortgage

Loan

Trust,

Series

2023-3,

Class

A2,

7.43%,

9/25/2068(a)(c)

2,753,976

2,817,848

Cross

Mortgage

Trust

Series

2024-H2,

Class

A2,

6.42%,

4/25/2069(a)(c)

1,029,410

1,043,052

Series

2024-H2,

Class

A3,

6.52%,

4/25/2069(a)(c)

1,372,949

1,390,867

Series

2024-H3,

Class

A2,

6.58%,

6/25/2069(a)(c)

2,805,559

2,851,693

GCAT

Trust,

Series

2019-

NQM3,

Class

A1,

3.69%,

11/25/2059(a)(b)

573,108

557,247

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.67%,

11/20/2051(b)

2,102,263

2,187,502

GS

Mortgage-Backed

Securities

Trust,

Series

2024-HE1,

Class

A1,

6.88%,

8/25/2054(a)(b)

6,411,692

6,418,599

Imperial

Fund

Mortgage

Trust,

Series

2023-NQM1,

Class

A1,

5.94%,

2/25/2068(a)(c)

1,670,847

1,676,909

JP

Morgan

Mortgage

Trust,

Series

2024-CES1,

Class

A2,

6.15%,

6/25/2054(a)(c)

1,874,464

1,898,444

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

960,356

904,833

Series

2022-NQM1,

Class

A1,

2.28%,

4/25/2061(a)(b)

7,439,914

6,634,531

NYMT

Loan

Trust,

Series

2024-BPL2,

Class

A1,

6.51%,

5/25/2039(a)(c)

4,393,000

4,457,567

RCKT

Mortgage

Trust,

Series

2024-CES2,

Class

A2,

6.39%,

4/25/2044(a)(b)

1,420,702

1,445,984

Starwood

Mortgage

Residential

Trust,

Series

2021-3,

Class

A1,

1.13%,

6/25/2056(a)(b)

2,068,553

1,777,686

Towd

Point

Mortgage

Trust,

Series

2023-1,

Class

A1,

3.75%,

1/25/2063(a)

1,491,210

1,433,797

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

3.64%,

11/25/2059(a)(c)

198,360

195,203

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(b)

2,563,601

2,241,518

Total

Collateralized

Mortgage

Obligations

(cost

$43,221,153)

42,080,672

Commercial

Mortgage-Backed

Securities

0.8%

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,391,527

20

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

3,758,221

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

3,895,000

3,756,733

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(b)

2,620,000

2,413,622

Total

Commercial

Mortgage-Backed

Securities

(cost

$15,441,392)

14,320,103

Corporate

Bonds

32.9%

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)

,

2.20%,

2/4/2026(d)

4,607,000

4,436,490

3.63%,

2/1/2031(d)

8,370,000

7,667,799

5.81%,

5/1/2050(d)

3,910,000

3,777,524

6.86%,

5/1/2054(a)(d)

2,292,000

2,515,722

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)(d)

3,620,000

3,732,209

TransDigm

,

Inc.

,

5.50%,

11/15/2027(d)

610,000

607,904

6.75%,

8/15/2028(a)

629,000

647,422

23,385,070

Automobiles

0.3%

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(a)

1,521,000

1,297,311

Volkswagen

Group

of

America

Finance

LLC

,

3.35%,

5/13/2025(a)

3,485,000

3,451,578

4,748,889

Banks

5.3%

Bank

of

America

Corp.

,

4.45%,

3/3/2026

4,155,000

4,160,702

(CME

Term

SOFR

3

Month

+

1.77%),

3.71%,

4/24/2028(e)

3,125,000

3,079,755

(SOFR

+

2.15%),

2.59%,

4/29/2031(e)

4,605,000

4,176,008

(SOFR

+

1.32%),

2.69%,

4/22/2032(e)

3,804,000

3,392,670

(SOFR

+

1.22%),

2.30%,

7/21/2032(e)

5,145,000

4,453,782

(SOFR

+

1.65%),

5.47%,

1/23/2035(e)

1,034,000

1,087,359

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

1,123,392

Citigroup,

Inc.

,

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(e)(f)

750,000

746,013

Citizens

Bank

NA

,

2.25%,

4/28/2025

729,000

717,705

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citizens

Bank

NA,

(SOFR

+

1.45%),

6.06%,

10/24/2025(e)

3,135,000

3,134,944

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(d)(e)

1,336,000

1,389,801

(SOFR

+

1.91%),

5.72%,

7/23/2032(d)(e)

3,465,000

3,593,381

(SOFR

+

2.33%),

6.65%,

4/25/2035(d)(e)

1,679,000

1,843,362

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.40%),

5.71%,

3/1/2030(a)(e)

4,106,000

4,279,446

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

647,470

ING

Groep

NV

,

(SOFR

+

1.64%),

3.87%,

3/28/2026(e)

5,946,000

5,916,712

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(e)(f)

1,385,000

1,373,924

JPMorgan

Chase

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.51%),

2.74%,

10/15/2030(d)(e)

4,550,000

4,215,153

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(d)(e)

2,385,000

1,759,785

Series

KK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.65%,

6/01/2026(e)(f)

450,000

435,349

Series

HH,

(CME

Term

SOFR

3

Month

+

3.13%),

4.60%,

2/01/2025(e)(f)

2,208,000

2,188,846

Series

CC,

(CME

Term

SOFR

3

Month

+

2.84%),

8.09%,

11/01/2024(e)(f)

1,430,000

1,432,807

PNC

Financial

Services

Group,

Inc.

(The)

,

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(d)(e)

2,671,000

2,791,388

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(d)(e)

1,280,000

1,340,380

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(e)

1,453,000

1,592,667

(SOFR

+

2.36%),

5.87%,

6/8/2034(e)

742,000

788,811

(SOFR

+

1.92%),

5.71%,

1/24/2035(d)(e)

8,058,000

8,488,997

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp

,

(SOFR

+

2.26%),

5.84%,

6/12/2034(e)

1,532,000

1,635,756

(SOFR

+

1.86%),

5.68%,

1/23/2035(e)

2,963,000

3,140,775

Wells

Fargo

&

Co.

,

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

1,680,000

1,652,646

(SOFR

+

1.51%),

3.53%,

3/24/2028(e)

3,183,000

3,122,727

(SOFR

+

1.74%),

5.57%,

7/25/2029(d)(e)

2,408,000

2,505,294

(SOFR

+

1.50%),

5.20%,

1/23/2030(d)(e)

2,396,000

2,470,077

(SOFR

+

2.02%),

5.39%,

4/24/2034(d)(e)

5,665,000

5,875,709

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

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

645,000

646,920

91,200,513

Beverages

0.4%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

2,805,000

2,762,488

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029(d)

2,677,000

2,539,773

2.25%,

8/1/2031(d)

2,625,000

2,269,424

7,571,685

Biotechnology

0.5%

Amgen,

Inc.

,

5.25%,

3/2/2030(d)

1,019,000

1,063,235

2.80%,

8/15/2041(d)

5,190,000

3,930,123

5.65%,

3/2/2053

2,441,000

2,567,758

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050

2,675,000

1,819,268

9,380,384

Broadline

Retail

0.2%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)(d)

3,490,000

3,421,801

Building

Products

0.5%

Carrier

Global

Corp.

,

2.49%,

2/15/2027(d)

1,046,000

1,010,784

2.72%,

2/15/2030

3,515,000

3,249,671

6.20%,

3/15/2054

259,000

299,058

Smyrna

Ready

Mix

Concrete

LLC

,

8.88%,

11/15/2031(a)

3,345,000

3,608,230

8,167,743

Capital

Markets

2.1%

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.09%),

1.99%,

1/27/2032(e)

4,720,000

4,037,571

(SOFR

+

1.28%),

2.62%,

4/22/2032(e)

5,415,000

4,785,314

(SOFR

+

1.25%),

2.38%,

7/21/2032(e)

3,947,000

3,423,037

Morgan

Stanley

,

3.63%,

1/20/2027

4,000,000

3,963,935

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(e)

2,825,000

2,778,474

(SOFR

+

1.14%),

2.70%,

1/22/2031(d)(e)

4,661,000

4,268,970

(SOFR

+

1.02%),

1.93%,

4/28/2032(d)(e)

4,630,000

3,928,311

Nasdaq,

Inc.

,

5.35%,

6/28/2028(d)

1,398,000

1,452,358

5.95%,

8/15/2053(d)

366,000

398,142

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

3,724,373

UBS

Group

AG

,

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(e)

1,359,000

1,500,393

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.77%),

5.70%,

2/8/2035(a)(d)(e)

2,591,000

2,735,012

36,995,890

Chemicals

0.7%

Celanese

US

Holdings

LLC

,

5.34%,

1/19/2029

EUR

6,820,000

8,091,975

Solvay

Finance

America

LLC

,

5.85%,

6/4/2034(a)

3,491,000

3,663,692

11,755,667

Commercial

Services

&

Supplies

0.1%

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(a)

590,000

592,693

6.25%,

1/15/2028(a)(d)

911,000

911,245

1,503,938

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

1,548,930

Consumer

Finance

1.8%

AerCap

Ireland

Capital

DAC

,

3.30%,

1/30/2032

3,210,000

2,897,020

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.72%),

6.95%,

3/10/2055(e)

743,000

770,333

Aircastle

Ltd.

,

5.75%,

10/1/2031(a)(d)

1,463,000

1,504,258

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

1,539,980

22

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.

,

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%,

9/01/2026(e)(f)

1,000,000

942,145

Discover

Financial

Services

,

6.70%,

11/29/2032

1,606,000

1,764,493

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025(d)

10,914,000

10,791,858

5.80%,

3/5/2027(d)

2,690,000

2,739,160

4.13%,

8/17/2027

5,253,000

5,116,463

5.11%,

5/3/2029

585,000

579,490

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028

2,741,000

2,507,479

31,152,679

Consumer

Staples

Distribution

&

Retail

0.4%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(a)(d)

3,130,000

2,637,773

Kroger

Co.

(The)

,

4.65%,

9/15/2029

4,249,000

4,272,468

6,910,241

Containers

&

Packaging

0.4%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)(d)

200,000

201,438

4.00%,

9/1/2029(a)

1,988,000

1,774,524

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)(d)

4,545,000

4,266,873

6,242,835

Diversified

REITs

0.2%

VICI

Properties

LP

,

3.50%,

2/15/2025(a)(d)

3,660,000

3,629,236

Diversified

Telecommunication

Services

1.3%

AT&T,

Inc.

,

4.35%,

3/1/2029(d)

2,955,000

2,972,875

2.25%,

2/1/2032

4,105,000

3,523,498

2.55%,

12/1/2033(d)

8,073,000

6,804,631

3.50%,

6/1/2041(d)

1,420,000

1,162,128

3.65%,

9/15/2059(d)

1,290,000

935,967

Iliad

Holding

SASU

,

8.50%,

4/15/2031(a)(d)

1,784,000

1,918,881

Sprint

Capital

Corp.

,

6.88%,

11/15/2028(d)

195,000

212,904

8.75%,

3/15/2032

265,000

328,579

Verizon

Communications,

Inc.

,

3.50%,

6/28/2032

EUR

4,659,000

5,257,839

23,117,302

Electric

Utilities

2.0%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)

2,521,887

2,287,755

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

2,696,780

Duke

Energy

Corp.

,

3.50%,

6/15/2051

2,665,000

1,968,051

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

1,827,055

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)

779,000

811,034

6.90%,

5/23/2053(a)(d)

1,818,000

2,110,612

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.41%),

9.13%,

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

1,670,000

1,900,951

Enel

Finance

America

LLC

,

7.10%,

10/14/2027(a)(d)

1,292,000

1,387,905

Enel

Finance

International

NV

,

7.50%,

10/14/2032(a)

1,371,000

1,598,002

5.50%,

6/26/2034(a)(d)

1,411,000

1,466,105

Eversource

Energy

,

5.50%,

1/1/2034(d)

1,271,000

1,319,251

Exelon

Corp.

,

4.05%,

4/15/2030

4,282,000

4,216,573

5.45%,

3/15/2034

891,000

934,619

FirstEnergy

Corp.

,

Series

C,

4.85%,

7/15/2047(c)

450,000

412,402

Indiana

Michigan

Power

Co.

,

5.63%,

4/1/2053(d)

376,000

396,724

IPALCO

Enterprises,

Inc.

,

5.75%,

4/1/2034

2,309,000

2,418,748

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

1,718,296

NextEra

Energy

Capital

Holdings,

Inc.

,

1.90%,

6/15/2028(d)

2,320,000

2,139,290

Niagara

Mohawk

Power

Corp.

,

5.66%,

1/17/2054(a)

939,000

973,700

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

490,000

444,002

3.88%,

2/15/2032(a)

35,000

31,887

Pacific

Gas

and

Electric

Co.

,

3.30%,

8/1/2040

1,410,000

1,095,142

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(a)(d)

270,000

261,327

34,416,211

Financial

Services

0.3%

Fiserv,

Inc.

,

5.60%,

3/2/2033

1,244,000

1,317,426

Global

Payments,

Inc.

,

5.40%,

8/15/2032(d)

1,723,000

1,768,561

Synchrony

Bank

,

5.40%,

8/22/2025

2,951,000

2,957,220

6,043,207

Food

Products

0.5%

Bimbo

Bakeries

USA,

Inc.

,

6.40%,

1/15/2034(a)(d)

3,871,000

4,277,556

5.38%,

1/9/2036(a)

449,000

462,036

J

M

Smucker

Co.

(The)

,

2.75%,

9/15/2041(d)

4,817,000

3,422,707

6.50%,

11/15/2053(d)

1,041,000

1,205,235

9,367,534

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

0.1%

AerCap

Global

Aviation

Trust

,

(CME

Term

SOFR

3

Month

+

4.56%),

6.50%,

6/15/2045(a)(e)

229,000

228,643

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

1,418,000

1,235,755

1,464,398

Health

Care

Equipment

&

Supplies

0.1%

GE

HealthCare

Technologies,

Inc.

,

4.80%,

8/14/2029(d)

1,741,000

1,773,819

Health

Care

Providers

&

Services

0.7%

CVS

Health

Corp.

,

3.00%,

8/15/2026

3,045,000

2,974,959

1.75%,

8/21/2030

4,080,000

3,473,890

5.88%,

6/1/2053(d)

577,000

587,179

HCA,

Inc.

,

7.69%,

6/15/2025(d)

85,000

86,544

5.38%,

9/1/2026(d)

690,000

697,471

3.13%,

3/15/2027

1,099,000

1,068,186

5.63%,

9/1/2028

145,000

150,544

5.45%,

9/15/2034

1,728,000

1,778,007

Tenet

Healthcare

Corp.

,

6.13%,

10/1/2028(d)

998,000

1,005,969

11,822,749

Hotels,

Restaurants

&

Leisure

0.3%

Carnival

Corp.

,

6.00%,

5/1/2029(a)(d)

490,000

496,467

Wynn

Macau

Ltd.

,

5.63%,

8/26/2028(a)(d)

2,361,000

2,292,275

5.63%,

8/26/2028(a)

1,950,000

1,893,238

4,681,980

Household

Durables

0.2%

Whirlpool

Corp.

,

5.75%,

3/1/2034(d)

3,916,000

4,011,206

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)(e)

1,888,000

1,874,450

Constellation

Energy

Generation

LLC

,

5.80%,

3/1/2033(d)

4,027,000

4,319,614

6,194,064

Industrial

REITs

0.2%

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

3,445,000

2,902,986

Insurance

0.6%

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%,

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

2,200,000

1,883,910

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

American

International

Group,

Inc.

,

4.38%,

6/30/2050

4,738,000

4,247,130

Massachusetts

Mutual

Life

Insurance

Co.

,

3.73%,

10/15/2070(a)

5,250,000

3,807,458

Unum

Group

,

6.00%,

6/15/2054(d)

1,178,000

1,226,999

11,165,497

IT

Services

0.1%

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026(d)

1,054,000

1,002,022

Machinery

0.1%

Terex

Corp.

,

6.25%,

10/15/2032(a)

387,000

387,000

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)(d)

1,865,000

1,844,871

2,231,871

Media

0.5%

Charter

Communications

Operating

LLC

,

4.80%,

3/1/2050

1,720,000

1,316,783

3.70%,

4/1/2051

2,565,000

1,637,464

Comcast

Corp.

,

3.30%,

2/1/2027

2,740,000

2,696,873

Paramount

Global

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%,

3/30/2062(d)(e)

2,630,000

2,432,714

8,083,834

Metals

&

Mining

0.2%

Cleveland-Cliffs,

Inc.

,

7.00%,

3/15/2032(a)(d)

2,915,000

2,947,038

Multi-Utilities

0.7%

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025(d)

2,645,000

2,581,338

4.95%,

7/1/2027

2,513,000

2,555,413

NiSource,

Inc.

,

5.25%,

3/30/2028(d)

485,000

499,590

5.35%,

4/1/2034

2,130,000

2,211,383

Public

Service

Enterprise

Group,

Inc.

,

6.13%,

10/15/2033

1,796,000

1,956,266

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031(d)

3,120,000

2,646,371

12,450,361

Oil,

Gas

&

Consumable

Fuels

5.8%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

516,380

24

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%,

6/22/2025(e)(f)

1,344,000

1,331,035

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(d)

795,000

784,129

3.25%,

1/31/2032

630,000

563,356

5.95%,

6/30/2033(d)

874,000

924,820

CITGO

Petroleum

Corp.

,

8.38%,

1/15/2029(a)(d)

1,797,000

1,869,871

Columbia

Pipelines

Holding

Co.

LLC

,

5.10%,

10/1/2031(a)

2,214,000

2,233,080

CVR

Energy,

Inc.

,

5.75%,

2/15/2028(a)

3,534,000

3,318,784

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)(d)

675,000

645,665

4.30%,

4/15/2032(a)

3,995,000

3,738,222

Empresa

Nacional

del

Petroleo

,

5.95%,

7/30/2034(a)

637,000

669,588

Enbridge,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.12%),

7.38%,

3/15/2055(d)(e)

4,136,000

4,289,632

Energy

Transfer

LP

,

2.90%,

5/15/2025

2,930,000

2,893,775

5.25%,

7/1/2029

5,753,000

5,925,210

7.38%,

2/1/2031(a)

352,000

374,475

5.55%,

5/15/2034

575,000

595,362

5.95%,

5/15/2054

1,424,000

1,457,394

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

1,538,417

Enterprise

Products

Operating

LLC

,

Series

E,

(CME

Term

SOFR

3

Month

+

3.29%),

5.25%,

8/16/2077(d)(e)

2,500,000

2,465,990

Global

Partners

LP

,

6.88%,

1/15/2029

1,034,000

1,037,187

8.25%,

1/15/2032(a)

3,422,000

3,549,603

Hess

Midstream

Operations

LP

,

5.50%,

10/15/2030(a)

1,192,000

1,189,507

Howard

Midstream

Energy

Partners

LLC

,

8.88%,

7/15/2028(a)(d)

1,574,000

1,669,389

7.38%,

7/15/2032(a)

742,000

768,490

Korea

National

Oil

Corp.

,

1.75%,

4/18/2025(a)

2,812,000

2,767,333

Marathon

Oil

Corp.

,

4.40%,

7/15/2027(d)

1,710,000

1,712,071

MPLX

LP

,

2.65%,

8/15/2030(d)

5,689,000

5,120,408

NGPL

PipeCo

LLC

,

7.77%,

12/15/2037(a)

3,413,000

4,040,717

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Occidental

Petroleum

Corp.

,

6.45%,

9/15/2036(d)

4,155,000

4,487,234

ONEOK,

Inc.

,

3.25%,

6/1/2030(d)

2,270,000

2,127,753

5.80%,

11/1/2030

1,209,000

1,287,099

6.10%,

11/15/2032(d)

1,246,000

1,341,301

6.05%,

9/1/2033

3,982,000

4,254,627

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

2,649,000

2,084,942

Petroleos

Mexicanos

,

6.88%,

10/16/2025

97,000

97,106

Phillips

66

,

1.30%,

2/15/2026(d)

2,420,000

2,324,934

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031

4,695,000

4,124,560

Saudi

Arabian

Oil

Co.

,

5.75%,

7/17/2054(a)

2,853,000

2,888,719

South

Bow

USA

Infrastructure

Holdings

LLC

,

5.03%,

10/1/2029(a)

1,876,000

1,880,897

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

5,893,000

6,000,833

4.88%,

2/1/2031

1,266,000

1,256,680

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031(d)

7,754,000

6,852,000

98,998,575

Passenger

Airlines

0.3%

Air

Canada

,

3.88%,

8/15/2026(a)

167,000

162,622

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

306,833

305,958

5.75%,

4/20/2029(a)(d)

326,000

325,460

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)(d)

817,000

803,886

4.63%,

4/15/2029(a)(d)

3,032,000

2,929,091

4,527,017

Pharmaceuticals

0.3%

Bayer

US

Finance

LLC

,

6.50%,

11/21/2033(a)(d)

2,206,000

2,387,654

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

5.13%,

5/9/2029(d)

613,000

608,018

Viatris

,

Inc.

,

4.00%,

6/22/2050(d)

4,135,000

2,965,280

5,960,952

Retail

REITs

0.4%

Brixmor

Operating

Partnership

LP

,

3.85%,

2/1/2025

1,524,000

1,515,341

Kite

Realty

Group

LP

,

4.00%,

10/1/2026

1,256,000

1,238,878

4.95%,

12/15/2031

2,150,000

2,152,723

5.50%,

3/1/2034

433,000

446,055

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

5.75%,

7/15/2034(d)

1,924,000

2,009,681

7,362,678

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.5%

Broadcom,

Inc.

,

3.19%,

11/15/2036(a)(d)

4,550,000

3,856,295

Intel

Corp.

,

5.20%,

2/10/2033

588,000

595,731

5.70%,

2/10/2053

388,000

382,248

Micron

Technology,

Inc.

,

2.70%,

4/15/2032(d)

1,124,000

981,917

NXP

BV

,

3.25%,

11/30/2051(d)

5,000,000

3,518,525

9,334,716

Software

0.4%

Oracle

Corp.

,

4.00%,

7/15/2046

2,510,000

2,082,145

3.95%,

3/25/2051(d)

1,505,000

1,211,229

5.55%,

2/6/2053

768,000

785,933

VMware

LLC

,

2.20%,

8/15/2031(d)

2,540,000

2,181,718

6,261,025

Specialized

REITs

0.7%

Crown

Castle,

Inc.

,

2.10%,

4/1/2031

1,655,000

1,415,597

EPR

Properties

,

4.50%,

4/1/2025

3,497,000

3,479,196

4.75%,

12/15/2026

3,408,000

3,394,510

4.50%,

6/1/2027(d)

385,000

379,377

4.95%,

4/15/2028

340,000

336,973

3.75%,

8/15/2029

140,000

130,916

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

1,213,000

1,262,461

2.35%,

3/15/2032

1,535,000

1,295,522

11,694,552

Technology

Hardware,

Storage

&

Peripherals

0.3%

Dell

International

LLC

,

6.02%,

6/15/2026

670,000

686,080

8.10%,

7/15/2036(d)

1,296,000

1,614,277

8.35%,

7/15/2046(d)

257,000

347,534

3.45%,

12/15/2051

2,421,000

1,773,840

4,421,731

Tobacco

0.8%

BAT

Capital

Corp.

,

2.26%,

3/25/2028(d)

4,275,000

3,977,470

6.34%,

8/2/2030

1,940,000

2,099,803

7.08%,

8/2/2053

699,000

811,191

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

3,036,000

2,916,959

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029(d)

871,000

924,923

2.10%,

5/1/2030

3,803,000

3,394,790

14,125,136

Wireless

Telecommunication

Services

0.7%

Sprint

LLC

,

7.63%,

3/1/2026

315,000

325,379

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028(d)

2,985,000

2,780,728

2.63%,

2/15/2029

215,000

200,273

2.40%,

3/15/2029

2,561,000

2,358,614

2.55%,

2/15/2031

2,990,000

2,665,001

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

2.88%,

2/15/2031(d)

550,000

499,940

4.38%,

4/15/2040

2,975,000

2,743,313

11,573,248

Total

Corporate

Bonds

(cost

$590,367,647)

565,551,210

Foreign

Government

Securities

4.5%

AUSTRALIA

0.8%

Treasury

Corp.

of

Victoria,

5.25%,

9/15/2038

AUD

20,435,000

14,163,904

HUNGARY

0.1%

Hungary

Government

Bond,

6.75%,

9/25/2052(a)

1,220,000

1,375,611

JAPAN

1.4%

Japan

Government

Bond,

2.20%,

6/20/2054

JPY

3,351,750,000

23,854,152

PERU

0.9%

Bonos

de

la

Tesoreria

,

Reg.

S,

7.30%,

8/12/2033(a)

PEN

53,220,000

15,521,625

POLAND

0.2%

Republic

of

Poland,

5.50%,

3/18/2054

3,479,000

3,553,155

ROMANIA

1.1%

Romania

Government

Bond,

7.20%,

10/30/2033

RON

57,935,000

13,433,594

5.75%,

3/24/2035(a)(d)

4,850,000

4,818,475

18,252,069

Total

Foreign

Government

Securities

(cost

$74,504,174)

76,720,516

Mortgage-Backed

Securities

25.5%

FHLMC

Gold

Pool

Pool#

C03795

3.50%,

4/1/2042

366,774

350,971

Pool#

Q08997

3.50%,

6/1/2042

214,440

205,467

Pool#

Q19480

4.00%,

6/1/2043

704,273

690,506

Pool#

V80509

4.00%,

10/1/2043

95,666

94,222

Pool#

Q29697

3.50%,

11/1/2044

267,737

255,090

Pool#

G07961

3.50%,

3/1/2045

221,614

211,145

Pool#

V82196

4.50%,

1/1/2046

100,906

101,300

Pool#

G61281

3.50%,

1/1/2048

609,486

575,783

26

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB0492

2.00%,

10/1/2035

7,914,664

7,295,385

Pool#

QA7325

3.00%,

2/1/2050

1,025,921

937,419

Pool#

QA6750

3.00%,

2/1/2050

97,002

88,634

Pool#

QA8311

3.00%,

3/1/2050

876,697

803,973

Pool#

RA2650

3.00%,

5/1/2050

854,387

779,666

Pool#

QB4785

2.50%,

10/1/2050

1,550,415

1,352,034

Pool#

SD0612

2.50%,

11/1/2050

9,768,112

8,638,988

Pool#

SD7535

2.50%,

2/1/2051

20,211,452

17,746,026

Pool#

QB9401

2.00%,

3/1/2051

1,887,771

1,588,427

Pool#

QC2992

2.50%,

6/1/2051

18,519,942

16,125,930

Pool#

RA5910

3.50%,

9/1/2051

6,829,080

6,400,198

Pool#

SD3771

2.50%,

3/1/2052

12,845,451

11,174,386

Pool#

SD1607

2.50%,

3/1/2052

10,469,714

9,210,097

Pool#

SD5351

3.00%,

6/1/2052

12,124,204

11,086,878

Pool#

SD1042

3.00%,

6/1/2052

4,220,146

3,843,973

Pool#

SD5726

3.00%,

7/1/2052

8,449,086

7,633,649

Pool#

SD1440

3.50%,

7/1/2052

5,628,085

5,266,637

Pool#

SD1716

5.00%,

9/1/2052

8,278,952

8,430,226

Pool#

SD1686

5.50%,

9/1/2052

7,866,614

8,093,402

Pool#

SD1853

5.50%,

11/1/2052

3,826,411

3,961,888

Pool#

SD4084

5.50%,

10/1/2053

8,717,450

8,933,940

FNMA

UMBS

Pool

Pool#

FM6329

2.00%,

3/1/2036

7,824,016

7,209,167

Pool#

CA9439

2.50%,

3/1/2036

15,793,133

14,915,941

Pool#

CB3424

3.00%,

5/1/2037

6,822,087

6,591,261

Pool#

FS4267

4.50%,

3/1/2038

2,368,994

2,395,774

Pool#

AH9471

4.50%,

4/1/2041

196,208

198,450

Pool#

AH4038

4.50%,

4/1/2041

171,191

173,151

Pool#

AI3506

4.50%,

6/1/2041

8,552

8,650

Pool#

FS3014

5.00%,

10/1/2042

11,735,490

11,916,294

Pool#

AL2866

3.50%,

11/1/2042

4,572,383

4,368,537

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AQ9328

3.50%,

1/1/2043

79,052

75,511

Pool#

AB9046

3.50%,

4/1/2043

463,935

442,963

Pool#

AT2021

3.50%,

4/1/2043

319,621

305,239

Pool#

AB9864

3.50%,

7/1/2043

164,726

157,279

Pool#

AS0212

3.50%,

8/1/2043

709,200

677,134

Pool#

AS0210

3.50%,

8/1/2043

449,336

429,021

Pool#

AU3742

3.50%,

8/1/2043

250,973

239,627

Pool#

AU6857

4.00%,

9/1/2043

251,051

246,931

Pool#

AU4386

4.00%,

10/1/2043

76,513

75,275

Pool#

AS1559

4.00%,

1/1/2044

483,579

475,457

Pool#

AW2478

4.50%,

6/1/2044

82,770

83,002

Pool#

AL6432

4.00%,

1/1/2045

456,792

446,015

Pool#

AS5175

3.50%,

6/1/2045

428,946

408,225

Pool#

AS6464

3.50%,

1/1/2046

395,089

375,840

Pool#

MA3305

3.50%,

3/1/2048

3,874,330

3,656,025

Pool#

BO8947

3.00%,

1/1/2050

571,092

521,832

Pool#

FM4334

3.00%,

4/1/2050

1,263,919

1,154,895

Pool#

FS2253

3.50%,

4/1/2050

6,446,333

6,082,996

Pool#

CA5689

3.00%,

5/1/2050

1,825,586

1,672,674

Pool#

BP9581

2.50%,

8/1/2050

1,171,691

1,027,958

Pool#

FM5316

2.00%,

12/1/2050

1,405,088

1,173,011

Pool#

CA8817

2.00%,

2/1/2051

3,211,334

2,672,754

Pool#

BR4515

2.00%,

2/1/2051

2,124,403

1,774,043

Pool#

BR4029

2.00%,

2/1/2051

1,876,582

1,573,149

Pool#

BR4051

2.00%,

2/1/2051

1,467,065

1,229,838

Pool#

BR2667

2.00%,

2/1/2051

1,339,342

1,127,033

Pool#

BR7795

2.50%,

4/1/2051

2,710,680

2,362,463

Pool#

FM7151

2.00%,

5/1/2051

814,543

681,710

Pool#

FM7189

2.50%,

5/1/2051

2,532,971

2,221,567

Pool#

FS3080

3.00%,

5/1/2051

8,485,807

7,754,674

Pool#

FM7398

2.50%,

6/1/2051

13,180,486

11,632,155

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM7738

2.50%,

6/1/2051

1,840,759

1,605,387

Pool#

BT0417

2.50%,

6/1/2051

1,163,986

1,014,213

Pool#

FM9134

3.00%,

6/1/2051

12,814,578

11,783,086

Pool#

BT1339

2.50%,

7/1/2051

2,118,724

1,839,998

Pool#

FM8178

2.50%,

7/1/2051

1,364,322

1,186,262

Pool#

CB1038

2.50%,

7/1/2051

1,168,108

1,018,960

Pool#

FS3391

2.50%,

8/1/2051

5,283,345

4,643,755

Pool#

FP0012

3.00%,

8/1/2051

3,528,107

3,232,313

Pool#

FM9563

3.00%,

10/1/2051

12,389,405

11,205,470

Pool#

FS5928

2.50%,

1/1/2052

10,599,418

9,243,333

Pool#

FS5448

3.00%,

3/1/2052

11,820,527

10,774,395

Pool#

FS3537

2.50%,

4/1/2052

7,556,952

6,669,276

Pool#

FS1380

3.50%,

4/1/2052

6,949,811

6,556,668

Pool#

FS1855

4.00%,

5/1/2052

7,110,926

6,889,932

Pool#

FS1804

4.00%,

5/1/2052

6,588,709

6,394,308

Pool#

FS6731

3.00%,

6/1/2052

12,048,716

10,974,079

Pool#

FS2074

3.00%,

6/1/2052

4,990,521

4,559,586

Pool#

FS2513

4.00%,

7/1/2052

11,863,445

11,453,924

Pool#

FS2323

4.00%,

7/1/2052

5,675,272

5,474,441

Pool#

FS2293

4.50%,

7/1/2052

15,556,091

15,417,740

Pool#

FS2257

4.50%,

7/1/2052

3,030,622

3,012,901

Pool#

CB4037

5.00%,

7/1/2052

7,687,026

7,691,621

Pool#

FS2790

5.00%,

9/1/2052

11,184,731

11,270,904

Pool#

FS3210

5.00%,

9/1/2052

5,382,745

5,408,999

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

395,682

379,337

Pool#

MA0783

3.50%,

2/20/2043

490,131

469,933

Pool#

MA2892

3.50%,

6/20/2045

24,169

23,064

Pool#

MA3663

3.50%,

5/20/2046

282,017

268,622

Pool#

MA3803

3.50%,

7/20/2046

133,619

127,132

Pool#

MA4262

3.50%,

2/20/2047

11,354

10,790

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4510

3.50%,

6/20/2047

427,244

405,571

Pool#

MA4586

3.50%,

7/20/2047

290,873

276,285

Pool#

MA4837

3.50%,

11/20/2047

505,525

479,405

Pool#

MA4962

3.50%,

1/20/2048

295,733

280,380

Pool#

MA6542

3.50%,

3/20/2050

322,328

305,698

Pool#

BT6867

3.00%,

5/20/2050

3,239,981

2,946,158

Pool#

MA6994

2.00%,

11/20/2050

9,475,858

8,045,019

Pool#

MA7590

3.00%,

9/20/2051

10,127,158

9,238,433

Pool#

MA7705

2.50%,

11/20/2051

14,161,645

12,478,804

Total

Mortgage-Backed

Securities

(cost

$444,538,356)

437,465,943

Municipal

Bonds

0.4%

California

0.2

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

3,770,673

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

3,285,000

2,882,847

Total

Municipal

Bonds

(cost

$8,161,597)

6,653,520

U.S.

Treasury

Obligations

23.4%

U.S.

Treasury

Bonds

5.00%,

5/15/2037

(d)

4,793,600

5,354,414

2.25%,

5/15/2041

7,780,000

6,029,804

1.75%,

8/15/2041

(d)

34,057,900

24,147,849

4.75%,

11/15/2043

7,180,000

7,745,144

4.50%,

2/15/2044

15,447,000

16,117,979

4.63%,

5/15/2044

43,241,000

45,828,704

4.13%,

8/15/2044

1,155,000

1,145,977

3.63%,

2/15/2053

151,000

137,304

4.63%,

5/15/2054

23,635,000

25,636,589

4.25%,

8/15/2054

6,264,000

6,396,131

U.S.

Treasury

Notes

5.00%,

8/31/2025

(d)

95,204,000

95,999,846

4.63%,

10/15/2026

37,934,000

38,648,226

2.50%,

3/31/2027

120,000

116,916

4.50%,

5/31/2029

35,293,000

36,704,720

4.25%,

6/30/2031

73,174,000

75,752,241

4.38%,

5/15/2034

(d)

15,076,000

15,789,754

Total

U.S.

Treasury

Obligations

(cost

$405,494,495)

401,551,598

28

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Repurchase

Agreements

4.0%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,001,356,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$10,200,000.

(g)

10,000,000

10,000,000

BofA

Securities,

Inc.

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$14,201,925,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$14,484,000.

(g)

14,200,000

14,200,000

Cantor

Fitzgerald

&

Co.

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$6,530,965,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.50%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$6,630,000.

(g)

6,500,000

6,500,000

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,173,027,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$2,216,183.

(g)

2,172,729

2,172,729

CF

Secured,

LLC

4.90%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$15,002,042,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

3/1/2030

-

8/20/2074;

total

market

value

$15,302,083.

(g)

15,000,000

15,000,00

0

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Citi

Global

Market,

Inc.

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,674,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$5,100,000.

(g)

5,000,000

5,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$11,051,654,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$11,220,004.

(g)

11,000

,000

11,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$5,018,783,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$5,100,002.

(g)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$68,872,729)

68,872,729

Total

Investments

(cost

$1,791,552,227)

—

102.1%

1,751,999,567

Liabilities

in

excess

of

other

assets

—

(2.1)%

(35,200,673)

NET

ASSETS

—

100.0%

$

1,716,798,894

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

29

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$323,595,823

which

represents

18.85%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$86,416,119,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$68,872,729

and

by

$20,560,805

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

10/24/2024

–

2/15/2053,

a

total

value

of

$89,433,534.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2024.

The

maturity

date

reflects

the

next

call

date.

(g)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$68,872,729.

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:

AUD

Australian

Dollar

EUR

Euro

JPY

Japanese

Yen

PEN

Peru

Nuevo

Sol

RON

Romanian

Leu

USD

United

States

Dollar

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

September

30,

2024

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

6

month

EURIBOR

Semi-Annual

2.70%

Annual

Pay

7/26/2029

EUR

59,700,000

–

1,283,927

1,283,927

–

–

–

3

month

STIBOR

Quarterly

2.39%

Annual

Rec

7/26/2029

SEK

652,000,000

–

(1,001,122)

(1,001,122)

Net

unrealized

appreciation

–

282,805

282,805

–

–

–

30

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

Centrally

Cleared

Inflation-Linked

swap

contracts

outstanding

as

of

September

30,

2024

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

month

HICPXT

At

Termination

2.53%

At

Termination

Pay

4/22/2054

EUR

12,950,000

(42,321)

1,172,083

1,129,762

1

month

HICPXT

At

Termination

2.46%

At

Termination

Pay

7/9/2054

EUR

8,685,000

–

545,628

545,628

1

month

HICPXT

At

Termination

2.47%

At

Termination

Pay

7/9/2054

EUR

8,685,000

–

551,664

551,664

1

month

UKRPI

At

Termination

3.71%

At

Termination

Pay

5/16/2034

GBP

18,000,000

–

554,105

554,105

1

month

UKRPI

At

Termination

3.78%

At

Termination

Pay

4/22/2034

GBP

18,000,000

(18,286)

684,862

666,576

1

month

UKRPI

At

Termination

3.49%

At

Termination

Pay

8/22/2034

GBP

28,220,000

10,549

21,955

32,504

Total

unrealized

appreciation

(50,058)

3,530,297

3,480,239

1

month

USCPI

At

Termination

2.54%

At

Termination

Rec

4/22/2054

USD

20,630,000

2,492

(832,622)

(830,130)

1

month

USCPI

At

Termination

2.48%

At

Termination

Rec

7/11/2054

USD

9,950,000

3,131

(303,247)

(300,116)

1

month

USCPI

At

Termination

2.52%

At

Termination

Rec

7/5/2054

USD

10,315,000

–

(386,611)

(386,611)

Total

unrealized

depreciation

5,623

(1,522,480)

(1,516,857)

Net

unrealized

appreciation

(44,435)

2,007,817

1,963,382

–

–

–

As

of

September

30,

2024,

the

Fund

had

$5,345,100

segregated

as

collateral

for

swap

contracts.

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

AUD

537,000

USD

364,211

Barclays

Bank

plc

10/10/2024

7,093

CAD

5,080,000

USD

3,755,558

JPMorgan

Chase

Bank

NA

10/10/2024

1,236

EUR

618,000

USD

687,139

JPMorgan

Chase

Bank

NA

10/10/2024

1,008

GBP

518,000

USD

676,356

Barclays

Bank

plc

10/10/2024

16,182

GBP

461,000

USD

605,274

JPMorgan

Chase

Bank

NA

10/10/2024

11,058

USD

484,564

EUR

434,000

Barclays

Bank

plc

10/10/2024

1,303

USD

24,436,316

JPY

3,498,008,000

Barclays

Bank

plc

10/10/2024

70,867

Total

unrealized

appreciation

108,747

USD

14,565,541

AUD

21,596,000

JPMorgan

Chase

Bank

NA

10/10/2024

(366,821)

USD

13,955,501

EUR

12,598,000

Barclays

Bank

plc

10/10/2024

(72,452)

USD

796,318

GBP

601,000

Barclays

Bank

plc

10/10/2024

(7,187)

USD

14,356,540

PEN

54,295,000

JPMorgan

Chase

Bank

NA

**

10/10/2024

(288,434)

USD

13,674,778

RON

61,533,000

JPMorgan

Chase

Bank

NA

10/10/2024

(89,743)

USD

419,147

SEK

4,283,000

Barclays

Bank

plc

10/10/2024

(2,744)

USD

662,656

SEK

6,790,000

JPMorgan

Chase

Bank

NA

10/10/2024

(6,183)

Total

unrealized

depreciation

(833,564)

Net

unrealized

depreciation

(724,817)

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

PEN

Peruvian

nuevo

sol

RON

Romanian

Leu

SEK

Swedish

krona

USD

United

States

dollar

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

170

12/2024

USD

35,401,172

(72,575)

U.S.

Treasury

5

Year

Note

2,967

12/2024

USD

326,022,306

350,286

U.S.

Treasury

10

Year

Note

154

12/2024

USD

17,599,313

(62,835)

U.S.

Treasury

10

Year

Ultra

Note

249

12/2024

USD

29,455,922

(41,462)

U.S.

Treasury

Long

Bond

519

12/2024

USD

64,453,312

(107,832)

Total

long

contracts

65,582

Short

Contracts

Australia

10

Year

Bond

(229)

12/2024

AUD

(18,427,759)

15,873

Canada

10

Year

Bond

(756)

12/2024

CAD

(69,878,783)

(645,044)

Euro-

Bobl

(100)

12/2024

EUR

(13,363,366)

(128,387)

Japan

10

Year

Bond

(78)

12/2024

JPY

(78,502,000)

32,684

U.S.

Treasury

Ultra

Bond

(159)

12/2024

USD

(21,161,906)

221,644

Total

short

contracts

(503,230)

Net

contracts

(437,648)

As

of

September

30,

2024,

the

Fund

had

$9,243,376

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

CAD

Canadian

Dollar

32

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

33

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

138,783,276

$

–

$

138,783,276

Collateralized

Mortgage

Obligations

–

42,080,672

–

42,080,672

Commercial

Mortgage-Backed

Securities

–

14,320,103

–

14,320,103

Corporate

Bonds

–

565,551,210

–

565,551,210

Foreign

Government

Securities

–

76,720,516

–

76,720,516

Forward

Foreign

Currency

Contracts

–

108,748

–

108,748

Futures

Contracts

620,487

–

–

620,487

Inflation-linked

Swaps†

–

3,530,297

–

3,530,297

Interest

Rate

Swaps†

–

1,283,927

–

1,283,927

34

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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             

Interest

Rate

Swap

Contracts

—

The

Fund

entered

into

interest

rate

swap

contracts

to

hedge

against

investment

risks,

to

manage

portfolio

duration,

to

obtain

exposure

to

the

investment

characteristics

of

certain

bonds

or

groups

of

bonds,

and/or

to

otherwise

increase

returns,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Interest

rate

swap

contracts

are

swaps

contracts

in

which

the

parties

exchange

their

rights

to

receive

payments

on

a

security

or

other

reference

rate.

For

example,

the

parties

might

swap

the

right

to

receive

floating

rate

payments

for

the

right

to

receive

fixed

rate

payments.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

interest

rate

swap

contract.

Interest

rate

swap

contracts

are

valued

daily

and

unrealized

appreciation

(depreciation)

is

recorded.

Certain

interest

rate

swap

contracts

may

accrue

periodic

interest

on

a

daily

basis

as

a

component

of

unrealized

appreciation

(depreciation);

the

Fund

will

realize

a

gain

or

loss

upon

the

payment

or

receipt

of

accrued

interest.

The

Fund

will

realize

a

gain

or

a

loss

when

the

interest

rate

swap

is

terminated.

The

use

of

interest

rate

swap

contracts

involves

the

risk

that

the

investment

adviser

will

not

accurately

predict

anticipated

changes

in

interest

rates,

which

may

result

in

losses

to

the

Fund.

Interest

rate

swap

contracts

also

involve

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreement.

If

a

counterparty

defaults

on

its

obligations

under

a

swap

agreement,

the

Fund

may

lose

any

amount

it

expected

to

receive

from

the

counterparty,

potentially

including

amounts

in

excess

of

the

Fund’s

initial

investment.

Interest

rate

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

Interest

rate

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

(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.

Level

1

Level

2

Level

3

Total

Assets:

Mortgage-Backed

Securities

$

–

$

437,465,943

$

–

$

437,465,943

Municipal

Bonds

–

6,653,520

–

6,653,520

Repurchase

Agreements

–

68,872,729

–

68,872,729

U.S.

Treasury

Obligations

–

401,551,598

–

401,551,598

Total

Assets

$

620,487

$

1,756,922,539

$

–

$

1,757,543,026

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(833,565)

$

–

$

(833,565)

Futures

Contracts

(1,058,135)

–

–

(

1,058,135)

Inflation-linked

Swaps†

–

(1,522,480)

–

(1,522,480)

Interest

Rate

Swaps†

–

(1,001,122)

–

(1,001,122)

Total

Liabilities

$

(1,058,135)

$

(3,357,167)

$

–

$

(4,415,302)

Total

$

(437,648)

$

1,753,565,372

$

–

$

1,753,127,724

†

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

BNY

Mellon

Core

Plus

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

35

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Swap

Contracts†

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

$

1,283,927

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

108,748

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

620,487

Total

$

2,013,162

Liabilities:

Swap

Contracts†

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,001,122)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(833,565)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(1,058,135)

Total

$

(2,892,822)

†

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).

36

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

37

.

Asset-Backed

Securities

8.4%

Principal

Amount

($)

Value

($)

Airlines

0.7%

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

3,369,076

3,153,111

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

5,180,342

5,286,126

Series

2024-1,

Class

AA,

5.45%,

2/15/2037

2,750,000

2,861,924

Series

2024-1,

Class

A,

5.88%,

2/15/2037

3,000,000

3,090,657

14,391,818

Automobiles

1.3%

Carmax

Select

Receivables

Trust,

Series

2024-A,

Class

A3,

5.40%,

11/15/2028

1,000,000

1,018,517

Exeter

Automobile

Receivables

Trust,

Series

2024-3A,

Class

A3,

5.65%,

12/15/2027

500,000

505,234

Ford

Credit

Auto

Lease

Trust,

Series

2024-B,

Class

A3,

4.99%,

12/15/2027

1,070,000

1,084,029

GM

Financial

Automobile

Leasing

Trust,

Series

2024-2,

Class

A3,

5.39%,

7/20/2027

2,400,000

2,443,919

Harley-Davidson

Motorcycle

Trust,

Series

2023-A,

Class

A3,

5.05%,

12/15/2027

6,000,000

6,026,236

Santander

Drive

Auto

Receivables

Trust,

Series

2024-3,

Class

A3,

5.63%,

1/16/2029

3,800,000

3,863,615

SBNA

Auto

Lease

Trust,

Series

2024-B,

Class

A3,

5.56%,

11/22/2027(a)

2,200,000

2,238,566

Tesla

Auto

Lease

Trust,

Series

2024-A,

Class

A2A,

5.37%,

6/22/2026(a)

899,857

901,729

Westlake

Automobile

Receivables

Trust

Series

2023-4A,

Class

A3,

6.24%,

7/15/2027(a)

1,280,000

1,302,313

Series

2023-1A,

Class

A3,

5.21%,

1/18/2028(a)

4,088,000

4,091,186

World

Omni

Select

Auto

Trust

Series

2024-A,

Class

A2A,

5.37%,

2/15/2028

1,000,000

1,006,822

Series

2024-A,

Class

A3,

4.98%,

2/15/2030

1,250,000

1,267,987

25,750,153

Credit

Card

1.2%

American

Express

Credit

Account

Master

Trust,

Series

2022-3,

Class

A,

3.75%,

8/15/2027

3,500,000

3,481,291

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Credit

Card

BA

Credit

Card

Trust,

Series

2023-A1,

Class

A1,

4.79%,

5/15/2028

2,912,000

2,941,841

Capital

One

Multi-Asset

Execution

Trust,

Series

2023-A1,

Class

A,

4.42%,

5/15/2028

4,000,000

4,015,890

Chase

Issuance

Trust,

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

8,500,000

8,684,488

Discover

Card

Execution

Note

Trust,

Series

2023-A1,

Class

A,

4.31%,

3/15/2028

4,000,000

4,007,045

23,130,555

Equipment

Loans

&

Leases

0.1%

Dllad

LLC

Series

2024-1A,

Class

A2,

5.50%,

8/20/2027(a)

750,000

757,152

Series

2024-1A,

Class

A3,

5.30%,

7/20/2029(a)

1,250,000

1,283,899

2,041,051

Home

Equity

0.0%

†

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

6.21%,

1/25/2036(b)

177,791

176,123

Other

5.1%

720

East

CLO

V

Ltd.,

Series

2024-2A,

Class

A1,

6.86%,

7/20/2037(a)(b)

8,500,000

8,504,046

AMSR

Trust,

Series

2024-

SFR1,

Class

A,

4.29%,

7/17/2041(a)

8,500,000

8,430,300

Ares

XXXIX

CLO

Ltd.,

Series

2016-39A,

Class

AR3,

6.75%,

7/18/2037(a)(b)

14,900,000

14,924,481

CVS

Pass-Through

Trust

6.04%,

12/10/2028

2,732,957

2,779,505

6.94%,

1/10/2030

5,635,933

5,897,843

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

542,920

480,159

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

1,606,877

1,492,225

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

3,304,994

2,913,862

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

1,211,848

1,092,272

Goodgreen

Trust

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

298,710

279,489

Series

2021-1A,

Class

A,

2.66%,

10/15/2056(a)

5,348,503

4,585,335

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

1,239,592

1,168,789

38

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

417,760

397,170

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

524,287

500,009

Magnetite

XVII

Ltd.,

Series

2016-17A,

Class

AR2,

6.78%,

4/20/2037(a)(b)

8,500,000

8,555,250

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A1R3,

6.57%,

8/15/2037(a)(b)

8,750,000

8,759,669

Reach

ABS

Trust,

Series

2024-2A,

Class

A,

5.88%,

7/15/2031(a)

2,348,344

2,362,989

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,162,389

2,015,220

Tricon

American

Homes

Trust,

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,523,437

7,338,186

Tricon

Residential

Trust

Series

2024-SFR2,

Class

A,

4.75%,

6/17/2040(a)

3,997,514

4,010,171

Series

2024-SFR1,

Class

B,

4.75%,

4/17/2041(a)

1,575,000

1,555,901

Wellington

Management

CLO

3

Ltd.

Series

2024-3A,

Class

A1,

6.59%,

7/18/2037(a)(b)

1,350,000

1,352,489

Series

2024-3A,

Class

B,

6.88%,

7/18/2037(a)(b)

500,000

499,109

Wise

CLO

Ltd.,

Series

2024-2A,

Class

A,

6.76%,

7/15/2037(a)(b)

8,500,000

8,515,810

98,410,279

Total

Asset-Backed

Securities

(cost

$164,000,312)

163,899,979

Collateralized

Mortgage

Obligations

1.4%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

585,798

564,309

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

6.59%,

1/20/2037(a)(b)

1,726,934

1,715,688

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

558,805

517,016

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

3,752,831

3,503,753

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

190,121

184,849

FNMA

REMICS,

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

26,423

27,887

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

JP

Morgan

Mortgage

Trust

Series

2024-4,

Class

A6,

6.50%,

10/25/2054(a)(b)

7,155,339

7,270,205

Series

2024-6,

Class

A1,

6.50%,

12/25/2054(a)(b)

6,261,645

6,360,704

New

Residential

Mortgage

Loan

Trust,

Series

2014-

2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

413,195

396,178

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

2,723,000

2,383,164

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

2,723,000

2,337,320

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

1,839,000

1,568,168

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

784,351

750,936

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

589,738

568,856

Total

Collateralized

Mortgage

Obligations

(cost

$29,412,729)

28,149,033

Commercial

Mortgage-Backed

Securities

0.6%

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.25%,

7/5/2040(a)(b)

1,400,000

1,366,147

BB-UBS

Trust,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

4,983,258

BXP

Trust,

Series

2017-

GM,

Class

B,

3.54%,

6/13/2039(a)(b)

3,900,000

3,723,311

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

796,229

Total

Commercial

Mortgage-Backed

Securities

(cost

$11,431,891)

10,868,945

Corporate

Bonds

35.1%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

2,275,000

2,033,557

3.25%,

2/1/2035

3,500,000

2,849,106

3.55%,

3/1/2038

1,060,000

822,369

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032(d)

1,207,000

1,208,289

RTX

Corp.

,

5.15%,

2/27/2033(d)

3,350,000

3,482,730

4.15%,

5/15/2045

2,000,000

1,748,075

12,144,126

Automobiles

0.5%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)(d)

5,080,000

4,786,613

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Hyundai

Capital

America,

1.80%,

1/10/2028(a)

672,000

615,863

5.80%,

4/1/2030(a)

2,500,000

2,633,208

6.38%,

4/8/2030(a)

1,730,000

1,865,387

9,901,071

Banks

6.6%

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(e)

5,000,000

4,960,042

4.25%,

10/22/2026

3,000,000

2,998,492

Series

L,

4.18%,

11/25/2027(d)

4,000,000

3,991,901

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(d)(e)

2,340,000

2,299,251

(SOFR

+

1.53%),

1.90%,

7/23/2031(e)

2,500,000

2,169,009

(SOFR

+

1.21%),

2.57%,

10/20/2032(e)

1,150,000

1,008,360

(SOFR

+

1.91%),

5.29%,

4/25/2034(e)

2,500,000

2,599,194

(SOFR

+

1.91%),

5.43%,

8/15/2035(d)(e)

1,825,000

1,870,812

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(e)

7,250,000

6,256,602

Barclays

plc

,

(SOFR

+

2.21%),

5.83%,

5/9/2027(e)

8,000,000

8,152,135

BNP

Paribas

SA

,

4.38%,

9/28/2025(a)

5,000,000

4,962,730

4.38%,

5/12/2026(a)

5,000,000

4,966,497

BPCE

SA

,

4.50%,

3/15/2025(a)

5,500,000

5,471,094

(SOFR

+

1.52%),

1.65%,

10/6/2026(a)(e)

900,000

871,590

(SOFR

+

1.73%),

3.12%,

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

6,250,000

5,384,744

Citigroup,

Inc.

,

(SOFR

+

1.53%),

3.29%,

3/17/2026(d)(e)

7,000,000

6,942,467

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(e)

3,750,000

3,712,325

(SOFR

+

3.91%),

4.41%,

3/31/2031(d)(e)

3,250,000

3,227,444

(SOFR

+

1.94%),

3.79%,

3/17/2033(e)

3,650,000

3,419,176

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.33%),

6.65%,

4/25/2035(d)(e)

3,200,000

3,513,257

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)(d)

1,250,000

1,163,610

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Fifth

Third

Bank

NA

,

(United

States

SOFR

Compounded

Index

+

1.23%),

5.85%,

10/27/2025(d)(e)

2,550,000

2,550,856

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

2,000,000

2,093,039

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

8,500,000

8,364,372

(CME

Term

SOFR

3

Month

+

1.11%),

1.76%,

11/19/2031(d)(e)

1,600,000

1,375,332

(SOFR

+

2.08%),

4.91%,

7/25/2033(d)(e)

1,125,000

1,149,051

(SOFR

+

1.46%),

5.29%,

7/22/2035(d)(e)

3,000,000

3,128,801

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(d)(e)

3,724,000

3,775,595

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(d)(e)

1,800,000

1,765,167

(SOFR

+

1.85%),

5.12%,

1/26/2034(e)

2,500,000

2,527,468

US

Bancorp

,

(SOFR

+

1.88%),

6.79%,

10/26/2027(d)(e)

2,550,000

2,677,948

(SOFR

+

1.86%),

5.68%,

1/23/2035(d)(e)

1,800,000

1,907,997

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%),

2.49%,

11/3/2036(e)

500,000

421,963

Wells

Fargo

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.09%),

2.41%,

10/30/2025(e)

1,000,000

997,267

3.00%,

4/22/2026(d)

5,000,000

4,912,032

(SOFR

+

1.07%),

5.71%,

4/22/2028(e)

3,500,000

3,614,065

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)(e)

3,000,000

2,742,527

(SOFR

+

2.10%),

4.90%,

7/25/2033(d)(e)

1,500,000

1,517,195

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

4,122,501

129,583,908

Beverages

0.3%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

1,000,000

984,844

Anheuser-Busch

InBev

Finance,

Inc.

,

4.90%,

2/1/2046

1,700,000

1,671,808

40

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Bacardi

Ltd.

,

5.90%,

6/15/2043(a)(d)

1,500,000

1,543,884

5.30%,

5/15/2048(a)

825,000

780,014

PepsiCo,

Inc.

,

3.90%,

7/18/2032(d)

825,000

811,814

5,792,364

Biotechnology

0.6%

Amgen,

Inc.

,

4.05%,

8/18/2029(d)

1,675,000

1,663,240

5.65%,

3/2/2053(d)

2,500,000

2,629,822

CSL

Finance

plc

,

4.25%,

4/27/2032(a)(d)

7,000,000

6,889,690

11,182,752

Broadline

Retail

0.2%

Amazon.com,

Inc.

,

4.70%,

12/1/2032(d)

4,175,000

4,340,238

Building

Products

0.1%

Owens

Corning

,

5.95%,

6/15/2054(d)

1,594,000

1,691,763

Capital

Markets

3.2%

Brookfield

Finance,

Inc.

,

4.35%,

4/15/2030(d)

5,500,000

5,450,300

6.35%,

1/5/2034(d)

2,000,000

2,200,352

FMR

LLC

,

6.50%,

12/14/2040(a)(d)

2,000,000

2,309,750

5.15%,

2/1/2043(a)(d)

1,000,000

1,003,253

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025(d)

500,000

496,905

(SOFR

+

0.80%),

1.43%,

3/9/2027(e)

14,000,000

13,391,215

(SOFR

+

0.82%),

1.54%,

9/10/2027(d)(e)

750,000

710,786

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(d)(e)

5,000,000

4,899,270

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)(e)

2,400,000

2,418,159

Nuveen

LLC

,

5.55%,

1/15/2030(a)

1,000,000

1,047,133

5.85%,

4/15/2034(a)

5,335,000

5,649,894

S&P

Global,

Inc.

,

2.90%,

3/1/2032(d)

7,000,000

6,366,353

UBS

Group

AG

,

4.13%,

9/24/2025(a)(d)

5,000,000

4,984,294

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

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

10,000,000

10,063,874

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(d)(e)

1,250,000

1,127,191

62,118,729

Chemicals

0.5%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

5,692,411

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Solvay

Finance

America

LLC

,

5.85%,

6/4/2034(a)

4,400,000

4,617,658

10,310,069

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

5.40%,

4/15/2034(d)

1,115,000

1,163,632

Consumer

Finance

0.5%

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025(d)

9,500,000

9,393,682

Consumer

Staples

Distribution

&

Retail

0.3%

Walmart,

Inc.

,

4.15%,

9/9/2032(d)

5,000,000

5,058,284

4.50%,

4/15/2053(d)

400,000

385,818

5,444,102

Containers

&

Packaging

0.7%

Amcor

Group

Finance

plc

,

5.45%,

5/23/2029(d)

6,000,000

6,217,245

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)(d)

2,350,000

2,228,902

Sonoco

Products

Co.

,

4.60%,

9/1/2029

5,000,000

4,974,677

13,420,824

Diversified

REITs

0.1%

VICI

Properties

LP

,

4.63%,

6/15/2025(a)(d)

1,500,000

1,490,842

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

,

5.40%,

2/15/2034(d)

1,500,000

1,573,909

3.65%,

6/1/2051(d)

3,945,000

3,025,141

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031(d)

1,712,000

1,528,673

4.00%,

3/22/2050(d)

2,595,000

2,162,469

8,290,192

Electric

Utilities

4.9%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)(d)

9,525,000

9,403,334

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025

3,750,000

3,779,702

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

1,175,000

1,159,249

Series

Z,

3.70%,

5/1/2050(d)

3,555,000

2,688,997

DTE

Electric

Co.

,

5.20%,

4/1/2033(d)

6,175,000

6,468,920

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033

4,385,000

4,577,536

Entergy

Arkansas

LLC

,

5.45%,

6/1/2034

7,315,000

7,758,868

Evergy

Kansas

Central,

Inc.

,

5.90%,

11/15/2033

2,000,000

2,157,667

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,140,000

2,880,500

Evergy,

Inc.

,

2.90%,

9/15/2029(d)

3,505,000

3,254,713

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Exelon

Corp.

,

4.05%,

4/15/2030(d)

695,000

684,381

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

13,750,000

13,319,027

FirstEnergy

Pennsylvania

Electric

Co.

,

4.30%,

1/15/2029(a)(d)

6,000,000

5,969,646

Georgia

Power

Co.

,

4.70%,

5/15/2032(d)

4,750,000

4,839,063

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

1,992,264

2.75%,

3/1/2032(a)(d)

2,670,000

2,337,781

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033(d)

3,675,000

3,878,503

Louisville

Gas

and

Electric

Co.

,

Series

LOU,

5.45%,

4/15/2033

2,000,000

2,109,588

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

765,000

768,218

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

1,235,000

1,082,047

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030(d)

472,000

464,035

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

2,100,000

2,205,762

Southern

Co.

(The)

,

4.40%,

7/1/2046(d)

2,500,000

2,242,272

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)(d)

1,200,000

1,199,584

3.70%,

1/30/2027(a)

6,000,000

5,877,375

5.00%,

7/31/2027(a)(d)

500,000

497,557

4.30%,

7/15/2029(a)(d)

1,403,000

1,375,027

94,971,616

Energy

Equipment

&

Services

0.2%

Schlumberger

Holdings

Corp.

,

3.90%,

5/17/2028(a)(d)

4,389,000

4,340,490

Entertainment

0.3%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031(d)

3,000,000

2,738,161

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032(d)

2,550,000

2,265,247

5,003,408

Financial

Services

0.1%

Global

Payments,

Inc.

,

2.65%,

2/15/2025

1,500,000

1,485,922

Food

Products

1.1%

Bunge

Ltd.

Finance

Corp.

,

4.65%,

9/17/2034(d)

3,825,000

3,816,717

Cargill,

Inc.

,

5.13%,

10/11/2032(a)(d)

4,565,000

4,742,131

4.38%,

4/22/2052(a)(d)

650,000

590,144

Conagra

Brands,

Inc.

,

5.30%,

11/1/2038(d)

3,750,000

3,764,884

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

J

M

Smucker

Co.

(The)

,

6.50%,

11/15/2043

3,250,000

3,669,771

JBS

USA

Holding

Lux

Sarl

,

3.63%,

1/15/2032(d)

641,000

586,034

5.75%,

4/1/2033

3,529,000

3,656,326

6.50%,

12/1/2052

1,000,000

1,066,696

21,892,703

Ground

Transportation

0.7%

Ashtead

Capital,

Inc.

,

4.38%,

8/15/2027(a)

2,500,000

2,481,181

4.00%,

5/1/2028(a)(d)

6,500,000

6,331,256

4.25%,

11/1/2029(a)(d)

1,730,000

1,682,888

ERAC

USA

Finance

LLC

,

5.40%,

5/1/2053(a)(d)

3,000,000

3,145,745

13,641,070

Health

Care

Equipment

&

Supplies

0.3%

GE

HealthCare

Technologies,

Inc.

,

5.86%,

3/15/2030(d)

5,000,000

5,351,752

Health

Care

Providers

&

Services

0.9%

CVS

Health

Corp.

,

5.00%,

2/20/2026(d)

8,000,000

8,054,585

5.70%,

6/1/2034(d)

2,000,000

2,086,452

Dignity

Health

,

3.81%,

11/1/2024

4,000,000

3,995,403

HCA,

Inc.

,

5.25%,

4/15/2025(d)

1,500,000

1,501,731

UnitedHealth

Group,

Inc.

,

2.00%,

5/15/2030

3,050,000

2,719,144

18,357,315

Health

Care

REITs

0.3%

Alexandria

Real

Estate

Equities,

Inc.

,

3.45%,

4/30/2025(d)

1,650,000

1,637,072

Healthpeak

OP

LLC

,

3.25%,

7/15/2026(d)

1,025,000

1,007,362

Ventas

Realty

LP

,

5.63%,

7/1/2034

2,725,000

2,867,670

Welltower

OP

LLC

,

4.00%,

6/1/2025(d)

1,000,000

994,049

6,506,153

Household

Durables

0.1%

Newell

Brands,

Inc.

,

4.88%,

6/1/2025

2,500,000

2,485,861

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Alexander

Funding

Trust

II

,

7.47%,

7/31/2028(a)

1,770,000

1,912,417

Calpine

Corp.

,

5.25%,

6/1/2026(a)

1,200,000

1,195,283

4.50%,

2/15/2028(a)(d)

500,000

488,195

3,595,895

Industrial

REITs

0.4%

LXP

Industrial

Trust

,

6.75%,

11/15/2028(d)

7,100,000

7,595,976

42

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

REITs

LXP

Industrial

Trust,

2.38%,

10/1/2031

471,000

394,461

7,990,437

Insurance

1.9%

Brighthouse

Financial

Global

Funding

,

5.65%,

6/10/2029(a)(d)

8,300,000

8,573,443

Five

Corners

Funding

Trust

IV

,

6.00%,

2/15/2053(a)

1,405,000

1,545,862

MassMutual

Global

Funding

II

,

5.15%,

5/30/2029(a)

4,250,000

4,426,148

1.55%,

10/9/2030(a)

2,000,000

1,707,416

MetLife,

Inc.

,

5.30%,

12/15/2034

5,000,000

5,252,394

New

York

Life

Global

Funding

,

4.55%,

1/28/2033(a)(d)

5,750,000

5,774,500

Pine

Street

Trust

III

,

6.22%,

5/15/2054(a)

2,995,000

3,246,722

Sammons

Financial

Group,

Inc.

,

4.45%,

5/12/2027(a)

2,000,000

1,978,822

6.88%,

4/15/2034(a)

3,825,000

4,093,687

36,598,994

IT

Services

0.3%

IBM

International

Capital

Pte.

Ltd.

,

4.90%,

2/5/2034

2,000,000

2,051,606

International

Business

Machines

Corp.

,

4.40%,

7/27/2032(d)

4,150,000

4,144,339

6,195,945

Machinery

0.1%

Daimler

Truck

Finance

North

America

LLC

,

3.50%,

4/7/2025(a)(d)

1,500,000

1,489,853

Media

0.4%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

1,450,000

1,266,256

3.70%,

4/1/2051

600,000

383,033

Comcast

Corp.

,

2.65%,

2/1/2030(d)

3,905,000

3,613,662

2.94%,

11/1/2056

3,432,000

2,242,997

7,505,948

Metals

&

Mining

0.0%

†

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)(d)

420,000

408,841

Multi-Utilities

0.5%

Black

Hills

Corp.

,

3.05%,

10/15/2029

1,350,000

1,255,991

6.00%,

1/15/2035

4,000,000

4,259,279

Dominion

Energy,

Inc.

,

Series

B,

4.85%,

8/15/2052

1,000,000

926,064

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025(d)

2,825,000

2,802,259

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Southern

Co.

Gas

Capital

Corp.,

3.25%,

6/15/2026

1,250,000

1,231,280

10,474,873

Oil,

Gas

&

Consumable

Fuels

3.3%

Aker

BP

ASA

,

2.00%,

7/15/2026(a)(d)

7,500,000

7,181,492

6.00%,

6/13/2033(a)

1,000,000

1,048,059

5.80%,

10/1/2054(a)

2,375,000

2,339,810

Boardwalk

Pipelines

LP

,

5.95%,

6/1/2026(d)

1,237,000

1,259,476

BP

Capital

Markets

America,

Inc.

,

5.23%,

11/17/2034(d)

5,400,000

5,622,136

Chesapeake

Energy

Corp.

,

5.50%,

2/1/2026(a)

900,000

898,346

Energy

Transfer

LP

,

5.75%,

4/1/2025

6,000,000

5,991,127

4.75%,

1/15/2026

3,500,000

3,504,106

6.50%,

2/1/2042

1,850,000

2,021,775

5.95%,

5/15/2054(d)

1,200,000

1,228,141

6.05%,

9/1/2054(d)

1,000,000

1,035,948

Enterprise

Products

Operating

LLC

,

4.95%,

2/15/2035

4,250,000

4,315,976

MPLX

LP

,

1.75%,

3/1/2026(d)

3,343,000

3,219,372

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

5,400,000

4,799,856

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

6,500,000

6,528,749

5.50%,

12/1/2025(d)

2,500,000

2,510,480

6.60%,

3/15/2046(d)

1,535,000

1,651,642

6.05%,

10/1/2054(d)

1,000,000

1,015,251

ONEOK,

Inc.

,

5.85%,

1/15/2026

1,620,000

1,644,566

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028(d)

1,500,000

1,499,855

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028(d)

320,000

320,978

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

3,815,623

3,830,714

7.50%,

1/15/2028(a)

1,000,000

1,070,055

64,537,910

Passenger

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)

2,510,000

2,444,203

Pharmaceuticals

0.4%

Bayer

US

Finance

LLC

,

6.25%,

1/21/2029(a)

1,335,000

1,411,240

Merck

&

Co.,

Inc.

,

6.55%,

9/15/2037

3,335,000

3,939,420

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.75%,

5/19/2033

3,175,000

3,236,271

8,586,931

Residential

REITs

0.4%

American

Homes

4

Rent

LP

,

3.63%,

4/15/2032(d)

2,000,000

1,848,862

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Residential

REITs

American

Homes

4

Rent

LP,

5.50%,

2/1/2034(d)

2,433,000

2,512,292

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028(d)

4,226,000

3,856,056

8,217,210

Retail

REITs

0.1%

Kite

Realty

Group

LP

,

5.50%,

3/1/2034(d)

750,000

772,613

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030(d)

2,124,000

2,124,293

2,896,906

Semiconductors

&

Semiconductor

Equipment

0.5%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)(d)

2,000,000

1,817,204

Foundry

JV

Holdco

LLC

,

5.88%,

1/25/2034(a)

6,086,000

6,200,260

6.25%,

1/25/2035(a)

1,500,000

1,569,736

9,587,200

Software

0.4%

Microsoft

Corp.

,

3.45%,

8/8/2036(d)

5,000,000

4,661,929

Oracle

Corp.

,

2.95%,

4/1/2030(d)

1,000,000

929,874

3.60%,

4/1/2040

3,500,000

2,911,940

8,503,743

Specialized

REITs

0.8%

American

Tower

Corp.

,

2.95%,

1/15/2025

1,500,000

1,489,953

Crown

Castle,

Inc.

,

4.45%,

2/15/2026(d)

430,000

429,726

3.70%,

6/15/2026

3,870,000

3,822,885

CubeSmart

LP

,

4.00%,

11/15/2025

874,000

867,526

3.13%,

9/1/2026

3,125,000

3,047,931

Extra

Space

Storage

LP

,

5.50%,

7/1/2030(d)

5,000,000

5,226,825

14,884,846

Specialty

Retail

0.2%

AutoZone,

Inc.

,

4.75%,

8/1/2032(d)

55,000

55,205

Home

Depot,

Inc.

(The)

,

2.88%,

4/15/2027

3,200,000

3,124,687

3,179,892

Technology

Hardware,

Storage

&

Peripherals

0.6%

Apple,

Inc.

,

3.35%,

8/8/2032

4,175,000

3,987,616

Hewlett

Packard

Enterprise

Co.

,

5.90%,

10/1/2024

1,500,000

1,500,000

5.00%,

10/15/2034

4,400,000

4,356,094

HP,

Inc.

,

3.40%,

6/17/2030(d)

1,000,000

947,187

10,790,897

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

0.6%

BAT

Capital

Corp.

,

6.34%,

8/2/2030

1,325,000

1,434,144

4.74%,

3/16/2032(d)

3,000,000

3,000,369

6.42%,

8/2/2033(d)

1,350,000

1,482,844

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029(d)

945,000

1,003,505

5.75%,

11/17/2032(d)

1,475,000

1,585,302

5.38%,

2/15/2033(d)

1,250,000

1,307,299

4.25%,

11/10/2044(d)

3,000,000

2,649,465

12,462,928

Trading

Companies

&

Distributors

0.2%

GATX

Corp.

,

6.05%,

3/15/2034(d)

1,000,000

1,077,376

6.05%,

6/5/2054(d)

1,733,000

1,873,754

2,951,130

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051(d)

2,660,000

1,931,018

Total

Corporate

Bonds

(cost

$686,836,793)

685,540,184

Mortgage-Backed

Securities

24.9%

FHLMC

UMBS

Pool

Pool#

SB0861

2.50%,

2/1/2037

8,657,188

8,133,314

Pool#

SB8183

3.50%,

10/1/2037

5,492,216

5,376,286

Pool#

SB8260

5.00%,

10/1/2038

4,268,975

4,320,784

Pool#

SD8018

4.00%,

10/1/2049

1,586,394

1,543,053

Pool#

SD8080

2.00%,

6/1/2050

3,104,365

2,589,819

Pool#

SD8079

2.00%,

7/1/2050

7,769,566

6,480,549

Pool#

SD8084

3.00%,

8/1/2050

7,205,870

6,569,321

Pool#

SD1372

2.50%,

9/1/2051

18,602,843

16,194,781

Pool#

SD8178

2.50%,

11/1/2051

6,490,426

5,623,636

Pool#

SD8181

1.50%,

12/1/2051

6,979,424

5,524,430

Pool#

RA6433

2.50%,

12/1/2051

9,325,371

8,051,380

Pool#

SD8199

2.00%,

3/1/2052

47,892,048

39,648,693

Pool#

SD3088

2.00%,

3/1/2052

7,367,616

6,125,892

Pool#

SD8200

2.50%,

3/1/2052

12,743,280

11,030,750

Pool#

QE0799

2.50%,

4/1/2052

8,697,413

7,555,140

Pool#

SD8213

3.00%,

5/1/2052

4,378,783

3,930,952

Pool#

SD2254

3.50%,

7/1/2052

1,579,149

1,479,600

44

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QE6924

4.00%,

8/1/2052

27,661,211

26,600,983

Pool#

SD8255

3.50%,

10/1/2052

3,847,274

3,586,865

Pool#

SD8288

5.00%,

1/1/2053

28,266,637

28,282,809

Pool#

SD8302

6.50%,

2/1/2053

1,954,866

2,020,723

Pool#

SD8309

6.00%,

3/1/2053

1,495,563

1,530,484

Pool#

SD2921

4.50%,

5/1/2053

13,944,519

13,733,584

Pool#

SD8338

4.00%,

6/1/2053

4,686,923

4,501,234

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,217,495

2,252,185

Pool#

468516

5.17%,

6/1/2028

772,505

782,603

Pool#

468127

5.70%,

5/1/2041

1,048,699

1,125,936

FNMA

UMBS

Pool

Pool#

FS1360

3.00%,

4/1/2037

5,560,981

5,331,648

Pool#

AR9398

3.50%,

6/1/2043

732,691

697,841

Pool#

BC0180

4.00%,

1/1/2046

2,095,173

2,045,738

Pool#

AS7908

3.00%,

9/1/2046

4,660,386

4,275,909

Pool#

AS8483

3.00%,

12/1/2046

1,987,097

1,817,638

Pool#

MA2863

3.00%,

1/1/2047

3,166,566

2,893,575

Pool#

AS8784

3.00%,

2/1/2047

2,037,934

1,857,198

Pool#

BE7557

3.50%,

2/1/2047

3,794,784

3,581,047

Pool#

BM2003

4.00%,

10/1/2047

3,023,211

2,942,485

Pool#

BJ3716

3.50%,

12/1/2047

1,871,698

1,767,979

Pool#

MA3210

3.50%,

12/1/2047

773,774

730,181

Pool#

BM3355

3.50%,

2/1/2048

1,240,337

1,170,453

Pool#

CA1532

3.50%,

4/1/2048

4,012,657

3,801,422

Pool#

CA2208

4.50%,

8/1/2048

864,941

857,857

Pool#

CA2469

4.00%,

10/1/2048

820,288

798,125

Pool#

MA3745

3.50%,

8/1/2049

4,227,377

3,989,099

Pool#

FS2041

2.00%,

8/1/2051

7,886,694

6,537,068

Pool#

FS1080

2.50%,

2/1/2052

31,578,227

27,485,536

Pool#

BU8883

3.00%,

3/1/2052

17,715,617

15,929,769

Pool#

FS2122

3.00%,

3/1/2052

5,050,196

4,553,001

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4577

2.00%,

4/1/2052

17,771,960

14,712,148

Pool#

BV8011

3.00%,

8/1/2052

8,904,770

8,002,290

Pool#

MA4733

4.50%,

9/1/2052

17,444,620

17,157,878

Pool#

MA4782

3.50%,

10/1/2052

13,656,284

12,717,216

Pool#

MA4805

4.50%,

11/1/2052

5,365,520

5,276,797

Pool#

MA4839

4.00%,

12/1/2052

4,578,917

4,397,964

Pool#

MA4980

6.00%,

4/1/2053

3,417,546

3,495,962

Pool#

FS4736

6.50%,

5/1/2053

6,212,155

6,422,307

Pool#

DA1019

6.50%,

9/1/2053

766,966

793,614

Pool#

FS7835

5.50%,

10/1/2053

10,048,965

10,170,094

Pool#

FS8795

6.00%,

8/1/2054

18,877,321

19,297,529

Pool#

MA5499

6.50%,

10/1/2054

9,700,000

9,998,921

GNMA

II

Pool

Pool#

MA8099

3.50%,

6/20/2052

7,028,460

6,602,003

Pool#

MA8349

5.50%,

10/20/2052

8,503,826

8,616,493

Pool#

MA8429

5.50%,

11/20/2052

3,589,200

3,628,681

Pool#

MA8430

6.00%,

11/20/2052

4,089,124

4,187,434

Pool#

MA8571

6.00%,

1/20/2053

1,814,628

1,857,829

Pool#

MA8726

5.50%,

3/20/2053

12,698,243

12,842,589

Pool#

MA8727

6.00%,

3/20/2053

3,248,774

3,324,631

Pool#

MA8950

6.50%,

6/20/2053

3,480,674

3,571,700

Pool#

MA9852

6.00%,

8/20/2054

6,000,000

6,106,619

GNMA

TBA

7.00%,

10/15/2054

4,250,000

4,354,633

Total

Mortgage-Backed

Securities

(cost

$505,699,697)

485,194,687

Municipal

Bonds

0.8%

California

0.3

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

4,497,415

District

of

Columbia

0.5

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

D,

7.46%,

10/1/2046

6,000,000

7,610,377

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

45

Municipal

Bonds

Principal

Amount

($)

Value

($)

District

of

Columbia

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

(continued)

Series

D,

8.00%,

10/1/2047

2,000,000

2,620,830

10,231,207

Total

Municipal

Bonds

(cost

$14,052,266)

14,728,622

Purchased

Option

0.0%

†

Number

of

Contracts

Call

Option

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

SOFR

12/13/2024

at

USD

95.75,

American

Style,

Notional

Amount:

USD

150,000,000

Exchange

Traded*

600

375,000

0

Total

Purchased

Option

(cost

$157,500)

375,000

U.S.

Government

Agency

Securities

1.7%

Principal

Amount

($)

FHLB,

4.75%,

3/10/2034

18,600,000

19,628,508

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

13,645,499

Total

U.S.

Government

Agency

Securities

(cost

$32,368,126)

33,274,007

U.S.

Treasury

Obligations

24.9%

U.S.

Treasury

Bonds

2.00%,

11/15/2041

18,000,000

13,234,219

2.38%,

2/15/2042

55,000,000

42,835,547

3.25%,

5/15/2042

11,500,000

10,224,219

3.13%,

2/15/2043

23,000,000

19,901,289

3.88%,

2/15/2043

6,200,000

5,981,063

3.88%,

5/15/2043

18,000,000

17,330,625

2.25%,

8/15/2046

7,000,000

5,011,289

2.25%,

2/15/2052

54,800,000

37,368,890

2.88%,

5/15/2052

6,375,000

4,992,671

3.63%,

2/15/2053

1,000,000

909,297

3.63%,

5/15/2053

6,000,000

5,460,234

4.25%,

8/15/2054

18,000,000

18,379,687

U.S.

Treasury

Notes

1.00%,

12/15/2024

(d)

13,000,000

12,904,531

4.25%,

12/31/2024

(d)

24,600,000

24,571,941

4.13%,

1/31/2025

(d)

11,700,000

11,679,708

4.25%,

5/31/2025

(d)

24,000,000

24,004,687

2.88%,

6/15/2025

(d)

9,000,000

8,919,229

3.00%,

7/15/2025

(d)

22,000,000

21,820,906

0.25%,

8/31/2025

20,000,000

19,322,500

4.00%,

2/15/2026

12,200,000

12,232,883

3.63%,

5/15/2026

33,000,000

32,947,149

1.25%,

12/31/2026

26,000,000

24,688,828

2.25%,

2/15/2027

2,000,000

1,938,281

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

0.50%,

4/30/2027

1,000,000

924,570

3.25%,

6/30/2027

7,000,000

6,940,938

2.25%,

8/15/2027

(d)

11,000,000

10,603,398

3.38%,

9/15/2027

9,415,000

9,367,189

3.88%,

12/31/2027

6,000,000

6,057,188

3.50%,

1/31/2028

6,800,000

6,784,594

3.63%,

5/31/2028

18,300,000

18,328,594

1.50%,

11/30/2028

11,000,000

10,119,570

2.75%,

5/31/2029

6,000,000

5,786,016

3.25%,

6/30/2029

2,000,000

1,971,172

3.63%,

8/31/2029

2,000,000

2,005,937

3.63%,

9/30/2031

29,500,000

29,444,687

Total

U.S.

Treasury

Obligations

(cost

$503,810,383)

484,993,526

Repurchase

Agreements

4.1%

Bank

of

America

NA

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$8,001,084,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$8,160,000.

(f)

8,000,000

8,000,000

Cantor

Fitzgerald

&

Co.

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$10,047,639,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$10,200,000.

(f)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$19,122,629,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$19,502,400.

(f)

19,120,000

19,120,000

46

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$7,528,786,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$7,678,306.

(f)

7,527,751

7,527,751

CF

Secured,

LLC

4.90%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$15,002,042,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

3/1/2030

-

8/20/2074;

total

market

value

$15,302,083.

(f)

15,000,000

15,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$12,056,350,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$12,240,005.

(f)

12,000,000

12,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$7,026,297,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$7,140,003.

(f)

7,000,000

7,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$2,040,007.

(f)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$80,647,751)

80,647,751

Total

Investments

(cost

$2,028,417,448)

—

101.9%

1,987,671,734

Liabilities

in

excess

of

other

assets

—

(1.9)%

(36,946,446)

NET

ASSETS

—

100.0%

$

1,950,725,288

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$358,526,787

which

represents

18.38%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$240,285,736,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$80,647,751

and

by

$167,230,543

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.50%,

and

maturity

dates

ranging

from

10/1/2024

–

5/15/2054,

a

total

value

of

$247,878,294.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$80,647,751.

CLO

Collateralized

Loan

Obligations

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

47

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

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

2,901

12/2024

USD

604,110,587

743,670

U.S.

Treasury

5

Year

Note

892

12/2024

USD

98,015,469

88,024

U.S.

Treasury

10

Year

Note

183

12/2024

USD

20,913,469

(21,299)

U.S.

Treasury

Long

Bond

101

12/2024

USD

12,542,937

(19,180)

U.S.

Treasury

Ultra

Bond

258

12/2024

USD

34,338,188

(361,166)

3

Month

SOFR

180

3/2025

USD

43,182,000

119,246

Total

long

contracts

549,295

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(254)

12/2024

USD

(30,047,406)

46,180

Total

short

contracts

46,180

Net

contracts

595,475

As

of

September

30,

2024,

the

Fund

had

$7,199,649

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

September

30,

2024:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

SOFR

Exchange

Traded

1,200

USD

300,000,000

USD

95.50

12/13/2024

(1,402,500)

3

Month

SOFR

Exchange

Traded

600

USD

150,000,000

USD

96.00

12/13/2024

(195,000)

Total

written

call

options

contracts

(1,597,500)

Total

Written

Options

Contracts

(Premiums

Received

($452,556))

(1,597,500)

Currency:

USD

United

States

dollar

48

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

–

$

163,899,979

$

–

$

163,899,979

Collateralized

Mortgage

Obligations

–

28,149,033

–

28,149,033

Commercial

Mortgage-Backed

Securities

–

10,868,945

–

10,868,945

Corporate

Bonds

–

685,540,184

–

685,540,184

Futures

Contracts

997,120

–

–

997,120

Mortgage-Backed

Securities

–

485,194,687

–

485,194,687

Municipal

Bonds

–

14,728,622

–

14,728,622

Purchased

Option

375,000

–

–

375,000

Repurchase

Agreements

–

80,647,751

–

80,647,751

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

49

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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.

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Government

Agency

Securities

$

–

$

33,274,007

$

–

$

33,274,007

U.S.

Treasury

Obligations

–

484,993,526

–

484,993,526

Total

Assets

$

1,372,120

$

1,987,296,734

$

–

$

1,988,668,854

Liabilities:

Futures

Contracts

$

(401,645)

$

–

$

–

$

(401,645)

Written

Options

(1,597,500)

–

–

(1,597,500)

Total

Liabilities

$

(1,999,145)

$

–

$

–

$

(1,999,145)

Total

$

(627,025)

$

1,987,296,734

$

–

$

1,986,669,709

50

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

As

of September

30,

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

NVIT

Core

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

51

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

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 September

30,

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.

52

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

375,000

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

997,120

Total

$

1,372,120

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

$

(1,597,500)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(401,645)

Total

$

(1,999,145)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Asset-Backed

Securities

14.0%

Principal

Amount

($)

Value

($)

Airlines

1.1%

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

539,893

490,269

Sprite

Ltd.,

Series

2021-

1,

Class

A,

3.75%,

11/15/2046(a)

305,235

292,217

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

566,212

509,625

1,292,111

Home

Equity

3.5%

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE2,

Class

A4,

5.20%,

5/25/2037(b)

1,304,630

927,187

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

5.33%,

4/25/2037(b)

404,323

274,442

JP

Morgan

Mortgage

Acquisition

Trust,

Series

2006-RM1,

Class

A5,

5.45%,

8/25/2036(b)

1,541,058

686,055

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

5.18%,

5/25/2037(b)

787,985

760,086

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

5.47%,

6/25/2037(b)

3,716,916

975,841

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(c)

2,781,357

737,266

4,360,877

Other

9.0%

ACHV

ABS

TRUST,

Series

2023-1PL,

Class

C,

7.42%,

3/18/2030(a)

466,741

468,701

AMSR

Trust,

Series

2024-

SFR1,

Class

B,

4.29%,

7/17/2041(a)

746,000

732,050

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

A,

6.56%,

11/15/2036(a)(b)

103,065

102,943

BDS

LLC,

Series

2024-

FL13,

Class

A,

6.78%,

9/19/2039(a)(b)

120,000

119,925

BlueMountain

CLO

XXIII

Ltd.,

Series

2018-23A,

Class

D1R,

9.13%,

7/20/2037(a)

(b)

500,000

500,144

CBAM

Ltd.,

Series

2019-

10A,

Class

DR,

9.04%,

4/20/2032(a)(b)

750,000

751,380

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Cologix

Data

Centers

US

Issuer

LLC,

Series

2021-

1A,

Class

A2,

3.30%,

12/26/2051(a)

250,000

237,091

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

966,158

GoldenTree

Loan

Management

US

CLO

15

Ltd.,

Series

2022-

15A,

Class

DR,

9.68%,

10/20/2036(a)(b)

500,000

510,384

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(a)

452,427

331,180

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(a)

1,010,271

875,843

Series

2021-1,

Class

F,

3.33%,

9/17/2041(a)

593,682

498,912

LCM

XV

LP,

Series

15A,

Class

DR,

9.24%,

7/20/2030(a)(b)

250,000

250,558

LFT

CRE

Ltd.,

Series

2021-

FL1,

Class

B,

6.96%,

6/15/2039(a)(b)

110,000

107,908

MF1

LLC,

Series

2023-

FL12,

Class

A,

7.03%,

10/19/2038(a)(b)

100,000

100,218

MF1

Ltd.,

Series

2022-

FL8,

Class

A,

6.31%,

2/19/2037(a)(b)

9,687

9,639

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2024-FL15,

Class

A,

6.70%,

8/18/2041(a)(b)

120,000

120,000

Pagaya

AI

Debt

Trust,

Series

2022-1,

Class

B,

3.34%,

10/15/2029(a)

446,887

444,043

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

7.97%,

3/25/2026(a)(b)

850,000

852,202

PRET

LLC,

Series

2021-

NPL5,

Class

A1,

2.49%,

10/25/2051(a)(c)

625,989

623,468

Progress

Residential

Trust,

Series

2022-SFR3,

Class

A,

3.20%,

4/17/2039(a)

478,635

464,324

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

6.73%,

10/20/2030(a)(b)

240,281

240,329

Sunnova

Helios

V

Issuer

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(a)

379,716

290,406

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

427,508

400,064

Upstart

Pass-Through

Trust

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(a)

45,249

44,463

54

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(a)

45,265

44,288

Vibrant

CLO

XR

Ltd.,

Series

2018-10RA,

Class

C1,

10.28%,

4/20/2036(a)(b)

500,000

505,194

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

370,021

328,730

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

5.12%,

3/27/2051(a)(c)

138,977

138,411

11,058,956

Student

Loan

0.4%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

474,048

Total

Asset-Backed

Securities

(cost

$19,600,855)

17,185,992

Collateralized

Mortgage

Obligations

14.7%

Alternative

Loan

Trust,

Series

2005-64CB,

Class

1A12,

5.50%,

12/25/2035(b)

802,323

671,763

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

5.45%,

2/25/2036(b)

3

3

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1

1

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,088,844

497,893

CIM

Trust,

Series

2023-

R4,

Class

A1,

5.00%,

5/25/2062(a)(b)

837,586

837,623

COLT

Mortgage

Loan

Trust,

Series

2022-4,

Class

A1,

4.30%,

3/25/2067(a)(b)

789,745

778,697

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2024-

2A,

Class

A2,

4.50%,

5/20/2049(a)

250,000

243,281

FHLMC

REMICS

Series

5004,

Class

LS,

IO,

0.76%,

7/25/2050(b)

2,485,441

374,709

Series

375,

Class

C1,

IO,

2.50%,

1/25/2051

2,409,136

371,756

Series

5131,

Class

IG,

IO,

3.50%,

8/25/2051

1,822,739

343,170

FHLMC

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

1,766,688

1,554,877

FNMA

REMICS

Series

2018-33,

Class

A,

3.00%,

5/25/2048

558,198

507,786

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-64,

Class

D,

2.50%,

11/25/2049

371,747

328,615

Series

2020-77,

Class

S,

IO,

0.00%,

11/25/2050(b)

5,463,254

302,025

Series

2023-36,

Class

,

IO,

2.50%,

10/25/2052

2,050,739

318,902

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

645,305

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

0.00%,

7/20/2049(b)

4,151,052

104,653

Series

2020-79,

Class

IN,

IO,

2.50%,

6/20/2050

6,484,088

873,145

Series

2020-151,

Class

MI,

IO,

2.50%,

10/20/2050

2,721,318

396,201

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

3,198,828

434,001

Series

2021-30,

Class

KI,

IO,

3.00%,

2/20/2051

2,545,504

410,227

Series

2022-61,

Class

EI,

IO,

3.00%,

7/20/2051

3,614,527

556,406

Series

2023-82,

Class

ZN,

4.50%,

6/20/2053

1,097,477

1,043,732

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

5.33%,

7/25/2047(b)

629,786

417,880

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

1

0

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(b)

550,000

461,651

OBX

Trust

Series

2024-NQM6,

Class

A1,

6.45%,

2/25/2064(a)(c)

928,541

948,884

Series

2024-NQM13,

Class

A2,

5.37%,

6/25/2064(a)(c)

0

0

RALI

Trust

Series

2006-QS6,

Class

1A11,

5.67%,

6/25/2036(b)

1,335,088

970,375

Series

2006-QS17,

Class

A7,

6.00%,

12/25/2036

856,660

709,319

Towd

Point

Mortgage

Trust,

Series

2022-1,

Class

A1,

3.75%,

7/25/2062(a)(b)

989,370

944,949

Verus

Securitization

Trust

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(b)

600,000

503,158

Series

2022-4,

Class

A2,

4.74%,

4/25/2067(a)(b)

726,693

718,770

Series

2024-6,

Class

A1,

5.80%,

7/25/2069(a)(c)

734,491

742,274

Total

Collateralized

Mortgage

Obligations

(cost

$18,541,449)

18,012,031

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Commercial

Mortgage-Backed

Securities

7.2%

Principal

Amount

($)

Value

($)

BANK

Series

2020-BN30,

Class

XB,

IO,

0.83%,

12/15/2053(b)

3,036,000

113,664

Series

2017-BNK6,

Class

XA,

IO,

0.90%,

7/15/2060(b)

3,568,537

62,374

Series

2018-BN10,

Class

XA,

IO,

0.83%,

2/15/2061(b)

2,703,653

51,702

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.15%,

2/15/2053(b)

1,954,628

81,560

Series

2021-C12,

Class

XA,

IO,

1.06%,

11/15/2054(b)

2,703,865

127,492

Series

2022-C18,

Class

XD,

IO,

2.35%,

12/15/2055(a)(b)

1,000,000

149,527

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.28%,

11/5/2036(a)

(b)

4,823,000

19

Series

2012-SHOW,

Class

XA,

IO,

0.73%,

11/5/2036(a)

(b)

8,760,000

142

Benchmark

Mortgage

Trust

Series

2024-V10,

Class

A3,

5.28%,

10/15/2029

120,000

122,921

Series

2020-B19,

Class

XA,

IO,

1.87%,

9/15/2053(b)

1,288,920

72,788

Series

2021-B27,

Class

XA,

IO,

1.37%,

7/15/2054(b)

1,984,851

111,068

Series

2024-V8,

Class

A1,

5.51%,

7/15/2057

111,424

113,739

BPR

Trust,

Series

2021-

TY,

Class

A,

6.26%,

9/15/2038(a)(b)

111,000

110,029

BX

Commercial

Mortgage

Trust

Series

2021-VOLT,

Class

E,

7.21%,

9/15/2036(a)(b)

134,000

132,995

Series

2021-XL2,

Class

A,

5.90%,

10/15/2038(a)(b)

102,543

101,710

Series

2021-CIP,

Class

A,

6.13%,

12/15/2038(a)(b)

109,159

108,272

Series

2022-LP2,

Class

A,

6.11%,

2/15/2039(a)(b)

75,924

75,496

Series

2024-MF,

Class

D,

7.79%,

2/15/2039(a)(b)

88,545

88,352

BX

Trust,

Series

2019-

OC11,

Class

D,

4.08%,

12/9/2041(a)(b)

100,000

92,057

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

6.25%,

5/15/2038(a)(b)

120,356

114,351

CD

Mortgage

Trust,

Series

2017-CD6,

Class

XA,

IO,

1.01%,

11/13/2050(b)

4,970,395

89,550

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.73%,

5/10/2058(b)

1,626,412

26,942

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust,

Series

2020-555,

Class

E,

3.62%,

12/10/2041(a)(b)

115,000

92,429

Commercial

Mortgage

Trust

Series

2014-CR20,

Class

XA,

IO,

0.86%,

11/10/2047(b)

2,087,295

39

Series

2015-CR23,

Class

C,

4.41%,

5/10/2048(b)

100,000

92,517

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

2.02%,

1/15/2049(b)

587,329

10,694

Series

2017-CX10,

Class

XA,

IO,

0.98%,

11/15/2050(b)

5,140,024

96,459

Series

2017-CX10,

Class

C,

4.42%,

11/15/2050(b)

247,000

200,536

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

130,000

116,915

CSMC

Trust

Series

2017-CALI,

Class

F,

3.90%,

11/10/2032(a)(b)

250,000

30,000

Series

2020-NET,

Class

A,

2.26%,

8/15/2037(a)

86,758

83,612

Series

2021-B33,

Class

A1,

3.05%,

10/10/2043(a)

100,000

94,241

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.55%,

5/25/2030(b)

1,124,086

1,053,812

Series

2020-M7,

Class

X2,

IO,

1.33%,

3/25/2031(b)

5,127,486

271,129

Series

2022-M5,

Class

X,

IO,

0.68%,

1/1/2034(b)

13,031,000

434,586

GNMA

REMICS

Series

2021-35,

Class

,

IO,

1.03%,

12/16/2062(b)

4,199,501

317,421

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

4,660,737

253,302

Series

2021-129,

Class

,

IO,

0.98%,

6/16/2063(b)

5,244,528

370,573

Series

2021-79,

Class

,

IO,

0.88%,

8/16/2063(b)

4,947,567

325,621

Series

2021-65,

Class

,

IO,

0.89%,

8/16/2063(b)

4,874,314

323,712

Series

2021-150,

Class

,

IO,

1.03%,

11/16/2063(b)

5,898,167

401,794

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(b)

6,514,318

361,636

Series

2021-208,

Class

,

IO,

0.76%,

6/16/2064(b)

6,257,052

346,865

Series

2024-29,

Class

AI,

IO,

0.74%,

10/16/2065(b)

7,585,742

481,484

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

6.38%,

7/16/2035(a)(b)

75,550

74,622

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.68%,

11/10/2049(b)

5,281,975

46,851

Series

2017-GS8,

Class

XA,

IO,

1.07%,

11/10/2050(b)

4,637,971

104,212

56

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2018-GS9,

Class

C,

4.49%,

3/10/2051(b)

100,000

89,669

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2020-COR7,

Class

XA,

IO,

1.76%,

5/13/2053(b)

1,325,116

76,661

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.39%,

5/15/2050(b)

2,267,516

51,263

Morgan

Stanley

Capital

I

Trust

Series

2019-L3,

Class

XA,

IO,

0.73%,

11/15/2052(b)

2,840,306

74,407

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

98,816

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

C,

7.41%,

1/15/2036(a)(b)

150,000

139,125

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

1.98%,

10/10/2048(b)

2,385,747

53,192

UBS

Commercial

Mortgage

Trust,

Series

2017-

C4,

Class

B,

4.24%,

10/15/2050(b)

100,000

94,190

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

XA,

IO,

0.69%,

5/15/2048(b)

7,779,695

7,284

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

139,031

Series

2021-C59,

Class

XA,

IO,

1.64%,

4/15/2054(b)

1,643,062

114,525

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,388,601)

8,869,975

Corporate

Bonds

12.4%

Aerospace

&

Defense

0.1%

Howmet

Aerospace,

Inc.

,

4.85%,

10/15/2031

14,000

14,282

Northrop

Grumman

Corp.

,

5.20%,

6/1/2054

71,000

72,293

TransDigm,

Inc.

,

5.50%,

11/15/2027

65,000

64,777

151,352

Automobiles

0.1%

Ford

Motor

Co.

,

3.25%,

2/12/2032

43,000

36,620

Hyundai

Capital

America

,

5.30%,

1/8/2029(a)

69,000

70,885

107,505

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

1.2%

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(d)

100,000

97,552

Bancolombia

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.32%),

8.63%,

12/24/2034(d)

200,000

214,710

Bank

of

America

Corp.

,

(SOFR

+

1.65%),

5.47%,

1/23/2035(d)

28,000

29,445

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(d)

128,000

108,006

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(d)

84,000

72,490

Citigroup,

Inc.

,

(CME

Term

SOFR

3

Month

+

1.65%),

3.67%,

7/24/2028(d)

142,000

139,471

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.73%),

5.41%,

9/19/2039(d)

39,000

38,890

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.33%),

6.65%,

4/25/2035(d)

25,000

27,447

DBS

Group

Holdings

Ltd.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.10%),

1.82%,

3/10/2031(d)

200,000

192,310

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

195,117

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.99%),

4.85%,

7/25/2028(d)

36,000

36,628

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(d)

82,000

73,130

(SOFR

+

1.26%),

2.96%,

1/25/2033(d)

81,000

72,892

Royal

Bank

of

Canada

,

5.15%,

2/1/2034

20,000

20,798

Truist

Financial

Corp.

,

(SOFR

+

1.57%),

5.15%,

8/5/2032(d)

37,000

37,896

Wells

Fargo

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.57%),

3.58%,

5/22/2028(d)

72,000

70,604

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

1.98%),

4.81%,

7/25/2028(d)

28,000

28,327

1,455,713

Beverages

0.0%

†

Keurig

Dr

Pepper,

Inc.

,

Series

10,

5.20%,

3/15/2031

35,000

36,541

Biotechnology

0.1%

AbbVie,

Inc.

,

5.50%,

3/15/2064

43,000

45,913

Amgen,

Inc.

,

5.75%,

3/2/2063

61,000

64,387

110,300

Broadline

Retail

0.0%

†

Macy's

Retail

Holdings

LLC

,

5.88%,

4/1/2029(a)

21,000

20,727

Wayfair

LLC

,

7.25%,

10/31/2029(a)

25,000

25,611

46,338

Building

Products

0.2%

Builders

FirstSource,

Inc.

,

6.38%,

3/1/2034(a)

30,000

31,150

Cornerstone

Building

Brands,

Inc.

,

9.50%,

8/15/2029(a)

35,000

35,947

EMRLD

Borrower

LP

,

6.63%,

12/15/2030(a)

65,000

67,021

6.75%,

7/15/2031(a)

35,000

36,500

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

39,496

Miter

Brands

Acquisition

Holdco,

Inc.

,

6.75%,

4/1/2032(a)

30,000

31,099

Owens

Corning

,

5.70%,

6/15/2034

34,000

36,095

277,308

Capital

Markets

0.3%

Ares

Capital

Corp.

,

5.95%,

7/15/2029

20,000

20,529

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.23%),

5.06%,

7/22/2032(d)

32,000

33,111

BlackRock

Funding,

Inc.

,

5.25%,

3/14/2054

21,000

21,760

5.35%,

1/8/2055

44,000

46,318

Blackstone

Holdings

Finance

Co.

LLC

,

2.00%,

1/30/2032(a)

103,000

86,569

Goldman

Sachs

Group,

Inc.

(The)

,

(CME

Term

SOFR

3

Month

+

1.43%),

6.55%,

5/15/2026(d)

75,000

75,422

(SOFR

+

1.55%),

5.33%,

7/23/2035(d)

41,000

42,471

326,180

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

0.3%

Avient

Corp.

,

6.25%,

11/1/2031(a)

15,000

15,377

Braskem

Netherlands

Finance

BV

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

1/23/2081(d)

200,000

200,195

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

65,000

65,715

LYB

International

Finance

III

LLC

,

5.50%,

3/1/2034

34,000

35,364

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

55,000

51,666

368,317

Commercial

Services

&

Supplies

0.2%

Allied

Universal

Holdco

LLC

,

9.75%,

7/15/2027(a)

55,000

55,118

7.88%,

2/15/2031(a)

85,000

86,827

Garda

World

Security

Corp.

,

6.00%,

6/1/2029(a)

70,000

67,177

Veralto

Corp.

,

5.35%,

9/18/2028

35,000

36,449

245,571

Communications

Equipment

0.0%

†

Motorola

Solutions,

Inc.

,

5.40%,

4/15/2034

35,000

36,527

Construction

&

Engineering

0.2%

Brand

Industrial

Services,

Inc.

,

10.38%,

8/1/2030(a)

40,000

42,834

MasTec,

Inc.

,

5.90%,

6/15/2029

24,000

25,046

Pike

Corp.

,

5.50%,

9/1/2028(a)

75,000

73,454

8.63%,

1/31/2031(a)

30,000

32,077

Quanta

Services,

Inc.

,

2.35%,

1/15/2032

86,000

73,821

247,232

Consumer

Finance

0.3%

Avolon

Holdings

Funding

Ltd.

,

5.75%,

3/1/2029(a)

70,000

72,159

General

Motors

Financial

Co.,

Inc.

,

3.10%,

1/12/2032

17,000

14,868

GGAM

Finance

Ltd.

,

6.88%,

4/15/2029(a)

65,000

67,618

Global

Aircraft

Leasing

Co.

Ltd.

,

8.75%,

9/1/2027(a)

140,000

142,066

Macquarie

Airfinance

Holdings

Ltd.

,

6.40%,

3/26/2029(a)

18,000

18,734

5.15%,

3/17/2030(a)

5,000

5,011

6.50%,

3/26/2031(a)

9,000

9,500

OneMain

Finance

Corp.

,

7.50%,

5/15/2031

60,000

61,762

391,718

58

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

0.1%

Kroger

Co.

(The)

,

5.65%,

9/15/2064

43,000

43,228

Sysco

Corp.

,

3.25%,

7/15/2027

37,000

36,048

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

55,000

52,456

US

Foods,

Inc.

,

5.75%,

4/15/2033(a)

40,000

40,043

171,775

Containers

&

Packaging

0.3%

Berry

Global,

Inc.

,

5.80%,

6/15/2031(a)

36,000

37,459

Clydesdale

Acquisition

Holdings,

Inc.

,

6.88%,

1/15/2030(a)

70,000

71,486

Sealed

Air

Corp.

,

7.25%,

2/15/2031(a)

45,000

47,628

Sonoco

Products

Co.

,

4.60%,

9/1/2029

15,000

14,924

Trident

TPI

Holdings,

Inc.

,

12.75%,

12/31/2028(a)

90,000

99,911

WRKCo,

Inc.

,

3.75%,

3/15/2025

70,000

69,581

340,989

Distributors

0.1%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

60,000

60,194

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

35,000

34,843

Genuine

Parts

Co.

,

4.95%,

8/15/2029

39,000

39,669

134,706

Diversified

Consumer

Services

0.1%

Mavis

Tire

Express

Services

Topco

Corp.

,

6.50%,

5/15/2029(a)

35,000

33,631

Wand

NewCo

3,

Inc.

,

7.63%,

1/30/2032(a)

40,000

42,140

75,771

Diversified

REITs

0.1%

VICI

Properties

LP

,

4.63%,

12/1/2029(a)

74,000

72,593

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

,

2.25%,

2/1/2032

86,000

73,818

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

20,000

19,684

4.75%,

3/1/2030(a)

25,000

22,996

4.75%,

2/1/2032(a)

15,000

13,219

Consolidated

Communications,

Inc.

,

5.00%,

10/1/2028(a)

50,000

45,978

Frontier

Communications

Holdings

LLC

,

5.88%,

10/15/2027(a)

15,000

15,061

6.75%,

5/1/2029(a)

35,000

35,247

Level

3

Financing,

Inc.

,

10.50%,

4/15/2029(a)

50,000

54,503

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Network

i2i

Ltd.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%),

3.98%,

3/03/2026(d)(e)

200,000

193,998

Windstream

Escrow

LLC

,

8.25%,

10/1/2031(a)

5,000

5,083

479,587

Electric

Utilities

0.8%

AEP

Texas,

Inc.

,

5.45%,

5/15/2029

22,000

22,947

Series

H,

3.45%,

1/15/2050

80,000

57,973

Arizona

Public

Service

Co.

,

5.70%,

8/15/2034

37,000

39,062

Duke

Energy

Corp.

,

2.65%,

9/1/2026

108,000

105,017

5.45%,

6/15/2034

41,000

42,789

5.00%,

8/15/2052

13,000

12,309

Energuate

Trust

,

Reg.

S,

5.88%,

5/3/2027

200,000

197,000

Entergy

Arkansas

LLC

,

5.75%,

6/1/2054

22,000

23,708

Entergy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.67%),

7.13%,

12/1/2054(d)

19,000

19,700

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

29,000

26,837

Eversource

Energy

,

5.50%,

1/1/2034

19,000

19,721

Mexico

Generadora

de

Energia

S

de

rl

,

Reg.

S,

5.50%,

12/6/2032

120,968

120,822

NextEra

Energy

Capital

Holdings,

Inc.

,

5.55%,

3/15/2054

27,000

28,193

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.46%),

6.75%,

6/15/2054(d)

9,000

9,712

Pacific

Gas

and

Electric

Co.

,

6.95%,

3/15/2034

34,000

38,642

6.75%,

1/15/2053

38,000

43,327

Southern

California

Edison

Co.

,

5.45%,

6/1/2031

70,000

74,067

Southern

Co.

(The)

,

Series

21-A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.75%,

9/15/2051(d)

73,000

70,653

Virginia

Electric

and

Power

Co.

,

5.55%,

8/15/2054

20,000

21,022

973,501

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

58,000

56,646

Energy

Equipment

&

Services

0.2%

Halliburton

Co.

,

4.85%,

11/15/2035

31,000

30,954

Kodiak

Gas

Services

LLC

,

7.25%,

2/15/2029(a)

65,000

67,269

Schlumberger

Holdings

Corp.

,

5.00%,

11/15/2029(a)

25,000

25,810

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

45,000

44,926

Weatherford

International

Ltd.

,

8.63%,

4/30/2030(a)

25,000

26,050

195,009

Entertainment

0.1%

Netflix,

Inc.

,

5.38%,

11/15/2029(a)

32,000

33,668

5.40%,

8/15/2054

28,000

29,642

Take-Two

Interactive

Software,

Inc.

,

4.95%,

3/28/2028

69,000

70,391

133,701

Financial

Services

0.1%

Fiserv,

Inc.

,

5.45%,

3/15/2034

34,000

35,535

Nationstar

Mortgage

Holdings,

Inc.

,

5.75%,

11/15/2031(a)

35,000

34,285

PennyMac

Financial

Services,

Inc.

,

7.88%,

12/15/2029(a)

35,000

37,321

107,141

Food

Products

0.1%

Bunge

Ltd.

Finance

Corp.

,

4.65%,

9/17/2034

47,000

46,898

Campbell

Soup

Co.

,

5.40%,

3/21/2034

19,000

19,924

Post

Holdings,

Inc.

,

6.38%,

3/1/2033(a)

55,000

55,898

122,720

Ground

Transportation

0.5%

Burlington

Northern

Santa

Fe

LLC

,

5.50%,

3/15/2055

38,000

40,987

CSX

Corp.

,

3.35%,

9/15/2049

96,000

73,122

Genesee

&

Wyoming,

Inc.

,

6.25%,

4/15/2032(a)

130,000

133,686

Lima

Metro

Line

2

Finance

Ltd.

,

Reg.

S,

5.88%,

7/5/2034

84,292

85,639

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

37,000

36,815

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

82,000

70,882

Uber

Technologies,

Inc.

,

4.80%,

9/15/2034

79,000

78,891

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Watco

Cos.

LLC

,

7.13%,

8/1/2032(a)

30,000

31,268

XPO,

Inc.

,

7.13%,

6/1/2031(a)

70,000

73,286

624,576

Health

Care

Equipment

&

Supplies

0.1%

Bausch

+

Lomb

Corp.

,

8.38%,

10/1/2028(a)

80,000

84,600

Solventum

Corp.

,

5.40%,

3/1/2029(a)

35,000

36,009

Zimmer

Biomet

Holdings,

Inc.

,

5.20%,

9/15/2034

39,000

39,713

160,322

Health

Care

Providers

&

Services

0.6%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)

35,000

32,761

Cardinal

Health,

Inc.

,

4.90%,

9/15/2045

84,000

78,664

Centene

Corp.

,

3.00%,

10/15/2030

81,000

72,513

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

25,000

24,270

CVS

Health

Corp.

,

5.30%,

6/1/2033

34,000

34,745

5.88%,

6/1/2053

57,000

58,006

Elevance

Health,

Inc.

,

5.13%,

2/15/2053

78,000

76,537

HCA,

Inc.

,

5.13%,

6/15/2039

43,000

42,417

5.25%,

6/15/2049

45,000

42,728

Laboratory

Corp.

of

America

Holdings

,

4.80%,

10/1/2034

92,000

90,930

LifePoint

Health,

Inc.

,

10.00%,

6/1/2032(a)

85,000

93,446

Owens

&

Minor,

Inc.

,

6.63%,

4/1/2030(a)

20,000

19,414

Quest

Diagnostics,

Inc.

,

5.00%,

12/15/2034

39,000

39,490

UnitedHealth

Group,

Inc.

,

5.50%,

7/15/2044

53,000

56,089

Universal

Health

Services,

Inc.

,

4.63%,

10/15/2029

42,000

41,741

803,751

Health

Care

REITs

0.0%

†

Alexandria

Real

Estate

Equities,

Inc.

,

5.25%,

5/15/2036

60,000

61,008

Health

Care

Technology

0.0%

†

IQVIA,

Inc.

,

6.25%,

2/1/2029

25,000

26,573

Hotel

&

Resort

REITs

0.1%

Host

Hotels

&

Resorts

LP

,

Series

I,

3.50%,

9/15/2030

78,000

72,337

60

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotel

&

Resort

REITs

Host

Hotels

&

Resorts

LP,

5.70%,

7/1/2034

72,000

74,342

146,679

Hotels,

Restaurants

&

Leisure

0.6%

Caesars

Entertainment,

Inc.

,

6.50%,

2/15/2032(a)

65,000

67,237

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

90,000

88,313

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(a)

40,000

37,266

Full

House

Resorts,

Inc.

,

8.25%,

2/15/2028(a)

30,000

30,044

Hyatt

Hotels

Corp.

,

5.25%,

6/30/2029

72,000

73,713

Light

&

Wonder

International,

Inc.

,

7.25%,

11/15/2029(a)

75,000

77,597

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

81,000

72,916

McDonald's

Corp.

,

5.45%,

8/14/2053

41,000

42,731

Royal

Caribbean

Cruises

Ltd.

,

5.38%,

7/15/2027(a)

36,000

36,323

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

35,000

34,736

Six

Flags

Entertainment

Corp.

,

6.63%,

5/1/2032(a)

60,000

62,136

Viking

Cruises

Ltd.

,

9.13%,

7/15/2031(a)

120,000

131,226

754,238

Household

Durables

0.0%

†

DR

Horton,

Inc.

,

5.00%,

10/15/2034

46,000

46,640

Household

Products

0.0%

†

Kronos

Acquisition

Holdings,

Inc.

,

8.25%,

6/30/2031(a)

15,000

15,056

Independent

Power

and

Renewable

Electricity

Producers

0.2%

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

,

7.25%,

1/31/2041(a)

200,000

208,540

Lightning

Power

LLC

,

7.25%,

8/15/2032(a)

40,000

42,061

250,601

Insurance

0.4%

Alliant

Holdings

Intermediate

LLC

,

6.50%,

10/1/2031(a)

40,000

40,420

American

National

Group,

Inc.

,

5.75%,

10/1/2029

16,000

16,092

Athene

Global

Funding

,

5.35%,

7/9/2027(a)

31,000

31,658

Athene

Holding

Ltd.

,

6.25%,

4/1/2054

39,000

41,576

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

59,000

51,076

Guardian

Life

Global

Funding

,

1.25%,

5/13/2026(a)

75,000

71,632

HUB

International

Ltd.

,

7.25%,

6/15/2030(a)

25,000

26,047

Markel

Group,

Inc.

,

6.00%,

5/16/2054

33,000

35,088

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

82,000

60,507

Panther

Escrow

Issuer

LLC

,

7.13%,

6/1/2031(a)

50,000

52,445

Willis

North

America,

Inc.

,

5.35%,

5/15/2033

70,000

72,057

498,598

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

5.60%,

5/15/2053

69,000

74,809

IT

Services

0.1%

Amentum

Escrow

Corp.

,

7.25%,

8/1/2032(a)

40,000

41,745

Kyndryl

Holdings,

Inc.

,

4.10%,

10/15/2041

53,000

42,722

84,467

Life

Sciences

Tools

&

Services

0.0%

†

Fortrea

Holdings,

Inc.

,

7.50%,

7/1/2030(a)

15,000

15,098

Machinery

0.1%

AGCO

Corp.

,

5.80%,

3/21/2034

13,000

13,594

CNH

Industrial

Capital

LLC

,

5.10%,

4/20/2029

15,000

15,440

Cummins,

Inc.

,

5.45%,

2/20/2054

19,000

20,100

Husky

Injection

Molding

Systems

Ltd.

,

9.00%,

2/15/2029(a)

75,000

78,263

127,397

Media

0.2%

Charter

Communications

Operating

LLC

,

6.10%,

6/1/2029

15,000

15,526

DirecTV

Financing

LLC,

Term

Loan

B

,

5.88%,

8/15/2027(a)

75,000

73,637

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

40,000

34,949

Gray

Television,

Inc.

,

10.50%,

7/15/2029(a)

30,000

31,334

McGraw-Hill

Education,

Inc.

,

7.38%,

9/1/2031(a)

15,000

15,563

Sirius

XM

Radio,

Inc.

,

5.50%,

7/1/2029(a)

85,000

83,039

Townsquare

Media,

Inc.

,

6.88%,

2/1/2026(a)

30,000

29,936

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

61

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Univision

Communications,

Inc.

,

7.38%,

6/30/2030(a)

30,000

29,034

313,018

Metals

&

Mining

0.3%

ArcelorMittal

SA

,

6.00%,

6/17/2034

20,000

21,225

CAP

SA

,

Reg.

S,

3.90%,

4/27/2031

200,000

163,500

Glencore

Funding

LLC

,

1.63%,

4/27/2026(a)

44,000

42,222

5.37%,

4/4/2029(a)

71,000

73,394

Southern

Copper

Corp.

,

3.88%,

4/23/2025

50,000

49,621

Vale

Overseas

Ltd.

,

6.40%,

6/28/2054

20,000

21,068

371,030

Multi-Utilities

0.1%

Black

Hills

Corp.

,

6.00%,

1/15/2035

40,000

42,593

DTE

Energy

Co.

,

5.85%,

6/1/2034

56,000

60,108

NiSource,

Inc.

,

5.35%,

4/1/2034

35,000

36,337

139,038

Oil,

Gas

&

Consumable

Fuels

1.5%

Aethon

United

BR

LP

,

7.50%,

10/1/2029(a)

65,000

65,861

BP

Capital

Markets

America,

Inc.

,

4.89%,

9/11/2033

35,000

35,612

5.23%,

11/17/2034

41,000

42,687

Buckeye

Partners

LP

,

6.88%,

7/1/2029(a)

60,000

61,474

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

71,000

70,537

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

40,000

41,579

Cosan

Overseas

Ltd.

,

Reg.

S,

8.25%,

11/05/2024(e)(f)

100,000

102,400

Devon

Energy

Corp.

,

5.75%,

9/15/2054

44,000

42,825

Ecopetrol

SA

,

5.88%,

11/2/2051

200,000

145,383

Energy

Transfer

LP

,

5.00%,

5/15/2044(c)

49,000

44,881

5.95%,

5/15/2054

41,000

41,961

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.83%),

7.13%,

10/1/2054(d)

19,000

19,431

EnLink

Midstream

LLC

,

5.65%,

9/1/2034

60,000

61,996

Enterprise

Products

Operating

LLC

,

5.55%,

2/16/2055

41,000

42,353

Gulfport

Energy

Corp.

,

6.75%,

9/1/2029(a)

70,000

70,819

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Harvest

Midstream

I

LP

,

7.50%,

5/15/2032(a)

30,000

31,555

Kinder

Morgan,

Inc.

,

5.20%,

6/1/2033

71,000

71,874

Matador

Resources

Co.

,

6.50%,

4/15/2032(a)

50,000

49,929

Medco

Laurel

Tree

Pte.

Ltd.

,

Reg.

S,

6.95%,

11/12/2028

200,000

200,019

MPLX

LP

,

1.75%,

3/1/2026

30,000

28,890

5.50%,

6/1/2034

36,000

36,986

NGL

Energy

Operating

LLC

,

8.13%,

2/15/2029(a)

50,000

51,267

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

44,000

39,110

Occidental

Petroleum

Corp.

,

5.38%,

1/1/2032

9,000

9,124

ONEOK,

Inc.

,

6.63%,

9/1/2053

38,000

42,166

Permian

Resources

Operating

LLC

,

7.00%,

1/15/2032(a)

35,000

36,412

Petroleos

Mexicanos

,

6.75%,

9/21/2047

100,000

71,651

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

45,000

45,584

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

30,000

31,383

South

Bow

USA

Infrastructure

Holdings

LLC

,

4.91%,

9/1/2027(a)

8,000

8,061

Tallgrass

Energy

Partners

LP

,

7.38%,

2/15/2029(a)

20,000

20,226

Targa

Resources

Corp.

,

5.50%,

2/15/2035

12,000

12,359

Venture

Global

LNG,

Inc.

,

8.38%,

6/1/2031(a)

30,000

31,678

9.88%,

2/1/2032(a)

30,000

33,336

Vital

Energy,

Inc.

,

7.88%,

4/15/2032(a)

25,000

24,218

Williams

Cos.,

Inc.

(The)

,

5.15%,

3/15/2034

36,000

36,392

1,802,019

Passenger

Airlines

0.1%

American

Airlines,

Inc.

,

8.50%,

5/15/2029(a)

65,000

68,966

JetBlue

Airways

Corp.

,

9.88%,

9/20/2031(a)

15,000

15,800

84,766

Pharmaceuticals

0.1%

1375209

BC

Ltd.

,

9.00%,

1/30/2028(a)

5,000

4,956

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

25,000

22,579

14.00%,

10/15/2030(a)

1,000

914

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

5.30%,

5/19/2053

37,000

38,274

62

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Royalty

Pharma

plc

,

5.40%,

9/2/2034

41,000

42,059

108,782

Professional

Services

0.2%

Jacobs

Engineering

Group,

Inc.

,

5.90%,

3/1/2033

72,000

75,540

Verisk

Analytics,

Inc.

,

5.25%,

6/5/2034

41,000

42,349

VT

Topco,

Inc.

,

8.50%,

8/15/2030(a)

70,000

74,687

192,576

Real

Estate

Management

&

Development

0.1%

Anywhere

Real

Estate

Group

LLC

,

7.00%,

4/15/2030(a)

40,000

37,158

InRetail

Shopping

Malls

,

Reg.

S,

5.75%,

4/3/2028

50,000

50,359

87,517

Residential

REITs

0.1%

American

Homes

4

Rent

LP

,

5.50%,

2/1/2034

56,000

57,825

Sun

Communities

Operating

LP

,

2.70%,

7/15/2031

42,000

36,726

94,551

Retail

REITs

0.0%

†

Agree

LP

,

5.63%,

6/15/2034

26,000

27,199

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

81,000

73,597

Marvell

Technology,

Inc.

,

1.65%,

4/15/2026

55,000

52,692

Qorvo,

Inc.

,

3.38%,

4/1/2031(a)

21,000

18,802

145,091

Software

0.2%

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

40,000

38,423

Atlassian

Corp.

,

5.25%,

5/15/2029

25,000

25,838

Cadence

Design

Systems,

Inc.

,

4.70%,

9/10/2034

23,000

23,143

Central

Parent

LLC

,

8.00%,

6/15/2029(a)

50,000

52,004

Oracle

Corp.

,

6.25%,

11/9/2032

7,000

7,746

3.80%,

11/15/2037

14,000

12,387

UKG,

Inc.

,

6.88%,

2/1/2031(a)

35,000

36,166

195,707

Specialized

REITs

0.3%

American

Tower

Corp.

,

3.60%,

1/15/2028

44,000

42,940

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

Crown

Castle,

Inc.

,

4.30%,

2/15/2029

72,000

71,342

Equinix,

Inc.

,

3.90%,

4/15/2032

39,000

37,345

2.95%,

9/15/2051

68,000

45,065

Extra

Space

Storage

LP

,

5.40%,

2/1/2034

36,000

37,180

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

80,000

83,385

317,257

Specialty

Retail

0.2%

LBM

Acquisition

LLC

,

6.25%,

1/15/2029(a)

33,000

31,205

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025

80,000

79,965

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(a)

10,000

7,381

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

18,000

18,557

5.00%,

8/19/2034

23,000

23,273

Staples,

Inc.

,

10.75%,

9/1/2029(a)

15,000

14,554

Victra

Holdings

LLC

,

8.75%,

9/15/2029(a)

50,000

52,497

227,432

Technology

Hardware,

Storage

&

Peripherals

0.1%

Hewlett

Packard

Enterprise

Co.

,

5.00%,

10/15/2034

92,000

91,082

NetApp,

Inc.

,

1.88%,

6/22/2025

54,000

52,877

143,959

Tobacco

0.1%

BAT

Capital

Corp.

,

4.54%,

8/15/2047

37,000

31,253

Philip

Morris

International,

Inc.

,

5.25%,

2/13/2034

36,000

37,386

68,639

Trading

Companies

&

Distributors

0.0%

†

Aviation

Capital

Group

LLC

,

5.38%,

7/15/2029(a)

28,000

28,602

Fortress

Transportation

and

Infrastructure

Investors

LLC

,

5.88%,

4/15/2033(a)

35,000

34,913

63,515

Transportation

Infrastructure

0.4%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

172,000

152,332

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

Reg.

S,

4.38%,

7/3/2029

200,000

189,105

Rutas

2

&

7

Finance

Ltd.

,

Reg.

S,

0.00%,

9/30/2036(g)

166,667

120,113

461,550

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

63

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

5.50%,

1/15/2055

103,000

106,697

Total

Corporate

Bonds

(cost

$15,013,614)

15,304,897

Foreign

Government

Securities

0.3%

COLOMBIA

0.1%

Republic

of

Colombia,

4.13%,

5/15/2051

250,000

157,324

SOUTH

AFRICA

0.2%

Republic

of

South

Africa,

4.30%,

10/12/2028

200,000

193,580

Total

Foreign

Government

Securities

(cost

$440,640)

350,904

Mortgage-Backed

Securities

22.6%

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,243,076

1,174,367

Pool#

G08775

4.00%,

8/1/2047

390,309

378,752

Pool#

Q51461

3.50%,

10/1/2047

540,696

511,111

FHLMC

Pool

Gold

Pool

Pool#

WN2407

,

4.38%,

5/1/2028

1,800,000

1,798,325

FHLMC

UMBS

Pool

Pool#

SD7553

3.00%,

3/1/2052

2,363,331

2,151,601

Pool#

QH2160

6.00%,

10/1/2053

1,878,769

1,971,639

Pool#

SD4701

6.00%,

2/1/2054

3,373,451

3,489,210

Pool#

RJ1952

5.50%,

7/1/2054

2,083,126

2,131,471

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,889,399

Pool#

BS9551

5.94%,

9/1/2053

1,891,839

2,077,143

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

1,223,959

1,122,975

Pool#

MA2888

2.50%,

1/1/2047

939,004

836,855

Pool#

AS9937

3.00%,

7/1/2047

933,496

856,478

Pool#

FM8215

2.50%,

3/1/2051

1,303,204

1,145,359

Pool#

CB0705

3.00%,

6/1/2051

1,280,207

1,159,847

Pool#

MA4416

3.50%,

9/1/2051

1,058,379

991,697

Pool#

CB8501

6.00%,

5/1/2054

1,850,528

1,942,016

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS8642

6.00%,

6/1/2054

2,096,402

2,168,545

Total

Mortgage-Backed

Securities

(cost

$28,788,544)

27,796,790

U.S.

Treasury

Obligations

18.5%

U.S.

Treasury

Notes

0.38%,

4/30/2025

3,950,000

3,861,403

0.75%,

3/31/2026

3,000,000

2,869,101

0.75%,

1/31/2028

9,850,000

8,981,199

0.63%,

8/15/2030

3,000,000

2,528,203

0.88%,

11/15/2030

5,340,000

4,544,841

Total

U.S.

Treasury

Obligations

(cost

$22,220,906)

22,784,747

Investment

Company

2.0%

Shares

Fixed

Income

Fund

2.0%

DoubleLine

Floating

Rate

Fund,

Class

I

269,086

2,416,391

Total

Investment

Company

(cost

$2,539,242)

2,416,391

Total

Investments

(cost

$116,533,851)

—

91.7%

112,721,727

Other

assets

in

excess

of

liabilities

—

8.3%

10,179,052

NET

ASSETS

—

100.0%

$

122,900,779

64

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$26,909,107

which

represents

21.90%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2024.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2024.

The

maturity

date

reflects

the

next

call

date.

(f)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

(g)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

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

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

200

12/2024

USD

41,648,437

39,097

U.S.

Treasury

Long

Bond

212

12/2024

USD

26,327,750

(149,294)

U.S.

Treasury

Ultra

Bond

13

12/2024

USD

1,730,219

(37,041)

Total

long

contracts

(147,238)

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(143)

12/2024

USD

(16,916,453)

101,463

Total

short

contracts

101,463

Net

contracts

(45,775)

As

of

September

30,

2024,

the

Fund

had

$844,230

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

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.

66

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

17,185,992

$

–

$

17,185,992

Collateralized

Mortgage

Obligations

–

18,012,031

–

18,012,031

Commercial

Mortgage-Backed

Securities

–

8,869,975

–

8,869,975

Corporate

Bonds

–

15,304,897

–

15,304,897

Foreign

Government

Securities

–

350,904

–

350,904

Futures

Contracts

140,560

–

–

140,560

Investment

Company

2,416,391

–

–

2,416,391

Mortgage-Backed

Securities

–

27,796,790

–

27,796,790

U.S.

Treasury

Obligations

–

22,784,747

–

22,784,747

Total

Assets

$

2,556,951

$

110,305,336

$

–

$

112,862,287

Liabilities:

Futures

Contracts

$

(186,335)

$

–

$

–

$

(186,335)

Total

Liabilities

$

(186,335)

$

–

$

–

$

(186,335)

Total

$

2,370,616

$

110,305,336

$

–

$

112,675,952

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

67

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

140,560

Total

$

140,560

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(186,335)

Total

$

(186,335)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

September

30,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

94

.6

%

Principal

Amount

($)

Value

($)

Aerospace

/

Defense

1

.6

%

TransDigm,

Inc.

,

5.50%,

11/15/2027

1,000,000

996,564

6.38%,

3/1/2029(a)

150,000

154,758

4.88%,

5/1/2029

75,000

73,022

6.88%,

12/15/2030(a)

75,000

78,538

6.63%,

3/1/2032(a)

300,000

312,402

1,615,284

Airlines

0

.2

%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

145,833

145,417

Automotive

6

.0

%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

300,000

297,227

7.00%,

4/15/2028(a)

75,000

77,253

8.25%,

4/15/2031(a)

75,000

79,575

Clarios

Global

LP

,

8.50%,

5/15/2027(a)

1,075,000

1,078,500

6.75%,

5/15/2028(a)

100,000

103,075

Dana,

Inc.

,

4.50%,

2/15/2032

325,000

288,226

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

525,000

461,993

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

650,000

637,589

4.39%,

1/8/2026

200,000

198,259

2.70%,

8/10/2026

200,000

192,145

4.27%,

1/9/2027

275,000

270,186

7.35%,

11/4/2027

200,000

212,364

6.80%,

5/12/2028

175,000

183,340

5.11%,

5/3/2029

200,000

198,116

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

500,000

491,311

6.38%,

5/15/2029(a)(b)

275,000

269,200

JB

Poindexter

&

Co.,

Inc.

,

8.75%,

12/15/2031(a)

325,000

343,611

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

350,000

304,449

ZF

North

America

Capital,

Inc.

,

6.88%,

4/14/2028(a)

150,000

151,412

6.75%,

4/23/2030(a)

150,000

151,278

5,989,109

Banking

0

.1

%

Ally

Financial,

Inc.

,

5.75%,

11/20/2025

75,000

75,324

Building

Materials

4

.0

%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

4.00%,

1/15/2028(a)

75,000

72,168

Beacon

Roofing

Supply,

Inc.

,

6.50%,

8/1/2030(a)

50,000

51,750

Camelot

Return

Merger

Sub,

Inc.

,

8.75%,

8/1/2028(a)

150,000

151,788

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

275,000

254,613

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Materials

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

725,000

638,439

GYP

Holdings

III

Corp.

,

4.63%,

5/1/2029(a)

300,000

285,986

Interface,

Inc.

,

5.50%,

12/1/2028(a)

425,000

414,803

Masterbrand,

Inc.

,

7.00%,

7/15/2032(a)

150,000

157,176

Miter

Brands

Acquisition

Holdco,

Inc.

,

6.75%,

4/1/2032(a)

350,000

362,819

MIWD

Holdco

II

LLC

,

5.50%,

2/1/2030(a)

125,000

121,416

Standard

Building

Solutions,

Inc.

,

6.50%,

8/15/2032(a)

75,000

77,659

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

375,000

371,830

3.38%,

1/15/2031(a)

475,000

423,149

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

375,000

378,498

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

250,000

250,159

4,012,253

Cable

Satellite

6

.2

%

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

200,000

196,843

5.00%,

2/1/2028(a)

525,000

510,698

5.38%,

6/1/2029(a)

50,000

48,185

4.75%,

3/1/2030(a)

750,000

689,878

4.50%,

5/1/2032

400,000

345,861

4.50%,

6/1/2033(a)

125,000

106,154

4.25%,

1/15/2034(a)

50,000

41,013

CSC

Holdings

LLC

,

5.50%,

4/15/2027(a)

400,000

351,781

5.75%,

1/15/2030(a)

425,000

219,995

4.50%,

11/15/2031(a)

400,000

291,197

DISH

DBS

Corp.

,

5.13%,

6/1/2029

350,000

234,824

Sirius

XM

Radio,

Inc.

,

3.13%,

9/1/2026(a)

525,000

507,233

4.00%,

7/15/2028(a)

100,000

94,344

3.88%,

9/1/2031(a)

225,000

196,036

Sunrise

FinCo.

I

BV

,

4.88%,

7/15/2031(a)

625,000

591,362

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

400,000

388,000

Virgin

Media

Secured

Finance

plc

,

5.50%,

5/15/2029(a)

200,000

191,820

Vmed

O2

UK

Financing

I

plc

,

4.75%,

7/15/2031(a)

650,000

578,518

VZ

Secured

Financing

BV

,

5.00%,

1/15/2032(a)

400,000

368,097

Ziggo

Bond

Co.

BV

,

5.13%,

2/28/2030(a)

200,000

184,358

6,136,197

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

69

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

3

.0

%

Axalta

Coating

Systems

Dutch

Holding

B

BV

,

7.25%,

2/15/2031(a)

150,000

160,184

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

175,000

173,599

3.38%,

2/15/2029(a)

150,000

140,439

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

214,490

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

71,923

Herens

Holdco

Sarl

,

4.75%,

5/15/2028(a)

550,000

480,026

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

200,000

202,200

Olympus

Water

US

Holding

Corp.

,

7.13%,

10/1/2027(a)

200,000

204,118

4.25%,

10/1/2028(a)

200,000

190,978

9.75%,

11/15/2028(a)

200,000

213,452

6.25%,

10/1/2029(a)

425,000

411,236

SNF

Group

SACA

,

3.38%,

3/15/2030(a)

250,000

225,299

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

300,000

281,815

7.38%,

3/1/2031(a)

50,000

52,387

3,022,146

Construction

Machinery

0

.4

%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

175,000

164,298

United

Rentals

North

America,

Inc.

,

4.88%,

1/15/2028

150,000

148,889

3.88%,

2/15/2031

50,000

46,509

359,696

Consumer

Cyclical

Services

3

.7

%

Allied

Universal

Holdco

LLC

,

9.75%,

7/15/2027(a)

500,000

501,076

6.00%,

6/1/2029(a)

200,000

178,731

7.88%,

2/15/2031(a)

200,000

204,297

Brink's

Co.

(The)

,

6.50%,

6/15/2029(a)

150,000

155,391

6.75%,

6/15/2032(a)

150,000

156,463

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

300,000

300,940

Dun

&

Bradstreet

Corp.

(The)

,

5.00%,

12/15/2029(a)

350,000

348,516

Garda

World

Security

Corp.

,

9.50%,

11/1/2027(a)

807,000

808,060

7.75%,

2/15/2028(a)

50,000

51,846

6.00%,

6/1/2029(a)

350,000

335,886

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

200,000

199,266

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

250,000

247,122

4.13%,

8/1/2030(a)

250,000

234,190

3,721,784

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Products

1

.8

%

BCPE

Empire

Holdings,

Inc.

,

7.63%,

5/1/2027(a)

800,000

802,582

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

325,000

307,446

Energizer

Holdings,

Inc.

,

6.50%,

12/31/2027(a)

150,000

152,392

4.75%,

6/15/2028(a)

200,000

194,070

4.38%,

3/31/2029(a)

350,000

331,450

1,787,940

Diversified

Manufacturing

1

.4

%

EMRLD

Borrower

LP

,

6.63%,

12/15/2030(a)

575,000

592,880

Gates

Corp.

,

6.88%,

7/1/2029(a)

375,000

388,445

WESCO

Distribution,

Inc.

,

7.25%,

6/15/2028(a)

400,000

409,596

1,390,921

Finance

Companies

2

.0

%

Boost

Newco

Borrower

LLC

,

7.50%,

1/15/2031(a)

325,000

348,740

Macquarie

Airfinance

Holdings

Ltd.

,

6.40%,

3/26/2029(a)

25,000

26,020

8.13%,

3/30/2029(a)

100,000

105,910

6.50%,

3/26/2031(a)

25,000

26,390

Navient

Corp.

,

6.75%,

6/25/2025

25,000

25,152

5.50%,

3/15/2029

250,000

242,518

Rocket

Mortgage

LLC

,

2.88%,

10/15/2026(a)

325,000

312,025

3.63%,

3/1/2029(a)

275,000

258,576

3.88%,

3/1/2031(a)

75,000

69,056

4.00%,

10/15/2033(a)

75,000

66,996

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

150,000

149,720

5.75%,

6/15/2027(a)

175,000

173,862

5.50%,

4/15/2029(a)

175,000

170,450

1,975,415

Food

&

Beverage

2

.1

%

BellRing

Brands,

Inc.

,

7.00%,

3/15/2030(a)

500,000

523,284

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

50,000

49,858

4.25%,

8/1/2029(a)

275,000

261,510

6.13%,

9/15/2032(a)

75,000

76,639

Post

Holdings,

Inc.

,

5.50%,

12/15/2029(a)

325,000

322,642

6.25%,

2/15/2032(a)

100,000

102,971

6.38%,

3/1/2033(a)

75,000

76,224

6.25%,

10/15/2034(a)

75,000

75,473

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

450,000

438,721

4.63%,

6/1/2030(a)

150,000

144,915

5.75%,

4/15/2033(a)

50,000

50,054

2,122,291

70

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

&

Staples

Retailing

0

.0

%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(c)

100,000

0

Gaming

5

.5

%

Affinity

Interactive

,

6.88%,

12/15/2027(a)

100,000

85,969

Boyd

Gaming

Corp.

,

4.75%,

12/1/2027

100,000

98,869

4.75%,

6/15/2031(a)

50,000

47,742

Caesars

Entertainment,

Inc.

,

8.13%,

7/1/2027(a)

400,000

408,236

7.00%,

2/15/2030(a)

100,000

104,470

6.50%,

2/15/2032(a)

150,000

155,162

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

150,000

149,785

Churchill

Downs,

Inc.

,

6.75%,

5/1/2031(a)

250,000

258,165

Light

&

Wonder

International,

Inc.

,

7.25%,

11/15/2029(a)

175,000

181,059

7.50%,

9/1/2031(a)

125,000

131,110

MGM

Resorts

International

,

6.13%,

9/15/2029

250,000

253,112

6.50%,

4/15/2032

225,000

229,283

Midwest

Gaming

Borrower

LLC

,

4.88%,

5/1/2029(a)

425,000

407,648

Mohegan

Tribal

Gaming

Authority

,

8.00%,

2/1/2026(a)

550,000

543,936

Ontario

Gaming

GTA

LP

,

8.00%,

8/1/2030(a)

275,000

285,787

Penn

Entertainment,

Inc.

,

4.13%,

7/1/2029(a)

100,000

91,111

Raptor

Acquisition

Corp.

,

4.88%,

11/1/2026(a)

175,000

169,865

Scientific

Games

Holdings

LP

,

6.63%,

3/1/2030(a)

650,000

645,093

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

275,000

265,548

4.63%,

12/1/2031(a)

150,000

139,097

6.63%,

3/15/2032(a)

100,000

102,224

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

25,000

24,790

4.25%,

12/1/2026(a)

150,000

148,541

3.88%,

2/15/2029(a)

25,000

23,943

4.63%,

12/1/2029(a)

150,000

147,149

4.13%,

8/15/2030(a)

75,000

71,222

Wynn

Resorts

Finance

LLC

,

7.13%,

2/15/2031(a)

125,000

134,862

6.25%,

3/15/2033(a)

200,000

202,610

5,506,388

Health

Insurance

0

.4

%

Centene

Corp.

,

4.25%,

12/15/2027

100,000

98,215

4.63%,

12/15/2029

200,000

195,716

3.38%,

2/15/2030

50,000

46,076

340,007

Corporate

Bonds

Principal

Amount

($)

Value

($)

Healthcare

4

.5

%

AHP

Health

Partners,

Inc.

,

5.75%,

7/15/2029(a)

425,000

415,626

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

225,000

219,914

3.88%,

11/1/2029(a)

350,000

331,159

Community

Health

Systems,

Inc.

,

6.88%,

4/15/2029(a)

300,000

272,031

6.13%,

4/1/2030(a)

200,000

171,004

5.25%,

5/15/2030(a)

150,000

138,046

Concentra

Escrow

Issuer

Corp.

,

6.88%,

7/15/2032(a)

75,000

78,864

Embecta

Corp.

,

5.00%,

2/15/2030(a)

75,000

69,056

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

250,000

249,312

6.50%,

5/15/2030(a)

175,000

182,586

Medline

Borrower

LP

,

3.88%,

4/1/2029(a)

125,000

118,345

6.25%,

4/1/2029(a)

175,000

180,308

5.25%,

10/1/2029(a)

1,000,000

981,183

Neogen

Food

Safety

Corp.

,

8.63%,

7/20/2030(a)

175,000

193,695

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

73,958

Tenet

Healthcare

Corp.

,

6.25%,

2/1/2027

250,000

250,332

5.13%,

11/1/2027

200,000

199,244

4.25%,

6/1/2029

175,000

168,730

6.13%,

6/15/2030

200,000

203,269

4,496,662

Independent

Energy

4

.0

%

Aethon

United

BR

LP

,

7.50%,

10/1/2029(a)

250,000

253,312

Antero

Resources

Corp.

,

7.63%,

2/1/2029(a)

13,000

13,413

5.38%,

3/1/2030(a)

125,000

123,499

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

350,000

350,327

8.25%,

12/31/2028(a)

150,000

153,671

5.88%,

6/30/2029(a)

75,000

74,092

Chesapeake

Energy

Corp.

,

5.50%,

2/1/2026(a)

25,000

24,954

5.88%,

2/1/2029(a)

25,000

25,128

7.00%,

10/1/2099

200,000

3,750

Chord

Energy

Corp.

,

6.38%,

6/1/2026(a)

50,000

50,106

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

150,000

155,920

8.63%,

11/1/2030(a)

100,000

105,948

8.75%,

7/1/2031(a)

125,000

132,317

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

400,000

390,521

5.88%,

1/15/2030(a)

150,000

140,263

Matador

Resources

Co.

,

6.50%,

4/15/2032(a)

200,000

199,714

6.25%,

4/15/2033(a)

75,000

73,742

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

325,000

326,438

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

71

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

Permian

Resources

Operating

LLC

,

6.25%,

2/1/2033(a)

125,000

127,017

Range

Resources

Corp.

,

4.88%,

5/15/2025

98,000

97,507

8.25%,

1/15/2029

125,000

129,385

4.75%,

2/15/2030(a)

75,000

72,345

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

125,000

130,763

SM

Energy

Co.

,

6.75%,

9/15/2026

125,000

124,937

6.50%,

7/15/2028

125,000

124,862

6.75%,

8/1/2029(a)

75,000

75,310

7.00%,

8/1/2032(a)

50,000

50,193

Southwestern

Energy

Co.

,

8.38%,

9/15/2028

175,000

180,025

5.38%,

3/15/2030

50,000

49,848

TGNR

Intermediate

Holdings

LLC

,

5.50%,

10/15/2029(a)

200,000

190,024

3,949,331

Industrial

-

Other

1

.7

%

Artera

Services

LLC

,

8.50%,

2/15/2031(a)

175,000

173,289

Hillenbrand,

Inc.

,

6.25%,

2/15/2029

275,000

279,844

Madison

IAQ

LLC

,

5.88%,

6/30/2029(a)

750,000

730,172

SPX

Flow,

Inc.

,

8.75%,

4/1/2030(a)

500,000

524,519

1,707,824

Insurance

-

P&C

8

.8

%

Acrisure

LLC

,

6.00%,

8/1/2029(a)

125,000

120,559

7.50%,

11/6/2030(a)

275,000

283,001

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

100,000

99,625

5.88%,

11/1/2029(a)

150,000

144,039

7.00%,

1/15/2031(a)

325,000

333,968

7.38%,

10/1/2032(a)

225,000

228,117

AmWINS

Group,

Inc.

,

6.38%,

2/15/2029(a)

225,000

230,489

4.88%,

6/30/2029(a)

575,000

551,364

Ardonagh

Group

Finance

Ltd.

,

8.88%,

2/15/2032(a)

875,000

904,321

AssuredPartners,

Inc.

,

5.63%,

1/15/2029(a)

125,000

120,339

7.50%,

2/15/2032(a)

150,000

154,163

Baldwin

Insurance

Group

Holdings

LLC

,

7.13%,

5/15/2031(a)

350,000

368,272

BroadStreet

Partners,

Inc.

,

5.88%,

4/15/2029(a)

900,000

858,696

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

500,000

499,908

HUB

International

Ltd.

,

5.63%,

12/1/2029(a)

625,000

612,995

7.25%,

6/15/2030(a)

450,000

468,846

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

-

P&C

HUB

International

Ltd.,

7.38%,

1/31/2032(a)

400,000

413,038

Jones

Deslauriers

Insurance

Management,

Inc.

,

8.50%,

3/15/2030(a)

325,000

347,719

10.50%,

12/15/2030(a)

425,000

462,179

Panther

Escrow

Issuer

LLC

,

7.13%,

6/1/2031(a)

550,000

576,900

Ryan

Specialty

LLC

,

4.38%,

2/1/2030(a)

200,000

192,740

5.88%,

8/1/2032(a)

100,000

101,666

USI,

Inc.

,

7.50%,

1/15/2032(a)

650,000

673,367

8,746,311

Leisure

1

.8

%

Carnival

Corp.

,

6.00%,

5/1/2029(a)

125,000

126,650

7.00%,

8/15/2029(a)

50,000

53,134

NCL

Corp.

Ltd.

,

5.88%,

3/15/2026(a)

150,000

150,009

8.13%,

1/15/2029(a)

150,000

160,380

7.75%,

2/15/2029(a)

150,000

160,741

NCL

Finance

Ltd.

,

6.13%,

3/15/2028(a)

100,000

102,000

Royal

Caribbean

Cruises

Ltd.

,

4.25%,

7/1/2026(a)

100,000

98,872

5.63%,

9/30/2031(a)

75,000

75,984

6.25%,

3/15/2032(a)

175,000

181,534

6.00%,

2/1/2033(a)

200,000

205,037

SeaWorld

Parks

&

Entertainment,

Inc.

,

5.25%,

8/15/2029(a)

450,000

439,136

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

75,000

74,531

1,828,008

Lodging

0

.6

%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

74,768

4.88%,

1/15/2030

100,000

98,674

3.63%,

2/15/2032(a)

50,000

45,171

5.88%,

3/15/2033(a)

175,000

178,317

RHP

Hotel

Properties

LP

,

7.25%,

7/15/2028(a)

50,000

52,319

6.50%,

4/1/2032(a)

150,000

155,014

604,263

Media

Entertainment

2

.5

%

Audacy

Capital

Corp.

,

6.50%,

5/1/2027(a)(c)

425,000

8,500

6.75%,

3/31/2029(a)(c)

200,000

4,000

Gray

Television,

Inc.

,

4.75%,

10/15/2030(a)

75,000

47,714

5.38%,

11/15/2031(a)

175,000

109,449

iHeartCommunications,

Inc.

,

4.75%,

1/15/2028(a)

125,000

81,199

Lamar

Media

Corp.

,

4.88%,

1/15/2029

75,000

74,089

3.63%,

1/15/2031

50,000

45,697

72

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

Nexstar

Media,

Inc.

,

4.75%,

11/1/2028(a)

200,000

191,089

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

25,000

23,804

4.63%,

3/15/2030(a)

150,000

142,529

7.38%,

2/15/2031(a)

25,000

26,687

ROBLOX

Corp.

,

3.88%,

5/1/2030(a)

100,000

93,104

Scripps

Escrow

II,

Inc.

,

5.38%,

1/15/2031(a)

75,000

43,205

Sinclair

Television

Group,

Inc.

,

5.13%,

2/15/2027(a)

125,000

108,784

Stagwell

Global

LLC

,

5.63%,

8/15/2029(a)

700,000

676,773

TEGNA,

Inc.

,

5.00%,

9/15/2029

100,000

95,245

Univision

Communications,

Inc.

,

8.00%,

8/15/2028(a)

275,000

281,178

4.50%,

5/1/2029(a)

100,000

89,332

7.38%,

6/30/2030(a)

200,000

193,560

WMG

Acquisition

Corp.

,

3.75%,

12/1/2029(a)

200,000

188,267

2,524,205

Metals

&

Mining

0

.7

%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

225,000

212,410

7.00%,

3/15/2032(a)

200,000

202,198

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

300,000

291,325

705,933

Midstream

5

.7

%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

19,000

18,932

5.88%,

8/20/2026

250,000

248,272

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

300,000

300,263

5.75%,

1/15/2028(a)

225,000

225,348

5.38%,

6/15/2029(a)

525,000

519,481

Blue

Racer

Midstream

LLC

,

7.00%,

7/15/2029(a)

50,000

51,979

7.25%,

7/15/2032(a)

75,000

78,705

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

150,000

147,949

4.00%,

3/1/2031

150,000

141,958

3.25%,

1/31/2032

75,000

67,066

CNX

Midstream

Partners

LP

,

4.75%,

4/15/2030(a)

175,000

163,636

DT

Midstream,

Inc.

,

4.38%,

6/15/2031(a)

175,000

165,656

Energy

Transfer

LP

,

7.38%,

2/1/2031(a)

100,000

106,385

EQM

Midstream

Partners

LP

,

7.50%,

6/1/2027(a)

50,000

51,463

6.50%,

7/1/2027(a)

450,000

463,547

5.50%,

7/15/2028

25,000

25,335

4.50%,

1/15/2029(a)

125,000

122,284

6.38%,

4/1/2029(a)

75,000

77,439

4.75%,

1/15/2031(a)

325,000

314,700

6.50%,

7/15/2048

75,000

77,539

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

175,000

173,135

6.50%,

6/1/2029(a)

75,000

77,628

4.25%,

2/15/2030(a)

100,000

95,485

5.50%,

10/15/2030(a)

125,000

124,739

HF

Sinclair

Corp.

,

6.38%,

4/15/2027

50,000

50,690

5.00%,

2/1/2028

275,000

273,668

Northriver

Midstream

Finance

LP

,

6.75%,

7/15/2032(a)

275,000

283,832

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

275,000

277,081

Suburban

Propane

Partners

LP

,

5.88%,

3/1/2027

150,000

149,745

5.00%,

6/1/2031(a)

350,000

326,320

Targa

Resources

Partners

LP

,

6.50%,

7/15/2027

50,000

50,628

5.00%,

1/15/2028

50,000

49,995

5.50%,

3/1/2030

250,000

254,575

Western

Midstream

Operating

LP

,

4.50%,

3/1/2028

125,000

123,913

5,679,371

Oil

Field

Services

1

.9

%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

350,000

351,097

6.25%,

4/1/2028(a)

325,000

326,615

Kodiak

Gas

Services

LLC

,

7.25%,

2/15/2029(a)

125,000

129,363

Nabors

Industries

Ltd.

,

7.50%,

1/15/2028(a)

150,000

140,542

Nabors

Industries,

Inc.

,

7.38%,

5/15/2027(a)

125,000

125,279

9.13%,

1/31/2030(a)

50,000

51,565

8.88%,

8/15/2031(a)

125,000

118,909

Precision

Drilling

Corp.

,

7.13%,

1/15/2026(a)

60,000

59,922

6.88%,

1/15/2029(a)

125,000

124,740

USA

Compression

Partners

LP

,

6.88%,

9/1/2027

150,000

151,268

7.13%,

3/15/2029(a)

325,000

334,734

1,914,034

Packaging

5

.0

%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)(b)

300,000

66,326

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

725,000

647,148

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

225,000

167,714

5.25%,

8/15/2027(a)

200,000

149,079

Ball

Corp.

,

6.00%,

6/15/2029

100,000

103,491

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

73

Corporate

Bonds

Principal

Amount

($)

Value

($)

Packaging

Berry

Global,

Inc.

,

5.63%,

7/15/2027(a)

125,000

124,859

Clydesdale

Acquisition

Holdings,

Inc.

,

6.88%,

1/15/2030(a)

150,000

153,185

8.75%,

4/15/2030(a)

950,000

964,671

Crown

Americas

LLC

,

5.25%,

4/1/2030

150,000

151,448

Mauser

Packaging

Solutions

Holding

Co.

,

7.88%,

4/15/2027(a)

100,000

103,318

9.25%,

4/15/2027(a)

375,000

384,515

OI

European

Group

BV

,

4.75%,

2/15/2030(a)

100,000

94,555

Owens-Brockway

Glass

Container,

Inc.

,

6.63%,

5/13/2027(a)

257,000

258,208

7.25%,

5/15/2031(a)

250,000

256,833

7.38%,

6/1/2032(a)

100,000

102,128

Sealed

Air

Corp.

,

6.13%,

2/1/2028(a)

25,000

25,419

5.00%,

4/15/2029(a)

75,000

73,865

7.25%,

2/15/2031(a)

125,000

132,298

6.50%,

7/15/2032(a)

150,000

154,675

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(d)

900,000

902,175

5,015,910

Paper

0

.3

%

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

75,000

74,183

3.50%,

3/1/2029(a)

250,000

234,896

3.75%,

2/1/2030(a)

25,000

23,410

332,489

Pharmaceuticals

1

.4

%

Bausch

Health

Cos.,

Inc.

,

6.13%,

2/1/2027(a)

150,000

135,475

5.00%,

2/15/2029(a)

475,000

274,313

Grifols

SA

,

4.75%,

10/15/2028(a)

525,000

491,752

Organon

&

Co.

,

5.13%,

4/30/2031(a)

250,000

235,530

7.88%,

5/15/2034(a)

200,000

211,890

1,348,960

Restaurants

1

.6

%

1011778

BC

ULC

,

4.38%,

1/15/2028(a)

225,000

218,591

5.63%,

9/15/2029(a)

50,000

50,722

4.00%,

10/15/2030(a)

975,000

899,087

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

150,000

149,140

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

200,000

197,645

4.63%,

1/31/2032

50,000

47,865

5.38%,

4/1/2032

25,000

24,916

1,587,966

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retailers

1

.8

%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

200,000

200,498

Asbury

Automotive

Group,

Inc.

,

4.63%,

11/15/2029(a)

350,000

333,794

5.00%,

2/15/2032(a)

125,000

118,535

Gap,

Inc.

(The)

,

3.63%,

10/1/2029(a)

50,000

45,225

Group

1

Automotive,

Inc.

,

6.38%,

1/15/2030(a)

75,000

76,191

Kontoor

Brands,

Inc.

,

4.13%,

11/15/2029(a)

250,000

235,987

LCM

Investments

Holdings

II

LLC

,

4.88%,

5/1/2029(a)

250,000

240,217

8.25%,

8/1/2031(a)

225,000

238,909

Sally

Holdings

LLC

,

6.75%,

3/1/2032

200,000

205,407

Velocity

Vehicle

Group

LLC

,

8.00%,

6/1/2029(a)

75,000

78,091

William

Carter

Co.

(The)

,

5.63%,

3/15/2027(a)

50,000

49,895

1,822,749

Supermarkets

0

.5

%

Albertsons

Cos.,

Inc.

,

5.88%,

2/15/2028(a)

100,000

100,447

6.50%,

2/15/2028(a)

75,000

76,365

3.50%,

3/15/2029(a)

375,000

349,658

526,470

Technology

10

.1

%

Amentum

Escrow

Corp.

,

7.25%,

8/1/2032(a)

50,000

52,182

ams-OSRAM

AG

,

12.25%,

3/30/2029(a)

150,000

159,482

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

825,000

792,483

Capstone

Borrower,

Inc.

,

8.00%,

6/15/2030(a)

225,000

238,401

Central

Parent,

Inc.

,

7.25%,

6/15/2029(a)

500,000

511,305

Ciena

Corp.

,

4.00%,

1/31/2030(a)

50,000

47,268

Clarivate

Science

Holdings

Corp.

,

3.88%,

7/1/2028(a)

50,000

47,984

4.88%,

7/1/2029(a)

525,000

504,966

Cloud

Software

Group,

Inc.

,

6.50%,

3/31/2029(a)

250,000

248,742

9.00%,

9/30/2029(a)

500,000

508,805

8.25%,

6/30/2032(a)

125,000

130,662

Coherent

Corp.

,

5.00%,

12/15/2029(a)

450,000

439,996

Consensus

Cloud

Solutions,

Inc.

,

6.50%,

10/15/2028(a)

200,000

199,948

Elastic

NV

,

4.13%,

7/15/2029(a)

400,000

373,705

Entegris,

Inc.

,

5.95%,

6/15/2030(a)

200,000

203,711

74

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

75,000

72,569

Fortress

Intermediate

3,

Inc.

,

7.50%,

6/1/2031(a)

125,000

131,878

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

125,000

123,720

HealthEquity,

Inc.

,

4.50%,

10/1/2029(a)

425,000

410,736

Insight

Enterprises,

Inc.

,

6.63%,

5/15/2032(a)

100,000

104,378

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

225,000

234,520

McAfee

Corp.

,

7.38%,

2/15/2030(a)

825,000

804,670

Millennium

Escrow

Corp.

,

6.63%,

8/1/2026(a)

125,000

78,603

NCR

Atleos

Corp.

,

9.50%,

4/1/2029(a)

150,000

165,130

NCR

Voyix

Corp.

,

5.13%,

4/15/2029(a)

59,000

57,734

Open

Text

Corp.

,

3.88%,

12/1/2029(a)

175,000

162,678

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

150,000

140,799

Rocket

Software,

Inc.

,

9.00%,

11/28/2028(a)

175,000

182,628

6.50%,

2/15/2029(a)

375,000

356,854

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

48,961

Seagate

HDD

Cayman

,

8.25%,

12/15/2029

150,000

162,834

9.63%,

12/1/2032

245,750

285,350

Sensata

Technologies

BV

,

5.88%,

9/1/2030(a)

200,000

200,794

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

50,000

47,783

3.75%,

2/15/2031(a)

25,000

22,889

6.63%,

7/15/2032(a)

200,000

208,512

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

200,000

199,913

6.50%,

6/1/2032(a)

375,000

387,677

Synaptics,

Inc.

,

4.00%,

6/15/2029(a)

150,000

142,089

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

350,000

331,643

UKG,

Inc.

,

6.88%,

2/1/2031(a)

275,000

284,158

Viavi

Solutions,

Inc.

,

3.75%,

10/1/2029(a)

175,000

158,797

Zebra

Technologies

Corp.

,

6.50%,

6/1/2032(a)

100,000

104,405

10,072,342

Transportation

Services

0

.5

%

Stena

International

SA

,

7.25%,

1/15/2031(a)

200,000

210,166

Watco

Cos.

LLC

,

7.13%,

8/1/2032(a)

250,000

260,568

470,734

Corporate

Bonds

Principal

Amount

($)

Value

($)

Utility

-

Electric

2

.8

%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

16,000

15,937

4.50%,

2/15/2028(a)

125,000

122,048

5.13%,

3/15/2028(a)

300,000

295,828

4.63%,

2/1/2029(a)

75,000

72,438

5.00%,

2/1/2031(a)

50,000

48,412

3.75%,

3/1/2031(a)

150,000

138,993

NextEra

Energy

Operating

Partners

LP

,

7.25%,

1/15/2029(a)

175,000

184,516

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

26,000

26,037

3.38%,

2/15/2029(a)

150,000

139,828

5.25%,

6/15/2029(a)

275,000

274,087

3.88%,

2/15/2032(a)

5,000

4,555

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

325,000

321,536

4.75%,

1/15/2030(a)

175,000

167,482

TransAlta

Corp.

,

7.75%,

11/15/2029

225,000

237,661

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

149,948

5.63%,

2/15/2027(a)

300,000

299,544

5.00%,

7/31/2027(a)

175,000

174,145

7.75%,

10/15/2031(a)

50,000

53,830

2,726,825

Total

Corporate

Bonds

(cost

$96,296,423)

94,260,559

Total

Investments

(cost

$96,296,423)

—

94.6%

94,260,559

Other

assets

in

excess

of

liabilities

—

5.4%

5,395,254

NET

ASSETS

—

100.0%

$

99,655,813

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$83,296,101

which

represents

83.58%

of

net

assets.

(b)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(c)

Security

in

default.

(d)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2024.

NVIT

Federated

High

Income

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

75

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

76

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

Aerospace

/

Defense

$

–

$

1,615,284

$

–

$

1,615,284

Airlines

–

145,417

–

145,417

Automotive

–

5,989,110

–

5,989,110

Banking

–

75,324

–

75,324

Building

Materials

–

4,012,253

–

4,012,253

Cable

Satellite

–

6,136,197

–

6,136,197

Chemicals

–

3,022,146

–

3,022,146

Construction

Machinery

–

359,696

–

359,696

Consumer

Cyclical

Services

–

3,721,784

–

3,721,784

Consumer

Products

–

1,787,940

–

1,787,940

Diversified

Manufacturing

–

1,390,921

–

1,390,921

Finance

Companies

–

1,975,415

–

1,975,415

Food

&

Beverage

–

2,122,291

–

2,122,291

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

5,506,388

–

5,506,388

Health

Insurance

–

340,007

–

340,007

Healthcare

–

4,496,662

–

4,496,662

Independent

Energy

–

3,949,331

–

3,949,331

Industrial

-

Other

–

1,707,824

–

1,707,824

Insurance

-

P&C

–

8,746,311

–

8,746,311

Leisure

–

1,828,008

–

1,828,008

Lodging

–

604,263

–

604,263

Media

Entertainment

–

2,524,205

–

2,524,205

Metals

&

Mining

–

705,933

–

705,933

Midstream

–

5,679,371

–

5,679,371

Oil

Field

Services

–

1,914,034

–

1,914,034

Packaging

–

5,015,910

–

5,015,910

Paper

–

332,489

–

332,489

Pharmaceuticals

–

1,348,960

–

1,348,960

Restaurants

–

1,587,966

–

1,587,966

Retailers

–

1,822,749

–

1,822,749

Supermarkets

–

526,470

–

526,470

Technology

–

10,072,341

–

10,072,341

Transportation

Services

–

470,734

–

470,734

Utility

-

Electric

–

2,726,825

–

2,726,825

Total

$

–

$

94,260,559

$

–

$

94,260,559

As

of

September

30,

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.

NVIT

Government

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

77

Asset-Backed

Securities

6.0%

Principal

Amount

($)

Value

($)

Automobiles

1.1%

Carvana

Auto

Receivables

Trust,

Series

2023-

P3,

Class

A2,

6.09%,

11/10/2026(a)

381,130

382,051

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

1,526,132

1,551,670

Westlake

Automobile

Receivables

Trust,

Series

2023-4A,

Class

A2,

6.23%,

1/15/2027(a)

1,470,436

1,478,513

3,412,234

Equipment

Loans

&

Leases

0.9%

CCG

Receivables

Trust,

Series

2023-2,

Class

A2,

6.28%,

4/14/2032(a)

1,864,205

1,897,024

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

500,000

508,101

M&T

Equipment

Notes,

Series

2023-1A,

Class

A2,

6.09%,

7/15/2030(a)

525,418

527,197

2,932,322

Home

Equity

0.3%

BRAVO

Residential

Funding

Trust,

Series

2024-

CES1,

Class

A1A,

6.38%,

4/25/2054(a)(b)

926,557

940,289

Other

3.7%

Alterna

Funding

III

LLC,

Series

2024-1A,

Class

A,

6.26%,

5/16/2039(a)

656,570

668,448

AMSR

Trust

Series

2020-SFR1,

Class

D,

2.62%,

4/17/2037(a)

2,000,000

1,966,860

Series

2020-SFR2,

Class

C,

2.53%,

7/17/2037(a)

1,339,450

1,312,329

Series

2020-SFR4,

Class

C,

1.86%,

11/17/2037(a)

1,487,000

1,434,892

FCI

Funding

LLC,

Series

2024-1A,

Class

A,

5.44%,

8/15/2036(a)

968,903

973,693

FirstKey

Homes

Trust,

Series

2020-SFR2,

Class

C,

1.67%,

10/19/2037(a)

2,000,000

1,933,352

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

620,525

559,296

Reach

ABS

Trust

Series

2024-1A,

Class

A,

6.30%,

2/18/2031(a)

374,118

376,600

Series

2023-1A,

Class

A,

7.05%,

2/18/2031(a)

51,919

52,065

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,230,906

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Tricon

Residential

Trust,

Series

2024-SFR1,

Class

B,

4.75%,

4/17/2041(a)

325,000

321,059

11,829,500

Total

Asset-Backed

Securities

(cost

$18,966,024)

19,114,345

Collateralized

Mortgage

Obligations

7.3%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(c)

177,326

170,820

Barclays

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A1,

4.47%,

2/25/2062(a)(b)

820,357

813,342

Cross

Mortgage

Trust,

Series

2024-H1,

Class

A1,

6.09%,

12/25/2068(a)(b)

1,307,280

1,321,361

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

92,651

92,296

FNMA

REMICS

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

65,954

65,682

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

2,074,127

1,924,858

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

7,776,277

7,405,119

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

1,569,181

1,476,161

GCAT

2022-CM1

Trust,

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(c)

1,209,766

1,125,636

GCAT

Trust,

Series

2024-

NQM1,

Class

A1,

6.01%,

1/25/2059(a)(b)

1,264,962

1,276,814

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(c)

528,333

511,707

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(c)

1,688,506

1,642,811

OBX

Trust

Series

2023-NQM1,

Class

A1,

6.12%,

11/25/2062(a)(c)

1,143,663

1,151,802

Series

2024-NQM1,

Class

A1,

5.93%,

11/25/2063(a)(b)

874,285

883,203

Series

2024-NQM2,

Class

A1,

5.88%,

12/25/2063(a)(b)

1,343,550

1,359,277

Starwood

Mortgage

Residential

Trust,

Series

2022-3,

Class

A1,

4.16%,

3/25/2067(a)(c)

1,339,586

1,319,883

Verus

Securitization

Trust,

Series

2022-4,

Class

A1,

4.47%,

4/25/2067(a)(b)

726,685

720,546

Total

Collateralized

Mortgage

Obligations

(cost

$24,028,802)

23,261,318

78

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Government

Bond

Fund

Commercial

Mortgage-Backed

Securities

3.2%

Principal

Amount

($)

Value

($)

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K-154,

Class

A2,

4.35%,

1/25/2033(c)

2,800,000

2,835,772

Series

K-157,

Class

A2,

4.20%,

5/25/2033

7,200,000

7,212,314

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,716,173)

10,048,086

Corporate

Bond

3.1%

Financial

Services

3.1%

Private

Export

Funding

Corp.

,

Series

OO,

1.75%,

11/15/2024

10,000,000

9,961,358

Total

Corporate

Bond

(cost

$9,999,662)

9,961,358

Mortgage-Backed

Securities

44.4%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

1,740,119

1,694,992

Pool#

G08881

3.50%,

6/1/2049

1,051,250

993,100

FHLMC

Non

Gold

Pool

Pool#

847558

,

7.58%,

6/1/2035

(c)

262,923

273,346

FHLMC

UMBS

Pool

Pool#

SD8025

3.50%,

11/1/2049

2,389,129

2,258,320

Pool#

SD8030

3.00%,

12/1/2049

1,284,818

1,173,897

Pool#

SD8050

3.00%,

3/1/2050

1,901,462

1,737,424

Pool#

SD8080

2.00%,

6/1/2050

2,257,720

1,883,505

Pool#

SD8171

1.50%,

10/1/2051

2,853,888

2,259,614

Pool#

SD8182

2.00%,

12/1/2051

3,822,096

3,160,585

Pool#

RA6433

2.50%,

12/1/2051

2,797,611

2,415,414

Pool#

SD8199

2.00%,

3/1/2052

4,789,205

3,964,869

Pool#

QE0958

2.00%,

3/1/2052

3,508,676

2,910,107

Pool#

SD8200

2.50%,

3/1/2052

3,822,984

3,309,225

Pool#

QE0799

2.50%,

4/1/2052

2,609,224

2,266,542

Pool#

SD8213

3.00%,

5/1/2052

4,378,783

3,930,952

Pool#

SD8214

3.50%,

5/1/2052

3,356,769

3,130,010

Pool#

SD1413

3.50%,

7/1/2052

3,730,860

3,477,399

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD2253

3.50%,

12/1/2052

6,410,910

5,974,497

Pool#

SD8288

5.00%,

1/1/2053

2,811,047

2,812,655

Pool#

SD8302

6.50%,

2/1/2053

1,172,920

1,212,434

Pool#

SD8378

7.00%,

11/1/2053

831,655

863,986

FNMA

Pool

Pool#

745684

6.38%,

4/1/2034(c)

758,617

782,412

Pool#

790760

7.31%,

9/1/2034(c)

310,783

316,508

Pool#

799144

6.16%,

4/1/2035(c)

59,981

59,820

Pool#

822705

7.01%,

4/1/2035(c)

132,970

133,690

Pool#

815217

6.83%,

5/1/2035(c)

420,557

422,538

Pool#

783609

6.96%,

5/1/2035(c)

323,740

328,061

Pool#

821377

7.43%,

5/1/2035(c)

80,899

81,487

Pool#

826181

7.35%,

7/1/2035(c)

528,327

536,959

Pool#

873932

6.31%,

8/1/2036

5,411,953

5,392,172

Pool#

745866

7.23%,

9/1/2036(c)

1,130,390

1,179,112

FNMA

UMBS

Pool

Pool#

BM5426

3.00%,

12/1/2047

8,045,639

7,380,988

Pool#

CA1564

4.50%,

4/1/2048

1,077,292

1,073,003

Pool#

BM5267

4.50%,

12/1/2048

2,641,860

2,633,765

Pool#

MA3746

4.00%,

8/1/2049

1,048,331

1,019,690

Pool#

BP5843

2.50%,

5/1/2050

5,079,178

4,416,818

Pool#

MA4096

2.50%,

8/1/2050

3,332,510

2,893,954

Pool#

MA4119

2.00%,

9/1/2050

4,107,693

3,417,593

Pool#

MA4183

2.50%,

11/1/2050

2,795,988

2,429,404

Pool#

CB0456

2.50%,

5/1/2051

3,287,901

2,841,749

Pool#

FS3885

3.00%,

11/1/2051

2,711,728

2,441,035

Pool#

MA4492

2.00%,

12/1/2051

4,679,698

3,878,745

Pool#

FS1648

2.50%,

1/1/2052

2,996,542

2,592,742

Pool#

FS1476

3.00%,

3/1/2052

1,726,714

1,553,285

Pool#

MA4577

2.00%,

4/1/2052

12,440,372

10,298,503

Pool#

FS1749

2.50%,

4/1/2052

3,968,737

3,447,763

Pool#

MA4698

3.00%,

8/1/2052

1,823,338

1,638,194

NVIT

Government

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

79

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4805

4.50%,

11/1/2052

2,682,760

2,638,399

Pool#

MA4980

6.00%,

4/1/2053

1,281,580

1,310,986

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

11,988

11,893

Pool#

682492

3.50%,

10/15/2025

31,865

31,528

Pool#

719433

3.50%,

10/15/2025

25,018

24,787

Pool#

733504

3.50%,

11/15/2025

35,555

35,242

Pool#

740930

3.50%,

11/15/2025

35,502

35,106

Pool#

682497

3.50%,

11/15/2025

25,322

25,054

Pool#

749618

3.50%,

11/15/2025

17,424

17,250

Pool#

742371

3.50%,

11/15/2025

13,872

13,718

Pool#

750403

3.50%,

11/15/2025

4,232

4,190

Pool#

755650

3.50%,

12/15/2025

85,227

84,325

Pool#

682502

3.50%,

12/15/2025

7,442

7,393

GNMA

II

Pool

Pool#

MA8429

5.50%,

11/20/2052

1,880,057

1,900,737

Pool#

MA8571

6.00%,

1/20/2053

1,544,364

1,581,131

Pool#

MA8647

5.00%,

2/20/2053

1,800,981

1,805,564

Pool#

MA8726

5.50%,

3/20/2053

4,378,704

4,428,479

Pool#

MA8727

6.00%,

3/20/2053

1,556,299

1,592,638

Pool#

MA8801

5.50%,

4/20/2053

2,681,352

2,710,493

Pool#

MA9018

6.00%,

7/20/2053

1,286,608

1,313,458

Pool#

MA9852

6.00%,

8/20/2054

1,600,000

1,628,432

GNMA

TBA

6.50%,

10/15/2054

4,500,000

4,604,108

Total

Mortgage-Backed

Securities

(cost

$147,945,564)

140,697,774

U.S.

Government

Agency

Securities

14.5%

FFCB

3.14%,

7/2/2026

13,500,000

13,361,906

2.75%,

11/6/2026

2,000,000

1,962,500

2.38%,

3/16/2032

15,000,000

13,517,242

3.19%,

3/9/2033

2,475,000

2,330,838

Hashemite

Kingdom

of

Jordan

AID

Bond,

3.00%,

6/30/2025

2,125,000

2,099,042

U.S.

Government

Agency

Securities

Principal

Amount

($)

Value

($)

FFCB

State

of

Israel

AID

Bond,

5.50%,

9/18/2033

6,024,000

6,656,319

Tennessee

Valley

Authority,

4.38%,

8/1/2034

5,750,000

5,863,015

Total

U.S.

Government

Agency

Securities

(cost

$48,503,704)

45,790,862

U.S.

Treasury

Obligations

18.0%

U.S.

Treasury

Bonds

2.50%,

2/15/2046

5,150,000

3,893,279

2.25%,

8/15/2046

18,250,000

13,065,147

1.25%,

5/15/2050

6,000,000

3,210,937

4.75%,

11/15/2053

2,000,000

2,209,141

4.25%,

2/15/2054

1,250,000

1,273,828

U.S.

Treasury

Notes

4.63%,

2/28/2026

4,000,000

4,044,531

3.63%,

5/15/2026

2,500,000

2,495,996

4.63%,

11/15/2026

1,000,000

1,019,961

4.13%,

2/15/2027

4,000,000

4,046,250

4.25%,

3/15/2027

5,000,000

5,077,149

4.38%,

7/15/2027

8,500,000

8,677,969

3.75%,

8/15/2027

1,000,000

1,004,766

4.00%,

7/31/2029

3,750,000

3,821,191

4.13%,

7/31/2031

3,000,000

3,083,906

Total

U.S.

Treasury

Obligations

(cost

$60,434,850)

56,924,051

Short-Term

Investment

3.9%

U.S.

Government

Agency

Security

3.9%

Resolution

Funding

Corp.,

2.38%,

1/15/2030(d)

15,000,000

12,248,977

Total

Short-Term

Investment

(cost

$13,250,613)

12,248,977

Total

Investments

(cost

$332,845,392)

—

100.4%

318,046,771

Liabilities

in

excess

of

other

assets

—

(0.4)%

(1,232,759)

NET

ASSETS

—

100.0%

$

316,814,012

80

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Government

Bond

Fund

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$31,411,547

which

represents

9.91%

of

net

assets.

(b)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2024.

(c)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

AID

Agency

for

International

Development

FFCB

Federal

Farm

Credit

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

255

12/2024

USD

28,020,117

46,779

Net

contracts

46,779

As

of

September

30,

2024,

the

Fund

had

$331,500

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Government

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

81

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

82

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Government

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

19,114,345

$

–

$

19,114,345

Collateralized

Mortgage

Obligations

–

23,261,318

–

23,261,318

Commercial

Mortgage-Backed

Securities

–

10,048,086

–

10,048,086

Corporate

Bond

–

9,961,358

–

9,961,358

Futures

Contracts

46,779

–

–

46,779

Mortgage-Backed

Securities

–

140,697,774

–

140,697,774

Short-Term

Investment

–

12,248,977

–

12,248,977

U.S.

Government

Agency

Securities

–

45,790,862

–

45,790,862

U.S.

Treasury

Obligations

–

56,924,051

–

56,924,051

Total

$

46,779

$

318,046,771

$

–

$

318,093,550

NVIT

Government

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

83

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

46,779

Total

$

46,779

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

84

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

30.9%

Principal

Amount

($)

Value

($)

Airlines

0.2%

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

1,065,532

997,229

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,508,838

1,539,648

Series

2019-2,

Class

B,

3.50%,

5/1/2028

98,898

94,209

2,631,086

Automobiles

21.8%

Ally

Auto

Receivables

Trust,

Series

2023-1,

Class

A3,

5.46%,

5/15/2028

1,810,000

1,833,983

American

Credit

Acceptance

Receivables

Trust

Series

2024-3,

Class

A,

5.76%,

11/12/2027(a)

1,119,276

1,123,924

Series

2023-4,

Class

B,

6.63%,

2/14/2028(a)

1,725,000

1,744,487

Series

2023-3,

Class

C,

6.44%,

10/12/2029(a)

2,915,000

2,962,388

AmeriCredit

Automobile

Receivables

Trust

Series

2024-1,

Class

A3,

5.43%,

1/18/2029

3,125,000

3,179,797

Series

2023-2,

Class

B,

5.84%,

7/18/2029

5,365,000

5,537,623

ARI

Fleet

Lease

Trust,

Series

2024-A,

Class

A2,

5.30%,

11/15/2032(a)

700,000

705,002

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-3A,

Class

A,

5.44%,

2/22/2028(a)

3,920,000

3,992,536

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

360,000

369,993

BMW

Vehicle

Owner

Trust

Series

2023-A,

Class

A3,

5.47%,

2/25/2028

1,205,000

1,219,936

Series

2024-A,

Class

A3,

5.18%,

2/26/2029

2,680,000

2,738,753

Bridgecrest

Lending

Auto

Securitization

Trust

Series

2023-1,

Class

A3,

6.51%,

11/15/2027

5,135,000

5,174,642

Series

2024-3,

Class

B,

5.37%,

10/16/2028

635,000

641,457

Capital

One

Prime

Auto

Receivables

Trust,

Series

2023-2,

Class

A3,

5.82%,

6/15/2028

3,200,000

3,273,311

Carmax

Auto

Owner

Trust

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

5,265,000

5,303,370

Series

2024-3,

Class

A3,

4.89%,

7/16/2029

1,870,000

1,899,180

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Carvana

Auto

Receivables

Trust

Series

2023-N1,

Class

A,

6.36%,

4/12/2027(a)

1,455,495

1,460,158

Series

2024-P2,

Class

A3,

5.33%,

7/10/2029

1,590,000

1,624,815

Series

2024-P3,

Class

A3,

4.26%,

10/10/2029

2,735,000

2,733,786

Chase

Auto

Owner

Trust

Series

2024-3A,

Class

A3,

5.22%,

7/25/2029(a)

3,195,000

3,266,005

Series

2024-5A,

Class

A3,

4.18%,

8/27/2029(a)

1,760,000

1,756,297

Chesapeake

Funding

II

LLC

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

4,639,384

4,679,258

Series

2024-1A,

Class

A1,

5.52%,

5/15/2036(a)

911,934

922,628

Citizens

Auto

Receivables

Trust

Series

2023-2,

Class

A2A,

6.09%,

10/15/2026(a)

1,332,094

1,336,784

Series

2024-1,

Class

A3,

5.11%,

4/17/2028(a)

1,110,000

1,122,143

Series

2024-2,

Class

A3,

5.33%,

8/15/2028(a)

2,255,000

2,292,933

Credit

Acceptance

Auto

Loan

Trust

Series

2023-2A,

Class

B,

6.61%,

7/15/2033(a)

6,600,000

6,768,941

Series

2023-3A,

Class

C,

7.62%,

12/15/2033(a)

555,000

584,674

Series

2024-2A,

Class

A,

5.95%,

6/15/2034(a)

1,100,000

1,129,201

Drive

Auto

Receivables

Trust,

Series

2024-2,

Class

B,

4.52%,

7/16/2029

1,670,000

1,668,308

DT

Auto

Owner

Trust,

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

3,470,000

3,476,527

Enterprise

Fleet

Financing

LLC

Series

2024-2,

Class

A3,

5.61%,

4/20/2028(a)

1,665,000

1,713,867

Series

2024-1,

Class

A2,

5.23%,

3/20/2030(a)

1,945,000

1,963,567

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

2,358,964

2,381,530

Exeter

Automobile

Receivables

Trust

Series

2023-5A,

Class

A3,

6.32%,

3/15/2027

1,715,000

1,722,010

Series

2023-2A,

Class

B,

5.61%,

9/15/2027

4,017,795

4,033,309

Series

2024-5A,

Class

A3,

4.45%,

3/15/2028

5,175,000

5,171,980

Series

2024-4A,

Class

C,

5.48%,

8/15/2030

555,000

563,233

Fifth

Third

Auto

Trust,

Series

2023-1,

Class

A3,

5.53%,

8/15/2028

3,725,000

3,777,768

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

85

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Flagship

Credit

Auto

Trust

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

1,090,000

1,096,040

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

5,315,000

5,406,762

Ford

Credit

Auto

Owner

Trust

Series

2023-A,

Class

A2A,

5.14%,

3/15/2026

347,928

347,940

Series

2023-A,

Class

A3,

4.65%,

2/15/2028

1,610,000

1,613,969

Series

2023-B,

Class

A3,

5.23%,

5/15/2028

2,455,000

2,484,613

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,950,000

1,940,087

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

2,640,000

2,676,088

GLS

Auto

Receivables

Issuer

Trust

Series

2024-1A,

Class

A3,

5.40%,

9/15/2027(a)

900,000

906,111

Series

2023-2A,

Class

B,

5.52%,

11/15/2027(a)

2,905,000

2,919,118

Series

2023-3A,

Class

B,

5.89%,

1/18/2028(a)

3,110,000

3,138,051

Series

2024-3A,

Class

B,

5.08%,

1/16/2029(a)

1,635,000

1,653,318

GLS

Auto

Select

Receivables

Trust

Series

2023-2A,

Class

A2,

6.37%,

6/15/2028(a)

1,887,746

1,915,526

Series

2024-3A,

Class

A2,

5.59%,

10/15/2029(a)

2,640,000

2,681,851

Series

2024-2A,

Class

A2,

5.58%,

6/17/2030(a)

890,000

901,491

GM

Financial

Automobile

Leasing

Trust

Series

2024-1,

Class

A3,

5.09%,

3/22/2027

2,490,000

2,514,948

Series

2024-3,

Class

A3,

4.21%,

10/20/2027

1,550,000

1,549,179

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-2,

Class

A2A,

5.10%,

5/18/2026

397,537

397,648

Series

2023-2,

Class

A3,

4.47%,

2/16/2028

1,660,000

1,662,235

Series

2023-3,

Class

A3,

5.45%,

6/16/2028

1,365,000

1,385,373

Series

2023-4,

Class

A3,

5.78%,

8/16/2028

2,395,000

2,452,010

Harley-Davidson

Motorcycle

Trust

Series

2023-B,

Class

A3,

5.69%,

8/15/2028

1,810,000

1,844,001

Series

2024-A,

Class

A3,

5.37%,

3/15/2029

3,415,000

3,485,665

Series

2023-B,

Class

A4,

5.78%,

4/15/2031

1,460,000

1,514,239

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Hertz

Vehicle

Financing

III

LLC

Series

2023-3A,

Class

A,

5.94%,

2/25/2028(a)

2,490,000

2,552,149

Series

2024-1A,

Class

A,

5.44%,

1/25/2029(a)

1,540,000

1,570,037

Hertz

Vehicle

Financing

LLC,

Series

2022-2A,

Class

A,

2.33%,

6/26/2028(a)

1,565,000

1,474,994

Honda

Auto

Receivables

Owner

Trust

Series

2023-2,

Class

A3,

4.93%,

11/15/2027

2,188,000

2,205,189

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

3,670,000

3,722,714

Series

2023-4,

Class

A3,

5.67%,

6/21/2028

975,000

997,655

Huntington

Auto

Trust,

Series

2024-1A,

Class

A3,

5.23%,

1/16/2029(a)

2,050,000

2,091,665

Hyundai

Auto

Lease

Securitization

Trust,

Series

2024-A,

Class

A4,

5.07%,

2/15/2028(a)

1,325,000

1,339,766

Hyundai

Auto

Receivables

Trust

Series

2023-A,

Class

A2A,

5.19%,

12/15/2025

269,891

269,945

Series

2023-A,

Class

A3,

4.58%,

4/15/2027

2,140,000

2,142,357

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

1,035,000

1,050,719

Series

2023-C,

Class

A3,

5.54%,

10/16/2028

1,360,000

1,389,972

LAD

Auto

Receivables

Trust

Series

2023-3A,

Class

A3,

6.12%,

9/15/2027(a)

4,050,000

4,082,120

Series

2024-1A,

Class

A3,

5.23%,

1/18/2028(a)

1,375,000

1,384,520

Series

2024-2A,

Class

A3,

5.61%,

8/15/2028(a)

1,910,000

1,942,886

Series

2023-4A,

Class

B,

6.39%,

10/16/2028(a)

760,000

783,163

Merchants

Fleet

Funding

LLC,

Series

2023-1A,

Class

A,

7.21%,

5/20/2036(a)

4,047,919

4,098,397

NextGear

Floorplan

Master

Owner

Trust,

Series

2024-

1A,

Class

A2,

5.12%,

3/15/2029(a)

1,915,000

1,952,733

Nissan

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

5.69%,

7/15/2026

2,700,000

2,710,537

Nissan

Auto

Receivables

Owner

Trust

Series

2023-A,

Class

A3,

4.91%,

11/15/2027

4,045,000

4,065,625

Series

2023-B,

Class

A3,

5.93%,

3/15/2028

1,170,000

1,194,555

Series

2024-A,

Class

A3,

5.28%,

12/15/2028

4,730,000

4,831,397

86

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Octane

Receivables

Trust,

Series

2024-2A,

Class

A2,

5.80%,

7/20/2032(a)

3,760,000

3,811,369

PenFed

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

A3,

4.70%,

6/15/2029(a)

1,515,000

1,524,400

Prestige

Auto

Receivables

Trust,

Series

2023-

1A,

Class

C,

5.65%,

2/15/2028(a)

4,045,000

4,073,486

Santander

Drive

Auto

Receivables

Trust

Series

2023-4,

Class

B,

5.77%,

12/15/2028

2,575,000

2,627,242

Series

2024-4,

Class

A3,

4.85%,

1/16/2029

1,750,000

1,759,843

Series

2024-3,

Class

A3,

5.63%,

1/16/2029

2,925,000

2,973,967

Series

2023-5,

Class

B,

6.16%,

12/17/2029

3,950,000

4,064,256

Series

2023-3,

Class

C,

5.77%,

11/15/2030

1,155,000

1,187,883

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A3,

5.39%,

11/20/2026(a)

1,660,000

1,674,347

Series

2024-B,

Class

A3,

5.56%,

11/22/2027(a)

1,550,000

1,577,171

Series

2024-C,

Class

A3,

4.56%,

2/22/2028(a)

855,000

856,794

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A3,

5.32%,

12/15/2028(a)

645,000

651,492

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

4,295,000

4,354,177

Toyota

Auto

Receivables

Owner

Trust

Series

2023-B,

Class

A3,

4.71%,

2/15/2028

2,970,000

2,985,353

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

1,285,000

1,300,656

Toyota

Lease

Owner

Trust

Series

2023-A,

Class

A3,

4.93%,

4/20/2026(a)

3,405,000

3,407,295

Series

2024-B,

Class

A3,

4.21%,

9/20/2027(a)

3,755,000

3,757,022

Volkswagen

Auto

Lease

Trust,

Series

2023-A,

Class

A3,

5.81%,

10/20/2026

5,880,000

5,949,070

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2023-1,

Class

A3,

5.02%,

6/20/2028

1,815,000

1,834,000

VStrong

Auto

Receivables

Trust

Series

2023-A,

Class

A3,

6.87%,

11/15/2027(a)

5,735,000

5,820,140

Series

2024-A,

Class

B,

5.77%,

7/15/2030(a)

355,000

363,662

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Westlake

Automobile

Receivables

Trust

Series

2024-1A,

Class

A3,

5.44%,

5/17/2027(a)

850,000

859,017

Series

2024-2A,

Class

A3,

5.56%,

2/15/2028(a)

1,665,000

1,688,783

Series

2023-3A,

Class

C,

6.02%,

9/15/2028(a)

4,815,000

4,909,255

Wheels

Fleet

Lease

Funding

1

LLC

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

4,565,048

4,599,057

Series

2024-1A,

Class

A1,

5.49%,

2/18/2039(a)

2,270,000

2,304,266

Wheels

Fleet

Lease

Funding

LLC,

Series

2024-2A,

Class

A1,

4.87%,

6/21/2039(a)

1,730,000

1,745,541

World

Omni

Auto

Receivables

Trust

Series

2023-B,

Class

A2A,

5.25%,

11/16/2026

471,619

471,804

Series

2023-B,

Class

A3,

4.66%,

5/15/2028

2,720,000

2,726,646

Series

2023-D,

Class

A3,

5.79%,

2/15/2029

1,215,000

1,247,315

Series

2024-B,

Class

A3,

5.27%,

9/17/2029

2,365,000

2,424,039

Series

2024-C,

Class

A3,

4.43%,

12/17/2029

2,230,000

2,246,241

World

Omni

Select

Auto

Trust,

Series

2024-A,

Class

A3,

4.98%,

2/15/2030

1,090,000

1,105,685

275,070,736

Credit

Card

1.3%

Brex

Commercial

Charge

Card

Master

Trust,

Series

2024-1,

Class

A1,

6.05%,

7/15/2027(a)

5,625,000

5,715,068

Mercury

Financial

Credit

Card

Master

Trust,

Series

2024-2A,

Class

A,

6.56%,

7/20/2029(a)

1,470,000

1,497,982

Mission

Lane

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

7.23%,

7/17/2028(a)

765,000

772,093

Synchrony

Card

Funding

LLC,

Series

2023-A1,

Class

A,

5.54%,

7/15/2029

1,055,000

1,077,274

World

Financial

Network

Credit

Card

Master

Trust

Series

2023-A,

Class

A,

5.02%,

3/15/2030

5,960,000

6,021,976

Series

2024-A,

Class

A,

5.47%,

2/15/2031

1,290,000

1,327,150

16,411,543

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

87

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

2.4%

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

996,321

1,005,735

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-

1C,

Class

A,

6.05%,

1/20/2031(a)

2,768,485

2,811,469

Dell

Equipment

Finance

Trust

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

5,385,000

5,472,248

Series

2024-1,

Class

A3,

5.39%,

3/22/2030(a)

875,000

889,589

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

6,780,000

6,843,026

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2023-1,

Class

A3,

5.15%,

7/15/2027(a)

5,945,000

6,007,020

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A2,

5.40%,

2/17/2026(a)

755,187

756,066

M&T

Equipment

Notes,

Series

2023-1A,

Class

A3,

5.74%,

7/15/2030(a)

2,275,000

2,308,284

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

5.59%,

11/15/2029(a)

810,000

817,772

SCF

Equipment

Leasing

LLC

Series

2024-1A,

Class

A2,

5.88%,

11/20/2029(a)

1,110,000

1,120,315

Series

2023-1A,

Class

A2,

6.56%,

1/22/2030(a)

2,477,475

2,513,320

30,544,844

Financial

Services

0.3%

Ziply

Fiber

Issuer

LLC,

Series

2024-1A,

Class

A2,

6.64%,

4/20/2054(a)

2,985,000

3,076,310

Other

4.7%

ACHV

ABS

TRUST

Series

2024-1PL,

Class

A,

5.90%,

4/25/2031(a)

581,610

586,526

Series

2024-2PL,

Class

A,

5.07%,

10/27/2031(a)

1,125,000

1,129,244

Affirm

Asset

Securitization

Trust

Series

2023-B,

Class

A,

6.82%,

9/15/2028(a)

2,100,000

2,142,569

Series

2023-X1,

Class

A,

7.11%,

11/15/2028(a)

352,414

353,787

Series

2024-A,

Class

1A,

5.61%,

2/15/2029(a)

5,450,000

5,511,297

Series

2024-X1,

Class

A,

6.27%,

5/15/2029(a)

764,193

767,410

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

6.71%,

10/25/2034(a)(b)

2,700,000

2,700,122

BHG

Securitization

Trust

Series

2024-1CON,

Class

A,

5.81%,

4/17/2035(a)

952,669

970,024

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2023-B,

Class

A,

6.92%,

12/17/2036(a)

1,744,674

1,816,622

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2016-1A,

Class

A1R2,

6.68%,

4/20/2034(a)(b)

700,000

700,398

Cedar

Funding

XII

CLO

Ltd.

Series

2020-12A,

Class

A1R,

6.68%,

10/25/2034(a)

(b)

3,300,000

3,305,775

Series

2020-12A,

Class

BR,

7.15%,

10/25/2034(a)(b)

700,000

700,802

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

1,160,886

1,197,306

Series

2024-1B,

Class

A,

5.75%,

9/15/2039(a)

1,750,531

1,782,050

Invesco

CLO

Ltd.,

Series

2021-1A,

Class

A1,

6.56%,

4/15/2034(a)(b)

1,350,000

1,350,906

Marlette

Funding

Trust

Series

2023-2A,

Class

A,

6.04%,

6/15/2033(a)

185,629

185,711

Series

2023-3A,

Class

A,

6.49%,

9/15/2033(a)

351,312

351,579

MVW

LLC,

Series

2024-

1A,

Class

A,

5.32%,

2/20/2043(a)

1,055,407

1,077,452

Reach

ABS

Trust,

Series

2024-2A,

Class

A,

5.88%,

7/15/2031(a)

1,466,049

1,475,192

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.69%,

10/15/2034(a)(b)

1,300,000

1,301,099

Regional

Management

Issuance

Trust,

Series

2024-1,

Class

A,

5.83%,

7/15/2036(a)

1,225,000

1,267,693

Republic

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.91%,

8/20/2032(a)

960,000

975,471

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2024-2A,

Class

A,

5.14%,

6/20/2041(a)

2,980,987

3,031,855

Stream

Innovations

Issuer

Trust,

Series

2024-

1A,

Class

A,

6.27%,

7/15/2044(a)

326,563

334,325

Trafigura

Securitisation

Finance

plc,

Series

2024-

1A,

Class

A2,

5.98%,

11/15/2027(a)

2,675,000

2,746,979

Tricon

American

Homes

Trust

Series

2018-SFR1,

Class

E,

4.56%,

5/17/2037(a)

3,110,000

3,087,728

Series

2019-SFR1,

Class

E,

3.40%,

3/17/2038(a)

2,000,000

1,943,882

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

919,894

88

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,211,246

Verizon

Master

Trust

Series

2023-2,

Class

A,

4.89%,

4/13/2028

7,705,000

7,713,067

Series

2024-4,

Class

A1A,

5.21%,

6/20/2029

5,866,000

5,965,391

59,603,402

Student

Loan

0.2%

Navient

Private

Education

Refi

Loan

Trust,

Series

2023-A,

Class

A,

5.51%,

10/15/2071(a)

2,673,088

2,734,445

Total

Asset-Backed

Securities

(cost

$385,227,736)

390,072,366

Collateralized

Mortgage

Obligations

0.0%

†

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

932

920

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018^∞

4,624

0

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

284,045

278,482

Total

Collateralized

Mortgage

Obligations

(cost

$296,093)

279,402

Commercial

Mortgage-Backed

Securities

1.6%

BANK5

Series

2023-5YR3,

Class

A3,

6.72%,

9/15/2056(b)

1,520,000

1,635,096

Series

2023-5YR4,

Class

A3,

6.50%,

12/15/2056

562,649

600,261

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

7.35%,

10/15/2037(a)(b)

825,000

823,453

Series

2024-5C25,

Class

A3,

5.95%,

3/15/2057

1,485,000

1,563,042

Benchmark

Mortgage

Trust,

Series

2023-V2,

Class

A3,

5.81%,

5/15/2055(b)

2,590,000

2,692,648

BPR

Trust,

Series

2022-

OANA,

Class

A,

6.99%,

4/15/2037(a)(b)

440,000

441,375

BX

Trust,

Series

2024-

VLT4,

Class

A,

6.59%,

7/15/2029(a)(b)

1,095,000

1,095,000

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

830,000

740,775

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

DC

Commercial

Mortgage

Trust,

Series

2023-

DC,

Class

A,

6.31%,

9/12/2040(a)

1,190,000

1,247,913

Eleven

Madison

Mortgage

Trust,

Series

2015-

11MD,

Class

A,

3.67%,

9/10/2035(a)(b)

2,025,000

1,970,683

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.67%,

3/5/2033(a)(b)

175,000

154,845

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,011,206

834,729

Series

2023-SHIP,

Class

A,

4.47%,

9/10/2038(a)(b)

1,825,000

1,810,020

SCOTT

Trust,

Series

2023-

SFS,

Class

A,

5.91%,

3/10/2040(a)

115,000

118,545

SPGN

Mortgage

Trust

Series

2022-TFLM,

Class

C,

7.75%,

2/15/2039(a)(b)

1,270,000

1,235,869

Series

2022-TFLM,

Class

D,

8.60%,

2/15/2039(a)(b)

2,880,000

2,802,600

Total

Commercial

Mortgage-Backed

Securities

(cost

$19,325,967)

19,766,854

Corporate

Bonds

41.8%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

6.30%,

5/1/2029(a)(d)

1,970,000

2,072,612

RTX

Corp.

,

5.75%,

11/8/2026(d)

3,830,000

3,948,459

6,021,071

Automobile

Components

0.3%

Aptiv

plc

,

4.65%,

9/13/2029

3,095,000

3,080,533

Phinia,

Inc.

,

6.63%,

10/15/2032(a)

660,000

665,449

3,745,982

Automobiles

1.5%

Hyundai

Capital

America

,

5.95%,

9/21/2026(a)(d)

3,550,000

3,652,215

4.55%,

9/26/2029(a)(d)

6,235,000

6,221,855

Nissan

Motor

Acceptance

Co.

LLC

,

5.30%,

9/13/2027(a)

4,335,000

4,327,302

Volkswagen

Group

of

America

Finance

LLC

,

4.85%,

8/15/2027(a)(d)

4,350,000

4,385,157

18,586,529

Banks

7.4%

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)

1,800,000

1,863,384

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

89

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(e)

2,290,000

2,355,740

(SOFR

+

2.33%),

6.61%,

9/13/2029(a)(e)

440,000

470,732

ASB

Bank

Ltd.

,

5.35%,

6/15/2026(a)

4,110,000

4,186,884

Australia

&

New

Zealand

Banking

Group

Ltd.

,

4.90%,

7/16/2027(d)

4,590,000

4,710,198

3.92%,

9/30/2027

1,500,000

1,497,501

Banco

Santander

SA

,

5.44%,

7/15/2031

2,200,000

2,300,417

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

2,422,247

Banque

Federative

du

Credit

Mutuel

SA

,

5.19%,

2/16/2028(a)

3,845,000

3,943,809

Barclays

plc

,

(SOFR

+

1.56%),

4.94%,

9/10/2030(e)

4,500,000

4,537,191

Canadian

Imperial

Bank

of

Commerce

,

5.24%,

6/28/2027(d)

2,335,000

2,399,101

Citigroup,

Inc.

,

(SOFR

+

1.34%),

4.54%,

9/19/2030(d)(e)

3,745,000

3,749,343

Credit

Agricole

SA

,

(SOFR

+

1.00%),

4.63%,

9/11/2028(a)(e)

4,180,000

4,198,531

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

2,869,153

Fifth

Third

Bank

NA

,

(United

States

SOFR

Compounded

Index

+

1.23%),

5.85%,

10/27/2025(e)

2,395,000

2,395,804

HSBC

Holdings

plc

,

(SOFR

+

1.57%),

5.89%,

8/14/2027(d)(e)

1,680,000

1,725,591

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(e)

2,115,000

2,237,455

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)

2,275,000

2,329,495

Morgan

Stanley

Bank

NA

,

(SOFR

+

0.87%),

5.50%,

5/26/2028(e)

2,280,000

2,351,870

National

Bank

of

Canada

,

(SOFR

+

1.04%),

5.60%,

7/2/2027(e)

4,390,000

4,479,398

National

Securities

Clearing

Corp.

,

5.15%,

6/26/2026(a)

4,405,000

4,480,014

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.22%),

4.96%,

8/15/2030(e)

2,620,000

2,660,600

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)(d)

2,005,000

1,899,685

Royal

Bank

of

Canada

,

5.20%,

7/20/2026(d)

2,985,000

3,047,934

Santander

Holdings

USA,

Inc.

,

(SOFR

+

1.94%),

5.35%,

9/6/2030(d)(e)

3,770,000

3,809,760

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

5.20%,

3/7/2027(a)

3,095,000

3,161,382

Svenska

Handelsbanken

AB

,

5.13%,

5/28/2027(a)

3,100,000

3,186,575

Swedbank

AB

,

6.14%,

9/12/2026(a)(d)

1,370,000

1,414,199

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(e)

1,950,000

1,905,957

Wells

Fargo

&

Co.

,

(SOFR

+

1.07%),

5.71%,

4/22/2028(e)

1,925,000

1,987,736

Wells

Fargo

Bank

NA

,

5.25%,

12/11/2026(d)

5,720,000

5,863,314

Westpac

New

Zealand

Ltd.

,

5.13%,

2/26/2027(a)(d)

2,825,000

2,886,291

93,327,291

Beverages

0.4%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

4,977,722

Biotechnology

0.4%

Amgen,

Inc.

,

5.25%,

3/2/2025

5,000,000

5,007,097

Capital

Markets

4.2%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)(d)

1,787,000

1,694,591

Apollo

Debt

Solutions

BDC

,

6.70%,

7/29/2031(a)(d)

1,850,000

1,905,894

Ares

Capital

Corp.

,

7.00%,

1/15/2027(d)

300,000

312,273

5.95%,

7/15/2029(d)

1,545,000

1,585,861

Ares

Strategic

Income

Fund

,

6.35%,

8/15/2029(a)(d)

915,000

935,339

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028(d)

720,000

656,846

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/2025(d)

1,810,000

1,788,588

Blue

Owl

Capital

Corp.

II

,

8.45%,

11/15/2026(a)

900,000

944,963

Blue

Owl

Credit

Income

Corp.

,

7.95%,

6/13/2028(d)

1,100,000

1,175,419

6.60%,

9/15/2029(a)

660,000

677,074

5.80%,

3/15/2030(a)

1,250,000

1,238,109

90

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blue

Owl

Technology

Finance

Corp.

II

,

6.75%,

4/4/2029(a)(d)

1,855,000

1,863,685

Cantor

Fitzgerald

LP

,

7.20%,

12/12/2028(a)

1,065,000

1,129,703

Deutsche

Bank

AG

,

(SOFR

+

2.52%),

7.15%,

7/13/2027(d)(e)

565,000

588,103

FS

KKR

Capital

Corp.

,

7.88%,

1/15/2029

1,595,000

1,715,002

6.88%,

8/15/2029

1,305,000

1,358,658

Goldman

Sachs

Bank

USA

,

(SOFR

+

0.78%),

5.28%,

3/18/2027(d)(e)

2,710,000

2,745,010

(SOFR

+

0.75%),

5.41%,

5/21/2027(e)

5,410,000

5,497,572

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.21%),

5.05%,

7/23/2030(e)

1,900,000

1,949,544

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026(d)

1,355,000

1,285,055

6.00%,

7/15/2029

585,000

594,403

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

665,000

633,122

HPS

Corporate

Lending

Fund

,

6.25%,

9/30/2029(a)

1,200,000

1,221,626

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028(d)

1,105,000

1,152,682

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026(d)

1,255,000

1,202,265

6.50%,

6/4/2027

1,235,000

1,262,470

Morgan

Stanley

,

(SOFR

+

1.67%),

4.68%,

7/17/2026(d)(e)

2,505,000

2,501,468

(SOFR

+

0.86%),

1.51%,

7/20/2027(e)

3,500,000

3,328,384

New

Mountain

Finance

Corp.

,

6.20%,

10/15/2027(d)

660,000

658,424

6.88%,

2/1/2029(d)

575,000

582,060

Sixth

Street

Lending

Partners

,

6.50%,

3/11/2029(a)

1,295,000

1,328,854

5.75%,

1/15/2030(a)

1,260,000

1,255,513

State

Street

Corp.

,

(SOFR

+

1.02%),

4.53%,

2/20/2029(e)

1,175,000

1,186,936

USAA

Capital

Corp.

,

5.25%,

6/1/2027(a)

4,295,000

4,421,969

52,377,465

Chemicals

0.7%

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027(d)

1,620,000

1,678,654

LYB

International

Finance

III

LLC

,

1.25%,

10/1/2025(d)

3,260,000

3,151,580

Solvay

Finance

America

LLC

,

5.65%,

6/4/2029(a)

4,235,000

4,410,135

9,240,369

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

0.4%

Cimpress

plc

,

7.38%,

9/15/2032(a)(d)

2,075,000

2,091,808

Element

Fleet

Management

Corp.

,

5.64%,

3/13/2027(a)(d)

3,045,000

3,122,594

5,214,402

Consumer

Finance

1.0%

AerCap

Ireland

Capital

DAC

,

4.63%,

9/10/2029

1,240,000

1,240,614

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)(d)

2,405,000

2,417,269

Capital

One

Financial

Corp.

,

(SOFR

+

2.44%),

7.15%,

10/29/2027(d)(e)

780,000

822,147

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

1,995,000

2,019,490

PACCAR

Financial

Corp.

,

4.45%,

8/6/2027(d)

1,185,000

1,203,650

4.00%,

9/26/2029

945,000

942,605

Synchrony

Financial

,

(United

States

SOFR

Compounded

Index

+

2.13%),

5.94%,

8/2/2030(d)

(e)

1,150,000

1,181,466

Toyota

Motor

Credit

Corp.

,

5.00%,

8/14/2026

2,335,000

2,377,324

12,204,565

Consumer

Staples

Distribution

&

Retail

0.2%

Kroger

Co.

(The)

,

4.65%,

9/15/2029

3,085,000

3,102,039

Containers

&

Packaging

0.5%

Sonoco

Products

Co.

,

4.60%,

9/1/2029

6,250,000

6,218,346

Distributors

0.1%

Genuine

Parts

Co.

,

4.95%,

8/15/2029

1,770,000

1,800,364

Diversified

REITs

0.1%

Simon

Property

Group

LP

,

4.75%,

9/26/2034(d)

1,255,000

1,244,623

Electric

Utilities

2.6%

Alliant

Energy

Finance

LLC

,

5.40%,

6/6/2027(a)(d)

2,545,000

2,610,771

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025

1,370,000

1,380,851

Duke

Energy

Corp.

,

4.85%,

1/5/2027(d)

3,020,000

3,068,419

Edison

International

,

4.70%,

8/15/2025(d)

2,835,000

2,828,026

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

4,700,000

4,552,686

FirstEnergy

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)

810,000

817,085

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)(d)

4,180,000

4,242,528

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

91

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

NextEra

Energy

Capital

Holdings,

Inc.

,

5.75%,

9/1/2025

2,455,000

2,479,849

Niagara

Energy

SAC

,

5.75%,

10/3/2034(a)

2,105,000

2,111,315

Southern

California

Edison

Co.

,

4.40%,

9/6/2026(d)

4,360,000

4,393,278

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

2,000,000

1,995,755

5.63%,

2/15/2027(a)

1,750,000

1,747,342

32,227,905

Electronic

Equipment,

Instruments

&

Components

0.4%

Arrow

Electronics,

Inc.

,

5.15%,

8/21/2029

2,290,000

2,325,606

Flex

Ltd.

,

6.00%,

1/15/2028

2,845,000

2,948,607

5,274,213

Energy

Equipment

&

Services

0.6%

Helmerich

&

Payne,

Inc.

,

4.85%,

12/1/2029(a)(d)

4,355,000

4,295,440

Noble

Finance

II

LLC

,

8.00%,

4/15/2030(a)

3,000,000

3,095,381

7,390,821

Entertainment

0.2%

Take-Two

Interactive

Software,

Inc.

,

5.40%,

6/12/2029

760,000

787,521

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

1,255,000

1,213,519

2,001,040

Financial

Services

1.9%

Enact

Holdings,

Inc.

,

6.25%,

5/28/2029(d)

2,545,000

2,642,380

Essent

Group

Ltd.

,

6.25%,

7/1/2029

2,165,000

2,258,325

JPMorgan

Chase

Bank

NA

,

5.11%,

12/8/2026

5,720,000

5,848,615

National

Rural

Utilities

Cooperative

Finance

Corp.

,

5.60%,

11/13/2026

2,285,000

2,353,111

Nationstar

Mortgage

Holdings,

Inc.

,

6.50%,

8/1/2029(a)

3,115,000

3,167,419

Nationwide

Building

Society

,

(SOFR

+

1.91%),

6.56%,

10/18/2027(a)(e)

1,645,000

1,712,718

PennyMac

Financial

Services,

Inc.

,

7.13%,

11/15/2030(a)

1,545,000

1,599,750

Radian

Group,

Inc.

,

6.20%,

5/15/2029(d)

755,000

788,859

Synchrony

Bank

,

5.40%,

8/22/2025

2,505,000

2,510,280

Voya

Financial,

Inc.

,

5.00%,

9/20/2034

1,460,000

1,451,850

24,333,307

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

1.2%

Campbell

Soup

Co.

,

5.20%,

3/19/2027(d)

3,940,000

4,043,247

4.75%,

3/23/2035

3,115,000

3,100,733

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026(d)

4,125,000

4,204,175

General

Mills,

Inc.

,

4.70%,

1/30/2027

4,350,000

4,402,719

15,750,874

Gas

Utilities

0.3%

Spire,

Inc.

,

5.30%,

3/1/2026

3,985,000

4,029,103

Health

Care

Equipment

&

Supplies

1.0%

DH

Europe

Finance

II

Sarl

,

2.20%,

11/15/2024(d)

3,065,000

3,053,621

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(d)

2,925,000

2,926,107

Smith

&

Nephew

plc

,

5.15%,

3/20/2027

3,040,000

3,095,630

Solventum

Corp.

,

5.45%,

2/25/2027(a)(d)

3,940,000

4,021,376

13,096,734

Health

Care

Providers

&

Services

0.5%

HCA,

Inc.

,

5.38%,

2/1/2025

650,000

650,208

McKesson

Corp.

,

4.25%,

9/15/2029

815,000

817,122

Quest

Diagnostics,

Inc.

,

4.63%,

12/15/2029

3,070,000

3,107,456

Universal

Health

Services,

Inc.

,

4.63%,

10/15/2029(d)

1,310,000

1,301,918

5,876,704

Health

Care

REITs

0.1%

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

1,820,000

1,817,126

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

6.25%,

2/1/2029

1,295,000

1,376,481

Hotels,

Restaurants

&

Leisure

1.6%

Darden

Restaurants,

Inc.

,

4.35%,

10/15/2027

6,235,000

6,235,000

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

2,275,000

2,280,823

Hilton

Domestic

Operating

Co.,

Inc.

,

5.88%,

3/15/2033(a)(d)

3,205,000

3,265,740

Hyatt

Hotels

Corp.

,

5.75%,

1/30/2027(d)

1,840,000

1,885,049

5.25%,

6/30/2029

2,385,000

2,441,737

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)(d)

1,750,000

1,727,157

92

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Royal

Caribbean

Cruises

Ltd.

,

5.63%,

9/30/2031(a)

2,905,000

2,943,128

20,778,634

Industrial

Conglomerates

0.2%

Honeywell

International,

Inc.

,

4.65%,

7/30/2027(d)

3,050,000

3,111,253

Insurance

4.0%

American

National

Group,

Inc.

,

5.75%,

10/1/2029

1,125,000

1,131,501

Athene

Global

Funding

,

5.62%,

5/8/2026(a)(d)

4,250,000

4,316,642

Brighthouse

Financial

Global

Funding

,

5.55%,

4/9/2027(a)

3,055,000

3,118,743

CNO

Global

Funding

,

5.88%,

6/4/2027(a)(d)

3,065,000

3,157,226

Corebridge

Global

Funding

,

0.90%,

9/22/2025(a)(d)

2,055,000

1,986,487

4.65%,

8/20/2027(a)(d)

3,100,000

3,137,004

F&G

Global

Funding

,

5.88%,

6/10/2027(a)(d)

3,025,000

3,099,223

GA

Global

Funding

Trust

,

4.40%,

9/23/2027(a)

6,235,000

6,220,684

Jackson

National

Life

Global

Funding

,

5.25%,

4/12/2028(a)(d)

4,180,000

4,228,499

Met

Tower

Global

Funding

,

4.00%,

10/1/2027(a)

2,935,000

2,932,550

Mutual

of

Omaha

Cos.

Global

Funding

,

5.35%,

4/9/2027(a)(d)

4,850,000

4,976,317

Northwestern

Mutual

Global

Funding

,

5.07%,

3/25/2027(a)(d)

4,300,000

4,420,016

Pricoa

Global

Funding

I

,

4.20%,

8/28/2025(a)

3,000,000

2,993,528

Principal

Life

Global

Funding

II

,

4.60%,

8/19/2027(a)(d)

1,520,000

1,540,597

RGA

Global

Funding

,

5.45%,

5/24/2029(a)(d)

1,405,000

1,462,687

SiriusPoint

Ltd.

,

7.00%,

4/5/2029(d)

1,685,000

1,768,152

50,489,856

Life

Sciences

Tools

&

Services

0.2%

Illumina,

Inc.

,

4.65%,

9/9/2026(d)

2,585,000

2,601,085

Machinery

0.2%

Terex

Corp.

,

6.25%,

10/15/2032(a)

1,905,000

1,905,000

Media

0.3%

Charter

Communications

Operating

LLC

,

6.10%,

6/1/2029(d)

3,215,000

3,327,717

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

0.4%

Mineral

Resources

Ltd.

,

9.25%,

10/1/2028(a)

1,485,000

1,581,212

Reliance,

Inc.

,

1.30%,

8/15/2025

3,230,000

3,134,106

4,715,318

Multi-Utilities

1.9%

Ameren

Corp.

,

5.70%,

12/1/2026

4,175,000

4,292,042

CenterPoint

Energy,

Inc.

,

5.25%,

8/10/2026(d)

4,180,000

4,247,944

DTE

Energy

Co.

,

4.22%,

11/1/2024(c)

2,980,000

2,977,348

4.95%,

7/1/2027

2,505,000

2,547,278

NiSource,

Inc.

,

0.95%,

8/15/2025(d)

3,225,000

3,122,882

Sempra

,

5.40%,

8/1/2026(d)

2,920,000

2,974,409

WEC

Energy

Group,

Inc.

,

5.60%,

9/12/2026

3,445,000

3,532,117

23,694,020

Oil,

Gas

&

Consumable

Fuels

2.5%

California

Resources

Corp.

,

8.25%,

6/15/2029(a)(d)

3,015,000

3,072,522

Crescent

Energy

Finance

LLC

,

9.25%,

2/15/2028(a)(d)

855,000

891,587

Kinetik

Holdings

LP

,

6.63%,

12/15/2028(a)(d)

3,985,000

4,135,832

Occidental

Petroleum

Corp.

,

5.20%,

8/1/2029

4,245,000

4,315,471

ONEOK,

Inc.

,

4.25%,

9/24/2027(d)

3,110,000

3,112,972

Phillips

66

Co.

,

5.25%,

6/15/2031(d)

4,150,000

4,291,478

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

3,690,000

3,742,049

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)(d)

1,155,000

1,208,250

SM

Energy

Co.

,

6.75%,

8/1/2029(a)(d)

2,105,000

2,113,692

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025(d)

4,500,000

4,481,164

31,365,017

Passenger

Airlines

0.3%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

595,000

579,403

Southwest

Airlines

Co.

,

5.25%,

5/4/2025(d)

2,895,000

2,897,482

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)(d)

255,000

246,345

3,723,230

Pharmaceuticals

0.2%

Royalty

Pharma

plc

,

5.15%,

9/2/2029(d)

3,060,000

3,138,613

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

93

Corporate

Bonds

Principal

Amount

($)

Value

($)

Residential

REITs

0.1%

ERP

Operating

LP

,

4.65%,

9/15/2034(d)

980,000

975,268

Specialized

REITs

0.5%

Public

Storage

Operating

Co.

,

(United

States

SOFR

Compounded

Index

+

0.70%),

5.58%,

4/16/2027(d)(e)

6,145,000

6,171,233

Specialty

Retail

0.8%

Advance

Auto

Parts,

Inc.

,

5.90%,

3/9/2026(d)

1,165,000

1,177,019

AutoNation,

Inc.

,

4.50%,

10/1/2025(d)

465,000

463,118

AutoZone,

Inc.

,

5.05%,

7/15/2026(d)

2,830,000

2,872,090

Lowe's

Cos.,

Inc.

,

4.80%,

4/1/2026(d)

2,910,000

2,933,276

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

2,570,000

2,649,449

10,094,952

Technology

Hardware,

Storage

&

Peripherals

0.7%

Hewlett

Packard

Enterprise

Co.

,

4.55%,

10/15/2029

6,215,000

6,199,038

NetApp,

Inc.

,

1.88%,

6/22/2025(d)

3,150,000

3,084,505

9,283,543

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tapestry,

Inc.

,

7.35%,

11/27/2028(d)

2,720,000

2,858,377

Trading

Companies

&

Distributors

0.9%

Aircastle

Ltd.

,

6.50%,

7/18/2028(a)

1,010,000

1,059,411

5.95%,

2/15/2029(a)(d)

675,000

699,168

Aviation

Capital

Group

LLC

,

5.38%,

7/15/2029(a)

1,805,000

1,843,839

GATX

Corp.

,

5.40%,

3/15/2027

1,490,000

1,529,488

TTX

Co.

,

5.50%,

9/25/2026(a)(d)

5,875,000

6,000,730

11,132,636

Water

Utilities

0.2%

Essential

Utilities,

Inc.

,

4.80%,

8/15/2027

2,445,000

2,477,641

Total

Corporate

Bonds

(cost

$519,680,102)

528,085,566

Mortgage-Backed

Securities

1.6%

FHLMC

Non

Gold

Pool

Pool#

1Q0648

6.02%,

6/1/2037(b)

69,719

71,653

Pool#

1B3601

6.32%,

10/1/2037(b)

87,990

89,733

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool#

SD8245

,

4.50%,

9/1/2052

5,273,902

5,187,213

FNMA

Pool

Pool#

747271

7.72%,

7/1/2034(b)

137,328

139,686

Pool#

886345

7.31%,

8/1/2036(b)

25,788

26,062

Pool#

949691

7.48%,

9/1/2037(b)

59,137

60,365

FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

2,465,835

2,258,089

Pool#

BN0906

4.00%,

11/1/2048

2,466,950

2,404,266

Pool#

MA4700

4.00%,

8/1/2052

3,547,045

3,409,002

Pool#

MA4803

3.50%,

11/1/2052

3,217,503

2,996,263

Pool#

MA4806

5.00%,

11/1/2052

3,089,415

3,095,651

Total

Mortgage-Backed

Securities

(cost

$19,207,560)

19,737,983

U.S.

Treasury

Obligations

23.1%

U.S.

Treasury

Notes

5.00%,

10/31/2025

82,610,000

83,520,000

4.63%,

6/30/2026

(d)

15,620,000

15,860,401

4.38%,

7/31/2026

(d)

151,865,000

153,692,126

3.50%,

9/30/2026

38,245,000

38,138,930

Total

U.S.

Treasury

Obligations

(cost

$289,782,215)

291,211,457

Repurchase

Agreements

5.2%

Bank

of

America

NA

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,271,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$2,040,000.

(f)

2,000,000

2,000,000

BofA

Securities,

Inc.

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,678,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$5,100,000.

(f)

5,000,000

5,000,000

94

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$6,530,965,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$6,630,000.

(f)

6,500,000

6,500,000

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$14,953,401,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$15,250,372.

(f)

14,951,346

14,951,346

CF

Secured,

LLC

4.90%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,001,361,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

3/1/2030

-

8/20/2074;

total

market

value

$10,201,388.

(f)

10,000,000

10,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$13,563,394,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$13,770,005.

(f)

13,500,000

13,500,000

ING

Financial

Services

LLC

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$12,045,080,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$12,240,005.

(f)

12,000,000

12,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,269,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$2,040,007.

(f)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$65,951,346)

65,951,346

Total

Investments

(cost

$1,299,471,019)

—

104.2%

1,315,104,974

Liabilities

in

excess

of

other

assets

—

(4.2)%

(53,515,364)

NET

ASSETS

—

100.0%

$

1,261,589,610

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$466,703,318

which

represents

36.99%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$135,359,420,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$65,951,346

and

by

$73,716,946

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/24/2024

–

5/15/2054,

a

total

value

of

$139,668,292.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$65,951,346.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

95

FNMA

Federal

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

199

12/2024

USD

41,440,195

79,554

Total

long

contracts

79,554

Short

Contracts

U.S.

Treasury

10

Year

Note

(390)

12/2024

USD

(44,569,687)

(36,980)

U.S.

Treasury

10

Year

Ultra

Note

(48)

12/2024

USD

(5,678,250)

17,795

Total

short

contracts

(19,185)

Net

contracts

60,369

As

of

September

30,

2024,

the

Fund

had

$921,793

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

96

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

97

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

390,072,366

$

–

$

390,072,366

Collateralized

Mortgage

Obligations  

–

279,402

–

279,402

Commercial

Mortgage-Backed

Securities

–

19,766,854

–

19,766,854

Corporate

Bonds

–

528,085,566

–

528,085,566

Futures

Contracts

97,349

–

–

97,349

Mortgage-Backed

Securities

–

19,737,983

–

19,737,983

Repurchase

Agreements

–

65,951,346

–

65,951,346

U.S.

Treasury

Obligations

–

291,211,457

–

291,211,457

Total

Assets

$

97,349

$

1,315,104,974

$

–

$

1,315,202,323

Liabilities:

Futures

Contracts

$

(36,980)

$

–

$

–

$

(36,980)

Total

Liabilities

$

(36,980)

$

–

$

–

$

(36,980)

Total

$

60,369

$

1,315,104,974

$

–

$

1,315,165,343

As

of

September

30,

2024,

the

Fund

held

one

collateralized

mortgage

obligation

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Collateralized

Mortgage

Obligation

Total

Balance

as

of

12/31/2023

$

—

$

—

Accrued

Accretion/(Amortization)

(2)

(2)

Realized

Gains

(Losses)

(81)

(81)

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

83

83

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2024

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2024

$

83

$

83

98

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

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 September

30,

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.

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

99

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

As

of September

30,

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

100

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Loomis

Short

Term

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

97,349

Total

$

97,349

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(36,980)

Total

$

(36,980)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.2%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

181,061

184,758

Series

2023-1,

Class

A,

5.80%,

1/15/2036

100,699

105,684

Series

2024-1,

Class

AA,

5.45%,

2/15/2037

50,000

52,035

Series

2024-1,

Class

A,

5.88%,

2/15/2037

25,000

25,755

368,232

Automobiles

0.0%

†

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

B,

5.23%,

12/15/2028

210,000

212,560

Credit

Card

0.2%

American

Express

Credit

Account

Master

Trust

Series

2022-2,

Class

A,

3.39%,

5/15/2027

1,500,000

1,488,981

Series

2023-4,

Class

A,

5.15%,

9/15/2030

500,000

520,503

Capital

One

Multi-Asset

Execution

Trust,

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

1,500,000

1,509,221

3,518,705

Other

0.0%

†

Verizon

Master

Trust,

Series

2023-1,

Class

A,

4.49%,

1/22/2029

1,000,000

1,001,467

Total

Asset-Backed

Securities

(cost

$5,062,175)

5,100,964

Commercial

Mortgage-Backed

Securities

1.6%

BANK,

Series

2020-

BN25,

Class

C,

3.47%,

1/15/2063(a)

100,000

83,828

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,343,735

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

987,153

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,841,630

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,285,453

BMO

Mortgage

Trust,

Series

2024-5C6,

Class

A3,

5.32%,

9/15/2057

190,000

195,607

Citigroup

Commercial

Mortgage

Trust

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

571,615

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,450,382

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

2,654,924

CSAIL

Commercial

Mortgage

Trust,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,232,121

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,491,224

2,438,629

Series

K517,

Class

A2,

5.36%,

1/25/2029(a)

1,910,000

2,003,577

Series

K100,

Class

A2,

2.67%,

9/25/2029

3,500,000

3,296,052

Series

K112,

Class

A2,

1.31%,

5/25/2030

1,000,000

866,475

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

833,093

Series

K120,

Class

A2,

1.50%,

10/25/2030

2,000,000

1,731,358

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,735,834

Series

K-155,

Class

A2,

4.25%,

4/25/2033

1,000,000

1,005,465

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,414,561

FNMA

ACES

REMICS,

Series

2018-M14,

Class

A2,

3.70%,

8/25/2028(a)

1,323,383

1,306,748

Morgan

Stanley

Capital

I

Trust

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,120,850

Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

3,000,000

2,641,765

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,485,463

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,458,781

Total

Commercial

Mortgage-Backed

Securities

(cost

$39,352,842)

36,985,099

Corporate

Bonds

24.8%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

550,000

529,644

2.25%,

6/15/2026

500,000

477,157

5.04%,

5/1/2027(b)

500,000

501,513

6.26%,

5/1/2027(b)(c)

100,000

103,292

3.20%,

3/1/2029(b)

150,000

138,844

6.30%,

5/1/2029(b)(c)

80,000

84,167

2.95%,

2/1/2030(b)

85,000

75,979

5.15%,

5/1/2030(b)

400,000

400,961

6.39%,

5/1/2031(b)(c)

80,000

85,067

6.53%,

5/1/2034(b)(c)

200,000

214,653

2

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Boeing

Co.

(The),

3.25%,

2/1/2035

100,000

81,403

5.71%,

5/1/2040(b)

350,000

341,492

3.90%,

5/1/2049

200,000

144,888

3.75%,

2/1/2050(b)

200,000

140,604

5.81%,

5/1/2050(b)

500,000

483,059

6.86%,

5/1/2054(c)

120,000

131,713

5.93%,

5/1/2060

360,000

344,832

7.01%,

5/1/2064(c)

120,000

132,213

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035(b)

200,000

195,642

General

Dynamics

Corp.

,

1.15%,

6/1/2026

45,000

43,030

2.63%,

11/15/2027

300,000

288,810

3.63%,

4/1/2030(b)

200,000

195,507

2.25%,

6/1/2031

30,000

26,639

2.85%,

6/1/2041

50,000

38,633

4.25%,

4/1/2050(b)

200,000

180,655

General

Electric

Co.

,

Series

A,

6.75%,

3/15/2032(b)

300,000

344,519

5.88%,

1/14/2038

90,000

98,634

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027

200,000

194,676

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027

100,000

102,637

4.40%,

6/15/2028(b)

98,000

98,411

5.05%,

6/1/2029(b)

50,000

51,500

2.90%,

12/15/2029(b)

100,000

93,195

1.80%,

1/15/2031

185,000

157,503

5.25%,

6/1/2031

45,000

46,839

5.40%,

7/31/2033(b)

95,000

99,232

5.35%,

6/1/2034

35,000

36,411

4.85%,

4/27/2035

90,000

90,179

5.50%,

8/15/2054

50,000

52,131

Leidos,

Inc.

,

2.30%,

2/15/2031

98,000

85,138

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026

126,000

125,123

4.50%,

2/15/2029

45,000

45,821

3.90%,

6/15/2032

50,000

48,986

5.25%,

1/15/2033

25,000

26,622

4.80%,

8/15/2034

50,000

51,256

3.60%,

3/1/2035(b)

110,000

102,391

4.07%,

12/15/2042

393,000

356,533

4.70%,

5/15/2046(b)

250,000

244,661

4.09%,

9/15/2052

300,000

262,016

4.15%,

6/15/2053(b)

100,000

88,144

5.70%,

11/15/2054(b)

25,000

27,877

4.30%,

6/15/2062(b)

100,000

88,320

5.90%,

11/15/2063(b)

130,000

150,334

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

400,000

388,700

4.60%,

2/1/2029

50,000

50,744

4.70%,

3/15/2033

100,000

101,495

4.90%,

6/1/2034

50,000

51,121

4.75%,

6/1/2043(b)

250,000

240,715

4.03%,

10/15/2047

400,000

344,133

4.95%,

3/15/2053(b)

75,000

73,365

5.20%,

6/1/2054(b)

100,000

101,821

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

RTX

Corp.

,

5.00%,

2/27/2026(b)

75,000

75,726

5.75%,

11/8/2026(b)

75,000

77,320

4.13%,

11/16/2028

250,000

249,371

5.75%,

1/15/2029

75,000

79,435

6.00%,

3/15/2031

175,000

190,331

1.90%,

9/1/2031(b)

50,000

42,510

2.38%,

3/15/2032

185,000

160,701

5.15%,

2/27/2033

125,000

129,953

6.10%,

3/15/2034

110,000

121,438

4.70%,

12/15/2041

50,000

47,415

4.50%,

6/1/2042

700,000

651,135

3.75%,

11/1/2046(b)

100,000

81,691

4.63%,

11/16/2048

400,000

369,944

3.03%,

3/15/2052

195,000

136,270

5.38%,

2/27/2053(b)

95,000

97,631

6.40%,

3/15/2054(b)

50,000

59,035

12,471,486

Air

Freight

&

Logistics

0.1%

FedEx

Corp.

,

3.10%,

8/5/2029(b)

100,000

95,059

3.90%,

2/1/2035(b)

380,000

353,870

4.55%,

4/1/2046

500,000

445,892

5.25%,

5/15/2050(b)

200,000

197,286

GXO

Logistics,

Inc.

,

6.25%,

5/6/2029(b)

25,000

26,311

6.50%,

5/6/2034

25,000

26,596

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027

100,000

97,269

4.88%,

3/3/2033(b)

60,000

62,085

5.15%,

5/22/2034(b)

75,000

78,828

6.20%,

1/15/2038(b)

295,000

337,517

3.40%,

9/1/2049(b)

320,000

248,304

5.30%,

4/1/2050(b)

150,000

155,981

5.05%,

3/3/2053(b)

60,000

60,055

5.50%,

5/22/2054(b)

75,000

79,995

5.60%,

5/22/2064

75,000

80,362

2,345,410

Automobile

Components

0.0%

†

Aptiv

plc

,

3.25%,

3/1/2032(b)

110,000

98,453

5.40%,

3/15/2049

50,000

46,269

3.10%,

12/1/2051(b)

132,000

83,919

4.15%,

5/1/2052(b)

100,000

77,531

BorgWarner,

Inc.

,

2.65%,

7/1/2027(b)

55,000

52,847

Lear

Corp.

,

2.60%,

1/15/2032

50,000

42,641

5.25%,

5/15/2049

150,000

140,929

Magna

International,

Inc.

,

5.05%,

3/14/2029

25,000

25,733

5.50%,

3/21/2033(b)

20,000

21,278

589,600

Automobiles

0.1%

Ford

Motor

Co.

,

3.25%,

2/12/2032(b)

100,000

85,163

6.10%,

8/19/2032

100,000

102,497

4.75%,

1/15/2043(b)

200,000

165,732

5.29%,

12/8/2046

300,000

272,093

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

403,792

4.20%,

10/1/2027

250,000

247,854

6.80%,

10/1/2027

100,000

105,881

5.40%,

10/15/2029

60,000

61,512

5.60%,

10/15/2032

90,000

92,836

6.60%,

4/1/2036(b)

106,000

114,694

5.15%,

4/1/2038(b)

250,000

239,667

6.25%,

10/2/2043(b)

300,000

307,859

5.20%,

4/1/2045

250,000

229,145

Honda

Motor

Co.

Ltd.

,

2.53%,

3/10/2027(b)

78,000

75,336

2.97%,

3/10/2032(b)

100,000

91,283

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

302,971

Toyota

Motor

Corp.

,

5.12%,

7/13/2028

25,000

26,041

5.12%,

7/13/2033(b)

25,000

26,723

2,951,079

Banks

4.5%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

5.00%,

3/18/2026(b)

250,000

253,167

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

6.03%,

3/13/2035(b)(d)

200,000

212,110

Banco

Santander

SA

,

5.18%,

11/19/2025

200,000

200,266

5.29%,

8/18/2027

400,000

409,142

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

9/14/2027(b)(d)

200,000

189,462

3.80%,

2/23/2028

600,000

586,588

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.18%,

3/24/2028(d)

200,000

198,090

5.59%,

8/8/2028(b)

200,000

208,198

5.44%,

7/15/2031

200,000

209,129

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.23%,

11/22/2032(b)(d)

200,000

177,137

6.92%,

8/8/2033

200,000

221,310

6.94%,

11/7/2033

200,000

231,591

Bank

of

America

Corp.

,

4.45%,

3/3/2026

125,000

125,172

3.50%,

4/19/2026(b)

290,000

287,163

4.25%,

10/22/2026

435,000

434,781

(SOFR

+

1.01%),

1.20%,

10/24/2026(d)

200,000

193,007

(SOFR

+

1.29%),

5.08%,

1/20/2027(b)(d)

220,000

221,788

(CME

Term

SOFR

3

Month

+

1.32%),

3.56%,

4/23/2027(d)

100,000

98,754

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

0.96%),

1.73%,

7/22/2027(d)

850,000

811,485

(SOFR

+

1.34%),

5.93%,

9/15/2027(b)(d)

125,000

128,713

(CME

Term

SOFR

3

Month

+

1.84%),

3.82%,

1/20/2028(d)

500,000

494,590

(SOFR

+

1.05%),

2.55%,

2/4/2028(d)

280,000

269,019

(SOFR

+

1.58%),

4.38%,

4/27/2028(b)(d)

260,000

260,412

(SOFR

+

2.04%),

4.95%,

7/22/2028(d)

250,000

254,394

(SOFR

+

1.99%),

6.20%,

11/10/2028(d)

70,000

73,889

(CME

Term

SOFR

3

Month

+

1.30%),

3.42%,

12/20/2028(b)(d)

600,000

583,681

(SOFR

+

1.63%),

5.20%,

4/25/2029(b)(d)

215,000

221,065

(SOFR

+

1.06%),

2.09%,

6/14/2029(b)(d)

100,000

92,346

(CME

Term

SOFR

3

Month

+

1.57%),

4.27%,

7/23/2029(b)(d)

600,000

598,419

(SOFR

+

1.57%),

5.82%,

9/15/2029(b)(d)

125,000

131,548

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(d)

300,000

294,776

(CME

Term

SOFR

3

Month

+

1.45%),

2.88%,

10/22/2030(d)

200,000

185,748

(CME

Term

SOFR

3

Month

+

1.25%),

2.50%,

2/13/2031(d)

200,000

181,310

(SOFR

+

2.15%),

2.59%,

4/29/2031(b)(d)

600,000

544,105

(SOFR

+

1.37%),

1.92%,

10/24/2031(d)

400,000

344,656

(SOFR

+

1.32%),

2.69%,

4/22/2032(b)(d)

630,000

561,878

(SOFR

+

1.22%),

2.30%,

7/21/2032(d)

100,000

86,565

(SOFR

+

1.21%),

2.57%,

10/20/2032(d)

280,000

245,514

(SOFR

+

1.33%),

2.97%,

2/4/2033(d)

350,000

313,440

(SOFR

+

1.83%),

4.57%,

4/27/2033(b)(d)

290,000

288,607

(SOFR

+

2.16%),

5.02%,

7/22/2033(b)(d)

665,000

682,255

(SOFR

+

1.91%),

5.29%,

4/25/2034(d)

680,000

706,981

(SOFR

+

1.84%),

5.87%,

9/15/2034(b)(d)

375,000

404,572

(SOFR

+

1.65%),

5.47%,

1/23/2035(b)(d)

460,000

483,738

(SOFR

+

1.91%),

5.43%,

8/15/2035(b)(d)

150,000

153,765

4

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(b)(d)

300,000

253,140

(CME

Term

SOFR

3

Month

+

2.08%),

4.24%,

4/24/2038(b)(d)

350,000

331,722

7.75%,

5/14/2038

200,000

252,721

(CME

Term

SOFR

3

Month

+

1.58%),

4.08%,

4/23/2040(d)

100,000

91,454

(SOFR

+

1.93%),

2.68%,

6/19/2041(d)

300,000

225,563

5.88%,

2/7/2042(b)

250,000

279,441

(SOFR

+

1.58%),

3.31%,

4/22/2042(d)

300,000

243,624

5.00%,

1/21/2044

50,000

50,868

(CME

Term

SOFR

3

Month

+

2.25%),

4.44%,

1/20/2048(d)

300,000

277,036

(CME

Term

SOFR

3

Month

+

1.78%),

4.33%,

3/15/2050(b)(d)

300,000

272,458

(CME

Term

SOFR

3

Month

+

3.41%),

4.08%,

3/20/2051(d)

600,000

521,239

(SOFR

+

1.88%),

2.83%,

10/24/2051(d)

60,000

41,480

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)(d)

50,000

35,487

Bank

of

America

NA

,

5.53%,

8/18/2026

250,000

256,686

Bank

of

Montreal

,

5.30%,

6/5/2026(b)

40,000

40,734

1.25%,

9/15/2026(b)

300,000

284,017

2.65%,

3/8/2027

100,000

96,702

5.37%,

6/4/2027

75,000

77,569

Series

f2f,

(SOFR

+

0.88%),

4.57%,

9/10/2027(d)

25,000

25,187

Series

H,

4.70%,

9/14/2027(b)

150,000

152,600

5.20%,

2/1/2028(b)

150,000

154,678

5.72%,

9/25/2028

100,000

105,400

(SOFR

+

1.25%),

4.64%,

9/10/2030(d)

25,000

25,259

5.51%,

6/4/2031

75,000

79,003

(USD

Swap

Semi

5

Year

+

1.43%),

3.80%,

12/15/2032(d)

99,000

96,211

Bank

of

Nova

Scotia

(The)

,

4.75%,

2/2/2026(b)

60,000

60,396

1.05%,

3/2/2026(b)

250,000

239,296

1.35%,

6/24/2026(b)

300,000

286,578

1.30%,

9/15/2026(b)

200,000

189,454

5.35%,

12/7/2026(b)

50,000

51,267

1.95%,

2/2/2027

50,000

47,589

5.40%,

6/4/2027(b)

25,000

25,779

5.25%,

6/12/2028(b)

40,000

41,425

(SOFR

+

1.00%),

4.40%,

9/8/2028(b)(d)

25,000

25,086

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Nova

Scotia

(The),

5.45%,

8/1/2029

25,000

26,158

4.85%,

2/1/2030(b)

60,000

61,400

2.15%,

8/1/2031(b)

300,000

259,714

2.45%,

2/2/2032(b)

50,000

43,577

(SOFR

+

1.44%),

4.74%,

11/10/2032(d)

25,000

25,079

5.65%,

2/1/2034

50,000

53,537

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(d)

92,000

87,512

Barclays

plc

,

5.20%,

5/12/2026(b)

500,000

503,120

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.05%),

7.33%,

11/2/2026(d)

200,000

205,221

(SOFR

+

2.21%),

5.83%,

5/9/2027(b)(d)

200,000

203,803

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(d)

400,000

381,428

4.34%,

1/10/2028

200,000

198,748

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

5.50%,

8/9/2028(d)

200,000

205,166

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(d)

200,000

216,014

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(d)

400,000

404,450

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(d)

200,000

200,641

(SOFR

+

1.56%),

4.94%,

9/10/2030(d)

200,000

201,653

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

7.44%,

11/2/2033(b)(d)

200,000

230,906

(SOFR

+

2.98%),

6.22%,

5/9/2034(d)

400,000

430,946

(SOFR

+

2.62%),

6.69%,

9/13/2034(d)

200,000

222,411

(SOFR

+

1.91%),

5.34%,

9/10/2035(d)

200,000

202,226

5.25%,

8/17/2045(b)

205,000

207,774

4.95%,

1/10/2047(b)

200,000

193,222

Canadian

Imperial

Bank

of

Commerce

,

1.25%,

6/22/2026(b)

200,000

190,460

5.62%,

7/17/2026

25,000

25,630

5.93%,

10/2/2026(b)

50,000

51,660

3.45%,

4/7/2027

80,000

78,567

5.24%,

6/28/2027(b)

50,000

51,373

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Canadian

Imperial

Bank

of

Commerce,

(SOFR

+

0.93%),

4.51%,

9/11/2027(b)(d)

50,000

50,259

5.00%,

4/28/2028

60,000

61,461

5.99%,

10/3/2028

50,000

53,110

5.26%,

4/8/2029(b)

75,000

77,935

(SOFR

+

1.34%),

4.63%,

9/11/2030(b)(d)

50,000

50,320

6.09%,

10/3/2033

50,000

54,617

Citibank

NA

,

5.44%,

4/30/2026(b)

250,000

254,855

4.93%,

8/6/2026(b)

250,000

253,683

5.49%,

12/4/2026

250,000

257,213

5.80%,

9/29/2028(b)

250,000

264,643

4.84%,

8/6/2029(b)

250,000

255,838

5.57%,

4/30/2034(b)

250,000

266,701

Citigroup,

Inc.

,

4.60%,

3/9/2026(b)

350,000

350,930

3.40%,

5/1/2026(b)

500,000

493,428

3.20%,

10/21/2026(b)

500,000

489,737

(SOFR

+

0.77%),

1.46%,

6/9/2027(b)(d)

285,000

271,529

4.45%,

9/29/2027

500,000

500,696

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(d)

500,000

494,977

(SOFR

+

1.28%),

3.07%,

2/24/2028(b)(d)

400,000

388,762

(SOFR

+

1.89%),

4.66%,

5/24/2028(d)

70,000

70,592

(SOFR

+

1.36%),

5.17%,

2/13/2030(b)(d)

605,000

621,481

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(b)(d)

250,000

244,819

(SOFR

+

1.34%),

4.54%,

9/19/2030(d)

200,000

200,232

(SOFR

+

1.42%),

2.98%,

11/5/2030(b)(d)

200,000

186,122

(SOFR

+

1.15%),

2.67%,

1/29/2031(d)

100,000

91,107

(SOFR

+

3.91%),

4.41%,

3/31/2031(b)(d)

300,000

297,918

(SOFR

+

2.11%),

2.57%,

6/3/2031(d)

300,000

269,974

(SOFR

+

1.17%),

2.56%,

5/1/2032(b)(d)

245,000

215,336

6.63%,

6/15/2032

83,000

91,948

(SOFR

+

1.35%),

3.06%,

1/25/2033(d)

450,000

401,926

(SOFR

+

1.94%),

3.79%,

3/17/2033(d)

90,000

84,308

(SOFR

+

2.09%),

4.91%,

5/24/2033(d)

335,000

337,668

(SOFR

+

2.34%),

6.27%,

11/17/2033(b)(d)

200,000

219,703

(SOFR

+

2.66%),

6.17%,

5/25/2034(b)(d)

445,000

474,813

(SOFR

+

2.06%),

5.83%,

2/13/2035(b)(d)

175,000

182,761

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(SOFR

+

1.45%),

5.45%,

6/11/2035(b)(d)

200,000

208,603

8.13%,

7/15/2039

350,000

464,402

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.73%),

5.41%,

9/19/2039(d)

100,000

99,718

(SOFR

+

4.55%),

5.32%,

3/26/2041(b)(d)

300,000

307,469

6.68%,

9/13/2043(b)

150,000

176,879

4.65%,

7/23/2048(b)

200,000

188,666

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(b)(d)

96,000

99,866

2.50%,

2/6/2030

170,000

151,237

(SOFR

+

1.91%),

5.72%,

7/23/2032(b)(d)

50,000

51,853

(SOFR

+

2.33%),

6.65%,

4/25/2035(b)(d)

100,000

109,789

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(d)

40,000

39,600

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

242,028

(SOFR

+

2.16%),

5.98%,

1/30/2030(b)(d)

72,000

74,224

Cooperatieve

Rabobank

UA

,

5.25%,

5/24/2041(b)

175,000

184,849

5.25%,

8/4/2045(b)

250,000

257,792

Fifth

Third

Bancorp

,

(SOFR

+

1.36%),

4.06%,

4/25/2028(d)

40,000

39,546

(United

States

SOFR

Compounded

Index

+

2.19%),

6.36%,

10/27/2028(b)(d)

60,000

63,201

(SOFR

+

2.34%),

6.34%,

7/27/2029(b)(d)

106,000

112,670

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(d)

60,000

60,463

(SOFR

+

1.84%),

5.63%,

1/29/2032(b)(d)

100,000

104,452

(SOFR

+

1.66%),

4.34%,

4/25/2033(d)

40,000

38,428

Fifth

Third

Bank

NA

,

3.85%,

3/15/2026(b)

300,000

296,803

2.25%,

2/1/2027

295,000

281,772

HSBC

Holdings

plc

,

(SOFR

+

3.03%),

7.34%,

11/3/2026(b)(d)

300,000

308,488

(SOFR

+

1.57%),

5.89%,

8/14/2027(b)(d)

400,000

410,855

(SOFR

+

1.06%),

5.60%,

5/17/2028(b)(d)

200,000

205,613

(SOFR

+

2.11%),

4.76%,

6/9/2028(d)

200,000

201,434

6

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(SOFR

+

3.35%),

7.39%,

11/3/2028(b)(d)

215,000

232,759

(SOFR

+

1.97%),

6.16%,

3/9/2029(d)

400,000

421,138

(SOFR

+

1.29%),

2.21%,

8/17/2029(b)(d)

200,000

183,374

(SOFR

+

1.46%),

5.55%,

3/4/2030(d)

200,000

207,929

4.95%,

3/31/2030(b)

200,000

205,004

(CME

Term

SOFR

3

Month

+

1.87%),

3.97%,

5/22/2030(d)

200,000

194,876

(SOFR

+

1.95%),

2.36%,

8/18/2031(d)

300,000

263,732

(SOFR

+

1.52%),

5.73%,

5/17/2032(b)(d)

200,000

210,686

(SOFR

+

1.19%),

2.80%,

5/24/2032(d)

220,000

194,651

(SOFR

+

2.53%),

4.76%,

3/29/2033(b)(d)

200,000

197,214

(SOFR

+

2.87%),

5.40%,

8/11/2033(b)(d)

300,000

310,771

(SOFR

+

4.25%),

8.11%,

11/3/2033(b)(d)

300,000

356,714

(SOFR

+

2.39%),

6.25%,

3/9/2034(b)(d)

200,000

218,480

(SOFR

+

3.02%),

7.40%,

11/13/2034(d)

200,000

229,642

(SOFR

+

1.78%),

5.72%,

3/4/2035(d)

200,000

212,535

6.50%,

5/2/2036

200,000

217,143

6.50%,

9/15/2037

200,000

219,626

6.80%,

6/1/2038

200,000

225,618

(SOFR

+

2.65%),

6.33%,

3/9/2044(b)(d)

200,000

225,914

5.25%,

3/14/2044(b)

250,000

248,452

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.97%),

4.44%,

8/4/2028(d)

30,000

30,039

(United

States

SOFR

Compounded

Index

+

1.87%),

5.71%,

2/2/2035(d)

100,000

104,106

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(d)

250,000

203,602

Huntington

National

Bank

(The)

,

(United

States

SOFR

Compounded

Index

+

1.65%),

4.55%,

5/17/2028(d)

250,000

250,187

ING

Groep

NV

,

3.95%,

3/29/2027

300,000

297,620

(SOFR

+

1.83%),

4.02%,

3/28/2028(b)(d)

400,000

397,073

4.55%,

10/2/2028(b)

200,000

201,475

(SOFR

+

1.44%),

5.34%,

3/19/2030(b)(d)

200,000

207,001

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

ING

Groep

NV,

(SOFR

+

1.77%),

5.55%,

3/19/2035(b)(d)

200,000

209,636

JPMorgan

Chase

&

Co.

,

3.30%,

4/1/2026(b)

500,000

493,713

2.95%,

10/1/2026(b)

1,000,000

980,043

(SOFR

+

0.80%),

1.05%,

11/19/2026(d)

250,000

240,233

8.00%,

4/29/2027

290,000

317,988

(SOFR

+

0.77%),

1.47%,

9/22/2027(d)

200,000

189,437

4.25%,

10/1/2027(b)

500,000

503,481

(SOFR

+

1.33%),

6.07%,

10/22/2027(d)

170,000

176,188

(SOFR

+

1.19%),

5.04%,

1/23/2028(d)

80,000

81,338

(SOFR

+

1.17%),

2.95%,

2/24/2028(d)

85,000

82,438

(SOFR

+

0.93%),

5.57%,

4/22/2028(b)(d)

175,000

180,437

(SOFR

+

1.56%),

4.32%,

4/26/2028(d)

360,000

360,719

(CME

Term

SOFR

3

Month

+

1.64%),

3.54%,

5/1/2028(d)

500,000

490,959

(SOFR

+

0.93%),

4.98%,

7/22/2028(b)(d)

50,000

50,975

(SOFR

+

1.99%),

4.85%,

7/25/2028(b)(d)

180,000

183,139

(CME

Term

SOFR

3

Month

+

1.38%),

4.01%,

4/23/2029(d)

300,000

296,799

(SOFR

+

1.02%),

2.07%,

6/1/2029(d)

500,000

462,592

(SOFR

+

1.45%),

5.30%,

7/24/2029(d)

235,000

243,155

(SOFR

+

1.57%),

6.09%,

10/23/2029(b)(d)

165,000

175,895

(SOFR

+

1.31%),

5.01%,

1/23/2030(d)

175,000

179,481

(SOFR

+

1.16%),

5.58%,

4/22/2030(b)(d)

175,000

183,678

(CME

Term

SOFR

3

Month

+

1.42%),

3.70%,

5/6/2030(d)

250,000

243,157

(SOFR

+

1.75%),

4.57%,

6/14/2030(d)

200,000

201,801

(SOFR

+

1.13%),

5.00%,

7/22/2030(b)(d)

125,000

128,528

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)(d)

400,000

363,324

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(b)(d)

75,000

66,888

(SOFR

+

1.18%),

2.55%,

11/8/2032(d)

510,000

448,618

(SOFR

+

1.26%),

2.96%,

1/25/2033(d)

130,000

116,988

(SOFR

+

1.80%),

4.59%,

4/26/2033(b)(d)

35,000

35,007

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

2.08%),

4.91%,

7/25/2033(d)

790,000

806,889

(SOFR

+

2.58%),

5.72%,

9/14/2033(d)

270,000

286,271

(SOFR

+

1.85%),

5.35%,

6/1/2034(b)(d)

525,000

549,368

(SOFR

+

1.81%),

6.25%,

10/23/2034(d)

135,000

150,146

(SOFR

+

1.62%),

5.34%,

1/23/2035(b)(d)

245,000

256,086

(SOFR

+

1.49%),

5.77%,

4/22/2035(b)(d)

350,000

377,166

(SOFR

+

1.46%),

5.29%,

7/22/2035(b)(d)

275,000

286,807

(CME

Term

SOFR

3

Month

+

1.62%),

3.88%,

7/24/2038(b)(d)

500,000

456,793

5.60%,

7/15/2041(b)

400,000

434,663

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(d)

300,000

221,357

4.85%,

2/1/2044(b)

500,000

497,970

(CME

Term

SOFR

3

Month

+

1.84%),

4.26%,

2/22/2048(b)(d)

750,000

680,106

(CME

Term

SOFR

3

Month

+

1.64%),

3.96%,

11/15/2048(d)

250,000

215,908

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)(d)

600,000

443,309

(SOFR

+

1.58%),

3.33%,

4/22/2052(b)(d)

200,000

154,182

KeyBank

NA

,

5.85%,

11/15/2027

250,000

259,230

6.95%,

2/1/2028

225,000

238,406

KeyCorp

,

2.25%,

4/6/2027

50,000

47,293

(United

States

SOFR

Compounded

Index

+

2.06%),

4.79%,

6/1/2033(b)

(d)

105,000

102,795

(United

States

SOFR

Compounded

Index

+

2.42%),

6.40%,

3/6/2035(b)

(d)

80,000

86,981

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

493,080

4.38%,

2/15/2033(b)

200,000

198,851

5.63%,

10/23/2033

200,000

217,211

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026(b)

850,000

814,801

2.88%,

4/3/2028(b)

1,000,000

976,223

3.88%,

6/15/2028

1,200,000

1,211,279

4.13%,

7/15/2033(b)

400,000

407,637

4.38%,

2/28/2034

1,000,000

1,039,899

0.00%,

6/29/2037(e)

750,000

449,464

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026

1,000,000

964,246

Lloyds

Banking

Group

plc

,

4.58%,

12/10/2025

350,000

348,764

4.65%,

3/24/2026(b)

200,000

199,603

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.48%),

5.99%,

8/7/2027(b)(d)

200,000

205,280

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.38%),

5.46%,

1/5/2028(d)

200,000

204,481

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

3/18/2028(d)

200,000

196,968

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

5.87%,

3/6/2029(d)

300,000

312,913

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(b)(d)

200,000

234,037

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

5.68%,

1/5/2035(d)

200,000

210,399

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/2046(b)(d)

300,000

223,268

M&T

Bank

Corp.

,

(United

States

SOFR

Compounded

Index

+

1.78%),

4.55%,

8/16/2028(d)

40,000

40,054

(SOFR

+

1.85%),

5.05%,

1/27/2034(d)

88,000

87,287

Manufacturers

&

Traders

Trust

Co.

,

4.70%,

1/27/2028(b)

250,000

251,316

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.85%,

3/1/2026(b)

200,000

198,778

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(b)(d)

200,000

190,395

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(d)

200,000

189,658

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(d)

200,000

191,388

8

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mitsubishi

UFJ

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

5.02%,

7/20/2028(b)(d)

300,000

306,120

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

5.35%,

9/13/2028(b)(d)

200,000

205,968

3.74%,

3/7/2029(b)

600,000

589,845

3.20%,

7/18/2029(b)

500,000

476,485

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

2.31%,

7/20/2032(b)(d)

300,000

260,289

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(d)

200,000

177,645

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%),

5.13%,

7/20/2033(d)

300,000

309,180

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.63%),

5.44%,

2/22/2034(b)(d)

200,000

210,728

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

5.43%,

4/17/2035(d)

200,000

210,254

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.23%,

5/22/2027(d)

200,000

190,012

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.55%,

7/9/2027(b)(d)

200,000

190,274

3.17%,

9/11/2027(b)

250,000

242,739

4.02%,

3/5/2028(b)

300,000

297,679

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

5.78%,

7/6/2029(b)(d)

200,000

209,196

(CME

Term

SOFR

3

Month

+

1.77%),

2.20%,

7/10/2031(b)(d)

400,000

351,818

2.56%,

9/13/2031

200,000

171,644

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

5.75%,

7/6/2034(d)

200,000

213,323

Morgan

Stanley

Bank

NA

,

5.88%,

10/30/2026(b)

250,000

259,008

(SOFR

+

0.87%),

5.50%,

5/26/2028(d)

250,000

257,881

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026(b)

350,000

341,168

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

National

Australia

Bank

Ltd.,

3.91%,

6/9/2027

250,000

249,706

4.79%,

1/10/2029(b)

250,000

256,846

NatWest

Group

plc

,

4.80%,

4/5/2026(b)

300,000

301,372

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.85%),

7.47%,

11/10/2026(d)

300,000

308,834

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(b)(d)

200,

000

190,641

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(b)(d)

200,000

193,228

(ICE

LIBOR

USD

3

Month

+

1.75%),

4.89%,

5/18/2029(b)(d)

400,000

404,165

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(d)

200,000

203,721

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.78%,

3/1/2035(d)

200,000

212,683

Oesterreichische

Kontrollbank

AG

,

4.13%,

1/18/2029(b)

860,000

875,278

PNC

Financial

Services

Group,

Inc.

(The)

,

1.15%,

8/13/2026

100,000

94,656

(United

States

SOFR

Compounded

Index

+

1.09%),

4.76%,

1/26/2027(d)

140,000

140,507

(SOFR

+

0.80%),

5.10%,

7/23/2027(d)

100,000

101,435

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(b)(d)

75,000

78,380

(SOFR

+

1.34%),

5.30%,

1/21/2028(d)

25,000

25,584

(SOFR

+

1.62%),

5.35%,

12/2/2028(b)(d)

135,000

139,525

(SOFR

+

1.84%),

5.58%,

6/12/2029(b)(d)

362,000

376,799

2.55%,

1/22/2030(b)

500,000

458,604

(SOFR

+

1.20%),

5.49%,

5/14/2030(d)

100,000

104,497

(SOFR

+

0.98%),

2.31%,

4/23/2032(b)(d)

200,000

174,416

(United

States

SOFR

Compounded

Index

+

2.14%),

6.04%,

10/28/2033(b)(d)

300,000

324,132

(SOFR

+

1.93%),

5.07%,

1/24/2034(b)(d)

125,000

126,732

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

+

1.95%),

5.94%,

8/18/2034(d)

100,000

107,831

(SOFR

+

2.28%),

6.88%,

10/20/2034(b)(d)

185,000

211,821

(SOFR

+

1.90%),

5.68%,

1/22/2035(d)

200,000

212,023

(SOFR

+

1.60%),

5.40%,

7/23/2035(b)(d)

50,000

52,140

Regions

Financial

Corp.

,

1.80%,

8/12/2028

200,000

180,612

(SOFR

+

1.49%),

5.72%,

6/6/2030(b)(d)

50,000

51,797

(SOFR

+

2.06%),

5.50%,

9/6/2035(d)

86,000

87,516

Royal

Bank

of

Canada

,

4.88%,

1/12/2026(b)

100,000

100,961

1.20%,

4/27/2026

100,000

95,693

1.15%,

7/14/2026(b)

200,000

189,834

5.20%,

7/20/2026(b)

75,000

76,581

1.40%,

11/2/2026(b)

300,000

284,357

4.88%,

1/19/2027

50,000

50,934

2.05%,

1/21/2027

200,000

191,610

3.63%,

5/4/2027

40,000

39,624

(SOFR

+

0.79%),

5.07%,

7/23/2027(d)

75,000

76,145

4.24%,

8/3/2027(b)

90,000

90,553

6.00%,

11/1/2027(b)

146,000

154,084

4.90%,

1/12/2028(b)

100,000

102,375

5.20%,

8/1/2028

75,000

77,927

4.95%,

2/1/2029

50,000

51,562

(SOFR

+

1.10%),

4.97%,

8/2/2030(d)

75,000

76,930

2.30%,

11/3/2031(b)

200,000

174,950

3.88%,

5/4/2032

40,000

38,619

5.00%,

2/1/2033(b)

100,000

103,474

5.00%,

5/2/2033(b)

80,000

82,768

5.15%,

2/1/2034(b)

50,000

51,995

Santander

Holdings

USA,

Inc.

,

3.24%,

10/5/2026

300,000

291,872

4.40%,

7/13/2027

78,000

77,802

(SOFR

+

1.25%),

2.49%,

1/6/2028(b)(d)

125,000

118,485

(SOFR

+

2.36%),

6.50%,

3/9/2029(d)

60,000

62,830

(SOFR

+

2.70%),

6.57%,

6/12/2029(d)

24,000

25,214

(SOFR

+

2.50%),

6.17%,

1/9/2030(b)(d)

40,000

41,755

(SOFR

+

3.28%),

7.66%,

11/9/2031(d)

50,000

56,212

(SOFR

+

2.14%),

6.34%,

5/31/2035(d)

35,000

36,715

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(d)

300,000

306,275

(SOFR

+

1.22%),

2.47%,

1/11/2028(d)

200,000

190,521

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Santander

UK

Group

Holdings

plc,

(SOFR

+

2.60%),

6.53%,

1/10/2029(b)(d)

200,000

211,892

Sumitomo

Mitsui

Financial

Group,

Inc.

,

3.78%,

3/9/2026(b)

450,000

446,988

2.63%,

7/14/2026(b)

400,000

389,109

1.40%,

9/17/2026(b)

200,000

189,552

3.36%,

7/12/2027(b)

300,000

294,282

5.72%,

9/14/2028(b)

200,000

210,012

1.90%,

9/17/2028(b)

200,000

182,692

3.04%,

7/16/2029

400,000

376,809

3.20%,

9/17/2029(b)

500,000

471,851

5.71%,

1/13/2030(b)

500,000

529,546

2.75%,

1/15/2030(b)

200,000

183,893

5.81%,

9/14/2033(b)

200,000

216,642

2.93%,

9/17/2041(b)

300,000

229,957

Toronto-Dominion

Bank

(The)

,

0.75%,

1/6/2026(b)

200,000

191,620

1.20%,

6/3/2026(b)

200,000

190,685

5.53%,

7/17/2026(b)

75,000

76,924

1.25%,

9/10/2026(b)

100,000

94,875

5.26%,

12/11/2026(b)

35,000

35,870

1.95%,

1/12/2027(b)

100,000

95,839

2.80%,

3/10/2027

100,000

96,951

4.98%,

4/5/2027(b)

75,000

76,526

4.11%,

6/8/2027

100,000

99,989

4.69%,

9/15/2027

90,000

91,428

5.52%,

7/17/2028

75,000

78,459

4.99%,

4/5/2029

75,000

77,283

2.00%,

9/10/2031

100,000

86,695

2.45%,

1/12/2032

100,000

87,610

3.20%,

3/10/2032

100,000

91,630

4.46%,

6/8/2032(b)

355,000

352,690

Truist

Bank

,

2.25%,

3/11/2030(b)

300,000

264,643

Truist

Financial

Corp.

,

(SOFR

+

1.63%),

5.90%,

10/28/2026(d)

100,000

101,286

(SOFR

+

2.05%),

6.05%,

6/8/2027(b)(d)

55,000

56,438

1.13%,

8/3/2027

300,000

275,672

(SOFR

+

1.37%),

4.12%,

6/6/2028(d)

65,000

64,532

(SOFR

+

1.44%),

4.87%,

1/26/2029(d)

80,000

80,853

(SOFR

+

0.86%),

1.89%,

6/7/2029(b)(d)

300,000

274,443

(SOFR

+

2.45%),

7.16%,

10/30/2029(d)

30,000

32,884

(SOFR

+

1.62%),

5.44%,

1/24/2030(b)(d)

25,000

25,876

(SOFR

+

1.57%),

5.15%,

8/5/2032(d)

75,000

76,816

(SOFR

+

2.24%),

4.92%,

7/28/2033(d)

90,000

88,258

(SOFR

+

2.30%),

6.12%,

10/28/2033(b)(d)

100,000

107,942

(SOFR

+

1.85%),

5.12%,

1/26/2034(d)

30,000

30,329

10

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.,

(SOFR

+

2.36%),

5.87%,

6/8/2034(d)

245,000

260,456

(SOFR

+

1.92%),

5.71%,

1/24/2035(b)(d)

160,000

168,558

US

Bancorp

,

(SOFR

+

1.43%),

5.73%,

10/21/2026(b)(d)

300,000

303,723

Series

X,

3.15%,

4/27/2027

300,000

294,023

(SOFR

+

1.88%),

6.79%,

10/26/2027(d)

25,000

26,254

(SOFR

+

0.73%),

2.22%,

1/27/2028(d)

100,000

95,482

3.90%,

4/26/2028(b)

500,000

495,467

(SOFR

+

1.66%),

4.55%,

7/22/2028(d)

105,000

105,828

(SOFR

+

1.23%),

4.65%,

2/1/2029(b)(d)

100,000

100,968

(SOFR

+

2.02%),

5.78%,

6/12/2029(b)(d)

40,000

41,921

(SOFR

+

1.56%),

5.38%,

1/23/2030(d)

200,000

207,702

(SOFR

+

1.25%),

5.10%,

7/23/2030(b)(d)

115,000

118,371

(SOFR

+

1.02%),

2.68%,

1/27/2033(b)(d)

100,000

87,584

(SOFR

+

2.11%),

4.97%,

7/22/2033(b)(d)

115,000

114,774

(SOFR

+

2.09%),

5.85%,

10/21/2033(b)(d)

200,000

213,333

(SOFR

+

1.60%),

4.84%,

2/1/2034(d)

100,000

99,930

(SOFR

+

2.26%),

5.84%,

6/12/2034(b)(d)

300,000

320,318

(SOFR

+

1.86%),

5.68%,

1/23/2035(d)

100,000

106,000

Wells

Fargo

&

Co.

,

3.00%,

4/22/2026

500,000

491,203

3.00%,

10/23/2026(b)

200,000

195,472

4.30%,

7/22/2027(b)

200,000

200,459

(SOFR

+

1.51%),

3.53%,

3/24/2028(d)

200,000

196,213

(SOFR

+

1.07%),

5.71%,

4/22/2028(d)

170,000

175,540

(SOFR

+

2.10%),

2.39%,

6/2/2028(b)(d)

800,000

760,654

(SOFR

+

1.98%),

4.81%,

7/25/2028(d)

125,000

126,460

(SOFR

+

1.74%),

5.57%,

7/25/2029(d)

210,000

218,485

(SOFR

+

1.79%),

6.30%,

10/23/2029(b)(d)

185,000

197,942

(SOFR

+

1.50%),

5.20%,

1/23/2030(d)

140,000

144,328

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(d)

500,000

463,754

(CME

Term

SOFR

3

Month

+

1.26%),

2.57%,

2/11/2031(b)(d)

300,000

272,421

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(CME

Term

SOFR

3

Month

+

4.03%),

4.48%,

4/4/2031(b)(d)

250,000

250,283

(SOFR

+

1.50%),

3.35%,

3/2/2033(b)(d)

200,000

182,835

(SOFR

+

2.10%),

4.90%,

7/25/2033(b)(d)

175,000

177,006

(SOFR

+

2.02%),

5.39%,

4/24/2034(d)

1,040,000

1,078,683

(SOFR

+

1.99%),

5.56%,

7/25/2034(d)

265,000

278,030

(SOFR

+

2.06%),

6.49%,

10/23/2034(b)(d)

215,000

240,256

(SOFR

+

1.78%),

5.50%,

1/23/2035(b)(d)

360,000

377,384

(SOFR

+

2.53%),

3.07%,

4/30/2041(d)

600,000

473,179

5.38%,

11/2/2043

250,000

252,054

4.65%,

11/4/2044(b)

300,000

274,092

4.90%,

11/17/2045(b)

300,000

281,428

4.40%,

6/14/2046

200,000

175,090

(CME

Term

SOFR

3

Month

+

4.50%),

5.01%,

4/4/2051(d)

500,000

490,242

(SOFR

+

2.13%),

4.61%,

4/25/2053(b)(d)

300,000

277,285

Wells

Fargo

Bank

NA

,

5.45%,

8/7/2026(b)

500,000

511,939

5.25%,

12/11/2026(b)

250,000

256,264

Westpac

Banking

Corp.

,

5.51%,

11/17/2025(b)

75,000

76,144

5.20%,

4/16/2026

75,000

76,327

1.15%,

6/3/2026(b)

200,000

190,818

5.46%,

11/18/2027(b)

200,000

208,417

3.40%,

1/25/2028(b)

300,000

294,060

5.54%,

11/17/2028

75,000

79,365

1.95%,

11/20/2028

200,000

184,190

5.05%,

4/16/2029

75,000

77,946

2.65%,

1/16/2030(b)

120,000

111,522

(USD

SOFR

Spread-

Adjusted

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(b)(d)

300,000

297,873

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(d)

500,000

483,548

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(b)(d)

85,000

73,771

3.13%,

11/18/2041

65,000

49,730

105,336,024

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

,

4.70%,

2/1/2036

510,000

512,054

4.90%,

2/1/2046

770,000

758,330

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

143,654

4.90%,

2/1/2046

300,000

295,025

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028(b)

250,000

250,607

4.75%,

1/23/2029

900,000

923,446

3.50%,

6/1/2030(b)

400,000

388,275

5.00%,

6/15/2034(b)

50,000

52,108

4.60%,

4/15/2048(b)

71,000

67,488

4.44%,

10/6/2048(b)

331,000

306,330

5.55%,

1/23/2049(b)

350,000

377,302

4.75%,

4/15/2058

150,000

144,043

5.80%,

1/23/2059(b)

150,000

169,003

Brown-Forman

Corp.

,

4.75%,

4/15/2033(b)

40,000

40,942

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027(b)

500,000

488,542

3.45%,

3/25/2030(b)

200,000

195,110

2.00%,

3/5/2031(b)

95,000

84,021

2.25%,

1/5/2032(b)

300,000

266,776

5.00%,

5/13/2034

75,000

79,031

4.65%,

8/14/2034

50,000

51,204

2.88%,

5/5/2041

300,000

237,004

2.60%,

6/1/2050

400,000

270,953

3.00%,

3/5/2051(b)

135,000

99,080

2.50%,

3/15/2051

156,000

102,163

5.30%,

5/13/2054

75,000

79,886

5.20%,

1/14/2055

50,000

52,460

5.40%,

5/13/2064(b)

75,000

80,272

Coca-Cola

Consolidated,

Inc.

,

5.25%,

6/1/2029(b)

50,000

51,989

5.45%,

6/1/2034

50,000

52,696

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030

150,000

139,148

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027(b)

500,000

491,208

4.80%,

1/15/2029(b)

25,000

25,454

2.88%,

5/1/2030

100,000

92,189

2.25%,

8/1/2031

405,000

350,140

4.90%,

5/1/2033

60,000

60,626

Diageo

Capital

plc

,

2.38%,

10/24/2029(b)

210,000

193,344

2.00%,

4/29/2030(b)

200,000

178,256

Diageo

Investment

Corp.

,

7.45%,

4/15/2035

250,000

304,876

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

150,000

119,400

Keurig

Dr

Pepper,

Inc.

,

5.10%,

3/15/2027

25,000

25,566

4.60%,

5/25/2028(b)

104,000

105,306

5.05%,

3/15/2029

25,000

25,800

3.95%,

4/15/2029(b)

50,000

49,406

Series

10,

5.20%,

3/15/2031

25,000

26,101

4.05%,

4/15/2032(b)

50,000

48,753

5.30%,

3/15/2034(b)

25,000

26,152

4.50%,

4/15/2052(b)

250,000

226,677

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026(b)

190,000

186,412

5.00%,

5/1/2042(b)

250,000

244,781

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Molson

Coors

Beverage

Co.,

4.20%,

7/15/2046(b)

150,000

129,406

Pepsico

Singapore

Financing

I

Pte.

Ltd.

,

4.65%,

2/16/2027

25,000

25,405

4.55%,

2/16/2029

25,000

25,545

4.70%,

2/16/2034

25,000

25,525

PepsiCo,

Inc.

,

5.25%,

11/10/2025

50,000

50,689

4.55%,

2/13/2026

60,000

60,478

2.38%,

10/6/2026

84,000

81,650

5.13%,

11/10/2026

50,000

51,281

3.00%,

10/15/2027(b)

300,000

293,245

3.60%,

2/18/2028

25,000

24,833

4.45%,

5/15/2028

60,000

61,269

4.50%,

7/17/2029

50,000

51,533

2.75%,

3/19/2030(b)

700,000

655,605

1.63%,

5/1/2030

130,000

114,447

1.40%,

2/25/2031(b)

200,000

169,663

1.95%,

10/21/2031

100,000

86,846

3.90%,

7/18/2032(b)

35,000

34,441

4.45%,

2/15/2033(b)

60,000

62,652

4.80%,

7/17/2034

50,000

51,667

2.63%,

10/21/2041

50,000

37,358

4.45%,

4/14/2046

300,000

282,365

3.63%,

3/19/2050

200,000

163,682

2.75%,

10/21/2051

50,000

34,321

4.20%,

7/18/2052(b)

25,000

22,463

4.65%,

2/15/2053(b)

60,000

58,054

5.25%,

7/17/2054(b)

50,000

52,891

12,246,703

Biotechnology

0.4%

AbbVie,

Inc.

,

3.20%,

5/14/2026

120,000

118,449

2.95%,

11/21/2026

350,000

342,628

4.80%,

3/15/2027(b)

175,000

178,394

4.80%,

3/15/2029(b)

175,000

180,102

3.20%,

11/21/2029

550,000

525,966

4.95%,

3/15/2031(b)

95,000

98,780

5.05%,

3/15/2034

275,000

287,243

4.55%,

3/15/2035

195,000

195,048

4.50%,

5/14/2035(b)

300,000

299,040

4.05%,

11/21/2039

380,000

351,011

4.40%,

11/6/2042

375,000

353,658

5.35%,

3/15/2044

55,000

58,018

4.75%,

3/15/2045

168,000

163,426

4.70%,

5/14/2045

282,000

272,885

4.88%,

11/14/2048

300,000

295,266

4.25%,

11/21/2049(b)

475,000

425,467

5.40%,

3/15/2054(b)

240,000

254,486

5.50%,

3/15/2064

45,000

48,049

Amgen,

Inc.

,

5.15%,

3/2/2028

290,000

298,616

1.65%,

8/15/2028(b)

200,000

182,092

4.05%,

8/18/2029(b)

120,000

119,158

5.25%,

3/2/2030(b)

300,000

313,023

2.00%,

1/15/2032

200,000

169,952

3.35%,

2/22/2032

55,000

51,263

4.20%,

3/1/2033(b)

120,000

116,557

5.25%,

3/2/2033(b)

315,000

327,939

2.80%,

8/15/2041(b)

200,000

151,450

12

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Amgen,

Inc.,

5.60%,

3/2/2043(b)

290,000

304,670

4.40%,

5/1/2045

400,000

359,046

4.56%,

6/15/2048

274,000

248,287

3.38%,

2/21/2050(b)

180,000

137,147

4.66%,

6/15/2051

318,000

291,253

3.00%,

1/15/2052(b)

200,000

141,311

4.20%,

2/22/2052

25,000

21,282

4.88%,

3/1/2053(b)

55,000

51,716

5.65%,

3/2/2053

405,000

426,031

4.40%,

2/22/2062

165,000

141,211

5.75%,

3/2/2063

180,000

189,995

Biogen,

Inc.

,

2.25%,

5/1/2030

200,000

178,612

3.15%,

5/1/2050(b)

230,000

159,004

3.25%,

2/15/2051(b)

130,000

91,416

Gilead

Sciences,

Inc.

,

3.65%,

3/1/2026(b)

145,000

143,829

1.20%,

10/1/2027

60,000

55,309

1.65%,

10/1/2030

115,000

99,290

5.25%,

10/15/2033(b)

50,000

52,735

4.00%,

9/1/2036

200,000

188,025

5.65%,

12/1/2041

200,000

214,671

4.75%,

3/1/2046

200,000

191,403

4.15%,

3/1/2047

400,000

350,467

2.80%,

10/1/2050

95,000

64,610

5.55%,

10/15/2053(b)

45,000

48,305

Regeneron

Pharmaceuticals,

Inc.

,

1.75%,

9/15/2030

88,000

76,036

2.80%,

9/15/2050

65,000

42,778

10,446,405

Broadline

Retail

0.3%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027(b)

500,000

488,141

4.00%,

12/6/2037

200,000

184,864

4.20%,

12/6/2047(b)

500,000

438,269

Amazon.com,

Inc.

,

1.00%,

5/12/2026(b)

250,000

239,029

3.30%,

4/13/2027

195,000

192,510

3.15%,

8/22/2027

250,000

245,420

4.55%,

12/1/2027(b)

400,000

408,349

1.65%,

5/12/2028

200,000

185,244

3.45%,

4/13/2029(b)

180,000

177,294

4.65%,

12/1/2029(b)

130,000

134,352

1.50%,

6/3/2030(b)

200,000

174,977

2.10%,

5/12/2031

300,000

265,568

3.60%,

4/13/2032

270,000

260,916

4.70%,

12/1/2032(b)

130,000

135,145

4.80%,

12/5/2034(b)

100,000

104,598

3.88%,

8/22/2037

200,000

188,085

2.88%,

5/12/2041

200,000

159,224

4.05%,

8/22/2047

400,000

360,010

2.50%,

6/3/2050

250,000

165,161

3.10%,

5/12/2051(b)

300,000

222,860

3.95%,

4/13/2052(b)

190,000

165,149

4.25%,

8/22/2057

250,000

226,297

2.70%,

6/3/2060

100,000

64,289

3.25%,

5/12/2061

200,000

144,959

eBay,

Inc.

,

1.40%,

5/10/2026

40,000

38,253

Corporate

Bonds

Principal

Amount

($)

Value

($)

Broadline

Retail

eBay,

Inc.,

3.60%,

6/5/2027(b)

500,000

494,362

2.70%,

3/11/2030(b)

88,000

81,138

2.60%,

5/10/2031

75,000

67,013

3.65%,

5/10/2051

100,000

76,884

JD.com,

Inc.

,

3.38%,

1/14/2030

200,000

190,243

6,278,603

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029(b)

250,000

238,361

Carlisle

Cos.,

Inc.

,

2.75%,

3/1/2030

74,000

67,981

2.20%,

3/1/2032

100,000

84,629

Carrier

Global

Corp.

,

2.49%,

2/15/2027

31,000

29,956

2.72%,

2/15/2030(b)

50,000

46,226

3.38%,

4/5/2040

300,000

247,830

3.58%,

4/5/2050(b)

235,000

185,258

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029(b)

50,000

47,209

4.00%,

3/25/2032(b)

100,000

95,210

5.88%,

6/1/2033(b)

32,000

34,343

4.50%,

3/25/2052(b)

30,000

25,270

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

181,630

5.50%,

4/19/2029(b)

50,000

52,292

1.75%,

9/15/2030(b)

100,000

86,706

2.00%,

9/16/2031

100,000

85,540

4.90%,

12/1/2032

65,000

66,366

4.63%,

7/2/2044(f)

100,000

91,230

Masco

Corp.

,

2.00%,

2/15/2031(b)

250,000

215,862

3.13%,

2/15/2051

60,000

41,618

Owens

Corning

,

5.70%,

6/15/2034(b)

35,000

37,156

4.30%,

7/15/2047(b)

200,000

169,155

Trane

Technologies

Financing

Ltd.

,

4.50%,

3/21/2049

250,000

230,021

2,359,849

Capital

Markets

1.6%

Ameriprise

Financial,

Inc.

,

5.70%,

12/15/2028

25,000

26,453

4.50%,

5/13/2032

50,000

50,398

5.15%,

5/15/2033

45,000

46,877

Apollo

Debt

Solutions

BDC

,

6.90%,

4/13/2029(c)

25,000

25,989

6.70%,

7/29/2031(c)

50,000

51,510

Ares

Capital

Corp.

,

2.15%,

7/15/2026

96,000

91,226

2.88%,

6/15/2027

100,000

94,593

2.88%,

6/15/2028

250,000

230,590

5.88%,

3/1/2029

35,000

35,841

Ares

Strategic

Income

Fund

,

5.60%,

2/15/2030(c)

60,000

59,525

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

50,000

47,440

Bank

of

New

York

Mellon

Corp.

(The)

,

1.05%,

10/15/2026(b)

100,000

94,349

2.05%,

1/26/2027

200,000

191,505

(SOFR

+

1.03%),

4.95%,

4/26/2027(d)

80,000

80,774

(SOFR

+

1.15%),

3.99%,

6/13/2028(d)

40,000

39,804

(SOFR

+

0.84%),

4.89%,

7/21/2028(d)

75,000

76,387

(United

States

SOFR

Compounded

Index

+

1.80%),

5.80%,

10/25/2028(d)

25,000

26,205

Series

J,

1.90%,

1/25/2029

200,000

183,215

(SOFR

+

1.17%),

4.54%,

2/1/2029(b)(d)

100,000

101,170

3.85%,

4/26/2029

90,000

89,291

(SOFR

+

1.60%),

6.32%,

10/25/2029(d)

75,000

80,673

(SOFR

+

1.09%),

4.98%,

3/14/2030(b)(d)

125,000

129,107

1.80%,

7/28/2031

100,000

85,813

2.50%,

1/26/2032

100,000

88,123

(SOFR

+

1.23%),

5.06%,

7/22/2032(d)

75,000

77,605

(SOFR

+

1.42%),

4.29%,

6/13/2033(b)(d)

40,000

39,253

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(b)(d)

180,000

194,969

(SOFR

+

1.51%),

4.71%,

2/1/2034(d)

100,000

100,668

Series

J,

(SOFR

+

1.61%),

4.97%,

4/26/2034(b)(d)

80,000

81,955

(SOFR

+

1.85%),

6.47%,

10/25/2034(d)

75,000

84,766

(SOFR

+

1.42%),

5.19%,

3/14/2035(d)

125,000

129,776

(SOFR

+

1.77%),

5.61%,

7/21/2039(d)

25,000

26,241

BGC

Group,

Inc.

,

6.60%,

6/10/2029

25,000

25,861

Blackstone

Private

Credit

Fund

,

3.25%,

3/15/2027(b)

200,000

190,604

7.30%,

11/27/2028(b)(c)

25,000

26,604

4.00%,

1/15/2029

200,000

190,390

5.95%,

7/16/2029(c)

25,000

25,455

6.25%,

1/25/2031(c)

25,000

25,682

Blackstone

Secured

Lending

Fund

,

5.88%,

11/15/2027

25,000

25,421

2.85%,

9/30/2028

200,000

182,457

Blue

Owl

Capital

Corp.

,

3.40%,

7/15/2026

94,000

91,003

2.88%,

6/11/2028(b)

230,000

210,690

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Blue

Owl

Capital

Corp.

III

,

3.13%,

4/13/2027

50,000

47,278

Blue

Owl

Credit

Income

Corp.

,

6.60%,

9/15/2029(c)

50,000

51,293

5.80%,

3/15/2030(c)

100,000

99,049

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

42,827

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

200,000

148,824

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026(b)

40,000

39,967

3.90%,

1/25/2028

40,000

39,450

4.85%,

3/29/2029(b)

300,000

305,906

6.35%,

1/5/2034(b)

50,000

55,009

5.68%,

1/15/2035(b)

50,000

52,480

3.50%,

3/30/2051

35,000

26,392

3.63%,

2/15/2052

15,000

11,319

5.97%,

3/4/2054(b)

25,000

27,152

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030(b)

300,000

257,751

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026

170,000

161,941

1.15%,

5/13/2026

400,000

381,283

2.45%,

3/3/2027

40,000

38,415

(SOFR

+

2.21%),

5.64%,

5/19/2029(b)(d)

300,000

313,226

(SOFR

+

1.88%),

6.20%,

11/17/2029(d)

75,000

80,174

1.65%,

3/11/2031

200,000

169,525

2.30%,

5/13/2031

300,000

264,932

1.95%,

12/1/2031

100,000

85,160

2.90%,

3/3/2032

100,000

89,831

(SOFR

+

2.01%),

6.14%,

8/24/2034(d)

220,000

240,496

CI

Financial

Corp.

,

4.10%,

6/15/2051

30,000

20,898

CME

Group,

Inc.

,

2.65%,

3/15/2032(b)

50,000

45,173

5.30%,

9/15/2043

80,000

85,998

Credit

Suisse

USA

LLC

,

7.13%,

7/15/2032

55,000

63,488

Deutsche

Bank

AG

,

(SOFR

+

1.87%),

2.13%,

11/24/2026(d)

155,000

150,100

(SOFR

+

1.22%),

2.31%,

11/16/2027(d)

170,000

161,731

(SOFR

+

1.32%),

2.55%,

1/7/2028(b)(d)

200,000

190,647

(SOFR

+

3.18%),

6.72%,

1/18/2029(d)

300,000

317,591

(SOFR

+

1.70%),

5.00%,

9/11/2030(d)

150,000

150,809

(SOFR

+

3.04%),

3.55%,

9/18/2031(b)(d)

350,000

326,267

(SOFR

+

1.72%),

3.04%,

5/28/2032(b)(d)

150,000

133,600

(SOFR

+

3.65%),

7.08%,

2/10/2034(b)(d)

200,000

215,415

(SOFR

+

2.05%),

5.40%,

9/11/2035(d)

150,000

150,968

14

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

FactSet

Research

Systems,

Inc.

,

2.90%,

3/1/2027

30,000

29,013

3.45%,

3/1/2032

25,000

22,810

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027

100,000

94,052

3.25%,

7/15/2027(b)

50,000

47,354

3.13%,

10/12/2028(b)

150,000

136,234

Goldman

Sachs

Bank

USA

,

(SOFR

+

0.78%),

5.28%,

3/18/2027(b)(d)

100,000

101,292

(SOFR

+

0.75%),

5.41%,

5/21/2027(d)

125,000

127,023

Goldman

Sachs

Group,

Inc.

(The)

,

3.85%,

1/26/2027

800,000

793,095

(SOFR

+

0.80%),

1.43%,

3/9/2027(d)

250,000

239,129

(SOFR

+

1.51%),

4.39%,

6/15/2027(d)

65,000

65,144

(SOFR

+

0.82%),

1.54%,

9/10/2027(d)

500,000

473,858

(SOFR

+

0.91%),

1.95%,

10/21/2027(d)

240,000

228,795

(SOFR

+

1.11%),

2.64%,

2/24/2028(d)

95,000

91,313

(SOFR

+

1.85%),

3.62%,

3/15/2028(d)

75,000

73,788

(SOFR

+

1.73%),

4.48%,

8/23/2028(d)

200,000

201,057

(CME

Term

SOFR

3

Month

+

1.56%),

4.22%,

5/1/2029(b)(d)

700,000

695,918

(SOFR

+

1.77%),

6.48%,

10/24/2029(d)

125,000

134,605

(SOFR

+

1.27%),

5.73%,

4/25/2030(d)

150,000

157,643

(SOFR

+

1.21%),

5.05%,

7/23/2030(d)

150,000

153,911

(SOFR

+

1.28%),

2.62%,

4/22/2032(b)(d)

390,000

344,649

(SOFR

+

1.25%),

2.38%,

7/21/2032(d)

280,000

242,830

(SOFR

+

1.26%),

2.65%,

10/21/2032(d)

165,000

144,964

(SOFR

+

1.41%),

3.10%,

2/24/2033(b)(d)

695,000

625,314

(SOFR

+

1.95%),

6.56%,

10/24/2034(b)(d)

200,000

225,797

(SOFR

+

1.55%),

5.85%,

4/25/2035(d)

235,000

252,507

(SOFR

+

1.55%),

5.33%,

7/23/2035(b)(d)

150,000

155,382

6.45%,

5/1/2036(b)

150,000

168,492

6.75%,

10/1/2037

500,000

575,744

(CME

Term

SOFR

3

Month

+

1.63%),

4.02%,

10/31/2038(d)

200,000

181,490

(CME

Term

SOFR

3

Month

+

1.69%),

4.41%,

4/23/2039(b)(d)

200,000

188,551

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

6.25%,

2/1/2041

350,000

397,853

(SOFR

+

1.51%),

3.21%,

4/22/2042(b)(d)

200,000

159,480

(SOFR

+

1.47%),

2.91%,

7/21/2042(d)

300,000

228,065

(SOFR

+

1.63%),

3.44%,

2/24/2043(b)(d)

35,000

28,501

4.80%,

7/8/2044

300,000

292,865

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027

100,000

92,342

Intercontinental

Exchange,

Inc.

,

3.75%,

12/1/2025(b)

160,000

159,011

4.00%,

9/15/2027(b)

180,000

180,189

4.35%,

6/15/2029

150,000

151,203

2.10%,

6/15/2030

165,000

146,925

5.25%,

6/15/2031

50,000

52,512

1.85%,

9/15/2032(b)

500,000

414,754

4.60%,

3/15/2033(b)

110,000

111,276

4.25%,

9/21/2048(b)

100,000

88,391

3.00%,

6/15/2050

75,000

53,392

4.95%,

6/15/2052(b)

120,000

119,363

3.00%,

9/15/2060

120,000

79,777

5.20%,

6/15/2062(b)

110,000

112,513

Janus

Henderson

US

Holdings,

Inc.

,

5.45%,

9/10/2034(c)

25,000

24,884

Jefferies

Financial

Group,

Inc.

,

4.85%,

1/15/2027(b)

500,000

506,157

5.88%,

7/21/2028

70,000

73,021

4.15%,

1/23/2030

100,000

97,659

2.63%,

10/15/2031(b)

50,000

43,369

6.20%,

4/14/2034

150,000

160,574

Lazard

Group

LLC

,

6.00%,

3/15/2031

40,000

42,180

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

503,430

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

100,000

95,798

6.50%,

6/4/2027

25,000

25,556

6.95%,

3/1/2029

25,000

26,078

Moody's

Corp.

,

3.25%,

1/15/2028(b)

300,000

293,263

2.00%,

8/19/2031(b)

60,000

51,739

5.00%,

8/5/2034

50,000

51,191

2.75%,

8/19/2041

75,000

55,723

3.25%,

5/20/2050

35,000

25,508

3.10%,

11/29/2061

95,000

62,929

Morgan

Stanley

,

3.13%,

7/27/2026

500,000

491,092

(SOFR

+

1.30%),

5.05%,

1/28/2027(b)(d)

105,000

105,980

3.95%,

4/23/2027

500,000

495,023

(SOFR

+

0.88%),

1.59%,

5/4/2027(d)

600,000

574,133

(SOFR

+

0.86%),

1.51%,

7/20/2027(d)

480,000

456,464

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)(d)

195,000

187,264

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

1.01%),

5.65%,

4/13/2028(b)(d)

175,000

180,660

(SOFR

+

1.61%),

4.21%,

4/20/2028(d)

80,000

79,837

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(b)(d)

300,000

293,956

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(b)(d)

600,000

590,118

(SOFR

+

1.73%),

5.12%,

2/1/2029(b)(d)

90,000

92,272

(SOFR

+

1.59%),

5.16%,

4/20/2029(d)

255,000

262,105

(SOFR

+

1.63%),

5.45%,

7/20/2029(b)(d)

35,000

36,368

(SOFR

+

1.83%),

6.41%,

11/1/2029(d)

70,000

75,222

(SOFR

+

1.45%),

5.17%,

1/16/2030(d)

225,000

231,941

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(b)(d)

500,000

501,093

(SOFR

+

1.26%),

5.66%,

4/18/2030(d)

150,000

157,787

(SOFR

+

1.22%),

5.04%,

7/19/2030(b)(d)

100,000

102,763

(SOFR

+

1.14%),

2.70%,

1/22/2031(d)

600,000

549,535

(SOFR

+

3.12%),

3.62%,

4/1/2031(b)(d)

420,000

403,270

7.25%,

4/1/2032(b)

324,000

384,838

(SOFR

+

1.02%),

1.93%,

4/28/2032(d)

500,000

424,224

(SOFR

+

1.18%),

2.24%,

7/21/2032(b)(d)

500,000

430,470

(SOFR

+

1.20%),

2.51%,

10/20/2032(d)

275,000

240,047

(SOFR

+

1.29%),

2.94%,

1/21/2033(b)(d)

70,000

62,527

(SOFR

+

2.08%),

4.89%,

7/20/2033(d)

45,000

45,562

(SOFR

+

2.56%),

6.34%,

10/18/2033(b)(d)

130,000

144,565

(SOFR

+

1.87%),

5.25%,

4/21/2034(b)(d)

450,000

464,755

(SOFR

+

1.88%),

5.42%,

7/21/2034(b)(d)

35,000

36,500

(SOFR

+

2.05%),

6.63%,

11/1/2034(d)

115,000

130,070

(SOFR

+

1.73%),

5.47%,

1/18/2035(d)

350,000

365,957

(SOFR

+

1.58%),

5.83%,

4/19/2035(d)

360,000

386,693

(SOFR

+

1.56%),

5.32%,

7/19/2035(d)

60,000

62,305

(SOFR

+

1.36%),

2.48%,

9/16/2036(d)

450,000

376,537

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)

80,000

80,605

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(b)(d)

90,000

94,350

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%),

5.94%,

2/7/2039(b)(d)

75,000

78,746

(SOFR

+

1.49%),

3.22%,

4/22/2042(b)(d)

400,000

322,512

4.30%,

1/27/2045(b)

300,000

276,419

(SOFR

+

4.84%),

5.60%,

3/24/2051(b)(d)

100,000

109,524

(SOFR

+

1.43%),

2.80%,

1/25/2052(b)(d)

205,000

141,503

Nasdaq,

Inc.

,

5.35%,

6/28/2028

65,000

67,528

1.65%,

1/15/2031

400,000

339,722

5.55%,

2/15/2034

80,000

84,395

3.95%,

3/7/2052(b)

250,000

200,970

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027(b)

300,000

285,504

2.17%,

7/14/2028

200,000

183,317

5.61%,

7/6/2029(b)

200,000

208,571

3.10%,

1/16/2030

200,000

184,927

2.61%,

7/14/2031

200,000

173,921

Northern

Trust

Corp.

,

4.00%,

5/10/2027

65,000

65,106

1.95%,

5/1/2030(b)

80,000

71,307

6.13%,

11/2/2032(b)

130,000

143,552

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

93,661

7.10%,

2/15/2029

100,000

103,980

Prospect

Capital

Corp.

,

3.36%,

11/15/2026

100,000

93,069

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046(b)

250,000

241,544

S&P

Global,

Inc.

,

2.45%,

3/1/2027(b)

30,000

28,936

2.70%,

3/1/2029

100,000

94,368

2.50%,

12/1/2029(b)

80,000

73,858

1.25%,

8/15/2030(b)

110,000

93,848

2.90%,

3/1/2032

325,000

295,581

3.25%,

12/1/2049

65,000

49,352

3.70%,

3/1/2052

94,000

76,712

2.30%,

8/15/2060

40,000

22,776

Sixth

Street

Lending

Partners

,

5.75%,

1/15/2030(c)

50,000

49,822

State

Street

Corp.

,

5.27%,

8/3/2026(b)

100,000

102,118

(SOFR

+

1.35%),

5.75%,

11/4/2026(d)

55,000

55,732

4.99%,

3/18/2027(b)

75,000

76,773

(SOFR

+

0.56%),

1.68%,

11/18/2027(d)

200,000

189,906

(SOFR

+

0.73%),

2.20%,

2/7/2028(d)

40,000

38,264

16

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

State

Street

Corp.,

(SOFR

+

1.72%),

5.82%,

11/4/2028(d)

60,000

63,058

(SOFR

+

1.02%),

4.53%,

2/20/2029(b)(d)

75,000

75,762

(SOFR

+

1.48%),

5.68%,

11/21/2029(b)(d)

75,000

79,161

2.40%,

1/24/2030(b)

200,000

184,531

2.20%,

3/3/2031(b)

74,000

65,416

(SOFR

+

1.00%),

2.62%,

2/7/2033(d)

20,000

17,647

(SOFR

+

1.57%),

4.82%,

1/26/2034(d)

110,000

111,321

(SOFR

+

1.89%),

5.16%,

5/18/2034(b)(d)

60,000

62,411

(SOFR

+

1.96%),

6.12%,

11/21/2034(d)

50,000

54,582

UBS

AG

,

5.00%,

7/9/2027

250,000

255,483

7.50%,

2/15/2028

250,000

274,597

UBS

Group

AG

,

4.55%,

4/17/2026

250,000

250,629

4.88%,

5/15/2045(b)

400,000

391,041

36,978,199

Chemicals

0.4%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

24,330

1.85%,

5/15/2027(b)

105,000

99,743

4.60%,

2/8/2029(b)

100,000

102,419

2.05%,

5/15/2030(b)

145,000

130,268

4.75%,

2/8/2031(b)

100,000

103,487

4.80%,

3/3/2033

70,000

72,308

4.85%,

2/8/2034(b)

100,000

103,118

2.70%,

5/15/2040

65,000

49,856

2.80%,

5/15/2050(b)

40,000

27,660

Albemarle

Corp.

,

5.65%,

6/1/2052(b)

100,000

93,679

Cabot

Corp.

,

5.00%,

6/30/2032

30,000

30,413

Celanese

US

Holdings

LLC

,

1.40%,

8/5/2026

100,000

94,362

6.17%,

7/15/2027(b)

100,000

103,621

6.35%,

11/15/2028

90,000

95,024

6.33%,

7/15/2029(b)

165,000

174,970

6.55%,

11/15/2030

100,000

107,789

6.38%,

7/15/2032(b)

70,000

74,838

6.70%,

11/15/2033

55,000

60,174

CF

Industries,

Inc.

,

5.15%,

3/15/2034

300,000

303,485

Dow

Chemical

Co.

(The)

,

6.30%,

3/15/2033

25,000

27,574

5.15%,

2/15/2034

25,000

25,686

9.40%,

5/15/2039

206,000

287,106

4.38%,

11/15/2042(b)

300,000

264,471

4.80%,

5/15/2049(b)

350,000

319,382

6.90%,

5/15/2053(b)

25,000

29,977

5.60%,

2/15/2054(b)

25,000

25,821

DuPont

de

Nemours,

Inc.

,

4.49%,

11/15/2025

300,000

299,470

4.73%,

11/15/2028(b)

400,000

407,637

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

DuPont

de

Nemours,

Inc.,

5.42%,

11/15/2048(b)

300,000

331,798

Eastman

Chemical

Co.

,

5.00%,

8/1/2029(b)

25,000

25,594

5.75%,

3/8/2033

35,000

36,993

4.65%,

10/15/2044

200,000

181,162

Ecolab,

Inc.

,

5.25%,

1/15/2028

75,000

78,029

1.30%,

1/30/2031(b)

200,000

167,974

2.13%,

2/1/2032

100,000

86,896

2.13%,

8/15/2050

200,000

119,828

2.70%,

12/15/2051

75,000

50,404

2.75%,

8/18/2055

65,000

43,291

FMC

Corp.

,

5.15%,

5/18/2026

40,000

40,366

3.45%,

10/1/2029

60,000

56,216

5.65%,

5/18/2033(b)

40,000

41,370

4.50%,

10/1/2049(b)

85,000

70,205

6.38%,

5/18/2053(b)

40,000

42,842

Huntsman

International

LLC

,

5.70%,

10/15/2034

25,000

24,795

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048(b)

70,000

64,442

Linde,

Inc.

,

4.70%,

12/5/2025(b)

400,000

402,821

3.20%,

1/30/2026

250,000

247,185

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

171,998

LYB

International

Finance

III

LLC

,

2.25%,

10/1/2030(b)

135,000

119,536

5.63%,

5/15/2033

40,000

42,480

5.50%,

3/1/2034

50,000

52,005

4.20%,

10/15/2049

100,000

81,994

4.20%,

5/1/2050(b)

200,000

164,232

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055(b)

250,000

217,881

Mosaic

Co.

(The)

,

4.05%,

11/15/2027

250,000

247,596

5.38%,

11/15/2028

25,000

25,896

Nutrien

Ltd.

,

5.95%,

11/7/2025

50,000

50,780

5.20%,

6/21/2027

50,000

51,276

4.90%,

3/27/2028(b)

25,000

25,494

5.40%,

6/21/2034(b)

50,000

51,753

5.88%,

12/1/2036(b)

125,000

133,901

5.25%,

1/15/2045

154,000

151,062

5.80%,

3/27/2053(b)

150,000

159,087

PPG

Industries,

Inc.

,

1.20%,

3/15/2026

110,000

105,080

2.80%,

8/15/2029(b)

300,000

280,233

RPM

International,

Inc.

,

2.95%,

1/15/2032

45,000

39,882

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026

400,000

397,353

3.45%,

6/1/2027(b)

154,000

151,440

2.95%,

8/15/2029

200,000

188,124

2.20%,

3/15/2032(b)

200,000

172,619

4.50%,

6/1/2047(b)

150,000

136,852

2.90%,

3/15/2052

80,000

53,770

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Westlake

Corp.

,

2.88%,

8/15/2041(b)

100,000

72,585

4.38%,

11/15/2047

200,000

172,729

9,168,517

Commercial

Services

&

Supplies

0.1%

Cintas

Corp.

No.

2

,

4.00%,

5/1/2032

40,000

39,219

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

16,479

RELX

Capital,

Inc.

,

4.00%,

3/18/2029(b)

100,000

99,102

Republic

Services,

Inc.

,

4.88%,

4/1/2029(b)

25,000

25,699

5.00%,

11/15/2029

25,000

25,894

1.45%,

2/15/2031

165,000

138,293

2.38%,

3/15/2033(b)

200,000

169,944

5.00%,

4/1/2034

82,000

84,432

5.20%,

11/15/2034

45,000

46,982

6.20%,

3/1/2040

70,000

78,710

Veralto

Corp.

,

5.50%,

9/18/2026

50,000

51,119

5.35%,

9/18/2028(b)

50,000

52,070

5.45%,

9/18/2033

50,000

52,459

Waste

Connections,

Inc.

,

4.25%,

12/1/2028(b)

100,000

100,360

2.20%,

1/15/2032(b)

100,000

85,914

3.20%,

6/1/2032

50,000

45,713

4.20%,

1/15/2033

100,000

97,207

5.00%,

3/1/2034(b)

50,000

51,322

2.95%,

1/15/2052

70,000

48,072

Waste

Management,

Inc.

,

4.95%,

7/3/2027

40,000

41,078

4.88%,

2/15/2029

75,000

77,528

2.00%,

6/1/2029

35,000

32,044

4.63%,

2/15/2030(b)

50,000

51,216

4.95%,

7/3/2031(b)

35,000

36,428

4.15%,

4/15/2032(b)

106,000

105,121

4.63%,

2/15/2033(b)

50,000

50,878

4.88%,

2/15/2034(b)

75,000

77,355

2.95%,

6/1/2041(b)

85,000

66,223

4.15%,

7/15/2049(b)

125,000

111,077

1,957,938

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

4.90%,

2/26/2026(b)

80,000

81,121

4.80%,

2/26/2027(b)

125,000

127,736

4.85%,

2/26/2029(b)

125,000

129,273

4.95%,

2/26/2031

243,000

253,992

5.05%,

2/26/2034

205,000

215,291

5.90%,

2/15/2039

200,000

225,351

5.50%,

1/15/2040(b)

200,000

216,378

5.30%,

2/26/2054(b)

70,000

74,269

5.35%,

2/26/2064(b)

75,000

79,644

Motorola

Solutions,

Inc.

,

5.00%,

4/15/2029(b)

25,000

25,646

2.30%,

11/15/2030

300,000

264,683

2.75%,

5/24/2031

76,000

67,988

5.60%,

6/1/2032

100,000

105,729

Corporate

Bonds

Principal

Amount

($)

Value

($)

Communications

Equipment

Motorola

Solutions,

Inc.,

5.40%,

4/15/2034(b)

25,000

26,091

1,893,192

Construction

&

Engineering

0.0%

†

MasTec,

Inc.

,

5.90%,

6/15/2029(b)

25,000

26,090

Quanta

Services,

Inc.

,

4.75%,

8/9/2027

50,000

50,530

2.90%,

10/1/2030(b)

100,000

92,075

2.35%,

1/15/2032

50,000

42,919

5.25%,

8/9/2034(b)

50,000

51,115

3.05%,

10/1/2041

55,000

41,848

304,577

Construction

Materials

0.0%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031(b)

65,000

57,447

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030(b)

500,000

456,216

2.40%,

7/15/2031(b)

25,000

21,819

3.20%,

7/15/2051(b)

50,000

35,886

Vulcan

Materials

Co.

,

4.50%,

6/15/2047(b)

250,000

224,696

796,064

Consumer

Finance

0.9%

AerCap

Ireland

Capital

DAC

,

4.45%,

4/3/2026(b)

200,000

199,493

2.45%,

10/29/2026

480,000

460,943

3.88%,

1/23/2028(b)

500,000

491,470

3.00%,

10/29/2028(b)

300,000

283,391

3.30%,

1/30/2032

300,000

270,750

3.40%,

10/29/2033(b)

150,000

132,713

4.95%,

9/10/2034(b)

150,000

149,179

3.85%,

10/29/2041(b)

150,000

125,426

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

40,000

39,967

7.10%,

11/15/2027

100,000

106,012

2.20%,

11/2/2028(b)

165,000

148,444

(SOFR

+

2.82%),

6.85%,

1/3/2030(d)

50,000

52,794

8.00%,

11/1/2031

150,000

169,818

American

Express

Co.

,

4.20%,

11/6/2025(b)

200,000

199,995

4.90%,

2/13/2026(b)

200,000

201,698

(SOFR

+

1.33%),

6.34%,

10/30/2026(d)

50,000

50,992

1.65%,

11/4/2026

200,000

190,198

2.55%,

3/4/2027(b)

60,000

57,923

(United

States

SOFR

Compounded

Index

+

0.75%),

5.65%,

4/23/2027(d)

75,000

76,443

3.30%,

5/3/2027

300,000

294,388

(SOFR

+

0.97%),

5.39%,

7/28/2027(d)

25,000

25,500

5.85%,

11/5/2027(b)

95,000

99,854

(SOFR

+

1.00%),

5.10%,

2/16/2028(d)

174,000

177,337

18

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

American

Express

Co.,

(SOFR

+

0.93%),

5.04%,

7/26/2028(b)(d)

45,000

45,978

4.05%,

5/3/2029(b)

60,000

60,110

(United

States

SOFR

Compounded

Index

+

1.28%),

5.28%,

7/27/2029(b)(d)

100,000

103,575

(United

States

SOFR

Compounded

Index

+

1.09%),

5.53%,

4/25/2030(b)(d)

75,000

78,612

(SOFR

+

1.94%),

6.49%,

10/30/2031(d)

50,000

55,275

(SOFR

+

2.26%),

4.99%,

5/26/2033(d)

25,000

25,267

(SOFR

+

1.76%),

4.42%,

8/3/2033(b)(d)

130,000

128,908

(SOFR

+

1.84%),

5.04%,

5/1/2034(d)

120,000

123,103

(SOFR

+

1.42%),

5.28%,

7/26/2035(d)

155,000

161,387

American

Honda

Finance

Corp.

,

5.80%,

10/3/2025(b)

50,000

50,729

4.95%,

1/9/2026

50,000

50,454

1.30%,

9/9/2026

115,000

109,066

4.40%,

10/5/2026(b)

50,000

50,329

2.35%,

1/8/2027(b)

100,000

96,205

4.90%,

3/12/2027(b)

50,000

50,987

4.90%,

7/9/2027(b)

50,000

51,098

4.70%,

1/12/2028

20,000

20,357

5.13%,

7/7/2028

150,000

154,974

5.65%,

11/15/2028

50,000

52,822

2.25%,

1/12/2029

50,000

46,229

4.90%,

3/13/2029(b)

50,000

51,297

4.40%,

9/5/2029

50,000

50,215

4.60%,

4/17/2030(b)

60,000

60,835

5.85%,

10/4/2030(b)

50,000

53,869

5.05%,

7/10/2031(b)

50,000

51,466

4.90%,

1/10/2034(b)

35,000

35,600

Capital

One

Financial

Corp.

,

3.75%,

7/28/2026

250,000

246,529

3.65%,

5/11/2027(b)

300,000

294,901

(SOFR

+

2.44%),

7.15%,

10/29/2027(b)(d)

50,000

52,702

(SOFR

+

2.06%),

4.93%,

5/10/2028(b)(d)

300,000

303,586

(SOFR

+

2.08%),

5.47%,

2/1/2029(b)(d)

100,000

102,507

(SOFR

+

2.64%),

6.31%,

6/8/2029(d)

240,000

252,803

(SOFR

+

1.79%),

3.27%,

3/1/2030(d)

95,000

89,318

(SOFR

+

2.60%),

5.25%,

7/26/2030(d)

60,000

61,019

(SOFR

+

1.56%),

5.46%,

7/26/2030(b)(d)

50,000

51,319

(SOFR

+

3.07%),

7.62%,

10/30/2031(d)

200,000

227,306

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.,

(SOFR

+

1.34%),

2.36%,

7/29/2032(b)(d)

100,000

81,930

(SOFR

+

2.60%),

5.82%,

2/1/2034(b)(d)

90,000

93,655

(SOFR

+

2.86%),

6.38%,

6/8/2034(d)

280,000

302,495

(SOFR

+

2.26%),

6.05%,

2/1/2035(b)(d)

100,000

105,884

(SOFR

+

1.99%),

5.88%,

7/26/2035(b)(d)

50,000

52,327

Caterpillar

Financial

Services

Corp.

,

5.05%,

2/27/2026

50,000

50,751

4.35%,

5/15/2026

100,000

100,583

1.15%,

9/14/2026

100,000

94,863

4.45%,

10/16/2026(b)

25,000

25,292

1.70%,

1/8/2027

200,000

190,480

4.50%,

1/8/2027

25,000

25,350

5.00%,

5/14/2027

25,000

25,693

3.60%,

8/12/2027(b)

100,000

99,376

4.40%,

10/15/2027

25,000

25,331

4.85%,

2/27/2029

50,000

51,735

4.38%,

8/16/2029

25,000

25,373

Discover

Financial

Services

,

4.10%,

2/9/2027

250,000

247,915

(United

States

SOFR

Compounded

Index

+

3.37%),

7.96%,

11/2/2034(b)(d)

75,000

88,124

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

200,000

196,181

4.39%,

1/8/2026

200,000

198,259

6.95%,

3/6/2026

200,000

204,691

2.70%,

8/10/2026

200,000

192,145

5.85%,

5/17/2027

200,000

203,610

4.95%,

5/28/2027(b)

200,000

199,510

4.13%,

8/17/2027

200,000

194,802

7.35%,

11/4/2027(b)

400,000

424,728

6.80%,

5/12/2028

400,000

419,063

6.80%,

11/7/2028(b)

200,000

211,161

5.80%,

3/8/2029

200,000

203,286

7.35%,

3/6/2030

200,000

216,592

4.00%,

11/13/2030

200,000

184,919

7.12%,

11/7/2033(b)

200,000

216,220

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

50,000

50,614

5.25%,

3/1/2026(b)

455,000

458,053

5.40%,

4/6/2026

65,000

65,786

1.50%,

6/10/2026(b)

200,000

190,241

2.35%,

2/26/2027

50,000

47,597

5.00%,

4/9/2027

200,000

202,211

5.35%,

7/15/2027

60,000

61,382

6.00%,

1/9/2028(b)

100,000

104,222

5.80%,

6/23/2028(b)

55,000

57,062

2.40%,

10/15/2028

195,000

178,387

5.80%,

1/7/2029(b)

50,000

52,005

5.55%,

7/15/2029(b)

25,000

25,780

4.90%,

10/6/2029

50,000

50,057

5.85%,

4/6/2030

45,000

46,897

3.60%,

6/21/2030(b)

200,000

186,854

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.,

2.70%,

6/10/2031(b)

145,000

124,951

5.60%,

6/18/2031

30,000

30,804

6.40%,

1/9/2033(b)

125,000

133,290

6.10%,

1/7/2034

150,000

156,224

5.95%,

4/4/2034

100,000

103,493

5.45%,

9/6/2034(b)

50,000

49,845

John

Deere

Capital

Corp.

,

4.80%,

1/9/2026

40,000

40,368

0.70%,

1/15/2026

200,000

191,710

4.95%,

3/6/2026

25,000

25,318

4.75%,

6/8/2026(b)

40,000

40,562

1.05%,

6/17/2026

100,000

95,293

2.25%,

9/14/2026(b)

250,000

242,231

1.30%,

10/13/2026

55,000

52,149

4.50%,

1/8/2027

50,000

50,644

1.70%,

1/11/2027

200,000

190,153

4.85%,

3/5/2027(b)

25,000

25,511

4.90%,

6/11/2027

50,000

51,250

4.20%,

7/15/2027

35,000

35,288

4.15%,

9/15/2027(b)

60,000

60,448

4.75%,

1/20/2028

40,000

40,960

1.50%,

3/6/2028(b)

250,000

230,382

4.95%,

7/14/2028(b)

148,000

152,911

4.50%,

1/16/2029(b)

50,000

50,918

3.35%,

4/18/2029(b)

40,000

38,987

4.85%,

6/11/2029

50,000

51,643

4.85%,

10/11/2029

40,000

41,420

4.70%,

6/10/2030

40,000

41,214

1.45%,

1/15/2031(b)

200,000

170,467

4.90%,

3/7/2031

25,000

25,928

4.40%,

9/8/2031

75,000

75,530

4.35%,

9/15/2032

60,000

60,428

5.10%,

4/11/2034

50,000

52,353

Series

MTN1,

5.05%,

6/12/2034

50,000

52,205

PACCAR

Financial

Corp.

,

4.95%,

10/3/2025(b)

80,000

80,597

4.45%,

3/30/2026(b)

20,000

20,141

5.20%,

11/9/2026(b)

25,000

25,685

2.00%,

2/4/2027

100,000

95,576

5.00%,

5/13/2027

25,000

25,675

4.45%,

8/6/2027(b)

50,000

50,787

4.60%,

1/10/2028

100,000

101,649

4.60%,

1/31/2029

25,000

25,635

4.00%,

9/26/2029

25,000

24,937

5.00%,

3/22/2034

25,000

26,113

Synchrony

Financial

,

3.95%,

12/1/2027

80,000

77,674

(United

States

SOFR

Compounded

Index

+

2.13%),

5.94%,

8/2/2030(b)

(d)

50,000

51,368

2.88%,

10/28/2031(b)

180,000

152,806

Toyota

Motor

Credit

Corp.

,

4.80%,

1/5/2026

25,000

25,233

5.20%,

5/15/2026

25,000

25,474

4.45%,

5/18/2026(b)

60,000

60,433

1.13%,

6/18/2026

500,000

476,698

4.55%,

8/7/2026

30,000

30,323

5.00%,

8/14/2026

100,000

101,813

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Toyota

Motor

Credit

Corp.,

5.40%,

11/20/2026

50,000

51,437

3.20%,

1/11/2027(b)

200,000

196,747

1.90%,

1/13/2027(b)

100,000

95,521

Series

B,

5.00%,

3/19/2027

50,000

51,241

3.05%,

3/22/2027(b)

100,000

98,036

4.55%,

9/20/2027(b)

90,000

91,448

4.63%,

1/12/2028

40,000

40,740

5.25%,

9/11/2028

25,000

26,049

4.65%,

1/5/2029(b)

25,000

25,516

5.05%,

5/16/2029

25,000

25,935

4.45%,

6/29/2029

90,000

91,400

2.15%,

2/13/2030(b)

500,000

451,175

4.55%,

5/17/2030(b)

60,000

61,023

5.55%,

11/20/2030

98,000

104,709

5.10%,

3/21/2031

50,000

52,095

1.90%,

9/12/2031

100,000

85,516

4.70%,

1/12/2033(b)

45,000

45,880

20,092,900

Consumer

Staples

Distribution

&

Retail

0.3%

Costco

Wholesale

Corp.

,

1.38%,

6/20/2027(b)

120,000

112,563

1.60%,

4/20/2030

500,000

441,646

Dollar

General

Corp.

,

4.63%,

11/1/2027(b)

70,000

70,268

5.20%,

7/5/2028

20,000

20,426

3.50%,

4/3/2030(b)

500,000

470,661

5.00%,

11/1/2032(b)

75,000

74,571

5.45%,

7/5/2033

20,000

20,383

Dollar

Tree,

Inc.

,

4.20%,

5/15/2028(b)

90,000

88,875

2.65%,

12/1/2031(b)

50,000

43,002

3.38%,

12/1/2051

50,000

34,164

Kroger

Co.

(The)

,

4.70%,

8/15/2026

35,000

35,227

4.60%,

8/15/2027

45,000

45,387

4.65%,

9/15/2029

100,000

100,552

7.50%,

4/1/2031(b)

257,000

297,934

4.90%,

9/15/2031

50,000

50,323

5.00%,

9/15/2034

200,000

201,668

5.40%,

7/15/2040

200,000

202,771

4.45%,

2/1/2047

82,000

72,088

5.40%,

1/15/2049

50,000

50,077

3.95%,

1/15/2050(b)

100,000

80,645

5.50%,

9/15/2054

180,000

181,153

5.65%,

9/15/2064(b)

85,000

85,450

Sysco

Corp.

,

5.75%,

1/17/2029(b)

25,000

26,422

2.40%,

2/15/2030(b)

100,000

90,671

5.95%,

4/1/2030

200,000

214,736

2.45%,

12/14/2031

100,000

87,157

6.00%,

1/17/2034(b)

25,000

27,433

6.60%,

4/1/2050(b)

300,000

351,673

3.15%,

12/14/2051

50,000

34,999

Target

Corp.

,

2.50%,

4/15/2026(b)

750,000

737,494

1.95%,

1/15/2027

130,000

124,877

2.35%,

2/15/2030(b)

105,000

96,450

2.65%,

9/15/2030(b)

50,000

46,526

4.50%,

9/15/2032(b)

100,000

101,529

4.40%,

1/15/2033

150,000

151,365

20

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Target

Corp.,

4.50%,

9/15/2034

50,000

50,004

4.00%,

7/1/2042

96,000

87,109

3.63%,

4/15/2046

200,000

165,023

4.80%,

1/15/2053(b)

150,000

147,579

Walmart,

Inc.

,

4.00%,

4/15/2026

30,000

30,086

1.05%,

9/17/2026(b)

50,000

47,483

3.95%,

9/9/2027(b)

60,000

60,414

3.90%,

4/15/2028

45,000

45,219

3.70%,

6/26/2028(b)

300,000

299,856

1.50%,

9/22/2028(b)

100,000

91,953

4.00%,

4/15/2030(b)

160,000

161,869

1.80%,

9/22/2031(b)

300,000

260,907

4.15%,

9/9/2032(b)

60,000

60,699

4.10%,

4/15/2033(b)

80,000

80,228

5.25%,

9/1/2035(b)

118,000

128,217

6.50%,

8/15/2037(b)

350,000

421,891

2.50%,

9/22/2041(b)

200,000

149,885

4.05%,

6/29/2048

125,000

112,283

2.65%,

9/22/2051

400,000

274,961

4.50%,

4/15/2053(b)

80,000

77,164

7,623,996

Containers

&

Packaging

0.1%

Amcor

Finance

USA,

Inc.

,

5.63%,

5/26/2033(b)

40,000

42,107

Amcor

Flexibles

North

America,

Inc.

,

2.63%,

6/19/2030

50,000

44,970

2.69%,

5/25/2031(b)

75,000

66,240

Avery

Dennison

Corp.

,

2.25%,

2/15/2032

100,000

84,840

5.75%,

3/15/2033(b)

90,000

96,361

Berry

Global,

Inc.

,

1.57%,

1/15/2026(b)

300,000

288,681

5.80%,

6/15/2031(c)

50,000

52,025

5.65%,

1/15/2034(c)

30,000

30,799

International

Paper

Co.

,

6.00%,

11/15/2041

350,000

381,252

Packaging

Corp.

of

America

,

3.00%,

12/15/2029

50,000

47,152

4.05%,

12/15/2049

100,000

83,153

3.05%,

10/1/2051(b)

40,000

28,016

Smurfit

Kappa

Treasury

ULC

,

5.44%,

4/3/2034(b)(c)

200,000

208,441

Sonoco

Products

Co.

,

2.25%,

2/1/2027

165,000

157,284

3.13%,

5/1/2030

50,000

46,578

2.85%,

2/1/2032(b)

200,000

174,803

5.00%,

9/1/2034(b)

25,000

24,651

WRKCo,

Inc.

,

4.90%,

3/15/2029

250,000

254,572

2,111,925

Distributors

0.0%

†

Genuine

Parts

Co.

,

6.50%,

11/1/2028

25,000

26,950

4.95%,

8/15/2029

25,000

25,429

6.88%,

11/1/2033

25,000

28,690

81,069

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

0.1%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049(b)

35,000

29,032

California

Institute

of

Technology

,

3.65%,

9/1/2119

100,000

71,632

Duke

University

,

Series

2020,

2.83%,

10/1/2055(b)

110,000

76,969

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

65,460

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

24,993

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

99,505

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111(b)

100,000

112,475

4.68%,

7/1/2114(b)

75,000

71,474

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

19,248

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046(b)

75,000

59,145

3.30%,

7/15/2056

200,000

154,489

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

14,093

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050

84,000

58,696

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

30,717

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051(b)

200,000

145,045

4.98%,

10/1/2053(b)

75,000

77,465

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

40,559

1,150,997

Diversified

REITs

0.1%

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

85,000

71,495

Digital

Realty

Trust

LP

,

3.70%,

8/15/2027

110,000

108,450

5.55%,

1/15/2028(b)

380,000

393,372

Equinix

Europe

2

Financing

Corp.

LLC

,

5.50%,

6/15/2034(b)

50,000

52,466

GLP

Capital

LP

,

5.38%,

4/15/2026

96,000

96,389

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

REITs

GLP

Capital

LP,

5.30%,

1/15/2029(b)

500,000

508,494

5.63%,

9/15/2034

45,000

45,952

Rayonier

LP

,

2.75%,

5/17/2031(b)

45,000

39,264

Simon

Property

Group

LP

,

3.30%,

1/15/2026(b)

170,000

168,003

1.38%,

1/15/2027

100,000

94,130

2.45%,

9/13/2029(b)

250,000

229,833

2.65%,

2/1/2032

100,000

88,249

5.50%,

3/8/2033

100,000

105,629

4.75%,

9/26/2034(b)

35,000

34,711

4.25%,

11/30/2046(b)

350,000

305,148

3.25%,

9/13/2049(b)

132,000

96,237

5.85%,

3/8/2053

100,000

107,434

Store

Capital

LLC

,

2.70%,

12/1/2031

100,000

84,937

VICI

Properties

LP

,

4.75%,

2/15/2028(b)

85,000

85,328

4.95%,

2/15/2030

80,000

80,474

5.13%,

5/15/2032

159,000

159,646

5.63%,

5/15/2052(b)

30,000

29,354

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

116,567

2.45%,

2/1/2032

70,000

59,663

5.38%,

6/30/2034(b)

25,000

25,557

3,186,782

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

1.70%,

3/25/2026(b)

300,000

288,770

2.30%,

6/1/2027(b)

300,000

286,481

1.65%,

2/1/2028(b)

200,000

184,371

4.35%,

3/1/2029(b)

500,000

503,024

4.30%,

2/15/2030(b)

300,000

299,635

2.75%,

6/1/2031(b)

500,000

452,068

2.25%,

2/1/2032

300,000

257,503

2.55%,

12/1/2033

360,000

303,439

5.40%,

2/15/2034(b)

110,000

115,420

4.50%,

5/15/2035(b)

310,000

301,870

4.85%,

3/1/2039

150,000

147,004

3.50%,

6/1/2041(b)

300,000

245,520

4.65%,

6/1/2044

250,000

227,130

4.50%,

3/9/2048(b)

300,000

266,002

3.65%,

6/1/2051(b)

500,000

383,415

3.50%,

9/15/2053

740,000

543,659

3.55%,

9/15/2055

975,000

713,149

3.80%,

12/1/2057

514,000

389,167

3.65%,

9/15/2059

379,000

274,986

Bell

Canada

(The)

,

5.10%,

5/11/2033(b)

60,000

61,306

Series

US-4,

3.65%,

3/17/2051

250,000

192,490

3.65%,

8/15/2052(b)

50,000

38,544

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

5.20%,

2/15/2034

50,000

51,410

4.46%,

4/1/2048

108,000

95,780

5.55%,

2/15/2054(b)

50,000

52,228

British

Telecommunications

plc

,

9.62%,

12/15/2030(f)

250,000

315,703

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(f)

369,000

445,585

Orange

SA

,

9.00%,

3/1/2031(b)(f)

100,000

123,730

5.38%,

1/13/2042(b)

250,000

253,277

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

400,000

436,727

8.75%,

3/15/2032

200,000

247,984

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036(b)

300,000

345,641

5.21%,

3/8/2047

250,000

237,149

5.52%,

3/1/2049(b)

150,000

148,397

TELUS

Corp.

,

2.80%,

2/16/2027

200,000

192,903

3.40%,

5/13/2032(b)

60,000

54,922

4.30%,

6/15/2049

100,000

83,468

Verizon

Communications,

Inc.

,

0.85%,

11/20/2025

250,000

240,214

1.45%,

3/20/2026(b)

105,000

100,706

4.13%,

3/16/2027(b)

300,000

299,569

2.10%,

3/22/2028(b)

125,000

116,629

4.33%,

9/21/2028(b)

283,000

284,534

3.88%,

2/8/2029(b)

110,000

108,520

4.02%,

12/3/2029

400,000

394,167

3.15%,

3/22/2030

200,000

188,468

1.75%,

1/20/2031

500,000

426,544

2.55%,

3/21/2031(b)

348,000

310,735

2.36%,

3/15/2032

840,000

723,695

5.05%,

5/9/2033(b)

45,000

46,444

4.50%,

8/10/2033

250,000

247,030

4.81%,

3/15/2039(b)

385,000

379,055

3.40%,

3/22/2041

530,000

432,844

2.85%,

9/3/2041

110,000

82,731

2.88%,

11/20/2050(b)

700,000

474,724

3.55%,

3/22/2051(b)

270,000

209,081

3.88%,

3/1/2052(b)

90,000

73,776

5.50%,

2/23/2054(b)

25,000

26,208

2.99%,

10/30/2056

500,000

327,959

3.00%,

11/20/2060

180,000

116,172

3.70%,

3/22/2061(b)

350,000

264,881

15,434,543

Electric

Utilities

1.6%

AEP

Texas,

Inc.

,

5.45%,

5/15/2029(b)

25,000

26,075

4.70%,

5/15/2032(b)

20,000

20,071

5.70%,

5/15/2034

25,000

26,275

5.25%,

5/15/2052(b)

20,000

19,540

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

50,000

33,013

Series

O,

4.50%,

6/15/2052

80,000

72,182

5.40%,

3/15/2053

440,000

455,849

Alabama

Power

Co.

,

3.75%,

9/1/2027

40,000

39,809

3.94%,

9/1/2032(b)

40,000

38,746

5.85%,

11/15/2033

25,000

27,250

4.15%,

8/15/2044

350,000

306,077

3.13%,

7/15/2051

80,000

56,931

American

Electric

Power

Co.,

Inc.

,

5.75%,

11/1/2027(b)

100,000

104,515

22

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

American

Electric

Power

Co.,

Inc.,

Series

J,

4.30%,

12/1/2028

50,000

49,944

5.20%,

1/15/2029(b)

50,000

51,598

5.95%,

11/1/2032

100,000

108,324

5.63%,

3/1/2033(b)

24,000

25,321

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

6.95%,

12/15/2054(d)

100,000

106,416

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

30,000

29,598

5.65%,

4/1/2034(b)

25,000

26,288

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

50,000

46,231

2.20%,

12/15/2031

100,000

84,663

6.35%,

12/15/2032(b)

100,000

109,935

5.55%,

8/1/2033

25,000

26,064

5.70%,

8/15/2034

25,000

26,393

3.50%,

12/1/2049

200,000

147,098

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031(b)

80,000

70,296

5.30%,

6/1/2034

25,000

26,193

3.20%,

9/15/2049

115,000

82,891

2.90%,

6/15/2050(b)

60,000

41,151

4.55%,

6/1/2052(b)

30,000

27,090

5.40%,

6/1/2053(b)

25,000

25,905

5.65%,

6/1/2054

25,000

26,900

CenterPoint

Energy

Houston

Electric

LLC

,

5.20%,

10/1/2028(b)

105,000

109,163

Series

ai.,

4.45%,

10/1/2032

40,000

39,726

4.50%,

4/1/2044

250,000

229,030

Series

AD,

2.90%,

7/1/2050

60,000

40,846

Series

AF,

3.35%,

4/1/2051

60,000

44,626

Series

AJ,

4.85%,

10/1/2052(b)

40,000

37,952

Commonwealth

Edison

Co.

,

5.30%,

6/1/2034

25,000

26,333

4.35%,

11/15/2045

200,000

179,903

3.65%,

6/15/2046

250,000

203,330

4.00%,

3/1/2048

350,000

296,091

Series

127,

3.20%,

11/15/2049

155,000

111,710

Series

131,

2.75%,

9/1/2051

200,000

131,984

Connecticut

Light

and

Power

Co.

(The)

,

4.65%,

1/1/2029

25,000

25,422

Series

A,

2.05%,

7/1/2031(b)

100,000

86,302

4.90%,

7/1/2033

25,000

25,588

4.95%,

8/15/2034(b)

25,000

25,705

5.25%,

1/15/2053(b)

100,000

102,250

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031

50,000

43,214

6.05%,

1/15/2038(b)

150,000

166,054

5.10%,

6/1/2065

100,000

97,925

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032(b)

40,000

36,544

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

DTE

Electric

Co.,

5.20%,

4/1/2033(b)

40,000

41,904

5.20%,

3/1/2034

50,000

52,344

4.30%,

7/1/2044

500,000

453,638

Series

B,

3.65%,

3/1/2052(b)

25,000

19,922

5.40%,

4/1/2053(b)

40,000

42,000

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026(b)

500,000

489,421

2.45%,

2/1/2030

100,000

91,523

2.85%,

3/15/2032(b)

70,000

63,177

4.95%,

1/15/2033

80,000

82,469

4.85%,

1/15/2034(b)

25,000

25,570

6.00%,

1/15/2038

400,000

442,617

3.20%,

8/15/2049

50,000

36,287

3.55%,

3/15/2052

35,000

26,962

5.35%,

1/15/2053

100,000

103,182

5.40%,

1/15/2054(b)

84,000

87,391

Duke

Energy

Corp.

,

5.00%,

12/8/2025

65,000

65,446

4.85%,

1/5/2027

25,000

25,401

5.00%,

12/8/2027(b)

85,000

87,093

4.30%,

3/15/2028(b)

80,000

80,076

4.85%,

1/5/2029(b)

25,000

25,508

2.45%,

6/1/2030(b)

70,000

63,146

2.55%,

6/15/2031(b)

150,000

132,603

4.50%,

8/15/2032(b)

90,000

88,995

5.75%,

9/15/2033(b)

75,000

80,662

5.45%,

6/15/2034(b)

125,000

130,455

3.75%,

9/1/2046

144,000

114,400

3.50%,

6/15/2051

200,000

147,696

5.00%,

8/15/2052(b)

90,000

85,218

6.10%,

9/15/2053

75,000

82,119

5.80%,

6/15/2054

25,000

26,391

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027(b)

250,000

245,884

2.50%,

12/1/2029(b)

70,000

64,790

2.40%,

12/15/2031(b)

95,000

83,224

5.65%,

4/1/2040(b)

300,000

319,651

3.40%,

10/1/2046

500,000

385,834

3.00%,

12/15/2051(b)

45,000

31,197

6.20%,

11/15/2053(b)

25,000

28,727

Duke

Energy

Indiana

LLC

,

5.25%,

3/1/2034

25,000

26,208

6.35%,

8/15/2038

250,000

285,936

5.40%,

4/1/2053

40,000

41,163

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

138,280

5.25%,

4/1/2033

25,000

26,098

5.55%,

3/15/2054(b)

25,000

26,139

Duke

Energy

Progress

LLC

,

3.40%,

4/1/2032

50,000

46,702

5.25%,

3/15/2033

30,000

31,448

5.10%,

3/15/2034(b)

25,000

26,079

4.15%,

12/1/2044

100,000

87,734

4.20%,

8/15/2045

250,000

219,679

5.35%,

3/15/2053(b)

50,000

51,734

Edison

International

,

4.13%,

3/15/2028(b)

500,000

495,588

5.25%,

11/15/2028

25,000

25,686

5.45%,

6/15/2029

50,000

51,928

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Emera

US

Finance

LP

,

4.75%,

6/15/2046(b)

200,000

178,128

Enel

Chile

SA

,

4.88%,

6/12/2028(b)

71,000

71,366

Entergy

Arkansas

LLC

,

5.15%,

1/15/2033(b)

100,000

104,000

5.30%,

9/15/2033

40,000

41,787

5.45%,

6/1/2034

25,000

26,517

5.75%,

6/1/2054

25,000

26,941

Entergy

Corp.

,

1.90%,

6/15/2028(b)

500,000

458,856

2.80%,

6/15/2030

80,000

73,088

3.75%,

6/15/2050(b)

35,000

26,758

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.67%),

7.13%,

12/1/2054(b)(d)

88,000

91,242

Entergy

Louisiana

LLC

,

5.35%,

3/15/2034

25,000

26,149

5.15%,

9/15/2034

50,000

51,511

4.75%,

9/15/2052

200,000

185,084

5.70%,

3/15/2054

25,000

26,620

Entergy

Mississippi

LLC

,

5.00%,

9/1/2033

20,000

20,405

5.85%,

6/1/2054

25,000

27,085

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029

50,000

49,584

1.75%,

3/15/2031(b)

400,000

339,091

3.55%,

9/30/2049

200,000

151,986

5.00%,

9/15/2052

20,000

19,346

5.80%,

9/1/2053(b)

25,000

26,704

5.55%,

9/15/2054(b)

25,000

25,909

Evergy

Kansas

Central,

Inc.

,

5.90%,

11/15/2033

25,000

26,971

4.10%,

4/1/2043

200,000

172,781

5.70%,

3/15/2053

20,000

21,104

Evergy

Metro,

Inc.

,

4.95%,

4/15/2033

30,000

30,499

5.40%,

4/1/2034

25,000

26,127

Evergy,

Inc.

,

2.90%,

9/15/2029(b)

250,000

232,148

Eversource

Energy

,

4.75%,

5/15/2026

30,000

30,169

5.00%,

1/1/2027

25,000

25,397

2.90%,

3/1/2027

50,000

48,384

4.60%,

7/1/2027

35,000

35,219

5.45%,

3/1/2028(b)

95,000

98,491

5.95%,

2/1/2029

50,000

52,910

Series

O,

4.25%,

4/1/2029(b)

400,000

397,228

Series

R,

1.65%,

8/15/2030

100,000

85,471

5.85%,

4/15/2031

50,000

53,133

3.38%,

3/1/2032(b)

50,000

45,516

5.13%,

5/15/2033(b)

40,000

40,679

5.50%,

1/1/2034

50,000

51,898

5.95%,

7/15/2034(b)

50,000

53,739

3.45%,

1/15/2050

100,000

74,556

Exelon

Corp.

,

5.15%,

3/15/2028(b)

30,000

30,827

4.05%,

4/15/2030(b)

300,000

295,416

5.30%,

3/15/2033(b)

60,000

62,565

5.45%,

3/15/2034

35,000

36,714

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Exelon

Corp.,

5.63%,

6/15/2035

300,000

318,471

4.10%,

3/15/2052(b)

35,000

28,902

5.60%,

3/15/2053(b)

90,000

93,663

FirstEnergy

Corp.

,

Series

B,

3.90%,

7/15/2027(f)

106,000

104,899

Series

C,

4.85%,

7/15/2047(f)

100,000

91,645

Series

C,

3.40%,

3/1/2050(b)

100,000

73,282

Florida

Power

&

Light

Co.

,

3.13%,

12/1/2025(b)

500,000

494,791

4.45%,

5/15/2026

25,000

25,184

5.05%,

4/1/2028(b)

35,000

36,122

4.40%,

5/15/2028

35,000

35,417

5.15%,

6/15/2029

50,000

52,155

4.63%,

5/15/2030

35,000

35,900

2.45%,

2/3/2032(b)

148,000

130,835

5.10%,

4/1/2033

60,000

62,766

4.80%,

5/15/2033

25,000

25,591

5.63%,

4/1/2034

100,000

108,720

5.30%,

6/15/2034(b)

50,000

53,036

5.65%,

2/1/2037

450,000

486,145

3.95%,

3/1/2048

500,000

429,568

2.88%,

12/4/2051(b)

10,000

6,922

5.30%,

4/1/2053(b)

40,000

41,787

5.60%,

6/15/2054(b)

45,000

49,074

Fortis,

Inc.

,

3.06%,

10/4/2026(b)

92,000

89,520

Georgia

Power

Co.

,

4.65%,

5/16/2028

100,000

101,813

4.70%,

5/15/2032(b)

60,000

61,125

4.95%,

5/17/2033(b)

100,000

102,799

5.25%,

3/15/2034(b)

50,000

52,419

4.30%,

3/15/2042

500,000

455,171

5.13%,

5/15/2052(b)

225,000

225,245

Idaho

Power

Co.

,

5.20%,

8/15/2034

25,000

25,885

5.50%,

3/15/2053(b)

20,000

20,659

5.80%,

4/1/2054

25,000

26,736

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

100,000

90,350

5.63%,

4/1/2053

30,000

31,654

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

200,000

194,386

5.70%,

10/15/2033(b)

25,000

26,599

3.10%,

11/30/2051

70,000

48,763

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033

20,000

21,107

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049(b)

450,000

384,445

MidAmerican

Energy

Co.

,

5.35%,

1/15/2034(b)

25,000

26,536

5.80%,

10/15/2036

550,000

602,664

2.70%,

8/1/2052

100,000

65,809

5.85%,

9/15/2054(b)

120,000

133,645

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

69,248

24

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030(b)

100,000

90,633

Series

EE,

3.13%,

8/1/2050

100,000

69,338

Series

GG,

5.90%,

5/1/2053

30,000

32,531

6.00%,

3/15/2054

50,000

55,299

NextEra

Energy

Capital

Holdings,

Inc.

,

1.88%,

1/15/2027

270,000

256,415

4.63%,

7/15/2027(b)

150,000

152,246

4.90%,

2/28/2028(b)

100,000

102,209

1.90%,

6/15/2028(b)

125,000

115,263

4.90%,

3/15/2029

100,000

102,528

2.75%,

11/1/2029(b)

245,000

228,513

5.00%,

2/28/2030(b)

100,000

103,407

2.25%,

6/1/2030(b)

300,000

268,144

2.44%,

1/15/2032(b)

145,000

125,793

5.00%,

7/15/2032(b)

105,000

108,080

5.05%,

2/28/2033(b)

100,000

102,944

5.25%,

3/15/2034(b)

90,000

93,477

3.00%,

1/15/2052

85,000

58,544

5.25%,

2/28/2053(b)

100,000

100,206

5.55%,

3/15/2054

50,000

52,209

Northern

States

Power

Co.

,

4.00%,

8/15/2045

165,000

141,652

2.60%,

6/1/2051

76,000

49,646

4.50%,

6/1/2052(b)

25,000

22,968

5.10%,

5/15/2053(b)

40,000

40,356

5.40%,

3/15/2054

30,000

31,680

5.65%,

6/15/2054

25,000

27,090

NSTAR

Electric

Co.

,

3.95%,

4/1/2030

200,000

197,987

5.40%,

6/1/2034

25,000

26,392

OGE

Energy

Corp.

,

5.45%,

5/15/2029

25,000

26,039

Ohio

Power

Co.

,

5.65%,

6/1/2034(b)

25,000

26,425

Series

R,

2.90%,

10/1/2051

90,000

59,154

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033(b)

150,000

157,594

5.60%,

4/1/2053(b)

25,000

26,345

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

9/15/2032

40,000

40,195

5.65%,

11/15/2033

55,000

59,299

4.55%,

12/1/2041

150,000

140,533

5.30%,

6/1/2042

150,000

153,385

3.10%,

9/15/2049

50,000

35,854

2.70%,

11/15/2051

105,000

67,964

4.60%,

6/1/2052

90,000

82,436

4.95%,

9/15/2052

100,000

97,428

5.55%,

6/15/2054(c)

50,000

53,203

Pacific

Gas

and

Electric

Co.

,

3.15%,

1/1/2026(b)

350,000

343,380

5.45%,

6/15/2027

100,000

102,380

3.75%,

7/1/2028

150,000

146,011

6.10%,

1/15/2029

30,000

31,674

4.20%,

3/1/2029

200,000

196,745

5.55%,

5/15/2029

50,000

51,937

4.55%,

7/1/2030(b)

250,000

248,069

2.50%,

2/1/2031

150,000

131,423

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.,

3.25%,

6/1/2031(b)

200,000

182,094

5.90%,

6/15/2032

100,000

105,824

6.15%,

1/15/2033(b)

115,000

123,454

6.40%,

6/15/2033

40,000

43,720

6.95%,

3/15/2034

75,000

85,240

5.80%,

5/15/2034

50,000

52,842

4.50%,

7/1/2040

100,000

90,229

4.20%,

6/1/2041(b)

250,000

211,126

4.95%,

7/1/2050(b)

250,000

227,342

3.50%,

8/1/2050(b)

190,000

137,595

5.25%,

3/1/2052(b)

200,000

189,545

6.75%,

1/15/2053

135,000

153,923

6.70%,

4/1/2053

30,000

34,335

5.90%,

10/1/2054(b)

100,000

103,575

PacifiCorp

,

5.10%,

2/15/2029(b)

50,000

51,648

5.30%,

2/15/2031(b)

50,000

52,040

5.45%,

2/15/2034(b)

50,000

51,968

5.25%,

6/15/2035

177,000

181,480

2.90%,

6/15/2052

550,000

355,779

5.35%,

12/1/2053

100,000

98,963

5.50%,

5/15/2054(b)

65,000

65,322

5.80%,

1/15/2055

100,000

104,913

PECO

Energy

Co.

,

4.90%,

6/15/2033

44,000

45,144

3.70%,

9/15/2047

250,000

201,545

4.60%,

5/15/2052(b)

30,000

27,902

4.38%,

8/15/2052(b)

30,000

26,988

PG&E

Recovery

Funding

LLC

,

Series

A-3,

5.53%,

6/1/2049

400,000

423,239

PG&E

Wildfire

Recovery

Funding

LLC

,

Series

A-2,

4.26%,

6/1/2036

1,000,000

973,479

Potomac

Electric

Power

Co.

,

5.20%,

3/15/2034(b)

25,000

26,196

5.50%,

3/15/2054

25,000

26,396

PPL

Electric

Utilities

Corp.

,

5.00%,

5/15/2033

100,000

103,081

4.85%,

2/15/2034(b)

25,000

25,568

5.25%,

5/15/2053

100,000

103,383

Progress

Energy,

Inc.

,

7.75%,

3/1/2031(b)

136,000

159,328

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031(b)

200,000

171,914

Series

38,

4.10%,

6/1/2032

30,000

29,300

5.35%,

5/15/2034

25,000

26,220

4.30%,

3/15/2044(b)

250,000

220,832

Series

34,

3.20%,

3/1/2050(b)

200,000

143,026

Series

36,

2.70%,

1/15/2051

200,000

129,763

Series

39,

4.50%,

6/1/2052

30,000

26,843

5.25%,

4/1/2053(b)

80,000

80,663

5.75%,

5/15/2054(b)

25,000

27,079

Public

Service

Co.

of

New

Hampshire

,

5.35%,

10/1/2033

75,000

79,465

5.15%,

1/15/2053

45,000

45,202

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031

100,000

85,373

5.25%,

1/15/2033

100,000

102,957

Series

K,

3.15%,

8/15/2051

50,000

34,662

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031(b)

165,000

140,623

4.90%,

12/15/2032(b)

100,000

103,465

4.65%,

3/15/2033

30,000

30,425

5.20%,

3/1/2034

50,000

52,473

4.85%,

8/1/2034

25,000

25,558

3.95%,

5/1/2042

400,000

349,548

3.20%,

8/1/2049

250,000

185,769

5.45%,

3/1/2054(b)

50,000

53,084

5.30%,

8/1/2054(b)

25,000

26,190

Sierra

Pacific

Power

Co.

,

5.90%,

3/15/2054(b)

50,000

54,772

Southern

California

Edison

Co.

,

5.35%,

3/1/2026(b)

50,000

50,681

4.90%,

6/1/2026

30,000

30,286

4.88%,

2/1/2027

50,000

50,769

Series

D,

4.70%,

6/1/2027(b)

75,000

76,050

5.85%,

11/1/2027

35,000

36,763

5.15%,

6/1/2029

50,000

51,872

Series

G,

2.50%,

6/1/2031

100,000

88,426

5.45%,

6/1/2031

45,000

47,615

2.75%,

2/1/2032

100,000

88,961

5.95%,

11/1/2032(b)

25,000

27,208

6.00%,

1/15/2034(b)

177,000

194,371

5.20%,

6/1/2034

50,000

51,826

4.00%,

4/1/2047

200,000

167,175

Series

C,

4.13%,

3/1/2048

200,000

168,910

Series

B,

4.88%,

3/1/2049

300,000

284,821

3.65%,

2/1/2050(b)

300,000

233,567

Series

H,

3.65%,

6/1/2051

30,000

23,020

Series

E,

5.45%,

6/1/2052

40,000

40,857

5.88%,

12/1/2053

40,000

43,383

5.75%,

4/15/2054

50,000

53,484

Southern

Co.

(The)

,

5.15%,

10/6/2025

50,000

50,364

3.25%,

7/1/2026(b)

295,000

289,892

4.85%,

6/15/2028

40,000

40,958

5.50%,

3/15/2029

50,000

52,447

5.20%,

6/15/2033

40,000

41,449

5.70%,

3/15/2034

50,000

53,666

4.85%,

3/15/2035

50,000

50,403

4.40%,

7/1/2046(b)

200,000

179,382

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%),

4.00%,

1/15/2051(d)

300,000

295,762

Southwestern

Electric

Power

Co.

,

Series

K,

2.75%,

10/1/2026

200,000

193,815

5.30%,

4/1/2033

25,000

25,803

Series

L,

3.85%,

2/1/2048

300,000

233,524

3.25%,

11/1/2051

100,000

69,216

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southwestern

Public

Service

Co.

,

6.00%,

6/1/2054

25,000

27,352

Tampa

Electric

Co.

,

4.90%,

3/1/2029

35,000

35,868

4.10%,

6/15/2042

100,000

87,922

3.63%,

6/15/2050

40,000

31,027

5.00%,

7/15/2052

35,000

34,029

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

18,280

5.20%,

9/15/2034(b)

25,000

25,579

5.50%,

4/15/2053

100,000

102,395

Union

Electric

Co.

,

2.15%,

3/15/2032

100,000

85,666

5.20%,

4/1/2034(b)

50,000

52,265

3.65%,

4/15/2045

250,000

201,278

5.45%,

3/15/2053(b)

100,000

104,384

5.25%,

1/15/2054(b)

25,000

25,347

5.13%,

3/15/2055

25,000

24,920

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

43,622

5.00%,

4/1/2033(b)

40,000

40,973

5.30%,

8/15/2033

50,000

52,088

5.00%,

1/15/2034

25,000

25,612

5.05%,

8/15/2034

250,000

256,633

Series

B,

4.20%,

5/15/2045(b)

200,000

173,188

2.95%,

11/15/2051

50,000

34,033

Series

C,

4.63%,

5/15/2052

40,000

36,616

5.45%,

4/1/2053(b)

90,000

93,274

5.70%,

8/15/2053(b)

50,000

53,476

5.35%,

1/15/2054

25,000

25,565

5.55%,

8/15/2054

180,000

189,195

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028

245,000

224,968

5.00%,

5/15/2029(b)

25,000

25,942

4.75%,

9/30/2032

25,000

25,727

5.63%,

5/15/2033(b)

59,000

63,947

4.60%,

10/1/2034

25,000

25,060

Wisconsin

Power

and

Light

Co.

,

3.95%,

9/1/2032(b)

100,000

96,121

Wisconsin

Public

Service

Corp.

,

5.35%,

11/10/2025

30,000

30,325

Xcel

Energy,

Inc.

,

4.60%,

6/1/2032

60,000

59,441

5.45%,

8/15/2033(b)

100,000

103,746

5.50%,

3/15/2034

50,000

52,003

6.50%,

7/1/2036

177,000

195,856

38,449,091

Electrical

Equipment

0.1%

Eaton

Corp.

,

3.10%,

9/15/2027

500,000

488,300

4.15%,

3/15/2033(b)

126,000

124,436

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

184,656

1.95%,

10/15/2030

100,000

88,588

2.20%,

12/21/2031(b)

100,000

87,826

2.80%,

12/21/2051

45,000

30,940

26

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electrical

Equipment

Regal

Rexnord

Corp.

,

6.05%,

4/15/2028

20,000

20,794

6.40%,

4/15/2033(b)

120,000

128,342

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031(b)

50,000

42,423

2.80%,

8/15/2061

60,000

37,451

1,233,756

Electronic

Equipment,

Instruments

&

Components

0.1%

Allegion

US

Holding

Co.,

Inc.

,

5.41%,

7/1/2032(b)

30,000

31,241

5.60%,

5/29/2034

25,000

26,128

Amphenol

Corp.

,

5.05%,

4/5/2029

25,000

25,797

2.80%,

2/15/2030(b)

250,000

231,281

2.20%,

9/15/2031(b)

74,000

63,947

Arrow

Electronics,

Inc.

,

5.15%,

8/21/2029

25,000

25,389

2.95%,

2/15/2032(b)

160,000

140,446

5.88%,

4/10/2034

25,000

25,928

Avnet,

Inc.

,

6.25%,

3/15/2028(b)

30,000

31,539

3.00%,

5/15/2031(b)

100,000

87,960

5.50%,

6/1/2032

20,000

20,255

CDW

LLC

,

2.67%,

12/1/2026

150,000

144,320

3.28%,

12/1/2028(b)

150,000

141,894

3.57%,

12/1/2031(b)

150,000

137,248

Corning,

Inc.

,

4.38%,

11/15/2057

380,000

323,427

Flex

Ltd.

,

6.00%,

1/15/2028

20,000

20,728

5.25%,

1/15/2032

50,000

50,469

Jabil,

Inc.

,

1.70%,

4/15/2026

140,000

134,092

4.25%,

5/15/2027

30,000

29,792

3.00%,

1/15/2031(b)

270,000

242,115

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029(b)

75,000

70,028

Teledyne

Technologies,

Inc.

,

2.75%,

4/1/2031(b)

110,000

98,799

Tyco

Electronics

Group

SA

,

4.50%,

2/13/2026

50,000

50,262

2,153,085

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026(b)

345,000

330,766

3.34%,

12/15/2027(b)

285,000

278,128

3.14%,

11/7/2029(b)

85,000

80,546

5.13%,

9/15/2040(b)

200,000

199,792

Halliburton

Co.

,

3.80%,

11/15/2025

101,000

100,289

6.70%,

9/15/2038(b)

300,000

345,414

5.00%,

11/15/2045(b)

300,000

287,383

NOV,

Inc.

,

3.95%,

12/1/2042(b)

90,000

71,088

Schlumberger

Investment

SA

,

4.50%,

5/15/2028(b)

40,000

40,593

2.65%,

6/26/2030(b)

300,000

275,793

4.85%,

5/15/2033

40,000

40,886

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

Schlumberger

Investment

SA,

5.00%,

6/1/2034

50,000

51,337

2,102,015

Entertainment

0.2%

Electronic

Arts,

Inc.

,

2.95%,

2/15/2051

72,000

49,695

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

109,020

Netflix,

Inc.

,

4.88%,

4/15/2028(b)

300,000

307,369

5.88%,

11/15/2028(b)

400,000

426,267

4.90%,

8/15/2034(b)

106,000

109,640

Take-Two

Interactive

Software,

Inc.

,

5.00%,

3/28/2026(b)

80,000

80,753

3.70%,

4/14/2027

45,000

44,420

4.95%,

3/28/2028(b)

80,000

81,613

5.40%,

6/12/2029

25,000

25,905

4.00%,

4/14/2032

55,000

52,672

5.60%,

6/12/2034

25,000

26,231

TWDC

Enterprises

18

Corp.

,

3.00%,

2/13/2026(b)

150,000

147,779

3.00%,

7/30/2046

150,000

109,071

Walt

Disney

Co.

(The)

,

1.75%,

1/13/2026(b)

100,000

97,165

2.00%,

9/1/2029(b)

300,000

272,711

2.65%,

1/13/2031(b)

200,000

182,544

6.55%,

3/15/2033(b)

300,000

344,395

6.20%,

12/15/2034(b)

245,000

278,865

6.65%,

11/15/2037

150,000

177,253

3.50%,

5/13/2040(b)

100,000

85,159

5.40%,

10/1/2043

300,000

314,814

2.75%,

9/1/2049

300,000

204,261

4.70%,

3/23/2050

200,000

194,080

3.60%,

1/13/2051(b)

100,000

79,925

3.80%,

5/13/2060(b)

130,000

103,392

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

450,000

435,127

4.05%,

3/15/2029(b)

130,000

123,154

4.28%,

3/15/2032(b)

230,000

204,316

5.05%,

3/15/2042(b)

580,000

473,461

5.14%,

3/15/2052(b)

750,000

578,456

5.39%,

3/15/2062

100,000

76,634

5,796,147

Financial

Services

0.6%

Apollo

Global

Management,

Inc.

,

6.38%,

11/15/2033

25,000

27,843

5.80%,

5/21/2054

50,000

53,305

Berkshire

Hathaway,

Inc.

,

3.13%,

3/15/2026(b)

400,000

395,153

4.50%,

2/11/2043

250,000

248,876

Block

Financial

LLC

,

2.50%,

7/15/2028

105,000

97,541

Corebridge

Financial,

Inc.

,

3.65%,

4/5/2027

50,000

49,187

3.85%,

4/5/2029(b)

50,000

48,706

3.90%,

4/5/2032(b)

50,000

46,896

6.05%,

9/15/2033(b)

50,000

53,309

5.75%,

1/15/2034(b)

25,000

26,350

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Corebridge

Financial,

Inc.,

4.35%,

4/5/2042

50,000

44,276

4.40%,

4/5/2052(b)

210,000

179,757

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.85%),

6.88%,

12/15/2052(b)(d)

76,000

78,672

Enact

Holdings,

Inc.

,

6.25%,

5/28/2029

50,000

51,913

Equitable

Holdings,

Inc.

,

4.35%,

4/20/2028

650,000

647,558

5.59%,

1/11/2033(b)

150,000

157,079

Essent

Group

Ltd.

,

6.25%,

7/1/2029(b)

25,000

26,078

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026(b)

95,000

90,808

1.65%,

3/1/2028(b)

110,000

100,602

2.25%,

3/1/2031(b)

86,000

75,372

3.10%,

3/1/2041

75,000

57,767

Fiserv,

Inc.

,

3.20%,

7/1/2026

300,000

294,482

5.15%,

3/15/2027

50,000

51,123

2.25%,

6/1/2027(b)

400,000

380,586

5.45%,

3/2/2028

60,000

62,247

5.38%,

8/21/2028(b)

50,000

51,936

3.50%,

7/1/2029(b)

300,000

289,842

4.75%,

3/15/2030

50,000

50,964

2.65%,

6/1/2030

215,000

195,896

5.35%,

3/15/2031

50,000

52,301

5.60%,

3/2/2033

40,000

42,361

5.63%,

8/21/2033

50,000

52,963

5.45%,

3/15/2034

50,000

52,258

5.15%,

8/12/2034

50,000

51,269

4.40%,

7/1/2049

200,000

176,794

Global

Payments,

Inc.

,

1.20%,

3/1/2026(b)

300,000

286,711

2.15%,

1/15/2027(b)

90,000

85,780

4.45%,

6/1/2028

300,000

298,864

3.20%,

8/15/2029(b)

150,000

140,530

5.30%,

8/15/2029

45,000

46,256

2.90%,

5/15/2030

78,000

71,044

2.90%,

11/15/2031

155,000

136,428

5.95%,

8/15/2052(b)

30,000

30,966

HA

Sustainable

Infrastructure

Capital,

Inc.

,

6.38%,

7/1/2034(b)(c)

50,000

51,182

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

200,000

174,701

Mastercard,

Inc.

,

3.30%,

3/26/2027(b)

60,000

59,158

4.10%,

1/15/2028(b)

40,000

40,299

4.88%,

3/9/2028

40,000

41,321

2.95%,

6/1/2029(b)

200,000

191,632

3.35%,

3/26/2030

370,000

357,396

2.00%,

11/18/2031(b)

300,000

259,246

4.35%,

1/15/2032

50,000

50,246

4.85%,

3/9/2033

50,000

51,967

4.88%,

5/9/2034

50,000

51,723

4.55%,

1/15/2035(b)

45,000

45,205

3.80%,

11/21/2046

250,000

213,113

3.85%,

3/26/2050(b)

162,000

137,003

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

National

Rural

Utilities

Cooperative

Finance

Corp.

,

5.45%,

10/30/2025(b)

100,000

101,296

5.60%,

11/13/2026

25,000

25,745

4.80%,

2/5/2027

25,000

25,459

5.10%,

5/6/2027

25,000

25,644

4.80%,

3/15/2028

125,000

127,805

5.05%,

9/15/2028

25,000

25,818

4.85%,

2/7/2029

25,000

25,643

3.70%,

3/15/2029

100,000

98,182

5.15%,

6/15/2029

50,000

51,893

2.40%,

3/15/2030(b)

185,000

167,950

5.00%,

2/7/2031

25,000

26,140

Series

C,

8.00%,

3/1/2032(b)

159,000

193,259

2.75%,

4/15/2032(b)

50,000

44,734

4.15%,

12/15/2032(b)

30,000

29,419

5.80%,

1/15/2033(b)

50,000

54,163

5.00%,

8/15/2034

25,000

25,645

NMI

Holdings,

Inc.

,

6.00%,

8/15/2029

25,000

25,676

ORIX

Corp.

,

5.00%,

9/13/2027

40,000

40,765

4.65%,

9/10/2029

25,000

25,204

4.00%,

4/13/2032

50,000

47,667

5.20%,

9/13/2032

40,000

41,042

PayPal

Holdings,

Inc.

,

2.85%,

10/1/2029(b)

170,000

159,888

2.30%,

6/1/2030(b)

100,000

90,647

4.40%,

6/1/2032(b)

60,000

60,170

5.15%,

6/1/2034(b)

50,000

52,155

3.25%,

6/1/2050(b)

120,000

89,145

5.05%,

6/1/2052

60,000

59,846

5.50%,

6/1/2054(b)

50,000

52,619

5.25%,

6/1/2062

60,000

60,577

Radian

Group,

Inc.

,

6.20%,

5/15/2029(b)

50,000

52,242

Shell

International

Finance

BV

,

2.88%,

5/10/2026(b)

500,000

490,379

2.38%,

11/7/2029

150,000

139,027

4.13%,

5/11/2035(b)

150,000

145,776

6.38%,

12/15/2038

250,000

290,067

2.88%,

11/26/2041

50,000

38,166

4.55%,

8/12/2043(b)

200,000

188,526

4.38%,

5/11/2045

500,000

454,270

3.75%,

9/12/2046

100,000

82,028

3.25%,

4/6/2050(b)

300,000

222,633

3.00%,

11/26/2051(b)

100,000

69,753

Visa,

Inc.

,

3.15%,

12/14/2025

635,000

628,313

2.05%,

4/15/2030(b)

160,000

144,833

1.10%,

2/15/2031(b)

300,000

251,351

4.30%,

12/14/2045

400,000

372,686

2.00%,

8/15/2050

300,000

181,478

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

246,817

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

159,639

Woodside

Finance

Ltd.

,

5.10%,

9/12/2034(b)

75,000

74,500

28

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Woodside

Finance

Ltd.,

5.70%,

9/12/2054(b)

75,000

74,598

13,344,119

Food

Products

0.4%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032(b)

20,000

18,127

4.02%,

4/16/2043

172,000

150,046

2.70%,

9/15/2051

80,000

53,384

Bunge

Ltd.

Finance

Corp.

,

4.10%,

1/7/2028

25,000

24,988

4.20%,

9/17/2029

25,000

24,936

2.75%,

5/14/2031(b)

100,000

90,228

4.65%,

9/17/2034(b)

25,000

24,946

Campbell

Soup

Co.

,

5.30%,

3/20/2026

45,000

45,639

5.20%,

3/19/2027(b)

50,000

51,310

4.15%,

3/15/2028(b)

500,000

500,387

5.20%,

3/21/2029(b)

50,000

51,785

5.40%,

3/21/2034(b)

50,000

52,433

4.75%,

3/23/2035

50,000

49,771

5.25%,

10/13/2054

25,000

24,833

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026

50,000

50,960

7.00%,

10/1/2028

221,000

241,648

5.30%,

11/1/2038

250,000

250,992

General

Mills,

Inc.

,

4.70%,

1/30/2027

50,000

50,606

4.20%,

4/17/2028(b)

500,000

500,553

5.50%,

10/17/2028

55,000

57,605

2.25%,

10/14/2031(b)

100,000

87,195

4.95%,

3/29/2033

30,000

30,773

3.00%,

2/1/2051(b)

100,000

69,306

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

231,932

Hormel

Foods

Corp.

,

4.80%,

3/30/2027

45,000

45,851

1.70%,

6/3/2028(b)

200,000

184,239

3.05%,

6/3/2051(b)

200,000

142,928

Ingredion,

Inc.

,

2.90%,

6/1/2030

200,000

185,671

J

M

Smucker

Co.

(The)

,

5.90%,

11/15/2028

75,000

79,870

2.13%,

3/15/2032(b)

100,000

84,499

6.20%,

11/15/2033(b)

75,000

82,960

4.25%,

3/15/2035(b)

300,000

287,530

6.50%,

11/15/2043

40,000

45,166

6.50%,

11/15/2053(b)

25,000

28,944

JBS

USA

Holding

Lux

Sarl

,

5.13%,

2/1/2028(b)

100,000

101,340

5.50%,

1/15/2030

88,000

89,136

3.00%,

5/15/2032

200,000

173,436

5.75%,

4/1/2033

73,000

75,634

6.75%,

3/15/2034(c)

140,000

155,105

4.38%,

2/2/2052(b)

100,000

79,424

6.50%,

12/1/2052

100,000

106,670

7.25%,

11/15/2053(b)(c)

100,000

116,659

Kellanova

,

3.25%,

4/1/2026(b)

125,000

123,006

5.25%,

3/1/2033(b)

30,000

31,364

4.50%,

4/1/2046(b)

250,000

227,573

5.75%,

5/16/2054(b)

25,000

27,109

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Kraft

Heinz

Foods

Co.

,

3.00%,

6/1/2026(b)

400,000

391,771

5.00%,

6/4/2042(b)

400,000

390,577

4.38%,

6/1/2046(b)

400,000

354,016

5.50%,

6/1/2050(b)

200,000

205,650

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027

100,000

97,962

4.95%,

4/15/2033(b)

100,000

102,567

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044

50,000

46,133

Mondelez

International,

Inc.

,

4.75%,

2/20/2029(b)

50,000

51,114

2.75%,

4/13/2030(b)

92,000

85,332

1.50%,

2/4/2031(b)

70,000

59,120

4.75%,

8/28/2034(b)

50,000

50,386

2.63%,

9/4/2050

40,000

26,020

Pilgrim's

Pride

Corp.

,

4.25%,

4/15/2031(b)

100,000

95,030

6.25%,

7/1/2033

45,000

47,743

6.88%,

5/15/2034(b)

100,000

110,980

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027

100,000

98,071

5.40%,

3/15/2029(b)

50,000

51,918

5.70%,

3/15/2034(b)

50,000

52,684

4.55%,

6/2/2047(b)

100,000

87,274

5.10%,

9/28/2048(b)

250,000

236,693

Unilever

Capital

Corp.

,

2.00%,

7/28/2026(b)

100,000

96,785

1.38%,

9/14/2030(b)

165,000

141,206

5.90%,

11/15/2032(b)

206,000

228,982

2.63%,

8/12/2051

200,000

137,223

8,453,734

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

487,036

5.90%,

11/15/2033

50,000

54,945

4.13%,

10/15/2044(b)

74,000

65,391

4.30%,

10/1/2048

100,000

88,290

3.38%,

9/15/2049

160,000

121,178

5.75%,

10/15/2052

30,000

32,834

5.00%,

12/15/2054

60,000

58,603

CenterPoint

Energy

Resources

Corp.

,

5.25%,

3/1/2028(b)

140,000

144,555

4.40%,

7/1/2032(b)

40,000

39,384

5.40%,

3/1/2033

100,000

105,420

5.40%,

7/1/2034

100,000

103,999

National

Fuel

Gas

Co.

,

5.50%,

10/1/2026

20,000

20,409

ONE

Gas,

Inc.

,

4.66%,

2/1/2044(b)

250,000

233,319

Piedmont

Natural

Gas

Co.,

Inc.

,

5.40%,

6/15/2033

20,000

20,923

5.10%,

2/15/2035

25,000

25,347

3.35%,

6/1/2050

150,000

108,334

Southern

California

Gas

Co.

,

2.95%,

4/15/2027(b)

80,000

77,862

5.20%,

6/1/2033

40,000

41,579

5.05%,

9/1/2034(b)

50,000

51,560

6.35%,

11/15/2052(b)

10,000

11,577

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gas

Utilities

Southern

California

Gas

Co.,

5.75%,

6/1/2053(b)

40,000

42,668

5.60%,

4/1/2054

25,000

26,501

Southwest

Gas

Corp.

,

5.80%,

12/1/2027

100,000

103,948

4.05%,

3/15/2032

100,000

95,105

3.18%,

8/15/2051

90,000

60,472

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

78,094

2,299,333

Ground

Transportation

0.4%

Burlington

Northern

Santa

Fe

LLC

,

3.25%,

6/15/2027(b)

300,000

295,117

4.90%,

4/1/2044

102,000

101,253

4.55%,

9/1/2044

250,000

236,046

3.90%,

8/1/2046(b)

200,000

170,368

4.05%,

6/15/2048(b)

250,000

217,971

3.55%,

2/15/2050(b)

250,000

199,537

2.88%,

6/15/2052

25,000

17,238

4.45%,

1/15/2053(b)

300,000

277,995

5.20%,

4/15/2054(b)

100,000

103,370

5.50%,

3/15/2055

90,000

97,075

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028(b)

242,000

266,163

3.85%,

8/5/2032

40,000

38,636

4.38%,

9/18/2034

50,000

49,613

6.20%,

6/1/2036(b)

236,000

267,877

2.45%,

5/1/2050

85,000

54,790

4.40%,

8/5/2052(b)

35,000

32,317

Canadian

Pacific

Railway

Co.

,

2.88%,

11/15/2029(b)

160,000

150,297

2.45%,

12/2/2031(b)

35,000

30,798

5.95%,

5/15/2037

250,000

271,864

3.00%,

12/2/2041

25,000

19,419

3.10%,

12/2/2051

30,000

21,416

4.20%,

11/15/2069

115,000

92,925

6.13%,

9/15/2115(b)

100,000

110,107

CSX

Corp.

,

4.25%,

3/15/2029

100,000

100,772

4.10%,

11/15/2032

40,000

39,351

5.20%,

11/15/2033(b)

100,000

105,439

4.10%,

3/15/2044(b)

250,000

222,440

4.30%,

3/1/2048

250,000

224,387

4.50%,

3/15/2049

150,000

138,822

3.95%,

5/1/2050(b)

100,000

84,430

4.50%,

11/15/2052(b)

40,000

36,978

4.50%,

8/1/2054

150,000

138,077

4.65%,

3/1/2068

40,000

36,621

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

92,506

5.05%,

8/1/2030(b)

90,000

93,679

3.00%,

3/15/2032(b)

55,000

50,109

4.45%,

3/1/2033(b)

200,000

199,443

5.55%,

3/15/2034

50,000

53,632

4.45%,

6/15/2045

200,000

183,245

3.40%,

11/1/2049

170,000

127,711

2.90%,

8/25/2051

100,000

67,362

3.70%,

3/15/2053

40,000

31,424

4.55%,

6/1/2053(b)

45,000

40,852

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Norfolk

Southern

Corp.,

5.35%,

8/1/2054(b)

70,000

71,918

3.16%,

5/15/2055

250,000

173,208

5.95%,

3/15/2064(b)

75,000

83,049

Ryder

System,

Inc.

,

1.75%,

9/1/2026

165,000

156,930

2.90%,

12/1/2026(b)

270,000

262,056

2.85%,

3/1/2027

25,000

24,173

4.30%,

6/15/2027

25,000

25,002

5.65%,

3/1/2028

40,000

41,684

5.25%,

6/1/2028(b)

40,000

41,282

6.30%,

12/1/2028

25,000

26,873

5.38%,

3/15/2029(b)

25,000

25,953

6.60%,

12/1/2033

25,000

27,896

Uber

Technologies,

Inc.

,

4.80%,

9/15/2034

106,000

105,853

5.35%,

9/15/2054

110,000

109,098

Union

Pacific

Corp.

,

4.75%,

2/21/2026(b)

200,000

201,505

2.15%,

2/5/2027

55,000

52,735

3.95%,

9/10/2028

500,000

499,703

2.38%,

5/20/2031(b)

200,000

179,429

4.50%,

1/20/2033(b)

100,000

101,087

3.60%,

9/15/2037

100,000

89,735

3.20%,

5/20/2041(b)

100,000

81,021

4.05%,

11/15/2045(b)

220,000

192,158

4.05%,

3/1/2046

40,000

34,809

2.95%,

3/10/2052(b)

335,000

235,422

4.95%,

5/15/2053(b)

100,000

100,211

3.95%,

8/15/2059

300,000

245,198

3.84%,

3/20/2060

400,000

319,597

8,697,057

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.75%,

11/30/2026

298,000

297,805

1.15%,

1/30/2028(b)

90,000

82,685

1.40%,

6/30/2030(b)

95,000

83,058

4.75%,

11/30/2036

150,000

153,900

5.30%,

5/27/2040(b)

200,000

215,919

4.90%,

11/30/2046

250,000

254,551

Baxter

International,

Inc.

,

2.60%,

8/15/2026(b)

460,000

445,711

1.92%,

2/1/2027

280,000

265,147

2.27%,

12/1/2028(b)

190,000

174,874

2.54%,

2/1/2032(b)

300,000

260,190

3.13%,

12/1/2051(b)

30,000

20,438

Becton

Dickinson

&

Co.

,

3.70%,

6/6/2027(b)

326,000

321,913

4.69%,

2/13/2028(b)

65,000

65,836

5.08%,

6/7/2029(b)

50,000

51,677

1.96%,

2/11/2031

96,000

82,895

4.30%,

8/22/2032

40,000

39,286

4.67%,

6/6/2047(b)

200,000

185,911

3.79%,

5/20/2050(b)

91,000

73,672

Boston

Scientific

Corp.

,

2.65%,

6/1/2030

300,000

275,768

4.70%,

3/1/2049(b)

100,000

95,226

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029(b)

100,000

93,179

3.25%,

11/15/2039

100,000

84,366

3.40%,

11/15/2049

140,000

109,182

30

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

GE

HealthCare

Technologies,

Inc.

,

5.60%,

11/15/2025

150,000

151,607

5.65%,

11/15/2027(b)

200,000

208,088

4.80%,

8/14/2029(b)

40,000

40,754

5.91%,

11/22/2032(b)

300,000

324,957

6.38%,

11/22/2052

100,000

116,930

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

100,000

97,486

Medtronic

Global

Holdings

SCA

,

4.25%,

3/30/2028(b)

35,000

35,295

4.50%,

3/30/2033(b)

60,000

60,335

Medtronic,

Inc.

,

4.38%,

3/15/2035(b)

350,000

348,007

4.63%,

3/15/2045(b)

172,000

165,182

Smith

&

Nephew

plc

,

2.03%,

10/14/2030(b)

96,000

83,457

Solventum

Corp.

,

5.45%,

2/25/2027(b)(c)

50,000

51,033

5.40%,

3/1/2029(b)(c)

85,000

87,449

5.45%,

3/13/2031(c)

100,000

103,088

5.60%,

3/23/2034(c)

100,000

103,559

5.90%,

4/30/2054(b)(c)

100,000

103,589

6.00%,

5/15/2064(b)(c)

100,000

103,263

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031

150,000

133,601

Stryker

Corp.

,

3.38%,

11/1/2025(b)

160,000

158,497

3.50%,

3/15/2026

70,000

69,271

4.85%,

12/8/2028

25,000

25,646

4.25%,

9/11/2029

50,000

50,105

1.95%,

6/15/2030

80,000

70,548

4.63%,

3/15/2046

200,000

188,979

Zimmer

Biomet

Holdings,

Inc.

,

5.35%,

12/1/2028

50,000

51,888

2.60%,

11/24/2031(b)

200,000

175,225

5.20%,

9/15/2034

50,000

50,915

4.45%,

8/15/2045

150,000

133,675

7,025,618

Health

Care

Providers

&

Services

1.1%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

51,630

Series

2020,

3.01%,

6/15/2050(b)

66,000

48,010

Aetna,

Inc.

,

6.63%,

6/15/2036(b)

50,000

56,526

3.88%,

8/15/2047(b)

200,000

156,190

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

42,252

Ascension

Health

,

Series

B,

3.11%,

11/15/2039(b)

218,000

181,564

Banner

Health

,

Series

2020,

3.18%,

1/1/2050(b)

39,000

29,132

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

86,000

60,488

Cardinal

Health,

Inc.

,

3.41%,

6/15/2027(b)

100,000

97,993

5.13%,

2/15/2029

25,000

25,715

4.37%,

6/15/2047

200,000

173,679

Cencora,

Inc.

,

4.30%,

12/15/2047(b)

200,000

176,396

Centene

Corp.

,

4.25%,

12/15/2027(b)

400,000

392,860

2.45%,

7/15/2028(b)

400,000

368,370

3.38%,

2/15/2030(b)

300,000

276,455

3.00%,

10/15/2030(b)

400,000

358,091

Cigna

Group

(The)

,

4.50%,

2/25/2026(b)

229,000

229,550

3.05%,

10/15/2027(b)

400,000

387,905

4.38%,

10/15/2028

300,000

301,166

5.00%,

5/15/2029(b)

50,000

51,496

2.38%,

3/15/2031

110,000

97,003

5.13%,

5/15/2031

50,000

51,959

5.40%,

3/15/2033

60,000

62,950

5.25%,

2/15/2034(b)

50,000

51,777

4.80%,

8/15/2038(b)

200,000

194,861

4.80%,

7/15/2046

250,000

234,085

4.90%,

12/15/2048(b)

500,000

470,887

3.40%,

3/15/2051(b)

150,000

109,628

5.60%,

2/15/2054

50,000

51,632

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114(b)

30,000

28,238

CommonSpirit

Health

,

1.55%,

10/1/2025

37,000

35,692

2.78%,

10/1/2030

77,000

70,051

5.32%,

12/1/2034

110,000

113,675

3.82%,

10/1/2049

108,000

87,598

4.19%,

10/1/2049

37,000

31,507

3.91%,

10/1/2050

149,000

119,864

6.46%,

11/1/2052

91,000

105,763

CVS

Health

Corp.

,

5.00%,

2/20/2026

75,000

75,512

2.88%,

6/1/2026

400,000

390,318

4.30%,

3/25/2028(b)

652,000

650,244

5.00%,

1/30/2029

80,000

81,682

5.40%,

6/1/2029(b)

100,000

103,733

3.25%,

8/15/2029

150,000

141,703

5.13%,

2/21/2030

80,000

82,034

1.75%,

8/21/2030

360,000

306,520

5.25%,

1/30/2031

65,000

66,924

1.88%,

2/28/2031

210,000

176,891

5.55%,

6/1/2031(b)

100,000

104,314

2.13%,

9/15/2031(b)

10,000

8,450

5.25%,

2/21/2033(b)

80,000

81,736

5.30%,

6/1/2033(b)

80,000

81,753

5.70%,

6/1/2034(b)

100,000

104,323

4.88%,

7/20/2035

200,000

195,794

4.78%,

3/25/2038

400,000

377,404

4.13%,

4/1/2040

200,000

171,304

6.00%,

6/1/2044

100,000

103,358

5.13%,

7/20/2045(b)

300,000

279,508

5.05%,

3/25/2048

600,000

547,638

4.25%,

4/1/2050

85,000

68,608

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

CVS

Health

Corp.,

5.63%,

2/21/2053(b)

80,000

78,945

5.88%,

6/1/2053(b)

80,000

81,411

6.05%,

6/1/2054

100,000

104,329

6.00%,

6/1/2063

80,000

81,548

Elevance

Health,

Inc.

,

5.35%,

10/15/2025

40,000

40,334

3.65%,

12/1/2027(b)

300,000

295,799

5.15%,

6/15/2029(b)

45,000

46,691

2.25%,

5/15/2030(b)

200,000

179,132

4.10%,

5/15/2032

40,000

39,041

5.50%,

10/15/2032(b)

100,000

106,267

4.75%,

2/15/2033

120,000

121,379

5.38%,

6/15/2034(b)

50,000

52,560

4.63%,

5/15/2042

250,000

234,249

5.10%,

1/15/2044

50,000

49,421

4.65%,

8/15/2044

100,000

93,547

4.38%,

12/1/2047

300,000

265,604

3.60%,

3/15/2051(b)

200,000

154,233

4.55%,

5/15/2052

40,000

35,691

5.13%,

2/15/2053(b)

150,000

147,186

5.65%,

6/15/2054(b)

50,000

52,765

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

81,666

HCA,

Inc.

,

5.25%,

6/15/2026(b)

350,000

352,577

5.38%,

9/1/2026

220,000

222,382

3.13%,

3/15/2027

30,000

29,159

5.20%,

6/1/2028(b)

40,000

41,045

4.13%,

6/15/2029

250,000

246,082

3.50%,

9/1/2030

500,000

471,188

2.38%,

7/15/2031(b)

50,000

43,229

3.63%,

3/15/2032

375,000

346,768

5.50%,

6/1/2033(b)

80,000

83,074

5.60%,

4/1/2034(b)

55,000

57,313

5.45%,

9/15/2034(b)

150,000

154,341

5.50%,

6/15/2047(b)

160,000

159,024

5.25%,

6/15/2049

80,000

75,960

3.50%,

7/15/2051

120,000

86,466

4.63%,

3/15/2052

330,000

286,414

5.90%,

6/1/2053(b)

75,000

78,237

6.00%,

4/1/2054

45,000

47,547

5.95%,

9/15/2054(b)

55,000

57,778

6.10%,

4/1/2064

75,000

79,006

Humana,

Inc.

,

1.35%,

2/3/2027(b)

280,000

261,675

5.75%,

3/1/2028(b)

60,000

62,569

5.75%,

12/1/2028

25,000

26,296

3.70%,

3/23/2029(b)

100,000

97,304

5.38%,

4/15/2031(b)

25,000

25,895

2.15%,

2/3/2032(b)

215,000

180,838

5.88%,

3/1/2033(b)

100,000

106,160

5.95%,

3/15/2034

25,000

26,755

3.95%,

8/15/2049

150,000

118,624

5.75%,

4/15/2054(b)

74,000

75,745

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

17,120

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041(b)

86,000

66,315

4.88%,

4/1/2042

250,000

249,837

Series

2019,

3.27%,

11/1/2049

122,000

92,887

Laboratory

Corp.

of

America

Holdings

,

1.55%,

6/1/2026

35,000

33,421

2.95%,

12/1/2029

250,000

232,801

4.35%,

4/1/2030

50,000

49,569

4.55%,

4/1/2032

50,000

49,429

4.80%,

10/1/2034

50,000

49,418

4.70%,

2/1/2045(b)

75,000

68,919

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

36,053

Series

2020,

3.19%,

7/1/2049(b)

100,000

75,457

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061(b)

79,000

56,869

McKesson

Corp.

,

1.30%,

8/15/2026(b)

100,000

95,081

3.95%,

2/16/2028

250,000

248,820

4.25%,

9/15/2029

25,000

25,065

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050(b)

57,000

41,335

4.13%,

7/1/2052(b)

50,000

44,192

Mount

Sinai

Hospital

(The)

,

Series

2017,

3.98%,

7/1/2048

33,000

24,470

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

154,126

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046(b)

150,000

124,259

4.26%,

11/1/2047

35,000

30,176

Novant

Health,

Inc.

,

3.17%,

11/1/2051

130,000

93,807

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

92,703

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

31,135

Series

21A,

2.70%,

10/1/2051

151,000

95,918

Quest

Diagnostics,

Inc.

,

4.60%,

12/15/2027

25,000

25,335

4.20%,

6/30/2029

100,000

99,594

4.63%,

12/15/2029

25,000

25,305

2.95%,

6/30/2030

75,000

69,548

5.00%,

12/15/2034(b)

25,000

25,314

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

25,240

32

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028(b)

40,000

39,110

Series

2018,

4.09%,

8/15/2048

50,000

43,397

Series

20A,

3.36%,

8/15/2050(b)

134,000

102,202

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

50,096

UnitedHealth

Group,

Inc.

,

5.15%,

10/15/2025

30,000

30,306

1.15%,

5/15/2026(b)

120,000

114,725

4.75%,

7/15/2026

40,000

40,589

3.38%,

4/15/2027(b)

200,000

197,317

4.60%,

4/15/2027(b)

55,000

56,008

3.70%,

5/15/2027

55,000

54,741

2.95%,

10/15/2027(b)

200,000

194,692

5.25%,

2/15/2028(b)

45,000

46,830

4.25%,

1/15/2029

120,000

121,034

4.70%,

4/15/2029(b)

50,000

51,279

4.00%,

5/15/2029(b)

100,000

99,756

4.80%,

1/15/2030

125,000

128,790

5.30%,

2/15/2030(b)

300,000

316,350

4.90%,

4/15/2031

75,000

77,590

2.30%,

5/15/2031(b)

75,000

66,499

4.95%,

1/15/2032

200,000

206,851

4.20%,

5/15/2032(b)

140,000

138,900

5.35%,

2/15/2033(b)

60,000

63,733

4.50%,

4/15/2033

120,000

120,534

5.00%,

4/15/2034

75,000

77,439

5.15%,

7/15/2034

200,000

208,738

4.63%,

7/15/2035(b)

105,000

106,145

5.80%,

3/15/2036

500,000

551,239

3.50%,

8/15/2039

100,000

86,198

3.05%,

5/15/2041

180,000

142,095

3.95%,

10/15/2042

250,000

219,232

5.50%,

7/15/2044

200,000

211,658

4.75%,

7/15/2045

250,000

242,382

4.25%,

6/15/2048

300,000

265,553

3.70%,

8/15/2049

500,000

402,684

3.25%,

5/15/2051

60,000

44,445

4.75%,

5/15/2052(b)

200,000

190,721

5.88%,

2/15/2053(b)

145,000

160,507

5.05%,

4/15/2053(b)

120,000

119,121

5.38%,

4/15/2054(b)

275,000

285,879

5.63%,

7/15/2054

200,000

214,560

3.88%,

8/15/2059

100,000

79,758

3.13%,

5/15/2060

100,000

68,251

4.95%,

5/15/2062

100,000

96,725

6.05%,

2/15/2063

190,000

215,110

5.20%,

4/15/2063(b)

80,000

80,074

5.50%,

4/15/2064

75,000

78,422

5.75%,

7/15/2064

170,000

183,516

Universal

Health

Services,

Inc.

,

1.65%,

9/1/2026

100,000

94,727

4.63%,

10/15/2029(b)

50,000

49,691

2.65%,

1/15/2032(b)

100,000

86,056

5.05%,

10/15/2034

30,000

29,448

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048(b)

41,000

37,948

25,262,807

Health

Care

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

300,000

241,072

4.85%,

4/15/2049(b)

300,000

274,174

3.55%,

3/15/2052(b)

70,000

51,331

5.15%,

4/15/2053(b)

70,000

66,966

5.63%,

5/15/2054

50,000

51,212

DOC

DR

LLC

,

2.63%,

11/1/2031

50,000

43,654

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030(b)

250,000

229,707

Healthpeak

OP

LLC

,

1.35%,

2/1/2027(b)

60,000

56,118

3.50%,

7/15/2029

125,000

119,904

3.00%,

1/15/2030(b)

180,000

167,755

5.25%,

12/15/2032(b)

85,000

87,561

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

547,266

3.63%,

10/1/2029

100,000

94,245

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

50,000

47,368

3.20%,

12/1/2031

100,000

88,013

Ventas

Realty

LP

,

4.00%,

3/1/2028

250,000

246,637

4.40%,

1/15/2029

82,000

81,758

3.00%,

1/15/2030

100,000

92,622

2.50%,

9/1/2031

100,000

86,857

5.63%,

7/1/2034

25,000

26,309

5.00%,

1/15/2035(b)

25,000

25,039

Welltower

OP

LLC

,

4.25%,

4/1/2026(b)

50,000

49,926

2.05%,

1/15/2029(b)

70,000

63,875

3.10%,

1/15/2030

100,000

93,929

2.75%,

1/15/2031(b)

300,000

271,308

2.75%,

1/15/2032(b)

200,000

177,316

3,381,922

Health

Care

Technology

0.0%

†

IQVIA,

Inc.

,

6.25%,

2/1/2029

88,000

93,537

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

100,000

93,123

Series

J,

2.90%,

12/15/2031

80,000

70,348

5.70%,

7/1/2034(b)

25,000

25,813

5.50%,

4/15/2035(b)

25,000

25,363

214,647

Hotels,

Restaurants

&

Leisure

0.2%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

204,731

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Choice

Hotels

International,

Inc.

,

5.85%,

8/1/2034(b)

50,000

51,563

Darden

Restaurants,

Inc.

,

4.35%,

10/15/2027

25,000

25,000

4.55%,

10/15/2029

25,000

24,958

6.30%,

10/10/2033(b)

50,000

54,483

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(b)

200,000

196,252

3.25%,

2/15/2030(b)

165,000

155,591

Hyatt

Hotels

Corp.

,

4.85%,

3/15/2026

100,000

100,217

5.25%,

6/30/2029

25,000

25,595

5.50%,

6/30/2034

25,000

25,550

Las

Vegas

Sands

Corp.

,

3.50%,

8/18/2026

72,000

70,480

5.90%,

6/1/2027

25,000

25,673

6.00%,

8/15/2029

25,000

25,980

Marriott

International,

Inc.

,

5.00%,

10/15/2027(b)

55,000

56,126

5.55%,

10/15/2028

50,000

52,309

Series

FF,

4.63%,

6/15/2030

92,000

92,858

Series

HH,

2.85%,

4/15/2031(b)

200,000

180,039

Series

GG,

3.50%,

10/15/2032(b)

200,000

183,062

5.30%,

5/15/2034

100,000

103,043

McDonald's

Corp.

,

3.70%,

1/30/2026

300,000

298,204

3.80%,

4/1/2028(b)

200,000

198,191

4.80%,

8/14/2028

50,000

51,328

5.00%,

5/17/2029

25,000

25,906

4.95%,

8/14/2033(b)

75,000

77,947

5.20%,

5/17/2034

25,000

26,438

4.70%,

12/9/2035(b)

400,000

404,321

4.88%,

7/15/2040

250,000

248,138

4.88%,

12/9/2045(b)

250,000

242,809

3.63%,

9/1/2049(b)

200,000

157,562

4.20%,

4/1/2050(b)

50,000

43,229

5.45%,

8/14/2053

75,000

78,167

Sands

China

Ltd.

,

5.40%,

8/8/2028(b)(f)

200,000

201,925

Starbucks

Corp.

,

4.75%,

2/15/2026

50,000

50,358

4.85%,

2/8/2027(b)

25,000

25,397

3.50%,

3/1/2028(b)

250,000

245,598

2.55%,

11/15/2030(b)

200,000

181,174

4.90%,

2/15/2031

25,000

25,954

3.00%,

2/14/2032

140,000

127,594

4.80%,

2/15/2033

100,000

102,481

5.00%,

2/15/2034

25,000

25,734

4.45%,

8/15/2049(b)

250,000

221,892

3.50%,

11/15/2050(b)

200,000

152,431

4,866,288

Household

Durables

0.0%

†

DR

Horton,

Inc.

,

1.30%,

10/15/2026(b)

220,000

208,127

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051

50,000

33,691

MDC

Holdings,

Inc.

,

6.00%,

1/15/2043

100,000

106,445

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

Mohawk

Industries,

Inc.

,

5.85%,

9/18/2028(b)

50,000

52,727

PulteGroup,

Inc.

,

6.38%,

5/15/2033(b)

50,000

54,998

Whirlpool

Corp.

,

2.40%,

5/15/2031

175,000

150,181

4.70%,

5/14/2032

20,000

19,815

5.50%,

3/1/2033

50,000

51,019

5.75%,

3/1/2034(b)

25,000

25,608

702,611

Household

Products

0.1%

Church

&

Dwight

Co.,

Inc.

,

2.30%,

12/15/2031

100,000

87,380

5.60%,

11/15/2032

40,000

43,053

5.00%,

6/15/2052

40,000

39,236

Clorox

Co.

(The)

,

4.60%,

5/1/2032(b)

100,000

101,328

Colgate-Palmolive

Co.

,

4.80%,

3/2/2026

16,000

16,204

4.60%,

3/1/2028

16,000

16,418

3.25%,

8/15/2032(b)

35,000

32,938

4.60%,

3/1/2033

16,000

16,554

Kimberly-Clark

Corp.

,

4.50%,

2/16/2033

100,000

101,823

6.63%,

8/1/2037

130,000

155,964

3.20%,

7/30/2046

165,000

127,108

2.88%,

2/7/2050(b)

100,000

71,878

Procter

&

Gamble

Co.

(The)

,

0.55%,

10/29/2025(b)

240,000

231,468

4.10%,

1/26/2026(b)

150,000

150,634

1.00%,

4/23/2026(b)

170,000

162,845

2.85%,

8/11/2027

250,000

243,957

4.35%,

1/29/2029

50,000

51,233

1.20%,

10/29/2030

100,000

85,536

1.95%,

4/23/2031(b)

300,000

268,005

4.55%,

1/29/2034(b)

50,000

51,643

3.60%,

3/25/2050

300,000

254,587

2,309,792

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

,

5.45%,

6/1/2028(b)

60,000

61,763

2.45%,

1/15/2031(b)

70,000

60,624

Constellation

Energy

Generation

LLC

,

5.60%,

3/1/2028(b)

40,000

41,748

5.80%,

3/1/2033

40,000

42,907

6.13%,

1/15/2034

25,000

27,475

6.25%,

10/1/2039

180,000

201,499

6.50%,

10/1/2053(b)

76,000

87,841

5.75%,

3/15/2054

50,000

52,901

Oglethorpe

Power

Corp.

,

4.50%,

4/1/2047(b)

40,000

35,077

5.25%,

9/1/2050

200,000

194,136

6.20%,

12/1/2053

50,000

54,668

Southern

Power

Co.

,

0.90%,

1/15/2026(b)

200,000

191,326

1,051,965

34

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

0.1%

3M

Co.

,

3.05%,

4/15/2030

100,000

94,850

5.70%,

3/15/2037

415,000

461,790

4.00%,

9/14/2048

96,000

85,277

3.25%,

8/26/2049

90,000

67,319

Honeywell

International,

Inc.

,

2.50%,

11/1/2026(b)

500,000

487,035

1.10%,

3/1/2027

100,000

93,668

4.65%,

7/30/2027(b)

50,000

51,004

4.95%,

2/15/2028

60,000

62,103

4.25%,

1/15/2029

20,000

20,280

2.70%,

8/15/2029(b)

500,000

472,378

4.88%,

9/1/2029(b)

50,000

51,818

4.70%,

2/1/2030

50,000

51,382

1.75%,

9/1/2031(b)

100,000

85,836

4.95%,

9/1/2031

50,000

52,292

4.75%,

2/1/2032

50,000

51,448

5.00%,

2/15/2033

60,000

62,717

4.50%,

1/15/2034

20,000

20,178

5.00%,

3/1/2035

100,000

104,091

2.80%,

6/1/2050

90,000

63,814

5.25%,

3/1/2054(b)

124,000

129,328

5.35%,

3/1/2064

50,000

52,698

Pentair

Finance

Sarl

,

5.90%,

7/15/2032(b)

30,000

32,112

2,653,418

Industrial

REITs

0.1%

Americold

Realty

Operating

Partnership

LP

,

5.41%,

9/12/2034(b)

25,000

25,079

Prologis

LP

,

4.88%,

6/15/2028(b)

45,000

46,176

2.88%,

11/15/2029

125,000

117,464

2.25%,

4/15/2030(b)

160,000

144,480

1.75%,

7/1/2030

65,000

56,694

1.25%,

10/15/2030

65,000

54,835

2.25%,

1/15/2032(b)

200,000

171,973

4.63%,

1/15/2033

50,000

50,277

4.75%,

6/15/2033(b)

35,000

35,473

5.13%,

1/15/2034

50,000

51,696

5.00%,

3/15/2034(b)

50,000

51,272

5.00%,

1/31/2035

50,000

51,204

3.00%,

4/15/2050

65,000

45,445

2.13%,

10/15/2050

155,000

88,450

5.25%,

6/15/2053(b)

30,000

30,409

5.25%,

3/15/2054

75,000

76,160

Rexford

Industrial

Realty

LP

,

5.00%,

6/15/2028

20,000

20,309

2.15%,

9/1/2031

90,000

75,840

1,193,236

Insurance

0.6%

Aflac,

Inc.

,

3.60%,

4/1/2030

500,000

483,487

Alleghany

Corp.

,

3.63%,

5/15/2030

50,000

48,438

3.25%,

8/15/2051(b)

50,000

36,281

Allstate

Corp.

(The)

,

5.05%,

6/24/2029

25,000

25,759

5.25%,

3/30/2033(b)

20,000

20,855

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Allstate

Corp.

(The),

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(b)(d)

195,000

205,087

American

International

Group,

Inc.

,

5.13%,

3/27/2033

60,000

61,833

4.80%,

7/10/2045(b)

150,000

143,296

4.75%,

4/1/2048(b)

100,000

94,791

4.38%,

6/30/2050(b)

200,000

179,279

Aon

Corp.

,

2.80%,

5/15/2030(b)

200,000

184,116

2.05%,

8/23/2031(b)

50,000

42,751

2.60%,

12/2/2031

25,000

22,091

5.00%,

9/12/2032

30,000

30,768

5.35%,

2/28/2033(b)

25,000

26,118

2.90%,

8/23/2051

50,000

33,216

3.90%,

2/28/2052(b)

30,000

23,994

Aon

Global

Ltd.

,

4.60%,

6/14/2044

250,000

228,837

Aon

North

America,

Inc.

,

5.13%,

3/1/2027(b)

55,000

56,267

5.15%,

3/1/2029

75,000

77,473

5.30%,

3/1/2031(b)

75,000

78,245

5.45%,

3/1/2034

75,000

78,744

5.75%,

3/1/2054

188,000

199,155

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046(b)

250,000

240,128

Arthur

J

Gallagher

&

Co.

,

2.40%,

11/9/2031

200,000

170,906

3.50%,

5/20/2051

78,000

57,581

3.05%,

3/9/2052

100,000

66,307

5.75%,

3/2/2053

12,000

12,536

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

450,000

484,188

6.65%,

2/1/2033

50,000

54,955

5.88%,

1/15/2034

25,000

26,166

6.25%,

4/1/2054(b)

50,000

53,302

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027(b)

100,000

96,791

4.20%,

8/15/2048

400,000

367,854

4.25%,

1/15/2049(b)

300,000

277,803

2.85%,

10/15/2050(b)

45,000

31,626

3.85%,

3/15/2052

100,000

84,369

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047(b)

150,000

123,523

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032(b)

30,000

28,730

5.65%,

6/11/2034(b)

50,000

52,458

4.95%,

3/17/2052

25,000

22,876

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

184,181

Chubb

INA

Holdings

LLC

,

3.35%,

5/3/2026(b)

90,000

88,941

4.65%,

8/15/2029(b)

50,000

51,161

1.38%,

9/15/2030

88,000

75,451

5.00%,

3/15/2034(b)

75,000

77,885

4.35%,

11/3/2045(b)

250,000

230,753

2.85%,

12/15/2051(b)

50,000

34,901

3.05%,

12/15/2061

35,000

23,890

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

CNO

Financial

Group,

Inc.

,

6.45%,

6/15/2034

25,000

26,428

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

80,000

69,111

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

125,000

90,748

3.13%,

10/15/2052

50,000

33,452

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028

50,000

52,812

6.50%,

6/4/2029

25,000

25,750

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030(b)

200,000

199,772

6.00%,

12/7/2033(c)

100,000

105,152

6.10%,

3/15/2055(b)(c)

25,000

26,032

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

23,422

First

American

Financial

Corp.

,

2.40%,

8/15/2031

75,000

62,979

5.45%,

9/30/2034

25,000

24,885

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

215,823

5.85%,

9/15/2034

25,000

25,833

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

87,664

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

337,429

Kemper

Corp.

,

3.80%,

2/23/2032

30,000

27,270

Lincoln

National

Corp.

,

3.05%,

1/15/2030(b)

500,000

463,826

Loews

Corp.

,

4.13%,

5/15/2043

200,000

177,116

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(d)

500,000

492,625

3.70%,

3/16/2032

20,000

19,082

Markel

Group,

Inc.

,

3.35%,

9/17/2029(b)

475,000

450,735

3.45%,

5/7/2052

100,000

70,887

Marsh

&

McLennan

Cos.,

Inc.

,

4.38%,

3/15/2029(b)

300,000

303,097

5.75%,

11/1/2032(b)

25,000

27,137

5.40%,

9/15/2033(b)

50,000

53,163

5.15%,

3/15/2034(b)

25,000

26,171

4.20%,

3/1/2048(b)

500,000

434,929

6.25%,

11/1/2052

25,000

29,121

5.70%,

9/15/2053(b)

100,000

107,490

5.45%,

3/15/2054

25,000

25,929

MetLife,

Inc.

,

3.60%,

11/13/2025

500,000

496,360

5.38%,

7/15/2033(b)

50,000

53,200

5.30%,

12/15/2034(b)

50,000

52,524

5.70%,

6/15/2035(b)

159,000

173,110

6.40%,

12/15/2036

300,000

318,082

4.88%,

11/13/2043(b)

250,000

245,785

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

MetLife,

Inc.,

4.05%,

3/1/2045

100,000

87,208

5.00%,

7/15/2052(b)

60,000

59,389

5.25%,

1/15/2054(b)

100,000

102,992

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(b)(g)

40,000

40,910

Old

Republic

International

Corp.

,

3.88%,

8/26/2026(b)

200,000

197,969

5.75%,

3/28/2034

25,000

26,223

Principal

Financial

Group,

Inc.

,

5.38%,

3/15/2033

40,000

41,718

4.30%,

11/15/2046(b)

50,000

44,362

5.50%,

3/15/2053

45,000

46,293

Progressive

Corp.

(The)

,

2.50%,

3/15/2027

40,000

38,566

3.00%,

3/15/2032

30,000

27,508

6.25%,

12/1/2032

162,000

182,194

4.95%,

6/15/2033

20,000

20,749

3.70%,

1/26/2045(b)

250,000

206,632

4.13%,

4/15/2047

92,000

81,153

Prudential

Financial,

Inc.

,

3.88%,

3/27/2028(b)

200,000

198,233

4.60%,

5/15/2044(b)

250,000

236,286

3.91%,

12/7/2047(b)

186,000

154,623

3.94%,

12/7/2049

505,000

417,643

3.70%,

3/13/2051(b)

300,000

237,416

Prudential

Funding

Asia

plc

,

3.13%,

4/14/2030

100,000

94,185

Reinsurance

Group

of

America,

Inc.

,

6.00%,

9/15/2033

20,000

21,434

5.75%,

9/15/2034

25,000

26,335

RenaissanceRe

Holdings

Ltd.

,

5.75%,

6/5/2033(b)

60,000

62,976

Travelers

Cos.,

Inc.

(The)

,

6.25%,

6/15/2037

86,000

98,159

5.35%,

11/1/2040

250,000

261,871

4.10%,

3/4/2049

200,000

173,790

5.45%,

5/25/2053

20,000

21,364

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033(b)

192,000

217,755

Unum

Group

,

4.00%,

6/15/2029(b)

250,000

245,014

4.13%,

6/15/2051

50,000

39,430

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

100,000

81,992

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

50,397

4.50%,

9/15/2028(b)

400,000

399,805

2.95%,

9/15/2029(b)

65,000

60,307

5.35%,

5/15/2033(b)

20,000

20,588

5.90%,

3/5/2054

50,000

52,459

15,231,002

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

2.00%,

8/15/2026

500,000

484,664

0.80%,

8/15/2027(b)

90,000

83,362

1.10%,

8/15/2030(b)

165,000

142,069

36

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Interactive

Media

&

Services

Alphabet,

Inc.,

1.90%,

8/15/2040(b)

100,000

71,413

2.05%,

8/15/2050

200,000

124,542

2.25%,

8/15/2060

200,000

123,410

Baidu,

Inc.

,

4.38%,

3/29/2028

200,000

200,610

Meta

Platforms,

Inc.

,

3.50%,

8/15/2027(b)

230,000

228,119

4.60%,

5/15/2028(b)

60,000

61,546

4.30%,

8/15/2029(b)

65,000

66,002

4.80%,

5/15/2030(b)

60,000

62,413

4.55%,

8/15/2031(b)

75,000

76,680

3.85%,

8/15/2032

195,000

189,562

4.95%,

5/15/2033

60,000

62,979

4.75%,

8/15/2034(b)

175,000

178,622

4.45%,

8/15/2052

265,000

244,355

5.60%,

5/15/2053(b)

310,000

336,100

5.40%,

8/15/2054

346,000

362,488

4.65%,

8/15/2062(b)

180,000

167,586

5.75%,

5/15/2063

60,000

65,767

5.55%,

8/15/2064

150,000

160,210

3,492,499

IT

Services

0.2%

CGI,

Inc.

,

1.45%,

9/14/2026

50,000

47,294

2.30%,

9/14/2031

50,000

42,855

DXC

Technology

Co.

,

1.80%,

9/15/2026(b)

100,000

94,731

2.38%,

9/15/2028(b)

100,000

90,399

IBM

International

Capital

Pte.

Ltd.

,

4.70%,

2/5/2026

100,000

100,401

4.60%,

2/5/2027

100,000

101,201

4.60%,

2/5/2029

100,000

101,758

4.75%,

2/5/2031(b)

100,000

102,480

4.90%,

2/5/2034

100,000

102,580

5.25%,

2/5/2044(b)

100,000

101,828

5.30%,

2/5/2054(b)

200,000

202,489

International

Business

Machines

Corp.

,

4.50%,

2/6/2026(b)

300,000

301,382

3.30%,

5/15/2026

400,000

394,615

1.70%,

5/15/2027

300,000

282,471

4.50%,

2/6/2028

100,000

101,396

3.50%,

5/15/2029

400,000

388,767

1.95%,

5/15/2030

100,000

88,475

5.88%,

11/29/2032(b)

53,000

58,201

4.15%,

5/15/2039

300,000

276,331

4.00%,

6/20/2042(b)

150,000

132,054

4.25%,

5/15/2049(b)

300,000

263,079

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031(b)

150,000

131,816

3,506,603

Leisure

Products

0.0%

†

Brunswick

Corp.

,

2.40%,

8/18/2031

65,000

54,602

4.40%,

9/15/2032

100,000

94,176

5.10%,

4/1/2052

30,000

25,316

Hasbro,

Inc.

,

3.55%,

11/19/2026

100,000

98,023

Corporate

Bonds

Principal

Amount

($)

Value

($)

Leisure

Products

Hasbro,

Inc.,

3.90%,

11/19/2029(b)

100,000

96,432

6.05%,

5/14/2034(b)

25,000

26,312

5.10%,

5/15/2044

100,000

92,917

487,778

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

4.20%,

9/9/2027

25,000

25,070

2.75%,

9/15/2029(b)

165,000

153,410

2.30%,

3/12/2031

82,000

71,913

4.75%,

9/9/2034(b)

25,000

24,958

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032(b)

50,000

46,302

Danaher

Corp.

,

2.60%,

10/1/2050

94,000

62,407

2.80%,

12/10/2051(b)

140,000

95,976

Illumina,

Inc.

,

5.80%,

12/12/2025

100,000

101,304

4.65%,

9/9/2026

25,000

25,156

5.75%,

12/13/2027(b)

100,000

103,880

Revvity,

Inc.

,

1.90%,

9/15/2028(b)

60,000

54,641

3.30%,

9/15/2029(b)

100,000

94,424

2.25%,

9/15/2031

35,000

29,882

Thermo

Fisher

Scientific,

Inc.

,

4.95%,

8/10/2026

100,000

101,689

5.00%,

12/5/2026

50,000

51,061

4.80%,

11/21/2027

65,000

66,711

1.75%,

10/15/2028(b)

115,000

105,543

5.00%,

1/31/2029(b)

75,000

77,778

2.60%,

10/1/2029

325,000

303,504

4.98%,

8/10/2030(b)

65,000

67,742

2.00%,

10/15/2031

55,000

47,688

4.95%,

11/21/2032(b)

70,000

72,897

5.09%,

8/10/2033

80,000

83,688

5.20%,

1/31/2034

50,000

52,783

2.80%,

10/15/2041

30,000

22,901

5.40%,

8/10/2043(b)

90,000

95,752

5.30%,

2/1/2044

100,000

103,593

2,142,653

Machinery

0.2%

AGCO

Corp.

,

5.45%,

3/21/2027

50,000

51,016

5.80%,

3/21/2034(b)

50,000

52,285

Caterpillar,

Inc.

,

2.60%,

9/19/2029(b)

70,000

65,533

6.05%,

8/15/2036(b)

177,000

202,922

3.80%,

8/15/2042(b)

300,000

263,467

3.25%,

9/19/2049(b)

330,000

253,433

CNH

Industrial

Capital

LLC

,

5.45%,

10/14/2025(b)

100,000

100,937

1.45%,

7/15/2026

150,000

142,610

4.55%,

4/10/2028(b)

40,000

40,213

5.50%,

1/12/2029

100,000

104,381

5.10%,

4/20/2029

50,000

51,466

Cummins,

Inc.

,

2.60%,

9/1/2050

50,000

32,501

5.45%,

2/20/2054(b)

92,000

97,324

Deere

&

Co.

,

3.90%,

6/9/2042(b)

250,000

223,847

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Dover

Corp.

,

2.95%,

11/4/2029

45,000

42,160

5.38%,

3/1/2041

100,000

102,561

Flowserve

Corp.

,

2.80%,

1/15/2032(b)

100,000

86,613

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

200,403

Ingersoll

Rand,

Inc.

,

5.20%,

6/15/2027

50,000

51,250

5.18%,

6/15/2029

50,000

51,723

5.70%,

8/14/2033(b)

100,000

107,142

5.45%,

6/15/2034(b)

50,000

52,614

Nordson

Corp.

,

4.50%,

12/15/2029(b)

25,000

25,100

5.80%,

9/15/2033(b)

25,000

26,969

nVent

Finance

Sarl

,

5.65%,

5/15/2033

40,000

41,616

Otis

Worldwide

Corp.

,

5.25%,

8/16/2028

30,000

31,087

3.11%,

2/15/2040(b)

300,000

241,110

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027

65,000

65,209

3.25%,

6/14/2029(b)

104,000

99,823

4.50%,

9/15/2029

95,000

96,080

4.20%,

11/21/2034

300,000

291,310

Stanley

Black

&

Decker,

Inc.

,

6.00%,

3/6/2028

100,000

105,471

4.25%,

11/15/2028(b)

250,000

249,607

2.30%,

3/15/2030(b)

500,000

446,939

3.00%,

5/15/2032

40,000

35,944

Westinghouse

Air

Brake

Technologies

Corp.

,

3.45%,

11/15/2026

78,000

76,629

4.70%,

9/15/2028(f)

250,000

253,171

4,462,466

Media

0.5%

Charter

Communications

Operating

LLC

,

6.15%,

11/10/2026(b)

95,000

97,641

4.20%,

3/15/2028(b)

200,000

194,450

2.25%,

1/15/2029(b)

100,000

89,036

5.05%,

3/30/2029(b)

150,000

149,216

6.10%,

6/1/2029(b)

75,000

77,629

4.40%,

4/1/2033

75,000

68,615

6.65%,

2/1/2034

125,000

130,829

6.55%,

6/1/2034(b)

75,000

78,013

6.38%,

10/23/2035

300,000

306,338

3.50%,

3/1/2042

100,000

69,488

5.38%,

5/1/2047

400,000

335,851

5.75%,

4/1/2048

350,000

305,648

4.80%,

3/1/2050

500,000

382,786

3.90%,

6/1/2052

200,000

131,129

5.25%,

4/1/2053(b)

180,000

147,087

6.83%,

10/23/2055(b)

150,000

149,775

3.85%,

4/1/2061

310,000

190,134

Comcast

Corp.

,

3.95%,

10/15/2025

500,000

498,588

5.35%,

11/15/2027

55,000

57,211

3.15%,

2/15/2028(b)

500,000

485,566

4.55%,

1/15/2029

80,000

81,394

5.10%,

6/1/2029

75,000

78,108

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Comcast

Corp.,

2.65%,

2/1/2030(b)

300,000

277,618

3.40%,

4/1/2030(b)

165,000

158,295

1.95%,

1/15/2031

700,000

607,764

5.50%,

11/15/2032(b)

60,000

64,238

4.25%,

1/15/2033

250,000

245,901

4.65%,

2/15/2033

160,000

162,288

7.05%,

3/15/2033

95,000

111,058

4.80%,

5/15/2033

80,000

81,579

5.30%,

6/1/2034(b)

75,000

79,011

4.40%,

8/15/2035(b)

200,000

194,946

6.50%,

11/15/2035(b)

100,000

114,722

3.90%,

3/1/2038

250,000

225,649

3.40%,

7/15/2046(b)

250,000

193,459

4.70%,

10/15/2048(b)

400,000

378,488

4.00%,

11/1/2049

450,000

375,847

2.89%,

11/1/2051(b)

500,000

335,984

2.45%,

8/15/2052

300,000

182,989

5.35%,

5/15/2053(b)

80,000

81,826

5.65%,

6/1/2054

70,000

74,755

2.94%,

11/1/2056

527,000

344,423

2.65%,

8/15/2062

300,000

177,519

5.50%,

5/15/2064

280,000

289,515

Discovery

Communications

LLC

,

4.90%,

3/11/2026(b)

115,000

114,911

3.63%,

5/15/2030(b)

200,000

180,191

5.00%,

9/20/2037(b)

125,000

108,477

Fox

Corp.

,

6.50%,

10/13/2033(b)

100,000

109,423

5.58%,

1/25/2049(b)

300,000

295,637

Grupo

Televisa

SAB

,

6.63%,

1/15/2040

250,000

247,829

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031

160,000

139,986

5.38%,

6/15/2033

24,000

24,486

3.38%,

3/1/2041(b)

70,000

54,451

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026(b)

200,000

197,645

2.60%,

8/1/2031

82,000

72,707

5.30%,

11/1/2034

50,000

52,028

Paramount

Global

,

5.50%,

5/15/2033

118,000

110,670

4.38%,

3/15/2043(b)

459,000

339,598

4.60%,

1/15/2045(b)

250,000

184,511

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

700,000

701,018

11,795,974

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

6.55%,

11/29/2027(b)

40,000

42,457

6.80%,

11/29/2032(b)

40,000

44,621

6.00%,

6/17/2034(b)

50,000

53,061

7.00%,

10/15/2039(b)(f)

100,000

113,541

6.35%,

6/17/2054(b)

50,000

52,187

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

100,000

106,268

BHP

Billiton

Finance

USA

Ltd.

,

4.88%,

2/27/2026(b)

60,000

60,584

38

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

BHP

Billiton

Finance

USA

Ltd.,

6.42%,

3/1/2026

80,000

82,329

5.25%,

9/8/2026

100,000

102,203

4.75%,

2/28/2028(b)

60,000

61,237

5.10%,

9/8/2028

100,000

103,417

5.25%,

9/8/2030(b)

100,000

105,441

4.90%,

2/28/2033

35,000

35,917

5.25%,

9/8/2033(b)

100,000

104,800

4.13%,

2/24/2042

92,000

83,316

5.00%,

9/30/2043

400,000

401,187

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034(b)

350,000

362,989

Newmont

Corp.

,

5.30%,

3/15/2026

50,000

50,659

2.25%,

10/1/2030

96,000

86,001

2.60%,

7/15/2032(b)

115,000

101,961

5.35%,

3/15/2034(b)

50,000

52,399

5.88%,

4/1/2035

236,000

257,770

4.88%,

3/15/2042(b)

150,000

148,260

Nucor

Corp.

,

4.30%,

5/23/2027(b)

60,000

60,429

5.20%,

8/1/2043(b)

200,000

203,220

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

224,631

Rio

Tinto

Finance

USA

Ltd.

,

2.75%,

11/2/2051

300,000

203,151

Rio

Tinto

Finance

USA

plc

,

5.00%,

3/9/2033(b)

55,000

57,595

4.13%,

8/21/2042(b)

250,000

224,978

5.13%,

3/9/2053(b)

60,000

61,002

Southern

Copper

Corp.

,

7.50%,

7/27/2035

100,000

118,966

6.75%,

4/16/2040

250,000

285,738

5.88%,

4/23/2045

100,000

104,927

Steel

Dynamics,

Inc.

,

3.25%,

1/15/2031(b)

200,000

184,796

5.38%,

8/15/2034(b)

50,000

51,603

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

300,000

286,098

6.13%,

6/12/2033(b)

250,000

264,756

6.88%,

11/10/2039(b)

139,000

155,001

5,099,496

Multi-Utilities

0.4%

Algonquin

Power

&

Utilities

Corp.

,

5.37%,

6/15/2026(b)(f)

81,000

81,979

Ameren

Corp.

,

5.70%,

12/1/2026

50,000

51,402

1.95%,

3/15/2027

80,000

75,782

5.00%,

1/15/2029

50,000

51,183

Ameren

Illinois

Co.

,

3.85%,

9/1/2032

40,000

38,231

2.90%,

6/15/2051

100,000

68,445

5.90%,

12/1/2052

100,000

111,380

5.55%,

7/1/2054

50,000

53,790

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043

400,000

403,257

4.60%,

5/1/2053

90,000

81,112

Black

Hills

Corp.

,

5.95%,

3/15/2028(b)

100,000

104,935

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Black

Hills

Corp.,

3.05%,

10/15/2029

210,000

195,376

6.15%,

5/15/2034(b)

70,000

75,517

6.00%,

1/15/2035

25,000

26,621

3.88%,

10/15/2049

100,000

77,976

CenterPoint

Energy,

Inc.

,

5.25%,

8/10/2026(b)

25,000

25,407

5.40%,

6/1/2029(b)

50,000

51,913

2.65%,

6/1/2031

85,000

75,245

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031(b)

50,000

44,543

5.20%,

3/1/2033

40,000

41,903

5.50%,

3/15/2034

50,000

53,482

5.38%,

5/15/2034(b)

25,000

26,523

3.95%,

3/1/2043

500,000

428,626

4.50%,

12/1/2045(b)

150,000

137,168

Series

20B,

3.95%,

4/1/2050

88,000

75,331

6.15%,

11/15/2052

200,000

228,502

5.90%,

11/15/2053(b)

50,000

55,294

5.70%,

5/15/2054(b)

25,000

27,075

4.63%,

12/1/2054(b)

150,000

138,787

3.70%,

11/15/2059(b)

50,000

38,224

3.60%,

6/15/2061(b)

200,000

149,545

Consumers

Energy

Co.

,

4.65%,

3/1/2028

200,000

203,321

4.90%,

2/15/2029(b)

100,000

103,151

4.70%,

1/15/2030(b)

25,000

25,621

4.63%,

5/15/2033(b)

100,000

101,209

4.35%,

4/15/2049

300,000

270,821

3.10%,

8/15/2050

45,000

33,681

2.65%,

8/15/2052

15,000

10,012

2.50%,

5/1/2060

100,000

61,810

Dominion

Energy,

Inc.

,

Series

D,

2.85%,

8/15/2026

500,000

486,751

Series

C,

3.38%,

4/1/2030

300,000

284,332

Series

C,

2.25%,

8/15/2031

30,000

25,952

Series

A,

4.35%,

8/15/2032

40,000

39,530

5.38%,

11/15/2032(b)

50,000

52,325

Series

E,

6.30%,

3/15/2033

10,000

10,935

Series

F,

5.25%,

8/1/2033

50,000

51,531

Series

B,

5.95%,

6/15/2035

151,000

163,245

Series

C,

4.90%,

8/1/2041

300,000

283,195

Series

B,

4.85%,

8/15/2052

40,000

37,043

DTE

Energy

Co.

,

4.95%,

7/1/2027

50,000

50,844

4.88%,

6/1/2028

100,000

102,099

5.10%,

3/1/2029(b)

75,000

77,232

2.95%,

3/1/2030

50,000

46,182

5.85%,

6/1/2034(b)

50,000

53,668

National

Grid

plc

,

5.42%,

1/11/2034(b)

100,000

104,076

NiSource,

Inc.

,

5.25%,

3/30/2028

104,000

107,128

5.20%,

7/1/2029

50,000

51,772

2.95%,

9/1/2029(b)

250,000

234,236

1.70%,

2/15/2031

85,000

71,759

5.35%,

4/1/2034

25,000

25,955

5.95%,

6/15/2041(b)

300,000

319,005

5.00%,

6/15/2052(b)

70,000

67,146

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Public

Service

Enterprise

Group,

Inc.

,

5.88%,

10/15/2028

50,000

52,733

5.20%,

4/1/2029(b)

50,000

51,829

6.13%,

10/15/2033

50,000

54,462

5.45%,

4/1/2034

50,000

52,077

Puget

Energy,

Inc.

,

2.38%,

6/15/2028

200,000

185,191

4.22%,

3/15/2032(b)

40,000

37,612

Puget

Sound

Energy,

Inc.

,

5.33%,

6/15/2034(b)

25,000

26,225

5.64%,

4/15/2041

200,000

209,216

5.69%,

6/15/2054

25,000

26,929

San

Diego

Gas

&

Electric

Co.

,

4.95%,

8/15/2028(b)

100,000

102,754

Series

VVV,

1.70%,

10/1/2030

100,000

86,517

4.15%,

5/15/2048

200,000

171,134

3.32%,

4/15/2050

200,000

147,204

5.35%,

4/1/2053

95,000

97,512

5.55%,

4/15/2054

50,000

52,840

Sempra

,

5.40%,

8/1/2026

50,000

50,932

3.40%,

2/1/2028

300,000

290,908

5.50%,

8/1/2033(b)

50,000

52,434

6.00%,

10/15/2039(b)

220,000

234,554

4.00%,

2/1/2048(b)

150,000

121,681

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.63%),

6.40%,

10/1/2054(d)

126,000

126,237

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031(b)

250,000

212,049

5.75%,

9/15/2033

50,000

53,748

4.95%,

9/15/2034(b)

25,000

25,261

Series

21A,

3.15%,

9/30/2051

100,000

69,101

WEC

Energy

Group,

Inc.

,

4.75%,

1/9/2026(b)

70,000

70,298

5.60%,

9/12/2026(b)

25,000

25,632

5.15%,

10/1/2027

100,000

102,643

4.75%,

1/15/2028

50,000

50,786

1.80%,

10/15/2030(b)

300,000

259,399

9,750,019

Office

REITs

0.1%

Boston

Properties

LP

,

2.75%,

10/1/2026(b)

250,000

240,989

2.90%,

3/15/2030(b)

100,000

89,836

3.25%,

1/30/2031

89,000

80,164

2.45%,

10/1/2033(b)

300,000

240,054

5.75%,

1/15/2035

25,000

25,497

COPT

Defense

Properties

LP

,

2.00%,

1/15/2029(b)

100,000

88,839

2.90%,

12/1/2033

100,000

83,748

Highwoods

Realty

LP

,

3.05%,

2/15/2030

250,000

224,973

Corporate

Bonds

Principal

Amount

($)

Value

($)

Office

REITs

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

89,389

1,163,489

Oil,

Gas

&

Consumable

Fuels

1.6%

Apache

Corp.

,

5.10%,

9/1/2040(b)

200,000

177,811

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031

250,000

229,626

5.63%,

8/1/2034(b)

25,000

25,788

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026(b)

500,000

495,829

5.02%,

11/17/2027

75,000

77,129

4.23%,

11/6/2028(b)

400,000

401,436

4.70%,

4/10/2029(b)

50,000

51,025

4.97%,

10/17/2029

75,000

77,389

2.72%,

1/12/2032(b)

400,000

356,504

4.81%,

2/13/2033

300,000

304,012

4.89%,

9/11/2033(b)

240,000

244,201

4.99%,

4/10/2034(b)

50,000

51,088

5.23%,

11/17/2034

75,000

78,085

3.06%,

6/17/2041

50,000

38,839

3.00%,

2/24/2050(b)

200,000

138,500

2.77%,

11/10/2050

300,000

197,332

2.94%,

6/4/2051(b)

150,000

101,957

3.00%,

3/17/2052(b)

50,000

34,322

3.38%,

2/8/2061(b)

50,000

35,199

BP

Capital

Markets

plc

,

3.28%,

9/19/2027(b)

300,000

294,044

Canadian

Natural

Resources

Ltd.

,

6.25%,

3/15/2038(b)

340,000

365,298

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032

45,000

38,808

6.75%,

11/15/2039

17,000

19,196

5.40%,

6/15/2047(b)

120,000

116,186

3.75%,

2/15/2052(b)

25,000

18,394

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027(b)

250,000

254,143

3.70%,

11/15/2029

65,000

62,492

2.74%,

12/31/2039

100,000

83,018

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(b)

300,000

295,898

4.00%,

3/1/2031(b)

300,000

283,917

3.25%,

1/31/2032(b)

200,000

178,843

5.75%,

8/15/2034(c)

75,000

78,131

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028(b)

300,000

298,042

5.65%,

4/15/2034(c)

150,000

155,191

Chevron

Corp.

,

2.95%,

5/16/2026

300,000

295,604

2.00%,

5/11/2027(b)

120,000

114,639

2.24%,

5/11/2030

152,000

138,025

3.08%,

5/11/2050

25,000

18,306

Chevron

USA,

Inc.

,

1.02%,

8/12/2027(b)

120,000

110,961

3.85%,

1/15/2028(b)

50,000

50,102

2.34%,

8/12/2050

200,000

124,927

CNOOC

Finance

2013

Ltd.

,

3.30%,

9/30/2049

200,000

157,856

40

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045

100,000

103,124

ConocoPhillips

,

5.90%,

10/15/2032(b)

177,000

194,749

6.50%,

2/1/2039

300,000

346,486

ConocoPhillips

Co.

,

5.05%,

9/15/2033(b)

70,000

72,448

3.76%,

3/15/2042

100,000

84,999

4.30%,

11/15/2044(b)

155,000

137,781

3.80%,

3/15/2052(b)

50,000

40,094

5.30%,

5/15/2053(b)

40,000

40,425

5.55%,

3/15/2054(b)

50,000

52,274

4.03%,

3/15/2062

200,000

161,195

5.70%,

9/15/2063(b)

50,000

53,327

Continental

Resources,

Inc.

,

4.90%,

6/1/2044

60,000

51,314

Coterra

Energy,

Inc.

,

5.60%,

3/15/2034

50,000

51,732

Devon

Energy

Corp.

,

5.88%,

6/15/2028(b)

100,000

101,092

5.20%,

9/15/2034(b)

75,000

74,680

4.75%,

5/15/2042(b)

300,000

265,591

5.75%,

9/15/2054(b)

75,000

72,997

Diamondback

Energy,

Inc.

,

3.25%,

12/1/2026

84,000

82,210

5.20%,

4/18/2027

125,000

127,575

3.50%,

12/1/2029(b)

100,000

95,111

5.15%,

1/30/2030

125,000

128,246

6.25%,

3/15/2033

35,000

37,746

5.40%,

4/18/2034

100,000

102,085

4.40%,

3/24/2051(b)

50,000

41,488

6.25%,

3/15/2053

60,000

64,277

5.75%,

4/18/2054

200,000

201,534

5.90%,

4/18/2064

60,000

60,477

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029

200,000

187,102

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025(b)

250,000

252,316

Enbridge,

Inc.

,

1.60%,

10/4/2026

95,000

90,139

5.90%,

11/15/2026

70,000

72,287

5.25%,

4/5/2027(b)

25,000

25,597

3.70%,

7/15/2027(b)

50,000

49,287

6.00%,

11/15/2028(b)

50,000

53,096

3.13%,

11/15/2029(b)

150,000

141,561

6.20%,

11/15/2030(b)

30,000

32,663

5.70%,

3/8/2033(b)

380,000

400,501

2.50%,

8/1/2033(b)

200,000

167,955

5.63%,

4/5/2034(b)

131,000

137,395

5.50%,

12/1/2046

100,000

101,626

4.00%,

11/15/2049

250,000

201,555

3.40%,

8/1/2051(b)

65,000

46,916

6.70%,

11/15/2053(b)

70,000

81,054

Energy

Transfer

LP

,

4.75%,

1/15/2026

250,000

250,293

6.05%,

12/1/2026

75,000

77,630

5.55%,

2/15/2028

50,000

51,679

5.25%,

7/1/2029(b)

30,000

30,898

3.75%,

5/15/2030

60,000

57,316

6.40%,

12/1/2030(b)

40,000

43,576

5.75%,

2/15/2033

30,000

31,376

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

LP,

6.55%,

12/1/2033

230,000

253,923

5.55%,

5/15/2034

40,000

41,417

5.60%,

9/1/2034

50,000

51,946

6.05%,

6/1/2041(b)

75,000

77,667

6.50%,

2/1/2042

250,000

273,213

5.00%,

5/15/2044(f)

150,000

137,392

5.35%,

5/15/2045

200,000

190,532

5.30%,

4/15/2047

300,000

282,692

6.25%,

4/15/2049(b)

450,000

473,175

5.00%,

5/15/2050(b)

200,000

180,684

5.95%,

5/15/2054(b)

90,000

92,111

6.05%,

9/1/2054(b)

50,000

51,798

EnLink

Midstream

Partners

LP

,

5.45%,

6/1/2047

100,000

94,566

Enterprise

Products

Operating

LLC

,

5.05%,

1/10/2026

70,000

70,789

4.60%,

1/11/2027

50,000

50,640

2.80%,

1/31/2030(b)

120,000

111,954

5.35%,

1/31/2033(b)

70,000

73,472

4.85%,

1/31/2034(b)

50,000

50,723

4.95%,

2/15/2035

75,000

76,164

6.13%,

10/15/2039

285,000

315,118

4.45%,

2/15/2043

100,000

90,968

4.85%,

3/15/2044

100,000

95,303

4.25%,

2/15/2048

250,000

216,060

4.80%,

2/1/2049(b)

300,000

280,228

4.20%,

1/31/2050

134,000

114,321

3.70%,

1/31/2051

250,000

194,548

3.20%,

2/15/2052(b)

80,000

56,720

4.95%,

10/15/2054(b)

200,000

190,347

5.55%,

2/16/2055

45,000

46,486

EOG

Resources,

Inc.

,

4.95%,

4/15/2050(b)

60,000

57,857

EQT

Corp.

,

3.90%,

10/1/2027(b)

300,000

294,806

5.75%,

2/1/2034(b)

50,000

51,380

Equinor

ASA

,

3.13%,

4/6/2030(b)

200,000

190,112

3.70%,

4/6/2050(b)

500,000

405,835

Exxon

Mobil

Corp.

,

3.04%,

3/1/2026(b)

235,000

232,137

2.28%,

8/16/2026(b)

100,000

97,206

3.29%,

3/19/2027(b)

200,000

198,751

3.48%,

3/19/2030(b)

250,000

242,862

2.61%,

10/15/2030(b)

250,000

230,442

4.23%,

3/19/2040

200,000

187,239

4.11%,

3/1/2046(b)

250,000

222,793

3.10%,

8/16/2049

50,000

36,712

4.33%,

3/19/2050(b)

326,000

295,271

3.45%,

4/15/2051(b)

274,000

212,319

Hess

Corp.

,

4.30%,

4/1/2027(b)

500,000

499,881

5.60%,

2/15/2041(b)

250,000

260,115

Kinder

Morgan

Energy

Partners

LP

,

6.38%,

3/1/2041

250,000

267,100

5.00%,

8/15/2042(b)

350,000

326,028

Kinder

Morgan,

Inc.

,

1.75%,

11/15/2026(b)

300,000

285,113

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan,

Inc.,

5.00%,

2/1/2029

60,000

61,282

5.10%,

8/1/2029(b)

40,000

41,042

2.00%,

2/15/2031(b)

50,000

42,967

4.80%,

2/1/2033

60,000

59,461

5.20%,

6/1/2033

90,000

91,108

5.40%,

2/1/2034(b)

75,000

76,857

5.30%,

12/1/2034(b)

350,000

355,445

5.55%,

6/1/2045

200,000

197,624

5.05%,

2/15/2046

250,000

231,041

3.25%,

8/1/2050

50,000

34,033

5.45%,

8/1/2052(b)

60,000

58,326

5.95%,

8/1/2054

25,000

25,944

Marathon

Oil

Corp.

,

4.40%,

7/15/2027

82,000

82,099

5.30%,

4/1/2029

50,000

51,846

6.80%,

3/15/2032

118,000

133,421

5.70%,

4/1/2034(b)

50,000

53,654

6.60%,

10/1/2037

70,000

80,022

Marathon

Petroleum

Corp.

,

6.50%,

3/1/2041(b)

250,000

272,252

MPLX

LP

,

1.75%,

3/1/2026(b)

160,000

154,083

4.25%,

12/1/2027

350,000

348,700

4.00%,

3/15/2028(b)

100,000

98,622

2.65%,

8/15/2030

190,000

171,010

4.95%,

9/1/2032(b)

90,000

90,342

5.00%,

3/1/2033(b)

35,000

35,019

5.50%,

6/1/2034

60,000

61,643

4.50%,

4/15/2038

250,000

231,088

4.70%,

4/15/2048

200,000

174,422

5.50%,

2/15/2049

300,000

292,094

4.95%,

3/14/2052

110,000

98,702

Occidental

Petroleum

Corp.

,

5.00%,

8/1/2027(b)

70,000

70,963

5.20%,

8/1/2029

115,000

116,909

6.63%,

9/1/2030(b)

210,000

226,559

6.13%,

1/1/2031(b)

300,000

316,584

5.38%,

1/1/2032

70,000

70,961

5.55%,

10/1/2034

55,000

55,835

6.45%,

9/15/2036

250,000

269,990

4.20%,

3/15/2048

180,000

141,828

6.05%,

10/1/2054(b)

70,000

71,068

ONEOK

Partners

LP

,

6.13%,

2/1/2041(b)

100,000

104,658

ONEOK,

Inc.

,

5.55%,

11/1/2026

100,000

102,266

4.00%,

7/13/2027(b)

500,000

496,163

4.55%,

7/15/2028

86,000

86,442

5.65%,

11/1/2028

100,000

104,518

4.35%,

3/15/2029(b)

100,000

99,462

5.80%,

11/1/2030

75,000

79,845

6.05%,

9/1/2033(b)

100,000

106,846

5.05%,

11/1/2034

150,000

149,316

5.20%,

7/15/2048(b)

250,000

233,477

3.95%,

3/1/2050

25,000

19,211

6.63%,

9/1/2053(b)

350,000

388,374

5.70%,

11/1/2054

130,000

129,260

5.85%,

11/1/2064

80,000

79,392

Ovintiv,

Inc.

,

5.65%,

5/15/2028(b)

60,000

61,895

6.25%,

7/15/2033(b)

40,000

42,328

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ovintiv,

Inc.,

6.50%,

2/1/2038

250,000

267,897

7.10%,

7/15/2053(b)

40,000

45,081

Phillips

66

,

4.65%,

11/15/2034

200,000

195,383

5.88%,

5/1/2042(b)

132,000

140,330

4.88%,

11/15/2044

300,000

279,525

Phillips

66

Co.

,

4.95%,

12/1/2027

40,000

40,934

5.25%,

6/15/2031

75,000

77,557

5.30%,

6/30/2033

100,000

103,087

4.95%,

3/15/2035(b)

75,000

74,196

4.90%,

10/1/2046

50,000

46,088

5.65%,

6/15/2054

50,000

50,422

5.50%,

3/15/2055(b)

25,000

24,512

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

30,000

30,423

1.90%,

8/15/2030

200,000

175,346

2.15%,

1/15/2031

300,000

263,550

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

200,000

199,682

3.55%,

12/15/2029(b)

106,000

100,822

5.70%,

9/15/2034(b)

50,000

51,958

5.15%,

6/1/2042

250,000

236,290

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027(b)

200,000

202,596

4.50%,

5/15/2030(b)

400,000

398,939

5.90%,

9/15/2037

60,000

63,280

South

Bow

USA

Infrastructure

Holdings

LLC

,

5.58%,

10/1/2034(c)

45,000

45,433

6.18%,

10/1/2054(c)

60,000

60,736

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045

100,000

87,153

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038(b)

350,000

392,197

Targa

Resources

Corp.

,

5.20%,

7/1/2027

60,000

61,375

6.15%,

3/1/2029

35,000

37,294

6.13%,

3/15/2033(b)

100,000

107,314

6.50%,

3/30/2034(b)

50,000

55,262

5.50%,

2/15/2035

100,000

102,988

6.25%,

7/1/2052

60,000

64,576

6.50%,

2/15/2053

100,000

110,977

Targa

Resources

Partners

LP

,

4.88%,

2/1/2031

100,000

99,264

4.00%,

1/15/2032(b)

100,000

94,094

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029(b)

300,000

293,174

2.83%,

1/10/2030(b)

500,000

470,923

3.13%,

5/29/2050

200,000

144,830

3.39%,

6/29/2060

100,000

71,488

TotalEnergies

Capital

SA

,

5.15%,

4/5/2034(b)

50,000

52,004

4.72%,

9/10/2034

75,000

75,377

5.49%,

4/5/2054(b)

164,000

169,485

5.28%,

9/10/2054

75,000

75,108

5.64%,

4/5/2064(b)

50,000

52,137

42

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

TotalEnergies

Capital

SA,

5.43%,

9/10/2064

75,000

75,482

TransCanada

PipeLines

Ltd.

,

4.88%,

1/15/2026

285,000

286,232

4.25%,

5/15/2028(b)

500,000

498,592

2.50%,

10/12/2031(b)

100,000

88,637

4.63%,

3/1/2034

100,000

98,668

5.85%,

3/15/2036

450,000

477,797

7.63%,

1/15/2039

110,000

135,545

6.10%,

6/1/2040

200,000

216,015

Valero

Energy

Corp.

,

2.80%,

12/1/2031(b)

100,000

88,093

7.50%,

4/15/2032

118,000

137,473

6.63%,

6/15/2037(b)

200,000

224,217

3.65%,

12/1/2051

50,000

36,459

Western

Midstream

Operating

LP

,

4.05%,

2/1/2030(b)(f)

104,000

100,132

6.15%,

4/1/2033(b)

100,000

105,707

5.45%,

11/15/2034

50,000

50,106

5.30%,

3/1/2048

120,000

108,975

5.25%,

2/1/2050(b)(f)

100,000

90,688

Williams

Cos.,

Inc.

(The)

,

5.40%,

3/2/2026

55,000

55,713

3.75%,

6/15/2027(b)

300,000

295,580

5.30%,

8/15/2028

200,000

206,475

4.90%,

3/15/2029

50,000

50,802

4.80%,

11/15/2029

25,000

25,367

3.50%,

11/15/2030(b)

400,000

378,160

2.60%,

3/15/2031(b)

162,000

143,155

4.65%,

8/15/2032(b)

60,000

59,610

5.65%,

3/15/2033

100,000

104,654

5.15%,

3/15/2034(b)

50,000

50,545

5.80%,

11/15/2043

250,000

256,699

4.90%,

1/15/2045(b)

350,000

323,881

5.80%,

11/15/2054

100,000

103,371

38,918,100

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031(b)

50,000

62,623

Suzano

Austria

GmbH

,

2.50%,

9/15/2028

200,000

183,054

6.00%,

1/15/2029

200,000

207,101

5.00%,

1/15/2030

200,000

199,862

3.75%,

1/15/2031

88,000

81,093

733,733

Passenger

Airlines

0.0%

†

American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

267,826

233,369

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

280,070

2.63%,

2/10/2030

50,000

45,300

558,739

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The)

,

2.38%,

12/1/2029

35,000

32,150

1.95%,

3/15/2031(b)

100,000

86,790

Corporate

Bonds

Principal

Amount

($)

Value

($)

Personal

Care

Products

Estee

Lauder

Cos.,

Inc.

(The),

5.00%,

2/14/2034(b)

25,000

25,854

3.13%,

12/1/2049

150,000

109,119

Haleon

US

Capital

LLC

,

3.38%,

3/24/2027

400,000

392,919

3.63%,

3/24/2032

500,000

470,315

Kenvue,

Inc.

,

5.05%,

3/22/2028(b)

105,000

108,652

5.00%,

3/22/2030(b)

80,000

83,575

4.90%,

3/22/2033(b)

140,000

144,920

5.10%,

3/22/2043(b)

60,000

62,055

5.05%,

3/22/2053(b)

100,000

102,748

5.20%,

3/22/2063

45,000

46,191

1,665,288

Pharmaceuticals

0.9%

Astrazeneca

Finance

LLC

,

1.20%,

5/28/2026(b)

200,000

191,355

4.80%,

2/26/2027(b)

75,000

76,466

4.88%,

3/3/2028

100,000

102,758

1.75%,

5/28/2028

125,000

115,410

4.85%,

2/26/2029

75,000

77,349

4.90%,

3/3/2030

100,000

103,886

4.90%,

2/26/2031(b)

75,000

78,036

2.25%,

5/28/2031(b)

35,000

31,035

4.88%,

3/3/2033

100,000

103,942

5.00%,

2/26/2034(b)

75,000

78,323

AstraZeneca

plc

,

3.38%,

11/16/2025

150,000

148,806

0.70%,

4/8/2026(b)

200,000

190,466

4.00%,

1/17/2029(b)

90,000

89,997

1.38%,

8/6/2030(b)

200,000

171,977

6.45%,

9/15/2037

200,000

233,856

4.00%,

9/18/2042

250,000

224,488

2.13%,

8/6/2050

85,000

51,407

Bristol-Myers

Squibb

Co.

,

4.95%,

2/20/2026(b)

60,000

60,770

3.20%,

6/15/2026(b)

132,000

130,263

4.90%,

2/22/2027

40,000

40,858

3.90%,

2/20/2028(b)

750,000

747,119

4.90%,

2/22/2029(b)

60,000

62,021

3.40%,

7/26/2029(b)

400,000

388,818

5.75%,

2/1/2031(b)

75,000

81,228

5.10%,

2/22/2031

230,000

240,836

2.95%,

3/15/2032

140,000

127,615

5.90%,

11/15/2033

60,000

66,304

5.20%,

2/22/2034(b)

170,000

179,277

4.13%,

6/15/2039(b)

300,000

277,527

3.25%,

8/1/2042(b)

250,000

198,822

5.50%,

2/22/2044

25,000

26,490

4.55%,

2/20/2048

195,000

179,760

4.25%,

10/26/2049

400,000

351,232

2.55%,

11/13/2050(b)

300,000

191,107

6.25%,

11/15/2053(b)

50,000

57,919

5.55%,

2/22/2054(b)

110,000

116,532

6.40%,

11/15/2063(b)

200,000

235,237

5.65%,

2/22/2064

125,000

132,465

Eli

Lilly

&

Co.

,

4.50%,

2/9/2027

75,000

76,033

4.15%,

8/14/2027(b)

75,000

75,701

4.50%,

2/9/2029

75,000

76,813

4.20%,

8/14/2029

65,000

65,623

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Eli

Lilly

&

Co.,

4.70%,

2/27/2033

40,000

41,151

4.70%,

2/9/2034

175,000

178,903

4.60%,

8/14/2034

75,000

76,176

3.95%,

3/15/2049

100,000

87,044

2.25%,

5/15/2050(b)

300,000

188,945

4.88%,

2/27/2053(b)

40,000

40,045

5.00%,

2/9/2054(b)

160,000

162,667

5.05%,

8/14/2054

35,000

35,863

2.50%,

9/15/2060

150,000

91,271

4.95%,

2/27/2063

100,000

100,021

5.10%,

2/9/2064(b)

75,000

76,620

5.20%,

8/14/2064

100,000

103,208

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028(b)

300,000

298,661

5.38%,

4/15/2034(b)

201,000

216,557

6.38%,

5/15/2038(b)

200,000

232,626

4.20%,

3/18/2043(b)

50,000

45,740

Johnson

&

Johnson

,

2.45%,

3/1/2026(b)

250,000

245,175

0.95%,

9/1/2027(b)

300,000

278,080

4.80%,

6/1/2029

75,000

78,058

1.30%,

9/1/2030(b)

300,000

260,801

4.90%,

6/1/2031

75,000

78,817

4.95%,

5/15/2033(b)

263,000

282,029

4.95%,

6/1/2034

75,000

79,599

3.63%,

3/3/2037(b)

100,000

92,855

3.70%,

3/1/2046(b)

250,000

218,144

3.75%,

3/3/2047

100,000

86,914

5.25%,

6/1/2054(b)

50,000

54,154

2.45%,

9/1/2060

500,000

313,445

Merck

&

Co.,

Inc.

,

1.70%,

6/10/2027(b)

170,000

161,087

4.05%,

5/17/2028

30,000

30,252

1.90%,

12/10/2028(b)

130,000

119,910

3.40%,

3/7/2029

400,000

390,882

4.30%,

5/17/2030(b)

60,000

60,886

2.15%,

12/10/2031(b)

115,000

100,778

4.50%,

5/17/2033(b)

35,000

35,574

3.90%,

3/7/2039(b)

100,000

91,460

3.60%,

9/15/2042

250,000

210,641

4.90%,

5/17/2044(b)

40,000

40,229

3.70%,

2/10/2045(b)

400,000

337,505

4.00%,

3/7/2049

350,000

303,570

2.45%,

6/24/2050

112,000

71,960

2.75%,

12/10/2051

70,000

47,326

5.00%,

5/17/2053(b)

35,000

35,257

2.90%,

12/10/2061

100,000

64,446

5.15%,

5/17/2063(b)

25,000

25,543

Novartis

Capital

Corp.

,

3.00%,

11/20/2025

300,000

296,534

3.10%,

5/17/2027(b)

500,000

491,616

3.80%,

9/18/2029

50,000

49,678

2.20%,

8/14/2030(b)

300,000

272,264

4.00%,

9/18/2031(b)

50,000

49,603

4.20%,

9/18/2034(b)

50,000

49,312

4.40%,

5/6/2044

188,000

178,928

4.00%,

11/20/2045

200,000

179,315

4.70%,

9/18/2054

30,000

29,359

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.45%,

5/19/2026(b)

300,000

301,880

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.45%,

5/19/2028(b)

300,000

304,450

4.65%,

5/19/2030(b)

500,000

512,353

4.75%,

5/19/2033

395,000

402,623

5.30%,

5/19/2053(b)

520,000

537,911

5.34%,

5/19/2063

350,000

359,542

Pfizer,

Inc.

,

3.00%,

12/15/2026(b)

300,000

294,284

2.63%,

4/1/2030(b)

100,000

92,770

1.70%,

5/28/2030(b)

140,000

123,553

1.75%,

8/18/2031(b)

100,000

85,824

7.20%,

3/15/2039(b)

525,000

656,571

2.55%,

5/28/2040(b)

45,000

33,725

4.00%,

3/15/2049(b)

500,000

433,903

2.70%,

5/28/2050

65,000

45,045

Pharmacia

LLC

,

6.60%,

12/1/2028(f)

177,000

193,250

Royalty

Pharma

plc

,

5.15%,

9/2/2029(b)

50,000

51,285

2.20%,

9/2/2030

50,000

43,785

2.15%,

9/2/2031(b)

35,000

29,825

5.40%,

9/2/2034

50,000

51,292

3.55%,

9/2/2050(b)

200,000

144,924

3.35%,

9/2/2051

50,000

34,553

5.90%,

9/2/2054(b)

50,000

51,800

Sanofi

SA

,

3.63%,

6/19/2028

96,000

95,212

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026(b)

21,000

20,669

Takeda

Pharmaceutical

Co.

Ltd.

,

5.00%,

11/26/2028(b)

300,000

307,575

2.05%,

3/31/2030

200,000

177,941

5.30%,

7/5/2034(b)

200,000

208,725

3.03%,

7/9/2040(b)

200,000

155,501

3.18%,

7/9/2050(b)

300,000

215,380

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026

500,000

495,059

5.25%,

6/15/2046

100,000

87,782

Viatris,

Inc.

,

2.30%,

6/22/2027

100,000

94,227

2.70%,

6/22/2030(b)

150,000

133,293

3.85%,

6/22/2040(b)

300,000

233,665

4.00%,

6/22/2050

100,000

71,712

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

237,299

Zoetis,

Inc.

,

4.50%,

11/13/2025(b)

230,000

230,107

3.90%,

8/20/2028(b)

350,000

347,275

3.00%,

5/15/2050(b)

300,000

211,874

22,131,855

Professional

Services

0.1%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

111,421

1.25%,

9/1/2030(b)

100,000

85,742

4.45%,

9/9/2034

50,000

50,116

44

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026(b)

215,000

211,650

2.60%,

5/1/2031

135,000

119,160

Concentrix

Corp.

,

6.65%,

8/2/2026

50,000

51,370

6.60%,

8/2/2028(b)

50,000

52,159

6.85%,

8/2/2033(b)

50,000

51,790

Equifax,

Inc.

,

5.10%,

12/15/2027

45,000

45,994

5.10%,

6/1/2028

40,000

40,964

4.80%,

9/15/2029

40,000

40,453

2.35%,

9/15/2031(b)

100,000

86,798

Jacobs

Engineering

Group,

Inc.

,

6.35%,

8/18/2028(b)

100,000

106,408

5.90%,

3/1/2033

75,000

78,687

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

280,000

275,647

UL

Solutions,

Inc.

,

6.50%,

10/20/2028(b)(c)

25,000

26,703

Verisk

Analytics,

Inc.

,

5.75%,

4/1/2033(b)

55,000

59,201

5.25%,

6/5/2034

40,000

41,316

3.63%,

5/15/2050

85,000

64,838

1,600,417

Real

Estate

Management

&

Development

0.0%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026(b)

500,000

502,307

5.95%,

8/15/2034

25,000

26,849

Jones

Lang

LaSalle,

Inc.

,

6.88%,

12/1/2028

25,000

27,115

556,271

Residential

REITs

0.1%

American

Homes

4

Rent

LP

,

5.50%,

2/1/2034

50,000

51,629

4.30%,

4/15/2052

25,000

20,682

AvalonBay

Communities,

Inc.

,

1.90%,

12/1/2028

200,000

182,636

3.30%,

6/1/2029

20,000

19,226

2.30%,

3/1/2030

76,000

68,660

2.45%,

1/15/2031(b)

210,000

187,348

2.05%,

1/15/2032(b)

85,000

73,176

5.30%,

12/7/2033(b)

25,000

26,077

Camden

Property

Trust

,

2.80%,

5/15/2030

80,000

74,019

ERP

Operating

LP

,

1.85%,

8/1/2031

30,000

25,563

4.65%,

9/15/2034(b)

25,000

24,879

4.50%,

7/1/2044

200,000

183,988

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

87,044

Essex

Portfolio

LP

,

3.38%,

4/15/2026(b)

300,000

295,167

4.00%,

3/1/2029

100,000

98,202

3.00%,

1/15/2030

75,000

69,657

2.65%,

3/15/2032

35,000

30,475

Invitation

Homes

Operating

Partnership

LP

,

2.30%,

11/15/2028

125,000

114,521

Corporate

Bonds

Principal

Amount

($)

Value

($)

Residential

REITs

Invitation

Homes

Operating

Partnership

LP,

5.45%,

8/15/2030(b)

60,000

62,534

4.15%,

4/15/2032(b)

100,000

95,521

5.50%,

8/15/2033

90,000

92,661

2.70%,

1/15/2034(b)

30,000

25,095

Mid-America

Apartments

LP

,

1.10%,

9/15/2026

30,000

28,292

2.75%,

3/15/2030

50,000

46,219

5.30%,

2/15/2032(b)

25,000

26,013

5.00%,

3/15/2034(b)

25,000

25,525

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028(b)

65,000

59,310

5.50%,

1/15/2029(b)

25,000

25,734

2.70%,

7/15/2031

55,000

48,094

4.20%,

4/15/2032(b)

30,000

28,344

5.70%,

1/15/2033

100,000

103,085

UDR,

Inc.

,

3.00%,

8/15/2031(b)

250,000

227,866

1.90%,

3/15/2033

55,000

43,548

2,570,790

Retail

REITs

0.1%

Brixmor

Operating

Partnership

LP

,

4.05%,

7/1/2030(b)

84,000

81,672

2.50%,

8/16/2031(b)

100,000

86,851

5.50%,

2/15/2034

25,000

25,732

Federal

Realty

OP

LP

,

5.38%,

5/1/2028(b)

20,000

20,538

3.50%,

6/1/2030(b)

200,000

188,746

Kimco

Realty

OP

LLC

,

2.25%,

12/1/2031

25,000

21,313

6.40%,

3/1/2034(b)

25,000

27,831

4.45%,

9/1/2047(b)

250,000

216,422

NNN

REIT,

Inc.

,

2.50%,

4/15/2030(b)

300,000

269,627

5.60%,

10/15/2033(b)

25,000

26,161

5.50%,

6/15/2034

25,000

26,014

3.50%,

4/15/2051(b)

40,000

29,523

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031

100,000

86,105

5.75%,

7/15/2034

25,000

26,113

4.95%,

1/15/2035(b)

25,000

24,563

Realty

Income

Corp.

,

0.75%,

3/15/2026

70,000

66,363

4.70%,

12/15/2028(b)

40,000

40,587

4.75%,

2/15/2029(b)

25,000

25,465

3.40%,

1/15/2030(b)

250,000

237,633

3.25%,

1/15/2031(b)

65,000

60,638

5.63%,

10/13/2032(b)

45,000

47,830

2.85%,

12/15/2032(b)

400,000

349,732

1.80%,

3/15/2033(b)

55,000

43,809

4.90%,

7/15/2033

60,000

60,617

5.13%,

2/15/2034

25,000

25,560

Regency

Centers

LP

,

2.95%,

9/15/2029(b)

50,000

46,767

3.70%,

6/15/2030(b)

300,000

288,628

2,450,840

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.6%

Advanced

Micro

Devices,

Inc.

,

3.92%,

6/1/2032(b)

75,000

73,180

4.39%,

6/1/2052(b)

85,000

79,125

Analog

Devices,

Inc.

,

2.10%,

10/1/2031

102,000

88,822

5.05%,

4/1/2034(b)

25,000

26,178

2.80%,

10/1/2041

175,000

132,601

5.30%,

4/1/2054(b)

25,000

26,168

Applied

Materials,

Inc.

,

3.30%,

4/1/2027(b)

200,000

196,940

4.80%,

6/15/2029(b)

35,000

36,084

1.75%,

6/1/2030

60,000

52,685

5.10%,

10/1/2035(b)

250,000

265,267

4.35%,

4/1/2047

86,000

80,283

2.75%,

6/1/2050(b)

85,000

59,408

Broadcom

Corp.

,

3.88%,

1/15/2027

500,000

496,651

Broadcom,

Inc.

,

3.15%,

11/15/2025

26,000

25,633

5.05%,

7/12/2027(b)

125,000

127,756

4.15%,

2/15/2028

60,000

59,937

4.00%,

4/15/2029(c)

95,000

93,572

5.05%,

7/12/2029(b)

75,000

77,256

4.35%,

2/15/2030

80,000

79,844

4.15%,

11/15/2030(b)

121,000

119,489

2.45%,

2/15/2031(c)

200,000

177,235

5.15%,

11/15/2031(b)

95,000

98,586

4.55%,

2/15/2032

70,000

69,947

4.15%,

4/15/2032(b)(c)

80,000

77,616

4.30%,

11/15/2032

200,000

196,448

2.60%,

2/15/2033(b)(c)

260,000

222,884

3.42%,

4/15/2033(b)(c)

84,000

76,323

3.47%,

4/15/2034(b)(c)

1,000,000

900,496

4.80%,

10/15/2034

120,000

119,900

3.14%,

11/15/2035(b)(c)

300,000

256,540

4.93%,

5/15/2037(c)

363,000

362,686

3.50%,

2/15/2041(b)(c)

100,000

82,240

Intel

Corp.

,

4.88%,

2/10/2026(b)

110,000

110,551

3.75%,

3/25/2027

200,000

196,507

3.15%,

5/11/2027(b)

300,000

289,987

3.75%,

8/5/2027

60,000

58,818

4.88%,

2/10/2028

110,000

111,152

1.60%,

8/12/2028

75,000

67,060

4.00%,

8/5/2029

60,000

58,583

2.45%,

11/15/2029(b)

400,000

360,062

5.13%,

2/10/2030(b)

310,000

316,734

3.90%,

3/25/2030(b)

400,000

384,731

5.00%,

2/21/2031(b)

30,000

30,475

2.00%,

8/12/2031(b)

100,000

83,534

4.15%,

8/5/2032(b)

300,000

285,864

5.20%,

2/10/2033(b)

150,000

151,972

5.15%,

2/21/2034(b)

40,000

40,415

2.80%,

8/12/2041

30,000

20,869

5.63%,

2/10/2043

45,000

44,730

4.10%,

5/11/2047

300,000

236,474

3.73%,

12/8/2047(b)

443,000

326,138

3.25%,

11/15/2049

100,000

67,265

4.75%,

3/25/2050

400,000

346,631

4.90%,

8/5/2052(b)

60,000

52,635

5.70%,

2/10/2053

120,000

118,221

3.10%,

2/15/2060

200,000

121,643

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.,

5.05%,

8/5/2062

60,000

52,795

5.90%,

2/10/2063

110,000

110,415

KLA

Corp.

,

4.65%,

7/15/2032

50,000

51,171

4.70%,

2/1/2034(b)

25,000

25,507

3.30%,

3/1/2050

220,000

166,420

4.95%,

7/15/2052(b)

90,000

89,428

5.25%,

7/15/2062(b)

75,000

77,174

Lam

Research

Corp.

,

4.00%,

3/15/2029(b)

94,000

93,923

1.90%,

6/15/2030(b)

90,000

79,576

4.88%,

3/15/2049

75,000

73,361

Microchip

Technology,

Inc.

,

5.05%,

3/15/2029

50,000

51,347

Micron

Technology,

Inc.

,

5.38%,

4/15/2028(b)

60,000

61,814

5.33%,

2/6/2029

150,000

154,992

6.75%,

11/1/2029

150,000

164,804

5.30%,

1/15/2031(b)

40,000

41,563

2.70%,

4/15/2032(b)

100,000

87,359

5.88%,

2/9/2033

50,000

53,393

5.88%,

9/15/2033(b)

60,000

64,172

3.37%,

11/1/2041

50,000

38,782

3.48%,

11/1/2051(b)

50,000

36,614

NVIDIA

Corp.

,

3.20%,

9/16/2026

106,000

104,782

1.55%,

6/15/2028(b)

365,000

337,483

2.85%,

4/1/2030(b)

110,000

104,070

2.00%,

6/15/2031(b)

200,000

176,790

3.50%,

4/1/2050(b)

280,000

229,817

NXP

BV

,

3.88%,

6/18/2026(b)

35,000

34,707

4.30%,

6/18/2029(b)

100,000

99,497

3.40%,

5/1/2030(b)

35,000

33,062

2.50%,

5/11/2031(b)

190,000

166,496

2.65%,

2/15/2032(b)

40,000

34,737

5.00%,

1/15/2033(b)

85,000

86,016

3.25%,

5/11/2041

195,000

152,184

3.13%,

2/15/2042(b)

50,000

37,511

3.25%,

11/30/2051(b)

30,000

21,111

QUALCOMM,

Inc.

,

3.25%,

5/20/2027(b)

250,000

246,035

1.30%,

5/20/2028

73,000

66,416

2.15%,

5/20/2030(b)

80,000

72,380

1.65%,

5/20/2032

190,000

157,894

5.40%,

5/20/2033

100,000

107,744

4.65%,

5/20/2035(b)

100,000

102,007

4.30%,

5/20/2047

300,000

272,959

4.50%,

5/20/2052(b)

90,000

82,873

6.00%,

5/20/2053(b)

100,000

113,328

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031

40,000

35,270

Texas

Instruments,

Inc.

,

4.60%,

2/8/2027

25,000

25,400

4.60%,

2/15/2028(b)

105,000

107,245

4.60%,

2/8/2029

25,000

25,648

2.25%,

9/4/2029(b)

300,000

276,733

1.90%,

9/15/2031

80,000

69,682

3.65%,

8/16/2032

40,000

38,568

4.90%,

3/14/2033(b)

20,000

20,953

4.85%,

2/8/2034(b)

25,000

25,991

46

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Texas

Instruments,

Inc.,

4.15%,

5/15/2048(b)

300,000

267,436

2.70%,

9/15/2051

100,000

67,681

5.00%,

3/14/2053

20,000

20,157

5.15%,

2/8/2054(b)

25,000

25,686

5.05%,

5/18/2063

145,000

145,500

TSMC

Arizona

Corp.

,

3.13%,

10/25/2041(b)

200,000

163,812

4.50%,

4/22/2052(b)

200,000

198,010

Xilinx,

Inc.

,

2.38%,

6/1/2030

50,000

45,399

14,692,511

Software

0.6%

Adobe,

Inc.

,

2.15%,

2/1/2027(b)

245,000

235,544

4.80%,

4/4/2029(b)

25,000

25,827

2.30%,

2/1/2030(b)

100,000

91,888

4.95%,

4/4/2034

25,000

26,069

Atlassian

Corp.

,

5.25%,

5/15/2029

25,000

25,838

5.50%,

5/15/2034(b)

25,000

26,161

Autodesk,

Inc.

,

2.40%,

12/15/2031

155,000

135,839

Cadence

Design

Systems,

Inc.

,

4.20%,

9/10/2027(b)

35,000

35,172

4.30%,

9/10/2029

50,000

50,196

4.70%,

9/10/2034

25,000

25,156

Intuit,

Inc.

,

5.25%,

9/15/2026

55,000

56,344

5.13%,

9/15/2028(b)

75,000

78,153

5.20%,

9/15/2033(b)

75,000

79,115

5.50%,

9/15/2053(b)

122,000

131,128

Microsoft

Corp.

,

3.13%,

11/3/2025

600,000

594,338

2.40%,

8/8/2026(b)

465,000

453,412

3.30%,

2/6/2027

800,000

792,833

1.35%,

9/15/2030(b)

25,000

21,765

3.50%,

2/12/2035(b)

325,000

310,419

3.45%,

8/8/2036(b)

239,000

222,840

2.53%,

6/1/2050

436,000

299,284

2.50%,

9/15/2050

200,000

135,513

2.92%,

3/17/2052

575,000

422,159

2.68%,

6/1/2060

400,000

263,470

3.04%,

3/17/2062(b)

250,000

179,927

Oracle

Corp.

,

5.80%,

11/10/2025

35,000

35,546

2.65%,

7/15/2026

190,000

184,658

3.25%,

11/15/2027(b)

300,000

292,051

4.50%,

5/6/2028

55,000

55,677

4.20%,

9/27/2029

150,000

149,696

6.15%,

11/9/2029(b)

65,000

70,317

2.95%,

4/1/2030

600,000

557,925

4.65%,

5/6/2030

55,000

56,085

3.25%,

5/15/2030(b)

250,000

235,790

2.88%,

3/25/2031

500,000

454,871

6.25%,

11/9/2032

180,000

199,171

4.90%,

2/6/2033

85,000

86,574

4.30%,

7/8/2034(b)

150,000

145,174

4.70%,

9/27/2034(b)

250,000

249,341

3.90%,

5/15/2035(b)

200,000

184,878

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Oracle

Corp.,

3.80%,

11/15/2037

400,000

353,915

3.60%,

4/1/2040(b)

300,000

249,595

5.38%,

7/15/2040(b)

350,000

357,003

4.50%,

7/8/2044

120,000

108,267

4.00%,

7/15/2046

100,000

82,954

4.00%,

11/15/2047

400,000

328,418

3.60%,

4/1/2050

700,000

532,912

6.90%,

11/9/2052(b)

180,000

216,968

5.55%,

2/6/2053(b)

130,000

133,035

5.38%,

9/27/2054

195,000

194,881

3.85%,

4/1/2060

250,000

188,189

4.10%,

3/25/2061(b)

300,000

235,968

5.50%,

9/27/2064

200,000

199,231

Roper

Technologies,

Inc.

,

4.20%,

9/15/2028(b)

82,000

81,950

2.95%,

9/15/2029

90,000

84,475

4.50%,

10/15/2029

25,000

25,156

1.75%,

2/15/2031(b)

245,000

207,326

4.75%,

2/15/2032

50,000

50,589

4.90%,

10/15/2034

75,000

75,525

Salesforce,

Inc.

,

3.70%,

4/11/2028

500,000

497,225

1.95%,

7/15/2031

35,000

30,387

2.70%,

7/15/2041(b)

200,000

151,250

2.90%,

7/15/2051(b)

290,000

202,389

ServiceNow,

Inc.

,

1.40%,

9/1/2030(b)

145,000

124,416

VMware

LLC

,

1.40%,

8/15/2026

300,000

284,215

4.70%,

5/15/2030

300,000

302,246

2.20%,

8/15/2031(b)

150,000

128,842

Workday,

Inc.

,

3.50%,

4/1/2027

50,000

49,193

3.70%,

4/1/2029(b)

50,000

48,823

3.80%,

4/1/2032(b)

70,000

66,447

13,267,934

Specialized

REITs

0.2%

American

Tower

Corp.

,

1.45%,

9/15/2026(b)

105,000

99,410

3.65%,

3/15/2027

35,000

34,465

1.50%,

1/31/2028

300,000

273,413

5.50%,

3/15/2028(b)

60,000

62,138

5.25%,

7/15/2028(b)

40,000

41,192

5.80%,

11/15/2028

85,000

89,295

5.20%,

2/15/2029

25,000

25,819

3.95%,

3/15/2029

300,000

294,031

2.90%,

1/15/2030

110,000

101,719

1.88%,

10/15/2030

165,000

142,141

2.30%,

9/15/2031(b)

145,000

124,766

4.05%,

3/15/2032(b)

60,000

57,615

5.65%,

3/15/2033

60,000

63,382

5.55%,

7/15/2033

40,000

41,911

5.90%,

11/15/2033

100,000

107,464

5.45%,

2/15/2034

25,000

26,135

2.95%,

1/15/2051(b)

200,000

135,682

Crown

Castle,

Inc.

,

3.70%,

6/15/2026

60,000

59,270

1.05%,

7/15/2026(b)

300,000

282,974

2.90%,

3/15/2027

40,000

38,697

3.65%,

9/1/2027

150,000

147,043

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

Crown

Castle,

Inc.,

5.00%,

1/11/2028(b)

65,000

66,139

3.80%,

2/15/2028(b)

150,000

147,243

4.80%,

9/1/2028

35,000

35,399

5.60%,

6/1/2029

75,000

78,394

4.90%,

9/1/2029

40,000

40,658

3.10%,

11/15/2029

260,000

243,304

2.25%,

1/15/2031

92,000

79,775

5.10%,

5/1/2033

35,000

35,439

5.80%,

3/1/2034(b)

65,000

68,937

5.20%,

9/1/2034

50,000

50,646

2.90%,

4/1/2041(b)

200,000

148,255

4.75%,

5/15/2047

100,000

90,949

CubeSmart

LP

,

2.25%,

12/15/2028(b)

155,000

142,549

2.00%,

2/15/2031

50,000

42,809

2.50%,

2/15/2032(b)

175,000

151,609

EPR

Properties

,

4.95%,

4/15/2028

200,000

198,219

Equinix,

Inc.

,

1.55%,

3/15/2028

100,000

91,220

2.00%,

5/15/2028

30,000

27,661

3.20%,

11/18/2029

105,000

99,109

2.50%,

5/15/2031(b)

90,000

79,515

2.95%,

9/15/2051

100,000

66,273

3.40%,

2/15/2052

200,000

145,708

Extra

Space

Storage

LP

,

5.50%,

7/1/2030(b)

150,000

156,805

2.40%,

10/15/2031(b)

90,000

77,426

2.35%,

3/15/2032

40,000

33,759

5.40%,

2/1/2034

25,000

25,819

5.35%,

1/15/2035

25,000

25,546

Public

Storage

Operating

Co.

,

1.50%,

11/9/2026

140,000

132,880

1.85%,

5/1/2028

185,000

171,297

1.95%,

11/9/2028

135,000

124,197

5.13%,

1/15/2029

30,000

31,277

2.30%,

5/1/2031(b)

160,000

142,139

2.25%,

11/9/2031

100,000

87,041

5.10%,

8/1/2033

74,000

76,742

5.35%,

8/1/2053

25,000

25,843

Weyerhaeuser

Co.

,

4.75%,

5/15/2026(b)

60,000

60,381

7.38%,

3/15/2032

193,000

223,390

5,772,914

Specialty

Retail

0.4%

AutoNation,

Inc.

,

1.95%,

8/1/2028(b)

45,000

40,584

2.40%,

8/1/2031

90,000

76,274

3.85%,

3/1/2032(b)

30,000

27,669

AutoZone,

Inc.

,

5.05%,

7/15/2026

25,000

25,372

4.50%,

2/1/2028

145,000

146,279

6.25%,

11/1/2028(b)

25,000

26,772

5.10%,

7/15/2029(b)

50,000

51,505

4.00%,

4/15/2030(b)

100,000

98,168

4.75%,

8/1/2032(b)

40,000

40,149

4.75%,

2/1/2033(b)

150,000

150,096

5.20%,

8/1/2033

25,000

25,681

6.55%,

11/1/2033

25,000

27,950

5.40%,

7/15/2034(b)

50,000

51,874

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030(b)

125,000

108,777

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

38,207

Home

Depot,

Inc.

(The)

,

5.15%,

6/25/2026

100,000

102,051

4.95%,

9/30/2026

50,000

50,988

2.50%,

4/15/2027

200,000

193,275

2.88%,

4/15/2027

45,000

43,941

4.88%,

6/25/2027(b)

65,000

66,689

0.90%,

3/15/2028

130,000

117,621

1.50%,

9/15/2028

100,000

91,216

3.90%,

12/6/2028(b)

300,000

299,212

4.90%,

4/15/2029

50,000

51,799

2.95%,

6/15/2029

186,000

177,588

4.75%,

6/25/2029

55,000

56,689

1.38%,

3/15/2031(b)

300,000

252,585

4.85%,

6/25/2031

85,000

88,110

1.88%,

9/15/2031(b)

100,000

86,091

3.25%,

4/15/2032(b)

200,000

187,153

4.50%,

9/15/2032(b)

90,000

92,053

4.95%,

6/25/2034

95,000

98,764

5.88%,

12/16/2036

200,000

223,625

5.95%,

4/1/2041(b)

150,000

168,502

4.20%,

4/1/2043

150,000

137,028

4.40%,

3/15/2045

600,000

558,811

3.35%,

4/15/2050(b)

135,000

103,764

2.38%,

3/15/2051

200,000

125,546

2.75%,

9/15/2051

100,000

67,603

3.63%,

4/15/2052(b)

140,000

112,648

4.95%,

9/15/2052(b)

25,000

24,942

5.30%,

6/25/2054(b)

150,000

157,644

Lowe's

Cos.,

Inc.

,

4.80%,

4/1/2026

60,000

60,480

2.50%,

4/15/2026

300,000

293,029

3.35%,

4/1/2027

60,000

58,906

3.10%,

5/3/2027(b)

250,000

243,770

1.30%,

4/15/2028

170,000

154,308

1.70%,

9/15/2028(b)

80,000

72,880

6.50%,

3/15/2029(b)

236,000

258,324

1.70%,

10/15/2030(b)

75,000

64,509

2.63%,

4/1/2031(b)

300,000

269,598

3.75%,

4/1/2032(b)

245,000

233,795

5.00%,

4/15/2033(b)

60,000

61,879

5.15%,

7/1/2033

75,000

78,164

2.80%,

9/15/2041

60,000

44,055

4.05%,

5/3/2047

250,000

209,572

3.00%,

10/15/2050

345,000

234,529

4.25%,

4/1/2052(b)

65,000

55,032

5.63%,

4/15/2053(b)

200,000

208,174

4.45%,

4/1/2062(b)

75,000

63,542

5.80%,

9/15/2062

60,000

62,868

5.85%,

4/1/2063(b)

110,000

116,549

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026(b)

300,000

296,724

5.75%,

11/20/2026

35,000

36,082

4.70%,

6/15/2032

100,000

100,791

5.00%,

8/19/2034

25,000

25,297

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026(b)

500,000

483,932

Tractor

Supply

Co.

,

1.75%,

11/1/2030(b)

55,000

47,413

48

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Tractor

Supply

Co.,

5.25%,

5/15/2033(b)

20,000

20,813

8,526,310

Technology

Hardware,

Storage

&

Peripherals

0.4%

Apple,

Inc.

,

0.70%,

2/8/2026(b)

500,000

479,330

3.25%,

2/23/2026

230,000

227,961

2.45%,

8/4/2026

625,000

609,892

3.35%,

2/9/2027(b)

500,000

495,468

3.20%,

5/11/2027(b)

300,000

295,989

1.20%,

2/8/2028(b)

500,000

460,444

4.00%,

5/10/2028(b)

60,000

60,656

1.40%,

8/5/2028(b)

350,000

321,109

3.25%,

8/8/2029(b)

150,000

146,339

2.20%,

9/11/2029(b)

235,000

217,805

4.15%,

5/10/2030

60,000

61,489

1.65%,

5/11/2030

300,000

266,233

1.25%,

8/20/2030(b)

500,000

432,951

1.65%,

2/8/2031(b)

250,000

218,524

1.70%,

8/5/2031

50,000

43,352

3.35%,

8/8/2032

150,000

143,268

4.30%,

5/10/2033

60,000

61,880

3.85%,

5/4/2043(b)

550,000

495,703

4.38%,

5/13/2045(b)

355,000

341,014

4.65%,

2/23/2046(b)

460,000

456,650

2.65%,

5/11/2050

300,000

207,070

2.40%,

8/20/2050

100,000

66,214

2.65%,

2/8/2051(b)

400,000

275,057

2.70%,

8/5/2051

50,000

34,444

3.95%,

8/8/2052(b)

120,000

105,757

4.85%,

5/10/2053

60,000

62,032

2.55%,

8/20/2060

300,000

197,681

2.85%,

8/5/2061

50,000

33,884

4.10%,

8/8/2062(b)

120,000

106,527

Dell

International

LLC

,

6.02%,

6/15/2026(b)

261,000

267,264

4.90%,

10/1/2026

132,000

133,368

5.30%,

10/1/2029(b)

300,000

312,471

5.75%,

2/1/2033

60,000

64,393

5.40%,

4/15/2034(b)

50,000

52,175

3.38%,

12/15/2041(b)

100,000

78,543

8.35%,

7/15/2046(b)

43,000

58,148

3.45%,

12/15/2051

55,000

40,298

Hewlett

Packard

Enterprise

Co.

,

4.90%,

10/15/2025(b)(f)

400,000

400,337

4.45%,

9/25/2026

75,000

75,151

4.40%,

9/25/2027(b)

75,000

75,082

5.25%,

7/1/2028

20,000

20,621

4.55%,

10/15/2029

100,000

99,743

4.85%,

10/15/2031

40,000

39,917

5.00%,

10/15/2034

185,000

183,154

6.35%,

10/15/2045(b)(f)

150,000

164,711

5.60%,

10/15/2054

135,000

132,532

HP,

Inc.

,

4.75%,

1/15/2028

60,000

61,068

4.00%,

4/15/2029(b)

60,000

59,024

2.65%,

6/17/2031

50,000

44,215

5.50%,

1/15/2033

60,000

63,116

6.00%,

9/15/2041(b)

250,000

268,485

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Western

Digital

Corp.

,

2.85%,

2/1/2029

250,000

227,921

9,846,460

Textiles,

Apparel

&

Luxury

Goods

0.1%

NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

376,746

3.88%,

11/1/2045(b)

250,000

217,943

3.38%,

3/27/2050(b)

200,000

157,724

Tapestry,

Inc.

,

7.05%,

11/27/2025

35,000

35,692

7.00%,

11/27/2026(b)

125,000

129,329

7.35%,

11/27/2028(b)

50,000

52,544

7.70%,

11/27/2030(b)

50,000

53,865

7.85%,

11/27/2033(b)

110,000

119,275

1,143,118

Tobacco

0.3%

Altria

Group,

Inc.

,

4.40%,

2/14/2026

160,000

159,794

6.20%,

11/1/2028

25,000

26,615

4.80%,

2/14/2029

400,000

404,966

5.80%,

2/14/2039(b)

400,000

420,538

4.50%,

5/2/2043

250,000

221,123

5.38%,

1/31/2044(b)

170,000

171,645

5.95%,

2/14/2049(b)

250,000

262,335

3.70%,

2/4/2051

250,000

184,496

BAT

Capital

Corp.

,

4.70%,

4/2/2027

100,000

100,891

3.56%,

8/15/2027(b)

198,000

193,952

2.26%,

3/25/2028(b)

160,000

148,864

6.34%,

8/2/2030

100,000

108,237

4.74%,

3/16/2032(b)

70,000

70,009

6.42%,

8/2/2033(b)

90,000

98,856

6.00%,

2/20/2034

100,000

106,880

4.39%,

8/15/2037

350,000

318,357

7.08%,

8/2/2043(b)

50,000

57,297

4.76%,

9/6/2049(b)

150,000

129,443

5.65%,

3/16/2052

70,000

68,327

7.08%,

8/2/2053(b)

75,000

87,038

BAT

International

Finance

plc

,

1.67%,

3/25/2026(b)

150,000

144,118

4.45%,

3/16/2028

70,000

70,047

5.93%,

2/2/2029(b)

200,000

211,249

Philip

Morris

International,

Inc.

,

5.00%,

11/17/2025

90,000

90,661

4.88%,

2/13/2026

100,000

100,981

4.75%,

2/12/2027

50,000

50,790

5.13%,

11/17/2027(b)

90,000

92,670

4.88%,

2/15/2028(b)

100,000

102,230

5.25%,

9/7/2028(b)

25,000

25,918

4.88%,

2/13/2029(b)

50,000

51,264

5.63%,

11/17/2029

70,000

74,334

5.13%,

2/15/2030

100,000

103,740

5.50%,

9/7/2030

25,000

26,466

5.13%,

2/13/2031(b)

250,000

259,850

5.75%,

11/17/2032(b)

30,000

32,243

5.38%,

2/15/2033(b)

250,000

261,460

5.63%,

9/7/2033

25,000

26,613

5.25%,

2/13/2034

250,000

259,628

6.38%,

5/16/2038(b)

460,000

525,591

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

49

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Philip

Morris

International,

Inc.,

3.88%,

8/21/2042

250,000

211,635

4.25%,

11/10/2044(b)

160,000

141,305

Reynolds

American,

Inc.

,

5.70%,

8/15/2035

120,000

125,023

5.85%,

8/15/2045

400,000

400,186

6,727,665

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.75%,

6/1/2026(b)

250,000

247,210

5.30%,

6/25/2026

25,000

25,404

1.88%,

8/15/2026

80,000

76,386

5.30%,

2/1/2028(b)

50,000

51,357

2.10%,

9/1/2028(b)

100,000

91,500

5.10%,

3/1/2029

50,000

51,203

3.25%,

10/1/2029(b)

250,000

235,015

5.20%,

7/15/2031

25,000

25,556

GATX

Corp.

,

3.25%,

9/15/2026

50,000

48,902

4.00%,

6/30/2030(b)

100,000

97,193

4.90%,

3/15/2033

145,000

144,817

5.45%,

9/15/2033

100,000

103,473

6.05%,

3/15/2034(b)

50,000

53,869

6.90%,

5/1/2034(b)

25,000

28,465

3.10%,

6/1/2051

90,000

61,380

WW

Grainger,

Inc.

,

4.45%,

9/15/2034(b)

45,000

44,943

3.75%,

5/15/2046(b)

250,000

208,930

1,595,603

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.45%,

6/1/2032(b)

60,000

60,293

5.15%,

3/1/2034

50,000

52,151

4.30%,

9/1/2045

500,000

449,065

5.45%,

3/1/2054(b)

50,000

52,515

Essential

Utilities,

Inc.

,

4.80%,

8/15/2027

25,000

25,334

5.38%,

1/15/2034(b)

25,000

25,858

3.35%,

4/15/2050

200,000

145,891

5.30%,

5/1/2052

40,000

39,734

850,841

Wireless

Telecommunication

Services

0.3%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035(b)

177,000

198,493

6.13%,

3/30/2040

350,000

380,823

Rogers

Communications,

Inc.

,

3.63%,

12/15/2025

200,000

197,736

3.20%,

3/15/2027(b)

60,000

58,414

5.00%,

2/15/2029(b)

150,000

153,075

3.80%,

3/15/2032

214,000

198,554

5.30%,

2/15/2034(b)

150,000

152,604

4.50%,

3/15/2042(b)

70,000

62,894

4.50%,

3/15/2043

100,000

88,449

5.00%,

3/15/2044(b)

80,000

75,968

4.35%,

5/1/2049(b)

300,000

253,447

4.55%,

3/15/2052(b)

80,000

69,275

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

300,000

291,680

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

3.75%,

4/15/2027

500,000

493,991

2.05%,

2/15/2028

100,000

93,157

4.95%,

3/15/2028(b)

85,000

86,946

4.80%,

7/15/2028(b)

80,000

81,513

4.85%,

1/15/2029

45,000

45,947

3.38%,

4/15/2029(b)

500,000

479,880

4.20%,

10/1/2029(b)

50,000

49,783

3.88%,

4/15/2030

500,000

486,235

2.55%,

2/15/2031

500,000

445,652

2.70%,

3/15/2032

80,000

70,562

5.05%,

7/15/2033(b)

245,000

251,123

5.75%,

1/15/2034

65,000

69,802

5.15%,

4/15/2034(b)

25,000

25,755

4.70%,

1/15/2035

75,000

74,737

4.38%,

4/15/2040

250,000

230,531

3.00%,

2/15/2041(b)

200,000

153,599

4.50%,

4/15/2050(b)

150,000

133,418

3.30%,

2/15/2051(b)

300,000

217,784

3.40%,

10/15/2052

200,000

146,397

5.65%,

1/15/2053

200,000

210,288

5.75%,

1/15/2054(b)

80,000

85,037

6.00%,

6/15/2054(b)

100,000

110,179

5.25%,

6/15/2055

100,000

99,505

5.80%,

9/15/2062(b)

200,000

212,207

Vodafone

Group

plc

,

7.88%,

2/15/2030(b)

206,000

240,944

5.25%,

5/30/2048(b)

122,000

120,278

4.88%,

6/19/2049

300,000

275,755

4.25%,

9/17/2050

40,000

33,374

5.63%,

2/10/2053(b)

100,000

101,790

5.75%,

6/28/2054(b)

100,000

103,525

5.75%,

2/10/2063

100,000

100,926

5.88%,

6/28/2064

100,000

103,139

7,615,171

Total

Corporate

Bonds

(cost

$613,730,166)

585,446,575

Foreign

Government

Securities

1.5%

CANADA

0.3%

Canada

Government

Bond,

3.75%,

4/26/2028(b)

1,300,000

1,305,836

Export

Development

Canada,

3.88%,

2/14/2028

500,000

503,338

4.13%,

2/13/2029(b)

500,000

508,922

Province

of

Alberta,

3.30%,

3/15/2028(b)

500,000

492,432

Province

of

British

Columbia,

4.90%,

4/24/2029

400,000

418,065

4.75%,

6/12/2034(b)

400,000

417,797

Province

of

Manitoba,

4.90%,

5/31/2034

100,000

105,594

Province

of

Ontario,

2.50%,

4/27/2026

600,000

587,009

2.00%,

10/2/2029

1,000,000

917,397

5.05%,

4/24/2034

200,000

213,588

Province

of

Quebec,

3.63%,

4/13/2028(b)

500,000

497,767

7.50%,

9/15/2029

578,000

671,468

50

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

4.25%,

9/5/2034

200,000

201,208

6,840,421

CHILE

0.1%

Republic

of

Chile,

3.24%,

2/6/2028(b)

200,000

193,528

4.85%,

1/22/2029

200,000

204,171

2.45%,

1/31/2031

500,000

445,724

2.55%,

1/27/2032

500,000

441,251

2.55%,

7/27/2033(b)

350,000

299,415

3.10%,

5/7/2041(b)

400,000

311,864

5.33%,

1/5/2054(b)

328,290

331,483

3.25%,

9/21/2071

200,000

133,366

2,360,802

HUNGARY

0.0%

†

Hungary

Government

Bond,

7.63%,

3/29/2041

100,000

119,359

INDONESIA

0.1%

Republic

of

Indonesia,

4.15%,

9/20/2027

200,000

200,655

3.50%,

1/11/2028

500,000

490,775

4.10%,

4/24/2028

1,000,000

1,001,170

2.85%,

2/14/2030(b)

500,000

465,700

4.65%,

9/20/2032(b)

200,000

201,574

4.75%,

9/10/2034

200,000

201,769

5.35%,

2/11/2049(b)

200,000

211,250

4.20%,

10/15/2050

200,000

178,936

5.65%,

1/11/2053(b)

200,000

216,800

4.45%,

4/15/2070

200,000

177,750

3,346,379

ISRAEL

0.1%

State

of

Israel

Government

Bond,

3.25%,

1/17/2028

200,000

188,896

5.50%,

3/12/2034(b)

250,000

250,579

3.38%,

1/15/2050

200,000

135,750

3.88%,

7/3/2050

200,000

146,500

5.75%,

3/12/2054

250,000

237,715

4.50%,

4/3/2120

200,000

147,000

1,106,440

ITALY

0.0%

†

Italian

Republic

Government

Bond,

5.38%,

6/15/2033(b)

491,000

506,893

4.00%,

10/17/2049(b)

400,000

307,000

813,893

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

2.38%,

4/20/2026

500,000

487,608

1.88%,

7/21/2026(b)

500,000

482,201

2.88%,

7/21/2027

500,000

487,047

3.50%,

10/31/2028

400,000

395,466

1.88%,

4/15/2031(b)

800,000

705,335

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

Japan

International

Cooperation

Agency,

4.00%,

5/23/2028

450,000

452,464

3,010,121

MEXICO

0.3%

United

Mexican

States,

4.15%,

3/28/2027(b)

200,000

198,676

3.75%,

1/11/2028(b)

1,000,000

973,593

4.50%,

4/22/2029

300,000

296,208

2.66%,

5/24/2031

700,000

600,924

4.88%,

5/19/2033(b)

200,000

191,599

3.50%,

2/12/2034

250,000

212,694

6.75%,

9/27/2034

596,000

644,044

6.35%,

2/9/2035

200,000

209,593

6.05%,

1/11/2040

400,000

404,034

4.75%,

3/8/2044

400,000

338,312

5.55%,

1/21/2045

300,000

285,792

4.60%,

1/23/2046

347,000

282,520

4.40%,

2/12/2052(b)

200,000

153,505

6.34%,

5/4/2053(b)

550,000

546,139

6.40%,

5/7/2054(b)

400,000

400,148

3.77%,

5/24/2061

200,000

130,431

5,868,212

PANAMA

0.1%

Republic

of

Panama,

3.88%,

3/17/2028

200,000

192,677

2.25%,

9/29/2032

200,000

154,490

6.40%,

2/14/2035(b)

200,000

204,067

6.70%,

1/26/2036

250,000

260,213

8.00%,

3/1/2038

200,000

225,860

4.30%,

4/29/2053

500,000

353,528

6.85%,

3/28/2054(b)

200,000

202,194

4.50%,

4/1/2056

400,000

287,337

3.87%,

7/23/2060

200,000

125,740

2,006,106

PERU

0.1%

Republic

of

Peru,

4.13%,

8/25/2027

175,000

173,612

2.78%,

1/23/2031(b)

500,000

445,500

8.75%,

11/21/2033

300,000

376,858

3.00%,

1/15/2034

200,000

171,333

3.30%,

3/11/2041

200,000

157,342

5.63%,

11/18/2050

300,000

309,109

5.88%,

8/8/2054

200,000

209,640

3.60%,

1/15/2072

150,000

102,491

1,945,885

PHILIPPINES

0.1%

Republic

of

Philippines,

9.50%,

2/2/2030

500,000

621,750

2.46%,

5/5/2030(b)

500,000

453,820

7.75%,

1/14/2031

200,000

236,451

6.38%,

10/23/2034

500,000

568,750

3.70%,

2/2/2042(b)

600,000

517,500

3.20%,

7/6/2046

400,000

303,982

5.50%,

1/17/2048(b)

200,000

213,419

2,915,672

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

POLAND

0.0%

†

Republic

of

Poland,

4.88%,

10/4/2033

200,000

203,303

5.13%,

9/18/2034

250,000

256,902

5.50%,

4/4/2053

200,000

204,614

5.50%,

3/18/2054

300,000

306,395

971,214

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea,

2.38%,

4/21/2027

1,000,000

961,724

4.50%,

9/15/2032

400,000

401,947

5.13%,

1/11/2033(b)

200,000

209,525

Republic

of

Korea,

5.63%,

11/3/2025

300,000

304,663

4.13%,

6/10/2044

250,000

235,202

2,113,061

SWEDEN

0.0%

†

Svensk

Exportkredit

AB,

4.38%,

2/13/2026(b)

500,000

502,057

4.13%,

6/14/2028

500,000

506,891

1,008,948

URUGUAY

0.1%

Oriental

Republic

of

Uruguay,

4.38%,

10/27/2027

250,000

251,667

4.38%,

1/23/2031

200,000

200,737

5.75%,

10/28/2034

200,000

216,734

5.10%,

6/18/2050

350,000

349,317

4.98%,

4/20/2055

200,000

194,028

5.25%,

9/10/2060

200,000

200,049

1,412,532

Total

Foreign

Government

Securities

(cost

$37,859,864)

35,839,045

Mortgage-Backed

Securities

25.2%

FHLMC

Gold

Pool

Pool#

D60780

8.00%,

6/1/2025

54

54

Pool#

G30267

5.00%,

8/1/2025

2,768

2,768

Pool#

E02746

3.50%,

11/1/2025

12,007

11,914

Pool#

J13883

3.50%,

12/1/2025

27,553

27,332

Pool#

J14732

4.00%,

3/1/2026

16,627

16,537

Pool#

E02896

3.50%,

5/1/2026

14,279

14,141

Pool#

J18127

3.00%,

3/1/2027

29,599

29,168

Pool#

J18702

3.00%,

3/1/2027

28,500

28,085

Pool#

J19106

3.00%,

5/1/2027

13,672

13,464

Pool#

J20471

3.00%,

9/1/2027

57,484

56,561

Pool#

G14609

3.00%,

11/1/2027

103,181

101,444

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C00566

7.50%,

12/1/2027

172

176

Pool#

G15100

2.50%,

7/1/2028

48,816

47,617

Pool#

C18271

7.00%,

11/1/2028

813

845

Pool#

C00678

7.00%,

11/1/2028

172

178

Pool#

C00836

7.00%,

7/1/2029

160

166

Pool#

C31285

7.00%,

9/1/2029

260

270

Pool#

G18536

2.50%,

1/1/2030

829,964

802,642

Pool#

C37436

8.00%,

1/1/2030

559

592

Pool#

C36429

7.00%,

2/1/2030

397

412

Pool#

C36306

7.00%,

2/1/2030

263

273

Pool#

C00921

7.50%,

2/1/2030

394

411

Pool#

G01108

7.00%,

4/1/2030

139

145

Pool#

G18552

3.00%,

5/1/2030

306,543

299,980

Pool#

U49055

3.00%,

6/1/2030

29,779

29,209

Pool#

J32243

3.00%,

7/1/2030

253,720

247,796

Pool#

J32255

3.00%,

7/1/2030

50,917

49,760

Pool#

J32257

3.00%,

7/1/2030

49,710

48,569

Pool#

C41561

8.00%,

8/1/2030

1,296

1,309

Pool#

C01051

8.00%,

9/1/2030

657

691

Pool#

C43550

7.00%,

10/1/2030

910

945

Pool#

C44017

7.50%,

10/1/2030

300

299

Pool#

C44957

8.00%,

11/1/2030

585

586

Pool#

J33361

3.00%,

12/1/2030

112,191

109,716

Pool#

G18578

3.00%,

12/1/2030

109,070

106,462

Pool#

J33315

3.00%,

12/1/2030

52,072

50,867

Pool#

C01103

7.50%,

12/1/2030

263

275

Pool#

C46932

7.50%,

1/1/2031

446

447

Pool#

G18587

3.00%,

2/1/2031

79,966

77,952

Pool#

G18592

3.00%,

3/1/2031

88,083

85,848

Pool#

C48206

7.50%,

3/1/2031

1,183

1,179

Pool#

C91366

4.50%,

4/1/2031

27,675

27,935

52

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G18601

3.00%,

5/1/2031

51,445

50,176

Pool#

G18605

3.00%,

6/1/2031

29,939

29,204

Pool#

J34627

3.00%,

6/1/2031

8,756

8,543

Pool#

C91377

4.50%,

6/1/2031

14,638

14,778

Pool#

C53324

7.00%,

6/1/2031

1,093

1,136

Pool#

J35107

2.50%,

8/1/2031

53,004

50,963

Pool#

G01309

7.00%,

8/1/2031

372

387

Pool#

G01311

7.00%,

9/1/2031

2,676

2,799

Pool#

C01222

7.00%,

9/1/2031

415

433

Pool#

G01315

7.00%,

9/1/2031

101

106

Pool#

J35522

2.50%,

10/1/2031

203,457

195,644

Pool#

C60012

7.00%,

11/1/2031

421

437

Pool#

C61298

8.00%,

11/1/2031

1,658

1,663

Pool#

J35957

2.50%,

12/1/2031

303,047

291,421

Pool#

C61105

7.00%,

12/1/2031

3,686

3,830

Pool#

C63171

7.00%,

1/1/2032

2,707

2,813

Pool#

V61548

2.50%,

2/1/2032

291,506

279,876

Pool#

D99004

3.50%,

3/1/2032

52,871

52,079

Pool#

G30577

3.50%,

4/1/2032

113,099

111,527

Pool#

G01391

7.00%,

4/1/2032

4,902

5,164

Pool#

C01345

7.00%,

4/1/2032

1,935

2,025

Pool#

C01370

8.00%,

4/1/2032

471

478

Pool#

C01381

8.00%,

5/1/2032

6,874

7,290

Pool#

C68290

7.00%,

6/1/2032

1,725

1,792

Pool#

C68300

7.00%,

6/1/2032

587

610

Pool#

D99266

3.50%,

7/1/2032

87,854

86,624

Pool#

G01449

7.00%,

7/1/2032

3,154

3,300

Pool#

C69908

7.00%,

8/1/2032

13,433

13,957

Pool#

C91558

3.50%,

9/1/2032

16,746

16,469

Pool#

G16407

2.50%,

1/1/2033

153,764

147,428

Pool#

G16408

2.50%,

1/1/2033

108,988

104,536

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01536

7.00%,

3/1/2033

5,575

5,863

Pool#

C01528

5.00%,

4/1/2033

23,701

24,085

Pool#

G30646

3.00%,

5/1/2033

113,241

109,157

Pool#

G30642

3.00%,

5/1/2033

55,852

53,806

Pool#

K90535

3.00%,

5/1/2033

22,669

21,813

Pool#

G18693

4.00%,

5/1/2033

32,992

33,048

Pool#

G18696

3.50%,

7/1/2033

9,432

9,303

Pool#

A16419

6.50%,

11/1/2033

11,569

12,054

Pool#

A21356

6.50%,

4/1/2034

24,460

25,236

Pool#

C01851

6.50%,

4/1/2034

14,258

14,879

Pool#

A24301

6.50%,

5/1/2034

22,035

22,995

Pool#

A22067

6.50%,

5/1/2034

8,927

9,327

Pool#

G18737

3.50%,

6/1/2034

61,622

60,775

Pool#

A24988

6.50%,

7/1/2034

8,721

9,053

Pool#

G01741

6.50%,

10/1/2034

4,249

4,482

Pool#

G08023

6.50%,

11/1/2034

9,804

10,330

Pool#

G01947

7.00%,

5/1/2035

4,019

4,201

Pool#

G08073

5.50%,

8/1/2035

41,342

42,883

Pool#

A37135

5.50%,

9/1/2035

80,914

83,930

Pool#

A47368

5.00%,

10/1/2035

57,699

59,252

Pool#

A38531

5.50%,

10/1/2035

109,688

113,240

Pool#

A38255

5.50%,

10/1/2035

67,773

70,299

Pool#

G08088

6.50%,

10/1/2035

41,276

42,942

Pool#

A39759

5.50%,

11/1/2035

3,510

3,641

Pool#

A40376

5.50%,

12/1/2035

1,541

1,599

Pool#

A42305

5.50%,

1/1/2036

4,646

4,841

Pool#

A41548

7.00%,

1/1/2036

5,522

5,737

Pool#

G08111

5.50%,

2/1/2036

54,600

56,636

Pool#

A43885

5.50%,

3/1/2036

144,892

149,860

Pool#

A43886

5.50%,

3/1/2036

123,342

127,567

Pool#

A43884

5.50%,

3/1/2036

55,980

58,218

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A48378

5.50%,

3/1/2036

51,114

53,232

Pool#

A43861

5.50%,

3/1/2036

28,660

29,626

Pool#

G08116

5.50%,

3/1/2036

12,595

13,065

Pool#

A48735

5.50%,

5/1/2036

5,898

6,091

Pool#

A53039

6.50%,

10/1/2036

38,312

40,180

Pool#

G05254

5.00%,

1/1/2037

40,598

41,700

Pool#

G04331

5.00%,

2/1/2037

40,588

41,690

Pool#

G05941

6.00%,

2/1/2037

207,944

219,340

Pool#

G03620

6.50%,

10/1/2037

1,427

1,507

Pool#

G03721

6.00%,

12/1/2037

18,776

19,788

Pool#

G03969

6.00%,

2/1/2038

21,722

22,845

Pool#

C91982

3.50%,

3/1/2038

72,170

69,883

Pool#

G04913

5.00%,

3/1/2038

72,210

74,334

Pool#

G05299

4.50%,

6/1/2038

63,155

63,959

Pool#

G04581

6.50%,

8/1/2038

37,030

38,225

Pool#

C92013

3.50%,

9/1/2038

174,182

168,725

Pool#

A81674

6.00%,

9/1/2038

138,841

145,804

Pool#

G05459

5.50%,

5/1/2039

529,282

545,138

Pool#

G05535

4.50%,

7/1/2039

200,412

202,923

Pool#

A89500

4.50%,

10/1/2039

17,751

17,940

Pool#

A91165

5.00%,

2/1/2040

801,641

826,760

Pool#

G60342

4.50%,

5/1/2042

199,918

202,423

Pool#

G60195

4.00%,

6/1/2042

264,064

261,276

Pool#

Q08977

4.00%,

6/1/2042

57,477

56,699

Pool#

Q09824

4.00%,

8/1/2042

33,777

33,375

Pool#

Q11087

4.00%,

9/1/2042

44,677

43,740

Pool#

G07158

3.50%,

10/1/2042

144,913

138,519

Pool#

G07163

3.50%,

10/1/2042

123,512

118,190

Pool#

Q11532

3.50%,

10/1/2042

102,619

98,091

Pool#

Q12051

3.50%,

10/1/2042

81,479

77,917

Pool#

Q12052

3.50%,

10/1/2042

34,076

32,572

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C09020

3.50%,

11/1/2042

235,164

224,787

Pool#

G07264

3.50%,

12/1/2042

218,725

209,073

Pool#

Q14292

3.50%,

1/1/2043

60,999

58,307

Pool#

Q15884

3.00%,

2/1/2043

321,813

298,774

Pool#

Q16470

3.00%,

3/1/2043

648,440

602,020

Pool#

V80002

2.50%,

4/1/2043

278,660

249,183

Pool#

Q16915

3.00%,

4/1/2043

245,737

228,247

Pool#

Q17675

3.50%,

4/1/2043

265,060

253,689

Pool#

Q18523

3.50%,

5/1/2043

253,322

242,137

Pool#

Q18751

3.50%,

6/1/2043

358,223

342,407

Pool#

G07410

3.50%,

7/1/2043

106,486

101,895

Pool#

Q20332

3.50%,

7/1/2043

37,148

35,508

Pool#

G07459

3.50%,

8/1/2043

309,235

295,583

Pool#

G60038

3.50%,

1/1/2044

645,859

617,357

Pool#

Q26869

4.00%,

6/1/2044

288,828

283,218

Pool#

G07946

4.00%,

7/1/2044

9,328

9,161

Pool#

Q28607

3.50%,

9/1/2044

111,632

106,648

Pool#

G61231

3.50%,

9/1/2044

30,751

29,395

Pool#

G08609

3.50%,

10/1/2044

99,683

94,717

Pool#

Q30833

4.00%,

1/1/2045

12,722

12,435

Pool#

G60400

4.50%,

1/1/2045

82,059

82,379

Pool#

G07925

4.00%,

2/1/2045

26,234

25,988

Pool#

Q34165

4.00%,

6/1/2045

177,214

173,335

Pool#

V81873

4.00%,

8/1/2045

99,486

97,246

Pool#

G08669

4.00%,

9/1/2045

148,085

144,750

Pool#

V82126

3.50%,

12/1/2045

96,933

91,572

Pool#

Q38199

3.50%,

1/1/2046

3,824

3,613

Pool#

Q38357

4.00%,

1/1/2046

41,424

40,491

Pool#

G61365

4.50%,

1/1/2046

30,545

30,665

Pool#

G08697

3.00%,

3/1/2046

441,165

406,313

Pool#

Q39364

3.50%,

3/1/2046

72,605

68,591

54

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q39434

3.50%,

3/1/2046

56,228

53,186

Pool#

Q39440

4.00%,

3/1/2046

24,893

24,325

Pool#

G08704

4.50%,

4/1/2046

15,470

15,531

Pool#

Q40097

4.50%,

4/1/2046

2,798

2,809

Pool#

G60582

3.50%,

5/1/2046

172,132

163,927

Pool#

Q40718

3.50%,

5/1/2046

57,196

54,034

Pool#

G08707

4.00%,

5/1/2046

70,927

69,330

Pool#

G08708

4.50%,

5/1/2046

10,517

10,558

Pool#

Q41548

3.00%,

7/1/2046

65,237

60,164

Pool#

Q41903

3.50%,

7/1/2046

82,696

78,124

Pool#

Q41491

3.50%,

7/1/2046

9,091

8,588

Pool#

G61791

4.00%,

7/1/2046

67,506

65,986

Pool#

Q41947

4.50%,

7/1/2046

3,640

3,651

Pool#

G08715

3.00%,

8/1/2046

446,129

408,550

Pool#

Q42596

3.50%,

8/1/2046

71,425

67,729

Pool#

Q42203

3.50%,

8/1/2046

19,243

18,211

Pool#

G61237

3.50%,

8/1/2046

13,455

12,862

Pool#

Q42393

3.50%,

8/1/2046

11,573

10,933

Pool#

Q42680

4.00%,

8/1/2046

2,430

2,388

Pool#

G08720

4.50%,

8/1/2046

8,699

8,729

Pool#

G61323

3.00%,

9/1/2046

419,873

389,833

Pool#

G08721

3.00%,

9/1/2046

244,088

224,199

Pool#

V82617

3.50%,

9/1/2046

162,104

152,907

Pool#

G08722

3.50%,

9/1/2046

47,499

45,049

Pool#

G60733

4.50%,

9/1/2046

89,498

89,916

Pool#

G60722

3.00%,

10/1/2046

697,095

641,343

Pool#

Q44035

3.00%,

10/1/2046

347,545

319,225

Pool#

G61815

4.00%,

10/1/2046

27,874

27,246

Pool#

G61257

3.00%,

11/1/2046

674,840

618,636

Pool#

Q44452

3.00%,

11/1/2046

156,159

143,374

Pool#

G08732

3.00%,

11/1/2046

44,415

40,796

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q44473

3.50%,

11/1/2046

19,999

18,893

Pool#

Q44223

3.50%,

11/1/2046

12,726

12,022

Pool#

G08734

4.00%,

11/1/2046

204,556

199,697

Pool#

G08737

3.00%,

12/1/2046

1,485,085

1,361,283

Pool#

G60989

3.00%,

12/1/2046

253,513

232,935

Pool#

Q45878

3.00%,

12/1/2046

54,507

49,996

Pool#

G08738

3.50%,

12/1/2046

934,690

883,007

Pool#

Q45024

3.50%,

12/1/2046

69,883

65,312

Pool#

G08741

3.00%,

1/1/2047

407,371

373,290

Pool#

G08747

3.00%,

2/1/2047

771,880

710,093

Pool#

G08748

3.50%,

2/1/2047

194,076

183,349

Pool#

G08749

4.00%,

2/1/2047

322,313

314,254

Pool#

G61890

4.00%,

2/1/2047

22,722

22,189

Pool#

G08751

3.50%,

3/1/2047

289,271

273,283

Pool#

Q47592

3.50%,

4/1/2047

50,374

47,589

Pool#

Q47484

3.50%,

4/1/2047

10,774

10,187

Pool#

G60988

3.00%,

5/1/2047

868,651

799,089

Pool#

Q48098

3.50%,

5/1/2047

35,636

33,593

Pool#

Q48237

4.50%,

5/1/2047

59,105

59,153

Pool#

G61390

3.00%,

6/1/2047

687,276

631,263

Pool#

Q48414

4.50%,

6/1/2047

44,323

43,761

Pool#

Q48365

4.50%,

6/1/2047

14,712

14,739

Pool#

G08770

3.50%,

7/1/2047

548,972

518,628

Pool#

V83270

3.50%,

7/1/2047

116,647

110,199

Pool#

G61339

3.00%,

8/1/2047

133,950

123,033

Pool#

G08774

3.50%,

8/1/2047

60,650

57,298

Pool#

Q49917

3.50%,

8/1/2047

46,216

43,662

Pool#

Q53085

3.00%,

9/1/2047

147,160

135,702

Pool#

G61295

3.50%,

9/1/2047

315,359

298,449

Pool#

G08779

3.50%,

9/1/2047

165,222

156,090

Pool#

G61622

3.00%,

10/1/2047

327,290

300,616

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08785

4.00%,

10/1/2047

19,011

18,455

Pool#

Q52075

4.00%,

11/1/2047

109,574

107,006

Pool#

V83598

3.50%,

12/1/2047

48,841

46,142

Pool#

G67707

3.50%,

1/1/2048

358,657

340,687

Pool#

V83909

4.00%,

1/1/2048

128,164

125,221

Pool#

G61311

3.50%,

2/1/2048

340,017

321,215

Pool#

T65458

3.50%,

2/1/2048

61,731

57,550

Pool#

Q54460

4.00%,

2/1/2048

100,454

98,802

Pool#

G08801

4.00%,

2/1/2048

99,867

97,247

Pool#

G61298

4.00%,

2/1/2048

48,512

47,332

Pool#

Q54727

3.50%,

3/1/2048

138,313

130,665

Pool#

Q55401

5.00%,

4/1/2048

28,595

29,174

Pool#

V84237

3.50%,

5/1/2048

219,760

207,606

Pool#

G08813

3.50%,

5/1/2048

25,468

24,060

Pool#

G08820

4.50%,

5/1/2048

185,617

185,195

Pool#

G08821

5.00%,

5/1/2048

7,126

7,262

Pool#

G67712

4.00%,

6/1/2048

97,114

95,625

Pool#

G67713

4.00%,

6/1/2048

80,545

78,644

Pool#

G08817

4.00%,

6/1/2048

29,504

28,730

Pool#

G08818

4.50%,

6/1/2048

100,933

100,735

Pool#

Q56473

4.50%,

6/1/2048

24,183

24,272

Pool#

Q56472

4.50%,

6/1/2048

21,712

21,860

Pool#

G08827

4.50%,

7/1/2048

68,248

67,971

Pool#

Q57401

4.50%,

7/1/2048

26,869

26,979

Pool#

Q57402

4.50%,

7/1/2048

7,565

7,619

Pool#

G08833

5.00%,

7/1/2048

2,906

2,965

Pool#

G08831

4.00%,

8/1/2048

80,490

78,377

Pool#

G08836

4.00%,

9/1/2048

323,996

315,493

Pool#

G67716

4.50%,

10/1/2048

55,826

56,055

Pool#

G08843

4.50%,

10/1/2048

24,271

24,201

Pool#

V85044

4.00%,

12/1/2048

96,097

93,575

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V85082

4.50%,

12/1/2048

17,471

17,422

Pool#

G61846

4.00%,

1/1/2049

1,733

1,688

Pool#

V85139

4.50%,

1/1/2049

22,643

22,580

FHLMC

Non

Gold

Pool

Pool#

1B8478

7.65%,

7/1/2041(a)

16,120

16,638

Pool#

2B0108

6.15%,

1/1/2042(a)

377

383

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

11,589

11,514

Pool#

ZS7757

3.00%,

3/1/2030

188,364

184,499

Pool#

SB0383

2.50%,

4/1/2032

488,695

469,834

Pool#

ZS8701

3.50%,

6/1/2033

33,317

32,834

Pool#

SB0218

3.00%,

10/1/2033

59,883

58,226

Pool#

SB0366

3.50%,

2/1/2034

81,858

80,680

Pool#

QN0248

3.00%,

7/1/2034

30,695

29,697

Pool#

SB0095

3.50%,

7/1/2034

35,188

34,771

Pool#

SB0069

3.00%,

9/1/2034

107,026

103,545

Pool#

SB8021

3.00%,

12/1/2034

219,863

212,709

Pool#

SB8500

2.50%,

7/1/2035

564,011

531,484

Pool#

SB8505

2.50%,

10/1/2035

1,672,529

1,579,675

Pool#

SB8506

2.00%,

2/1/2036

1,433,109

1,323,727

Pool#

SB8508

2.00%,

2/1/2036

1,048,139

965,794

Pool#

RC1826

2.00%,

2/1/2036

311,046

285,448

Pool#

SB8092

1.50%,

3/1/2036

356,204

319,609

Pool#

RC1887

2.00%,

3/1/2036

580,500

533,356

Pool#

RC2049

2.00%,

6/1/2036

1,383,633

1,269,749

Pool#

RC2045

2.00%,

6/1/2036

424,331

389,399

Pool#

SB8112

2.50%,

7/1/2036

241,102

226,517

Pool#

QN7405

2.00%,

8/1/2036

178,087

163,620

Pool#

SB8119

2.00%,

9/1/2036

790,552

724,613

Pool#

SB8140

1.50%,

2/1/2037

527,023

470,548

Pool#

SB8144

1.50%,

3/1/2037

1,102,634

984,034

Pool#

QN9700

1.50%,

3/1/2037

352,518

314,521

56

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8148

2.00%,

4/1/2037

2,411,118

2,205,008

Pool#

SB8154

2.50%,

5/1/2037

164,613

154,366

Pool#

SB0725

4.00%,

8/1/2037

54,615

54,441

Pool#

SB1009

4.00%,

2/1/2038

55,829

55,483

Pool#

QA2237

3.00%,

7/1/2046

870,741

802,808

Pool#

QA2226

3.00%,

7/1/2046

510,371

470,764

Pool#

ZS4693

3.00%,

12/1/2046

679,232

621,898

Pool#

ZM2339

3.50%,

1/1/2047

136,144

128,471

Pool#

ZS4746

3.00%,

12/1/2047

333,067

305,194

Pool#

ZA5785

4.50%,

10/1/2048

135,509

134,994

Pool#

ZT1321

4.50%,

11/1/2048

167,091

166,424

Pool#

ZA6139

4.50%,

12/1/2048

47,434

47,215

Pool#

SD0295

3.00%,

2/1/2049

1,582,682

1,461,267

Pool#

ZA6536

4.00%,

3/1/2049

63,452

61,738

Pool#

ZA6380

4.00%,

3/1/2049

60,993

59,346

Pool#

ZT1858

4.50%,

4/1/2049

31,753

31,744

Pool#

RA3022

2.50%,

6/1/2050

520,186

453,625

Pool#

SD7521

2.50%,

7/1/2050

756,598

665,950

Pool#

SD8074

3.00%,

7/1/2050

221,480

200,860

Pool#

SD7523

2.50%,

8/1/2050

199,116

174,996

Pool#

SD0500

3.00%,

8/1/2050

35,123

32,209

Pool#

SD0514

2.00%,

10/1/2050

735,683

616,258

Pool#

RA3723

2.00%,

10/1/2050

243,347

203,650

Pool#

SD8100

3.00%,

10/1/2050

1,429,918

1,302,420

Pool#

RA3935

2.50%,

11/1/2050

2,290,359

1,997,904

Pool#

RA3932

2.50%,

11/1/2050

1,367,350

1,200,009

Pool#

RA3934

2.50%,

11/1/2050

699,707

610,171

Pool#

RA3987

2.50%,

11/1/2050

290,400

252,611

Pool#

RA4071

2.50%,

12/1/2050

789,146

688,166

Pool#

RA4216

2.50%,

12/1/2050

729,787

635,969

Pool#

SD0522

3.00%,

12/1/2050

463,159

421,670

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA4411

2.50%,

1/1/2051

1,648,755

1,438,235

Pool#

RA4351

2.50%,

1/1/2051

896,647

781,910

Pool#

RA4410

2.50%,

1/1/2051

594,108

518,090

Pool#

RA4652

2.00%,

2/1/2051

2,781,135

2,327,379

Pool#

RA4493

2.00%,

2/1/2051

1,317,651

1,096,759

Pool#

QB9104

2.00%,

2/1/2051

707,529

588,811

Pool#

RA4737

2.00%,

3/1/2051

2,508,024

2,093,566

Pool#

RA4718

2.00%,

3/1/2051

1,128,545

944,415

Pool#

SD7537

2.00%,

3/1/2051

592,389

496,808

Pool#

SD8139

1.50%,

4/1/2051

860,524

680,527

Pool#

SD8140

2.00%,

4/1/2051

4,803,860

3,993,517

Pool#

SD8145

1.50%,

5/1/2051

1,702,053

1,346,570

Pool#

SD8146

2.00%,

5/1/2051

8,674,893

7,211,411

Pool#

QC2070

2.00%,

5/1/2051

117,748

98,698

Pool#

SD0593

3.00%,

5/1/2051

1,651,183

1,512,397

Pool#

RA5436

2.00%,

6/1/2051

356,142

296,156

Pool#

RA5373

2.00%,

6/1/2051

301,358

251,885

Pool#

SD8154

1.50%,

7/1/2051

1,716,662

1,356,683

Pool#

RA5398

2.00%,

7/1/2051

1,019,245

854,334

Pool#

QC5128

2.00%,

8/1/2051

287,898

240,389

Pool#

SD8166

2.00%,

9/1/2051

1,711,996

1,419,969

Pool#

RA6140

2.00%,

10/1/2051

1,223,998

1,024,281

Pool#

RA6085

2.00%,

10/1/2051

712,347

599,386

Pool#

RA6091

2.00%,

10/1/2051

692,491

580,448

Pool#

RA6503

2.00%,

12/1/2051

8,342,863

6,942,826

Pool#

RA6624

2.00%,

1/1/2052

5,473,250

4,532,450

Pool#

SD0856

2.00%,

1/1/2052

1,357,928

1,127,790

Pool#

SD8211

2.00%,

5/1/2052

9,578,653

7,926,488

Pool#

RA7543

4.00%,

6/1/2052

197,507

189,986

Pool#

SD8224

2.50%,

7/1/2052

2,693,075

2,331,615

Pool#

RA7664

4.00%,

7/1/2052

445,011

427,950

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD1488

4.00%,

8/1/2052

500,540

481,459

Pool#

SD1424

4.00%,

8/1/2052

415,277

399,467

Pool#

RA7779

4.50%,

8/1/2052

555,179

546,777

Pool#

RA7920

4.00%,

9/1/2052

511,082

491,435

Pool#

SD2215

4.00%,

10/1/2052

531,202

515,167

Pool#

SD7557

4.50%,

12/1/2052

1,232,770

1,226,971

Pool#

RA8406

5.00%,

1/1/2053

634,631

634,767

Pool#

RA8411

5.50%,

1/1/2053

181,706

186,823

Pool#

QF5629

6.00%,

1/1/2053

456,526

479,032

Pool#

SD7560

4.00%,

2/1/2053

872,339

846,332

Pool#

SD8299

5.00%,

2/1/2053

2,126,293

2,126,743

Pool#

RA8791

5.00%,

4/1/2053

451,831

452,137

Pool#

RA8794

5.50%,

4/1/2053

917,448

937,659

Pool#

SD2661

5.50%,

4/1/2053

623,012

631,949

Pool#

SD8324

5.50%,

5/1/2053

1,150,659

1,164,282

Pool#

RA9090

5.50%,

5/1/2053

904,880

917,064

Pool#

SD2890

5.50%,

5/1/2053

361,037

368,504

Pool#

SD2905

5.50%,

5/1/2053

218,134

221,259

Pool#

RA9162

5.50%,

6/1/2053

454,226

463,340

Pool#

SD3085

5.50%,

6/1/2053

220,941

225,026

Pool#

SD3260

6.00%,

6/1/2053

185,076

191,133

Pool#

SD3565

4.50%,

8/1/2053

183,966

181,198

Pool#

SD3853

5.50%,

8/1/2053

150,495

152,432

Pool#

SD3603

6.00%,

8/1/2053

1,678,473

1,739,827

Pool#

SD8367

5.50%,

10/1/2053

2,255,833

2,282,050

Pool#

RJ0007

6.50%,

10/1/2053

366,297

379,779

Pool#

SD4350

6.50%,

10/1/2053

171,645

177,195

Pool#

SD4340

5.50%,

11/1/2053

992,136

1,012,045

Pool#

RJ0325

6.50%,

11/1/2053

198,024

204,724

Pool#

RJ0528

6.50%,

12/1/2053

399,926

414,189

Pool#

RJ0530

6.50%,

12/1/2053

320,800

331,621

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RJ0527

6.50%,

12/1/2053

147,874

152,771

Pool#

RJ0717

6.50%,

1/1/2054

74,778

77,397

Pool#

RJ0841

6.00%,

2/1/2054

263,260

271,817

Pool#

SD4870

6.50%,

2/1/2054

94,762

97,921

Pool#

SD5616

6.00%,

5/1/2054

4,217,881

4,348,419

Pool#

RJ1422

6.00%,

5/1/2054

454,623

470,932

Pool#

RJ1437

6.50%,

5/1/2054

422,752

440,993

Pool#

SD5812

6.00%,

7/1/2054

500,814

517,078

Pool#

SD6025

6.00%,

8/1/2054

689,515

705,206

FNMA

Pool

Pool#

AC9890

6.67%,

4/1/2040(a)

159,883

161,546

Pool#

AC9895

7.06%,

4/1/2040(a)

338,760

342,411

Pool#

AJ1249

7.31%,

9/1/2041(a)

43,690

45,155

Pool#

AK0714

6.28%,

2/1/2042(a)

5,502

5,644

Pool#

AT4250

7.01%,

6/1/2043(a)

12,534

12,965

Pool#

BF0203

3.00%,

2/1/2047

384,368

350,411

Pool#

BF0206

4.00%,

2/1/2047

229,538

220,750

Pool#

BF0200

3.50%,

11/1/2051

166,250

156,470

Pool#

BF0171

4.00%,

1/1/2057

142,907

137,496

Pool#

BF0184

4.00%,

2/1/2057

160,748

154,661

FNMA

UMBS

Pool

Pool#

AD0244

4.50%,

10/1/2024

7

7

Pool#

AD4089

4.50%,

5/1/2025

14,258

14,293

Pool#

890216

4.50%,

7/1/2025

1,895

1,900

Pool#

AB1609

4.00%,

10/1/2025

8,938

8,875

Pool#

AH1361

3.50%,

12/1/2025

9,236

9,115

Pool#

AH1518

3.50%,

12/1/2025

4,765

4,705

Pool#

AH5616

3.50%,

2/1/2026

32,387

32,087

Pool#

AL0298

4.00%,

5/1/2026

29,104

28,890

Pool#

AB4277

3.00%,

1/1/2027

78,953

77,749

Pool#

AL1391

3.50%,

1/1/2027

1,096

1,079

Pool#

AP4746

3.00%,

8/1/2027

21,902

21,535

58

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AP7855

3.00%,

9/1/2027

135,072

132,732

Pool#

AP4640

3.00%,

9/1/2027

15,317

15,012

Pool#

AQ5096

3.00%,

11/1/2027

33,906

33,310

Pool#

AB6887

3.00%,

11/1/2027

29,238

28,759

Pool#

AQ4532

3.00%,

11/1/2027

26,003

25,454

Pool#

AQ3758

3.00%,

11/1/2027

19,257

18,869

Pool#

AB6886

3.00%,

11/1/2027

14,152

13,903

Pool#

AQ7406

3.00%,

11/1/2027

11,512

11,277

Pool#

AQ2884

3.00%,

12/1/2027

14,315

14,034

Pool#

AS0487

2.50%,

9/1/2028

84,276

82,070

Pool#

930998

4.50%,

4/1/2029

1,737

1,734

Pool#

BM1507

2.50%,

12/1/2029

44,586

43,493

Pool#

AL8077

3.50%,

12/1/2029

6,295

6,227

Pool#

BM4299

3.00%,

3/1/2030

140,411

138,420

Pool#

AS4874

3.00%,

4/1/2030

147,200

143,908

Pool#

AS5412

2.50%,

7/1/2030

55,911

53,907

Pool#

AS5420

3.00%,

7/1/2030

129,791

126,686

Pool#

AL7152

3.50%,

7/1/2030

113,262

112,021

Pool#

AS5702

2.50%,

8/1/2030

214,714

206,853

Pool#

AZ4898

2.50%,

8/1/2030

128,164

123,822

Pool#

AY8448

3.00%,

8/1/2030

434,974

424,455

Pool#

AZ2953

3.00%,

9/1/2030

362,040

353,144

Pool#

AZ5718

3.00%,

9/1/2030

244,629

238,918

Pool#

AS6060

3.00%,

10/1/2030

280,324

273,506

Pool#

AZ9234

3.50%,

10/1/2030

13,420

13,204

Pool#

BA2993

3.00%,

11/1/2030

59,778

58,324

Pool#

AS6174

3.50%,

11/1/2030

7,866

7,738

Pool#

AS6272

2.50%,

12/1/2030

80,331

77,300

Pool#

AS6295

3.00%,

12/1/2030

116,234

113,495

Pool#

BA3545

3.00%,

12/1/2030

53,724

52,457

Pool#

AH1515

4.00%,

12/1/2030

121,961

121,411

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AD0716

6.50%,

12/1/2030

300,307

309,562

Pool#

BA6532

2.50%,

1/1/2031

62,807

60,505

Pool#

BM5016

3.00%,

1/1/2031

173,353

169,504

Pool#

AB2121

4.00%,

1/1/2031

20,410

20,343

Pool#

AL8060

3.00%,

2/1/2031

123,337

120,399

Pool#

MA0641

4.00%,

2/1/2031

83,041

82,666

Pool#

560868

7.50%,

2/1/2031

308

306

Pool#

AS6799

3.00%,

3/1/2031

99,433

96,851

Pool#

BC0774

3.00%,

3/1/2031

54,931

53,598

Pool#

AS6919

3.50%,

3/1/2031

6,574

6,496

Pool#

BC4410

3.50%,

3/1/2031

6,259

6,156

Pool#

BC0320

3.50%,

3/1/2031

5,003

4,945

Pool#

BC4430

3.00%,

4/1/2031

21,445

20,913

Pool#

AL8565

3.00%,

6/1/2031

67,302

65,514

Pool#

AL8566

3.00%,

6/1/2031

65,174

63,508

Pool#

AL8561

3.50%,

6/1/2031

56,885

56,237

Pool#

AS8028

2.50%,

9/1/2031

231,216

222,179

Pool#

AL9378

3.00%,

9/1/2031

32,998

32,223

Pool#

MA2775

2.50%,

10/1/2031

487,857

468,617

Pool#

BM1888

2.50%,

10/1/2031

328,735

320,429

Pool#

AS8038

2.50%,

10/1/2031

237,557

228,188

Pool#

BC4777

2.50%,

10/1/2031

181,067

173,908

Pool#

AL9323

2.50%,

10/1/2031

10,664

10,240

Pool#

AS8612

3.00%,

10/1/2031

47,589

46,342

Pool#

607212

7.50%,

10/1/2031

2,351

2,342

Pool#

MA0895

3.50%,

11/1/2031

87,236

85,800

Pool#

MA2830

2.50%,

12/1/2031

195,578

187,795

Pool#

BM3814

2.50%,

12/1/2031

129,687

124,635

Pool#

AS8594

2.50%,

1/1/2032

157,816

151,592

Pool#

AS8597

2.50%,

1/1/2032

132,460

127,236

Pool#

AS8609

3.00%,

1/1/2032

99,248

96,456

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9786

3.00%,

1/1/2032

80,925

78,982

Pool#

AL9585

3.50%,

1/1/2032

35,049

34,633

Pool#

BM1036

2.50%,

2/1/2032

701,052

673,407

Pool#

BM4624

3.00%,

2/1/2032

95,186

92,716

Pool#

AL9872

3.00%,

2/1/2032

70,104

68,240

Pool#

AL9740

3.00%,

2/1/2032

69,762

67,757

Pool#

AL9871

3.00%,

2/1/2032

43,847

42,721

Pool#

AS8767

3.00%,

2/1/2032

8,391

8,161

Pool#

BM1007

2.50%,

3/1/2032

215,116

205,945

Pool#

AL9899

3.00%,

3/1/2032

13,223

12,867

Pool#

BM3269

2.50%,

4/1/2032

320,060

306,970

Pool#

MA1029

3.50%,

4/1/2032

77,323

75,932

Pool#

545556

7.00%,

4/1/2032

1,340

1,408

Pool#

AO2565

3.50%,

5/1/2032

15,307

14,910

Pool#

AS9695

3.50%,

5/1/2032

14,897

14,715

Pool#

545605

7.00%,

5/1/2032

1,937

2,051

Pool#

BM4088

3.00%,

6/1/2032

120,041

116,927

Pool#

AO5103

3.50%,

6/1/2032

84,471

83,056

Pool#

890786

3.50%,

6/1/2032

15,699

15,504

Pool#

MA1107

3.50%,

7/1/2032

11,227

11,027

Pool#

FM1664

4.00%,

7/1/2032

25,264

25,112

Pool#

651361

7.00%,

7/1/2032

796

826

Pool#

BM1669

3.00%,

8/1/2032

74,487

72,327

Pool#

AP1990

3.50%,

8/1/2032

42,695

41,661

Pool#

AP1997

3.50%,

8/1/2032

22,551

22,026

Pool#

BH5355

3.50%,

8/1/2032

3,772

3,725

Pool#

AO7202

3.50%,

9/1/2032

75,303

74,075

Pool#

MA1166

3.50%,

9/1/2032

60,089

59,011

Pool#

BM5167

3.50%,

9/1/2032

9,890

9,774

Pool#

CA0586

2.50%,

10/1/2032

32,433

31,036

Pool#

AP3673

3.50%,

10/1/2032

70,270

69,123

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BH9391

3.50%,

10/1/2032

4,980

4,919

Pool#

BM3389

3.00%,

11/1/2032

122,982

119,446

Pool#

AB6962

3.50%,

11/1/2032

115,961

114,106

Pool#

AQ3343

3.50%,

11/1/2032

64,618

63,567

Pool#

BM3977

3.00%,

12/1/2032

182,997

177,784

Pool#

CA0951

3.00%,

12/1/2032

96,996

94,219

Pool#

FM1661

2.50%,

1/1/2033

316,348

305,845

Pool#

BM4338

2.50%,

1/1/2033

207,283

199,355

Pool#

BM3919

3.00%,

2/1/2033

113,089

109,893

Pool#

BM3750

3.50%,

3/1/2033

100,573

99,324

Pool#

BM4129

3.50%,

4/1/2033

114,154

112,748

Pool#

555346

5.50%,

4/1/2033

22,128

22,651

Pool#

713560

5.50%,

4/1/2033

5,598

5,782

Pool#

694846

6.50%,

4/1/2033

1,848

1,947

Pool#

AB9402

3.00%,

5/1/2033

131,569

126,751

Pool#

AB9403

3.00%,

5/1/2033

57,407

55,232

Pool#

AB9300

3.00%,

5/1/2033

43,127

41,626

Pool#

BM4132

3.50%,

5/1/2033

89,641

88,369

Pool#

MA3372

4.00%,

5/1/2033

76,027

76,080

Pool#

555421

5.00%,

5/1/2033

461,122

466,451

Pool#

MA3393

4.00%,

6/1/2033

33,706

33,731

Pool#

MA3427

4.00%,

7/1/2033

24,575

24,595

Pool#

720087

5.50%,

7/1/2033

80,413

82,926

Pool#

728721

5.50%,

7/1/2033

10,477

10,734

Pool#

555684

5.50%,

7/1/2033

2,459

2,526

Pool#

MA1527

3.00%,

8/1/2033

460,699

443,203

Pool#

743235

5.50%,

10/1/2033

7,180

7,404

Pool#

750229

6.50%,

10/1/2033

14,134

14,570

Pool#

FM2154

4.00%,

12/1/2033

35,751

35,521

Pool#

755872

5.50%,

12/1/2033

65,446

66,851

Pool#

725221

5.50%,

1/1/2034

1,921

1,981

60

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

725223

5.50%,

3/1/2034

233

240

Pool#

725228

6.00%,

3/1/2034

182,482

190,303

Pool#

725425

5.50%,

4/1/2034

112,284

115,787

Pool#

725423

5.50%,

5/1/2034

11,004

11,348

Pool#

725594

5.50%,

7/1/2034

49,638

51,186

Pool#

MA3739

3.50%,

8/1/2034

69,238

68,218

Pool#

788027

6.50%,

9/1/2034

18,645

19,401

Pool#

MA3827

2.50%,

11/1/2034

416,852

394,717

Pool#

FM1905

3.00%,

11/1/2034

51,288

49,619

Pool#

807310

7.00%,

11/1/2034

1,414

1,468

Pool#

FM2412

3.50%,

1/1/2035

27,481

27,076

Pool#

735141

5.50%,

1/1/2035

151,936

156,860

Pool#

889852

5.50%,

5/1/2035

3,921

4,044

Pool#

FM5474

2.50%,

10/1/2035

392,583

370,782

Pool#

MA4156

2.50%,

10/1/2035

322,934

302,616

Pool#

FM4900

2.00%,

12/1/2035

51,184

47,164

Pool#

256023

6.00%,

12/1/2035

130,959

138,028

Pool#

CA8793

2.00%,

2/1/2036

1,252,545

1,149,478

Pool#

CA8736

2.00%,

2/1/2036

615,652

567,271

Pool#

CA8789

2.00%,

2/1/2036

597,783

548,589

Pool#

FM5908

2.00%,

2/1/2036

422,225

389,052

Pool#

CA9141

2.00%,

2/1/2036

410,957

378,665

Pool#

CA9145

2.00%,

2/1/2036

349,655

320,881

Pool#

FM5571

2.00%,

2/1/2036

191,922

176,842

Pool#

CA9435

2.00%,

3/1/2036

384,427

352,790

Pool#

CA9475

2.00%,

3/1/2036

351,397

322,480

Pool#

CA9441

2.50%,

3/1/2036

280,676

265,087

Pool#

CB0262

2.00%,

4/1/2036

559,985

513,065

Pool#

745418

5.50%,

4/1/2036

22,369

23,177

Pool#

FM7259

2.50%,

5/1/2036

252,492

237,219

Pool#

745516

5.50%,

5/1/2036

12,954

13,422

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4360

2.00%,

6/1/2036

1,028,850

941,329

Pool#

889745

5.50%,

6/1/2036

2,385

2,459

Pool#

CB1090

2.50%,

7/1/2036

145,091

136,315

Pool#

FM8538

2.00%,

8/1/2036

194,052

178,287

Pool#

995065

5.50%,

9/1/2036

77,486

79,549

Pool#

888635

5.50%,

9/1/2036

52,076

53,698

Pool#

MA4441

1.50%,

10/1/2036

231,121

206,525

Pool#

MA4535

1.50%,

2/1/2037

3,932,449

3,508,773

Pool#

MA4566

1.50%,

3/1/2037

1,755,428

1,567,340

Pool#

MA4581

1.50%,

4/1/2037

458,223

409,124

Pool#

BT2234

2.00%,

4/1/2037

4,616,137

4,227,211

Pool#

MA4582

2.00%,

4/1/2037

2,208,413

2,022,355

Pool#

FS2950

2.50%,

4/1/2037

80,561

75,687

Pool#

FS2035

2.00%,

5/1/2037

2,196,059

2,011,049

Pool#

CB4006

2.00%,

5/1/2037

1,829,204

1,674,541

Pool#

MA4628

2.50%,

6/1/2037

165,460

155,032

Pool#

FS2497

1.50%,

8/1/2037

286,950

256,201

Pool#

995024

5.50%,

8/1/2037

29,607

30,651

Pool#

MA4726

4.00%,

9/1/2037

75,525

75,057

Pool#

995050

6.00%,

9/1/2037

278,346

293,326

Pool#

MA4797

4.00%,

11/1/2037

106,981

106,286

Pool#

955194

7.00%,

11/1/2037

22,505

23,792

Pool#

928940

7.00%,

12/1/2037

19,372

20,109

Pool#

MA5023

4.00%,

5/1/2038

50,097

49,729

Pool#

MA3389

4.00%,

6/1/2038

58,840

58,343

Pool#

MA3464

3.50%,

9/1/2038

121,138

117,169

Pool#

990810

7.00%,

10/1/2038

38,185

39,639

Pool#

MA5223

4.00%,

11/1/2038

31,064

30,837

Pool#

AD8536

5.00%,

8/1/2040

90,708

93,445

Pool#

AB1735

3.50%,

11/1/2040

4,472

4,281

Pool#

AE9747

4.50%,

12/1/2040

315,576

319,188

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

61

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB2067

3.50%,

1/1/2041

125,715

120,347

Pool#

932888

3.50%,

1/1/2041

103,331

98,918

Pool#

AB2068

3.50%,

1/1/2041

71,841

68,774

Pool#

932891

3.50%,

1/1/2041

18,512

17,744

Pool#

AL3650

5.00%,

2/1/2041

6,160

6,346

Pool#

AL6521

5.00%,

4/1/2041

536,907

553,097

Pool#

AL0390

5.00%,

5/1/2041

178,449

183,840

Pool#

AL5863

4.50%,

6/1/2041

1,011,392

1,019,536

Pool#

AI9851

4.50%,

9/1/2041

20,292

20,503

Pool#

AL0761

5.00%,

9/1/2041

58,209

59,968

Pool#

BM3907

5.50%,

9/1/2041

132,230

136,354

Pool#

AJ5431

4.50%,

10/1/2041

46,506

46,732

Pool#

AJ4861

4.00%,

12/1/2041

58,064

57,268

Pool#

AX5316

4.50%,

1/1/2042

32,888

33,264

Pool#

AL2499

4.50%,

1/1/2042

10,559

10,677

Pool#

AW8167

3.50%,

2/1/2042

392,824

376,056

Pool#

AB5185

3.50%,

5/1/2042

183,673

175,412

Pool#

AO3575

4.50%,

5/1/2042

42,759

42,940

Pool#

AO4647

3.50%,

6/1/2042

394,690

377,017

Pool#

AO8036

4.50%,

7/1/2042

170,240

172,185

Pool#

AP2092

4.50%,

8/1/2042

10,789

10,765

Pool#

AP6579

3.50%,

9/1/2042

277,392

265,208

Pool#

AL2782

4.50%,

9/1/2042

57,764

58,247

Pool#

AB6524

3.50%,

10/1/2042

525,260

501,523

Pool#

AB7074

3.00%,

11/1/2042

318,747

295,610

Pool#

AP8785

3.00%,

11/1/2042

101,432

94,072

Pool#

AL2677

3.50%,

11/1/2042

344,945

329,645

Pool#

AB6786

3.50%,

11/1/2042

183,874

175,565

Pool#

MA1273

3.50%,

12/1/2042

147,434

140,772

Pool#

AR4210

3.50%,

1/1/2043

93,330

89,111

Pool#

AT4040

3.00%,

3/1/2043

81,852

75,910

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AR8213

3.50%,

4/1/2043

74,187

71,018

Pool#

AB9238

3.00%,

5/1/2043

505,623

468,892

Pool#

AB9237

3.00%,

5/1/2043

407,835

378,207

Pool#

AB9236

3.00%,

5/1/2043

129,186

119,801

Pool#

AB9362

3.50%,

5/1/2043

527,785

503,926

Pool#

AT4145

3.00%,

6/1/2043

155,165

143,892

Pool#

AB9814

3.00%,

7/1/2043

490,310

454,692

Pool#

AT6871

3.00%,

7/1/2043

62,766

58,184

Pool#

AS0203

3.00%,

8/1/2043

376,450

349,101

Pool#

AS0255

4.50%,

8/1/2043

136,188

136,570

Pool#

AS0516

3.00%,

9/1/2043

259,046

240,197

Pool#

AL4471

4.00%,

9/1/2043

194,131

191,447

Pool#

AL6951

3.50%,

10/1/2043

258,921

247,227

Pool#

BM4222

3.00%,

1/1/2044

357,363

331,435

Pool#

AS2276

4.50%,

4/1/2044

194,446

194,990

Pool#

AW1006

4.00%,

5/1/2044

72,966

72,205

Pool#

AL7767

4.50%,

6/1/2044

17,779

17,952

Pool#

AS3161

4.00%,

8/1/2044

442,616

432,171

Pool#

BM4650

3.00%,

10/1/2044

643,245

596,577

Pool#

CA0688

3.50%,

10/1/2044

151,952

145,089

Pool#

BC5090

4.00%,

10/1/2044

37,389

36,634

Pool#

AS3946

4.00%,

12/1/2044

510,107

501,664

Pool#

AL8303

3.00%,

1/1/2045

113,784

105,529

Pool#

BM4384

4.00%,

1/1/2045

194,081

190,461

Pool#

BM3611

4.00%,

1/1/2045

158,718

156,151

Pool#

BM3804

3.50%,

2/1/2045

70,636

67,445

Pool#

AL9555

4.00%,

2/1/2045

1,007,509

996,200

Pool#

AX9524

4.00%,

2/1/2045

577,012

570,993

Pool#

AS4418

4.00%,

2/1/2045

393,142

389,042

Pool#

AS4375

4.00%,

2/1/2045

270,157

267,339

Pool#

AL6889

4.50%,

2/1/2045

62,601

62,935

62

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3931

3.00%,

3/1/2045

314,089

291,303

Pool#

AY1312

3.50%,

3/1/2045

934,013

887,858

Pool#

AX9567

3.50%,

3/1/2045

54,219

51,490

Pool#

BM4975

4.00%,

3/1/2045

78,490

76,735

Pool#

AS4578

4.00%,

3/1/2045

73,216

72,452

Pool#

BM3664

3.00%,

5/1/2045

351,368

325,876

Pool#

AS4921

3.50%,

5/1/2045

465,157

442,687

Pool#

AS5012

4.00%,

5/1/2045

738,978

731,269

Pool#

BM5562

4.00%,

6/1/2045

138,282

135,960

Pool#

AS5312

3.50%,

7/1/2045

94,903

90,318

Pool#

AZ7111

4.00%,

7/1/2045

10,752

10,499

Pool#

AZ9866

4.00%,

8/1/2045

8,051

7,811

Pool#

AL7207

4.50%,

8/1/2045

79,728

80,153

Pool#

AL9634

3.50%,

10/1/2045

59,321

56,679

Pool#

BA2164

3.00%,

11/1/2045

78,406

72,408

Pool#

AS6311

3.50%,

12/1/2045

756,313

713,714

Pool#

AS6282

3.50%,

12/1/2045

687,228

654,026

Pool#

BC0326

3.50%,

12/1/2045

439,461

414,708

Pool#

BC0092

3.50%,

12/1/2045

41,645

39,299

Pool#

BC0475

3.50%,

12/1/2045

29,722

28,085

Pool#

AS6362

4.50%,

12/1/2045

14,047

14,086

Pool#

AS6474

3.50%,

1/1/2046

172,536

165,353

Pool#

AS6539

3.50%,

1/1/2046

157,723

151,158

Pool#

AL9849

3.50%,

1/1/2046

86,162

82,271

Pool#

AS6527

4.00%,

1/1/2046

104,686

102,216

Pool#

BC0178

4.50%,

1/1/2046

2,010

2,014

Pool#

BC1158

3.50%,

2/1/2046

585,903

552,900

Pool#

BC2667

4.00%,

2/1/2046

17,511

17,098

Pool#

BC0605

4.00%,

2/1/2046

13,900

13,547

Pool#

AL9781

4.50%,

2/1/2046

150,420

151,622

Pool#

BC0300

3.50%,

3/1/2046

435,986

411,426

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4621

3.50%,

3/1/2046

225,176

215,053

Pool#

AS6833

3.50%,

3/1/2046

9,713

9,177

Pool#

AS6795

4.00%,

3/1/2046

55,425

54,134

Pool#

BA6972

4.00%,

3/1/2046

20,302

19,823

Pool#

BC0311

4.50%,

3/1/2046

2,452

2,456

Pool#

BC0823

3.50%,

4/1/2046

69,871

65,935

Pool#

BA7692

3.50%,

4/1/2046

8,833

8,335

Pool#

AS7026

4.00%,

4/1/2046

42,732

41,723

Pool#

AS7171

3.50%,

5/1/2046

19,194

18,113

Pool#

AS7251

4.00%,

5/1/2046

7,300

7,126

Pool#

AS7387

3.50%,

6/1/2046

55,376

52,256

Pool#

AL8833

4.00%,

6/1/2046

463,729

458,893

Pool#

AS7594

3.50%,

7/1/2046

407,363

384,411

Pool#

AS7593

3.50%,

7/1/2046

364,212

343,693

Pool#

AL8824

3.50%,

7/1/2046

103,529

99,220

Pool#

AS7545

3.50%,

7/1/2046

101,130

95,433

Pool#

AS7490

3.50%,

7/1/2046

72,578

68,979

Pool#

BC1452

4.00%,

7/1/2046

732,593

715,597

Pool#

BD5180

4.50%,

7/1/2046

1,186

1,187

Pool#

MA2705

3.00%,

8/1/2046

362,659

332,286

Pool#

BC1489

3.00%,

8/1/2046

83,483

76,818

Pool#

BD4890

3.50%,

8/1/2046

483,967

456,703

Pool#

BC9501

3.50%,

8/1/2046

15,601

14,703

Pool#

AS7760

4.00%,

8/1/2046

79,380

77,507

Pool#

AS7648

4.00%,

8/1/2046

35,456

34,543

Pool#

AS7795

4.00%,

8/1/2046

29,117

28,385

Pool#

BD3911

4.00%,

8/1/2046

6,842

6,648

Pool#

BD3923

4.00%,

8/1/2046

5,998

5,824

Pool#

AS7770

4.50%,

8/1/2046

21,444

21,486

Pool#

BD5232

4.50%,

8/1/2046

3,591

3,595

Pool#

AL8947

3.50%,

9/1/2046

130,370

123,027

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

63

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BD4944

3.50%,

9/1/2046

10,869

10,257

Pool#

AL9263

3.00%,

10/1/2046

124,915

114,794

Pool#

AL9234

3.50%,

10/1/2046

49,990

47,782

Pool#

BM3932

3.50%,

10/1/2046

30,071

28,377

Pool#

AS8125

3.50%,

10/1/2046

30,022

28,338

Pool#

FM1871

4.00%,

10/1/2046

72,952

71,922

Pool#

BC4766

4.50%,

10/1/2046

24,484

24,553

Pool#

AS8154

4.50%,

10/1/2046

6,867

6,884

Pool#

FM1368

3.00%,

11/1/2046

685,500

632,485

Pool#

MA2806

3.00%,

11/1/2046

242,229

221,790

Pool#

BC9003

3.00%,

11/1/2046

96,973

88,973

Pool#

AS8369

3.50%,

11/1/2046

385,899

364,155

Pool#

BE5067

3.50%,

11/1/2046

254,940

240,792

Pool#

BE0065

3.50%,

11/1/2046

10,638

10,068

Pool#

BE5038

4.00%,

11/1/2046

8,295

8,220

Pool#

MA2833

3.00%,

12/1/2046

2,035,124

1,867,224

Pool#

AS8483

3.00%,

12/1/2046

486,520

445,029

Pool#

BC9067

3.00%,

12/1/2046

231,910

212,778

Pool#

AS8488

3.00%,

12/1/2046

187,130

172,189

Pool#

AS8509

3.00%,

12/1/2046

60,653

55,978

Pool#

BM1121

3.50%,

12/1/2046

382,305

363,010

Pool#

AS8492

3.50%,

12/1/2046

378,470

361,860

Pool#

AS8572

3.50%,

12/1/2046

279,893

264,124

Pool#

AS8417

3.50%,

12/1/2046

232,429

219,334

Pool#

BE4224

3.50%,

12/1/2046

9,823

9,270

Pool#

AS8650

3.00%,

1/1/2047

832,785

761,525

Pool#

AL9697

3.00%,

1/1/2047

478,533

440,299

Pool#

AS8647

3.00%,

1/1/2047

358,045

329,458

Pool#

BE5775

3.00%,

1/1/2047

305,403

278,444

Pool#

AL9774

3.50%,

1/1/2047

244,668

234,585

Pool#

BM3204

3.50%,

1/1/2047

192,531

184,303

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BD2440

3.50%,

1/1/2047

139,300

131,453

Pool#

AS8692

3.50%,

1/1/2047

126,051

119,075

Pool#

BD2450

3.50%,

1/1/2047

96,365

91,085

Pool#

BE6548

3.50%,

1/1/2047

49,979

47,164

Pool#

BE5856

4.50%,

1/1/2047

6,505

6,516

Pool#

BE7115

4.50%,

1/1/2047

6,178

6,170

Pool#

BE6503

4.50%,

1/1/2047

2,582

2,583

Pool#

BM3908

5.50%,

1/1/2047

27,022

27,975

Pool#

MA2895

3.00%,

2/1/2047

2,609,597

2,398,321

Pool#

BM3688

3.50%,

2/1/2047

312,314

294,723

Pool#

BD5046

3.50%,

2/1/2047

59,270

55,932

Pool#

BM5274

4.00%,

2/1/2047

51,666

50,447

Pool#

BE8495

4.50%,

2/1/2047

2,895

2,904

Pool#

BE7869

4.50%,

2/1/2047

2,824

2,820

Pool#

AL9859

3.00%,

3/1/2047

773,631

709,805

Pool#

AL9848

3.00%,

3/1/2047

254,163

233,195

Pool#

BM5383

4.00%,

3/1/2047

36,278

35,422

Pool#

AS8966

4.00%,

3/1/2047

21,970

21,376

Pool#

AS8979

4.50%,

3/1/2047

34,137

34,183

Pool#

BE9247

4.50%,

3/1/2047

3,965

3,967

Pool#

BM3707

2.50%,

4/1/2047

136,456

121,204

Pool#

AS9463

3.50%,

4/1/2047

106,413

100,956

Pool#

AS9451

3.50%,

4/1/2047

73,714

69,561

Pool#

BD7122

4.00%,

4/1/2047

316,904

308,344

Pool#

AS9467

4.00%,

4/1/2047

169,719

165,598

Pool#

AS9470

4.50%,

4/1/2047

112,588

112,672

Pool#

BH0304

4.50%,

4/1/2047

5,164

5,160

Pool#

AS9562

3.00%,

5/1/2047

53,685

49,255

Pool#

BM3237

3.50%,

5/1/2047

261,142

248,243

Pool#

AS9577

3.50%,

5/1/2047

99,543

93,012

Pool#

BM1268

4.00%,

5/1/2047

199,225

194,380

64

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS9794

3.50%,

6/1/2047

92,594

88,188

Pool#

AS9747

4.00%,

6/1/2047

474,821

464,795

Pool#

BM3549

4.00%,

6/1/2047

199,955

195,285

Pool#

BE3702

4.00%,

6/1/2047

70,184

68,288

Pool#

BM1295

4.50%,

6/1/2047

71,119

71,216

Pool#

BE9624

4.50%,

6/1/2047

9,930

9,872

Pool#

BM3801

3.00%,

7/1/2047

426,018

390,871

Pool#

AS9938

3.50%,

7/1/2047

104,499

99,718

Pool#

BM1551

3.50%,

7/1/2047

88,317

83,789

Pool#

AS9909

3.50%,

7/1/2047

51,514

48,859

Pool#

BM1492

4.00%,

7/1/2047

338,551

330,317

Pool#

AS9973

4.00%,

7/1/2047

21,827

21,237

Pool#

890673

3.00%,

8/1/2047

215,419

197,648

Pool#

MA3087

3.50%,

8/1/2047

172,668

162,941

Pool#

CA0240

3.50%,

8/1/2047

91,464

86,311

Pool#

BM1658

3.50%,

8/1/2047

71,359

67,720

Pool#

BH7375

3.50%,

8/1/2047

59,949

56,572

Pool#

CA0123

4.00%,

8/1/2047

267,192

261,562

Pool#

BH2597

4.00%,

8/1/2047

171,644

167,008

Pool#

BH5359

4.00%,

8/1/2047

97,369

95,005

Pool#

CA0133

4.00%,

8/1/2047

30,061

29,249

Pool#

BM5787

4.00%,

8/1/2047

9,490

9,275

Pool#

CA0407

3.50%,

9/1/2047

140,856

132,920

Pool#

BH4004

4.00%,

9/1/2047

149,513

145,475

Pool#

BM3556

4.00%,

9/1/2047

90,020

88,681

Pool#

CA0392

4.00%,

9/1/2047

61,421

59,762

Pool#

CA0265

4.00%,

9/1/2047

18,567

18,065

Pool#

CA0487

3.50%,

10/1/2047

365,693

345,090

Pool#

BM1959

3.50%,

10/1/2047

261,624

249,900

Pool#

CA0493

4.00%,

10/1/2047

161,628

157,262

Pool#

BM3015

4.00%,

10/1/2047

110,777

108,989

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0549

4.00%,

10/1/2047

97,058

94,436

Pool#

CA0496

4.50%,

10/1/2047

119,537

119,953

Pool#

CA0623

4.50%,

10/1/2047

27,305

27,306

Pool#

CA0693

3.50%,

11/1/2047

260,441

245,769

Pool#

CA0680

3.50%,

11/1/2047

130,207

124,274

Pool#

BM3358

3.50%,

11/1/2047

116,051

110,848

Pool#

CA0696

4.00%,

11/1/2047

290,719

282,865

Pool#

BM3191

4.00%,

11/1/2047

58,056

56,488

Pool#

CA0808

4.00%,

11/1/2047

49,010

47,861

Pool#

BM3379

3.00%,

12/1/2047

384,309

353,180

Pool#

BJ2492

3.50%,

12/1/2047

163,686

154,464

Pool#

MA3211

4.00%,

12/1/2047

438,201

427,311

Pool#

BJ1699

4.00%,

12/1/2047

130,974

128,972

Pool#

MA3238

3.50%,

1/1/2048

272,045

256,718

Pool#

CA0991

3.50%,

1/1/2048

266,070

253,796

Pool#

CA1015

4.00%,

1/1/2048

173,077

168,845

Pool#

CA1025

4.50%,

1/1/2048

213,384

212,705

Pool#

CA1189

3.50%,

2/1/2048

1,063,336

1,005,141

Pool#

BH9280

3.50%,

2/1/2048

559,138

529,704

Pool#

CA1242

3.50%,

2/1/2048

124,406

118,972

Pool#

MA3277

4.00%,

2/1/2048

9,765

9,499

Pool#

BJ8271

4.50%,

2/1/2048

242,385

241,589

Pool#

BJ8269

4.50%,

2/1/2048

174,403

175,011

Pool#

BK1586

4.50%,

2/1/2048

164,955

164,929

Pool#

BJ8270

4.50%,

2/1/2048

137,875

137,898

Pool#

CA4341

3.00%,

3/1/2048

96,774

88,608

Pool#

MA3305

3.50%,

3/1/2048

29,315

27,664

Pool#

BK1972

4.50%,

3/1/2048

41,526

41,855

Pool#

BJ0640

5.00%,

3/1/2048

11,894

12,122

Pool#

CA1531

3.50%,

4/1/2048

96,064

91,809

Pool#

CA1510

3.50%,

4/1/2048

55,722

52,582

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

65

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA1551

4.00%,

4/1/2048

420,247

408,894

Pool#

CA1560

4.50%,

4/1/2048

83,902

83,557

Pool#

BJ2681

5.00%,

4/1/2048

32,255

32,843

Pool#

MA3348

5.00%,

4/1/2048

3,067

3,126

Pool#

BM4024

3.50%,

5/1/2048

60,590

57,943

Pool#

MA3358

4.50%,

5/1/2048

131,727

131,255

Pool#

MA3374

5.00%,

5/1/2048

8,279

8,436

Pool#

CA1898

4.50%,

6/1/2048

107,036

107,356

Pool#

CA1951

4.00%,

7/1/2048

104,994

102,158

Pool#

BK6577

4.50%,

7/1/2048

9,472

9,430

Pool#

CA1988

4.50%,

7/1/2048

3,469

3,450

Pool#

BK4766

4.50%,

8/1/2048

179,298

179,269

Pool#

CA2376

4.00%,

9/1/2048

101,085

98,354

Pool#

MA3472

5.00%,

9/1/2048

11,095

11,287

Pool#

MA3495

4.00%,

10/1/2048

146,976

142,959

Pool#

CA2493

4.50%,

10/1/2048

63,975

63,719

Pool#

BM4664

4.50%,

10/1/2048

61,605

61,588

Pool#

BM5024

3.00%,

11/1/2048

490,566

449,578

Pool#

FM1001

3.50%,

11/1/2048

34,916

32,949

Pool#

MA3521

4.00%,

11/1/2048

157,929

153,496

Pool#

MA3536

4.00%,

12/1/2048

118,327

115,093

Pool#

CA2779

4.50%,

12/1/2048

229,814

229,749

Pool#

BN0340

4.50%,

12/1/2048

171,563

170,776

Pool#

BM5212

4.50%,

12/1/2048

45,833

45,650

Pool#

FM2888

3.50%,

1/1/2049

1,235,267

1,165,674

Pool#

MA3563

4.00%,

1/1/2049

1,725,681

1,678,523

Pool#

BN3944

4.00%,

1/1/2049

76,248

74,165

Pool#

BN3960

4.50%,

1/1/2049

121,165

120,669

Pool#

BN6135

4.00%,

2/1/2049

53,941

52,351

Pool#

FM2337

4.50%,

2/1/2049

183,715

182,982

Pool#

CA3387

4.00%,

4/1/2049

255,724

250,011

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA3394

5.00%,

4/1/2049

21,662

22,049

Pool#

CA3489

4.00%,

5/1/2049

186,433

182,268

Pool#

MA3665

4.50%,

5/1/2049

184,526

183,637

Pool#

FM1051

4.50%,

5/1/2049

104,569

104,057

Pool#

FM7504

3.50%,

6/1/2049

253,735

239,452

Pool#

CA3669

4.00%,

6/1/2049

280,613

273,486

Pool#

CA3639

4.00%,

6/1/2049

99,405

96,689

Pool#

FM8304

4.00%,

7/1/2049

541,642

526,867

Pool#

CA3825

4.00%,

7/1/2049

218,747

214,307

Pool#

FM7105

3.50%,

8/1/2049

168,482

159,000

Pool#

BO5494

3.00%,

11/1/2049

77,747

71,252

Pool#

FM2170

4.00%,

11/1/2049

238,318

231,812

Pool#

BO6225

3.00%,

12/1/2049

628,224

573,069

Pool#

BO5380

3.00%,

12/1/2049

90,006

82,480

Pool#

MA3873

4.00%,

12/1/2049

104,922

101,978

Pool#

CA5152

3.00%,

2/1/2050

200,001

182,665

Pool#

FM2887

3.00%,

3/1/2050

414,403

378,656

Pool#

FM0077

3.00%,

3/1/2050

101,359

92,575

Pool#

CA5510

3.00%,

4/1/2050

333,596

304,819

Pool#

MA4048

3.00%,

6/1/2050

269,753

246,184

Pool#

MA4077

2.00%,

7/1/2050

933,862

778,992

Pool#

BP6466

3.00%,

7/1/2050

955,362

870,974

Pool#

FM6159

3.00%,

7/1/2050

650,383

592,664

Pool#

CA6598

2.50%,

8/1/2050

779,452

683,108

Pool#

MA4097

3.00%,

8/1/2050

72,084

65,747

Pool#

BQ4909

2.00%,

9/1/2050

1,626,492

1,359,639

Pool#

CA6985

2.00%,

9/1/2050

842,419

706,569

Pool#

FM4226

2.50%,

9/1/2050

2,014,879

1,761,469

Pool#

FM4231

2.50%,

9/1/2050

1,898,789

1,655,877

Pool#

FM4222

2.50%,

9/1/2050

460,617

406,076

Pool#

CA7029

2.50%,

9/1/2050

444,542

391,896

66

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA7972

3.00%,

9/1/2050

555,786

506,233

Pool#

CA7572

2.50%,

10/1/2050

2,753,161

2,427,236

Pool#

CA7368

2.50%,

10/1/2050

1,154,695

1,007,278

Pool#

CA7369

2.50%,

10/1/2050

838,987

731,872

Pool#

MA4181

1.50%,

11/1/2050

839,430

664,690

Pool#

CA7573

2.50%,

11/1/2050

3,982,940

3,508,302

Pool#

FM4859

2.50%,

11/1/2050

966,889

845,287

Pool#

FM4808

2.50%,

11/1/2050

780,502

680,646

Pool#

FM5169

3.00%,

11/1/2050

497,444

452,887

Pool#

FM5480

3.00%,

11/1/2050

484,747

441,328

Pool#

FM4969

2.00%,

12/1/2050

1,612,146

1,353,400

Pool#

CA8442

2.00%,

1/1/2051

1,954,270

1,638,244

Pool#

FM6360

3.00%,

1/1/2051

513,591

467,588

Pool#

FM6031

2.00%,

2/1/2051

2,465,261

2,046,522

Pool#

CA8823

2.00%,

2/1/2051

1,013,131

845,795

Pool#

CA8893

2.00%,

2/1/2051

1,003,299

837,586

Pool#

BQ9747

2.00%,

2/1/2051

746,793

621,550

Pool#

FM6135

2.00%,

2/1/2051

547,107

458,876

Pool#

CA8866

2.50%,

2/1/2051

625,514

547,867

Pool#

MA4280

1.50%,

3/1/2051

3,433,369

2,715,744

Pool#

FM6554

2.00%,

3/1/2051

1,815,732

1,522,913

Pool#

MA4281

2.00%,

3/1/2051

1,684,731

1,395,412

Pool#

FM6569

2.50%,

3/1/2051

2,081,214

1,814,717

Pool#

FM7677

2.50%,

3/1/2051

1,974,373

1,725,073

Pool#

FM7460

4.00%,

3/1/2051

697,396

669,760

Pool#

CB0149

2.00%,

4/1/2051

309,186

258,768

Pool#

BR7647

2.00%,

4/1/2051

213,089

178,340

Pool#

BR7703

2.50%,

4/1/2051

338,502

295,224

Pool#

MA4325

2.00%,

5/1/2051

883,989

734,937

Pool#

CB0400

2.00%,

5/1/2051

292,678

246,979

Pool#

CB0514

2.50%,

5/1/2051

1,227,549

1,078,666

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS3950

3.00%,

5/1/2051

1,147,099

1,046,722

Pool#

FS1463

4.00%,

5/1/2051

253,880

246,942

Pool#

CB0684

2.00%,

6/1/2051

1,254,044

1,047,212

Pool#

CB0819

2.00%,

6/1/2051

1,132,783

945,948

Pool#

MA4355

2.00%,

6/1/2051

1,104,033

917,921

Pool#

FM7719

2.00%,

6/1/2051

807,132

676,965

Pool#

FM8630

1.50%,

7/1/2051

1,362,074

1,079,081

Pool#

MA4378

2.00%,

7/1/2051

1,990,796

1,655,671

Pool#

CB1110

2.00%,

7/1/2051

523,943

438,341

Pool#

FM8160

2.50%,

7/1/2051

596,487

523,158

Pool#

FM8007

2.50%,

7/1/2051

387,106

337,649

Pool#

CB1065

2.50%,

7/1/2051

325,700

283,724

Pool#

CB1133

2.50%,

7/1/2051

277,268

241,679

Pool#

CB1330

2.50%,

8/1/2051

1,434,578

1,251,403

Pool#

FM8011

2.50%,

8/1/2051

1,199,913

1,050,236

Pool#

CB1400

3.00%,

8/1/2051

37,820

34,479

Pool#

MA4437

2.00%,

10/1/2051

9,836,192

8,159,659

Pool#

BU1052

2.00%,

10/1/2051

450,166

378,777

Pool#

FM9082

2.00%,

10/1/2051

447,394

375,044

Pool#

FM9081

2.00%,

10/1/2051

166,363

139,460

Pool#

FS1215

2.50%,

10/1/2051

1,020,079

888,501

Pool#

FS1473

3.50%,

10/1/2051

1,149,871

1,085,075

Pool#

MA4464

1.50%,

11/1/2051

1,746,044

1,380,017

Pool#

CB2038

2.00%,

11/1/2051

5,359,584

4,452,482

Pool#

FM9450

2.00%,

11/1/2051

1,796,674

1,503,395

Pool#

MA4465

2.00%,

11/1/2051

1,728,648

1,433,738

Pool#

FM9411

2.00%,

11/1/2051

1,713,015

1,423,856

Pool#

MA4466

2.50%,

11/1/2051

5,057,889

4,384,939

Pool#

FM9491

2.50%,

11/1/2051

684,749

598,051

Pool#

FM9494

2.50%,

11/1/2051

449,414

393,858

Pool#

BU5908

2.00%,

12/1/2051

3,226,537

2,712,234

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

67

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB2297

2.50%,

12/1/2051

4,100,713

3,593,583

Pool#

MA4493

2.50%,

12/1/2051

3,255,462

2,833,532

Pool#

FM9543

2.50%,

12/1/2051

2,469,178

2,163,809

Pool#

CB2410

2.50%,

12/1/2051

1,764,750

1,546,273

Pool#

FM9806

2.50%,

12/1/2051

1,519,479

1,331,559

Pool#

FM9864

2.50%,

12/1/2051

909,131

795,561

Pool#

CB2469

2.50%,

12/1/2051

824,947

719,746

Pool#

FM9697

2.50%,

12/1/2051

408,869

357,793

Pool#

FS1192

2.00%,

1/1/2052

4,248,223

3,533,758

Pool#

FS1095

2.00%,

1/1/2052

2,579,581

2,146,554

Pool#

MA4512

2.50%,

1/1/2052

4,012,631

3,474,338

Pool#

FS2639

2.50%,

1/1/2052

871,635

759,662

Pool#

FS2040

2.00%,

2/1/2052

1,748,601

1,448,595

Pool#

BU9905

2.00%,

2/1/2052

859,585

713,343

Pool#

CB2868

2.50%,

2/1/2052

1,653,312

1,437,660

Pool#

CB3156

2.00%,

3/1/2052

1,783,234

1,483,026

Pool#

BV4133

2.50%,

3/1/2052

1,709,815

1,486,570

Pool#

CB3159

2.50%,

3/1/2052

1,707,996

1,487,871

Pool#

CB3016

2.50%,

3/1/2052

858,149

751,882

Pool#

CB3237

3.00%,

3/1/2052

856,186

769,878

Pool#

BV5355

2.50%,

4/1/2052

849,341

738,201

Pool#

CB3368

3.00%,

4/1/2052

848,212

762,554

Pool#

CB3362

3.00%,

4/1/2052

804,934

729,925

Pool#

FS2141

3.50%,

6/1/2052

969,826

909,762

Pool#

CB3915

4.50%,

6/1/2052

65,827

64,804

Pool#

FS3806

2.50%,

7/1/2052

12,474,168

10,792,982

Pool#

MA4653

3.00%,

7/1/2052

775,504

696,745

Pool#

MA4733

4.50%,

9/1/2052

907,992

893,068

Pool#

CB4673

4.50%,

9/1/2052

861,787

859,732

Pool#

CB4831

4.50%,

10/1/2052

1,330,156

1,309,215

Pool#

MA4805

4.50%,

11/1/2052

793,203

780,087

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB5535

5.00%,

1/1/2053

1,831,037

1,831,424

Pool#

CB5642

5.50%,

2/1/2053

746,690

760,077

Pool#

FS3801

5.50%,

2/1/2053

184,737

187,411

Pool#

CB6065

5.00%,

4/1/2053

991,913

992,736

Pool#

CB6004

5.50%,

4/1/2053

2,963,650

3,039,440

Pool#

CB6082

5.50%,

4/1/2053

664,584

673,526

Pool#

CB6182

5.00%,

5/1/2053

934,543

934,452

Pool#

CB6650

5.50%,

6/1/2053

2,074,804

2,126,563

Pool#

MA5071

5.00%,

7/1/2053

1,175,577

1,175,463

Pool#

FS5214

5.00%,

7/1/2053

733,919

738,313

Pool#

FS7303

5.00%,

7/1/2053

579,720

579,664

Pool#

MA5073

6.00%,

7/1/2053

1,379,491

1,411,675

Pool#

FS5424

4.50%,

8/1/2053

534,730

526,682

Pool#

CB6921

6.00%,

8/1/2053

474,184

493,952

Pool#

CB7115

6.00%,

9/1/2053

1,446,137

1,502,511

Pool#

CB7482

6.00%,

11/1/2053

1,947,742

1,995,730

Pool#

CB7484

6.50%,

11/1/2053

1,386,313

1,433,706

Pool#

CB7449

6.50%,

11/1/2053

320,348

331,186

Pool#

FS6294

6.50%,

11/1/2053

202,583

209,111

Pool#

CB7653

6.50%,

12/1/2053

1,078,207

1,126,603

Pool#

FS6529

6.50%,

12/1/2053

965,766

1,007,674

Pool#

CB7649

6.50%,

12/1/2053

717,385

758,068

Pool#

CB7652

6.50%,

12/1/2053

620,907

649,176

Pool#

CB7803

6.50%,

1/1/2054

212,046

220,907

Pool#

CB7865

6.50%,

1/1/2054

152,039

157,467

Pool#

FS7172

6.50%,

2/1/2054

418,193

435,402

Pool#

CB8024

6.50%,

2/1/2054

331,668

351,904

Pool#

CB8823

6.50%,

7/1/2054

633,370

656,376

Pool#

MA5445

6.00%,

8/1/2054

6,009,301

6,141,746

Pool#

CB9009

6.00%,

8/1/2054

1,678,929

1,733,548

Pool#

CB9010

6.00%,

8/1/2054

367,229

375,586

68

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB9031

6.50%,

8/1/2054

1,901,270

1,972,032

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2039

2,840,250

2,534,667

2.00%,

10/25/2039

3,849,750

3,521,573

3.00%,

10/25/2039

1,648,663

1,581,235

3.50%,

10/25/2039

1,893,000

1,852,938

4.00%,

10/25/2039

993,000

985,964

4.50%,

10/25/2039

215,000

215,635

5.00%,

10/25/2039

35,000

35,431

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

10/25/2054

100,000

102,203

6.50%,

10/25/2054

6,875,000

7,087,390

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2054

3,200,000

2,644,996

3.00%,

10/25/2054

2,925,000

2,624,955

3.50%,

10/25/2054

1,450,000

1,350,193

4.00%,

10/25/2054

4,050,000

3,889,148

4.50%,

10/25/2054

3,650,000

3,588,049

5.00%,

10/25/2054

6,526,000

6,521,666

5.50%,

10/25/2054

7,275,000

7,359,241

4.50%,

11/25/2054

925,000

909,734

GNMA

I

Pool

Pool#

457801

7.00%,

8/15/2028

674

680

Pool#

486936

6.50%,

2/15/2029

268

278

Pool#

502969

6.00%,

3/15/2029

1,194

1,231

Pool#

487053

7.00%,

3/15/2029

404

407

Pool#

781014

6.00%,

4/15/2029

721

739

Pool#

509099

7.00%,

6/15/2029

1,848

1,856

Pool#

434505

7.50%,

8/15/2029

31

31

Pool#

781124

7.00%,

12/15/2029

2,812

2,936

Pool#

507396

7.50%,

9/15/2030

21,138

21,222

Pool#

531352

7.50%,

9/15/2030

1,479

1,484

Pool#

536334

7.50%,

10/15/2030

115

116

Pool#

486019

7.50%,

1/15/2031

543

545

Pool#

535388

7.50%,

1/15/2031

373

374

Pool#

528589

6.50%,

3/15/2031

6,584

6,686

Pool#

508473

7.50%,

4/15/2031

1,896

1,908

Pool#

544470

8.00%,

4/15/2031

692

694

Pool#

781287

7.00%,

5/15/2031

1,322

1,384

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781319

7.00%,

7/15/2031

447

477

Pool#

485879

7.00%,

8/15/2031

1,096

1,102

Pool#

572554

6.50%,

9/15/2031

19,277

20,061

Pool#

781328

7.00%,

9/15/2031

1,259

1,329

Pool#

550991

6.50%,

10/15/2031

361

374

Pool#

571267

7.00%,

10/15/2031

175

177

Pool#

555171

6.50%,

12/15/2031

887

921

Pool#

781380

7.50%,

12/15/2031

431

458

Pool#

781481

7.50%,

1/15/2032

1,896

2,004

Pool#

580972

6.50%,

2/15/2032

115

116

Pool#

781401

7.50%,

2/15/2032

1,454

1,554

Pool#

781916

6.50%,

3/15/2032

12,861

13,321

Pool#

552474

7.00%,

3/15/2032

2,788

2,901

Pool#

781478

7.50%,

3/15/2032

810

868

Pool#

781429

8.00%,

3/15/2032

1,497

1,604

Pool#

781431

7.00%,

4/15/2032

5,416

5,776

Pool#

552616

7.00%,

6/15/2032

21,613

22,255

Pool#

570022

7.00%,

7/15/2032

9,400

9,810

Pool#

595077

6.00%,

10/15/2032

2,830

2,997

Pool#

552903

6.50%,

11/15/2032

35,809

37,418

Pool#

552952

6.00%,

12/15/2032

1,941

1,993

Pool#

602102

6.00%,

2/15/2033

11,039

11,424

Pool#

588192

6.00%,

2/15/2033

2,270

2,333

Pool#

553144

5.50%,

4/15/2033

6,253

6,361

Pool#

604243

6.00%,

4/15/2033

3,832

4,021

Pool#

611526

6.00%,

5/15/2033

6,136

6,149

Pool#

553320

6.00%,

6/15/2033

11,826

12,186

Pool#

604788

6.50%,

11/15/2033

38,817

40,593

Pool#

781688

6.00%,

12/15/2033

15,144

15,815

Pool#

604875

6.00%,

12/15/2033

13,222

13,849

Pool#

781690

6.00%,

12/15/2033

5,425

5,660

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

69

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781699

7.00%,

12/15/2033

1,559

1,594

Pool#

621856

6.00%,

1/15/2034

7,105

7,287

Pool#

564799

6.00%,

3/15/2034

5,218

5,310

Pool#

630038

6.50%,

8/15/2034

25,312

26,357

Pool#

781804

6.00%,

9/15/2034

15,405

16,159

Pool#

781847

6.00%,

12/15/2034

11,590

12,158

Pool#

486921

5.50%,

2/15/2035

4,137

4,283

Pool#

781902

6.00%,

2/15/2035

15,382

16,136

Pool#

781933

6.00%,

6/15/2035

1,572

1,649

Pool#

649513

5.50%,

10/15/2035

79,494

82,299

Pool#

649510

5.50%,

10/15/2035

50,047

52,061

Pool#

652207

5.50%,

3/15/2036

35,179

36,292

Pool#

655519

5.00%,

5/15/2036

16,423

16,939

Pool#

652539

5.00%,

5/15/2036

5,631

5,712

Pool#

606308

5.50%,

5/15/2036

5,733

5,935

Pool#

657912

6.50%,

8/15/2036

2,743

2,838

Pool#

697957

4.50%,

3/15/2039

447,669

452,769

Pool#

704630

5.50%,

7/15/2039

14,757

15,225

Pool#

710724

4.50%,

8/15/2039

133,079

134,750

Pool#

722292

5.00%,

9/15/2039

280,608

288,238

Pool#

782803

6.00%,

11/15/2039

139,069

145,922

Pool#

736666

4.50%,

4/15/2040

331,769

328,992

Pool#

733312

4.00%,

9/15/2040

38,921

38,315

Pool#

742235

4.00%,

12/15/2040

76,864

75,667

Pool#

755959

4.00%,

1/15/2041

72,383

71,613

Pool#

755958

4.00%,

1/15/2041

68,997

68,263

Pool#

742244

4.00%,

1/15/2041

60,133

59,197

Pool#

759075

4.00%,

1/15/2041

54,910

54,055

Pool#

753826

4.00%,

1/15/2041

30,258

29,787

Pool#

690662

4.00%,

1/15/2041

18,496

18,208

Pool#

719486

4.00%,

1/15/2041

6,650

6,514

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

759207

4.00%,

2/15/2041

137,520

135,379

Pool#

757555

4.00%,

2/15/2041

14,281

14,129

Pool#

757557

4.00%,

2/15/2041

7,159

7,083

Pool#

738107

4.00%,

3/15/2041

166,168

163,580

Pool#

784637

4.00%,

8/15/2041

52,347

51,886

Pool#

778869

4.00%,

2/15/2042

95,405

93,919

Pool#

AD8789

3.50%,

3/15/2043

325,934

313,028

Pool#

AD2254

3.50%,

3/15/2043

51,116

49,170

Pool#

AA6403

3.00%,

5/15/2043

394,478

368,570

Pool#

AD2411

3.50%,

5/15/2043

195,904

188,778

Pool#

783781

3.50%,

6/15/2043

277,147

265,430

Pool#

784015

3.00%,

7/15/2043

74,756

69,847

Pool#

784459

3.00%,

12/15/2046

173,441

160,081

Pool#

784293

3.00%,

12/15/2046

47,739

43,911

Pool#

784355

4.00%,

12/15/2046

70,302

68,255

Pool#

784500

3.00%,

2/15/2047

374,142

344,863

Pool#

784713

3.00%,

2/15/2047

94,003

86,645

Pool#

784747

4.00%,

5/15/2048

50,225

49,157

Pool#

784715

4.00%,

5/15/2048

42,997

42,148

Pool#

785073

4.00%,

9/15/2049

58,660

57,392

Pool#

BD4016

3.00%,

10/15/2049

143,309

131,050

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

169,586

175,793

Pool#

4245

6.00%,

9/20/2038

66,533

71,882

Pool#

4559

5.00%,

10/20/2039

155,607

159,553

Pool#

4715

5.00%,

6/20/2040

40,281

41,366

Pool#

4747

5.00%,

7/20/2040

451,561

463,722

Pool#

4771

4.50%,

8/20/2040

373,734

378,200

Pool#

4802

5.00%,

9/20/2040

311,697

320,276

Pool#

4834

4.50%,

10/20/2040

101,435

102,647

Pool#

737727

4.00%,

12/20/2040

627,477

618,189

70

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

737730

4.00%,

12/20/2040

188,841

186,046

Pool#

4923

4.50%,

1/20/2041

159,869

161,779

Pool#

4978

4.50%,

3/20/2041

22,374

22,642

Pool#

5017

4.50%,

4/20/2041

230,828

233,586

Pool#

5056

5.00%,

5/20/2041

77,130

79,253

Pool#

5082

4.50%,

6/20/2041

91,668

92,763

Pool#

5175

4.50%,

9/20/2041

108,936

110,238

Pool#

675523

3.50%,

3/20/2042

125,385

118,343

Pool#

5332

4.00%,

3/20/2042

104,141

103,369

Pool#

MA0392

3.50%,

9/20/2042

950,475

911,136

Pool#

MA0462

3.50%,

10/20/2042

752,214

721,080

Pool#

MA0534

3.50%,

11/20/2042

1,711,810

1,641,046

Pool#

MA0625

3.50%,

12/20/2042

360,479

345,577

Pool#

MA0698

3.00%,

1/20/2043

395,249

367,296

Pool#

MA0852

3.50%,

3/20/2043

398,171

381,763

Pool#

MA0934

3.50%,

4/20/2043

361,875

346,982

Pool#

AF1001

3.50%,

6/20/2043

322,117

304,412

Pool#

MA1376

4.00%,

10/20/2043

157,331

155,519

Pool#

AJ9335

3.50%,

10/20/2044

36,056

34,059

Pool#

MA2677

3.00%,

3/20/2045

130,634

121,253

Pool#

MA2754

3.50%,

4/20/2045

240,771

229,784

Pool#

MA2824

2.50%,

5/20/2045

266,653

239,066

Pool#

MA2825

3.00%,

5/20/2045

514,705

477,843

Pool#

AM4381

3.50%,

5/20/2045

328,695

304,745

Pool#

MA2891

3.00%,

6/20/2045

869,146

806,643

Pool#

MA2892

3.50%,

6/20/2045

182,902

174,537

Pool#

MA2960

3.00%,

7/20/2045

299,533

276,793

Pool#

784156

4.00%,

8/20/2045

126,521

123,681

Pool#

AO1103

3.50%,

9/20/2045

528,882

502,002

Pool#

AO1099

3.50%,

9/20/2045

282,136

267,798

Pool#

MA3106

4.00%,

9/20/2045

70,227

69,186

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3172

3.00%,

10/20/2045

144,449

134,004

Pool#

MA3173

3.50%,

10/20/2045

99,263

94,110

Pool#

MA3174

4.00%,

10/20/2045

8,686

8,555

Pool#

MA3243

3.00%,

11/20/2045

274,968

255,024

Pool#

MA3244

3.50%,

11/20/2045

261,315

249,161

Pool#

784098

3.00%,

12/20/2045

535,411

496,286

Pool#

MA3309

3.00%,

12/20/2045

468,839

434,663

Pool#

MA3310

3.50%,

12/20/2045

194,529

185,464

Pool#

784111

3.00%,

1/20/2046

279,153

258,654

Pool#

MA3377

4.00%,

1/20/2046

39,199

38,582

Pool#

784119

3.00%,

2/20/2046

532,338

493,245

Pool#

784115

3.00%,

2/20/2046

24,342

22,555

Pool#

MA3520

3.00%,

3/20/2046

356,476

330,169

Pool#

MA3521

3.50%,

3/20/2046

681,761

649,801

Pool#

MA3522

4.00%,

3/20/2046

268,380

264,323

Pool#

MA3596

3.00%,

4/20/2046

186,133

172,262

Pool#

MA3597

3.50%,

4/20/2046

195,428

186,180

Pool#

MA3662

3.00%,

5/20/2046

710,378

655,386

Pool#

MA3735

3.00%,

6/20/2046

432,352

399,765

Pool#

MA3736

3.50%,

6/20/2046

1,107,499

1,054,066

Pool#

MA3804

4.00%,

7/20/2046

41,080

40,371

Pool#

MA3873

3.00%,

8/20/2046

928,853

858,421

Pool#

MA3876

4.50%,

8/20/2046

43,654

43,960

Pool#

MA3936

3.00%,

9/20/2046

936,842

863,741

Pool#

MA3939

4.50%,

9/20/2046

7,067

7,015

Pool#

MA4006

4.50%,

10/20/2046

131,658

132,582

Pool#

MA4068

3.00%,

11/20/2046

141,094

130,257

Pool#

MA4069

3.50%,

11/20/2046

14,546

13,830

Pool#

MA4070

4.00%,

11/20/2046

25,549

25,108

Pool#

MA4071

4.50%,

11/20/2046

8,941

9,003

Pool#

MA4125

2.50%,

12/20/2046

83,172

74,565

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

71

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4126

3.00%,

12/20/2046

1,447,852

1,337,602

Pool#

MA4194

2.50%,

1/20/2047

324,276

290,725

Pool#

MA4196

3.50%,

1/20/2047

90,770

86,310

Pool#

MA4261

3.00%,

2/20/2047

380,766

351,861

Pool#

MA4262

3.50%,

2/20/2047

1,378,849

1,310,419

Pool#

MA4264

4.50%,

2/20/2047

10,684

10,719

Pool#

MA4321

3.50%,

3/20/2047

685,893

650,904

Pool#

AZ1974

3.50%,

4/20/2047

182,390

173,107

Pool#

MA4382

3.50%,

4/20/2047

117,851

111,725

Pool#

MA4383

4.00%,

4/20/2047

541,140

529,843

Pool#

MA4384

4.50%,

4/20/2047

12,971

12,958

Pool#

MA4509

3.00%,

6/20/2047

134,424

123,841

Pool#

MA4511

4.00%,

6/20/2047

256,453

250,440

Pool#

MA4512

4.50%,

6/20/2047

29,833

29,896

Pool#

MA4585

3.00%,

7/20/2047

24,423

22,538

Pool#

MA4587

4.00%,

7/20/2047

767,746

752,900

Pool#

784471

3.50%,

8/20/2047

302,004

287,493

Pool#

BC1888

3.50%,

8/20/2047

296,068

280,998

Pool#

MA4652

3.50%,

8/20/2047

268,047

254,761

Pool#

MA4653

4.00%,

8/20/2047

40,340

39,406

Pool#

784408

3.50%,

10/20/2047

191,470

179,916

Pool#

MA4780

4.50%,

10/20/2047

9,962

9,981

Pool#

MA4836

3.00%,

11/20/2047

251,193

231,346

Pool#

MA4837

3.50%,

11/20/2047

237,865

225,574

Pool#

MA4838

4.00%,

11/20/2047

1,056,165

1,033,667

Pool#

784421

3.50%,

12/20/2047

282,679

268,397

Pool#

MA4900

3.50%,

12/20/2047

170,720

161,879

Pool#

MA4962

3.50%,

1/20/2048

346,994

328,979

Pool#

MA5018

3.00%,

2/20/2048

94,788

87,428

Pool#

MA5019

3.50%,

2/20/2048

17,976

17,064

Pool#

784480

3.50%,

4/20/2048

232,548

221,212

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784479

3.50%,

4/20/2048

164,964

157,266

Pool#

784481

3.50%,

4/20/2048

71,166

67,510

Pool#

MA5137

4.00%,

4/20/2048

221,159

215,831

Pool#

BD4034

4.00%,

4/20/2048

79,674

77,311

Pool#

MA5138

4.50%,

4/20/2048

90,874

90,939

Pool#

MA5192

4.00%,

5/20/2048

409,348

399,868

Pool#

MA5265

4.50%,

6/20/2048

163,042

163,065

Pool#

MA5331

4.50%,

7/20/2048

73,560

73,563

Pool#

MA5398

4.00%,

8/20/2048

409,385

399,773

Pool#

MA5399

4.50%,

8/20/2048

203,199

203,186

Pool#

MA5465

3.50%,

9/20/2048

64,800

61,513

Pool#

MA5466

4.00%,

9/20/2048

91,831

89,760

Pool#

BJ2692

4.00%,

11/20/2048

61,279

58,932

Pool#

MA5597

5.00%,

11/20/2048

6,828

6,915

Pool#

MA5652

4.50%,

12/20/2048

93,692

93,672

Pool#

784656

4.50%,

12/20/2048

52,450

51,298

Pool#

BK2856

4.50%,

12/20/2048

12,146

11,889

Pool#

MA5653

5.00%,

12/20/2048

19,684

19,978

Pool#

MA5712

5.00%,

1/20/2049

72,716

73,710

Pool#

MA5818

4.50%,

3/20/2049

66,267

66,246

Pool#

MA5878

5.00%,

4/20/2049

7,604

7,705

Pool#

MA5987

4.50%,

6/20/2049

437,170

435,362

Pool#

MA6041

4.50%,

7/20/2049

119,746

119,541

Pool#

MA6092

4.50%,

8/20/2049

51,195

50,921

Pool#

MA6153

3.00%,

9/20/2049

96,891

88,911

Pool#

MA6409

3.00%,

1/20/2050

674,956

619,161

Pool#

MA6474

3.00%,

2/20/2050

625,220

572,381

Pool#

MA6542

3.50%,

3/20/2050

155,702

147,669

Pool#

MA6657

3.50%,

5/20/2050

315,620

298,557

Pool#

MA6766

3.00%,

7/20/2050

763,875

696,485

Pool#

BW4732

2.50%,

8/20/2050

852,096

734,068

72

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

BW6206

2.50%,

8/20/2050

796,473

686,149

Pool#

MA6820

3.00%,

8/20/2050

633,006

579,278

Pool#

MA6821

3.50%,

8/20/2050

519,440

492,068

Pool#

MA6864

2.00%,

9/20/2050

1,173,034

994,600

Pool#

BW4741

2.50%,

9/20/2050

877,036

755,554

Pool#

BY0776

2.50%,

9/20/2050

559,519

482,016

Pool#

BY0805

2.50%,

9/20/2050

524,827

452,131

Pool#

MA6994

2.00%,

11/20/2050

1,563,517

1,327,428

Pool#

MA7051

2.00%,

12/20/2050

2,229,915

1,892,769

Pool#

MA7053

3.00%,

12/20/2050

762,372

696,619

Pool#

MA7136

2.50%,

1/20/2051

1,639,125

1,447,072

Pool#

MA7192

2.00%,

2/20/2051

3,971,853

3,369,651

Pool#

MA7367

2.50%,

5/20/2051

3,385,746

2,987,112

Pool#

MA7472

2.50%,

7/20/2051

2,950,063

2,600,936

Pool#

MA7534

2.50%,

8/20/2051

2,461,891

2,169,919

Pool#

MA7647

1.50%,

10/20/2051

363,708

297,510

Pool#

MA7648

2.00%,

10/20/2051

3,196,988

2,710,975

Pool#

MA7650

3.00%,

10/20/2051

2,079,075

1,897,022

Pool#

MA7704

2.00%,

11/20/2051

820,242

695,544

Pool#

MA7705

2.50%,

11/20/2051

1,435,833

1,265,212

Pool#

MA7766

2.00%,

12/20/2051

3,142,631

2,664,861

Pool#

MA7767

2.50%,

12/20/2051

1,594,377

1,405,026

Pool#

MA7826

2.00%,

1/20/2052

1,027,081

871,288

Pool#

MA7935

2.00%,

3/20/2052

3,270,970

2,774,716

Pool#

786843

3.00%,

3/20/2052

453,747

410,036

Pool#

MA7986

2.00%,

4/20/2052

3,644,072

3,091,155

Pool#

MA7987

2.50%,

4/20/2052

4,206,981

3,706,961

Pool#

MA8042

2.50%,

5/20/2052

755,086

665,379

Pool#

MA8043

3.00%,

5/20/2052

860,754

784,728

Pool#

MA8147

2.50%,

7/20/2052

241,312

212,551

Pool#

MA8148

3.00%,

7/20/2052

1,673,938

1,527,901

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA8197

2.50%,

8/20/2052

963,733

849,587

Pool#

MA8265

3.00%,

9/20/2052

429,536

391,599

Pool#

MA8491

5.50%,

12/20/2052

779,522

788,563

Pool#

MA8726

5.50%,

3/20/2053

335,723

339,539

Pool#

MA8800

5.00%,

4/20/2053

1,095,316

1,098,785

Pool#

MA8801

5.50%,

4/20/2053

1,093,636

1,105,522

Pool#

MA8946

4.50%,

6/20/2053

3,302,360

3,262,223

Pool#

MA8948

5.50%,

6/20/2053

244,046

246,742

Pool#

MA9016

5.00%,

7/20/2053

2,763,069

2,770,543

Pool#

786798

5.50%,

7/20/2053

441,026

449,006

Pool#

MA9490

6.50%,

2/20/2054

71,710

73,404

Pool#

MA9727

6.50%,

6/20/2054

1,028,872

1,053,181

Pool#

MA9780

6.00%,

7/20/2054

2,145,645

2,182,990

Pool#

MA9781

6.50%,

7/20/2054

24,840

25,430

Pool#

MA9851

5.50%,

8/20/2054

1,211,686

1,223,732

Pool#

MA9852

6.00%,

8/20/2054

1,396,474

1,421,289

Pool#

MA9853

6.50%,

8/20/2054

349,203

357,494

GNMA

TBA

2.00%,

10/15/2054

1,175,000

996,087

2.50%,

10/15/2054

2,500,000

2,203,029

3.00%,

10/15/2054

425,000

387,513

3.50%,

10/15/2054

975,000

915,962

4.00%,

10/15/2054

3,589,000

3,469,726

4.50%,

10/15/2054

3,950,000

3,900,088

5.00%,

10/15/2054

4,825,000

4,832,726

5.50%,

10/15/2054

7,300,000

7,370,297

6.00%,

10/15/2054

6,600,000

6,711,819

6.50%,

10/15/2054

3,875,000

3,964,648

5.00%,

11/15/2054

1,200,000

1,201,453

Total

Mortgage-Backed

Securities

(cost

$641,256,093)

597,073,964

Municipal

Bonds

0.5%

California

0.2

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

120,338

Bay

Area

Toll

Authority,

RB,

Series

F,

6.26%,

4/1/2049

250,000

284,722

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

66,916

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

73

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

106,972

Golden

State

Tobacco

Securitization

Corp.,

RB,

Series

A-1,

3.71%,

6/1/2041

90,000

71,662

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

360,217

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

91,414

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

233,715

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Series

H,

6.55%,

5/15/2048

150,000

172,298

Series

F,

6.58%,

5/15/2049

200,000

229,904

Series

N,

3.26%,

5/15/2060

230,000

165,810

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

109,615

State

of

California

7.55%,

4/1/2039

1,410,000

1,772,216

7.63%,

3/1/2040

425,000

531,816

University

of

California

Series

BD,

3.35%,

7/1/2029

200,000

196,079

Series

AQ,

4.77%,

5/15/2115

150,000

138,004

4,651,698

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

541,614

Florida

0.0

%

†

State

Board

of

Administration

Finance

Corp.,

RB,

Series

A,

2.15%,

7/1/2030

105,000

93,266

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

467,000

534,303

Illinois

0.1

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue,

RB,

Series

A,

6.90%,

12/1/2040

286,238

327,188

State

of

Illinois,

GO,

5.10%,

6/1/2033

889,412

903,373

1,230,561

Municipal

Bonds

Principal

Amount

($)

Value

($)

Louisiana

0.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth

Series

A,

3.62%,

2/1/2029

40,135

39,571

Series

A,

4.48%,

8/1/2039

50,000

49,297

5.20%,

12/1/2039

95,000

99,391

188,259

Michigan

0.0

%

†

University

of

Michigan,

RB,

Series

B,

3.50%,

4/1/2052

83,000

67,517

New

Jersey

0.0

%

†

New

Jersey

Economic

Development

Authority,

RB,

7.43%,

2/15/2029

125,000

134,986

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

535,381

Rutgers

The

State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

259,014

929,381

New

York

0.1

%

City

of

New

York,

GO,

Series

B,

5.26%,

10/1/2052

35,000

37,697

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

400,000

486,407

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

306,347

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

RB,

Series

B,

5.57%,

11/1/2038

500,000

526,664

New

York

State

Dormitory

Authority,

RB,

Series

F,

5.63%,

3/15/2039

250,000

260,860

Port

Authority

of

New

York

&

New

Jersey

Series

159,

6.04%,

12/1/2029

620,000

679,385

3.18%,

7/15/2060

135,000

96,394

2,393,754

Ohio

0.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

102,494

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

148,017

250,511

74

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

Oklahoma

0.0

%

†

Oklahoma

Development

Finance

Authority

4.62%,

6/1/2044

60,000

60,087

4.38%,

11/1/2045

60,000

57,527

117,614

South

Carolina

0.0

%

†

South

Carolina

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

113,777

Texas

0.1

%

Board

of

Regents

of

the

University

of

Texas

System,

RB,

Series

C,

4.79%,

8/15/2046

200,000

200,609

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

217,395

Dallas

Fort

Worth

International

Airport

Series

C,

2.92%,

11/1/2050

100,000

74,146

Series

A,

4.51%,

11/1/2051

45,000

42,109

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

34,639

North

Texas

Tollway

Authority,

RB,

Series

A,

3.01%,

1/1/2043

35,000

28,202

Permanent

University

Fund

-

University

of

Texas

System,

RB,

Series

A,

5.26%,

7/1/2039

260,000

269,239

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

348,8

22

Texas

Department

of

Transportation

State

Highway

Fund,

RB,

5.18%,

4/1/2030

150,000

154,177

Texas

Natural

Gas

Securitization

Finance

Corp.

Series

A-1,

5.10%,

4/1/2035

145,506

150,495

Series

A-2,

5.17%,

4/1/2041

140,000

147,467

1,667,300

Virginia

0.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

56,213

Total

Municipal

Bonds

(cost

$12,701,641)

12,835,768

Supranational

1.1%

African

Development

Bank

0.88%,

3/23/2026

200,000

191,309

4.38%,

3/14/2028(b)

500,000

512,119

3.50%,

9/18/2029

200,000

198,554

Asian

Development

Bank

1.00%,

4/14/2026

200,000

191,516

Supranational

Principal

Amount

($)

Value

($)

1.50%,

1/20/2027

760,000

724,565

3.75%,

4/25/2028

1,250,000

1,255,196

4.50%,

8/25/2028

700,000

722,406

1.88%,

1/24/2030

500,000

457,153

4.00%,

1/12/2033

350,000

353,359

3.88%,

6/14/2033

200,000

200,305

4.13%,

1/12/2034

400,000

407,559

Asian

Infrastructure

Investment

Bank

(The)

4.00%,

1/18/2028(b)

350,000

354,426

4.13%,

1/18/2029(b)

1,000,000

1,019,240

Corp.

Andina

de

Fomento,

5.00%,

1/24/2029

200,000

206,704

Council

of

Europe

Development

Bank,

3.75%,

5/25/2026(b)

450,000

449,510

European

Bank

for

Reconstruction

&

Development,

4.13%,

1/25/2029

1,000,000

1,018,525

European

Investment

Bank

0.38%,

3/26/2026(b)

1,500,000

1,424,918

0.75%,

10/26/2026(b)

290,000

273,159

2.38%,

5/24/2027(b)

2,000,000

1,937,107

3.63%,

7/15/2030

900,000

898,202

1.25%,

2/14/2031

300,000

258,568

3.75%,

2/14/2033(b)

900,000

893,677

4.13%,

2/13/2034

400,000

407,880

Inter-American

Development

Bank

2.00%,

7/23/2026

1,000,000

968,872

2.25%,

6/18/2029

250,000

235,011

3.50%,

9/14/2029(b)

900,000

894,112

1.13%,

1/13/2031

400,000

342,034

3.63%,

9/17/2031

200,000

198,292

3.50%,

4/12/2033

750,000

729,844

4.38%,

7/17/2034

210,000

217,794

Inter-American

Investment

Corp.,

4.25%,

2/14/2029

200,000

204,073

International

Bank

for

Reconstruction

&

Development

1.88%,

10/27/2026

400,000

385,743

2.50%,

11/22/2027

1,000,000

967,264

3.50%,

7/12/2028

1,000,000

996,186

1.13%,

9/13/2028

1,000,000

909,418

3.88%,

2/14/2030

850,000

858,535

0.88%,

5/14/2030

1,000,000

858,842

4.00%,

7/25/2030

300,000

304,884

4.00%,

1/10/2031

700,000

710,324

1.63%,

11/3/2031

1,000,000

868,840

4.75%,

11/14/2033

600,000

639,699

3.88%,

8/28/2034

300,000

298,974

International

Finance

Corp.,

4.50%,

7/13/2028

400,000

413,248

Nordic

Investment

Bank,

4.38%,

3/14/2028

500,000

512,036

Total

Supranational

(cost

$27,292,833)

26,869,982

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

75

U.S.

Government

Agency

Securities

0.5%

Principal

Amount

($)

Value

($)

FHLB

2.75%,

12/13/2024

1,000,000

996,201

5.50%,

7/15/2036

1,500,000

1,705,826

FHLMC

0.38%,

7/21/2025

1,165,000

1,131,504

6.25%,

7/15/2032(b)

1,245,000

1,452,616

FNMA

0.50%,

6/17/2025

1,000,000

974,331

6.25%,

5/15/2029(b)

2,500,000

2,780,794

7.25%,

5/15/2030

2,000,000

2,354,112

0.88%,

8/5/2030

440,000

374,851

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

521,386

Total

U.S.

Government

Agency

Securities

(cost

$12,746,766)

12,291,621

U.S.

Treasury

Obligations

43.8%

U.S.

Treasury

Bonds

6.00%,

2/15/2026

(b)

4,042,000

4,169,260

6.50%,

11/15/2026

3,000,000

3,193,594

5.50%,

8/15/2028

(b)

3,000,000

3,219,141

5.38%,

2/15/2031

1,000,000

1,101,602

4.75%,

2/15/2037

(b)

709,600

775,155

5.00%,

5/15/2037

(b)

305,000

340,683

4.38%,

2/15/2038

1,050,000

1,106,191

4.25%,

5/15/2039

2,500,000

2,584,668

4.50%,

8/15/2039

1,080,000

1,145,559

4.38%,

11/15/2039

300,000

313,816

1.13%,

5/15/2040

6,000,000

3,963,750

4.38%,

5/15/2040

1,000,000

1,045,156

1.13%,

8/15/2040

3,000,000

1,964,883

3.88%,

8/15/2040

1,000,000

985,391

1.38%,

11/15/2040

7,500,000

5,089,453

4.25%,

11/15/2040

1,400,000

1,441,453

1.88%,

2/15/2041

5,000,000

3,666,406

4.75%,

2/15/2041

2,000,000

2,178,672

1.75%,

8/15/2041

4,300,000

3,048,801

3.75%,

8/15/2041

4,900,000

4,724,098

2.00%,

11/15/2041

11,500,000

8,455,195

3.13%,

11/15/2041

4,100,000

3,623,055

2.38%,

2/15/2042

3,000,000

2,336,484

3.13%,

2/15/2042

1,000,000

880,391

3.00%,

5/15/2042

(b)

1,000,000

859,688

3.25%,

5/15/2042

2,000,000

1,778,125

2.75%,

8/15/2042

1,000,000

823,984

3.38%,

8/15/2042

3,000,000

2,707,383

2.75%,

11/15/2042

1,500,000

1,230,059

4.00%,

11/15/2042

3,000,000

2,952,187

3.13%,

2/15/2043

1,750,000

1,514,229

3.88%,

2/15/2043

3,000,000

2,894,062

2.88%,

5/15/2043

2,850,000

2,366,168

3.88%,

5/15/2043

3,500,000

3,369,844

4.38%,

8/15/2043

1,000,000

1,028,242

3.63%,

2/15/2044

3,500,000

3,230,391

3.38%,

5/15/2044

4,000,000

3,554,375

3.13%,

8/15/2044

3,700,000

3,155,406

3.00%,

11/15/2044

5,500,000

4,589,277

2.50%,

2/15/2045

3,500,000

2,675,039

3.00%,

5/15/2045

5,500,000

4,572,520

2.88%,

8/15/2045

3,300,000

2,682,152

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.50%,

2/15/2046

2,500,000

1,889,941

2.50%,

5/15/2046

3,000,000

2,261,133

2.88%,

11/15/2046

3,000,000

2,412,070

3.00%,

2/15/2047

2,000,000

1,638,906

3.00%,

5/15/2047

(b)

2,000,000

1,636,328

2.75%,

8/15/2047

2,500,000

1,951,074

2.75%,

11/15/2047

3,200,000

2,491,500

3.00%,

2/15/2048

3,000,000

2,439,961

3.13%,

5/15/2048

2,000,000

1,661,094

3.00%,

8/15/2048

3,000,000

2,432,930

3.38%,

11/15/2048

5,000,000

4,333,203

3.00%,

2/15/2049

3,000,000

2,428,711

2.88%,

5/15/2049

3,500,000

2,762,949

2.25%,

8/15/2049

3,000,000

2,078,320

2.38%,

11/15/2049

(b)

800,000

568,625

2.00%,

2/15/2050

4,500,000

2,932,207

1.25%,

5/15/2050

2,700,000

1,444,922

1.38%,

8/15/2050

5,000,000

2,754,102

1.63%,

11/15/2050

6,800,000

3,999,781

1.88%,

2/15/2051

6,400,000

4,010,000

2.38%,

5/15/2051

6,500,000

4,585,801

2.00%,

8/15/2051

7,200,000

4,637,812

1.88%,

11/15/2051

7,100,000

4,423,078

2.25%,

2/15/2052

6,000,000

4,091,484

2.88%,

5/15/2052

5,500,000

4,307,402

3.00%,

8/15/2052

5,200,000

4,178,891

4.00%,

11/15/2052

4,800,000

4,670,625

3.63%,

2/15/2053

5,100,000

4,637,414

3.63%,

5/15/2053

5,200,000

4,732,203

4.13%,

8/15/2053

5,000,000

4,979,102

4.75%,

11/15/2053

3,300,000

3,645,082

4.25%,

2/15/2054

11,000,000

11,209,688

4.63%,

5/15/2054

4,700,000

5,098,031

4.25%,

8/15/2054

2,000,000

2,042,188

U.S.

Treasury

Notes

3.50%,

9/15/2025

10,000,000

9,954,453

0.25%,

9/30/2025

8,000,000

7,711,250

5.00%,

9/30/2025

8,000,000

8,078,812

4.25%,

10/15/2025

(b)

3,000,000

3,008,789

0.25%,

10/31/2025

8,000,000

7,690,312

2.25%,

11/15/2025

8,500,000

8,348,262

4.50%,

11/15/2025

3,000,000

3,019,219

0.38%,

11/30/2025

6,200,000

5,955,148

2.88%,

11/30/2025

2,000,000

1,977,109

4.00%,

12/15/2025

4,000,000

4,006,406

0.38%,

12/31/2025

9,000,000

8,622,773

3.88%,

1/15/2026

6,000,000

6,003,047

0.38%,

1/31/2026

7,000,000

6,689,648

2.63%,

1/31/2026

4,000,000

3,939,531

1.63%,

2/15/2026

(b)

8,500,000

8,253,965

4.00%,

2/15/2026

7,000,000

7,018,867

0.50%,

2/28/2026

2,000,000

1,910,312

4.63%,

3/15/2026

10,000,000

10,120,312

0.75%,

3/31/2026

(b)

4,000,000

3,825,469

3.75%,

4/15/2026

5,500,000

5,500,215

0.75%,

4/30/2026

5,000,000

4,771,875

4.88%,

4/30/2026

7,000,000

7,119,492

1.63%,

5/15/2026

2,000,000

1,934,297

3.63%,

5/15/2026

(b)

9,000,000

8,985,586

0.75%,

5/31/2026

3,000,000

2,857,383

0.88%,

6/30/2026

6,000,000

5,716,172

4.50%,

7/15/2026

6,000,000

6,082,969

76

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

0.63%,

7/31/2026

2,000,000

1,892,578

1.50%,

8/15/2026

9,700,000

9,321,851

4.38%,

8/15/2026

6,000,000

6,075,000

0.75%,

8/31/2026

(b)

5,000,000

4,732,617

1.38%,

8/31/2026

4,500,000

4,311,211

4.63%,

9/15/2026

(b)

7,000,000

7,125,508

0.88%,

9/30/2026

(b)

8,000,000

7,578,125

1.63%,

9/30/2026

7,000,000

6,731,211

1.13%,

10/31/2026

(b)

8,000,000

7,598,438

1.63%,

10/31/2026

(b)

8,000,000

7,678,750

4.63%,

11/15/2026

4,000,000

4,079,844

1.25%,

11/30/2026

2,000,000

1,901,875

4.38%,

12/15/2026

10,000,000

10,158,594

1.25%,

12/31/2026

6,000,000

5,697,422

4.00%,

1/15/2027

8,000,000

8,066,250

2.25%,

2/15/2027

1,200,000

1,162,969

4.13%,

2/15/2027

10,000,000

10,115,625

1.88%,

2/28/2027

2,500,000

2,400,879

2.50%,

3/31/2027

2,500,000

2,435,742

4.50%,

4/15/2027

5,000,000

5,108,789

2.75%,

4/30/2027

3,500,000

3,427,949

2.38%,

5/15/2027

5,700,000

5,526,996

0.50%,

5/31/2027

1,000,000

922,266

2.63%,

5/31/2027

3,000,000

2,926,875

4.63%,

6/15/2027

3,000,000

3,080,977

0.50%,

6/30/2027

5,000,000

4,600,000

4.38%,

7/15/2027

5,000,000

5,104,687

2.75%,

7/31/2027

3,000,000

2,933,086

2.25%,

8/15/2027

(b)

5,300,000

5,108,910

3.75%,

8/15/2027

15,000,000

15,071,484

0.50%,

8/31/2027

8,000,000

7,324,688

3.13%,

8/31/2027

3,000,000

2,962,852

3.38%,

9/15/2027

15,000,000

14,923,828

4.13%,

9/30/2027

4,000,000

4,064,219

0.50%,

10/31/2027

3,000,000

2,732,578

4.13%,

10/31/2027

(b)

2,000,000

2,031,641

2.25%,

11/15/2027

5,390,000

5,179,664

0.63%,

11/30/2027

8,500,000

7,754,590

3.88%,

11/30/2027

3,000,000

3,026,250

3.88%,

12/31/2027

4,500,000

4,542,891

0.75%,

1/31/2028

4,000,000

3,647,188

3.50%,

1/31/2028

4,000,000

3,990,938

2.75%,

2/15/2028

8,000,000

7,790,000

1.13%,

2/29/2028

3,000,000

2,765,391

4.00%,

2/29/2028

2,500,000

2,533,984

1.25%,

3/31/2028

1,500,000

1,386,152

3.63%,

3/31/2028

1,000,000

1,002,031

1.25%,

4/30/2028

5,000,000

4,611,133

3.50%,

4/30/2028

2,500,000

2,493,848

2.88%,

5/15/2028

7,000,000

6,832,930

1.25%,

5/31/2028

4,000,000

3,681,719

3.63%,

5/31/2028

5,500,000

5,508,594

1.25%,

6/30/2028

4,000,000

3,675,312

4.00%,

6/30/2028

4,200,000

4,262,836

1.00%,

7/31/2028

4,000,000

3,632,812

4.13%,

7/31/2028

3,000,000

3,058,242

2.88%,

8/15/2028

5,500,000

5,360,137

1.13%,

8/31/2028

4,000,000

3,643,906

4.38%,

8/31/2028

4,000,000

4,115,469

1.25%,

9/30/2028

4,500,000

4,112,227

4.63%,

9/30/2028

10,000,000

10,388,281

1.38%,

10/31/2028

7,000,000

6,417,305

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.88%,

10/31/2028

(b)

6,000,000

6,292,969

3.13%,

11/15/2028

5,000,000

4,912,891

1.50%,

11/30/2028

3,000,000

2,759,883

4.38%,

11/30/2028

3,000,000

3,091,875

1.38%,

12/31/2028

(b)

5,000,000

4,570,312

3.75%,

12/31/2028

3,000,000

3,020,156

1.75%,

1/31/2029

2,000,000

1,854,062

4.00%,

1/31/2029

4,000,000

4,067,500

2.63%,

2/15/2029

7,772,000

7,472,960

1.88%,

2/28/2029

4,000,000

3,724,062

2.38%,

3/31/2029

5,000,000

4,750,586

4.13%,

3/31/2029

3,000,000

3,068,086

2.88%,

4/30/2029

5,000,000

4,851,758

4.63%,

4/30/2029

6,000,000

6,265,312

2.38%,

5/15/2029

5,700,000

5,409,656

2.75%,

5/31/2029

3,500,000

3,375,176

4.50%,

5/31/2029

4,000,000

4,160,000

3.25%,

6/30/2029

11,000,000

10,841,445

4.25%,

6/30/2029

5,000,000

5,146,094

2.63%,

7/31/2029

9,500,000

9,098,105

4.00%,

7/31/2029

3,000,000

3,056,953

1.63%,

8/15/2029

3,000,000

2,743,945

3.13%,

8/31/2029

4,000,000

3,916,719

3.88%,

9/30/2029

3,500,000

3,544,434

4.00%,

10/31/2029

(b)

5,500,000

5,601,836

1.75%,

11/15/2029

(b)

4,000,000

3,664,531

3.88%,

11/30/2029

3,000,000

3,039,258

3.88%,

12/31/2029

3,000,000

3,039,141

3.50%,

1/31/2030

3,000,000

2,985,000

1.50%,

2/15/2030

4,700,000

4,220,270

4.00%,

2/28/2030

3,700,000

3,770,965

3.63%,

3/31/2030

2,800,000

2,801,859

3.50%,

4/30/2030

4,000,000

3,977,656

0.63%,

5/15/2030

7,300,000

6,199,297

3.75%,

5/31/2030

2,500,000

2,516,504

3.75%,

6/30/2030

3,000,000

3,019,687

4.00%,

7/31/2030

3,000,000

3,058,711

0.63%,

8/15/2030

7,000,000

5,899,141

4.13%,

8/31/2030

3,000,000

3,078,516

4.63%,

9/30/2030

2,500,000

2,632,910

4.88%,

10/31/2030

2,000,000

2,134,687

0.88%,

11/15/2030

8,400,000

7,149,187

4.38%,

11/30/2030

3,000,000

3,120,820

3.75%,

12/31/2030

(b)

3,000,000

3,017,695

4.00%,

1/31/2031

2,000,000

2,039,453

1.13%,

2/15/2031

9,000,000

7,739,297

4.25%,

2/28/2031

3,000,000

3,102,539

4.13%,

3/31/2031

4,000,000

4,108,750

4.63%,

4/30/2031

(b)

3,000,000

3,169,336

1.63%,

5/15/2031

5,500,000

4,848,809

4.63%,

5/31/2031

3,000,000

3,170,156

4.25%,

6/30/2031

(b)

4,000,000

4,140,938

4.13%,

7/31/2031

3,500,000

3,597,891

1.25%,

8/15/2031

9,500,000

8,113,223

1.38%,

11/15/2031

7,500,000

6,422,754

1.88%,

2/15/2032

7,100,000

6,270,187

2.88%,

5/15/2032

8,800,000

8,318,063

2.75%,

8/15/2032

8,200,000

7,662,516

4.13%,

11/15/2032

7,900,000

8,126,199

3.50%,

2/15/2033

8,700,000

8,548,430

3.38%,

5/15/2033

7,500,000

7,291,699

3.88%,

8/15/2033

9,200,000

9,274,031

NVIT

Bond

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

77

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.50%,

11/15/2033

9,000,000

9,504,492

4.00%,

2/15/2034

10,000,000

10,171,875

4.38%,

5/15/2034

(b)

9,500,000

9,949,766

3.88%,

8/15/2034

18,000,000

18,126,562

Total

U.S.

Treasury

Obligations

(cost

$1,084,184,972)

1,034,753,939

Repurchase

Agreements

5.7%

Bank

of

America

NA

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$11,001,491,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$11,220,000.

(h)

11,000,000

11,0

00,000

BofA

Securities,

Inc.

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,000,542,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$4,080,000.

(h)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$2,009,528,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$2,040,000.

(h)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$15,002,063,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$15,300,000.

(h)

15,000,000

15,000,00

0

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$14,289,466,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$14,573,252.

(h)

14,287,50

2

14,287,502

CF

Secured,

LLC

4.90%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$15,002,042,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

3/1/2030

-

8/20/2074;

total

market

value

$15,302,083.

(h)

15,000,000

15,000,000

Citi

Global

Market,

Inc.

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$20,002,694,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$20,400,000.

(h)

20,000,

000

20,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$8,037,567,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$8,160,003.

(h)

8,000,000

8,000,000

ING

Financial

Services

LLC

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$25,093,917,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$25,500,010.

(h)

25,000,000

25,000,000

78

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Bond

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,674,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$5,100,017.

(h)

5,000,000

5,000,000

Santander

US

Capital

Markets

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$15,002,033,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$15,302,074.

(h)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$134,287,502)

134,287,502

Total

Investments

(cost

$2,608,474,854)

—

104.9%

2,481,484,459

Liabilities

in

excess

of

other

assets

—

(4.9)%

(115,954,248)

NET

ASSETS

—

100.0%

$

2,365,530,211

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$329,990,547,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$134,287,502

and

by

$206,702,917

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.75%,

and

maturity

dates

ranging

from

10/24/2024

–

5/15/2054,

a

total

value

of

$340,990,419.

(c)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$5,157,283

which

represents

0.22%

of

net

assets.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2024.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2024.

(g)

Investment

in

affiliate.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$134,287,502.

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

79

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

80

-

Statement

of

Investments

-

September

30,

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

September

30,

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

$

–

$

5,100,964

$

–

$

5,100,964

Commercial

Mortgage-Backed

Securities

–

36,985,099

–

36,985,099

Corporate

Bonds

–

585,446,575

–

585,446,575

Foreign

Government

Securities

–

35,839,045

–

35,839,045

Mortgage-Backed

Securities

–

597,073,964

–

597,073,964

Municipal

Bonds

–

12,835,768

–

12,835,768

Repurchase

Agreements

–

134,287,502

–

134,287,502

Supranational

–

26,869,982

–

26,869,982

U.S.

Government

Agency

Securities

–

12,291,621

–

12,291,621

U.S.

Treasury

Obligations

–

1,034,753,939

–

1,034,753,939

Total

$

–

$

2,481,484,459

$

–

$

2,481,484,459

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

98

.5

%

Shares

Value

($)

AUSTRALIA

7

.7

%

Banks

2

.1

%

ANZ

Group

Holdings

Ltd.

248,730

5,255,482

Commonwealth

Bank

of

Australia

137,878

12,942,150

National

Australia

Bank

Ltd.

255,559

6,618,195

Westpac

Banking

Corp.

286,076

6,291,788

31,107,615

Beverages

0

.0

%

†

Treasury

Wine

Estates

Ltd.

70,199

583,675

Broadline

Retail

0

.3

%

Wesfarmers

Ltd.

93,089

4,528,979

Capital

Markets

0

.4

%

ASX

Ltd.

15,894

702,034

Macquarie

Group

Ltd.

29,900

4,821,932

5,523,966

Chemicals

0

.0

%

†

Orica

Ltd.

42,437

545,666

Commercial

Services

&

Supplies

0

.1

%

Brambles

Ltd.

117,014

1,542,373

Consumer

Staples

Distribution

&

Retail

0

.3

%

Coles

Group

Ltd.

108,561

1,354,538

Endeavour

Group

Ltd.(a)

134,422

466,267

Woolworths

Group

Ltd.

100,888

2,319,401

4,140,206

Diversified

REITs

0

.1

%

GPT

Group

(The)

163,541

562,424

Mirvac

Group

341,991

507,710

Stockland

186,095

676,206

1,746,340

Diversified

Telecommunication

Services

0

.1

%

Telstra

Group

Ltd.

320,506

861,119

Electric

Utilities

0

.1

%

Origin

Energy

Ltd.

137,156

948,808

Financial

Services

0

.0

%

†

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

18,096

435,797

Gas

Utilities

0

.0

%

†

APA

Group(a)

105,236

564,256

Health

Care

Equipment

&

Supplies

0

.1

%

Cochlear

Ltd.

5,569

1,088,924

Health

Care

Providers

&

Services

0

.1

%

Ramsay

Health

Care

Ltd.

14,346

413,576

Sonic

Healthcare

Ltd.

38,580

725,978

1,139,554

Health

Care

Technology

0

.0

%

†

Pro

Medicus

Ltd.

4,763

588,882

Hotels,

Restaurants

&

Leisure

0

.2

%

Aristocrat

Leisure

Ltd.

46,425

1,877,498

Lottery

Corp.

Ltd.

(The)

175,388

622,424

2,499,922

Industrial

REITs

0

.3

%

Goodman

Group

141,761

3,640,021

Insurance

0

.3

%

Insurance

Australia

Group

Ltd.

190,101

969,356

Medibank

Pvt

Ltd.

211,190

534,287

QBE

Insurance

Group

Ltd.

124,602

1,423,879

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

Suncorp

Group

Ltd.

102,475

1,285,747

4,213,269

Interactive

Media

&

Services

0

.1

%

CAR

Group

Ltd.

28,096

730,170

REA

Group

Ltd.(a)

4,439

619,654

SEEK

Ltd.

27,331

471,474

1,821,298

Metals

&

Mining

2

.2

%

BHP

Group

Ltd.

417,819

12,991,224

BlueScope

Steel

Ltd.

36,808

562,978

Fortescue

Ltd.

140,586

1,982,585

Glencore

plc

850,882

4,872,596

Mineral

Resources

Ltd.(a)

14,047

502,433

Northern

Star

Resources

Ltd.

97,532

1,067,240

Pilbara

Minerals

Ltd.*(a)

224,837

505,420

Rio

Tinto

Ltd.

30,852

2,746,970

Rio

Tinto

plc

92,756

6,573,696

South32

Ltd.

373,386

976,902

32,782,044

Office

REITs

0

.0

%

†

Dexus

91,836

480,871

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Ampol

Ltd.(a)

19,569

413,874

Santos

Ltd.

262,141

1,277,648

Woodside

Energy

Group

Ltd.

156,154

2,706,315

4,397,837

Passenger

Airlines

0

.0

%

†

Qantas

Airways

Ltd.*

64,507

331,357

Professional

Services

0

.1

%

Computershare

Ltd.

45,516

794,556

Retail

REITs

0

.1

%

Scentre

Group

437,636

1,107,956

Vicinity

Ltd.

329,354

504,787

1,612,743

Software

0

.1

%

WiseTech

Global

Ltd.

13,889

1,323,477

Trading

Companies

&

Distributors

0

.1

%

Reece

Ltd.(a)

18,060

356,731

Seven

Group

Holdings

Ltd.

16,662

495,199

851,930

Transportation

Infrastructure

0

.2

%

Transurban

Group

254,772

2,311,899

112,407,384

AUSTRIA

0

.2

%

Banks

0

.1

%

Erste

Group

Bank

AG

28,196

1,547,003

Electric

Utilities

0

.0

%

†

Verbund

AG

5,866

487,362

Metals

&

Mining

0

.0

%

†

voestalpine

AG

7,972

207,639

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

OMV

AG

11,630

497,401

Paper

&

Forest

Products

0

.1

%

Mondi

plc

36,443

693,895

3,433,300

82

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

BELGIUM

0

.8

%

Banks

0

.1

%

KBC

Group

NV

18,909

1,504,483

Beverages

0

.3

%

Anheuser-Busch

InBev

SA/

NV

73,547

4,872,962

Chemicals

0

.1

%

Syensqo

SA∞

5,971

529,137

Distributors

0

.0

%

†

D'ieteren

Group(a)

1,911

404,205

Electric

Utilities

0

.0

%

†

Elia

Group

SA/NV(a)

2,584

295,518

Financial

Services

0

.1

%

Groupe

Bruxelles

Lambert

NV

7,171

558,578

Sofina

SA(a)

1,194

337,032

895,610

Food

Products

0

.0

%

†

Lotus

Bakeries

NV(a)

36

483,138

Industrial

REITs

0

.0

%

†

Warehouses

De

Pauw

CVA

13,861

369,560

Insurance

0

.1

%

Ageas

SA/NV

12,698

677,304

Pharmaceuticals

0

.1

%

UCB

SA(a)

10,359

1,867,978

11,899,895

BRAZIL

0

.0

%

†

Chemicals

0

.0

%

†

Yara

International

ASA

14,711

465,909

BURKINA

FASO

0

.0

%

†

Metals

&

Mining

0

.0

%

†

Endeavour

Mining

plc

13,812

326,703

CHILE

0

.1

%

Metals

&

Mining

0

.1

%

Antofagasta

plc

32,412

875,254

CHINA

0

.5

%

Banks

0

.1

%

BOC

Hong

Kong

Holdings

Ltd.

296,500

945,466

Broadline

Retail

0

.4

%

Prosus

NV

117,109

5,064,861

Food

Products

0

.0

%

†

Wilmar

International

Ltd.

166,794

434,039

Marine

Transportation

0

.0

%

†

SITC

International

Holdings

Co.

Ltd.

118,000

314,817

Real

Estate

Management

&

Development

0

.0

%

†

Wharf

Holdings

Ltd.

(The)

92,708

264,715

7,023,898

DENMARK

3

.3

%

Air

Freight

&

Logistics

0

.2

%

DSV

A/S

14,123

2,930,773

Banks

0

.1

%

Danske

Bank

A/S

58,127

1,750,105

Common

Stocks

Shares

Value

($)

DENMARK

Beverages

0

.1

%

Carlsberg

A/S,

Class

B

8,109

966,126

Biotechnology

0

.1

%

Genmab

A/S*

5,176

1,259,837

Zealand

Pharma

A/S,

Class

A*

5,319

645,780

1,905,617

Building

Products

0

.0

%

†

ROCKWOOL

A/S,

Class

B

699

328,493

Chemicals

0

.1

%

Novonesis

(Novozymes)

B,

Class

B

29,030

2,090,431

Electrical

Equipment

0

.1

%

Vestas

Wind

Systems

A/S*

83,463

1,842,868

Health

Care

Equipment

&

Supplies

0

.1

%

Coloplast

A/S,

Class

B

10,193

1,331,762

Demant

A/S*

7,552

295,154

1,626,916

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

Orsted

A/S

Reg.

S*(b)

15,109

1,004,607

Insurance

0

.0

%

†

Tryg

A/S

29,442

698,199

Marine

Transportation

0

.1

%

AP

Moller

-

Maersk

A/S,

Class

A

234

379,269

AP

Moller

-

Maersk

A/S,

Class

B

387

651,042

1,030,311

Pharmaceuticals

2

.2

%

Novo

Nordisk

A/S,

Class

B

265,332

31,593,949

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

Pandora

A/S

6,858

1,129,970

48,898,365

FINLAND

1

.0

%

Banks

0

.2

%

Nordea

Bank

Abp

261,821

3,083,809

Communications

Equipment

0

.1

%

Nokia

OYJ

447,134

1,954,097

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Kesko

OYJ,

Class

B

23,790

508,013

Diversified

Telecommunication

Services

0

.0

%

†

Elisa

OYJ

11,336

601,026

Electric

Utilities

0

.1

%

Fortum

OYJ(a)

38,811

639,665

Insurance

0

.1

%

Sampo

OYJ,

Class

A

41,486

1,937,276

Machinery

0

.2

%

Kone

OYJ,

Class

B

27,986

1,674,163

Metso

OYJ(a)

50,687

543,088

Wartsila

OYJ

Abp

40,478

907,405

3,124,656

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Neste

OYJ(a)

34,980

679,795

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

FINLAND

Paper

&

Forest

Products

0

.2

%

Stora

Enso

OYJ,

Class

R(a)

49,510

634,235

UPM-Kymmene

OYJ

44,658

1,496,698

2,130,933

Pharmaceuticals

0

.0

%

†

Orion

OYJ,

Class

B

8,849

484,736

15,144,006

FRANCE

9

.4

%

Aerospace

&

Defense

1

.1

%

Airbus

SE

48,899

7,160,128

Dassault

Aviation

SA

1,795

369,768

Safran

SA

28,160

6,644,375

Thales

SA

8,038

1,276,786

15,451,057

Automobile

Components

0

.2

%

Cie

Generale

des

Etablissements

Michelin

SCA

55,888

2,269,108

Automobiles

0

.0

%

†

Renault

SA

15,291

664,676

Banks

0

.6

%

BNP

Paribas

SA

83,846

5,753,877

Credit

Agricole

SA

88,371

1,350,871

Societe

Generale

SA

58,299

1,453,361

8,558,109

Beverages

0

.2

%

Pernod

Ricard

SA

16,904

2,555,038

Building

Products

0

.2

%

Cie

de

Saint-Gobain

SA

37,560

3,423,591

Capital

Markets

0

.0

%

†

Amundi

SA

Reg.

S(b)

4,809

359,553

Chemicals

0

.7

%

Air

Liquide

SA

47,629

9,198,843

Arkema

SA

4,389

418,550

9,617,393

Construction

&

Engineering

0

.4

%

Bouygues

SA

16,354

547,779

Eiffage

SA

5,820

562,099

Vinci

SA

41,048

4,802,620

5,912,498

Consumer

Staples

Distribution

&

Retail

0

.1

%

Carrefour

SA

43,870

748,233

Diversified

REITs

0

.0

%

†

Covivio

SA

4,146

251,950

Diversified

Telecommunication

Services

0

.1

%

Orange

SA

152,364

1,744,593

Electrical

Equipment

0

.2

%

Legrand

SA

21,809

2,514,939

Entertainment

0

.0

%

†

Bollore

SE

61,454

409,965

Financial

Services

0

.1

%

Edenred

SE

20,976

795,719

Eurazeo

SE

3,303

271,588

1,067,307

Food

Products

0

.3

%

Danone

SA

53,250

3,877,486

Common

Stocks

Shares

Value

($)

FRANCE

Health

Care

Equipment

&

Supplies

0

.4

%

BioMerieux

3,455

414,119

EssilorLuxottica

SA

24,432

5,789,413

6,203,532

Hotels,

Restaurants

&

Leisure

0

.1

%

Accor

SA

15,849

688,888

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

7,898

325,059

Sodexo

SA(a)

7,384

605,404

1,619,351

Household

Durables

0

.0

%

†

SEB

SA

1,982

226,613

Insurance

0

.4

%

AXA

SA

150,790

5,803,379

IT

Services

0

.2

%

Capgemini

SE

12,976

2,810,827

Life

Sciences

Tools

&

Services

0

.0

%

†

Sartorius

Stedim

Biotech

2,500

523,248

Machinery

0

.0

%

†

Alstom

SA*(a)

29,984

623,200

Media

0

.2

%

Publicis

Groupe

SA

18,928

2,071,325

Vivendi

SE

56,554

654,308

2,725,633

Multi-Utilities

0

.3

%

Engie

SA

148,202

2,560,158

Veolia

Environnement

SA

56,303

1,852,427

4,412,585

Office

REITs

0

.0

%

†

Gecina

SA

3,462

398,841

Oil,

Gas

&

Consumable

Fuels

0

.8

%

TotalEnergies

SE

177,780

11,522,864

Personal

Care

Products

0

.6

%

L'Oreal

SA

19,824

8,887,172

Pharmaceuticals

0

.0

%

†

Ipsen

SA

3,391

417,239

Professional

Services

0

.1

%

Bureau

Veritas

SA

26,338

874,121

Teleperformance

SE

4,446

461,154

1,335,275

Retail

REITs

0

.1

%

Klepierre

SA

18,139

594,788

Unibail-Rodamco-Westfield

10,098

884,133

1,478,921

Software

0

.2

%

Dassault

Systemes

SE

55,461

2,200,951

Textiles,

Apparel

&

Luxury

Goods

1

.7

%

Hermes

International

SCA

2,606

6,412,109

Kering

SA

6,070

1,738,566

LVMH

Moet

Hennessy

Louis

Vuitton

SE

22,662

17,404,751

25,555,426

Trading

Companies

&

Distributors

0

.0

%

†

Rexel

SA

19,312

559,452

Transportation

Infrastructure

0

.1

%

Aeroports

de

Paris

SA

2,745

352,911

84

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Transportation

Infrastructure

Getlink

SE

24,990

445,773

798,684

137,528,689

GERMANY

8

.8

%

Aerospace

&

Defense

0

.2

%

MTU

Aero

Engines

AG

4,394

1,369,535

Rheinmetall

AG

3,604

1,948,243

3,317,778

Air

Freight

&

Logistics

0

.3

%

Deutsche

Post

AG

83,263

3,707,778

Automobile

Components

0

.0

%

†

Continental

AG

8,710

563,484

Automobiles

0

.7

%

Bayerische

Motoren

Werke

AG

26,476

2,335,063

Bayerische

Motoren

Werke

AG

(Preference)

5,025

415,525

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S(a)(b)

9,233

734,825

Mercedes-Benz

Group

AG

61,212

3,956,533

Porsche

Automobil

Holding

SE

(Preference)

12,660

579,075

Volkswagen

AG

(Preference)

17,035

1,802,413

9,823,434

Banks

0

.1

%

Commerzbank

AG

82,257

1,516,966

Capital

Markets

0

.4

%

Deutsche

Bank

AG

(Registered)

156,547

2,698,517

Deutsche

Boerse

AG

15,646

3,669,022

6,367,539

Chemicals

0

.5

%

BASF

SE

73,262

3,877,166

Covestro

AG

Reg.

S*(b)

15,931

992,501

Evonik

Industries

AG

19,951

466,452

Symrise

AG,

Class

A

10,707

1,480,301

6,816,420

Construction

Materials

0

.1

%

Heidelberg

Materials

AG

11,323

1,230,791

Diversified

Telecommunication

Services

0

.6

%

Deutsche

Telekom

AG

(Registered)

287,568

8,446,398

Electrical

Equipment

0

.1

%

Siemens

Energy

AG*

53,228

1,960,563

Entertainment

0

.0

%

†

CTS

Eventim

AG

&

Co.

KGaA

5,174

537,594

Health

Care

Equipment

&

Supplies

0

.1

%

Carl

Zeiss

Meditec

AG(a)

3,159

250,271

Siemens

Healthineers

AG

Reg.

S(b)

22,948

1,376,021

1,626,292

Health

Care

Providers

&

Services

0

.1

%

Fresenius

Medical

Care

AG

16,382

696,684

Fresenius

SE

&

Co.

KGaA*

35,850

1,365,197

2,061,881

Common

Stocks

Shares

Value

($)

GERMANY

Household

Products

0

.1

%

Henkel

AG

&

Co.

KGaA

8,251

701,784

Henkel

AG

&

Co.

KGaA

(Preference)

13,947

1,310,496

2,012,280

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

RWE

AG

52,060

1,893,697

Industrial

Conglomerates

0

.9

%

Siemens

AG

(Registered)

62,613

12,644,737

Insurance

1

.3

%

Allianz

SE

(Registered)

32,250

10,582,140

Hannover

Rueck

SE

4,961

1,414,087

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

11,020

6,063,486

Talanx

AG

5,699

479,764

18,539,477

Interactive

Media

&

Services

0

.0

%

†

Scout24

SE

Reg.

S(b)

5,816

500,253

IT

Services

0

.0

%

†

Bechtle

AG(a)

6,759

301,954

Life

Sciences

Tools

&

Services

0

.0

%

†

Sartorius

AG

(Preference)(a)

2,215

620,805

Machinery

0

.2

%

Daimler

Truck

Holding

AG

40,679

1,521,122

GEA

Group

AG

13,311

650,950

Knorr-Bremse

AG

5,864

521,318

Rational

AG

404

411,767

3,105,157

Multi-Utilities

0

.2

%

E.ON

SE

186,010

2,765,952

Passenger

Airlines

0

.0

%

†

Deutsche

Lufthansa

AG

(Registered)(a)

50,076

366,746

Personal

Care

Products

0

.1

%

Beiersdorf

AG(a)

8,294

1,248,181

Pharmaceuticals

0

.3

%

Bayer

AG

(Registered)

80,408

2,715,635

Merck

KGaA

10,737

1,890,491

4,606,126

Real

Estate

Management

&

Development

0

.2

%

LEG

Immobilien

SE

6,075

633,551

Vonovia

SE

61,353

2,236,007

2,869,558

Semiconductors

&

Semiconductor

Equipment

0

.3

%

Infineon

Technologies

AG

106,901

3,741,447

Software

1

.4

%

Nemetschek

SE

4,770

493,821

SAP

SE

86,029

19,542,461

20,036,282

Specialty

Retail

0

.1

%

Zalando

SE

Reg.

S*(b)

19,231

634,533

Textiles,

Apparel

&

Luxury

Goods

0

.3

%

adidas

AG

13,426

3,553,887

Puma

SE

9,260

386,482

3,940,369

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

GERMANY

Trading

Companies

&

Distributors

0

.1

%

Brenntag

SE

10,753

801,681

128,606,153

HONG

KONG

1

.9

%

Banks

0

.1

%

Hang

Seng

Bank

Ltd.

61,100

760,033

Capital

Markets

0

.3

%

Futu

Holdings

Ltd.,

ADR*

4,180

399,817

Hong

Kong

Exchanges

&

Clearing

Ltd.

99,200

4,048,946

4,448,763

Diversified

Telecommunication

Services

0

.0

%

†

HKT

Trust

&

HKT

Ltd.

296,220

379,255

Electric

Utilities

0

.2

%

CK

Infrastructure

Holdings

Ltd.

47,000

320,055

CLP

Holdings

Ltd.

133,500

1,177,269

Power

Assets

Holdings

Ltd.

110,500

707,831

2,205,155

Food

Products

0

.0

%

†

WH

Group

Ltd.

Reg.

S(b)

703,545

556,523

Gas

Utilities

0

.1

%

Hong

Kong

&

China

Gas

Co.

Ltd.

940,266

765,945

Ground

Transportation

0

.0

%

†

MTR

Corp.

Ltd.

137,500

513,534

Industrial

Conglomerates

0

.1

%

Jardine

Matheson

Holdings

Ltd.

12,500

488,257

Swire

Pacific

Ltd.,

Class

A

38,000

325,685

813,942

Insurance

0

.7

%

AIA

Group

Ltd.

925,000

8,179,590

Prudential

plc

225,893

2,107,254

10,286,844

Machinery

0

.1

%

Techtronic

Industries

Co.

Ltd.

115,500

1,750,821

Real

Estate

Management

&

Development

0

.2

%

CK

Asset

Holdings

Ltd.

156,516

680,133

Henderson

Land

Development

Co.

Ltd.

110,775

347,833

Hongkong

Land

Holdings

Ltd.

95,200

349,348

Sino

Land

Co.

Ltd.

359,000

393,892

Sun

Hung

Kai

Properties

Ltd.

118,000

1,281,440

Wharf

Real

Estate

Investment

Co.

Ltd.

138,500

490,015

3,542,661

Retail

REITs

0

.1

%

Link

REIT

214,540

1,072,342

27,095,818

IRELAND

0

.4

%

Banks

0

.1

%

AIB

Group

plc

153,040

877,288

Bank

of

Ireland

Group

plc

84,383

944,102

1,821,390

Common

Stocks

Shares

Value

($)

IRELAND

Building

Products

0

.1

%

Kingspan

Group

plc

12,514

1,177,966

Food

Products

0

.1

%

Kerry

Group

plc,

Class

A

12,501

1,295,969

Trading

Companies

&

Distributors

0

.1

%

AerCap

Holdings

NV

15,868

1,503,017

5,798,342

ISRAEL

0

.6

%

Aerospace

&

Defense

0

.0

%

†

Elbit

Systems

Ltd.

2,289

455,156

Banks

0

.2

%

Bank

Hapoalim

BM

101,765

1,020,593

Bank

Leumi

Le-Israel

BM

125,722

1,232,565

Israel

Discount

Bank

Ltd.,

Class

A

108,494

608,214

Mizrahi

Tefahot

Bank

Ltd.

13,283

519,647

3,381,019

Broadline

Retail

0

.0

%

†

Global-e

Online

Ltd.*(a)

7,886

303,138

Chemicals

0

.0

%

†

ICL

Group

Ltd.

56,548

241,175

IT

Services

0

.1

%

Wix.com

Ltd.*

4,276

714,819

Pharmaceuticals

0

.1

%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

94,563

1,704,025

Real

Estate

Management

&

Development

0

.0

%

†

Azrieli

Group

Ltd.

3,509

244,723

Software

0

.2

%

Check

Point

Software

Technologies

Ltd.*

7,227

1,393,438

Nice

Ltd.*

5,242

911,012

2,304,450

9,348,505

ITALY

2

.5

%

Aerospace

&

Defense

0

.0

%

†

Leonardo

SpA

24,207

540,252

Automobiles

0

.3

%

Ferrari

NV

10,376

4,860,269

Banks

0

.9

%

Banco

BPM

SpA

106,798

721,550

FinecoBank

Banca

Fineco

SpA

51,063

875,557

Intesa

Sanpaolo

SpA

1,198,519

5,130,061

Mediobanca

Banca

di

Credito

Finanziario

SpA

41,919

715,820

UniCredit

SpA

121,376

5,333,831

12,776,819

Beverages

0

.1

%

Coca-Cola

HBC

AG

18,455

657,390

Davide

Campari-Milano

NV(a)

52,713

446,622

1,104,012

Diversified

Telecommunication

Services

0

.1

%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

27,811

342,294

86

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

ITALY

Diversified

Telecommunication

Services

Telecom

Italia

SpA*(a)

974,463

270,983

613,277

Electric

Utilities

0

.4

%

Enel

SpA

672,918

5,377,602

Terna

-

Rete

Elettrica

Nazionale

120,938

1,089,472

6,467,074

Electrical

Equipment

0

.1

%

Prysmian

SpA

21,847

1,588,341

Financial

Services

0

.0

%

†

Nexi

SpA

Reg.

S*(b)

48,821

331,663

Gas

Utilities

0

.1

%

Snam

SpA(a)

171,556

873,365

Health

Care

Equipment

&

Supplies

0

.0

%

†

DiaSorin

SpA

1,793

209,481

Health

Care

Providers

&

Services

0

.0

%

†

Amplifon

SpA

11,235

322,973

Insurance

0

.2

%

Generali

83,372

2,410,149

Poste

Italiane

SpA

Reg.

S(b)

38,198

536,040

2,946,189

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Eni

SpA

191,381

2,928,274

Pharmaceuticals

0

.0

%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

8,398

475,258

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

Moncler

SpA

18,230

1,157,494

37,194,741

JAPAN

22

.1

%

Air

Freight

&

Logistics

0

.0

%

†

SG

Holdings

Co.

Ltd.

27,300

293,188

Automobile

Components

0

.4

%

Aisin

Corp.(a)

43,800

482,868

Bridgestone

Corp.

46,900

1,803,726

Denso

Corp.

156,100

2,323,545

Sumitomo

Electric

Industries

Ltd.

59,400

953,236

5,563,375

Automobiles

1

.6

%

Honda

Motor

Co.

Ltd.

370,800

3,913,478

Isuzu

Motors

Ltd.(a)

51,400

693,443

Mazda

Motor

Corp.(a)

48,180

361,186

Nissan

Motor

Co.

Ltd.

191,700

539,873

Subaru

Corp.

49,400

858,423

Suzuki

Motor

Corp.

128,500

1,434,383

Toyota

Motor

Corp.

845,870

15,150,377

Yamaha

Motor

Co.

Ltd.

70,900

635,193

23,586,356

Banks

1

.7

%

Chiba

Bank

Ltd.

(The)

40,400

325,427

Concordia

Financial

Group

Ltd.

85,000

471,044

Japan

Post

Bank

Co.

Ltd.

121,500

1,135,289

Mitsubishi

UFJ

Financial

Group,

Inc.

914,767

9,312,431

Mizuho

Financial

Group,

Inc.

197,051

4,050,388

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Resona

Holdings,

Inc.

172,100

1,199,905

Shizuoka

Financial

Group,

Inc.(a)

35,100

305,191

Sumitomo

Mitsui

Financial

Group,

Inc.

308,959

6,577,711

Sumitomo

Mitsui

Trust

Holdings,

Inc.

54,380

1,291,122

24,668,508

Beverages

0

.2

%

Asahi

Group

Holdings

Ltd.

120,000

1,571,709

Kirin

Holdings

Co.

Ltd.

63,500

967,602

Suntory

Beverage

&

Food

Ltd.

11,700

439,301

2,978,612

Broadline

Retail

0

.1

%

Pan

Pacific

International

Holdings

Corp.

30,700

792,380

Rakuten

Group,

Inc.*

121,000

783,465

1,575,845

Building

Products

0

.3

%

AGC,

Inc.

17,000

551,586

Daikin

Industries

Ltd.

21,700

3,047,095

TOTO

Ltd.(a)

11,600

431,430

4,030,111

Capital

Markets

0

.3

%

Daiwa

Securities

Group,

Inc.

(a)

107,400

764,270

Japan

Exchange

Group,

Inc.

84,000

1,090,255

Nomura

Holdings,

Inc.(a)

252,400

1,321,767

SBI

Holdings,

Inc.(a)

23,290

536,696

3,712,988

Chemicals

0

.7

%

Asahi

Kasei

Corp.

104,100

786,282

Mitsubishi

Chemical

Group

Corp.

115,600

742,564

Mitsui

Chemicals,

Inc.

15,000

398,828

Nippon

Paint

Holdings

Co.

Ltd.

77,500

593,683

Nippon

Sanso

Holdings

Corp.

13,400

489,000

Nitto

Denko

Corp.

60,000

1,002,770

Shin-Etsu

Chemical

Co.

Ltd.

149,500

6,253,140

Toray

Industries,

Inc.

110,200

648,785

10,915,052

Commercial

Services

&

Supplies

0

.2

%

Dai

Nippon

Printing

Co.

Ltd.

33,800

601,959

Secom

Co.

Ltd.

34,600

1,277,955

TOPPAN

Holdings,

Inc.

18,700

554,333

2,434,247

Construction

&

Engineering

0

.1

%

Kajima

Corp.

32,200

602,513

Obayashi

Corp.(a)

53,900

683,234

Taisei

Corp.(a)

13,900

608,349

1,894,096

Consumer

Staples

Distribution

&

Retail

0

.3

%

Aeon

Co.

Ltd.

54,500

1,480,962

Kobe

Bussan

Co.

Ltd.

12,200

384,014

MatsukiyoCocokara

&

Co.(a)

28,800

473,384

Seven

&

i

Holdings

Co.

Ltd.

183,000

2,740,458

5,078,818

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

JAPAN

Diversified

Telecommunication

Services

0

.2

%

Nippon

Telegraph

&

Telephone

Corp.

2,432,400

2,489,395

Electric

Utilities

0

.1

%

Chubu

Electric

Power

Co.,

Inc.

51,400

602,479

Kansai

Electric

Power

Co.,

Inc.

(The)

57,000

943,010

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

130,200

579,426

2,124,915

Electrical

Equipment

0

.3

%

Fuji

Electric

Co.

Ltd.

10,700

646,449

Mitsubishi

Electric

Corp.

156,600

2,523,737

Nidec

Corp.

69,800

1,467,292

4,637,478

Electronic

Equipment,

Instruments

&

Components

1

.1

%

Hamamatsu

Photonics

KK(a)

24,600

321,707

Ibiden

Co.

Ltd.(a)

9,400

291,198

Keyence

Corp.

15,944

7,631,623

Kyocera

Corp.

104,900

1,217,127

Murata

Manufacturing

Co.

Ltd.

141,000

2,769,223

Omron

Corp.

15,300

700,166

Shimadzu

Corp.

20,600

687,121

TDK

Corp.

157,900

2,015,236

Yokogawa

Electric

Corp.

18,700

477,383

16,110,784

Entertainment

0

.5

%

Capcom

Co.

Ltd.

30,200

702,280

Konami

Group

Corp.

8,000

811,907

Nexon

Co.

Ltd.

29,100

578,189

Nintendo

Co.

Ltd.

85,500

4,558,540

Toho

Co.

Ltd.

9,100

368,691

7,019,607

Financial

Services

0

.2

%

Mitsubishi

HC

Capital,

Inc.(a)

70,200

495,711

ORIX

Corp.

96,100

2,231,124

2,726,835

Food

Products

0

.2

%

Ajinomoto

Co.,

Inc.

38,300

1,480,539

Kikkoman

Corp.

58,500

665,179

MEIJI

Holdings

Co.

Ltd.

19,360

484,054

Nissin

Foods

Holdings

Co.

Ltd.

17,400

485,281

Yakult

Honsha

Co.

Ltd.(a)

19,700

455,260

3,570,313

Gas

Utilities

0

.1

%

Osaka

Gas

Co.

Ltd.

29,900

671,891

Tokyo

Gas

Co.

Ltd.

28,800

670,227

1,342,118

Ground

Transportation

0

.4

%

Central

Japan

Railway

Co.

63,100

1,460,176

East

Japan

Railway

Co.

73,828

1,467,470

Hankyu

Hanshin

Holdings,

Inc.(a)

19,900

613,654

Keisei

Electric

Railway

Co.

Ltd.(a)

11,000

327,824

Tokyu

Corp.(a)

41,500

536,204

West

Japan

Railway

Co.

36,400

691,770

5,097,098

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Equipment

&

Supplies

0

.6

%

Hoya

Corp.

28,900

4,001,817

Olympus

Corp.

96,700

1,835,326

Sysmex

Corp.

43,200

852,518

Terumo

Corp.

109,600

2,067,357

8,757,018

Health

Care

Technology

0

.0

%

†

M3,

Inc.

37,800

379,778

Hotels,

Restaurants

&

Leisure

0

.2

%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

6,426

305,977

Oriental

Land

Co.

Ltd.

89,100

2,299,035

Zensho

Holdings

Co.

Ltd.(a)

8,100

447,559

3,052,571

Household

Durables

0

.9

%

Panasonic

Holdings

Corp.

193,300

1,678,921

Sekisui

Chemical

Co.

Ltd.

31,200

486,221

Sekisui

House

Ltd.

50,200

1,397,131

Sony

Group

Corp.

514,300

9,988,445

13,550,718

Household

Products

0

.1

%

Unicharm

Corp.

33,900

1,222,698

Industrial

Conglomerates

0

.7

%

Hikari

Tsushin,

Inc.

1,500

333,914

Hitachi

Ltd.

382,000

10,091,943

10,425,857

Industrial

REITs

0

.0

%

†

Nippon

Prologis

REIT,

Inc.

202

346,094

Insurance

1

.0

%

Dai-ichi

Life

Holdings,

Inc.

73,400

1,890,794

Japan

Post

Holdings

Co.

Ltd.

158,500

1,512,613

Japan

Post

Insurance

Co.

Ltd.

15,200

276,447

MS&AD

Insurance

Group

Holdings,

Inc.

107,223

2,501,547

Sompo

Holdings,

Inc.

78,350

1,755,501

T&D

Holdings,

Inc.

40,800

712,601

Tokio

Marine

Holdings,

Inc.

155,800

5,715,476

14,364,979

Interactive

Media

&

Services

0

.0

%

†

LY

Corp.

233,600

681,935

IT

Services

0

.6

%

Fujitsu

Ltd.

136,500

2,800,281

NEC

Corp.

19,900

1,916,578

Nomura

Research

Institute

Ltd.

32,215

1,191,174

NTT

Data

Group

Corp.

52,800

949,992

Obic

Co.

Ltd.

26,500

932,139

Otsuka

Corp.

18,800

463,726

SCSK

Corp.

12,600

260,280

TIS,

Inc.

16,300

415,146

8,929,316

Leisure

Products

0

.2

%

Bandai

Namco

Holdings,

Inc.

48,800

1,115,630

Shimano,

Inc.

6,200

1,175,437

2,291,067

Machinery

1

.1

%

Daifuku

Co.

Ltd.

25,700

496,642

FANUC

Corp.

76,700

2,241,684

88

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

Hitachi

Construction

Machinery

Co.

Ltd.(a)

7,900

191,526

Hoshizaki

Corp.

9,400

327,462

Komatsu

Ltd.

76,200

2,113,713

Kubota

Corp.

81,300

1,154,086

Makita

Corp.

18,900

639,627

MINEBEA

MITSUMI,

Inc.(a)

31,700

625,428

Mitsubishi

Heavy

Industries

Ltd.

263,200

3,911,360

SMC

Corp.

4,600

2,046,896

Toyota

Industries

Corp.

12,300

949,501

Yaskawa

Electric

Corp.

19,900

696,419

15,394,344

Marine

Transportation

0

.2

%

Kawasaki

Kisen

Kaisha

Ltd.

(a)

32,700

507,214

Mitsui

OSK

Lines

Ltd.(a)

28,700

988,632

Nippon

Yusen

KK(a)

38,800

1,415,487

2,911,333

Media

0

.0

%

†

Dentsu

Group,

Inc.

17,001

523,243

Metals

&

Mining

0

.2

%

JFE

Holdings,

Inc.(a)

45,200

605,057

Nippon

Steel

Corp.(a)

71,844

1,604,163

Sumitomo

Metal

Mining

Co.

Ltd.

19,800

594,130

2,803,350

Office

REITs

0

.1

%

Japan

Real

Estate

Investment

Corp.

108

429,358

Nippon

Building

Fund,

Inc.

596

547,055

976,413

Oil,

Gas

&

Consumable

Fuels

0

.2

%

ENEOS

Holdings,

Inc.

238,139

1,296,556

Idemitsu

Kosan

Co.

Ltd.(a)

75,180

539,787

Inpex

Corp.

75,700

1,026,877

2,863,220

Passenger

Airlines

0

.0

%

†

ANA

Holdings,

Inc.

13,200

282,431

Japan

Airlines

Co.

Ltd.(a)

12,186

214,006

496,437

Personal

Care

Products

0

.2

%

Kao

Corp.

37,700

1,868,220

Shiseido

Co.

Ltd.

32,200

872,773

2,740,993

Pharmaceuticals

1

.2

%

Astellas

Pharma,

Inc.(a)

152,100

1,745,866

Chugai

Pharmaceutical

Co.

Ltd.

54,600

2,640,581

Daiichi

Sankyo

Co.

Ltd.

153,600

5,049,780

Eisai

Co.

Ltd.

21,500

799,993

Kyowa

Kirin

Co.

Ltd.

19,200

338,250

Ono

Pharmaceutical

Co.

Ltd.

(a)

28,800

383,608

Otsuka

Holdings

Co.

Ltd.

34,700

1,956,927

Shionogi

&

Co.

Ltd.

63,000

902,333

Takeda

Pharmaceutical

Co.

Ltd.

131,849

3,770,725

17,588,063

Common

Stocks

Shares

Value

($)

JAPAN

Professional

Services

0

.5

%

Recruit

Holdings

Co.

Ltd.

122,100

7,437,013

Real

Estate

Management

&

Development

0

.5

%

Daito

Trust

Construction

Co.

Ltd.

4,700

570,969

Daiwa

House

Industry

Co.

Ltd.

45,600

1,433,368

Hulic

Co.

Ltd.

30,600

310,566

Mitsubishi

Estate

Co.

Ltd.

95,100

1,501,381

Mitsui

Fudosan

Co.

Ltd.

219,700

2,058,002

Nomura

Real

Estate

Holdings,

Inc.

7,900

211,532

Sumitomo

Realty

&

Development

Co.

Ltd.

22,600

759,615

6,845,433

Semiconductors

&

Semiconductor

Equipment

1

.1

%

Advantest

Corp.

63,000

2,993,550

Disco

Corp.

7,600

2,009,887

Kokusai

Electric

Corp.(a)

11,800

263,751

Lasertec

Corp.

6,600

1,093,374

Renesas

Electronics

Corp.

140,100

2,044,363

Rohm

Co.

Ltd.(a)

26,700

299,752

SCREEN

Holdings

Co.

Ltd.

(a)

7,000

491,630

SUMCO

Corp.(a)

29,300

316,623

Tokyo

Electron

Ltd.

36,800

6,534,635

16,047,565

Software

0

.1

%

Oracle

Corp.

Japan

3,100

318,745

Trend

Micro,

Inc.

10,200

604,658

923,403

Specialty

Retail

0

.5

%

Fast

Retailing

Co.

Ltd.

15,600

5,168,371

Nitori

Holdings

Co.

Ltd.(a)

6,700

1,016,101

ZOZO,

Inc.

10,100

367,074

6,551,546

Technology

Hardware,

Storage

&

Peripherals

0

.4

%

Brother

Industries

Ltd.(a)

18,700

363,384

Canon,

Inc.

76,900

2,525,631

FUJIFILM

Holdings

Corp.

91,700

2,365,308

Ricoh

Co.

Ltd.(a)

43,000

463,370

Seiko

Epson

Corp.(a)

23,300

429,753

6,147,446

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

Asics

Corp.

54,800

1,148,137

Tobacco

0

.2

%

Japan

Tobacco,

Inc.

99,500

2,906,716

Trading

Companies

&

Distributors

1

.4

%

ITOCHU

Corp.(a)

98,200

5,275,428

Marubeni

Corp.

118,000

1,935,828

Mitsubishi

Corp.

274,300

5,668,577

Mitsui

&

Co.

Ltd.

211,500

4,709,897

MonotaRO

Co.

Ltd.(a)

22,000

366,143

Sumitomo

Corp.

85,700

1,916,281

Toyota

Tsusho

Corp.

53,700

971,223

20,843,377

Wireless

Telecommunication

Services

0

.8

%

KDDI

Corp.(a)

125,400

4,013,907

SoftBank

Corp.(a)

2,355,000

3,075,112

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

JAPAN

Wireless

Telecommunication

Services

SoftBank

Group

Corp.

84,800

5,006,225

12,095,244

323,095,046

JORDAN

0

.0

%

†

Pharmaceuticals

0

.0

%

†

Hikma

Pharmaceuticals

plc

13,161

336,211

LUXEMBOURG

0

.1

%

Life

Sciences

Tools

&

Services

0

.0

%

†

Eurofins

Scientific

SE

11,096

703,263

Metals

&

Mining

0

.1

%

ArcelorMittal

SA(a)

38,749

1,016,931

1,720,194

MACAU

0

.1

%

Hotels,

Restaurants

&

Leisure

0

.1

%

Galaxy

Entertainment

Group

Ltd.

177,000

877,621

Sands

China

Ltd.*

193,900

490,114

1,367,735

NETHERLANDS

4

.3

%

Banks

0

.4

%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

37,239

672,584

ING

Groep

NV

271,549

4,939,019

5,611,603

Beverages

0

.2

%

Heineken

Holding

NV

10,409

786,131

Heineken

NV

23,757

2,106,461

2,892,592

Biotechnology

0

.2

%

Argenx

SE*

4,945

2,676,593

Capital

Markets

0

.0

%

†

Euronext

NV

Reg.

S(b)

6,758

733,577

Chemicals

0

.1

%

Akzo

Nobel

NV

14,006

987,894

OCI

NV(a)

7,381

210,027

1,197,921

Consumer

Staples

Distribution

&

Retail

0

.2

%

Koninklijke

Ahold

Delhaize

NV

76,714

2,650,619

Diversified

Telecommunication

Services

0

.1

%

Koninklijke

KPN

NV

327,334

1,336,918

Entertainment

0

.1

%

Universal

Music

Group

NV(a)

69,058

1,808,224

Financial

Services

0

.2

%

Adyen

NV

Reg.

S*(b)

1,773

2,776,788

EXOR

NV

8,246

883,780

3,660,568

Food

Products

0

.0

%

†

JDE

Peet's

NV

10,484

219,107

Health

Care

Equipment

&

Supplies

0

.1

%

Koninklijke

Philips

NV*

65,169

2,135,488

Insurance

0

.2

%

Aegon

Ltd.

112,438

722,483

ASR

Nederland

NV

12,579

616,825

NN

Group

NV

22,036

1,099,015

2,438,323

Common

Stocks

Shares

Value

($)

NETHERLANDS

Professional

Services

0

.3

%

Randstad

NV(a)

9,330

463,771

Wolters

Kluwer

NV

20,630

3,477,328

3,941,099

Semiconductors

&

Semiconductor

Equipment

2

.1

%

ASM

International

NV

3,890

2,563,501

ASML

Holding

NV

32,920

27,443,748

BE

Semiconductor

Industries

NV

6,163

782,723

30,789,972

Trading

Companies

&

Distributors

0

.1

%

IMCD

NV

4,716

819,909

62,912,513

NEW

ZEALAND

0

.3

%

Diversified

Telecommunication

Services

0

.0

%

†

Spark

New

Zealand

Ltd.

161,178

310,299

Electric

Utilities

0

.0

%

†

Mercury

NZ

Ltd.

61,413

251,015

Health

Care

Equipment

&

Supplies

0

.1

%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

47,876

1,057,090

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Meridian

Energy

Ltd.

106,098

400,377

Software

0

.1

%

Xero

Ltd.*

12,159

1,261,482

Transportation

Infrastructure

0

.1

%

Auckland

International

Airport

Ltd.

109,506

519,039

3,799,302

NORWAY

0

.5

%

Aerospace

&

Defense

0

.1

%

Kongsberg

Gruppen

ASA

7,983

782,154

Banks

0

.1

%

DNB

Bank

ASA

70,091

1,437,784

Diversified

Telecommunication

Services

0

.0

%

†

Telenor

ASA

54,622

699,095

Food

Products

0

.1

%

Mowi

ASA

36,784

661,536

Orkla

ASA

54,266

511,505

Salmar

ASA

5,395

283,123

1,456,164

Insurance

0

.0

%

†

Gjensidige

Forsikring

ASA

15,461

289,264

Metals

&

Mining

0

.0

%

†

Norsk

Hydro

ASA

112,142

728,828

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Aker

BP

ASA

26,204

563,612

Equinor

ASA

69,025

1,749,366

2,312,978

7,706,267

POLAND

0

.0

%

†

Air

Freight

&

Logistics

0

.0

%

†

InPost

SA*

16,585

312,959

90

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

PORTUGAL

0

.2

%

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Jeronimo

Martins

SGPS

SA

24,718

485,861

Electric

Utilities

0

.1

%

EDP

SA

259,329

1,184,690

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Galp

Energia

SGPS

SA

39,391

739,620

2,410,171

SINGAPORE

1

.5

%

Aerospace

&

Defense

0

.0

%

†

Singapore

Technologies

Engineering

Ltd.

128,000

462,711

Banks

0

.7

%

DBS

Group

Holdings

Ltd.

165,500

4,915,275

Oversea-Chinese

Banking

Corp.

Ltd.

276,900

3,260,586

United

Overseas

Bank

Ltd.

104,600

2,624,623

10,800,484

Capital

Markets

0

.1

%

Singapore

Exchange

Ltd.

74,100

658,333

Diversified

Telecommunication

Services

0

.1

%

Singapore

Telecommunications

Ltd.

618,650

1,557,153

Entertainment

0

.2

%

Sea

Ltd.,

ADR*

30,286

2,855,364

Ground

Transportation

0

.1

%

Grab

Holdings

Ltd.,

Class

A*

174,335

662,473

Hotels,

Restaurants

&

Leisure

0

.0

%

†

Genting

Singapore

Ltd.

509,396

347,143

Industrial

Conglomerates

0

.0

%

†

Keppel

Ltd.

118,000

608,511

Industrial

REITs

0

.1

%

CapitaLand

Ascendas

REIT

296,407

658,487

Multi-Utilities

0

.0

%

†

Sembcorp

Industries

Ltd.

78,000

335,342

Passenger

Airlines

0

.0

%

†

Singapore

Airlines

Ltd.

116,014

612,415

Real

Estate

Management

&

Development

0

.0

%

†

CapitaLand

Investment

Ltd.

192,897

469,061

Retail

REITs

0

.1

%

CapitaLand

Integrated

Commercial

Trust

453,105

748,409

Semiconductors

&

Semiconductor

Equipment

0

.1

%

STMicroelectronics

NV

55,125

1,642,399

22,418,285

SOUTH

AFRICA

0

.2

%

Metals

&

Mining

0

.2

%

Anglo

American

plc

104,506

3,396,554

SOUTH

KOREA

0

.0

%

†

Hotels,

Restaurants

&

Leisure

0

.0

%

†

Delivery

Hero

SE

Reg.

S*(a)

(b)

14,923

604,565

Common

Stocks

Shares

Value

($)

SPAIN

2

.7

%

Banks

1

.0

%

Banco

Bilbao

Vizcaya

Argentaria

SA

473,366

5,124,148

Banco

de

Sabadell

SA(a)

450,829

956,088

Banco

Santander

SA

1,276,500

6,523,373

CaixaBank

SA

295,647

1,762,315

14,365,924

Biotechnology

0

.0

%

†

Grifols

SA*(a)

26,811

304,524

Construction

&

Engineering

0

.1

%

ACS

Actividades

de

Construccion

y

Servicios

SA

15,130

698,705

Diversified

Telecommunication

Services

0

.2

%

Cellnex

Telecom

SA

Reg.

S(b)

41,008

1,661,519

Telefonica

SA(a)

330,390

1,615,410

3,276,929

Electric

Utilities

0

.6

%

Acciona

SA(a)

2,309

327,185

Endesa

SA

24,693

539,537

Iberdrola

SA

503,166

7,784,773

Redeia

Corp.

SA(a)

32,057

623,555

9,275,050

Hotels,

Restaurants

&

Leisure

0

.2

%

Amadeus

IT

Group

SA

37,478

2,705,091

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

EDP

Renovaveis

SA(a)

27,414

479,551

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Repsol

SA

101,984

1,349,615

Specialty

Retail

0

.4

%

Industria

de

Diseno

Textil

SA

89,714

5,309,890

Transportation

Infrastructure

0

.1

%

Aena

SME

SA

Reg.

S(b)

6,103

1,342,981

39,108,260

SWEDEN

3

.3

%

Aerospace

&

Defense

0

.0

%

†

Saab

AB,

Class

B(a)

25,856

550,151

Automobiles

0

.0

%

†

Volvo

Car

AB,

Class

B*(a)

52,647

144,762

Banks

0

.3

%

Skandinaviska

Enskilda

Banken

AB,

Class

A

131,379

2,010,028

Svenska

Handelsbanken

AB,

Class

A

116,732

1,199,000

Swedbank

AB,

Class

A

71,208

1,510,739

4,719,767

Biotechnology

0

.0

%

†

Swedish

Orphan

Biovitrum

AB*

14,815

477,237

Building

Products

0

.2

%

Assa

Abloy

AB,

Class

B

81,961

2,759,560

Nibe

Industrier

AB,

Class

B(a)

123,952

680,151

3,439,711

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

SWEDEN

Capital

Markets

0

.1

%

EQT

AB(a)

29,904

1,024,552

Commercial

Services

&

Supplies

0

.0

%

†

Securitas

AB,

Class

B(a)

39,607

503,009

Communications

Equipment

0

.1

%

Telefonaktiebolaget

LM

Ericsson,

Class

B

225,320

1,703,016

Construction

&

Engineering

0

.0

%

†

Skanska

AB,

Class

B(a)

29,468

615,060

Diversified

Telecommunication

Services

0

.1

%

Telia

Co.

AB

204,156

660,243

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Hexagon

AB,

Class

B

173,048

1,867,590

Financial

Services

0

.4

%

Industrivarden

AB,

Class

A(a)

10,309

381,118

Industrivarden

AB,

Class

C(a)

14,255

524,317

Investor

AB,

Class

B

143,163

4,409,343

L

E

Lundbergforetagen

AB,

Class

B(a)

5,964

341,379

5,656,157

Health

Care

Equipment

&

Supplies

0

.0

%

†

Getinge

AB,

Class

B

17,992

388,376

Hotels,

Restaurants

&

Leisure

0

.1

%

Evolution

AB

Reg.

S(b)

14,834

1,457,967

Household

Products

0

.1

%

Essity

AB,

Class

B

49,205

1,535,622

Industrial

Conglomerates

0

.1

%

Investment

AB

Latour,

Class

B

13,300

415,101

Lifco

AB,

Class

B

19,835

653,115

1,068,216

Machinery

1

.2

%

Alfa

Laval

AB

24,213

1,162,652

Atlas

Copco

AB,

Class

A

223,454

4,323,081

Atlas

Copco

AB,

Class

B

126,913

2,172,257

Epiroc

AB,

Class

A(a)

54,010

1,167,498

Epiroc

AB,

Class

B

30,094

570,269

Husqvarna

AB,

Class

B(a)

28,391

199,110

Indutrade

AB

23,089

718,145

Sandvik

AB

87,166

1,947,740

SKF

AB,

Class

B

29,532

587,489

Trelleborg

AB,

Class

B

17,853

686,045

Volvo

AB,

Class

A

16,247

433,588

Volvo

AB,

Class

B

131,721

3,482,263

17,450,137

Metals

&

Mining

0

.1

%

Boliden

AB

22,578

765,975

Paper

&

Forest

Products

0

.1

%

Holmen

AB,

Class

B(a)

6,610

286,117

Svenska

Cellulosa

AB

SCA,

Class

B(a)

49,097

715,302

1,001,419

Real

Estate

Management

&

Development

0

.1

%

Fastighets

AB

Balder,

Class

B*(a)

52,175

458,385

Sagax

AB,

Class

B(a)

18,146

517,172

975,557

Common

Stocks

Shares

Value

($)

SWEDEN

Specialty

Retail

0

.1

%

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

47,429

807,410

Trading

Companies

&

Distributors

0

.1

%

AddTech

AB,

Class

B

21,635

648,617

Beijer

Ref

AB,

Class

B(a)

30,092

496,668

1,145,285

Wireless

Telecommunication

Services

0

.0

%

†

Tele2

AB,

Class

B

46,644

527,685

48,484,904

SWITZERLAND

6

.3

%

Banks

0

.0

%

†

Banque

Cantonale

Vaudoise

(Registered)

2,334

240,984

Building

Products

0

.1

%

Geberit

AG

(Registered)

2,743

1,790,605

Capital

Markets

0

.8

%

Julius

Baer

Group

Ltd.

17,065

1,028,208

Partners

Group

Holding

AG

1,891

2,844,062

UBS

Group

AG

(Registered)

270,964

8,365,992

12,238,262

Chemicals

0

.8

%

Clariant

AG

(Registered)

16,802

254,578

DSM-Firmenich

AG

15,560

2,142,709

EMS-Chemie

Holding

AG

(Registered)(a)

575

483,085

Givaudan

SA

(Registered)

759

4,163,217

Sika

AG

(Registered)

12,558

4,166,355

11,209,944

Containers

&

Packaging

0

.1

%

SIG

Group

AG(a)

26,860

599,705

Diversified

Telecommunication

Services

0

.1

%

Swisscom

AG

(Registered)

2,089

1,364,609

Electric

Utilities

0

.0

%

†

BKW

AG

1,655

300,083

Electrical

Equipment

0

.5

%

ABB

Ltd.

(Registered)

130,294

7,552,689

Food

Products

0

.2

%

Barry

Callebaut

AG

(Registered)(a)

281

520,439

Chocoladefabriken

Lindt

&

Spruengli

AG(a)

81

1,045,777

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

8

1,019,733

2,585,949

Health

Care

Equipment

&

Supplies

0

.2

%

Sonova

Holding

AG

(Registered)

4,281

1,537,706

Straumann

Holding

AG

(Registered)(a)

9,421

1,546,455

3,084,161

Insurance

0

.7

%

Baloise

Holding

AG

(Registered)

3,643

743,027

Helvetia

Holding

AG

(Registered)(a)

2,881

497,774

Swiss

Life

Holding

AG

(Registered)

2,367

1,977,597

92

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Insurance

Zurich

Insurance

Group

AG

12,058

7,273,734

10,492,132

Life

Sciences

Tools

&

Services

0

.3

%

Bachem

Holding

AG(a)

2,947

248,389

Lonza

Group

AG

(Registered)

5,950

3,764,081

4,012,470

Machinery

0

.2

%

Schindler

Holding

AG

3,376

989,805

Schindler

Holding

AG

(Registered)

1,883

535,903

VAT

Group

AG

Reg.

S(b)

2,270

1,157,329

2,683,037

Marine

Transportation

0

.1

%

Kuehne

+

Nagel

International

AG

(Registered)

3,990

1,088,659

Pharmaceuticals

1

.4

%

Galderma

Group

AG*

3,961

368,003

Novartis

AG

(Registered)

162,376

18,692,039

Sandoz

Group

AG

33,550

1,398,940

20,458,982

Professional

Services

0

.1

%

Adecco

Group

AG

(Registered)

13,332

453,692

SGS

SA

(Registered)

12,428

1,386,872

1,840,564

Real

Estate

Management

&

Development

0

.1

%

Swiss

Prime

Site

AG

(Registered)

6,776

759,611

Software

0

.0

%

†

Temenos

AG

(Registered)

5,369

375,952

Specialty

Retail

0

.0

%

†

Avolta

AG

7,247

307,223

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Logitech

International

SA

(Registered)

12,831

1,148,154

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Cie

Financiere

Richemont

SA

(Registered)

44,194

7,006,618

Swatch

Group

AG

(The)(a)

2,410

517,158

Swatch

Group

AG

(The)

(Registered)(a)

4,684

201,017

7,724,793

91,858,568

UNITED

ARAB

EMIRATES

0

.0

%

†

Health

Care

Providers

&

Services

0

.0

%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

10

.8

%

Aerospace

&

Defense

0

.7

%

BAE

Systems

plc

250,518

4,146,981

Melrose

Industries

plc

109,665

670,766

Rolls-Royce

Holdings

plc*

700,678

4,948,403

9,766,150

Banks

1

.8

%

Barclays

plc

1,212,044

3,647,643

HSBC

Holdings

plc

1,525,622

13,684,156

Lloyds

Banking

Group

plc

5,140,866

4,036,744

NatWest

Group

plc

542,593

2,506,840

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Banks

Standard

Chartered

plc

180,782

1,922,484

25,797,867

Beverages

0

.5

%

Coca-Cola

Europacific

Partners

plc

16,877

1,329,064

Diageo

plc

183,032

6,386,356

7,715,420

Broadline

Retail

0

.1

%

Next

plc

10,076

1,319,785

Capital

Markets

0

.7

%

3i

Group

plc

81,004

3,586,195

Hargreaves

Lansdown

plc

27,474

409,728

London

Stock

Exchange

Group

plc

39,273

5,369,836

Schroders

plc

65,633

307,026

9,672,785

Chemicals

0

.0

%

†

Croda

International

plc

10,749

607,649

Commercial

Services

&

Supplies

0

.1

%

Rentokil

Initial

plc

205,688

1,009,292

Consumer

Staples

Distribution

&

Retail

0

.2

%

J

Sainsbury

plc

129,442

512,053

Tesco

plc

569,551

2,730,599

3,242,652

Diversified

Consumer

Services

0

.0

%

†

Pearson

plc

48,354

655,693

Diversified

REITs

0

.0

%

†

Land

Securities

Group

plc

57,633

502,433

Diversified

Telecommunication

Services

0

.1

%

BT

Group

plc(a)

550,364

1,090,480

Electric

Utilities

0

.1

%

SSE

plc

89,430

2,254,234

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Halma

plc

32,273

1,126,901

Financial

Services

0

.1

%

M&G

plc

194,963

540,956

Wise

plc,

Class

A*

57,541

519,009

1,059,965

Food

Products

0

.1

%

Associated

British

Foods

plc

27,359

853,814

Health

Care

Equipment

&

Supplies

0

.1

%

Smith

&

Nephew

plc

70,312

1,093,125

Hotels,

Restaurants

&

Leisure

0

.5

%

Compass

Group

plc

140,497

4,501,564

Entain

plc

53,534

546,664

InterContinental

Hotels

Group

plc

13,271

1,450,348

Whitbread

plc

14,395

604,213

7,102,789

Household

Durables

0

.2

%

Barratt

Developments

plc

118,790

761,795

Berkeley

Group

Holdings

plc

7,995

505,184

Persimmon

plc

26,416

580,047

Taylor

Wimpey

plc

303,173

667,230

2,514,256

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Household

Products

0

.2

%

Reckitt

Benckiser

Group

plc

57,344

3,511,620

Industrial

Conglomerates

0

.2

%

CK

Hutchison

Holdings

Ltd.

217,016

1,232,047

DCC

plc

8,462

576,772

Smiths

Group

plc

26,916

604,537

2,413,356

Industrial

REITs

0

.1

%

Segro

plc

107,285

1,255,706

Insurance

0

.3

%

Admiral

Group

plc

20,629

769,422

Aviva

plc

216,521

1,403,278

Legal

&

General

Group

plc

495,888

1,499,904

Phoenix

Group

Holdings

plc

53,666

402,358

4,074,962

Interactive

Media

&

Services

0

.1

%

Auto

Trader

Group

plc

Reg.

S(b)

74,523

865,114

Machinery

0

.0

%

†

Spirax

Group

plc

6,229

627,687

Media

0

.1

%

Informa

plc

112,340

1,234,063

WPP

plc

87,146

890,603

2,124,666

Multi-Utilities

0

.4

%

Centrica

plc

436,308

680,928

National

Grid

plc

397,848

5,484,566

6,165,494

Personal

Care

Products

0

.9

%

Unilever

plc

205,539

13,311,111

Pharmaceuticals

1

.3

%

AstraZeneca

plc

127,719

19,894,130

Professional

Services

0

.6

%

Intertek

Group

plc

13,230

914,541

RELX

plc

153,825

7,267,574

8,182,115

Software

0

.1

%

Sage

Group

plc

(The)

82,224

1,128,298

Specialty

Retail

0

.1

%

JD

Sports

Fashion

plc

220,362

455,508

Kingfisher

plc

150,084

647,605

1,103,113

Tobacco

0

.5

%

British

American

Tobacco

plc

163,436

5,960,001

Imperial

Brands

plc

68,067

1,979,823

7,939,824

Trading

Companies

&

Distributors

0

.3

%

Ashtead

Group

plc

36,386

2,824,324

Bunzl

plc

27,549

1,303,348

4,127,672

Water

Utilities

0

.1

%

Severn

Trent

plc

22,598

798,480

United

Utilities

Group

plc

56,387

789,217

1,587,697

Wireless

Telecommunication

Services

0

.1

%

Vodafone

Group

plc

1,862,649

1,869,593

157,567,448

Common

Stocks

Shares

Value

($)

UNITED

STATES

8

.9

%

Automobiles

0

.2

%

Stellantis

NV

174,343

2,412,799

Biotechnology

0

.5

%

CSL

Ltd.

39,813

7,897,072

Construction

&

Engineering

0

.1

%

Ferrovial

SE

43,357

1,866,308

Construction

Materials

0

.4

%

Holcim

AG

42,940

4,198,337

James

Hardie

Industries

plc

CHDI*

35,808

1,433,285

5,631,622

Electrical

Equipment

0

.8

%

Schneider

Electric

SE

45,047

11,917,734

Energy

Equipment

&

Services

0

.0

%

†

Tenaris

SA

37,868

601,075

Food

Products

1

.5

%

Nestle

SA

(Registered)

215,849

21,753,916

Health

Care

Equipment

&

Supplies

0

.3

%

Alcon,

Inc.

41,343

4,133,786

Insurance

0

.2

%

Swiss

Re

AG

24,709

3,413,064

Life

Sciences

Tools

&

Services

0

.1

%

QIAGEN

NV*(a)

18,850

847,698

Oil,

Gas

&

Consumable

Fuels

1

.7

%

BP

plc

1,361,797

7,183,172

Shell

plc

519,144

16,920,409

24,103,581

Personal

Care

Products

0

.2

%

Haleon

plc

608,139

3,180,398

Pharmaceuticals

2

.5

%

GSK

plc

340,784

6,931,508

Roche

Holding

AG

60,568

19,447,505

Sanofi

SA

93,897

10,818,272

37,197,285

Professional

Services

0

.3

%

Experian

plc

75,638

3,984,762

Software

0

.1

%

CyberArk

Software

Ltd.*(a)

3,507

1,022,676

Monday.com

Ltd.*

3,043

845,254

1,867,930

130,809,030

Total

Common

Stocks

(cost

$779,446,769)

1,443,954,974

94

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

Repurchase

Agreements

2

.8

%

Principal

Amount

($)

Value

($)    

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,001,356,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$10,200,000.(c)

10,000,000

10,000,000

BofA

Securities,

Inc.,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$5,000,678,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$1,500,206,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$1,530,000.(c)

1,500,000

1,500,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$12,288,433,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$12,532,479.(c)

12,286,744

12,286,744

ING

Financial

Services

LLC,

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$2,511,740,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$2,550,001.(c)

2,500,000

2,500,000

Repurchase

Agreements

Principal

Amount

($)

  Value

($)    

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$2,007,513,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$2,040,001.(c)

2,000,000

2,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$6,000,808,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$6,120,020.(c)

6,000,000

6,000,000

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,271,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$2,040,277.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$41,286,744)

41,286,744

Total

Investments

(cost

$820,733,513)

—

101.3%

1,485,241,718

Liabilities

in

excess

of

other

assets

—

(1.3)%

(

19,527,626

)

NET

ASSETS

—

100.0%

$

1,465,714,092

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

95

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$57,771,900,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$41,286,744

and

by

$21,595,195

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$62,881,939.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$18,966,296

which

represents

1.29%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$41,286,744.

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

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

86

12/2024

EUR

4,815,264

25,807

FTSE

100

Index

30

12/2024

GBP

3,324,393

(13,714)

Nikkei

225

Index

21

12/2024

JPY

2,764,446

(7,614)

SPI

200

Index

12

12/2024

AUD

1,722,706

8,435

Net

contracts

12,914

As

of

September

30,

2024,

the

Fund

had

$675,465

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

96

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

97

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

31,325,408

$

–

$

31,325,408

Air

Freight

&

Logistics

–

7,244,699

–

7,244,699

Automobile

Components

–

8,395,967

–

8,395,967

Automobiles

–

41,492,297

–

41,492,297

Banks

–

156,395,736

–

156,395,736

Beverages

1,329,064

22,339,373

–

23,668,437

Biotechnology

–

13,261,043

–

13,261,043

Broadline

Retail

303,138

12,489,471

–

12,792,609

Building

Products

–

14,190,478

–

14,190,478

Capital

Markets

399,817

44,340,503

–

44,740,320

Chemicals

–

44,236,698

–

44,236,698

Commercial

Services

&

Supplies

–

5,488,921

–

5,488,921

Communications

Equipment

–

3,657,113

–

3,657,113

Construction

&

Engineering

–

10,986,667

–

10,986,667

Construction

Materials

–

6,862,413

–

6,862,413

Consumer

Staples

Distribution

&

Retail

–

16,854,402

–

16,854,402

Containers

&

Packaging

–

599,705

–

599,705

Distributors

–

404,205

–

404,205

Diversified

Consumer

Services

–

655,693

–

655,693

Diversified

REITs

–

2,500,723

–

2,500,723

Diversified

Telecommunication

Services

–

25,430,789

–

25,430,789

Electric

Utilities

–

26,433,570

–

26,433,570

Electrical

Equipment

–

32,014,611

–

32,014,611

Electronic

Equipment,

Instruments

&

Components

–

19,105,275

–

19,105,275

Energy

Equipment

&

Services

–

601,075

–

601,075

Entertainment

2,855,364

9,775,391

–

12,630,755

Financial

Services

–

15,833,903

–

15,833,903

Food

Products

–

37,086,418

–

37,086,418

Gas

Utilities

–

3,545,684

–

3,545,684

Ground

Transportation

662,473

5,610,632

–

6,273,105

Health

Care

Equipment

&

Supplies

–

31,404,189

–

31,404,189

Health

Care

Providers

&

Services

–

3,524,408

–

3,524,408

Health

Care

Technology

–

968,660

–

968,660

Hotels,

Restaurants

&

Leisure

–

20,757,133

–

20,757,133

Household

Durables

–

16,291,586

–

16,291,586

Household

Products

–

8,282,220

–

8,282,220

Independent

Power

and

Renewable

Electricity

Producers

–

3,778,232

–

3,778,232

Industrial

Conglomerates

–

27,974,620

–

27,974,620

Industrial

REITs

–

6,269,869

–

6,269,869

Insurance

–

80,174,660

–

80,174,660

Interactive

Media

&

Services

–

3,868,599

–

3,868,599

IT

Services

714,819

12,042,098

–

12,756,917

Leisure

Products

–

2,291,067

–

2,291,067

Life

Sciences

Tools

&

Services

–

6,707,484

–

6,707,484

Machinery

–

44,759,040

–

44,759,040

Marine

Transportation

–

5,345,120

–

5,345,120

Media

–

5,373,542

–

5,373,542

Metals

&

Mining

–

42,903,278

–

42,903,278

Multi-Utilities

–

13,679,373

–

13,679,373

Office

REITs

–

1,856,125

–

1,856,125

Oil,

Gas

&

Consumable

Fuels

–

51,395,185

–

51,395,185

Paper

&

Forest

Products

–

3,826,247

–

3,826,247

Passenger

Airlines

–

1,806,955

–

1,806,955

Personal

Care

Products

–

29,367,854

–

29,367,854

Pharmaceuticals

1,704,025

134,919,955

–

136,623,980

Professional

Services

–

27,515,383

–

27,515,383

Real

Estate

Management

&

Development

–

15,971,319

–

15,971,319

98

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

Level

1

Level

2

Level

3

Total

Assets:

Retail

REITs

–

$

4,912,415

$

–

$

4,912,415

Semiconductors

&

Semiconductor

Equipment

–

52,221,382

–

52,221,382

Software

3,261,368

28,160,857

–

31,422,225

Specialty

Retail

–

14,713,715

–

14,713,715

Technology

Hardware,

Storage

&

Peripherals

–

7,295,600

–

7,295,600

Textiles,

Apparel

&

Luxury

Goods

–

40,656,189

–

40,656,189

Tobacco

–

10,846,540

–

10,846,540

Trading

Companies

&

Distributors

1,503,017

29,149,306

–

30,652,323

Transportation

Infrastructure

–

4,972,603

–

4,972,603

Water

Utilities

–

1,587,697

–

1,587,697

Wireless

Telecommunication

Services

–

14,492,521

–

14,492,521

Total

Common

Stocks

$

12,733,085

$

1,431,221,889

$

–

$

1,443,954,974

Futures

Contracts

34,242

–

–

34,242

Repurchase

Agreements

–

41,286,744

–

41,286,744

Total

Assets

$

12,767,327

$

1,472,508,633

$

–

$

1,485,275,960

Liabilities:

Futures

Contracts

$

(

21,328

)

$

–

$

–

$

(

21,328

)

Total

Liabilities

$

(

21,328

)

$

–

$

–

$

(

21,328

)

Total

$

12,745,999

$

1,472,508,633

$

–

$

1,485,254,632

As

of

September

30,

2024,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

International

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

99

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

34,242

Total

$

34,242

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(

21,328

)

Total

$

(

21,328

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

100

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

99

.4

%

Shares

Value

($)

Aerospace

&

Defense

1

.3

%

BWX

Technologies,

Inc.

38,992

4,238,431

Curtiss-Wright

Corp.

16,445

5,405,307

Hexcel

Corp.(a)

34,805

2,151,993

Woodward,

Inc.(a)

25,467

4,367,845

16,163,576

Air

Freight

&

Logistics

0

.2

%

GXO

Logistics,

Inc.*

51,102

2,660,881

Automobile

Components

0

.9

%

Autoliv,

Inc.

31,033

2,897,551

Gentex

Corp.(a)

97,866

2,905,641

Goodyear

Tire

&

Rubber

Co.

(The)*

120,609

1,067,390

Lear

Corp.

24,209

2,642,412

Visteon

Corp.*

11,511

1,096,308

10,609,302

Automobiles

0

.4

%

Harley-Davidson,

Inc.(a)

50,462

1,944,301

Thor

Industries,

Inc.(a)

22,612

2,484,833

4,429,134

Banks

5

.7

%

Associated

Banc-Corp.

61,876

1,332,809

Bank

OZK(a)

45,044

1,936,442

Cadence

Bank

79,756

2,540,229

Columbia

Banking

System,

Inc.(a)

89,523

2,337,446

Commerce

Bancshares,

Inc.

(a)

50,122

2,977,247

Cullen/Frost

Bankers,

Inc.(a)

27,470

3,072,794

East

West

Bancorp,

Inc.

59,454

4,919,224

First

Financial

Bankshares,

Inc.(a)

54,759

2,026,631

First

Horizon

Corp.

228,770

3,552,798

FNB

Corp.

156,386

2,206,607

Glacier

Bancorp,

Inc.(a)

48,430

2,213,251

Hancock

Whitney

Corp.(a)

37,122

1,899,533

Home

BancShares,

Inc.

79,473

2,152,924

International

Bancshares

Corp.

22,703

1,357,412

New

York

Community

Bancorp,

Inc.(a)

124,997

1,403,716

Old

National

Bancorp

137,413

2,564,127

Pinnacle

Financial

Partners,

Inc.(a)

32,756

3,209,105

Prosperity

Bancshares,

Inc.

40,205

2,897,574

SouthState

Corp.

32,357

3,144,453

Synovus

Financial

Corp.(a)

62,192

2,765,678

Texas

Capital

Bancshares,

Inc.*

19,540

1,396,328

UMB

Financial

Corp.(a)

19,129

2,010,649

United

Bankshares,

Inc.

57,704

2,140,818

Valley

National

Bancorp

182,184

1,650,587

Webster

Financial

Corp.

73,367

3,419,636

Western

Alliance

Bancorp(a)

44,327

3,833,842

Wintrust

Financial

Corp.

28,455

3,088,221

Zions

Bancorp

NA

63,609

3,003,617

71,053,698

Beverages

0

.5

%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

3,811

1,101,912

Celsius

Holdings,

Inc.*(a)

67,036

2,102,249

Common

Stocks

Shares

Value

($)

Beverages

Coca-Cola

Consolidated,

Inc.

2,434

3,204,118

6,408,279

Biotechnology

2

.8

%

Arrowhead

Pharmaceuticals,

Inc.*(a)

52,483

1,016,596

BioMarin

Pharmaceutical,

Inc.*

81,128

5,702,487

Cytokinetics,

Inc.*(a)

50,263

2,653,886

Exelixis,

Inc.*

121,540

3,153,963

Halozyme

Therapeutics,

Inc.*(a)

54,146

3,099,317

Neurocrine

Biosciences,

Inc.*

43,055

4,960,797

Roivant

Sciences

Ltd.*

177,623

2,049,769

Sarepta

Therapeutics,

Inc.*

40,641

5,075,655

United

Therapeutics

Corp.*

18,963

6,795,391

34,507,861

Broadline

Retail

0

.4

%

Macy's,

Inc.(a)

117,567

1,844,626

Nordstrom,

Inc.(a)

41,053

923,282

Ollie's

Bargain

Outlet

Holdings,

Inc.*

26,082

2,535,171

5,303,079

Building

Products

3

.7

%

AAON,

Inc.

28,624

3,086,812

Advanced

Drainage

Systems,

Inc.

29,873

4,694,841

Carlisle

Cos.,

Inc.(a)

19,682

8,851,980

Fortune

Brands

Innovations,

Inc.

52,993

4,744,463

Lennox

International,

Inc.(a)

13,681

8,267,291

Owens

Corning

37,140

6,555,953

Simpson

Manufacturing

Co.,

Inc.(a)

17,973

3,437,696

Trex

Co.,

Inc.*

46,362

3,086,782

UFP

Industries,

Inc.

26,039

3,416,577

46,142,395

Capital

Markets

3

.3

%

Affiliated

Managers

Group,

Inc.

12,915

2,296,287

Carlyle

Group,

Inc.

(The)(a)

90,465

3,895,423

Evercore,

Inc.,

Class

A

15,531

3,934,623

Federated

Hermes,

Inc.,

Class

B

34,774

1,278,640

Hamilton

Lane,

Inc.,

Class

A(a)

15,925

2,681,611

Houlihan

Lokey,

Inc.,

Class

A

23,300

3,681,866

Interactive

Brokers

Group,

Inc.,

Class

A(a)

46,720

6,510,899

Janus

Henderson

Group

plc

57,024

2,170,904

Jefferies

Financial

Group,

Inc.

70,801

4,357,801

Morningstar,

Inc.

11,413

3,642,117

SEI

Investments

Co.

43,899

3,037,372

Stifel

Financial

Corp.

45,114

4,236,205

41,723,748

Chemicals

2

.2

%

Arcadium

Lithium

plc*(a)

451,288

1,286,171

Ashland,

Inc.(a)

20,984

1,824,978

Avient

Corp.(a)

40,032

2,014,410

Axalta

Coating

Systems

Ltd.*

93,915

3,398,784

Cabot

Corp.

23,497

2,626,260

Chemours

Co.

(The)

63,164

1,283,493

NewMarket

Corp.

3,044

1,679,953

Olin

Corp.

50,543

2,425,053

NVIT

Mid

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Chemicals

RPM

International,

Inc.(a)

54,939

6,647,619

Scotts

Miracle-Gro

Co.

(The)

18,174

1,575,686

Westlake

Corp.

14,301

2,149,297

26,911,704

Commercial

Services

&

Supplies

2

.0

%

Brink's

Co.

(The)

18,910

2,186,752

Clean

Harbors,

Inc.*

21,789

5,266,619

MSA

Safety,

Inc.

16,199

2,872,731

RB

Global,

Inc.

78,571

6,324,180

Stericycle,

Inc.*

39,831

2,429,691

Tetra

Tech,

Inc.

114,031

5,377,702

24,457,675

Communications

Equipment

0

.5

%

Ciena

Corp.*

61,278

3,774,112

Lumentum

Holdings,

Inc.*(a)

29,009

1,838,590

5,612,702

Construction

&

Engineering

2

.6

%

AECOM

57,165

5,903,430

Comfort

Systems

USA,

Inc.

15,166

5,920,048

EMCOR

Group,

Inc.

19,887

8,561,950

Fluor

Corp.*

73,109

3,488,031

MasTec,

Inc.*(a)

26,253

3,231,744

MDU

Resources

Group,

Inc.(a)

87,390

2,395,360

Valmont

Industries,

Inc.

8,595

2,492,120

31,992,683

Construction

Materials

0

.5

%

Eagle

Materials,

Inc.

14,330

4,122,025

Knife

River

Corp.*

24,139

2,157,785

6,279,810

Consumer

Finance

0

.7

%

Ally

Financial,

Inc.

117,616

4,185,953

FirstCash

Holdings,

Inc.

16,539

1,898,677

SLM

Corp.(a)

95,101

2,174,960

8,259,590

Consumer

Staples

Distribution

&

Retail

2

.2

%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

56,551

4,664,326

Casey's

General

Stores,

Inc.

15,811

5,940,351

Performance

Food

Group

Co.*

66,762

5,232,138

Sprouts

Farmers

Market,

Inc.*

42,677

4,711,968

US

Foods

Holding

Corp.*

102,573

6,308,239

26,857,022

Containers

&

Packaging

1

.7

%

AptarGroup,

Inc.

28,063

4,495,412

Berry

Global

Group,

Inc.

49,012

3,331,836

Crown

Holdings,

Inc.

50,735

4,864,472

Graphic

Packaging

Holding

Co.(a)

128,131

3,791,396

Greif,

Inc.,

Class

A(a)

11,047

692,205

Silgan

Holdings,

Inc.

34,266

1,798,965

Sonoco

Products

Co.(a)

42,134

2,301,780

21,276,066

Diversified

Consumer

Services

1

.3

%

Duolingo,

Inc.,

Class

A*(a)

15,945

4,496,809

Graham

Holdings

Co.,

Class

B

1,465

1,203,820

Grand

Canyon

Education,

Inc.*

12,253

1,738,088

H&R

Block,

Inc.

59,431

3,776,840

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Service

Corp.

International

62,068

4,899,027

16,114,584

Diversified

REITs

0

.5

%

WP

Carey,

Inc.(a)

93,199

5,806,298

Diversified

Telecommunication

Services

0

.4

%

Frontier

Communications

Parent,

Inc.*

94,281

3,349,804

Iridium

Communications,

Inc.

50,298

1,531,574

4,881,378

Electric

Utilities

0

.9

%

ALLETE,

Inc.

23,669

1,519,313

IDACORP,

Inc.

21,832

2,250,661

OGE

Energy

Corp.(a)

87,463

3,587,732

Portland

General

Electric

Co.

44,253

2,119,719

TXNM

Energy,

Inc.(a)

38,628

1,690,747

11,168,172

Electrical

Equipment

1

.6

%

Acuity

Brands,

Inc.

13,174

3,627,988

EnerSys

17,331

1,768,629

NEXTracker,

Inc.,

Class

A*

61,086

2,289,503

nVent

Electric

plc

71,188

5,001,669

Regal

Rexnord

Corp.

28,418

4,713,978

Sensata

Technologies

Holding

plc(a)

64,668

2,318,994

19,720,761

Electronic

Equipment,

Instruments

&

Components

2

.7

%

Arrow

Electronics,

Inc.*

22,665

3,010,592

Avnet,

Inc.

38,097

2,069,048

Belden,

Inc.(a)

17,475

2,046,847

Cognex

Corp.(a)

73,261

2,967,071

Coherent

Corp.*(a)

65,222

5,798,888

Crane

NXT

Co.(a)

21,148

1,186,403

Fabrinet*

15,110

3,572,608

IPG

Photonics

Corp.*(a)

11,870

882,178

Littelfuse,

Inc.(a)

10,638

2,821,730

Novanta,

Inc.*

15,392

2,753,937

TD

SYNNEX

Corp.

32,481

3,900,318

Vishay

Intertechnology,

Inc.(a)

49,378

933,738

Vontier

Corp.

65,592

2,213,074

34,156,432

Energy

Equipment

&

Services

0

.7

%

ChampionX

Corp.

82,227

2,479,144

NOV,

Inc.

169,341

2,704,376

Valaris

Ltd.*(a)

27,262

1,519,857

Weatherford

International

plc

31,170

2,646,956

9,350,333

Entertainment

0

.4

%

TKO

Group

Holdings,

Inc.,

Class

A*(a)

28,135

3,480,581

Warner

Music

Group

Corp.,

Class

A(a)

60,663

1,898,752

5,379,333

Financial

Services

1

.7

%

Equitable

Holdings,

Inc.

107,684

4,525,959

Essent

Group

Ltd.

45,434

2,920,952

Euronet

Worldwide,

Inc.*(a)

18,192

1,805,192

MGIC

Investment

Corp.(a)

110,459

2,827,750

Voya

Financial,

Inc.

42,328

3,353,224

102

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Financial

Services

Western

Union

Co.

(The)(a)

136,090

1,623,554

WEX,

Inc.*(a)

17,622

3,695,862

20,752,493

Food

Products

1

.0

%

Darling

Ingredients,

Inc.*

68,235

2,535,613

Flowers

Foods,

Inc.

84,025

1,938,457

Ingredion,

Inc.

27,859

3,828,662

Lancaster

Colony

Corp.

8,181

1,444,519

Pilgrim's

Pride

Corp.*(a)

16,986

782,205

Post

Holdings,

Inc.*(a)

20,362

2,356,902

12,886,358

Gas

Utilities

1

.0

%

National

Fuel

Gas

Co.(a)

38,750

2,348,638

New

Jersey

Resources

Corp.

42,614

2,011,381

ONE

Gas,

Inc.(a)

24,089

1,792,703

Southwest

Gas

Holdings,

Inc.

25,812

1,903,893

Spire,

Inc.(a)

24,156

1,625,457

UGI

Corp.

92,304

2,309,446

11,991,518

Ground

Transportation

1

.6

%

Avis

Budget

Group,

Inc.(a)

7,532

659,728

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

68,609

3,701,456

Landstar

System,

Inc.

14,891

2,812,463

Ryder

System,

Inc.

18,544

2,703,715

Saia,

Inc.*(a)

11,321

4,950,220

XPO,

Inc.*

49,597

5,332,174

20,159,756

Health

Care

Equipment

&

Supplies

1

.7

%

Dentsply

Sirona,

Inc.(a)

88,342

2,390,535

Enovis

Corp.*

21,588

929,363

Envista

Holdings

Corp.*

74,226

1,466,706

Globus

Medical,

Inc.,

Class

A*

48,407

3,463,037

Haemonetics

Corp.*(a)

21,795

1,751,882

Lantheus

Holdings,

Inc.*

29,618

3,250,576

LivaNova

plc*

23,333

1,225,916

Masimo

Corp.*(a)

18,865

2,515,270

Neogen

Corp.*(a)

85,245

1,432,968

Penumbra,

Inc.*

16,642

3,233,707

21,659,960

Health

Care

Providers

&

Services

2

.3

%

Acadia

Healthcare

Co.,

Inc.*(a)

39,619

2,512,241

Amedisys,

Inc.*

13,264

1,280,109

Chemed

Corp.

6,397

3,844,405

Encompass

Health

Corp.

43,215

4,176,298

Ensign

Group,

Inc.

(The)

24,069

3,461,604

HealthEquity,

Inc.*

37,180

3,043,183

Option

Care

Health,

Inc.*(a)

73,425

2,298,202

R1

RCM,

Inc.*

65,932

934,256

Tenet

Healthcare

Corp.*

40,932

6,802,898

28,353,196

Health

Care

REITs

0

.7

%

Healthcare

Realty

Trust,

Inc.,

Class

A

154,947

2,812,288

Omega

Healthcare

Investors,

Inc.

108,494

4,415,706

Sabra

Health

Care

REIT,

Inc.

(a)

98,838

1,839,375

9,067,369

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0

.2

%

Doximity,

Inc.,

Class

A*(a)

53,500

2,330,995

Hotel

&

Resort

REITs

0

.1

%

Park

Hotels

&

Resorts,

Inc.

89,964

1,268,492

Hotels,

Restaurants

&

Leisure

3

.3

%

Aramark

112,777

4,367,853

Boyd

Gaming

Corp.

29,833

1,928,704

Choice

Hotels

International,

Inc.

9,577

1,247,883

Churchill

Downs,

Inc.

30,800

4,164,468

Hilton

Grand

Vacations,

Inc.*

27,674

1,005,120

Hyatt

Hotels

Corp.,

Class

A(a)

19,364

2,947,201

Light

&

Wonder,

Inc.*

37,863

3,435,310

Marriott

Vacations

Worldwide

Corp.(a)

13,784

1,012,848

Planet

Fitness,

Inc.,

Class

A*

36,136

2,934,966

Texas

Roadhouse,

Inc.,

Class

A

28,503

5,033,630

Travel

+

Leisure

Co.

30,238

1,393,367

Vail

Resorts,

Inc.

16,035

2,794,740

Wendy's

Co.

(The)

73,429

1,286,476

Wingstop,

Inc.

12,528

5,212,650

Wyndham

Hotels

&

Resorts,

Inc.

33,572

2,623,316

41,388,532

Household

Durables

1

.9

%

KB

Home(a)

30,503

2,613,802

Taylor

Morrison

Home

Corp.,

Class

A*

44,301

3,112,588

Tempur

Sealy

International,

Inc.

74,388

4,061,585

Toll

Brothers,

Inc.

43,703

6,751,676

TopBuild

Corp.*(a)

12,790

5,203,100

Whirlpool

Corp.(a)

23,519

2,516,533

24,259,284

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

Ormat

Technologies,

Inc.(a)

22,962

1,766,696

Industrial

REITs

1

.2

%

EastGroup

Properties,

Inc.(a)

20,730

3,872,779

First

Industrial

Realty

Trust,

Inc.

56,372

3,155,704

Rexford

Industrial

Realty,

Inc.

(a)

93,752

4,716,663

STAG

Industrial,

Inc.(a)

76,998

3,009,852

14,754,998

Insurance

4

.6

%

American

Financial

Group,

Inc.

29,331

3,947,953

Brighthouse

Financial,

Inc.*

26,239

1,181,542

CNO

Financial

Group,

Inc.

45,710

1,604,421

Fidelity

National

Financial,

Inc.

(a)

113,038

7,015,138

First

American

Financial

Corp.

43,939

2,900,413

Hanover

Insurance

Group,

Inc.

(The)

15,458

2,289,484

Kemper

Corp.

25,955

1,589,744

Kinsale

Capital

Group,

Inc.(a)

9,429

4,389,859

Old

Republic

International

Corp.

102,866

3,643,514

Primerica,

Inc.

14,525

3,851,304

NVIT

Mid

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Insurance

Reinsurance

Group

of

America,

Inc.

28,272

6,159,621

RenaissanceRe

Holdings

Ltd.

22,280

6,069,072

RLI

Corp.

17,473

2,707,966

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

43,781

2,906,621

Selective

Insurance

Group,

Inc.

26,141

2,438,955

Unum

Group

71,803

4,267,970

56,963,577

Interactive

Media

&

Services

0

.1

%

ZoomInfo

Technologies,

Inc.,

Class

A*

122,166

1,260,753

IT

Services

0

.3

%

ASGN,

Inc.*

19,167

1,786,939

Kyndryl

Holdings,

Inc.*

98,846

2,271,481

4,058,420

Leisure

Products

0

.7

%

Brunswick

Corp.

28,219

2,365,317

Mattel,

Inc.*

144,911

2,760,555

Polaris,

Inc.

22,214

1,849,093

YETI

Holdings,

Inc.*

36,042

1,478,803

8,453,768

Life

Sciences

Tools

&

Services

2

.5

%

Avantor,

Inc.*(a)

290,418

7,513,114

Azenta,

Inc.*(a)

20,725

1,003,919

Bio-Rad

Laboratories,

Inc.,

Class

A*

7,524

2,517,380

Bruker

Corp.

46,081

3,182,354

Illumina,

Inc.*

67,905

8,855,491

Medpace

Holdings,

Inc.*(a)

10,757

3,590,686

Repligen

Corp.*(a)

22,255

3,311,989

Sotera

Health

Co.*

66,058

1,103,169

31,078,102

Machinery

4

.6

%

AGCO

Corp.(a)

26,407

2,584,189

Chart

Industries,

Inc.*(a)

17,955

2,228,934

CNH

Industrial

NV

355,234

3,943,097

Crane

Co.

20,770

3,287,476

Donaldson

Co.,

Inc.

51,302

3,780,957

Esab

Corp.

24,378

2,591,625

Flowserve

Corp.

55,992

2,894,227

Graco,

Inc.

71,728

6,276,917

ITT,

Inc.

34,949

5,225,225

Lincoln

Electric

Holdings,

Inc.

(a)

24,167

4,640,547

Middleby

Corp.

(The)*(a)

22,922

3,189,138

Oshkosh

Corp.

27,995

2,805,379

RBC

Bearings,

Inc.*(a)

12,415

3,716,803

Terex

Corp.(a)

28,807

1,524,178

Timken

Co.

(The)

27,575

2,324,297

Toro

Co.

(The)

44,221

3,835,287

Watts

Water

Technologies,

Inc.,

Class

A(a)

11,637

2,411,070

57,259,346

Marine

Transportation

0

.2

%

Kirby

Corp.*

24,664

3,019,614

Common

Stocks

Shares

Value

($)

Media

0

.5

%

New

York

Times

Co.

(The),

Class

A

69,612

3,875,300

Nexstar

Media

Group,

Inc.,

Class

A

13,032

2,154,841

6,030,141

Metals

&

Mining

1

.9

%

Alcoa

Corp.(a)

110,042

4,245,420

Cleveland-Cliffs,

Inc.*(a)

200,424

2,559,415

Commercial

Metals

Co.

49,222

2,705,241

Reliance,

Inc.

23,403

6,768,382

Royal

Gold,

Inc.

27,987

3,926,576

United

States

Steel

Corp.(a)

95,324

3,367,797

23,572,831

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.6

%

Annaly

Capital

Management,

Inc.(a)

215,883

4,332,772

Starwood

Property

Trust,

Inc.

(a)

136,190

2,775,552

7,108,324

Multi-Utilities

0

.3

%

Black

Hills

Corp.

29,687

1,814,470

Northwestern

Energy

Group,

Inc.

25,692

1,470,096

3,284,566

Office

REITs

0

.6

%

COPT

Defense

Properties(a)

47,211

1,431,910

Cousins

Properties,

Inc.(a)

65,026

1,916,966

Kilroy

Realty

Corp.(a)

45,114

1,745,912

Vornado

Realty

Trust(a)

70,054

2,760,127

7,854,915

Oil,

Gas

&

Consumable

Fuels

4

.2

%

Antero

Midstream

Corp.(a)

145,011

2,182,416

Antero

Resources

Corp.*

124,914

3,578,786

Chesapeake

Energy

Corp.(a)

47,717

3,924,723

Chord

Energy

Corp.

26,529

3,454,872

Civitas

Resources,

Inc.

39,217

1,987,125

CNX

Resources

Corp.*(a)

64,884

2,113,272

DT

Midstream,

Inc.(a)

40,989

3,224,195

HF

Sinclair

Corp.(a)

67,639

3,014,670

Matador

Resources

Co.

50,040

2,472,977

Murphy

Oil

Corp.(a)

62,174

2,097,751

Ovintiv,

Inc.

110,239

4,223,256

PBF

Energy,

Inc.,

Class

A

42,119

1,303,583

Permian

Resources

Corp.,

Class

A

256,076

3,485,194

Range

Resources

Corp.

103,907

3,196,179

Southwestern

Energy

Co.*

474,150

3,371,206

Texas

Pacific

Land

Corp.(a)

8,025

7,100,039

Viper

Energy,

Inc.,

Class

A

43,772

1,974,555

52,704,799

Paper

&

Forest

Products

0

.2

%

Louisiana-Pacific

Corp.

26,690

2,868,107

Passenger

Airlines

0

.2

%

American

Airlines

Group,

Inc.*(a)

265,749

2,987,019

Personal

Care

Products

0

.6

%

BellRing

Brands,

Inc.*

55,063

3,343,425

Coty,

Inc.,

Class

A*(a)

157,182

1,475,939

104

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Personal

Care

Products

elf

Beauty,

Inc.*

23,992

2,615,848

7,435,212

Pharmaceuticals

0

.4

%

Jazz

Pharmaceuticals

plc*(a)

26,381

2,939,107

Perrigo

Co.

plc(a)

58,461

1,533,432

4,472,539

Professional

Services

2

.7

%

CACI

International,

Inc.,

Class

A*

9,561

4,824,098

Concentrix

Corp.(a)

20,425

1,046,781

ExlService

Holdings,

Inc.*

68,879

2,627,734

Exponent,

Inc.

21,547

2,483,938

FTI

Consulting,

Inc.*

15,001

3,413,627

Genpact

Ltd.

69,677

2,732,035

Insperity,

Inc.(a)

15,210

1,338,480

KBR,

Inc.

56,966

3,710,196

ManpowerGroup,

Inc.

20,217

1,486,354

Maximus,

Inc.

25,707

2,394,864

Parsons

Corp.*(a)

18,629

1,931,455

Paylocity

Holding

Corp.*

18,503

3,052,440

Science

Applications

International

Corp.

21,933

3,054,609

34,096,611

Real

Estate

Management

&

Development

0

.4

%

Jones

Lang

LaSalle,

Inc.*

20,281

5,472,017

Residential

REITs

1

.0

%

American

Homes

4

Rent,

Class

A

133,806

5,136,812

Equity

LifeStyle

Properties,

Inc.

79,263

5,654,622

Independence

Realty

Trust,

Inc.(a)

96,145

1,970,973

12,762,407

Retail

REITs

1

.1

%

Agree

Realty

Corp.(a)

42,183

3,177,645

Brixmor

Property

Group,

Inc.

129,716

3,613,888

Kite

Realty

Group

Trust(a)

94,228

2,502,696

NNN

REIT,

Inc.(a)

78,428

3,802,974

13,097,203

Semiconductors

&

Semiconductor

Equipment

2

.4

%

Allegro

MicroSystems,

Inc.*(a)

62,624

1,459,139

Amkor

Technology,

Inc.

47,342

1,448,665

Cirrus

Logic,

Inc.*

22,823

2,834,845

Lattice

Semiconductor

Corp.*(a)

58,794

3,120,198

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

24,049

2,675,692

MKS

Instruments,

Inc.

28,181

3,063,556

Onto

Innovation,

Inc.*

21,122

4,384,082

Power

Integrations,

Inc.(a)

24,246

1,554,654

Rambus,

Inc.*

45,824

1,934,689

Silicon

Laboratories,

Inc.*(a)

13,982

1,615,900

Synaptics,

Inc.*(a)

17,349

1,345,935

Universal

Display

Corp.(a)

18,839

3,954,306

29,391,661

Software

2

.7

%

Altair

Engineering,

Inc.,

Class

A*(a)

24,801

2,368,743

Appfolio,

Inc.,

Class

A*(a)

9,693

2,281,732

Common

Stocks

Shares

Value

($)

Software

Aspen

Technology,

Inc.*(a)

11,341

2,708,458

Blackbaud,

Inc.*

17,155

1,452,685

CommVault

Systems,

Inc.*

18,648

2,868,995

Dolby

Laboratories,

Inc.,

Class

A

25,649

1,962,918

Dropbox,

Inc.,

Class

A*(a)

101,418

2,579,060

Dynatrace,

Inc.*

126,730

6,776,253

Manhattan

Associates,

Inc.*

26,107

7,345,988

Qualys,

Inc.*

15,708

2,017,850

Teradata

Corp.*

41,624

1,262,872

33,625,554

Specialized

REITs

1

.8

%

CubeSmart(a)

96,090

5,172,525

EPR

Properties(a)

32,183

1,578,254

Gaming

and

Leisure

Properties,

Inc.(a)

117,764

6,058,958

Lamar

Advertising

Co.,

Class

A

37,543

5,015,745

National

Storage

Affiliates

Trust(a)

29,481

1,420,984

PotlatchDeltic

Corp.

30,433

1,371,007

Rayonier,

Inc.(a)

56,967

1,833,198

22,450,671

Specialty

Retail

4

.2

%

Abercrombie

&

Fitch

Co.,

Class

A*

21,776

3,046,462

AutoNation,

Inc.*(a)

10,744

1,922,317

Burlington

Stores,

Inc.*

26,898

7,087,085

Dick's

Sporting

Goods,

Inc.

24,688

5,152,386

Five

Below,

Inc.*

23,457

2,072,426

Floor

&

Decor

Holdings,

Inc.,

Class

A*(a)

45,681

5,672,210

GameStop

Corp.,

Class

A*

165,611

3,797,460

Gap,

Inc.

(The)(a)

95,223

2,099,667

Lithia

Motors,

Inc.,

Class

A

11,411

3,624,590

Murphy

USA,

Inc.(a)

7,932

3,909,445

Penske

Automotive

Group,

Inc.(a)

7,929

1,287,828

RH*(a)

6,345

2,121,958

Valvoline,

Inc.*(a)

55,474

2,321,587

Williams-Sonoma,

Inc.(a)

54,770

8,484,968

52,600,389

Technology

Hardware,

Storage

&

Peripherals

0

.5

%

Pure

Storage,

Inc.,

Class

A*

131,625

6,612,840

Textiles,

Apparel

&

Luxury

Goods

1

.2

%

Capri

Holdings

Ltd.*

50,638

2,149,077

Carter's,

Inc.(a)

15,078

979,769

Columbia

Sportswear

Co.(a)

13,806

1,148,521

Crocs,

Inc.*

25,342

3,669,775

PVH

Corp.

24,087

2,428,692

Skechers

USA,

Inc.,

Class

A*

56,488

3,780,177

Under

Armour,

Inc.,

Class

A*(a)

63,155

562,711

Under

Armour,

Inc.,

Class

C*(a)

74,514

622,937

15,341,659

Trading

Companies

&

Distributors

1

.7

%

Applied

Industrial

Technologies,

Inc.

16,431

3,666,249

Core

&

Main,

Inc.,

Class

A*(a)

81,694

3,627,214

NVIT

Mid

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

GATX

Corp.

15,281

2,023,968

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

18,925

1,628,685

Watsco,

Inc.(a)

14,531

7,147,508

WESCO

International,

Inc.

19,168

3,219,841

21,313,465

Water

Utilities

0

.3

%

Essential

Utilities,

Inc.

107,845

4,159,582

Total

Common

Stocks

(cost

$767,408,682)

1,239,202,235

Repurchase

Agreements

11

.4

%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$12,001,627,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$12,240,000.(b)

12,000,000

12,000,000

BofA

Securities,

Inc.,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,000,542,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.23%,

maturing

5/25/2034

-

12/20/2060;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$10,047,639,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$27,003,713,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$27,540,000.(b)

27,000,000

27,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,811,450,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$4,907,004.(b)

4,810,788

4,810,788

Citi

Global

Market,

Inc.,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$20,002,694,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

0.38%,

maturing

10/31/2025

-

7/31/2027;

total

market

value

$20,400,000.(b)

20,000,000

20,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$18,084,525,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$18,360,007.(b)

18,000,000

18,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$15,056,350,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$15,300,006.(b)

15,000,000

15,000,000

106

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$25,003,368,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$25,500,085.(b)

25,000,000

25,000,000

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$6,000,813,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$6,120,830.(b)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$141,810,788)

141,810,788

Total

Investments

(cost

$909,219,470)

—

110.8%

1,381,013,023

Liabilities

in

excess

of

other

assets

—

(10.8)%

(

134,930,415

)

NET

ASSETS

—

100.0%

$

1,246,082,608

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$278,931,543,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$141,810,788

and

by

$143,696,281

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$285,507,069.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$141,810,788.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

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

21

12/2024

USD

6,612,060

67,518

Net

contracts

67,518

As

of

September

30,

2024,

the

Fund

had

$619,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mid

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

107

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

108

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,239,202,235

$

–

$

–

$

1,239,202,235

Futures

Contracts

67,518

–

–

67,518

Repurchase

Agreements

–

141,810,788

–

141,810,788

Total

$

1,239,269,753

$

141,810,788

$

–

$

1,381,080,541

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

67,518

Total

$

67,518

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

S&P

500

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

98

.8

%

Shares

Value

($)

Aerospace

&

Defense

1

.9

%

Axon

Enterprise,

Inc.*

5,840

2,333,664

Boeing

Co.

(The)*

47,799

7,267,360

General

Dynamics

Corp.

21,325

6,444,415

General

Electric

Co.

89,666

16,909,214

Howmet

Aerospace,

Inc.

31,672

3,175,118

Huntington

Ingalls

Industries,

Inc.

3,089

816,670

L3Harris

Technologies,

Inc.

15,623

3,716,243

Lockheed

Martin

Corp.

17,543

10,254,936

Northrop

Grumman

Corp.

11,368

6,003,100

RTX

Corp.

109,715

13,293,069

Textron,

Inc.

15,882

1,406,828

TransDigm

Group,

Inc.

4,693

6,697,521

78,318,138

Air

Freight

&

Logistics

0

.4

%

CH

Robinson

Worldwide,

Inc.

9,253

1,021,254

Expeditors

International

of

Washington,

Inc.

11,733

1,541,716

FedEx

Corp.

18,477

5,056,785

United

Parcel

Service,

Inc.,

Class

B

60,738

8,281,019

15,900,774

Automobile

Components

0

.1

%

Aptiv

plc*

22,875

1,647,229

BorgWarner,

Inc.

18,583

674,377

2,321,606

Automobiles

1

.7

%

Ford

Motor

Co.

327,560

3,459,034

General

Motors

Co.

94,151

4,221,731

Tesla,

Inc.*

229,442

60,028,910

67,709,675

Banks

3

.1

%

Bank

of

America

Corp.

528,944

20,988,498

Citigroup,

Inc.

157,763

9,875,964

Citizens

Financial

Group,

Inc.

37,072

1,522,547

Fifth

Third

Bancorp

55,382

2,372,565

Huntington

Bancshares,

Inc.

119,441

1,755,783

JPMorgan

Chase

&

Co.

235,277

49,610,508

KeyCorp

81,596

1,366,733

M&T

Bank

Corp.

13,646

2,430,626

PNC

Financial

Services

Group,

Inc.

(The)

33,270

6,149,959

Regions

Financial

Corp.

78,252

1,825,619

Truist

Financial

Corp.

110,739

4,736,307

US

Bancorp

129,040

5,900,999

Wells

Fargo

&

Co.

281,471

15,900,297

124,436,405

Beverages

1

.3

%

Brown-Forman

Corp.,

Class

B(a)

15,771

775,933

Coca-Cola

Co.

(The)

320,759

23,049,742

Constellation

Brands,

Inc.,

Class

A

12,957

3,338,889

Keurig

Dr

Pepper,

Inc.

87,082

3,263,833

Molson

Coors

Beverage

Co.,

Class

B

14,728

847,155

Monster

Beverage

Corp.*

58,322

3,042,659

PepsiCo,

Inc.

113,586

19,315,299

53,633,510

Common

Stocks

Shares

Value

($)

Biotechnology

1

.9

%

AbbVie,

Inc.

146,066

28,845,114

Amgen,

Inc.

44,315

14,278,736

Biogen,

Inc.*

12,033

2,332,477

Gilead

Sciences,

Inc.

102,685

8,609,110

Incyte

Corp.*(a)

12,651

836,231

Moderna,

Inc.*

27,317

1,825,595

Regeneron

Pharmaceuticals,

Inc.*

8,832

9,284,552

Vertex

Pharmaceuticals,

Inc.*

21,378

9,942,480

75,954,295

Broadline

Retail

3

.6

%

Amazon.com,

Inc.*

772,447

143,930,050

eBay,

Inc.

40,437

2,632,853

146,562,903

Building

Products

0

.6

%

A

O

Smith

Corp.

10,396

933,873

Allegion

plc

6,908

1,006,772

Builders

FirstSource,

Inc.*

9,975

1,933,753

Carrier

Global

Corp.

69,312

5,578,923

Johnson

Controls

International

plc

55,241

4,287,254

Masco

Corp.

17,778

1,492,285

Trane

Technologies

plc

18,812

7,312,789

22,545,649

Capital

Markets

3

.0

%

Ameriprise

Financial,

Inc.

8,147

3,827,542

Bank

of

New

York

Mellon

Corp.

(The)

60,779

4,367,579

BlackRock,

Inc.

11,500

10,919,365

Blackstone,

Inc.

59,151

9,057,793

Cboe

Global

Markets,

Inc.

8,825

1,807,978

Charles

Schwab

Corp.

(The)

124,317

8,056,985

CME

Group,

Inc.

29,983

6,615,749

FactSet

Research

Systems,

Inc.(a)

3,183

1,463,703

Franklin

Resources,

Inc.(a)

26,297

529,885

Goldman

Sachs

Group,

Inc.

(The)

26,115

12,929,798

Intercontinental

Exchange,

Inc.

47,763

7,672,648

Invesco

Ltd.

35,513

623,608

KKR

&

Co.,

Inc.

54,959

7,176,546

MarketAxess

Holdings,

Inc.

2,947

755,021

Moody's

Corp.

12,985

6,162,551

Morgan

Stanley

103,016

10,738,388

MSCI,

Inc.,

Class

A

6,598

3,846,172

Nasdaq,

Inc.

34,850

2,544,398

Northern

Trust

Corp.

16,939

1,525,018

Raymond

James

Financial,

Inc.

15,771

1,931,317

S&P

Global,

Inc.

26,428

13,653,233

State

Street

Corp.

24,187

2,139,824

T.

Rowe

Price

Group,

Inc.(a)

18,856

2,053,984

120,399,085

Chemicals

1

.5

%

Air

Products

&

Chemicals,

Inc.

18,295

5,447,153

Albemarle

Corp.(a)

9,540

903,533

Celanese

Corp.,

Class

A(a)

8,475

1,152,261

CF

Industries

Holdings,

Inc.

15,556

1,334,705

Corteva,

Inc.

58,241

3,423,988

Dow,

Inc.

58,129

3,175,587

110

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Chemicals

DuPont

de

Nemours,

Inc.

34,764

3,097,820

Eastman

Chemical

Co.(a)

9,702

1,086,139

Ecolab,

Inc.

21,164

5,403,804

FMC

Corp.(a)

9,785

645,223

International

Flavors

&

Fragrances,

Inc.

21,551

2,261,347

Linde

plc

39,752

18,956,139

LyondellBasell

Industries

NV,

Class

A

21,606

2,072,015

Mosaic

Co.

(The)

27,086

725,363

PPG

Industries,

Inc.

19,377

2,566,678

Sherwin-Williams

Co.

(The)

19,170

7,316,614

59,568,369

Commercial

Services

&

Supplies

0

.6

%

Cintas

Corp.

28,656

5,899,697

Copart,

Inc.*

71,959

3,770,651

Republic

Services,

Inc.,

Class

A

16,627

3,339,367

Rollins,

Inc.

23,027

1,164,706

Veralto

Corp.

20,434

2,285,747

Waste

Management,

Inc.

30,365

6,303,774

22,763,942

Communications

Equipment

0

.8

%

Arista

Networks,

Inc.*

21,136

8,112,419

Cisco

Systems,

Inc.

333,158

17,730,669

F5,

Inc.*

4,653

1,024,591

Juniper

Networks,

Inc.

28,261

1,101,614

Motorola

Solutions,

Inc.

13,745

6,180,164

34,149,457

Construction

&

Engineering

0

.1

%

Quanta

Services,

Inc.(a)

12,266

3,657,108

Construction

Materials

0

.1

%

Martin

Marietta

Materials,

Inc.

(a)

5,034

2,709,550

Vulcan

Materials

Co.

11,079

2,774,514

5,484,064

Consumer

Finance

0

.5

%

American

Express

Co.

46,443

12,595,341

Capital

One

Financial

Corp.

31,982

4,788,665

Discover

Financial

Services

20,865

2,927,151

Synchrony

Financial

33,211

1,656,565

21,967,722

Consumer

Staples

Distribution

&

Retail

1

.9

%

Costco

Wholesale

Corp.

36,661

32,500,710

Dollar

General

Corp.(a)

18,025

1,524,374

Dollar

Tree,

Inc.*

17,238

1,212,176

Kroger

Co.

(The)

55,741

3,193,959

Sysco

Corp.

40,164

3,135,202

Target

Corp.

38,689

6,030,068

Walgreens

Boots

Alliance,

Inc.

(a)

56,545

506,643

Walmart,

Inc.

359,182

29,003,947

77,107,079

Containers

&

Packaging

0

.2

%

Amcor

plc

119,712

1,356,337

Avery

Dennison

Corp.

6,962

1,536,931

Ball

Corp.

25,343

1,721,043

International

Paper

Co.(a)

28,336

1,384,214

Packaging

Corp.

of

America

7,387

1,591,160

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Smurfit

WestRock

plc

42,646

2,107,565

9,697,250

Distributors

0

.1

%

Genuine

Parts

Co.

11,452

1,599,615

LKQ

Corp.

22,920

914,967

Pool

Corp.(a)

3,151

1,187,297

3,701,879

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

591,648

13,016,256

Verizon

Communications,

Inc.

348,101

15,633,216

28,649,472

Electric

Utilities

1

.6

%

Alliant

Energy

Corp.

20,588

1,249,486

American

Electric

Power

Co.,

Inc.

44,020

4,516,452

Constellation

Energy

Corp.

26,104

6,787,562

Duke

Energy

Corp.

63,566

7,329,160

Edison

International

32,001

2,786,967

Entergy

Corp.(a)

17,983

2,366,743

Evergy,

Inc.

19,154

1,187,740

Eversource

Energy

29,746

2,024,215

Exelon

Corp.

81,470

3,303,609

FirstEnergy

Corp.(a)

41,275

1,830,546

NextEra

Energy,

Inc.

170,463

14,409,237

NRG

Energy,

Inc.

17,066

1,554,713

PG&E

Corp.

179,672

3,552,115

Pinnacle

West

Capital

Corp.

8,804

779,946

PPL

Corp.

62,677

2,073,355

Southern

Co.

(The)

90,870

8,194,657

Xcel

Energy,

Inc.

45,821

2,992,111

66,938,614

Electrical

Equipment

0

.8

%

AMETEK,

Inc.

19,502

3,348,688

Eaton

Corp.

plc

32,917

10,910,010

Emerson

Electric

Co.

47,564

5,202,075

GE

Vernova,

Inc.*

22,824

5,819,664

Generac

Holdings,

Inc.*(a)

4,937

784,391

Hubbell,

Inc.,

Class

B(a)

4,324

1,852,185

Rockwell

Automation,

Inc.

9,532

2,558,961

30,475,974

Electronic

Equipment,

Instruments

&

Components

0

.5

%

Amphenol

Corp.,

Class

A

100,470

6,546,625

CDW

Corp.

10,979

2,484,548

Corning,

Inc.

64,494

2,911,904

Jabil,

Inc.

9,237

1,106,870

Keysight

Technologies,

Inc.*

14,859

2,361,541

Teledyne

Technologies,

Inc.*

3,774

1,651,729

Trimble,

Inc.*

19,373

1,202,869

Zebra

Technologies

Corp.,

Class

A*

4,170

1,544,234

19,810,320

Energy

Equipment

&

Services

0

.2

%

Baker

Hughes

Co.,

Class

A

83,004

3,000,595

Halliburton

Co.

73,769

2,142,989

Schlumberger

NV

117,312

4,921,238

10,064,822

Entertainment

1

.2

%

Electronic

Arts,

Inc.

19,727

2,829,641

NVIT

S&P

500

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*(a)

12,002

1,314,099

Netflix,

Inc.*

35,489

25,171,283

Take-Two

Interactive

Software,

Inc.*

12,981

1,995,309

Walt

Disney

Co.

(The)

149,972

14,425,807

Warner

Bros

Discovery,

Inc.*(a)

178,895

1,475,884

47,212,023

Financial

Services

4

.1

%

Berkshire

Hathaway,

Inc.,

Class

B*

151,477

69,718,804

Corpay,

Inc.*

5,652

1,767,719

Fidelity

National

Information

Services,

Inc.

44,545

3,730,644

Fiserv,

Inc.*

47,609

8,552,957

Global

Payments,

Inc.

21,588

2,211,043

Jack

Henry

&

Associates,

Inc.

6,351

1,121,206

Mastercard,

Inc.,

Class

A

68,366

33,759,131

PayPal

Holdings,

Inc.*

84,541

6,596,734

Visa,

Inc.,

Class

A(a)

138,135

37,980,218

165,438,456

Food

Products

0

.7

%

Archer-Daniels-Midland

Co.

38,875

2,322,393

Bunge

Global

SA

11,960

1,155,814

Campbell

Soup

Co.

15,564

761,391

Conagra

Brands,

Inc.

39,142

1,272,898

General

Mills,

Inc.

46,751

3,452,561

Hershey

Co.

(The)(a)

12,275

2,354,100

Hormel

Foods

Corp.

23,374

740,956

J

M

Smucker

Co.

(The)

9,041

1,094,865

Kellanova

22,566

1,821,302

Kraft

Heinz

Co.

(The)(a)

72,988

2,562,609

Lamb

Weston

Holdings,

Inc.(a)

11,972

775,067

McCormick

&

Co.,

Inc.

(Non-Voting)

21,453

1,765,582

Mondelez

International,

Inc.,

Class

A

111,190

8,191,367

Tyson

Foods,

Inc.,

Class

A

24,256

1,444,687

29,715,592

Gas

Utilities

0

.0

%

†

Atmos

Energy

Corp.(a)

12,287

1,704,330

Ground

Transportation

1

.0

%

CSX

Corp.

158,948

5,488,474

JB

Hunt

Transport

Services,

Inc.

6,495

1,119,283

Norfolk

Southern

Corp.

18,933

4,704,851

Old

Dominion

Freight

Line,

Inc.

14,838

2,947,420

Uber

Technologies,

Inc.*

174,166

13,090,317

Union

Pacific

Corp.

50,340

12,407,803

39,758,148

Health

Care

Equipment

&

Supplies

2

.3

%

Abbott

Laboratories

143,866

16,402,163

Align

Technology,

Inc.*

5,700

1,449,624

Baxter

International,

Inc.(a)

43,657

1,657,656

Becton

Dickinson

&

Co.

23,909

5,764,460

Boston

Scientific

Corp.*

121,465

10,178,767

Cooper

Cos.,

Inc.

(The)*

16,132

1,780,005

Dexcom,

Inc.*

32,840

2,201,593

Edwards

Lifesciences

Corp.*

50,432

3,328,008

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

GE

HealthCare

Technologies,

Inc.

37,465

3,516,090

Hologic,

Inc.*

19,456

1,584,886

IDEXX

Laboratories,

Inc.*(a)

6,822

3,446,611

Insulet

Corp.*(a)

5,547

1,291,064

Intuitive

Surgical,

Inc.*

29,332

14,409,932

Medtronic

plc

106,063

9,548,852

ResMed,

Inc.

12,296

3,001,699

Solventum

Corp.*

11,172

778,912

STERIS

plc

8,069

1,957,055

Stryker

Corp.

28,233

10,199,453

Teleflex,

Inc.

3,968

981,366

Zimmer

Biomet

Holdings,

Inc.

16,504

1,781,607

95,259,803

Health

Care

Providers

&

Services

2

.4

%

Cardinal

Health,

Inc.

19,749

2,182,659

Cencora,

Inc.

13,701

3,083,821

Centene

Corp.*

43,902

3,304,943

Cigna

Group

(The)

23,117

8,008,654

CVS

Health

Corp.

104,174

6,550,461

DaVita,

Inc.*

3,730

611,459

Elevance

Health,

Inc.

19,260

10,015,200

HCA

Healthcare,

Inc.

15,366

6,245,203

Henry

Schein,

Inc.*(a)

10,876

792,860

Humana,

Inc.

9,962

3,155,364

Labcorp

Holdings,

Inc.

7,154

1,598,776

McKesson

Corp.

10,687

5,283,867

Molina

Healthcare,

Inc.*

4,861

1,674,906

Quest

Diagnostics,

Inc.

9,434

1,464,629

UnitedHealth

Group,

Inc.

76,361

44,646,749

Universal

Health

Services,

Inc.,

Class

B

4,746

1,086,881

99,706,432

Health

Care

REITs

0

.3

%

Alexandria

Real

Estate

Equities,

Inc.

12,836

1,524,275

Healthpeak

Properties,

Inc.

57,721

1,320,079

Ventas,

Inc.

34,184

2,192,220

Welltower,

Inc.

47,854

6,126,748

11,163,322

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts,

Inc.

60,893

1,071,717

Hotels,

Restaurants

&

Leisure

1

.9

%

Airbnb,

Inc.,

Class

A*

36,153

4,584,562

Booking

Holdings,

Inc.

2,772

11,675,997

Caesars

Entertainment,

Inc.*(a)

17,288

721,601

Carnival

Corp.*

82,742

1,529,072

Chipotle

Mexican

Grill,

Inc.,

Class

A*

112,953

6,508,352

Darden

Restaurants,

Inc.(a)

10,116

1,660,339

Domino's

Pizza,

Inc.(a)

2,875

1,236,653

Expedia

Group,

Inc.*

10,199

1,509,656

Hilton

Worldwide

Holdings,

Inc.

20,565

4,740,233

Las

Vegas

Sands

Corp.(a)

29,857

1,503,001

Marriott

International,

Inc.,

Class

A

19,323

4,803,698

McDonald's

Corp.

59,320

18,063,533

MGM

Resorts

International*(a)

19,091

746,267

112

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

32,777

672,256

Royal

Caribbean

Cruises

Ltd.

(a)

19,645

3,484,237

Starbucks

Corp.

94,322

9,195,452

Wynn

Resorts

Ltd.(a)

8,098

776,436

Yum!

Brands,

Inc.

23,217

3,243,647

76,654,992

Household

Durables

0

.4

%

DR

Horton,

Inc.

24,265

4,629,034

Garmin

Ltd.

12,704

2,236,285

Lennar

Corp.,

Class

A

20,229

3,792,533

Mohawk

Industries,

Inc.*

4,471

718,400

NVR,

Inc.*

251

2,462,762

PulteGroup,

Inc.

17,221

2,471,730

16,310,744

Household

Products

1

.2

%

Church

&

Dwight

Co.,

Inc.

20,745

2,172,417

Clorox

Co.

(The)

10,019

1,632,195

Colgate-Palmolive

Co.

67,189

6,974,890

Kimberly-Clark

Corp.

27,992

3,982,702

Procter

&

Gamble

Co.

(The)

194,665

33,715,978

48,478,182

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

AES

Corp.

(The)

61,683

1,237,361

Vistra

Corp.

27,617

3,273,719

4,511,080

Industrial

Conglomerates

0

.4

%

3M

Co.

45,771

6,256,896

Honeywell

International,

Inc.

53,729

11,106,321

17,363,217

Industrial

REITs

0

.2

%

Prologis,

Inc.

76,364

9,643,246

Insurance

2

.1

%

Aflac,

Inc.

41,680

4,659,824

Allstate

Corp.

(The)

22,163

4,203,213

American

International

Group,

Inc.

53,251

3,899,571

Aon

plc,

Class

A

17,955

6,212,250

Arch

Capital

Group

Ltd.*

29,978

3,353,939

Arthur

J

Gallagher

&

Co.

18,271

5,140,911

Assurant,

Inc.

4,031

801,605

Brown

&

Brown,

Inc.

19,318

2,001,345

Chubb

Ltd.

31,065

8,958,835

Cincinnati

Financial

Corp.

13,394

1,823,191

Erie

Indemnity

Co.,

Class

A

2,063

1,113,649

Everest

Group

Ltd.

3,740

1,465,444

Globe

Life,

Inc.

7,116

753,655

Hartford

Financial

Services

Group,

Inc.

(The)

24,388

2,868,273

Loews

Corp.

15,820

1,250,571

Marsh

&

McLennan

Cos.,

Inc.

40,512

9,037,822

MetLife,

Inc.

48,647

4,012,404

Principal

Financial

Group,

Inc.

18,084

1,553,415

Progressive

Corp.

(The)

48,312

12,259,653

Prudential

Financial,

Inc.

29,218

3,538,300

Travelers

Cos.,

Inc.

(The)

18,822

4,406,607

W

R

Berkley

Corp.

24,397

1,384,042

Common

Stocks

Shares

Value

($)

Insurance

Willis

Towers

Watson

plc(a)

8,405

2,475,525

87,174,044

Interactive

Media

&

Services

6

.2

%

Alphabet,

Inc.,

Class

A

484,503

80,354,823

Alphabet,

Inc.,

Class

C

397,187

66,405,694

Match

Group,

Inc.*

22,017

833,124

Meta

Platforms,

Inc.,

Class

A

180,664

103,419,300

251,012,941

IT

Services

1

.3

%

Accenture

plc,

Class

A

51,798

18,309,557

Akamai

Technologies,

Inc.*

12,450

1,256,827

Amentum

Holdings,

Inc.*

10,811

348,655

Cognizant

Technology

Solutions

Corp.,

Class

A

40,742

3,144,468

EPAM

Systems,

Inc.*

4,639

923,300

Gartner,

Inc.*

6,393

3,239,717

GoDaddy,

Inc.,

Class

A*

11,639

1,824,762

International

Business

Machines

Corp.

76,493

16,911,072

TE

Connectivity

plc

25,288

3,818,235

VeriSign,

Inc.*

7,137

1,355,745

51,132,338

Leisure

Products

0

.0

%

†

Hasbro,

Inc.

10,037

725,876

Life

Sciences

Tools

&

Services

1

.2

%

Agilent

Technologies,

Inc.

24,231

3,597,819

Bio-Techne

Corp.

13,140

1,050,280

Charles

River

Laboratories

International,

Inc.*(a)

4,419

870,410

Danaher

Corp.

53,153

14,777,597

IQVIA

Holdings,

Inc.*

14,321

3,393,647

Mettler-Toledo

International,

Inc.*

1,763

2,643,971

Revvity,

Inc.(a)

9,805

1,252,589

Thermo

Fisher

Scientific,

Inc.

31,589

19,540,008

Waters

Corp.*

5,040

1,813,846

West

Pharmaceutical

Services,

Inc.

5,972

1,792,556

50,732,723

Machinery

1

.7

%

Caterpillar,

Inc.

40,098

15,683,130

Cummins,

Inc.

11,277

3,651,380

Deere

&

Co.(a)

21,193

8,844,475

Dover

Corp.

11,740

2,251,028

Fortive

Corp.

28,838

2,276,183

IDEX

Corp.

6,374

1,367,223

Illinois

Tool

Works,

Inc.

22,285

5,840,230

Ingersoll

Rand,

Inc.

32,953

3,234,667

Nordson

Corp.

4,354

1,143,491

Otis

Worldwide

Corp.

33,411

3,472,739

PACCAR,

Inc.

43,008

4,244,029

Parker-Hannifin

Corp.

10,718

6,771,847

Pentair

plc

12,775

1,249,267

Snap-on,

Inc.(a)

4,202

1,217,361

Stanley

Black

&

Decker,

Inc.

13,416

1,477,504

Westinghouse

Air

Brake

Technologies

Corp.

14,500

2,635,665

Xylem,

Inc.

20,538

2,773,246

68,133,465

NVIT

S&P

500

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Media

0

.5

%

Charter

Communications,

Inc.,

Class

A*(a)

8,161

2,644,817

Comcast

Corp.,

Class

A

319,451

13,343,468

Fox

Corp.,

Class

A

20,342

861,077

Fox

Corp.,

Class

B

9,417

365,379

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

30,709

971,326

News

Corp.,

Class

A

30,655

816,343

News

Corp.,

Class

B

9,114

254,736

Omnicom

Group,

Inc.

16,409

1,696,526

Paramount

Global,

Class

B(a)

39,422

418,662

21,372,334

Metals

&

Mining

0

.4

%

Freeport-McMoRan,

Inc.

118,133

5,897,199

Newmont

Corp.

95,450

5,101,802

Nucor

Corp.

19,579

2,943,507

Steel

Dynamics,

Inc.

12,359

1,558,223

15,500,731

Multi-Utilities

0

.6

%

Ameren

Corp.

21,913

1,916,511

CenterPoint

Energy,

Inc.

52,666

1,549,434

CMS

Energy

Corp.

25,321

1,788,422

Consolidated

Edison,

Inc.

28,660

2,984,366

Dominion

Energy,

Inc.(a)

70,029

4,046,976

DTE

Energy

Co.

17,524

2,250,257

NiSource,

Inc.(a)

35,820

1,241,163

Public

Service

Enterprise

Group,

Inc.

41,484

3,700,787

Sempra

52,698

4,407,134

WEC

Energy

Group,

Inc.

25,835

2,484,810

26,369,860

Office

REITs

0

.0

%

†

BXP,

Inc.(a)

12,518

1,007,198

Oil,

Gas

&

Consumable

Fuels

3

.0

%

APA

Corp.(a)

29,699

726,437

Chevron

Corp.(a)

140,653

20,713,967

ConocoPhillips

95,781

10,083,824

Coterra

Energy,

Inc.

63,132

1,512,011

Devon

Energy

Corp.

52,874

2,068,431

Diamondback

Energy,

Inc.

14,714

2,536,694

EOG

Resources,

Inc.

47,020

5,780,169

EQT

Corp.

49,012

1,795,800

Exxon

Mobil

Corp.

367,394

43,065,925

Hess

Corp.

22,622

3,072,068

Kinder

Morgan,

Inc.(a)

162,004

3,578,668

Marathon

Oil

Corp.

46,561

1,239,919

Marathon

Petroleum

Corp.

27,676

4,508,697

Occidental

Petroleum

Corp.

54,631

2,815,682

ONEOK,

Inc.

48,756

4,443,134

Phillips

66

34,613

4,549,879

Targa

Resources

Corp.

17,969

2,659,592

Valero

Energy

Corp.

26,493

3,577,350

Williams

Cos.,

Inc.

(The)(a)

102,062

4,659,130

123,387,377

Passenger

Airlines

0

.1

%

Delta

Air

Lines,

Inc.(a)

53,656

2,725,188

Southwest

Airlines

Co.(a)

51,412

1,523,338

United

Airlines

Holdings,

Inc.*

26,375

1,504,957

5,753,483

Common

Stocks

Shares

Value

($)

Personal

Care

Products

0

.1

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

19,289

1,922,920

Kenvue,

Inc.

160,084

3,702,743

5,625,663

Pharmaceuticals

3

.6

%

Bristol-Myers

Squibb

Co.

168,867

8,737,179

Catalent,

Inc.*

15,954

966,334

Eli

Lilly

&

Co.

65,233

57,792,524

Johnson

&

Johnson

199,064

32,260,312

Merck

&

Co.,

Inc.

209,613

23,803,652

Pfizer,

Inc.

468,601

13,561,313

Viatris,

Inc.

95,453

1,108,209

Zoetis,

Inc.,

Class

A

37,719

7,369,538

145,599,061

Professional

Services

0

.6

%

Automatic

Data

Processing,

Inc.

33,854

9,368,417

Broadridge

Financial

Solutions,

Inc.

9,563

2,056,332

Dayforce,

Inc.*(a)

13,476

825,405

Equifax,

Inc.

10,064

2,957,407

Jacobs

Solutions,

Inc.

10,811

1,415,160

Leidos

Holdings,

Inc.

10,879

1,773,277

Paychex,

Inc.(a)

26,229

3,519,670

Paycom

Software,

Inc.

3,785

630,468

Verisk

Analytics,

Inc.,

Class

A

11,990

3,212,840

25,758,976

Real

Estate

Management

&

Development

0

.1

%

CBRE

Group,

Inc.,

Class

A*

24,588

3,060,714

CoStar

Group,

Inc.*(a)

33,307

2,512,680

5,573,394

Residential

REITs

0

.3

%

AvalonBay

Communities,

Inc.

11,966

2,695,341

Camden

Property

Trust

8,878

1,096,699

Equity

Residential

28,632

2,131,939

Essex

Property

Trust,

Inc.

5,368

1,585,815

Invitation

Homes,

Inc.

48,391

1,706,267

Mid-America

Apartment

Communities,

Inc.

9,438

1,499,698

UDR,

Inc.

24,803

1,124,568

11,840,327

Retail

REITs

0

.3

%

Federal

Realty

Investment

Trust

6,116

703,156

Kimco

Realty

Corp.

56,787

1,318,594

Realty

Income

Corp.(a)

71,906

4,560,279

Regency

Centers

Corp.

13,290

959,937

Simon

Property

Group,

Inc.

25,343

4,283,474

11,825,440

Semiconductors

&

Semiconductor

Equipment

11

.0

%

Advanced

Micro

Devices,

Inc.*

133,809

21,955,381

Analog

Devices,

Inc.

41,295

9,504,870

Applied

Materials,

Inc.

68,468

13,833,959

Broadcom,

Inc.

384,930

66,400,425

Enphase

Energy,

Inc.*(a)

11,600

1,311,032

First

Solar,

Inc.*

8,685

2,166,386

Intel

Corp.

351,531

8,246,917

KLA

Corp.

11,191

8,666,422

Lam

Research

Corp.

10,763

8,783,469

114

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Microchip

Technology,

Inc.(a)

44,908

3,605,663

Micron

Technology,

Inc.

91,509

9,490,398

Monolithic

Power

Systems,

Inc.

4,023

3,719,264

NVIDIA

Corp.

2,034,267

247,041,385

NXP

Semiconductors

NV

21,246

5,099,252

ON

Semiconductor

Corp.*

35,027

2,543,310

Qorvo,

Inc.*

8,062

832,805

QUALCOMM,

Inc.

92,121

15,665,176

Skyworks

Solutions,

Inc.

12,928

1,276,899

Teradyne,

Inc.

13,050

1,747,787

Texas

Instruments,

Inc.

75,817

15,661,518

447,552,318

Software

10

.2

%

Adobe,

Inc.*

36,666

18,984,921

ANSYS,

Inc.*

7,412

2,361,686

Autodesk,

Inc.*

17,779

4,897,759

Cadence

Design

Systems,

Inc.*

22,548

6,111,184

Crowdstrike

Holdings,

Inc.,

Class

A*(a)

19,048

5,342,393

Fair

Isaac

Corp.*

2,028

3,941,459

Fortinet,

Inc.*

52,510

4,072,151

Gen

Digital,

Inc.

45,482

1,247,571

Intuit,

Inc.

23,117

14,355,657

Microsoft

Corp.

614,666

264,490,780

Oracle

Corp.

132,040

22,499,616

Palantir

Technologies,

Inc.,

Class

A*

166,527

6,194,804

Palo

Alto

Networks,

Inc.*

27,016

9,234,069

PTC,

Inc.*(a)

9,611

1,736,323

Roper

Technologies,

Inc.

8,914

4,960,106

Salesforce,

Inc.

80,130

21,932,382

ServiceNow,

Inc.*

17,071

15,268,132

Synopsys,

Inc.*

12,572

6,366,335

Tyler

Technologies,

Inc.*(a)

3,607

2,105,478

416,102,806

Specialized

REITs

1

.0

%

American

Tower

Corp.

38,694

8,998,677

Crown

Castle,

Inc.

35,761

4,242,327

Digital

Realty

Trust,

Inc.

25,450

4,118,574

Equinix,

Inc.

7,837

6,956,356

Extra

Space

Storage,

Inc.

17,787

3,205,040

Iron

Mountain,

Inc.

24,740

2,939,854

Public

Storage

12,966

4,717,938

SBA

Communications

Corp.,

Class

A

8,899

2,141,989

VICI

Properties,

Inc.,

Class

A

87,842

2,926,017

Weyerhaeuser

Co.

59,614

2,018,530

42,265,302

Specialty

Retail

1

.9

%

AutoZone,

Inc.*

1,413

4,451,006

Best

Buy

Co.,

Inc.

15,770

1,629,041

CarMax,

Inc.*(a)

12,857

994,875

Home

Depot,

Inc.

(The)

82,000

33,226,400

Lowe's

Cos.,

Inc.(a)

47,122

12,762,994

O'Reilly

Automotive,

Inc.*

4,781

5,505,800

Ross

Stores,

Inc.

28,023

4,217,742

TJX

Cos.,

Inc.

(The)

93,456

10,984,818

Tractor

Supply

Co.(a)

8,826

2,567,748

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ulta

Beauty,

Inc.*

4,010

1,560,371

77,900,795

Technology

Hardware,

Storage

&

Peripherals

7

.6

%

Apple,

Inc.

1,257,288

292,948,104

Dell

Technologies,

Inc.,

Class

C(a)

23,789

2,819,948

Hewlett

Packard

Enterprise

Co.(a)

105,489

2,158,305

HP,

Inc.(a)

80,921

2,902,636

NetApp,

Inc.

17,340

2,141,663

Seagate

Technology

Holdings

plc(a)

16,452

1,801,988

Super

Micro

Computer,

Inc.*(a)

4,140

1,723,896

Western

Digital

Corp.*

27,324

1,865,956

308,362,496

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

Deckers

Outdoor

Corp.*

12,558

2,002,373

Lululemon

Athletica,

Inc.*(a)

9,279

2,517,857

NIKE,

Inc.,

Class

B

99,353

8,782,805

Ralph

Lauren

Corp.,

Class

A

3,037

588,783

Tapestry,

Inc.(a)

19,167

900,466

14,792,284

Tobacco

0

.6

%

Altria

Group,

Inc.(a)

141,094

7,201,438

Philip

Morris

International,

Inc.

128,491

15,598,807

22,800,245

Trading

Companies

&

Distributors

0

.3

%

Fastenal

Co.

46,723

3,336,957

United

Rentals,

Inc.

5,569

4,509,386

WW

Grainger,

Inc.(a)

3,685

3,828,015

11,674,358

Water

Utilities

0

.1

%

American

Water

Works

Co.,

Inc.

16,346

2,390,439

Wireless

Telecommunication

Services

0

.2

%

T-Mobile

US,

Inc.

40,524

8,362,533

Total

Common

Stocks

(cost

$1,102,416,670)

4,026,538,203

Repurchase

Agreements

1

.4

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$12,057,167,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$12,240,000.(b)

12,000,000

12,000,000

NVIT

S&P

500

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

115

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,001,375,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$12,245,165,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$12,488,351.(b)

12,243,482

12,243,482

ING

Financial

Services

LLC,

4.83%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$8,037,567,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$8,160,003.(b)

8,000,000

8,000,000

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$12,045,080,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$12,240,005.(b)

12,000,000

12,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$3,000,404,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$3,060,010.(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$57,243,482)

57,243,482

Total

Investments

(cost

$1,159,660,152)

—

100.2%

4,083,781,685

Liabilities

in

excess

of

other

assets

—

(0.2)%

(

8,769,875

)

NET

ASSETS

—

100.0%

$

4,075,011,810

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$107,500,320,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$57,243,482

and

by

$52,980,252

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$110,223,734.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$57,243,482.

REIT

Real

Estate

Investment

Trust

116

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

150

12/2024

USD

43,606,875

417,257

Net

contracts

417,257

As

of

September

30,

2024,

the

Fund

had

$2,415,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

S&P

500

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

117

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

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.

118

-

Statement

of

Investments

-

September

30,

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

September

30,

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

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

4,026,538,203

$

–

$

–

$

4,026,538,203

Futures

Contracts

417,257

–

–

417,257

Repurchase

Agreements

–

57,243,482

–

57,243,482

Total

$

4,026,955,460

$

57,243,482

$

–

$

4,084,198,942

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

417,257

Total

$

417,257

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

119

Closed

End

Fund

Closed

End

Fund

0.0%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

5,444

34,025

Total

Closed

End

Fund

(cost  $55,488)

34,025

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

1.1%

AAR

Corp.*

5,962

389,676

AeroVironment,

Inc.*(a)

4,507

903,654

AerSale

Corp.*

5,138

25,947

Archer

Aviation,

Inc.,

Class

A*(a)

41,148

124,678

Astronics

Corp.*

4,874

94,946

Byrna

Technologies,

Inc.*(a)

2,932

49,756

Cadre

Holdings,

Inc.(a)

4,617

175,215

Ducommun,

Inc.*

2,486

163,653

Eve

Holding,

Inc.*(a)

5,799

18,789

Intuitive

Machines,

Inc.*(a)

4,917

39,582

Kratos

Defense

&

Security

Solutions,

Inc.*(a)

25,642

597,459

Leonardo

DRS,

Inc.*

10,429

294,306

Mercury

Systems,

Inc.*(a)

9,635

356,495

Moog,

Inc.,

Class

A(a)

4,973

1,004,645

National

Presto

Industries,

Inc.

841

63,193

Park

Aerospace

Corp.

3,200

41,696

Redwire

Corp.*(a)

3,789

26,030

Rocket

Lab

USA,

Inc.*(a)

59,642

580,317

Terran

Orbital

Corp.*(a)

25,561

6,421

Triumph

Group,

Inc.*(a)

12,780

164,734

V2X,

Inc.*

2,082

116,301

Virgin

Galactic

Holdings,

Inc.*(a)

3,719

22,686

VirTra,

Inc.*(a)

1,777

11,053

5,271,232

Air

Freight

&

Logistics

0.2%

Air

Transport

Services

Group,

Inc.*(a)

9,026

146,131

Forward

Air

Corp.(a)

4,310

152,574

Hub

Group,

Inc.,

Class

A

10,600

481,770

Radiant

Logistics,

Inc.*(a)

5,309

34,137

814,612

Automobile

Components

1.2%

Adient

plc*(a)

15,764

355,793

American

Axle

&

Manufacturing

Holdings,

Inc.*

19,785

122,271

Cooper-Standard

Holdings,

Inc.*

3,221

44,675

Dana,

Inc.

22,887

241,687

Dorman

Products,

Inc.*

4,524

511,755

Fox

Factory

Holding

Corp.*(a)

7,356

305,274

Gentherm,

Inc.*

5,450

253,698

Goodyear

Tire

&

Rubber

Co.

(The)*(a)

49,560

438,606

Holley,

Inc.*

7,906

23,323

LCI

Industries(a)

4,247

511,933

Common

Stocks

Shares

Value

($)

Automobile

Components

Luminar

Technologies,

Inc.,

Class

A*(a)

55,255

49,713

Modine

Manufacturing

Co.*(a)

8,922

1,184,752

Patrick

Industries,

Inc.(a)

3,781

538,301

Phinia,

Inc.

7,483

344,443

Solid

Power,

Inc.*(a)

28,507

38,484

Standard

Motor

Products,

Inc.

3,651

121,213

Stoneridge,

Inc.*

4,489

50,232

Visteon

Corp.*

4,723

449,819

XPEL,

Inc.

Reg.

S*(a)

4,449

192,953

5,778,925

Automobiles

0.1%

Canoo,

Inc.*(a)

9,831

9,669

Livewire

Group,

Inc.*(a)

2,867

17,489

Winnebago

Industries,

Inc.(a)

4,970

288,806

315,964

Banks

9.7%

1st

Source

Corp.

3,571

213,831

ACNB

Corp.(a)

1,409

61,531

Amalgamated

Financial

Corp.

3,388

106,282

Amerant

Bancorp,

Inc.,

Class

A(a)

5,411

115,633

Ameris

Bancorp

11,419

712,431

Ames

National

Corp.

1,751

31,921

Arrow

Financial

Corp.

2,922

83,744

Associated

Banc-Corp.

27,153

584,876

Atlantic

Union

Bankshares

Corp.(a)

14,617

550,622

Axos

Financial,

Inc.*

9,475

595,788

Banc

of

California,

Inc.

23,798

350,545

BancFirst

Corp.(a)

3,509

369,322

Bancorp,

Inc.

(The)*(a)

8,155

436,292

Bank

First

Corp.

1,670

151,469

Bank

of

Hawaii

Corp.(a)

6,335

397,648

Bank

of

Marin

Bancorp

2,712

54,484

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

8,380

309,054

Bank7

Corp.

774

29,002

BankUnited,

Inc.

12,274

447,265

Bankwell

Financial

Group,

Inc.

1,138

34,083

Banner

Corp.

5,559

331,094

Bar

Harbor

Bankshares

2,924

90,176

BayCom

Corp.

1,915

45,424

BCB

Bancorp,

Inc.

2,988

36,872

Berkshire

Hills

Bancorp,

Inc.

6,465

174,102

Blue

Foundry

Bancorp*

3,416

35,014

Bridgewater

Bancshares,

Inc.*(a)

3,591

50,884

Brookline

Bancorp,

Inc.

14,892

150,260

Burke

&

Herbert

Financial

Services

Corp.

2,341

142,778

Business

First

Bancshares,

Inc.

4,094

105,093

Byline

Bancorp,

Inc.

5,837

156,256

Cadence

Bank

25,429

809,914

California

BanCorp*(a)

4,168

61,645

Camden

National

Corp.(a)

2,722

112,473

Capital

Bancorp,

Inc.(a)

1,596

41,033

Capital

City

Bank

Group,

Inc.

2,575

90,872

Capitol

Federal

Financial,

Inc.

(a)

20,952

122,360

120

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Carter

Bankshares,

Inc.*(a)

3,912

68,030

Cathay

General

Bancorp

10,862

466,523

Central

Pacific

Financial

Corp.

3,687

108,803

Chemung

Financial

Corp.

697

33,470

ChoiceOne

Financial

Services,

Inc.(a)

1,297

40,090

Citizens

&

Northern

Corp.

2,793

54,994

Citizens

Financial

Services,

Inc.(a)

754

44,297

City

Holding

Co.

2,467

289,601

Civista

Bancshares,

Inc.

3,098

55,206

CNB

Financial

Corp.

4,088

98,357

Coastal

Financial

Corp.*(a)

2,040

110,140

Colony

Bankcorp,

Inc.

3,190

49,509

Columbia

Financial,

Inc.*(a)

4,683

79,939

Community

Financial

System,

Inc.(a)

8,689

504,570

Community

Trust

Bancorp,

Inc.

2,885

143,269

Community

West

Bancshares(a)

3,072

59,167

ConnectOne

Bancorp,

Inc.

6,573

164,654

CrossFirst

Bankshares,

Inc.*

8,282

138,227

Customers

Bancorp,

Inc.*

5,141

238,799

CVB

Financial

Corp.

22,858

407,330

Dime

Community

Bancshares,

Inc.(a)

5,939

171,043

Eagle

Bancorp,

Inc.

5,141

116,084

Eastern

Bankshares,

Inc.(a)

33,825

554,392

Enterprise

Bancorp,

Inc.

1,950

62,322

Enterprise

Financial

Services

Corp.

6,557

336,112

Equity

Bancshares,

Inc.,

Class

A

2,705

110,580

Esquire

Financial

Holdings,

Inc.

1,191

77,665

ESSA

Bancorp,

Inc.

1,672

32,136

Farmers

&

Merchants

Bancorp,

Inc.(a)

2,175

60,139

Farmers

National

Banc

Corp.

(a)

6,916

104,570

FB

Financial

Corp.

6,282

294,814

Fidelity

D&D

Bancorp,

Inc.(a)

857

42,284

Financial

Institutions,

Inc.

2,757

70,221

First

Bancorp(a)

31,046

793,997

First

Bancorp,

Inc.

(The)

2,094

55,114

First

Bancshares,

Inc.

(The)

5,309

170,578

First

Bank

4,076

61,955

First

Busey

Corp.

10,022

260,772

First

Business

Financial

Services,

Inc.

1,593

72,625

First

Commonwealth

Financial

Corp.(a)

16,947

290,641

First

Community

Bankshares,

Inc.

3,049

131,564

First

Financial

Bancorp

15,895

401,031

First

Financial

Bankshares,

Inc.(a)

22,850

845,678

First

Financial

Corp.

2,244

98,399

First

Financial

Northwest,

Inc.

1,219

27,452

First

Foundation,

Inc.(a)

10,827

67,560

First

Internet

Bancorp(a)

1,450

49,677

Common

Stocks

Shares

Value

($)

Banks

First

Interstate

BancSystem,

Inc.,

Class

A

14,220

436,270

First

Merchants

Corp.

10,746

399,751

First

Mid

Bancshares,

Inc.

4,004

155,796

First

of

Long

Island

Corp.

(The)

4,701

60,502

First

Western

Financial,

Inc.*

1,380

27,600

Five

Star

Bancorp(a)

3,072

91,331

Flushing

Financial

Corp.(a)

4,731

68,978

FS

Bancorp,

Inc.

1,342

59,706

Fulton

Financial

Corp.

28,202

511,302

FVCBankcorp,

Inc.*(a)

2,595

33,865

German

American

Bancorp,

Inc.(a)

5,137

199,059

Glacier

Bancorp,

Inc.(a)

20,010

914,457

Great

Southern

Bancorp,

Inc.

1,658

95,020

Greene

County

Bancorp,

Inc.

(a)

1,406

43,445

Guaranty

Bancshares,

Inc.

1,385

47,616

Hancock

Whitney

Corp.

15,051

770,160

Hanmi

Financial

Corp.

4,070

75,702

HarborOne

Bancorp,

Inc.

7,279

94,481

HBT

Financial,

Inc.

2,659

58,179

Heartland

Financial

USA,

Inc.

7,399

419,523

Heritage

Commerce

Corp.

11,163

110,290

Heritage

Financial

Corp.

5,224

113,726

Hilltop

Holdings,

Inc.

8,475

272,556

Hingham

Institution

for

Savings(a)

254

61,801

Home

Bancorp,

Inc.

1,439

64,151

Home

BancShares,

Inc.

34,233

927,372

HomeStreet,

Inc.

3,541

55,806

HomeTrust

Bancshares,

Inc.

2,829

96,412

Hope

Bancorp,

Inc.

20,134

252,883

Horizon

Bancorp,

Inc.

7,845

121,990

Independent

Bank

Corp.

10,899

546,984

Independent

Bank

Group,

Inc.

6,289

362,624

International

Bancshares

Corp.

9,686

579,126

Investar

Holding

Corp.(a)

1,782

34,571

John

Marshall

Bancorp,

Inc.(a)

1,893

37,444

Kearny

Financial

Corp.

10,426

71,627

Lakeland

Financial

Corp.

4,220

274,806

LCNB

Corp.(a)

2,456

37,012

LINKBANCORP,

Inc.

3,402

21,807

Live

Oak

Bancshares,

Inc.

6,025

285,404

Mercantile

Bank

Corp.

2,980

130,286

Metrocity

Bankshares,

Inc.

3,506

107,354

Metropolitan

Bank

Holding

Corp.*

1,787

93,960

Mid

Penn

Bancorp,

Inc.

2,903

86,596

Middlefield

Banc

Corp.(a)

1,398

40,262

Midland

States

Bancorp,

Inc.

3,698

82,761

MidWestOne

Financial

Group,

Inc.

2,970

84,734

MVB

Financial

Corp.

2,183

42,263

National

Bank

Holdings

Corp.,

Class

A

6,090

256,389

National

Bankshares,

Inc.(a)

1,074

32,113

NB

Bancorp,

Inc.*(a)

6,832

126,802

NBT

Bancorp,

Inc.(a)

7,748

342,694

New

York

Community

Bancorp,

Inc.(a)

43,688

490,616

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

121

Common

Stocks

Shares

Value

($)

Banks

Nicolet

Bankshares,

Inc.(a)

2,301

220,045

Northeast

Bank

1,194

92,093

Northeast

Community

Bancorp,

Inc.

2,594

68,611

Northfield

Bancorp,

Inc.

7,347

85,225

Northrim

Bancorp,

Inc.(a)

1,045

74,425

Northwest

Bancshares,

Inc.

20,905

279,709

Norwood

Financial

Corp.(a)

1,304

35,964

Oak

Valley

Bancorp

1,116

29,652

OceanFirst

Financial

Corp.

10,148

188,651

OFG

Bancorp

7,726

347,052

Old

National

Bancorp(a)

55,945

1,043,934

Old

Second

Bancorp,

Inc.

8,004

124,782

Orange

County

Bancorp,

Inc.

943

56,882

Origin

Bancorp,

Inc.

5,282

169,869

Orrstown

Financial

Services,

Inc.

3,350

120,466

Pacific

Premier

Bancorp,

Inc.

16,130

405,831

Park

National

Corp.(a)

2,567

431,205

Parke

Bancorp,

Inc.(a)

2,026

42,343

Pathward

Financial,

Inc.

4,200

277,242

PCB

Bancorp

2,268

42,616

Peapack-Gladstone

Financial

Corp.

2,897

79,407

Peoples

Bancorp

of

North

Carolina,

Inc.(a)

839

21,302

Peoples

Bancorp,

Inc.

6,339

190,740

Peoples

Financial

Services

Corp.(a)

1,604

75,196

Pioneer

Bancorp,

Inc.*

2,248

24,661

Plumas

Bancorp

970

39,557

Ponce

Financial

Group,

Inc.*

2,998

35,047

Preferred

Bank(a)

1,239

99,430

Premier

Financial

Corp.

6,612

155,250

Primis

Financial

Corp.

3,510

42,752

Princeton

Bancorp,

Inc.

996

36,832

Provident

Bancorp,

Inc.*(a)

2,598

28,032

Provident

Financial

Services,

Inc.(a)

19,954

370,346

QCR

Holdings,

Inc.

2,943

217,870

RBB

Bancorp

3,256

74,953

Red

River

Bancshares,

Inc.(a)

791

41,132

Renasant

Corp.(a)

9,695

315,087

Republic

Bancorp,

Inc.,

Class

A

1,630

106,439

S&T

Bancorp,

Inc.

6,044

253,667

Sandy

Spring

Bancorp,

Inc.

7,806

244,874

Seacoast

Banking

Corp.

of

Florida

14,220

378,963

ServisFirst

Bancshares,

Inc.(a)

8,775

705,949

Shore

Bancshares,

Inc.

4,900

68,551

Sierra

Bancorp

2,567

74,135

Simmons

First

National

Corp.,

Class

A

20,894

450,057

SmartFinancial,

Inc.

3,088

89,984

South

Plains

Financial,

Inc.

2,431

82,459

Southern

First

Bancshares,

Inc.*

1,282

43,691

Southern

Missouri

Bancorp,

Inc.

1,732

97,841

Common

Stocks

Shares

Value

($)

Banks

Southern

States

Bancshares,

Inc.

1,508

46,341

Southside

Bancshares,

Inc.(a)

4,810

160,798

SouthState

Corp.

13,350

1,297,353

Stellar

Bancorp,

Inc.

8,761

226,822

Sterling

Bancorp,

Inc.*(a)

3,556

16,180

Stock

Yards

Bancorp,

Inc.(a)

4,443

275,422

Texas

Capital

Bancshares,

Inc.*

8,106

579,255

Third

Coast

Bancshares,

Inc.*

2,127

56,940

Timberland

Bancorp,

Inc.

1,353

40,942

Tompkins

Financial

Corp.

2,344

135,460

Towne

Bank

12,781

422,540

TriCo

Bancshares

5,859

249,886

Triumph

Financial,

Inc.*(a)

3,798

302,093

TrustCo

Bank

Corp.

2,956

97,755

Trustmark

Corp.

10,170

323,609

UMB

Financial

Corp.(a)

8,042

845,295

United

Bankshares,

Inc.

23,149

858,828

United

Community

Banks,

Inc.

(a)

19,448

565,548

Unity

Bancorp,

Inc.

1,254

42,711

Univest

Financial

Corp.

5,277

148,495

USCB

Financial

Holdings,

Inc.

1,595

24,324

Valley

National

Bancorp(a)

74,867

678,295

Veritex

Holdings,

Inc.

8,840

232,669

Virginia

National

Bankshares

Corp.(a)

841

35,028

WaFd,

Inc.

11,899

414,680

Washington

Trust

Bancorp,

Inc.(a)

3,085

99,368

WesBanco,

Inc.

10,196

303,637

West

Bancorp,

Inc.

2,979

56,631

Westamerica

Bancorp

4,239

209,491

WSFS

Financial

Corp.(a)

9,878

503,679

45,345,294

Beverages

0.3%

Duckhorn

Portfolio,

Inc.

(The)*(a)

8,226

47,793

MGP

Ingredients,

Inc.(a)

2,455

204,378

National

Beverage

Corp.(a)

4,069

190,999

Primo

Water

Corp.

27,388

691,547

Vita

Coco

Co.,

Inc.

(The)*(a)

6,809

192,763

1,327,480

Biotechnology

8.9%

2seventy

bio,

Inc.*(a)

9,313

43,957

4D

Molecular

Therapeutics,

Inc.*(a)

8,732

94,393

89bio,

Inc.*

14,423

106,730

Absci

Corp.*(a)

13,547

51,750

ACADIA

Pharmaceuticals,

Inc.*

20,422

314,090

ACELYRIN,

Inc.*

13,191

65,032

Achieve

Life

Sciences,

Inc.*(a)

5,698

27,009

Acrivon

Therapeutics,

Inc.*(a)

2,378

16,646

Actinium

Pharmaceuticals,

Inc.*

6,009

11,297

Acumen

Pharmaceuticals,

Inc.*

6,975

17,298

ADC

Therapeutics

SA*

14,621

46,056

ADMA

Biologics,

Inc.*

38,673

773,073

122

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Adverum

Biotechnologies,

Inc.*

3,490

24,500

Aerovate

Therapeutics,

Inc.*(a)

1,797

3,756

Agenus,

Inc.*(a)

3,412

18,698

Agios

Pharmaceuticals,

Inc.*(a)

9,865

438,302

Akebia

Therapeutics,

Inc.*(a)

40,213

53,081

Akero

Therapeutics,

Inc.*

11,820

339,116

Aldeyra

Therapeutics,

Inc.*

9,299

50,122

Alector,

Inc.*

13,530

63,050

Alkermes

plc*(a)

28,186

788,926

Allogene

Therapeutics,

Inc.*(a)

22,084

61,835

Altimmune,

Inc.*(a)

11,956

73,410

ALX

Oncology

Holdings,

Inc.*(a)

5,639

10,263

Amicus

Therapeutics,

Inc.*

51,022

544,915

AnaptysBio,

Inc.*

3,456

115,776

Anavex

Life

Sciences

Corp.*(a)

12,235

69,495

Anika

Therapeutics,

Inc.*

2,320

57,304

Annexon,

Inc.*

16,487

97,603

Apogee

Therapeutics,

Inc.*(a)

6,557

385,158

Applied

Therapeutics,

Inc.*(a)

16,311

138,644

Arbutus

Biopharma

Corp.*(a)

25,671

98,833

Arcellx,

Inc.*(a)

7,394

617,473

Arcturus

Therapeutics

Holdings,

Inc.*(a)

4,149

96,298

Arcus

Biosciences,

Inc.*(a)

9,119

139,430

Arcutis

Biotherapeutics,

Inc.*(a)

18,623

173,194

Ardelyx,

Inc.*(a)

40,640

280,010

ArriVent

Biopharma,

Inc.*(a)

4,819

113,247

Arrowhead

Pharmaceuticals,

Inc.*(a)

20,805

402,993

ARS

Pharmaceuticals,

Inc.*(a)

8,224

119,248

Artiva

Biotherapeutics,

Inc.*(a)

2,340

36,153

Astria

Therapeutics,

Inc.*(a)

7,472

82,267

Atossa

Therapeutics,

Inc.*(a)

21,317

32,402

Aura

Biosciences,

Inc.*(a)

7,530

67,092

Aurinia

Pharmaceuticals,

Inc.*

22,721

166,545

Avid

Bioservices,

Inc.*(a)

10,461

119,046

Avidity

Biosciences,

Inc.*(a)

18,779

862,519

Avita

Medical,

Inc.*(a)

4,784

51,284

Beam

Therapeutics,

Inc.*(a)

13,029

319,211

BioCryst

Pharmaceuticals,

Inc.*

36,098

274,345

Biohaven

Ltd.*(a)

13,087

653,957

Biomea

Fusion,

Inc.*(a)

5,189

52,409

Black

Diamond

Therapeutics,

Inc.*

6,287

27,348

Bluebird

Bio,

Inc.*(a)

30,145

15,660

Blueprint

Medicines

Corp.*(a)

10,929

1,010,933

Boundless

Bio,

Inc.*(a)

2,423

8,408

Bridgebio

Pharma,

Inc.*(a)

24,105

613,713

C4

Therapeutics,

Inc.*(a)

9,929

56,595

Cabaletta

Bio,

Inc.*

7,252

34,229

Candel

Therapeutics,

Inc.*(a)

3,379

23,416

Capricor

Therapeutics,

Inc.*(a)

4,266

64,886

Cardiff

Oncology,

Inc.*(a)

6,729

17,966

CareDx,

Inc.*

8,822

275,467

Cargo

Therapeutics,

Inc.*

5,875

108,394

Common

Stocks

Shares

Value

($)

Biotechnology

Caribou

Biosciences,

Inc.*

12,763

25,015

Cartesian

Therapeutics,

Inc.*(a)

1,189

19,167

Catalyst

Pharmaceuticals,

Inc.*

19,229

382,273

Celcuity,

Inc.*(a)

4,612

68,765

Celldex

Therapeutics,

Inc.*(a)

11,041

375,284

Century

Therapeutics,

Inc.*(a)

7,616

13,023

CervoMed,

Inc.*(a)

921

13,447

CG

oncology,

Inc.*(a)

8,168

308,179

Cibus,

Inc.,

Class

A*

2,497

8,140

Cogent

Biosciences,

Inc.*(a)

16,299

176,029

Coherus

Biosciences,

Inc.*(a)

18,551

19,293

Compass

Therapeutics,

Inc.*

16,365

30,112

Corbus

Pharmaceuticals

Holdings,

Inc.*(a)

1,726

35,607

Crinetics

Pharmaceuticals,

Inc.*

13,364

682,900

Cullinan

Therapeutics,

Inc.*(a)

8,930

149,488

Cytokinetics,

Inc.*(a)

19,732

1,041,850

Day

One

Biopharmaceuticals,

Inc.*(a)

8,672

120,801

Denali

Therapeutics,

Inc.*

21,363

622,304

Design

Therapeutics,

Inc.*(a)

5,087

27,368

Dianthus

Therapeutics,

Inc.*(a)

4,285

117,323

Disc

Medicine,

Inc.*(a)

3,406

167,371

Dynavax

Technologies

Corp.*(a)

22,330

248,756

Dyne

Therapeutics,

Inc.*(a)

13,893

499,037

Editas

Medicine,

Inc.*(a)

14,058

47,938

Elevation

Oncology,

Inc.*

8,633

5,179

Eliem

Therapeutics,

Inc.*(a)

4,967

25,282

Enanta

Pharmaceuticals,

Inc.*

3,672

38,042

Entrada

Therapeutics,

Inc.*(a)

4,282

68,426

Erasca,

Inc.*(a)

30,381

82,940

Fate

Therapeutics,

Inc.*

16,839

58,937

Fennec

Pharmaceuticals,

Inc.*

3,757

18,785

Fibrobiologics,

Inc.*(a)

4,151

12,827

Foghorn

Therapeutics,

Inc.*(a)

4,618

42,994

Galectin

Therapeutics,

Inc.*(a)

3,628

9,977

Generation

Bio

Co.*

10,268

25,362

Geron

Corp.*

100,286

455,298

Greenwich

Lifesciences,

Inc.*(a)

984

14,140

Gyre

Therapeutics,

Inc.*(a)

1,158

14,521

Halozyme

Therapeutics,

Inc.*(a)

21,460

1,228,370

Heron

Therapeutics,

Inc.*(a)

19,788

39,378

HilleVax,

Inc.*(a)

5,242

9,226

Humacyte,

Inc.*(a)

14,987

81,529

Ideaya

Biosciences,

Inc.*(a)

14,290

452,707

IGM

Biosciences,

Inc.*(a)

2,467

40,804

ImmunityBio,

Inc.*(a)

25,031

93,115

Immunome,

Inc.*(a)

9,204

134,562

Immunovant,

Inc.*(a)

10,155

289,519

Inhibrx

Biosciences,

Inc.*(a)

1,907

29,864

Inmune

Bio,

Inc.*(a)

2,083

11,227

Inovio

Pharmaceuticals,

Inc.*(a)

4,329

25,022

Inozyme

Pharma,

Inc.*(a)

9,246

48,357

Insmed,

Inc.*

27,123

1,979,979

Intellia

Therapeutics,

Inc.*(a)

16,908

347,459

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

123

Common

Stocks

Shares

Value

($)

Biotechnology

Invivyd,

Inc.*

13,274

13,539

Iovance

Biotherapeutics,

Inc.*(a)

44,100

414,099

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

24,948

102,786

iTeos

Therapeutics,

Inc.*

4,649

47,466

Janux

Therapeutics,

Inc.*

4,905

222,834

Jasper

Therapeutics,

Inc.*(a)

1,899

35,720

KalVista

Pharmaceuticals,

Inc.*(a)

6,432

74,483

Keros

Therapeutics,

Inc.*(a)

5,166

299,990

Kiniksa

Pharmaceuticals

International

plc,

Class

A*

6,314

157,787

Kodiak

Sciences,

Inc.*

5,383

14,050

Korro

Bio,

Inc.*(a)

1,028

34,356

Krystal

Biotech,

Inc.*(a)

4,307

784,003

Kura

Oncology,

Inc.*

12,698

248,119

Kymera

Therapeutics,

Inc.*(a)

7,780

368,227

Kyverna

Therapeutics,

Inc.*

2,840

13,888

Larimar

Therapeutics,

Inc.*(a)

7,060

46,243

LENZ

Therapeutics,

Inc.(a)

2,127

50,495

Lexeo

Therapeutics,

Inc.*

4,021

36,350

Lexicon

Pharmaceuticals,

Inc.*(a)

20,767

32,604

Lineage

Cell

Therapeutics,

Inc.*(a)

26,695

24,167

Lyell

Immunopharma,

Inc.*(a)

28,216

38,938

MacroGenics,

Inc.*(a)

9,416

30,979

Madrigal

Pharmaceuticals,

Inc.*(a)

3,049

647,059

MannKind

Corp.*(a)

46,135

290,189

MeiraGTx

Holdings

plc*

6,025

25,124

Mersana

Therapeutics,

Inc.*(a)

20,534

38,809

Metagenomi,

Inc.*

2,160

4,687

MiMedx

Group,

Inc.*

21,032

124,299

Mineralys

Therapeutics,

Inc.*(a)

4,796

58,080

Mirum

Pharmaceuticals,

Inc.*(a)

6,811

265,629

Monte

Rosa

Therapeutics,

Inc.*

7,040

37,312

Myriad

Genetics,

Inc.*

15,640

428,380

Neurogene,

Inc.*(a)

1,722

72,255

Nkarta,

Inc.*(a)

8,881

40,142

Novavax,

Inc.*(a)

24,694

311,885

Nurix

Therapeutics,

Inc.*

11,037

248,001

Nuvalent,

Inc.,

Class

A*(a)

5,989

612,675

Ocugen,

Inc.*(a)

43,103

42,767

Olema

Pharmaceuticals,

Inc.*(a)

6,707

80,082

Organogenesis

Holdings,

Inc.,

Class

A*(a)

13,811

39,499

ORIC

Pharmaceuticals,

Inc.*(a)

10,241

104,970

Outlook

Therapeutics,

Inc.*(a)

2,748

14,674

Ovid

therapeutics,

Inc.*(a)

8,507

10,038

PepGen,

Inc.*(a)

2,586

22,110

Perspective

Therapeutics,

Inc.*(a)

9,349

124,809

Poseida

Therapeutics,

Inc.,

Class

A*

13,031

37,269

Common

Stocks

Shares

Value

($)

Biotechnology

Praxis

Precision

Medicines,

Inc.*

2,903

167,039

Precigen,

Inc.*(a)

20,259

19,187

Prelude

Therapeutics,

Inc.*(a)

1,794

3,714

Prime

Medicine,

Inc.*(a)

9,548

36,951

ProKidney

Corp.,

Class

A*(a)

17,538

33,673

Protagonist

Therapeutics,

Inc.*(a)

10,194

458,730

Prothena

Corp.

plc*

7,159

119,770

PTC

Therapeutics,

Inc.*

13,245

491,390

Puma

Biotechnology,

Inc.*

6,989

17,822

Pyxis

Oncology,

Inc.*

8,102

29,734

Q32

Bio,

Inc.*(a)

1,042

46,494

RAPT

Therapeutics,

Inc.*(a)

4,409

8,862

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

41,167

271,291

REGENXBIO,

Inc.*(a)

7,704

80,815

Regulus

Therapeutics,

Inc.*

10,371

16,282

Relay

Therapeutics,

Inc.*(a)

16,843

119,248

Renovaro,

Inc.*(a)

7,819

3,779

Replimune

Group,

Inc.*

10,470

114,751

REVOLUTION

Medicines,

Inc.*(a)

26,294

1,192,433

Rhythm

Pharmaceuticals,

Inc.*(a)

9,386

491,733

Rigel

Pharmaceuticals,

Inc.*

2,733

44,220

Rocket

Pharmaceuticals,

Inc.*

11,586

213,993

Sage

Therapeutics,

Inc.*(a)

9,309

67,211

Sana

Biotechnology,

Inc.*(a)

23,769

98,879

Savara,

Inc.*(a)

19,768

83,816

Scholar

Rock

Holding

Corp.*(a)

11,552

92,532

Sera

Prognostics,

Inc.,

Class

A*(a)

4,558

35,552

Shattuck

Labs,

Inc.*(a)

6,707

23,407

Skye

Bioscience,

Inc.*

2,849

11,140

Soleno

Therapeutics,

Inc.*(a)

4,064

205,191

Solid

Biosciences,

Inc.*(a)

3,832

26,709

SpringWorks

Therapeutics,

Inc.*(a)

11,994

384,288

Spyre

Therapeutics,

Inc.*(a)

6,103

179,489

Stoke

Therapeutics,

Inc.*

5,995

73,679

Summit

Therapeutics,

Inc.*(a)

15,279

334,610

Sutro

Biopharma,

Inc.*

13,711

47,440

Syndax

Pharmaceuticals,

Inc.*

14,469

278,528

Tango

Therapeutics,

Inc.*(a)

8,741

67,306

Taysha

Gene

Therapies,

Inc.*(a)

30,981

62,272

Tenaya

Therapeutics,

Inc.*

10,800

20,844

TG

Therapeutics,

Inc.*(a)

24,266

567,582

Tourmaline

Bio,

Inc.(a)

3,855

99,112

Travere

Therapeutics,

Inc.*(a)

12,369

173,042

TScan

Therapeutics,

Inc.*(a)

6,399

31,867

Twist

Bioscience

Corp.*(a)

9,872

446,017

Tyra

Biosciences,

Inc.*(a)

3,406

80,075

UroGen

Pharma

Ltd.*(a)

6,463

82,080

Vanda

Pharmaceuticals,

Inc.*

10,528

49,376

Vaxcyte,

Inc.*(a)

20,605

2,354,533

Vera

Therapeutics,

Inc.,

Class

A*

6,801

300,604

Veracyte,

Inc.*(a)

13,373

455,217

Verastem,

Inc.*(a)

7,722

23,089

124

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Vericel

Corp.*

8,474

358,027

Verve

Therapeutics,

Inc.*

11,905

57,620

Vir

Biotechnology,

Inc.*

15,965

119,578

Viridian

Therapeutics,

Inc.*(a)

10,592

240,968

Voyager

Therapeutics,

Inc.*(a)

7,884

46,121

Werewolf

Therapeutics,

Inc.*

4,951

10,496

X4

Pharmaceuticals,

Inc.*

28,042

18,769

XBiotech,

Inc.*(a)

3,061

23,662

Xencor,

Inc.*

10,369

208,521

XOMA

Royalty

Corp.*

1,291

34,186

Y-mAbs

Therapeutics,

Inc.*(a)

6,021

79,176

Zentalis

Pharmaceuticals,

Inc.*(a)

9,384

34,533

Zura

Bio

Ltd.,

Class

A*(a)

7,341

29,804

Zymeworks,

Inc.*

9,644

121,032

41,691,312

Broadline

Retail

0.0%

†

1stdibs.com,

Inc.*

4,178

18,425

Groupon,

Inc.,

Class

A*(a)

3,852

37,672

Savers

Value

Village,

Inc.*(a)

4,134

43,490

99,587

Building

Products

1.5%

American

Woodmark

Corp.*

2,685

250,913

Apogee

Enterprises,

Inc.

3,741

261,926

AZZ,

Inc.(a)

5,091

420,567

Caesarstone

Ltd.*

3,237

14,761

CSW

Industrials,

Inc.(a)

2,860

1,047,875

Gibraltar

Industries,

Inc.*

5,179

362,167

Griffon

Corp.

6,545

458,150

Insteel

Industries,

Inc.

3,131

97,343

Janus

International

Group,

Inc.*(a)

24,660

249,313

JELD-WEN

Holding,

Inc.*(a)

15,128

239,174

Masterbrand,

Inc.*

22,155

410,754

Quanex

Building

Products

Corp.(a)

7,596

210,789

Resideo

Technologies,

Inc.*

25,198

507,488

Tecnoglass,

Inc.(a)

3,924

269,422

UFP

Industries,

Inc.

10,510

1,379,017

Zurn

Elkay

Water

Solutions

Corp.(a)

24,909

895,229

7,074,888

Capital

Markets

1.7%

AlTi

Global,

Inc.*(a)

5,825

21,785

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

10,930

473,488

B.

Riley

Financial,

Inc.(a)

3,640

19,110

BGC

Group,

Inc.,

Class

A

55,717

511,482

Brightsphere

Investment

Group,

Inc.

4,872

123,749

Cohen

&

Steers,

Inc.(a)

4,846

464,974

Diamond

Hill

Investment

Group,

Inc.

509

82,259

Donnelley

Financial

Solutions,

Inc.*

4,524

297,815

Forge

Global

Holdings,

Inc.*

17,009

22,282

GCM

Grosvenor,

Inc.,

Class

A(a)

7,461

84,459

Hamilton

Lane,

Inc.,

Class

A(a)

6,667

1,122,656

Common

Stocks

Shares

Value

($)

Capital

Markets

MarketWise,

Inc.

5,364

3,585

Moelis

&

Co.,

Class

A

9,720

665,917

Open

Lending

Corp.*(a)

17,074

104,493

P10,

Inc.,

Class

A(a)

5,682

60,854

Patria

Investments

Ltd.,

Class

A

9,455

105,612

Perella

Weinberg

Partners,

Class

A

9,528

183,986

Piper

Sandler

Cos.

3,075

872,716

PJT

Partners,

Inc.,

Class

A(a)

4,157

554,294

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,945

33,532

StepStone

Group,

Inc.,

Class

A

10,852

616,719

StoneX

Group,

Inc.*

4,948

405,142

Value

Line,

Inc.

128

5,952

Victory

Capital

Holdings,

Inc.,

Class

A

7,242

401,207

Virtus

Investment

Partners,

Inc.

1,240

259,718

WisdomTree,

Inc.(a)

24,673

246,483

7,744,269

Chemicals

2.0%

AdvanSix,

Inc.

4,317

131,150

American

Vanguard

Corp.(a)

4,232

22,430

Arcadium

Lithium

plc*(a)

188,639

537,621

Arq,

Inc.*

4,137

24,284

ASP

Isotopes,

Inc.*(a)

6,835

19,001

Aspen

Aerogels,

Inc.*(a)

10,175

281,746

Avient

Corp.

15,768

793,446

Balchem

Corp.

5,558

978,208

Cabot

Corp.

9,391

1,049,632

Core

Molding

Technologies,

Inc.*

1,260

21,685

Ecovyst,

Inc.*

20,294

139,014

Hawkins,

Inc.(a)

3,350

427,024

HB

Fuller

Co.

9,440

749,347

Ingevity

Corp.*

6,349

247,611

Innospec,

Inc.

4,298

486,061

Intrepid

Potash,

Inc.*

2,056

49,344

Koppers

Holdings,

Inc.

3,439

125,627

Kronos

Worldwide,

Inc.(a)

3,942

49,078

LSB

Industries,

Inc.*

9,709

78,060

Mativ

Holdings,

Inc.

9,534

161,983

Minerals

Technologies,

Inc.

5,615

433,646

Northern

Technologies

International

Corp.(a)

1,223

15,031

Orion

SA

10,056

179,097

Perimeter

Solutions

SA*

22,792

306,552

PureCycle

Technologies,

Inc.*(a)

20,778

197,391

Quaker

Chemical

Corp.(a)

2,400

404,376

Rayonier

Advanced

Materials,

Inc.*

11,185

95,744

Sensient

Technologies

Corp.

7,289

584,724

Stepan

Co.

3,701

285,902

Tronox

Holdings

plc

20,993

307,128

Valhi,

Inc.(a)

328

10,945

9,192,888

Commercial

Services

&

Supplies

1.7%

ABM

Industries,

Inc.

11,028

581,837

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

125

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

ACCO

Brands

Corp.

16,073

87,919

ACV

Auctions,

Inc.,

Class

A*

25,522

518,862

Aris

Water

Solutions,

Inc.,

Class

A

4,524

76,320

Bridger

Aerospace

Group

Holdings,

Inc.*(a)

3,046

6,762

BrightView

Holdings,

Inc.*

10,213

160,753

Brink's

Co.

(The)

7,756

896,904

Casella

Waste

Systems,

Inc.,

Class

A*

10,648

1,059,370

CECO

Environmental

Corp.*

4,971

140,182

Cimpress

plc*

3,003

246,006

CompX

International,

Inc.

302

8,821

CoreCivic,

Inc.*

19,356

244,853

Deluxe

Corp.

7,709

150,248

Driven

Brands

Holdings,

Inc.*(a)

10,037

143,228

Ennis,

Inc.

4,293

104,406

Enviri

Corp.*

13,400

138,556

GEO

Group,

Inc.

(The)*(a)

21,704

278,896

Healthcare

Services

Group,

Inc.*

12,450

139,067

HNI

Corp.

8,200

441,488

Interface,

Inc.,

Class

A

9,862

187,082

LanzaTech

Global,

Inc.*(a)

18,273

34,902

Liquidity

Services,

Inc.*

3,548

80,894

Matthews

International

Corp.,

Class

A

5,060

117,392

MillerKnoll,

Inc.(a)

12,337

305,464

Montrose

Environmental

Group,

Inc.*

5,573

146,570

NL

Industries,

Inc.

1,817

13,500

OPENLANE,

Inc.*(a)

18,973

320,264

Perma-Fix

Environmental

Services,

Inc.*(a)

2,874

35,264

Pitney

Bowes,

Inc.

17,361

123,784

Quad/Graphics,

Inc.

4,927

22,369

Quest

Resource

Holding

Corp.*(a)

2,642

21,083

Steelcase,

Inc.,

Class

A

16,491

222,464

UniFirst

Corp.

2,603

517,086

Viad

Corp.*

3,447

123,506

Virco

Mfg.

Corp.(a)

1,765

24,375

VSE

Corp.(a)

2,781

230,072

7,950,549

Communications

Equipment

0.6%

ADTRAN

Holdings,

Inc.*(a)

13,735

81,449

Applied

Optoelectronics,

Inc.*

6,253

89,480

Aviat

Networks,

Inc.*(a)

2,086

45,120

Calix,

Inc.*

10,251

397,636

Clearfield,

Inc.*(a)

2,067

80,530

CommScope

Holding

Co.,

Inc.*(a)

35,937

219,575

Digi

International,

Inc.*(a)

6,014

165,565

Extreme

Networks,

Inc.*

21,958

330,029

Harmonic,

Inc.*

19,217

279,992

Infinera

Corp.*(a)

35,476

239,463

NETGEAR,

Inc.*

4,892

98,134

NetScout

Systems,

Inc.*

12,294

267,395

Ribbon

Communications,

Inc.*(a)

16,675

54,194

Common

Stocks

Shares

Value

($)

Communications

Equipment

Viasat,

Inc.*(a)

21,163

252,686

Viavi

Solutions,

Inc.*(a)

38,493

347,207

2,948,455

Construction

&

Engineering

1.6%

Ameresco,

Inc.,

Class

A*(a)

5,680

215,499

Arcosa,

Inc.

8,381

794,184

Argan,

Inc.

2,152

218,277

Bowman

Consulting

Group

Ltd.,

Class

A*(a)

2,181

52,519

Centuri

Holdings,

Inc.*

2,316

37,403

Concrete

Pumping

Holdings,

Inc.*

3,608

20,890

Construction

Partners,

Inc.,

Class

A*

7,514

524,477

Dycom

Industries,

Inc.*

4,904

966,578

Fluor

Corp.*

29,543

1,409,497

Granite

Construction,

Inc.(a)

7,604

602,845

Great

Lakes

Dredge

&

Dock

Corp.*(a)

11,732

123,538

IES

Holdings,

Inc.*

1,454

290,247

Limbach

Holdings,

Inc.*(a)

1,709

129,474

Matrix

Service

Co.*

4,470

51,539

MYR

Group,

Inc.*(a)

2,794

285,631

Northwest

Pipe

Co.*

1,702

76,811

Orion

Group

Holdings,

Inc.*(a)

5,175

29,860

Primoris

Services

Corp.

9,252

537,356

Southland

Holdings,

Inc.*

851

3,149

Sterling

Infrastructure,

Inc.*

5,209

755,409

Tutor

Perini

Corp.*(a)

7,692

208,915

7,334,098

Construction

Materials

0.4%

Knife

River

Corp.*

9,857

881,117

Smith-Midland

Corp.*(a)

734

24,508

Summit

Materials,

Inc.,

Class

A*(a)

21,200

827,436

United

States

Lime

&

Minerals,

Inc.

1,859

181,550

1,914,611

Consumer

Finance

0.8%

Atlanticus

Holdings

Corp.*

1,019

35,747

Bread

Financial

Holdings,

Inc.

4,254

202,405

Consumer

Portfolio

Services,

Inc.*(a)

1,397

13,104

Encore

Capital

Group,

Inc.*(a)

4,198

198,439

Enova

International,

Inc.*

4,433

371,441

FirstCash

Holdings,

Inc.

6,680

766,864

Green

Dot

Corp.,

Class

A*

6,983

81,771

LendingClub

Corp.*

18,916

216,210

LendingTree,

Inc.*

1,692

98,187

Medallion

Financial

Corp.(a)

3,469

28,238

Moneylion,

Inc.*

1,436

59,666

Navient

Corp.

14,543

226,725

Nelnet,

Inc.,

Class

A

2,566

290,676

NerdWallet,

Inc.,

Class

A*(a)

7,134

90,673

OppFi,

Inc.(a)

4,414

20,878

PRA

Group,

Inc.*

6,594

147,442

PROG

Holdings,

Inc.

7,127

345,588

Regional

Management

Corp.

1,483

48,509

Upstart

Holdings,

Inc.*

13,453

538,255

126

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Consumer

Finance

World

Acceptance

Corp.*

652

76,923

3,857,741

Consumer

Staples

Distribution

&

Retail

0.8%

Andersons,

Inc.

(The)

5,757

288,656

Chefs'

Warehouse,

Inc.

(The)*(a)

6,180

259,622

HF

Foods

Group,

Inc.*(a)

6,626

23,655

Ingles

Markets,

Inc.,

Class

A

2,545

189,857

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,703

50,562

PriceSmart,

Inc.(a)

4,328

397,224

SpartanNash

Co.

5,930

132,891

Sprouts

Farmers

Market,

Inc.*(a)

17,413

1,922,569

United

Natural

Foods,

Inc.*

9,899

166,501

Village

Super

Market,

Inc.,

Class

A(a)

1,474

46,859

Weis

Markets,

Inc.(a)

2,847

196,244

3,674,640

Containers

&

Packaging

0.2%

Ardagh

Metal

Packaging

SA

24,123

90,944

Greif,

Inc.,

Class

A

4,527

283,662

Greif,

Inc.,

Class

B

779

54,397

Myers

Industries,

Inc.

6,469

89,402

O-I

Glass,

Inc.*

26,648

349,622

Pactiv

Evergreen,

Inc.(a)

7,316

84,207

Ranpak

Holdings

Corp.,

Class

A*(a)

7,448

48,635

TriMas

Corp.

6,757

172,506

1,173,375

Distributors

0.1%

A-Mark

Precious

Metals,

Inc.

(a)

3,104

137,073

GigaCloud

Technology,

Inc.,

Class

A*(a)

3,933

90,380

Weyco

Group,

Inc.(a)

835

28,423

255,876

Diversified

Consumer

Services

0.9%

Adtalem

Global

Education,

Inc.*

6,494

490,167

American

Public

Education,

Inc.*

2,642

38,970

Carriage

Services,

Inc.,

Class

A

2,200

72,226

Chegg,

Inc.*

18,431

32,623

Coursera,

Inc.*

23,352

185,415

European

Wax

Center,

Inc.,

Class

A*(a)

5,864

39,875

Frontdoor,

Inc.*

13,569

651,176

Graham

Holdings

Co.,

Class

B(a)

580

476,598

Laureate

Education,

Inc.

23,673

393,209

Lincoln

Educational

Services

Corp.*

4,379

52,285

Mister

Car

Wash,

Inc.*

15,675

102,044

Nerdy,

Inc.*(a)

15,606

15,342

OneSpaWorld

Holdings

Ltd.(a)

17,489

288,743

Perdoceo

Education

Corp.

10,046

223,423

Strategic

Education,

Inc.

3,815

353,078

Stride,

Inc.*(a)

7,367

628,479

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Udemy,

Inc.*(a)

17,086

127,120

Universal

Technical

Institute,

Inc.*

6,955

113,088

4,283,861

Diversified

REITs

0.7%

Alexander

&

Baldwin,

Inc.

13,076

251,059

Alpine

Income

Property

Trust,

Inc.

2,179

39,658

American

Assets

Trust,

Inc.

8,398

224,395

Armada

Hoffler

Properties,

Inc.

11,028

119,433

Broadstone

Net

Lease,

Inc.(a)

33,018

625,691

CTO

Realty

Growth,

Inc.

3,886

73,912

Empire

State

Realty

Trust,

Inc.,

Class

A

23,846

264,214

Essential

Properties

Realty

Trust,

Inc.(a)

30,427

1,039,082

Gladstone

Commercial

Corp.

(a)

7,296

118,487

Global

Net

Lease,

Inc.(a)

35,486

298,792

One

Liberty

Properties,

Inc.

2,863

78,847

3,133,570

Diversified

Telecommunication

Services

0.7%

Anterix,

Inc.*

1,754

66,056

AST

SpaceMobile,

Inc.,

Class

A*(a)

23,125

604,719

ATN

International,

Inc.

1,691

54,687

Bandwidth,

Inc.,

Class

A*

4,392

76,904

Cogent

Communications

Holdings,

Inc.(a)

7,566

574,411

Consolidated

Communications

Holdings,

Inc.*

12,630

58,603

Globalstar,

Inc.*(a)

128,377

159,187

IDT

Corp.,

Class

B

2,607

99,509

Liberty

Latin

America

Ltd.,

Class

A*

5,804

55,602

Liberty

Latin

America

Ltd.,

Class

C*(a)

22,834

216,695

Lumen

Technologies,

Inc.*(a)

174,393

1,238,190

Shenandoah

Telecommunications

Co.(a)

8,543

120,542

3,325,105

Electric

Utilities

0.8%

ALLETE,

Inc.

10,254

658,204

Genie

Energy

Ltd.,

Class

B

2,208

35,880

Hawaiian

Electric

Industries,

Inc.*(a)

28,397

274,883

MGE

Energy,

Inc.(a)

6,258

572,294

Otter

Tail

Corp.(a)

7,141

558,141

Portland

General

Electric

Co.

17,843

854,680

TXNM

Energy,

Inc.(a)

15,487

677,866

3,631,948

Electrical

Equipment

1.3%

Allient,

Inc.

2,370

45,006

American

Superconductor

Corp.*

6,011

141,860

Amprius

Technologies,

Inc.*(a)

768

852

Array

Technologies,

Inc.*(a)

26,545

175,197

Atkore,

Inc.

6,397

542,082

Blink

Charging

Co.*(a)

16,114

27,716

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

127

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Bloom

Energy

Corp.,

Class

A*(a)

34,585

365,218

ChargePoint

Holdings,

Inc.*(a)

69,093

94,657

Energy

Vault

Holdings,

Inc.*(a)

15,325

14,712

EnerSys

6,877

701,798

Enovix

Corp.*(a)

26,825

250,545

Fluence

Energy,

Inc.*(a)

10,677

242,475

Freyr

Battery,

Inc.*(a)

18,389

17,839

FuelCell

Energy,

Inc.*(a)

88,147

33,496

GrafTech

International

Ltd.*(a)

43,090

56,879

LSI

Industries,

Inc.

4,753

76,761

NANO

Nuclear

Energy,

Inc.*(a)

737

10,620

Net

Power,

Inc.*(a)

3,367

23,603

NEXTracker,

Inc.,

Class

A*(a)

24,866

931,978

NuScale

Power

Corp.,

Class

A*(a)

13,595

157,430

Plug

Power,

Inc.*(a)

128,554

290,532

Powell

Industries,

Inc.(a)

1,623

360,290

Preformed

Line

Products

Co.

436

55,843

SES

AI

Corp.*

19,304

12,351

Shoals

Technologies

Group,

Inc.,

Class

A*

29,112

163,318

Stem,

Inc.*(a)

28,826

10,037

Sunrun,

Inc.*

37,917

684,781

Thermon

Group

Holdings,

Inc.*

5,617

167,611

TPI

Composites,

Inc.*(a)

8,323

37,870

Ultralife

Corp.*

1,609

14,545

Vicor

Corp.*

3,963

166,842

5,874,744

Electronic

Equipment,

Instruments

&

Components

3.0%

908

Devices,

Inc.*(a)

4,627

16,056

Advanced

Energy

Industries,

Inc.(a)

6,408

674,378

Aeva

Technologies,

Inc.*(a)

3,452

11,357

Arlo

Technologies,

Inc.*

16,570

200,663

Badger

Meter,

Inc.

5,047

1,102,315

Bel

Fuse,

Inc.,

Class

A

300

29,829

Bel

Fuse,

Inc.,

Class

B

1,837

144,223

Belden,

Inc.(a)

6,974

816,865

Benchmark

Electronics,

Inc.

6,280

278,330

Climb

Global

Solutions,

Inc.

690

68,683

CTS

Corp.

5,049

244,271

Daktronics,

Inc.*(a)

6,461

83,412

ePlus,

Inc.*

4,656

457,871

Evolv

Technologies

Holdings,

Inc.*(a)

21,947

88,885

Fabrinet*

6,292

1,487,680

FARO

Technologies,

Inc.*

3,230

61,822

Insight

Enterprises,

Inc.*(a)

4,859

1,046,580

Iteris,

Inc.*

7,211

51,487

Itron,

Inc.*

7,909

844,760

Kimball

Electronics,

Inc.*(a)

4,031

74,614

Knowles

Corp.*

15,435

278,293

Lightwave

Logic,

Inc.*(a)

21,088

58,203

Methode

Electronics,

Inc.

6,215

74,331

MicroVision,

Inc.*(a)

37,824

43,119

Mirion

Technologies,

Inc.,

Class

A*

34,888

386,210

Napco

Security

Technologies,

Inc.(a)

6,009

243,124

nLight,

Inc.*

7,744

82,783

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Novanta,

Inc.*

6,212

1,111,451

OSI

Systems,

Inc.*

2,792

423,909

Ouster,

Inc.*

7,196

45,335

PAR

Technology

Corp.*(a)

6,299

328,052

PC

Connection,

Inc.

2,034

153,425

Plexus

Corp.*

4,694

641,717

Powerfleet,

Inc.

NJ*(a)

17,398

86,990

Richardson

Electronics

Ltd.(a)

1,780

21,965

Rogers

Corp.*

3,192

360,728

Sanmina

Corp.*

9,350

640,008

ScanSource,

Inc.*

4,407

211,668

SmartRent,

Inc.,

Class

A*(a)

31,117

53,832

TTM

Technologies,

Inc.*

17,374

317,075

Vishay

Intertechnology,

Inc.(a)

21,901

414,148

Vishay

Precision

Group,

Inc.*

1,936

50,142

13,810,589

Energy

Equipment

&

Services

2.1%

Archrock,

Inc.

28,813

583,175

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

11,729

255,692

Borr

Drilling

Ltd.

41,264

226,539

Bristow

Group,

Inc.,

Class

A*(a)

4,354

151,040

Cactus,

Inc.,

Class

A

11,299

674,211

ChampionX

Corp.

33,196

1,000,859

Core

Laboratories,

Inc.(a)

8,290

153,614

DMC

Global,

Inc.*

3,291

42,717

Drilling

Tools

International

Corp.*

1,527

5,696

Expro

Group

Holdings

NV*(a)

16,500

283,305

Forum

Energy

Technologies,

Inc.*

1,866

28,848

Geospace

Technologies

Corp.*(a)

2,017

20,856

Helix

Energy

Solutions

Group,

Inc.*(a)

24,459

271,495

Helmerich

&

Payne,

Inc.(a)

16,817

511,573

Innovex

International,

Inc.*(a)

5,682

83,412

Kodiak

Gas

Services,

Inc.

3,454

100,166

Liberty

Energy,

Inc.,

Class

A(a)

27,869

532,019

Mammoth

Energy

Services,

Inc.*(a)

3,270

13,374

Nabors

Industries

Ltd.*(a)

1,538

99,155

Natural

Gas

Services

Group,

Inc.*

1,725

32,965

Newpark

Resources,

Inc.*

13,869

96,112

Noble

Corp.

plc(a)

23,927

864,722

Oceaneering

International,

Inc.*(a)

17,699

440,174

Oil

States

International,

Inc.*

11,397

52,426

Patterson-UTI

Energy,

Inc.(a)

68,076

520,781

ProFrac

Holding

Corp.,

Class

A*(a)

4,055

27,533

ProPetro

Holding

Corp.*

15,613

119,596

Ranger

Energy

Services,

Inc.,

Class

A

2,327

27,715

RPC,

Inc.(a)

14,643

93,130

SEACOR

Marine

Holdings,

Inc.*

4,025

38,841

Seadrill

Ltd.*

11,920

473,701

128

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Select

Water

Solutions,

Inc.,

Class

A

16,146

179,705

Solaris

Energy

Infrastructure,

Inc.,

Class

A

4,102

52,342

TETRA

Technologies,

Inc.*(a)

20,266

62,825

Tidewater,

Inc.*

8,400

603,036

Transocean

Ltd.*(a)

126,299

536,771

Valaris

Ltd.*(a)

10,825

603,494

9,863,615

Entertainment

0.5%

AMC

Entertainment

Holdings,

Inc.,

Class

A*

58,487

266,116

Atlanta

Braves

Holdings,

Inc.,

Class

A*

1,729

72,877

Atlanta

Braves

Holdings,

Inc.,

Class

C*

8,818

350,957

Cinemark

Holdings,

Inc.*(a)

19,278

536,700

Eventbrite,

Inc.,

Class

A*(a)

15,076

41,158

Golden

Matrix

Group,

Inc.*(a)

3,259

7,593

IMAX

Corp.*

7,346

150,666

Lions

Gate

Entertainment

Corp.,

Class

A*

11,140

87,226

Lions

Gate

Entertainment

Corp.,

Class

B*

20,423

141,327

LiveOne,

Inc.*

11,404

10,820

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

6,808

289,544

Marcus

Corp.

(The)(a)

3,915

58,999

Playstudios,

Inc.*

17,505

26,433

Reservoir

Media,

Inc.*(a)

2,894

23,470

Sphere

Entertainment

Co.*

4,628

204,465

Vivid

Seats,

Inc.,

Class

A*

13,025

48,193

2,316,544

Financial

Services

2.7%

Acacia

Research

Corp.*

7,245

33,762

Alerus

Financial

Corp.

3,410

78,021

AvidXchange

Holdings,

Inc.*(a)

29,690

240,786

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

5,086

165,244

Burford

Capital

Ltd.(a)

34,789

461,302

Cannae

Holdings,

Inc.

9,854

187,817

Cantaloupe,

Inc.*

10,313

76,316

Cass

Information

Systems,

Inc.

2,569

106,562

Compass

Diversified

Holdings

11,911

263,590

Enact

Holdings,

Inc.

5,414

196,691

Essent

Group

Ltd.

18,222

1,171,492

EVERTEC,

Inc.(a)

11,076

375,366

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,602

300,231

Flywire

Corp.*

21,224

347,861

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

19,363

667,443

I3

Verticals,

Inc.,

Class

A*

3,830

81,617

International

Money

Express,

Inc.*

5,648

104,432

Jackson

Financial,

Inc.,

Class

A

11,766

1,073,412

Common

Stocks

Shares

Value

($)

Financial

Services

Marqeta,

Inc.,

Class

A*

81,655

401,743

Merchants

Bancorp

3,209

144,277

Mr.

Cooper

Group,

Inc.*

11,228

1,034,997

NCR

Atleos

Corp.*

12,651

360,933

NewtekOne,

Inc.

4,396

54,774

NMI

Holdings,

Inc.,

Class

A*

13,808

568,752

Onity

Group,

Inc.*

983

31,397

Pagseguro

Digital

Ltd.,

Class

A*

33,515

288,564

Payoneer

Global,

Inc.*

40,778

307,058

Paysafe

Ltd.*(a)

5,522

123,858

Paysign,

Inc.*

6,264

22,989

PennyMac

Financial

Services,

Inc.(a)

4,739

540,104

Priority

Technology

Holdings,

Inc.*(a)

2,909

19,868

Radian

Group,

Inc.

23,055

799,778

Remitly

Global,

Inc.*(a)

25,415

340,307

Repay

Holdings

Corp.,

Class

A*(a)

16,261

132,690

Sezzle,

Inc.*

401

68,407

StoneCo

Ltd.,

Class

A*(a)

49,479

557,134

SWK

Holdings

Corp.*

494

8,541

Velocity

Financial,

Inc.*(a)

1,565

30,690

Walker

&

Dunlop,

Inc.

5,631

639,625

Waterstone

Financial,

Inc.

2,912

42,806

12,451,237

Food

Products

1.0%

Alico,

Inc.(a)

1,170

32,725

B&G

Foods,

Inc.(a)

13,062

115,991

Beyond

Meat,

Inc.*(a)

9,955

67,495

BRC,

Inc.,

Class

A*

8,507

29,094

Calavo

Growers,

Inc.

2,766

78,914

Cal-Maine

Foods,

Inc.

7,109

532,038

Dole

plc

13,423

218,661

Forafric

Global

plc*(a)

651

7,382

Fresh

Del

Monte

Produce,

Inc.

5,778

170,682

Hain

Celestial

Group,

Inc.

(The)*

15,851

136,794

J

&

J

Snack

Foods

Corp.(a)

2,603

448,028

John

B

Sanfilippo

&

Son,

Inc.

1,513

142,691

Lancaster

Colony

Corp.(a)

3,358

592,922

Lifeway

Foods,

Inc.*

745

19,310

Limoneira

Co.(a)

2,792

73,988

Mama's

Creations,

Inc.*(a)

5,402

39,435

Mission

Produce,

Inc.*(a)

7,101

91,035

Seneca

Foods

Corp.,

Class

A*

867

54,040

Simply

Good

Foods

Co.

(The)*(a)

15,623

543,212

SunOpta,

Inc.*

16,645

106,195

TreeHouse

Foods,

Inc.*(a)

8,229

345,453

Utz

Brands,

Inc.(a)

10,982

194,381

Vital

Farms,

Inc.*(a)

5,664

198,637

Westrock

Coffee

Co.*(a)

5,252

34,138

WK

Kellogg

Co.(a)

11,486

196,525

4,469,766

Gas

Utilities

1.0%

Brookfield

Infrastructure

Corp.,

Class

A

20,644

896,569

Chesapeake

Utilities

Corp.

3,807

472,715

New

Jersey

Resources

Corp.

17,014

803,061

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

129

Common

Stocks

Shares

Value

($)

Gas

Utilities

Northwest

Natural

Holding

Co.

6,627

270,514

ONE

Gas,

Inc.(a)

9,726

723,809

RGC

Resources,

Inc.

1,454

32,817

Southwest

Gas

Holdings,

Inc.

10,561

778,979

Spire,

Inc.(a)

9,813

660,317

4,638,781

Ground

Transportation

0.5%

ArcBest

Corp.(a)

4,052

439,439

Covenant

Logistics

Group,

Inc.,

Class

A

1,333

70,436

FTAI

Infrastructure,

Inc.

17,784

166,458

Heartland

Express,

Inc.

7,694

94,482

Hertz

Global

Holdings,

Inc.*(a)

20,983

69,244

Marten

Transport

Ltd.

9,439

167,070

PAM

Transportation

Services,

Inc.*

941

17,408

Proficient

Auto

Logistics,

Inc.*

2,464

34,940

RXO,

Inc.*

23,393

655,004

Universal

Logistics

Holdings,

Inc.

1,189

51,258

Werner

Enterprises,

Inc.

10,579

408,244

2,173,983

Health

Care

Equipment

&

Supplies

3.2%

Accuray,

Inc.*

18,811

33,860

Alphatec

Holdings,

Inc.*(a)

17,935

99,719

AngioDynamics,

Inc.*

6,800

52,904

Artivion,

Inc.*(a)

6,989

186,047

AtriCure,

Inc.*(a)

8,008

224,544

Avanos

Medical,

Inc.*

7,623

183,181

Axogen,

Inc.*

7,645

107,183

Axonics,

Inc.*(a)

8,757

609,487

Bioventus,

Inc.,

Class

A*

6,266

74,879

Cerus

Corp.*(a)

31,786

55,308

CONMED

Corp.(a)

5,259

378,227

CVRx,

Inc.*(a)

2,412

21,250

Embecta

Corp.

9,855

138,956

Fractyl

Health,

Inc.*

5,293

13,391

Glaukos

Corp.*

8,516

1,109,464

Haemonetics

Corp.*(a)

8,596

690,946

ICU

Medical,

Inc.*

3,677

670,023

Inari

Medical,

Inc.*

9,036

372,645

Inmode

Ltd.*(a)

13,948

236,419

Inogen,

Inc.*

4,619

44,804

Integer

Holdings

Corp.*(a)

5,729

744,770

Integra

LifeSciences

Holdings

Corp.*

11,922

216,623

iRadimed

Corp.

1,233

62,008

iRhythm

Technologies,

Inc.*(a)

5,434

403,420

Lantheus

Holdings,

Inc.*(a)

11,879

1,303,720

LeMaitre

Vascular,

Inc.

3,517

326,694

LivaNova

plc*

9,470

497,554

Merit

Medical

Systems,

Inc.*

9,806

969,127

Neogen

Corp.*(a)

37,889

636,914

NeuroPace,

Inc.*

2,242

15,627

Nevro

Corp.*(a)

5,638

31,516

Novocure

Ltd.*(a)

18,562

290,124

Omnicell,

Inc.*

7,944

346,358

OraSure

Technologies,

Inc.*

12,578

53,708

Orchestra

BioMed

Holdings,

Inc.*

3,775

19,404

Orthofix

Medical,

Inc.*

5,985

93,486

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

OrthoPediatrics

Corp.*

2,611

70,784

Paragon

28,

Inc.*(a)

7,878

52,625

PROCEPT

BioRobotics

Corp.*(a)

7,379

591,206

Pulmonx

Corp.*

7,056

58,494

Pulse

Biosciences,

Inc.*(a)

3,052

53,532

RxSight,

Inc.*

6,208

306,861

Sanara

Medtech,

Inc.*(a)

526

15,906

Semler

Scientific,

Inc.*(a)

677

15,943

SI-BONE,

Inc.*

6,840

95,623

Sight

Sciences,

Inc.*(a)

5,833

36,748

STAAR

Surgical

Co.*

8,591

319,156

Stereotaxis,

Inc.*(a)

9,136

18,637

Surmodics,

Inc.*

2,350

91,133

Tactile

Systems

Technology,

Inc.*(a)

4,259

62,224

Tandem

Diabetes

Care,

Inc.*(a)

11,290

478,809

TransMedics

Group,

Inc.*(a)

5,569

874,333

Treace

Medical

Concepts,

Inc.*(a)

8,586

49,799

UFP

Technologies,

Inc.*(a)

1,258

398,409

Utah

Medical

Products,

Inc.

445

29,775

Varex

Imaging

Corp.*

6,511

77,611

Zimvie,

Inc.*

4,937

78,350

Zynex,

Inc.*(a)

2,178

17,772

15,108,020

Health

Care

Providers

&

Services

2.8%

Accolade,

Inc.*

12,361

47,590

AdaptHealth

Corp.,

Class

A*

17,904

201,062

Addus

HomeCare

Corp.*

2,976

395,897

agilon

health,

Inc.*(a)

53,783

211,367

AirSculpt

Technologies,

Inc.*(a)

2,144

10,870

Alignment

Healthcare,

Inc.*

16,891

199,652

AMN

Healthcare

Services,

Inc.*(a)

6,599

279,732

Ardent

Health

Partners,

Inc.*

1,959

36,006

Astrana

Health,

Inc.*

7,516

435,477

Aveanna

Healthcare

Holdings,

Inc.*

9,709

50,487

BrightSpring

Health

Services,

Inc.*(a)

9,011

132,281

Brookdale

Senior

Living,

Inc.*

33,440

227,058

Castle

Biosciences,

Inc.*

4,466

127,370

Community

Health

Systems,

Inc.*

22,139

134,384

Concentra

Group

Holdings

Parent,

Inc.*

3,829

85,616

CorVel

Corp.*

1,528

499,488

Cross

Country

Healthcare,

Inc.*(a)

5,612

75,425

DocGo,

Inc.*(a)

16,773

55,686

Enhabit,

Inc.*(a)

8,169

64,535

Ensign

Group,

Inc.

(The)(a)

9,608

1,381,823

Fulgent

Genetics,

Inc.*

3,537

76,859

GeneDx

Holdings

Corp.,

Class

A*(a)

2,276

96,593

Guardant

Health,

Inc.*

20,229

464,053

HealthEquity,

Inc.*

14,622

1,196,811

Hims

&

Hers

Health,

Inc.*

32,521

599,037

130

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

InfuSystem

Holdings,

Inc.*

2,391

16,020

Innovage

Holding

Corp.*(a)

2,750

16,500

Joint

Corp.

(The)*(a)

1,656

18,945

LifeStance

Health

Group,

Inc.*(a)

23,914

167,398

ModivCare,

Inc.*(a)

2,027

28,946

Nano-X

Imaging

Ltd.*(a)

9,124

55,474

National

HealthCare

Corp.(a)

2,161

271,789

National

Research

Corp.

2,428

55,504

NeoGenomics,

Inc.*(a)

21,754

320,872

OPKO

Health,

Inc.*(a)

55,715

83,015

Option

Care

Health,

Inc.*(a)

29,625

927,263

Owens

&

Minor,

Inc.*

13,321

209,006

PACS

Group,

Inc.*(a)

6,668

266,520

Patterson

Cos.,

Inc.(a)

13,823

301,894

Pediatrix

Medical

Group,

Inc.*

14,185

164,404

Pennant

Group,

Inc.

(The)*

4,906

175,144

Performant

Financial

Corp.*(a)

12,888

48,201

PetIQ,

Inc.,

Class

A*

4,553

140,096

Privia

Health

Group,

Inc.*(a)

17,765

323,501

Progyny,

Inc.*(a)

14,640

245,366

Quipt

Home

Medical

Corp.*

7,072

20,650

RadNet,

Inc.*(a)

11,565

802,495

Select

Medical

Holdings

Corp.

18,669

650,988

Sonida

Senior

Living,

Inc.*(a)

575

15,376

Surgery

Partners,

Inc.*(a)

13,136

423,505

Talkspace,

Inc.*

20,606

43,067

US

Physical

Therapy,

Inc.

2,572

217,668

Viemed

Healthcare,

Inc.*

5,387

39,487

13,134,253

Health

Care

REITs

0.7%

American

Healthcare

REIT,

Inc.

14,220

371,142

CareTrust

REIT,

Inc.

24,915

768,877

Community

Healthcare

Trust,

Inc.

4,524

82,111

Diversified

Healthcare

Trust

38,224

160,159

Global

Medical

REIT,

Inc.

10,562

104,669

LTC

Properties,

Inc.(a)

7,647

280,569

National

Health

Investors,

Inc.

(a)

7,370

619,522

Sabra

Health

Care

REIT,

Inc.

(a)

40,499

753,686

Strawberry

Fields

REIT,

Inc.

1,560

19,796

Universal

Health

Realty

Income

Trust

2,165

99,049

3,259,580

Health

Care

Technology

0.4%

Definitive

Healthcare

Corp.,

Class

A*

9,645

43,113

Evolent

Health,

Inc.,

Class

A*(a)

19,788

559,605

Health

Catalyst,

Inc.*

9,935

80,871

HealthStream,

Inc.

4,321

124,617

LifeMD,

Inc.*

5,824

30,518

OptimizeRx

Corp.*

3,454

26,665

Phreesia,

Inc.*(a)

9,629

219,445

Schrodinger,

Inc.*(a)

9,808

181,938

Simulations

Plus,

Inc.(a)

2,619

83,860

Teladoc

Health,

Inc.*(a)

29,115

267,276

Common

Stocks

Shares

Value

($)

Health

Care

Technology

Waystar

Holding

Corp.*

7,500

209,175

1,827,083

Hotel

&

Resort

REITs

0.8%

Apple

Hospitality

REIT,

Inc.

40,554

602,227

Braemar

Hotels

&

Resorts,

Inc.(a)

12,706

39,261

Chatham

Lodging

Trust

8,835

75,274

DiamondRock

Hospitality

Co.

35,982

314,123

Pebblebrook

Hotel

Trust(a)

20,161

266,730

RLJ

Lodging

Trust

27,144

249,182

Ryman

Hospitality

Properties,

Inc.(a)

10,325

1,107,253

Service

Properties

Trust(a)

28,485

129,892

Summit

Hotel

Properties,

Inc.

(a)

18,265

125,298

Sunstone

Hotel

Investors,

Inc.

35,487

366,226

Xenia

Hotels

&

Resorts,

Inc.

17,522

258,800

3,534,266

Hotels,

Restaurants

&

Leisure

1.8%

Accel

Entertainment,

Inc.,

Class

A*

8,357

97,108

Bally's

Corp.*

3,926

67,723

Biglari

Holdings,

Inc.,

Class

B*

109

18,749

BJ's

Restaurants,

Inc.*

3,276

106,667

Bloomin'

Brands,

Inc.(a)

13,603

224,858

Brinker

International,

Inc.*

7,670

586,985

Cheesecake

Factory,

Inc.

(The)(a)

8,471

343,499

Chuy's

Holdings,

Inc.*

3,019

112,911

Cracker

Barrel

Old

Country

Store,

Inc.(a)

3,989

180,901

Dave

&

Buster's

Entertainment,

Inc.*(a)

5,553

189,080

Denny's

Corp.*

9,497

61,256

Despegar.com

Corp.*(a)

10,894

135,086

Dine

Brands

Global,

Inc.(a)

2,683

83,790

El

Pollo

Loco

Holdings,

Inc.*

4,706

64,472

Empire

Resorts,

Inc.*^∞

444

0

Everi

Holdings,

Inc.*

13,457

176,825

First

Watch

Restaurant

Group,

Inc.*(a)

4,984

77,750

Full

House

Resorts,

Inc.*(a)

5,321

26,711

Global

Business

Travel

Group

I*(a)

22,007

169,234

Golden

Entertainment,

Inc.(a)

3,424

108,849

Hilton

Grand

Vacations,

Inc.*

12,766

463,661

Inspired

Entertainment,

Inc.*(a)

3,980

36,895

International

Game

Technology

plc

19,663

418,822

Jack

in

the

Box,

Inc.(a)

3,529

164,240

Krispy

Kreme,

Inc.(a)

14,969

160,767

Kura

Sushi

USA,

Inc.,

Class

A*(a)

1,068

86,038

Life

Time

Group

Holdings,

Inc.*

10,395

253,846

Lindblad

Expeditions

Holdings,

Inc.*(a)

6,113

56,545

Monarch

Casino

&

Resort,

Inc.

2,215

175,583

Mondee

Holdings,

Inc.,

Class

A*(a)

6,602

9,177

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

131

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Nathan's

Famous,

Inc.

439

35,515

ONE

Group

Hospitality,

Inc.

(The)*(a)

3,598

13,241

Papa

John's

International,

Inc.

(a)

5,783

311,530

PlayAGS,

Inc.*

7,043

80,220

Portillo's,

Inc.,

Class

A*(a)

8,947

120,516

Potbelly

Corp.*

4,278

35,679

RCI

Hospitality

Holdings,

Inc.

1,459

64,998

Red

Rock

Resorts,

Inc.,

Class

A(a)

8,621

469,327

Rush

Street

Interactive,

Inc.*

12,810

138,988

Sabre

Corp.*(a)

66,028

242,323

Shake

Shack,

Inc.,

Class

A*

6,543

675,303

Six

Flags

Entertainment

Corp.

(a)

16,061

647,419

Super

Group

SGHC

Ltd.

27,350

99,280

Sweetgreen,

Inc.,

Class

A*(a)

17,221

610,484

Target

Hospitality

Corp.*

5,932

46,151

United

Parks

&

Resorts,

Inc.*

6,180

312,708

Vacasa,

Inc.,

Class

A*(a)

1,895

5,325

Xponential

Fitness,

Inc.,

Class

A*(a)

4,140

51,336

8,618,371

Household

Durables

2.4%

Beazer

Homes

USA,

Inc.*

5,129

175,258

Cavco

Industries,

Inc.*

1,434

614,096

Century

Communities,

Inc.(a)

4,845

498,938

Champion

Homes,

Inc.*

9,272

879,449

Cricut,

Inc.,

Class

A(a)

8,571

59,397

Dream

Finders

Homes,

Inc.,

Class

A*(a)

4,677

169,354

Ethan

Allen

Interiors,

Inc.(a)

3,850

122,777

Flexsteel

Industries,

Inc.

753

33,350

GoPro,

Inc.,

Class

A*

20,161

27,419

Green

Brick

Partners,

Inc.*(a)

5,345

446,414

Hamilton

Beach

Brands

Holding

Co.,

Class

A

1,409

42,876

Helen

of

Troy

Ltd.*(a)

3,942

243,813

Hooker

Furnishings

Corp.

1,704

30,808

Hovnanian

Enterprises,

Inc.,

Class

A*

871

178,006

Installed

Building

Products,

Inc.(a)

4,135

1,018,327

iRobot

Corp.*(a)

5,150

44,754

KB

Home(a)

11,673

1,000,259

Landsea

Homes

Corp.*

3,049

37,655

La-Z-Boy,

Inc.

7,270

312,101

Legacy

Housing

Corp.*(a)

1,892

51,746

LGI

Homes,

Inc.*(a)

3,561

422,050

Lifetime

Brands,

Inc.(a)

2,090

13,669

Lovesac

Co.

(The)*(a)

2,344

67,156

M/I

Homes,

Inc.*

4,612

790,312

Meritage

Homes

Corp.

6,198

1,271,024

Purple

Innovation,

Inc.,

Class

A*

8,758

8,659

Sonos,

Inc.*(a)

21,659

266,189

Taylor

Morrison

Home

Corp.,

Class

A*

17,731

1,245,780

Traeger,

Inc.*

5,223

19,221

Tri

Pointe

Homes,

Inc.*

15,862

718,707

Common

Stocks

Shares

Value

($)

Household

Durables

United

Homes

Group,

Inc.*

678

4,163

Vizio

Holding

Corp.,

Class

A*(a)

15,702

175,391

Worthington

Enterprises,

Inc.

5,378

222,918

11,212,036

Household

Products

0.3%

Central

Garden

&

Pet

Co.*(a)

2,226

81,182

Central

Garden

&

Pet

Co.,

Class

A*

8,394

263,572

Energizer

Holdings,

Inc.

12,490

396,682

Oil-Dri

Corp.

of

America

847

58,435

WD-40

Co.(a)

2,352

606,534

1,406,405

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Altus

Power,

Inc.,

Class

A*(a)

12,510

39,782

Montauk

Renewables,

Inc.*

11,316

58,956

Ormat

Technologies,

Inc.(a)

9,270

713,234

Sunnova

Energy

International,

Inc.*(a)

19,011

185,167

997,139

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A

4,691

118,823

Industrial

REITs

0.5%

Industrial

Logistics

Properties

Trust

10,869

51,736

Innovative

Industrial

Properties,

Inc.

4,958

667,347

LXP

Industrial

Trust

50,657

509,103

Plymouth

Industrial

REIT,

Inc.

6,976

157,658

Terreno

Realty

Corp.(a)

16,540

1,105,368

2,491,212

Insurance

1.9%

Ambac

Financial

Group,

Inc.*

7,440

83,402

American

Coastal

Insurance

Corp.*

4,266

48,078

AMERISAFE,

Inc.

3,389

163,790

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*(a)

11,348

565,130

Bowhead

Specialty

Holdings,

Inc.*

1,173

32,856

CNO

Financial

Group,

Inc.

19,492

684,169

Crawford

&

Co.,

Class

A

3,158

34,643

Donegal

Group,

Inc.,

Class

A(a)

2,996

44,161

Employers

Holdings,

Inc.

3,601

172,740

Enstar

Group

Ltd.*

2,223

714,895

F&G

Annuities

&

Life,

Inc.(a)

2,808

125,574

Fidelis

Insurance

Holdings

Ltd.

9,127

164,834

Genworth

Financial,

Inc.,

Class

A*

68,033

466,026

GoHealth,

Inc.,

Class

A*(a)

657

6,163

Goosehead

Insurance,

Inc.,

Class

A*(a)

3,890

347,377

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

5,387

73,533

Hamilton

Insurance

Group

Ltd.,

Class

B*

6,949

134,394

132

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

HCI

Group,

Inc.(a)

1,487

159,198

Heritage

Insurance

Holdings,

Inc.*

4,059

49,682

Hippo

Holdings,

Inc.*(a)

3,372

56,919

Horace

Mann

Educators

Corp.

6,665

232,942

Investors

Title

Co.

262

60,208

James

River

Group

Holdings

Ltd.

5,756

36,090

Kingsway

Financial

Services,

Inc.*

2,051

16,982

Lemonade,

Inc.*(a)

8,826

145,541

Maiden

Holdings

Ltd.*(a)

16,681

29,525

MBIA,

Inc.

7,403

26,429

Mercury

General

Corp.

4,777

300,855

NI

Holdings,

Inc.*

1,529

23,975

Oscar

Health,

Inc.,

Class

A*

33,593

712,508

Palomar

Holdings,

Inc.*

4,285

405,661

ProAssurance

Corp.*

8,709

130,983

Root,

Inc.,

Class

A*(a)

1,464

55,310

Safety

Insurance

Group,

Inc.

2,561

209,439

Selective

Insurance

Group,

Inc.

10,578

986,927

Selectquote,

Inc.*

24,744

53,694

SiriusPoint

Ltd.*(a)

18,017

258,364

Skyward

Specialty

Insurance

Group,

Inc.*

6,573

267,718

Stewart

Information

Services

Corp.(a)

4,318

322,727

Tiptree,

Inc.,

Class

A

4,443

86,949

Trupanion,

Inc.*(a)

5,697

239,160

United

Fire

Group,

Inc.

3,705

77,546

Universal

Insurance

Holdings,

Inc.

4,487

99,432

8,906,529

Interactive

Media

&

Services

0.6%

Bumble,

Inc.,

Class

A*(a)

15,930

101,633

Cargurus,

Inc.,

Class

A*

15,292

459,219

Cars.com,

Inc.*

11,589

194,232

EverQuote,

Inc.,

Class

A*

4,255

89,738

fuboTV,

Inc.*(a)

50,009

71,013

Getty

Images

Holdings,

Inc.*(a)

16,656

63,459

Grindr,

Inc.*

4,290

51,180

MediaAlpha,

Inc.,

Class

A*

5,181

93,828

Nextdoor

Holdings,

Inc.*(a)

29,356

72,803

Outbrain,

Inc.*

7,466

36,285

QuinStreet,

Inc.*

9,294

177,794

Shutterstock,

Inc.(a)

4,430

156,689

System1,

Inc.*(a)

6,163

6,903

TrueCar,

Inc.*

15,719

54,230

Vimeo,

Inc.*

25,761

130,093

Webtoon

Entertainment,

Inc.*

2,700

30,888

Yelp,

Inc.,

Class

A*

11,208

393,177

Ziff

Davis,

Inc.*

7,824

380,716

ZipRecruiter,

Inc.,

Class

A*

12,025

114,237

2,678,117

IT

Services

0.8%

Applied

Digital

Corp.*(a)

20,471

168,886

ASGN,

Inc.*(a)

7,886

735,212

Backblaze,

Inc.,

Class

A*

6,785

43,356

BigBear.ai

Holdings,

Inc.*(a)

17,363

25,350

Common

Stocks

Shares

Value

($)

IT

Services

BigCommerce

Holdings,

Inc.,

Series

1*

13,183

77,120

Core

Scientific,

Inc.*(a)

30,957

367,150

Couchbase,

Inc.*

6,581

106,086

DigitalOcean

Holdings,

Inc.*(a)

11,289

455,963

Fastly,

Inc.,

Class

A*(a)

22,911

173,436

Grid

Dynamics

Holdings,

Inc.*

9,783

136,962

Hackett

Group,

Inc.

(The)

3,896

102,348

Information

Services

Group,

Inc.

7,689

25,374

Perficient,

Inc.*

5,967

450,389

Rackspace

Technology,

Inc.*(a)

13,194

32,325

Squarespace,

Inc.,

Class

A*

10,462

485,751

Thoughtworks

Holding,

Inc.*

17,172

75,900

Tucows,

Inc.,

Class

A*(a)

1,339

27,972

Unisys

Corp.*

11,687

66,382

3,555,962

Leisure

Products

0.4%

Acushnet

Holdings

Corp.(a)

5,011

319,451

AMMO,

Inc.*(a)

18,385

26,291

Clarus

Corp.

4,367

19,652

Escalade,

Inc.(a)

1,771

24,918

Funko,

Inc.,

Class

A*

5,220

63,788

JAKKS

Pacific,

Inc.*

1,314

33,533

Johnson

Outdoors,

Inc.,

Class

A(a)

808

29,250

Latham

Group,

Inc.*

6,923

47,076

Malibu

Boats,

Inc.,

Class

A*(a)

3,594

139,483

Marine

Products

Corp.(a)

1,063

10,300

MasterCraft

Boat

Holdings,

Inc.*(a)

2,753

50,132

Peloton

Interactive,

Inc.,

Class

A*(a)

59,145

276,799

Smith

&

Wesson

Brands,

Inc.

8,085

104,943

Solo

Brands,

Inc.,

Class

A*(a)

3,415

4,815

Sturm

Ruger

&

Co.,

Inc.

2,735

113,995

Topgolf

Callaway

Brands

Corp.*(a)

24,157

265,244

Vista

Outdoor,

Inc.*

10,231

400,851

1,930,521

Life

Sciences

Tools

&

Services

0.3%

Adaptive

Biotechnologies

Corp.*(a)

19,190

98,253

Akoya

Biosciences,

Inc.*(a)

3,898

10,603

BioLife

Solutions,

Inc.*(a)

6,292

157,552

ChromaDex

Corp.*(a)

8,195

29,912

Codexis,

Inc.*

12,318

37,940

CryoPort,

Inc.*

7,973

64,661

Cytek

Biosciences,

Inc.*(a)

21,578

119,542

Harvard

Bioscience,

Inc.*

5,847

15,728

Lifecore

Biomedical,

Inc.*(a)

3,482

17,166

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*(a)

18,735

155,688

MaxCyte,

Inc.*(a)

17,379

67,604

Mesa

Laboratories,

Inc.(a)

856

111,160

Nautilus

Biotechnology,

Inc.,

Class

A*

8,320

23,712

OmniAb,

Inc.*(a)

16,230

68,653

OmniAb,

Inc.*^∞(a)

1,742

0

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

133

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Pacific

Biosciences

of

California,

Inc.*(a)

46,260

78,642

Quanterix

Corp.*

6,366

82,503

Quantum-Si,

Inc.*(a)

15,042

13,270

Standard

BioTools,

Inc.*(a)

49,797

96,108

1,248,697

Machinery

3.7%

374Water,

Inc.*(a)

8,478

11,530

3D

Systems

Corp.*(a)

23,188

65,854

Alamo

Group,

Inc.

1,767

318,290

Albany

International

Corp.,

Class

A

5,334

473,926

Astec

Industries,

Inc.(a)

3,820

122,011

Atmus

Filtration

Technologies,

Inc.

14,331

537,842

Barnes

Group,

Inc.

8,083

326,634

Blue

Bird

Corp.*

5,590

268,096

Chart

Industries,

Inc.*(a)

7,423

921,491

Columbus

McKinnon

Corp.

4,653

167,508

Commercial

Vehicle

Group,

Inc.*

6,475

21,044

Douglas

Dynamics,

Inc.(a)

3,799

104,776

Eastern

Co.

(The)

820

26,609

Energy

Recovery,

Inc.*

9,942

172,891

Enerpac

Tool

Group

Corp.,

Class

A

9,319

390,373

Enpro,

Inc.

3,614

586,119

ESCO

Technologies,

Inc.

4,453

574,348

Federal

Signal

Corp.

10,412

973,106

Franklin

Electric

Co.,

Inc.

7,686

805,647

Gencor

Industries,

Inc.*

1,714

35,754

Gorman-Rupp

Co.

(The)

3,482

135,624

Graham

Corp.*

1,666

49,297

Greenbrier

Cos.,

Inc.

(The)

5,389

274,246

Helios

Technologies,

Inc.

5,776

275,515

Hillenbrand,

Inc.(a)

12,203

339,243

Hillman

Solutions

Corp.*

33,545

354,235

Hyliion

Holdings

Corp.*(a)

22,896

56,782

Hyster-Yale,

Inc.

2,045

130,410

John

Bean

Technologies

Corp.

(a)

5,394

531,363

Kadant,

Inc.(a)

2,010

679,380

Kennametal,

Inc.(a)

13,598

352,596

L

B

Foster

Co.,

Class

A*

1,506

30,768

Lindsay

Corp.

1,858

231,581

Luxfer

Holdings

plc

4,821

62,432

Manitowoc

Co.,

Inc.

(The)*

6,067

58,365

Mayville

Engineering

Co.,

Inc.*

2,077

43,783

Miller

Industries,

Inc.(a)

1,931

117,791

Mueller

Industries,

Inc.(a)

19,324

1,431,908

Mueller

Water

Products,

Inc.,

Class

A

27,062

587,245

NN,

Inc.*(a)

7,715

30,089

Omega

Flex,

Inc.

477

23,812

Park-Ohio

Holdings

Corp.

1,546

47,462

Proto

Labs,

Inc.*

4,520

132,752

REV

Group,

Inc.(a)

9,065

254,364

Shyft

Group,

Inc.

(The)

5,966

74,873

SPX

Technologies,

Inc.*(a)

7,779

1,240,439

Standex

International

Corp.(a)

2,004

366,291

Taylor

Devices,

Inc.*(a)

369

18,421

Common

Stocks

Shares

Value

($)

Machinery

Tennant

Co.

3,288

315,780

Terex

Corp.(a)

11,452

605,925

Titan

International,

Inc.*(a)

8,262

67,170

Trinity

Industries,

Inc.(a)

14,033

488,910

Twin

Disc,

Inc.(a)

1,759

21,970

Wabash

National

Corp.

7,421

142,409

Watts

Water

Technologies,

Inc.,

Class

A(a)

4,714

976,694

17,453,774

Marine

Transportation

0.3%

Costamare,

Inc.

7,696

120,981

Genco

Shipping

&

Trading

Ltd.

7,257

141,511

Golden

Ocean

Group

Ltd.

21,212

283,817

Himalaya

Shipping

Ltd.(a)

4,875

42,217

Matson,

Inc.

5,898

841,173

Pangaea

Logistics

Solutions

Ltd.

5,812

42,021

Safe

Bulkers,

Inc.

11,215

58,094

1,529,814

Media

0.8%

Advantage

Solutions,

Inc.*(a)

18,135

62,203

AMC

Networks,

Inc.,

Class

A*

5,365

46,622

Boston

Omaha

Corp.,

Class

A*(a)

4,087

60,774

Cable

One,

Inc.(a)

995

348,041

Cardlytics,

Inc.*(a)

6,986

22,355

Clear

Channel

Outdoor

Holdings,

Inc.*(a)

60,568

96,909

EchoStar

Corp.,

Class

A*(a)

20,858

517,696

Emerald

Holding,

Inc.

2,270

11,327

Entravision

Communications

Corp.,

Class

A(a)

13,509

27,964

EW

Scripps

Co.

(The),

Class

A*(a)

11,548

25,925

Gambling.com

Group

Ltd.*

2,965

29,709

Gannett

Co.,

Inc.*(a)

23,990

134,824

Gray

Television,

Inc.

15,672

84,002

Ibotta,

Inc.,

Class

A*

1,268

78,121

iHeartMedia,

Inc.,

Class

A*

16,177

29,927

Innovid

Corp.*(a)

17,664

31,795

Integral

Ad

Science

Holding

Corp.*(a)

12,166

131,514

John

Wiley

&

Sons,

Inc.,

Class

A

6,322

305,037

Magnite,

Inc.*

21,988

304,534

National

CineMedia,

Inc.*(a)

12,022

84,755

PubMatic,

Inc.,

Class

A*

7,501

111,540

Scholastic

Corp.

4,173

133,578

Sinclair,

Inc.(a)

5,956

91,127

Stagwell,

Inc.,

Class

A*(a)

15,343

107,708

TechTarget,

Inc.*

4,661

113,961

TEGNA,

Inc.(a)

29,566

466,551

Thryv

Holdings,

Inc.*(a)

5,186

89,355

Townsquare

Media,

Inc.,

Class

A

2,363

24,008

WideOpenWest,

Inc.*

9,295

48,799

3,620,661

Metals

&

Mining

1.7%

Alpha

Metallurgical

Resources,

Inc.

1,893

447,089

134

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Arch

Resources,

Inc.

3,019

417,105

Caledonia

Mining

Corp.

plc(a)

2,874

42,995

Carpenter

Technology

Corp.

8,216

1,311,109

Century

Aluminum

Co.*

8,913

144,658

Coeur

Mining,

Inc.*

68,768

473,124

Commercial

Metals

Co.

20,030

1,100,849

Compass

Minerals

International,

Inc.(a)

6,179

74,272

Constellium

SE,

Class

A*

22,671

368,630

Contango

ORE,

Inc.*(a)

1,683

32,415

Critical

Metals

Corp.*

949

7,061

Dakota

Gold

Corp.*

10,981

25,915

Haynes

International,

Inc.

2,005

119,378

Hecla

Mining

Co.(a)

100,685

671,569

i-80

Gold

Corp.*

51,289

59,495

Ivanhoe

Electric,

Inc.*(a)

14,780

125,039

Kaiser

Aluminum

Corp.

2,801

203,129

Lifezone

Metals

Ltd.*(a)

5,886

41,202

Materion

Corp.

3,585

401,018

Metallus,

Inc.*

7,646

113,390

Metals

Acquisition

Ltd.,

Class

A*

9,217

127,655

Novagold

Resources,

Inc.*

42,351

173,639

Olympic

Steel,

Inc.

1,862

72,618

Perpetua

Resources

Corp.*(a)

6,900

64,515

Piedmont

Lithium,

Inc.*(a)

2,723

24,316

Radius

Recycling,

Inc.,

Class

A

4,590

85,099

Ramaco

Resources,

Inc.,

Class

A(a)

4,523

52,919

Ramaco

Resources,

Inc.,

Class

B(a)

691

7,435

Ryerson

Holding

Corp.

4,926

98,077

SSR

Mining,

Inc.

35,661

202,554

SunCoke

Energy,

Inc.

14,158

122,891

Tredegar

Corp.*

3,958

28,854

Universal

Stainless

&

Alloy

Products,

Inc.*

1,440

55,627

Warrior

Met

Coal,

Inc.(a)

8,919

569,924

Worthington

Steel,

Inc.

5,731

194,911

8,060,476

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.0%

AFC

Gamma,

Inc.

2,971

30,334

AG

Mortgage

Investment

Trust,

Inc.

4,810

36,123

Angel

Oak

Mortgage

REIT,

Inc.

2,451

25,564

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

25,664

235,852

Arbor

Realty

Trust,

Inc.(a)

24,899

387,428

Ares

Commercial

Real

Estate

Corp.(a)

9,669

67,683

ARMOUR

Residential

REIT,

Inc.(a)

8,614

175,726

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

30,485

579,520

BrightSpire

Capital,

Inc.,

Class

A

23,156

129,674

Chicago

Atlantic

Real

Estate

Finance,

Inc.

2,828

43,862

Chimera

Investment

Corp.

14,234

225,324

Claros

Mortgage

Trust,

Inc.(a)

15,726

117,788

Dynex

Capital,

Inc.(a)

12,052

153,783

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Ellington

Financial,

Inc.(a)

14,456

186,338

Franklin

BSP

Realty

Trust,

Inc.

(a)

14,316

186,967

Granite

Point

Mortgage

Trust,

Inc.(a)

7,976

25,284

Invesco

Mortgage

Capital,

Inc.

(a)

8,881

83,393

KKR

Real

Estate

Finance

Trust,

Inc.(a)

9,716

119,993

Ladder

Capital

Corp.,

Class

A

21,481

249,180

MFA

Financial,

Inc.

17,644

224,432

New

York

Mortgage

Trust,

Inc.

(a)

16,450

104,128

Nexpoint

Real

Estate

Finance,

Inc.

1,286

20,100

Orchid

Island

Capital,

Inc.

12,244

100,646

PennyMac

Mortgage

Investment

Trust(a)

15,504

221,087

Ready

Capital

Corp.(a)

30,002

228,915

Redwood

Trust,

Inc.(a)

22,805

176,283

Seven

Hills

Realty

Trust(a)

3,016

41,530

Sunrise

Realty

Trust,

Inc.

990

14,246

TPG

RE

Finance

Trust,

Inc.

10,903

93,002

Two

Harbors

Investment

Corp.

(a)

18,383

255,156

4,539,341

Multi-Utilities

0.4%

Avista

Corp.

13,583

526,341

Black

Hills

Corp.

12,021

734,724

Northwestern

Energy

Group,

Inc.

10,674

610,766

Unitil

Corp.

2,765

167,504

2,039,335

Office

REITs

0.7%

Brandywine

Realty

Trust

28,615

155,666

City

Office

REIT,

Inc.

7,930

46,311

COPT

Defense

Properties(a)

19,653

596,075

Douglas

Emmett,

Inc.(a)

17,273

303,487

Easterly

Government

Properties,

Inc.,

Class

A(a)

17,260

234,391

Equity

Commonwealth*

18,054

359,275

Franklin

Street

Properties

Corp.

16,629

29,433

Hudson

Pacific

Properties,

Inc.

(a)

24,016

114,796

JBG

SMITH

Properties(a)

14,493

253,338

NET

Lease

Office

Properties(a)

2,529

77,438

Orion

Office

REIT,

Inc.

8,563

34,252

Paramount

Group,

Inc.(a)

33,511

164,874

Peakstone

Realty

Trust(a)

6,126

83,497

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

21,797

220,150

Postal

Realty

Trust,

Inc.,

Class

A(a)

2,595

37,991

SL

Green

Realty

Corp.(a)

11,391

792,927

3,503,901

Oil,

Gas

&

Consumable

Fuels

3.1%

Aemetis,

Inc.*(a)

5,986

13,768

Amplify

Energy

Corp.*(a)

7,159

46,748

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

135

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ardmore

Shipping

Corp.

6,988

126,483

Berry

Corp.

13,562

69,709

California

Resources

Corp.

11,958

627,436

Centrus

Energy

Corp.,

Class

A*(a)

2,343

128,514

Clean

Energy

Fuels

Corp.*(a)

28,628

89,033

CNX

Resources

Corp.*(a)

25,801

840,339

Comstock

Resources,

Inc.(a)

16,405

182,588

CONSOL

Energy,

Inc.

5,039

527,331

Crescent

Energy

Co.,

Class

A

24,712

270,596

CVR

Energy,

Inc.(a)

6,030

138,871

Delek

US

Holdings,

Inc.

10,806

202,612

DHT

Holdings,

Inc.

23,529

259,525

Diversified

Energy

Co.

plc

Reg.

S(a)

8,311

94,579

Dorian

LPG

Ltd.(a)

6,260

215,469

Empire

Petroleum

Corp.*

2,654

13,934

Encore

Energy

Corp.*(a)

31,664

127,923

Energy

Fuels,

Inc.*(a)

31,802

174,593

Evolution

Petroleum

Corp.(a)

4,403

23,380

Excelerate

Energy,

Inc.,

Class

A

2,900

63,829

FLEX

LNG

Ltd.

4,948

125,877

FutureFuel

Corp.

4,710

27,082

Golar

LNG

Ltd.(a)

16,967

623,707

Granite

Ridge

Resources,

Inc.

8,335

49,510

Green

Plains,

Inc.*

10,726

145,230

Gulfport

Energy

Corp.*

2,224

336,602

Hallador

Energy

Co.*(a)

3,841

36,221

HighPeak

Energy,

Inc.(a)

2,592

35,977

International

Seaways,

Inc.

7,005

361,178

Kinetik

Holdings,

Inc.,

Class

A

6,465

292,606

Kosmos

Energy

Ltd.*

81,669

329,126

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

29,995

732,478

Murphy

Oil

Corp.(a)

25,727

868,029

NACCO

Industries,

Inc.,

Class

A

573

16,245

NextDecade

Corp.*(a)

20,369

95,938

Nordic

American

Tankers

Ltd.

(a)

33,962

124,641

Northern

Oil

&

Gas,

Inc.(a)

17,214

609,548

Par

Pacific

Holdings,

Inc.*

9,828

172,973

PBF

Energy,

Inc.,

Class

A(a)

17,930

554,933

Peabody

Energy

Corp.(a)

21,891

580,987

PrimeEnergy

Resources

Corp.*

74

10,197

REX

American

Resources

Corp.*

2,670

123,594

Riley

Exploration

Permian,

Inc.

1,866

49,430

Ring

Energy,

Inc.*(a)

24,469

39,150

Sable

Offshore

Corp.*(a)

8,697

205,510

SandRidge

Energy,

Inc.(a)

5,395

65,981

Scorpio

Tankers,

Inc.

8,088

576,674

SFL

Corp.

Ltd.

20,209

233,818

Sitio

Royalties

Corp.,

Class

A(a)

13,454

280,381

SM

Energy

Co.(a)

19,998

799,320

Talos

Energy,

Inc.*(a)

25,919

268,262

Teekay

Corp.*

9,537

87,740

Teekay

Tankers

Ltd.,

Class

A

4,175

243,194

Uranium

Energy

Corp.*(a)

68,365

424,547

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ur-Energy,

Inc.*

57,311

68,200

VAALCO

Energy,

Inc.(a)

17,535

100,651

Vital

Energy,

Inc.*(a)

5,023

135,119

Vitesse

Energy,

Inc.(a)

4,081

98,026

W&T

Offshore,

Inc.(a)

15,523

33,374

World

Kinect

Corp.(a)

10,129

313,087

14,512,403

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

2,842

81,111

Sylvamo

Corp.(a)

6,086

522,483

603,594

Passenger

Airlines

0.4%

Allegiant

Travel

Co.(a)

2,770

152,516

Blade

Air

Mobility,

Inc.*(a)

9,653

28,380

Frontier

Group

Holdings,

Inc.*(a)

7,627

40,804

JetBlue

Airways

Corp.*(a)

53,722

352,416

Joby

Aviation,

Inc.*(a)

68,724

345,682

SkyWest,

Inc.*

6,892

585,958

Spirit

Airlines,

Inc.(a)

19,127

45,905

Sun

Country

Airlines

Holdings,

Inc.*(a)

7,080

79,367

Wheels

Up

Experience,

Inc.*(a)

14,782

35,772

1,666,800

Personal

Care

Products

0.3%

Beauty

Health

Co.

(The)*(a)

12,420

17,885

Edgewell

Personal

Care

Co.(a)

8,499

308,854

Herbalife

Ltd.*(a)

17,592

126,486

Honest

Co.,

Inc.

(The)*

13,359

47,692

Inter

Parfums,

Inc.

3,132

405,531

Medifast,

Inc.*(a)

1,832

35,064

Nature's

Sunshine

Products,

Inc.*

2,114

28,793

Nu

Skin

Enterprises,

Inc.,

Class

A

8,693

64,067

Olaplex

Holdings,

Inc.*(a)

23,055

54,179

USANA

Health

Sciences,

Inc.*

1,912

72,503

Veru,

Inc.*(a)

21,723

16,705

Waldencast

plc,

Class

A*

4,054

14,757

1,192,516

Pharmaceuticals

1.7%

Alto

Neuroscience,

Inc.*

3,612

41,321

Alumis,

Inc.*

2,260

24,137

Amneal

Pharmaceuticals,

Inc.*(a)

28,049

233,368

Amphastar

Pharmaceuticals,

Inc.*(a)

6,673

323,841

ANI

Pharmaceuticals,

Inc.*(a)

3,218

191,986

Aquestive

Therapeutics,

Inc.*(a)

12,537

62,434

Arvinas,

Inc.*

11,216

276,250

Atea

Pharmaceuticals,

Inc.*(a)

12,355

41,389

Avadel

Pharmaceuticals

plc,

ADR*(a)

16,151

211,820

Axsome

Therapeutics,

Inc.*(a)

6,253

561,957

Biote

Corp.,

Class

A*

4,349

24,267

Cassava

Sciences,

Inc.*(a)

6,934

204,068

Collegium

Pharmaceutical,

Inc.*(a)

5,745

221,987

136

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Contineum

Therapeutics,

Inc.,

Class

A*

1,089

20,843

Corcept

Therapeutics,

Inc.*(a)

13,863

641,580

CorMedix,

Inc.*

8,932

72,171

Edgewise

Therapeutics,

Inc.*

12,654

337,735

Enliven

Therapeutics,

Inc.*(a)

6,258

159,829

Esperion

Therapeutics,

Inc.*(a)

31,525

52,016

Evolus,

Inc.*

9,707

157,253

EyePoint

Pharmaceuticals,

Inc.*(a)

8,399

67,108

Fulcrum

Therapeutics,

Inc.*(a)

10,573

37,746

Harmony

Biosciences

Holdings,

Inc.*(a)

5,236

209,440

Harrow,

Inc.*

5,397

242,649

Innoviva,

Inc.*(a)

9,247

178,560

Ligand

Pharmaceuticals,

Inc.*(a)

2,976

297,868

Liquidia

Corp.*(a)

9,699

96,990

Longboard

Pharmaceuticals,

Inc.*(a)

5,419

180,615

MediWound

Ltd.*(a)

1,321

23,857

Mind

Medicine

MindMed,

Inc.*(a)

12,021

68,400

Nektar

Therapeutics,

Class

A*(a)

30,181

39,235

Neumora

Therapeutics,

Inc.*(a)

14,798

195,482

Nuvation

Bio,

Inc.*(a)

30,142

69,025

Ocular

Therapeutix,

Inc.*(a)

27,204

236,675

Omeros

Corp.*(a)

9,036

35,873

Pacira

BioSciences,

Inc.*(a)

7,665

115,358

Phathom

Pharmaceuticals,

Inc.*

5,700

103,056

Phibro

Animal

Health

Corp.,

Class

A

3,325

74,879

Pliant

Therapeutics,

Inc.*

9,791

109,757

Prestige

Consumer

Healthcare,

Inc.*

8,475

611,048

Rapport

Therapeutics,

Inc.*(a)

1,550

31,744

Revance

Therapeutics,

Inc.*

17,366

90,130

Scilex

Holding

Co.*(a)

9,936

9,187

scPharmaceuticals,

Inc.*

4,250

19,380

SIGA

Technologies,

Inc.(a)

8,180

55,215

Supernus

Pharmaceuticals,

Inc.*

8,487

264,625

Tarsus

Pharmaceuticals,

Inc.*(a)

6,468

212,733

Terns

Pharmaceuticals,

Inc.*(a)

9,644

80,431

Theravance

Biopharma,

Inc.*(a)

6,434

51,858

Third

Harmonic

Bio,

Inc.*(a)

3,362

45,555

Trevi

Therapeutics,

Inc.*(a)

9,782

32,672

Ventyx

Biosciences,

Inc.*(a)

10,408

22,689

Verrica

Pharmaceuticals,

Inc.*(a)

3,081

4,467

WaVe

Life

Sciences

Ltd.*(a)

13,272

108,830

Xeris

Biopharma

Holdings,

Inc.*

25,785

73,487

Zevra

Therapeutics,

Inc.*(a)

6,938

48,150

8,005,026

Common

Stocks

Shares

Value

($)

Professional

Services

2.3%

Alight,

Inc.,

Class

A*

73,783

545,994

Asure

Software,

Inc.*(a)

3,827

34,634

Barrett

Business

Services,

Inc.

(a)

4,537

170,183

BlackSky

Technology,

Inc.*(a)

2,281

10,812

CBIZ,

Inc.*

8,249

555,075

Conduent,

Inc.*

28,817

116,133

CRA

International,

Inc.

1,175

206,001

CSG

Systems

International,

Inc.

5,282

256,969

DLH

Holdings

Corp.*

1,219

11,410

ExlService

Holdings,

Inc.*

27,130

1,035,009

Exponent,

Inc.

8,688

1,001,553

First

Advantage

Corp.*(a)

8,656

171,822

FiscalNote

Holdings,

Inc.*(a)

9,675

12,384

Forrester

Research,

Inc.*

1,832

32,994

Franklin

Covey

Co.*

1,824

75,021

Heidrick

&

Struggles

International,

Inc.

3,518

136,709

HireQuest,

Inc.(a)

773

10,946

Huron

Consulting

Group,

Inc.*(a)

3,065

333,165

IBEX

Holdings

Ltd.*

1,877

37,502

ICF

International,

Inc.

3,234

539,399

Innodata,

Inc.*(a)

4,591

76,991

Insperity,

Inc.

6,176

543,488

Kelly

Services,

Inc.,

Class

A

5,468

117,070

Kforce,

Inc.

3,116

191,478

Korn

Ferry

9,138

687,543

Legalzoom.com,

Inc.*

23,065

146,463

Maximus,

Inc.

10,622

989,546

Mistras

Group,

Inc.*

3,812

43,342

NV5

Global,

Inc.*

2,467

230,615

Planet

Labs

PBC*(a)

37,137

82,816

Resources

Connection,

Inc.

5,026

48,752

Spire

Global,

Inc.*(a)

3,696

36,923

Sterling

Check

Corp.*(a)

5,563

93,013

TriNet

Group,

Inc.

5,516

534,887

TrueBlue,

Inc.*

5,121

40,405

TTEC

Holdings,

Inc.(a)

3,369

19,776

Upwork,

Inc.*

21,793

227,737

Verra

Mobility

Corp.,

Class

A*

28,886

803,320

Willdan

Group,

Inc.*

2,326

95,250

WNS

Holdings

Ltd.*(a)

7,877

415,197

10,718,327

Real

Estate

Management

&

Development

0.8%

American

Realty

Investors,

Inc.*(a)

366

6,420

Anywhere

Real

Estate,

Inc.*(a)

16,534

83,993

Compass,

Inc.,

Class

A*

65,860

402,404

Cushman

&

Wakefield

plc*

24,335

331,686

DigitalBridge

Group,

Inc.(a)

27,936

394,736

eXp

World

Holdings,

Inc.(a)

14,459

203,727

Forestar

Group,

Inc.*

3,210

103,908

FRP

Holdings,

Inc.*

2,052

61,273

Kennedy-Wilson

Holdings,

Inc.

20,051

221,563

Marcus

&

Millichap,

Inc.(a)

4,101

162,522

Maui

Land

&

Pineapple

Co.,

Inc.*(a)

1,270

28,511

Newmark

Group,

Inc.,

Class

A

23,411

363,573

Offerpad

Solutions,

Inc.*(a)

1,899

7,710

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

137

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Opendoor

Technologies,

Inc.*(a)

108,642

217,284

RE/MAX

Holdings,

Inc.,

Class

A*

3,038

37,823

Real

Brokerage,

Inc.

(The)*

17,623

97,808

Redfin

Corp.*(a)

20,562

257,642

RMR

Group,

Inc.

(The),

Class

A

2,944

74,719

St

Joe

Co.

(The)

6,193

361,114

Star

Holdings*

2,452

33,936

Stratus

Properties,

Inc.*(a)

834

21,676

Tejon

Ranch

Co.*(a)

3,686

64,689

Transcontinental

Realty

Investors,

Inc.*

178

5,124

3,543,841

Residential

REITs

0.5%

Apartment

Investment

and

Management

Co.,

Class

A*

25,532

230,809

BRT

Apartments

Corp.

1,783

31,345

Centerspace

2,625

184,984

Clipper

Realty,

Inc.

2,440

13,908

Elme

Communities

14,902

262,126

Independence

Realty

Trust,

Inc.(a)

39,651

812,846

NexPoint

Residential

Trust,

Inc.

3,852

169,527

UMH

Properties,

Inc.

11,205

220,402

Veris

Residential,

Inc.

13,297

237,484

2,163,431

Retail

REITs

1.3%

Acadia

Realty

Trust(a)

18,373

431,398

Alexander's,

Inc.

358

86,765

CBL

&

Associates

Properties,

Inc.(a)

4,047

101,984

Getty

Realty

Corp.(a)

8,388

266,822

InvenTrust

Properties

Corp.

12,068

342,369

Kite

Realty

Group

Trust

37,737

1,002,295

Macerich

Co.

(The)

37,485

683,726

NETSTREIT

Corp.(a)

12,797

211,535

Phillips

Edison

&

Co.,

Inc.

21,310

803,600

Retail

Opportunity

Investments

Corp.

21,400

336,622

Saul

Centers,

Inc.

1,921

80,605

SITE

Centers

Corp.

8,567

518,304

Tanger,

Inc.

18,471

612,868

Urban

Edge

Properties

21,916

468,783

Whitestone

REIT

8,417

113,882

6,061,558

Semiconductors

&

Semiconductor

Equipment

2.2%

ACM

Research,

Inc.,

Class

A*

8,867

180,000

Aehr

Test

Systems*(a)

4,870

62,580

Alpha

&

Omega

Semiconductor

Ltd.*

4,080

151,450

Ambarella,

Inc.*

6,450

363,812

Axcelis

Technologies,

Inc.*

5,656

593,032

CEVA,

Inc.*

4,004

96,697

Cohu,

Inc.*

8,049

206,859

Credo

Technology

Group

Holding

Ltd.*

22,088

680,310

Diodes,

Inc.*(a)

7,836

502,209

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Everspin

Technologies,

Inc.*(a)

3,106

18,325

FormFactor,

Inc.*

13,479

620,034

GCT

Semiconductor

Holding,

Inc.*(a)

1,515

5,075

Ichor

Holdings

Ltd.*

5,735

182,430

Impinj,

Inc.*(a)

3,931

851,140

indie

Semiconductor,

Inc.,

Class

A*(a)

28,553

113,927

Kulicke

&

Soffa

Industries,

Inc.

9,392

423,861

MaxLinear,

Inc.,

Class

A*(a)

13,740

198,955

Navitas

Semiconductor

Corp.,

Class

A*(a)

20,898

51,200

NVE

Corp.

781

62,379

PDF

Solutions,

Inc.*(a)

5,417

171,611

Photronics,

Inc.*

10,691

264,709

Power

Integrations,

Inc.(a)

9,769

626,388

QuickLogic

Corp.*(a)

2,242

17,196

Rambus,

Inc.*

18,907

798,254

Rigetti

Computing,

Inc.*(a)

22,911

17,942

Semtech

Corp.*(a)

11,244

513,401

Silicon

Laboratories,

Inc.*(a)

5,546

640,951

SiTime

Corp.*(a)

3,153

540,771

SkyWater

Technology,

Inc.*(a)

4,488

40,751

SMART

Global

Holdings,

Inc.*(a)

8,969

187,901

Synaptics,

Inc.*(a)

6,705

520,174

Ultra

Clean

Holdings,

Inc.*

7,709

307,820

Veeco

Instruments,

Inc.*

9,718

321,957

10,334,101

Software

5.9%

8x8,

Inc.*(a)

21,878

44,631

A10

Networks,

Inc.

12,053

174,045

ACI

Worldwide,

Inc.*

18,437

938,443

Adeia,

Inc.

19,324

230,149

Agilysys,

Inc.*(a)

3,919

427,053

Airship

AI

Holdings,

Inc.*

2,620

6,026

Alarm.com

Holdings,

Inc.*(a)

8,326

455,182

Alkami

Technology,

Inc.*(a)

7,960

251,058

Altair

Engineering,

Inc.,

Class

A*(a)

9,914

946,886

American

Software,

Inc.,

Class

A(a)

5,207

58,266

Amplitude,

Inc.,

Class

A*

13,000

116,610

Appian

Corp.,

Class

A*(a)

6,917

236,146

Arteris,

Inc.*(a)

4,659

35,968

Asana,

Inc.,

Class

A*(a)

14,287

165,586

AudioEye,

Inc.*(a)

1,190

27,192

Aurora

Innovation,

Inc.,

Class

A*(a)

160,996

953,096

AvePoint,

Inc.*

22,565

265,590

Bit

Digital,

Inc.*(a)

20,159

70,758

Blackbaud,

Inc.*(a)

7,136

604,276

BlackLine,

Inc.*(a)

10,077

555,646

Blend

Labs,

Inc.,

Class

A*(a)

39,110

146,663

Box,

Inc.,

Class

A*

24,265

794,193

Braze,

Inc.,

Class

A*

11,470

370,940

C3.ai,

Inc.,

Class

A*

14,796

358,507

Cerence,

Inc.*(a)

6,846

21,565

Cipher

Mining,

Inc.*(a)

31,981

123,766

Cleanspark,

Inc.*(a)

39,722

371,003

Clear

Secure,

Inc.,

Class

A(a)

15,118

501,011

138

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

26,211

661,828

CommVault

Systems,

Inc.*

7,541

1,160,183

Consensus

Cloud

Solutions,

Inc.*

3,050

71,828

CS

Disco,

Inc.*(a)

5,673

33,357

Daily

Journal

Corp.*(a)

232

113,703

Dave,

Inc.*

1,316

52,587

Digimarc

Corp.*(a)

2,750

73,920

Digital

Turbine,

Inc.*(a)

15,970

49,028

Domo,

Inc.,

Class

B*

6,217

46,690

D-Wave

Quantum,

Inc.*(a)

14,891

14,636

E2open

Parent

Holdings,

Inc.*(a)

35,476

156,449

eGain

Corp.*

3,411

17,396

Enfusion,

Inc.,

Class

A*

8,035

76,252

Envestnet,

Inc.*

6,895

431,765

EverCommerce,

Inc.*(a)

3,504

36,301

Freshworks,

Inc.,

Class

A*

35,637

409,113

Hut

8

Corp.*(a)

14,070

172,498

iLearningEngines

Holdings,

Inc.*(a)

4,720

7,882

Instructure

Holdings,

Inc.*(a)

3,712

87,418

Intapp,

Inc.*

6,858

328,018

InterDigital,

Inc.

4,410

624,588

Jamf

Holding

Corp.*

14,201

246,387

Kaltura,

Inc.*

19,025

25,874

Life360,

Inc.*

1,073

42,223

LiveRamp

Holdings,

Inc.*

11,444

283,582

MARA

Holdings,

Inc.*(a)

47,589

771,894

Matterport,

Inc.*

45,421

204,395

Meridianlink,

Inc.*(a)

4,595

94,519

Mitek

Systems,

Inc.*(a)

7,761

67,288

N-able,

Inc.*

12,590

164,425

NCR

Voyix

Corp.*(a)

25,506

346,116

NextNav,

Inc.*(a)

12,485

93,513

Olo,

Inc.,

Class

A*

17,875

88,660

ON24,

Inc.*

5,406

33,085

OneSpan,

Inc.*

6,768

112,823

Ooma,

Inc.*

4,320

49,205

Pagaya

Technologies

Ltd.,

Class

A*(a)

8,141

86,050

PagerDuty,

Inc.*(a)

16,129

299,193

Porch

Group,

Inc.*(a)

13,217

20,288

PowerSchool

Holdings,

Inc.,

Class

A*(a)

10,467

238,752

Prairie

Operating

Co.*

753

6,596

Progress

Software

Corp.(a)

7,297

491,599

PROS

Holdings,

Inc.*

8,149

150,920

Q2

Holdings,

Inc.*(a)

10,237

816,606

Qualys,

Inc.*

6,387

820,474

Rapid7,

Inc.*

10,793

430,533

Red

Violet,

Inc.*

1,984

56,445

Rekor

Systems,

Inc.*(a)

12,028

14,193

ReposiTrak,

Inc.(a)

1,974

36,460

Rimini

Street,

Inc.*(a)

9,595

17,751

Riot

Platforms,

Inc.*(a)

49,491

367,223

Roadzen,

Inc.*(a)

4,025

4,790

Sapiens

International

Corp.

NV(a)

5,441

202,786

SEMrush

Holdings,

Inc.,

Class

A*

6,178

97,056

Common

Stocks

Shares

Value

($)

Software

Silvaco

Group,

Inc.*

1,102

15,759

SolarWinds

Corp.(a)

9,505

124,040

SoundHound

AI,

Inc.,

Class

A*(a)

51,613

240,517

SoundThinking,

Inc.*

2,016

23,365

Sprinklr,

Inc.,

Class

A*(a)

22,085

170,717

Sprout

Social,

Inc.,

Class

A*(a)

8,631

250,903

SPS

Commerce,

Inc.*

6,428

1,248,125

Telos

Corp.*

9,461

33,965

Tenable

Holdings,

Inc.*

20,456

828,877

Terawulf,

Inc.*(a)

40,432

189,222

Varonis

Systems,

Inc.,

Class

B*

19,138

1,081,297

Verint

Systems,

Inc.*

10,839

274,552

Vertex,

Inc.,

Class

A*(a)

9,531

367,039

Viant

Technology,

Inc.,

Class

A*

3,250

35,978

Weave

Communications,

Inc.*

6,662

85,274

WM

Technology,

Inc.*(a)

13,628

11,856

Workiva,

Inc.,

Class

A*

8,751

692,379

Xperi,

Inc.*

7,836

72,405

Yext,

Inc.*

18,887

130,698

Zeta

Global

Holdings

Corp.,

Class

A*(a)

30,855

920,405

Zuora,

Inc.,

Class

A*(a)

24,079

207,561

27,662,333

Specialized

REITs

0.5%

Farmland

Partners,

Inc.(a)

7,700

80,465

Four

Corners

Property

Trust,

Inc.(a)

16,220

475,408

Gladstone

Land

Corp.(a)

5,942

82,594

Outfront

Media,

Inc.(a)

26,000

477,880

PotlatchDeltic

Corp.

13,817

622,456

Safehold,

Inc.(a)

9,120

239,217

Uniti

Group,

Inc.(a)

41,884

236,226

2,214,246

Specialty

Retail

2.4%

1-800-Flowers.com,

Inc.,

Class

A*(a)

4,156

32,957

Aaron's

Co.,

Inc.

(The)

5,595

55,670

Abercrombie

&

Fitch

Co.,

Class

A*

8,675

1,213,633

Academy

Sports

&

Outdoors,

Inc.(a)

12,249

714,852

American

Eagle

Outfitters,

Inc.

31,404

703,136

America's

Car-Mart,

Inc.*(a)

1,067

44,729

Arhaus,

Inc.,

Class

A(a)

9,123

112,304

Arko

Corp.(a)

13,455

94,454

Asbury

Automotive

Group,

Inc.*(a)

3,533

842,938

BARK,

Inc.*(a)

23,596

38,461

Beyond,

Inc.*(a)

7,691

77,525

Boot

Barn

Holdings,

Inc.*(a)

5,109

854,634

Buckle,

Inc.

(The)(a)

5,397

237,306

Build-A-Bear

Workshop,

Inc.

2,073

71,249

Caleres,

Inc.(a)

5,905

195,160

Camping

World

Holdings,

Inc.,

Class

A(a)

7,338

177,726

Citi

Trends,

Inc.*(a)

1,371

25,185

Designer

Brands,

Inc.,

Class

A(a)

7,995

59,003

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

139

Common

Stocks

Shares

Value

($)

Specialty

Retail

Destination

XL

Group,

Inc.*

9,352

27,495

EVgo,

Inc.,

Class

A*

17,981

74,441

Foot

Locker,

Inc.

14,333

370,365

Genesco,

Inc.*

1,856

50,428

Group

1

Automotive,

Inc.

2,291

877,545

GrowGeneration

Corp.*(a)

8,995

19,159

Haverty

Furniture

Cos.,

Inc.(a)

2,596

71,312

J

Jill,

Inc.

1,071

26,422

Lands'

End,

Inc.*(a)

2,516

43,451

Leslie's,

Inc.*

30,003

94,809

MarineMax,

Inc.*

3,777

133,215

Monro,

Inc.(a)

5,003

144,387

National

Vision

Holdings,

Inc.*

13,162

143,597

ODP

Corp.

(The)*(a)

5,941

176,745

OneWater

Marine,

Inc.,

Class

A*(a)

2,008

48,011

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A*(a)

13,902

63,254

RealReal,

Inc.

(The)*(a)

16,439

51,618

Revolve

Group,

Inc.,

Class

A*(a)

6,551

162,334

RumbleON,

Inc.,

Class

B*(a)

2,553

12,229

Sally

Beauty

Holdings,

Inc.*

18,164

246,485

Shoe

Carnival,

Inc.(a)

3,220

141,197

Signet

Jewelers

Ltd.(a)

7,371

760,245

Sleep

Number

Corp.*(a)

3,507

64,248

Sonic

Automotive,

Inc.,

Class

A(a)

2,481

145,089

Stitch

Fix,

Inc.,

Class

A*

15,425

43,499

ThredUp,

Inc.,

Class

A*(a)

15,674

13,198

Tile

Shop

Holdings,

Inc.*

5,012

33,029

Tilly's,

Inc.,

Class

A*

2,351

11,990

Torrid

Holdings,

Inc.*

1,699

6,677

Upbound

Group,

Inc.

9,135

292,229

Urban

Outfitters,

Inc.*

11,175

428,114

Victoria's

Secret

&

Co.*(a)

13,675

351,447

Warby

Parker,

Inc.,

Class

A*

15,255

249,114

Winmark

Corp.(a)

478

183,041

Zumiez,

Inc.*

2,946

62,750

11,174,091

Technology

Hardware,

Storage

&

Peripherals

0.2%

CompoSecure,

Inc.,

Class

A(a)

4,295

60,216

Corsair

Gaming,

Inc.*

7,997

55,659

CPI

Card

Group,

Inc.*

908

25,270

Diebold

Nixdorf,

Inc.*

4,498

200,881

Eastman

Kodak

Co.*

10,360

48,899

Immersion

Corp.(a)

5,735

51,156

IonQ,

Inc.*(a)

34,660

302,928

Turtle

Beach

Corp.*

3,128

47,984

Xerox

Holdings

Corp.(a)

20,487

212,655

1,005,648

Textiles,

Apparel

&

Luxury

Goods

0.6%

Figs,

Inc.,

Class

A*(a)

21,739

148,695

G-III

Apparel

Group

Ltd.*

6,920

211,198

Hanesbrands,

Inc.*(a)

61,546

452,363

Kontoor

Brands,

Inc.

9,583

783,698

Movado

Group,

Inc.

2,640

49,104

Oxford

Industries,

Inc.

2,573

223,233

Rocky

Brands,

Inc.

1,179

37,563

Steven

Madden

Ltd.

12,524

613,551

Superior

Group

of

Cos.,

Inc.

2,199

34,062

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Vera

Bradley,

Inc.*(a)

5,184

28,305

Wolverine

World

Wide,

Inc.(a)

14,033

244,455

2,826,227

Tobacco

0.2%

Ispire

Technology,

Inc.*(a)

3,811

23,647

Turning

Point

Brands,

Inc.

3,043

131,306

Universal

Corp.

4,242

225,293

Vector

Group

Ltd.

25,622

382,280

762,526

Trading

Companies

&

Distributors

2.3%

Alta

Equipment

Group,

Inc.(a)

4,453

30,013

Applied

Industrial

Technologies,

Inc.

6,637

1,480,914

Beacon

Roofing

Supply,

Inc.*

11,001

950,817

BlueLinx

Holdings,

Inc.*

1,455

153,386

Boise

Cascade

Co.

6,849

965,572

Custom

Truck

One

Source,

Inc.*(a)

8,074

27,855

Distribution

Solutions

Group,

Inc.*

1,916

73,785

DNOW,

Inc.*

18,074

233,697

DXP

Enterprises,

Inc.*

2,150

114,724

EVI

Industries,

Inc.(a)

1,027

19,852

FTAI

Aviation

Ltd.(a)

17,571

2,335,186

GATX

Corp.

6,105

808,607

Global

Industrial

Co.(a)

2,252

76,501

GMS,

Inc.*

6,976

631,816

H&E

Equipment

Services,

Inc.

5,666

275,821

Herc

Holdings,

Inc.

4,887

779,134

Hudson

Technologies,

Inc.*

7,289

60,790

Karat

Packaging,

Inc.(a)

1,247

32,285

McGrath

RentCorp

4,194

441,544

MRC

Global,

Inc.*

14,932

190,234

Rush

Enterprises,

Inc.,

Class

A

10,614

560,737

Rush

Enterprises,

Inc.,

Class

B

1,506

72,213

Titan

Machinery,

Inc.*

3,459

48,184

Transcat,

Inc.*(a)

1,497

180,793

Willis

Lease

Finance

Corp.(a)

495

73,661

Xometry,

Inc.,

Class

A*(a)

7,100

130,427

10,748,548

Transportation

Infrastructure

0.0%

†

Sky

Harbour

Group

Corp.*

1,761

19,441

Water

Utilities

0.4%

American

States

Water

Co.

6,340

528,059

Cadiz,

Inc.*(a)

8,789

26,631

California

Water

Service

Group

9,938

538,838

Consolidated

Water

Co.

Ltd.

2,466

62,168

Global

Water

Resources,

Inc.

1,601

20,157

Middlesex

Water

Co.(a)

2,957

192,915

Pure

Cycle

Corp.*(a)

3,202

34,485

SJW

Group

5,548

322,394

York

Water

Co.

(The)

1,918

71,848

1,797,495

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.*(a)

10,777

77,379

Spok

Holdings,

Inc.(a)

2,897

43,629

140

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

Telephone

&

Data

Systems,

Inc.

17,200

399,900

520,908

Total

Common

Stocks

(cost

$334,922,816)

462,046,915

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

Inhibrx,

Inc.,

CVR*^∞

5,486

0

Oncternal

Therapeutics,

Inc.,

CVR*^∞(a)

97

0

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Empire

Petroleum

Corp.,

expiring

10/16/2024*∞

2,654

33

Total

Rights

(cost

$6,480)

33

Warrants

0.0%

†

Number

of

Warrants

Health

Care

Equipment

&

Supplies

0.0%

†

Pulse

Biosciences,

Inc.,

expiring

6/27/2029*∞(a)

486

1,589

Total

Warrants

(cost

$0)

1,589

Repurchase

Agreements

14.5%

Principal

Amount

($)

Bank

of

America

NA,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,001,356,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

4.00%,

maturing

7/1/2042

-

7/1/2046;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.90%,

dated

9/26/2024,

due

10/1/2024,

repurchase

price

$14,066,694,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

7.39%,

maturing

9/25/2025

-

8/20/2074;

total

market

value

$14,280,000.(b)

14,000,000

14,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$4,000,550,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,568,496,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$10,778,384.(b)

10,567,043

10,567,043

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$10,037,567,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$10,200,004.(b)

10,000,000

10,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$10,001,347,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$10,200,034.(b)

10,000,000

10,000,000

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

141

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

4.88%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$9,001,220,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

10/25/2024

-

3/20/2071;

total

market

value

$9,181,244.(b)

9,000,000

9,000,000

Total

Repurchase

Agreements

(cost

$67,567,043)

67,567,043

Total

Investments

(cost

$402,551,827)

—

113.6%

529,649,605

Liabilities

in

excess

of

other

assets

—

(13.6)%

(63,303,512)

NET

ASSETS

—

100.0%

$

466,346,093

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$136,867,248,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$67,567,043

and

by

$73,164,413

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$140,731,456.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$67,567,043.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

Emini

Index

41

12/2024

USD

4,610,860

43,884

Net

contracts

43,884

As

of

September

30,

2024,

the

Fund

had

$373,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

142

-

Statement

of

Investments

-

September

30,

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.

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

143

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Closed

End

Fund

$

34,025

$

–

$

–

$

34,025

Common

Stocks

Aerospace

&

Defense

5,271,232

–

–

5,271,232

Air

Freight

&

Logistics

814,612

–

–

814,612

Automobile

Components

5,778,925

–

–

5,778,925

Automobiles

315,964

–

–

315,964

Banks

45,345,295

–

–

45,345,295

Beverages

1,327,480

–

–

1,327,480

Biotechnology

41,691,313

–

–

41,691,313

Broadline

Retail

99,587

–

–

99,587

Building

Products

7,074,888

–

–

7,074,888

Capital

Markets

7,744,269

–

–

7,744,269

Chemicals

9,192,888

–

–

9,192,888

Commercial

Services

&

Supplies

7,950,549

–

–

7,950,549

Communications

Equipment

2,948,455

–

–

2,948,455

Construction

&

Engineering

7,334,098

–

–

7,334,098

Construction

Materials

1,914,611

–

–

1,914,611

Consumer

Finance

3,857,741

–

–

3,857,741

Consumer

Staples

Distribution

&

Retail

3,674,639

–

–

3,674,639

Containers

&

Packaging

1,173,375

–

–

1,173,375

Distributors

255,876

–

–

255,876

Diversified

Consumer

Services

4,283,861

–

–

4,283,861

Diversified

REITs

3,133,570

–

–

3,133,570

Diversified

Telecommunication

Services

3,325,105

–

–

3,325,105

Electric

Utilities

3,631,948

–

–

3,631,948

Electrical

Equipment

5,874,744

–

–

5,874,744

Electronic

Equipment,

Instruments

&

Components

13,810,589

–

–

13,810,589

Energy

Equipment

&

Services

9,863,615

–

–

9,863,615

Entertainment

2,316,544

–

–

2,316,544

Financial

Services

12,451,237

–

–

12,451,237

Food

Products

4,469,766

–

–

4,469,766

Gas

Utilities

4,638,781

–

–

4,638,781

Ground

Transportation

2,173,983

–

–

2,173,983

Health

Care

Equipment

&

Supplies

15,108,020

–

–

15,108,020

Health

Care

Providers

&

Services

13,134,253

–

–

13,134,253

Health

Care

REITs

3,259,580

–

–

3,259,580

Health

Care

Technology

1,827,083

–

–

1,827,083

Hotel

&

Resort

REITs

3,534,266

–

–

3,534,266

Hotels,

Restaurants

&

Leisure

8,618,371

–

–

8,618,371

Household

Durables

11,212,036

–

–

11,212,036

Household

Products

1,406,405

–

–

1,406,405

Independent

Power

and

Renewable

Electricity

Producers

997,139

–

–

997,139

Industrial

Conglomerates

118,823

–

–

118,823

Industrial

REITs

2,491,212

–

–

2,491,212

Insurance

8,906,529

–

–

8,906,529

Interactive

Media

&

Services

2,678,117

–

–

2,678,117

IT

Services

3,555,962

–

–

3,555,962

Leisure

Products

1,930,521

–

–

1,930,521

Life

Sciences

Tools

&

Services

1,248,697

–

–

1,248,697

Machinery

17,453,774

–

–

17,453,774

Marine

Transportation

1,529,814

–

–

1,529,814

Media

3,620,661

–

–

3,620,661

Metals

&

Mining

8,060,476

–

–

8,060,476

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,539,341

–

–

4,539,341

Multi-Utilities

2,039,335

–

–

2,039,335

Office

REITs

3,503,901

–

–

3,503,901

Oil,

Gas

&

Consumable

Fuels

14,512,403

–

–

14,512,403

144

-

Statement

of

Investments

-

September

30,

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

September

30,

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

Level

1

Level

2

Level

3

Total

Assets:

Paper

&

Forest

Products

$

603,594

$

–

$

–

$

603,594

Passenger

Airlines

1,666,800

–

–

1,666,800

Personal

Care

Products

1,192,516

–

–

1,192,516

Pharmaceuticals

8,005,026

–

–

8,005,026

Professional

Services

10,718,327

–

–

10,718,327

Real

Estate

Management

&

Development

3,543,841

–

–

3,543,841

Residential

REITs

2,163,431

–

–

2,163,431

Retail

REITs

6,061,558

–

–

6,061,558

Semiconductors

&

Semiconductor

Equipment

10,334,101

–

–

10,334,101

Software

27,662,333

–

–

27,662,333

Specialized

REITs

2,214,246

–

–

2,214,246

Specialty

Retail

11,174,091

–

–

11,174,091

Technology

Hardware,

Storage

&

Peripherals

1,005,648

–

–

1,005,648

Textiles,

Apparel

&

Luxury

Goods

2,826,227

–

–

2,826,227

Tobacco

762,526

–

–

762,526

Trading

Companies

&

Distributors

10,748,548

–

–

10,748,548

Transportation

Infrastructure

19,441

–

–

19,441

Water

Utilities

1,797,495

–

–

1,797,495

Wireless

Telecommunication

Services

520,908

–

–

520,908

Total

Common

Stocks

$

462,046,916

$

–

$

–

$

462,046,916

Futures

Contracts

43,884

–

–

43,884

Repurchase

Agreements

–

67,567,043

–

67,567,043

Rights  

–

33

–

33

Warrants

–

1,589

–

1,589

Total

$

462,124,825

$

67,568,665

$

–

$

529,693,490

As

of

September

30,

2024,

the

Fund

held

two

common

stock

investments

and

five

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

NVIT

Small

Cap

Index

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

145

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

43,884

Total

$

43,884

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.

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

93

.1

%

Shares

Value

($)

ARGENTINA

0

.2

%

Chemicals

0

.2

%

Arcadium

Lithium

plc

*(a)

165,159

470,703

AUSTRALIA

2

.0

%

Metals

&

Mining

2

.0

%

Northern

Star

Resources

Ltd.

449,969

4,923,769

BELGIUM

1

.0

%

Diversified

Telecommunication

Services

1

.0

%

Liberty

Global

Ltd.,

Class

C

*(a)

119,979

2,592,746

CANADA

4

.0

%

Chemicals

0

.3

%

Nutrien

Ltd.

17,230

828,074

Metals

&

Mining

1

.1

%

Pan

American

Silver

Corp.

63,985

1,335,367

Teck

Resources

Ltd.,

Class

B

25,902

1,353,120

2,688,487

Oil,

Gas

&

Consumable

Fuels

2

.6

%

Cameco

Corp.

89,429

4,271,130

Vermilion

Energy,

Inc.

(a)

226,920

2,217,008

6,488,138

10,004,699

FINLAND

1

.8

%

Paper

&

Forest

Products

1

.8

%

UPM-Kymmene

OYJ

134,087

4,493,881

FRANCE

12

.3

%

Automobile

Components

1

.2

%

Cie

Generale

des

Etablissements

Michelin

SCA

72,291

2,935,086

Banks

2

.2

%

BNP

Paribas

SA

62,557

4,292,934

Societe

Generale

SA

45,725

1,139,898

5,432,832

Building

Products

0

.3

%

Cie

de

Saint-Gobain

SA

8,112

739,408

Construction

&

Engineering

0

.6

%

Eiffage

SA

15,912

1,536,791

Financial

Services

0

.4

%

Worldline

SA

Reg.

S

*(a)(b)

122,221

890,828

Insurance

2

.3

%

AXA

SA

148,124

5,700,774

Multi-Utilities

2

.1

%

Engie

SA

310,839

5,369,678

Oil,

Gas

&

Consumable

Fuels

3

.2

%

TotalEnergies

SE

126,724

8,213,655

30,819,052

GERMANY

4

.6

%

Automobiles

0

.4

%

Mercedes-Benz

Group

AG

16,935

1,094,620

Health

Care

Providers

&

Services

0

.7

%

Fresenius

Medical

Care

AG

38,377

1,632,075

Machinery

1

.1

%

Duerr

AG

54,097

1,327,905

KION

Group

AG

35,693

1,403,002

2,730,907

Multi-Utilities

1

.8

%

E.ON

SE

312,854

4,652,111

Common

Stocks

Shares

Value

($)

GERMANY

Pharmaceuticals

0

.6

%

Merck

KGaA

8,375

1,474,608

11,584,321

GREECE

1

.4

%

Banks

1

.4

%

Piraeus

Financial

Holdings

SA

799,750

3,405,356

HONG

KONG

1

.3

%

Food

Products

1

.3

%

WH

Group

Ltd.

Reg.

S

(b)

4,268,877

3,376,793

IRELAND

1

.5

%

Banks

1

.5

%

Bank

of

Ireland

Group

plc

328,137

3,671,294

ISRAEL

2

.8

%

Banks

0

.5

%

Bank

Hapoalim

BM

121,862

1,222,144

Diversified

Telecommunication

Services

0

.4

%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

888,210

1,022,129

Software

1

.9

%

Check

Point

Software

Technologies

Ltd.

*

25,219

4,862,475

7,106,748

JAPAN

23

.3

%

Banks

3

.3

%

Mebuki

Financial

Group,

Inc.

502,800

2,018,210

Sumitomo

Mitsui

Financial

Group,

Inc.

293,400

6,246,461

8,264,671

Building

Products

1

.2

%

Sanwa

Holdings

Corp.

(a)

116,500

3,073,855

Commercial

Services

&

Supplies

1

.9

%

TOPPAN

Holdings,

Inc.

156,900

4,651,057

Construction

&

Engineering

0

.7

%

Kinden

Corp.

76,600

1,684,383

Consumer

Staples

Distribution

&

Retail

1

.5

%

MatsukiyoCocokara

&

Co.

140,300

2,306,104

Sundrug

Co.

Ltd.

47,800

1,408,564

3,714,668

Electronic

Equipment,

Instruments

&

Components

2

.2

%

Daiwabo

Holdings

Co.

Ltd.

(a)

164,100

3,113,079

Macnica

Holdings,

Inc.

(a)

175,200

2,436,015

5,549,094

Financial

Services

1

.8

%

ORIX

Corp.

194,600

4,517,969

Health

Care

Providers

&

Services

1

.4

%

Medipal

Holdings

Corp.

(a)

124,200

2,153,408

Ship

Healthcare

Holdings,

Inc.

89,100

1,453,427

3,606,835

Insurance

1

.2

%

Dai-ichi

Life

Holdings,

Inc.

117,000

3,013,936

Leisure

Products

1

.9

%

Sankyo

Co.

Ltd.

318,500

4,670,391

Machinery

0

.2

%

Takuma

Co.

Ltd.

36,000

402,755

2

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Real

Estate

Management

&

Development

0

.9

%

Tokyo

Tatemono

Co.

Ltd.

142,200

2,280,426

Specialty

Retail

1

.4

%

Shimamura

Co.

Ltd.

65,700

3,584,384

Trading

Companies

&

Distributors

3

.7

%

ITOCHU

Corp.

73,500

3,948,513

Marubeni

Corp.

162,500

2,665,864

Sumitomo

Corp.

113,000

2,526,718

9,141,095

58,155,519

NETHERLANDS

6

.2

%

Banks

2

.4

%

ING

Groep

NV

330,916

6,018,805

Consumer

Staples

Distribution

&

Retail

1

.9

%

Koninklijke

Ahold

Delhaize

NV

138,895

4,799,094

Insurance

1

.9

%

ASR

Nederland

NV

98,190

4,814,855

15,632,754

NORWAY

1

.1

%

Food

Products

1

.1

%

Leroy

Seafood

Group

ASA

584,843

2,681,569

RUSSIA

0

.0

%

†

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

LUKOIL

PJSC

^∞

10,847

0

SINGAPORE

1

.3

%

Electronic

Equipment,

Instruments

&

Components

1

.3

%

Venture

Corp.

Ltd.

299,000

3,268,794

SOUTH

AFRICA

0

.2

%

Metals

&

Mining

0

.2

%

Impala

Platinum

Holdings

Ltd.

*

109,982

616,554

SOUTH

KOREA

0

.4

%

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

Youngone

Corp.

33,427

1,027,849

SPAIN

2

.5

%

Banks

2

.5

%

Banco

Santander

SA

1,240,757

6,340,714

SWITZERLAND

2

.1

%

Pharmaceuticals

2

.1

%

Novartis

AG

(Registered)

46,750

5,381,663

UNITED

KINGDOM

11

.2

%

Capital

Markets

1

.3

%

TP

ICAP

Group

plc

1,048,437

3,322,017

Diversified

Telecommunication

Services

1

.3

%

BT

Group

plc

(a)

1,629,670

3,228,994

Hotels,

Restaurants

&

Leisure

0

.6

%

Flutter

Entertainment

plc

*

6,013

1,414,937

Industrial

Conglomerates

1

.4

%

DCC

plc

52,205

3,558,306

Insurance

1

.0

%

Just

Group

plc

1,325,605

2,464,567

Media

0

.9

%

WPP

plc

212,771

2,174,448

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Pharmaceuticals

0

.6

%

AstraZeneca

plc,

ADR

18,616

1,450,373

Specialty

Retail

1

.2

%

JD

Sports

Fashion

plc

1,448,800

2,994,801

Tobacco

2

.1

%

Imperial

Brands

plc

182,156

5,298,257

Wireless

Telecommunication

Services

0

.8

%

Vodafone

Group

plc

2,061,681

2,069,367

27,976,067

UNITED

STATES

11

.9

%

Containers

&

Packaging

0

.8

%

Smurfit

WestRock

plc

39,281

1,941,267

Financial

Services

1

.0

%

Burford

Capital

Ltd.

(a)

190,785

2,529,809

Food

Products

0

.6

%

JBS

SA

280,766

1,630,161

Oil,

Gas

&

Consumable

Fuels

5

.2

%

Diversified

Energy

Co.

plc

Reg.

S

(a)

173,408

1,963,163

Energy

Fuels,

Inc.

*(a)

230,387

1,264,825

Shell

plc

305,275

9,949,798

13,177,786

Pharmaceuticals

4

.3

%

Jazz

Pharmaceuticals

plc

*(a)

23,328

2,598,972

Roche

Holding

AG

7,754

2,482,169

Sanofi

SA

48,659

5,606,210

10,687,351

29,966,374

Total

Common

Stocks

(cost

$173,609,130)

233,497,219

Exchange

Traded

Fund

4

.9

%

UNITED

STATES

4

.9

%

iShares

MSCI

EAFE

Value

ETF

(a)

215,222

12,381,722

Total

Exchange

Traded

Fund

(cost

$12,105,856)

12,381,722

Repurchase

Agreements

8

.4

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,275,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$8,168,383,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$8,330,605.(c)

8,167,260

8,167,260

ING

Financial

Services

LLC,

4.83%,

dated

9/27/2024,

due

10/1/2024,

repurchase

price

$2,007,513,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.13%,

maturing

3/27/2025

-

3/31/2029;

total

market

value

$2,040,001.(c)

2,000,000

2,000,000

Pershing

LLC,

4.85%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$9,001,213,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.00%,

maturing

10/31/2024

-

10/20/2073;

total

market

value

$9,180,031.(c)

9,000,000

9,000,000

Total

Repurchase

Agreements

(cost

$21,167,260)

21,167,260

Total

Investments

(cost

$206,882,246)

—

106.4%

267,046,201

Liabilities

in

excess

of

other

assets

—

(6.4)%

(

16,147,207

)

NET

ASSETS

—

100.0%

$

250,898,994

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$31,145,893,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,167,260

and

by

$13,610,832

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$34,778,092.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$4,267,621

which

represents

1.70%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$21,167,260.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

4

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

AUD

19,681,000

USD

13,007,842

Citibank

NA

10/8/2024

599,950

CAD

2,273,000

USD

1,675,728

UBS

AG

Stamford

Branch

10/8/2024

5,136

CHF

6,555,000

USD

7,626,527

HSBC

Bank

USA,

N.A.

10/8/2024

123,842

SEK

44,368,000

USD

4,249,747

UBS

AG

Stamford

Branch

10/8/2024

120,214

USD

905,969

ILS

3,345,000

HSBC

Bank

USA,

N.A.

10/8/2024

8,615

USD

951,570

JPY

134,985,000

HSBC

Bank

USA,

N.A.

10/8/2024

11,608

Total

unrealized

appreciation

869,365

CHF

398,000

USD

475,222

Morgan

Stanley

Co.,

Inc.

10/8/2024

(

4,643

)

DKK

7,812,000

USD

1,172,320

Morgan

Stanley

Co.,

Inc.

10/8/2024

(

5,405

)

EUR

838,000

USD

938,201

Barclays

Bank

plc

10/8/2024

(

5,163

)

EUR

847,000

USD

949,644

Morgan

Stanley

Co.,

Inc.

10/8/2024

(

6,586

)

SEK

4,768,000

USD

469,841

UBS

AG

Stamford

Branch

10/8/2024

(

224

)

USD

6,732,387

CAD

9,223,000

Barclays

Bank

plc

10/8/2024

(

87,945

)

USD

475,568

CHF

404,000

UBS

AG

Stamford

Branch

10/8/2024

(

2,106

)

USD

956,050

EUR

867,000

Morgan

Stanley

Co.,

Inc.

10/8/2024

(

9,277

)

USD

3,361,571

JPY

491,192,000

Morgan

Stanley

Co.,

Inc.

10/8/2024

(

58,822

)

USD

2,242,282

SGD

2,946,000

HSBC

Bank

USA,

N.A.

10/8/2024

(

50,506

)

Total

unrealized

depreciation

(

230,677

)

Net

unrealized

appreciation

638,688

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

DKK

Danish

krone

EUR

Euro

ILS

Israeli

shekel

JPY

Japanese

yen

SEK

Swedish

krona

SGD

Singapore

dollar

USD

United

States

dollar

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

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.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

6

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

2,935,086

$

–

$

2,935,086

Automobiles

–

1,094,620

–

1,094,620

Banks

–

34,355,817

–

34,355,817

Building

Products

–

3,813,263

–

3,813,263

Capital

Markets

–

3,322,017

–

3,322,017

Chemicals

1,298,777

–

–

1,298,777

Commercial

Services

&

Supplies

–

4,651,057

–

4,651,057

Construction

&

Engineering

–

3,221,174

–

3,221,174

Consumer

Staples

Distribution

&

Retail

–

8,513,762

–

8,513,762

Containers

&

Packaging

1,941,267

–

–

1,941,267

Diversified

Telecommunication

Services

2,592,746

4,251,123

–

6,843,869

Electronic

Equipment,

Instruments

&

Components

–

8,817,888

–

8,817,888

Financial

Services

2,529,809

5,408,798

–

7,938,607

Food

Products

1,630,161

6,058,363

–

7,688,524

Health

Care

Providers

&

Services

–

5,238,910

–

5,238,910

Hotels,

Restaurants

&

Leisure

–

1,414,937

–

1,414,937

Industrial

Conglomerates

–

3,558,306

–

3,558,306

Insurance

–

15,994,132

–

15,994,132

Leisure

Products

–

4,670,391

–

4,670,391

Machinery

–

3,133,661

–

3,133,661

Media

–

2,174,448

–

2,174,448

Metals

&

Mining

2,688,487

5,540,324

–

8,228,811

Multi-Utilities

–

10,021,788

–

10,021,788

Oil,

Gas

&

Consumable

Fuels

7,752,962

20,126,614

–

27,879,576

Paper

&

Forest

Products

–

4,493,881

–

4,493,881

Pharmaceuticals

4,049,345

14,944,649

–

18,993,994

Real

Estate

Management

&

Development

–

2,280,426

–

2,280,426

Software

4,862,475

–

–

4,862,475

Specialty

Retail

–

6,579,186

–

6,579,186

Textiles,

Apparel

&

Luxury

Goods

–

1,027,849

–

1,027,849

Tobacco

–

5,298,258

–

5,298,258

Trading

Companies

&

Distributors

–

9,141,095

–

9,141,095

Wireless

Telecommunication

Services

–

2,069,367

–

2,069,367

Total

Common

Stocks

$

29,346,029

$

204,151,190

$

–

$

233,497,219

Exchange

Traded

Fund

12,381,722

–

–

12,381,722

Forward

Foreign

Currency

Contracts

–

869,365

–

869,365

Repurchase

Agreements

–

21,167,260

–

21,167,260

Total

Assets

$

41,727,751

$

226,187,815

$

–

$

267,915,566

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(

230,677

)

$

–

$

(

230,677

)

Total

Liabilities

$

–

$

(

230,677

)

$

–

$

(

230,677

)

Total

$

41,727,751

$

225,957,138

$

–

$

267,684,889

As

of

September

30,

2024,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

7

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2024:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

869,365

Total

$

869,365

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(

230,677

)

Total

$

(

230,677

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

99

.6

%

Shares

Value

($)

BRAZIL

3

.7

%

Banks

1

.6

%

Banco

do

Brasil

SA

141,900

707,976

Itau

Unibanco

Holding

SA,

ADR

267,023

1,775,703

2,483,679

Capital

Markets

0

.5

%

Banco

BTG

Pactual

SA

113,300

691,942

Water

Utilities

1

.6

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

*

154,700

2,567,116

5,742,737

CHILE

0

.1

%

Banks

0

.1

%

Banco

Santander

Chile

3,187,174

165,685

CHINA

25

.3

%

Automobiles

1

.2

%

BYD

Co.

Ltd.,

Class

A

42,200

1,830,755

Banks

1

.0

%

China

Merchants

Bank

Co.

Ltd.,

Class

H

324,000

1,576,352

Beverages

1

.4

%

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

55,500

2,144,231

Broadline

Retail

3

.2

%

Alibaba

Group

Holding

Ltd.

363,569

4,832,437

Electrical

Equipment

1

.2

%

NARI

Technology

Co.

Ltd.,

Class

A

477,765

1,883,346

Health

Care

Equipment

&

Supplies

0

.9

%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

35,100

1,451,411

Hotels,

Restaurants

&

Leisure

2

.2

%

Trip.com

Group

Ltd.,

ADR

*(a)

57,400

3,411,282

Household

Durables

0

.4

%

Midea

Group

Co.

Ltd.

*

63,200

603,639

Independent

Power

and

Renewable

Electricity

Producers

1

.9

%

CGN

Power

Co.

Ltd.,

Class

A

1,972,000

1,265,686

China

Yangtze

Power

Co.

Ltd.,

Class

A

382,300

1,637,470

2,903,156

Insurance

1

.3

%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

1,364,000

2,021,310

Interactive

Media

&

Services

6

.4

%

Tencent

Holdings

Ltd.

173,800

9,731,564

Metals

&

Mining

1

.5

%

Zijin

Mining

Group

Co.

Ltd.,

Class

A

550,100

1,410,025

Zijin

Mining

Group

Co.

Ltd.,

Class

H

430,000

967,532

2,377,557

Oil,

Gas

&

Consumable

Fuels

1

.1

%

PetroChina

Co.

Ltd.,

Class

H

2,106,000

1,705,697

Passenger

Airlines

0

.6

%

Spring

Airlines

Co.

Ltd.,

Class

A

98,425

859,352

Common

Stocks

Shares

Value

($)

CHINA

Textiles,

Apparel

&

Luxury

Goods

1

.0

%

Shenzhou

International

Group

Holdings

Ltd.

179,600

1,592,727

38,924,816

GREECE

2

.0

%

Hotels,

Restaurants

&

Leisure

1

.2

%

OPAP

SA

103,926

1,850,084

Industrial

Conglomerates

0

.8

%

Metlen

Energy

&

Metals

SA

29,641

1,167,213

3,017,297

HONG

KONG

2

.3

%

Insurance

2

.3

%

AIA

Group

Ltd.

342,013

3,024,352

Prudential

plc

51,803

483,247

3,507,599

INDIA

23

.1

%

Aerospace

&

Defense

1

.5

%

Bharat

Electronics

Ltd.

690,156

2,357,666

Automobile

Components

0

.9

%

Sona

Blw

Precision

Forgings

Ltd.

Reg.

S

(b)

151,106

1,342,666

Automobiles

0

.7

%

Eicher

Motors

Ltd.

17,688

1,063,711

Banks

4

.7

%

Axis

Bank

Ltd.

247,501

3,647,767

HDFC

Bank

Ltd.

168,966

3,497,380

7,145,147

Beverages

2

.0

%

Varun

Beverages

Ltd.

418,175

3,030,635

Construction

&

Engineering

1

.7

%

Larsen

&

Toubro

Ltd.

59,832

2,623,472

Health

Care

Providers

&

Services

3

.6

%

Entero

Healthcare

Solutions

Ltd.

*

79,497

1,298,400

Max

Healthcare

Institute

Ltd.

365,255

4,305,534

5,603,934

Hotels,

Restaurants

&

Leisure

1

.4

%

Juniper

Hotels

Ltd.

*

141,672

618,018

Zomato

Ltd.

*

489,198

1,598,702

2,216,720

Independent

Power

and

Renewable

Electricity

Producers

1

.8

%

JSW

Energy

Ltd.

308,392

2,707,363

IT

Services

1

.5

%

Infosys

Ltd.

102,828

2,292,728

Personal

Care

Products

0

.5

%

Honasa

Consumer

Ltd.

*

141,017

771,844

Wireless

Telecommunication

Services

2

.8

%

Bharti

Airtel

Ltd.

211,528

4,324,637

35,480,523

INDONESIA

4

.4

%

Banks

4

.4

%

Bank

Central

Asia

Tbk.

PT

4,947,715

3,373,361

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

10,230,000

3,344,004

6,717,365

NVIT

Emerging

Markets

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

MALAYSIA

1

.8

%

Banks

1

.8

%

Public

Bank

Bhd.

2,450,400

2,711,880

MEXICO

1

.2

%

Oil,

Gas

&

Consumable

Fuels

1

.2

%

Vista

Energy

SAB

de

CV,

ADR

*

41,600

1,837,888

NETHERLANDS

0

.0

%

†

Interactive

Media

&

Services

0

.0

%

†

Nebius

Group

NV,

Class

A

*^∞

33,418

0

PERU

0

.7

%

Banks

0

.7

%

Credicorp

Ltd.

5,600

1,013,432

PHILIPPINES

2

.9

%

Banks

0

.9

%

Bank

of

the

Philippine

Islands

237,240

572,625

BDO

Unibank,

Inc.

269,120

760,106

1,332,731

Hotels,

Restaurants

&

Leisure

1

.0

%

Jollibee

Foods

Corp.

298,760

1,433,478

Industrial

Conglomerates

0

.5

%

SM

Investments

Corp.

49,160

840,219

Real

Estate

Management

&

Development

0

.5

%

Ayala

Land,

Inc.

1,196,600

782,140

4,388,568

POLAND

2

.0

%

Banks

1

.2

%

Bank

Polska

Kasa

Opieki

SA

47,440

1,812,622

Textiles,

Apparel

&

Luxury

Goods

0

.8

%

LPP

SA

296

1,215,117

3,027,739

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

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

Gazprom

PJSC

*^∞

1,425,666

0

0

SOUTH

AFRICA

1

.4

%

Financial

Services

1

.4

%

FirstRand

Ltd.

459,770

2,215,978

SOUTH

KOREA

9

.5

%

Automobiles

2

.1

%

Hyundai

Motor

Co.

6,133

1,135,929

Hyundai

Motor

Co.

(Preference)

4,489

604,725

Kia

Corp.

19,337

1,482,454

3,223,108

Banks

1

.7

%

KB

Financial

Group,

Inc.

42,525

2,641,083

Semiconductors

&

Semiconductor

Equipment

0

.5

%

SK

Hynix,

Inc.

5,959

802,728

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Technology

Hardware,

Storage

&

Peripherals

5

.2

%

Samsung

Electronics

Co.

Ltd.

124,736

5,911,906

Samsung

Electronics

Co.

Ltd.

(Preference)

50,496

1,973,467

7,885,373

14,552,292

TAIWAN

16

.5

%

Communications

Equipment

1

.0

%

Accton

Technology

Corp.

91,541

1,543,767

Electronic

Equipment,

Instruments

&

Components

1

.5

%

Delta

Electronics,

Inc.

125,000

1,509,802

Lotes

Co.

Ltd.

19,000

837,533

2,347,335

Semiconductors

&

Semiconductor

Equipment

14

.0

%

Alchip

Technologies

Ltd.

13,000

817,578

eMemory

Technology,

Inc.

12,000

1,005,338

MediaTek,

Inc.

55,000

2,053,897

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

577,923

17,643,804

21,520,617

25,411,719

THAILAND

2

.7

%

Banks

0

.4

%

SCB

X

PCL

166,300

563,335

Health

Care

Providers

&

Services

0

.9

%

Bangkok

Dusit

Medical

Services

PCL,

Class

F

1,505,900

1,423,631

Hotels,

Restaurants

&

Leisure

0

.9

%

Minor

International

PCL

1,723,200

1,511,315

Oil,

Gas

&

Consumable

Fuels

0

.5

%

PTT

Exploration

&

Production

PCL

176,975

722,612

4,220,893

Total

Common

Stocks

(cost

$125,116,563)

152,936,411

Total

Investments

(cost

$125,116,563)

—

99.6%

152,936,411

Other

assets

in

excess

of

liabilities

—

0.4%

665,433

NET

ASSETS

—

100.0%

$153,601,844

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$3,411,223,

which

was

collateralized

by

$3,591,341

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

4.75%,

and

maturity

dates

ranging

from

5/15/2025

–

5/15/2050.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$1,342,666

which

represents

0.87%

of

net

assets.

10

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

Emerging

Markets

Fund

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

Emerging

Markets

Fund

-

September

30,

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

-

September

30,

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

September

30,

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

$

–

$

2,357,665

$

–

$

2,357,665

Automobile

Components

–

1,342,666

–

1,342,666

Automobiles

–

6,117,575

–

6,117,575

Banks

4,226,131

23,937,180

–

28,163,311

Beverages

–

5,174,867

–

5,174,867

Broadline

Retail

–

4,832,437

–

4,832,437

Capital

Markets

691,942

–

–

691,942

Communications

Equipment

–

1,543,767

–

1,543,767

Construction

&

Engineering

–

2,623,472

–

2,623,472

Consumer

Staples

Distribution

&

Retail

–

–

–

–

Electrical

Equipment

–

1,883,346

–

1,883,346

Electronic

Equipment,

Instruments

&

Components

–

2,347,335

–

2,347,335

Financial

Services

–

2,215,978

–

2,215,978

Health

Care

Equipment

&

Supplies

–

1,451,411

–

1,451,411

Health

Care

Providers

&

Services

–

7,027,565

–

7,027,565

Hotels,

Restaurants

&

Leisure

3,411,282

7,011,598

–

10,422,880

Household

Durables

603,639

–

–

603,639

Independent

Power

and

Renewable

Electricity

Producers

–

5,610,518

–

5,610,518

Industrial

Conglomerates

–

2,007,432

–

2,007,432

Insurance

–

5,528,909

–

5,528,909

Interactive

Media

&

Services

–

9,731,564

–

9,731,564

IT

Services

–

2,292,728

–

2,292,728

Metals

&

Mining

–

2,377,557

–

2,377,557

Oil,

Gas

&

Consumable

Fuels

1,837,888

2,428,309

–

4,266,197

Passenger

Airlines

–

859,352

–

859,352

Personal

Care

Products

–

771,844

–

771,844

Real

Estate

Management

&

Development

–

782,140

–

782,140

Semiconductors

&

Semiconductor

Equipment

–

22,323,344

–

22,323,344

Technology

Hardware,

Storage

&

Peripherals

–

7,885,373

–

7,885,373

Textiles,

Apparel

&

Luxury

Goods

–

2,807,844

–

2,807,844

Water

Utilities

2,567,116

–

–

2,567,116

Wireless

Telecommunication

Services

–

4,324,637

–

4,324,637

Total

$

13,337,998

$

139,598,413

$

–

$

152,936,411

As

of

September

30,

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

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

99.0%

Shares

Value

($)

AUSTRALIA

4.6%

Commercial

Services

&

Supplies

0.9%

Brambles

Ltd.

79,812

1,052,010

Food

Products

0.1%

Inghams

Group

Ltd.

(a)

48,201

98,244

Health

Care

Technology

0.2%

Pro

Medicus

Ltd.

1,369

169,259

Hotels,

Restaurants

&

Leisure

1.1%

Aristocrat

Leisure

Ltd.

28,844

1,166,495

Interactive

Media

&

Services

0.3%

REA

Group

Ltd.

(a)

2,471

344,934

Metals

&

Mining

1.1%

Evolution

Mining

Ltd.

21,254

67,534

Northern

Star

Resources

Ltd.

22,790

249,379

Perseus

Mining

Ltd.

107,843

192,041

Ramelius

Resources

Ltd.

(a)

103,337

155,079

Westgold

Resources

Ltd.

295,139

540,748

1,204,781

Multi-Utilities

0.2%

AGL

Energy

Ltd.

32,429

265,094

Passenger

Airlines

0.7%

Qantas

Airways

Ltd.

*

155,691

799,748

5,100,565

BELGIUM

0.5%

Chemicals

0.2%

Solvay

SA

(a)

5,689

223,047

Consumer

Staples

Distribution

&

Retail

0.3%

Colruyt

Group

N.V

6,077

282,895

505,942

BRAZIL

1.5%

Electric

Utilities

0.1%

Cia

Energetica

de

Minas

Gerais

(Preference)

67,200

140,624

Insurance

0.4%

BB

Seguridade

Participacoes

SA

76,300

497,210

Metals

&

Mining

0.1%

Vale

SA

6,500

75,778

Oil,

Gas

&

Consumable

Fuels

0.9%

Petroleo

Brasileiro

SA

(Preference)

138,500

915,503

1,629,115

BURKINA

FASO

0.2%

Metals

&

Mining

0.2%

IAMGOLD

Corp.

*

44,500

233,284

CANADA

7.7%

Banks

0.2%

Royal

Bank

of

Canada

2,193

273,709

Broadline

Retail

1.4%

Dollarama,

Inc.

(a)

15,582

1,596,163

Capital

Markets

0.7%

Brookfield

Corp.,

Class

A

8,495

451,178

CI

Financial

Corp.

20,476

278,726

729,904

Consumer

Staples

Distribution

&

Retail

0.3%

Loblaw

Cos.

Ltd.

2,541

338,337

Common

Stocks

Shares

Value

($)

CANADA

Insurance

2.1%

Fairfax

Financial

Holdings

Ltd.

933

1,178,051

iA

Financial

Corp.,

Inc.

(a)

3,541

293,502

Manulife

Financial

Corp.

24,035

710,325

2,181,878

IT

Services

0.7%

CGI,

Inc.

*

2,951

339,558

Shopify,

Inc.,

Class

A

*

5,294

424,122

763,680

Metals

&

Mining

0.6%

Centerra

Gold,

Inc.

35,055

251,680

Kinross

Gold

Corp.

16,134

151,146

Torex

Gold

Resources,

Inc.

*

12,653

241,468

644,294

Oil,

Gas

&

Consumable

Fuels

0.4%

Suncor

Energy,

Inc.

(a)

13,220

487,961

Passenger

Airlines

0.2%

Air

Canada

*(a)

19,899

241,151

Professional

Services

0.1%

Thomson

Reuters

Corp.

624

106,437

Software

1.0%

Constellation

Software,

Inc.

355

1,154,941

8,518,455

CHINA

9.1%

Automobiles

0.3%

BYD

Co.

Ltd.,

Class

H

8,500

305,285

Banks

0.6%

Bank

of

China

Ltd.,

Class

H

850,000

397,906

China

Construction

Bank

Corp.,

Class

H

305,000

228,644

China

Merchants

Bank

Co.

Ltd.,

Class

H

16,500

80,277

706,827

Broadline

Retail

2.5%

Alibaba

Group

Holding

Ltd.

94,400

1,254,733

Alibaba

Group

Holding

Ltd.,

ADR

2,708

287,373

JD.com,

Inc.,

Class

A

32,307

646,319

PDD

Holdings,

Inc.,

ADR

*

4,029

543,149

Vipshop

Holdings

Ltd.,

ADR

12,965

203,939

2,935,513

Communications

Equipment

0.1%

BYD

Electronic

International

Co.

Ltd.

17,500

73,498

Consumer

Finance

0.1%

Qifu

Technology,

Inc.,

Class

A,

ADR

2,470

73,631

Electronic

Equipment,

Instruments

&

Components

0.1%

Sunny

Optical

Technology

Group

Co.

Ltd.

9,400

69,210

Entertainment

0.9%

NetEase,

Inc.

36,500

682,193

Tencent

Music

Entertainment

Group,

ADR

(a)

21,871

263,546

945,739

Gas

Utilities

0.1%

Kunlun

Energy

Co.

Ltd.

102,000

105,196

14

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Health

Care

Providers

&

Services

0.1%

Sinopharm

Group

Co.

Ltd.,

Class

H

24,800

65,691

Hotels,

Restaurants

&

Leisure

1.0%

Haidilao

International

Holding

Ltd.

Reg.

S

(b)

110,000

261,497

Meituan

,

Class

B

Reg.

S

*(b)

41,200

876,895

1,138,392

Household

Durables

0.2%

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H

(a)

34,000

123,828

Midea

Group

Co.

Ltd.

*

7,300

69,724

193,552

Insurance

0.1%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

24,500

155,559

Interactive

Media

&

Services

1.7%

Kuaishou

Technology

Reg.

S

*(b)

58,600

404,977

Tencent

Holdings

Ltd.

29,100

1,629,392

2,034,369

Machinery

0.4%

Yangzijiang

Shipbuilding

Holdings

Ltd.

229,400

437,088

Oil,

Gas

&

Consumable

Fuels

0.2%

PetroChina

Co.

Ltd.,

Class

H

212,000

171,704

Real

Estate

Management

&

Development

0.1%

KE

Holdings,

Inc.,

ADR

5,603

111,556

Technology

Hardware,

Storage

&

Peripherals

0.6%

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

219,200

622,986

10,145,796

DENMARK

1.9%

Pharmaceuticals

1.6%

Novo

Nordisk

A/S,

Class

B

15,077

1,795,268

Textiles,

Apparel

&

Luxury

Goods

0.3%

Pandora

A/S

1,925

317,176

2,112,444

EGYPT

0.1%

Banks

0.1%

Commercial

International

Bank

-

Egypt

(CIB)

64,288

112,519

FRANCE

5.7%

Banks

1.6%

BNP

Paribas

SA

21,858

1,499,991

Societe

Generale

SA

11,579

288,658

1,788,649

Building

Products

0.2%

Cie

de

Saint-Gobain

SA

2,832

258,137

Construction

&

Engineering

1.4%

Vinci

SA

13,143

1,537,732

Hotels,

Restaurants

&

Leisure

0.4%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

11,788

485,160

Oil,

Gas

&

Consumable

Fuels

1.9%

Gaztransport

Et

Technigaz

SA

3,668

519,358

TotalEnergies

SE

22,578

1,463,400

1,982,758

Common

Stocks

Shares

Value

($)

FRANCE

Professional

Services

0.1%

Teleperformance

SE

1,139

118,141

Retail

REITs

0.1%

Unibail

-

Rodamco

-Westfield

1,307

114,435

6,285,012

GERMANY

4.1%

Capital

Markets

0.8%

Deutsche

Bank

AG

(Registered)

51,026

879,573

Chemicals

0.3%

BASF

SE

6,077

321,607

Electrical

Equipment

0.3%

Siemens

Energy

AG

*

8,043

296,250

Entertainment

0.4%

CTS

Eventim

AG

&

Co.

KGaA

4,435

460,810

Hotels,

Restaurants

&

Leisure

0.2%

TUI

AG

*

32,219

245,451

Household

Products

0.9%

Henkel

AG

&

Co.

KGaA

(Preference)

11,171

1,049,656

Machinery

1.0%

Knorr-

Bremse

AG

11,927

1,060,326

Traton

SE

(a)

2,769

90,672

1,150,998

Semiconductors

&

Semiconductor

Equipment

0.2%

Infineon

Technologies

AG

4,943

173,001

4,577,346

GREECE

0.5%

Banks

0.5%

Alpha

Services

and

Holdings

SA

116,453

202,404

National

Bank

of

Greece

SA

26,561

228,239

Piraeus

Financial

Holdings

SA

33,302

141,801

572,444

HONG

KONG

1.2%

Food

Products

0.7%

WH

Group

Ltd.

Reg.

S

(b)

1,025,000

810,802

Insurance

0.1%

AIA

Group

Ltd.

17,400

153,865

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

7,000

106,110

Real

Estate

Management

&

Development

0.3%

Henderson

Land

Development

Co.

Ltd.

94,000

295,160

1,365,937

INDIA

5.6%

Aerospace

&

Defense

0.3%

Hindustan

Aeronautics

Ltd.

Reg.

S

6,269

331,786

Banks

0.9%

Canara

Bank

143,434

191,200

State

Bank

of

India

84,768

796,795

987,995

Financial

Services

0.1%

LIC

Housing

Finance

Ltd.

16,772

132,981

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Adani

Power

Ltd.

*

11,818

92,503

NVIT

International

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

INDIA

Insurance

0.2%

Life

Insurance

Corp.

of

India

22,495

270,213

IT

Services

0.8%

HCL

Technologies

Ltd.

17,902

384,981

Infosys

Ltd.

14,512

323,570

Tata

Consultancy

Services

Ltd.

4,239

216,314

924,865

Metals

&

Mining

0.5%

Vedanta

Ltd.

94,150

577,325

Oil,

Gas

&

Consumable

Fuels

0.3%

Oil

&

Natural

Gas

Corp.

Ltd.

53,892

192,138

Reliance

Industries

Ltd.

5,397

190,497

382,635

Personal

Care

Products

0.6%

Colgate-Palmolive

India

Ltd.

14,380

653,737

Pharmaceuticals

1.7%

Cipla

Ltd.

6,213

122,608

Dr

Reddy's

Laboratories

Ltd.

12,799

1,032,517

Sun

Pharmaceutical

Industries

Ltd.

25,621

589,883

1,745,008

Professional

Services

0.1%

WNS

Holdings

Ltd.

*(a)

3,022

159,290

6,258,338

INDONESIA

0.4%

Banks

0.4%

Bank

Mandiri

Persero

Tbk

.

PT

802,900

367,133

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

259,900

84,957

452,090

IRELAND

0.5%

Banks

0.1%

AIB

Group

plc

18,982

108,813

Trading

Companies

&

Distributors

0.4%

AerCap

Holdings

NV

5,106

483,640

592,453

ISRAEL

1.0%

IT

Services

0.3%

Wix.com

Ltd.

*

2,243

374,962

Software

0.7%

Nice

Ltd.,

ADR

*(a)

3,966

688,776

1,063,738

ITALY

2.9%

Automobiles

1.5%

Ferrari

NV

3,464

1,622,587

Banks

1.3%

UniCredit

SpA

32,138

1,412,295

Diversified

Telecommunication

Services

0.1%

Telecom

Italia

SpA

*(a)

548,762

152,602

3,187,484

JAPAN

13.3%

Automobile

Components

1.1%

Denso

Corp.

81,300

1,210,149

Automobiles

0.6%

Toyota

Motor

Corp.

34,100

610,765

Common

Stocks

Shares

Value

($)

JAPAN

Banks

1.3%

Hachijuni

Bank

Ltd.

(The)

14,300

83,979

Hyakugo

Bank

Ltd.

(The)

23,500

89,497

Japan

Post

Bank

Co.

Ltd.

17,000

158,847

Kyoto

Financial

Group,

Inc.

(a)

27,000

416,643

Sumitomo

Mitsui

Financial

Group,

Inc.

31,200

664,244

Tokyo

Kiraboshi

Financial

Group,

Inc.

(a)

3,900

112,720

1,525,930

Capital

Markets

0.5%

Daiwa

Securities

Group,

Inc.

72,500

515,918

Diversified

Telecommunication

Services

0.5%

Nippon

Telegraph

&

Telephone

Corp.

491,300

502,812

Electrical

Equipment

1.0%

Nidec

Corp.

51,000

1,072,090

Financial

Services

0.4%

ORIX

Corp.

19,200

445,761

Ground

Transportation

0.2%

Central

Japan

Railway

Co.

4,200

97,191

East

Japan

Railway

Co.

4,500

89,446

186,637

Household

Durables

1.3%

Panasonic

Holdings

Corp.

143,800

1,248,985

Sony

Group

Corp.

14,000

271,900

1,520,885

Insurance

1.7%

Japan

Post

Holdings

Co.

Ltd.

206,700

1,972,598

Machinery

0.7%

Glory

Ltd.

(a)

11,900

212,539

NGK

Insulators

Ltd.

(a)

31,300

409,257

Toyota

Industries

Corp.

1,500

115,793

737,589

Oil,

Gas

&

Consumable

Fuels

0.1%

Idemitsu

Kosan

Co.

Ltd.

21,300

152,933

Pharmaceuticals

1.1%

Chugai

Pharmaceutical

Co.

Ltd.

9,200

444,933

Daiichi

Sankyo

Co.

Ltd.

23,500

772,590

1,217,523

Real

Estate

Management

&

Development

0.3%

Leopalace21

Corp.

44,800

187,093

Tokyu

Fudosan

Holdings

Corp.

21,200

146,297

333,390

Semiconductors

&

Semiconductor

Equipment

0.2%

Lasertec

Corp.

600

99,398

Tokyo

Electron

Ltd.

800

142,057

241,455

Software

0.1%

Oracle

Corp.

Japan

1,300

133,667

Tobacco

1.3%

Japan

Tobacco,

Inc.

48,400

1,413,920

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.

(a)

21,300

681,788

SoftBank

Corp.

(a)

240,000

313,387

995,175

14,789,197

16

-

Statement

of

Investments

-

September

30,

2024

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

MALAYSIA

0.2%

Marine

Transportation

0.2%

MISC

Bhd.

145,900

276,318

MEXICO

0.4%

Beverages

0.3%

Arca

Continental

SAB

de

CV

12,300

115,004

Coca-Cola

Femsa

SAB

de

CV,

ADR

2,962

262,789

377,793

Oil,

Gas

&

Consumable

Fuels

0.1%

Vista

Energy

SAB

de

CV,

ADR

*

1,362

60,173

437,966

NETHERLANDS

3.3%

Financial

Services

0.3%

EXOR

NV

2,695

288,842

Professional

Services

1.3%

Wolters

Kluwer

NV

8,406

1,416,889

Semiconductors

&

Semiconductor

Equipment

1.7%

ASML

Holding

NV

2,366

1,972,415

3,678,146

PHILIPPINES

0.3%

Transportation

Infrastructure

0.3%

International

Container

Terminal

Services,

Inc.

43,480

313,631

POLAND

0.6%

Metals

&

Mining

0.5%

KGHM

Polska

Miedz

SA

11,348

469,799

Oil,

Gas

&

Consumable

Fuels

0.1%

ORLEN

SA

10,105

146,772

616,571

SAUDI

ARABIA

0.7%

Electrical

Equipment

0.4%

Electrical

Industries

Co.

170,695

325,715

Riyadh

Cables

Group

Co.

3,586

94,825

420,540

Food

Products

0.1%

Almarai

Co.

JSC

6,374

93,882

Wireless

Telecommunication

Services

0.2%

Etihad

Etisalat

Co.

15,150

207,198

721,620

SINGAPORE

0.3%

Banks

0.3%

Oversea-Chinese

Banking

Corp.

Ltd.

9,100

107,155

United

Overseas

Bank

Ltd.

8,800

220,810

327,965

SOUTH

AFRICA

0.8%

Insurance

0.2%

Momentum

Group

Ltd.

71,468

121,928

Sanlam

Ltd.

11,861

60,453

182,381

Metals

&

Mining

0.3%

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(a)

41,603

423,103

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

Wireless

Telecommunication

Services

0.3%

Vodacom

Group

Ltd.

51,855

328,608

934,092

SOUTH

KOREA

3.1%

Automobiles

0.9%

Kia

Corp.

13,061

1,001,310

Banks

0.1%

KB

Financial

Group,

Inc.

2,489

154,583

Financial

Services

0.2%

Meritz

Financial

Group,

Inc.

3,042

226,518

Household

Durables

0.1%

LG

Electronics,

Inc.

1,254

100,471

Insurance

0.3%

DB

Insurance

Co.

Ltd.

2,865

246,676

Samsung

Life

Insurance

Co.

Ltd.

1,214

86,821

333,497

Machinery

0.2%

Doosan

Bobcat,

Inc.

4,529

141,228

Hyundai

Rotem

Co.

Ltd.

2,974

121,157

262,385

Personal

Care

Products

0.1%

LG

H&H

Co.

Ltd.

308

89,000

Pharmaceuticals

0.1%

Hanmi

Pharm

Co.

Ltd.

373

92,051

Semiconductors

&

Semiconductor

Equipment

0.1%

SK

Hynix,

Inc.

699

94,161

Technology

Hardware,

Storage

&

Peripherals

1.0%

Samsung

Electronics

Co.

Ltd.

23,082

1,093,979

3,447,955

SPAIN

3.4%

Banks

1.2%

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)

47,942

518,968

Banco

Santander

SA

163,775

836,949

1,355,917

Electric

Utilities

2.2%

Iberdrola

SA

155,137

2,400,215

3,756,132

SWEDEN

1.4%

Automobiles

0.1%

Volvo

Car

AB,

Class

B

*(a)

32,882

90,415

Hotels,

Restaurants

&

Leisure

0.1%

Betsson

AB,

Class

B

*

12,474

153,050

Household

Products

0.2%

Essity

AB,

Class

B

5,380

167,903

Interactive

Media

&

Services

0.2%

Hemnet

Group

AB

5,816

214,773

Machinery

0.7%

SKF

AB,

Class

B

8,149

162,110

Volvo

AB,

Class

B

23,823

629,800

791,910

Metals

&

Mining

0.1%

Boliden

AB

4,798

162,776

1,580,827

NVIT

International

Equity

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

SWITZERLAND

5.9%

Capital

Markets

0.2%

UBS

Group

AG

(Registered)

6,965

215,044

Chemicals

2.1%

Givaudan

SA

(Registered)

439

2,407,974

Electrical

Equipment

1.6%

ABB

Ltd.

(Registered)

30,120

1,745,951

Pharmaceuticals

1.4%

Novartis

AG

(Registered)

13,489

1,552,797

Technology

Hardware,

Storage

&

Peripherals

0.6%

Logitech

International

SA

(Registered)

7,374

659,846

6,581,612

TAIWAN

5.4%

Communications

Equipment

0.2%

Accton

Technology

Corp.

10,000

168,642

Electronic

Equipment,

Instruments

&

Components

1.3%

Delta

Electronics,

Inc.

80,000

966,273

Hon

Hai

Precision

Industry

Co.

Ltd.

78,000

466,193

1,432,466

Entertainment

0.5%

International

Games

System

Co.

Ltd.

16,000

499,661

Passenger

Airlines

0.2%

Eva

Airways

Corp.

220,000

261,150

Semiconductors

&

Semiconductor

Equipment

3.0%

MediaTek,

Inc.

28,000

1,045,621

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

78,000

2,381,316

3,426,937

Technology

Hardware,

Storage

&

Peripherals

0.2%

Chicony

Electronics

Co.

Ltd.

25,000

129,830

Wiwynn

Corp.

1,000

54,732

184,562

5,973,418

THAILAND

0.6%

Health

Care

Providers

&

Services

0.5%

Bangkok

Dusit

Medical

Services

PCL,

Class

F

590,400

558,145

Oil,

Gas

&

Consumable

Fuels

0.1%

PTT

Exploration

&

Production

PCL

20,300

82,888

641,033

TURKEY

0.2%

Banks

0.1%

Turkiye

Garanti

Bankasi

A/S

41,460

148,563

Passenger

Airlines

0.1%

Turk

Hava

Yollari

AO

*

15,048

125,573

274,136

UNITED

ARAB

EMIRATES

0.5%

Energy

Equipment

&

Services

0.1%

ADNOC

Drilling

Co.

PJSC

84,375

108,645

Real

Estate

Management

&

Development

0.4%

Emaar

Properties

PJSC

172,065

408,364

517,009

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

7.0%

Aerospace

&

Defense

0.4%

Rolls-Royce

Holdings

plc

*

63,544

448,767

Banks

3.2%

Barclays

plc

257,891

776,122

HSBC

Holdings

plc

29,808

267,365

NatWest

Group

plc

316,477

1,462,160

Standard

Chartered

plc

87,552

931,051

3,436,698

Capital

Markets

0.1%

Investec

plc

19,253

146,566

Commercial

Services

&

Supplies

0.2%

Johnson

Service

Group

plc

110,000

229,148

Consumer

Staples

Distribution

&

Retail

0.3%

J

Sainsbury

plc

24,748

97,899

Marks

&

Spencer

Group

plc

58,018

289,562

387,461

Diversified

Telecommunication

Services

0.2%

BT

Group

plc

(a)

108,940

215,851

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Drax

Group

plc

12,028

103,681

Marine

Transportation

0.1%

Global

Ship

Lease,

Inc.,

Class

A

(a)

4,573

121,870

Passenger

Airlines

0.6%

International

Consolidated

Airlines

Group

SA

227,025

623,947

Personal

Care

Products

0.2%

Unilever

plc

4,037

261,444

Pharmaceuticals

0.6%

AstraZeneca

plc,

ADR

(a)

7,871

613,230

Professional

Services

0.2%

RELX

plc

5,837

275,773

Software

0.1%

Darktrace

plc

*

20,333

156,761

Tobacco

0.7%

Imperial

Brands

plc

26,500

770,789

7,791,986

UNITED

STATES

4.1%

Electrical

Equipment

0.1%

Schneider

Electric

SE

570

150,800

Entertainment

0.1%

Spotify

Technology

SA

*

310

114,244

Oil,

Gas

&

Consumable

Fuels

0.4%

Shell

plc

13,986

455,844

Pharmaceuticals

3.1%

GSK

plc

91,057

1,852,090

Roche

Holding

AG

4,665

1,493,335

3,345,425

Professional

Services

0.4%

Experian

plc

8,907

469,239

4,535,552

Total

Common

Stocks

(cost

$87,646,365)

109,908,128

18

-

Statement

of

Investments

-

September

30,

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

$0.00

on

03/31/40*^∞

723

0

Total

Warrants

(cost

$0)

0

Repurchase

Agreements

2.2%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$40,006,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

9.00%,

maturing

1/25/2025

-

11/20/2070;

total

market

value

$40,800.(c)

40,000

40,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$351,038,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$358,009.(c)

350,989

350,98

9

CF

Secured,

LLC,

4.90%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$2,000,272,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

6.85%,

maturing

3/1/2030

-

8/20/2074;

total

market

value

$2,040,278.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$2,390,989)

2,390,989

Total

Investments

(cost

$90,037,354)

—

101.2%

112,299,117

Liabilities

in

excess

of

other

assets

—

(1.2)%

(1,328,725)

NET

ASSETS

—

100.0%

$

110,970,392

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$6,170,893,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,390,989

and

by

$4,278,402

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

10/31/2024

–

5/15/2054,

a

total

value

of

$6,669,391.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2024

was

$3,462,317

which

represents

3.12%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$2,390,989.

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

-

September

30,

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

-

September

30,

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

September

30,

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

$

–

$

780,554

$

–

$

780,554

Automobile

Components

–

1,210,149

–

1,210,149

Automobiles

–

3,630,362

–

3,630,362

Banks

273,709

13,091,288

–

13,364,997

Beverages

377,793

–

–

377,793

Broadline

Retail

2,630,625

1,901,052

–

4,531,677

Building

Products

–

258,137

–

258,137

Capital

Markets

729,904

1,757,101

–

2,487,005

Chemicals

–

2,952,627

–

2,952,627

Commercial

Services

&

Supplies

–

1,281,157

–

1,281,157

Communications

Equipment

–

242,140

–

242,140

Construction

&

Engineering

–

1,537,732

–

1,537,732

Consumer

Finance

73,631

–

–

73,631

Consumer

Staples

Distribution

&

Retail

338,336

670,357

–

1,008,693

Diversified

Telecommunication

Services

–

871,265

–

871,265

Electric

Utilities

140,624

2,400,215

–

2,540,839

Electrical

Equipment

–

3,685,632

–

3,685,632

Electronic

Equipment,

Instruments

&

Components

–

1,501,676

–

1,501,676

Energy

Equipment

&

Services

–

108,645

–

108,645

Entertainment

377,790

1,642,664

–

2,020,454

Financial

Services

–

1,094,101

–

1,094,101

Food

Products

–

1,002,928

–

1,002,928

Gas

Utilities

–

105,196

–

105,196

Ground

Transportation

–

186,637

–

186,637

Health

Care

Providers

&

Services

–

623,837

–

623,837

Health

Care

Technology

–

169,259

–

169,259

Hotels,

Restaurants

&

Leisure

–

3,188,549

–

3,188,549

Household

Durables

69,724

1,745,184

–

1,814,908

Household

Products

–

1,217,558

–

1,217,558

Independent

Power

and

Renewable

Electricity

Producers

–

196,184

–

196,184

Insurance

2,679,089

3,068,113

–

5,747,202

Interactive

Media

&

Services

–

2,594,077

–

2,594,077

IT

Services

1,138,643

924,865

–

2,063,508

Machinery

–

3,486,082

–

3,486,082

Marine

Transportation

121,870

276,318

–

398,188

Metals

&

Mining

1,376,459

2,414,680

–

3,791,139

Multi-Utilities

–

265,094

–

265,094

Oil,

Gas

&

Consumable

Fuels

1,463,636

3,375,533

–

4,839,169

Passenger

Airlines

241,151

1,810,418

–

2,051,569

Personal

Care

Products

–

1,004,181

–

1,004,181

Pharmaceuticals

613,230

9,748,071

–

10,361,301

Professional

Services

265,727

2,280,041

–

2,545,768

Real

Estate

Management

&

Development

111,556

1,036,913

–

1,148,469

Retail

REITs

–

114,435

–

114,435

Semiconductors

&

Semiconductor

Equipment

–

5,907,968

–

5,907,968

Software

1,843,716

290,428

–

2,134,144

Technology

Hardware,

Storage

&

Peripherals

–

2,561,374

–

2,561,374

Textiles,

Apparel

&

Luxury

Goods

–

317,176

–

317,176

Tobacco

–

2,184,709

–

2,184,709

Trading

Companies

&

Distributors

483,640

–

–

483,640

Transportation

Infrastructure

–

313,631

–

313,631

Wireless

Telecommunication

Services

–

1,530,982

–

1,530,982

Total

Common

Stocks

$

15,350,853

$

94,557,275

$

–

$

109,908,128

Repurchase

Agreements

–

2,390,989

–

2,390,989

NVIT

International

Equity

Fund

-

September

30,

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:

Warrants

$

–

$

–

$

–

$

–

Total

$

15,350,853

$

96,948,264

$

–

$

112,299,117

As

of

September

30,

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

-

September

30,

2024

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

Common

Stocks

99

.1

%

Shares

Value

($)

AUSTRALIA

4

.4

%

Capital

Markets

2

.3

%

Macquarie

Group

Ltd.

30,649

4,942,722

Industrial

REITs

2

.1

%

Goodman

Group

183,580

4,713,815

9,656,537

DENMARK

5

.7

%

Pharmaceuticals

5

.7

%

Novo

Nordisk

A/S,

Class

B

105,414

12,551,990

FAROE

ISLANDS

2

.0

%

Food

Products

2

.0

%

Bakkafrost

P/F

76,326

4,397,920

FRANCE

8

.9

%

Beverages

0

.9

%

Remy

Cointreau

SA

24,206

1,882,469

Chemicals

2

.5

%

Air

Liquide

SA

28,166

5,439,850

Insurance

1

.6

%

AXA

SA

92,411

3,556,576

Textiles,

Apparel

&

Luxury

Goods

3

.9

%

Hermes

International

SCA

1,968

4,842,298

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,000

3,840,074

8,682,372

19,561,267

GERMANY

9

.6

%

Insurance

2

.3

%

Hannover

Rueck

SE

17,504

4,989,352

Personal

Care

Products

1

.5

%

Beiersdorf

AG

22,496

3,385,468

Software

5

.8

%

Nemetschek

SE

33,060

3,422,585

SAP

SE

41,138

9,344,962

12,767,547

21,142,367

HONG

KONG

3

.7

%

Insurance

2

.1

%

AIA

Group

Ltd.

518,600

4,585,876

Machinery

1

.6

%

Techtronic

Industries

Co.

Ltd.

232,500

3,524,381

8,110,257

JAPAN

20

.2

%

Chemicals

2

.2

%

Shin-Etsu

Chemical

Co.

Ltd.

118,100

4,939,771

Consumer

Staples

Distribution

&

Retail

1

.6

%

Kobe

Bussan

Co.

Ltd.

113,000

3,556,855

Electronic

Equipment,

Instruments

&

Components

2

.6

%

Keyence

Corp.

12,000

5,743,821

Health

Care

Equipment

&

Supplies

4

.9

%

Hoya

Corp.

39,300

5,441,919

Terumo

Corp.

286,800

5,409,836

10,851,755

Household

Durables

2

.8

%

Sony

Group

Corp.

323,500

6,282,834

Common

Stocks

Shares

Value

($)

JAPAN

Industrial

Conglomerates

1

.8

%

Hitachi

Ltd.

150,800

3,983,940

Professional

Services

2

.1

%

Recruit

Holdings

Co.

Ltd.

75,900

4,623,008

Semiconductors

&

Semiconductor

Equipment

2

.2

%

Advantest

Corp.

69,600

3,307,161

Socionext,

Inc.

(a)

75,900

1,510,226

4,817,387

44,799,371

NETHERLANDS

8

.6

%

Entertainment

1

.8

%

Universal

Music

Group

NV

(a)

150,516

3,941,132

Professional

Services

2

.3

%

Wolters

Kluwer

NV

29,947

5,047,772

Semiconductors

&

Semiconductor

Equipment

4

.5

%

ASM

International

NV

3,298

2,173,375

ASML

Holding

NV

9,340

7,786,287

9,959,662

18,948,566

NEW

ZEALAND

1

.6

%

Software

1

.6

%

Xero

Ltd.

*

34,115

3,539,392

SOUTH

KOREA

1

.3

%

Technology

Hardware,

Storage

&

Peripherals

1

.3

%

Samsung

Electronics

Co.

Ltd.,

GDR

Reg.

S

2,411

2,826,731

SPAIN

3

.7

%

Hotels,

Restaurants

&

Leisure

1

.9

%

Amadeus

IT

Group

SA

58,545

4,225,668

Specialty

Retail

1

.8

%

Industria

de

Diseno

Textil

SA

65,938

3,902,663

8,128,331

SWITZERLAND

7

.6

%

Chemicals

2

.3

%

Sika

AG

(Registered)

15,144

5,024,310

Health

Care

Equipment

&

Supplies

1

.3

%

Straumann

Holding

AG

(Registered)

(a)

17,239

2,829,777

Insurance

1

.6

%

Zurich

Insurance

Group

AG

5,713

3,446,247

Life

Sciences

Tools

&

Services

2

.4

%

Lonza

Group

AG

(Registered)

8,685

5,494,293

16,794,627

UNITED

KINGDOM

10

.9

%

Hotels,

Restaurants

&

Leisure

1

.2

%

Compass

Group

plc

83,374

2,671,327

Household

Durables

1

.4

%

Barratt

Developments

plc

480,694

3,082,668

Industrial

REITs

1

.1

%

Segro

plc

208,100

2,435,685

Personal

Care

Products

2

.5

%

Unilever

plc

85,091

5,510,661

NVIT

NS

Partners

International

Focused

Growth

Fund

-

September

30,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Pharmaceuticals

3

.2

%

AstraZeneca

plc

45,513

7,089,325

Trading

Companies

&

Distributors

1

.5

%

Ashtead

Group

plc

44,078

3,421,386

24,211,052

UNITED

STATES

10

.9

%

Biotechnology

2

.4

%

CSL

Ltd.

26,806

5,317,080

Construction

Materials

1

.6

%

James

Hardie

Industries

plc

CHDI

*(a)

88,886

3,557,835

Electrical

Equipment

4

.4

%

Schneider

Electric

SE

37,263

9,858,382

Professional

Services

2

.5

%

Experian

plc

106,571

5,614,374

24,347,671

Total

Common

Stocks

(cost

$168,938,447)

219,016,079

Repurchase

Agreements

3

.2

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$300,041,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.75%

-

8.50%,

maturing

1/25/2025

-

4/20/2065;

total

market

value

$306,000.(b)

300,000

300,000

Cantor

Fitzgerald

&

Co.,

4.95%,

dated

9/30/2024,

due

10/1/2024,

repurchase

price

$6,760,017,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.39%

-

9.00%,

maturing

2/1/2025

-

8/20/2074;

total

market

value

$6,894,270.(b)

6,759,088

6,759,088

Total

Repurchase

Agreements

(cost

$7,059,088)

7,059,088

Total

Investments

(cost

$175,997,535)

—

102.3%

226,075,167

Liabilities

in

excess

of

other

assets

—

(2.3)%

(

5,065,564

)

NET

ASSETS

—

100.0%

$

221,009,603

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2024.

The

total

value

of

securities

on

loan

as

of

September

30,

2024

was

$7,548,029,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,059,088

and

by

$963,625

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.00%,

and

maturity

dates

ranging

from

10/15/2024

–

5/15/2054,

a

total

value

of

$8,022,713.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2024

was

$7,059,088.

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

24

-

Statement

of

Investments

-

September

30,

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

-

September

30,

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

September

30,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

–

$

219,016,079

$

–

$

219,016,079

Repurchase

Agreements

–

7,059,088

–

7,059,088

Total

$

–

$

226,075,167

$

–

$

226,075,167

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.