Nationwide Variable Insurance Trust N-CSR/A Certified annual shareholder report (management investment company) (amended)

Annual

Report

December

31,

2022

Nationwide

Variable

Insurance

Trust

American

Funds

NVIT

American

Funds

Asset

Allocation

Fund

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-Income

Fund

Nationwide

Funds

®

Commentary

in

this

report

is

provided

by

the

portfolio

manager(s)

of

each

Fund

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

based

on

market

or

other

conditions.

Third-party

information

has

been

obtained

from

sources

that

Nationwide

Fund

Advisors

(NFA),

the

investment

adviser

to

the

Funds,

deems

reliable.

Portfolio

composition

is

accurate

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

and

without

notice.

NFA,

one

of

its

affiliated

advisers

or

its

employees

may

hold

a

position

in

the

securities

named

in

this

report.

This

report

and

the

holdings

provided

are

for

informational

purposes

only

and

are

not

intended

to

be

relied

on

as

investment

advice.

Investors

should

work

with

their

financial

professional

to

discuss

their

specific

situation. 

Statement

Regarding

Availability

of

Quarterly

Portfolio

Holdings

The

Trust

files

complete

schedules

of

portfolio

holdings

for

each

Fund

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Additionally,

the

Trust

files

a

schedule

of

portfolio

holdings

monthly

for

the

NVIT

Government

Money

Market

Fund

on

Form

N-MFP.

Forms

N-PORT

and

Forms

N-MFP

are

available

on

the

SEC’s

website

at

http://www.sec.gov

.

Forms

N-PORT

and

Forms

N-MFP

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC,

and

information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

http://nationwide.com/mutualfundsnvit

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

“Proxy

Voting

Guidelines”)

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds’

proxy

voting

policies

and

procedures

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

are

available

without

charge

(i)

upon

request,

by

calling

800-848-0920,

(ii)

on

the

Trust’s

website

at

http://nationwide.com/mutualfundsnvit

or

(iii)

on

the

SEC’s

website

at

http://www.sec.gov

.

Before

purchasing

a

variable

annuity,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

annuity

and

its

underlying

investment

options.

The

product

prospectus

and

underlying

fund

prospectuses

contain

this

and

other

important

information.

Underlying

fund

prospectuses

can

be

obtained

from

your

investment

professional

or

by

contacting

Nationwide

at

800-848-6331.

Read

the

prospectus

carefully

before

you

make

a

purchase.

Nationwide

Funds

Group

(NFG)

comprises

Nationwide

Fund

Advisors,

Nationwide

Fund

Distributors

LLC

and

Nationwide

Fund

Management

LLC.

Together

they

provide

advisory,

distribution

and

administration

services,

respectively,

to

Nationwide

Funds.

Nationwide

Fund

Advisors

(NFA)

is

the

investment

adviser

to

Nationwide

Funds.

Variable

products

are

issued

by

Nationwide

Life

Insurance

Company

or

Nationwide

Life

and

Annuity

Insurance

Company,

Columbus,

Ohio.

The

general

distributor

is

Nationwide

Investment

Services

Corporation,

member

FINRA.

Nationwide

Funds

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

with

the

exception

of

Nationwide

Asset

Management,

LLC.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.

©2023

Table

of

Contents

Message

to

Investors

1

Fund

Commentaries

4

Shareholder

Expense

Example

24

Statements

of

Assets

and

Liabilities

26

Statements

of

Operations

30

Statements

of

Changes

in

Net

Assets

32

Financial

Highlights

36

Notes

to

Financial

Statements

41

Report

of

Independent

Registered

Public

Accounting

Firm

48

Supplemental

Information

49

Management

Information

51

Market

Index

Definitions

54

Nationwide

Variable

Insurance

Trust

-

December

31,

2022

-

1

Message

to

Investors

Dear

Investor,

The

clash

between

the

Federal

Reserve

and

inflation

during

the

annual

reporting

period

that

ended

December

31,

2022,

ushered

in

unrelenting

volatility

for

both

equity

and

bond

markets.

Market

volatility

was

a

microcosm

of

a

more

significant

trend

roiling

the

economy

and

markets:

the

transition

from

Quantitative

Easing

(QE)

1

to

Quantitative

Tightening

(QT)

2

.

While

2022

saw

the

fastest

pace

of

policy

tightening

since

the

1980s,

toward

the

end

of

the

reporting

period,

inflation

began

to

show

signs

it

could

be

moderating,

and

the

Federal

Reserve

started

to

downshift

the

pace

of

its

rate

hiking

cycle

to

0.50%,

from

four

0.75%

sequential

rate

hikes.

Nevertheless,

equity

markets

have

shown

resilience

despite

excessive

investor

pessimism

and

higher

real

interest

rates

during

the

annual

reporting

period.

The

interplay

between

central

bank

intervention

and

inflation

during

the

annual

reporting

period

has

caused

economic

activity

to

be

moderate,

with

growth

rates

of

-1.6%,

-0.6%,

and

3.2%

in

the

three

reported

calendar

quarters

of

the

reporting

period,

respectively

(1Q22-3Q22),

with

real

gross

domestic

product

(GDP)

growth

of

approximately

3.9%

likely

in

the

fourth

quarter

of

the

annual

reporting

period,

according

to

the

Atlanta

Fed

GDPNow.

While

the

annual

reporting

period

was

full

of

macroeconomic

headwinds,

plenty

of

nuances

occurred

too.

Briefly,

the

U.S.

consumer’s

resiliency

and

a

historically

strong

labor

market

acted

as

a

ballast

for

the

U.S.

economy.

2022

ushered

in

a

new

regime

of

higher

macro

and

market

volatility.

Weaker

growth,

less

market

liquidity,

and

restrictive

interest

rates

will

likely

continue

to

pressure

economic

growth.

The

reporting

period

was

characterized

by

intense

equity

market

volatility.

Uncertainty

surrounding

the

trajectory

of

inflation

and

monetary

policy

led

interest

rates

to

rise,

undermining

loft

equity

market

valuations

and

exemplifying

another

key

theme

for

the

annual

reporting

period:

multiple

compression

driven

by

rising

real

rates.

To

illustrate,

the

forward-price-to-earnings

(P/E)

ratio

at

the

start

of

the

reporting

period

was

21.4x,

and

by

the

end

of

the

reporting

period,

16.6x.

Another

key

theme

for

the

reporting

period

was

corporate

earnings

showing

resilience

amid

rising

rates

and

entrenched

inflation.

At

the

beginning

of

the

reporting

period,

S&P

500

®

Index

(S&P

500)

bottom-up

earnings

per

share

(EPS)

estimates

were

$224.

By

the

end

of

the

reporting

period,

estimates

declined

to

only

$220,

proving

more

resilient

in

the

face

of

heightened

market

volatility.

For

the

reporting

period,

most

of

the

year-over-year

earnings

growth

occurred

in

the

year's

first

half.

The

S&P

500

saw

earnings

growth

of

9.4%

and

5.8%

in

the

first

and

second

quarters

of

2022,

respectively.

However,

there

was

a

decline

in

earnings

growth

in

the

latter

half

of

the

year,

with

a

reported

2.5%

growth

in

the

third

quarter

and

a

projected

decrease

of

6.5%

in

earnings

for

the

fourth

quarter

of

2022.

Thus,

the

decline

in

the

bottom-up

EPS

estimate

recorded

during

the

fourth

quarter

was

larger

than

the

5-,

10-,

15-,

and

20-year

average,

per

FactSet.

For

the

full

reporting

period,

the

S&P

500

finished

with

a

return

of

-18.1%,

and

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

finished

the

reporting

period

with

a

13.0%

loss.

2

-

December

31,

2022

-

Nationwide

Variable

Insurance

Trust

International

markets

experienced

high

levels

of

volatility

as

economic

optimism

quickly

gave

way

to

geopolitical

risks

and

a

more

hawkish

European

Central

Bank

(ECB),

with

the

MSCI

EAFE

®

Index

finishing

the

period

with

a

loss

of

14.5%.

The

MSCI

®

Emerging

Markets

Index

was

notably

weak

on

continued

stress

over

the

China

lockdowns,

falling

-20.1%.

The

negative

returns

during

the

reporting

period

were

primarily

driven

by

multiple

contractions

and

a

strong

U.S.

dollar

as

a

headwind.

Further,

the

dismal

performance

resulted

from

energy

shocks,

geopolitical

strife,

global

central

bank

tightening,

and

earnings

downgrades

as

economic

growth

moderated

during

the

reporting

period.

With

inflation

seemingly

likely

to

have

peaked,

investors

will

turn

their

attention

to

the

Federal

Reserve

once

more

to

understand

how

long

interest

rates

will

stay

“restrictive.”

Investors

have

faced

unprecedented

market

challenges

during

the

reporting

period:

decades-

high

inflation,

recessionary

fears,

a

global

pandemic,

a

war

in

Ukraine,

and

the

transition

from

QE

to

QT.

One

notable

change

from

the

prior

year,

which

saw

intemperate

investor

exuberance,

was

the

highly

negative

investor

sentiment

displayed

by

investors

throughout

2022.

To

illustrate,

AAII’s

weekly

investor

sentiment

reading

has

had

more

bears

than

bulls

for

a

record

forty

consecutive

weeks

in

2022,

primarily

driven

by

geopolitical

uncertainty,

entrenched

inflation,

and

hawkish

central

banks.

Most

equity

indexes

saw

losses,

with

value

outperforming

growth

and

large-caps

and

small-caps

performing

roughly

in

line

with

each

other.

The

leading

sectors

for

the

reporting

period

included

Energy,

Utilities,

and

Consumer

Staples,

while

the

Communication

Services,

Consumer

Discretionary,

and

Information

Technology

sectors

lagged.

Another

central

theme

during

the

reporting

period

was

fixed-income’s

negative

performance.

Several

macroeconomic

trends

contributed

to

the

underperformance

of

fixed

income,

such

as

aggressive

monetary

policy,

diminished

investor

appetite

for

bonds

during

a

historically

aggressive

interest

rate

hiking

cycle,

and

high

inflation

levels.

Further,

stock-bond

diversification

also

suffered

during

the

year,

with

the

S&P

500

and

Bloomberg

®

U.S.

Aggregate

Bond

Index

producing

negative

returns

during

the

reporting

period.

As

investors

grappled

with

moderating

economic

data,

several

yield

curves

continued

to

invert

during

the

reporting

period.

Notably,

the

spread

on

the

2-

and

10-year

Treasury

yield

inverted

to

minus

84

basis

points

during

the

reporting

period,

its

most

inverted

level

since

1981.

Likewise,

the

near-term

forward

spread,

a

key

indicator

used

by

Federal

Reserve

Chairman

Jerome

Powell,

also

inverted

toward

the

end

of

the

reporting

period,

fueling

fears

of

a

looming

economic

recession.

Lastly,

and

often

overlooked

by

market

participants,

is

the

Federal

Reserve’s

QT.

Toward

the

end

of

the

reporting

period,

the

Federal

Reserve’s

balance

sheet

reached

its

lowest

level

since

November

2021,

down

approximately

$400

billion

from

its

peak

in

April

2022.

Many

market

participants

have

noted

that

the

Fed’s

QT

might

be

distorting

the

reliability

of

inverting

yield

curves

to

predict

a

recession;

however,

this

relationship

is

highly

nuanced

and

likely

difficult

to

quantify.

As

the

Federal

Reserve

concludes

its

rate

hiking

cycle,

likely

in

the

first

half

of

2023,

interest

rate

volatility

should

reduce.

Further,

according

to

the

latest

Consumer

Price

Index

report,

investors

might

find

comfort

that

inflation

has

likely

peaked.

Moreover,

the

health

of

the

labor

market,

resilient

consumer

spending,

and

solid

corporate

balance

sheets

might

blunt

the

recessionary

headwinds.

However,

with

diminishing

market

liquidity

and

the

Federal

Reserve

continually

calibrating

the

peak

fed

funds

rate,

investors

must

remain

vigilant

and

informed

and

avoid

the

temptation

to

time

the

stock

market.

Nationwide

Variable

Insurance

Trust

-

December

31,

2022

-

3

Despite

the

cloudy

outlook

on

the

horizon,

investors

should

always

remember

that

a

disciplined

and

patient

investment

strategy

can

serve

as

a

port

of

safety

during

uncertain

times.

As

such,

Nationwide

Funds

encourages

you

to

speak

with

your

financial

professional

to

ensure

that

your

portfolio

maintains

the

right

balance

for

your

goals.

We

implore

investors

to

seek

investments

based

on

prudent

asset

allocation

strategies

and

to

maintain

a

long-term

perspective.

Thank

you

for

your

continued

support

and

confidence.

Sincerely,

Lee

T.

Cummings,

President

Nationwide

Variable

Insurance

Trust

1

Quantitative

Easing

(QE)

involves

a

central

bank

buying

assets

in

the

open

market.

This

usually

involves

government

bonds,

the

safest

asset

in

the

fixed

income

area

2

Quantitative

Tightening

(QT)

is

a

contractionary

monetary

policy

tool

used

by

central

banks

to

reduce

the

level

of

money

supply,

liquidity

and

general

level

of

economic

activity

in

an

economy

The

following

chart

provides

returns

for

various

market

segments

for

the

annual

reporting

period

ended

December

31,

2022:

Index

Annual

Total

Return

(as

of

December

31,

2022)

Bloomberg

®

Emerging

Markets

USD

Aggregate

Bond

-15.26%

Bloomberg

®

Municipal

Bond

-8.53%

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

-3.69%

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

-25.17%

Bloomberg

®

U.S.

Aggregate

Bond

-13.01%

Bloomberg

®

U.S.

Corporate

High

Yield

-11.19%

MSCI

EAFE

®

-14.45%

MSCI

®

Emerging

Markets

-20.09%

MSCI

®

World

ex

USA

-16.00%

Russell

1000

®

Growth

-29.14%

Russell

1000

®

Value

-7.54%

Russell

2000

®

-20.44%

S&P

500

®

-18.11%

Source:

Morningstar

4

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Asset

Allocation

Fund

For

the

annual

period

ended

December

31,

2022,

the

NVIT

American

Funds

Asset

Allocation

Fund

Class

II

returned

-13.74%

versus

-18.11%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

®

peer

category,

Allocation--50%

to

70%

Equity

(consisted

of

367

investments

as

of

December

31,

2022),

was

-15.51%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2022

annual

report

commentary

from

the

American

Funds

Insurance

Series

®

Asset

Allocation

Fund

(Asset

Allocation

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Asset

Allocation

Fund.

The

Asset

Allocation

Fund’s

performance

return

shown

below,

and

the

NVIT

American

Funds

Asset

Allocation

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Asset

Allocation

Fund

versus

the

NVIT

American

Funds

Asset

Allocation

Fund.

Asset

Allocation

Fund,

which

is

a

mix

of

stocks

and

bonds,

fell

13.19%

for

the

12

months

ended

December

31,

2022.

During

the

same

period,

the

Index

blend

of

60%/40%

S&P

500

®

Index/Bloomberg

U.S.

Aggregate

Bond

Index

®1

declined

15.79%.

S&P

500

®

Index

2

(S&P

500),

a

market

capitalization-weighted

index

based

on

the

results

of

approximately

500

widely

held

common

stocks,

was

down

18.11%,

while

the

Bloomberg

U.S.

Aggregate

Bond

Index

3

,

which

represents

the

U.S.

investment-grade

(rated

BBB/Baa

and

above)

fixed-rate

bond

market,

fell

by

13.01%.

U.S.

equities

had

their

worst

year

since

2008,

as

persistently

high

inflation

and

aggressive

rate

hikes

stoked

recession

fears.

The

S&P

500

®

entered

its

first

bear

market

since

2020.

Energy

was

the

top

S&P

500

®

sector

for

the

second

straight

year,

climbing

66%.

Crude

oil

prices

spiked

in

March

after

Russia’s

invasion

of

Ukraine

upended

global

oil

flows.

Growth

stocks

had

the

sharpest

declines,

including

several

tech

giants

that

had

been

market

leaders

over

the

last

decade.

Despite

consecutive

quarters

of

negative

gross

domestic

product

growth

in

the

first

half,

a

strong

labor

market

helped

inflation

to

persist.

U.S.

fixed

income

markets

fell

across

the

board.

The

Federal

Reserve

raised

the

Federal

funds

rate

by

425

basis

points

from

near

zero

to

counter

the

highest

inflation

since

the

1980s.

U.S.

Treasury

yields

rose

across

the

curve

and

ended

the

year

inverted

as

shorter

dated

bonds

sold

off

sharply.

In

the

equity

portfolio,

investment

selection

within

the

consumer

discretionary

sector

was

the

top

contributor

to

relative

returns

on

a

sector

basis.

Results

were

buoyed

by

an

off-benchmark

holding

in

food

services

company

Aramark

and

a

higher-than-index

position

in

Philip

Morris,

which

saw

returns

that

significantly

outpaced

the

market

overall.

On

the

downside,

stock

selections

within

the

energy

and

financials

sectors

weighed

on

relative

returns.

Within

energy,

Exxon

Mobil

–

which

the

Fund

did

not

hold

–

weighed

on

relative

results

as

its

stock

outpaced

the

broader

market.

A

higher-than-benchmark

holding

in

Charter

Communications

was

among

the

top

individual

detractors,

as

returns

lagged

the

broader

market.

The

Fund’s

fixed

income

investments

were

additive

to

relative

returns

overall.

Duration

positioning

within

Treasuries

and

mortgage-

backed

securities

(MBS)

contributed

positively

to

results.

Sector

and

security

selections

detracted.

An

out-of-benchmark

position

within

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

also

weighed

on

returns.

In

the

wake

of

market

selloffs

and

rotations

like

the

one

seen

in

2022,

opportunities

often

abound

for

the

long-term

investor.

Fund

managers

note

that

many

sound

companies

with

outstanding

long-term

prospects

are

trading

at

attractive

valuations

because

the

market

is

focused

on

the

short

term.

Managers

are

focused

on

differentiating

between

companies

whose

fundamental

outlook

has

changed

versus

those

facing

more

transient

issues,

and

where

valuations

are

attractive.

In

addition,

their

portfolios

are

balanced

across

a

broad

array

of

cyclical

and

market

exposures.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Alan

N.

Berro;

Jeffrey

T.

Lager;

David

A.

Daigle;

John

R.

Queen;

Peter

Eliot;

and

Jin

Lee

1

Data

sources:

Bloomberg

Index

Services

Ltd.

and

S&P

Dow

Jones

Indices

LLC.

60%/40%

S&P

500

Index/Bloomberg

U.S.

Aggregate

Bond

Index

blends

the

S&P

500

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

by

weighting

their

total

returns

at

60%

and

40%,

respectively.

Its

result

assumes

the

blend

is

rebalanced

monthly.

2

Source:

S&P

Dow

Jones

Indices

LLC.

3

Source:

Bloomberg

Index

Services

Ltd.

NVIT

American

Funds

Asset

Allocation

Fund

-

December

31,

2022

-

Fund

Commentary

-

5

Asset

Allocation

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

Asset

Allocation

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Asset

Allocation

Fund

(the

“Master

Asset

Allocation

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Asset

Allocation

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Asset

Allocation

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Asset

Allocation

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(which

are

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

The

Fund

is

subject

to

the

risks

of

investing

in

fixed-income

securities,

including

high-yield

bonds

(which

are

more

volatile).

These

risks

include

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up).

Funds

that

invest

in

high-yield

securities

are

subject

to

greater

default

risk,

liquidity

risk,

and

price

fluctuations

than

funds

that

invest

in

higher-quality

securities.

The

prices

of

high-yield

bonds

tend

to

be

more

sensitive

to

adverse

economic

and

business

conditions

than

are

higher-rated

corporate

bonds.

Increased

volatility

may

reduce

the

market

value

of

high-yield

bonds.

They

are

also

subject

to

the

claims-paying

ability

of

the

issuing

company.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(many

of

which

create

investment

leverage

and

are

highly

volatile).

The

Fund

is

subject

to

securities

lending

risk

(a

borrower

may

fail

to

return

loaned

securities

in

a

timely

manner

or

not

at

all,

causing

a

decline

in

investment

value).

The

Fund

is

subject

to

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

Please

refer

to

the

most

recent

prospectus

for

a

more-

detailed

explanation

of

the

Fund’s

principal

risks.

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates

including

Bloomberg

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licensed

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

is

not

affiliated

with

Nationwide,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

6

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Asset

Allocation

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2022)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

(13.74)%

4.93%

7.69%

4/28/2006

S&P

500

®

Index

(18.11)%

9.42%

12.56%

Bloomberg

®

U.S.

Aggregate

Bond

Index

(13.01)%

0.02%

1.06%

Blended

Index

2

(15.91)%

6.07%

8.14%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.09%

0.94%

^

Current

effective

prospectus

dated

May

2,

2022.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2023.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

2

The

Blended

Index

comprises

60%

S&P

500

®

Index

and

40%

Bloomberg

®

U.S.

Aggregate

Bond

Index.

NVIT

American

Funds

Asset

Allocation

Fund

-

December

31,

2022

-

Fund

Commentary

-

7

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Asset

Allocation

Fund

versus

performance

of

the

S&P

500

®

Index,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

and

the

Blended

Index*

over

the

10-year

period

ended

12/31/22.

Unlike

the

Fund,

the

performance

of

the

indexes

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

*

The

Fund’s

Blended

Index

comprises

60%

S&P

500

®

Index

and

40%

Bloomberg

®

U.S.

Aggregate

Bond

Index.

8

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Bond

Fund

For

the

annual

period

ended

December

31,

2022,

the

NVIT

American

Funds

Bond

Fund

Class

II

returned

-12.80%

versus

-13.01%

for

its

benchmark,

the

Bloomberg

®

US

Aggregate

Bond

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

®

peer

category,

Intermediate

Core

Bond

(consisted

of

114

investments

as

of

December

31,

2022),

was

-13.36%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2022

annual

report

commentary

from

American

Funds

Insurance

Series

®

Bond

Fund

(Bond

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Bond

Fund).

The

Bond

Fund’s

performance

return

shown

below,

and

the

NVIT

American

Funds

Bond

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Bond

Fund

versus

the

NVIT

American

Funds

Bond

Fund.

The

Bond

Fund

of

America

declined

12.26

%

for

the

12

months

ended

December

31,

2022.

The

Fund’s

benchmark,

Bloomberg

U.S.

Aggregate

Bond

Index

1

,

which

represents

the

U.S.

investment-grade

(rated

BBB/Baa

and

above)

fixed-rate

bond

market,

was

down

13.01%.

U.S.

fixed

income

markets

fell

across

the

board.

The

U.S.

Federal

Reserve

(Fed)

raised

the

Federal

funds

rate

by

425

basis

points

(bps)

from

near

zero

to

counter

the

highest

inflation

since

the

1980s.

U.S.

Treasury

yields

rose

across

the

curve,

which

ended

the

year

inverted,

as

shorter

dated

bonds

sold

off

sharply.

The

10-year

Treasury

yield

soared

237

bps

to

3.88%.

The

Bloomberg

U.S.

Corporate

Investment

Grade

Index

®2

returned

–15.76%,

and

spreads

widened

by

38

bps.

Elsewhere,

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

®3

returned

–11.18%,

while

the

Bloomberg

Municipal

Bond

Index

®4

returned

–8.53%.

Over

the

period,

the

largest

contributions

to

relative

results

came

from

duration

positioning

and

agency

mortgage-backed

securities

(MBS).

The

Fund’s

lower-than-benchmark

duration

helped

reduce

interest

rate

sensitivity

as

rates

moved

higher

and

bond

prices

fell

over

the

period.

A

lower

position

in

MBS

also

helped,

relative

to

the

benchmark,

as

spreads

widened

materially.

On

the

downside,

yield

curve

positioning

and

a

modest

position

in

emerging

markets

and

high-yield

bonds

detracted

from

results.

The

market

and

economic

environments

in

2023

look

very

different

than

last

year.

Inflation

appears

to

have

peaked

and

is

on

the

decline,

the

Fed

has

guided

to

a

peak

Federal

funds

rate

of

around

5%

to

be

reached

in

the

first

half

of

2023,

and

the

market

is

preparing

for

an

economic

slowdown

or

recession.

In

response,

yields

have

moved

higher

and

spreads

on

risky

assets

have

moved

wider,

making

valuations

more

attractive

for

fixed

income

investors.

The

Fund’s

managers

have

a

conservative

outlook

on

the

economy

and

believe

that

while

valuations

are

more

attractive,

they

do

not

fully

compensate

investors

for

the

risk

of

a

deeper

economic

downturn

in

the

coming

year.

Managers

have

added

duration,

corporate

bonds,

and

structured

products,

like

agency

mortgage-backed

securities

to

effectively

eliminate

lower-than-benchmark

positions

but

have

not

moved

significantly

higher

than

the

benchmark.

Interest

rate

positioning

is

concentrated

in

intermediate

securities

around

five-year

maturities,

which

managers

believe

will

benefit

the

portfolio

if

inflation

and

the

economy

continue

to

slow

and

the

Fed

ends

the

rate-hike

cycle

in

the

first

half

of

2023.

As

the

year

progresses

and

managers

gain

more

confidence

on

either

the

direction

of

the

economy

or

valuations,

they

expect

to

take

more

meaningful

positions

relative

to

the

benchmark.

As

always,

research-driven

security

selection

is

expected

to

be

an

important

driver

of

future

investment

results.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Pramod

Atluri;

David

A.

Hoag;

David

J.

Betanzos;

and

Fergus

N.

MacDonald

1

Source:

Bloomberg

Index

Services

Ltd.

2

Source:

Bloomberg

Index

Services

Ltd.

Bloomberg

U.S.

Corporate

Investment

Grade

Index

represents

the

universe

of

investment-

grade,

publicly

issued

U.S.

corporate

and

specified

foreign

debentures

and

secured

notes

that

meet

the

specified

maturity,

liquidity

and

quality

requirements.

3

Source:

Bloomberg

Index

Services

Ltd.

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

covers

the

universe

of

fixed-rate,

non-investment-grade

debt.

The

index

limits

the

maximum

exposure

of

any

one

issuer

to

2%.

NVIT

American

Funds

Bond

Fund

-

December

31,

2022

-

Fund

Commentary

-

9

4

Source:

Bloomberg

Index

Services

Ltd.

Bloomberg

Municipal

Bond

Index

is

a

market-value-weighted

index

designed

to

represent

the

long-term

investment-grade

tax-exempt

bond

market.

Bond

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

Bond

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

of

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Bond

Fund

(the

“Master

Bond

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Bond

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Bond

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Bond

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

fixed-income

securities,

including

high-yield

bonds

(which

are

more

volatile).

These

risks

include

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up).

Funds

that

invest

in

high-yield

securities

are

subject

to

greater

default

risk,

liquidity

risk,

and

price

fluctuations

than

funds

that

invest

in

higher-quality

securities.

The

prices

of

high-yield

bonds

tend

to

be

more

sensitive

to

adverse

economic

and

business

conditions

than

are

higher-rated

corporate

bonds.

Increased

volatility

may

reduce

the

market

value

of

high-yield

bonds.

They

are

also

subject

to

the

claims-paying

ability

of

the

issuing

company.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(many

of

which

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates

including

Bloomberg

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

is

not

affiliated

with

Nationwide,

and

Bloomberg

does

not

approve,

endorse,

review

or

recommend

this

product.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

10

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Bond

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2022)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

(12.80)%

0.38%

0.98%

4/28/2006

Bloomberg

®

U.S.

Aggregate

Bond

Index

(13.01)%

0.02%

1.06%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.18%

0.84%

^

Current

effective

prospectus

dated

May

2,

2022.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2023.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

American

Funds

Bond

Fund

-

December

31,

2022

-

Fund

Commentary

-

11

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Bond

Fund

versus

performance

of

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

over

the

10-year

period

ended

12/31/22.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

12

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Global

Growth

Fund

For

the

annual

period

ended

December

31,

2022,

the

NVIT

American

Funds

Global

Growth

Fund

Class

II

returned

-25.05%

versus

-18.36%

for

its

benchmark,

the

MSCI

®

All

Country

World

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

®

peer

category,

Global

Large-Stock

Growth

(consisting

of

38

investments

as

of

December

31,

2022),

was

-25.41%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2022

annual

report

commentary

from

American

Funds

Insurance

Series

®

Global

Growth

Fund

(Global

Growth

Fund),

which

is

the

sole

investment

of

the

American

Funds

NVIT

Global

Growth

Fund.

The

Global

Growth

Fund’s

performance

return

shown

below,

and

the

American

Funds

NVIT

Global

Growth

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Global

Growth

Fund

versus

the

American

Funds

NVIT

Global

Growth

Fund.

The

Global

Growth

Fund

declined

24.54%

for

the

12

months

ended

December

31,

2022,

compared

with

a

decrease

of

18.36%

in

its

benchmark

Index,

MSCI

®

ACWI

(All

Country

World

Index)

1

,

a

free

float-adjusted

market

capitalization-weighted

index

that

is

designed

to

measure

equity

market

results

in

the

global

developed

and

emerging

markets,

consisted

of

more

than

40

developed

and

emerging

market

country

indexes.

Global

stocks

fell

sharply,

pressured

by

rising

interest

rates,

slowing

economic

growth

and

inflationary

pressures

not

seen

since

the

1980s.

The

war

in

Ukraine

also

weighed

on

investors

throughout

the

year.

Several

key

benchmark

indexes

fell

into

bear

market

territory

at

times

and

all,

but

one

sector

declined

in

the

MSCI

®

ACWI.

Within

that

index,

Communication

Services,

Consumer

Discretionary

and

Information

Technology

stocks

suffered

the

biggest

losses.

Meanwhile,

energy

stocks

surged

amid

higher

oil

and

gas

prices.

Late

in

the

year,

signs

that

inflation

may

have

peaked

in

the

U.S.,

Europe

and

elsewhere

sparked

a

rally

that

erased

some

of

the

losses.

Within

the

Fund,

stock

selection

in

the

Consumer

Discretionary

sector

was

the

top

contributor

to

relative

returns.

A

larger-than-

index

position

in

health

care

firm

Cigna

was

among

the

top

individual

contributors

to

the

Fund,

with

returns

that

outpaced

the

broader

market.

On

the

downside,

stock

selections

within

the

Information

Technology

sector

weighed

on

results.

Netherlands-

based

payments

firm

Adyen

was

among

the

top

individual

detractors,

with

returns

that

lagged

the

broader

market

in

a

weak

sector

overall.

On

a

geographic

basis,

stocks

of

companies

domiciled

in

Hong

Kong

and

France

were

among

the

top

contributors

to

results,

while

stocks

of

companies

based

in

the

United

States

and

the

Netherlands

were

among

the

top

detractors.

The

Fund’s

portfolio

managers

are

optimistic

they

will

continue

to

find

good

companies

globally

that

offer

high-quality

products

and

services,

and

whose

values

are

not

yet

fully

reflected

in

their

share

prices.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Patrice

Collette;

Paul

Flynn;

Jonathan

Knowles;

and

Roz

Hongsaranagon

1

Source:

MSCI.

The

MSCI

index

results

reflect

dividends

net

of

withholding

taxes

and

reinvestment

of

distributions.

Global

Growth

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

Global

Growth

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

of

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Global

Growth

Fund

(the

“Master

Global

Growth

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Global

Growth

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Global

Growth

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Global

Growth

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

NVIT

American

Funds

Global

Growth

Fund

-

December

31,

2022

-

Fund

Commentary

-

13

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets).

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2023

MSCI

Inc.

All

rights

reserved.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

14

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Global

Growth

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2022)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

(25.05)%

6.64%

9.71%

4/28/2006

MSCI

ACWI

®

(18.36)%

5.23%

7.98%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.32%

1.06%

^

Current

effective

prospectus

dated

May

2,

2022.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2023.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

American

Funds

Global

Growth

Fund

-

December

31,

2022

-

Fund

Commentary

-

15

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distribution.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Global

Growth

Fund

versus

performance

of

the

MSCI

ACWI

®

over

the

10-year

period

ended

12/31/22.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

16

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Growth

Fund

For

the

annual

period

ended

December

31,

2022,

the

NVIT

American

Funds

Growth

Fund

Class

II

returned

-30.22%

versus

-18.11%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

®

peer

category,

Large

Growth

(consisting

of

269

investments

as

of

December

31,

2022),

was

-31.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2022

annual

report

commentary

from

the

American

Funds

Insurance

Series

®

Growth

Fund

(Growth

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Growth

Fund.

The

Growth

Fund’s

performance

return

shown

below,

and

the

NVIT

American

Funds

Growth

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Growth

Fund

versus

the

NVIT

American

Funds

Growth

Fund.

The

Growth

Fund

declined

29.75%

for

the

12

months

ended

December

31,

2022,

compared

with

a

decrease

of

18.11%

in

its

benchmark

index,

S&P

500

®

Index

1

(S&P

500),

a

market

capitalization-weighted

index

based

on

the

results

of

approximately

500

widely

held

common

stocks.

U.S.

equities

had

their

worst

year

since

2008,

as

persistently

high

inflation

and

aggressive

rate

hikes

stoked

recession

fears.

The

S&P

500

®

entered

its

first

bear

market

since

2020.

Energy

was

the

top

S&P

500

®

sector

for

the

second

straight

year,

climbing

66%.

Crude

oil

prices

spiked

in

March

after

Russia’s

invasion

of

Ukraine

upended

global

oil

flows.

Growth

stocks

had

the

sharpest

declines,

including

several

tech

giants

that

had

been

market

leaders

over

the

last

decade.

Despite

consecutive

quarters

of

negative

gross

domestic

product

growth

in

the

first

half,

a

strong

labor

market

helped

inflation

to

persist.

Regarding

the

Fund,

stock

selection

within

the

Materials

sector

was

the

top

contributor

to

relative

returns.

A

position

in

energy

industry

firm,

Halliburton

buoyed

results

as

its

stock

outpaced

the

broader

industry.

On

the

downside,

investments

within

the

Communication

Services

sector

weighed

on

results.

A

position

in

Tesla

was

the

top

individual

detractor

to

returns.

The

overall

uncertain

economic

environment

and

challenges

of

inflation

are

very

real

concerns.

The

Fund’s

managers

believe

it

is

well-positioned

for

the

road

ahead

and

continue

to

focus

on

capital

appreciation

and

selecting

companies

best

suited

for

this

challenging

economic

environment.

Portfolio

managers

remain

confident

their

time-tested

investment

approach,

based

on

thorough

research

and

robust

debate

with

an

eye

on

valuation,

can

continue

to

deliver

superior

outcomes

for

investors

over

the

long-term.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Paul

R.

Benjamin;

Mark

L.

Casey;

Anne-Marie

Peterson;

Andraz

Razen;

Alan

J.

Wilson;

and

Irfan

M.

Furniturewala

1

Source:

S&P

Dow

Jones

Indices

LLC.

Growth

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

Growth

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

of

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Growth

Fund

(the

“Master

Growth

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Growth

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Growth

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Growth

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets).

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

NVIT

American

Funds

Growth

Fund

-

December

31,

2022

-

Fund

Commentary

-

17

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

Content.

S&P

Parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

Content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

Content

is

provided

on

an

"as

is"

basis.

Copyright

©

2023

by

Standard

&

Poor's

Financial

Services

LLC.

All

rights

reserved.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

18

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Growth

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2022)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

(30.22)%

10.71%

13.20%

4/28/2006

S&P

500

®

Index

(18.11)%

9.42%

12.56%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.14%

0.99%

^

Current

effective

prospectus

dated

May

2,

2022.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2023.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

American

Funds

Growth

Fund

-

December

31,

2022

-

Fund

Commentary

-

19

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Growth

Fund

versus

performance

of

the

S&P

500

®

Index

over

the

10-year

period

ended

12/31/22.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

20

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Growth-Income

Fund

For

the

annual

period

ended

December

31,

2022,

the

NVIT

American

Funds

Growth-Income

Fund

Class

II

returned

-16.82%

versus

-18.11%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

®

peer

category,

Large

Blend

(consisting

of

308

investments

as

of

December

31,

2022),

was

-18.34%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2022

annual

report

commentary

from

the

American

Funds

Insurance

Series

®

Growth-Income

Fund

(Growth-Income

Fund),

which

is

the

sole

investment

of

the

American

Funds

NVIT

Growth-Income

Fund.

The

Growth-Income

Fund’s

performance

return

shown

below,

and

the

American

Funds

NVIT

Growth-Income

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Growth-Income

Fund

versus

the

American

Funds

NVIT

Growth-Income

Fund.

The

Growth-Income

Fund

fell

16.28%

for

the

12

months

ended

December

31,

2022,

compared

with

a

decline

of

18.11%

in

its

benchmark

index,

S&P

500

®

Index

1

(S&P

500),

a

market

capitalization-weighted

index

based

on

the

results

of

approximately

500

widely

held

common

stocks.

U.S.

equities

had

their

worst

year

since

2008,

as

persistently

high

inflation

and

aggressive

rate

hikes

stoked

recession

fears.

The

S&P

500

®

entered

its

first

bear

market

since

2020.

Energy

was

the

top

S&P

500

®

sector

for

the

second

straight

year,

climbing

66%.

Crude

oil

prices

spiked

in

March

after

Russia’s

invasion

of

Ukraine

upended

global

oil

flows.

Growth

stocks

had

the

sharpest

declines,

including

several

tech

giants

that

had

been

market

leaders

over

the

last

decade.

Despite

consecutive

quarters

of

negative

gross

domestic

product

growth

in

the

first

half,

a

strong

labor

market

helped

inflation

to

persist.

Regarding

the

Fund,

investments

within

the

Information

Technology

and

Industrials

sectors

were

top

contributors

to

the

Fund’s

relative

returns.

An

out-of-benchmark

position

in

energy

company

Canadian

Natural

Resources

was

a

top

individual

contributor,

as

the

stock

outpaced

the

market

overall.

On

the

downside,

security

selections

within

the

Communications

and

Financials

sectors

dragged

down

portfolio

returns.

Netflix

was

the

fund’s

top

individual

detractor,

owing

to

a

larger-than-benchmark

position

and

returns

that

lagged

the

market

overall.

Looking

ahead,

uncertainty

in

the

macroeconomic

outlook

and

in

the

trajectory

of

inflation

and

interest

rates

will

likely

continue.

Stock

valuations

have

started

to

come

down

to

reflect

investor

concerns,

although

corporate

earnings

outlooks

may

not

have

bottomed.

The

Fund’s

portfolio

managers

will

take

advantage

of

volatility

to

build

positions

in

companies

and

stocks

in

which

they

see

long-term

value.

The

current

environment

should

provide

opportunities

for

finding

investments

with

attractive

risk-adjusted

return

potential.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Charles

E.

Ellwein;

Donald

D.

O’Neal;

J.

Blair

Frank;

William

L.

Robbins;

Keiko

McKibben;

and

Carlos

A.

Schonfeld

1

Source:

S&P

Dow

Jones

Indices

LLC.

Growth-Income

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

NVIT

Growth-Income

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Growth-Income

Fund

(the

“Master

Growth-Income

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Growth-Income

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Growth-Income

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Growth-Income

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets).

Growth

funds

may

underperform

other

funds

that

use

NVIT

American

Funds

Growth-Income

Fund

-

December

31,

2022

-

Fund

Commentary

-

21

different

investing

styles.

The

Fund

also

is

subject

to

dividend

risk.

Income

provided

by

the

Fund

could

be

reduced

by

changes

in

the

dividend

policies

of,

and

the

capital

resources

available

at,

the

companies

in

which

the

Master

Growth-Income

Fund

invests.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness

or

availability

of

the

Content.

S&P

Parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

Content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

Content

is

provided

on

an

"as

is"

basis.

Copyright

©

2023

by

Standard

&

Poor's

Financial

Services

LLC.

All

rights

reserved.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

22

-

Fund

Commentary

-

December

31,

2022

-

NVIT

American

Funds

Growth-Income

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2022)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

(16.82)%

7.41%

11.11%

4/27/2007

S&P

500

®

Index

(18.11)%

9.42%

12.56%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.08%

0.93%

^

Current

effective

prospectus

dated

May

2,

2022.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2023.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

American

Funds

Growth-Income

Fund

-

December

31,

2022

-

Fund

Commentary

-

23

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Growth-Income

Fund

versus

performance

of

the

S&P

500

®

Index

over

the

10-year

period

ended

12/31/22.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

24

-

Shareholder

Expense

Example

-

December

31,

2022

-

American

Funds

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

paid

on

purchase

payments

and

redemption

fees;

and

(2)

ongoing

costs,

including

investment

advisory

fees,

administration

fees,

distribution

fees

and

other

Fund

expenses.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Per

Securities

and

Exchange

Commission

(“SEC”)

requirements,

the

examples

assume

that

you

had

a

$1,000

investment

in

the

Class

at

the

beginning

of

the

reporting

period

(July

1,

2022) and

continued

to

hold

your

shares

at

the

end

of

the

reporting

period

(December

31,

2022).

Actual

Expenses

For

each

Class

of

the

Fund

in

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

from July

1,

2022

through

December

31,

2022.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

of

each

Class

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Expenses

for

Comparison

Purposes

The

second

line

of

each

Class

in

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Class’

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Class’

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period

from July

1,

2022

through

December

31,

2022.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Class

of

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

(loads)

or

redemption

fees.

If

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Therefore,

the

second

line

for

each

Class

in

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

The

examples

also

assume

all

dividends

and

distributions

are

reinvested.

Schedule

of

Shareholder

Expenses

Expense

Analysis

of

a

$1,000

Investment

Beginning

Account

Value($)

7/1/22

Ending

Account

Value($)

12/31/22

Expenses

Paid

During

Period

($)

7/1/22

-

12/31/22

(a)

Expense

Ratio

During

Period

(%)

7/1/22

-

12/31/22

(a)

(b)

NVIT

American

Funds

Asset

Allocation

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,027.40

3.27

0.64

Hypothetical

(c)(d)

1,000.00

1,021.98

3.26

0.64

NVIT

American

Funds

Bond

Fund

Class

II

Shares

Actual

(c)

1,000.00

972.10

3.18

0.64

Hypothetical

(c)(d)

1,000.00

1,021.98

3.26

0.64

NVIT

American

Funds

Global

Growth

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,042.00

3.35

0.65

Hypothetical

(c)(d)

1,000.00

1,021.93

3.31

0.65

NVIT

American

Funds

Growth

Fund

Class

II

Shares

Actual

(c)

1,000.00

997.40

3.22

0.64

Hypothetical

(c)(d)

1,000.00

1,021.98

3.26

0.64

American

Funds

-

December

31,

2022

-

Shareholder

Expense

Example

-

25

Beginning

Account

Value($)

7/1/22

Ending

Account

Value($)

12/31/22

Expenses

Paid

During

Period

($)

7/1/22

-

12/31/22

(a)

Expense

Ratio

During

Period

(%)

7/1/22

-

12/31/22

(a)

(b)

NVIT

American

Funds

Growth-Income

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,039.10

3.29

0.64

Hypothetical

(c)(d)

1,000.00

1,021.98

3.26

0.64

(a)

Expenses

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

Master

Fund’s

expenses,

which

are

disclosed

in

the

Fee

and

Expense

table

and

described

more

fully

in

a

footnote

to

that

table

in

your

Fund

Prospectus.

(b)

The

Example

does

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

the

expenses

listed

below

would

be

higher.

(c)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2022

through

December

31,

2022

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six-month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

(d)

Represents

the

hypothetical

5%

return

before

expenses.

26

-

Statements

of

Assets

and

Liabilities

-

December

31,

2022

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund

Assets:

Investment

in

Master

Fund

(Note

1)

$

6,259,377,201‌

Receivable

for

investments

sold

2,285,276‌

Receivable

for

capital

shares

issued

187,611‌

Prepaid

expenses

7,150‌

Total

Assets

6,261,857,238‌

Liabilities:

Payable

for

investments

purchased

—‌

Payable

for

capital

shares

redeemed

2,472,886‌

Accrued

expenses

and

other

payables:

Fund

administration

fees

128,918‌

Master

feeder

service

provider

fee

620,552‌

Distribution

fees

1,349,389‌

Administrative

servicing

fees

1,283,576‌

Accounting

and

transfer

agent

fees

4,968‌

Trustee

fees

48‌

Custodian

fees

208,391‌

Compliance

program

costs

(Note

3)

7,099‌

Professional

fees

40,297‌

Printing

fees

124,499‌

Other

59,843‌

Total

Liabilities

6,300,466‌

Net

Assets

$

6,255,556,772‌

Cost

of

investment

in

Master

Fund

5,331,931,636‌

Represented

by:

Capital

$

4,551,643,009‌

Total

distributable

earnings

(loss)

1,703,913,763‌

Net

Assets

$

6,255,556,772‌

American

Funds

-

December

31,

2022

-

Statements

of

Assets

and

Liabilities

-

27

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-

Income

Fund

$

3,192,349,599‌

$

462,259,408‌

$

1,170,602,162‌

$

3,659,170,851‌

1,142,973‌

185,355‌

—‌

1,347,877‌

7,895‌

13,163‌

2,423,196‌

15‌

3,963‌

607‌

1,913‌

4,354‌

3,193,504,430‌

462,458,533‌

1,173,027,271‌

3,660,523,097‌

—‌

—‌

2,383,876‌

—‌

1,150,868‌

198,518‌

39,319‌

1,347,892‌

71,127‌

19,550‌

33,892‌

79,704‌

317,795‌

46,784‌

117,197‌

360,643‌

688,765‌

100,257‌

254,883‌

787,498‌

631,733‌

95,902‌

244,343‌

735,785‌

2,554‌

358‌

930‌

2,870‌

62‌

79‌

15‌

52‌

109,440‌

17,162‌

38,365‌

118,065‌

3,562‌

524‌

1,389‌

4,169‌

24,833‌

7,097‌

9,531‌

24,659‌

74,184‌

40,008‌

34,367‌

79,443‌

27,027‌

3,241‌

5,244‌

26,944‌

3,101,950‌

529,480‌

3,163,351‌

3,567,724‌

$

3,190,402,480‌

$

461,929,053‌

$

1,169,863,920‌

$

3,656,955,373‌

3,689,643,241‌

417,004,418‌

1,254,932,835‌

3,235,002,026‌

$

3,649,153,573‌

$

378,401,556‌

$

1,116,234,741‌

$

2,838,772,005‌

(

458,751,093‌

)

83,527,497‌

53,629,179‌

818,183,368‌

$

3,190,402,480‌

$

461,929,053‌

$

1,169,863,920‌

$

3,656,955,373‌

28

-

Statements

of

Assets

and

Liabilities

-

December

31,

2022

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund

Net

Assets:

Class

II

Shares

$

6,255,556,772‌

Total

$

6,255,556,772‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

II

Shares

251,059,072‌

Total

251,059,072‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

24

.92‌

American

Funds

-

December

31,

2022

-

Statements

of

Assets

and

Liabilities

-

29

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-

Income

Fund

$

3,190,402,480‌

$

461,929,053‌

$

1,169,863,920‌

$

3,656,955,373‌

$

3,190,402,480‌

$

461,929,053‌

$

1,169,863,920‌

$

3,656,955,373‌

305,731,096‌

14,460,708‌

13,285,832‌

66,505,394‌

305,731,096‌

14,460,708‌

13,285,832‌

66,505,394‌

$

10

.44‌

$

31

.94‌

$

88

.05‌

$

54

.99‌

30

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2022

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund

INVESTMENT

INCOME:

Dividend

income

from

Master

Fund

$

140,862,632‌

Total

Income

140,862,632‌

EXPENSES:

Fund

administration

fees

1,497,280‌

Master

feeder

service

provider

fees

16,756,653‌

Distribution

fees

Class

II

Shares

16,756,653‌

Administrative

servicing

fees

Class

II

Shares

16,756,653‌

Professional

fees

253,978‌

Printing

fees

44,121‌

Trustee

fees

238,897‌

Custodian

fees

329,766‌

Accounting

and

transfer

agent

fees

20,432‌

Compliance

program

costs

(Note

3)

27,700‌

Other

143,094‌

Total

expenses

before

fees

waived

52,825,227‌

Master

feeder

service

provider

fees

waived

(Note

3)

(

10,223,054‌

)

Net

Expenses

42,602,173‌

NET

INVESTMENT

INCOME/(LOSS)

98,260,459‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

distributions

from

Master

Fund

687,622,352‌

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

2,849,055‌

Net

realized

gains

(losses)

690,471,407‌

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

(

1,851,784,076‌

)

Net

change

in

unrealized

appreciation/depreciation

(

1,851,784,076‌

)

Net

realized/unrealized

gains

(losses)

(

1,161,312,669‌

)

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

(

1,063,052,210‌

)

American

Funds

-

For

the

Year

Ended

December

31,

2022

-

Statements

of

Operations

-

31

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-

Income

Fund

$

108,284,542‌

$

4,559,797‌

$

7,698,334‌

$

58,769,965‌

108,284,542‌

4,559,797‌

7,698,334‌

58,769,965‌

812,178‌

149,537‌

323,280‌

871,884‌

8,860,590‌

1,228,338‌

3,213,610‌

9,552,469‌

8,860,590‌

1,228,338‌

3,213,610‌

9,552,469‌

8,860,590‌

1,228,338‌

3,213,610‌

9,552,469‌

141,891‌

25,539‌

55,956‌

149,134‌

28,379‌

10,033‌

13,990‌

29,187‌

124,691‌

17,360‌

45,835‌

137,133‌

171,570‌

28,893‌

70,661‌

192,673‌

10,974‌

1,622‌

4,002‌

11,709‌

14,805‌

1,996‌

5,324‌

15,836‌

77,303‌

11,520‌

29,165‌

83,427‌

27,963,561‌

3,931,514‌

10,189,043‌

30,148,390‌

(

5,406,296‌

)

(

749,437‌

)

(

1,960,527‌

)

(

5,827,077‌

)

22,557,265‌

3,182,077‌

8,228,516‌

24,321,313‌

85,727,277‌

1,377,720‌

(

530,182‌

)

34,448,652‌

41,580,899‌

54,496,927‌

178,745,712‌

366,215,321‌

(

74,545,294‌

)

(

12,010,493‌

)

(

27,176,850‌

)

16,306,567‌

(

32,964,395‌

)

42,486,434‌

151,568,862‌

382,521,888‌

(

563,440,571‌

)

(

201,420,941‌

)

(

638,827,257‌

)

(

1,158,603,774‌

)

(

563,440,571‌

)

(

201,420,941‌

)

(

638,827,257‌

)

(

1,158,603,774‌

)

(

596,404,966‌

)

(

158,934,507‌

)

(

487,258,395‌

)

(

776,081,886‌

)

$

(

510,677,689‌

)

$

(

157,556,787‌

)

$

(

487,788,577‌

)

$

(

741,633,234‌

)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2022

-

American

Funds

NVIT

American

Funds

Asset

Allocation

Fund

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

OPERATIONS:

Net

investment

income/(loss)

$

98,260,459‌

$

86,361,088‌

Net

realized

gains

(losses)

690,471,407‌

287,681,817‌

Net

change

in

unrealized

appreciation/depreciation

(

1,851,784,076‌

)

661,237,060‌

Change

in

net

assets

resulting

from

operations

(

1,063,052,210‌

)

1,035,279,965‌

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

(

254,203,286‌

)

(

130,720,794‌

)

Change

in

net

assets

from

shareholder

distributions

(

254,203,286‌

)

(

130,720,794‌

)

Change

in

net

assets

from

capital

transactions

(

298,821,340‌

)

(

311,385,763‌

)

Change

in

net

assets

(

1,616,076,836‌

)

593,173,408‌

Net

Assets:

Beginning

of

year

7,871,633,608‌

7,278,460,200‌

End

of

year

$

6,255,556,772‌

$

7,871,633,608‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

59,416,022‌

$

178,619,054‌

Dividends

reinvested

254,203,286‌

130,720,794‌

Cost

of

shares

redeemed

(

612,440,648‌

)

(

620,725,611‌

)

Total

Class

II

Shares

(

298,821,340‌

)

(

311,385,763‌

)

Change

in

net

assets

from

capital

transactions

$

(

298,821,340‌

)

$

(

311,385,763‌

)

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

2,302,997‌

6,076,707‌

Reinvested

10,358,732‌

4,449,312‌

Redeemed

(

23,144,853‌

)

(

21,640,047‌

)

Total

Class

II

Shares

(

10,483,124‌

)

(

11,114,028‌

)

Total

change

in

shares

(

10,483,124‌

)

(

11,114,028‌

)

American

Funds

-

December

31,

2022

-

Statements

of

Changes

in

Net

Assets

-

33

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

$

85,727,277‌

$

40,481,615‌

$

1,377,720‌

$

(

293,182‌

)

(

32,964,395‌

)

151,481,838‌

42,486,434‌

29,266,007‌

(

563,440,571‌

)

(

218,493,487‌

)

(

201,420,941‌

)

56,678,649‌

(

510,677,689‌

)

(

26,530,034‌

)

(

157,556,787‌

)

85,651,474‌

(

69,762,469‌

)

(

100,025,384‌

)

(

29,287,659‌

)

(

16,161,229‌

)

(

69,762,469‌

)

(

100,025,384‌

)

(

29,287,659‌

)

(

16,161,229‌

)

(

213,477,770‌

)

394,138,260‌

20,318,104‌

31,178,011‌

(

793,917,928‌

)

267,582,842‌

(

166,526,342‌

)

100,668,256‌

3,984,320,408‌

3,716,737,566‌

628,455,395‌

527,787,139‌

$

3,190,402,480‌

$

3,984,320,408‌

$

461,929,053‌

$

628,455,395‌

$

136,080,108‌

$

491,327,471‌

$

34,626,398‌

$

53,848,363‌

69,762,469‌

100,025,384‌

29,287,659‌

16,161,229‌

(

419,320,347‌

)

(

197,214,595‌

)

(

43,595,953‌

)

(

38,831,581‌

)

(

213,477,770‌

)

394,138,260‌

20,318,104‌

31,178,011‌

$

(

213,477,770‌

)

$

394,138,260‌

$

20,318,104‌

$

31,178,011‌

11,519,463‌

39,440,082‌

967,454‌

1,237,164‌

6,593,806‌

8,138,762‌

940,214‌

347,778‌

(

38,249,034‌

)

(

15,902,077‌

)

(

1,254,520‌

)

(

889,438‌

)

(

20,135,765‌

)

31,676,767‌

653,148‌

695,504‌

(

20,135,765‌

)

31,676,767‌

653,148‌

695,504‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2022

-

American

Funds

NVIT

American

Funds

Growth

Fund

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

OPERATIONS:

Net

investment

income/(loss)

$

(

530,182‌

)

$

(

1,814,277‌

)

Net

realized

gains

151,568,862‌

163,509,003‌

Net

change

in

unrealized

appreciation/depreciation

(

638,827,257‌

)

96,042,931‌

Change

in

net

assets

resulting

from

operations

(

487,788,577‌

)

257,737,657‌

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

(

158,905,474‌

)

(

23,244,814‌

)

Change

in

net

assets

from

shareholder

distributions

(

158,905,474‌

)

(

23,244,814‌

)

Change

in

net

assets

from

capital

transactions

193,007,245‌

262,006,268‌

Change

in

net

assets

(

453,686,806‌

)

496,499,111‌

Net

Assets:

Beginning

of

year

1,623,550,726‌

1,127,051,615‌

End

of

year

$

1,169,863,920‌

$

1,623,550,726‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

139,314,631‌

$

323,809,962‌

Dividends

reinvested

158,905,474‌

23,244,814‌

Cost

of

shares

redeemed

(

105,212,860‌

)

(

85,048,508‌

)

Total

Class

II

Shares

193,007,245‌

262,006,268‌

Change

in

net

assets

from

capital

transactions

$

193,007,245‌

$

262,006,268‌

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

1,279,112‌

2,398,277‌

Reinvested

1,687,611‌

166,011‌

Redeemed

(

915,543‌

)

(

657,700‌

)

Total

Class

II

Shares

2,051,180‌

1,906,588‌

Total

change

in

shares

2,051,180‌

1,906,588‌

American

Funds

-

December

31,

2022

-

Statements

of

Changes

in

Net

Assets

-

35

NVIT

American

Funds

Growth-Income

Fund

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

$

34,448,652‌

$

30,649,654‌

382,521,888‌

94,323,713‌

(

1,158,603,774‌

)

773,461,820‌

(

741,633,234‌

)

898,435,187‌

(

93,869,175‌

)

(

122,747,258‌

)

(

93,869,175‌

)

(

122,747,258‌

)

(

26,143,937‌

)

(

250,868,128‌

)

(

861,646,346‌

)

524,819,801‌

4,518,601,719‌

3,993,781,918‌

$

3,656,955,373‌

$

4,518,601,719‌

$

164,840,567‌

$

92,246,406‌

93,869,175‌

122,747,258‌

(

284,853,679‌

)

(

465,861,792‌

)

(

26,143,937‌

)

(

250,868,128‌

)

$

(

26,143,937‌

)

$

(

250,868,128‌

)

2,973,864‌

1,502,066‌

1,727,760‌

1,881,761‌

(

4,799,848‌

)

(

7,550,440‌

)

(

98,224‌

)

(

4,166,613‌

)

(

98,224‌

)

(

4,166,613‌

)

36

-

Financial

Highlights

-

December

31,

2022

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2022

$

30.10

$

0.39

$

(

4.54

)

$

(

4.15

)

$

—

$

(

1.03

)

$

(

1.03

)

$

24.92

(13.74)%

$

6,255,557

0.64%

1.47%

0.79%

9.34%

12/31/2021

26.69

0.33

3.59

3.92

(

0.33

)

(

0.18

)

(

0.51

)

30.10

14.71%

7,871,634

0.63%

1.13%

0.79%

6.99%

12/31/2020

26.15

0.32

2.63

2.95

(

0.39

)

(

2.02

)

(

2.41

)

26.69

12.00%

7,278,460

0.64%

1.26%

0.79%

3.67%

12/31/2019

23.61

0.38

4.39

4.77

(

0.43

)

(

1.80

)

(

2.23

)

26.15

20.78%

6,976,824

0.64%

1.50%

0.79%

7.91%

12/31/2018

26.52

0.33

(

1.52

)

(

1.19

)

(

0.32

)

(

1.40

)

(

1.72

)

23.61

(4.98)%

6,163,400

0.64%

1.24%

0.79%

6.94%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

American

Funds

-

December

31,

2022

-

Financial

Highlights

-

37

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Bond

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2022

$

12.23

$

0.27

$

(

1.83

)

$

(

1.56

)

$

—

$

(

0.23

)

$

(

0.23

)

$

10.44

(12.80)%

$

3,190,402

0.64%

2.42%

0.79%

7.85%

12/31/2021

12.63

0.13

(

0.22

)

(

0.09

)

(

0.24

)

(

0.07

)

(

0.31

)

12.23

(0.72)%

3,984,320

0.63%

1.02%

0.79%

5.44%

12/31/2020

11.81

0.21

0.88

1.09

(

0.26

)

(

0.01

)

(

0.27

)

12.63

9.21%

3,716,738

0.64%

1.69%

0.79%

13.80%

12/31/2019

11.07

0.26

0.74

1.00

(

0.22

)

(

0.04

)

(

0.26

)

11.81

8.98%

3,383,063

0.64%

2.23%

0.79%

7.14%

12/31/2018

11.50

0.23

(

0.36

)

(

0.13

)

(

0.26

)

(

0.04

)

(

0.30

)

11.07

(1.07)%

3,050,499

0.64%

2.08%

0.79%

2.99%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

38

-

Financial

Highlights

-

December

31,

2022

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Global

Growth

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2022

$

45.52

$

0.10

$

(

11.56

)

$

(

11.46

)

$

—

$

(

2.12

)

$

(

2.12

)

$

31.94

(25.05)%

$

461,929

0.65%

0.28%

0.80%

8.48%

12/31/2021

40.25

(

0.02

)

6.49

6.47

—

(

1.20

)

(

1.20

)

45.52

16.00%

628,455

0.64%

(0.05)%

0.79%

5.47%

12/31/2020

33.24

(

0.02

)

9.63

9.61

(

0.23

)

(

2.37

)

(

2.60

)

40.25

29.93%

527,787

0.65%

(0.05)%

0.80%

6.83%

12/31/2019

27.13

0.22

8.93

9.15

(

0.22

)

(

2.82

)

(

3.04

)

33.24

34.78%

450,562

0.65%

0.72%

0.80%

9.43%

12/31/2018

31.70

0.08

(

2.84

)

(

2.76

)

(

0.07

)

(

1.74

)

(

1.81

)

27.13

(9.42)%

346,304

0.66%

0.27%

0.81%

8.19%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

American

Funds

-

December

31,

2022

-

Financial

Highlights

-

39

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Growth

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2022

$

144.51

$

(

0.04

)

$

(

42.74

)

$

(

42.78

)

$

—

$

(

13.68

)

$

(

13.68

)

$

88.05

(30.22)%

$

1,169,864

0.64%

(0.04)%

0.79%

7.47%

12/31/2021

120.82

(

0.18

)

26.12

25.94

—

(

2.25

)

(

2.25

)

144.51

21.53%

1,623,551

0.63%

(0.13)%

0.79%

4.95%

12/31/2020

87.57

(

0.07

)

43.42

43.35

(

0.72

)

(

9.38

)

(

10.10

)

120.82

51.49%

1,127,052

0.64%

(0.07)%

0.79%

15.34%

12/31/2019

78.84

0.30

22.00

22.30

(

0.32

)

(

13.25

)

(

13.57

)

87.57

30.28%

750,682

0.65%

0.35%

0.80%

9.42%

12/31/2018

87.78

0.03

0.54

0.57

(

0.29

)

(

9.22

)

(

9.51

)

78.84

(0.66)%

601,482

0.65%

0.03%

0.80%

13.98%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

40

-

Financial

Highlights

-

December

31,

2022

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Growth-Income

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2022

$

67.84

$

0.52

$

(

11.95

)

$

(

11.43

)

$

—

$

(

1.42

)

$

(

1.42

)

$

54.99

(16.82)%

$

3,656,955

0.64%

0.90%

0.79%

7.84%

12/31/2021

56.43

0.45

12.82

13.27

(

0.68

)

(

1.18

)

(

1.86

)

67.84

23.65%

4,518,602

0.63%

0.72%

0.79%

4.16%

12/31/2020

56.20

0.52

6.25

6.77

(

0.91

)

(

5.63

)

(

6.54

)

56.43

13.08%

3,993,782

0.64%

0.98%

0.79%

11.76%

12/31/2019

49.90

0.72

11.61

12.33

(

0.76

)

(

5.27

)

(

6.03

)

56.20

25.67%

3,727,052

0.64%

1.31%

0.79%

5.44%

12/31/2018

55.97

0.59

(

1.25

)

(

0.66

)

(

0.60

)

(

4.81

)

(

5.41

)

49.90

(2.18)%

2,905,591

0.64%

1.03%

0.79%

8.87%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

American

Funds

-

December

31,

2022

-

Notes

to

Financial

Statements

-

41

1.

Organization

Nationwide

Variable

Insurance

Trust

(“NVIT”

or

the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

(“shares”),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2022,

the

Trust

operates

sixty-nine

(69)

separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

five

(5) series

listed

below

(each,

a

“Fund”;

collectively,

the

“Funds”).

Nationwide

Fund

Advisors

(“NFA”)

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

(“NFS”),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

American

Funds

Asset

Allocation

Fund

("American

Funds

Asset

Allocation")

NVIT

American

Funds

Bond

Fund ("American

Funds

Bond")

NVIT

American

Funds

Global

Growth

Fund

("American

Funds

Global

Growth")

NVIT

American

Funds

Growth

Fund

("American

Funds

Growth")

NVIT

American

Funds

Growth-Income

Fund ("American

Funds

Growth-Income")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

hold

shares

of

the

Funds.

Each Fund

operates

as

a

“feeder

fund,”

which

means

that

each

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risk.

Instead,

each Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

a

series

of

the

American

Funds

Insurance

Series

®

,

(each,

a

“Master

Fund”;

collectively,

the

“Master

Funds”)

which

invests

directly

in

individual

securities,

as

listed

below.

Each

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.

The

financial

statements

of

the

Master

Funds,

including

the

Statement

of

Investments,

are

included

elsewhere

in

this

report

and

should

be

read

in

conjunction

with

each

Fund’s

financial

statements.

For

accounting

and

financial

reporting

purposes,

the

Funds

are

treated

as

a

fund-of-funds.

The

percentage

of

each

Master

Fund’s

portfolio

owned

by

each Fund

as

of

December

31,

2022 was

as

follows:

The

Funds

currently

offer

Class

II

shares.

Each Master

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

2.

Summary

of

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

(“ASC

946”).

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

including,

but

not

limited

to,

ASC

946.

The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

income

and

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

Fund

Master

Fund

%

of

Master

Fund

American

Funds

Asset

Allocation

American

Asset

Allocation

Fund

25.22

%

American

Funds

Bond

American

Funds

The

Bond

Fund

of

America

31.21

%

American

Funds

Global

Growth

American

Global

Growth

Fund

6.66

%

American

Funds

Growth

American

Growth

Fund

3.79

%

American

Funds

Growth-Income

American

Growth-Income

Fund

11.09

%

42

-

Notes

to

Financial

Statements

-

December

31,

2022

-

American

Funds

(a)

Security

Valuation

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board

of

Trustees”),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund’s

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

Shares

of

each

Master

Fund

in

which

each Fund

invests

are

valued

at

net

asset

value

(“NAV”)

as

reported

by

the

Master

Fund. Each

Master

Fund’s

NAV

is

determined

at

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time)

on

each

day

the

exchange

is

open

for

trading.

Please

refer

to

Note

3

of

the

Master

Funds' Annual

Report,

which

is

included

along

with

this

report,

for

the

Master

Funds'

security

valuation

policies.

As

of December

31,

2022,

100%

of

the

market

value

of

each Fund

was

determined

based

on

Level

1

inputs.

(b)

Cash

Overdraft

Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

(“JPMorgan”).

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4.

A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund’s

account

and

JPMorgan

may

charge

the

Fund’s

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2022,

the

Funds

did

not

have

overdrawn

balances.

(c)

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Master

Fund

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

such

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Master

Fund

are

recognized

on

the

ex-dividend

date

and

are

recorded

as

such

on

the

Statements

of

Operations.

(d)

Distributions

to

Shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2022

are

primarily

attributable

to

capital

distributions

from

the

Master

Fund

and

consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

American

Funds

-

December

31,

2022

-

Notes

to

Financial

Statements

-

43

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2022

may

primarily

be

attributable

to

outstanding

wash

sale

loss

deferrals

and

late

year

loss

deferral.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution. 

Reclassifications

for

the

year

ended

December

31,

2022

were

as

follows:

(e)

Federal

Income

Taxes

Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

“regulated

investment

company”

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

As

of

December

31,

2022,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2022

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities’

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

(f)

Allocation

of

Expenses

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

3.

Transactions

with

Affiliates

Under

the

terms

of

each

Master

Fund’s

Investment

Advisory

Agreement,

Capital

Research

and

Management

Company

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Master

Fund.

Nationwide

Fund

Management

LLC

(“NFM”),

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

(“NFSDI”)

(a

wholly

owned

subsidiary

of

NFS),

provides

non-

investment

advisory

master-feeder

operational

support

services

to

the

Funds.

Under

the

terms

of

the

Trust’s

Master-Feeder

Services

Agreement

with

NFM

on

behalf

of

the

Funds,

each

Fund

pays

NFM

a

fee

of

0.25%

based

on

the

Fund’s

average

daily

net

assets. NFM

has

entered

into

a

contractual

agreement

with

the

Trust

under

which

NFM

waives

a

portion

of

the

fees

Fund

Capital

Total

Distributable

Earnings

(Loss)

American

Funds

Asset

Allocation

$

121,842,212

$

(121,842,212)

American

Funds

Bond

127,578,468

(127,578,468)

American

Funds

Global

Growth

12,589

(12,589)

American

Funds

Growth

5,570,799

(5,570,799)

American

Funds

Growth-Income

30,649,297

(30,649,297)

Fund

Ordinary

Distribution

Available

for

Consent

Dividend

American

Funds

Asset

Allocation

$

154,574,132

American

Funds

Bond

96,013,875

American

Funds

Global

Growth

2,668,294

American

Funds

Growth

18,652,197

American

Funds

Growth-Income

84,771,172

44

-

Notes

to

Financial

Statements

-

December

31,

2022

-

American

Funds

NFM

receives

for

providing

the

Funds

with

non-investment

advisory

master-feeder

operational

support

services

according

to

the

following

schedule.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

interest,

taxes,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sale

of

portfolio

securities)

from

exceeding

the

amounts

listed

in

the

following

table

until

November

12,

2023.

NFM

also

provides

various

administrative

and

accounting

services

for

the

Fund,

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Fund.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Fund.

NFM

pays

the

service

providers

a

fee

for

these

services.

Under

the

terms

of

a

Joint

Fund

Administration

and

Transfer

Agency

Agreement,

the

fees

for

such

services

are

based

on

the

sum

of

the

following:

(i)

the

amount

payable

by

NFM

to

its

sub-administrator

and

sub-transfer

agent;

and

(ii)

a

percentage

of

the

combined

average

daily

net

assets

of

the

Trust

and

Nationwide

Mutual

Funds ("NMF"),

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

For

the

year

ended

December

31,

2022,

NFM

earned

an

aggregate

of

$3,654,159

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund’s

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust’s

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust’s

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2022,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$65,661.

Under

the

terms

of

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act,

Nationwide

Fund

Distributors

LLC

(“NFD”),

the

Funds’

principal

underwriter,

is

compensated

by

the

Funds

for

expenses

associated

with

the

distribution

of

certain

classes

of

shares

of

the

Funds.

NFD

is

a

wholly

owned

subsidiary

of

NFSDI.

These

fees

are

based

on

average

daily

net

assets

of

Class

II

shares

of

the

Funds

at

an

annual

rate

of

0.25%.

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i)

establishing

and

maintaining

shareholder

accounts;

(ii)

processing

purchase

and

redemption

transactions;

(iii)

arranging

bank

wires;

(iv)

performing

shareholder

sub-accounting;

(v)

answering

inquiries

regarding

the

Funds;

and

(vi)

other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

II

shares

of

each

Fund.

Fund

Fee

Schedule

Advisory

Fee

Waiver

(annual

rate)

All

Funds

Up

to

$2.5

billion

0.1425%

$2.5

billion

and

up

to

$5

billion

0.1450%

$5

billion

and

up

to

$10

billion

0.1525%

$10

billion

and

up

to

$15

billion

0.1575%

$15

billion

and

up

to

$25

billion

0.1725%

$25

billion

and

more

0.1900%

Fund

Classes

Amount

(annual

rate)

American

Funds

Asset

Allocation

Class

II

1.03%

American

Funds

Growth

Class

II

1.11%

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

American

Funds

-

December

31,

2022

-

Notes

to

Financial

Statements

-

45

For the

year

ended

December

31,

2022,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2022,

each

Fund’s

total

administrative

services

fees

were

as

follows:

4.

Line

of

Credit

and

Interfund

Lending

The

Trust

and

NMF

(together,

the

“Trusts”) renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

“Lenders”),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund’s

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrue

interest

at

a

rate

of

1.25%

per

annum

plus

the

higher

of

(a)

if

ascertainable

and

available,

the

Eurodollar

Rate

as

of

such

day

for

a

transaction

settling

two

business

days

after

such

day,

(b)

the

Federal

Funds

Effective

Rate

in

effect

on

such

day

and

(c)

the

Overnight

Bank

Funding

Rate

in

effect

on

such

day;

provided,

however,

that

if

the

Federal

Funds

Rate

calculated

in

accordance

with

the

foregoing

shall

be

less

than

zero,

such

rate

shall

be

deemed

to

be

zero

percent

(0%)

for

the

purposes

of

this

Agreement.

If

an

Index

Rate

Unavailability

Event

occurs

in

respect

of

the

Eurodollar

Rate,

the

Federal

Funds

Rate

shall

be

determined

without

reference

to

clause

(a)

of

this

definition.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund’s

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

6,

2023.

During

the

year

ended December

31,

2022,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(“SEC”)

(the

“Order”),

the

Funds

may

participate

in

an

interfund

lending

program

among

Fund

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2022,

none

of

the

Funds

engaged

in

interfund

lending.

5.

Investment

Transactions

For

the

year

ended

December

31,

2022,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

Fund

Class

II

American

Funds

Asset

Allocation

0.25

%

American

Funds

Bond

0.25

American

Funds

Global

Growth

0.25

American

Funds

Growth

0.25

American

Funds

Growth-Income

0.25

Fund

Amount

American

Funds

Asset

Allocation

$

16,756,653

American

Funds

Bond

8,860,590

American

Funds

Global

Growth

1,228,338

American

Funds

Growth

3,213,610

American

Funds

Growth-Income

9,552,469

Fund

Purchases

*

Sales

American

Funds

Asset

Allocation

$

862,790,861

$

630,429,594

American

Funds

Bond

279,604,021

435,809,546

American

Funds

Global

Growth

89,031,096

42,184,928

American

Funds

Growth

309,334,513

97,170,290

American

Funds

Growth-Income

582,538,853

302,120,572

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

46

-

Notes

to

Financial

Statements

-

December

31,

2022

-

American

Funds

6.

Risks

Associated

with

Investment

in

Master

Fund

Each Fund

concentrates

its

investment

primarily

in

a

single

underlying

fund.

Therefore,

each Fund

has

the

same

principal

risks

as

the

Master

Fund

in

which

it

invests.

Please

refer

to

Note

4

of

the

Master

Fund

Annual Report,

which

is

included

along

with

this

report,

for each Master

Fund’s

principal

risks

of

investments.

The

relative

concentration

in a

Master

Fund

also

may

affect

the

direct

performance

of

a

Fund,

positively

or

negatively,

and

may

have

a

greater

risk

of

loss.

7.

Indemnifications

Under

the

Trust’s

organizational

documents,

the

Trust’s

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust’s

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8.

New

Accounting

Pronouncements

and

Other

Matters

On

July

27,

2017,

the

United

Kingdom's

Financial

Conduct

Authority

announced

its

intention

to

cease

sustaining

LIBOR

after

2021.

U.S.

Federal

Reserve

Bank's

Alternative

Reference

Rates

Committee

(the

"ARR

committee")

selected

Secured

Overnight

Financing

Rate

(SOFR)

as

the

preferred

alternative

to

the

U.S.

dollar

LIBOR.

The

ARR

committee

has

noted

the

stability

of

the

repurchase

market

on

which

the

rate

is

based.

New

York

Federal

Reserve

began

publication

of

the

rate

in

April

2018.

Markets

are

slowly

developing

in

response

to

these

new

reference

rates.

Uncertainty

related

to

the

liquidity

impact

of

the

change

in

rates

and

how

to

appropriately

adjust

these

rates

at

the

time

of

transition,

poses

risks

for

the

Fund.

These

risks

are

likely

to

persist

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

instruments

and

contracts

are

commercially

accepted

and

market

practices

become

settled.

On

March

5,

2021,

ICE

Benchmark

Administration

stated

that

it

will

cease

the

publication

of

(i)

the

overnight

and

1,

3,

6

and

12

months

USD

LIBOR

settings

immediately

following

the

LIBOR

publication

on

June

30,

2023

and

(ii)

all

other

LIBOR

settings,

including

the

1

week

and

2

months

USD

LIBOR

settings,

immediately

following

the

LIBOR

publication

on

December

31,

2021,

with

the

majority

of

the

USD

LIBOR

settings

to

end

immediately

after

publication

on

June

30,

2023.

Management

is

currently

evaluating

the

implications

of

the

change

and

its

impact

on

financial

statement

disclosures

and

reporting

requirements.

A Master

Fund

does

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

shares.

However,

a

Fund

indirectly

pay

a

portion

of

the

operating

expenses

of

the

Master

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees.

These

expenses

are

deducted

from

the

Master

Fund’s

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

9.

Federal

Tax

Information

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2022

was

as

follows:

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

American

Funds

Asset

Allocation

$

5,739,057

$

248,464,229

$

254,203,286

$

–

$

254,203,286

American

Funds

Bond

1,462

69,761,007

69,762,469

–

69,762,469

American

Funds

Global

Growth

8,802

29,278,857

29,287,659

–

29,287,659

American

Funds

Growth

1,882,552

157,022,922

158,905,474

–

158,905,474

American

Funds

Growth-Income

2,967,474

90,901,701

93,869,175

–

93,869,175

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

American

Funds

-

December

31,

2022

-

Notes

to

Financial

Statements

-

47

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2021

was

as

follows:

As

of

December

31,

2022,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2022,

the

tax

cost

of

investments

and

the

breakdown

of

unrealized

appreciation/(depreciation)

for

each

Fund

was

as

follows: 

As

of

December

31,

2022,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2022.

10.

Coronavirus

(COVID-19)

Pandemic

The

“COVID-19”

strain

of

coronavirus

has

resulted

in

instances

of

market

closures

and

dislocations,

extreme

volatility,

liquidity

constraints

and

increased

trading

costs.

Efforts

to

contain

its

spread

have

resulted

in

travel

restrictions,

disruptions

of

healthcare

systems,

business

operations

(including

business

closures)

and

supply

chains,

layoffs,

lower

consumer

demand

and

employee

availability,

and

defaults

and

credit

downgrades,

among

other

significant

economic

impacts

that

have

disrupted

global

economic

activity

across

many

industries.

Such

economic

impacts

may

exacerbate

other

pre-existing

political,

social

and

economic

risks

locally

or

globally

and

cause

general

concern

and

uncertainty.

The

full

economic

impact

and

ongoing

effects

of

COVID-19

(or

other

future

epidemics

or

pandemics)

at

the

macro-level

and

on

individual

businesses

are

unpredictable

and

may

result

in

significant

and

prolonged

effects

on

a

Fund’s

performance.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

American

Funds

Asset

Allocation

$

86,687,707

$

44,033,087

$

130,720,794

$

–

$

130,720,794

American

Funds

Bond

79,008,352

21,017,032

100,025,384

–

100,025,384

American

Funds

Global

Growth

278,663

15,882,566

16,161,229

–

16,161,229

American

Funds

Growth

3,042,398

20,202,416

23,244,814

–

23,244,814

American

Funds

Growth-Income

45,001,451

77,745,807

122,747,258

–

122,747,258

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)*

Total

Accumulated

Earnings

(Deficit)

American

Funds

Asset

Allocation

$

154,576,595

$

641,398,628

$

795,975,223

$

–

$

–

$

907,938,540

$

1,703,913,763

American

Funds

Bond

96,013,872

–

96,013,872

–

(20,297,505)

(534,467,460)

(458,751,093)

American

Funds

Global

Growth

2,668,296

48,695,191

51,363,487

–

–

32,164,010

83,527,497

American

Funds

Growth

18,852,829

159,362,434

178,215,263

–

–

(124,586,084)

53,629,179

American

Funds

Growth-Income

84,771,173

337,006,135

421,777,308

–

–

396,406,060

818,183,368

*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

Fund

Tax

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

American

Funds

Asset

Allocation

$

5,351,438,661

$

934,944,315

$

(27,005,775)

$

907,938,540

American

Funds

Bond

3,726,817,059

–

(534,467,460)

(534,467,460)

American

Funds

Global

Growth

430,095,398

38,226,544

(6,062,534)

32,164,010

American

Funds

Growth

1,295,188,246

48,660,913

(173,246,997)

(124,586,084)

American

Funds

Growth-Income

3,262,764,791

413,423,029

(17,016,969)

396,406,060

Fund

Amount

American

Funds

Bond

$

(20,297,505)

48

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2022

-

American

Funds

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

American

Funds

Asset

Allocation

Fund,

NVIT

American

Funds

Bond

Fund,

NVIT

American

Funds

Global

Growth

Fund,

NVIT

American

Funds

Growth

Fund

and

NVIT

American

Funds

Growth-Income

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

NVIT

American

Funds

Asset

Allocation

Fund,

NVIT

American

Funds

Bond

Fund,

NVIT

American

Funds

Global

Growth

Fund,

NVIT

American

Funds

Growth

Fund

and

NVIT

American

Funds

Growth-Income

Fund

(five

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2022,

the

related

statements

of

operations

for

the

year

ended

December

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2022,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

21,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997.

American

Funds

-

December

31,

2022

(Unaudited)

-

Supplemental

Information

-

49

Other

Federal

Tax

Information

For

the

year

ended

December

31,

2022, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2022

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2022,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

The

Fund

has derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2022,

the

foreign

source

income

for

the

Fund

was

as

follows:

The

Fund intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2022,

the

foreign

tax

credit

for

the

Fund

was

as

follows:

Fund

Dividends

Received

Deduction

American

Funds

Asset

Allocation

48.77

%

American

Funds

Bond

0.06

American

Funds

Global

Growth

100.00

American

Funds

Growth

45.47

American

Funds

Growth-Income

68.38

Fund

Amount

American

Funds

Asset

Allocation

$

248,461,767

American

Funds

Bond

69,761,007

American

Funds

Global

Growth

29,278,857

American

Funds

Growth

157,022,922

American

Funds

Growth-Income

90,901,701

Fund

Amount

Per

Share

American

Funds

Asset

Allocation

$

–

$

–

American

Funds

Bond

–

–

American

Funds

Global

Growth

1,245,726

0.0861

American

Funds

Growth

–

–

American

Funds

Growth-Income

–

–

Fund

Amount

Per

Share

American

Funds

Asset

Allocation

$

–

$

–

American

Funds

Bond

–

–

American

Funds

Global

Growth

491,787

0.0340

American

Funds

Growth

–

–

American

Funds

Growth-Income

–

–

American

Funds

-

December

31,

2022

-

Management

Information

-

51

Each

Trustee

who

is

deemed

an

“interested

person,”

as

such

term

is

defined

in

the

1940

Act,

is

referred

to

as

an

“Interested

Trustee.”

Those

Trustees

who

are

not

“interested

persons,”

as

such

term

is

defined

in

the

1940

Act,

are

referred

to

as

“Independent

Trustees.”

The

name,

year

of

birth,

position

and

length

of

time

served

with

the

Trust,

number

of

portfolios

overseen,

principal

occupation(s)

and

other

directorships/trusteeships

held

during

the

past

five

years,

and

additional

information

related

to

experience,

qualifications,

attributes,

and

skills

of

each

Trustee

and

Officer

are

shown

below.

There

are

69

series

of

the

Trust,

all

of

which

are

overseen

by

the

Board

of

Trustees

and

Officers

of

the

Trust.

The

address

for

each

Trustee

and

Officer

is

c/o

Nationwide

Funds

Group,

One

Nationwide

Plaza,

Mail

Code

5-02-210,

Columbus,

OH

43215.

Independent

Trustees

Kristina

Junco

Bradshaw

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1980

Trustee

since

January

2023

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Bradshaw

was

a

Portfolio

Manager

on

the

Dividend

Value

team

at

Invesco

from

August

2006

to

August

2020.

Prior

to

this

time,

Ms.

Bradshaw

was

an

investment

banker

in

the

Global

Energy

&

Utilities

group

at

Morgan

Stanley

from

June

2002

to

July

2004.

Other

Directorships

held

During

the

Past

Five

Years

2

Board

Member

of

Southern

Smoke

Foundation

from

August

2020

to

present,

Advisory

Board

Member

of

Dress

for

Success

from

April

2013

to

present,

Trustee/Executive

Board

Member

of

Houston

Ballet

from

September

2011

to

present

and

President

since

July

2022,

and

Board

Member

of

Hermann

Park

Conservancy

from

August

2011

to

present,

serving

as

Board

Chair

since

2020.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Bradshaw

has

significant

board

experience;

significant

portfolio

management

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

Lorn

C.

Davis

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1968

Trustee

since

January

2021

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Davis

has

been

a

Managing

Partner

of

College

Hill

Capital

Partners,

LLC

(private

equity)

since

June

2016.

From

September

1998

until

May

2016,

Mr.

Davis

originated

and

managed

debt

and

equity

investments

for

John

Hancock

Life

Insurance

Company

(U.S.A.)/Hancock

Capital

Management,

LLC,

serving

as

a

Managing

Director

from

September

2003

through

May

2016.

Other

Directorships

held

During

the

Past

Five

Years

2

Board

Member

of

Outlook

Group

Holdings,

LLC

from

July

2006

to

May

2016,

serving

as

Chair

to

the

Audit

committee

and

member

of

the

Compensation

committee,

Board

Member

of

MA

Holdings,

LLC

from

November

2006

to

October

2015,

Board

Member

of

IntegraColor,

Ltd.

from

February

2007

to

September

2015,

Board

Member

of

The

Pine

Street

Inn

from

2009

to

present,

currently

serving

as

Chair

of

the

Board,

Member

of

the

Advisory

Board

(non-fiduciary)

of

Mearthane

Products

Corporation

from

September

2019

to

present,

and

Board

Member

of

The

College

of

Holy

Cross

since

July

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Davis

has

significant

board

experience,

significant

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Mr.

Davis

is

a

Chartered

Financial

Analyst

and

earned

a

Certificate

of

Director

Education

from

the

National

Association

of

Corporate

Directors

in

2008.

Barbara

I.

Jacobs

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1950

Trustee

since

December

2004

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

From

1988

through

2003,

Ms.

Jacobs

was

a

Managing

Director

and

European

Portfolio

Manager

of

CREF

Investments

(Teachers

Insurance

and

Annuity

Association—College

Retirement

Equities

Fund).

Ms.

Jacobs

also

served

as

Chairman

of

the

Board

of

Directors

of

KICAP

Network

Fund,

a

European

(United

Kingdom)

hedge

fund,

from

January

2001

through

January

2006.

Other

Directorships

held

During

the

Past

Five

Years

2

Trustee

and

Board

Chair

of

Project

Lede

from

2013

to

present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Jacobs

has

significant

board

experience

and

significant

executive

and

portfolio

management

experience

in

the

investment

management

industry.

Keith

F.

Karlawish

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1964

Trustee

since

March

2012;

Chairman

since

January

2021

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Karlawish

is

a

Senior

Director

of

Wealth

Management

with

Curi

Capital

which

acquired

Park

Ridge

Asset

Management,

LLC

in

August

2022.

Prior

to

this

time,

Mr.

Karlawish

was

a

partner

with

Park

Ridge

Asset

Management,

LLC

since

December

2008

and

also

served

as

a

portfolio

manager.

From

May

2002

until

October

2008,

Mr.

Karlawish

was

the

President

of

BB&T

Asset

Management,

Inc.,

and

was

President

of

the

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds

from

February

2005

until

October

2008.

Other

Directorships

held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Karlawish

has

significant

board

experience,

including

past

service

on

the

boards

of

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry

52

-

Management

Information

-

December

31,

2022

-

American

Funds

Interested

Trustee

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

The

tenure

of

each

Trustee

is

subject

to

the

Board’s

retirement

policy,

which

states

that

a

Trustee

shall

retire

from

the

Boards

of

Trustees

of

the

Trusts

effective

on

December

31

of

the

calendar

year

during

which

he

or

she

turns

75

years

of

age;

provided

this

policy

does

not

apply

to

a

person

who

became

a

Trustee

prior

to

September

11,

2019.

Carol

A.

Kosel

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

March

2013

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Kosel

was

a

consultant

to

the

Evergreen

Funds

Board

of

Trustees

from

October

2005

to

December

2007.

She

was

Senior

Vice

President,

Treasurer,

and

Head

of

Fund

Administration

of

the

Evergreen

Funds

from

April

1997

to

October

2005.

Other

Directorships

held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Kosel

has

significant

board

experience,

including

past

service

on

the

boards

of

Evergreen

Funds

and

Sun

Capital

Advisers

Trust;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Douglas

F.

Kridler

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1955

Trustee

since

September

1997

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Since

2002,

Mr.

Kridler

has

served

as

the

President

and

Chief

Executive

Officer

of

The

Columbus

Foundation,

a

$2.5

billion

community

foundation

with

2,000

funds

in

55

Ohio

counties

and

37

states

in

the

U.S.

Other

Directorships

held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Kridler

has

significant

board

experience;

significant

executive

experience,

including

service

as

president

and

chief

executive

officer

of

one

of

America’s

largest

community

foundations

and

significant

service

to

his

community

and

the

philanthropic

field

in

numerous

leadership

roles.

Charlotte

Tiedemann

Petersen

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1960

Trustee

since

January

2023

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

private

real

estate

investor/principal

since

January

2011.

Ms.

Petersen

served

as

Chief

Investment

Officer

at

Alexander

Capital

Management

from

April

2006

to

December

2010.

From

July

1993

to

June

2002,

Ms.

Petersen

was

a

Portfolio

Manager,

Partner

and

Management

Committee

member

of

Denver

Investment

Advisors

LLC.

Other

Directorships

held

During

the

Past

Five

Years

2

Investment

Committee

for

the

University

of

Colorado

Foundation

from

February

2015

to

June

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Petersen

has

significant

board

experience

including

past

service

as

a

Trustee

of

Scout

Funds

and

Director

of

Fischer

Imaging,

where

she

chaired

committees

for

both

entities;

significant

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

David

E.

Wezdenko

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

January

2021

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Wezdenko

is

a

Co-Founder

of

Blue

Leaf

Ventures

(venture

capital

firm,

founded

May

2018).

From

November

2008

until

December

2017,

Mr.

Wezdenko

was

Managing

Director

of

JPMorgan

Chase

&

Co.

Other

Directorships

held

During

the

Past

Five

Years

2

Independent

Trustee

for

National

Philanthropic

Trust

from

October

2021

to

present.

Board

Director

of

J.P.

Morgan

Private

Placements

LLC

from

January

2010

to

December

2017.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Wezdenko

has

significant

board

experience;

significant

past

service

at

a

large

asset

and

wealth

management

company

and

significant

experience

in

the

investment

management

industry.

M.

Diane

Koken

3

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1952

Trustee

since

April

2019

134

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

legal/regulatory

consultant

since

2007.

Ms.

Koken

served

as

Insurance

Commissioner

of

Pennsylvania,

for

three

governors,

from

1997–2007,

and

as

the

President

of

the

National

Association

of

Insurance

Commissioners

(NAIC)

from

September

2004

to

December

2005.

Prior

to

becoming

Insurance

Commissioner

of

Pennsylvania,

she

held

multiple

legal

roles,

including

vice

president,

general

counsel,

and

corporate

secretary

of

a

national

life

insurance

company.

Other

Directorships

held

During

the

Past

Five

Years

2

Director

of

Nationwide

Mutual

Insurance

Company

2007-present,

Director

of

Nationwide

Mutual

Fire

Insurance

Company

2007-present,

Director

of

Nationwide

Corporation

2007-present,

Director

of

Capital

BlueCross

2011-present,

Director

of

NORCAL

Mutual

Insurance

Company

2009-2021,

Director

of

Medicus

Insurance

Company

2009-present,

Director

of

Hershey

Trust

Company

2015-present,

Manager

of

Milton

Hershey

School

Board

of

Managers

2015-present,

Director

and

Chair

of

Hershey

Foundation

2016-present,

and

Director

of

The

Hershey

Company

2017-present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Koken

has

significant

board

experience

and

significant

executive,

legal

and

regulatory

experience,

including

past

service

as

a

cabinet-level

state

insurance

commissioner

and

general

counsel

of

a

national

life

insurance

company.

American

Funds

-

December

31,

2022

-

Management

Information

-

53

2

Directorships

held

in:

(1)

any

other

investment

companies

registered

under

the

1940

Act,

(2)

any

company

with

a

class

of

securities

registered

pursuant

to

Section

12

of

the

Securities

Exchange

Act

of

1934,

as

amended

(the

“Exchange

Act”),

or

(3)

any

company

subject

to

the

requirements

of

Section

15(d)

of

the

Exchange

Act,

which

are

required

to

be

disclosed

in

the

SAI.

In

addition,

certain

other

directorships

not

meeting

the

aforementioned

requirements

may

be

included

for

certain

Trustees

such

as

board

positions

on

non-profit

organizations.

3

Ms.

Koken

is

considered

an

interested

person

of

the

Trust

because

she

is

a

Director

of

the

parent

company

of,

and

several

affiliates

of,

the

Trust’s

investment

adviser

and

distributor.

Officers

of

the

Trust

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

2

These

positions

are

held

with

an

affiliated

person

or

principal

underwriter

of

the

Funds.

The

Statement

of

Additional

Information

(“SAI”)

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

800-848-0920

to

request

the

SAI.

Lee

T.

Cummings

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1

1963

President,

Chief

Executive

Officer

and

Principal

Executive

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Cummings

is

Senior

Vice

President

and

Head

of

Fund

Operations

of

Nationwide

Funds

Group,

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

2

He

previously

served

as

the

Trust’s

Treasurer

and

Principal

Financial

Officer.

David

Majewski

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Treasurer

and

Principal

Financial

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Majewski

previously

served

as

the

Trust’s

Assistant

Secretary

and

Assistant

Treasurer.

Kevin

Grether

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Senior

Vice

President

and

Chief

Compliance

Officer

since

December

2021

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Grether

is

Senior

Vice

President

of

NFA

and

Chief

Compliance

Officer

of

NFA

and

the

Trust.

He

is

also

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

2

He

previously

served

as

the

VP,

Chief

Compliance

Officer

for

the

Nationwide

Office

of

Investments

and

its

registered

investment

adviser,

Nationwide

Asset

Management.

Stephen

R.

Rimes

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Secretary,

Senior

Vice

President

and

General

Counsel

since

December

2019

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Rimes

is

Vice

President,

Associate

General

Counsel

and

Secretary

for

Nationwide

Funds

Group,

and

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

2

He

previously

served

as

Assistant

General

Counsel

for

Invesco

from

2000-2019.

Steven

D.

Pierce

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1

1965

Senior

Vice

President,

Head

of

Business

and

Product

Development

since

March

2020

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Pierce

is

Senior

Vice

President,

Head

of

Business

and

Product

Development

for

Nationwide

Funds

Group,

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

2

Christopher

C.

Graham

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1971

Senior

Vice

President,

Head

of

Investment

Strategies,

Chief

Investment

Officer

and

Portfolio

Manager

since

September

2016

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Graham

is

Senior

Vice

President,

Head

of

Investment

Strategies

and

Portfolio

Manager

for

the

Nationwide

Funds

Group,

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

2

54

-

Market

Index

Definitions

-

December

31,

2022

-

American

Funds

Bloomberg

®

Emerging

Markets

Aggregate

Bond

Index

(USD):

A

flagship

hard

currency

Emerging

Markets

debt

benchmark

that

includes

fixed

and

floating-rate

US

dollar-denominated

debt

issued

from

sovereign,

quasi-sovereign,

and

corporate

emerging

markets

issuers.

Bloomberg

®

U.S.

Municipal

Index:

An

index

based

on

USD-denominated

long-term

tax-exempt

bond

market.

The

Index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds,

and

pre-refunded

bonds.

Bloomberg

®

U.S.

Aggregate

Total

Return

Index

(USD):

Provides

a

measure

of

the

performance

of

the

U.S.

dollar

denominated

investment

grade

bond

market,

including

investment

grade

government

bonds,

investment

grade

corporate

bonds,

mortgage

pass

through

securities,

commercial

mortgage-backed

securities

and

asset

backed

securities

that

are

publicly

for

sale

in

the

United

States.

Bloomberg

®

U.S.

Aggregate

Bond

Index:

An

unmanaged,

market

value-weighted

index

of

U.S.

dollar-denominated

investment-

grade,

fixed-rate,

taxable

debt

issues,

which

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

Bloomberg

®

U.S.

Corporate

High

Yield

Bond

Index:

Measures

the

USD-denominated,

high

yield,

fixed-rate

corporate

bond

market.

Securities

are

classified

as

high

yield

if

the

middle

rating

of

Moody's,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

Bloomberg

®

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index:

An

unmanaged

index

that

measures

the

performance

of

high-

yield

corporate

bonds,

with

a

maximum

allocation

of

2%

to

any

one

issuer.

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

Index:

An

unmanaged

index

that

measures

the

performance

of

the

non-

securitized

component

of

the

U.S.

Aggregate

Bond

Index

with

maturities

of

1

to

3

years,

including

Treasuries,

government-related

issues,

and

corporates.

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

Index:

Measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

US

Treasury

with

10-20

years

to

maturity.

Bloomberg

®

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

Index

SM

:

An

index

that

measures

the

performance

of

the

US

Treasury

Inflation

Protected

Securities

(TIPS)

market.

Bloomberg

®

Mortgage-Backed

Securities

Index:

A

market

value-weighted

index

comprising

agency

mortgage-backed

pass-

through

securities

of

the

Government

National

Mortgage

Association

(Ginnie

Mae),

the

Federal

National

Mortgage

Association

(Fannie

Mae),

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

with

a

minimum

$150

million

par

amount

outstanding

and

a

weighted-average

maturity

of

at

least

one

year.

Bloomberg

®

U.S.

Government/Mortgage

Index:

Measures

the

performance

of

U.S.

government

bonds

and

mortgage-related

securities,

including

Ginnie

Maes,

Freddie

Macs,

Hybrid

ARMs,

Fannie

Maes,

U.S.

Treasuries

and

U.S.

Agencies

only.

It

is

a

subset

of

US

Aggregate

Index.

Note

about

Bloomberg

®

Indexes

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

®

Finance

L.P.

and

its

affiliates

including

Bloomberg

®

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

®

is

not

affiliated

with

Nationwide,

and

Bloomberg

®

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

®

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

Citigroup

Non-US

Dollar

World

Government

Bond

Index

(Citigroup

WGBI

Non-US):

An

unmanaged,

market

capitalization-

weighted

index

that

reflects

the

performance

of

fixed-rate

investment-grade

sovereign

bonds

with

remaining

maturities

of

one

year

or

more

issued

outside

the

United

States;

generally

considered

to

be

representative

of

the

world

bond

market.

Citigroup

US

Broad

Investment-Grade

Bond

Index

(USBIG

®

):

An

unmanaged,

market

capitalization-weighted

index

that

measures

the

performance

of

U.S.

dollar-denominated

bonds

issued

in

the

U.S.

investment-grade

bond

market;

includes

fixed-

rate,

U.S.

Treasury,

government-sponsored,

collateralized,

and

corporate

debt

with

remaining

maturities

of

one

year

or

more.

American

Funds

-

December

31,

2022

-

Market

Index

Definitions

-

55

Citigroup

US

High-Yield

Market

Index:

An

unmanaged,

market

capitalization-weighted

index

that

reflects

the

performance

of

the

North

American

high-yield

market;

includes

U.S.

dollar-denominated,

fixed-rate,

cash-pay,

and

deferred-interest

securities

with

remaining

maturities

of

one

year

or

more,

issued

by

corporations

domiciled

in

the

United

States

or

Canada.

Citigroup

World

Government

Bond

Index

(WGBI)

(Unhedged):

An

unmanaged,

market

capitalization-weighted

index

that

is

not

hedged

back

to

the

U.S.

dollar

and

reflects

the

performance

of

the

global

sovereign

fixed-income

market;

includes

local

currency,

investment-grade,

fixed-rate

sovereign

bonds

issued

in

20-plus

countries,

with

remaining

maturities

of

one

year

or

more.

Note

about

Citigroup

Indexes

©

2023

Citigroup

Index

LLC.

All

rights

reserved

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

SM

(RESI):

An

unmanaged

index

that

measures

the

performance

of

publicly

traded

securities

of

U.S.-traded

real

estate

operating

companies

(REOCs)

and

real

estate

investment

trusts

(REITs).

FTSE

World

ex

US

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

excluding

the

United

States.

FTSE

World

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

including

the

United

States.

Note

about

FTSE

Indexes

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2023.

“FTSE

®

”

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

All

rights

in

the

FTSE

indices

and/or

FTSE

ratings

vest

in

FTSE

and/or

its

licensors.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/

or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE's

express

written

consent.

ICE

BofA

Merrill

Lynch

Current

5-Year

US

Treasury

Index:

An

unmanaged,

one-security

index,

rebalanced

monthly,

that

measures

the

performance

of

the

most

recently

issued

5-year

U.S.

Treasury

note;

a

qualifying

note

is

one

auctioned

on

or

before

the

third

business

day

prior

to

the

final

business

day

of

a

month.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index

(USD

Hedged):

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

The

Index

is

hedged

against

the

fluctuations

of

the

constituent

currencies

versus

the

U.S.

dollar.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index:

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

Note

about

ICE

BofA

Merrill

Lynch

Indexes

Source

BofA

Merrill

Lynch,

used

with

permission.

BofA

Merrill

Lynch

is

licensing

the

BofA

Merrill

Lynch

Indexes

“as

is”,

makes

no

warranties

regarding

same,

does

not

guarantee

the

suitability,

quality,

accuracy,

timeliness,

and/or

completeness

of

the

BofA

Merrill

Lynch

Indexes

or

any

data

included

in,

related

to,

or

derived

therefrom,

assumes

no

liability

in

connection

with

their

use,

and

does

not

sponsor,

endorse,

or

recommend

Nationwide

Mutual

Funds,

or

any

of

its

products

or

services

(2023).

iMoneyNet

Money

Fund

Average™

Government

All

Index:

An

average

of

government

money

market

funds.

Government

money

market

funds

may

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements,

and

government-backed

floating

rate

notes,

and

include

both

retail

and

institutional

funds.

JPM

Emerging

Market

Bond

Index

(EMBI)

Global

Diversified

Index:

An

unmanaged

index

that

reflects

the

total

returns

of

U.S.

dollar-denominated

sovereign

bonds

issued

by

emerging

market

countries

as

selected

by

JPMorgan.

J.P.

Morgan

Mozaic

SM

Index

(Series

F):

A

rules-based,

dynamic

index

that

tracks

the

total

return

of

a

global

mix

of

asset

classes,

including

equity

securities,

fixed-income

securities,

and

commodities,

through

futures

contracts

on

those

asset

classes.

The

Index

rebalances

monthly

in

an

effort

to

capture

the

continued

performance

of

asset

classes

that

have

exhibited

the

highest

recent

returns.

56

-

Market

Index

Definitions

-

December

31,

2022

-

American

Funds

Note

about

JPMorgan

Indexes

Information

has

been

obtained

from

sources

believed

to

be

reliable,

but

JPMorgan

does

not

warrant

its

completeness

or

accuracy.

The

Index

is

used

with

permission.

The

Index

may

not

be

copied,

used,

or

distributed

without

JPMorgan's

prior

written

approval.

©

2023,

JPMorgan

Chase

&

Co.

All

rights

reserved.

Morningstar

®

Lifetime

Allocation

Indexes:

A

series

of

unmanaged,

multi-asset-class

indexes

designed

to

benchmark

target-

date

investment

products.

Each

index

is

available

in

three

risk

profiles:

aggressive,

moderate,

and

conservative.

The

index

asset

allocations

adjust

over

time,

reducing

equity

exposure

and

shifting

toward

traditional

income-producing

investments.

The

strategic

asset

allocation

of

the

indexes

is

based

on

the

Lifetime

Asset

Allocation

methodology

developed

by

Ibbotson

Associates,

a

Morningstar

company.

Morningstar

®

Target

Risk

Indexes:

A

series

consisting

of

five

asset

allocation

indexes

that

span

the

risk

spectrum

from

conservative

to

aggressive.

The

securities

selected

for

the

asset

allocation

indexes

are

driven

by

the

rules-based

indexing

methodologies

that

power

Morningstar's

comprehensive

index

family.

Aggressive

Target

Risk

Index

Moderately

Aggressive

Target

Risk

Index

Moderate

Target

Risk

Index

Moderately

Conservative

Target

Risk

Index

Conservative

Target

Risk

Index

Note

about

Morningstar

®

Indexes

Neither

any

Morningstar

company

nor

any

of

its

information

providers

can

guarantee

the

accuracy,

completeness,

timeliness,

or

correct

sequencing

of

any

of

the

info

rmation

on

this

website,

including,

but

not

limited

to,

information

originated

by

any

Morningstar

company,

licensed

by

any

Morningstar

company

from

information

providers,

or

gathered

by

any

Morningstar

company

from

other

third-party

sources

(e.g.,

publicly

available

sources).

©2023

Morningstar

MSCI

ACWI

®

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI.

MSCI

ACWI

®

ex

USA:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

ACWI

®

ex

USA

Growth:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

growth

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

EAFE

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

World

ex

USA

Index

SM

:

Captures

large-

and

mid-capitalization

representation

across

22

of

23

Developed

Markets

(DM)

countries—excluding

the

United

States.

With

1,020

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

DM

countries

include

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

United

Kingdom.

MSCI

World

Index

SM

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

markets

as

determined

by

MSCI.

MSCI

EAFE

®

Small

Cap

Index:

An

equity

index

which

captures

small

cap

representation

across

Developed

Markets

countries

including

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

UK

around

the

world,

excluding

the

US

and

Canada.

American

Funds

-

December

31,

2022

-

Market

Index

Definitions

-

57

MSCI

EAFE

®

Value

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

value

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

Emerging

Markets

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

emerging-country

markets

as

determined

by

MSCI.

Note

about

MSCI

Indexes

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2023

MSCI

Inc.

All

rights

reserved.

NYSE

Arca

Tech

100

Index:

A

price-weighted

index

composed

of

common

stocks

and

American

Depository

Receipts

(“ADRs”

a

form

of

equity

security

that

was

created

specifically

to

simplify

foreign

investing

for

American

investor)

of

technology-related

companies

listed

on

US

stock

exchanges.

This

Index

is

maintained

by

the

New

York

Stock

Exchange,

but

also

includes

stocks

that

trade

on

exchanges

other

than

the

NYSE.

Note

about

NYSE

Arca

Index

“Archipelago

®

”,

“ARCA

®

”,

“ARCAEX

®

”,

“NYSE

®

“,

“NYSE

ARCA

SM

”

and

“NYSE

Arca

Tech

100

SM

”

are

trademarks

of

the

NYSE

Group,

Inc.

and

Archipelago

Holdings,

Inc.

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors,

on

behalf

of

the

Nationwide

NYSE

Arca

Tech

100

Index

Fund.

The

Nationwide

NYSE

Arca

Tech

100

Index

Fund

is

not

sponsored,

endorsed,

sold,

or

promoted

by

Archipelago

Holdings,

Inc.

or

by

NYSE

Group,

Inc.

Neither

Archipelago

Holdings,

Inc.

nor

NYSE

Group,

Inc.

makes

any

representation

or

warranty

regarding

the

advisability

of

investing

in

securities

generally,

the

Nationwide

NYSE

Arca

Tech

100

Index

to

track

general

stock

market

performance.

Russell

1000

®

Index:

A

stock

market

index

that

represents

the

1000

top

companies

by

market

capitalization

in

the

Russell

3000

Index

in

the

United

States.

Russell

1000

®

Equal

Weight

Technology

Index:

Russell's

industry

equal

weight

index

methodology

equally

weights

each

industry

within

the

index

and

then

equally

weights

the

companies

within

each

industry.

Provides

greater

diversification

benefits

than

traditional

equal

weighted

indexes.

Russell

1000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

1000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

2000

®

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

segment

of

the

U.S.

equity

universe.

Russell

2000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2500

TM

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small

to

mid-cap

growth

segment

of

the

US

equity

universe.

Includes

companies

with

higher

growth

earning

potential.

Russell

3000

®

Growth

Index:

A

market-capitalization

weighted

index

based

on

the

Russell

3000

Index.

Includes

companies

that

show

signs

of

above-average

growth.

58

-

Market

Index

Definitions

-

December

31,

2022

-

American

Funds

Russell

3000

®

Index:

a

capitalization-weighted

stock

market

index,

maintained

by

FTSE

Russell,

that

seeks

to

be

a

benchmark

of

the

entire

U.S

stock

market.

Russell

Midcap

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

Midcap

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Note

about

Russell

Indexes

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Nationwide

Mutual

Funds

are

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

S&P

500

®

Index:

An

unmanaged,

market

capitalization-weighted

index

of

500

stocks

of

leading

large-cap

U.S.

companies

in

leading

industries;

gives

a

broad

look

at

the

U.S.

equities

market

and

those

companies’

stock

price

performance.

S&P

MidCap

400

®

(S&P

400)

Index:

An

unmanaged

index

that

measures

the

performance

of

400

stocks

of

medium-sized

U.S.

companies

(those

with

a

market

capitalization

of

$1.4

billion

to

$5.9

billion).

S&P

North

American

Technology

Sector

Index:

Represents

U.S.

securities

classified

under

the

GICS

®

information

technology

sector

as

well

as

the

internet

&

direct

marketing

retail,

interactive

home

entertainment,

and

interactive

media

&

services

sub-

industries.

S&P

Target

Date

®

To

Indexes:

A

series

of

12

unmanaged,

multi-asset

class

indexes

consisting

of

the

Retirement

Income

Index

plus

11

indexes

that

correspond

to

a

specific

target

retirement

date

(ranging

from

2010

through

2060+).

The

series

reflects

a

subset

of

target

date

funds,

each

of

which

generally

has

an

asset

allocation

mix

and

glide

path

featuring

relatively

conservative

total

equity

exposure

near

retirement

and

static

total

equity

exposure

after

retirement.

Each

index

in

the

series

reflects

varying

levels

of

exposure

to

equities,

bonds,

and

other

asset

classes

and

becomes

more

conservative

with

the

approach

of

the

target

retirement

date.

Note

about

S&P

Indexes

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

content.

S&P

parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

content

is

provided

on

an

"as

is"

basis.

Copyright

©

2023

by

Standard

&

Poor's

Financial

Services

LLC.

P.O.

Box

701

Milwaukee,

WI

53201-0701

nationwide.com/mutualfunds

NAR-AMF

(2-23)

American Funds

Insurance Series®

Annual report

for the year ended December 31, 2022

Investing in global companies for the long term

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the underlying funds in certain market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1Letter to investors

4Fund reviews

Investment portfolios

46 Global Growth Fund

51Global Small Capitalization Fund

58Growth Fund

65International Fund

70New World Fund®

84Washington Mutual Investors Fund

89Capital World Growth and Income Fund®

97 Growth-Income Fund

103International Growth and Income Fund

109Capital Income Builder®

127Asset Allocation Fund

160American Funds® Global Balanced Fund

176The Bond Fund of America®

206Capital World Bond Fund®

226American High-Income Trust®

245American Funds Mortgage Fund®

252Ultra-Short Bond Fund

254U.S. Government Securities Fund®

263Managed Risk Growth Fund

265Managed Risk International Fund

Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series® for the year ended December 31, 2022.

Regarding the investment environment, global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index1. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index2 fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half,

a strong labor market helped inflation to persist.

European stocks declined as record-high inflation, rising interest rates and the Ukraine invasion combined to hammer the eurozone economy. Gross domestic product growth in the 19-member eurozone decelerated throughout the year, falling to 0.3% in the third quarter from 0.6% in the first quarter. Political turmoil also weighed on markets amid contentious leadership changes in Italy and the United Kingdom. Despite a strong fourth-quarter rally in European stocks, the MSCI Europe Index3 finished the full year down by 15.06%.

Emerging markets stocks tumbled, undercut by China’s economic slowdown, interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID- 19, also weighed on equity prices. Overall, the MSCI Emerging Markets Index4 slid 20.09%.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index5 lost 12.46% in one of the worst bond market

267Managed Risk Washington Mutual Investors Fund

269Managed Risk Growth-Income Fund

271Managed Risk Asset Allocation Fund

273 Financial statements

Past results are not predictive of results in future periods.

All market returns referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes. Source: MSCI.

1Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes.

2Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

3Source: MSCI. MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes.

4Source: MSCI. MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. Results reflect dividends net of withholding taxes.

5Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

American Funds Insurance Series    1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield rose 237 basis points to 3.88%. In this environment, investment-grade (BBB/ Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index6 was down 15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index7 fell by 11.18%, while the Bloomberg Municipal Bond Index8 declined 8.53%.

In foreign exchange markets a strong U.S. dollar grew stronger for much of the year, particularly as the Fed raised rates at a faster pace than some other central banks, though there was some reversal of its strength in the last two months of the year. The dollar posted gains of 6.6% and 14.6% against the euro and the yen, respectively.

Looking ahead

Big questions remain about how the U.S. economy will do in 2023. It is possible

that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy, and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we’ve already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we’ve been used to the past decade, but is likely to gently decline over the coming year from the 6.5% mark, published in January 2023. That would be good news on its own, and would also lighten the upward pressure we’ve seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals

and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

Donald D. O’Neal

Co-President

Alan N. Berro

Co-President

February 13, 2023

Past results are not predictive of results in future periods.

6Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

7Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.

8Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment- grade tax-exempt bond market.

2    American Funds Insurance Series

About the series

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series’ funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information.

The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. The waivers will be in effect through at least May 1, 2023. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2023, unless modified or terminated by the series’ board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series® — Growth Fund and American Funds Insurance Series® — The Bond Fund of America. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series® — International Fund and American Funds Insurance Series® — The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series® — Washington Mutual Investors Fund and American Funds Insurance Series® — U.S. Government Securities Fund. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series® — Growth-Income Fund and American Funds Insurance Series® — The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series® — Asset Allocation Fund. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

American Funds Insurance Series    3

Global Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Growth Fund declined 24.54% for the 12 months ended December 31, 2022, compared with a decrease of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the fund, stock selection in the consumer discretionary sector was the top contributor to relative returns. A larger-than-index position in health care firm Cigna was among the top individual contributors to the fund, with returns that outpaced the broader market. On the downside, stock selections within the information technology sector weighed on results. Netherlands-based payments firm Adyen was among the top individual detractors, with returns that lagged the broader market in a weak sector overall.

On a geographic basis, stocks of companies domiciled in Hong Kong and France were among the top contributors to results, while stocks of companies based in the United States and the Netherlands were among the top detractors.

The fund’s portfolio managers are optimistic they will continue to find good companies globally that offer high- quality products and services, and whose values are not yet fully reflected in their share prices.

4    American Funds Insurance Series

Global Growth Fund (continued)

How a hypothetical $40,000

$10,000 investment has grown

$26,965 Global Growth Fund, Class 1

$21,545

MSCI ACWI1

10,000
8,000
	‘12	’13	‘14	’15	‘16	’17	‘18	‘19	’20	’21	’22
					Year ended December 31
Total returns based on For periods ended December 31, 20222
a $1,000 investment									Lifetime		Gross	Net
			1 year		5 years		10 years	(since April 30, 1997) expense ratio				expense ratio
	Class 1		–24.54%		7.33%		10.43%		9.57%		0.52%	0.41%
	Class 1A		–24.73		7.07		10.16		9.30		0.77	0.66
	Class 2		–24.74		7.06		10.15		9.30		0.77	0.66
	Class 4		–24.92		6.80		9.92		9.04		1.02	0.91

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. ²Periods greater than one year are annualized.

Percent of net assets

Where the fund’s
assets were
invested as of		The Americas 50.4%
December 31, 2022
	Europe 30.5%

Asia/Pacific Basin 15.2%

Short-term securities & other assets less liabilities 3.9%

American Funds Insurance Series    5

Global Small Capitalization Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Small Capitalization Fund declined 29.37% for the 12 months ended December 31, 2022. Its benchmark, the MSCI All Country World Small Cap Index,¹ a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, declined 18.67%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selection within the health care sector was a positive contributor to relative returns. A larger-than-index investment in medical technology firm Haemonetics was among the fund’s top individual contributors over the period. On the downside, stock selection within the information technology sector weighed on returns. Within individual securities, India-based cloud platform provider Tanla Platforms was a top detractor, as its stock lagged the broader market.

Geographically, investments in companies domiciled in Hong Kong and Korea were overall additive to returns, while investments in those domiciled in China and the United States were detractors, overall.

In a turbulent year for markets across the board, the fund’s results for the past 12 months have been disappointing. However, with analysts’ full-time return to the road after COVID-19-related pauses, fund managers remain confident in the primary research capabilities underpinning investment decisions, and optimistic for the outlook ahead. While cognizant of the possibility of recession in the short term, managers remain committed to investing in companies with long-term potential.

6    American Funds Insurance Series

Global Small Capitalization Fund (continued)

How a hypothetical	$30,000
$10,000 investment
has grown	$20,987
		MSCI ACWI
		Small Cap1
		$19,857
		Global Small
		Capitalization
		Fund, Class 1

10,000
8,000
	‘12	’13	‘14	’15	‘16	’17	‘18	‘19	’20	’21	’22
					Year ended December 31
Total returns based on For periods ended December 31, 20222
a $1,000 investment									Lifetime		Gross	Net
			1 year		5 years		10 years	(since April 30, 1998) expense ratio				expense ratio
	Class 1		–29.37%		3.05%		7.10%		8.39%		0.70%	0.66%
	Class 1A		–29.54		2.80		6.84		8.13		0.95	0.91
	Class 2		–29.55		2.79		6.84		8.13		0.95	0.91
	Class 4		–29.69		2.54		6.58		7.86		1.20	1.16

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. ²Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022

Asia/Pacific Basin 31.6%

Europe 21.1%

Other regions .8%

Percent of net assets

The Americas 43.7%

Short-term securities

&other assets less liabilities 2.8%

American Funds Insurance Series    7

Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Growth Fund declined 29.75% for the 12 months ended December 31, 2022, compared with a decrease of 18.11% in its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selection within the materials sector was the top contributor to relative returns. A position in energy industry firm Halliburton buoyed results as its stock outpaced the broader industry. On the downside, investments within the communication services sector weighed on results. A position in Tesla was the top individual detractor to returns.

The overall uncertain economic environment and challenges of inflation are very real concerns. The fund’s managers believe it is well-positioned for the road ahead and continue to focus on capital appreciation and selecting companies best suited for this challenging economic environment. Portfolio managers remain confident their time-tested investment approach, based on thorough research and robust debate with an eye on valuation, can continue to deliver superior outcomes for investors over the long-term.

8    American Funds Insurance Series

Growth Fund (continued)

How a hypothetical $60,000

$10,000 investment has grown

10,000

8,000

‘12	’13	‘14	’15	‘16	’17	‘18	‘19	’20	’21	’22
				Year ended December 31

$36,843 Growth Fund, Class 1

$32,654 S&P 5001

Total returns based on For periods ended December 31, 20222
a $1,000 investment					Lifetime	Expense
		1 year	5 years	10 years (since February 8, 1984)		ratio
	Class 1	–29.75%	11.42%	13.93%	12.65%	0.34%
	Class 1A	–29.93	11.14	13.65	12.37	0.59
	Class 2	–29.94	11.14	13.64	12.37	0.59
	Class 3	–29.89	11.22	13.72	12.45	0.52
	Class 4	–30.11	10.86	13.38	12.09	0.84

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1Source: S&P Dow Jones Indices LLC. ²Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were

invested as ofHealth care 17.3% December 31, 2022

Consumer discretionary 16.9%

Communication services 12.9%	Information technology 20.0%
		Other sectors 18.1%
Industrials 10.9%
		Short-term securities
Other securities .3%
			& other assets
			less liabilities 3.6%

American Funds Insurance Series    9

International Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

International Fund declined 20.57% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, stock selection within the energy sector boosted relative returns. Within individual securities, a higher-than-index position in Petroleo Brasileiro was a top contributor as the stock significantly outpaced the market overall. On the downside, stock selection within the information technology sector dragged on returns. A larger-than-index position in South Korean chipmaker SK Hynix was among the top individual detractors.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. In this uncertain environment, the fund’s managers endeavor to maintain a portfolio with a healthy balance of well-managed companies across sectors.

10    American Funds Insurance Series

International Fund (continued)

How a hypothetical $20,000

$10,000 investment has grown

$15,058 International Fund, Class 1

$14,520

MSCI ACWI ex USA1

10,000

8,000

‘12

’13

‘14

’15

‘16

’17

‘18

‘19

’20

’21

’22

Year ended December 31

Total returns based on For periods ended December 31, 20222

a $1,000 investment

Lifetime

Expense

1 year

5 years

10 years

(since May 1, 1990)

ratio

Class 1

–20.57%

–0.78%

4.18%

7.07%

0.53%

Class 1A

–20.80

–1.03

3.92

6.80

0.78

Class 2

–20.79

–1.03

3.92

6.80

0.78

Class 3

–20.76

–0.97

3.98

6.87

0.71

Class 4

–21.02

–1.29

3.67

6.54

1.03

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. ²Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022

Europe 30.2%

The Americas 15.3%

Other regions 1.2%

Percent of net assets

Asia/Pacific Basin 49.2%

Short-term securities

&other assets less liabilities 4.1%

American Funds Insurance Series    11

New World Fund®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

New World Fund was down 21.86% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), declined 18.36%. The MSCI Emerging Markets (EM) Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), fell by 20.09%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Emerging markets stocks tumbled, undercut by China’s economic slowdown, the Federal Reserve’s aggressive interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. However, a few countries, including Brazil, were able to separate from the group by benefiting from some stronger fundamentals.

Within the portfolio, a higher-than-benchmark position in the materials sector was beneficial to the fund’s relative returns. Brazilian mining company Vale was a top individual contributor, as its stock saw returns that outpaced the broader market. Indian energy company Reliance Industries was also a relative contributor. On the downside, stock selection within the health care sector dragged on relative returns. Among individual securities, a larger-than-benchmark position in Singapore-based Sea Ltd. was a top detractor to results.

The investment environment has become much more challenging over the last year, with a wide range of uncertainties affecting equity prices – including global shifts in monetary policy, elevated geopolitical tensions and the potential for widespread recession. The portfolio managers believe the fund’s flexibility in seeking investments in both the developed world and emerging markets will provide significant opportunities in these periods of volatility. They remain confident that on-the-ground research, a cornerstone of their investment process, will provide highly differentiated investment insights leading to potentially superior outcomes over the long term.

12    American Funds Insurance Series

New World Fund® (continued)

How a hypothetical $30,000

$10,000 investment has grown

$21,545

MSCI ACWI1

$15,573 New World Fund, Class 1

10,000
8,000
	‘12	’13	‘14	’15	‘16	’17	‘18	‘19	’20	’21	’22
					Year ended December 31
Total returns based on For periods ended December 31, 20222
a $1,000 investment									Lifetime		Gross	Net
			1 year		5 years		10 years (since June 17, 1999)				expense ratio	expense ratio
	Class 1		–21.86%		2.58%		4.53%		7.45%		0.64%	0.57%
	Class 1A­		–22.09		2.32		4.27		7.18		0.89	0.82
	Class 2		–22.10		2.32		4.27		7.18		0.89	0.82
	Class 4		–22.25		2.07		4.02		6.92		1.14	1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. ²Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022

The Americas 34.8%

Europe 20.6%

Other regions 2.9%

Percent of net assets

Asia/Pacific Basin 36.4%

Short-term securities

&other assets less liabilities 5.3%

American Funds Insurance Series    13

Washington Mutual Investors Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Washington Mutual Investors Fund declined 8.28% for the 12 months ended December 31, 2022. Its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell by 18.11%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selections in the consumer discretionary and information technology sectors were additive to relative returns. Among individual securities, a higher-than-benchmark position in Unitedhealth Group was a top contributor, as the stock outpaced the broader market. On the downside, security selections within the financials and real estate sectors were top detractors. A lower-than-index position in Exxon Mobil weighed on relative returns as the stock outpaced the market overall.

Looking ahead, the fund’s portfolio managers are keeping a close watch on monetary policy, inflation, and other global issues, along with the resulting implications for the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long- term investment opportunities.

14    American Funds Insurance Series

Washington Mutual Investors Fund (continued)
How a hypothetical $40,000
$10,000 investment
has grown		$32,654
		S&P 5001
	$29,888
		Washington Mutual
		Investors Fund,
		Class 1

10,000
8,000
	‘12	’13	‘14	’15	‘16	’17	‘18	‘19	’20	’21	’22
					Year ended December 31
Total returns based on For periods ended December 31, 20222
a $1,000 investment									Lifetime		Gross	Net
			1 year		5 years		10 years	(since July 5,2001)			expense ratio	expense ratio
	Class 1		–8.28%		7.37%		11.57%		6.97%		0.40%	0.25%
	Class 1A		–8.45		7.11		11.30		6.71		0.65	0.50
	Class 2		–8.45		7.11		11.30		6.70		0.65	0.50
	Class 4		–8.69		6.84		11.08		6.47		0.90	0.75

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1Source: S&P Dow Jones Indices LLC. ²Periods greater than one year are annualized.

Where the fund’s assets were

invested as of Information technology 17.6% December 31, 2022

Financials 13.7%

Industrials 11.2%

Percent of net assets

Health care 22.0%

Other sectors 22.8%

Short-term securities

&other assets less liabilities 4.3%

Other securities .3%

American Funds Insurance Series    15