UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-03213

NATIONWIDE VARIABLE INSURANCE TRUST

(Exact name of registrant as specified in charter)

1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN PENNSYLVANIA	19428
(Address of principal executive offices)	(Zip code)

ERIC E. MILLER, Esq.
1200 River Road
SUITE 1000
Conshohocken, Pennsylvania 19428
(Name and address of agent for service)

Registrant’s telephone number, including area code: (484) 530-1300

Date of fiscal year end: 12/31/2008

Date of reporting period: 03/31/2008

          Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

          A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

          File the schedules as of the close of the reporting period as set forth in §§ 210.12-12 - 12-14 of Regulation S-X [17 CFR §§ 210.12-12 — 12-14]. The schedules need not be audited.

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Nationwide Fund

	Shares		Value
Common Stocks (99.2%)
Aerospace & Defense (3.0%)
Boeing Co. (The)		128,300	$	9,541,671
Goodrich Corp.		45,100		2,593,701
L-3 Communications Holdings, Inc.		80,000		8,747,200
Northrop Grumman Corp.		168,812		13,135,262
Precision Castparts Corp.		25,100		2,562,208
Raytheon Co.		115,220		7,444,364
Rockwell Collins, Inc.		87,300		4,989,195
				49,013,601
Auto Components (0.8%)
BorgWarner, Inc.		93,310		4,015,129
Goodyear Tire & Rubber Co. (The)*		177,500		4,579,500
Johnson Controls, Inc.		153,600		5,191,680
				13,786,309
Beverages (2.5%)
Coca-Cola Co. (The)		326,310		19,862,490
Coca-Cola Enterprises, Inc.		191,200		4,627,040
Constellation Brands, Inc., Class A*		446,150		7,883,470
Molson Coors Brewing Co., Class B		178,370		9,376,911
				41,749,911
Biotechnology (0.7%)
Amgen, Inc.*		104,400		4,361,832
Gilead Sciences, Inc.*		151,900		7,827,407
				12,189,239
Building Products (0.2%)
Masco Corp.		177,100		3,511,893
Capital Markets (5.3%)
Bank of New York Mellon Corp.		857,100		35,766,783
BlackRock, Inc.(a)		20,900		4,267,362
FCStone Group, Inc.*		18,818		521,259
GFI Group, Inc.		23,270		1,333,371
Goldman Sachs Group, Inc. (The)		35,800		5,920,962
Invesco Ltd.		288,800		7,035,168
KBW, Inc.*(a)		46,310		1,021,135
Lehman Brothers Holdings, Inc.		130,000		4,893,200
Morgan Stanley		120,600		5,511,420
Northern Trust Corp.		73,400		4,878,898
State Street Corp.		76,400		6,035,600
T. Rowe Price Group, Inc.		165,900		8,295,000
TD Ameritrade Holding Corp.*		182,530		3,013,570
				88,493,728
Chemicals (2.3%)
Bunge Ltd.(a)		180,200		15,655,776
Dow Chemical Co. (The)		145,000		5,343,250
Monsanto Co.		57,900		6,455,850
Mosaic Co. (The)*		33,700		3,457,620
PPG Industries, Inc.		90,700		5,488,257
Valspar Corp.		54,570		1,082,669
				37,483,422
Commercial Banks (2.2%)
Comerica, Inc.		255,600		8,966,448
Huntington Bancshares, Inc.		360,800		3,878,600
Lloyds TSB Group PLC ADR — GB		172,804		6,203,663
Marshall & Ilsley Corp.		125,200		2,904,640
National Bank of Greece S.A. ADR — GR		42,000		443,520
National City Corp.		55,000		547,250
Regions Financial Corp.		162,100		3,201,475
SunTrust Banks, Inc.		93,200		5,139,048
TCF Financial Corp.		62,200		1,114,624
U.S. Bancorp		94,830		3,068,699
Zions Bancorp.		42,000		1,913,100
				37,381,067
Commercial Services & Supplies (0.1%)
Allied Waste Industries, Inc.*		200,100		2,163,081
Communications Equipment (4.4%)
Cisco Systems, Inc.*		577,677		13,916,239
Nokia OYJ ADR — FI		374,870		11,932,112
QUALCOMM, Inc.		135,850		5,569,850
Research In Motion Ltd.*		367,900		41,289,417
				72,707,618
Computers & Peripherals (3.6%)
Apple, Inc.*		66,600		9,557,100
Hewlett-Packard Co.		511,700		23,364,222
International Business Machines Corp.		203,094		23,384,243
Sun Microsystems, Inc.*		234,800		3,646,444
				59,952,009
Construction & Engineering (0.7%)
Chicago Bridge & Iron Co. NV		18,802		737,790
Jacobs Engineering Group, Inc.*		68,200		5,018,838
KBR, Inc.		57,920		1,606,122
Shaw Group, Inc. (The)*		78,400		3,695,776
				11,058,526
Consumer Finance (1.6%)
Capital One Financial Corp.		41,000		2,018,020
Visa, Inc., Class A*		391,830		24,434,519
				26,452,539
Containers & Packaging (0.7%)
Owens-Illinois, Inc.*		24,400		1,376,892
Pactiv Corp.*		421,900		11,057,999
				12,434,891
Diversified Financial Services (3.7%)
Bank of America Corp.		282,935		10,726,066
Citigroup, Inc.		737,313		15,793,244
CME Group, Inc.		6,577		3,085,271
JPMorgan Chase & Co.		345,143		14,823,892
NYSE Euronext		287,020		17,712,004
				62,140,477
Diversified Telecommunication Services (4.2%)
AT&T, Inc.		1,362,739		52,192,904
CenturyTel, Inc.		193,850		6,443,574
Embarq Corp.		54,100		2,169,410
Verizon Communications, Inc.		224,600		8,186,670
				68,992,558
Electric Utilities (0.9%)
Northeast Utilities		239,700		5,882,238
Progress Energy, Inc.		35,370		1,474,929
Sierra Pacific Resources		287,800		3,634,914
Southern Co.		112,730		4,014,315
				15,006,396
Electrical Equipment (0.3%)(a)
Sunpower Corp., Class A*		70,987		5,289,241
Electronic Equipment & Instruments (0.9%)
Arrow Electronics, Inc.*		1,400		47,110
Avnet, Inc.*		257,590		8,430,921
Dolby Laboratories, Inc., Class A*		30,450		1,104,117

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Nationwide Fund

	Shares		Value
Common Stocks (continued)
Electronic Equipment & Instruments (continued)
Tyco Electronics Ltd.		138,600	$	4,756,752
				14,338,900
Energy Equipment & Services (1.1%)
Baker Hughes, Inc.		82,600		5,658,100
Schlumberger Ltd.		100,600		8,752,200
SEACOR Holdings, Inc.*		37,800		3,226,608
				17,636,908
Food & Staples Retailing (4.3%)
CVS Caremark Corp.		434,300		17,593,493
Kroger Co. (The)		768,224		19,512,890
Safeway, Inc.		671,000		19,693,850
Wal-Mart Stores, Inc.		273,000		14,381,640
				71,181,873
Food Products (1.2%)
Archer-Daniels-Midland Co.		254,700		10,483,452
ConAgra Foods, Inc.		145,200		3,477,540
Unilever PLC ADR — GB		153,130		5,163,544
				19,124,536
Health Care Equipment & Supplies (0.6%)
Baxter International, Inc.		94,020		5,436,236
Boston Scientific Corp.*		125,100		1,610,037
Varian Medical Systems, Inc.*		48,300		2,262,372
				9,308,645
Health Care Providers & Services (1.4%)
Aetna, Inc.		119,250		5,019,233
McKesson Corp.		181,700		9,515,629
Medco Health Solutions, Inc.*		105,100		4,602,329
UnitedHealth Group, Inc.		100,650		3,458,334
WellPoint, Inc.*		30,100		1,328,313
				23,923,838
Health Care Technology (0.1%)
IMS Health, Inc.		78,500		1,649,285
Hotels, Restaurants & Leisure (1.9%)
Brinker International, Inc.		170,900		3,170,195
Burger King Holdings, Inc.		61,195		1,692,654
Carnival Corp.		64,800		2,623,104
McDonald’s Corp.		300,100		16,736,577
Royal Caribbean Cruises Ltd.(a)		185,990		6,119,071
Sonic Corp.*		70,000		1,542,800
				31,884,401
Household Durables (0.9%)
D.R. Horton, Inc.		120,000		1,890,000
KB HOME		96,000		2,374,080
Lennar Corp., Class A(a)		352,050		6,622,061
Mohawk Industries, Inc.*(a)		42,000		3,007,620
Pulte Homes, Inc.		90,300		1,313,865
				15,207,626
Household Products (2.0%)
Colgate-Palmolive Co.		42,110		3,280,790
Procter & Gamble Co. (The)		426,990		29,919,189
				33,199,979
Independent Power Producers & Energy Traders (0.4%)
Mirant Corp.*		181,600		6,608,424
Industrial Conglomerate (1.1%)
General Electric Co.		510,515		18,894,160
Insurance (2.0%)
ACE Ltd.		105,600		5,814,336
American International Group, Inc.		180,500		7,806,625
Chubb Corp.		157,900		7,812,892
MetLife, Inc.		66,244		3,991,864
Prudential Financial, Inc.		75,565		5,912,961
Travelers Cos., Inc. (The)		47,900		2,292,015
				33,630,693
Internet & Catalog Retail (0.2%)
Expedia, Inc.*		150,700		3,298,823
Internet Software & Services (0.4%)
Google, Inc., Class A*		14,050		6,188,604
IT Services (0.1%)
VeriFone Holdings, Inc.*		121,530		1,928,681
Life Sciences Tools & Services (1.7%)
Charles River Laboratories International, Inc.*		71,200		4,196,528
PerkinElmer, Inc.		69,700		1,690,225
Thermo Fisher Scientific, Inc.*		303,670		17,260,603
Waters Corp.*		99,232		5,527,222
				28,674,578
Machinery (3.7%)
AGCO Corp.*		70,800		4,239,504
CNH Global NV		76,790		3,995,384
Deere & Co.		288,090		23,173,960
Eaton Corp.		107,900		8,596,393
ITT Corp.		54,700		2,834,007
Joy Global, Inc.		59,100		3,850,956
Kennametal, Inc.		129,200		3,802,356
Manitowoc Co., Inc. (The)		90,900		3,708,720
PACCAR, Inc.		39,600		1,782,000
Parker Hannifin Corp.		71,575		4,958,000
				60,941,280
Marine (0.1%)(a)
Omega Navigation Enterprises, Inc., Class A		71,400		1,069,572
Media (1.6%)
Comcast Corp., Class A		185,700		3,591,438
Discovery Holding Co., Class A*		40,000		848,800
News Corp., Class A		328,100		6,151,875
Time Warner, Inc.		192,266		2,695,569
Viacom, Inc., Class B*		1		40
Walt Disney Co. (The)		410,400		12,878,352
				26,166,074
Metals & Mining (2.0%)
Barrick Gold Corp.		213,800		9,289,610
Coeur d’Alene Mines Corp.*(a)		232,960		941,158
Freeport-McMoRan Copper & Gold, Inc.		130,100		12,518,222
Nucor Corp.		91,300		6,184,662
Southern Copper Co.(a)		2,143		222,508
United States Steel Corp.		22,300		2,829,201
Worthington Industries, Inc.		100,000		1,687,000
				33,672,361
Multi-Utilities (0.9%)
Consolidated Edison, Inc.		146,100		5,800,170
Public Service Enterprise Group, Inc.		129,900		5,220,681
SCANA Corp.		44,840		1,640,247

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Nationwide Fund

	Shares		Value
Common Stocks (continued)
Multi-Utilities (continued)
Xcel Energy, Inc.		127,000	$	2,533,650
				15,194,748
Multiline Retail (1.5%)
Family Dollar Stores, Inc.		188,500		3,675,750
J.C. Penney Co., Inc.		172,600		6,508,746
Macy’s, Inc.		379,500		8,751,270
Nordstrom, Inc.		140,000		4,564,000
Target Corp.		42,933		2,175,844
				25,675,610
Office Electronics (0.3%)
Xerox Corp.		298,400		4,467,048
Oil, Gas & Consumable Fuels (13.1%)
Apache Corp.		11,500		1,389,430
Canadian Natural Resources Ltd.		80,200		5,474,452
Chesapeake Energy Corp.		169,200		7,808,580
Chevron Corp.		200,544		17,118,436
ConocoPhillips		143,414		10,929,581
Devon Energy Corp.		146,100		15,242,613
Exxon Mobil Corp.		751,543		63,565,507
Hess Corp.		35,000		3,086,300
Marathon Oil Corp.		265,210		12,093,576
Mariner Energy, Inc.*		30,000		810,300
Nexen, Inc.		25,500		755,055
Noble Energy, Inc.		36,000		2,620,800
Occidental Petroleum Corp.		658,703		48,197,298
Southwestern Energy Co.*		97,000		3,267,930
Sunoco, Inc.		99,400		5,215,518
Tesoro Corp.		183,300		5,499,000
Valero Energy Corp.		57,700		2,833,647
Williams Cos., Inc. (The)		221,620		7,309,028
XTO Energy, Inc.		67,000		4,144,620
				217,361,671
Paper & Forest Products (0.4%)
MeadWestvaco Corp.		221,300		6,023,786
Pharmaceuticals (5.5%)
Allergan, Inc.		57,600		3,248,064
Bristol-Myers Squibb Co.		428,100		9,118,530
Eli Lilly & Co.		74,950		3,866,670
Johnson & Johnson		374,800		24,313,276
Merck & Co., Inc.		421,000		15,976,950
Pfizer, Inc.		1,315,790		27,539,485
Schering-Plough Corp.		239,800		3,455,518
Teva Pharmaceutical Industries Ltd. ADR - IL		65,000		3,002,350
				90,520,843
Real Estate Investment Trusts (REITs) (0.5%)
Ashford Hospitality Trust, Inc.		431,800		2,452,624
Host Hotels & Resorts, Inc.		261,900		4,169,448
Lexington Realty Trust		120,000		1,729,200
				8,351,272
Road & Rail (3.3%)
Burlington Northern Santa Fe Corp.		109,000		10,051,980
Canadian National Railway Co.		57,140		2,761,005
Celadon Group, Inc.*		104,934		1,015,761
Hertz Global Holdings, Inc.*		386,460		4,660,708
Norfolk Southern Corp.		187,600		10,190,432
Union Pacific Corp.		214,400		26,881,472
				55,561,358
Semiconductors & Semiconductor Equipment (1.9%)
Applied Materials, Inc.		417,800		8,151,278
Intel Corp.		1,135,800		24,056,244
				32,207,522
Software (3.2%)
Microsoft Corp.		1,194,667		33,904,649
Oracle Corp.*		968,760		18,948,946
				52,853,595
Specialty Retail (2.1%)
Abercrombie & Fitch Co., Class A		147,000		10,751,580
Guess?, Inc.		148,800		6,021,936
Home Depot, Inc. (The)		82,000		2,293,540
Office Depot, Inc.*		417,500		4,613,375
PetSmart, Inc.		159,900		3,268,356
TJX Cos., Inc.		220,330		7,286,313
				34,235,100
Textiles, Apparel & Luxury Goods (0.9%)
Liz Claiborne, Inc.		175,368		3,182,929
Nike, Inc., Class B		74,500		5,066,000
V.F. Corp.		76,320		5,915,563
				14,164,492
Trading Companies & Distributors (0.4%)
GATX Corp.		101,100		3,949,977
United Rentals, Inc.*		138,500		2,609,340
				6,559,317
Wireless Telecommunication Services (0.3%)
Vodafone Group PLC ADR — GB		179,089		5,284,916
Total Common Stocks				1,646,797,025

	Shares or
	Principal
	Amount		Value
Repurchase Agreements (1.8%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $18,385,677, collateralized by U.S. Government Agency Mortgages with a market value of $18,752,036	$	18,384,349		18,384,349
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $11,525,358, collateralized by U.S. Government Agency Mortgages with a market value of $11,755,016		11,524,526		11,524,526
Total Repurchase Agreements				29,908,875
Securities Purchased With Collateral For Securities On Loan (1.9%)
Repurchase Agreement (1.9%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $32,379,841, collateralized by U.S. Government Agency Mortgages with a market value of $33,025,144		32,377,593		32,377,593
Total Securities Purchased With Collateral For Securities On Loan				32,377,593

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Nationwide Fund

	Shares or
	Principal
	Amount	Value
Total Investments
(Cost $1,752,945,529) (b) — 102.9%			1,709,083,493
Liabilities in excess of other assets — (2.9)%			(48,893,808	)
NET ASSETS — 100.0%		$	1,660,189,685

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
FI	Finland
GB	United Kingdom
GR	Greece
IL	Israel

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Growth Fund

	Shares		Value
Common Stocks (99.6%)
Aerospace & Defense (4.3%)
Boeing Co. (The)		9,700	$	721,389
Honeywell International, Inc.		26,900		1,517,698
Precision Castparts Corp.		12,110		1,236,189
Raytheon Co.		27,550		1,780,005
Rockwell Collins, Inc.		27,510		1,572,197
United Technologies Corp.		8,070		555,377
				7,382,855
Auto Components (0.9%)
Autoliv, Inc.		7,300		366,460
BorgWarner, Inc.		29,000		1,247,870
				1,614,330
Beverages (2.9%)
Coca-Cola Co. (The)		28,010		1,704,969
PepsiCo, Inc.		43,910		3,170,302
				4,875,271
Biotechnology (3.7%)
Amgen, Inc.*		16,460		687,699
Genentech, Inc.*		22,100		1,794,078
Gilead Sciences, Inc.*		51,490		2,653,280
United Therapeutics Corp.*		12,860		1,114,962
				6,250,019
Capital Markets (3.5%)
Bank of New York Mellon Corp.		22,100		922,233
Charles Schwab Corp. (The)		35,000		659,050
Goldman Sachs Group, Inc. (The)		6,220		1,028,726
Invesco Ltd.		75,700		1,844,052
Investment Technology Group, Inc.*		7,050		325,569
Morgan Stanley		10,700		488,990
State Street Corp.		8,740		690,460
				5,959,080
Chemicals (1.9%)
Celanese Corp., Series A		22,600		882,530
Monsanto Co.		20,836		2,323,214
				3,205,744
Communications Equipment (8.5%)
Cisco Systems, Inc.*		248,530		5,987,088
Corning, Inc.		12,090		290,643
Juniper Networks, Inc.*		65,200		1,630,000
Nokia OYJ ADR — FI		48,900		1,556,487
QUALCOMM, Inc.		89,310		3,661,710
Research In Motion Ltd.*		12,400		1,391,652
				14,517,580
Computers & Peripherals (6.2%)
Apple, Inc.*		26,210		3,761,135
Hewlett-Packard Co.		90,640		4,138,622
International Business Machines Corp.		10,200		1,174,428
NetApp, Inc.*		58,120		1,165,306
Seagate Technology		13,850		290,019
				10,529,510
Consumer Finance (1.1%)
American Express Co.		16,600		725,752
Visa, Inc., Class A*		18,310		1,141,812
				1,867,564
Diversified Financial Services (2.3%)
CME Group, Inc.		1,535		720,069
Intercontinental Exchange, Inc.*		15,550		2,029,275
JPMorgan Chase & Co.		23,080		991,286
NYSE Euronext		4,000		246,840
				3,987,470
Electrical Equipment (1.5%)
Ametek, Inc.		40,875		1,794,821
Cooper Industries Ltd., Class A		20,380		818,257
				2,613,078
Energy Equipment & Services (4.7%)
BJ Services Co.		31,100		886,661
Halliburton Co.		10,540		414,538
Nabors Industries Ltd.*		12,000		405,240
Schlumberger Ltd.		31,500		2,740,500
Transocean, Inc.*		18,025		2,436,980
Unit Corp.*		8,300		470,195
Weatherford International Ltd.*		8,290		600,777
				7,954,891
Food & Staples Retailing (4.3%)
Costco Wholesale Corp.		5,550		360,583
CVS Caremark Corp.		72,869		2,951,923
Kroger Co. (The)		22,300		566,420
Wal-Mart Stores, Inc.		64,860		3,416,825
				7,295,751
Health Care Equipment & Supplies (5.0%)
Baxter International, Inc.		43,660		2,524,421
Becton, Dickinson & Co.		17,450		1,498,083
Hologic, Inc.*		15,850		881,260
Hospira, Inc.*		13,300		568,841
St. Jude Medical, Inc.*		40,750		1,759,992
Stryker Corp.		20,400		1,327,020
				8,559,617
Health Care Providers & Services (1.4%)
Aetna, Inc.		18,100		761,829
Medco Health Solutions, Inc.*		15,600		683,124
UnitedHealth Group, Inc.		26,100		896,796
				2,341,749
Hotels, Restaurants & Leisure (5.5%)
Brinker International, Inc.		16,150		299,583
Burger King Holdings, Inc.		26,500		732,990
Carnival Corp.		34,210		1,384,821
Darden Restaurants, Inc.		39,850		1,297,117
International Game Technology		22,650		910,757
McDonald’s Corp.		41,350		2,306,089
Starwood Hotels & Resorts Worldwide, Inc.		17,500		905,625
WMS Industries, Inc.*		11,100		399,267
Wynn Resorts Ltd.		10,970		1,104,021
				9,340,270
Household Products (2.2%)
Colgate-Palmolive Co.		33,700		2,625,567
Energizer Holdings, Inc.*		9,650		873,132
Procter & Gamble Co. (The)		4,370		306,206
				3,804,905
Industrial Conglomerates (1.0%)
3M Co.		7,350		581,753
McDermott International, Inc.*		19,660		1,077,761
				1,659,514
Insurance (0.2%)
PartnerRe Ltd.		4,100		312,830

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Growth Fund

	Shares		Value
Common Stocks (continued)
Internet & Catalog Retail (1.2%)
Amazon.Com, Inc.*		17,170	$	1,224,221
priceline.com, Inc.*(a)		7,200		870,192
				2,094,413
Internet Software & Services (2.5%)
Akamai Technologies, Inc.*		45,500		1,281,280
Google, Inc., Class A*		6,830		3,008,410
				4,289,690
IT Services (1.0%)
Cognizant Technology Solutions Corp., Class A*		56,520		1,629,472
Life Sciences Tools & Services (1.8%)
Charles River Laboratories International, Inc.*		17,260		1,017,304
PerkinElmer, Inc.		12,000		291,000
Thermo Fisher Scientific, Inc.*		31,450		1,787,618
				3,095,922
Machinery (2.8%)
Caterpillar, Inc.		8,910		697,564
Deere & Co.		27,900		2,244,276
Harsco Corp.		12,650		700,557
ITT Corp.		15,800		818,598
PACCAR, Inc.		8,900		400,500
				4,861,495
Media (2.6%)
DIRECTV Group, Inc. (The)*		17,400		431,346
DISH Network Corp., Class A*		15,000		430,950
Time Warner, Inc.		44,250		620,385
Viacom, Inc., Class B*		11,800		467,516
Walt Disney Co. (The)		77,640		2,436,343
				4,386,540
Multiline Retail (0.7%)
Kohl’s Corp.*		28,200		1,209,498
Natural Gas Utility (0.4%)
Questar Corp.		12,000		678,720
Oil, Gas & Consumable Fuels (4.0%)
CONSOL Energy, Inc.		17,600		1,217,744
Devon Energy Corp.		17,050		1,778,826
Exxon Mobil Corp.		9,300		786,594
Valero Energy Corp.		4,490		220,504
Williams Cos., Inc. (The)		35,570		1,173,099
XTO Energy, Inc.		27,797		1,719,522
				6,896,289
Pharmaceuticals (4.2%)
Abbott Laboratories		15,400		849,310
Bristol-Myers Squibb Co.		16,550		352,515
Johnson & Johnson		21,470		1,392,759
Merck & Co., Inc.		74,900		2,842,455
Teva Pharmaceutical Industries Ltd. ADR - IL		35,560		1,642,516
				7,079,555
Real Estate Investment Trust (REIT) (0.3%)
Rayonier, Inc.		12,550		545,172
Road & Rail (1.3%)
Union Pacific Corp.		17,600		2,206,688
Semiconductors & Semiconductor Equipment (5.4%)
Altera Corp.		51,400		947,302
Applied Materials, Inc.		80,500		1,570,555
Intel Corp.		147,480		3,123,626
Intersil Corp., Class A		27,000		693,090
Marvell Technology Group Ltd.*		123,650		1,345,312
MEMC Electronic Materials, Inc.*		12,030		852,927
Texas Instruments, Inc.		23,800		672,826
				9,205,638
Software (7.5%)
C.A., Inc.		37,800		850,500
Electronic Arts, Inc.*		24,700		1,233,024
McAfee, Inc.*		45,500		1,505,595
Microsoft Corp.		210,960		5,987,045
Oracle Corp.*		162,900		3,186,324
				12,762,488
Specialty Retail (2.1%)
Gap, Inc. (The)		50,150		986,952
Pacific Sunwear of California, Inc.*		81,740		1,030,741
Ross Stores, Inc.		22,800		683,088
Williams-Sonoma, Inc.		37,150		900,516
				3,601,297
Textiles, Apparel & Luxury Goods (0.4%)
Coach, Inc.*		22,900		690,435
Tobacco (0.2%)
Altria Group, Inc.		3,800		84,360
Philip Morris International, Inc.*		3,800		192,204
				276,564
Wireless Telecommunication Services (0.1%)
Telephone & Data Systems, Inc.		5,500		215,985
Total Common Stocks				169,797,889

	Shares or
	Principal
	Amount		Value
Repurchase Agreements (0.1%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $84,598, collateralized by U.S. Government Agency Mortgages with a market value of $86,284	$	84,592		84,592
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $53,032, collateralized by U.S. Government Agency Mortgages with a market value of $54,089		53,028		53,028
Total Repurchase Agreements				137,620
Securities Purchased With Collateral For Securities On Loan (0.4%)
Repurchase Agreement (0.4%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $672,347, collateralized by U.S. Government Agency Mortgages with a market value of $685,746		672,300		672,300

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Growth Fund

	Shares or
	Principal
	Amount	Value
Securities Purchased With Collateral For Securities On Loan (continued)
Total Securities Purchased With Collateral For Securities On Loan			672,300
Total Investments
(Cost $173,996,249) (b) — 100.1%			170,607,809
Liabilities in excess of other assets — (0.1)%			(243,678	)
NET ASSETS — 100.0%		$	170,364,131

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
FI	Finland
IL	Israel

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Government Bond Fund

	Principal
	Amount		Value
U.S. Government Sponsored & Agency Obligations (53.7%)
Federal Farm Credit Bank
5.00%, 03/03/14	$	12,146,000	$	13,090,437
4.55%, 03/04/15		25,475,000		26,745,922
5.25%, 04/06/22		15,000,000		15,948,030
Federal Home Loan Bank
5.91%, 04/07/09		6,860,000		7,113,491
5.25%, 11/03/09(a)		50,000,000		50,906,100
4.80%, 12/18/13		8,350,000		8,916,681
5.00%, 03/14/14		17,925,000		19,319,314
Federal Home Loan Mortgage Corp.
5.75%, 05/23/11		50,000,000		50,179,700
5.60%, 09/26/13		25,000,000		25,365,500
Federal National Mortgage Association
5.23%, 01/29/10		106,515,000		109,189,911
5.08%, 05/14/10		70,000,000		72,187,990
8.20%, 03/10/16		10,000,000		12,844,970
5.00%, 03/15/16(a)		30,000,000		32,050,440
5.63%, 11/15/21		50,000,000		51,438,900
6.00%, 04/18/36		9,822,000		10,569,248
Financing Corp.
10.70%, 10/06/17		5,000,000		7,590,220
9.65%, 11/02/18		8,740,000		12,783,509
Government Loan Trust 0.00%, 04/01/15		6,072,000		4,770,770
Housing & Urban Development, 7.08%, 08/01/16		4,005,000		4,061,919
Lightship Tanker Light, 6.50%, 06/14/24		23,569,000		27,123,582
Lightship Tankers LLC, 6.50%, 06/14/24		27,980,365		33,684,442
Tennessee Valley Authority
5.50%, 07/18/17(a)		25,000,000		27,843,675
5.88%, 04/01/36(a)		20,000,000		22,692,480
5.98%, 04/01/36		11,588,000		13,037,358
U.S. Treasury Bond, 7.50%, 11/15/16(a)		80,000,000		104,500,000
Total U.S. Government Sponsored & Agency Obligations				763,954,589
Collateralized Mortgage Obligations (17.3%)
Fannie Mae REMICS, Series 1998-73, Class MZ, 3.50%, 11/25/32		2,084,205		2,010,675
Federal Home Loan Mortgage Corp.
5.50%, 09/15/10		2,703,786		2,757,910
5.50%, 08/15/13		5,127,095		5,184,366
5.50%, 07/15/17		7,090,438		7,377,275
5.50%, 10/15/17		18,750,000		19,456,080
5.50%, 10/15/17		12,504,120		12,994,939
5.50%, 01/15/20		8,000,000		8,201,062
4.56%, 06/15/25		22,000,000		21,450,433
6.00%, 02/15/27		34,535,000		35,733,720
5.00%, 04/15/29		26,000,000		26,395,749
5.50%, 05/15/34		11,105,637		11,410,776
6.00%, 03/15/36		26,365,666		27,544,172
Federal National Mortgage Association
5.50%, 09/25/11		6,215,000		6,635,582
5.00%, 07/25/23		6,000,000		5,888,817
7.00%, 08/25/23		4,158,180		4,459,243
5.50%, 04/25/24		12,486,462		13,027,480
Freddie Mac REMICS, Series 2677, Class LE, 4.50%, 09/15/18		27,119,132		27,123,712
Vendee Mortgage Trust, Series 1996-2, 6.75%, 06/15/26		8,186,679		8,913,283
Total Collateralized Mortgage Obligations				246,565,274
U.S. Government Sponsored Mortgage-Backed Obligations (23.9%)
Fannie Mae Pool, Pool # 383661, 6.62%, 06/01/16		10,525,943		11,670,780
Federal Home Loan Mortgage Corporation
5.93%, 06/01/35(b)		16,727,693		17,439,954
5.71%, 07/01/37		31,478,586		31,763,563
Federal National Mortgage Association
5.70%, 01/01/09		4,372,070		4,386,381
7.41%, 04/01/10		13,851,699		14,655,011
4.66%, 05/01/13		54,232,398		54,925,691
5.60%, 09/01/18		11,118,157		11,532,242
5.56%, 12/01/21		11,400,000		11,625,800
4.07%, 04/01/34		38,745,175		38,599,289
4.96%, 09/01/34(b)		12,936,604		13,022,938
4.70%, 04/01/35		7,911,159		8,085,246
4.75%, 04/01/35(b)		13,338,059		13,334,523
4.80%, 05/01/35(b)		11,429,290		11,501,907
4.89%, 05/01/35		17,302,856		17,579,382
5.25%, 05/01/35(b)		8,378,317		8,551,782
4.89%, 07/01/35(b)		28,991,310		29,454,472
6.31%, 08/01/36		8,354,233		9,114,081
5.62%, 09/01/36(b)		31,310,963		32,530,572
Total U.S. Government Sponsored Mortgage-Backed Obligations				339,773,614
Corporate Bonds (2.3%)
Other Financial (2.3%)
Private Export Funding Corp. (PEFCO)		30,000,000		32,134,020
Repurchase Agreements (1.8%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $16,092,194, collateralized by U.S. Government Agency Mortgages with a market value of $16,412,852		16,091,032		16,091,032
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $10,087,651, collateralized by U.S. Government Agency Mortgages with a market value of $10,288,661		10,086,922		10,086,922
Total Repurchase Agreements				26,177,954

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Government Bond Fund

	Principal
	Amount		Value
Securities Purchased With Collateral For Securities On Loan (2.2%)
Repurchase Agreement (2.2%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $31,279,672, collateralized by U.S. Government Agency Mortgages with a market value of $31,903,050	$	31,277,500	$	31,277,500
Total Securities Purchased With Collateral For Securities On Loan				31,277,500
Total Investments
(Cost $1,389,000,898) (c) — 101.2%				1,439,882,951
Liabilities in excess of other assets — (1.2)%				(17,433,224	)
NET ASSETS — 100.0%			$	1,422,449,727

(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (96.6%)
Argentina (0.1%)
Internet Software & Services (0.1%)
Mercadolibre, Inc.*		21,902	$	870,824
Australia (1.3%)(a)
Capital Markets (0.1%)
Babcock & Brown Capital Ltd.*		101,236		383,397
Chemicals (0.3%)
Incitec Pivot Ltd.		13,377		1,729,180
Commercial Services & Supplies (0.1%)
Seek Ltd.		111,167		538,172
Construction & Engineering (0.2%)
Ausenco Ltd.		47,048		587,958
Monadelphous Group Ltd.		50,000		637,487
				1,225,445
Health Care Providers & Services (0.1%)
Healthscope Ltd.		166,070		792,556
Hotels, Restaurants & Leisure (0.1%)
Flight Centre Ltd.		50,802		987,808
Internet & Catalog Retail (0.0%)
Wotif.com Holdings Ltd.		55,425		228,469
Metals & Mining (0.1%)
Mincor Resources NL		210,268		588,523
Multiline Retail (0.1%)
David Jones Ltd.		131,425		439,869
Real Estate Management & Development (0.0%)
Becton Property Group		63,501		127,832
Sunland Group Ltd.		68,601		155,869
				283,701
Specialty Retail (0.2%)
JB Hi-Fi Ltd.		55,951		462,281
Just Group Ltd.		268,342		972,350
				1,434,631
				8,631,751
Austria (0.1%)(a)
Energy Equipment & Services (0.1%)
Schoeller-Bleckmann Oilfield Equipment AG		7,466		666,749
Bahamas (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
Teekay Tankers Ltd., Class A		33,800		578,656
Belgium (0.4%)(a)
Communications Equipment (0.1%)
EVS Broadcast Equipment SA		3,671		395,500
Diversified Financial Services (0.1%)
GIMV NV		9,630		725,668
Oil, Gas & Consumable Fuels (0.2%)
Euronav NV*		33,608		1,275,837
				2,397,005
Bermuda (0.3%)
Household Durables (0.0%)
Helen of Troy Ltd.*		2,767		46,403
Insurance (0.3%)
Allied World Assurance Co. Holdings Ltd.		6,121		243,004
American Safety Insurance Holdings Ltd.*		3,492		59,713
Aspen Insurance Holdings Ltd.		43,443		1,146,026
Endurance Specialty Holdings Ltd.		8,298		303,707
				1,752,450
				1,798,853
Brazil (0.3%)
Household Durables (0.3%)
Gafisa SA ADR*		54,415		1,815,284
Canada (1.4%)
Chemicals (0.1%)
Agrium, Inc.		6,000		372,660
Commercial Services & Supplies (0.1%)
Ritchie Bros Auctioneers, Inc.		9,300		763,716
Communications Equipment (0.0%)
Sierra Wireless, Inc.*		6,008		95,828
Electric Utility (0.3%)
Brookfield Infrastructure Partners Limited Partnership		137,483		2,330,337
Electronic Equipment & Instruments (0.2%)
Celestica, Inc.*		115,519		776,288
GSI Group, Inc.*		72,300		562,494
				1,338,782
Internet Software & Services (0.0%)
Open Text Corp.*		7,627		238,801
Metals & Mining (0.1%)
Gammon Gold, Inc.*		22,100		165,971
Gerdau Ameristeel Corp.		38,000		536,180
NovaGold Resources, Inc.*		25,400		195,834
				897,985
Oil, Gas & Consumable Fuels (0.2%)
Petrobank Energy & Resources Ltd.		21,900		996,618
Software (0.1%)
Corel Corp.*		37,670		410,603
Textiles, Apparel & Luxury Goods (0.3%)
Lululemon Athletica, Inc.*		80,991		2,302,574
				9,747,904
Cayman Islands (0.1%)
Food Products (0.0%)
Fresh Del Monte Produce, Inc.*		10,435		379,834
Insurance (0.1%)
Greenlight Capital Re Ltd., Class A*		31,628		588,281
				968,115
China (0.9%)
Automobiles (0.0%)(a)
Great Wall Motor Co. Ltd.		240,000		232,792
Hotels, Restaurants & Leisure (0.2%)
Ctrip.com International Ltd. ADR		26,166		1,387,321
Internet Software & Services (0.3%)
SINA Corp.		55,600		1,959,900
Software (0.1%)
Longtop Financial Technologies Ltd. ADR*		60,205		1,136,671
Textiles, Apparel & Luxury Goods (0.2%)(a)
Weiqiao Textile Co.		883,500		1,144,011
Transportation Infrastructure (0.1%)(a)
Sichuan Expressway Co. Ltd.		1,136,000		412,895
				6,273,590

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
Denmark (0.2%)(a)
Commercial Bank (0.1%)
Amagerbanken AS*		5,834	$	245,976
Food Products (0.1%)
East Asiatic Co. Ltd. AS		9,573		841,119
Real Estate Management & Development (0.0%)
TK Development*		13,711		179,841
				1,266,936
Finland (0.0%)(a)
Software (0.0%)
Tekla Oyj		15,400		236,022
France (0.5%)(a)
Electronic Equipment & Instruments (0.0%)
Avenir Telecom		51,063		111,202
Health Care Equipment & Supplies (0.1%)
Audika		4,765		231,501
Hotels, Restaurants & Leisure (0.1%)
Pierre & Vacances		2,413		290,468
IT Services (0.0%)
Sopra Group SA		3,023		225,771
Natural Gas Utility (0.1%)
Rubis		7,000		591,634
Paper & Forest Products (0.0%)
Sequana Capital SA		7,005		184,037
Software (0.2%)
UBISOFT Entertainment*		16,299		1,403,852
				3,038,465
Germany (1.2%)(a)
Aerospace & Defense (0.1%)
MTU Aero Engines Holding AG		22,761		961,836
Biotechnology (0.1%)
Biotest AG		9,100		546,264
Distributor (0.1%)
Medion AG*		24,000		606,729
Diversified Financial Services (0.2%)
Arques Industries AG		53,386		1,058,506
Electronic Equipment & Instruments (0.1%)
Epcos AG		47,678		728,220
IT Services (0.0%)
Bechtle AG		9,948		313,179
Machinery (0.2%)
Gildemeister AG		51,603		1,302,151
Media (0.1%)
EM.Sport Media AG*		67,751		287,066
ProSiebenSat.1 Media AG, Preferred Shares		13,815		299,547
				586,613
Metals & Mining (0.2%)
Norddeutsche Affinerie AG		31,375		1,241,802
Wireless Telecommunication Services (0.1%)
Freenet AG		67,399		1,055,475
				8,400,775
Greece (0.1%)(a)
Hotels, Restaurants & Leisure (0.1%)
Intralot SA-Integrated Lottery Systems & Services		39,162		701,320
Hong Kong (0.5%)
Communications Equipment (0.2%)
VTech Holdings Ltd.		187,000		913,633
Distributor (0.1%)
Integrated Distribution Services Group Ltd.		198,900		558,104
Diversified Financial Services (0.0%)(a)
First Pacific Co.		224,000		148,151
Marine (0.2%)(a)
Chu Kong Shipping Development		1,414,000		228,758
Jinhui Shipping & Transportation Ltd.*		100,073		986,838
				1,215,596
Real Estate Investment Trust (REIT) (0.0%)(a)
GZI Real Estate Investment Trust		427,000		166,445
Water Utility (0.0%)(a)
Guangdong Investment Ltd.		240,000		120,253
				3,122,182
India (0.1%)
Internet Software & Services (0.1%)
Rediff.Com India Ltd. ADR*		44,507		354,276
Ireland (0.7%)
Commercial Services & Supplies (0.0%)(a)
CPL Resources PLC		51,738		327,000
Food & Staples Retailing (0.1%)(a)
Fyffes PLC		329,772		468,522
Hotels, Restaurants & Leisure (0.2%)(a)
Paddy Power PLC		29,977		1,109,763
Life Sciences Tools & Services (0.2%)
ICON PLC ADR*		17,200		1,116,108
Oil, Gas & Consumable Fuels (0.1%)(a)
Dragon Oil PLC*		80,000		715,543
Trading Companies & Distributors (0.1%)
Genesis Lease Ltd. ADR		56,300		819,165
				4,556,101
Israel (0.2%)
Diversified Telecommunication Services (0.1%)
Gilat Satellite Networks Ltd.*		61,385		664,800
IT Services (0.1%)
Ness Technologies, Inc.*		40,050		380,074
				1,044,874
Italy (0.8%)(a)
Commercial Bank (0.1%)
Banca Popolare di Milano Scarl		95,629		1,050,874
Construction Materials (0.2%)
Buzzi Unicem SpA		6,094		152,001
Buzzi Unicem SpA — RNC		39,236		635,210
Cementir Holding SpA		35,349		328,752
				1,115,963
Household Durables (0.1%)
Indesit Co. SpA		59,780		780,474
Machinery (0.2%)
Biesse SpA		45,955		985,127
Prima Industrie SpA		3,000		138,831
				1,123,958
Media (0.0%)
Cairo Communication SpA		16,595		73,847

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
Italy(a) (continued)
Multi-Utility (0.1%)
ACEA SpA		35,000	$	685,972
Pharmaceutical (0.1%)
Recordati SpA		90,753		679,073
				5,510,161
Japan (4.8%)
Air Freight & Logistics (0.2%)(a)
Kintetsu World Express, Inc.		44,900		1,051,917
Chemicals (0.2%)(a)
Kanto Denka Kogyo Co. Ltd.		60,000		331,972
Nippon Synthetic Chemical Industry Co. Ltd. (The)		118,000		868,301
Tohcello Co. Ltd.		38,000		180,424
				1,380,697
Construction & Engineering (0.4%)(a)
Maeda Road Construction Co. Ltd.		44,000		364,059
NEC Networks & System Integration Corp.		64,700		1,114,533
Toyo Engineering Corp.		305,000		1,189,024
				2,667,616
Distributor (0.1%)(a)
Fields Corp.		636		882,842
Diversified Consumer Services (0.0%)(a)
Take and Give Needs Co. Ltd.		296		32,273
Electrical Equipment (0.1%)(a)
Shinko Electric Co. Ltd.		153,000		586,020
Electronic Equipment & Instruments (0.1%)(a)
Daiwabo Information System Co. Ltd.		18,000		327,235
Ferrotec Corp.*		12,900		146,290
Siix Corp.		35,200		261,069
Tamura Corp.		85,000		273,312
				1,007,906
Energy Equipment & Services (0.2%)(a)
Shinko Plantech Co. Ltd.		83,400		1,089,247
Food & Staples Retailing (0.2%)(a)
Arcs Co. Ltd.		21,100		266,004
Maruetsu, Inc. (The)*		39,000		362,875
Ministop Co. Ltd.		18,000		351,859
Okuwa Co. Ltd.		47,000		664,077
				1,644,815
Health Care Equipment & Supplies (0.4%)(a)
Aloka Co. Ltd.		30,000		399,371
Hogy Medical Co. Ltd.		4,500		233,152
Nihon Kohden Corp.		33,900		782,555
Nipro Corp.		70,000		1,227,370
				2,642,448
Health Care Providers & Services (0.3%)(a)
Toho Pharmaceutical Co. Ltd.		72,000		1,844,331
Household Durables (0.3%)(a)
Hitachi Koki Co. Ltd.		76,900		989,987
Juki Corp.		175,000		650,968
Nihon Eslead Corp.		16,300		171,157
Token Corp.		10,910		372,260
				2,184,372
Internet & Catalog Retail (0.1%)
Dena Co. Ltd.		155		981,430
Internet Software & Services (0.1%)(a)
Zappallas, Inc.		146		449,494
IT Services (0.0%)(a)
Hitachi Systems & Services Ltd.		13,000		286,756
Leisure Equipment & Products (0.3%)
Aruze Corp.		48,700		1,502,569
Kimoto Co. Ltd.(a)		30,700		435,809
				1,938,378
Life Sciences Tools & Services (0.1%)(a)
Eiken Chemical Co. Ltd.		51,600		457,467
Machinery (0.3%)(a)
Enshu Ltd.		40,000		49,922
Hosokawa Micron Corp.		56,000		352,439
Nippon Filcon Co. Ltd.		19,900		111,184
Oiles Corp.		9,600		199,601
Tsugami Corp.		296,000		996,283
				1,709,429
Media (0.0%)(a)
Daiichikosho Co. Ltd.		12,800		124,988
Metals & Mining (0.4%)(a)
Kyoei Steel Ltd.		31,900		867,158
Osaka Steel Co. Ltd.		21,500		278,990
Yamato Kogyo Co. Ltd.		33,700		1,373,486
				2,519,634
Personal Products (0.0%)(a)
Mandom Corp.		5,700		173,081
Pharmaceuticals (0.1%)(a)
Kaken Pharmaceutical Co. Ltd.		44,000		326,068
Santen Pharmaceutical Co. Ltd.		4,800		112,000
				438,068
Real Estate Management & Development (0.3%)(a)
Daiwasystem Co. Ltd.		19,600		204,128
Funai Zaisan Consultants Co. Ltd.		178		313,363
Hoosiers Corp.		355		129,952
LAND Co. Ltd.		52		33,079
Pacific Management Corp.		1,590		1,009,805
Raysum Co. Ltd.		615		400,699
Tosei Corp.		331		213,830
				2,304,856
Semiconductors & Semiconductor Equipment (0.1%)(a)
Mitsui High-Tec, Inc.		54,900		424,102
New Japan Radio Co. Ltd.		71,000		255,440
				679,542
Software (0.3%)(a)
Capcom Co. Ltd.		47,900		1,654,218
DTS Corp.		29,900		606,101
				2,260,319
Trading Companies & Distributors (0.2%)(a)
Kuroda Electric Co. Ltd.		83,800		1,108,308
				32,446,234
Marshall Islands (0.3%)
Marine (0.3%)
Omega Navigation Enterprises, Inc., Class A		119,180		1,785,316

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
Mexico (0.3%)
Transportation Infrastructure (0.3%)
Grupo Aeroportuario del Pacifico SA de CV ADR		50,808	$	2,286,360
Netherlands (1.1%)
Construction & Engineering (0.6%)
Chicago Bridge & Iron Co. NV		93,588		3,672,393
Energy Equipment & Services (0.1%)
Core Laboratories NV*		5,282		630,142
Office Electronics (0.2%)(a)
OCE NV		64,095		1,089,697
Semiconductors & Semiconductor Equipment (0.0%)
ASM International NV		15,288		283,287
Software (0.0%)(a)
Unit 4 Agresso NV		9,005		253,388
Transportation Infrastructure (0.2%)(a)
Smit Internationale NV		13,540		1,379,797
				7,308,704
New Zealand (0.0%)(a)
Insurance (0.0%)
Tower Ltd.		144,895		208,839
Norway (0.7%)(a)
Capital Markets (0.3%)
ABG Sundal Collier ASA		401,431		733,854
Acta Holding ASA*		297,683		999,299
				1,733,153
Commercial Banks (0.1%)
Sparebanken Nord-Norge		17,640		350,873
Sparebanken Rogaland		40,912		424,777
				775,650
Construction & Engineering (0.0%)
Veidekke ASA		15,500		154,242
Energy Equipment & Services (0.1%)
Petroleum Geo-Services ASA		25,000		620,907
Food Products (0.2%)
Cermaq ASA		98,900		1,260,535
				4,544,487
Portugal (0.4%)(a)
Commercial Bank (0.2%)
Banco BPI SA*		253,332		1,339,572
Construction Materials (0.1%)
Semapa-Sociedade de Investimento e Gestao		79,105		1,013,320
Food & Staples Retailing (0.1%)
Jeronimo Martins SGPS SA		72,390		582,142
				2,935,034
Puerto Rico (0.1%)
Commercial Bank (0.1%)
Oriental Financial Group		37,124		731,714
Republic of Korea (0.1%)
Internet Software & Services (0.1%)
Gmarket, Inc. ADR*		38,476		824,156
Singapore (0.5%)(a)
Computers & Peripherals (0.0%)
Creative Technology Ltd.		34,300		153,620
Construction & Engineering (0.1%)
Rotary Engineering Ltd.		554,000		361,105
Distributor (0.2%)
Jardine Cycle & Carriage Ltd.		77,000		1,102,632
Diversified Financial Services (0.0%)
Macquarie International Infrastructure Fund Ltd.		493,000		287,881
Energy Equipment & Services (0.0%)
Ezra Holdings Ltd.		69,400		105,272
Hiap Seng Engineering Ltd.		901,000		220,751
				326,023
Industrial Conglomerate (0.0%)
Hong Leong Asia Ltd.		100,000		187,128
Oil, Gas & Consumable Fuels (0.1%)
Straits Asia Resources Ltd.		247,000		589,402
Real Estate Management & Development (0.1%)
Ho Bee Investment Ltd.		223,000		151,206
Wing Tai Holdings Ltd.		330,000		529,252
				680,458
				3,688,249
Spain (0.8%)
Biotechnology (0.3%)
Grifols SA		61,109		1,609,912
Diversified Financial Services (0.2%)(a)
Corp Financiera Alba		21,885		1,441,638
Machinery (0.1%)(a)
Duro Felguera SA		56,577		639,945
Metals & Mining (0.2%)(a)
Tubos Reunidos SA		201,317		1,464,894
				5,156,389
Sweden (0.8%)(a)
Commercial Services & Supplies (0.1%)
Intrum Justitia AB		36,040		642,653
Construction & Engineering (0.3%)
NCC AB		54,095		1,575,166
Peab AB		77,837		830,886
				2,406,052
Media (0.2%)
Eniro AB*		159,042		1,159,631
Real Estate Management & Development (0.2%)
Kungsleden AB		116,184		1,443,509
				5,651,845
Switzerland (0.5%)(a)
Biotechnology (0.1%)
Actelion Ltd.*		17,357		947,471
Commercial Bank (0.1%)
Banque Cantonale Vaudoise		745		322,703
Electronic Equipment & Instruments (0.0%)
Inficon Holding AG		1,191		190,147
Health Care Providers & Services (0.2%)
Galenica AG		2,983		990,862
Insurance (0.1%)
Helvetia Holding AG		1,891		712,900
				3,164,083
United Kingdom (3.0%)
Air Freight & Logistics (0.0%)(a)
Wincanton PLC		39,122		267,622

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Capital Markets (0.2%)(a)
Tullett Prebon PLC		125,637	$	1,186,069
Commercial Services & Supplies (0.5%)(a)
Babcock International Group		46,932		532,565
De La Rue PLC		77,741		1,369,028
ITE Group PLC		142,139		409,748
RPS Group PLC		122,711		785,827
				3,097,168
Construction & Engineering (0.1%)(a)
Keller Group PLC		24,145		323,317
Diversified Consumer Services (0.0%)(a)
BPP Holdings PLC		21,835		229,646
Diversified Financial Services (0.1%)(a)
IG Group Holdings PLC		121,752		791,206
Diversified Telecommunication Services (0.1%)(a)
Kcom Group PLC		447,763		386,947
Energy Equipment & Services (0.2%)(a)
Petrofac Ltd.		126,983		1,416,119
Food Products (0.2%)(a)
Dairy Crest Group PLC		129,743		1,209,114
Health Care Equipment & Supplies (0.0%)(a)
SSL International PLC		17,353		156,065
Hotels, Restaurants & Leisure (0.1%)(a)
888 Holdings PLC*		135,525		416,050
Sportingbet PLC*		204,648		149,318
				565,368
Independent Power Producers & Energy Traders (0.2%)(a)
Drax Group PLC		141,270		1,508,892
Industrial Conglomerate (0.1%)(a)
Tomkins PLC		196,020		696,012
Insurance (0.5%)(a)
Beazley Group PLC		376,135		1,190,904
Brit Insurance Holdings PLC		206,368		992,364
Chaucer Holdings PLC		677,029		1,346,909
				3,530,177
Internet & Catalog Retail (0.2%)(a)
Findel PLC		23,228		228,350
Home Retail Group PLC		221,444		1,149,302
				1,377,652
Media (0.1%)(a)
St. Ives PLC		183,675		886,370
Multiline Retail (0.0%)(a)
Debenhams PLC		115,006		129,584
Oil, Gas & Consumable Fuels (0.4%)
Hunting PLC(a)		91,232		1,502,078
Infinity Bio-Energy Ltd*		94,500		378,000
Venture Production PLC(a)		40,000		495,153
				2,375,231
Real Estate Management & Development (0.0%)(a)
Capital & Regional PLC		17,690		192,884
				20,325,443
United States (73.9%)
Aerospace & Defense (1.1%)
AAR Corp.*		35,900		978,993
Argon ST, Inc.*		19,200		326,592
Ceradyne, Inc.*		15,200		485,792
Cubic Corp.		15,540		441,802
Curtiss-Wright Corp.		30,227		1,253,816
DRS Technologies, Inc.		21,941		1,278,721
Esterline Technologies Corp.*		5,023		253,009
Hexcel Corp.*		22,774		435,211
Innovative Solutions & Support, Inc.*		48,200		509,474
Moog, Inc., Class A*		16,080		678,737
Teledyne Technologies, Inc.*		11,700		549,900
				7,192,047
Air Freight & Logistics (0.2%)
Forward Air Corp.		19,936		706,532
HUB Group, Inc., Class A*		25,306		832,314
				1,538,846
Airlines (0.2%)
Continental Airlines, Inc., Class B*		10,358		199,184
Republic Airways Holdings, Inc.*		3,236		70,092
SkyWest, Inc.		38,494		812,993
				1,082,269
Auto Components (0.6%)
American Axle & Manufacturing Holdings, Inc.		30,728		629,924
ArvinMeritor, Inc.		50,300		629,253
Autoliv, Inc.		1,796		90,159
Cooper Tire & Rubber Co.		14,226		212,963
Drew Industries, Inc.*		32,291		789,838
Lear Corp.*		27,933		723,744
Spartan Motors, Inc.		8,300		70,218
Stoneridge, Inc.*		3,367		45,286
TRW Automotive Holdings Corp.*		36,378		850,154
				4,041,539
Automobiles (0.1%)
Thor Industries, Inc.		24,800		738,296
Beverages (0.0%)
Boston Beer Co., Inc., Class A*		2,700		128,358
Biotechnology (0.7%)
Alnylam Pharmaceuticals, Inc.*		49,834		1,215,950
Cephalon, Inc.*		3,646		234,802
Cepheid, Inc.*		35,756		872,089
Cubist Pharmaceuticals, Inc.*		10,934		201,404
Enzon Pharmaceuticals, Inc.*		4,280		39,419
LifeCell Corp.*		33,700		1,416,411
Martek Biosciences Corp.*		28,965		885,460
OSI Pharmaceuticals, Inc.*		3,762		140,661
Repligen Corp.*		3,942		19,001
				5,025,197
Building Products (0.6%)
Gibraltar Industries, Inc.		50,900		597,057
Lennox International, Inc.		38,941		1,400,708
Simpson Manufacturing Co., Inc.		34,300		932,274
Universal Forest Products, Inc.		38,400		1,236,480
				4,166,519
Capital Markets (2.3%)
Apollo Investment Corp.		15,000		237,450
Calamos Asset Management, Inc., Class A		28,851		469,694
Evercore Partners, Inc., Class A		4,253		75,491
FCStone Group, Inc.*		5,518		152,849
GFI Group, Inc.		11,510		659,523

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Greenhill & Co., Inc.		42,815	$	2,978,211
Hercules Technology Growth Capital, Inc.		54,600		592,956
Investment Technology Group, Inc.*		14,311		660,882
KBW, Inc.*		18,157		400,362
Knight Capital Group, Inc., Class A*		5,051		82,028
MCG Capital Corp.		68,000		618,120
optionsXpress Holdings, Inc.		16,670		345,236
Piper Jaffray Cos.*		20,000		679,200
Pzena Investment Management, Inc., Class A		84,593		957,593
Raymond James Financial, Inc.		23,400		537,732
Riskmetrics Group, Inc.*		159,822		3,092,556
Sanders Morris Harris Group, Inc.		94,300		769,488
SWS Group, Inc.		67,829		829,549
TradeStation Group, Inc.*		141,430		1,204,983
				15,343,903
Chemicals (1.7%)
Airgas, Inc.		16,300		741,161
American Vanguard Corp.		6,390		106,330
C.F. Industries Holdings, Inc.		20,028		2,075,301
Celanese Corp., Series A		27,693		1,081,412
Flotek Industries, Inc.*		13,200		192,588
Koppers Holdings, Inc.		7,560		334,984
Landec Corp.*		37,700		317,811
Olin Corp.		39,200		774,592
Omnova Solutions, Inc.*		119,000		474,810
Penford Corp.		110,420		2,399,426
RPM International, Inc.		30,900		647,046
Scotts Miracle-Gro Co. (The), Class A		8,400		272,328
Spartech Corp.		48,700		411,515
Terra Industries, Inc.*		25,929		921,257
Zoltek Cos., Inc.*		39,950		1,059,474
				11,810,035
Commercial Banks (2.8%)
Amcore Financial, Inc.		11,100		225,885
Bancfirst Corp.		5,509		252,202
Bank of Hawaii Corp.		23,541		1,166,692
Bank of the Ozarks, Inc.		7,600		181,640
BOK Financial Corp.		12,300		642,429
Boston Private Financial Holdings, Inc.		22,098		234,018
Central Pacific Financial Corp.		13,300		250,705
Citizens Republic Bancorp, Inc.		27,000		335,610
City Holding Co.		26,104		1,041,550
Colonial BancGroup, Inc. (The)		49,700		478,611
Columbia Banking System, Inc.		22,000		492,360
Commerce Bancshares, Inc.		8,715		366,291
CVB Financial Corp.		29,010		301,994
East West Bancorp, Inc.		32,214		571,799
Financial Institutions, Inc.		5,233		99,165
First Citizens BancShares, Inc.		4,248		591,959
First Commonwealth Financial Corp.		22,100		256,139
First Financial Bancorp		1,828		24,587
First Merchants Corp.		758		21,633
First Regional Bancorp*		4,267		69,979
First State Bancorp		9,100		121,849
FirstMerit Corp.		4,905		101,337
Fulton Financial Corp.		32,900		404,341
Glacier Bancorp, Inc.		27,800		532,926
Great Southern Bancorp, Inc.		11,400		177,954
Hanmi Financial Corp.		92,900		686,531
National Penn Bancshares, Inc.		68,665		1,249,016
NBT Bancorp, Inc.		25,820		573,204
Old National Bancorp		41,400		745,200
Preferred Bank		3,093		51,622
Prosperity Bancshares, Inc.		7,820		224,121
Provident Bankshares Corp.		41,300		443,562
Renasant Corp.		38,246		860,535
Southside Bancshares, Inc.		930		22,385
Sterling Bancshares, Inc.		66,900		664,986
Sterling Financial Corp.		29,300		457,373
SVB Financial Group*		25,051		1,093,226
TCF Financial Corp.		12,400		222,208
Temecula Valley Bancorp, Inc.		3,451		32,647
UCBH Holdings, Inc.		15,000		116,400
Union Bankshares Corp.		21,268		411,961
Webster Financial Corp.		33,100		922,497
Westamerica Bancorp		18,700		983,620
				18,704,749
Commercial Services & Supplies (3.2%)
Administaff, Inc.		23,000		543,030
Advisory Board Co. (The)*		50,991		2,801,446
Comfort Systems U.S.A., Inc.		80,700		1,049,907
COMSYS IT Partners, Inc.*		18,537		156,823
Corporate Executive Board Co.		23,218		939,865
CoStar Group, Inc.*		86,121		3,703,203
Deluxe Corp.		4,026		77,339
Ennis, Inc.		43,600		731,608
Exponent, Inc.*		30,900		1,014,756
GeoEye, Inc.*		18,812		488,924
Healthcare Services Group		25,900		534,576
Heidrick & Struggles International, Inc.		16,736		544,422
Interface, Inc., Class A		58,100		816,305
Kimball International, Inc., Class B		21,900		234,768
Knoll, Inc.		98,726		1,139,298
Layne Christensen Co.*		10,800		378,216
Mine Safety Appliances Co.		8,300		341,877
PeopleSupport, Inc.*		2,530		23,074
Rollins, Inc.		34,050		602,344
School Specialty, Inc.*		4,845		152,811
Standard Parking Corp.*		3,959		82,981
United Stationers, Inc.*		16,100		767,970
Viad Corp.		42,247		1,521,314
Volt Information Sciences, Inc.*		71,560		1,213,658
Waste Connections, Inc.*		16,000		491,840
Watson Wyatt Worldwide, Inc., Class A		27,804		1,577,877
				21,930,232
Communications Equipment (1.2%)
Arris Group, Inc.*		116,600		678,612
Blue Coat Systems, Inc.*		47,518		1,047,297
CommScope, Inc.*		19,211		669,119
Comtech Group, Inc.*		39,800		429,442
Comtech Telecommunications Corp.*		15,259		595,101
Netgear, Inc.*		30,400		606,480
Oplink Communications, Inc.*		45,100		400,037
Powerwave Technologies, Inc.*		496,200		1,265,310
Riverbed Technology, Inc.*		87,600		1,301,736
Soapstone Networks, Inc.*		10,896		78,015

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Sycamore Networks, Inc.*		255,200	$	934,032
				8,005,181
Computers & Peripherals (0.7%)
BancTec, Inc.*		108,400		542,000
Emulex Corp.*		87,643		1,423,323
Imation Corp.		25,900		588,966
Immersion Corp.*		63,371		450,568
Lexmark International, Inc., Class A*		11,999		368,609
Novatel Wireless, Inc.*		63,300		612,744
QLogic Corp.*		4,237		65,038
Quantum Corp.*		41,045		87,836
Super Micro Computer, Inc.*		275		2,296
Western Digital Corp.*		17,893		483,827
				4,625,207
Construction & Engineering (0.7%)
EMCOR Group, Inc.*		64,954		1,442,628
Michael Baker Corp.*		37,639		845,372
Perini Corp.*		13,717		496,967
Shaw Group, Inc. (The)*		28,431		1,340,237
Sterling Construction Co., Inc.*		10,580		192,768
URS Corp.*		4,700		153,643
				4,471,615
Construction Materials (0.8%)
Eagle Materials, Inc.		75,346		2,678,550
Texas Industries, Inc.		40,867		2,456,515
U.S. Concrete, Inc.*		34,432		130,842
				5,265,907
Consumer Finance (0.3%)
Advance America Cash Advance Centers, Inc.		32,100		242,355
Advanta Corp., Class B		77,600		545,528
EZCORP, Inc., Class A*		80,165		986,831
				1,774,714
Containers & Packaging (1.2%)
AptarGroup, Inc.		60,886		2,370,292
Crown Holdings, Inc.*		7,008		176,321
Greif, Inc., Class A		16,350		1,110,655
Myers Industries, Inc.		35,100		460,863
Rock-Tenn Co., Class A		101,347		3,037,370
Silgan Holdings, Inc.		16,650		826,340
				7,981,841
Distributor (0.4%)
LKQ Corp.*		135,012		3,033,720
Diversified Consumer Services (1.2%)
American Public Education, Inc.*		41,085		1,247,751
Capella Education Co.*		15,800		862,680
ITT Educational Services, Inc.*		18,550		852,002
Matthews International Corp., Class A		24,900		1,201,425
Strayer Education, Inc.		26,963		4,111,857
				8,275,715
Diversified Financial Services (0.4%)
Financial Federal Corp.		91,450		1,994,525
Interactive Brokers Group, Inc., Class A*		16,124		413,903
				2,408,428
Diversified Telecommunication Services (0.6%)
Alaska Communications Systems Group, Inc.		54,100		662,184
CenturyTel, Inc.		18,982		630,962
Cincinnati Bell, Inc.*		45,931		195,666
Cogent Communications Group, Inc.*		109,337		2,001,961
NTELOS Holdings Corp.		1,970		47,674
Premiere Global Services, Inc.*		14,454		207,270
				3,745,717
Electric Utilities (0.7%)
Allete, Inc.		13,800		532,956
El Paso Electric Co.*		52,286		1,117,352
UIL Holdings Corp.		23,700		714,081
UniSource Energy Corp.		28,700		638,862
Westar Energy, Inc.		75,000		1,707,750
				4,711,001
Electrical Equipment (0.8%)
Acuity Brands, Inc.		4,516		193,962
Belden, Inc.		29,700		1,049,004
Brady Corp., Class A		26,800		895,924
General Cable Corp.*		13,400		791,538
GrafTech International Ltd.*		77,497		1,256,226
Regal-Beloit Corp.		15,400		564,102
Superior Essex, Inc.*		11,421		321,159
				5,071,915
Electronic Equipment & Instruments (2.1%)
Agilysys, Inc.		28,089		325,832
Anixter International, Inc.*		15,807		1,012,280
Avnet, Inc.*		22,200		726,606
Benchmark Electronics, Inc.*		44,700		802,365
Brightpoint, Inc.*		95,482		798,230
Dolby Laboratories, Inc., Class A*		14,229		515,944
DTS, Inc.*		43,550		1,045,200
FARO Technologies, Inc.*		776		24,196
FLIR Systems, Inc.*		17,290		520,256
Insight Enterprises, Inc.*		24,017		420,297
LoJack Corp.*		12,227		154,549
Methode Electronics, Inc.		46,606		544,824
Mettler Toledo International, Inc.*		12,119		1,176,997
Park Electrochemical Corp.		30,700		793,595
Plexus Corp.*		3,722		104,402
Rofin-Sinar Technologies, Inc.*		24,800		1,113,520
Scansource, Inc.*		9,098		329,257
Smart Modular Technologies, Inc.*		123,000		763,830
Technitrol, Inc.		76,500		1,769,445
Trimble Navigation Ltd.*		24,739		707,288
TTM Technologies, Inc.*		60,400		683,728
X-Rite, Inc.*		13,100		78,207
				14,410,848
Energy Equipment & Services (1.5%)
Atwood Oceanics, Inc.*		5,621		515,558
CARBO Ceramics, Inc.		12,750		511,275
Dril-Quip, Inc.*		13,277		616,982
Gulfmark Offshore, Inc.*		18,100		990,432
Helix Energy Solutions Group, Inc.*		18,654		587,601
ION Geophysical Corp.*		58,400		805,920
NATCO Group, Inc., Class A*		17,700		827,475
National Oilwell Varco, Inc.*		7,004		408,894
Oceaneering International, Inc.*		27,965		1,761,795

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Oil States International, Inc.*		20,000	$	896,200
Tidewater, Inc.		21,600		1,190,376
Trico Marine Services, Inc.*		12,121		472,355
Willbros Group, Inc.*		10,000		306,000
				9,890,863
Food & Staples Retailing (0.7%)
Longs Drug Stores Corp.		14,500		615,670
Ruddick Corp.		54,200		1,997,812
Spartan Stores, Inc.		67,773		1,413,067
Weis Markets, Inc.		20,200		696,294
				4,722,843
Food Products (0.6%)
B&G Foods, Inc.		25,700		282,700
Chiquita Brands International, Inc.*		39,800		919,778
Darling International, Inc.*		89,647		1,160,929
Flowers Foods, Inc.		12,647		313,013
J&J Snack Foods Corp.		13,183		362,137
Ralcorp Holdings, Inc.*		12,081		702,510
Tootsie Roll Industries, Inc.		19,372		488,165
				4,229,232
Health Care Equipment & Supplies (1.8%)
Abaxis, Inc.*		9,300		215,481
American Medical Systems Holdings, Inc.*		60,600		859,914
Analogic Corp.		8,265		549,953
Arthrocare Corp.*		15,800		526,930
CONMED Corp.*		12,210		313,064
Cutera, Inc.*		56,500		761,055
Datascope Corp.		10,100		418,443
Exactech, Inc.*		780		19,648
Haemonetics Corp.*		16,500		983,070
ICU Medical, Inc.*		36,400		1,047,228
IDEXX Laboratories, Inc.*		30,999		1,527,011
Immucor, Inc.*		19,000		405,460
Integra LifeSciences Holdings Corp.*		16,600		721,602
Invacare Corp.		12,573		280,127
Inverness Medical Innovations, Inc.*		24,500		737,450
Kinetic Concepts, Inc.*		10,640		491,887
Mentor Corp.		6,000		154,320
Sirona Dental Systems, Inc.*		15,000		404,550
SurModics, Inc.*		14,000		586,320
Synovis Life Technologies, Inc.*		9,908		155,357
Vital Signs, Inc.		14,900		754,685
Wright Medical Group, Inc.*		22,400		540,736
				12,454,291
Health Care Providers & Services (2.2%)
Air Methods Corp.*		2,245		108,591
AMERIGROUP Corp.*		24,101		658,680
AMN Healthcare Services, Inc.*		50,100		772,542
Amsurg Corp.*		16,134		382,053
Apria Healthcare Group, Inc.*		52,072		1,028,422
athenahealth, Inc.*		58,100		1,375,227
Five Star Quality Care, Inc.*		106,100		673,735
Hanger Orthopedic Group, Inc.		21,839		235,424
Healthspring, Inc.*		64,800		912,384
Healthways, Inc.*		71,550		2,528,577
Henry Schein, Inc.*		12,700		728,980
Hooper Holmes, Inc.*		254,800		165,620
Hythiam, Inc.*		312,179		377,737
Molina Healthcare, Inc.*		22,249		543,321
MWI Veterinary Supply, Inc.*		14,000		493,640
Owens & Minor, Inc.		43,895		1,726,829
Pediatrix Medical Group, Inc.*		13,187		888,804
PSS World Medical, Inc.*		41,100		684,726
WellCare Health Plans, Inc.*		10,952		426,580
				14,711,872
Health Care Technology (0.5%)
Allscripts Healthcare Solutions, Inc.*		124,600		1,285,872
Cerner Corp.*		20,150		751,192
Omnicell, Inc.*		72,050		1,448,205
				3,485,269
Hotels, Restaurants & Leisure (2.8%)
AFC Enterprises*		105,890		951,951
Ambassadors Group, Inc.		56,500		1,067,285
Bally Technologies, Inc.*		6,220		213,595
BJ’s Restaurants, Inc.*		57,662		830,909
Bob Evans Farms, Inc.		2,973		82,025
Burger King Holdings, Inc.		10,923		302,130
CBRL Group, Inc.		18,000		643,860
CEC Entertainment, Inc.*		3,652		105,470
Chipotle Mexican Grill, Inc., Class A*		8,051		913,225
Choice Hotels International, Inc.		6,349		216,564
Gaylord Entertainment Co.*		73,100		2,214,199
Great Wolf Resorts, Inc.*		80,170		511,485
Jack in the Box, Inc.*		1,665		44,739
P.F. Chang’s China Bistro, Inc.*		63,308		1,800,479
Premier Exhibitions, Inc.*		50,745		306,500
Ruby Tuesday, Inc.		184,600		1,384,500
Ruth’s Chris Steak House*		28,100		194,171
Scientific Games Corp., Class A*		100,900		2,129,999
Texas Roadhouse, Inc., Class A*		125,800		1,232,840
Vail Resorts, Inc.*		79,934		3,860,013
				19,005,939
Household Durables (0.7%)
Avatar Holdings, Inc.*		3,353		146,157
Blyth, Inc.		11,476		226,307
Champion Enterprises, Inc.*		47,000		471,410
iRobot Corp.*		38,900		665,579
KB HOME		10,000		247,300
M/I Homes, Inc.		20,500		348,090
Ryland Group, Inc.		12,400		407,836
Snap-on, Inc.		17,400		884,790
Tempur-Pedic International, Inc.		39,900		438,900
Tupperware Brands Corp.		23,546		910,759
				4,747,128
Household Products (0.3%)
Church & Dwight Co., Inc.		32,200		1,746,528
Industrial Conglomerate (0.1%)
Raven Industries, Inc.		12,037		364,721
Insurance (2.2%)
American Equity Investment Life Holding Co.		132,600		1,230,528
American Financial Group, Inc.		18,234		466,061
Amerisafe, Inc.*		3,091		39,070
Amtrust Financial Services, Inc.		22,350		362,294
Brown & Brown, Inc.		26,200		455,356
CNA Surety Corp.*		17,090		262,844
Commerce Group, Inc.		17,900		645,474
FBL Financial Group, Inc., Class A		23,400		666,666

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Harleysville Group, Inc.		11,200	$	404,208
HCC Insurance Holdings, Inc.		16,950		384,596
Hilb, Rogal & Hobbs Co.		8,200		258,054
Infinity Property & Casualty Corp.		16,500		686,400
LandAmerica Financial Group, Inc.		12,700		501,269
Max Capital Group Ltd.		9,991		261,664
Navigators Group, Inc. (The)*		15,645		851,088
Philadelphia Consolidated Holding Co.*		20,000		644,000
Phoenix Cos., Inc. (The)		71,100		868,131
Presidential Life Corp.		48,100		838,864
Reinsurance Group of America, Inc.		20,796		1,132,134
Safety Insurance Group, Inc.		27,300		931,749
Selective Insurance Group		57,440		1,371,667
State Auto Financial Corp.		23,164		674,768
United Fire & Casualty Co.		9,760		365,024
Zenith National Insurance Corp.		16,500		591,690
				14,893,599
Internet & Catalog Retail (1.2%)
1-800-FLOWERS.COM, Inc., Class A*		20,804		177,042
Blue Nile, Inc.*		80,341		4,350,465
FTD Group, Inc.		23,813		319,571
GSI Commerce, Inc.*		69,741		917,094
PC Mall, Inc.*		22,657		240,844
priceline.com, Inc.*		6,535		789,820
Shutterfly, Inc.*		48,000		713,760
Stamps.com, Inc.*		64,100		657,666
Systemax, Inc.		22,541		271,844
				8,438,106
Internet Software & Services (2.3%)
Bankrate, Inc.*		59,302		2,958,577
Chordiant Software, Inc.*		124,956		753,485
CNET Networks, Inc.*		100,341		712,421
comScore, Inc.*		29,620		594,177
Constant Contact, Inc.*		51,650		747,892
DealerTrack Holdings, Inc.*		79,650		1,610,523
EarthLink, Inc.*		91,981		694,457
LoopNet, Inc.*		81,700		1,037,590
Ning, Inc.*(a)		63,095		451,129
Omniture, Inc.*		39,900		926,079
United Online, Inc.		81,600		861,696
ValueClick, Inc.*		19,300		332,925
VistaPrint Ltd.*		75,416		2,635,789
Vocus, Inc.*		51,300		1,354,320
				15,671,060
IT Services (1.3%)
Acxiom Corp.		36,735		436,045
CACI International, Inc., Class A*		25,000		1,138,750
CGI Group, Inc., Class A ADR — CA*		5,794		61,416
Forrester Research, Inc.*		66,027		1,754,998
Gevity HR, Inc.		105,304		911,933
Hewitt Associates, Inc., Class A*		6,268		249,278
Information Services Group, Inc.*		131,330		677,663
Mantech International Corp., Class A*		21,453		973,108
MAXIMUS, Inc.		23,444		860,629
MPS Group, Inc.*		55,200		652,464
NCI, Inc., Class A*		31,900		600,358
SRA International, Inc., Class A*		12,500		303,875
				8,620,517
Leisure Equipment & Products (0.4%)
Arctic Cat, Inc.		55,000		400,950
JAKKS Pacific, Inc.*		20,013		551,758
MarineMax, Inc.*		42,000		523,320
Nautilus, Inc.		93,000		305,970
Polaris Industries, Inc.		24,774		1,015,982
				2,797,980
Life Sciences Tools & Services (1.3%)
Bio-Rad Laboratories, Inc., Class A*		1,309		116,435
Dionex Corp.*		13,400		1,031,666
eResearchTechnology, Inc.*		14,921		185,319
Illumina, Inc.*		40,104		3,043,894
Invitrogen Corp.*		11,303		966,067
Techne Corp.*		51,922		3,497,466
				8,840,847
Machinery (2.8%)
Actuant Corp., Class A		6,262		189,175
AGCO Corp.*		11,500		688,620
Astec Industries, Inc.*		6,200		240,312
Axsys Technologies, Inc.*		1,482		73,922
Blount International, Inc.*		18,400		227,608
Bucyrus International, Inc., Class A		36,800		3,740,720
Cascade Corp.		11,600		571,996
Chart Industries, Inc.*		16,300		551,592
Clarcor, Inc.		39,800		1,414,890
Columbus McKinnon Corp.*		12,620		390,968
EnPro Industries, Inc.*		25,510		795,657
Graco, Inc.		3,200		116,032
Hardinge, Inc.		50,473		694,508
Joy Global, Inc.		7,850		511,506
Kennametal, Inc.		12,600		370,818
Middleby Corp.*		19,039		1,187,843
Mueller Industries, Inc.		29,390		847,902
Nordson Corp.		11,941		643,023
Robbins & Myers, Inc.		49,673		1,621,823
Sun Hydraulics Corp.		15,050		440,514
Titan Machinery, Inc.*		24,700		461,890
Toro Co.		11,611		480,579
Valmont Industries, Inc.		13,180		1,158,390
Wabtec Corp.		45,000		1,694,700
				19,114,988
Marine (0.1%)
Kirby Corp.*		12,721		725,097
Media (1.3%)
Arbitron, Inc.		17,780		767,385
CKX, Inc.		83,657		796,415
DreamWorks Animation SKG, Inc., Class A*		25,885		667,315
GateHouse Media, Inc.		66,500		388,360
Interactive Data Corp.		72,863		2,074,409
Journal Communications, Inc., Class A		62,100		458,298
Lakes Entertainment, Inc.*		46,938		207,466
Marvel Entertainment, Inc.*		30,713		822,801
Morningstar, Inc.*		31,662		1,942,464
Valassis Communications, Inc.*		35,168		381,573
				8,506,486

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Metals & Mining (1.3%)
AK Steel Holding Corp.		15,409	$	838,558
Commercial Metals Co.		28,700		860,139
Compass Minerals International, Inc.		34,400		2,028,912
Gold Reserve, Inc.*		54,650		251,936
Haynes International, Inc.*		12,200		669,536
Hecla Mining Co.*		21,100		235,476
Iamgold Corp.		55,700		408,281
Kaiser Aluminum Corp.		13,073		905,959
Quanex Corp.		14,500		750,230
Reliance Steel & Aluminum Co.		5,900		353,174
Southern Copper Co.		338		35,095
Steel Dynamics, Inc.		26,800		885,472
Stillwater Mining Co.*		28,600		442,442
Worthington Industries, Inc.		22,000		371,140
				9,036,350
Multi-Utilities (0.1%)
Black Hills Corp.		18,100		647,618
PNM Resources, Inc.		24,600		306,762
				954,380
Multiline Retail (0.3%)
Big Lots, Inc.*		40,197		896,393
Dollar Tree, Inc.*		33,160		914,884
				1,811,277
Natural Gas Utilities (1.4%)
Atmos Energy Corp.		9,255		236,002
Energen Corp.		16,600		1,034,180
Laclede Group, Inc. (The)		39,100		1,393,133
National Fuel Gas Co.		3,365		158,862
New Jersey Resources Corp.		35,850		1,113,142
Nicor, Inc.		6,200		207,762
Northwest Natural Gas Co.		28,806		1,251,333
Piedmont Natural Gas Co.		29,600		777,296
South Jersey Industries, Inc.		9,500		333,545
Southern Union Co.		15,415		358,707
Southwest Gas Corp.		36,600		1,023,336
UGI Corp.		28,730		715,952
WGL Holdings, Inc.		32,800		1,051,568
				9,654,818
Office Electronics (0.1%)
Zebra Technologies Corp., Class A*		26,047		867,886
Oil, Gas & Consumable Fuels (4.9%)
Alon USA Energy, Inc.		36,300		552,123
Arena Resources, Inc.*		28,600		1,107,106
Berry Petroleum Co., Class A		38,100		1,771,269
Bill Barrett Corp.*		79,050		3,735,112
Bois d’Arc Energy, Inc.*		4,712		101,261
BPZ Resources, Inc.*		31,200		677,976
Cabot Oil & Gas Corp.		16,000		813,440
Carrizo Oil & Gas, Inc.*		45,389		2,690,206
Cimarex Energy Co.		8,000		437,920
Concho Resources, Inc.*		21,600		553,824
Contango Oil & Gas Co.*		37,662		2,433,342
Delek US Holdings, Inc.		33,400		423,178
Energy Partners Ltd.*		56,800		537,896
Evergreen Energy, Inc.*		229,260		353,060
Foundation Coal Holdings, Inc.		22,300		1,122,359
Frontier Oil Corp.		2,518		68,641
GMX Resources, Inc.*		26,684		932,072
Holly Corp.		4,426		192,133
Mariner Energy, Inc.*		21,900		591,519
Massey Energy Co.		24,227		884,286
Newfield Exploration Co.*		35,250		1,862,962
Parallel Petroleum Corp.*		34,500		675,165
Penn Virginia Corp.		27,300		1,203,657
PetroHawk Energy Corp.*		22,190		447,572
RAM Energy Resources, Inc.*		241,530		1,188,328
Rex Energy Corp.*		25,000		416,000
St. Mary Land & Exploration Co.		51,400		1,978,900
Stone Energy Corp.*		28,525		1,492,143
Swift Energy Co.*		32,600		1,466,674
Tesoro Corp.		6,831		204,930
US BioEnergy Corp.*		53,300		314,470
USEC, Inc.*		100,100		370,370
W&T Offshore, Inc.		35,046		1,195,419
Western Refining, Inc.		36,700		494,349
				33,289,662
Paper & Forest Products (0.2%)
Buckeye Technologies, Inc.*		65,197		727,599
Wausau Paper Corp.		80,800		667,408
				1,395,007
Personal Products (1.2%)
Alberto-Culver Co.		70,800		1,940,628
Bare Escentuals, Inc.*		68,750		1,610,125
Elizabeth Arden, Inc.*		28,340		565,383
Nu Skin Enterprises, Inc., Class A		57,100		1,028,942
Physicians Formula Holdings, Inc.*		101,946		909,358
Prestige Brands Holdings, Inc.*		215,600		1,763,608
				7,818,044
Pharmaceuticals (0.7%)
King Pharmaceuticals, Inc.*		50,111		435,966
KV Pharmaceutical Co., Class A*		18,456		460,662
Microbia, Inc.*(a)		93,487		584,294
Perrigo Co.		21,164		798,518
Sciele Pharma, Inc.*		46,300		902,850
Viropharma, Inc.*		6,026		53,872
Vivus, Inc.*		53,343		321,658
Watson Pharmaceuticals, Inc.*		29,960		878,427
				4,436,247
Real Estate Investment Trusts (REITs) (2.8%)
Agree Realty Corp.		862		23,662
Arbor Realty Trust, Inc.		50,300		758,524
Ashford Hospitality Trust, Inc.		336,200		1,909,616
Capital Trust, Inc., Class A		25,300		681,835
CBRE Realty Finance, Inc.		148,700		599,261
Cedar Shopping Centers, Inc.		43,080		503,174
Deerfield Capital Corp.		75,600		106,596
DiamondRock Hospitality Co.		44,300		561,281
Duke Realty Corp.		15,300		348,993
Education Realty Trust, Inc.		1,455		18,289
Entertainment Properties Trust		17,700		873,141
Equity Lifestyle Properties, Inc.		24,556		1,212,330
Essex Property Trust, Inc.		5,170		589,277
Extra Space Storage, Inc.		33,520		542,689
First Industrial Realty Trust, Inc.		37,900		1,170,731
Getty Realty Corp.		35,300		562,329
Gramercy Capital Corp.		60,914		1,274,930
Healthcare Realty Trust, Inc.		2,000		52,300
Hersha Hospitality Trust		164,100		1,481,823
Lexington Realty Trust		89,629		1,291,554

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
MFA Mortgage Investments, Inc.		103,370	$	651,231
National Health Investors, Inc.		8,300		259,375
NorthStar Realty Finance Corp.		47,700		389,709
Omega Healthcare Investors, Inc.		18,580		322,549
Pennsylvania Real Estate Investment Trust		22,900		558,531
Senior Housing Properties Trust		18,755		444,493
Taubman Centers, Inc.		22,589		1,176,887
Washington Real Estate Investment Trust		22,600		755,292
				19,120,402
Real Estate Management & Development (0.2%)
Consolidated-Tomoka Land Co.		7,294		408,829
FX Real Estate and Entertainment, Inc.*		12,053		70,872
Housevalues, Inc.*		57,904		136,653
Jones Lang LaSalle, Inc.		6,464		499,926
				1,116,280
Road & Rail (1.8%)
Arkansas Best Corp.		28,401		904,856
Celadon Group, Inc.*		177,300		1,716,264
Con-way, Inc.		8,986		444,627
Heartland Express, Inc.		26,333		375,509
J.B. Hunt Transport Services, Inc.		116,200		3,652,166
Kansas City Southern*		97,850		3,924,763
Landstar System, Inc.		12,726		663,788
Old Dominion Freight Line, Inc.*		6,061		192,922
Werner Enterprises, Inc.		14,570		270,419
				12,145,314
Semiconductors & Semiconductor Equipment (1.0%)
Amkor Technology, Inc.*		28,130		300,991
Cohu, Inc.		32,400		526,500
Integrated Device Technology, Inc.*		157,000		1,402,010
OmniVision Technologies, Inc.*		6,098		102,568
Pericom Semiconductor Corp.*		10,951		160,761
RF Micro Devices, Inc.*		80,900		215,194
Sigma Designs, Inc.*		10,394		235,632
Skyworks Solutions, Inc.*		53,683		390,812
Standard Microsystems Corp.*		41,371		1,207,206
Tessera Technologies, Inc.*		29,310		609,648
Ultra Clean Holdings, Inc.*		48,900		479,220
Varian Semiconductor Equipment Associates, Inc.*		15,981		449,865
Zoran Corp.*		33,900		463,074
				6,543,481
Software (4.4%)
Ansys, Inc.*		16,396		565,990
Blackbaud, Inc.		181,750		4,412,890
Blackboard, Inc.*		130,551		4,351,265
BladeLogic, Inc.*		53,150		1,490,857
Commvault Systems, Inc.*		67,750		840,100
Compuware Corp*		93,100		683,354
Concur Technologies, Inc.*		41,250		1,280,812
EPIQ Systems, Inc.*		93,130		1,445,377
FactSet Research Systems, Inc.		60,093		3,237,210
JDA Software Group, Inc.*		12,175		222,194
Magma Design Automation, Inc.*		49,200		470,844
Mentor Graphics Corp.*		25,840		228,167
MICROS Systems, Inc.*		123,603		4,160,477
Monotype Imaging Holdings, Inc.*		47,834		722,772
NetSuite, Inc.*		24,660		531,176
Parametric Technology Corp.*		47,600		760,648
Quest Software, Inc.*		66,100		863,927
Radiant Systems, Inc.*		9,546		133,358
Solera Holdings, Inc.*		33,235		809,605
SPSS, Inc.*		22,706		880,539
Sybase, Inc.*		45,729		1,202,673
Synopsys, Inc.*		31,308		711,005
				30,005,240
Specialty Retail (2.4%)
America’s Car-Mart, Inc.		8,700		109,533
Asbury Automotive Group, Inc.		56,680		779,917
Brown Shoe Co., Inc.		31,800		479,226
Buckle, Inc. (The)		7,428		332,254
Cabela’s, Inc., Class A*		46,100		652,776
Cache, Inc.*		43,100		486,599
Christopher & Banks Corp.		30,000		299,700
Citi Trends, Inc.*		47,591		878,054
Coldwater Creek, Inc.*		81,300		410,565
Collective Brands, Inc.*		50,900		616,908
DSW, Inc., Class A*		16,000		207,200
Guess?, Inc.		10,000		404,700
Gymboree Corp.*		35,359		1,410,117
Haverty Furniture Cos., Inc.		56,600		602,224
Hibbett Sports, Inc.*		33,800		521,872
J Crew Group, Inc.*		8,645		381,850
Jos. A. Bank Clothiers, Inc.*		38,808		795,564
Lithia Motors, Inc., Class A		6,800		69,088
Men’s Wearhouse, Inc.		43,700		1,016,899
New York & Co., Inc.*		20,200		115,948
O’Reilly Automotive, Inc.*		86,780		2,474,965
Office Depot, Inc.*		43,000		475,150
Pacific Sunwear of California, Inc.*		33,000		416,130
Rent-A-Center, Inc.*		13,495		247,633
Sally Beauty Holdings, Inc.*		46,600		321,540
Stage Stores, Inc.		41,100		665,820
Talbots, Inc.		17,051		183,810
Tractor Supply Co.*		10,100		399,152
Zumiez, Inc.*		43,400		680,946
				16,436,140
Textiles, Apparel & Luxury Goods (1.3%)
American Apparel, Inc.*		49,591		468,635
Carter’s, Inc.*		41,020		662,473
Crocs, Inc.*		76,000		1,327,720
Fossil, Inc.*		31,398		958,895
Iconix Brand Group, Inc.*		46,173		801,101
Maidenform Brands, Inc.*		10,262		166,963
Movado Group, Inc.		5,599		109,124
Oxford Industries, Inc.		7,820		176,185
Perry Ellis International, Inc.*		9,381		204,787
Phillips-Van Heusen Corp.		35,400		1,342,368
Skechers USA, Inc., Class A*		7,900		159,659
Warnaco Group, Inc. (The)*		18,193		717,532
Wolverine World Wide, Inc.		47,600		1,380,876
				8,476,318
Thrifts & Mortgage Finance (0.5%)
BankUnited Financial Corp., Class A		36,000		180,360
Brookline Bancorp, Inc.		33,100		379,988
Charter Financial Corp.		1,291		41,183
Dime Community Bancshares		32,650		570,722
Flushing Financial Corp.		24,000		421,920

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

	Shares or
	Principal
	Amount		Value
Common Stocks (continued)
United States (continued)
PFF Bancorp, Inc.		71,800	$	597,376
TrustCo Bank Corp. NY		25,400		225,806
ViewPoint Financial Group		21,400		353,314
Westfield Financial, Inc.		41,200		402,524
				3,173,193
Trading Companies & Distributors (0.4%)
Applied Industrial Technologies, Inc.		21,000		627,690
Beacon Roofing Supply, Inc.*		28,100		281,000
H&E Equipment Services, Inc.*		11,700		147,069
Interline Brands, Inc.*		21,700		402,535
Kaman Corp.		19,483		551,174
United Rentals, Inc.*		9,000		169,560
WESCO International, Inc.*		22,210		810,443
				2,989,471
Wireless Telecommunication Services (0.2%)
Centennial Communications Corp.*		117,200		692,652
Syniverse Holdings, Inc.*		59,665		994,019
				1,686,671
				499,407,346
Total Common Stocks				652,444,042
Exchange Traded Funds (0.5%)
Australian Infrastructure Fund(a)		460,308		1,146,550
Hastings Diversified Utilities Fund(a)		96,996		238,160
Ishares MSCI EAFE Small Cap Index Fund		40,000		1,854,400
Total Exchange Traded Funds				3,239,110
Rights (0.0%)
United States (0.0%)
FX Real Estate and Entertainment, Inc., Expiring 4/14/08*		6,026		482
MCG Capital Corp., Expiring 4/21/08*		9,714		10,394
Total Rights				10,876
Warrants* (0.0%)
United States (0.0%)
Hythiam, Inc. , 0.00%, Expiring 11/06/12*		43,900		0
Mutual Funds (2.8%)
AIM Liquid Assets Portfolio		19,181,593		19,181,593
Total Investments
(Cost $676,069,893) (b) — 99.9%				674,875,621
Other assets in excess of liabilities — 0.1%				632,237
NET ASSETS — 100.0%			$	675,507,858

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Money Market Fund

	Principal
	Amount		Value
Asset-Backed Commercial Paper (1.4%)(a) (b)
Asset-Backed — Trade & Term Receivables (1.4%)
Falcon Asset Securitization Corp.
2.75%, 04/11/08	$	10,015,000	$	10,007,349
2.75%, 04/18/08		10,000,000		9,987,014
Variable Funding Capital Corp., 2.80%, 04/03/08		15,000,000		14,997,667
Total Asset-Backed Commercial Paper				34,992,030
Certificates of Deposit (3.8%)
Banks — Domestic (0.6%)(d)
Wachovia Corp., 2.73%, 10/28/08		15,000,000		14,993,619
Banks — Foreign (3.2%)
Bank of Ireland
5.44%, 06/16/08		23,000,000		23,000,000
3.06%, 11/14/08(d)		20,000,000		20,000,000
HBOS Treasury Services PLC, 5.40%, 06/13/08		20,000,000		20,000,000
Natixis, 3.15%, 04/08/08(d)		20,000,000		20,000,019
				83,000,019
Total Certificates of Deposit				97,993,638
Commercial Paper (73.8%)
Agricultural Services (2.9%)(a) (b)
Archer Daniels Midland Co.
2.55%, 04/22/08		5,000,000		4,992,562
3.01%, 04/29/08		23,600,000		23,544,750
2.97%, 05/02/08		10,000,000		9,974,425
Cargill, Inc., 2.65%, 04/10/08		35,000,000		34,976,500
				73,488,237
Banks — Domestic (6.0%)
Bank of America Corp.
2.96%, 04/25/08		15,000,000		14,970,400
2.76%, 06/09/08		15,000,000		14,920,650
Citigroup Funding
2.61%, 05/01/08		15,000,000		14,967,375
2.58%, 05/02/08		15,000,000		14,966,675
J.P. Morgan Chase & Co., 2.45%, 04/22/08		10,000,000		9,985,708
KBC Financial Products(a) (b)
3.04%, 04/21/08		1,050,000		1,048,227
3.00%, 04/23/08		10,000,000		9,981,667
State Street Corp.
2.91%, 04/10/08		12,000,000		11,991,270
2.93%, 04/14/08		10,000,000		9,989,419
2.65%, 05/15/08		15,000,000		14,951,417
Wells Fargo & Co., 2.42%, 04/30/08		35,000,000		34,931,769
				152,704,577
Banks — Foreign (14.4%)
Anz National (Int’l) Ltd., 2.55%, 05/19/08(b)		25,000,000		24,915,000
ANZ National Int’l Ltd., 2.60%, 05/21/08(b)		7,200,000		7,173,481
DNB Nor Bank(a) (b)
2.75%, 04/10/08		10,000,000		9,993,125
3.02%, 04/15/08		12,000,000		11,985,907
3.05%, 04/16/08		14,300,000		14,281,827
3.00%, 04/30/08		360,000		359,130
Dresdner U.S. Finance, Inc., 2.91%, 04/02/08		20,000,000		19,998,383
Kommunalkredit Austria, 2.64%, 11/21/08(a)(d)		22,500,000		22,500,000
Natexis Banques Populaires USF, LLC, 2.85%, 05/01/08		17,000,000		16,959,625
National Australia Funding (DE)(a) (b)
2.92%, 04/04/08		10,000,000		9,997,567
2.59%, 05/09/08		25,000,000		24,931,653
Royal Bank of Canada
2.48%, 04/24/08		10,000,000		9,984,155
2.61%, 04/28/08		10,000,000		9,980,425
2.66%, 04/30/08		10,000,000		9,978,572
Scotiabanc, Inc.
4.55%, 04/01/08		20,000,000		20,000,000
4.04%, 04/11/08		10,000,000		9,988,778
Societe Generale North Americana
4.25%, 04/11/08		6,000,000		5,992,917
4.06%, 04/14/08		13,000,000		12,980,941
3.89%, 04/15/08		8,000,000		7,987,898
Svenska Handelsbank, Inc., 3.81%, 04/16/08		35,000,000		34,944,437
Toronto-Dominion Holdings (USA)(a) (b)
3.05%, 04/07/08		5,000,000		4,997,458
2.44%, 04/24/08		10,000,000		9,984,443
3.10%, 04/25/08		10,000,000		9,979,333
3.06%, 05/28/08		12,000,000		11,941,955
Unicredito Italiano, 2.87%, 04/08/08(a)(b)		15,000,000		14,991,588
Westpac Capital Corp., 4.36%, 04/08/08(a)(b)		30,000,000		29,974,567
				366,803,165
Chemicals-Diversified (6.4%)
Abbott Laboratories(a) (b)
2.15%, 04/03/08		22,000,000		21,997,372
2.12%, 04/10/08		10,000,000		9,994,700
Air Products & Chemicals
2.37%, 04/03/08(a) (b)		15,000,000		14,998,025
2.25%, 04/11/08		20,000,000		19,987,500
Colgate-Palmolive Co., 2.10%, 04/18/08		30,000,000		29,970,250
Pfizer, Inc., 2.70%, 04/08/08		35,900,000		35,881,153
Procter & Gamble Co., 2.10%, 04/30/08		30,000,000		29,949,250
				162,778,250
Diversified Manufacturing (7.9%
Danaher Corp.
2.30%, 04/04/08		27,000,000		26,994,804
2.30%, 04/07/08		7,500,000		7,497,125
Dover Corp., 2.81%, 04/04/08(a) (b)		30,000,000		29,992,975
Honeywell International, 2.22%, 04/11/08(a) (b)		15,000,000		14,990,750
McGraw-Hill Cos., Inc., 2.55%, 04/01/08		5,000,000		5,000,000
Parker-Hannifin Corp.(a) (b)
2.86%, 04/01/08		17,150,000		17,150,000
2.80%, 04/03/08		7,019,000		7,017,908
2.70%, 04/11/08		12,000,000		11,991,000
Pitney Bowes, Inc.(a) (b)
2.23%, 04/03/08		10,000,000		9,998,761

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Money Market Fund

	Principal
	Amount		Value
Commercial Paper (continued)
Diversified Manufacturing (continued)
2.23%, 04/04/08	$	20,000,000	$	19,996,283
Scripps, E.W. Co., 2.40%, 04/01/08(a) (b)		13,500,000		13,500,000
Siemens Capital Co. LLC(a) (b)
2.63%, 04/09/08		7,000,000		6,995,909
2.81%, 05/05/08		30,000,000		29,920,384
				201,045,899
Financial Services (12.0%)
ABN Amro NA Finance, Inc.
2.42%, 04/04/08		6,705,000		6,703,648
2.76%, 04/07/08		9,266,000		9,261,738
2.47%, 04/18/08		14,300,000		14,283,321
American General Finance Corp.
2.50%, 04/07/08		10,000,000		9,995,833
2.50%, 04/22/08		20,000,000		19,970,833
Avon Capital Corp.(a) (b)
2.35%, 04/03/08		5,000,000		4,999,347
2.97%, 04/22/08		25,000,000		24,956,687
Fortis Funding LLC(a) (b)
2.49%, 04/03/08		15,000,000		14,997,867
3.00%, 04/07/08		5,000,000		4,997,500
2.74%, 04/29/08		10,000,000		9,978,689
2.70%, 05/13/08		6,600,000		6,579,210
ING U.S. Funding
3.00%, 04/14/08		5,000,000		4,994,583
3.10%, 04/18/08		5,000,000		4,992,681
2.98%, 04/29/08		5,000,000		4,988,411
2.50%, 04/30/08		8,000,000		7,983,889
2.50%, 06/18/08		25,000,000		24,864,583
John Deere Capital Corp.
2.32%, 04/02/08		8,000,000		7,999,484
2.95%, 04/10/08		5,000,000		4,996,313
2.30%, 04/30/08		15,500,000		15,471,282
2.45%, 05/07/08		6,407,000		6,391,303
Nordea North America, Inc., 2.45%, 04/09/08		30,000,000		29,983,667
Prudential Funding
2.85%, 04/11/08		25,000,000		24,980,208
2.90%, 04/14/08		10,000,000		9,989,528
Rabobank U.S. Finance Corp.
2.50%, 04/07/08		2,700,000		2,698,875
2.70%, 04/14/08		15,000,000		14,985,375
2.59%, 04/25/08		15,000,000		14,974,150
				307,019,005
Food-Diversified (3.7%)
Coca Cola Co., 2.18%, 04/14/08(a) (b)		20,000,000		19,984,255
Nestle Finance France SA(a) (b)
2.80%, 04/17/08		19,320,000		19,295,735
2.73%, 04/18/08		5,000,000		4,993,554
2.74%, 05/02/08		10,000,000		9,976,406
2.20%, 06/10/08		5,527,000		5,503,357
Pepsico, Inc.
2.15%, 04/28/08		20,000,000		19,967,750
2.15%, 04/29/08		10,000,000		9,983,278
Wal-Mart Stores, Inc., 2.80%, 04/01/08		4,200,000		4,200,000
				93,904,335
Industrial Machinery & Equipment (3.0%)
Becton, Dickinson & Co., 2.23%, 04/28/08		25,086,000		25,044,473
Caterpillar Financial Services Corp.
2.77%, 04/02/08		4,847,000		4,846,627
2.21%, 04/15/08		5,000,000		4,995,703
2.15%, 04/30/08		17,000,000		16,970,557
Illinois Tool Works, Inc.
2.70%, 04/02/08		20,000,000		19,998,500
2.23%, 04/16/08		4,592,000		4,587,733
				76,443,593
Insurance (3.9%)(b)
Allianz Finance Corp.(a)
2.88%, 04/07/08		3,000,000		2,998,560
2.93%, 04/14/08		30,000,000		29,968,258
2.97%, 04/22/08		5,000,000		4,991,338
New York Life Capital Corp.
2.83%, 04/03/08		8,000,000		7,998,742
2.25%, 04/18/08		24,428,000		24,402,003
Pacific Life Insurance, 2.30%, 04/07/08(a)		30,000,000		29,988,500
				100,347,401
Malt Beverages (0.8%
Anheuser-Busch, 2.25%, 04/01/08		20,000,000		20,000,000
Motor Vehicle Parts and Accessories (3.6%)
American Honda Finance Corp, 2.55%, 04/23/08		10,000,000		9,984,417
Harley-Davidson Funding Corp.(a) (b)
2.20%, 04/22/08		10,000,000		9,987,167
2.15%, 05/16/08		10,000,000		9,973,125
2.15%, 05/19/08		11,000,000		10,968,466
Toyota Motor Credit Corp.
2.90%, 04/10/08		5,000,000		4,996,375
2.15%, 05/12/08		15,000,000		14,963,271
2.88%, 05/15/08		10,000,000		9,964,800
2.85%, 05/16/08		20,000,000		19,928,750
				90,766,371
Oil & Gas (2.6%)(a) (b)
BP Capital Markets PLC, 2.50%, 04/11/08		35,000,000		34,975,694
ConocoPhillips
2.30%, 04/10/08		5,000,000		4,997,125
2.90%, 04/24/08		6,100,000		6,088,698
2.20%, 05/22/08		4,400,000		4,386,287
ConocoPhillips Qatar Funding Ltd., 2.48%, 06/03/08		15,000,000		14,934,900
				65,382,704
Personal Credit Institutions (3.4%)
General Electric Capital Corp.
5.15%, 04/08/08		15,362,000		15,346,631
4.80%, 04/15/08		5,000,000		4,990,667
2.89%, 04/30/08		2,680,000		2,673,761
2.89%, 05/14/08		15,000,000		14,948,221
2.37%, 06/03/08		10,000,000		9,958,525
HBOS Treasury Services, 3.07%, 11/07/08(d)		10,000,000		10,000,000
HSBC Finance Corp.
2.88%, 04/17/08		15,000,000		14,980,800
2.43%, 05/12/08		15,000,000		14,958,487
				87,857,092

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Money Market Fund

	Principal
	Amount		Value
Commercial Paper (continued)
Short-Term Business Credit (1.5%)
American Express Credit Corp.
2.65%, 04/28/08	$	8,000,000	$	7,984,100
2.82%, 04/30/08		25,000,000		24,943,208
2.50%, 05/05/08		5,000,000		4,988,195
				37,915,503
Telecommunications (1.2%)(a) (b)
AT&T, Inc.
2.38%, 04/01/08		20,000,000		20,000,000
2.38%, 04/02/08		10,000,000		9,999,339
				29,999,339
Utilities (0.5%)
FPL Group Capital, Inc.
2.75%, 04/01/08		4,200,000		4,200,000
2.82%, 04/03/08		8,000,000		7,998,747
				12,198,747
Total Commercial Paper				1,878,654,218
Corporate Bonds (6.9%)
Banks — Mortgage (0.5%)(a) (d)
Northern Rock PLC, 2.99%, 10/08/08		12,500,000		12,500,000
Insurance (1.5%)(d)
Allstate Life Global Funding(a)
3.13%, 11/07/08		15,000,000		15,000,000
2.73%, 11/27/08		12,500,000		12,500,000
Lloyds TSB Group PLC, 2.97%, 11/06/08		10,000,000		10,000,000
				37,500,000
Motor Vehicle Parts and Accessories (1.4%)(d)
American Honda Finance, 3.15%, 08/06/08		35,000,000		35,000,000
Security Brokers & Dealers (3.5%)
Goldman Sachs Group, Inc.(b)
5.42%, 06/04/08		30,000,000		30,000,000
3.33%, 11/24/08(d)		30,000,000		30,000,000
Morgan Stanley Dean Witter, 3.27%, 12/03/08(d)		30,000,000		30,000,000
				90,000,000
Total Corporate Bonds				175,000,000
Collateralized Debt Obligation (0.5%)(d)
Consumer Finance (0.5%)
Commodore I Ltd., 2.98%, 06/12/08		13,926,340		13,926,340
Government Mortgage-Backed Agencies (9.4%)
U.S. Government Agencies (9.4%)
Federal Home Loan Bank System
2.75%, 04/18/08		10,000,000		9,987,014
2.76%, 04/23/08		20,000,000		19,966,267
2.71%, 05/14/08		24,000,000		23,922,313
4.50%, 11/07/08		20,000,000		20,000,000
Federal Home Loan Mortgage Corp.
2.70%, 04/07/08		5,377,000		5,374,580
2.67%, 04/14/08		10,000,000		9,990,358
2.55%, 04/18/08		6,371,000		6,363,328
2.85%, 04/25/08		19,505,000		19,467,941
2.87%, 04/28/08		25,000,000		24,946,187
2.12%, 05/09/08		5,095,000		5,083,599
Federal National Mortgage Assoc.
1.65%, 04/01/08		50,000,000		50,000,000
2.70%, 04/02/08		10,000,000		9,999,253
2.68%, 04/25/08		25,000,000		24,955,333
2.70%, 04/30/08		8,238,000		8,220,590
Total Government Mortgage-Backed Agencies				238,276,763
	Shares or
	Principal
	Amount		Value
Municipal Bond (1.6%)(d)
Florida (1.6%)
Florida Hurricane Catastrophe, 3.03%, 11/14/08	$	40,000,000	$	40,000,000
U.S. Government Agency & Obligations (2.3%)(c)
U.S. Treasury Bills
2.07%, 08/07/08		50,000,000		49,632,000
2.04%, 08/14/08		10,000,000		9,923,500
Total U.S. Government Agency & Obligations				59,555,500
Total Investments
(Cost $2,538,398,489) (e) — 99.7%				2,538,398,489
Other assets in excess of liabilities — 0.3%				7,973,586
NET ASSETS — 100.0%			$	2,546,372,075

(a)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(b)	Restricted securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	The rate reflected in the Statement of Investments is the effective yield as of March 31, 2008.
(d)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(e)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
DE	Germany

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Money Market Fund II

	Principal
	Amount		Value
Commercial Paper (101.9%)(a)
Agricultural Services (0.2%)(b) (c)
Cargill, Inc., 2.50%, 04/04/08	$	560,000	$	559,883
Banks — Domestic (11.3%)
Citigroup Funding, 2.30%, 04/02/08		8,000,000		7,999,489
J.P. Morgan Chase & Co., 2.14%, 04/07/08		10,000,000		9,996,433
State Street Corp., 2.30%, 04/01/08		8,200,000		8,200,000
Wells Fargo & Co., 2.39%, 04/03/08		8,000,000		7,998,938
				34,194,860
Banks — Foreign (3.7%)
Dresdner U.S. Finance, 2.89%, 04/01/08		11,000,000		11,000,000
Beverages (6.6%)
Coca-Cola Co., 2.20%, 04/07/08(b) (c)		10,000,000		9,996,333
Pepsi Bottling Group, Inc., 2.35%, 04/08/08		10,000,000		9,995,431
				19,991,764
Chemicals-Diversified (3.3%)(b) (c)
Air Products & Chemicals, 2.35%, 04/01/08		10,000,000		10,000,000
Diversified Manufacturing (7.0%)
Danaher Corp., 2.30%, 04/01/08		10,000,000		10,000,000
Scripps, E.W. Co., 2.40%, 04/01/08(b) (c)		11,000,000		11,000,000
				21,000,000
Financial Services (18.6%)
American Express Credit Corp., 2.05%, 04/03/08		10,000,000		9,998,861
American General Finance Corp., 3.02%, 04/03/08		8,000,000		7,998,658
Avon Capital Corp., 2.50%, 04/02/08(b) (c)		3,000,000		2,999,791
Fortis Funding LLC, 2.70%, 04/03/08(b) (c)		10,000,000		9,998,500
John Deere Capital Corp., 2.32%, 04/02/08		7,000,000		6,999,549
Prudential Funding, 2.05%, 04/03/08		7,000,000		6,999,203
Rabobank U.S.A. Finance Corp., 2.49%, 04/01/08		11,000,000		11,000,000
				55,994,562
Insurance (3.9%)
AIG Funding, 2.45%, 04/01/08		3,000,000		3,000,000
Allianz Finance Corp., 2.40%, 04/01/08(b) (c)		8,793,000		8,793,000
				11,793,000
Malt Beverages (3.6%)
Anheuser-Busch, 2.25%, 04/01/08		11,000,000		11,000,000
Motor Vehicle Parts and Accessories (6.3%)
American Honda Finance Corp., 2.20%, 04/01/08(b)		9,000,000		9,000,000
Toyota Motor Credit Corp., 2.14%, 04/07/08		10,000,000		9,996,433
				18,996,433
Oil & Gas (3.6%)(b) (c)
ConocoPhillips, 2.75%, 04/01/08		11,000,000		11,000,000
Personal Credit Institutions (7.0%)
General Electric Capital Corp., 2.25%, 04/04/08		10,000,000		9,998,125
ING U.S. Funding
2.63%, 04/01/08		2,000,000		2,000,000
2.65%, 04/04/08		9,000,000		8,998,013
				20,996,138
Pharmaceutical Preparations (3.3%)(b) (c)
Abbott Laboratories, 2.10%, 04/15/08		10,000,000		9,991,833
Printing & Publishing (3.3%)
McGraw-Hill Cos., Inc., 2.40%, 04/08/08		10,000,000		9,995,334
Retail (3.3%)(b) (c)
Pitney Bowes, Inc., 2.23%, 04/04/08		10,000,000		9,998,142
Telecommunications (3.3%)(b) (c)
AT&T, Inc., 2.38%, 04/02/08		10,000,000		9,999,339
Transportation (3.3%)(b) (c)
United Parcel Service, Inc., 2.16%, 04/01/08		10,000,000		10,000,000
U.S. Government Agencies (10.3%)
Federal Home Loan Bank, 1.50%, 04/01/08		11,000,000		11,000,000
Federal Home Loan Mortgage Corp., 1.75%, 04/01/08		9,000,000		9,000,000
Federal National Mortgage Assoc., 1.35%, 04/01/08		11,000,000		11,000,000
				31,000,000
Total Commercial Paper				307,511,288
Total Investments
(Cost $307,511,288) (d) — 101.9%				307,511,288
Liabilities in excess of other assets — (1.9)%				(5,631,611	)
NET ASSETS — 100.0%			$	301,879,677

(a)	The rate reflected in the Statement of Investments is the effective yield as of March 31, 2008.
(b)	Restricted securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2008, all such securities in total represented 28.27% of net assets.
(d)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (61.5%)
Australia (0.4%)
Airline (0.1%)(a)
Qantas Airways Ltd.		21,745	$	78,312
Capital Markets (0.0%)
Macquarie Group Ltd.		868		41,891
Commercial Banks (0.1%)(a)
Australia & New Zealand Banking Group Ltd.		3,329		69,064
Commonwealth Bank of Australia		699		26,855
National Australia Bank Ltd.		1,041		28,783
Westpac Banking Corp.		1,325		28,912
				153,614
Commercial Services & Supplies (0.0%)(a)
Brambles Ltd.		3,691		33,730
Metals & Mining (0.2%)(a)
BHP Billiton Ltd.		5,874		192,983
International Ferro Metals Ltd.*		18,283		51,151
				244,134
Multi-Utility (0.0%)(a)
AGL Energy Ltd.		36		364
Oil, Gas & Consumable Fuels (0.0%)(a)
Woodside Petroleum Ltd.		1,029		51,125
Transportation Infrastructure (0.0%)(a)
Macquarie Infrastructure Group		18,000		45,933
				649,103
Austria (0.1%)(a)
Diversified Telecommunication Services (0.1%)
Telekom Austria AG		5,174		106,864
Oil, Gas & Consumable Fuels (0.0%)
OMV AG		1,461		96,555
				203,419
Belgium (0.1%)(a)
Chemicals (0.0%)
Solvay SA		366		46,661
Diversified Financial Services (0.1%)
Fortis		2,463		61,883
Fortis NV		1,613		40,493
				102,376
				149,037
Bermuda (1.0%)
Electronic Equipment & Instruments (0.2%)
Tyco Electronics Ltd.		8,500		291,720
Energy Equipment & Services (0.0%)
Nabors Industries Ltd.*		1,700		57,409
Household Durables (0.0%)
Helen of Troy Ltd.*		700		11,739
Insurance (0.5%)
ACE Ltd.		4,870		268,142
Argo Group International Holdings Ltd.*		753		26,747
Aspen Insurance Holdings Ltd.		1,000		26,380
Axis Capital Holdings Ltd.		8,450		287,131
Platinum Underwriters Holdings Ltd.		800		25,968
RenaissanceRe Holdings Ltd.		1,800		93,438
XL Capital Ltd., Class A		400		11,820
				739,626
IT Services (0.2%)
Accenture Ltd., Class A		9,100		320,047
Genpact Ltd.*		4,900		60,025
				380,072
Machinery (0.1%)
Ingersoll-Rand Co. Ltd., Class A		2,200		98,076
Pharmaceutical (0.0%)
Warner Chilcott Ltd., Class A*		3,000		54,000
				1,632,642
Canada (0.0%)
Pharmaceutical (0.0%)
Cardiome Pharma Corp.*		925		7,770
Cayman Islands (0.2%)
Computers & Peripherals (0.0%)
Seagate Technology		3,450		72,243
Food Products (0.1%)
Fresh Del Monte Produce, Inc.*		2,350		85,540
Personal Products (0.1%)
Herbalife Ltd.		2,200		104,500
				262,283
Denmark (0.1%)(a)
Marine (0.0%)
A P Moller — Maersk AS, Class A		4		44,506
Pharmaceutical (0.1%)
Novo Nordisk AS, Class B		2,288		157,469
				201,975
Finland (0.3%)(a)
Commercial Services & Supplies (0.0%)
Poyry OYJ		566		14,063
Communications Equipment (0.1%)
Nokia OYJ		6,858		216,491
Construction & Engineering (0.1%)
YIT OYJ		2,508		71,262
Industrial Conglomerate (0.0%)
Ruukki Group OYJ*		10,522		37,844
Machinery (0.1%)
Konecranes OYJ		1,648		63,549
				403,209
France (1.0%)
Chemicals (0.1%)(a)
Arkema		1,861		104,301
Commercial Banks (0.1%)
BNP Paribas(a)		1,143		115,241
Societe Generale*		86		8,226
Societe Generale(a)		846		82,773
				206,240
Construction Materials (0.1%)(a)
Lafarge SA		962		167,147
Electrical Equipment (0.1%)(a)
Alstom		348		75,379
Schneider Electric SA		161		20,796
				96,175
Insurance (0.1%)(a)
AXA SA		2,861		103,465
SCOR SE		3,387		80,674
				184,139

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
France (continued)
IT Services (0.1%)(a)
Cap Gemini SA		1,272	$	72,421
Media (0.1%)(a)
Vivendi Universal SA*		4,194		164,038
Multi-Utility (0.1%)(a)
Suez SA		3,485		228,411
Multiline Retail (0.0%)(a)
PPR SA		67		9,933
Oil, Gas & Consumable Fuels (0.2%)(a)
Total SA		4,183		309,865
				1,542,670
Germany (0.8%)(a)
Airline (0.0%)
Deutsche Lufthansa AG		1,558		42,311
Automobiles (0.0%)
Daimler AG		360		30,814
Chemicals (0.1%)
BASF SE		205		27,679
Bayer AG		2,361		189,239
Lanxess		1,510		60,878
				277,796
Diversified Financial Services (0.1%)
Deutsche Boerse AG		551		89,352
Electric Utility (0.2%)
E. ON AG		1,513		282,163
Insurance (0.1%)
Allianz SE		460		91,167
Hannover Rueckversicherung AG		1,895		98,727
Muenchener Rueckversicherungs AG		280		54,916
				244,810
Machinery (0.1%)
MAN AG		1,028		137,177
Metals & Mining (0.1%)
ThyssenKrupp AG		1,736		99,655
Multi-Utility (0.1%)
RWE AG, Preferred Shares		940		89,716
				1,293,794
Greece (0.2%)(a)
Commercial Banks (0.1%)
EFG Eurobank Ergasias SA		2,739		83,312
National Bank of Greece SA		1,027		54,064
Piraeus Bank SA		2,108		64,894
				202,270
Metals & Mining (0.1%)
Corinth Pipeworks SA*		1,269		7,534
Sidenor Steel Products Manufacturing Co. SA		3,114		39,368
				46,902
				249,172
Hong Kong (0.1%)(a)
Real Estate Management & Development (0.1%)
Henderson Land Development Co. Ltd.		8,281		59,671
New World Development Co. Ltd.		15,000		36,898
Sun Hung Kai Properties Ltd.(b)		2,000		31,586
Swire Pacific Ltd., Class A		3,500		39,668
				167,823
Specialty Retail (0.0%)
Esprit Holdings Ltd.		4,435		53,817
				221,640
Israel (0.0%)
Biotechnology (0.0%)
Protalix BioTherapeutics, Inc.*		1,000		2,630
Italy (0.3%)(a)
Automobiles (0.1%)
Fiat SpA		6,915		160,214
Commercial Banks (0.2%)
Banco Popolare Scarl*		5,958		98,778
UniCredit SpA		20,886		139,928
Unione di Banche Italiane SCpA		467		11,974
				250,680
Oil, Gas & Consumable Fuels (0.0%)
ENI SpA		199		6,773
				417,667
Japan (1.9%)(a)
Automobiles (0.2%)
Nissan Motor Co. Ltd.		4,100		34,381
Toyota Motor Corp.		5,700		288,066
				322,447
Beverages (0.0%)
Coca-Cola West Holdings Co. Ltd.		600		14,553
Building Products (0.2%)
Daikin Industries Ltd.		3,582		156,154
Nippon Sheet Glass Co. Ltd.		26,000		116,707
				272,861
Capital Markets (0.0%)
Daiwa Securities Group, Inc.		6,000		52,410
Chemicals (0.2%)
Kaneka Corp.		9,000		56,902
Kuraray Co. Ltd.		1,000		12,021
Nitto Denko Corp.		1,100		46,781
Shin-Etsu Chemical Co. Ltd.		2,200		114,579
Showa Denko KK		1,000		3,377
UBE Industries Ltd.		7,000		22,864
				256,524
Commercial Banks (0.1%)
Mitsubishi UFJ Financial Group, Inc.		12,600		110,245
Sumitomo Mitsui Financial Group, Inc.		13		86,374
				196,619
Construction & Engineering (0.0%)
Nishimatsu Construction Co. Ltd.		8,000		17,189
Consumer Finance (0.1%)
Hitachi Capital Corp.		4,300		51,739
ORIX Corp.		300		41,383
				93,122
Diversified Telecommunication Services (0.1%)
Nippon Telegraph & Telephone Corp.		39		168,966
Electric Utility (0.1%)
Kansai Electric Power Co., Inc. (The)		3,800		95,094

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
Japan(a) (continued)
Electrical Equipment (0.1%)
Mitsubishi Electric Corp.		14,000	$	122,283
Electronic Equipment & Instruments (0.1%)
FUJIFILM Holdings Corp.		2,000		71,500
Ibiden Co. Ltd.		600		23,802
Nippon Electric Glass Co. Ltd.		2,000		31,416
Taiyo Yuden Co. Ltd.		2,000		19,684
				146,402
Food Products (0.0%)
Ajinomoto Co., Inc.		7,000		71,317
Household Durables (0.2%)
Matsushita Electric Industrial Co. Ltd.		9,000		195,672
Sony Corp.		1,000		40,230
				235,902
IT Services (0.1%)
NTT Data Corp.		26		114,497
Marine (0.0%)
Kawasaki Kisen Kaisha Ltd.		3,000		29,453
Metals & Mining (0.1%)
JFE Holdings, Inc.		2,900		129,746
Mitsubishi Materials Corp.		7,000		30,737
				160,483
Multiline Retail (0.0%)
Isetan Co. Ltd.		3,200		37,004
Natural Gas Utility (0.0%)
Tokyo Gas Co. Ltd.		196		799
Personal Products (0.0%)
Aderans Holdings Co. Ltd.		1,200		22,228
Shiseido Co. Ltd.		2,000		53,260
				75,488
Pharmaceutical (0.1%)
Daiichi Sankyo Co. Ltd.		5,300		157,263
Real Estate Management & Development (0.0%)
Leopalace21 Corp.		1,400		22,705
Semiconductors & Semiconductor Equipment (0.0%)
NEC Electronics Corp.*		1,500		29,249
Tobacco (0.1%)
Japan Tobacco, Inc.		31		155,109
Trading Companies & Distributors (0.1%)
ITOCHU Corp.		7,000		70,023
Mitsui & Co. Ltd.		3,000		61,574
				131,597
Wireless Telecommunication Services (0.0%)
NTT DoCoMo, Inc.		46		70,151
				3,049,487
Liberia (0.0%)
Hotels, Restaurants & Leisure (0.0%)
Royal Caribbean Cruises Ltd.		600		19,740
Netherlands (0.3%)
Air Freight & Logistics (0.1%)(a)
TNT NV		2,346		87,017
Diversified Financial Services (0.0%)(a)
ING Groep NV CVA		983		36,747
Diversified Telecommunication Services (0.1%)(a)
Royal KPN NV		8,707		146,975
Food & Staples Retailing (0.1%)(a)
Koninklijke Ahold NV*		8,538		126,732
Metals & Mining (0.0%)
Vimetco NV GDR		5,277		43,166
				440,637
Netherlands Antilles (0.5%)
Energy Equipment & Services (0.5%)
Schlumberger Ltd.		9,800		852,600
Norway (0.2%)(a)
Commercial Bank (0.1%)
DnB NOR ASA*		7,186		109,751
Industrial Conglomerate (0.1%)(b)
Orkla ASA, Class A		12,054		153,426
				263,177
Panama (0.0%)
Hotels, Restaurants & Leisure (0.0%)
Carnival Corp.		700		28,336
Puerto Rico (0.0%)
Commercial Bank (0.0%)
W Holding Co., Inc.		2,400		2,856
Singapore (0.1%)(a)
Diversified Financial Services (0.0%)
Singapore Exchange Ltd.		10,293		56,902
Diversified Telecommunication Services (0.1%)(b)
Singapore Telecommunications Ltd.		42,900		122,829
Real Estate Management & Development (0.0%)
City Developments Ltd.		3,000		24,241
				203,972
Spain (0.2%)(a)
Commercial Banks (0.1%)
Banco Bilbao Vizcaya Argentaria SA		7,853		172,674
Banco Santander SA		2,180		43,426
				216,100
Construction & Engineering (0.0%)
Acciona SA		179		47,923
Diversified Telecommunication Services (0.1%)
Telefonica SA		3,291		94,549
				358,572
Sweden (0.2%)(a)
Commercial Banks (0.1%)
Skandinaviska Enskilda Banken AB, Class A		4,254		111,484
Svenska Handelsbanken AB, Class A		834		24,313
				135,797
Machinery (0.1%)
Atlas Copco AB, Class B		9,837		154,616
				290,413
Switzerland (0.6%)(a)
Capital Markets (0.0%)
Credit Suisse Group		491		25,006
UBS AG*		396		11,533
				36,539
Construction Materials (0.1%)
Holcim Ltd.		746		78,371
Electrical Equipment (0.0%)
ABB Ltd.		598		16,121

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
Switzerland(a) (continued)
Food Products (0.2%)
Nestle SA		499	$	249,472
Insurance (0.1%)
Swiss Reinsurance		1,118		97,747
Zurich Financial Services AG		243		76,611
				174,358
Pharmaceutical (0.2%)
Roche Holding AG		1,609		303,309
				858,170
United Kingdom (1.8%)(a)
Aerospace & Defense (0.0%)
BAE Systems PLC		7,913		76,295
Capital Markets (0.0%)
Man Group PLC		1		6
Commercial Banks (0.3%)
Barclays PLC		14,500		130,799
HBOS PLC		4,082		45,406
HSBC Holdings PLC		9,315		153,436
Royal Bank of Scotland Group PLC		18,044		120,865
				450,506
Food & Staples Retailing (0.1%)
J Sainsbury PLC		7,028		47,865
Tesco PLC		4,165		31,386
WM Morrison Supermarkets PLC		25,138		137,044
				216,295
Hotels, Restaurants & Leisure (0.1%)
Compass Group PLC		24,960		159,709
Greene King PLC		4,160		46,669
				206,378
Household Durables (0.1%)
Persimmon PLC		2,624		39,847
Taylor Wimpey PLC		28,115		104,631
				144,478
Independent Power Producers & Energy Traders (0.0%)
International Power PLC		3,385		26,762
Industrial Conglomerate (0.1%)
Cookson Group PLC		7,665		101,117
Insurance (0.1%)
Amlin PLC		4,724		25,480
Aviva PLC		465		5,701
Beazley Group PLC		18,982		60,100
Standard Life PLC		12,265		59,951
				151,232
Media (0.1%)
Pearson PLC		2,884		39,054
Taylor Nelson Sofres PLC		23,730		74,462
				113,516
Metals & Mining (0.1%)
Rio Tinto PLC		631		65,569
Vedanta Resources PLC		641		26,709
Xstrata PLC		419		29,344
				121,622
Multi-Utility (0.1%)
Centrica PLC		19,140		113,387
Multiline Retail (0.1%)
Marks & Spencer Group PLC		14,450		111,168
Oil, Gas & Consumable Fuels (0.3%)
BG Group PLC		2,946		68,254
BP PLC		14,718		149,099
Royal Dutch Shell PLC, Class A		6,639		228,565
Royal Dutch Shell PLC, Class B		3,193		107,548
				553,466
Pharmaceuticals (0.1%)
AstraZeneca PLC		3,609	$	135,357
GlaxoSmithKline PLC		2,265		47,904
				183,261
Tobacco (0.1%)
British American Tobacco PLC		1,875		70,416
Imperial Tobacco Group PLC		2,962		136,379
				206,795
Trading Companies & Distributors (0.0%)
Wolseley PLC		2,698		28,414
Wireless Telecommunication Services (0.1%)
Vodafone Group PLC		30,287		90,015
				2,894,713
United States (51.1%)
Aerospace & Defense (2.1%)
Boeing Co. (The)		3,600		267,732
General Dynamics Corp.		4,190		349,320
Goodrich Corp.		3,800		218,538
Honeywell International, Inc.		6,400		361,088
Lockheed Martin Corp.		3,455		343,082
Northrop Grumman Corp.		9,750		758,647
Orbital Sciences Corp.*		4,700		113,270
Raytheon Co.		3,610		233,242
United Technologies Corp.		10,100		695,082
				3,340,001
Air Freight & Logistics (0.1%)
Pacer International, Inc.		4,800		78,864
United Parcel Service, Inc., Class B		1,000		73,020
				151,884
Airlines (0.0%)
Continental Airlines, Inc., Class B*		3,225		62,017
UAL Corp.		100		2,153
				64,170
Auto Components (0.5%)
Aftermarket Technology Corp.*		3,100		60,264
ArvinMeritor, Inc.		1,825		22,831
Autoliv, Inc.		1,550		77,810
Drew Industries, Inc.*		1,200		29,352
Johnson Controls, Inc.		15,250		515,450
Lear Corp.*		2,300		59,593
				765,300
Automobiles (0.0%)
Monaco Coach Corp.		1,300		12,324
Beverages (0.4%)
Anheuser-Busch Cos., Inc.		3,700		175,565
Coca-Cola Co. (The)		4,400		267,828
Coca-Cola Enterprises, Inc.		3,100		75,020
Pepsi Bottling Group, Inc.		2,050		69,515

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
PepsiAmericas, Inc.		1,600		40,848
				628,776
Biotechnology (0.9%)
Alexion Pharmaceuticals, Inc.*		650		38,545
Alkermes, Inc.*		1,125		13,365
Amgen, Inc.*		5,000		208,900
Arena Pharmaceuticals, Inc.*		1,000		6,840
Biogen Idec, Inc.*		900		55,521
BioMarin Pharmaceutical, Inc.*		900		31,833
Bionovo, Inc.*		2,000		2,540
Celgene Corp.*		6,300		386,127
Cephalon, Inc.*		100		6,440
Combinatorx, Inc.*		500		1,720
Gilead Sciences, Inc.*		10,000		515,300
Human Genome Sciences, Inc.*		1,700		10,013
InterMune, Inc.*		200		2,916
Keryx Biopharmaceuticals, Inc.*		800		480
Martek Biosciences Corp.*		175		5,349
Progenics Pharmaceuticals, Inc.*		375		2,449
Regeneron Pharmaceuticals, Inc.*		900		17,271
Rigel Pharmaceuticals, Inc.*		300		5,598
Seattle Genetics, Inc.*		800		7,280
Telik, Inc.*		800		1,952
Third Wave Technologies Inc*		1,050		9,681
United Therapeutics Corp.*		350		30,345
				1,360,465
Capital Markets (2.3%)
Affiliated Managers Group, Inc.*		600		54,444
American Capital Strategies Ltd.		2,500		85,400
Bank of New York Mellon Corp.		8,050		335,926
Federated Investors, Inc., Class B		3,950		154,682
GLG Partners, Inc.*		3,900		46,293
Goldman Sachs Group, Inc. (The)		2,660		439,937
Invesco Ltd.		3,100		75,516
Investment Technology Group, Inc.*		1,600		73,888
LaBranche & Co., Inc.*		1,700		7,395
Lehman Brothers Holdings, Inc.		9,150		344,406
Merrill Lynch & Co., Inc.		8,900		362,586
MF Global Ltd.*		2,900		28,739
Morgan Stanley		11,700		534,690
Raymond James Financial, Inc.		2,750		63,195
State Street Corp.		8,150		643,850
TD Ameritrade Holding Corp.*		16,400		270,764
Waddell & Reed Financial, Inc., Class A		2,450		78,719
				3,600,430
Chemicals (1.1%)
Air Products & Chemicals, Inc.		300		27,600
C.F. Industries Holdings, Inc.		1,400		145,068
Celanese Corp., Series A		2,150		83,958
Dow Chemical Co. (The)		10,000		368,500
E.I. Du Pont de Nemours & Co.		600		28,056
Innospec, Inc.		2,300		48,760
Monsanto Co.		1,200		133,800
PPG Industries, Inc.		2,400		145,224
Praxair, Inc.		900		75,807
Rohm & Haas Co.		9,300		502,944
Spartech Corp.		1,100		9,295
Terra Industries, Inc.*		4,250		151,002
				1,720,014
Commercial Banks (1.8%)
1st Source Corp.		320		6,736
Bancfirst Corp.		2,425		111,017
Bank of Hawaii Corp.		1,550		76,818
City Holding Co.		800		31,920
Colonial BancGroup, Inc. (The)		6,200		59,706
Comerica, Inc.		1,700		59,636
Commerce Bancshares, Inc.		330		13,870
First Merchants Corp.		300		8,562
Great Southern Bancorp, Inc.		3,000		46,830
Horizon Financial Corp.		1,175		16,227
Huntington Bancshares, Inc.		12,500		134,375
Lakeland Financial Corp.		200		4,530
PNC Financial Services Group, Inc.		3,925		257,362
Simmons First National Corp., Class A		3,325		98,852
StellarOne Corp		317		5,360
Suffolk Bancorp		1,925		60,984
Taylor Capital Group, Inc.		1,100		18,062
TCF Financial Corp.		10,950		196,224
U.S. Bancorp		17,250		558,210
Wachovia Corp.		3,900		105,300
Wells Fargo & Co.		28,700		835,170
Zions Bancorp.		2,700		122,985
				2,828,736
Commercial Services & Supplies (0.3%)
Administaff, Inc.		2,100		49,581
Allied Waste Industries, Inc.*		7,100		76,751
Compx International, Inc.		1,225		11,270
Deluxe Corp.		1,500		28,815
Diamond Management & Technology Consultants, Inc.		7,300		47,085
RR Donnelley & Sons Co.		2,400		72,744
Standard Parking Corp.*		400		8,384
Standard Register Co. (The)		5,800		45,182
Steelcase, Inc., Class A		500		5,530
Watson Wyatt Worldwide, Inc., Class A		1,050		59,588
				404,930
Communications Equipment (1.3%)
ADTRAN, Inc.		800		14,800
Avocent Corp.*		800		13,520
Black Box Corp.		1,825		56,301
Cisco Systems, Inc.*		34,800		838,332
CommScope, Inc.*		2,400		83,592
Corning, Inc.		21,800		524,072
InterDigital, Inc.*		3,025		59,925
Juniper Networks, Inc.*		2,400		60,000
QUALCOMM, Inc.		12,100		496,100
Tellabs, Inc.*		700		3,815
				2,150,457
Computers & Peripherals (2.3%)
Apple, Inc.*		5,350		767,725
Dell, Inc.*		100		1,992
EMC Corp.*		6,700		96,078
Emulex Corp.*		6,475		105,154
Hewlett-Packard Co.		24,925		1,138,075
Imation Corp.		2,625		59,693
International Business Machines Corp.		12,490		1,438,099
QLogic Corp.*		200		3,070

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
SanDisk Corp.*		2,000	$	45,140
Western Digital Corp.*		2,700		73,008
				3,728,034
Construction & Engineering (0.0%)
EMCOR Group, Inc.*		2,950		65,520
Construction Materials (0.0%)
Headwaters, Inc.*		200		2,638
Consumer Finance (0.3%)
American Express Co.		2,300		100,556
AmeriCredit Corp.*		1,850		18,629
Capital One Financial Corp.		4,300		211,646
Credit Acceptance Corp.*		249		3,867
Discover Financial Services		3,045		49,847
Dollar Financial Corp.*		1,364		31,372
World Acceptance Corp.*		600		19,110
				435,027
Containers & Packaging (0.1%)
Graphic Packaging Holding Co.*		15,775		46,063
Rock-Tenn Co., Class A		1,000		29,970
Smurfit-Stone Container Corp.*		4,450		34,265
				110,298
Diversified Consumer Services (0.1%)
Coinstar, Inc.*		1,600		45,024
ITT Educational Services, Inc.*		2,200		101,046
Sotheby’s		600		17,346
				163,416
Diversified Financial Services (1.2%)
Bank of America Corp.		27,100		1,027,361
CIT Group, Inc.		6,400		75,840
Citigroup, Inc.		27,500		589,050
CME Group, Inc.		300		140,730
Nasdaq OMX Group (The)*		1,950		75,387
NYSE Euronext		900		55,539
				1,963,907
Diversified Telecommunication Services (1.9%)
AT&T, Inc.		50,160		1,921,128
CenturyTel, Inc.		1,930		64,153
Citizens Communications Co.		2,200		23,078
Consolidated Communications Holdings, Inc.		2,900		43,877
Embarq Corp.		1,797		72,060
Verizon Communications, Inc.		21,900		798,255
Windstream Corp.		6,200		74,090
				2,996,641
Electric Utilities (1.1%)
American Electric Power Co., Inc.		8,600		358,018
Edison International		15,800		774,516
El Paso Electric Co.*		1,000		21,370
FirstEnergy Corp.		3,800		260,756
FPL Group, Inc.		1,800		112,932
Northeast Utilities		1,300		31,902
Portland General Electric Co.		900		20,295
Sierra Pacific Resources		13,500		170,505
				1,750,294
Electrical Equipment (0.0%)
LSI Industries, Inc.		1,000		13,210
Sunpower Corp., Class A*		100		7,451
				20,661
Electronic Equipment & Instruments (0.3%)
Arrow Electronics, Inc.*		2,500		84,125
Avnet, Inc.*		2,400		78,552
Coherent Inc*		3,525		98,312
Methode Electronics, Inc.		7,000		81,830
Mettler Toledo International, Inc.*		300		29,136
MTS Systems Corp.		2,125		68,553
Sanmina-SCI Corp.*		12,600		20,412
Tech Data Corp.*		100		3,280
				464,200
Energy Equipment & Services (0.6%)
Baker Hughes, Inc.		1,700		116,450
ENSCO International, Inc.		1,300		81,406
Global Industries Ltd.*		3,625		58,326
Grey Wolf, Inc.*		3,100		21,018
Halliburton Co.		9,300		365,769
ION Geophysical Corp.*		5,900		81,420
National Oilwell Varco, Inc.*		3,800		221,844
Patterson-UTI Energy, Inc.		200		5,236
				951,469
Food & Staples Retailing (1.3%)
BJ’s Wholesale Club, Inc.*		2,249		80,267
CVS Caremark Corp.		13,550		548,910
Kroger Co. (The)		11,060		280,924
Nash Finch Co.		1,500		50,970
Safeway, Inc.		14,500		425,575
SUPERVALU, Inc.		2,050		61,459
SYSCO Corp.		8,400		243,768
Wal-Mart Stores, Inc.		6,900		363,492
				2,055,365
Food Products (0.8%)
Campbell Soup Co.		5,500		186,725
Flowers Foods, Inc.		2,400		59,400
General Mills, Inc.		2,100		125,748
Kellogg Co.		8,200		430,992
Kraft Foods, Inc., Class A		14,700		455,847
Sara Lee Corp.		3,500		48,930
				1,307,642
Health Care Equipment & Supplies (0.8%)
Advanced Medical Optics, Inc.*		700		14,210
Baxter International, Inc.		1,300		75,166
Boston Scientific Corp.*		5,100		65,637
C.R. Bard, Inc.		2,400		231,360
Covidien Ltd.		2,600		115,050
Datascope Corp.		925		38,323
Hologic, Inc.*		400		22,240
Invacare Corp.		4,500		100,260
Medtronic, Inc.		6,000		290,220
Mentor Corp.		125		3,215
Power Medical Interventions, Inc.*		600		3,609
Quidel Corp.*		1,100		17,666
Stryker Corp.		900		58,545
Thoratec Corp.*		1,100		15,719
Zimmer Holdings, Inc.*		2,200		171,292
				1,222,512
Health Care Providers & Services (1.3%)
Aetna, Inc.		15,490		651,974
AMERIGROUP Corp.*		2,100		57,393
Apria Healthcare Group, Inc.*		1,600		31,600
Chemed Corp.		700		29,540

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
CIGNA Corp.		5,810	$	235,712
Humana, Inc.*		1,010		45,309
Landauer, Inc.		1,400		70,476
LCA-Vision, Inc.		1,500		18,750
Magellan Health Services, Inc.*		1,825		72,434
McKesson Corp.		3,400		178,058
Medcath Corp.*		1,600		29,120
Medco Health Solutions, Inc.*		2,950		129,181
UnitedHealth Group, Inc.		5,550		190,698
WellPoint, Inc.*		7,680		338,918
				2,079,163
Health Care Technology (0.0%)
MedAssets, Inc.*		700		10,374
Hotels, Restaurants & Leisure (0.7%)
AFC Enterprises*		4,000		35,960
Denny’s Corp.*		9,800		29,204
Domino’s Pizza, Inc.		1,300		17,537
International Game Technology		3,600		144,756
McDonald’s Corp.		8,370		466,795
Monarch Casino & Resort, Inc.*		2,600		46,046
Papa John’s International, Inc.*		1,100		26,631
Starbucks Corp.*		100		1,750
Starwood Hotels & Resorts Worldwide, Inc.		4,200		217,350
Wyndham Worldwide Corp.		5,000		103,400
				1,089,429
Household Durables (0.3%)
American Greetings Corp., Class A		4,025		74,664
Blyth, Inc.		900		17,748
Centex Corp.		2,300		55,683
CSS Industries, Inc.		200		6,992
Toll Brothers, Inc.*		8,300		194,884
Tupperware Brands Corp.		3,450		133,446
				483,417
Household Products (1.1%)
Church & Dwight Co., Inc.		1,300		70,512
Clorox Co.		3,600		203,904
Energizer Holdings, Inc.*		780		70,575
Kimberly-Clark Corp.		8,315		536,733
Procter & Gamble Co. (The)		12,700		889,889
				1,771,613
Independent Power Producers & Energy Traders (0.0%)
Dynegy, Inc., Class A*		1,632		12,876
Industrial Conglomerates (1.1%)
3M Co.		2,700		213,705
General Electric Co.		37,800		1,398,978
Teleflex, Inc.		1,525		72,758
Textron, Inc.		600		33,252
Walter Industries, Inc.		1,450		90,813
				1,809,506
Insurance (1.7%)
Aflac, Inc.		2,300		149,385
AMBAC Financial Group, Inc.		4,200		24,150
American International Group, Inc.		5,000		216,250
Chubb Corp.		6,430		318,156
Conseco, Inc.*		2,250		22,950
Genworth Financial, Inc., Class A		4,300		97,352
Harleysville Group, Inc.		1,200		43,308
Hartford Financial Services Group, Inc. (The)		3,000		227,310
LandAmerica Financial Group, Inc.		400		15,788
Lincoln National Corp.		2,200		114,400
Loews Corp.		4,150		166,913
MBIA, Inc.		6,400		78,208
Meadowbrook Insurance Group, Inc.		1,500		11,715
MetLife, Inc.		5,200		313,352
Navigators Group, Inc. (The)*		800		43,520
Odyssey Re Holdings Corp.		200		7,350
ProAssurance Corp.*		400		21,532
Protective Life Corp.		3,900		158,184
Prudential Financial, Inc.		800		62,600
Travelers Cos., Inc. (The)		10,520		503,382
Unum Group		2,700		59,427
				2,655,232
Internet & Catalog Retail (0.2%)
Amazon.Com, Inc.*		1,400		99,820
Expedia, Inc.*		6,150		134,624
priceline.com, Inc.*		800		96,688
				331,132
Internet Software & Services (0.6%)
AsiaInfo Holdings, Inc.*		700		7,602
Chordiant Software, Inc.*		700		4,221
CMGI, Inc.*		780		10,343
eBay, Inc.*		4,300		128,312
Google, Inc., Class A*		1,100		484,517
Imergent, Inc.		300		3,417
SonicWALL, Inc.*		4,350		35,539
ValueClick, Inc.*		3,700		63,825
Yahoo!, Inc.*		6,200		179,366
				917,142
IT Services (0.4%)
Acxiom Corp.		400		4,748
Affiliated Computer Services, Inc., A Shares*		2,200		110,242
CSG Systems International, Inc.*		700		7,959
CyberSource Corp.*		812		11,863
Hewitt Associates, Inc., Class A*		1,850		73,575
Paychex, Inc.		9,500		325,470
Unisys Corp.*		6,475		28,684
				562,541
Leisure Equipment & Products (0.1%)
Hasbro, Inc.		2,900		80,910
JAKKS Pacific, Inc.*		1,100		30,327
Sturm Ruger & Co., Inc.*		3,500		28,840
				140,077
Life Sciences Tools & Services (0.1%)
AMAG Pharmaceuticals, Inc.*		200		8,086
Exelixis, Inc.*		3,900		27,105
Illumina, Inc.*		1,025		77,798
Medivation, Inc.*		500		7,115
PerkinElmer, Inc.		3,525		85,481
				205,585
Machinery (1.5%)
AGCO Corp.*		400		23,952
Caterpillar, Inc.		10,000		782,900
Cummins, Inc.		1,690		79,126
Danaher Corp.		3,200		243,296

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Deere & Co.		3,650	$	293,606
Dover Corp.		5,000		208,900
Eaton Corp.		2,400		191,208
FreightCar America, Inc.		600		20,580
Illinois Tool Works, Inc.		2,000		96,460
Manitowoc Co., Inc. (The)		2,130		86,904
Nordson Corp.		1,225		65,966
PACCAR, Inc.		3,500		157,500
Parker Hannifin Corp.		1,250		86,588
Wabtec Corp.		1,800		67,788
				2,404,774
Media (1.4%)
Charter Communications, Inc., Class A*		4,000		3,408
Cumulus Media, Inc., Class A*		1,400		8,932
DISH Network Corp., Class A*		600		17,238
Entercom Communications Corp., Class A		1,000		9,930
News Corp., Class A		27,200		510,000
Omnicom Group, Inc.		1,760		77,757
Sinclair Broadcast Group, Inc., Class A		7,875		70,166
Time Warner, Inc.		20,200		283,204
Viacom, Inc., Class B*		7,550		299,131
Walt Disney Co. (The)		28,310		888,368
				2,168,134
Metals & Mining (1.0%)
AK Steel Holding Corp.		1,450		78,909
Alcoa, Inc.		3,700		133,422
Cleveland-Cliffs, Inc.		500		59,910
Freeport-McMoRan Copper & Gold, Inc.		4,218		405,856
Nucor Corp.		4,450		301,443
Quanex Corp.		950		49,153
Steel Dynamics, Inc.		1,100		36,344
United States Steel Corp.		3,740		474,494
				1,539,531
Multi-Utilities (0.7%)
CenterPoint Energy, Inc.		5,060		72,206
CMS Energy Corp.		22,000		297,880
Dominion Resources, Inc.		6,300		257,292
NorthWestern Corp.		1,925		46,912
Public Service Enterprise Group, Inc.		6,700		269,273
Xcel Energy, Inc.		11,800		235,410
				1,178,973
Multiline Retail (0.2%)
Big Lots, Inc.*		4,800		107,040
Family Dollar Stores, Inc.		2,400		46,800
Kohl’s Corp.*		3,600		154,404
Saks, Inc.*		1,700		21,199
Target Corp.		1,200		60,816
				390,259
Natural Gas Utilities (0.1%)
Energen Corp.		1,230		76,629
Nicor, Inc.		3,025		101,368
				177,997
Office Electronics (0.1%)
Xerox Corp.		9,860		147,604
Oil, Gas & Consumable Fuels (5.5%)
Apache Corp.		1,200		144,984
Chevron Corp.		20,580		1,756,709
ConocoPhillips		13,400		1,021,214
Devon Energy Corp.		1,900		198,227
Energy Partners Ltd.*		300		2,841
Exxon Mobil Corp.		36,030		3,047,417
Frontier Oil Corp.		1,000		27,260
Harvest Natural Resources, Inc.*		600		7,236
Hess Corp.		1,400		123,452
Holly Corp.		1,370		59,472
Marathon Oil Corp.		7,400		337,440
Mariner Energy, Inc.*		809		21,851
Meridian Resource Corp.*		8,100		11,988
Occidental Petroleum Corp.		6,200		453,654
Plains Exploration & Production Co.*		2,025		107,608
Stone Energy Corp.*		2,200		115,082
Sunoco, Inc.		2,600		136,422
Swift Energy Co.*		600		26,994
Transocean, Inc.		300,000		306,566
Valero Energy Corp.		6,690		328,546
XTO Energy, Inc.		8,400		519,624
				8,754,587
Paper & Forest Products (0.2%)
Buckeye Technologies, Inc.*		2,700		30,132
Domtar Corp.*		30,800		210,364
International Paper Co.		100		2,720
				243,216
Personal Products (0.0%)
NBTY, Inc.*		600		17,970
Pharmaceuticals (2.9%)
Abbott Laboratories		16,000		882,400
Barrier Therapeutics Inc*		300		1,023
Bristol-Myers Squibb Co.		9,700		206,610
Cypress Bioscience, Inc.*		725		5,191
Eli Lilly & Co.		7,000		361,130
Johnson & Johnson		10,850		703,839
Merck & Co., Inc.		26,085		989,926
Nastech Pharmaceutical Co., Inc.*		1,425		3,349
Perrigo Co.		3,100		116,963
Pfizer, Inc.		37,740		789,898
Pozen, Inc.*		900		9,324
Schering-Plough Corp.		17,200		247,852
Sepracor, Inc.*		2,900		56,608
ULURU Inc*		900		2,025
Viropharma, Inc.*		3,225		28,832
Watson Pharmaceuticals, Inc.*		4,550		133,406
Wyeth		3,700		154,512
				4,692,888
Real Estate Investment Trusts (REITs) (0.9%)
Annaly Capital Management, Inc.		3,700		56,684
Anthracite Capital, Inc.		6,475		42,735
Apartment Investment & Management Co., Class A		2,509		89,847
Cousins Properties, Inc.		3,025		74,748
Digital Realty Trust, Inc.		1,500		53,250
Duke Realty Corp.		1,500		34,215
Home Properties, Inc.		400		19,196
Hospitality Properties Trust		9,750		331,695
Host Hotels & Resorts, Inc.		700		11,144
LTC Properties, Inc.		2,200		56,562

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
MFA Mortgage Investments, Inc.		3,500	$	22,050
Mid-America Apartment Communities, Inc.		125		6,230
Pennsylvania Real Estate Investment Trust		500		12,195
ProLogis		5,460		321,376
Ramco-Gershenson Properties Trust		3,275		69,135
Senior Housing Properties Trust		800		18,960
Strategic Hotels & Resorts, Inc.		1,200		15,756
Sunstone Hotel Investors, Inc.		4,425		70,844
Taubman Centers, Inc.		300		15,630
UDR, Inc.		2,700		66,204
				1,388,456
Road & Rail (0.8%)
Burlington Northern Santa Fe Corp.		1,900		175,218
Con-way, Inc.		2,200		108,856
CSX Corp.		5,950		333,616
Norfolk Southern Corp.		12,250		665,420
Union Pacific Corp.		500		62,690
				1,345,800
Semiconductors & Semiconductor Equipment (1.2%)
Altera Corp.		6,100		112,423
Amkor Technology, Inc.*		7,700		82,390
Asyst Technologies, Inc.*		1,100		3,850
Atmel Corp.*		900		3,132
Broadcom Corp., Class A*		11,300		217,751
Cirrus Logic, Inc.*		5,625		37,800
Credence Systems Corp.*		3,700		6,290
Cymer, Inc.*		1,825		47,523
Integrated Device Technology, Inc.*		700		6,251
Intel Corp.		10,500		222,390
KLA-Tencor Corp.		1,500		55,650
Lam Research Corp.*		2,010		76,822
LSI Corp.*		13,725		67,939
MEMC Electronic Materials, Inc.*		3,710		263,039
Micrel, Inc.		5,425		50,290
National Semiconductor Corp.		1,000		18,320
NVIDIA Corp.*		6,875		136,056
OmniVision Technologies, Inc.*		2,050		34,481
Semtech Corp.*		800		11,464
Silicon Storage Technology, Inc.*		4,500		11,790
Xilinx, Inc.		18,900		448,875
Zoran Corp.*		600		8,196
				1,922,722
Software (2.0%)
Aspen Technology, Inc.*		6,850		87,337
BMC Software, Inc.*		5,490		178,535
Compuware Corp*		10,200		74,868
EPIQ Systems, Inc.*		1,825		28,324
Fair Isaac Corp.		200		4,304
Magma Design Automation, Inc.*		900		8,613
Microsoft Corp.		65,650		1,863,147
MicroStrategy, Inc., Class A*		600		44,394
Oracle Corp.*		31,285		611,935
Pegasystems, Inc.		800		7,704
SPSS, Inc.*		200		7,756
Sybase, Inc.*		4,900		128,870
Synopsys, Inc.*		3,525		80,053
				3,125,840
Specialty Retail (1.0%)
Abercrombie & Fitch Co., Class A		1,600		117,024
Advance Auto Parts, Inc.		3,800		129,390
Aeropostale, Inc.*		2,750		74,553
AutoZone, Inc.*		850		96,755
Barnes & Noble, Inc.		1,725		52,871
Best Buy Co., Inc.		1,200		49,752
CarMax, Inc.*		4,400		85,448
Collective Brands, Inc.*		4,450		53,934
Dick’s Sporting Goods, Inc.*		5,100		136,578
Gap, Inc. (The)		9,450		185,976
Home Depot, Inc.		2,100		58,737
Midas, Inc.*		5,000		85,950
Sherwin-Williams Co. (The)		1,455		74,263
Staples, Inc.		13,400		296,274
TJX Cos., Inc.		3,100		102,517
				1,600,022
Textiles, Apparel & Luxury Goods (0.6%)
Coach, Inc.*		800		24,120
Nike, Inc., Class B		10,922		742,696
Phillips-Van Heusen Corp.		1,400		53,088
Polo Ralph Lauren Corp.		400		23,316
V.F. Corp.		1,500		116,265
				959,485
Thrifts & Mortgage Finance (0.3%)
Centerline Holding Co.		500		2,030
Clayton Holdings, Inc.*		1,700		7,888
Corus Bankshares, Inc.		1,325		12,892
Countrywide Financial Corp.		3,400		18,700
Fannie Mae		4,100		107,912
Federal Agricultural Mortgage Corp., Class C		3,975		103,748
Freddie Mac		5,300		134,196
MGIC Investment Corp.		600		6,318
Ocwen Financial Corp.*		900		3,996
Washington Mutual, Inc.		3,400		35,020
				432,700
Tobacco (1.4%)
Alliance One International, Inc.*		15,000		90,600
Altria Group, Inc.		23,920		531,024
Loews Corp. — Carolina Group		1,075		77,991
Philip Morris International, Inc.*		23,920		1,209,874
Reynolds American, Inc.		4,230		249,697
Universal Corp.		900		58,977
UST, Inc.		900		49,068
				2,267,231
Trading Companies & Distributors (0.0%)
BlueLinx Holdings, Inc.		4,600		23,414
Wireless Telecommunication Services (0.1%)
Centennial Communications Corp.*		3,500		20,685
Rural Cellular Corp., Class A*		900		39,807
Sprint Nextel Corp.		4,600		30,774
USA Mobility, Inc.		500		3,570
				94,836
				81,209,637
Total Common Stocks — Long Positions				97,709,321

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Principal
	Amount		Value
Corporate Bonds (8.2%)
Aerospace & Defense (0.0%)
Hawker Beechcraft Acquisition Co. LLC, 8.88%, 04/01/15	$	20,000	$	20,450
L-3 Communications Corp., 5.88%, 01/15/15		15,000		14,363
				34,813
Auto Components (0.0%)(b)
TRW Automotive, Inc., 7.25%, 03/15/17		5,000		4,550
Automotive Manufacturer (0.0%)
Terex Corp., 8.00%, 11/15/17		35,000		34,825
Banks (1.2%)
Bank of Scotland PLC, 5.25%, 02/21/17(b)		275,000		291,888
Citigroup, Inc.
6.00%, 08/15/17		115,000		113,395
6.13%, 11/21/17		120,000		119,823
Credit Agricole SA, 6.64%, 05/31/49(b) (c)		125,000		96,830
Glitnir Banki HF, 4.33%, 01/21/11(c)(b)		240,000		182,815
HBOS PLC, 6.66%, 12/31/49(b)		100,000		71,446
Kaupthing Bank Hf, 5.75%, 10/04/11(b)		145,000		115,744
Mizuho Capital Investment Ltd., 6.69%, 06/30/46(c)(b)		94,000		79,620
Royal Bank of Scotland Group PLC
7.64%, 03/31/49(c)		100,000		86,119
6.99%, 10/05/49(b)		200,000		169,780
Societe Generale, 5.92%, 12/31/49(b)		155,000		126,548
Standard Chartered PLC, 6.41%, 12/01/47		200,000		164,313
Woori Bank(b)
5.75%, 03/13/14		160,000		159,218
6.21%, 05/02/37		135,000		107,436
				1,884,975
Chemicals (0.1%)
Huntsman LLC, 11.50%, 07/15/12		30,000		31,950
Nalco Co.
7.75%, 11/15/11		15,000		15,187
8.88%, 11/15/13		10,000		10,275
PolyOne Corp., 8.88%, 05/01/12		20,000		20,200
				77,612
Consumer Goods (0.1%)
Jarden Corp., 7.50%, 05/01/17		25,000		21,875
Jostens Holding Corp. 0.00%, 12/01/13(d)		5,000		4,675
Sealy Mattress Co., 8.25%, 06/15/14		45,000		37,575
Visant Corp., 7.63%, 10/01/12		15,000		14,587
Visant Holding Corp., 8.75%, 12/01/13		15,000		14,100
				92,812
Containers & Packaging (0.0%)
Owens Brockway Glass Container, Inc., 8.25%, 05/15/13		10,000		10,350
Diversified Financial Services (0.6%)
Goldman Sachs Group, Inc. (The)
5.63%, 01/15/17		105,000		100,729
5.95%, 01/18/18		65,000		64,366
5.95%, 01/15/27		110,000		98,228
6.75%, 10/01/37		105,000		97,685
Lehman Brothers Holdings, Inc., 5.25%, 02/06/12		165,000		159,215
Merrill Lynch & Co., Inc.
6.05%, 08/15/12		80,000		81,251
6.22%, 09/15/26		55,000		46,199
Morgan Stanley, 6.63%, 04/01/18		305,000		305,107
				952,780
Diversified Manufacturing (0.0%)
Georgia-Pacific LLC
7.00%, 01/15/15		15,000		14,062
7.70%, 06/15/15		25,000		23,500
Smurfit-Stone Container Enterprises, Inc., 8.38%, 07/01/12		20,000		18,100
				55,662
Electric Utilities (0.2%)
Florida Power & Light Co., 5.95%, 02/01/38		140,000		140,512
NRG Energy, Inc., 7.38%, 02/01/16		45,000		44,100
Ohio Power Co., 6.00%, 06/01/16		80,000		80,351
				264,963
Electronic Equipment & Instruments (0.2%)
General Electric Co., 5.25%, 12/06/17		260,000		259,641
Sensata Technologies BV, 8.00%, 05/01/14		30,000		26,400
WMG Acquisition Corp., 7.38%, 04/15/14		15,000		11,550
				297,591
Food Processors (0.1%)
Del Monte Corp., 6.75%, 02/15/15		10,000		9,575
Kraft Foods, Inc., 6.00%, 02/11/13		175,000		180,926
				190,501
Food Products (0.0%)
Constellation Brands, Inc., 7.25%, 09/01/16		35,000		34,038
Gaming (0.0%)
MGM Mirage
5.88%, 02/27/14		30,000		25,650
7.50%, 06/01/16		5,000		4,500
				30,150
Health Care Equipment & Supplies (0.0%)
Cooper Cos., Inc. (The), 7.13%, 02/15/15		25,000		23,750
HCA, Inc., 9.25%, 11/15/16		10,000		10,375
LVB Acquisition Merger Sub, Inc., 10.38%, 10/15/17(b)		15,000		15,563
				49,688
Health Care Providers & Services (0.0%)(b)
Community Health Systems, Inc., 8.88%, 07/15/15		15,000		15,037
HCA, Inc.
9.25%, 11/15/16		10,000		10,375
9.63%, 11/15/16		35,000		36,924
				62,336

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Home Builder (0.0%)
Beazer Homes USA, Inc., 6.88%, 07/15/15	$	11,000	$	7,865
Hotels, Restaurants & Leisure (0.1%)
McDonald’s Corp., 6.30%, 10/15/37		100,000		102,720
MGM Mirage, 6.75%, 04/01/13		10,000		9,200
Insurance (0.4%)
Liberty Mutual Group, Inc., 7.50%, 08/15/36(b)		105,000		99,467
Lincoln National Corp., 7.00%, 05/17/66		150,000		137,547
Reinsurance Group of America, Inc., 6.75%, 12/15/65		105,000		92,111
Travelers Cos., Inc. (The), 6.25%, 03/15/37		90,000		79,382
XL Capital Ltd., 6.50%, 12/31/49		220,000		164,900
				573,407
Leisure Equipment & Products (0.0%)(b)
Steinway Musical Instruments, 7.00%, 03/01/14		10,000		8,550
Machinery (0.0%)
Baldor Electric Co., 8.63%, 02/15/17		10,000		9,900
Tenneco, Inc., 8.13%, 11/15/15(b)		30,000		29,775
				39,675
Media (0.3%)
Charter Communications Operating LLC, 8.00%, 04/30/12(b)		20,000		18,350
Comcast Corp., 6.95%, 08/15/37		240,000		240,481
Dex Media West LLC, 9.88%, 08/15/13		30,000		26,100
DIRECTV Holdings LLC, 6.38%, 06/15/15		30,000		27,975
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		75,000		84,389
Time Warner, Inc., 5.88%, 11/15/16(b)		125,000		118,869
				516,164
Mortgage Bank (0.1%)
Countrywide Financial Corp., 5.80%, 06/07/12		100,000		90,599
Oil, Gas & Consumable Fuels (0.4%)
Chesapeake Energy Corp.
7.00%, 08/15/14		10,000		10,025
6.50%, 08/15/17		20,000		19,300
Enterprise Products Operating LP, 6.30%, 09/15/17		140,000		140,686
Kinder Morgan Energy Partners LP, 6.50%, 02/01/37		75,000		69,587
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 09/30/16(b)		250,000		248,282
Valero Energy Corp., 6.63%, 06/15/37		90,000		86,028
				573,908
Other Financial (2.4%)
American International Group, Inc., 5.85%, 01/16/18		315,000		309,122
Arch Western Finance LLC, 6.75%, 07/01/13		30,000		29,925
Berkshire Hathaway Finance Corp., 4.50%, 01/15/13		305,000		312,268
Caterpillar Financial Services Corp., 5.45%, 04/15/18		125,000		127,164
Ford Motor Credit Co. LLC, 7.80%, 06/01/12		15,000		12,373
General Electric Capital Corp.
5.25%, 10/19/12		220,000		228,607
6.15%, 08/07/37		80,000		79,884
GMAC LLC, 6.88%, 08/28/12		25,000		18,998
Goldman Sachs Capital II, 5.79%, 12/29/49(c)		150,000		99,915
Hanesbrands, Inc., 8.20%, 12/15/14(c)		20,000		17,750
IBM International Group Capital LLC, 5.05%, 10/22/12		100,000		104,456
Lehman Brothers Holdings Capital Trust V, 5.86%, 11/29/49(c)		175,000		110,688
Mirant North America LLC, 7.38%, 12/31/13		25,000		25,250
Mizuho JGB Investment LLC, 9.87%, 12/31/49(b)(c)		190,000		190,790
Mizuho Preferred Capital Co. LLC, 8.79%, 12/29/49(b)(c)		310,000		311,528
MUFG Capital Finance 1 Ltd., 6.35%, 07/29/49(c)		80,000		65,192
Pricoa Global Funding I, 3.90%, 12/15/08(b)		400,000		401,412
QBE Capital Funding II LP, 6.80%, 12/31/49(b)(c)		100,000		90,594
Santander Perpetual SA Unipersonal, 6.67%, 10/29/49(b)(c)		200,000		180,232
Shinsei Finance II, 7.16%, 07/25/16(c)(b)		225,000		162,000
SMFG Preferred Capital USD 1 Ltd., 6.08%, 12/31/49(b) (c)		80,000		62,720
Stingray Pass-Through Trust, 5.90%, 01/12/15(b)		180,000		47,700
Swiss Re Capital I LP, 6.85%, 05/25/49(b) (c)		300,000		279,169
Telefonica Emisiones SAU, 5.86%, 02/04/13		260,000		262,555
Wachovia Capital Trust III, 5.80%, 03/15/42		190,000		135,375
Westfield Group, 5.70%, 10/01/16(b)		175,000		158,223
				3,823,890
Other Utilities (0.5%)
Dominion Resources, Inc., 5.15%, 07/15/15		120,000		117,638
Duke Energy Carolinas LLC, 6.10%, 06/01/37		140,000		139,362
Midamerican Energy Holdings Co., 6.13%, 04/01/36		170,000		164,311
Pacificorp, 4.30%, 09/15/08		125,000		125,374
Virginia Electric and Power Co., 6.35%, 11/30/37		170,000		173,819
				720,504
Pharmaceutical (0.1%)
Abbott Laboratories, 6.15%, 11/30/37		160,000		165,322
Pipelines (0.1%)
ONEOK Partners LP, 5.90%, 04/01/12		115,000		119,472

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Pipelines (continued)
Sonat, Inc., 7.63%, 07/15/11	$	25,000	$	25,840
				145,312
Real Estate Investment Trusts (REITs) (0.0%)
Corrections Corp. of America, 6.25%, 03/15/13		10,000		9,800
Host Hotels & Resorts LP, 7.13%, 11/01/13		20,000		19,600
				29,400
Road & Rail (0.1%)
CSX Corp., 7.45%, 04/01/38		95,000		97,544
Service Companies (0.1%)
ACCO Brands Corp., 7.63%, 08/15/15		35,000		30,975
Allied Waste North America, Inc., 7.38%, 04/15/14		10,000		9,838
Iron Mountain, Inc., 6.63%, 01/01/16		45,000		42,862
Service Corp. International, 7.38%, 10/01/14		30,000		30,038
Stewart Enterprises, Inc., 6.25%, 02/15/13		15,000		14,025
Time Warner Cable, Inc., 6.55%, 05/01/37(b)		50,000		47,199
				174,937
Special Purpose Entity (0.1%)
IIRSA Norte Finance Ltd., 8.75%, 05/30/24		100,000		111,250
Specialty Retail (0.5%)
CVS Pass-Through Trust, 6.04%, 12/10/28(b)		121,491		115,739
Home Depot, Inc., 5.88%, 12/16/36		125,000		102,046
Kroger Co. (The)
6.40%, 08/15/17		85,000		89,707
6.15%, 01/15/20		95,000		97,555
Neiman-Marcus Group, Inc., 9.00%, 10/15/15		15,000		15,000
Safeway, Inc., 6.35%, 08/15/17		90,000		95,129
Target Corp., 6.50%, 10/15/37		100,000		96,690
Wal-Mart Stores, Inc.
5.38%, 04/05/17		150,000		154,797
5.25%, 09/01/35		60,000		53,101
6.50%, 08/15/37		40,000		42,001
				861,765
Technology (0.1%)
Hewlett-Packard Co., 4.50%, 03/01/13		210,000		213,043
Telecommunications (0.3%)
AT&T, Inc., 6.30%, 01/15/38		215,000		207,889
Consolidated Communications Holdings, 9.75%, 04/01/12		15,000		15,731
Echostar DBS Corp., 7.13%, 02/01/16		50,000		46,625
Intelsat Jackson Holdings Ltd., 9.25%, 06/15/16		10,000		10,075
Qwest Communications International, Inc., 6.57%, 02/15/09(c)		7,000		6,930
Qwest Corp., 8.88%, 03/15/12		5,000		5,100
Sprint Nextel Corp., 6.00%, 12/01/16		140,000		108,850
Verizon Communications, Inc., 6.40%, 02/15/38		140,000		136,300
				537,500
Transportation (0.1%)
United Parcel Service, Inc., 6.20%, 01/15/38		165,000		176,494
Total Corporate Bonds				13,056,695
Asset-Backed Securities (2.0%)
Capital One Multi-Asset Execution Trust, Series 2007-A9, Class A9, 4.95%, 08/15/12(b)		995,000		1,020,293
Countrywide Asset-Backed Certificates, Series 03-5, Class MF1, 5.41%, 01/25/34		148,837		122,472
Ford Credit Auto Owner Trust, Series 06-B, Class A3, 5.26%, 10/15/10		875,000		884,561
Onyx Acceptance Grantor Trust, Series 04-C, Class A4, 3.50%, 12/15/11		159,167		158,041
PSE&G Transition Funding LLC, Series 01-1, Class A6, 6.61%, 06/15/15		240,000		263,240
Residential Asset Securities Corp.(c)
Series 2002-KS4, Class AIIB, 3.10%, 07/25/32		10,194		9,273
Series 2003-KS5, Class AIIB, 3.18%, 07/25/33		15,342		13,129
Specialty Underwriting & Residential Finance, Series 06-BC2, Class A2B, 5.57%, 02/25/37		750,000		746,016
Wachovia Asset Securitization, Inc., Series 2003-HE2, Class AII1, 2.86%, 07/25/33(c)		36,649		31,066
Total Asset-Backed Securities				3,248,091
Collateralized Mortgage Obligations (3.9%)
Countrywide Alternative Loan Trust
Series 04-28CB, Class 3A1, 6.00%, 01/25/35		470,347		416,257
Series 06-J5, Class 3A1, 6.50%, 09/25/36		693,644		648,174
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-14, Class A2, 5.5%, 7/25/35		524,815		497,893
CS First Boston Mortgage Securities Corp., Series 03-29, Class 7A1, 6.5%, 12/25/33		76,981		73,607
Fannie Mae REMICS
6.50%, 09/25/33		292,950		299,348
6.50%, 10/25/33		262,922		268,702
6.50%, 10/25/33		262,922		268,702
6.50%, 12/25/33		256,843		262,628
6.50%, 12/25/33		230,561		236,077
6.50%, 01/25/34		236,009		241,571
First Horizon Alternative Mortgage Securities, Series 2006-FA4, Class 1A1		404,930		357,787
Freddie Mac REMICS

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Principal
	Amount		Value
Collateralized Mortgage Obligations (continued)
5.00%, 11/15/28	$	454,334	$	464,181
6.50%, 05/15/35		203,036		213,090
5.50%, 07/15/37		600,000		589,727
Indymac Index Mortgage Loan Trust, Series 04-AR7, Class A1, 3.04%, 9/25/34		55,231		50,423
Lehman Mortgage Trust, Series 2007-4, Class 4A1, 6%, 5/25/37		92,944		86,483
Residential Funding Mortgage Securities I, Series 07-S8, Class 1A1, 6%, 9/25/37		578,912		555,756
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 06-5, Class 2CB1, 6%, 7/25/36		267,520		254,289
Wells Fargo Mortgage Backed Securities Trust
Series 2007-5, Class 2A3, 5.50%, 05/25/22		177,390		168,606
Series 2007-11, Class A96, 6.00%, 08/25/37		336,179		320,840
Total Collateralized Mortgage Obligations				6,274,141
Commercial Mortgage Backed Securities (3.0%)
Bear Stearns Commercial Mortgage Securities
Series 05-PWR7, Class A3, 5.12%, 02/11/41		380,000		376,382
Series 04-PWR6, Class A4, 4.52%, 11/11/41		260,000		250,569
Credit Suisse Mortgage Capital Certificates, Series 07-C4, Class A3, 6%, 9/15/39(c)		445,000		436,279
CS First Boston Mortgage Securities Corp.
Series 01-CK1, Class A3, 6.38%, 12/18/35		265,093		272,215
Series 03-C4, Class A4, 5.14%, 08/15/36		480,000		474,043
Greenwich Capital Commercial Funding Corp.
Series 04-GG1, Class A3, 4.34%, 06/10/36		929,759		923,436
Series 05-GG3, Class A4, 4.80%, 08/10/42		285,000		278,692
LB-UBS Commercial Mortgage Trust
Series 05-C1, Class A4, 4.74%, 02/15/30		485,000		473,141
Series 2006, Class A4, 5.16%, 02/15/31		250,000		243,373
Series 06-C4, Class A4, 5.88%, 06/15/38(c)		190,000		193,591
Morgan Stanley Capital I
Series 03-HQ2, Class A2, 4.92%, 03/12/35		250,000		251,105
Series 04-HQ3, Class A2, 4.05%, 01/13/41		364,399		358,038
Series 05, Class IQ9, 4.70%, 07/15/56		265,000		257,614
Total Commercial Mortgage Backed Securities				4,788,478
Commercial Paper (10.0%)(e)
Clipper Receivables Corp., 3.30%, 04/11/08		3,000,000		2,997,000
Edison Asset Securitization LLC, 2.40%, 04/17/08		2,000,000		1,997,360
Kitty Hawk Funding Corp., 3.10%, 04/16/08(b)		2,000,000		1,997,417
Three Pillars Funding LLC, 3.00%, 04/04/08		1,905,000		1,904,295
Ticonderoga Funding LLC, 2.81%, 04/14/08		2,000,000		1,997,500
Yorktown Capital LLC
3.20%, 04/01/08		3,000,000		3,000,000
2.93%, 04/14/08		2,000,000		1,997,884
Total Commercial Paper				15,891,456
Sovereign Bonds (0.8%)
Brazilian Government International Bond, 12.25%, 03/06/30		45,000		73,125
Guatemala Government Bond, 9.25%, 08/01/13(b)		50,000		57,813
Mexico Government International Bond, 8.00%, 09/24/22		225,000		285,480
Republic Of Argentina Government Bond, 3.00%, 04/30/13(c)		180,000		111,960
Russia Government International Bond, 12.75%, 06/24/28		100,000		180,360
Ukraine Government International Bond
6.88%, 03/04/11		170,000		175,695
6.58%, 11/21/16		210,000		208,286
6.58%, 11/21/16(b)		100,000		99,250
Total Sovereign Bonds				1,191,969
U.S. Government Mortgage Backed Agencies (1.5%)
Federal Home Loan Mortgage Corp. TBA		2,025,000		2,044,618
Federal National Mortgage Association TBA		395,000		404,628
Total U.S. Government Mortgage Backed Agencies				2,449,246
U.S. Government Sponsored Mortgage-Backed Obligations (14.9%)
Fannie Mae Pool
Pool #787555, 6.50%, 02/01/35		283,659		294,342
Pool #888415, 5.00%, 12/01/36		839,575		832,195
Pool #888016, 5.50%, 12/01/36		796,874		806,039
Pool #906474, 6.00%, 01/01/37		1,967,693		2,017,482
Federal Home Loan Mortgage Corp. TBA
5.00%, 04/15/36		157,000		155,430
6.00%, 04/15/37		1,900,000		1,948,093
Federal National Mortgage Association TBA
5.50%, 04/01/16		586,000		598,086
6.00%, 04/01/18		2,695,000		2,773,322
4.50%, 04/15/18		550,000		546,906
5.00%, 04/15/21		2,650,000		2,674,844
6.50%, 04/01/33		1,610,000		1,667,356
5.00%, 04/01/36		780,000		771,957
5.50%, 04/15/37		3,145,000		3,174,484
Freddie Mac Gold Pool

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

JP Morgan NVIT Balanced Fund

	Shares or
	Principal
	Amount		Value
U.S. Government Sponsored Mortgage-Backed Obligations (continued)
Pool # A29796, 6.00%, 02/01/35	$	153,280	$	157,488
Pool # G03069, 5.50%, 12/01/36		2,256,271		2,281,112
Pool # G03269, 5.50%, 10/01/37		420,552		425,074
Freddie Mac Non Gold Pool
Pool # 1B3166, 5.85%, 11/01/36		591,193		602,582
Pool # 1G1999, 5.42%, 06/01/37		29,448		29,700
Pool # 1J1749, 5.57%, 06/01/37		295,394		299,131
Pool # 1J0453, 5.60%, 06/01/37		38,162		38,656
Pool # 1G2061, 5.45%, 07/01/37		58,733		59,365
Government National Mortgage Association TBA
5.00%, 04/15/37		700,000		699,782
5.50%, 04/15/37		195,000		198,778
6.00%, 04/15/37		690,000		711,994
Total U.S. Government Sponsored Mortgage-Backed Obligations				23,764,198
U.S. Government Sponsored & Agency Obligations (4.7%)
Federal Home Loan Mortgage Corp., 6.75%, 03/15/31		375,000		470,628
Federal National Mortgage Association, 6.63%, 11/15/30		30,000		37,121
U.S. Treasury Bill 0.00%, 06/12/08(e)		2,500,000		2,493,975
U.S. Treasury Bond
6.38%, 08/15/27		110,000		139,975
5.00%, 05/15/37		110,000		123,054
U.S. Treasury Notes
4.25%, 09/30/12		125,000		135,088
4.13%, 05/15/15		175,000		189,178
United States Treasury Inflation Indexed Bonds, 2.63%, 07/15/17		805,000		934,247
United States Treasury Note/Bond
5.13%, 06/30/08		30,000		30,276
4.63%, 11/30/08		25,000		25,535
3.25%, 01/15/09		1,885,000		1,911,066
3.25%, 12/31/09		200,000		205,516
4.13%, 08/31/12		370,000		396,911
3.50%, 02/15/18		45,000		45,260
8.88%, 02/15/19		200,000		290,750
Total U.S. Government Sponsored & Agency Obligations				7,428,580
Options Purchased (0.1%)
U.S. 10-Year T-Note Future Call June 2008 (Strike Price $116.00)		5		17,344
U.S. 10-Year T-Note Future Call June 2008 (Strike Price $118.00)		4		8,500
U.S. 10-Year T-Note Future Call June 2008 (Strike Price $119.50)		82		114,031
U.S. 10-Year T-Note Future Put June 2008 (Strike Price $110.00)		28		875
U.S. 10-Year T-Note Future Put June 2008 (Strike Price $111.00)		24		1,125
U.S. 10-Year T-Note Future Put June 2008 (Strike Price $113.00)		8		1,000
U.S. 10-Year T-Note Future Put June 2008 (Strike Price $116.00)		5		2,656
U.S. 10-Year T-Note Future Put May 2008 (Strike Price $118.00)		6		4,125
U.S. T-Bond Future Put April 2008 (Strike Price $118.00)		4		5,062
U.S. T-Bond Future Put June 2008 (Strike Price $117.00)		4		3,188
U.S. T-Bond Future Put June 2008 (Strike Price $115.00)		12		10,500
Total Options Purchased				168,406
Mutual Funds (1.6%)
AIM Liquid Assets Portfolio		2,506,011		2,506,011
Total Investments
(Cost $181,752,779) (f) — 112.2%				178,476,592
Liabilities in excess of other assets — (12.2)%				(19,463,903	)
NET ASSETS — 100.0%			$	159,012,689

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at March 31, 2008.
(e)	The rate reflected in the Statement of Investments is the effective yield as of March 31, 2008.
(f)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
AMBAC	Insured by American Municipal Bond Insurance Corp.
GDR	Global Depositary Receipt
GR	Greece
IT	Italy
LP	Limited Partnership
MBIA	Insured by Municipal Bond Insurance Organization
NL	Netherlands
SE	Sweden
TBA	To Be Announced.

See accompanying notes to statements of investments

At March 31, 2008, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Date		Received/			Contract			Market			Appreciation/
Currency	Delivery		(Delivered)			Value			Value			(Depreciation)
Short Contract:
Australian Dollar		05/06/08		(100,241	)		(89,149	)		(91,170	)		(2,021	)
Swiss Franc		05/06/08		(118,046	)		(110,559	)		(118,913	)		(8,354	)
Euro		05/06/08		(171,002	)		(253,582	)		(269,577	)		(15,995	)
British Sterling Pound		05/06/08		(47,067	)		(93,044	)		(93,149	)		(105	)
Hong Kong Dollar		05/06/08		(647,664	)		(83,225	)		(83,322	)		(97	)
Japanese Yen		05/07/08		(28,184,502	)		(267,980	)		(283,473	)		(15,493	)
Norwegian Krone		05/06/08		(962,933	)		(178,656	)		(188,596	)		(9,940	)
Swedish Krone		05/06/08		(403,040	)		(65,657	)		(67,727	)		(2,070	)
Singapore Dollar		05/06/08		(73,337	)		(52,760	)		(53,391	)		(631	)
Total Short Contracts						$	(1,194,612	)	$	(1,249,318	)	$	(54,706	)
Long Contracts:
Australian Dollar		05/06/08		440,967			394,257			401,063			6,806
Swiss Franc		05/06/08		246,854			230,092			248,667			18,575
Euro		05/06/08		143,351			214,446			225,987			11,541
British Sterling Pound		05/06/08		22,795			45,052			45,112			60
Hong Kong Dollar		05/06/08		1,100,470			141,332			141,575			243
Norwegian Krone		05/06/08		373,891			67,830			73,229			5,399
Swedish Krone		05/06/08		649,267			101,601			109,103			7,502
Total Long Contracts						$	1,194,610		$	1,244,736		$	50,126

At March 31, 2008, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of					Covered by		Appreciation
Contracts		Long Contracts	Expiration		Contracts		(Depreciation)
	3	EURO SFR 3-MO LIF		06/16/08		734,440		(1,030	)
	14	AMSTERDAM IDX		04/30/08		1,953,021		85,594
	26	3MO EURO EURIBOR		12/15/08		9,852,045		(44,434	)
	10	DAX IDX		06/20/08		2,602,925		99,294
	67	EURO BOBL		06/10/08		11,675,052		(151,012	)
	27	EURO-BUND		06/10/08		4,943,344		(63,474	)
	9	S&P/MIB IDEM		06/20/08		2,176,725		44,999
	22	90DAY STERLING		12/18/08		5,192,983		3,485
	6	HANG SENG IDX		04/30/08		872,353		33,602
	76	US TREAS 5YR NOTE		06/30/08		8,681,813		52,836
	1	RUSSELL 2000		06/20/08		345,000		11,471
	23	US TREAS 2YR NOTE		06/30/08		4,937,094		(3,830	)
					$	53,966,795	$	67,501

					Market Value			Unrealized
Number of					Covered by			Appreciation
Contracts		Short Contracts	Expiration		Contracts			(Depreciation)
	6	S&P/TSE 60 IX		05/20/08		(918,885	)		(1,468	)
	88	DJ EURO STOXX 50		06/20/08		(4,930,178	)		(250,661	)
	2	LONG GILT		06/30/08		(441,728	)		(11,262	)
	8	FTSE 100		06/20/08		(906,237	)		(30,557	)
	9	TOPIX IDX		06/30/08		(1,097,682	)		10,785
	1	US 10YR 6% SWAP		06/16/08		(115,141	)		(2,097	)
	9	S&P 500 EMINI		06/21/08		(595,800	)		(245	)
	33	RUSSELL MINI		06/23/08		(2,277,000	)		(75,816	)
	42	US TREAS 10YR NOTE		06/30/08		(4,996,031	)		(41,930	)
	6	US LONG BOND		06/19/08		(712,781	)		2,780
					$	(16,991,463	)	$	(400,471	)

The following is a summary of written option activity for the period ended March 31, 2008, by the Fund (Dollar amounts in thousands):

Written Options	Contract			Premiums Received
Balance at beginning of period		122		$	135
Options written		495			500
Options expired		(171	)		(133	)
Options terminated in closing purchase transactions		(277	)		(324	)
Options outstanding at end of period		169		$	178

At March 31, 2008, the Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS

									Unrealized
		Expiration	Exercise		Number of				Appreciation
Contracts	Type	Date	Price		Contracts		Value		(Depreciation)
Fed Funds Option	Call	May 2008		118.00		6		9,938	$	(4,142	)
Fed Funds Option	Call	June 2008		112.00		18		126,281		(110,990	)
Fed Funds Option	Call	June 2008		116.50		51		157,781		(81,867	)
Fed Funds Option	Call	June 2008		123.00		40		16,875		2,384
Fed Funds Option	Put	June 2008		115.00		2		688		2,619
Fed Funds Option	Put	June 2008		115.50		14		6,125		21,178
Fed Funds Option	Put	June 2008		118.00		3		3,469		1,304
Fed Funds Option	Put	April 2008		115.00		4		1,375		3,176
Fed Funds Option	Put	April 2008		116.00		4		2,188		1,675
Fed Funds Option	Put	June 2008		112.50		27		12,023		6,992
NET UNREALIZED APPRECIATION ON WRITTEN OPTION CONTRACTS									$	(157,671	)

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Mid Cap Growth Fund

	Shares		Value
Common Stocks (93.4%)
Air Freight & Logistics (0.5%)
Expeditors International of Washington, Inc.		45,400	$	2,051,172
Beverages (1.5%)
Central European Distribution Corp.*		106,300		6,185,597
Biotechnology (1.1%)
United Therapeutics Corp.*		48,700		4,222,290
Capital Markets (4.8%)
Affiliated Managers Group, Inc.*		40,500		3,674,970
GFI Group, Inc.		80,100		4,589,730
Invesco Ltd.		163,100		3,973,116
TD Ameritrade Holding Corp.*		440,300		7,269,353
				19,507,169
Chemicals (1.8%)
Ecolab, Inc.		170,000		7,383,100
Commercial Services & Supplies (2.1%)
Dun & Bradstreet Corp.		48,000		3,906,240
Stericycle, Inc.*		91,300		4,701,950
				8,608,190
Communications Equipment (3.9%)
Foundry Networks, Inc.*		389,800		4,513,884
Harris Corp.		233,200		11,317,196
				15,831,080
Computers & Peripherals (0.8%)(a)
Logitech International SA*		133,200		3,388,608
Construction & Engineering (1.1%)
Aecom Technology Corp.*		174,710		4,544,207
Containers & Packaging (1.4%)
Ball Corp.		126,200		5,797,628
Distributor (1.5%)
LKQ Corp.*		262,900		5,907,363
Diversified Consumer Services (1.0%)
Apollo Group, Inc., Class A*		91,400		3,948,480
Diversified Financial Services (2.0%)
Interactive Brokers Group, Inc., Class A*		145,770		3,741,916
IntercontinentalExchange, Inc.*		31,860		4,157,730
				7,899,646
Electrical Equipment (1.8%)
Belden, Inc.		88,000		3,108,160
General Cable Corp.*		67,700		3,999,039
				7,107,199
Energy Equipment & Services (6.9%)
Cameron International Corp.*		80,400		3,347,856
FMC Technologies, Inc.*		95,000		5,404,550
Helmerich & Payne, Inc.		90,500		4,241,735
Matrix Service Co.*		83,893		1,441,282
National Oilwell Varco, Inc.*		91,500		5,341,770
Patterson-UTI Energy, Inc.		268,400		7,026,712
TETRA Technologies, Inc.*		73,200		1,159,488
				27,963,393
Health Care Equipment & Supplies (5.6%)
Intuitive Surgical, Inc.*		17,800		5,773,430
St. Jude Medical, Inc.*		252,500		10,905,475
Varian Medical Systems, Inc.*		125,100		5,859,684
				22,538,589
Health Care Providers & Services (2.0%)
Express Scripts, Inc.*		79,600		5,119,872
Laboratory Corp. of America Holdings*		41,800		3,079,824
				8,199,696
Hotels, Restaurants & Leisure (1.1%)
Penn National Gaming, Inc.*		104,200		4,556,666
Household Durables (0.8%)
Jarden Corp.*		145,950		3,172,953
Household Products (0.8%)
Church & Dwight Co., Inc.		57,900		3,140,496
Insurance (1.5%)
Brown & Brown, Inc.		131,900		2,292,422
W.R. Berkley Corp.		136,600		3,782,454
				6,074,876
Internet & Catalog Retail (1.2%)
priceline.com, Inc.*		41,200		4,979,432
Internet Software & Services (0.8%)
Akamai Technologies, Inc.*		113,800		3,204,608
IT Services (5.4%)
Cognizant Technology Solutions Corp., Class A*		212,200		6,117,726
Fiserv, Inc.*		248,100		11,931,129
Metavante Technologies, Inc.*		193,800		3,874,062
				21,922,917
Life Sciences Tools & Services (3.9%)
Thermo Fisher Scientific, Inc.*		164,100		9,327,444
Waters Corp.*		115,000		6,405,500
				15,732,944
Machinery (6.6%)
Actuant Corp., Class A(a)		217,900		6,582,759
Bucyrus International, Inc., Class A		45,800		4,655,570
Graco, Inc.		46,500		1,686,090
Harsco Corp.		77,000		4,264,260
Oshkosh Corp.		157,500		5,714,100
Terex Corp.*		62,300		3,893,750
				26,796,529
Media (0.5%)(a)
Focus Media Holding Ltd. ADR CN*		61,100		2,147,665
Oil, Gas & Consumable Fuels (4.6%)
EOG Resources, Inc.		58,900		7,068,000
XTO Energy, Inc.		187,262		11,584,027
				18,652,027
Personal Products (1.2%)
Alberto-Culver Co.		168,700		4,624,067
Pharmaceutical (1.9%)
Barr Pharmaceuticals, Inc.*		158,400		7,652,304
Road & Rail (3.3%)
Con-way, Inc.		89,766		4,441,622
J.B. Hunt Transport Services, Inc.		186,300		5,855,409
Knight Transportation, Inc.(a)		184,300		3,033,578
				13,330,609
Semiconductors & Semiconductor Equipment (2.8%)
Diodes, Inc.*		170,873		3,752,360
MEMC Electronic Materials, Inc.*		108,200		7,671,380
				11,423,740
Software (2.7%)
Intuit, Inc.*		201,000		5,429,010

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Mid Cap Growth Fund

	Shares or
	Principal
	Amount		Value
Common Stocks (continued)
Software (continued)
MICROS Systems, Inc.*		157,000	$	5,284,620
				10,713,630
Specialty Retail (3.5%)
Abercrombie & Fitch Co., Class A		57,000		4,168,980
GameStop Corp., Class A*		119,600		6,184,516
J Crew Group, Inc.*		85,290		3,767,259
				14,120,755
Textiles, Apparel & Luxury Goods (6.3%)
Coach, Inc.*		171,400		5,167,710
Crocs, Inc.*		146,000		2,550,620
Gildan Activewear, Inc. *		134,000		5,006,240
Iconix Brand Group, Inc.*		418,400		7,259,240
Phillips-Van Heusen Corp.		141,200		5,354,304
				25,338,114
Trading Companies & Distributors (2.5%)
Fastenal Co.		221,400		10,168,902
Wireless Telecommunication Services (2.2%)
Millicom International Cellular SA*		39,500		3,734,725
NII Holdings, Inc.*		157,900		5,018,062
				8,752,787
Total Common Stocks				377,589,428
Repurchase Agreements (5.8%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $14,284,289, collateralized by U.S. Government Agency Mortgages with a market value of $14,568,923	$	14,283,258		14,283,258
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $8,954,327, collateralized by U.S. Government Agency Mortgages with a market value of $9,132,754		8,953,680		8,953,680
Total Repurchase Agreements				23,236,938
Securities Purchased With Collateral For Securities On Loan (2.5%)
Repurchase Agreement (2.5%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $10,166,410, collateralized by U.S. Government Agency Mortgages with a market value of $10,369,019		10,165,705		10,165,705
Total Securities Purchased With Collateral For Securities On Loan				10,165,705
Total Investments
(Cost $408,812,080) (b) — 101.7%				410,992,071
Liabilities in excess of other assets — (1.7)%				(6,681,960	)
NET ASSETS — 100.0%			$	404,310,111

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
CN	China

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Van Kampen NVIT Comstock Value Fund

	Shares		Value
Common Stocks (94.2%)
Airline (0.8%)
Southwest Airlines Co.		226,900	$	2,813,560
Beverages (2.8%)
Anheuser-Busch Cos., Inc.		71,050		3,371,323
Coca-Cola Co. (The)		109,900		6,689,613
				10,060,936
Capital Markets (2.8%)
Bank of New York Mellon Corp.		164,721		6,873,807
Merrill Lynch & Co., Inc.		82,300		3,352,902
				10,226,709
Chemicals (3.7%)
E.I. Du Pont de Nemours & Co.		206,995		9,679,086
Rohm & Haas Co.		72,300		3,909,984
				13,589,070
Commercial Banks (5.7%)
Barclays PLC ADR — GB		15,000		543,000
PNC Financial Services Group, Inc.		60,700		3,980,099
U.S. Bancorp		83,700		2,708,532
Wachovia Corp.		291,505		7,870,635
Wells Fargo & Co.		193,800		5,639,580
				20,741,846
Communications Equipment (0.6%)
Alcatel-Lucent ADR — FR		211,700		1,219,392
Telefonaktiebolaget LM Ericsson ADR — SE		42,200		829,230
				2,048,622
Computers & Peripherals (2.9%)
Dell, Inc.*		151,400		3,015,888
Hewlett-Packard Co.		57,100		2,607,186
International Business Machines Corp.		43,000		4,951,020
				10,574,094
Diversified Financial Services (7.3%)
Bank of America Corp.		329,234		12,481,261
Citigroup, Inc.		362,700		7,769,034
JPMorgan Chase & Co.		150,600		6,468,270
				26,718,565
Diversified Telecommunication Services (4.9%)
AT&T, Inc.		181,000		6,932,300
Verizon Communications, Inc.		305,910		11,150,420
				18,082,720
Food & Staples Retailing (5.4%)
CVS Caremark Corp.		163,300		6,615,283
Wal-Mart Stores, Inc.		252,600		13,306,968
				19,922,251
Food Products (7.3%)
Cadbury Schweppes PLC ADR — GB		208,700		9,228,714
Kraft Foods, Inc., Class A		258,811		8,025,729
Sara Lee Corp.		95,000		1,328,100
Unilever NV		244,200		8,236,866
				26,819,409
Health Care Equipment & Supplies (0.8%)
Boston Scientific Corp.*		216,700		2,788,929
Health Care Providers & Services (2.1%)
Cardinal Health, Inc.		102,400		5,377,024
UnitedHealth Group, Inc.		38,700		1,329,732
WellPoint, Inc.*		24,500		1,081,185
				7,787,941
Household Products (2.4%)
Kimberly-Clark Corp.		77,300		4,989,715
Procter & Gamble Co. (The)		56,600		3,965,962
				8,955,677
Industrial Conglomerate (1.3%)
General Electric Co.		130,100		4,815,001
Insurance (8.5%)
Aflac, Inc.		28,200		1,831,590
American International Group, Inc.		73,400		3,174,550
Berkshire Hathaway, Inc., Class B*		570		2,549,553
Chubb Corp.		195,280		9,662,454
Genworth Financial, Inc., Class A		60,500		1,369,720
Hartford Financial Services Group, Inc. (The)		52,000		3,940,040
MetLife, Inc.		60,600		3,651,756
Torchmark Corp.		27,200		1,634,992
Travelers Cos., Inc. (The)		65,900		3,153,315
				30,967,970
Internet & Catalog Retail (1.0%)
Liberty Media Corp. — Interactive, Series A*		215,374		3,476,136
Internet Software & Services (0.3%)
eBay, Inc.*		32,900		981,736
IT Services (0.9%)
Computer Sciences Corp.*		31,700		1,293,043
Western Union Co. (The)		88,300		1,878,141
				3,171,184
Media (10.8%)
Comcast Corp., Class A		577,200		11,163,048
Liberty Media Corp. — Entertainment, Series A*		158,056		3,578,388
News Corp., Class B		206,000		3,922,240
Time Warner, Inc.		629,600		8,826,992
Viacom, Inc., Class B*		306,400		12,139,568
				39,630,236
Metals & Mining (0.5%)
Alcoa, Inc.		47,400		1,709,244
Multiline Retail (1.0%)
J.C. Penney Co., Inc.		50,000		1,885,500
Macy’s, Inc.		84,200		1,941,652
				3,827,152
Paper & Forest Products (3.9%)
International Paper Co.		526,936		14,332,659
Pharmaceuticals (11.0%)
Abbott Laboratories		79,400		4,378,910
Bristol-Myers Squibb Co.		414,400		8,826,720
Eli Lilly & Co.		86,000		4,436,740
GlaxoSmithKline PLC ADR — GB		40,400		1,714,172
Pfizer, Inc.		233,700		4,891,341
Roche Holding AG ADR — CH		13,000		1,228,300
Schering-Plough Corp.		340,700		4,909,487
Wyeth		238,900		9,976,464
				40,362,134
Semiconductors & Semiconductor Equipment (1.1%)
Intel Corp.		83,100		1,760,058
KLA-Tencor Corp.		36,700		1,361,570

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Comstock Value Fund

	Shares or
	Principal
	Amount		Value
Common Stocks (continued)
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc.		35,100	$	992,277
				4,113,905
Software (0.4%)
Microsoft Corp.		57,400		1,629,012
Specialty Retail (1.2%)
Home Depot, Inc.		70,700		1,977,479
Lowe’s Cos., Inc.		102,300		2,346,762
				4,324,241
Thrifts & Mortgage Finance (0.9%)
Fannie Mae		29,950		788,284
Freddie Mac		94,580		2,394,766
				3,183,050
Tobacco (1.9%)
Altria Group, Inc.		97,550		2,165,610
Philip Morris International, Inc.*		97,550		4,934,079
				7,099,689
Total Common Stocks				344,753,678
Repurchase Agreements (5.4%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $12,196,372, collateralized by U.S. Government Agency Mortgages with a market value of $12,439,401	$	12,195,492		12,195,492
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $7,645,493, collateralized by U.S. Government Agency Mortgages with a market value of $7,797,839		7,644,940		7,644,940
Total Repurchase Agreements				19,840,432
Total Investments
(Cost $408,146,774) (a) — 99.6%				364,594,110
Other assets in excess of liabilities — 0.4%				1,399,482
NET ASSETS — 100.0%			$	365,993,592

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
CH	Switzerland
FR	France
GB	United Kingdom
SE	Sweden

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Federated NVIT High Income Bond Fund

	Principal
	Amount		Value
Corporate Bonds (96.0%)
Aerospace & Defense (3.0%)
Alliant Techsystems, Inc., 6.75%, 04/01/16	$	800,000		782,000
DRS Technologies, Inc., 6.63%, 02/01/16		400,000		393,000
Hawker Beechcraft Acquisition Co. LLC
8.88%, 04/01/15		625,000		642,187
9.75%, 04/01/17		250,000		250,000
L-3 Communications Corp.
6.13%, 01/15/14		1,425,000		1,396,500
5.88%, 01/15/15		300,000		288,750
6.38%, 10/15/15		375,000		368,438
TransDigm, Inc., 7.75%, 07/15/14		875,000		879,375
US Investigations Services, Inc.(c) (e)
10.50%, 11/01/15		600,000		492,000
11.75%, 05/01/16		425,000		318,750
				5,811,000
Agriculture (0.2%)(c) (e)
Eurofresh, Inc., 11.50%, 01/15/13		775,000		457,250
Auto Components (0.8%)
Cooper-Standard Automotive, Inc., 8.38%, 12/15/14		500,000		381,250
Tenneco, Inc., 8.63%, 11/15/14		300,000		296,250
United Components, Inc., 9.38%, 06/15/13		875,000		806,094
				1,483,594
Automobiles (3.0%)
Ford Motor Co., 7.45%, 07/16/31		900,000		598,500
Ford Motor Credit Co.
9.88%, 08/10/11		425,000		379,253
7.25%, 10/25/11		975,000		801,480
7.13%, 01/13/12(f)		1,350,000		999,463
8.00%, 12/15/16		1,100,000		862,324
General Motors Corp.
7.40%, 09/01/25		2,425,000		1,636,875
8.38%, 07/15/33		825,000		585,750
				5,863,645
Building Products (0.8%)
Mueller Water Products, Inc., 7.38%, 06/01/17		250,000		216,875
Norcraft Holdings LP 0.00%, 09/01/12(g)		500,000		440,000
Nortek Holdings, Inc.
0.00%, 03/01/14(g)		300,000		147,000
8.50%, 09/01/14		350,000		260,750
Panolam Industries International, Inc., 10.75%, 10/01/13		625,000		487,500
				1,552,125
Chemicals (3.5%)
Chemtura Corp., 6.88%, 06/01/16		800,000		716,000
Hexion U.S. Finance Corp., 9.75%, 11/15/14		1,125,000		1,212,188
Koppers, Inc., 9.88%, 10/15/13		715,000		754,325
Mosaic Co. (The), 7.88%, 12/01/16(c) (e)		525,000		567,000
Nalco Co.
8.88%, 11/15/13		1,100,000		1,135,750
0.00%, 02/01/14(g)		481,000		435,305
Nell AF SARL, 8.38%, 08/15/15(c) (e)		800,000		588,000
Terra Capital, Inc., 7.00%, 02/01/17		975,000		966,469
Union Carbide Chemical & Plastics Co., Inc., 7.88%, 04/01/23		225,000		225,380
Union Carbide Corp., 7.50%, 06/01/25		350,000		347,942
				6,948,359
Consumer Goods (5.2%)
AAC Group Holding Corp. 0.00%, 10/01/12(g)		1,025,000		835,375
AAC Group Holding Corp. PIK, 14.75%, 10/01/12		386,290		305,169
American Achievement Corp., 8.25%, 04/01/12		600,000		538,500
American Greetings Corp., 7.38%, 06/01/16		725,000		723,188
Jarden Corp., 7.50%, 05/01/17		1,325,000		1,166,000
Jostens Holding Corp. 0.00%, 12/01/13(g)		1,000,000		940,000
Sealy Mattress Co., 8.25%, 06/15/14		750,000		630,000
True Temper Sports, Inc., 8.38%, 09/15/11		875,000		529,375
Visant Corp., 7.63%, 10/01/12		2,075,000		2,028,312
Visant Holding Corp., 8.75%, 12/01/13		1,575,000		1,480,500
Yankee Acquisition Corp., 9.75%, 02/15/17		1,250,000		1,000,000
				10,176,419
Containers & Packaging (1.7%)
Ball Corp., 6.63%, 03/15/18		800,000		796,000
Crown Americas LLC, 7.75%, 11/15/15		1,250,000		1,290,625
Novelis, Inc.,, 7.25%, 02/15/15		712,000		633,680
Owens Brockway Glass Container, Inc., 8.25%, 05/15/13		475,000		494,000
Rock-Tenn Co., 9.25%, 03/15/16(c) (e)		125,000		130,000
Russell-Stanley Holdings, Inc., 9.00%, 11/30/08(a) (b) (c) (d)		14,589		677
				3,344,982
Electric Utilities (4.2%)
Dynegy Holdings, Inc., 7.75%, 06/01/19		1,700,000		1,598,000
Edison Mission Energy 7.75%, 06/15/16		1,125,000		1,164,375

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Federated NVIT High Income Bond Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Electric Utilities (continued)
7.00%, 05/15/17	$	650,000	$	650,000
Energy Future Holdings Corp., 10.88%, 11/01/17(c) (e)		250,000		253,750
FPL Energy National Wind, 6.13%, 03/25/19(c) (e)		279,080		276,778
Intergen NV, 9.00%, 06/30/17(c) (e)		1,000,000		1,050,000
NRG Energy, Inc.
7.38%, 02/01/16		1,375,000		1,350,938
7.38%, 01/15/17		1,200,000		1,170,000
Sierra Pacific Resources, 6.75%, 08/15/17		650,000		630,072
Teco Finance, Inc., 6.75%, 05/01/15(c) (e)		150,000		155,582
				8,299,495
Electronic Equipment & Instruments (0.3%)
Freescale Semiconductor, Inc., 8.88%, 12/15/14		875,000		689,063
Energy Companies (4.5%)
Basic Energy Services, Inc., 7.13%, 04/15/16		950,000		909,625
Chesapeake Energy Corp.
7.50%, 09/15/13		375,000		388,125
6.88%, 01/15/16		1,300,000		1,293,500
Cie Generale de Geophysi, 7.75%, 05/15/17		400,000		408,000
Cie Generale de Geophysique, 7.50%, 05/15/15		100,000		102,000
Complete Production Services, 8.00%, 12/15/16		500,000		482,500
Forest Oil Corp., 7.25%, 06/15/19		700,000		715,750
Hilcorp Energy I LP, 7.75%, 11/01/15(c) (e)		925,000		871,812
Petroplus Finance LTD(c) (e)
6.75%, 05/01/14		225,000		206,438
7.00%, 05/01/17		500,000		448,750
Pioneer Natural Resources Co., 6.88%, 05/01/18		850,000		809,616
Plains Exploration & Production Co.
7.75%, 06/15/15		750,000		751,875
7.00%, 03/15/17		375,000		361,875
Range Resources Corp.
6.38%, 03/15/15		250,000		246,250
7.50%, 05/15/16		550,000		566,500
Southwestern Energy Co., 7.50%, 02/01/18(c) (e)		175,000		182,000
				8,744,616
Entertainment (1.5%)
Cinemark, Inc. 0.00%, 03/15/14(g)		1,225,000		1,108,625
Hard Rock Park Operations LLC, 9.89%, 04/01/12(c)(e) (f)		675,000		602,437
Universal City Development Partners, 11.75%, 04/01/10		950,000		978,500
Universal City Florida Holding Co. I/II, 7.99%, 05/01/10(f)		250,000		243,750
				2,933,312
Environmental (0.3%)
Browning-Ferris Industries, Inc., 9.25%, 05/01/21		475,000		494,000
Food & Staples Retailing (0.0%)(a) (b) (c) (d)
Jitney-Jungle Stores of America, Inc. 0.00%, 09/15/10		100,000		0
Food Processor (0.7%)
Michael Foods, Inc., 8.00%, 11/15/13		1,500,000		1,470,000
Food Products (5.4%)
ARAMARK Corp.
6.74%, 02/01/15(f)		750,000		665,625
8.50%, 02/01/15		550,000		554,125
ASG Consolidated LLC 0.00%, 11/01/11(g)		1,675,000		1,515,875
B&G Foods Holdings Corp., 8.00%, 10/01/11		1,100,000		1,069,750
Constellation Brands, 7.25%, 05/15/17		575,000		560,625
Constellation Brands, Inc., 7.25%, 09/01/16(c) (e)		375,000		366,562
Dean Foods Co., 7.00%, 06/01/16		1,425,000		1,254,000
Pierre Foods, Inc., 9.88%, 07/15/12		775,000		430,125
Pilgrim’s Pride Corp., 8.38%, 05/01/17		1,050,000		929,250
Pinnacle Foods Finance LLC
9.25%, 04/01/15		650,000		578,500
10.63%, 04/01/17		650,000		555,750
Reddy Ice Holdings, Inc. 0.00%, 11/01/12(g)		1,300,000		1,066,000
Smithfield Foods, Inc.
7.75%, 05/15/13		200,000		199,000
7.75%, 07/01/17		900,000		882,000
				10,627,187
Gaming (5.8%)
Fontainebleu Las Vegas Holdings LLC/Fontainebleu Las Vegas, 10.25%, 06/15/15(c) (e)		925,000		656,750
Global Cash Access LLC, 8.75%, 03/15/12		678,000		669,525
Great Canadian Gaming Corp., 7.25%, 02/15/15(c) (e)		550,000		525,938
Herbst Gaming, Inc., 7.00%, 11/15/14		850,000		159,375
Indianapolis Downs LLC & Capital Corp.(c) (e)
11.00%, 11/01/12		775,000		678,125
15.50%, 11/01/13		175,000		167,125
Jacobs Entertainment, Inc., 9.75%, 06/15/14		925,000		698,375
MGM Mirage
8.38%, 02/01/11		700,000		705,250
5.88%, 02/27/14		1,050,000		903,000
7.50%, 06/01/16		1,400,000		1,267,000
MTR Gaming Group, Inc.
9.75%, 04/01/10		800,000		776,000
9.00%, 06/01/12		425,000		371,875
Penn National Gaming, Inc., 6.75%, 03/01/15		925,000		844,062
San Pasqual Casino Development Group, Inc., 8.00%, 09/15/13(c) (e)		800,000		750,000
Shingle Springs Tribal Gaming Authority, 9.38%, 06/15/15(c) (e)		675,000		600,750
Tunica-Biloxi Gaming Authority, 9.00%, 11/15/15(c) (e)		425,000		414,375

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Federated NVIT High Income Bond Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Gaming (continued)
Wynn Las Vegas Captial Corp., 6.63%, 12/01/14	$	1,275,000	$	1,233,562
				11,421,087
Health Care Equipment & Supplies (7.1%)
Accellent, Inc., 10.50%, 12/01/13		875,000		704,375
AMR Holding Co./Emcare Holding Co., 10.00%, 02/15/15		600,000		640,500
Bausch & Lomb, Inc., 9.88%, 11/01/15(c) (e)		425,000		433,500
Bio Rad Laboratories, Inc., 6.13%, 12/15/14		525,000		504,000
Biomet, Inc., 11.63%, 10/15/17(c) (e)		925,000		929,625
CRC Health Corp., 10.75%, 02/01/16		875,000		826,875
HCA, Inc.
9.25%, 11/15/16		1,650,000		1,716,000
9.63%, 11/15/16		1,775,000		1,846,000
7.50%, 11/06/33		900,000		699,750
LVB Acquisition Merger Sub, Inc., 10.38%, 10/15/17(c) (e)		75,000		78,187
National Mentor Holdings, Inc., 11.25%, 07/01/14		1,125,000		1,158,750
Omnicare, Inc., 6.88%, 12/15/15		1,000,000		875,000
United Surgical Partners International, Inc., 9.25%, 05/01/17		1,075,000		999,750
Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14		900,000		870,750
Viant Holdings, Inc., 10.13%, 07/15/17(c) (e)		1,085,000		884,275
VWR Funding, Inc., 10.25%, 07/15/15		925,000		864,875
				14,032,212
Hotels, Restaurants & Leisure (0.9%)
Dave & Buster’s, Inc., 11.25%, 03/15/14		675,000		617,625
Royal Caribbean Cruises Ltd.
7.00%, 06/15/13		550,000		517,067
7.25%, 06/15/16		300,000		275,334
Seminole Hard Rock Entertainment, Inc., 5.30%, 03/15/14		550,000		438,625
				1,848,651
Industrial Conglomerates (7.5%)
ALH Finance LLC/ALH Finance Corp., 8.50%, 01/15/13		1,075,000		983,625
American Tire Distributors, Inc., 10.75%, 04/01/13		475,000		456,000
Baker & Taylor Acquisition Corp., 11.50%, 07/01/13(c) (e)		1,000,000		906,250
Belden CDT, Inc., 7.00%, 03/15/17		375,000		363,750
Berry Plastics Corp., 8.88%, 09/15/14		1,025,000		899,437
Da-Lite Screen Co., Inc., 9.50%, 05/15/11		525,000		480,375
Education Management LLC, 10.25%, 06/01/16		1,300,000		1,040,000
ESCO Corp., 8.63%, 12/15/13(c) (e)		500,000		487,500
ESCO Corporation, 6.68%, 12/15/13		250,000		216,250
General Cable Corp.
7.10%, 04/01/15(f)		650,000		563,875
7.13%, 04/01/17		325,000		312,000
Hawk Corp., 8.75%, 11/01/14		625,000		637,500
Interline Brands, Inc., 8.13%, 06/15/14		800,000		768,000
Knowledge Learning Corp., 7.75%, 02/01/15(c) (e)		1,100,000		1,034,000
Norcross Safety Products, 9.88%, 08/15/11		375,000		387,188
RSC Equipment Rental, Inc., 9.50%, 12/01/14		925,000		777,000
Safety Products Holdings PIK, 11.75%, 01/01/12		1,078,240		1,148,326
Sensus Metering Systems, Inc., 8.63%, 12/15/13		575,000		549,125
SPX Corp., 7.63%, 12/15/14(c) (e)		475,000		489,844
Stanadyne Corp.
10.00%, 08/15/14		700,000		640,500
0.00%, 02/15/15(g)		450,000		303,750
Superior Essex Communications LLC, 9.00%, 04/15/12		725,000		701,437
Valmont Industries, Inc., 6.88%, 05/01/14		650,000		643,500
				14,789,232
Machinery (0.4%)
Baldor Electric Co., 8.63%, 02/15/17		750,000		746,250
Clark Material Handling 0.00%, 11/15/06(a) (c) (d) (h)		100,000		0
				746,250
Media (8.8%)
Affinity Group Holding, PIK, 10.88%, 02/15/12		869,758		795,829
Affinity Group, Inc., 9.00%, 02/15/12		425,000		394,719
Dex Media West LLC, 9.88%, 08/15/13		1,591,000		1,388,147
DIRECTV Holdings LLC
8.38%, 03/15/13		975,000		993,281
6.38%, 06/15/15		400,000		375,000
Intelsat Bermuda Ltd., 11.25%, 06/15/16		1,375,000		1,400,781
Intelsat Intermediate Holding Co. Ltd. 0.00%, 02/01/15(g)		1,925,000		1,645,875
Intelsat Subsidiary Holding Co. Ltd., 8.63%, 01/15/15		725,000		734,062
Lamar Media Corp.
7.25%, 01/01/13		550,000		525,250
6.63%, 08/15/15		125,000		110,625
6.63%, 08/15/15		750,000		663,750
Medimedia USA, Inc., 11.38%, 11/15/14(c) (e)		1,200,000		1,242,000
PanAmSat Corp., 9.00%, 08/15/14		453,000		458,663
Quebecor Media, Inc.
7.75%, 03/15/16		525,000		481,688
7.75%, 03/15/16(c) (e)		975,000		894,562
Rainbow National Services LLC, 10.38%, 09/01/14(c) (e)		405,000		431,325
Reader’s Digest Association, Inc. (The), 9.00%, 02/15/17(c) (e)		1,125,000		756,562
RH Donnelley Corp.
8.88%, 01/15/16		775,000		494,063
8.88%, 10/15/17(c) (e)		1,250,000		787,500
SGS International, Inc., 12.00%, 12/15/13		1,250,000		1,084,375

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Federated NVIT High Income Bond Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Media (continued)
Univision Television Group, Inc., 9.75%, 03/15/15(c) (e)	$	675,000	$	411,750
Videotron Ltee, 6.38%, 12/15/15		325,000		286,000
WDAC Subsidiary Corp., 8.38%, 12/01/14(c) (e)		1,250,000		900,000
				17,255,807
Media — Cable (1.2%)
Charter Communications Holdings II, 10.25%, 09/15/10		1,575,000		1,441,125
Kabel Deutschland GMBH, 10.63%, 07/01/14		850,000		838,313
				2,279,438
Metals & Mining (0.8%)
Aleris International, Inc.
9.00%, 12/15/14		600,000		441,000
10.00%, 12/15/16		475,000		304,000
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17		725,000		771,219
				1,516,219
Natural Gas Utilities (4.7%)
AmeriGas Partners LP, 7.13%, 05/20/16		1,600,000		1,576,000
El Paso Corp., 7.80%, 08/01/31		975,000		1,005,946
Holly Energy Partners LP, 6.25%, 03/01/15		1,375,000		1,254,687
Inergy LP, 6.88%, 12/15/14		1,025,000		1,004,500
Pacific Energy Partners LP
7.13%, 06/15/14		700,000		741,513
6.25%, 09/15/15		150,000		149,306
Regency Energy Partners LP, 8.38%, 12/15/13		951,000		974,775
Southern Star Central Corp., 6.75%, 03/01/16		625,000		603,125
Tennessee Gas Pipeline Co., 8.38%, 06/15/32		1,675,000		1,910,656
				9,220,508
Other Financial (2.4%)
Deluxe Corp., 7.38%, 06/01/15		250,000		234,375
First Data Corp., 9.88%, 09/24/15(c) (e)		1,250,000		1,029,688
General Motors Acceptance Corp.
6.88%, 09/15/11		2,275,000		1,742,445
8.00%, 11/01/31		1,125,000		807,996
Nuveen Investments, 10.50%, 11/15/15(c) (e)		1,150,000		991,875
				4,806,379
Other Utilities (0.7%)(c) (e)
Texas Competitive Electric Holdings Co. LLC
10.25%, 11/01/15		850,000		851,063
10.25%, 11/01/15		500,000		500,625
				1,351,688
Paper & Forest Products (1.3%)
Graphic Packaging International Corp., 9.50%, 08/15/13		1,250,000		1,206,250
NewPage Corp.
10.00%, 05/01/12(c) (e)		225,000		229,500
12.00%, 05/01/13		1,125,000		1,133,438
				2,569,188
Pipelines (0.5%)
Williams Cos., 7.88%, 09/01/21		925,000		1,007,094
Real Estate Investment Trusts (REITs) (1.8%)
Host Hotels & Resorts LP
7.13%, 11/01/13		450,000		443,250
6.88%, 11/01/14		400,000		383,000
6.38%, 03/15/15		450,000		420,750
Ventas Realty LP
6.63%, 10/15/14		1,425,000		1,410,750
7.13%, 06/01/15		325,000		324,187
6.75%, 04/01/17		500,000		491,250
				3,473,187
Service Companies (1.2%)
Ceridian Corp., 11.25%, 11/15/15(c) (e)		825,000		707,438
West Corp.
9.50%, 10/15/14		575,000		517,500
11.00%, 10/15/16		1,275,000		1,083,750
				2,308,688
Specialty Retail (3.4%)
AutoNation, Inc.
6.26%, 04/15/13(f)		250,000		206,250
7.00%, 04/15/14		350,000		312,375
Claire’s Stores, Inc., 10.50%, 06/01/17		1,025,000		456,125
Couche-Tard Financing Corp., 7.50%, 12/15/13		1,325,000		1,328,312
FTD, Inc., 7.75%, 02/15/14		1,065,000		942,525
General Nutrition Center, 7.20%, 03/15/14(f)		1,075,000		903,000
NBC Acquisition Corp., 11.00%, 03/15/13(g)		1,000,000		902,500
Nebraska Book Co., Inc., 8.63%, 03/15/12		1,125,000		1,012,500
Penske Auto Group, Inc., 7.75%, 12/15/16		650,000		565,500
U.S. Office Products Co. 0.00%, 06/15/08(a) (c) (d) (h)		455,359		0
				6,629,087
Technology (4.6%)
Activant Solutions, Inc., 9.50%, 05/01/16		1,100,000		929,500
Compucom System, Inc., 12.50%, 10/01/15(c) (e)		1,050,000		979,125
iPayment Holdings, Inc., 9.75%, 05/15/14		750,000		669,375
Open Solutions, Inc., 9.75%, 02/01/15(c) (e)		1,025,000		799,500
Seagate Technology HDD Holdings, 6.80%, 10/01/16		675,000		646,313
Serena Software, Inc., 10.38%, 03/15/16		950,000		879,937
Smart Modular Technologies, 10.23%, 04/01/12(f)		405,000		396,900
SS&C Technologies, Inc., 11.75%, 12/01/13		900,000		897,750
Sungard Data Systems, Inc.
9.13%, 08/15/13		1,070,000		1,086,050
10.25%, 08/15/15		1,150,000		1,161,500

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Federated NVIT High Income Bond Fund

	Shares or
	Principal
	Amount		Value
Corporate Bonds (continued)
Technology (continued)
Unisys Corp., 12.50%, 01/15/16	$	575,000	$	563,500
				9,009,450
Telecommunications (1.8%)
Echostar DBS Corp., 6.63%, 10/01/14		650,000		593,125
Idearc, Inc., 8.00%, 11/15/16		1,375,000		897,187
Qwest Corp., 8.88%, 03/15/12		1,900,000		1,947,500
				3,437,812
Textiles, Apparel & Luxury Goods (0.0%)(b) (c) (d) (h)
Glenoit Corp. 0.00%, 12/31/49		125,000		0
Tobacco (0.4%)
Reynolds American, Inc., 7.75%, 06/01/18		800,000		845,214
Transportation (1.6%)
CEVA Group PLC, 10.00%, 09/01/14(c) (e)		875,000		850,937
Hertz Corp.
8.88%, 01/01/14		700,000		666,750
10.50%, 01/01/16		825,000		776,531
Holt Group 0.00%, 01/15/06(b) (c) (d) (h)		50,000		0
Stena AB
7.50%, 11/01/13		575,000		569,969
7.00%, 12/01/16		250,000		238,750
				3,102,937
Wireless Telecommunication Services (4.0%)
Alltel Corp., 10.38%, 12/01/17(c) (e)		775,000		670,375
Centennial Cellular Corp.
10.48%, 01/01/13(e)		450,000		393,750
8.13%, 02/01/14		350,000		332,500
Centennial Communications Corp., 10.00%, 01/01/13		325,000		303,875
Citizens Communications, 9.00%, 08/15/31		550,000		484,000
Digicel Ltd.(c) (e)
9.25%, 09/01/12		475,000		473,812
8.88%, 01/15/15		275,000		230,313
9.13%, 01/15/15		596,000		493,190
FairPoint Communications, Inc., 13.13%, 04/01/18(c) (e)		775,000		747,875
MetroPCS Wireless, Inc., 9.25%, 11/01/14		1,100,000		1,017,500
Nextel Communications, Inc., 7.38%, 08/01/15		875,000		674,211
Rogers Wireless, Inc., 8.00%, 12/15/12		800,000		832,000
Valor Telecommunications Enterprises Finance Corp., 7.75%, 02/15/15		650,000		664,561
Windstream Corp., 8.63%, 08/01/16		600,000		592,500
				7,910,462
Total Corporate Bonds				188,455,637
Common Stocks (0.1%)
Consumer Goods (0.0%)(a) (b) (c)
Membership Units*		185	$	2
Containers & Packaging (0.0%)(a) (c)
Pliant Corp.*		1		0
Russell-Stanley Holdings, Inc.*(d)		4,000		0
				0
Media (0.1%)
Virgin Media, Inc.		5,650		79,495
Total Common Stocks				79,497
Preferred Stock (0.0%)(a) (d) (h)
Media (0.0%)
Ziff Davis Media, Inc.*		12		0

	Principal
	Amount		Value
Repurchase Agreements (1.6%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,976,781, collateralized by U.S. Government Agency Mortgages with a market value of $2,016,171	$	1,976,638	$	1,976,638
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,239,177, collateralized by U.S. Government Agency Mortgages with a market value of $1,263,869		1,239,087		1,239,087
Total Repurchase Agreements				3,215,725
Warrants (0.0%)
Entertainment (0.0%)(a) (b)
AMF Bowling Worldwide, Inc. expiring 03/09/09*		811		0
Industrial Conglomerate (0.0%)(a) (b) (c)
Neenah Enterprises, Inc. expiring 09/30/13*		19,280		193
Media (0.0%)
XM Satellite Radio, Inc. expiring 03/15/10*		300		705
Ziff Davis Media, Inc. expiring 08/12/12*(a) (b) (d)		2,200		0
				705
Total Warrants				898
Total Investments
(Cost $209,931,639) (i) — 97.7%				191,751,757
Other assets in excess of liabilities — 2.3%				4,505,385
NET ASSETS — 100.0%			$	196,257,142

*	Denotes a non-income producing security.
(a)	Illiquid security.
(b)	Fair Valued Security.
(c)	Denotes a restricted security that either (a) cannot be offered sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales
(d)	Issuer has filed for bankruptcy protection.
(e)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(f)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(g)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at March 31, 2008.
(h)	Security in default.
(i)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
LP	Limited Partnership
PIK	Paid-In-Kind

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT S&P 500 Index Fund

	Shares		Value
Common Stocks (97.0%)
Aerospace & Defense (2.8%)
Boeing Co. (The)		144,050	$	10,712,998
General Dynamics Corp.		74,270		6,191,890
Goodrich Corp.		21,761		1,251,475
Honeywell International, Inc.		140,356		7,918,886
L-3 Communications Holdings, Inc.		22,454		2,455,120
Lockheed Martin Corp.		65,465		6,500,674
Northrop Grumman Corp.		62,254		4,843,984
Precision Castparts Corp.		26,132		2,667,555
Raytheon Co.		82,009		5,298,601
Rockwell Collins, Inc.		29,224		1,670,152
United Technologies Corp.		184,847		12,721,171
				62,232,506
Air Freight & Logistics (1.0%)
CH Robinson Worldwide, Inc.		30,350		1,651,040
Expeditors International of Washington, Inc.		39,900		1,802,682
FedEx Corp.		57,678		5,345,020
United Parcel Service, Inc., Class B		194,640		14,212,613
				23,011,355
Airline (0.1%)
Southwest Airlines Co.		131,080		1,625,392
Auto Components (0.2%)
Goodyear Tire & Rubber Co. (The)*		42,443		1,095,029
Johnson Controls, Inc.		108,588		3,670,275
				4,765,304
Automobiles (0.3%)
Ford Motor Co.*(a)		411,001		2,350,926
General Motors Corp.(a)		107,906		2,055,609
Harley-Davidson, Inc.		44,756		1,678,350
				6,084,885
Beverages (2.5%)
Anheuser-Busch Cos., Inc.		137,078		6,504,351
Brown-Forman Corp., Class B		14,479		958,799
Coca-Cola Co. (The)		376,334		22,907,451
Coca-Cola Enterprises, Inc.		50,980		1,233,716
Constellation Brands, Inc., Class A*		32,376		572,084
Molson Coors Brewing Co., Class B		24,382		1,281,762
Pepsi Bottling Group, Inc.		24,601		834,220
PepsiCo, Inc.		301,437		21,763,751
				56,056,134
Biotechnology (1.3%)
Amgen, Inc.*		202,311		8,452,554
Biogen Idec, Inc.*		56,338		3,475,491
Celgene Corp.*		80,603		4,940,158
Genzyme Corp.*		50,397		3,756,592
Gilead Sciences, Inc.*		174,097		8,971,218
				29,596,013
Building Products (0.1%)
Masco Corp.		72,260		1,432,916
Trane, Inc.		33,869		1,554,587
				2,987,503
Capital Markets (2.9%)
American Capital Strategies Ltd.(a)		37,267		1,273,041
Ameriprise Financial, Inc.		41,901		2,172,567
Bank of New York Mellon Corp.		214,898		8,967,693
Bear Stearns Cos., Inc. (The)(a)		22,422		235,207
Charles Schwab Corp. (The)		172,126		3,241,133
E*Trade Financial Corp.*(a)		91,584		353,514
Federated Investors, Inc., Class B		13,933		545,616
Franklin Resources, Inc.		29,096		2,822,021
Goldman Sachs Group, Inc. (The)		74,584		12,335,448
Janus Capital Group, Inc.		30,762		715,832
Legg Mason, Inc.		26,097		1,460,910
Lehman Brothers Holdings, Inc.(a)		98,384		3,703,174
Merrill Lynch & Co., Inc.		182,810		7,447,679
Morgan Stanley		205,909		9,410,041
Northern Trust Corp.		34,344		2,282,846
State Street Corp.		73,621		5,816,059
T. Rowe Price Group, Inc.		47,514		2,375,700
				65,158,481
Chemicals (1.9%)
Air Products & Chemicals, Inc.		39,215		3,607,780
Ashland, Inc.		12,439		588,365
Dow Chemical Co. (The)		173,781		6,403,830
E.I. Du Pont de Nemours & Co.		170,834		7,988,198
Eastman Chemical Co.		16,806		1,049,535
Ecolab, Inc.		30,357		1,318,404
Hercules, Inc.		17,617		322,215
International Flavors & Fragrances, Inc.		12,673		558,246
Monsanto Co.		103,106		11,496,319
PPG Industries, Inc.		28,895		1,748,436
Praxair, Inc.		60,339		5,082,354
Rohm & Haas Co.		24,666		1,333,937
Sigma-Aldrich Corp.		22,409		1,336,697
				42,834,316
Commercial Banks (2.8%)
BB&T Corp.		99,292		3,183,302
Comerica, Inc.		26,840		941,547
Fifth Third Bancorp		103,625		2,167,835
First Horizon National Corp.(a)		23,162		324,500
Huntington Bancshares, Inc.		62,118		667,769
KeyCorp		77,381		1,698,513
M&T Bank Corp.		13,060		1,051,069
Marshall & Ilsley Corp.		46,355		1,075,436
National City Corp.		114,193		1,136,220
PNC Financial Services Group, Inc.		64,085		4,202,053
Regions Financial Corp.		125,931		2,487,137
SunTrust Banks, Inc.		66,476		3,665,487
U.S. Bancorp		325,540		10,534,474
Wachovia Corp.		373,029		10,071,783
Wells Fargo & Co.		624,231		18,165,122
Zions Bancorp.		19,257		877,156
				62,249,403
Commercial Services & Supplies (0.5%)
Allied Waste Industries, Inc.*		55,639		601,458
Avery Dennison Corp.		20,354		1,002,434
Cintas Corp.		22,631		645,889
Equifax, Inc.		27,282		940,683
Monster Worldwide, Inc.*		26,095		631,760
Pitney Bowes, Inc.		37,625		1,317,627
Robert Half International, Inc.		27,501		707,876
RR Donnelley & Sons Co.		38,533		1,167,935
Waste Management, Inc.		92,542		3,105,710
				10,121,372
Communications Equipment (2.4%)
Ciena Corp.*		17,776		548,034
Cisco Systems, Inc.*		1,121,987		27,028,667
Corning, Inc.		293,094		7,045,980

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT S&P 500 Index Fund

	Shares		Value
Common Stocks (continued)
Communications Equipment (continued)
JDS Uniphase Corp.*		44,893	$	601,117
Juniper Networks, Inc.*		99,299		2,482,475
Motorola, Inc.		420,419		3,909,897
QUALCOMM, Inc.		306,435		12,563,835
Tellabs, Inc.*		76,785		418,478
				54,598,483
Computers & Peripherals (4.3%)
Apple, Inc.*		165,361		23,729,303
Dell, Inc.*		418,813		8,342,755
EMC Corp.*		390,400		5,598,336
Hewlett-Packard Co.		464,129		21,192,130
International Business Machines Corp.		260,626		30,008,478
Lexmark International, Inc., Class A*		19,777		607,549
NetApp, Inc.*		67,247		1,348,302
QLogic Corp.*		29,353		450,569
SanDisk Corp.*		43,882		990,417
Sun Microsystems, Inc.*		153,507		2,383,964
Teradata Corp.*		34,000		750,040
				95,401,843
Construction & Engineering (0.2%)
Fluor Corp.		16,933		2,390,262
Jacobs Engineering Group, Inc.*		22,500		1,655,775
				4,046,037
Construction Materials (0.1%)(a)
Vulcan Materials Co.		19,077		1,266,713
Consumer Finance (0.7%)
American Express Co.		218,628		9,558,416
Capital One Financial Corp.		71,622		3,525,235
Discover Financial Services		92,532		1,514,749
SLM Corp.*		83,995		1,289,323
				15,887,723
Containers & Packaging (0.1%)
Ball Corp.		20,714		951,601
Bemis Co., Inc.		15,539		395,157
Pactiv Corp.*		24,483		641,699
Sealed Air Corp.		26,987		681,422
				2,669,879
Distributor (0.1%)
Genuine Parts Co.		28,828		1,159,462
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*		26,647		1,151,150
H&R Block, Inc.		56,750		1,178,130
				2,329,280
Diversified Financial Services (4.2%)
Bank of America Corp.		836,188		31,699,887
CIT Group, Inc.		32,561		385,848
Citigroup, Inc.		979,843		20,988,237
CME Group, Inc.		10,074		4,725,713
IntercontinentalExchange, Inc.*		12,700		1,657,350
JPMorgan Chase & Co.		639,280		27,457,076
Leucadia National Corp.		31,026		1,402,996
Moody’s Corp.		40,703		1,417,686
NYSE Euronext		50,000		3,085,500
				92,820,293
Diversified Telecommunication Services (3.0%)
AT&T, Inc.		1,136,126		43,513,626
CenturyTel, Inc.		20,468		680,356
Citizens Communications Co.		70,137		735,737
Embarq Corp.		30,954		1,241,255
Qwest Communications International, Inc.(a)		288,946		1,308,925
Verizon Communications, Inc.		540,461		19,699,804
Windstream Corp.		79,405		948,890
				68,128,593
Electric Utilities (2.1%)
Allegheny Energy, Inc.		29,506		1,490,053
American Electric Power Co., Inc.		76,876		3,200,348
Duke Energy Corp.		231,263		4,128,045
Edison International		62,869		3,081,838
Entergy Corp.		36,992		4,035,087
Exelon Corp.		124,827		10,144,690
FirstEnergy Corp.		58,534		4,016,603
FPL Group, Inc.		74,780		4,691,697
Pepco Holdings, Inc.		36,100		892,392
Pinnacle West Capital Corp.		17,410		610,743
PPL Corp.		68,727		3,155,944
Progress Energy, Inc.		46,166		1,925,122
Southern Co.		142,188		5,063,315
				46,435,877
Electrical Equipment (0.5%)
Cooper Industries Ltd., Class A		31,938		1,282,311
Emerson Electric Co.		145,851		7,505,492
Rockwell Automation, Inc.		29,552		1,696,876
				10,484,679
Electronic Equipment & Instruments (0.3%)
Agilent Technologies, Inc.*		69,865		2,084,073
Jabil Circuit, Inc.		34,797		329,179
Molex, Inc.		24,386		564,780
Tyco Electronics Ltd.		90,409		3,102,837
				6,080,869
Energy Equipment & Services (2.7%)
Baker Hughes, Inc.		59,938		4,105,753
BJ Services Co.		58,371		1,664,157
Cameron International Corp.*		42,400		1,765,536
ENSCO International, Inc.		28,902		1,809,843
Halliburton Co.		162,777		6,402,019
Nabors Industries Ltd.*		55,980		1,890,445
National Oilwell Varco, Inc.*		65,568		3,827,860
Noble Corp.		51,925		2,579,115
Rowan Cos., Inc.		23,072		950,105
Schlumberger Ltd.		225,348		19,605,276
Smith International, Inc.		38,708		2,486,215
Transocean, Inc.*		58,977		7,973,690
Weatherford International Ltd.*		62,161		4,504,808
				59,564,822
Food & Staples Retailing (2.6%)
Costco Wholesale Corp.		82,826		5,381,205
CVS Caremark Corp.		272,096		11,022,609
Kroger Co. (The)		130,799		3,322,294
Safeway, Inc.		79,676		2,338,491
SUPERVALU, Inc.		40,759		1,221,955
SYSCO Corp.		109,735		3,184,510
Wal-Mart Stores, Inc.		444,732		23,428,482
Walgreen Co.		183,904		7,004,903
Whole Foods Market, Inc.(a)		27,766		915,445
				57,819,894

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT S&P 500 Index Fund

	Shares		Value
Common Stocks (continued)
Food Products (1.5%)
Archer-Daniels-Midland Co.		122,086	$	5,025,060
Campbell Soup Co.		38,220		1,297,569
ConAgra Foods, Inc.		95,916		2,297,188
Dean Foods Co.*		27,486		552,194
General Mills, Inc.		63,501		3,802,440
H.J. Heinz Co.		61,871		2,906,081
Hershey Co. (The)(a)		29,345		1,105,426
Kellogg Co.		46,914		2,465,800
Kraft Foods, Inc., Class A		292,499		9,070,394
McCormick & Co., Inc., Non-Voting Shares		20,995		776,185
Sara Lee Corp.		141,566		1,979,093
Tyson Foods, Inc., Class A		46,924		748,438
Wm. Wrigley Jr. Co.		38,927		2,446,172
				34,472,040
Health Care Equipment & Supplies (1.9%)
Baxter International, Inc.		119,874		6,931,115
Becton, Dickinson & Co.		44,587		3,827,794
Boston Scientific Corp.*		254,135		3,270,717
C.R. Bard, Inc.		20,023		1,930,217
Covidien Ltd.		91,310		4,040,468
Hospira, Inc.*		27,374		1,170,786
Medtronic, Inc.		213,302		10,317,418
St. Jude Medical, Inc.*		63,744		2,753,103
Stryker Corp.		45,708		2,973,305
Varian Medical Systems, Inc.*		21,776		1,019,988
Zimmer Holdings, Inc.*		45,064		3,508,683
				41,743,594
Health Care Providers & Services (1.8%)
Aetna, Inc.		95,451		4,017,533
AmerisourceBergen Corp.		32,709		1,340,415
Cardinal Health, Inc.		69,000		3,623,190
CIGNA Corp.		54,148		2,196,784
Coventry Health Care, Inc.*		27,343		1,103,290
Express Scripts, Inc.*		48,408		3,113,603
Humana, Inc.*		32,414		1,454,092
Laboratory Corp. of America Holdings*(a)		22,123		1,630,023
McKesson Corp.		55,793		2,921,879
Medco Health Solutions, Inc.*		100,796		4,413,857
Patterson Cos., Inc.*		26,775		971,932
Quest Diagnostics, Inc.		27,560		1,247,641
Tenet Healthcare Corp.*		75,363		426,555
UnitedHealth Group, Inc.		238,393		8,191,183
WellPoint, Inc.*		104,143		4,595,831
				41,247,808
Health Care Technology (0.0%)
IMS Health, Inc.		32,654		686,060
Hotels, Restaurants & Leisure (1.3%)
Carnival Corp.		79,082		3,201,239
Darden Restaurants, Inc.		29,612		963,871
International Game Technology		60,715		2,441,350
Marriott International, Inc., Class A		56,583		1,944,192
McDonald’s Corp.		218,959		12,211,343
Starbucks Corp.*		141,177		2,470,598
Starwood Hotels & Resorts Worldwide, Inc.		37,408		1,935,864
Wendy’s International, Inc.		19,333		445,819
Wyndham Worldwide Corp.		30,987		640,811
Yum! Brands, Inc.(a)		92,479		3,441,144
				29,696,231
Household Durables (0.4%)
Black & Decker Corp.		12,801		846,146
Centex Corp.		23,815		576,561
D.R. Horton, Inc.		51,258		807,313
Fortune Brands, Inc.		27,226		1,892,207
Harman International Industries, Inc.		10,794		469,971
KB HOME(a)		16,953		419,248
Leggett & Platt, Inc.(a)		27,463		418,811
Lennar Corp., Class A		27,330		514,077
Newell Rubbermaid, Inc.		48,395		1,106,794
Pulte Homes, Inc.		34,999		509,235
Snap-on, Inc.		8,956		455,413
Stanley Works (The)		13,112		624,393
Whirlpool Corp.		15,228		1,321,486
				9,961,655
Household Products (2.5%)
Clorox Co.		27,817		1,575,555
Colgate-Palmolive Co.		96,372		7,508,342
Kimberly-Clark Corp.		77,184		4,982,227
Procter & Gamble Co. (The)		580,553		40,679,349
				54,745,473
Independent Power Producers & Energy Traders (0.3%)
AES Corp. (The)*		120,744		2,012,802
Constellation Energy Group, Inc.		34,796		3,071,443
Dynegy, Inc., Class A*		84,541		667,029
				5,751,274
Industrial Conglomerates (3.9%)
3M Co.		134,617		10,654,936
General Electric Co.		1,879,734		69,568,955
Textron, Inc.		45,130		2,501,105
Tyco International Ltd.		90,110		3,969,345
				86,694,341
Insurance (3.9%)
ACE Ltd.		59,985		3,302,774
Aflac, Inc.		89,067		5,784,902
Allstate Corp. (The)		107,906		5,185,962
AMBAC Financial Group, Inc.(a)		54,971		316,083
American International Group, Inc.		474,748		20,532,851
AON Corp.		56,780		2,282,556
Assurant, Inc.		16,904		1,028,777
Chubb Corp.		70,726		3,499,522
Cincinnati Financial Corp.		28,690		1,091,368
Genworth Financial, Inc., Class A		86,405		1,956,209
Hartford Financial Services Group, Inc. (The)		57,732		4,374,354
Lincoln National Corp.		48,117		2,502,084
Loews Corp.		79,995		3,217,399
Marsh & McLennan Cos., Inc.		96,855		2,358,419
MBIA, Inc.(a)		33,839		413,513
MetLife, Inc.		135,423		8,160,590
Principal Financial Group, Inc.		47,323		2,636,838
Progressive Corp. (The)		128,969		2,072,532
Prudential Financial, Inc.		85,552		6,694,444
Safeco Corp.		19,544		857,591
Torchmark Corp.		15,691		943,186
Travelers Cos., Inc. (The)		119,191		5,703,289
Unum Group		63,207		1,391,186

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT S&P 500 Index Fund

	Shares		Value
Common Stocks (continued)
Insurance (continued)
XL Capital Ltd., Class A		35,036	$	1,035,314
				87,341,743
Internet & Catalog Retail (0.3%)
Amazon.Com, Inc.*		57,082		4,069,947
Expedia, Inc.*		40,100		877,789
InterActiveCorp*		35,816		743,540
				5,691,276
Internet Software & Services (1.6%)
Akamai Technologies, Inc.*		32,011		901,430
eBay, Inc.*		207,405		6,188,965
Google, Inc., Class A*		43,657		19,229,599
VeriSign, Inc.*		42,183		1,402,163
Yahoo!, Inc.*		249,180		7,208,777
				34,930,934
IT Services (0.8%)
Affiliated Computer Services, Inc., A Shares*		19,495		976,894
Automatic Data Processing, Inc.		95,863		4,063,633
Cognizant Technology Solutions Corp., Class A*		55,538		1,601,160
Computer Sciences Corp.*		33,047		1,347,987
Convergys Corp.*		21,649		326,034
Electronic Data Systems Corp.		90,989		1,514,967
Fidelity National Information Services, Inc.		29,677		1,131,881
Fiserv, Inc.*		32,607		1,568,071
Paychex, Inc.		64,013		2,193,085
Total System Services, Inc.		38,300		906,178
Unisys Corp.*		50,551		223,941
Western Union Co. (The)		140,025		2,978,332
				18,832,163
Leisure Equipment & Products (0.2%)
Brunswick Corp.		13,960		222,941
Eastman Kodak Co.(a)		56,547		999,185
Hasbro, Inc.		30,062		838,730
Mattel, Inc.		66,680		1,326,932
				3,387,788
Life Sciences Tools & Services (0.3%)
Applera Corp. — Applied Biosystems Group		34,107		1,120,756
Millipore Corp.*		11,420		769,822
PerkinElmer, Inc.		19,072		462,496
Thermo Fisher Scientific, Inc.*		77,458		4,402,713
Waters Corp.*		17,509		975,251
				7,731,038
Machinery (1.8%)
Caterpillar, Inc.		118,992		9,315,884
Cummins, Inc.		39,464		1,847,704
Danaher Corp.		46,451		3,531,670
Deere & Co.		83,146		6,688,264
Dover Corp.		35,933		1,501,281
Eaton Corp.		26,287		2,094,285
Illinois Tool Works, Inc.		75,600		3,646,188
Ingersoll-Rand Co. Ltd., Class A		53,229		2,372,949
ITT Corp.		32,001		1,657,972
Manitowoc Co., Inc. (The)		23,900		975,120
PACCAR, Inc.		67,832		3,052,440
Pall Corp.		20,547		720,583
Parker Hannifin Corp.		32,648		2,261,527
Terex Corp.*		18,122		1,132,625
				40,798,492
Media (2.8%)
CBS Corp., Class B		132,293		2,921,029
Clear Channel Communications, Inc.		91,014		2,659,429
Comcast Corp., Class A		541,347		10,469,651
Comcast Corp., Special Class A		30,300		574,791
DIRECTV Group, Inc. (The)*		131,680		3,264,347
EW Scripps Co., Class A		14,113		592,887
Gannett Co., Inc.		46,218		1,342,633
Interpublic Group of Cos., Inc. (The)*		80,075		673,431
McGraw-Hill Cos., Inc. (The)		63,379		2,341,854
Meredith Corp.		9,337		357,140
New York Times Co. (The), Class A(a)		31,063		586,469
News Corp., Class A		427,006		8,006,363
Omnicom Group, Inc.		63,005		2,783,561
Time Warner, Inc.		675,841		9,475,291
Viacom, Inc., Class B*		123,569		4,895,804
Walt Disney Co. (The)		358,150		11,238,747
Washington Post Co. (The), Class B		1,115		737,573
				62,921,000
Metals & Mining (1.1%)
Alcoa, Inc.		155,945		5,623,377
Allegheny Technologies, Inc.		18,125		1,293,400
Freeport-McMoRan Copper & Gold, Inc.		71,755		6,904,266
Newmont Mining Corp.		86,484		3,917,725
Nucor Corp.		53,123		3,598,552
Titanium Metals Corp.(a)		17,100		257,355
United States Steel Corp.		22,416		2,843,918
				24,438,593
Multi-Utilities (1.0%)
Ameren Corp.		41,155		1,812,466
CenterPoint Energy, Inc.		63,527		906,530
CMS Energy Corp.		35,249		477,272
Consolidated Edison, Inc.		51,653		2,050,624
Dominion Resources, Inc.		110,054		4,494,605
DTE Energy Co.		33,369		1,297,720
Integrys Energy Group, Inc.		11,795		550,119
NiSource, Inc.		44,919		774,404
PG&E Corp.		63,823		2,349,963
Public Service Enterprise Group, Inc.		97,056		3,900,681
Sempra Energy		46,907		2,499,205
TECO Energy, Inc.		38,564		615,096
Xcel Energy, Inc.		75,052		1,497,287
				23,225,972
Multiline Retail (0.8%)
Big Lots, Inc.*		20,248		451,531
Dillard’s, Inc., Class A(a)		14,763		254,071
Family Dollar Stores, Inc.		24,006		468,117
J.C. Penney Co., Inc.		41,959		1,582,274
Kohl’s Corp.*		57,454		2,464,202
Macy’s, Inc.		82,905		1,911,789
Nordstrom, Inc.		34,260		1,116,876
Sears Holdings Corp.*(a)		14,372		1,467,238
Target Corp.		152,193		7,713,141
				17,429,239

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT S&P 500 Index Fund

	Shares		Value
Common Stocks (continued)
Natural Gas Utilities (0.1%)
Nicor, Inc.		11,181	$	374,675
Questar Corp.		34,449		1,948,436
				2,323,111
Office Electronics (0.1%)
Xerox Corp.		167,364		2,505,439
Oil, Gas & Consumable Fuels (10.2%)
Anadarko Petroleum Corp.		86,314		5,440,371
Apache Corp.		63,019		7,613,956
Chesapeake Energy Corp.		85,773		3,958,424
Chevron Corp.		392,219		33,479,814
ConocoPhillips		295,377		22,510,681
CONSOL Energy, Inc.		33,902		2,345,679
Devon Energy Corp.		82,614		8,619,119
El Paso Corp.		133,520		2,221,773
EOG Resources, Inc.		46,978		5,637,360
Exxon Mobil Corp.		1,006,923		85,165,547
Hess Corp.		52,844		4,659,784
Marathon Oil Corp.		131,587		6,000,367
Murphy Oil Corp.		34,338		2,820,523
Noble Energy, Inc.		32,700		2,380,560
Occidental Petroleum Corp.		154,986		11,340,326
Peabody Energy Corp.		49,902		2,545,002
Range Resources Corp.		28,600		1,814,670
Spectra Energy Corp.		114,321		2,600,803
Sunoco, Inc.		23,039		1,208,856
Tesoro Corp.		26,100		783,000
Valero Energy Corp.		102,349		5,026,359
Williams Cos., Inc. (The)		113,330		3,737,623
XTO Energy, Inc.		94,082		5,819,913
				227,730,510
Paper & Forest Products (0.3%)
International Paper Co.		76,464		2,079,821
MeadWestvaco Corp.		36,424		991,461
Weyerhaeuser Co.		41,019		2,667,876
				5,739,158
Personal Products (0.2%)
Avon Products, Inc.		82,977		3,280,911
Estee Lauder Cos., Inc. (The), Class A		20,299		930,709
				4,211,620
Pharmaceuticals (6.0%)
Abbott Laboratories		291,034		16,050,525
Allergan, Inc.		58,258		3,285,169
Barr Pharmaceuticals, Inc.*		18,672		902,044
Bristol-Myers Squibb Co.		371,729		7,917,828
Eli Lilly & Co.		186,269		9,609,618
Forest Laboratories, Inc.*		60,428		2,417,724
Johnson & Johnson		534,930		34,700,909
King Pharmaceuticals, Inc.*		38,405		334,124
Merck & Co., Inc.		407,645		15,470,128
Mylan, Inc.(a)		61,667		715,337
Pfizer, Inc.		1,272,651		26,636,585
Schering-Plough Corp.		301,684		4,347,266
Watson Pharmaceuticals, Inc.*		17,944		526,118
Wyeth		251,779		10,514,291
				133,427,666
Real Estate Investment Trusts (REITs) (1.2%)
Apartment Investment & Management Co., Class A		19,797		708,931
AvalonBay Communities, Inc.		15,683		1,513,723
Boston Properties, Inc.		23,418		2,156,095
Developers Diversified Realty Corp.(a)		24,054		1,007,381
Equity Residential		53,665		2,226,561
General Growth Properties, Inc.		47,898		1,828,267
HCP, Inc.		40,262		1,361,258
Host Hotels & Resorts, Inc.		91,951		1,463,860
Kimco Realty Corp.		44,370		1,737,973
Plum Creek Timber Co., Inc.		29,589		1,204,272
ProLogis		49,550		2,916,513
Public Storage		22,248		1,971,618
Simon Property Group, Inc.		42,356		3,935,296
Vornado Realty Trust		25,692		2,214,907
				26,246,655
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*		33,450		723,858
Road & Rail (0.9%)
Burlington Northern Santa Fe Corp.		56,773		5,235,606
CSX Corp.		78,051		4,376,319
Norfolk Southern Corp.		72,977		3,964,111
Ryder System, Inc.		12,271		747,427
Union Pacific Corp.		49,952		6,262,982
				20,586,445
Semiconductors & Semiconductor Equipment (2.4%)
Advanced Micro Devices, Inc.*(a)		116,714		687,446
Altera Corp.		62,652		1,154,676
Analog Devices, Inc.		56,283		1,661,474
Applied Materials, Inc.		254,032		4,956,164
Broadcom Corp., Class A*		84,018		1,619,027
Intel Corp.		1,089,512		23,075,864
KLA-Tencor Corp.		36,261		1,345,283
Linear Technology Corp.		45,116		1,384,610
LSI Corp.*		122,348		605,623
MEMC Electronic Materials, Inc.*		42,158		2,989,002
Microchip Technology, Inc.(a)		38,300		1,253,559
Micron Technology, Inc.*		147,172		878,617
National Semiconductor Corp.		46,837		858,054
Novellus Systems, Inc.*		22,749		478,866
NVIDIA Corp.*		105,424		2,086,341
Teradyne, Inc.*		28,663		355,995
Texas Instruments, Inc.		245,944		6,952,837
Xilinx, Inc.		58,032		1,378,260
				53,721,698
Software (3.3%)
Adobe Systems, Inc.*		109,580		3,899,952
Autodesk, Inc.*		44,726		1,407,974
BMC Software, Inc.*		34,741		1,129,777
C.A., Inc.		71,094		1,599,615
Citrix Systems, Inc.*		35,788		1,049,662
Compuware Corp*		55,226		405,359
Electronic Arts, Inc.*		59,173		2,953,916
Intuit, Inc.*		64,871		1,752,166
Microsoft Corp.		1,506,551		42,755,917
Novell, Inc.*		68,954		433,721
Oracle Corp.*		744,608		14,564,533
Symantec Corp.*		163,835		2,722,938
				74,675,530
Specialty Retail (1.6%)
Abercrombie & Fitch Co., Class A		17,031		1,245,647

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT S&P 500 Index Fund

	Shares or
	Principal
	Amount		Value
Common Stocks (continued)
Specialty Retail (continued)
AutoNation, Inc.*		28,587	$	427,947
AutoZone, Inc.*		8,890		1,011,949
Bed Bath & Beyond, Inc.*		47,365		1,397,267
Best Buy Co., Inc.		64,447		2,671,973
GameStop Corp., Class A*		30,000		1,551,300
Gap, Inc. (The)		89,223		1,755,909
Home Depot, Inc. (The)		314,302		8,791,027
Limited Brands, Inc.		62,336		1,065,946
Lowe’s Cos., Inc.		271,252		6,222,521
Office Depot, Inc.*		52,372		578,711
OfficeMax, Inc.		16,845		322,413
RadioShack Corp.		28,732		466,895
Sherwin-Williams Co. (The)		20,765		1,059,846
Staples, Inc.		136,105		3,009,281
Tiffany & Co.		26,023		1,088,802
TJX Cos., Inc.		79,457		2,627,643
				35,295,077
Textiles, Apparel & Luxury Goods (0.4%)
Coach, Inc.*		67,954		2,048,813
Jones Apparel Group, Inc.		20,067		269,299
Liz Claiborne, Inc.		21,932		398,066
Nike, Inc., Class B		70,301		4,780,468
Polo Ralph Lauren Corp.		12,372		721,164
V.F. Corp.		15,137		1,173,269
				9,391,079
Thrifts & Mortgage Finance (0.6%)
Countrywide Financial Corp.(a)		113,482		624,151
Fannie Mae		181,603		4,779,791
Freddie Mac		122,935		3,112,714
Hudson City Bancorp, Inc.		91,976		1,626,136
MGIC Investment Corp.(a)		17,911		188,603
Sovereign Bancorp, Inc.		61,181		570,207
Washington Mutual, Inc.(a)		164,602		1,695,400
				12,597,002
Tobacco (1.4%)
Altria Group, Inc.		396,893		8,811,025
Philip Morris International, Inc.*		396,893		20,074,848
Reynolds American, Inc.(a)		30,236		1,784,831
UST, Inc.		28,475		1,552,457
				32,223,161
Trading Companies & Distributors (0.0%)
W.W. Grainger, Inc.		13,529		1,033,480
Wireless Telecommunication Services (0.3%)
American Tower Corp., Class A*		77,900		3,054,459
Sprint Nextel Corp.		524,793		3,510,865
				6,565,324
Total Common Stocks				2,166,140,638

	Principal
	Amount		Value
Repurchase Agreements (2.7%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $37,611,002, collateralized by U.S. Government Agency Mortgages with a market value of $38,360,451	$	37,608,285	$	37,608,285
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $23,577,062, collateralized by U.S. Government Agency Mortgages with a market value of $24,046,867		23,575,360		23,575,360
Total Repurchase Agreements				61,183,645
Securities Purchased With Collateral For Securities On Loan (1.2%)
Repurchase Agreement (1.2%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $26,564,983, collateralized by U.S. Government Agency Mortgages with a market value of $27,094,401		26,563,139		26,563,139
Total Securities Purchased With Collateral For Securities On Loan				26,563,139
Total Investments
(Cost $2,421,744,277) (b) — 100.9%				2,253,887,422
Liabilities in excess of other assets — (0.9)%				(19,405,913	)
NET ASSETS — 100.0%			$	2,234,481,509

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

At March 31, 2008, the Fund’s open futures contracts were as follows:

					Market
Number					Value		Unrealized
of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	192	S&P 500 Futures		06/20/08	$	63,552,000	$	1,043,773

Statement of Investments
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Corporate Bonds (19.3%)
Airline (0.1%)
CHC Helicopter Corp., 7.38%, 05/01/14	$	220,000	$	219,175
Auto Components (0.1%)
ArvinMeritor, Inc., 8.75%, 03/01/12		225,000		205,875
Automobiles (0.5%)
Ford Motor Credit Co., 7.25%, 10/25/11		1,470,000		1,207,493
Automotive Manufacturer (0.1%)
Daimler Finance North America LLC, 8.50%, 01/18/31		180,000		205,763
Banks (0.5%)
Bank of America Corp., 5.75%, 12/01/17		50,000		51,742
Bank One Corp., 6.00%, 02/17/09		95,000		96,479
Credit Suisse New York, 6.00%, 02/15/18		385,000		384,081
JPMorgan Chase & Co., 7.00%, 11/15/09		240,000		250,764
MBNA Corp., 3.53%, 05/05/08(a)		460,000		460,361
				1,243,427
Chemicals (0.3%)
Innophos, Inc., 8.88%, 08/15/14		430,000		417,100
Koppers, Inc., 9.88%, 10/15/13		47,000		49,350
Nalco Co., 7.75%, 11/15/11		165,000		167,062
				633,512
Consumer Goods (0.2%)
Johnsondiversey, Inc., 9.63%, 05/15/12(b)		180,000		177,300
Koninklijke Philips Electronics NV, 5.75%, 03/11/18		230,000		234,348
				411,648
Containers & Packaging (0.1%)
Owens-Illinois, Inc., 7.50%, 05/15/10		230,000		235,175
Diversified Financial Services (0.7%)
Bear Stearns Cos., Inc. (The), 5.55%, 01/22/17		260,000		232,138
Goldman Sachs Group, Inc. (The)
6.15%, 04/01/18		180,000		179,733
6.75%, 10/01/37		355,000		330,268
Lehman Brothers Holdings, Inc.
5.75%, 01/03/17		150,000		135,508
6.50%, 07/19/17		215,000		204,174
6.88%, 07/17/37		350,000		303,467
Systems 2001 AT LLC, 6.66%, 09/15/13(c)		244,029		251,510
				1,636,798
Diversified Manufacturing (0.1%)
Glatfelter, 7.13%, 05/01/16		65,000		63,862
Honeywell International, Inc., 5.30%, 03/01/18		140,000		143,464
				207,326
Electric Utilities (0.6%)
Arizona Public Service Co., 5.80%, 06/30/14		250,000		245,114
Consumers Energy Co., 4.80%, 02/17/09		210,000		211,370
Detroit Edison Co. (The), 6.13%, 10/01/10		200,000		211,866
Ipalco Enterprises, Inc., 8.38%, 11/14/08		465,000		470,813
Ohio Power Co., 6.00%, 06/01/16		225,000		225,986
				1,365,149
Electronic Equipment & Instruments (0.7%)
Freescale Semiconductor, Inc., 8.88%, 12/15/14		535,000		418,637
General Electric Co., 5.25%, 12/06/17		1,190,000		1,188,358
				1,606,995
Energy Companies (0.1%)
Cie Generale de Geophysique, 7.50%, 05/15/15		40,000		40,600
Hilcorp Energy I LP, 7.75%, 11/01/15(c)		230,000		215,625
				256,225
Food Processors (0.6%)
ConAgra Foods, Inc.
7.00%, 10/01/28		150,000		151,961
8.25%, 09/15/30		100,000		114,915
Michael Foods, Inc., 8.00%, 11/15/13		120,000		117,000
Pilgrim’s Pride Corp., 7.63%, 05/01/15		1,020,000		981,750
Smithfield Foods, Inc., 8.00%, 10/15/09		90,000		91,350
				1,456,976
Food Products (0.1%)
ARAMARK Corp.
5.00%, 06/01/12(b)		210,000		182,700
6.74%, 02/01/15(a)		50,000		44,125
8.50%, 02/01/15(b)		60,000		60,150
				286,975
Gaming (0.3%)
Harrah’s Operating Co., Inc., 5.38%, 12/15/13		495,000		319,275
Station Casinos, Inc., 6.00%, 04/01/12		340,000		278,800
				598,075
Gas Distribution (0.1%)
Texas Eastern Transmission LP, 7.00%, 07/15/32		215,000		229,105
Health Care Equipment & Supplies (0.1%)
Invacare Corp., 9.75%, 02/15/15		80,000		80,400
LVB Acquisition Merger Sub, Inc., 10.38%, 10/15/17(c)		115,000		119,313
				199,713
Health Care Providers & Services (0.7%)
HCA, Inc.
6.25%, 02/15/13		345,000		300,150
5.75%, 03/15/14		185,000		152,625
7.69%, 06/15/25		370,000		293,242
Sun Healthcare Group, Inc., 9.13%, 04/15/15		265,000		255,725
Tenet Healthcare Corp.
7.38%, 02/01/13		510,000		455,175
9.88%, 07/01/14		65,000		62,888
				1,519,805

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Home Builder (0.1%)
Pulte Homes, Inc., 6.38%, 05/15/33	$	190,000	$	148,200
Hotels, Restaurants & Leisure (0.1%)
Yum! Brands, Inc., 8.88%, 04/15/11		295,000		325,110
Industrial Conglomerate (0.3%)
Berry Plastics Corp., 8.88%, 09/15/14		685,000		597,663
Insurance (0.5%)
AXA Financial, Inc., 7.75%, 08/01/10		460,000		503,048
Farmers Insurance Exchange, 8.63%, 05/01/24(c)		250,000		263,900
Muenchener Rueckversicherungs AG (EUR), 6.75%, 06/21/23(a)		130,000		206,471
UnitedHealth Group, Inc., 6.00%, 02/15/18		240,000		235,084
				1,208,503
Leisure Equipment & Products (0.3%)
Isle of Capri Casinos, Inc., 7.00%, 03/01/14		555,000		395,437
MGM Mirage, 6.00%, 10/01/09		300,000		297,750
				693,187
Machinery (0.1%)
Cooper Industries, Inc., 5.25%, 11/15/12		205,000		212,458
Media (0.8%)
Cablevision Systems Corp., 9.64%, 04/01/09(a)		290,000		287,825
Comcast Cable Communications LLC, 6.75%, 01/30/11		300,000		311,899
Dex Media West LLC, 9.88%, 08/15/13		75,000		65,250
Time Warner, Inc., 3.30%, 11/13/09(a)		645,000		617,616
Univision Television Group, Inc., 9.75%, 03/15/15(b) (c)		240,000		145,200
Viacom, Inc., 6.88%, 04/30/36		380,000		365,923
				1,793,713
Metals & Mining (0.0%)
Foundation PA Coal Co., 7.25%, 08/01/14		50,000		49,500
Mortgage Bank (0.1%)(b)
Countrywide Home Loans, Inc., 3.25%, 05/21/08		150,000		147,105
Natural Gas Utility (0.1%)
Pacific Energy Partners LP, 7.13%, 06/15/14		150,000		158,850
Oil, Gas & Consumable Fuels (0.9%)
CenterPoint Energy Resources Corp.
7.88%, 04/01/13		45,000		49,989
6.25%, 02/01/37		70,000		65,295
Chaparral Energy, Inc., 8.88%, 02/01/17		210,000		182,175
Colorado Interstate Gas Co., 6.80%, 11/15/15		275,000		283,527
Equitable Resources, Inc., 6.50%, 04/01/18		230,000		231,172
Husky Oil Co., 8.90%, 08/15/28(a)		525,000		531,443
Marathon Oil Corp.
6.00%, 10/01/17		185,000		187,672
5.90%, 03/15/18		145,000		145,754
Sandridge Energy, 8.63%, 04/01/15		325,000		321,344
				1,998,371
Oilfield Machinery & Services (0.3%)
Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(c)		385,000		385,000
Plains All American Pipeline LP, 6.70%, 05/15/36		230,000		221,817
Weatherford International Ltd., 6.00%, 03/15/18		140,000		140,729
				747,546
Other Financial (4.4%)
AIG SunAmerica Global Financing VI, 6.30%, 05/10/11(c)		395,000		415,094
American General Finance Corp., 4.63%, 05/15/09		95,000		94,238
Brookfield Asset Management, Inc.
7.13%, 06/15/12		250,000		249,578
5.80%, 04/25/17		95,000		85,726
CCH I Holdings LLC, 11.00%, 10/01/15		210,000		145,950
Farmers Exchange Capital, 7.05%, 07/15/28(c)		285,000		261,684
FBG Finance Ltd., 5.13%, 06/15/15(c)		250,000		247,684
First Data Corp., 9.88%, 09/24/15(c)		640,000		526,400
Fresenius Medical Care Capital Trust IV, 7.88%, 06/15/11		95,000		98,563
Gaz Capital for Gazprom
6.21%, 11/22/16(c)		310,000		286,750
8.63%, 04/28/34		190,000		216,433
General Electric Capital Corp., 4.25%, 12/01/10		100,000		102,497
General Motors Acceptance Corp., 6.88%, 09/15/11		1,615,000		1,236,063
HSBC Finance Corp., 6.50%, 05/05/09		140,000		223,250
ICI Wilmington, Inc., 4.38%, 12/01/08		115,000		115,595
John Hancock Global Funding II, Series II, 7.90%, 07/02/10(c)		155,000		172,614
Koppers Holdings, Inc. 0.00%, 11/15/14(d)		255,000		221,212
Mantis Reef Ltd., 4.69%, 11/14/08(c)		425,000		428,149
Nisource Finance Corp.
3.66%, 11/23/09(a)		120,000		116,487
7.88%, 11/15/10		440,000		478,303
Nordic Telephone Co. Holdings ApS, 8.88%, 05/01/16(c)		155,000		150,350
Pemex Project Funding Master Trust
4.10%, 06/15/10(a)(c)		570,000		566,865
5.75%, 03/01/18(c)		1,000,000		1,020,381
8.63%, 12/01/23		250,000		317,500
Pemex Project Funding Master Trust (EUR), 6.63%, 04/04/10		250,000		404,992
Prudential Financial, Inc., 6.63%, 12/01/37		170,000		167,915
Qwest Capital Funding, Inc., 7.25%, 02/15/11		330,000		313,500
RSHB Capital SA for OJSC Russian Agricultural Bank, 7.18%, 05/16/13(c)		280,000		285,250

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Other Financial (continued)
Sprint Capital Corp., 8.75%, 03/15/32	$	200,000	$	169,000
Telecom Italia Capital SA
4.00%, 11/15/08		110,000		108,990
4.00%, 01/15/10		195,000		191,291
Telefonica Europe BV, 8.25%, 09/15/30		220,000		256,924
Wind Acquisition Finance SA, 10.75%, 12/01/15(c)		200,000		204,000
				9,879,228
Other Utilities (0.8%)
AES Corp. (The), 9.38%, 09/15/10		53,000		56,047
Consolidated Natural Gas Co., 6.25%, 11/01/11		260,000		274,712
Entergy Gulf States, Inc.
3.60%, 06/01/08		65,000		64,837
3.74%, 12/08/08(a)(c)		270,000		270,698
3.48%, 12/01/09(a)		105,000		102,768
National Grid PLC (EUR), 5.00%, 07/02/18		110,000		160,464
Peco Energy Co., 5.35%, 03/01/18		165,000		167,273
Texas Competitive Electric Holdings Co. LLC(c)
10.25%, 11/01/15		470,000		468,237
10.25%, 11/01/15		180,000		179,325
				1,744,361
Paper & Forest Products (0.3%)
Graphic Packaging International Corp., 9.50%, 08/15/13(b)		165,000		158,400
Pindo Deli Finance BV(c)
4.25%, 04/28/15(a)		52,881		39,925
4.25%, 04/28/18(a)		223,449		90,497
0.00%, 04/28/25		901,231		94,629
Tjiwi Kimia Finance BV(a)
4.25%, 04/28/15		154,442		115,831
4.29%, 04/28/18(c)		91,531		36,612
0.00%, 04/28/27(c)		473,111		49,677
				585,571
Pharmaceuticals (0.5%)
Amgen, Inc., 5.85%, 06/01/17		60,000		59,952
Biogen Idec, Inc., 6.88%, 03/01/18		220,000		222,266
Hospira, Inc., 5.31%, 03/30/10(a)		490,000		476,559
Medco Health Solutions, Inc., 7.13%, 03/15/18		195,000		199,805
Wyeth
5.50%, 02/15/16		50,000		50,984
5.45%, 04/01/17		140,000		142,589
				1,152,155
Pipelines (0.1%)
Williams Cos., 7.88%, 09/01/21		255,000		276,356
Publishing (0.2%)
Valassis Communications, Inc., 8.25%, 03/01/15		480,000		394,800
Real Estate Investment Trusts (REITs) (0.5%)(c)
Capmark Financial Group, Inc.
5.88%, 05/10/12		945,000		598,729
6.30%, 05/10/17		85,000		50,965
World Financial Properties, 6.91%, 09/01/13		431,448		411,651
				1,061,345
Service Companies (0.3%)
Exodus Communications, Inc. 0.00%, 07/15/10(e) (f)		124,113		0
Interpublic Group of Cos., Inc., 6.25%, 11/15/14		205,000		165,281
Iron Mountain, Inc.
8.63%, 04/01/13		195,000		196,950
7.75%, 01/15/15		180,000		180,900
Realogy Corp., 10.50%, 04/15/14		215,000		144,588
				687,719
Specialty Retail (0.9%)
CVS Caremark Corp.
5.75%, 08/15/11		65,000		67,996
5.75%, 06/01/17		100,000		101,556
CVS Pass-Through Trust, 6.04%, 12/10/28(c)		417,930		398,141
Delhaize America, Inc., 9.00%, 04/15/31		356,000		428,449
Home Depot, Inc.
2.93%, 12/16/09(a)		320,000		305,159
5.40%, 03/01/16		205,000		192,689
Kroger Co. (The)
5.00%, 04/15/13		70,000		70,389
6.40%, 08/15/17		100,000		105,538
Sonic Automotive, Inc., 8.63%, 08/15/13		445,000		411,625
				2,081,542
Technology (0.1%)
Fiserv, Inc., 6.80%, 11/20/17		190,000		196,347
Telecommunications (1.4%)
American Tower Corp.
7.50%, 05/01/12		275,000		281,187
7.13%, 10/15/12		100,000		102,250
AT&T Corp., 8.00%, 11/15/31(a)		295,000		344,710
AT&T, Inc., 6.15%, 09/15/34		140,000		134,474
Axtel SAB de CV, 11.00%, 12/15/13		285,000		309,225
Deutsche Telekom International Finance BV (EUR), 8.13%, 05/29/12		160,000		274,548
Echostar DBS Corp.
6.38%, 10/01/11		550,000		528,000
6.63%, 10/01/14		60,000		54,600
France Telecom SA (EUR), 8.13%, 01/28/33		90,000		174,178
Idearc, Inc., 8.00%, 11/15/16		825,000		534,187
Nortel Networks Corp., 4.25%, 09/01/08		134,000		132,325
Qwest Communications International, Inc., 6.57%, 02/15/09(a)		150,000		148,500
Qwest Corp., 5.63%, 11/15/08		45,000		44,775
Rhythms Netconnections 0.00%, 02/15/10(e) (f)		366,692		0
Verizon New England, Inc., 6.50%, 09/15/11		10,000		10,448
Virgin Media Finance PLC
8.75%, 04/15/14(b)		75,000		67,313
9.13%, 08/15/16		100,000		89,500
				3,230,220
Textiles, Apparel & Luxury Goods (0.1%)
Interface, Inc.
10.38%, 02/01/10		60,000		62,700

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Corporate Bonds (continued)
Textiles, Apparel & Luxury Goods (continued)
9.50%, 02/01/14	$	225,000	$	232,875
Propex, Inc., 10.00%, 12/01/12		385,000		46,200
				341,775
Tobacco (0.1%)
Reynolds American, Inc., 6.50%, 07/15/10		150,000		153,000
Wireless Telecommunication Services (0.0%)(e) (f)
Nextlink Communications, Inc.
0.00%, 06/01/09		350,000		0
0.00%, 06/01/09		500,000		0
				0
Total Corporate Bonds				43,589,835
Asset-Backed Securities (22.9%)
Auto Loans (1.5%)(a)
Capital Auto Receivables Asset Trust
2.88%, 07/15/10		1,650,000		1,628,798
2.88%, 05/15/11		1,900,000		1,886,161
				3,514,959
Credit Card Receivables (0.4%)
Citibank Credit Card Issuance Trust, 5.65%, 09/20/19		835,000		855,533
Home Equity Loans (20.5%)
American Home Mortgage Assets(a)
2.83%, 09/25/46		1,215,549		741,751
2.79%, 10/25/46		1,653,096		1,261,293
2.72%, 03/25/47		1,387,316		1,055,230
American Home Mortgage Investment Trust(a)
Series 2004-1 Class 1A, 2.95%, 04/25/44		159,608		159,167
2.79%, 03/25/46		1,246,677		774,951
Argent Securities, Inc., 2.65%, 10/25/36(a)		864,768		845,265
Bear Stearns Asset Backed Securities Trust, 2.82%, 03/25/35(a)		75,211		75,005
Bear Stearns Mortgage Funding Trust(a)
2.85%, 07/25/36		1,226,944		722,728
2.76%, 12/25/36		1,046,010		794,706
2.74%, 03/25/37		1,376,760		1,041,336
2.77%, 03/25/37		1,546,266		1,102,573
Countrywide Alternative Loan Trust(a)
6.22%, 02/25/36		1,830,811		1,135,103
2.87%, 07/25/46		730,097		466,886
2.91%, 07/25/46		421,834		209,346
2.79%, 10/25/46		923,318		695,769
3.50%, 02/25/47		12,437,367		261,275
2.74%, 04/25/47		1,385,498		1,050,020
2.09%, 05/25/47		6,211,942		167,162
Countrywide Asset-Backed Certificates, 2.75%, 05/25/36(a)		166,718		164,245
Deutsche ALT-A Securities, Inc. Alternate Loan Trust(a)
2.75%, 02/25/47		1,491,319		1,031,333
5.35%, 02/25/47		592,612		325,924
Downey Savings & Loan Association Mortgage Loan Trust(a)
2.76%, 11/19/37		1,251,605		949,661
5.46%, 04/19/47		1,132,228		1,080,632
First Franklin Mortgage Loan Asset Backed Certificates, 2.65%, 07/25/36(a)		721,939		698,357
Fremont Home Loan Trust, 2.65%, 10/25/36(a)		890,037		857,845
Greenpoint Mortgage Funding Trust, 2.92%, 03/25/36(a)		938,039		580,861
GSAMP Trust, 2.67%, 01/25/37(a)		866,520		809,351
GSR Mortgage Loan Trust, 2.79%, 08/25/46(a)		1,169,908		890,034
Harborview Mortgage Loan Trust(a)
2.85%, 08/21/36		1,159,825		745,898
2.74%, 11/19/36		1,375,775		1,046,183
2.77%, 11/19/36		1,355,110		1,031,413
2.76%, 10/19/37		649,602		494,545
2.81%, 10/19/37		958,164		588,521
2.65%, 01/19/38		275,064		259,009
2.75%, 01/19/38		1,527,746		1,160,350
2.76%, 03/19/38		1,528,668		969,577
2.73%, 04/19/38		1,759,133		1,330,289
Indymac Index Mortgage Loan Trust(a)
2.72%, 07/25/46		1,331,632		1,274,019
2.85%, 06/25/47		1,214,553		761,724
Luminent Mortgage Trust, 2.80%, 10/25/46(a)		827,559		628,827
Nationstar Home Equity Loan Trust, 2.67%, 09/25/36(a)		458,548		448,906
Newcastle Mortgage Securities Trust, 2.73%, 04/25/37(a)		677,930		603,774
Residential Accredit Loans, Inc.(a)
2.79%, 12/25/36		1,210,616		914,466
2.76%, 01/25/37		1,524,931		1,159,665
2.76%, 02/25/37		1,097,055		837,903
2.80%, 06/25/37		2,351,745		1,768,157
Residential Asset Mortgage Products, Inc., 2.67%, 08/25/36(a)		714,575		695,256
Residential Asset Securities Corp., 2.68%, 10/25/36(a)		690,323		669,306
Securitized Asset Backed Receivables LLC Trust
1,777.09%, 11/25/36		1,065,358		972,869
2.73%, 05/25/37(a)		996,414		933,201
Soundview Home Equity Loan Trust(a)
2.68%, 01/25/37		734,828		701,327
2.71%, 02/25/37		956,457		891,652
Specialty Underwriting & Residential Finance, 2.72%, 03/25/37(a)		661,262		634,737
Structured Asset Investment Loan Trust, 2.94%, 11/25/33(a)		28,003		24,020
Structured Asset Mortgage Investments, Inc.(a)
2.91%, 02/25/36		769,973		475,251
2.87%, 04/25/36		1,133,657		723,403
2.83%, 07/25/36		1,068,842		660,041
2.83%, 07/25/36		535,070		328,374
2.88%, 07/25/36		551,285		276,398
2.83%, 08/25/36		957,081		592,514
2.78%, 09/25/47		1,767,828		1,290,514
Terwin Mortgage Trust, 2.71%, 04/25/37(a)		353,622		351,081
				46,190,979
Student Loans (0.4%)(a)
SLM Student Loan Trust, 3.32%, 10/27/14		818,910		814,873

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Asset-Backed Securities (continued)
Utility Loans (0.1%)
TXU Electric Delivery Transition Bond Co. LLC, 4.81%, 11/17/14	$	300,000	$	307,397
Total Asset-Backed Securities				51,683,741
Collateralized Debt Obligation (1.0%)(c)
Special Purpose Entity (1.0%)
CDX North America High Yield, 8.75%, 12/29/12		2,277,000		2,165,996
Collateralized Mortgage Obligations (6.6%)(a)
American Home Mortgage Assets Trust
2.83%, 05/25/46		1,174,442		760,955
2.79%, 06/25/47		1,767,905		1,335,065
2.90%, 06/25/47		683,590		334,242
American Home Mortgage Investment Trust, 2.79%, 05/25/47		1,740,893		1,323,133
Banc of America Funding Corp., 2.89%, 09/20/35		216,230		144,085
Countrywide Alternative Loan Trust
3.44%, 09/25/35		18,711,681		484,019
3.38%, 11/20/35		297,076		274,801
3.50%, 11/20/35		627,802		437,731
4.05%, 02/25/37		5,887,613		253,903
4.16%, 03/20/46		5,206,499		228,836
2.88%, 05/20/46		628,107		388,723
2.84%, 12/20/46		737,645		355,149
4.18%, 12/20/46		18,855,888		916,943
2.82%, 03/20/47		528,055		252,149
4.25%, 03/20/47		9,592,317		496,700
2.89%, 06/25/47		1,007,110		761,115
3.10%, 06/25/47		749,976		497,115
Deutsche ALT-A Securities NIM Trust, 6.75%, 02/25/47		198,387		194,287
Harborview Mortgage Loan Trust
2.94%, 11/19/35		527,453		358,667
2.85%, 07/19/45		277,017		196,377
2.79%, 07/19/46		967,480		604,486
Harborview NIM Corp.
6.41%, 03/19/37		77,517		76,742
6.41%, 03/19/38		18,626		18,597
Luminent Mortgage Trust, 2.84%, 04/25/36		682,539		517,163
Residential Accredit Loans, Inc.
2.86%, 02/25/46		311,396		203,093
2.87%, 02/25/46		342,603		238,319
Structured Asset Mortgage Investments, Inc., 2.79%, 02/25/36		341,744		254,661
WaMu Mortgage Pass Through Certificates
2.87%, 04/25/45		441,806		300,515
2.89%, 08/25/45		42,214		41,655
2.86%, 10/25/45		100,174		98,955
2.85%, 11/25/45		213,824		198,662
2.85%, 12/25/45		188,340		181,588
Washington Mutual Alternative Mortgage Pass-Through Certificates
5.46%, 04/25/46		1,058,438		722,686
5.46%, 04/25/46		957,634		682,069
2.88%, 07/25/46		610,635		295,449
Zuni Mortgage Loan Trust, 2.73%, 08/25/36		586,258		555,808
Total Collateralized Mortgage Obligations				14,984,443
Commercial Mortgage Backed Securities (10.6%)
Banc of America Commercial Mortgage, Inc.
5.66%, 05/10/17(a)		1,050,000		1,036,456
5.75%, 07/10/17(a)		1,200,000		1,193,220
5.49%, 10/10/17		500,000		484,861
5.41%, 09/10/47(a)		975,000		957,797
Bear Stearns Commercial Mortgage Securities, 5.71%, 05/11/17(a)		975,000		968,469
Citigroup Commercial Mortgage Trust
5.43%, 10/15/49		975,000		955,976
5.70%, 12/10/49(a)		1,000,000		992,257
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.89%, 11/15/44(a)		950,000		938,363
Commercial Mortgage Pass Through Certificates, 2,128.81%, 12/10/49		1,700,000		1,699,110
Credit Suisse Mortgage Capital Certificates, 5.72%, 06/15/39(a)		850,000		843,866
Greenwich Capital Commercial Funding Corp.
5.44%, 03/10/39		975,000		948,624
5.74%, 12/10/49		950,000		937,803
GS Mortgage Securities Corp., 6.25%, 01/25/37(a)		70,923		70,214
GS Mortgage Securities Corp. II, 5.80%, 08/10/45(a)		950,000		948,487
JP Morgan Chase Commercial Mortgage Securities Corp.
1,985.60%, 06/12/47		1,075,000		1,043,983
5.75%, 02/12/49(a)		950,000		943,242
5.82%, 06/15/49(a)		1,200,000		1,198,635
5.79%, 02/12/51		925,000		916,488
LB Commercial Conduit Mortgage Trust, 5.93%, 07/15/44(a)		925,000		933,022
LB-UBS Commercial Mortgage Trust Series 2006, Class A4, 5.16%, 02/15/31		975,000		949,157
5.43%, 02/15/40		975,000		946,513
5.87%, 09/15/45		1,200,000		1,195,396
Wachovia Bank Commercial Mortgage Trust
2,072.47%, 05/15/46		825,000		811,890
5.74%, 06/15/49(a)		950,000		941,194
5.90%, 02/15/51(a)		950,000		957,309
Total Commercial Mortgage Backed Securities				23,812,332
Sovereign Bonds (15.1%)
Argentina (0.2%)
Argentina Government International Bond
8.28%, 12/31/33		335,636		278,259
8.38%, 12/31/33		51,957		35,980
1.38%, 12/15/35(a)		11		0
Republic of Argentina, 5.83%, 12/31/33		337,000		115,844
				430,083
Brazil (1.9%)
Brazilian Government International Bond

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Sovereign Bonds (continued)
Brazil (continued)
14.50%, 10/15/09	$	153,000	$	178,857
10.50%, 07/14/14		180,000		228,600
8.00%, 01/15/18		972,000		1,088,640
8.88%, 10/14/19		556,000		686,660
8.88%, 04/15/24		470,000		581,625
11.00%, 08/17/40		540,000		723,060
Federative Republic of Brazil, 6.00%, 01/17/17		440,000		448,580
Nota Do Tesouro Nacional (BRL), 10.00%, 01/01/10		631,000		342,231
				4,278,253
Canada (0.3%)
Canadian Government (CAD), 5.25%, 06/01/12		700,000		744,816
Colombia (0.1%)
Colombia Government International Bond, 11.75%, 02/25/20		100,000		147,500
Ecuador (0.2%)
Ecuador Government International
9.38%, 12/15/15		100,000		101,250
10.00%, 08/15/30(a)		290,000		280,575
				381,825
Egypt (0.1%)
Arab Republic of Egypt, 8.75%, 07/18/12		1,000,000		188,046
Germany (3.1%)
Bundesrepublik Deutschland (EUR), 5.63%, 01/04/28		3,820,000		6,879,522
Ghana (0.1%)(c)
Republic of Ghana, 8.50%, 10/04/17		200,000		209,000
Indonesia (0.1%)(c)
Indonesia Government International Bond, 7.75%, 01/17/38		245,000		253,575
Italy (0.1%)
Italy Buoni Poliennali Del Tesoro (EUR), 5.25%, 11/01/29		120,000		198,772
Ivory Coast (0.0%)(e)
Ivory Coast Government International Bond, 3.00%, 03/30/18		285,000		111,150
Japan (0.2%)
Japan Government Ten Year Bond (JPY), 0.80%, 03/20/13		50,000,000		503,146
Mexico (1.5%)
Mexican Bonos (MXN)
9.50%, 12/18/14		9,233,000		963,114
8.00%, 12/17/15		6,360,000		617,826
Mexico Government International Bond
8.38%, 01/14/11		710,000		801,235
7.50%, 01/14/12		380,000		427,500
5.63%, 01/15/17		646,000		678,946
				3,488,621
Peru (0.4%)
Peruvian Government International Bond
9.88%, 02/06/15		288,000		363,168
8.38%, 05/03/16		120,000		142,920
8.75%, 11/21/33		390,000		507,000
				1,013,088
Philippines (1.3%)
Philippine Government International Bond
9.00%, 02/15/13		270,000		315,576
8.88%, 03/17/15		1,303,000		1,537,540
9.50%, 02/02/30		862,000		1,124,910
				2,978,026
Russian Federation (1.4%)
Russia Government International Bond
11.00%, 07/24/18		46,000		66,884
12.75%, 06/24/28		960,000		1,731,456
7.50%, 03/31/30(a)		756,429		871,948
Russian Ministry of Finance, 3.00%, 05/14/11		530,000		508,323
				3,178,611
Spain (1.9%)
Spain Government Bond (EUR)
5.15%, 07/30/09		2,250,000		3,612,957
6.15%, 01/31/13		330,000		572,555
				4,185,512
Sweden (0.3%)
Sweden Government Bond (SEK), 5.00%, 01/28/09		4,500,000		762,424
Turkey (0.9%)
Turkey Government International Bond
11.00%, 01/14/13		917,000		1,114,155
6.75%, 04/03/18		708,000		702,690
11.88%, 01/15/30		156,000		230,295
				2,047,140
Ukraine (0.1%)(c)
Ukraine Government International Bond, 6.58%, 11/21/16		230,000		228,275
Venezuela (0.9%)
Venezuela Government International Bond
10.75%, 09/19/13		640,000		652,800
8.50%, 10/08/14		270,000		250,425
9.25%, 09/15/27		1,106,000		1,050,700
				1,953,925
Total Sovereign Bonds				34,161,310
U.S. Government Sponsored & Agency Obligations (7.6%)
U.S. Treasury Bond(b)
6.38%, 08/15/27		1,300,000		1,654,250
4.50%, 02/15/36		525,000		542,349
United States Treasury Bill 0.00%, 04/10/08(g)(h)		500,000		499,899
United States Treasury Note/Bond, 6.13%, 08/15/29(b)		11,475,000		14,367,951
Total U.S. Government Sponsored & Agency Obligations				17,064,449
U.S. Government Sponsored Mortgage-Backed Obligations (24.8%)
Fannie Mae Pool

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
U.S. Government Sponsored Mortgage-Backed Obligations (continued)
Pool # 50946, 6.50%, 12/01/23	$	21,777	$	22,684
Pool # 346286, 6.50%, 05/01/26		64,686		67,737
Pool # 370191, 6.50%, 01/01/27		5,726		5,997
Pool # 251752, 6.50%, 06/01/28		103,880		108,637
Pool # 252009, 6.50%, 07/01/28		257,114		268,888
Pool # 415967, 6.50%, 10/01/28		92,452		96,686
Pool # 457953, 6.50%, 01/01/29		70,264		73,482
Pool # 482616, 6.50%, 02/01/29		172,892		180,742
Pool # 323591, 6.50%, 03/01/29		179,452		187,670
Pool # 511954, 7.50%, 10/01/29		7,859		8,498
Pool # 519145, 7.50%, 10/01/29		21,003		22,710
Pool # 523284, 7.50%, 11/01/29		2,150		2,325
Pool # 527589, 7.50%, 01/01/30		9,445		10,212
Pool # 517874, 7.50%, 02/01/30		30,812		33,260
Pool # 253113, 7.50%, 03/01/30		15,348		16,601
Pool # 540017, 8.00%, 05/01/30		5,946		6,445
Pool # 540091, 7.50%, 06/01/30		14,989		16,180
Pool # 535399, 8.00%, 07/01/30		27,031		29,296
Pool # 535533, 8.00%, 10/01/30		89,969		97,508
Pool # 564363, 8.00%, 01/01/31		2,026		2,196
Pool # 253673, 7.50%, 03/01/31		24,966		26,950
Pool # 564993, 7.50%, 03/01/31		14,538		15,694
Pool # 253674, 8.00%, 03/01/31		1,658		1,796
Pool # 613017, 8.00%, 03/01/31		1,205		1,312
Pool # 576112, 7.00%, 05/01/31		2,596		2,762
Pool # 577407, 7.50%, 07/01/31		54,846		59,150
Pool # 545239, 8.00%, 09/01/31		36,657		39,729
Pool # 545604, 8.00%, 09/01/31		12,920		14,070
Pool # 606566, 7.50%, 10/01/31		16,601		17,904
Pool # 545551, 8.00%, 04/01/32		20,759		22,498
Pool # 630601, 7.00%, 05/01/32		193,471		205,598
Pool # 545759, 6.50%, 07/01/32		162,975		169,895
Pool # 642656, 7.00%, 07/01/32		56,790		60,350
Pool # 254695, 6.50%, 04/01/33		255,229		265,685
Pool # 555533, 6.50%, 04/01/33		79,492		82,950
Pool # 741875, 6.50%, 09/01/33		30,618		31,872
Pool # 815635, 5.12%, 06/01/35(a)		1,037,677		1,065,432
Pool # 745132, 5.01%, 09/01/35(a)		998,996		1,024,645
Pool # 822148, 5.12%, 11/01/35(a)		1,075,760		1,092,745
Pool # 868995, 7.04%, 05/01/36(a)		1,455,021		1,500,402
Pool # 888177, 4.74%, 06/01/36(a)		1,052,081		1,057,647
Pool # 886574, 7.12%, 08/01/36(a)		882,609		903,869
Federal Home Loan Mortgage Corp. TBA(i)
6.50%, 04/01/34		1,300,000		1,348,344
5.00%, 04/15/36		9,150,000		9,058,500
6.00%, 04/15/37		10,450,000		10,714,510
Federal National Mortgage Association TBA(i)
4.50%, 04/15/18		2,450,000		2,436,219
5.00%, 04/15/21		2,400,000		2,422,500
0.00%, 04/01/31		1,525,000		1,600,297
6.50%, 04/01/33		2,250,000		2,330,156
5.50%, 04/15/37		7,250,000		7,317,969
Freddie Mac Gold Pool
Gold, Pool # C90381, 7.50%, 11/01/20		1,198		1,298
Gold, Pool # C00712, 6.50%, 02/01/29		27,379		28,665
Gold, Pool # C29808, 8.00%, 08/01/29		18,241		19,803
Gold, Pool # C39060, 8.00%, 06/01/30		494		537
Gold, Pool # C41333, 7.50%, 08/01/30		18,626		20,151
Gold, Pool # C41531, 8.00%, 08/01/30		4,582		4,975
Gold, Pool # C42327, 8.00%, 09/01/30		1,865		2,025
Gold, Pool # C44964, 7.50%, 11/01/30		37,220		40,268
Gold, Pool # C01104, 8.00%, 12/01/30		30,363		32,967
Gold, Pool # C01132, 8.00%, 01/01/31		22,363		24,280
Gold, Pool # C46946, 8.00%, 01/01/31		7,507		8,151
Gold, Pool # C01150, 8.00%, 02/01/31		24,653		26,767
Gold, Pool # C48997, 8.00%, 03/01/31		87,538		95,044
Gold, Pool # C49587, 8.00%, 03/01/31		19,366		21,029
Gold, Pool # C50477, 8.00%, 04/01/31		34,138		37,069
Gold, Pool # C53597, 8.00%, 06/01/31		150,308		163,212
Gold, Pool # C53381, 8.00%, 06/01/31		4,771		5,180
Gold, Pool # C53657, 8.00%, 06/01/31		10,467		11,365
Gold, Pool # C60019, 7.50%, 11/01/31		7,331		7,924
Gold, Pool # C67851, 7.50%, 06/01/32		126,902		136,899
Pool # C69951, 6.50%, 08/01/32		43,508		45,421
Gold, Pool # C02851, 5.50%, 05/01/37		7,008,950		7,084,315
Freddie Mac Non Gold Pool
Pool # 170271, 12.00%, 08/01/15		173,126		197,437
Pool # C67851, 5.63%, 03/01/37		954,859		969,881
Ginnie Mae I pool
Pool # 780699, 9.50%, 12/15/17		142,669		157,854
Pool # 780378, 11.00%, 01/15/19		161,185		190,075
Pool # 780141, 10.00%, 12/15/20		134,314		161,026
Pool # 780709, 11.00%, 01/15/21		183,562		215,546
Pool # 780349, 10.00%, 09/15/21		169,441		202,595
Total U.S. Government Sponsored Mortgage-Backed Obligations				56,060,963
Yankee Dollars (1.0%)
Banks (0.7%)
Banco ABN AMRO Real SA (BRL), 16.20%, 02/22/10		410,000		247,543
JP Morgan & Chase Co. (RUB), 7.00%, 06/28/17		6,000,000		209,984

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Yankee Dollars (continued)
Banks (continued)
Kinder Morgan Finance Co. ULC, 5.70%, 01/05/16	$	635,000	$	601,662
Unicredit Luxembourg Finance SA, 3.77%, 10/24/08(a)(c)		440,000		439,540
				1,498,729
Metals & Mining (0.0%)(b) (e) (f)
Murrin Murrin Holdings Ltd., 9.38%, 08/31/07		125,000		0
Other Financial (0.2%)
RSHB Capital SA for OJSC Russian Agricultural Bank
7.18%, 05/16/13		100,000		102,000
6.30%, 05/15/17(c)		106,000		98,182
TNK-BP Finance SA, 7.88%, 03/13/18(c)		388,000		358,415
				558,597
Telecommunications (0.1%)
France Telecom SA, 3,376.25%, 03/01/31		115,000		142,473
Total Yankee Dollars				2,199,799
Interest Only Bonds (2.9%)
Bear Stearns Structured Products, Inc.(a)
3.01%, 06/26/36		18,229,266		227,866
1.93%, 01/27/37		14,099,839		169,198
3.20%, 01/27/37		23,874,388		298,430
3.37%, 01/27/37		16,453,401		180,987
3.98%, 04/25/37		20,968,275		524,207
Countrywide Alternative Loan Trust(a) (c)
3.68%, 12/20/35		5,656,197		193,442
3.91%, 12/20/35		7,607,304		298,374
Fannie Mae REMICS
Series 2003-82, Class IA, 6.00%, 08/25/32		227,003		18,222
Series 03-39, Class IO, 6.00%, 05/25/33		346,483		76,360
Series 2003-33, Class IA, 6.50%, 05/25/33(a)		792,891		173,680
Series 2003-35, Class UI, 6.50%, 05/25/33(a)		322,854		69,110
Series 2003-44, Class IB, 6.00%, 06/25/33		382,814		75,416
Series 2003-49, Class IO, 6.50%, 06/25/33(a)		322,217		65,124
Freddie Mac REMICS
Series 2129, Class SG, 4.13%, 06/17/27(a)		1,121,483		104,259
Series 2557, Class IW, 6.00%, 04/15/32		854,219		89,575
Series 2649, Class IM, 7.00%, 07/15/33		377,173		70,570
Greenpoint Mortgage Funding Trust(a)
3.83%, 08/25/45		2,740,357		89,062
3.77%, 10/25/45		1,307,855		38,009
4.09%, 10/25/45		3,746,865		135,824
2.80%, 03/25/47		1,790,315		1,357,948
Harborview Mortgage Loan Trust(a)
2.79%, 11/19/34		5,319,356		90,914
3.05%, 05/19/35		5,420,834		152,979
3.29%, 06/19/35		3,970,227		114,673
4.00%, 03/19/37		5,016,355		197,777
4.06%, 07/19/47		5,990,943		241,987
Indymac Index Mortgage Loan Trust, 3.46%, 07/25/35(a)		3,555,146		116,765
Kreditanstalt fuer Wiederaufbau (JPY), 2.05%, 09/21/09		94,000,000		960,033
Residential Accredit Loans, Inc.(a)
3.19%, 03/25/47		7,054,380		171,951
3.99%, 05/25/47		14,162,712		354,068
Total Interest Only Bonds				6,656,810
Principal Only Bonds (0.0%)
Harborview Mortgage Loan Trust
Series 2006-1, Class PO1, 0.00%, 03/19/37		4,368		3,363
Series 2006-5, Class PO2, 0.00%, 07/19/47(a)		41		22
Total Principal Only Bonds				3,385
Ioette Bond (0.0%)
Federal Home Loan Mortgage Corp., 1,156.50%, 06/15/21		10		329
Warrants (0.0%)*
Banks (0.0%)(f)
Central Bank of Nigeria , 0.00%, expiring 11/15/08(e)		500		0
Republic of Venezuela , 0.00%, expiring 04/15/20		1,250		0
				0
Communications Equipment (0.0%)
XO Holdings, Inc.,expiring
expiring, 01/16/10		248		322
expiring, 01/16/10		499		50
expiring, 01/16/10		374		19
expiring, 01/16/10		374		15
				406
Total Warrants				406
Repurchase Agreements (2.9%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $4,016,801, collateralized by U.S. Government Agency Mortgages with a market value of $4,096,841		4,016,511		4,016,511
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $2,517,996, collateralized by U.S. Government Agency Mortgages with a market value of $2,568,171		2,517,814		2,517,814
Total Repurchase Agreements				6,534,325

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

	Principal
	Amount		Value
Securities Purchased With Collateral For Securities On Loan (0.7%)
Repurchase Agreement (0.7%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $1,497,611, collateralized by U.S. Government Agency Mortgages with a market value of $1,527,457	$	1,497,507	$	1,497,507
Total Securities Purchased With Collateral For Securities On Loan				1,497,507
Total Investments
(Cost $272,890,383) (j) — 115.4%				260,415,630
Liabilities in excess of other assets — (15.4)%				(34,802,527	)
NET ASSETS — 100.0%			$	225,613,103

*	Denotes a non-income producing security.
(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(b)	All or a part of the security was on loan as of March 31, 2008.
(c)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at March 31, 2008.
(e)	Security in default.
(f)	Fair Valued Security.
(g)	The rate reflected in the Statement of Investments is the effective yield as of March 31, 2008.
(h)	All or a part of the security was pledged as collateral for futures contracts as of March 31, 2008.
(i)	Mortgage Dollar Rolls.
(j)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
BRL	Principal amount denominated in Brazilian Real.
CAD	Principal amount denominated in Canadian Dollar.
EUR	Principal amount denominated in Euro.
IO	Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages
JPY	Principal amount denominated in Japanese Yen.
LLC	Limited Liability Co.
LP	Limited Partnership
MXN	Principal amount denominated in Mexican Peso.
RUB	Principal amount denominated in Russian Ruble.
SEK	Principal amount denominated in Swedish Krone.
TBA	To Be Announced.
ULC	Unlimited Liability Co.

See accompanying notes to statements of investments

At March 31, 2008, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Date		Received/			Contract			Market			Appreciation/
Currency	Delivery		(Delivered)			Value			Value			(Depreciation)
Short Contracts:
Euro		04/30/08		(6,471,000	)	$	(9,530,230	)	$	(10,204,532	)	$	(674,302	)
Japanese Yen		04/09/08		(90,000,000	)		(857,012	)		(903,605	)		(46,593	)
Japanese Yen		04/09/08		(135,000,000	)		(1,327,434	)		(1,355,407	)		(27,974	)
Swedish Krone		05/21/08		(3,000,000	)		(473,631	)		(503,669	)		(30,038	)
Total Short Contracts						$	(12,188,307	)	$	(12,967,213	)	$	(778,907	)
Long Contracts:
British Pound		06/13/08		1,040,000		$	2,069,600		$	2,051,614		$	(17,986	)
Japanese Yen		04/09/08		710,000,000			6,574,013			7,128,438			554,425
Japanese Yen		04/09/08		1,322,000,000			12,240,741			13,272,952			1,032,211
Total Long Contracts						$	20,884,354		$	22,453,004		$	1,568,650

At March 31, 2008, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number					Covered by		Appreciation
of Contracts		Long Contracts	Expiration		Contracts (USD)		(Depreciation) (USD)
	2	Euro 90 Day Future		3/16/09	$	489,075	$	15,370
	6	Euro 90 Day Future		6/15/09		1,464,450		30,556
	2	Japanese 10 yr Bond*		6/20/08		2,819,988		37,439
	213	U.S. 5 yr Treasury Note		6/30/08		24,331,922		340,422
	53	U.S. 5 yr Swap		6/16/08		5,932,688		30,787
	494	U.S. 10 yr Swap		6/16/08		56,879,469		1,119,307
					$	91,917,592	$	1,573,881

* Principal amount denominated in Japanese Yen.

					Market Value			Unrealized
Number					Covered by			Appreciation
of Contracts		Short Contracts	Expiration		Contracts (USD)			(Depreciation) (USD)
	8	Euro 90 Day Future		06/16/08	$	(1,954,600	)	$	42,315
	5	Euro 90 Day Future		09/15/08		(1,223,813	)		28,888
	4	Euro 90 Day Future		12/15/08		(978,400	)		21,494
	30	Euro 90 Day Future		09/14/09		(7,306,875	)		150,883
	26	Euro 90 Day Future		12/14/09		(6,314,425	)		118,781
	24	Euro 90 Day Future		03/15/10		(5,816,700	)		101,766
	18	Euro 90 Day Future		06/14/10		(4,352,625	)		69,575
	15	Euro 90 Day Future		09/13/10		(3,619,313	)		52,541
	12	Euro 90 Day Future		12/13/10		(2,889,150	)		37,881
	161	U.S. Long Bond		06/19/08		(19,126,297	)		387,066
	344	U.S. 10 yr Note		06/20/08		(40,919,875	)		1,196,328
	11	U.S. 2 yr Note		06/30/08		(2,361,219	)		(7,891	)
					$	(96,863,292	)	$	2,199,627

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

	Shares		Value
Common Stocks (97.3%)
Aerospace & Defense (2.4%)
AAR Corp.*		20,000	$	545,400
Alliant Techsystems, Inc.*		15,050		1,558,126
Ceradyne, Inc.*		29,200		933,232
Curtiss-Wright Corp.		35,300		1,464,244
DRS Technologies, Inc.		27,750		1,617,270
Esterline Technologies Corp.*		19,600		987,252
Hexcel Corp.*		44,114		843,019
Moog, Inc., Class A*		26,495		1,118,354
Triumph Group, Inc.		10,000		569,300
				9,636,197
Air Freight & Logistics (0.3%)
Atlas Air Worldwide Holdings, Inc.*		20,200		1,111,000
Airlines (0.7%)
Republic Airways Holdings, Inc.*		86,500		1,873,590
SkyWest, Inc.		56,300		1,189,056
				3,062,646
Auto Components (1.2%)
Aftermarket Technology Corp.*		50,100		973,944
American Axle & Manufacturing Holdings, Inc.		14,200		291,100
Lear Corp.*		56,600		1,466,506
Spartan Motors, Inc.		3,500		29,610
Standard Motor Products, Inc.		13,500		82,620
Tenneco, Inc.*		19,700		550,418
TRW Automotive Holdings Corp.*		5,300		123,861
WABCO Holdings, Inc.		31,950		1,457,559
				4,975,618
Automobiles (0.1%)
Thor Industries, Inc.		7,700		229,229
Biotechnology (0.4%)
Applera Corp. Celera Group*		12,100		177,870
Arena Pharmaceuticals, Inc.*		5,500		37,620
Bionovo, Inc.*		39,200		49,784
InterMune, Inc.*		9,700		141,426
LifeCell Corp.*		8,800		369,864
Onyx Pharmaceuticals, Inc.*		8,200		238,046
Protalix BioTherapeutics, Inc.*		22,600		59,438
Rigel Pharmaceuticals, Inc.*		4,200		78,372
Seattle Genetics, Inc.*		13,400		121,940
Third Wave Technologies Inc*		11,500		106,030
United Therapeutics Corp.*		5,500		476,850
				1,857,240
Building Products (0.6%)
Ameron International Corp.		7,900		738,887
Apogee Enterprises, Inc.		18,600		286,440
Gibraltar Industries, Inc.		29,600		347,208
NCI Building Systems, Inc.*		13,600		329,120
Universal Forest Products, Inc.		26,900		866,180
				2,567,835
Capital Markets (1.6%)
Apollo Investment Corp.		15,300		242,199
FCStone Group, Inc.*		6,741		186,726
GFI Group, Inc.		8,500		487,050
HFF, Inc., Class A*		24,800		124,248
KBW, Inc.*		5,220		115,101
Knight Capital Group, Inc., Class A*		72,100		1,170,904
MCG Capital Corp.		38,100		346,329
optionsXpress Holdings, Inc.		11,940		247,277
Patriot Capital Funding, Inc.		60,631		634,807
Penson Worldwide, Inc.*		12,000		110,760
Piper Jaffray Cos.*		16,600		563,736
Raymond James Financial, Inc.		12,400		284,952
Sanders Morris Harris Group, Inc.		97,990		799,598
SWS Group, Inc.		21,700		265,391
Thomas Weisel Partners Group, Inc.*		4,300		28,466
TICC Capital Corp.		63,490		477,445
TradeStation Group, Inc.*		35,270		300,500
				6,385,489
Chemicals (4.7%)
Agrium, Inc.		4,000		248,440
American Vanguard Corp.		2,000		33,280
C.F. Industries Holdings, Inc.		53,100		5,502,222
H.B. Fuller Co.		48,600		991,926
Hercules, Inc.		121,300		2,218,577
Innospec, Inc.		21,300		451,560
Methanex Corp		20,298		531,199
Minerals Technologies, Inc.		7,700		483,560
Nalco Holding Co		29,760		629,424
NewMarket Corp.		7,200		543,240
O.M. Group, Inc.*		11,800		643,572
Penford Corp.		57,680		1,253,386
Rockwood Holdings, Inc.*		25,600		838,912
Scotts Miracle-Gro Co. (The), Class A		4,500		145,890
Sensient Technologies Corp.		60,810		1,793,287
Spartech Corp.		26,700		225,615
Terra Industries, Inc.*		47,300		1,680,569
W.R. Grace & Co.*		28,400		648,088
Zep, Inc.		10,900		176,798
				19,039,545
Commercial Banks (9.5%)
1st Source Corp.		14,200		298,910
Amcore Financial, Inc.		25,390		516,687
AmericanWest Bancorp		4,500		39,240
Ameris Bancorp		16,180		259,851
Bancfirst Corp.		10,200		466,956
Banco Latinoamericano de Exportaciones, SA		17,500		269,500
Banner Corp.		5,100		117,504
BOK Financial Corp.		7,500		391,725
Boston Private Financial Holdings, Inc.		15,000		158,850
Capital Corp. of the West		4,560		36,571
Capitol Bancorp Ltd.		12,200		257,908
Cathay General Bancorp		12,200		252,906
Central Pacific Financial Corp.		48,300		910,455
Chemical Financial Corp.		16,855		401,823
Citizens Republic Bancorp, Inc.		32,447		403,316
City Bank		19,500		434,265
City Holding Co.		33,100		1,320,690
Colonial BancGroup, Inc. (The)		39,500		380,385
Columbia Banking System, Inc.		13,730		307,278
Community Bancorp*		7,900		107,124
Community Bank System, Inc.		17,800		437,168
Community Trust Bancorp, Inc.		32,470		951,371
Cullen/Frost Bankers, Inc.		19,900		1,055,496
CVB Financial Corp.		16,120		167,809
East West Bancorp, Inc.		29,600		525,400
First Bancorp North Carolina		7,600		151,468
First BanCorp. Puerto Rico		55,800		566,928

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

	Shares		Value
Common Stocks (continued)
Commercial Banks (continued)
First Citizens BancShares, Inc.		3,238	$	451,215
First Commonwealth Financial Corp.		33,200		384,788
First Community Bancshares, Inc.		11,600		422,472
First Merchants Corp.		13,200		376,728
First Regional Bancorp*		7,800		127,920
First State Bancorp		5,000		66,950
Fulton Financial Corp.		25,500		313,395
Glacier Bancorp, Inc.		5,900		113,103
Great Southern Bancorp, Inc.		24,379		380,556
Green Bankshares, Inc.		11,100		196,359
Hanmi Financial Corp.		142,200		1,050,858
Heartland Financial USA, Inc.		6,200		131,192
Heritage Commerce Corp.		3,200		58,656
Horizon Financial Corp.		13,425		185,399
IBERIABANK Corp.		30,500		1,349,625
Independent Bank Corp. Massachusetts		33,500		989,925
Independent Bank Corp. Michigan		37,910		393,506
Integra Bank Corp.		18,800		304,560
Irwin Financial Corp.		30,400		161,424
Lakeland Financial Corp.		7,400		167,610
MainSource Financial Group, Inc.		23,010		356,655
Nara Bancorp, Inc.		26,800		348,132
National Penn Bancshares, Inc.		118,019		2,146,766
NBT Bancorp, Inc.		37,600		834,720
Old National Bancorp		25,000		450,000
Old Second Bancorp, Inc.		3,400		90,304
Oriental Financial Group		22,000		433,620
Pacific Capital Bancorp		58,200		1,251,300
Peoples Bancorp, Inc.		12,800		308,608
Prosperity Bancshares, Inc.		23,000		659,180
Provident Bankshares Corp.		21,400		229,836
Renasant Corp.		16,200		364,500
Republic Bancorp, Inc., Class A		6,155		116,206
Royal Bancshares of Pennsylvania, Class A		6,230		90,148
S&T Bancorp, Inc.		3,700		119,029
SCBT Financial Corp.		4,814		162,713
Security Bank Corp.		12,000		95,400
Sierra Bancorp		1,200		25,932
Signature Bank*		36,800		938,400
Simmons First National Corp., Class A		9,600		285,408
Southwest Bancorp, Inc.		36,200		633,862
StellarOne Corp		2,119		35,832
Sterling Bancshares, Inc.		59,800		594,412
Sterling Financial Corp.		83,005		1,295,708
Sterling Financial Corp. Pennsylvania*		19,812		345,720
Suffolk Bancorp		5,800		183,744
SVB Financial Group*		3,500		152,740
Taylor Capital Group, Inc.		19,300		316,906
TCF Financial Corp.		148,900		2,668,288
Trico Bancshares		12,900		223,299
UCBH Holdings, Inc.		9,500		73,720
UMB Financial Corp.		21,800		898,160
Umpqua Holdings Corp.		37,896		587,767
Union Bankshares Corp.		35,200		681,824
United Bankshares, Inc.		10,000		266,500
Washington Trust Bancorp, Inc.		13,000		322,660
Webster Financial Corp.		10,000		278,700
West Coast Bancorp		41,400		604,026
Wilshire Bancorp, Inc.		66,800		510,352
				38,794,902
Commercial Services & Supplies (3.4%)
Administaff, Inc.		4,000		94,440
American Ecology Corp.		56,530		1,431,905
Comfort Systems U.S.A., Inc.		6,700		87,167
COMSYS IT Partners, Inc.*		16,300		137,898
Consolidated Graphics, Inc.*		19,300		1,081,765
CRA International, Inc.*		5,000		160,700
Deluxe Corp.		109,400		2,101,574
Duff & Phelps Corp., Class A*		61,520		1,106,745
Ennis, Inc.		9,100		152,698
Geo Group, Inc. (The)*		21,900		622,836
ICT Group, Inc.*		38,390		387,355
IHS, Inc., Class A*		18,340		1,179,446
IKON Office Solutions, Inc.		55,200		419,520
Kforce, Inc.*		25,900		228,956
Kimball International, Inc., Class B		24,100		258,352
School Specialty, Inc.*		1,700		53,618
Spherion Corp.*		56,100		343,332
TeleTech Holdings, Inc.*		26,700		599,682
United Stationers, Inc.*		12,000		572,400
Viad Corp.		21,000		756,210
Volt Information Sciences, Inc.*		40,690		690,102
Waste Connections, Inc.*		13,700		421,138
Watson Wyatt Worldwide, Inc., Class A		15,300		868,275
				13,756,114
Communications Equipment (2.0%)
ADC Telecommunications, Inc.*		64,390		777,831
Arris Group, Inc.*		178,526		1,039,021
Avocent Corp.*		28,200		476,580
Bel Fuse, Inc., Class B		11,900		331,534
Black Box Corp.		14,100		434,985
Blue Coat Systems, Inc.*		20,100		443,004
Comtech Group, Inc.*		10,600		114,374
Digi International, Inc.*		19,800		228,492
Dycom Industries, Inc.*		27,170		326,312
Finisar Corp.*		33,400		42,752
Foundry Networks, Inc.*		23,000		266,340
Harmonic, Inc.*		61,050		463,980
MasTec, Inc.*		29,300		240,553
MRV Communications, Inc.*		19,300		26,441
Plantronics, Inc.		19,000		366,890
Polycom, Inc.*		12,300		277,242
Powerwave Technologies, Inc.*		598,370		1,525,844
Sycamore Networks, Inc.*		201,300		736,758
UTStarcom, Inc.*		22,600		64,184
				8,183,117
Computers & Peripherals (1.1%)
Adaptec, Inc.*		27,300		80,262
Electronics for Imaging*		38,300		571,436
Emulex Corp.*		96,000		1,559,040
Hutchinson Technology, Inc.*		12,900		205,239
Hypercom Corp.*		191,763		832,251
Imation Corp.		22,600		513,924
Palm, Inc.		54,000		270,000
Quantum Corp.*		164,700		352,458
				4,384,610

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

	Shares		Value
Common Stocks (continued)
Construction & Engineering (0.4%)
EMCOR Group, Inc.*		20,500	$	455,305
Michael Baker Corp.*		9,400		211,124
Perini Corp.*		11,600		420,268
Sterling Construction Co., Inc.*		4,540		82,719
URS Corp.*		14,615		477,764
				1,647,180
Construction Materials (0.1%)
U.S. Concrete, Inc.*		58,610		222,718
Consumer Finance (1.2%)
Advance America Cash Advance Centers, Inc.		10,200		77,010
Advanta Corp., Class B		37,000		260,110
Cash America International, Inc.		54,900		1,998,360
CompuCredit Corp.*		28,000		248,360
Dollar Financial Corp.*		53,423		1,228,729
World Acceptance Corp.*		40,200		1,280,370
				5,092,939
Containers & Packaging (1.9%)
AptarGroup, Inc.		6,100		237,473
Greif, Inc., Class A		15,500		1,052,915
Myers Industries, Inc.		57,700		757,601
Rock-Tenn Co., Class A		76,570		2,294,803
Silgan Holdings, Inc.		69,200		3,434,396
				7,777,188
Distributor (0.1%)
Core-Mark Holding Co., Inc.*		19,200		551,808
Diversified Consumer Services (0.6%)
Regis Corp.		13,900		382,111
Service Corp. International		117,930		1,195,810
Stewart Enterprises, Inc., Class A		107,200		688,224
				2,266,145
Diversified Financial Services (0.2%)
Compass Diversified Holdings		20,800		273,520
Encore Capital Group, Inc.*		15,300		104,040
Financial Federal Corp.		20,500		447,105
				824,665
Diversified Telecommunication Services (1.4%)
Atlantic Tele-Network, Inc.		7,000		236,810
Cincinnati Bell, Inc.*		464,700		1,979,622
Consolidated Communications Holdings, Inc.		9,300		140,709
Iowa Telecommunications Services, Inc.		26,200		464,526
NTELOS Holdings Corp.		28,350		686,070
Premiere Global Services, Inc.*		158,800		2,277,192
				5,784,929
Electric Utilities (2.8%)
Allete, Inc.		8,700		335,994
Cleco Corp.		35,100		778,518
El Paso Electric Co.*		55,800		1,192,446
Portland General Electric Co.		134,500		3,032,975
UIL Holdings Corp.		16,933		510,191
UniSource Energy Corp.		66,700		1,484,742
Westar Energy, Inc.		179,950		4,097,462
				11,432,328
Electrical Equipment (1.3%)
A.O. Smith Corp.		13,000		427,310
Acuity Brands, Inc.		21,900		940,605
Belden, Inc.		14,800		522,736
GrafTech International Ltd.*		131,400		2,129,994
Regal-Beloit Corp.		31,200		1,142,856
				5,163,501
Electronic Equipment & Instruments (1.9%)
Agilysys, Inc.		38,300		444,280
Anixter International, Inc.*		25,200		1,613,808
Benchmark Electronics, Inc.*		37,225		668,189
Checkpoint Systems, Inc.*		16,900		453,765
Coherent Inc*		9,300		259,377
CTS Corp.		37,600		402,320
DTS, Inc.*		53,460		1,283,040
Electro Scientific Industries, Inc.*		3,700		60,976
Insight Enterprises, Inc.*		13,800		241,500
Napco Security Systems Inc*		105,500		519,060
Newport Corp.*		32,600		364,142
Park Electrochemical Corp.		9,500		245,575
PC Connection, Inc.*		18,800		148,896
Plexus Corp.*		8,500		238,425
SYNNEX Corp.*		3,600		76,392
Technitrol, Inc.		25,600		592,128
TTM Technologies, Inc.*		22,300		252,436
X-Rite, Inc.*		11,000		65,670
				7,929,979
Energy Equipment & Services (2.8%)
Bristow Group, Inc.*		10,700		574,269
Cal Dive International, Inc.*		104,550		1,085,229
Exterran Holdings, Inc.*		14,654		945,769
Gulfmark Offshore, Inc.*		69,200		3,786,624
Oil States International, Inc.*		41,100		1,841,691
RPC, Inc.		17,687		268,666
SEACOR Holdings, Inc.*		8,550		729,828
Trico Marine Services, Inc.*		48,000		1,870,560
Union Drilling, Inc.*		19,200		335,808
Willbros Group, Inc.*		5,000		153,000
				11,591,444
Food & Staples Retailing (1.0%)
Casey’s General Stores, Inc.		3,200		72,320
Longs Drug Stores Corp.		8,900		377,894
Nash Finch Co.		46,200		1,569,876
Pantry, Inc. (The)*		10,600		223,448
Ruddick Corp.		7,000		258,020
Spartan Stores, Inc.		74,530		1,553,950
				4,055,508
Food Products (0.3%)
B&G Foods, Inc.		14,000		154,000
Ralcorp Holdings, Inc.*		13,700		796,655
Reddy Ice Holdings, Inc.		15,600		203,268
Tootsie Roll Industries, Inc.		8,061		203,137
				1,357,060
Health Care Equipment & Supplies (1.7%)
CONMED Corp.*		42,600		1,092,264
Greatbatch, Inc.*		24,100		443,681
Haemonetics Corp.*		13,480		803,138
Invacare Corp.		23,600		525,808
Inverness Medical Innovations, Inc.*		37,280		1,122,128
IRIS International, Inc.*		47,800		634,306
MAKO Surgical Corp*		73,200		657,336
Power Medical Interventions, Inc.*		5,800		34,887
SonoSite, Inc.*		38,950		1,107,349

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

	Shares		Value
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
STERIS Corp.		12,900	$	346,107
SurModics, Inc.*		1,200		50,256
				6,817,260
Health Care Providers & Services (2.8%)
Alliance Imaging, Inc.*		19,700		169,420
AMERIGROUP Corp.*		57,100		1,560,543
AMN Healthcare Services, Inc.*		17,900		276,018
Apria Healthcare Group, Inc.*		9,300		183,675
Assisted Living Concepts, Inc., Class A*		103,426		609,179
Bio-Reference Laboratories, Inc.*		45,126		1,192,680
Chemed Corp.		8,500		358,700
Five Star Quality Care, Inc.*		99,100		629,285
Gentiva Health Services, Inc.*		76,600		1,666,816
Healthspring, Inc.*		28,200		397,056
Hythiam, Inc.*		212,880		257,585
Landauer, Inc.		8,450		425,373
Magellan Health Services, Inc.*		18,700		742,203
Molina Healthcare, Inc.*		6,400		156,288
Pediatrix Medical Group, Inc.*		12,430		837,782
PSS World Medical, Inc.*		12,000		199,920
Psychiatric Solutions, Inc.*		21,200		719,104
RehabCare Group, Inc.*		9,600		144,000
Res-Care, Inc.*		7,900		135,485
Sunrise Senior Living, Inc.*		30,140		671,519
				11,332,631
Health Care Technology (0.0%)
MedAssets, Inc.*		11,000		163,020
Hotels, Restaurants & Leisure (1.5%)
Bob Evans Farms, Inc.		2,400		66,216
CBRL Group, Inc.		6,800		243,236
Domino’s Pizza, Inc.		50,900		686,641
Great Wolf Resorts, Inc.*		61,562		392,766
Jack in the Box, Inc.*		64,100		1,722,367
Multimedia Games, Inc.*		162,120		865,721
Papa John’s International, Inc.*		8,800		213,048
Ruby Tuesday, Inc.		106,600		799,500
Ruth’s Chris Steak House*		16,900		116,779
Shuffle Master, Inc.*		76,310		408,258
Texas Roadhouse, Inc., Class A*		52,600		515,480
				6,030,012
Household Durables (1.5%)
Champion Enterprises, Inc.*		34,000		341,020
Ethan Allen Interiors, Inc.		21,200		602,716
Helen of Troy Ltd.*		7,000		117,390
Jarden Corp.*		5,472		118,961
Ryland Group, Inc.		1,000		32,890
Tupperware Brands Corp.		130,950		5,065,146
				6,278,123
Industrial Conglomerate (0.2%)
Teleflex, Inc.		17,150		818,227
Insurance (4.7%)
American Physicians Capital, Inc.		11,700		542,412
Amerisafe, Inc.*		59,000		745,760
Amtrust Financial Services, Inc.		21,020		340,734
Argo Group International Holdings Ltd.*		18,931		672,429
Aspen Insurance Holdings Ltd.		59,000		1,556,420
Assured Guaranty Ltd.		13,900		329,986
CNA Surety Corp.*		9,310		143,188
Commerce Group, Inc.		2,200		79,332
Delphi Financial Group, Inc., Class A		59,875		1,750,146
FPIC Insurance Group, Inc.*		10,000		471,400
Harleysville Group, Inc.		16,100		581,049
Infinity Property & Casualty Corp.		15,600		648,960
Max Capital Group Ltd.		54,700		1,432,593
Meadowbrook Insurance Group, Inc.		25,100		196,031
Navigators Group, Inc. (The)*		18,300		995,520
Odyssey Re Holdings Corp.		27,800		1,021,650
Phoenix Cos., Inc. (The)		14,100		172,161
Platinum Underwriters Holdings Ltd.		58,500		1,898,910
PMA Capital Corp., Class A*		100,100		854,854
ProAssurance Corp.*		2,100		113,043
RLI Corp.		4,000		198,280
Safety Insurance Group, Inc.		29,800		1,017,074
SeaBright Insurance Holdings*		18,800		276,924
Selective Insurance Group		43,500		1,038,780
United Fire & Casualty Co.		12,040		450,296
Zenith National Insurance Corp.		51,450		1,844,997
				19,372,929
Internet & Catalog Retail (0.5%)
FTD Group, Inc.		115,300		1,547,326
NutriSystem Inc*		27,550		415,178
Systemax, Inc.		22,200		267,732
				2,230,236
Internet Software & Services (0.4%)
Ariba, Inc.*		22,200		214,452
Interwoven, Inc.*		38,600		412,248
iPass, Inc.*		4,000		12,080
SonicWALL, Inc.*		27,900		227,943
United Online, Inc.		45,200		477,312
ValueClick, Inc.*		12,800		220,800
				1,564,835
IT Services (1.3%)
Ciber, Inc.*		45,000		220,500
CSG Systems International, Inc.*		20,600		234,222
CyberSource Corp.*		19,074		278,671
Forrester Research, Inc.*		18,500		491,730
Gartner, Inc.*		35,700		690,438
infoUSA, Inc.		5,100		31,161
Mantech International Corp., Class A*		11,000		498,960
MAXIMUS, Inc.		7,600		278,996
Ness Technologies, Inc.*		46,910		445,176
NeuStar, Inc., Class A*		19,350		512,388
Perot Systems Corp., Class A*		48,700		732,448
Sapient Corp.*		90,030		626,609
SI International, Inc.*		7,000		134,330
SYKES Enterprises, Inc.*		20,400		358,836
				5,534,465
Leisure Equipment & Products (0.9%)
JAKKS Pacific, Inc.*		93,300		2,572,281
MarineMax, Inc.*		22,400		279,104
RC2 Corp.*		17,900		375,363
Steinway Musical Instruments*		14,500		413,540
				3,640,288
Life Sciences Tools & Services (0.6%)
Bio-Rad Laboratories, Inc., Class A*		13,700		1,218,615
Cambrex Corp.		101,130		700,831
Exelixis, Inc.*		20,900		145,255

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

	Shares		Value
Common Stocks (continued)
Life Sciences Tools & Services (continued)
Illumina, Inc.*		5,800	$	440,220
Medivation, Inc.*		5,500		78,265
				2,583,186
Machinery (3.1%)
Actuant Corp., Class A		22,100		667,641
AGCO Corp.*		7,500		449,100
Astec Industries, Inc.*		5,700		220,932
Barnes Group, Inc.		70,400		1,615,680
Blount International, Inc.*		21,100		261,007
Cascade Corp.		16,600		818,546
CIRCOR International, Inc.		13,600		629,000
Columbus McKinnon Corp.*		15,200		470,896
EnPro Industries, Inc.*		50,000		1,559,500
FreightCar America, Inc.		5,800		198,940
Graco, Inc.		2,530		91,738
Hardinge, Inc.		31,759		437,004
Kadant, Inc.*		2,000		58,760
Kennametal, Inc.		29,750		875,542
Mueller Industries, Inc.		10,200		294,270
Tennant Co.		12,600		501,606
Titan Machinery, Inc.*		12,600		235,620
Valmont Industries, Inc.		12,400		1,089,836
Wabtec Corp.		55,800		2,101,428
				12,577,046
Marine (1.1%)
Eagle Bulk Shipping, Inc.		22,800		587,328
Genco Shipping & Trading Ltd.		26,300		1,484,109
Omega Navigation Enterprises, Inc., Class A		112,900		1,691,242
TBS International Ltd., Class A*		19,800		597,960
				4,360,639
Media (1.7%)
Arbitron, Inc.		45,650		1,970,254
Cox Radio, Inc., Class A*		52,500		623,700
DG FastChannel, Inc.*		56,800		1,089,424
Entercom Communications Corp., Class A		34,700		344,571
Lee Enterprises, Inc.		66,300		663,663
Lin TV Corp., Class A*		18,100		173,941
Media General, Inc., Class A		3,200		44,864
Radio One, Inc., Class D*		120,000		182,400
Scholastic Corp.*		27,000		817,290
Sinclair Broadcast Group, Inc., Class A		105,200		937,332
Valassis Communications, Inc.*		11,700		126,945
Westwood One, Inc.*		44,200		92,820
				7,067,204
Metals & Mining (1.6%)
Century Aluminum Co.*		20,200		1,338,048
Commercial Metals Co.		18,700		560,439
Compass Minerals International, Inc.		19,800		1,167,804
Gerdau Ameristeel Corp.		18,700		263,857
Iamgold Corp.		11,800		86,494
Quanex Corp.		38,000		1,966,120
Reliance Steel & Aluminum Co.		6,000		359,160
Schnitzer Steel Industries, Inc., Class A		9,500		674,690
Southern Copper Co.		113		11,733
Stillwater Mining Co.*		12,500		193,375
Worthington Industries, Inc.		5,000		84,350
				6,706,070
Multi-Utilities (0.7%)
Black Hills Corp.		6,000		214,680
CH Energy Group, Inc.		12,300		478,470
PNM Resources, Inc.		63,900		796,833
Vectren Corp.		50,100		1,344,183
				2,834,166
Multiline Retail (0.1%)
Big Lots, Inc.*		6,300		140,490
Dollar Tree, Inc.*		2,900		80,011
				220,501
Natural Gas Utilities (1.9%)
Laclede Group, Inc. (The)		13,500		481,005
New Jersey Resources Corp.		69,500		2,157,975
Nicor, Inc.		29,600		991,896
Northwest Natural Gas Co.		9,100		395,304
Piedmont Natural Gas Co.		6,700		175,942
South Jersey Industries, Inc.		27,200		954,992
Southwest Gas Corp.		57,000		1,593,720
WGL Holdings, Inc.		32,900		1,054,774
				7,805,608
Oil, Gas & Consumable Fuels (3.5%)
Alon USA Energy, Inc.		41,500		631,215
Berry Petroleum Co., Class A		4,200		195,258
Bois d’Arc Energy, Inc.*		16,400		352,436
Callon Petroleum Co.*		8,700		157,383
Cimarex Energy Co.		5,000		273,700
Comstock Resources, Inc.*		19,300		777,790
Energy Partners Ltd.*		16,756		158,679
Evergreen Energy, Inc.*		246,240		379,210
Foundation Coal Holdings, Inc.		19,020		957,276
Harvest Natural Resources, Inc.*		33,400		402,804
Infinity Bio-Energy Ltd*		155,500		622,000
Knightsbridge Tankers Ltd.		19,000		506,920
Mariner Energy, Inc.*		34,100		921,041
Massey Energy Co.		5,000		182,500
Penn Virginia Corp.		10,400		458,536
PetroHawk Energy Corp.*		25,400		512,318
RAM Energy Resources, Inc.*		310,540		1,527,857
Rosetta Resources, Inc.*		10,200		200,634
St. Mary Land & Exploration Co.		12,500		481,250
Stone Energy Corp.*		33,800		1,768,078
Swift Energy Co.*		24,500		1,102,255
Teekay Tankers Ltd., Class A		20,400		349,248
US BioEnergy Corp.*		15,300		90,270
Vaalco Energy, Inc.*		6,400		31,808
Warren Resources, Inc.*		91,147		1,081,915
Western Refining, Inc.		19,700		265,359
				14,387,740
Paper & Forest Products (0.5%)
Buckeye Technologies, Inc.*		101,700		1,134,972
Schweitzer-Mauduit International, Inc.		45,750		1,058,655
				2,193,627
Personal Products (0.6%)
Elizabeth Arden, Inc.*		39,360		785,232
Physicians Formula Holdings, Inc.*		99,043		883,464

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

	Shares		Value
Common Stocks (continued)
Personal Products (continued)
Prestige Brands Holdings, Inc.*		74,500	$	609,410
				2,278,106
Pharmaceuticals (0.9%)
Alpharma, Inc., Class A*		10,000		262,100
Auxilium Pharmaceuticals, Inc.*		7,400		197,876
Barrier Therapeutics Inc*		12,000		40,920
Cypress Bioscience, Inc.*		8,800		63,008
Endo Pharmaceuticals Holdings, Inc.*		21,650		518,301
KV Pharmaceutical Co., Class A*		54,100		1,350,336
Par Pharmaceutical Cos., Inc.*		7,200		125,208
Perrigo Co.		18,100		682,913
ULURU Inc*		15,400		34,650
Valeant Pharmaceuticals International*		11,400		146,262
Viropharma, Inc.*		39,500		353,130
				3,774,704
Real Estate Investment Trusts (REITs) (7.2%)
Anthracite Capital, Inc.		115,100		759,660
Anworth Mortgage Asset Corp.		36,700		224,971
Arbor Realty Trust, Inc.		27,300		411,684
Ashford Hospitality Trust, Inc.		418,780		2,378,671
BioMed Realty Trust, Inc.		50,200		1,199,278
Capital Trust, Inc., Class A		10,700		288,365
CBRE Realty Finance, Inc.		165,200		665,756
Cedar Shopping Centers, Inc.		31,900		372,592
DCT Industrial Trust, Inc.		50,300		500,988
DiamondRock Hospitality Co.		78,900		999,663
Duke Realty Corp.		8,000		182,480
Education Realty Trust, Inc.		90,150		1,133,186
Equity Lifestyle Properties, Inc.		17,800		878,786
Extra Space Storage, Inc.		10,700		173,233
FelCor Lodging Trust, Inc.		52,700		633,981
First Industrial Realty Trust, Inc.		26,500		818,585
First Potomac Realty Trust		34,800		534,876
Gramercy Capital Corp.		12,300		257,439
Healthcare Realty Trust, Inc.		1,500		39,225
Hersha Hospitality Trust		58,600		529,158
Home Properties, Inc.		6,500		311,935
Inland Real Estate Corp.		41,500		631,215
Lexington Realty Trust		254,600		3,668,786
LTC Properties, Inc.		26,600		683,886
Maguire Properties, Inc.		13,900		198,909
MFA Mortgage Investments, Inc.		149,100		939,330
NorthStar Realty Finance Corp.		235,090		1,920,685
Omega Healthcare Investors, Inc.		18,490		320,986
Parkway Properties, Inc.		32,900		1,215,984
Pennsylvania Real Estate Investment Trust		71,500		1,743,885
Saul Centers, Inc.		24,700		1,240,928
Senior Housing Properties Trust		60,800		1,440,960
Sunstone Hotel Investors, Inc.		109,900		1,759,499
Washington Real Estate Investment Trust		13,700		457,854
				29,517,419
Real Estate Management & Development (0.1%)
Jones Lang LaSalle, Inc.		3,120		241,301
Road & Rail (0.1%)
Celadon Group, Inc.*		20,800		201,344
Werner Enterprises, Inc.		8,390		155,718
				357,062
Semiconductors & Semiconductor Equipment (2.6%)
Actel Corp.*		14,000		214,340
Advanced Energy Industries, Inc.*		15,600		206,856
Amkor Technology, Inc.*		49,800		532,860
Applied Micro Circuits Corp.*		11,975		85,981
Asyst Technologies, Inc.*		56,200		196,700
Axcelis Technologies, Inc.*		47,900		268,240
Brooks Automation, Inc.*		47,500		461,700
Cirrus Logic, Inc.*		34,600		232,512
Cohu, Inc.		15,700		255,125
Credence Systems Corp.*		29,900		50,830
Cypress Semiconductor Corp.*		23,450		553,654
DSP Group, Inc.*		14,100		179,634
Eagle Test Systems, Inc.*		9,300		97,650
Entegris, Inc.*		56,738		407,946
Integrated Device Technology, Inc.*		94,800		846,564
Kulicke & Soffa Industries, Inc.*		25,300		120,934
Lattice Semiconductor Corp.*		31,500		89,460
Mattson Technology, Inc.*		12,300		74,907
MKS Instruments, Inc.*		27,000		577,800
ON Semiconductor Corp.*		72,480		411,686
Pericom Semiconductor Corp.*		7,900		115,972
Photronics, Inc.*		19,800		189,090
RF Micro Devices, Inc.*		75,800		201,628
Semtech Corp.*		2,100		30,093
Silicon Image, Inc.*		229,281		1,148,698
Silicon Storage Technology, Inc.*		19,500		51,090
Skyworks Solutions, Inc.*		142,000		1,033,760
Standard Microsystems Corp.*		15,100		440,618
TriQuint Semiconductor, Inc.*		99,600		503,976
Zoran Corp.*		74,600		1,019,036
				10,599,340
Software (3.4%)
Actuate Corp.*		149,100		611,310
Aspen Technology, Inc.*		80,100		1,021,275
Compuware Corp*		59,900		439,666
Corel Corp.*		58,918		642,206
eSpeed Inc*		6,000		69,960
Fair Isaac Corp.		39,150		842,508
Lawson Software, Inc.*		45,600		343,368
Macrovision Corp.*		62,500		843,750
Magma Design Automation, Inc.*		23,200		222,024
Mentor Graphics Corp.*		59,880		528,740
Parametric Technology Corp.*		25,120		401,418
Progress Software Corp.*		16,200		484,704
QAD, Inc.		7,800		65,598
Quest Software, Inc.*		52,900		691,403
Solera Holdings, Inc.*		41,000		998,760
SPSS, Inc.*		3,500		135,730
Sybase, Inc.*		134,700		3,542,610
THQ, Inc.*		82,618		1,801,073
TIBCO Software, Inc.*		24,300		173,502
				13,859,605
Specialty Retail (2.3%)
Aaron Rents, Inc.		6,750		145,395
Asbury Automotive Group, Inc.		83,970		1,155,427
Brown Shoe Co., Inc.		55,700		839,399
Cabela’s, Inc., Class A*		18,700		264,792
Cato Corp. (The), Class A		16,300		243,522

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

	Shares		Value
Common Stocks (continued)
Specialty Retail (continued)
Charming Shoppes, Inc.*		138,467	$	668,796
Christopher & Banks Corp.		14,000		139,860
Coldwater Creek, Inc.*		57,200		288,860
Collective Brands, Inc.*		66,500		805,980
CSK Auto Corp.*		41,700		388,227
Dress Barn, Inc.*		15,800		204,452
DSW, Inc., Class A*		10,000		129,500
Guess?, Inc.		8,000		323,760
Hibbett Sports, Inc.*		10,000		154,400
Jo-Ann Stores, Inc.*		9,100		134,043
Men’s Wearhouse, Inc.		20,000		465,400
Monro Muffler, Inc.		19,280		325,832
New York & Co., Inc.*		5,210		29,905
Office Depot, Inc.*		28,900		319,345
Pacific Sunwear of California, Inc.*		20,800		262,288
Rent-A-Center, Inc.*		53,500		981,725
Shoe Carnival, Inc.*		7,400		100,122
Stage Stores, Inc.		49,125		795,825
Talbots, Inc.		9,470		102,087
Tween Brands, Inc.*		3,200		79,168
				9,348,110
Textiles, Apparel & Luxury Goods (1.1%)
Carter’s, Inc.*		18,060		291,669
Crocs, Inc.*		44,000		768,680
Deckers Outdoor Corp.*		5,200		560,664
Maidenform Brands, Inc.*		35,400		575,958
Movado Group, Inc.		12,100		235,829
Oxford Industries, Inc.		6,330		142,615
Perry Ellis International, Inc.*		32,750		714,932
Phillips-Van Heusen Corp.		6,500		246,480
Warnaco Group, Inc. (The)*		15,700		619,208
Wolverine World Wide, Inc.		6,900		200,169
				4,356,204
Thrifts & Mortgage Finance (1.7%)
Anchor Bancorp Wisconsin, Inc.		6,400		121,408
BankUnited Financial Corp., Class A		21,300		106,713
Berkshire Hills Bancorp, Inc.		1,000		25,190
Brookline Bancorp, Inc.		44,900		515,452
Centerline Holding Co.		21,700		88,102
Corus Bankshares, Inc.		86,800		844,564
Dime Community Bancshares		19,650		343,482
Downey Financial Corp.		14,100		259,158
Federal Agricultural Mortgage Corp., Class C		20,200		527,220
First Financial Holdings, Inc.		12,700		297,942
First Niagara Financial Group, Inc.		94,296		1,281,483
First Place Financial Corp.		11,700		152,100
FirstFed Financial Corp.*		11,900		323,085
Flagstar Bancorp, Inc.		20,800		150,176
Flushing Financial Corp.		36,500		641,670
Imperial Capital Bancorp, Inc.		5,600		121,072
Ocwen Financial Corp.*		24,900		110,556
TierOne Corp.		24,500		276,360
TrustCo Bank Corp. NY		23,100		205,359
United Community Financial Corp.		32,500		201,500
WSFS Financial Corp.		9,600		473,088
				7,065,680
Tobacco (0.8%)
Alliance One International, Inc.*		319,900		1,932,196
Universal Corp.		17,800		1,166,434
				3,098,630
Trading Companies & Distributors (1.4%)
Applied Industrial Technologies, Inc.		95,850		2,864,956
Beacon Roofing Supply, Inc.*		8,500		85,000
Electro Rent Corp.		5,200		78,780
Genesis Lease Ltd. ADR IE		34,800		506,340
Interline Brands, Inc.*		17,690		328,150
Kaman Corp.		20,000		565,800
UAP Holding Corp.		24,600		943,164
United Rentals, Inc.*		5,000		94,200
Watsco, Inc.		8,200		339,644
				5,806,034
Water Utility (0.1%)
American States Water Co.		8,200		295,200
Wireless Telecommunication Services (0.7%)
Centennial Communications Corp.*		179,600		1,061,436
Syniverse Holdings, Inc.*		107,850		1,796,781
USA Mobility, Inc.		6,600		47,124
				2,905,341
Total Common Stocks				397,701,483
	Shares or
	Principal
	Amount		Value
U.S. Treasury Note (0.2%)(a)
United States Treasury Note, 4.63%, 11/30/08	$	840,000	$	857,981
Warrants* (0.0%)(b)
Health Care Providers & Services (0.0%)
Hythiam, Inc., Expiring 11/06/12*		19,000		0
Mutual Funds (1.7%)
Money Market Fund (1.7%)
AIM Liquid Assets Portfolio		6,786,532		6,786,532
Rights (0.0%)
Capital Markets (0.0%)
MCG Capital Corp.*		5,471		5,854
Total Investments
(Cost $445,531,370) (c) — 99.2%				405,351,850
Other assets in excess of liabilities — 0.8%				3,365,615
NET ASSETS — 100.0%			$	408,717,465

*	Denotes a non-income producing security.
(a)	All or a part of the security was pledged as collateral for futures contracts as of March 31, 2008.
(b)	Fair Valued Security.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
IE	Ireland

See accompanying notes to statements of investments

At March 31, 2008, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	16	Russell 2000 Futures		06/20/08	$	5,520,000	$	(9,566	)

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Growth Fund

	Shares		Value
Common Stocks (95.9%)
Aerospace & Defense (1.2%)
Stanley, Inc.*		40,900	$	1,204,914
Auto Components (0.5%)
Spartan Motors, Inc.		64,600		546,516
Beverages (1.1%)
Central European Distribution Corp.*		20,450		1,189,986
Biotechnology (1.9%)
LifeCell Corp.*		36,200		1,521,486
Omrix Biopharmaceuticals, Inc.*		35,345		494,830
				2,016,316
Capital Markets (0.6%)
Riskmetrics Group, Inc.*		33,900		655,965
Chemicals (1.5%)
Flotek Industries, Inc.*		11,900		173,621
Zoltek Cos., Inc.*(a)		53,600		1,421,472
				1,595,093
Commercial Bank (0.3%)
Pinnacle Financial Partners, Inc.*		11,500		294,400
Commercial Services & Supplies (2.6%)
CoStar Group, Inc.*(a)		19,400		834,200
Innerworkings, Inc.*		83,300		1,168,699
Kenexa Corp.*		23,700		437,976
Team, Inc.*		9,100		248,430
				2,689,305
Communications Equipment (2.4%)
Acme Packet, Inc.*		46,219		369,290
Globecomm Systems, Inc.*		31,000		269,700
Riverbed Technology, Inc.*		51,300		762,318
Sierra Wireless, Inc.*		46,600		743,270
Starent Networks Corp.*		28,100		379,350
				2,523,928
Computers & Peripherals (1.0%)
Synaptics, Inc.*		44,800		1,069,824
Construction & Engineering (1.6%)
Chicago Bridge & Iron Co. NV		41,400		1,624,536
Distributor (1.7%)
LKQ Corp.*		78,388		1,761,378
Diversified Consumer Services (1.3%)
American Public Education, Inc.*		9,800		297,626
Capella Education Co.*		9,100		496,860
ITT Educational Services, Inc.*		11,000		505,230
				1,299,716
Diversified Financial Services (1.0%)
Financial Federal Corp.		46,775		1,020,163
Electrical Equipment (0.5%)
Orion Energy Systems, Inc.*		54,800		522,792
Electronic Equipment & Instruments (1.8%)
DTS, Inc.*(a)		29,700		712,800
IPG Photonics Corp.*		43,000		674,670
Mellanox Technologies Ltd.*		32,100		447,153
				1,834,623
Energy Equipment & Services (2.7%)
Dawson Geophysical Co.*		12,600		850,500
Dril-Quip, Inc.*		15,100		701,697
T-3 Energy Services, Inc.*		12,400		527,744
Willbros Group, Inc.*		25,300		774,180
				2,854,121
Health Care Equipment & Supplies (1.7%)
Accuray, Inc.*		53,000		413,930
Cynosure, Inc., Class A*		30,400		647,520
Natus Medical, Inc.*		36,100		655,215
				1,716,665
Health Care Providers & Services (4.9%)
athenahealth, Inc.*(a)		34,100		807,147
Genoptix, Inc.*		21,300		532,713
HealthExtras, Inc.*		32,500		807,300
Healthways, Inc.*(a)		43,180		1,525,981
inVentiv Health, Inc.*		13,771		396,743
Nighthawk Radiology Holdings, Inc.*		53,800		503,568
Virtual Radiologic Corp.*		34,900		533,272
				5,106,724
Health Care Technology (2.3%)
Allscripts Healthcare Solutions, Inc.*(a)		101,654		1,049,069
Cerner Corp.*(a)		12,000		447,360
Omnicell, Inc.*		42,200		848,220
				2,344,649
Hotels, Restaurants & Leisure (4.9%)
BJ’s Restaurants, Inc.*		61,200		881,892
Chipotle Mexican Grill, Inc., Class A*(a)		3,200		362,976
Gaylord Entertainment Co.*		41,400		1,254,006
Scientific Games Corp., Class A*		61,800		1,304,598
Vail Resorts, Inc.*(a)		26,200		1,265,198
				5,068,670
Insurance (1.6%)
eHealth, Inc.*		57,900		1,277,853
Life Partners Holdings, Inc.		23,400		431,730
				1,709,583
Internet & Catalog Retail (1.1%)(a)
Blue Nile, Inc.*		12,700		687,705
Shutterfly, Inc.*		31,900		474,353
				1,162,058
Internet Software & Services (9.7%)
Bankrate, Inc.*(a)		24,300		1,212,327
comScore, Inc.*		22,300		447,338
Constant Contact, Inc.*(a)		30,800		445,984
DealerTrack Holdings, Inc.*		74,300		1,502,346
Dice Holdings, Inc.*		32,300		287,793
Gmarket, Inc. ADR KR*		42,700		914,634
Liquidity Services, Inc.*		40,200		321,600
LoopNet, Inc.*(a)		55,500		704,850
Omniture, Inc.*		23,300		540,793
Perficient, Inc.*		30,200		239,788
SINA Corp.		30,500		1,075,125
ValueClick, Inc.*		35,049		604,595
VistaPrint Ltd.*(a)		28,800		1,006,560
Vocus, Inc.*		30,100		794,640
				10,098,373
IT Services (2.3%)
CyberSource Corp.*		51,700		755,337
ExlService Holdings, Inc.*		48,700		1,118,152
Sapient Corp.*		80,400		559,584
				2,433,073

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Growth Fund

	Shares		Value
Common Stocks (continued)
Machinery (2.6%)
Axsys Technologies, Inc.*		10,100	$	503,788
Bucyrus International, Inc., Class A		14,000		1,423,100
Dynamic Materials Corp.		18,800		812,160
				2,739,048
Media (1.7%)
Focus Media Holding Ltd. ADR — CN*		48,854		1,717,218
Oil, Gas & Consumable Fuels (7.4%)
Arena Resources, Inc.*		32,300		1,250,333
Bill Barrett Corp.*(a)		47,400		2,239,650
Carrizo Oil & Gas, Inc.*		34,134		2,023,122
Gulfport Energy Corp.*		34,400		364,640
Newfield Exploration Co.*		21,000		1,109,850
TXCO Resources, Inc.*		3,800		47,044
Warren Resources, Inc.*		56,500		670,655
				7,705,294
Personal Products (1.9%)
Alberto-Culver Co.		30,100		825,041
Bare Escentuals, Inc.*(a)		47,300		1,107,766
				1,932,807
Pharmaceuticals (1.7%)
Caraco Pharmaceutical Laboratories Ltd.*		25,100		450,545
Obagi Medical Products, Inc.*		46,300		401,884
Sciele Pharma, Inc.*		45,748		892,086
				1,744,515
Road & Rail (4.3%)
J.B. Hunt Transport Services, Inc.		67,800		2,130,954
Kansas City Southern*		58,350		2,340,418
				4,471,372
Semiconductors & Semiconductor Equipment (4.0%)
Anadigics, Inc.*		69,000		452,640
Atheros Communications, Inc.*		44,900		935,716
AuthenTec, Inc.*		27,800		276,332
Cavium Networks, Inc.*		12,400		203,360
Netlogic Microsystems, Inc.*		28,200		680,748
O2Micro International Ltd.*		81,200		627,676
Sigma Designs, Inc.*		44,500		1,008,815
				4,185,287
Software (16.6%)
ArcSight, Inc.*		47,400		327,534
Blackbaud, Inc.		91,800		2,228,904
Blackboard, Inc.*		53,600		1,786,488
BladeLogic, Inc.*(a)		32,200		903,210
Commvault Systems, Inc.*		41,100		509,640
Concur Technologies, Inc.*		55,800		1,732,590
Double-Take Software, Inc.*		50,300		587,504
EPIQ Systems, Inc.*(a)		64,415		999,721
FactSet Research Systems, Inc.		30,475		1,641,688
FalconStor Software, Inc.*		87,900		668,919
Interactive Intelligence, Inc.*		36,200		426,074
MICROS Systems, Inc.*		46,200		1,555,092
Phoenix Technologies Ltd.*		53,800		842,508
PROS Holdings, Inc.*		43,100		540,905
Synchronoss Technologies, Inc.*		48,900		979,467
Taleo Corp., Class A*		22,300		432,620
Ultimate Software Group, Inc.*		15,100		453,906
Vasco Data Security International, Inc.*		48,700		666,216
				17,282,986
Specialty Retail (1.7%)
O’Reilly Automotive, Inc.*		50,600		1,443,112
Zumiez, Inc.*(a)		24,000		376,560
				1,819,672
Textiles, Apparel & Luxury Goods (1.8%)
Iconix Brand Group, Inc.*		43,600		756,460
Lululemon Athletica, Inc.*(a)		22,800		648,204
Volcom, Inc.*		25,500		515,355
				1,920,019
Total Common Stocks				99,861,589
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (4.8%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $3,093,791, collateralized by U.S. Government Agency Mortgages with a market value of $3,155,439	$	3,093,568	$	3,093,568
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,939,393, collateralized by U.S. Government Agency Mortgages with a market value of $1,978,038		1,939,253		1,939,253
Total Repurchase Agreements				5,032,821
Securities Purchased With Collateral For Securities On Loan (13.0%)
Repurchase Agreement (13.0%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $13,530,715, collateralized by U.S. Government Agency Mortgages with a market value of $13,800,371		13,529,776		13,529,776
Total Securities Purchased With Collateral For Securities On Loan				13,529,776
Total Investments
(Cost $113,999,394) (b) — 113.7%				118,424,186
Liabilities in excess of other assets — (13.7)%				(14,310,777	)
NET ASSETS — 100.0%			$	104,113,409

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
CN	China
KR	Korea

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Gartmore NVIT Worldwide Leaders Fund

	Shares		Value
Common Stocks (100.3%)
Brazil (3.0%)
Oil, Gas & Consumable Fuels (3.0%)
Petroleo Brasileiro SA ADR		15,000	$	1,270,350
Finland (2.8%)(a)
Communications Equipment (2.8%)
Nokia OYJ		37,400		1,180,627
France (5.4%)(a)
Machinery (2.2%)
Vallourec SA		3,800		921,577
Metals & Mining (3.2%)
ArcelorMittal		16,400		1,341,222
				2,262,799
Germany (4.7%)(a)
Chemicals (2.1%)
Bayer AG		10,900		873,659
Electric Utility (2.6%)
E. ON AG		5,900		1,100,306
				1,973,965
Hong Kong (4.4%)(a)
Industrial Conglomerate (1.8%)
Citic Pacific Ltd.		177,000		757,725
Real Estate Management & Development (2.6%)
Cheung Kong Holdings Ltd.		76,000		1,094,197
				1,851,922
Israel (2.0%)
Pharmaceutical (2.0%)
Teva Pharmaceutical Industries Ltd. ADR		18,800		868,372
Italy (3.4%)(a) (b)
Automobiles (3.4%)
Fiat SpA		61,200		1,417,942
Japan (2.4%)(a)
Tobacco (2.4%)
Japan Tobacco, Inc.		201		1,005,703
Spain (3.8%)(a)
Diversified Telecommunication Services (2.1%)
Telefonica SA		31,200		896,358
Electrical Equipment (1.7%)
Gamesa Corp. Tecnologica SA		15,200		693,840
				1,590,198
Switzerland (13.1%)(a)
Capital Markets (3.3%)
Julius Baer Holding AG		18,900		1,395,377
Electrical Equipment (5.0%)
ABB Ltd.		77,800		2,097,302
Food Products (4.8%)
Nestle SA		4,110		2,054,767
				5,547,446
United Kingdom (15.8%)(a)
Airline (1.8%)
British Airways PLC*		166,586		774,779
Commercial Bank (1.0%)
Royal Bank of Scotland Group PLC		65,400		438,072
Food & Staples Retailing (3.0%)
Tesco PLC		169,000		1,273,527
Metals & Mining (5.9%)
BHP Billiton PLC		36,000		1,060,207
Rio Tinto PLC		13,800		1,434,007
				2,494,214
Wireless Telecommunication Services (4.1%)
Vodafone Group PLC		574,300		1,706,852
				6,687,444
United States (39.5%)
Aerospace & Defense (5.5%)
Boeing Co. (The)		11,230		835,175
Lockheed Martin Corp.		14,850		1,474,605
				2,309,780
Biotechnology (2.5%)
Gilead Sciences, Inc.*		20,700		1,066,671
Chemicals (2.0%)
Mosaic Co. (The)*		8,100		831,060
Computers & Peripherals (3.6%)
Apple, Inc.*		10,700		1,535,450
Diversified Financial Services (3.2%)
JPMorgan Chase & Co.		31,900		1,370,105
Diversified Telecommunication Services (3.1%)
AT&T, Inc.		34,000		1,302,200
Energy Equipment & Services (3.1%)
Transocean, Inc.*		9,556		1,291,971
Hotels, Restaurants & Leisure (4.9%)
McDonald’s Corp.		37,000		2,063,490
Machinery (3.0%)
Deere & Co.		15,900		1,278,996
Oil, Gas & Consumable Fuels (6.3%)
Apache Corp.		10,800		1,304,856
Hess Corp.		15,400		1,357,972
				2,662,828
Software (2.3%)
Oracle Corp.*		49,500		968,220
				16,680,771
Total Common Stocks				42,337,539
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (1.7%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $443,020, collateralized by U.S. Government Agency Mortgages with a market value of $451,847	$	442,988	$	442,988
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $277,714, collateralized by U.S. Government Agency Mortgages with a market value of $283,248		277,694		277,694
Total Repurchase Agreements				720,682
Total Investments (Cost $42,849,693) (c) — 102.0%				43,058,221
Liabilities in excess of other assets — (2.0)%				(834,166	)
NET ASSETS — 100.0%			$	42,224,055

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	All or a part of the security was on loan as of March 31, 2008.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Mid Cap Index Fund

	Shares		Value
Common Stocks (96.6%)
Aerospace & Defense (0.9%)
Alliant Techsystems, Inc.*		37,800	$	3,913,434
BE Aerospace, Inc.*		106,776		3,731,821
DRS Technologies, Inc.		47,700		2,779,956
				10,425,211
Airlines (0.2%)
Airtran Holdings, Inc.*(a)		107,000		706,200
Alaska Air Group, Inc.*		44,200		867,204
JetBlue Airways Corp.*(a)		209,600		1,215,680
				2,789,084
Auto Components (1.0%)
ArvinMeritor, Inc.		84,625		1,058,659
BorgWarner, Inc.		134,300		5,778,929
Gentex Corp.(a)		167,200		2,867,480
Lear Corp.*		89,140		2,309,617
Modine Manufacturing Co.		33,300		482,517
				12,497,202
Automobiles (0.1%)(a)
Thor Industries, Inc.		40,200		1,196,754
Beverages (0.3%)
Hansen Natural Corp.*(a)		69,200		2,442,760
PepsiAmericas, Inc.		66,200		1,690,086
				4,132,846
Biotechnology (1.3%)
Cephalon, Inc.*(a)		77,400		4,984,560
Millennium Pharmaceuticals, Inc.*		372,287		5,755,557
PDL BioPharma, Inc.*		135,400		1,433,886
Vertex Pharmaceuticals, Inc.*		152,690		3,647,764
				15,821,767
Capital Markets (1.4%)
Apollo Investment Corp.(a)		138,933		2,199,309
Eaton Vance Corp.		136,000		4,149,360
Jefferies Group, Inc.		125,300		2,021,089
Raymond James Financial, Inc.		107,725		2,475,521
SEI Investments Co.		142,400		3,515,856
Waddell & Reed Financial, Inc., Class A		97,100		3,119,823
				17,480,958
Chemicals (3.7%)
Airgas, Inc.		95,000		4,319,650
Albemarle Corp.		90,000		3,286,800
Cabot Corp.		75,000		2,100,000
CF Industries Holdings, Inc.		55,850		5,787,177
Chemtura Corp.		271,500		1,992,810
Cytec Industries, Inc.		48,700		2,622,495
Ferro Corp.		47,100		699,906
FMC Corp.		87,300		4,844,277
Lubrizol Corp.		79,200		4,396,392
Minerals Technologies, Inc.		22,500		1,413,000
Olin Corp.		86,100		1,701,336
RPM International, Inc.		140,400		2,939,976
Scotts Miracle-Gro Co. (The), Class A		51,400		1,666,388
Sensient Technologies Corp.		54,600		1,610,154
Terra Industries, Inc.*		106,080		3,769,022
Valspar Corp.		111,000		2,202,240
				45,351,623
Commercial Banks (2.7%)
Associated Bancorp		146,915		3,912,346
Bank of Hawaii Corp.		56,700		2,810,052
Cathay General Bancorp, Inc.(a)		58,000		1,202,340
City National Corp.		46,800		2,314,728
Colonial BancGroup, Inc. (The)(a)		182,200		1,754,586
Cullen/Frost Bankers, Inc.		67,660		3,588,686
First Community Bancorp, Inc.		29,950		804,158
FirstMerit Corp.(a)		93,500		1,931,710
SVB Financial Group*(a)		38,500		1,680,140
Synovus Financial Corp.(a)		379,200		4,193,952
TCF Financial Corp.		124,400		2,229,248
Webster Financial Corp.		62,100		1,730,727
Westamerica Bancorp(a)		34,200		1,798,920
Wilmington Trust Corp.		79,600		2,475,560
				32,427,153
Commercial Services & Supplies (3.8%)
Brink’s Co. (The)		56,100		3,768,798
ChoicePoint, Inc.*		79,733		3,795,291
Copart, Inc.*		81,200		3,147,312
Corporate Executive Board Co.		41,100		1,663,728
Corrections Corp. of America*		146,000		4,017,920
Deluxe Corp.		58,400		1,121,864
Dun & Bradstreet Corp.(a)		66,500		5,411,770
Herman Miller, Inc.		67,800		1,665,846
HNI Corp.(a)		53,400		1,435,926
Kelly Services, Inc., Class A		22,700		466,712
Korn/Ferry International*		50,300		850,070
Manpower, Inc.		93,300		5,249,058
Mine Safety Appliances Co.(a)		33,900		1,396,341
Navigant Consulting, Inc.*(a)		49,780		944,824
Republic Services, Inc.		185,350		5,419,634
Rollins, Inc.		44,450		786,321
Stericycle, Inc.*		100,300		5,165,450
				46,306,865
Communications Equipment (1.9%)
3Com Corp.*		444,500		1,017,905
ADC Telecommunications, Inc.*		136,054		1,643,532
Adtran, Inc.		67,900		1,256,150
Avocent Corp.*		56,000		946,400
CommScope, Inc.*		76,855		2,676,860
Dycom Industries, Inc.*		44,600		535,646
F5 Networks, Inc.*		98,200		1,784,294
Foundry Networks, Inc.*		173,700		2,011,446
Harris Corp.		158,000		7,667,740
Plantronics, Inc.		56,400		1,089,084
Polycom, Inc.*(a)		104,600		2,357,684
				22,986,741
Computers & Peripherals (1.3%)
Diebold, Inc.		76,200		2,861,310
Imation Corp.		38,500		875,490
NCR Corp.*		205,310		4,687,227
Palm, Inc.(a)		122,600		613,000
Western Digital Corp.*		256,200		6,927,648
				15,964,675
Construction & Engineering (1.2%)
Granite Construction, Inc.		39,450		1,290,409
KBR, Inc.		195,860		5,431,198
Quanta Services, Inc.*		197,080		4,566,344
URS Corp.*		94,400		3,085,936
				14,373,887
Construction Materials (0.4%)(a)
Martin Marietta Materials, Inc.		48,280		5,125,888

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Mid Cap Index Fund

	Shares		Value
Common Stocks (continued)
Consumer Finance (0.1%)(a)
AmeriCredit Corp.*		132,290	$	1,332,160
Containers & Packaging (0.8%)
Aptargroup, Inc.		80,500		3,133,865
Packaging Corp. of America		107,600		2,402,708
Sonoco Products Co.		111,400		3,189,382
Temple-Inland, Inc.		122,600		1,559,472
				10,285,427
Diversified Consumer Services (1.4%)
Career Education Corp.*(a)		105,300		1,339,416
Corinthian Colleges, Inc.*		98,500		712,155
DeVry, Inc.		69,100		2,891,144
ITT Educational Services, Inc.*		32,800		1,506,504
Matthews International Corp., Class A		36,020		1,737,965
Regis Corp.		51,300		1,410,237
Service Corp. International		309,600		3,139,344
Sotheby’s(a)		75,700		2,188,487
Strayer Education, Inc.		16,800		2,562,000
				17,487,252
Diversified Telecommunication Services (0.1%)
Cincinnati Bell, Inc.*		288,400		1,228,584
Electric Utilities (1.7%)
DPL, Inc.(a)		131,700		3,376,788
Great Plains Energy, Inc.		99,700		2,457,605
Hawaiian Electric Industries, Inc.(a)		92,400		2,205,588
IDACORP, Inc.(a)		52,500		1,685,775
Northeast Utilities		179,700		4,409,838
Sierra Pacific Resources		271,110		3,424,119
Westar Energy, Inc.		113,500		2,584,395
				20,144,108
Electrical Equipment (1.4%)
Ametek, Inc.		123,250		5,411,907
Hubbell, Inc., Class B		64,500		2,818,005
Roper Industries, Inc.		103,100		6,128,264
Thomas & Betts Corp.*		59,000		2,145,830
				16,504,006
Electronic Equipment & Instruments (2.2%)
Amphenol Corp., Class A		205,100		7,639,975
Arrow Electronics, Inc.*		141,800		4,771,570
Avnet, Inc.*		173,100		5,665,563
Ingram Micro, Inc., Class A*		169,500		2,683,185
Kemet Corp.*(a)		98,500		397,940
National Instruments Corp.		63,050		1,648,127
Tech Data Corp.*		64,300		2,109,040
Vishay Intertechnology, Inc.*		207,450		1,879,497
				26,794,897
Energy Equipment & Services (3.7%)
Exterran Holdings, Inc.*		75,830		4,894,068
FMC Technologies, Inc.*		149,942		8,530,200
Grant Prideco, Inc.*		146,200		7,195,964
Helmerich & Payne, Inc.		119,600		5,605,652
Patterson-UTI Energy, Inc.		173,700		4,547,466
Pride International, Inc.*		192,900		6,741,855
Superior Energy Services*		92,970		3,683,472
Tidewater, Inc.		61,500		3,389,265
				44,587,942
Food & Staples Retailing (0.3%)
BJ’s Wholesale Club, Inc.*		74,200		2,648,198
Ruddick Corp.(a)		40,400		1,489,144
				4,137,342
Food Products (1.2%)
Corn Products International, Inc.		86,470		3,211,496
Hormel Foods Corp.		80,800		3,366,128
JM Smucker Co. (The)		65,967		3,338,590
Lancaster Colony Corp.		23,300		931,068
Smithfield Foods, Inc.*		134,990		3,477,342
Tootsie Roll Industries, Inc.(a)		28,327		713,842
				15,038,466
Health Care Equipment & Supplies (4.3%)
Advanced Medical Optics, Inc.*		70,186		1,424,776
Beckman Coulter, Inc.		72,400		4,673,420
Dentsply International, Inc.		174,600		6,739,560
Edwards Lifesciences Corp.*		65,600		2,922,480
Gen-Probe, Inc.*		62,100		2,993,220
Hill-Rom Holdings, Inc.*		75,020		1,949,770
Hologic, Inc.*		147,500		8,201,000
Intuitive Surgical, Inc.*		44,600		14,466,010
Kinetic Concepts, Inc.*		62,400		2,884,752
Resmed, Inc.*		89,200		3,762,456
STERIS Corp.		73,500		1,972,005
				51,989,449
Health Care Providers & Services (2.8%)
Apria Healthcare Group, Inc.*		50,800		1,003,300
Community Health Systems, Inc.*		110,400		3,706,128
Health Management Associates, Inc., A Shares*		281,250		1,487,813
Health Net, Inc.*		124,400		3,831,520
Henry Schein, Inc.*		103,400		5,935,160
Kindred Healthcare, Inc.*		34,790		760,857
LifePoint Hospitals, Inc.*		67,300		1,848,731
Lincare Holdings, Inc.*		87,730		2,466,090
Omnicare, Inc.		140,300		2,547,848
Psychiatric Solutions, Inc.*(a)		63,600		2,157,312
Universal Health Services, Inc., Class B		61,600		3,307,304
VCA Antech, Inc.*		97,300		2,661,155
WellCare Health Plans, Inc.*		48,190		1,877,001
				33,590,219
Health Care Technology (0.2%)
Cerner Corp.*		76,630		2,856,766
Hotels, Restaurants & Leisure (1.3%)
Bob Evans Farms, Inc.		38,600		1,064,974
Boyd Gaming Corp.(a)		65,100		1,302,000
Brinker International, Inc.		121,140		2,247,147
CBRL Group, Inc.		24,700		883,519
Cheesecake Factory (The)*(a)		82,750		1,803,122
Chipotle Mexican Grill, Inc., Class A*		37,920		4,301,266
International Speedway Corp., Class A		34,400		1,417,280
Life Time Fitness, Inc.*(a)		38,960		1,215,942
Ruby Tuesday, Inc.(a)		61,200		459,000
Scientific Games Corp., A Shares*		75,200		1,587,472
				16,281,722
Household Durables (1.7%)
American Greetings Corp., Class A(a)		63,200		1,172,360
Blyth, Inc.		28,300		558,076

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Mid Cap Index Fund

	Shares		Value
Common Stocks (continued)
Household Durables (continued)
Furniture Brands International, Inc.(a)		55,800	$	652,860
Hovnanian Enterprises, Inc., A Shares*(a)		44,000		466,400
MDC Holdings, Inc.(a)		40,400		1,769,116
Mohawk Industries, Inc.*		63,900		4,575,879
NVR, Inc.*		5,959		3,560,502
Ryland Group, Inc.(a)		48,800		1,605,032
Toll Brothers, Inc.*(a)		146,700		3,444,516
Tupperware Brands Corp.		71,300		2,757,884
				20,562,625
Household Products (0.8%)
Church & Dwight Co., Inc.		76,250		4,135,800
Energizer Holdings, Inc.*		66,360		6,004,253
				10,140,053
Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		68,700		2,297,328
Teleflex, Inc.		45,700		2,180,347
				4,477,675
Insurance (3.9%)
American Financial Group, Inc.		84,250		2,153,430
Arthur J Gallagher & Co.(a)		108,700		2,567,494
Brown & Brown, Inc.		127,400		2,214,212
Commerce Group, Inc.		49,830		1,796,870
Everest Re Group Ltd.		72,900		6,526,737
Fidelity National Financial, Inc., Class A		241,865		4,433,385
First American Corp.(a)		105,900		3,594,246
Hanover Insurance Group, Inc. (The)		57,600		2,369,664
HCC Insurance Holdings, Inc.		132,850		3,014,367
Horace Mann Educators Corp.		50,600		884,488
Mercury General Corp.		41,300		1,830,003
Old Republic International Corp.		266,337		3,438,411
Protective Life Corp.		78,600		3,188,016
StanCorp Financial Group, Inc.		57,300		2,733,783
Unitrin, Inc.		57,300		2,024,982
WR Berkley Corp.		181,350		5,021,581
				47,791,669
Internet & Catalog Retail (0.2%)(a)
NetFlix, Inc.*		53,150		1,841,648
Internet Software & Services (0.3%)
Digital River, Inc.*		46,830		1,450,325
Valueclick, Inc.*		113,500		1,957,875
				3,408,200
IT Services (2.0%)
Acxiom Corp.		76,100		903,307
Alliance Data Systems Corp.*		89,900		4,271,149
Broadridge Financial Solutions, Inc.		157,940		2,779,744
CSG Systems International, Inc.*		42,900		487,773
DST Systems, Inc.*(a)		56,900		3,740,606
Gartner, Inc.*		75,500		1,460,170
Global Payments, Inc.		91,190		3,771,618
Metavante Technologies, Inc.*		100,000		1,999,000
MPS Group, Inc.*		109,600		1,295,472
NeuStar, Inc., Class A*		88,960		2,355,661
SRA International, Inc., Class A*		49,500		1,203,345
				24,267,845
Leisure Equipment & Products (0.1%)(a)
Callaway Golf Co.		77,100		1,131,828
Life Sciences Tools & Services (2.2%)
Affymetrix, Inc.*		79,900		1,391,059
Charles River Laboratories International, Inc.*		78,400		4,620,896
Covance, Inc.*		74,000		6,139,780
Invitrogen Corp.*		53,730		4,592,303
Pharmaceutical Product Development, Inc.		120,700		5,057,330
Techne Corp.*		45,700		3,078,352
Varian, Inc.*		35,200		2,038,784
				26,918,504
Machinery (5.5%)
AGCO Corp.*		105,700		6,329,316
Crane Co.		57,000		2,299,950
Donaldson Co., Inc.		79,900		3,218,372
Federal Signal Corp.		50,200		700,792
Flowserve Corp.		66,200		6,909,956
Graco, Inc.		72,850		2,641,541
Harsco Corp.		97,200		5,382,936
IDEX Corp.		91,030		2,793,711
Joy Global, Inc.		124,600		8,118,936
Kennametal, Inc.		90,200		2,654,586
Lincoln Electric Holdings, Inc.		48,200		3,108,418
Nordson Corp.		38,500		2,073,225
Oshkosh Corp.		85,700		3,109,196
Pentair, Inc.		115,000		3,668,500
SPX Corp.		61,510		6,452,399
Timken Co.		107,400		3,191,928
Trinity Industries, Inc.(a)		94,200		2,510,430
Wabtec Corp.		56,540		2,129,296
				67,293,488
Marine (0.2%)
Alexander & Baldwin, Inc.		49,600		2,136,768
Media (1.0%)
Belo Corp., A Shares		100,980		1,067,359
Entercom Communications Corp., Class A(a)		32,500		322,725
Getty Images, Inc.*		55,240		1,767,680
Harte-Hanks, Inc.		56,250		768,937
John Wiley & Sons, Inc., Class A		49,700		1,973,090
Lamar Advertising Co., Class A*(a)		91,700		3,294,781
Lee Enterprises, Inc.(a)		46,800		468,468
Media General, Inc., Class A(a)		26,800		375,736
Scholastic Corp.*		30,800		932,316
Valassis Communications, Inc.*(a)		56,300		610,855
				11,581,947
Metals & Mining (2.2%)
Carpenter Technology Corp.		56,780		3,177,977
Cleveland-Cliffs, Inc.		52,120		6,245,018
Commercial Metals Co.		136,900		4,102,893
Reliance Steel & Aluminum Co.		74,100		4,435,626
Steel Dynamics, Inc.		219,000		7,235,760
Worthington Industries, Inc.		76,400		1,288,868
				26,486,142
Multi-Utilities (3.4%)
Alliant Energy Corp.		131,400		4,600,314
Aquila, Inc.*		409,100		1,313,211
Black Hills Corp.		43,800		1,567,164
Energy East Corp.		178,890		4,314,827
MDU Resources Group, Inc.		206,850		5,078,167
NSTAR		121,300		3,691,159

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Mid Cap Index Fund

	Shares		Value
Common Stocks (continued)
Multi-Utilities (continued)
OGE Energy Corp.		106,100	$	3,307,137
PNM Resources, Inc.		89,650		1,117,936
Puget Energy, Inc.		146,100		3,779,607
SCANA Corp.		134,600		4,923,668
Vectren Corp.		84,700		2,272,501
Wisconsin Energy Corp.		135,300		5,951,847
				41,917,538
Multiline Retail (0.5%)
99 Cents Only Stores*(a)		55,600		549,884
Dollar Tree, Inc.*		106,250		2,931,437
Saks, Inc.*		163,800		2,042,586
				5,523,907
Natural Gas Utilities (2.3%)
AGL Resources, Inc.		88,600		3,040,752
Energen Corp.		82,900		5,164,670
Equitable Resources, Inc.		141,000		8,304,900
National Fuel Gas Co.		96,400		4,551,044
Oneok, Inc.		120,120		5,360,956
WGL Holdings, Inc.		57,400		1,840,244
				28,262,566
Office Electronics (0.2%)
Zebra Technologies Corp., Class A*		78,700		2,622,284
Oil, Gas & Consumable Fuels (6.1%)
Arch Coal, Inc.		166,100		7,225,350
Bill Barrett Corp.*		36,930		1,744,943
Cimarex Energy Co.		95,290		5,216,175
Denbury Resources, Inc.*		283,000		8,079,650
Encore Acquisition Co.*		62,850		2,531,598
Forest Oil Corp.*		100,470		4,919,011
Frontier Oil Corp.		117,000		3,189,420
Newfield Exploration Co.*		151,800		8,022,630
Overseas Shipholding Group, Inc.		32,430		2,271,397
Pioneer Natural Resources Co.		137,800		6,768,736
Plains Exploration & Production Co.*		130,180		6,917,765
Quicksilver Resources, Inc.*		118,800		4,339,764
Southwestern Energy Co.*		394,600		13,294,074
				74,520,513
Paper & Forest Products (0.1%)
Louisiana-Pacific Corp.		120,010		1,101,692
Personal Products (0.4%)
Alberto-Culver Co.		97,070		2,660,689
NBTY, Inc.*		64,950		1,945,252
				4,605,941
Pharmaceuticals (1.1%)
Endo Pharmaceuticals Holdings, Inc.*		154,760		3,704,954
Medicis Pharmaceutical Corp., Class A		65,200		1,283,788
Par Pharmaceutical Cos., Inc.*		39,900		693,861
Perrigo Co.(a)		89,600		3,380,608
Sepracor, Inc.*		128,900		2,516,128
Valeant Pharmaceuticals International*(a)		105,600		1,354,848
				12,934,187
Real Estate Investment Trusts (REITs) (6.0%)
Alexandria Real Estate Equities, Inc.		36,850		3,416,732
AMB Property Corp.		114,270		6,218,573
BRE Properties, Inc.		58,900		2,683,484
Camden Property Trust		62,600		3,142,520
Cousins Properties, Inc.(a)		43,630		1,078,097
Duke Realty Corp.		168,330		3,839,607
Equity One, Inc.(a)		38,640		926,201
Federal Realty Investment Trust		66,600		5,191,470
Health Care REIT, Inc.		100,300		4,526,539
Highwoods Properties, Inc.		66,400		2,063,048
Hospitality Properties Trust		108,540		3,692,531
Liberty Property Trust(a)		105,900		3,294,549
Macerich Co. (The)		83,700		5,881,599
Mack-Cali Realty Corp.		78,410		2,800,021
Nationwide Health Properties, Inc.(a)		107,420		3,625,425
Potlatch Corp.		45,498		1,877,703
Rayonier, Inc.		90,177		3,917,289
Realty Income Corp.(a)		117,000		2,997,540
Regency Centers Corp.		80,400		5,206,704
UDR, Inc.		155,100		3,803,052
Weingarten Realty Investors		87,700		3,020,388
				73,203,072
Real Estate Management & Development (0.2%)
Jones Lang LaSalle, Inc.		35,830		2,771,092
Road & Rail (1.0%)
Avis Budget Group, Inc.*		120,540		1,280,135
Con-way, Inc.		52,000		2,572,960
JB Hunt Transport Services, Inc.		101,400		3,187,002
Kansas City Southern*		88,900		3,565,779
Werner Enterprises, Inc.(a)		54,350		1,008,736
YRC Worldwide, Inc.*(a)		66,000		865,920
				12,480,532
Semiconductors & Semiconductor Equipment (2.3%)
Atmel Corp.*		504,100		1,754,268
Cree, Inc.*(a)		98,800		2,762,448
Cypress Semiconductor Corp.*		178,980		4,225,718
Fairchild Semiconductor International, Inc.*		144,300		1,720,056
Integrated Device Technology, Inc.*		220,230		1,966,654
International Rectifier Corp.*		84,000		1,806,000
Intersil Corp., Class A		149,700		3,842,799
Lam Research Corp.*		143,680		5,491,450
RF Micro Devices, Inc.*		336,300		894,558
Semtech Corp.*		74,900		1,073,317
Silicon Laboratories, Inc.*		63,100		1,990,174
TriQuint Semiconductor, Inc.*		164,691		833,336
				28,360,778
Software (2.9%)
ACI Worldwide, Inc.*(a)		41,500		826,680
Activision, Inc.*		339,200		9,263,552
Advent Software, Inc.*		20,700		882,234
Cadence Design Systems, Inc.*		315,800		3,372,744
Fair Isaac Corp.(a)		58,320		1,255,047
Jack Henry & Associates, Inc.		91,200		2,249,904
Macrovision Corp.*(a)		61,600		831,600
McAfee, Inc.*		187,300		6,197,757
Mentor Graphics Corp.*		101,100		892,713
Parametric Technology Corp.*		134,090		2,142,758
Sybase, Inc.*		103,700		2,727,310
Synopsys, Inc.*		167,300		3,799,383
Wind River Systems, Inc.*		89,700		694,278
				35,135,960
Specialty Retail (4.1%)
Advance Auto Parts, Inc.		111,450		3,794,872

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Mid Cap Index Fund

	Shares		Value
Common Stocks (continued)
Specialty Retail (continued)
Aeropostale, Inc.*		77,450	$	2,099,670
American Eagle Outfitters, Inc.		246,300		4,312,713
AnnTaylor Stores Corp.*		71,120		1,719,682
Barnes & Noble, Inc.		55,800		1,710,270
Borders Group, Inc.(a)		68,800		403,856
Carmax, Inc.*(a)		251,300		4,880,246
Charming Shoppes, Inc.*(a)		136,800		660,744
Chico’s FAS, Inc.*		195,800		1,392,138
Coldwater Creek, Inc.*(a)		70,900		358,045
Collective Brands, Inc.*(a)		76,100		922,332
Dick’s Sporting Goods, Inc.*		96,240		2,577,307
Foot Locker, Inc.		178,900		2,105,653
Guess?, Inc.		63,200		2,557,704
O’Reilly Automotive, Inc.*		133,000		3,793,160
Pacific Sunwear Of California*		82,400		1,039,064
PetSmart, Inc.		148,600		3,037,384
Rent-A-Center, Inc.*		77,900		1,429,465
Ross Stores, Inc.		156,500		4,688,740
Urban Outfitters, Inc.*		130,300		4,084,905
Williams-Sonoma, Inc.		101,900		2,470,056
				50,038,006
Textiles, Apparel & Luxury Goods (0.7%)
Hanesbrands, Inc.*		110,100		3,214,920
Phillips-Van Heusen Corp.		65,300		2,476,176
Timberland Co., Class A*		53,300		731,809
Warnaco Group, Inc. (The)*		52,820		2,083,221
				8,506,126
Thrifts & Mortgage Finance (1.2%)
Astoria Financial Corp.		94,650		2,570,694
First Niagara Financial Group, Inc.		123,000		1,671,570
IndyMac Bancorp, Inc.(a)		93,100		461,776
New York Community Bancorp, Inc.		374,928		6,831,188
PMI Group, Inc. (The)(a)		94,500		549,990
Radian Group, Inc.(a)		93,700		615,609
Washington Federal, Inc.		101,489		2,318,009
				15,018,836
Tobacco (0.2%)
Universal Corp.		31,800		2,083,854
Trading Companies & Distributors (1.1%)
Fastenal Co.		145,400		6,678,222
GATX Corp.		55,600		2,172,292
MSC Industrial Direct Co., Class A		55,100		2,327,975
United Rentals, Inc.*		84,500		1,591,980
				12,770,469
Water Utility (0.2%)(a)
Aqua America, Inc.		154,100		2,893,998
Wireless Telecommunication Services (0.4%)
Telephone & Data Systems, Inc.		105,300		4,135,131
Telephone & Data Systems, Inc., Special Shares		17,000		634,100
				4,769,231
Total Common Stocks				1,176,697,968
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (3.1%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $23,311,650, collateralized by U.S. Government Agency Mortgages with a market value of $23,776,166	$	23,309,966	$	23,309,966
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $14,613,283, collateralized by U.S. Government Agency Mortgages with a market value of $14,904,472		14,612,228		14,612,228
Total Repurchase Agreements				37,922,194
Securities Purchased With Collateral For Securities On Loan (7.5%)
Repurchase Agreement (7.5%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $91,501,037, collateralized by U.S. Government Agency Mortgages with a market value of $93,324,577		91,494,684		91,494,684
Total Securities Purchased With Collateral For Securities On Loan				91,494,684
Total Investments (Cost $1,332,065,377) (b) — 107.2%				1,306,114,846
Liabilities in excess of other assets — (7.2)%				(87,878,693	)
NET ASSETS — 100.0%			$	1,218,236,153

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

At March 31, 2008, the Fund’s open futures contracts were as follows:

Number			Market Value	Unrealized
of Contracts	Long Contracts	Expiration	Covered By Contracts	Appreciation/Depreciation
514	S&P 400 Futures	06/20/08	40,169,100	863,707

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Global Technology and Communications Fund

	Shares		Value
Common Stocks (93.8%)
Chemicals (0.5%)(a)
Calgon Carbon Corp.*		14,794	$	222,650
Commercial Services & Supplies (0.5%)(a)
Innerworkings, Inc.*		16,500		231,495
Communications Equipment (19.8%)
Cisco Systems, Inc.*		92,909		2,238,178
Comverse Technology, Inc.*		20,037		308,570
Finisar Corp.*(a)		408,228		522,532
Foundry Networks, Inc.*		15,873		183,809
Infinera Corp.*		16,410		196,920
Juniper Networks, Inc.*		19,797		494,925
Network Equipment Technologies, Inc.*		21,800		143,226
Neutral Tandem, Inc.*		14,582		262,622
Nokia OYJ ADR FI		25,382		807,909
Opnext, Inc.*		26,000		141,700
QUALCOMM, Inc.		39,577		1,622,657
Research In Motion Ltd.*		10,746		1,206,023
Sycamore Networks, Inc.*		87,000		318,420
				8,447,491
Computers & Peripherals (20.8%)
Apple, Inc.*		24,237		3,478,009
Brocade Communications Systems, Inc.*		19,700		143,810
Dell, Inc.*		22,137		440,969
EMC Corp.*		27,878		399,771
Hewlett-Packard Co.		33,056		1,509,337
International Business Machines Corp.		15,289		1,760,375
NetApp, Inc.*		11,822		237,031
SanDisk Corp.*		39,645		894,788
				8,864,090
Diversified Financial Services (1.2%)
IntercontinentalExchange, Inc.*		3,853		502,816
Electrical Equipment (0.6%)(a)
Orion Energy Systems, Inc.*		25,166		240,084
Electronic Equipment & Instruments (1.0%)
Dolby Laboratories, Inc., Class A*		11,738		425,620
Internet & Catalog Retail (2.5%)
Amazon.Com, Inc.*		7,638		544,590
Expedia, Inc.*		13,543		296,456
Priceline.com, Inc.*		1,727		208,725
				1,049,771
Internet Software & Services (10.4%)
Akamai Technologies, Inc.*		10,812		304,466
Alibaba.com Ltd.*(b)		386,950		801,505
eBay, Inc.*		29,488		879,922
Equinix, Inc.*		3,583		238,234
Google, Inc., Class A*		2,465		1,085,758
Mercadolibre, Inc.*(a)		10,559		419,826
Omniture, Inc.*		15,900		369,039
Vocus, Inc.*		12,455		328,812
				4,427,562
IT Services (1.3%)
Cognizant Technology Solutions Corp., Class A*		13,735		395,980
Wright Express Corp.*		4,887		150,178
				546,158
Semiconductors & Semiconductor Equipment (19.4%)
Advanced Energy Industries, Inc.*		15,554		206,246
Aixtron AG ADR DE*(a)		33,414		457,772
Applied Materials, Inc.		10,309		201,128
ATMI, Inc.*		8,395		233,633
AuthenTec, Inc.*		30,904		307,186
Elpida Memory, Inc.*(c)		12,530		422,742
Entegris, Inc.*		28,828		207,273
Fairchild Semiconductor International, Inc.*		27,650		329,588
Integrated Device Technology, Inc.*		47,657		425,577
Intel Corp.		118,371		2,507,098
KLA-Tencor Corp.		8,630		320,173
Marvell Technology Group Ltd.*		68,803		748,577
MediaTek, Inc.(c)		38,650		513,530
MKS Instruments, Inc.*		11,978		256,329
Teradyne, Inc.*		16,700		207,414
Tessera Technologies, Inc.*		19,020		395,616
Texas Instruments, Inc.		11,951		337,855
Verigy Ltd. ADR*		10,726		202,078
				8,279,815
Software (13.3%)
Citrix Systems, Inc.*		8,923		261,712
Concur Technologies, Inc.*		9,302		288,827
Electronic Arts, Inc.*		4,363		217,801
Microsoft Corp.		101,114		2,869,615
Oracle Corp.*		91,618		1,792,048
Synchronoss Technologies, Inc.*		11,050		221,332
				5,651,335
Wireless Telecommunication Services (2.5%)
American Tower Corp., Class A*		14,691		576,034
Clearwire Corp., Class A*(a)		31,680		469,181
				1,045,215
Total Common Stocks				39,934,102
Exchange Traded Funds (1.0%)
Powershares QQQ		9,393		410,662
	Principal
	Amount		Value
Repurchase Agreements (3.6%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $950,626, collateralized by U.S. Government Agency Mortgages with a market value of $969,569	$	950,558	$	950,558
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $595,915, collateralized by U.S. Government Agency Mortgages with a market value of $607,790		595,872		595,872
Total Repurchase Agreements				1,546,430

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Global Technology and Communications Fund

	Principal
	Amount		Value
Securities Purchased With Collateral For Securities On Loan (5.4%)
Repurchase Agreement (5.4%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $2,298,828, collateralized by U.S. Government Agency Mortgages with a market value of $2,344,641	$	2,298,668	$	2,298,668
Total Securities Purchased With Collateral For Securities On Loan				2,298,668
Total Investments (Cost $45,158,849) (d) — 103.8%				44,189,862
Liabilities in excess of other assets — (3.8)%				(1,623,681	)
NET ASSETS — 100.0%			$	42,566,181

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	Illiquid security.
(c)	Fair Valued Security.
(d)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
DE	Germany
FI	Finland
IT	Italy

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Health Sciences Fund

	Shares		Value
Common Stocks (99.5%)
Biotechnology (15.8%)
Amgen, Inc.*		20,030	$	836,853
Amylin Pharmaceuticals, Inc.*		12,730		371,843
Array BioPharma, Inc.*		40,690		285,237
Biogen Idec, Inc.*		10,600		653,914
Celgene Corp.*		9,050		554,675
Cephalon, Inc.*		6,100		392,840
Dyax Corp.*(a)		60,650		285,662
Enzon Pharmaceuticals, Inc.*(a)		17,970		165,504
Genentech, Inc.*		6,800		552,024
Genzyme Corp.*		4,680		348,847
Gilead Sciences, Inc.*		51,366		2,646,890
ImClone Systems, Inc.*		3,790		160,772
Nanosphere, Inc.*		16,440		142,370
United Therapeutics Corp.*		6,600		572,220
				7,969,651
Chemicals (0.8%)
Sigma-Aldrich Corp.		6,330		377,584
Commercial Services & Supplies (0.9%)
Stericycle, Inc.*		8,900		458,350
Food & Staples Retailing (1.7%)
CVS Caremark Corp.		21,078		853,870
Health Care Equipment & Supplies (19.0%)
Baxter International, Inc.		31,160		1,801,671
Becton, Dickinson & Co.		3,810		327,089
Boston Scientific Corp.*		50,630		651,608
Covidien Ltd.		9,400		415,950
Dentsply International, Inc.		11,680		450,848
Hologic, Inc.*		12,800		711,680
IDEXX Laboratories, Inc.*		10,220		503,437
Insulet Corp.*(a)		21,290		306,576
Inverness Medical Innovations, Inc.*(a)		7,090		213,409
Masimo Corp.*		10,720		278,720
Medtronic, Inc.		38,790		1,876,272
St. Jude Medical, Inc.*		7,870		339,905
Stryker Corp.		7,890		513,245
TomoTherapy, Inc.*		13,520		194,012
Wright Medical Group, Inc.*		7,650		184,671
Xtent, Inc.*		18,410		92,050
Zimmer Holdings, Inc.*		9,650		751,349
				9,612,492
Health Care Providers & Services (12.6%)
Aetna, Inc.		27,300		1,149,057
Cardinal Health, Inc.		10,546		553,771
CIGNA Corp.		12,040		488,463
Coventry Health Care, Inc.*		4,910		198,119
Express Scripts, Inc.*		6,400		411,648
Humana, Inc.*		5,930		266,020
IPC The Hospitalist Co., Inc.*		7,510		148,548
McKesson Corp.		10,520		550,932
Medco Health Solutions, Inc.*		13,710		600,361
Quest Diagnostics, Inc.		6,990		316,437
Skilled Healthcare Group, Inc., Class A*		5,190		56,986
UnitedHealth Group, Inc.		33,340		1,145,562
WellPoint, Inc.*		11,500		507,495
				6,393,399
Health Care Technology (0.3%)
Eclipsys Corp.*		8,390		164,528
Life Sciences Tools & Services (7.5%)
Applera Corp. — Applied Biosystems Group		11,070		363,760
Bruker Corp.*		13,380		205,918
Charles River Laboratories International, Inc.*		8,750		515,725
Covance, Inc.*		5,629		467,038
Illumina, Inc.*		6,450		489,555
PerkinElmer, Inc.		20,440		495,670
Thermo Fisher Scientific, Inc.*		16,910		961,165
Waters Corp.*		5,490		305,793
				3,804,624
Pharmaceuticals (40.3%)
Abbott Laboratories		37,330		2,058,750
Allergan, Inc.		12,620		711,642
Bristol-Myers Squibb Co.		76,550		1,630,515
Eli Lilly & Co.		17,980		927,588
Johnson & Johnson		56,358		3,655,943
Merck & Co., Inc.		91,456		3,470,755
Perrigo Co.		17,440		658,011
Pfizer, Inc.		128,042		2,679,919
Schering-Plough Corp.		68,878		992,532
Sepracor, Inc.*		13,630		266,058
Teva Pharmaceutical Industries Ltd. ADR — IL		26,330		1,216,183
Valeant Pharmaceuticals International*		30,830		395,549
Viropharma, Inc.*(a)		63,410		566,885
Wyeth		27,845		1,162,807
				20,393,137
Real Estate Investment Trust (REIT) (0.6%)
Health Care REIT, Inc.		6,730		303,725
Total Common Stocks				50,331,360
	Principal
	Amount		Value
Repurchase Agreements (0.1%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $34,250, collateralized by U.S. Government Agency Mortgages with a market value of $34,932	$	34,247	$	34,247
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $21,470, collateralized by U.S. Government Agency Mortgages with a market value of $21,898		21,469		21,469
Total Repurchase Agreements				55,716
Securities Purchased With Collateral For Securities On Loan (2.5%)
Repurchase Agreement (2.5%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $1,253,186, collateralized by U.S. Government Agency Mortgages with a market value of $1,278,160		1,253,098		1,253,098

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Health Sciences Fund

	Value
Securities Purchased With Collateral For Securities On Loan (continued)
Total Securities Purchased With Collateral For Securities On Loan		1,253,098
Total Investments (Cost $55,555,110) (b) — 102.1%		51,640,174
Liabilities in excess of other assets — (2.1)%		(1,043,841	)
NET ASSETS — 100.0%	$	50,596,333

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of March 31, 2008.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
IL	Israel
REIT	Real Estate Investment Trust

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Nationwide Leaders Fund

	Shares		Value
Common Stocks (95.1%)
Aerospace & Defense (6.6%)
Alliant Techsystems, Inc.*		2,550	$	264,001
Boeing Co. (The)		12,100		899,877
Northrop Grumman Corp.		5,000		389,050
				1,552,928
Capital Markets (5.4%)
Bank of New York Mellon Corp.		20,500		855,465
Lehman Brothers Holdings, Inc.		11,000		414,040
				1,269,505
Chemicals (7.8%)
C.F. Industries Holdings, Inc.		5,900		611,358
Monsanto Co.		7,700		858,550
Potash Corp. of Saskatchewan, Inc.		2,400		372,504
				1,842,412
Commercial Bank (5.8%)
National Bank of Greece S.A. ADR GR		130,923		1,382,547
Communications Equipment (10.6%)
Research In Motion Ltd.*		22,400		2,513,952
Consumer Finance (4.6%)
Capital One Financial Corp.		10,000		492,200
Visa, Inc., Class A*		9,560		596,162
				1,088,362
Diversified Financial Services (4.6%)
CME Group, Inc.		818		383,724
NYSE Euronext		11,638		718,181
				1,101,905
Diversified Telecommunication Services (1.9%)
AT&T, Inc.		11,500		440,450
Electric Utility (1.0%)
Southern Co.		6,900		245,709
Electrical Equipment (1.5%)
Sunpower Corp., Class A*		4,790		356,903
Electronic Equipment & Instruments (3.4%)
Avnet, Inc.*		24,810		812,031
Food Products (4.1%)
Bunge Ltd.		11,100		964,368
Hotels, Restaurants & Leisure (4.8%)
Brinker International, Inc.		61,400		1,138,970
Household Durables (1.4%)
Lennar Corp., Class A		18,110		340,649
Life Sciences Tools & Services (1.2%)
Waters Corp.*		4,956		276,049
Machinery (4.7%)
Deere & Co.		13,800		1,110,072
Metals & Mining (5.9%)
Freeport-McMoRan Copper & Gold, Inc.		1,600		153,952
Nucor Corp.		9,300		629,982
Southern Copper Co.		5,877		610,209
				1,394,143
Oil, Gas & Consumable Fuels (4.5%)
Occidental Petroleum Corp.		14,470		1,058,770
Pharmaceutical (5.8%)
Pfizer, Inc.		65,500		1,370,915
Specialty Retail (6.8%)
Abercrombie & Fitch Co., Class A		13,900		1,016,646
Guess?, Inc.		15,000		607,050
				1,623,696
Wireless Telecommunication Services (2.7%)
Vodafone Group PLC ADR GB		21,400		631,514
Total Common Stocks				22,515,850
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (0.3%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $45,338, collateralized by U.S. Government Agency Mortgages with a market value of $46,241	$	45,334	$	45,334
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $28,421, collateralized by U.S. Government Agency Mortgages with a market value of $28,987		28,419		28,419
Total Repurchase Agreements				73,753
Total Investments (Cost $23,006,924) (a) — 95.4%				22,589,603
Other assets in excess of liabilities — 4.6%				1,077,950
NET ASSETS — 100.0%			$	23,667,553

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
GB	United Kingdom
GR	Greece

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund

	Shares		Value
Common Stocks (89.7%)
Argentina (0.7%)
Energy Equipment & Services (0.7%)
Tenaris SA ADR		53,500	$	2,666,975
Bermuda (0.9%)
Commercial Bank (0.9%)
Credicorp Ltd.		53,989		3,873,171
Brazil (16.6%)
Beverages (1.0%)
Cia de Bebidas das Americas Preferred Shares ADR		51,941		3,924,143
Commercial Banks (2.3%)
Banco Bradesco SA, Preferred Shares		187,778		5,219,029
Unibanco — Uniao de Bancos Brasileiros SA GDR		37,700		4,397,328
				9,616,357
Diversified Telecommunication Services (1.3%)
Brasil Telecom Participacoes SA ADR		79,400		5,197,524
Electric Utility (1.5%)
MPX Energia SA*		11,900		6,207,811
Metals & Mining (3.6%)
Companhia Vale do Rio Doce, Preferred Shares, Class A		447,416		12,909,763
Usinas Siderurgicas de Minas Gerais SA, Preferred Shares, Class A		35,200		1,971,320
				14,881,083
Multiline Retail (1.7%)
Lojas Renner SA		365,400		6,799,690
Oil, Gas & Consumable Fuels (4.2%)
Petroleo Brasileiro SA ADR		23,500		2,399,585
Petroleo Brasileiro SA, Preferred Shares ADR		173,638		14,705,402
				17,104,987
Transportation Infrastructure (1.0%)
Companhia de Concessoes Rodoviarias		284,639		4,219,278
				67,950,873
China (7.4%)
Commercial Bank (2.0%)(a) (b)
China Construction Bank Corp., Class H		10,525,000		7,950,381
Construction Materials (1.2%)(a) (b)
Anhui Conch Cement Co. Ltd.		722,000		5,015,617
Electrical Equipment (0.5%)
Suntech Power Holdings Co. Ltd. ADR*		53,400		2,165,904
Insurance (0.8%)(a) (b)
Ping An Insurance (Group) Co. of China Ltd.		437,500		3,142,877
Internet Software & Services (0.3%)(b) (c)
Alibaba.com Ltd.*		597,500		1,237,626
Media (0.6%)
Focus Media Holding Ltd. ADR*		69,200		2,432,380
Oil, Gas & Consumable Fuels (1.7%)(a) (b)
China Shenhua Energy Co. Ltd.		932,000		3,774,418
PetroChina Co. Ltd.		2,523,000		3,159,047
				6,933,465
Textiles, Apparel & Luxury Goods (0.3%)(a)
China Dongxiang Group Co.*		2,468,243		1,332,293
				30,210,543
Czech Republic (2.2%)(a)
Electric Utility (2.2%)
CEZ AS*		115,729		8,874,004
Hong Kong (7.8%)(a)
Chemicals (0.8%)(b)
Sinofert Holdings Ltd.		3,309,800		3,086,523
Independent Power Producers & Energy Traders (1.0%)
China Resources Power Holdings Co.		2,094,300		4,163,968
Marine (1.2%)(b)
Pacific Basin Shipping Ltd.		3,033,000		5,044,876
Oil, Gas & Consumable Fuels (0.8%)
CNOOC Ltd.		2,325,000		3,425,305
Real Estate Management & Development (1.1%)
Agile Property Holdings Ltd.		2,000		2,136
Shimao Property Holdings Ltd.		2,423,700		4,415,462
				4,417,598
Wireless Telecommunication Services (2.9%)
China Mobile Ltd.		776,300		11,664,057
				31,802,327
India (0.8%)
IT Services (0.8%)
Satyam Computer Services Ltd. ADR		148,740		3,360,037
Indonesia (1.9%)(a)
Automobiles (1.2%)
PT Astra International Tbk		1,875,000		4,980,582
Commercial Bank (0.7%)
Bank Central Asia Tbk PT		8,135,500		2,894,063
				7,874,645
Israel (1.7%)
Chemicals (0.7%)(a)
Makhteshim-Agan Industries Ltd.		402,617		2,954,599
Pharmaceutical (1.0%)
Teva Pharmaceutical Industries Ltd. ADR		88,200		4,073,958
				7,028,557
Kazakhstan (1.2%)(a)
Oil, Gas & Consumable Fuels (1.2%)
KazMunaiGas Exploration Production GDR		194,850		4,883,776
Malaysia (2.0%)(a)
Commercial Bank (1.1%)
Bumiputra Commerce Holdings Bhd		1,458,800		4,567,490
Diversified Telecommunication Services (0.8%)
Telekom Malaysia Bhd		993,400		3,308,428
Food Products (0.1%)
IOI Corp. Bhd		182,640		407,516
				8,283,434
Mexico (5.8%)
Commercial Bank (1.1%)(b)
Grupo Financiero Banorte SAB de CV		1,025,319		4,455,982

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund

	Shares		Value
Common Stocks (continued)
Mexico (continued)
Food & Staples Retailing (0.7%)(b)
Wal-Mart de Mexico SAB de CV, Series V		702,307	$	2,961,778
Metals & Mining (2.0%)
Grupo Mexico SAB de CV, Series B		679,339		4,512,500
Industrias CH SAB de CV, Series B*		857,500		3,404,344
				7,916,844
Wireless Telecommunication Services (2.0%)
America Movil SA de CV, Series L ADR		129,766		8,264,797
				23,599,401
Morocco (0.2%)(a)
Real Estate Management & Development (0.2%)
Compagnie Generale Immobiliere*		3,289		1,018,067
Poland (0.7%)(a)
Diversified Telecommunication Services (0.7%)
Telekomunikacja Polska SA		292,697		2,918,068
Republic of Korea (11.8%)(a)
Building Products (0.5%)
KCC Corp.		4,976		2,308,590
Chemicals (1.0%)
LG Chem Ltd.		53,656		4,025,300
Commercial Banks (1.8%)
Industrial Bank of Korea		303,700		4,501,515
Shinhan Financial Group Co. Ltd.		53,300		2,816,496
				7,318,011
Construction & Engineering (0.8%)
Hyundai Development Co.		48,888		3,362,250
Insurance (1.1%)
Samsung Fire & Marine Insurance Co. Ltd.*		21,724		4,504,895
Machinery (1.8%)
Hanjin Heavy Industries & Construction Co. Ltd.		64,663		4,102,775
Hyundai Heavy Industries		8,514		3,204,368
				7,307,143
Metals & Mining (1.7%)
POSCO		14,338		6,865,303
Semiconductors & Semiconductor Equipment (3.1%)
Samsung Electronics Co. Ltd.		13,654		8,636,321
Samsung Electronics Co. Ltd. GDR		17,697		3,933,158
				12,569,479
				48,260,971
Russian Federation (11.9%)
Automobiles (1.5%)(a)
Severstal-Avto*		97,606		5,920,495
Chemicals (0.9%)(a)
Uralkali GDR*		84,974		3,477,774
Commercial Bank (1.8%)(a)
Sberbank		2,292,900		7,197,299
Metals & Mining (1.6%)
Chelyabinsk Zinc Plant*(a)		44,200		450,840
MMC Norilsk Nickel ADR		216,500		6,094,475
				6,545,315
Oil, Gas & Consumable Fuels (4.1%)(a)
Gazprom OAO ADR		331,293		16,895,943
Transportation Infrastructure (0.2%)
Novorossiysk Commercial Sea Port GDR*		64,792		978,359
Wireless Telecommunication Services (1.8%)
Mobile Telesystems OJSC ADR		98,701		7,486,471
				48,501,656
South Africa (4.8%)(a)
Commercial Bank (0.7%)
ABSA Group Ltd.		225,465		2,829,132
Industrial Conglomerate (1.0%)
Barloworld Ltd.		290,900		3,877,565
Metals & Mining (1.0%)
Impala Platinum Holdings Ltd.		108,940		4,217,095
Oil, Gas & Consumable Fuels (0.7%)
Sasol Ltd.		62,284		3,003,349
Wireless Telecommunication Services (1.4%)
MTN Group Ltd.		371,776		5,658,504
				19,585,645
Taiwan (7.1%)
Chemicals (0.8%)(a)
Nan Ya Plastics Corp.		1,293,900		3,231,223
Computers & Peripherals (1.0%)
InnoLux Display Corp.(a)		367,000		981,147
InnoLux Display Corp. GDR*		562,200		2,957,172
				3,938,319
Construction Materials (0.9%)(a)
Taiwan Cement Corp.		1,834,198		3,589,226
Electronic Equipment & Instruments (1.0%)(a)
Delta Electronics, Inc.		210		622
HON HAI Precision Industry Co. Ltd.		691,080		3,979,799
				3,980,421
Insurance (0.0%)(a)
Shin Kong Financial Holding Co. Ltd.		239,732		181,382
Semiconductors & Semiconductor Equipment (3.4%)
Advanced Semiconductor Engineering, Inc.(a)		4,266,070		4,183,597
Taiwan Semiconductor Manufacturing Co. Ltd.(a)		3,584,112		7,419,310
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		222,911		2,289,296
				13,892,203
				28,812,774
Thailand (2.8%)
Oil, Gas & Consumable Fuels (2.8%)
Banpu PCL		584,064		7,766,402
PTT Exploration & Production PCL NVDR(a)		739,300		3,567,141
				11,333,543
Turkey (1.4%)(a)
Commercial Bank (0.7%)
Turkiye Vakiflar Bankasi Tao, Class D		1,504,209		2,753,191
Wireless Telecommunication Services (0.7%)
Turkcell Iletisim Hizmet AS*		358,250		2,969,485

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund

	Shares or
	Principal
	Amount		Value
Common Stocks (continued)
Turkey(a) (continued)
				5,722,676
Total Common Stocks				366,561,143
Equity-Linked Notes (7.6%)
Egypt (0.5%)
Real Estate Management & Development (0.5%)
Talaat Moustafa Group 0.00%, 11/24/08		1,020,600	$	2,173,878
				2,173,878
India (5.3%)
Diversified Financial Services (0.3%)
Reliance Capital Ltd. 0.00%, 03/09/09		39,482		1,209,334
Electric Utilities (0.5%)
Tata Power Co. Ltd. 0.00%, 03/28/12		73,347		2,141,732
Industrial Conglomerates (0.1%)
Max India Ltd. 0.00%, 07/12/10		50,799		185,924
Metals & Mining (0.6%)
Tata Steel Ltd. 0.00%, 05/20/10		148,422		2,569,185
Oil, Gas & Consumable Fuels (2.2%)
Reliance Industries Ltd. 0.00%, 03/09/09		158,403		8,946,601
Real Estate Management & Development (0.6%)
Unitech Ltd. 0.00%, 07/02/10		351,318		2,417,068
Wireless Telecommunication Services (1.0%)
Bharti Airtel Ltd. 0.00%, 01/24/17		206,486		4,253,612
				21,723,456
Malaysia (1.2%)
Food Products (1.2%)
IOI Corp. 0.00%, 04/10/08		2,122,050		4,710,951
				4,710,951
United Arab Emirates (0.6%)
Commercial Bank (0.6%)
Union National Bank 0.00%, 01/05/10		1,052,012		2,272,347
				2,272,347
Total Equity-Linked Notes				30,880,632
Repurchase Agreements (2.5%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $6,324,469, collateralized by U.S. Government Agency Mortgages with a market value of $6,450,492	$	6,324,012		6,324,012
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $3,964,595, collateralized by U.S. Government Agency Mortgages with a market value of $4,043,595		3,964,309		3,964,309
Total Repurchase Agreements				10,288,321

	Principal
	Amount		Value
Securities Purchased With Collateral For Securities On Loan (5.4%)
Repurchase Agreement (5.4%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $21,896,010, collateralized by U.S. Government Agency Mortgages with a market value of $22,332,379	$	21,894,489	$	21,894,489
Total Securities Purchased With Collateral For Securities On Loan				21,894,489
Total Investments
(Cost $361,308,734) (d) — 105.2%				429,624,585
Liabilities in excess of other assets — (5.2)%				(21,049,057	)
NET ASSETS — 100.0%			$	408,575,528

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	All or a part of the security was on loan as of March 31, 2008.
(c)	Illiquid security.
(d)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non Voting Depositary Receipt

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Gartmore NVIT International Growth Fund

	Shares		Value
Common Stocks (99.8%)
Australia (4.5%)(a)
Biotechnology (2.2%)
CSL Ltd.		72,170	$	2,445,914
IT Services (1.6%)
Computershare Ltd.		225,990		1,810,925
Metals & Mining (0.7%)
MacArthur Coal Ltd.		63,900		764,586
				5,021,425
Brazil (6.1%)
Commercial Bank (1.6%)
Unibanco — Uniao de Bancos Brasileiros SA GDR		15,000		1,749,600
Metals & Mining (2.5%)
Companhia Vale do Rio Doce ADR		96,060		2,800,149
Oil, Gas & Consumable Fuels (2.0%)
Petroleo Brasileiro SA ADR		26,810		2,270,539
				6,820,288
Canada (3.6%)
Chemicals (2.8%)
Agrium, Inc.		32,270		2,004,289
Potash Corp. of Saskatchewan, Inc.		7,270		1,128,377
				3,132,666
Metals & Mining (0.8%)
HudBay Minerals, Inc.		55,170		876,312
				4,008,978
China (1.1%)(a) (b)
Construction & Engineering (1.1%)
China Communications Construction Co. Ltd.		528,000		1,182,495
Finland (2.3%)(a)
Communications Equipment (2.3%)
Nokia OYJ		81,330		2,567,389
France (8.5%)
Commercial Banks (1.1%)
Societe Generale*		2,675		257,378
Societe Generale(a)		9,660		945,136
				1,202,514
Diversified Telecommunication Services (2.2%)(a)
France Telecom SA		74,070		2,488,186
Electrical Equipment (1.6%)(a)
Alstom		8,410		1,821,651
Machinery (1.6%)(a)
Vallourec SA		7,380		1,789,799
Oil, Gas & Consumable Fuels (2.0%)(a)
Total SA		29,350		2,174,168
				9,476,318
Germany (6.0%)(a)
Automobiles (3.1%)
Volkswagen AG		11,830		3,431,759
Electric Utility (1.5%)
E. ON AG		9,250		1,725,056
Machinery (1.4%)
MAN AG		11,260		1,502,540
				6,659,355
Hong Kong (5.5%)
Marine (1.1%)(a)
Pacific Basin Shipping Ltd.		716,000		1,190,943
Real Estate Management & Development (2.4%)(a)
Cheung Kong Holdings Ltd.		76,000		1,094,197
New World Development Co. Ltd.		649,000		1,596,462
				2,690,659
Wireless Telecommunication Services (2.0%)
China Mobile Ltd. ADR		30,570		2,293,056
				6,174,658
Israel (1.8%)
Pharmaceutical (1.8%)
Teva Pharmaceutical Industries Ltd. ADR		42,940		1,983,399
Italy (1.4%)(a)
Automobiles (1.4%)
Fiat SpA		69,630		1,613,257
Japan (6.4%)(a)
Automobiles (1.1%)
Suzuki Motor Corp.		48,500		1,233,880
Marine (1.1%)
Mitsui OSK Lines Ltd.		103,000		1,260,366
Software (2.2%)
Nintendo Co. Ltd.		4,600		2,407,224
Tobacco (2.0%)
Japan Tobacco, Inc.		445		2,226,557
				7,128,027
Kazakhstan (0.6%)(a)
Oil, Gas & Consumable Fuels (0.6%)
KazMunaiGas Exploration Production GDR		28,300		709,319
Luxembourg (2.5%)
Metals & Mining (2.5%)
ArcelorMittal		34,130		2,795,183
Mexico (1.1%)
Commercial Bank (1.1%)
Grupo Financiero Banorte SAB de CV		278,580		1,210,694
Netherlands (1.2%)
Machinery (1.2%)
CNH Global NV		26,300		1,368,389
Norway (1.0%)(a)
Chemicals (1.0%)
Yara International ASA		20,100		1,169,436
Peru (0.7%)
Metals & Mining (0.7%)
Cia de Minas Buenaventura SA ADR		10,910		747,335
Portugal (1.0%)(a)
Oil, Gas & Consumable Fuels (1.0%)
Galp Energia SGPS SA, B Shares*		48,320		1,154,934
Russian Federation (0.9%)
Specialty Retail (0.9%)
M Video*		134,000		1,011,700
South Africa (1.7%)(a)
Wireless Telecommunication Services (1.7%)
MTN Group Ltd.		125,730		1,913,635
Spain (2.1%)(a)
Diversified Telecommunication Services (2.1%)
Telefonica SA		82,060		2,357,537

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Gartmore NVIT International Growth Fund

	Shares		Value
Common Stocks (continued)
Switzerland (10.0%)(a)
Capital Markets (1.6%)
Julius Baer Holding AG		23,800	$	1,757,141
Chemicals (2.4%)
Syngenta AG		9,140		2,670,740
Electrical Equipment (1.3%)
ABB Ltd.		55,070		1,484,555
Food Products (2.7%)
Nestle SA		6,110		3,054,654
Insurance (2.0%)
Zurich Financial Services AG		7,000		2,206,904
				11,173,994
United Kingdom (24.1%)
Aerospace & Defense (0.0%)
Rolls-Royce Group PLC, B Shares		4,344		9
Airline (0.8%)(a)
British Airways PLC*		182,170		847,259
Commercial Banks (4.6%)
Barclays PLC(a)		117,520		1,060,100
HSBC Holdings PLC(a)		99,500		1,638,950
Standard Chartered PLC		2,640		90,265
Standard Chartered PLC		67,600		2,311,339
				5,100,654
Independent Power Producers & Energy Traders (1.8%)(a)
International Power PLC		254,160		2,009,377
Metals & Mining (5.7%)(a)
Anglo American PLC		25,870		1,550,492
BHP Billiton PLC		57,250		1,686,023
Rio Tinto PLC		14,580		1,515,060
Xstrata PLC		23,970		1,678,677
				6,430,252
Oil, Gas & Consumable Fuels (4.1%)(a)
BG Group PLC		117,790		2,729,015
Royal Dutch Shell PLC, Class A		55,460		1,912,597
				4,641,612
Tobacco (3.5%)(a)
British American Tobacco PLC		61,930		2,325,794
Imperial Tobacco Group PLC		35,050		1,613,805
				3,939,599
Water Utility (1.5%)(a)
Pennon Group PLC		126,697		1,628,132
Wireless Telecommunication Services (2.1%)(a)
Vodafone Group PLC		805,940		2,395,298
				26,992,192
United States (5.7%)
Chemicals (0.9%)
Mosaic Co. (The)*		8,940		917,244
Energy Equipment & Services (1.2%)
Transocean, Inc.*		9,990		1,350,646
Metals & Mining (2.0%)
Alcoa, Inc.		32,560		1,174,113
Freeport-McMoRan Copper & Gold, Inc.		11,250		1,082,475
				2,256,588
Oil, Gas & Consumable Fuels (1.6%)
Apache Corp.		14,980		1,809,884
				6,334,362
Total Common Stocks				111,574,299

	Princpal
	Amount		Value
Securities Purchased With Collateral For Securities On Loan (0.5%)
Repurchase Agreement (0.5%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $600,042, collateralized by U.S. Government Agency Mortgages with a market value of $612,000	$	600,000	$	600,000
Total Securities Purchased With Collateral For Securities On Loan				600,000
Total Investments (Cost $99,684,913) (c) — 100.3%				112,174,299
Liabilities in excess of other assets — (0.3)%				(316,037	)
NET ASSETS — 100.0%			$	111,858,262

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	All or a part of the security was on loan as of March 31, 2008.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT International Value Fund

	Shares		Value
Common Stocks (96.7%)
Australia (1.1%)(a)
Airline (0.2%)
Qantas Airways Ltd.		155,100	$	558,576
Commercial Bank (0.6%)
Australia & New Zealand Banking Group Ltd.		102,990		2,136,639
Metals & Mining (0.3%)
BHP Billiton Ltd.		34,700		1,140,029
Transportation Infrastructure (0.0%)
Macquarie Airports		11,972		35,577
				3,870,821
Austria (0.4%)(a)
Metals & Mining (0.4%)
Voestalpine AG		20,600		1,432,430
Belgium (0.7%)(a)
Diversified Financial Services (0.7%)
Fortis		98,900		2,484,852
Fortis — STRIP VVPR*		65,592		1,036
				2,485,888
Brazil (0.6%)
Commercial Banks (0.2%)
Banco do Brasil SA		24,300		320,305
Unibanco — Uniao de Bancos Brasileiros SA		1,900		221,616
				541,921
Metals & Mining (0.4%)
Companhia Vale do Rio Doce ADR		21,300		620,895
Gerdau SA		6,700		204,819
Usinas Siderurgicas de Minas Gerais SA, Preferred Shares, Class A		13,050		730,845
				1,556,559
				2,098,480
Canada (1.6%)
Chemicals (0.2%)
Methanex Corp.		21,100		555,155
Commercial Banks (0.3%)
Canadian Imperial Bank of Commerce		14,800		953,303
Royal Bank of Canada		6,000		280,355
				1,233,658
Diversified Financial Services (0.2%)
Onex Corp.		24,900		726,715
Insurance (0.2%)
Fairfax Financial Holdings Ltd.		2,300		669,918
Sun Life Financial, Inc.		4,200		196,412
				866,330
Metals & Mining (0.3%)
HudBay Minerals, Inc.		24,000		381,212
Inmet Mining Corp.		6,900		504,288
				885,500
Multi-Utility (0.1%)
Atco Ltd., Class A		9,500		440,840
Oil, Gas & Consumable Fuels (0.3%)
Petro-Canada		27,100		1,180,971
				5,889,169
China (0.4%)(a)
Commercial Bank (0.2%)
China Merchants Bank Co. Ltd.		254,000		892,204
Diversified Telecommunication Services (0.1%)
China Telecom Corp. Ltd.		382,000		241,012
Oil, Gas & Consumable Fuels (0.1%)
China Petroleum & Chemical Corp.		474,000		410,050
				1,543,266
Cyprus (0.3%)(a)
Commercial Bank (0.3%)
Marfin Popular Bank PCL		116,500		950,162
Finland (1.1%)(a)
Communications Equipment (0.7%)
Nokia OYJ		75,315		2,377,511
Paper & Forest Products (0.4%)
Stora Enso OYJ, Class R		138,500		1,601,463
				3,978,974
France (15.2%)
Auto Components (1.1%)(a)
Compagnie Generale des Etablissements Michelin, Class B		36,149		3,785,378
Automobiles (0.7%)(a)
Renault SA		23,200		2,567,782
Chemicals (0.3%)(a)
Arkema		15,600		874,312
Commercial Banks (3.5%)
BNP Paribas(a)		33,900		3,417,903
Credit Agricole SA(a)		88,500		2,735,982
Societe Generale*		7,627		733,840
Societe Generale(a)		55,631		5,442,946
				12,330,671
Construction Materials (0.5%)(a)
Lafarge SA		10,800		1,876,494
Diversified Telecommunication Services (0.4%)(a)
France Telecom SA		45,100		1,515,015
Electrical Equipment (0.4%)(a)
Alstom		6,553		1,419,415
Energy Equipment & Services (0.4%)(a)
Compagnie Generale de Geophysique-Veritass SA*		6,200		1,542,081
Hotels, Restaurants & Leisure (0.4%)(a)
Sodexho Alliance SA		24,500		1,505,875
Insurance (0.5%)(a)
AXA SA		48,284		1,746,131
Machinery (0.4%)(a)
Vallourec SA		5,400		1,309,609
Media (1.2%)(a)
Lagardere SCA		29,000		2,173,002
Vivendi Universal SA*		52,676		2,060,295
				4,233,297
Metals & Mining (1.1%)(a)
ArcelorMittal		48,264		3,947,120
Multi-Utility (0.8%)(a)
Suez SA		45,324		2,970,590
Oil, Gas & Consumable Fuels (2.1%)(a)
Total SA		101,594		7,525,807

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Value Fund

	Shares		Value
Common Stocks (continued)
France (continued)
Pharmaceutical (1.4%)(a)
Sanofi-Aventis SA		68,295	$	5,121,855
				54,271,432
Germany (12.9%)(a)
Airline (0.5%)
Deutsche Lufthansa AG		68,400		1,857,563
Automobiles (1.2%)
Daimler AG		51,776		4,431,775
Capital Markets (0.7%)
Deutsche Bank AG		23,300		2,644,076
Chemicals (2.4%)
BASF SE		31,800		4,293,526
Bayer AG		30,900		2,476,703
Lanxess		44,800		1,806,179
				8,576,408
Construction & Engineering (0.2%)
Bilfinger Berger AG		7,700		661,157
Diversified Telecommunication Services (0.5%)
Deutsche Telekom AG		102,100		1,704,217
Electric Utility (2.0%)
E. ON AG		37,875		7,063,406
Food Products (0.2%)
Suedzucker AG		29,300		649,496
Insurance (4.3%)
Allianz SE		48,487		9,609,641
Muenchener Rueckversicherungs AG		28,100		5,511,212
				15,120,853
Multi-Utility (0.6%)
RWE AG		16,190		1,999,601
Pharmaceutical (0.1%)
Merck KGAA		2,700		335,189
Semiconductors & Semiconductor Equipment (0.2%)
Infineon Technologies AG*		114,500		805,382
				45,849,123
Greece (0.8%)(a)
Commercial Bank (0.4%)
National Bank of Greece SA		29,900		1,574,007
Metals & Mining (0.4%)
Sidenor Steel Products Manufacturing Co. SA		98,900		1,250,317
				2,824,324
Hong Kong (0.4%)(a)
Diversified Telecommunication Services (0.1%)
China Netcom Group Corp. Ltd.		105,000		303,276
Real Estate Management & Development (0.3%)(b)
Sun Hung Kai Properties Ltd.		68,000		1,073,909
				1,377,185
Israel (0.6%)(a)
Chemicals (0.4%)
Makhteshim-Agan Industries Ltd.		222,700		1,634,281
Commercial Bank (0.1%)
Bank Hapoalim BM		53,300		207,191
Wireless Telecommunication Services (0.1%)
Partner Communications		10,130		228,480
				2,069,952
Italy (2.1%)(a)
Commercial Bank (1.2%)
Intesa Sanpaolo SpA		601,100		4,240,440
Oil, Gas & Consumable Fuels (0.9%)
ENI SpA		91,100		3,100,699
				7,341,139
Japan (21.2%)(a)
Airline (0.4%)
All Nippon Airways Co. Ltd.		335,000		1,480,590
Auto Components (0.2%)
Aisin Seiki Co. Ltd.		20,300		765,743
Automobiles (3.2%)
Honda Motor Co. Ltd.		168,600		4,870,939
Nissan Motor Co. Ltd.		307,100		2,575,180
Toyota Motor Corp.		78,900		3,987,445
				11,433,564
Beverages (0.5%)
Kirin Holdings Co. Ltd.		101,000		1,925,657
Building Products (0.3%)
Nippon Sheet Glass Co. Ltd.		208,000		933,658
Capital Markets (0.7%)
Daiwa Securities Group, Inc.		270,000		2,358,452
Chemicals (0.7%)
Dainippon Ink & Chemicals, Inc.		140,000		442,981
Mitsubishi Chemical Holdings Corp.		242,000		1,612,140
Tosoh Corp.		110,000		382,332
				2,437,453
Commercial Banks (3.5%)
Fukuoka Financial Group, Inc.		267,000		1,400,453
Mitsubishi UFJ Financial Group, Inc.		806,900		7,060,038
Sumitomo Mitsui Financial Group, Inc.		585		3,886,827
				12,347,318
Computers & Peripherals (1.1%)
Fujitsu Ltd.		322,000		2,129,957
Toshiba Corp.		272,000		1,828,403
				3,958,360
Consumer Finance (0.5%)
ORIX Corp.		12,880		1,776,719
Diversified Telecommunication Services (0.6%)
Nippon Telegraph & Telephone Corp.		464		2,010,267
Electric Utilities (1.0%)
Kyushu Electric Power Co., Inc.		54,500		1,337,534
Tokyo Electric Power Co., Inc. (The)		84,700		2,278,859
				3,616,393
Electrical Equipment (0.5%)
Mitsubishi Electric Corp.		198,000		1,729,433
Electronic Equipment & Instruments (0.5%)
Alps Electric Co. Ltd.		52,500		525,748
Hitachi Ltd.		197,000		1,176,478
				1,702,226
Household Durables (0.6%)
Sharp Corp.		124,000		2,128,753
Household Products (0.3%)
Kao Corp.		36,000		1,024,551

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Value Fund

	Shares		Value
Common Stocks (continued)
Japan(a) (continued)
Leisure Equipment & Products (0.2%)
Namco Bandai Holdings, Inc.		63,700	$	867,237
Machinery (0.4%)
Kubota Corp.		260,000		1,621,177
Marine (0.6%)
Mitsui OSK Lines Ltd.		168,000		2,055,743
Metals & Mining (1.8%)
JFE Holdings, Inc.		91,400		4,089,215
Nippon Steel Corp.		369,000		1,887,006
Yamato Kogyo Co. Ltd.		14,400		586,890
				6,563,111
Oil, Gas & Consumable Fuels (0.3%)
Nippon Mining Holdings, Inc.		184,000		989,084
Road & Rail (0.4%)
Central Japan Railway Co.		137		1,423,697
Tobacco (0.9%)
Japan Tobacco, Inc.		660		3,302,309
Trading Companies & Distributors (2.0%)
Marubeni Corp.		157,000		1,155,455
Mitsubishi Corp.		191,300		5,854,195
				7,009,650
				75,461,145
Luxembourg (0.1%)
Energy Equipment & Services (0.1%)
Tenaris SA ADR		5,700		284,145
Netherlands (4.6%)(a)
Construction & Engineering (0.2%)
Koninklijke BAM Groep NV		26,500		627,096
Diversified Financial Services (2.3%)
ING Groep NV CVA		221,362		8,274,955
Diversified Telecommunication Services (0.8%)
Royal KPN NV		167,400		2,825,725
Food & Staples Retailing (0.6%)
Koninklijke Ahold NV*		150,300		2,230,955
Industrial Conglomerate (0.7%)
Koninklijke Philips Electronics NV		62,987		2,410,911
				16,369,642
Norway (0.7%)(a)
Oil, Gas & Consumable Fuels (0.7%)
StatoilHydro ASA		79,900		2,398,042
Philippines (0.1%)(a)
Wireless Telecommunication Services (0.1%)
Philippine Long Distance Telephone Co.		4,200		280,910
Republic of Korea (1.8%)(a)
Auto Components (0.1%)
Hyundai Mobis		3,000		234,739
Automobiles (0.2%)
Hyundai Motor Co.		7,800		623,057
Commercial Banks (0.7%)
Hana Financial Group, Inc.		42,240		1,731,729
Woori Finance Holdings Co. Ltd.		46,100		807,388
				2,539,117
Semiconductors & Semiconductor Equipment (0.8%)
Hynix Semiconductor, Inc.*		25,900		730,518
Samsung Electronics Co. Ltd.		2,832		1,791,274
Samsung Electronics Co. Ltd., Preferred Stock		1,200		543,907
				3,065,699
				6,462,612
Russian Federation (0.3%)(a)
Metals & Mining (0.1%)
JSC MMC Norilsk Nickel ADR		17,000		479,490
Oil, Gas & Consumable Fuels (0.2%)
LUKOIL ADR		7,300		625,643
				1,105,133
Singapore (0.6%)(a)
Diversified Telecommunication Services (0.4%)(b)
Singapore Telecommunications Ltd.		467,000		1,337,088
Marine (0.2%)
Neptune Orient Lines Ltd.		302,000		720,821
				2,057,909
South Africa (0.3%)(a)
Commercial Bank (0.1%)
Standard Bank Group Ltd.		20,978		228,711
Industrial Conglomerate (0.1%)
Bidvest Group Ltd.		13,700		189,627
Insurance (0.1%)
Sanlam Ltd.		222,100		524,311
				942,649
Spain (2.7%)(a)
Commercial Bank (1.8%)
Banco Santander SA		318,733		6,349,218
Electric Utility (0.4%)
Iberdrola SA		106,506		1,647,068
Oil, Gas & Consumable Fuels (0.5%)
Repsol YPF SA		52,700		1,815,407
				9,811,693
Sweden (2.0%)(a)
Commercial Bank (0.4%)
Nordea Bank AB		85,800		1,392,116
Construction & Engineering (0.6%)
Skanska AB		109,400		2,194,325
Diversified Telecommunication Services (0.2%)
Tele2 AB		41,400		783,397
Household Durables (0.3%)
Electrolux AB, Class B		60,900		1,003,177
Paper & Forest Products (0.5%)
Svenska Cellulosa AB, Class B		99,000		1,805,628
				7,178,643
Switzerland (2.4%)(a)
Capital Markets (1.9%)
Credit Suisse Group		134,107		6,829,823
Pharmaceutical (0.5%)
Novartis AG		37,280		1,913,372
				8,743,195
Taiwan (1.9%)
Diversified Telecommunication Services (0.6%)
Chunghwa Telecom Co. Ltd. ADR		77,704		2,021,858
Electronic Equipment & Instruments (0.3%)(a)
HON HAI Precision GDR		106,000		1,199,830

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Value Fund

	Shares		Value
Common Stocks (continued)
Taiwan (continued)
Metals & Mining (0.1%)(a)
China Steel Corp.		206,000	$	327,797
Semiconductors & Semiconductor Equipment (0.9%)
Powerchip Semiconductor Corp.(a)		939,000		352,999
Siliconware Precision Industries Co.(a)		154,000		259,615
Taiwan Semiconductor Manufacturing Co. Ltd. ADR TW		166,949		1,714,566
United Microelectronics Corp.(a)		1,452,000		884,794
				3,211,974
				6,761,459
Thailand (0.2%)
Oil, Gas & Consumable Fuels (0.2%)
PTT PCL		55,300		558,277
United Kingdom (19.6%)(a)
Aerospace & Defense (1.2%)
BAE Systems PLC		455,600		4,392,756
Commercial Banks (5.3%)
Barclays PLC		659,035		5,944,883
HBOS PLC		234,270		2,605,916
HSBC Holdings PLC		365,119		6,014,190
Royal Bank of Scotland Group PLC		656,274		4,395,954
				18,960,943
Commercial Services & Supplies (0.2%)
Rentokil Initial PLC		438,249		846,689
Food Products (0.6%)
Associated British Foods PLC		116,000		2,014,647
Hotels, Restaurants & Leisure (0.7%)
Punch Taverns PLC		85,000		908,886
TUI Travel PLC		292,600		1,497,352
				2,406,238
Insurance (0.3%)
Royal & Sun Alliance Insurance Group		463,500		1,183,936
Internet & Catalog Retail (0.2%)
Home Retail Group PLC		117,100		607,753
Media (0.5%)
ITV PLC		862,100		1,084,436
Trinity Mirror PLC		138,600		812,950
				1,897,386
Metals & Mining (1.3%)
BHP Billiton PLC		41,100		1,210,403
Vedanta Resources PLC		41,303		1,721,002
Xstrata PLC		22,270		1,559,622
				4,491,027
Oil, Gas & Consumable Fuels (4.8%)
BP PLC		639,600		6,479,414
Royal Dutch Shell PLC, Class A		173,147		5,961,037
Royal Dutch Shell PLC, Class A		135,500		4,672,862
				17,113,313
Pharmaceutical (0.9%)
GlaxoSmithKline PLC		144,000		3,045,539
Tobacco (1.0%)
British American Tobacco PLC		44,300		1,663,695
Imperial Tobacco Group PLC		44,100		2,030,494
				3,694,189
Wireless Telecommunication Services (2.6%)
Vodafone Group PLC		3,124,580		9,286,426
				69,940,842
Total Common Stocks				344,338,641
Mutual Funds (1.8%)
United States (1.8%)
AIM Liquid Assets Portfolio		6,285,224		6,285,224
U.S. Government Sponsored & Agency Obligation (0.1%)(c)
United States (0.1%)
U.S. Treasury Bill, 1.45%, 06/12/08		220,000		219,470

	Shares or
	Princpal
	Amount		Value
Repurchase Agreements (0.6%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,363,641, collateralized by U.S. Government Agency Mortgages with a market value of $1,390,813	$	1,363,542	$	1,363,542
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $854,820, collateralized by U.S. Government Agency Mortgages with a market value of $871,854		854,759		854,759
Total Repurchase Agreements				2,218,301
Securities Purchased With Collateral For Securities On Loan (4.4%)
Repurchase Agreement (4.4%)
Barclays Capital, 2.50%, dated 03/31/08, due 04/01/08, repurchase price $15,609,692, collateralized by U.S. Government Agency Mortgages with a market value of $15,920,780		15,608,608		15,608,608
Total Securities Purchased With Collateral For Securities On Loan				15,608,608
Total Investments (Cost $402,181,176) (d) — 103.6%				368,670,244
Liabilities in excess of other assets — (3.6)%				(12,699,799	)
NET ASSETS — 100.0%			$	355,970,445

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Illiquid security.
(c)	The rate reflected in the Statement of Investments is the effective yield as of March 31, 2008.
(d)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See accompanying notes to statements of investments

6

At March 31, 2008, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Date		Received/			Contract			Market			Appreciation/
Currency	Delivery		(Delivered)			Value			Value			(Depreciation)
Short Contract:
Australian Dollar		06/16/08		(7,540,000	)		(6,835,387	)		(6,816,488	)		18,899
Australian Dollar		05/13/08		(3,090,907	)		(2,872,509	)		(2,808,227	)		64,282
Canadian Dollar		06/16/08		(10,329,000	)		(10,110,809	)		(10,050,025	)		60,784
Swiss Franc		06/16/08		(3,833,000	)		(3,672,516	)		(3,860,650	)		(188,134	)
Euro		06/16/08		(986,000	)		(1,548,787	)		(1,551,006	)		(2,219	)
Euro		05/13/08		(13,001,881	)		(19,056,567	)		(20,489,226	)		(1,432,659	)
British Pound		06/16/08		(10,969,000	)		(21,956,099	)		(21,633,320	)		322,779
British Pound		05/13/08		(546,331	)		(1,067,831	)		(1,080,566	)		(12,735	)
Hong Kong Dollar		05/13/08		(6,947,194	)		(893,817	)		(893,902	)		(85	)
Japanese Yen		06/16/08		(3,057,113,000	)		(30,165,667	)		(30,812,031	)		(646,364	)
Japanese Yen		05/13/08		(654,163,842	)		(6,276,272	)		(6,581,554	)		(305,282	)
Singapore Dollars		05/13/08		(3,265,245	)		(2,320,443	)		(2,377,811	)		(57,368	)
Total Short Contracts						$	(106,776,704	)	$	(108,954,806	)	$	(2,178,102	)
Long Contracts:
Australian Dollar		06/16/08		6,507,000			5,937,714			5,882,611			(55,103	)
Australian Dollar		05/13/08		12,476,424			11,049,778			11,335,391			285,613
Canadian Dollar		06/16/08		10,329,000			10,365,174			10,050,025			(315,149	)
Swiss Franc		06/16/08		18,047,000			18,122,207			18,177,185			54,978
Swiss Franc		05/13/08		2,303,688			2,093,225			2,320,571			227,346
Euro		06/16/08		16,941,000			25,882,836			26,648,680			765,844
Euro		05/13/08		4,646,737			6,954,000			7,322,636			368,636
British Pound		05/13/08		968,381			1,900,829			1,915,322			14,493
Hong Kong Dollar		05/13/08		24,485,626			3,150,027			3,150,590			563
Japanese Yen		05/13/08		465,979,868			4,484,022			4,688,231			204,209
Norwegian Krone		06/16/08		36,885,000			7,096,613			7,196,215			99,602
Norwegian Krone		05/13/08		10,371,856			2,006,374			2,030,093			23,719
Swedish Krone		06/16/08		46,448,000			7,531,029			7,786,075			255,046
Swedish Krone		05/13/08		6,317,786			1,021,601			1,061,202			39,601
Singapore Dollars		05/13/08		1,734,888			1,230,023			1,263,377			33,354
Total Long Contracts						$	108,825,452		$	110,828,204		$	2,002,751

7

As of March 31, 2008, the Fund’s open futures contracts were as follows:

						Market Value		Unrealized
	Number of					Covered by		Appreciation/
	Contracts		Long Contracts	Expiration		Contracts		Depreciation
Europe		18	DJ Euro Stoxx 50		06/20/08	$	1,008,446	$	18,929
Japan		5	Topix Index		06/30/08		609,823		13,678
United Kingdom		7	FTSE 100 Index		06/20/08		792,957		12,263
						$	2,411,226	$	44,870

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Investor Destinations Aggressive Fund

	Shares		Value
Mutual Funds (100.1%)(a)
Equity Funds (94.6%)
Nationwide International Index Fund, Institutional Class		16,019,052	$	165,316,617
NVIT Mid Cap Index Fund, ID Class		5,907,307		102,905,282
NVIT S&P 500 Index Fund, ID Class		29,563,485		271,984,065
NVIT Small Cap Index Fund, ID Class		8,187,781		68,286,090
NVIT International Index Fund, ID Class		4,095,907		43,293,735
				651,785,789
Fixed Income Fund (5.5%)
Nationwide NVIT Bond Index Fund, ID Class		3,702,612		37,951,770
Total Investments (Cost $727,477,821) (b) — 100.1%				689,737,559
Liabilities in excess of other assets — (0.1)%				(368,641	)
NET ASSETS — 100.0%			$	689,368,918

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Investor Destinations Moderately Aggressive Fund

	Shares or
	Principal
	Amount		Value
Mutual Funds (96.8%)(a)
Equity Funds (78.3%)
Nationwide International Index Fund, Institutional Class		40,232,641	$	415,200,856
NVIT Mid Cap Index Fund, ID Class		18,058,466		314,578,479
NVIT S&P 500 Index Fund, ID Class		79,514,611		731,534,425
NVIT Small Cap Index Fund, ID Class		12,474,607		104,038,226
NVIT International Index Fund, ID Class		11,829,203		125,034,676
				1,690,386,662
Fixed Income Funds (16.2%)
Nationwide NVIT Bond Index Fund, ID Class		33,789,803		346,345,482
Nationwide NVIT Enhanced Income Fund, ID Class		346,434		3,495,522
				349,841,004
Money Market Fund (2.3%)
NVIT Money Market Fund, ID Class		49,086,428		49,086,428
Total Mutual Funds				2,089,314,094
Fixed Contract (3.2%)(b)
Nationwide Fixed Contract, 4.05%	$	67,455,591		67,455,591
Repurchase Agreements (0.1%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,323,166, collateralized by U.S. Government Agency Mortgages with a market value of $1,349,532		1,323,071		1,323,071
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $829,448, collateralized by U.S. Government Agency Mortgages with a market value of $845,976		829,388		829,388
Total Repurchase Agreements				2,152,459
Total Investments (Cost $2,245,197,607) (c) — 100.1%				2,158,922,144
Liabilities in excess of other assets — (0.1)%				(1,102,983	)
NET ASSETS — 100.0%			$	2,157,819,161

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Investor Destinations Moderate Fund

	Shares or
	Principal
	Amount		Value
Mutual Funds (89.6%)(a)
Equity Funds (57.9%)
Nationwide International Index Fund, Institutional Class		31,591,370	$	326,022,941
NVIT Mid Cap Index Fund, ID Class		15,687,489		273,276,050
NVIT S&P 500 Index Fund, ID Class		88,695,506		815,998,651
NVIT Small Cap Index Fund, ID Class		16,233,011		135,383,313
NVIT International Index Fund, ID Class		9,669,789		102,209,674
				1,652,890,629
Fixed Income Funds (29.5%)
Nationwide NVIT Bond Index Fund, ID Class		72,991,652		748,164,430
Nationwide NVIT Enhanced Income Fund, ID Class		9,274,601		93,580,725
				841,745,155
Money Market Fund (2.2%)
NVIT Money Market Fund, ID Class		61,566,591		61,566,591
Total Mutual Funds				2,556,202,375
Fixed Contract (10.4%)(b)
Nationwide Fixed Contract, 4.05%	$	297,426,677		297,426,677
Repurchase Agreements (0.0%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $314,220, collateralized by U.S. Government Agency Mortgages with a market value of $320,481		314,197		314,197
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $196,974, collateralized by U.S. Government Agency Mortgages with a market value of $200,899		196,960		196,960
Total Repurchase Agreements				511,157
Total Investments (Cost $2,929,663,383) (c) — 100.0%				2,854,140,209
Liabilities in excess of other assets — 0.0%				(1,289,726	)
NET ASSETS — 100.0%			$	2,852,850,483

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Investor Destinations Moderately Conservative Fund

	Shares or
	Principal
	Amount		Value
Mutual Funds (87.4%)(a)
Equity Funds (39.1%)
Nationwide International Index Fund, Institutional Class		4,583,363	$	47,300,310
NVIT Mid Cap Index Fund, ID Class		4,387,140		76,423,978
NVIT S&P 500 Index Fund, ID Class		16,576,894		152,507,423
NVIT International Index Fund, ID Class		3,396,278		35,898,657
				312,130,368
Fixed Income Funds (42.4%)
Nationwide NVIT Bond Index Fund, ID Class		27,475,388		281,622,723
Nationwide NVIT Enhanced Income Fund, ID Class		5,611,210		56,617,105
				338,239,828
Money Market Fund (5.9%)
NVIT Money Market Fund, ID Class		47,121,110		47,121,110
Total Mutual Funds				697,491,306
Fixed Contract (12.4%)(b)
Nationwide Fixed Contract, 4.05%	$	99,145,947		99,145,947
Repurchase Agreements (0.2%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $823,908, collateralized by U.S. Government Agency Mortgages with a market value of $840,326		823,849		823,849
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $516,480, collateralized by U.S. Government Agency Mortgages with a market value of $526,772		516,443		516,443
Total Repurchase Agreements				1,340,292
Total Investments (Cost $810,629,602) (c) — 100.0%				797,977,545
Liabilities in excess of other assets — 0.0%				(289,645	)
NET ASSETS — 100.0%			$	797,687,900

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Investor Destinations Conservative Fund

	Shares or
	Principal
	Amount		Value
Mutual Funds (84.6%)(a)
Equity Funds (21.5%)
Nationwide International Index Fund, Institutional Class		286,337	$	2,954,997
NVIT Mid Cap Index Fund, ID Class		1,004,411		17,496,845
NVIT S&P 500 Index Fund, ID Class		3,705,760		34,092,996
NVIT International Index Fund, ID Class		1,784,871		18,866,088
				73,410,926
Fixed Income Funds (51.0%)
Nationwide NVIT Bond Index Fund, ID Class		12,955,669		132,795,602
Nationwide NVIT Enhanced Income Fund, ID Class		4,107,699		41,446,684
				174,242,286
Money Market Fund (12.1%)
NVIT Money Market Fund, ID Class		41,414,429		41,414,429
Total Mutual Funds				289,067,641
Fixed Contract (15.1%)(b)
Nationwide Fixed Contract, 4.05%	$	51,738,046		51,738,046
Repurchase Agreements (0.3%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $624,701, collateralized by U.S. Government Agency Mortgages with a market value of $637,149		624,656		624,656
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $391,604, collateralized by U.S. Government Agency Mortgages with a market value of $399,407		391,576		391,576
Total Repurchase Agreements				1,016,232
Total Investments (Cost $343,217,451) (c) — 100.0%				341,821,919
Liabilities in excess of other assets — 0.0%				(64,683	)
NET ASSETS — 100.0%			$	341,757,236

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT U.S. Growth Leaders Fund

	Shares		Value
Common Stocks (100.1%)
Aerospace & Defense (5.9%)
Precision Castparts Corp.		14,250	$	1,454,640
Raytheon Co.		29,250		1,889,843
				3,344,483
Biotechnology (4.1%)
Gilead Sciences, Inc.*		44,940		2,315,758
Capital Markets (5.2%)
Invesco Ltd.		91,540		2,229,914
Morgan Stanley		14,700		671,790
				2,901,704
Chemicals (2.7%)
Monsanto Co.		13,770		1,535,355
Communications Equipment (13.2%)
Cisco Systems, Inc.*		75,790		1,825,781
Juniper Networks, Inc.*		83,300		2,082,500
Nokia ADR FI		53,850		1,714,046
QUALCOMM, Inc.		43,850		1,797,850
				7,420,177
Computers & Peripherals (1.9%)
NetApp, Inc.*		52,680		1,056,234
Consumer Finance (2.0%)
Visa, Inc., Class A*		17,890		1,115,620
Diversified Financial Services (3.1%)
IntercontinentalExchange, Inc.*		13,570		1,770,885
Electrical Equipment (3.1%)
Ametek, Inc.		39,140		1,718,637
Energy Equipment & Services (7.0%)
Schlumberger Ltd.		19,250		1,674,750
Transocean, Inc.*		16,573		2,240,670
				3,915,420
Food & Staples Retailing (7.4%)
CVS Caremark Corp.		48,090		1,948,126
Wal-Mart Stores, Inc.		42,620		2,245,221
				4,193,347
Health Care Equipment & Supplies (5.9%)
Baxter International, Inc.		37,520		2,169,406
Hologic, Inc.*		21,180		1,177,608
				3,347,014
Hotels, Restaurants & Leisure (5.4%)
Carnival Corp.		33,900		1,372,272
Darden Restaurants, Inc.		50,800		1,653,540
				3,025,812
Household Products (2.5%)
Colgate-Palmolive Co.		18,400		1,433,544
Internet Software & Services (2.3%)
Akamai Technologies, Inc.*		45,950		1,293,952
IT Services (2.4%)
Cognizant Technology Solutions Corp., Class A*		46,350		1,336,271
Life Sciences Tools & Services (2.7%)
Thermo Fisher Scientific, Inc.*		26,400		1,500,576
Machinery (3.0%)
Deere & Co.		21,300		1,713,372
Oil, Gas & Consumable Fuels (3.4%)
Devon Energy Corp.		18,290		1,908,196
Pharmaceutical (3.1%)
Teva Pharmaceutical Industries Ltd. ADR IL		37,950		1,752,911
Road & Rail (2.3%)
Union Pacific Corp.		10,300		1,291,414
Semiconductors & Semiconductor Equipment (6.7%)
Altera Corp.		91,800		1,691,874
Marvell Technology Group Ltd.*		113,400		1,233,792
MEMC Electronic Materials, Inc.*		11,960		847,964
				3,773,630
Software (2.4%)
Oracle Corp.*		68,700		1,343,772
Specialty Retail (2.4%)
Pacific Sunwear of California, Inc.*		109,130		1,376,129
Total Investments (Cost $56,762,098) (a) — 100.1%				56,384,213
Liabilities in excess of other assets — (0.1)%				(62,970	)
NET ASSETS — 100.0%			$	56,321,243

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
FI	Finland
IL	Israel

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Gartmore NVIT Global Utilities Fund

	Shares		Value
Common Stocks (99.4%)
Austria (0.5%)(a)
Diversified Telecommunication Services (0.5%)
Telekom Austria AG		11,430	$	236,076
Belgium (0.5%)(a)
Electric Utility (0.2%)
Elia System Operator SA NV		2,570		114,612
Wireless Telecommunication Services (0.3%)
Mobistar SA		1,670		151,052
				265,664
France (7.0%)(a)
Diversified Telecommunication Services (4.0%)
France Telecom SA		62,720		2,106,913
Multi-Utility (2.5%)
Suez SA		20,100		1,317,378
Wireless Telecommunication Services (0.5%)
Bouygues SA		4,040		256,962
				3,681,253
Germany (10.9%)(a)
Diversified Telecommunication Services (0.4%)
Deutsche Telekom AG		12,590		210,148
Electric Utility (5.8%)
E. ON AG		16,240		3,028,639
Multi-Utility (4.7%)
RWE AG		19,730		2,436,821
				5,675,608
Greece (0.4%)(a)
Diversified Telecommunication Services (0.4%)
Hellenic Telecommunications Organization SA		8,021		227,392
Hong Kong (0.2%)(a)
Electric Utility (0.2%)
CLP Holdings Ltd.		10,000		82,751
Italy (1.3%)(a)
Diversified Telecommunication Services (1.1%)
Telecom Italia SpA		154,160		321,323
Telecom Italia SpA RNC		168,770		278,845
				600,168
Natural Gas Utility (0.2%)
Snam Rete Gas SpA		13,975		88,927
				689,095
Japan (5.7%)(a)
Diversified Telecommunication Services (1.0%)
Nippon Telegraph & Telephone Corp.		121		524,229
Electric Utilities (1.8%)
Chubu Electric Power Co., Inc.		7,600		190,735
Kansai Electric Power Co., Inc. (The)		7,200		180,178
Kyushu Electric Power Co., Inc.		5,700		139,889
Tohoku Electric Power Co., Inc.		5,200		127,307
Tokyo Electric Power Co., Inc. (The)		10,200		274,432
				912,541
Natural Gas Utilities (0.4%)
Osaka Gas Co. Ltd.		31,000		124,547
Tokyo Gas Co. Ltd.		24,000		97,838
				222,385
Wireless Telecommunication Services (2.5%)
KDDI Corp.		110		676,732
NTT DoCoMo, Inc.		408		622,209
				1,298,941
				2,958,096
Mexico (0.8%)
Wireless Telecommunication Services (0.8%)
America Movil SAB de CV, Series L ADR		6,840		435,640
Netherlands (2.3%)(a)
Diversified Telecommunication Services (2.3%)
Royal KPN NV		72,090		1,216,885
Norway (0.9%)(a)
Diversified Telecommunication Services (0.9%)
Telenor ASA		23,380		450,430
Portugal (0.5%)(a)
Electric Utility (0.5%)
EDP — Energias de Portugal SA*		42,660		258,957
Singapore (0.9%)(a) (b)
Diversified Telecommunication Services (0.9%)
Singapore Telecommunications Ltd.		162,000		463,829
Spain (11.8%)(a)
Diversified Telecommunication Services (7.4%)
Telefonica SA		133,500		3,835,378
Electric Utilities (4.4%)
Iberdrola SA		102,720		1,588,519
Union Fenosa SA		10,810		726,638
				2,315,157
				6,150,535
United Kingdom (14.2%)(a)
Diversified Telecommunication Services (0.0%)
BT Group PLC		5,510		23,784
Electric Utility (1.7%)
Scottish & Southern Energy PLC		32,390		903,334
Independent Power Producers & Energy Traders (0.5%)
International Power PLC		31,280		247,298
Multi-Utilities (1.7%)
Centrica PLC		85,190		504,673
United Utilities PLC		26,150		358,617
				863,290
Water Utility (1.0%)
Pennon Group PLC		42,650		548,078
Wireless Telecommunication Services (9.3%)
Vodafone Group PLC		1,634,470		4,857,736
				7,443,520
United States (41.5%)
Diversified Telecommunication Services (16.2%)
AT&T, Inc.		148,430		5,684,869
Verizon Communications, Inc.		75,920		2,767,284
				8,452,153
Electric Utilities (14.0%)
Duke Energy Corp.		14,650		261,503
Edison International		7,150		350,493
Entergy Corp.		10,570		1,152,976
Exelon Corp.		20,320		1,651,406
FirstEnergy Corp.		21,850		1,499,347
FPL Group, Inc.		12,276		770,196
PPL Corp.		31,520		1,447,398

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Gartmore NVIT Global Utilities Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Progress Energy, Inc.		4,210	$	175,557
				7,308,876
Independent Power Producers & Energy Traders (3.7%)
Constellation Energy Group, Inc.		9,430		832,386
NRG Energy, Inc.*		18,950		738,860
Reliant Energy, Inc.*		14,910		352,622
				1,923,868
Multi-Utilities (4.3%)
Alliant Energy Corp.		30,000		1,050,300
CenterPoint Energy, Inc.		36,390		519,286
PG&E Corp.		6,900		254,058
Sempra Energy		8,500		452,880
				2,276,524
Natural Gas Utility (2.2%)
Questar Corp.		20,100		1,136,856
Oil, Gas & Consumable Fuels (1.1%)
El Paso Corp.		19,370		322,317
Williams Cos., Inc. (The)		8,340		275,053
				597,370
				21,695,647
Total Common Stocks				51,931,378
Total Investments (Cost $49,511,679) (c) — 99.4%				51,931,378
Other assets in excess of liabilities — 0.6%				325,018
NET ASSETS — 100.0%			$	52,256,396

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Illiquid security.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
RNC	Savings Shares

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Global Financial Services Fund

	Shares		Value
Common Stocks (94.7%)
Australia (3.2%)
Commercial Banks (2.2%)(a)
Australia & New Zealand Banking Group Ltd.		10,940	$	226,962
Commonwealth Bank of Australia		7,110		273,154
				500,116
Real Estate Investment Trusts (REITs) (1.0%)
Westfield Group*		496		7,795
Westfield Group(a)		12,833		210,138
				217,933
				718,049
Austria (0.6%)(a)
Insurance (0.6%)
Vienna Insurance Group		1,740		133,347
Belgium (0.0%)(a)
Diversified Financial Services (0.0%)
Fortis — STRIP VVPR*		3,430		54
Bermuda (2.4%)
Capital Markets (2.4%)
Invesco Ltd.		15,885		386,959
Lazard Ltd., Class A		4,220		161,204
				548,163
Canada (3.4%)
Commercial Banks (3.4%)
Royal Bank of Canada		6,982		326,239
Toronto-Dominion Bank		7,180		441,561
				767,800
China (1.4%)(a)
Commercial Bank (1.4%)
China Construction Bank Corp., Class H		426,070		321,845
France (5.8%)(a)
Commercial Bank (2.8%)
BNP Paribas		6,200		625,103
Insurance (3.0%)
AXA SA		18,610		673,008
				1,298,111
Germany (2.2%)(a)
Capital Markets (0.6%)
Deutsche Bank AG		1,123		127,438
Diversified Financial Services (1.6%)
Deutsche Boerse AG		2,280		369,731
				497,169
Greece (4.8%)(a)
Commercial Banks (4.8%)
Alpha Bank AE		12,210		405,159
National Bank of Greece SA		12,910		679,613
				1,084,772
Hong Kong (1.0%)(a)
Real Estate Management & Development (1.0%)
Hang Lung Group Ltd.		47,010		224,695
Ireland (0.5%)(a)
Commercial Bank (0.5%)
Anglo Irish Bank Corp. PLC		8,013		107,053
Italy (3.7%)(a)
Commercial Bank (2.9%)
UniCredit SpA		98,570		660,381
Insurance (0.8%)
Assicurazioni Generali SpA		4,000		180,018
				840,399
Japan (7.9%)(a)
Commercial Banks (3.9%)
Mitsubishi UFJ Financial Group, Inc.		52,000		454,978
Sumitomo Mitsui Financial Group, Inc.		36		239,190
Suruga Bank Ltd.		13,390		170,441
				864,609
Consumer Finance (1.1%)
ORIX Corp.		1,730		238,643
Insurance (1.4%)
Millea Holdings, Inc.		8,500		316,338
Real Estate Management & Development (1.5%)
Mitsubishi Estate Co. Ltd.		8,880		217,682
Sumitomo Realty & Development Co. Ltd.		7,040		125,447
				343,129
				1,762,719
Netherlands (0.4%)
Aerospace & Defense (0.4%)
AerCap Holdings NV*		4,440		78,055
Singapore (1.1%)(a)
Real Estate Management & Development (1.1%)
Capitaland Ltd.		50,850		237,714
Spain (7.7%)(a)
Commercial Banks (7.7%)
Banco Bilbao Vizcaya Argentaria SA		29,870		656,789
Banco Santander SA		53,740		1,070,510
				1,727,299
Switzerland (0.9%)(a)
Capital Markets (0.9%)
Credit Suisse Group		4,085		208,042
United Kingdom (8.1%)(a)
Commercial Banks (6.5%)
Barclays PLC		32,080		289,380
HSBC Holdings PLC		53,669		884,028
Lloyds TSB Group PLC		31,720		283,367
				1,456,775
Insurance (1.6%)
Aviva PLC		30,270		371,108
				1,827,883
United States (39.6%)
Capital Markets (8.4%)
Charles Schwab Corp. (The)		8,250		155,348
GFI Group, Inc.		2,140		122,622
Goldman Sachs Group, Inc. (The)		3,060		506,094
Lehman Brothers Holdings, Inc.		3,230		121,577
Merrill Lynch & Co., Inc.		2,210		90,035
Northern Trust Corp.		1,960		130,281
State Street Corp.		2,980		235,420
T. Rowe Price Group, Inc.		3,800		190,000
TD Ameritrade Holding Corp.*		11,200		184,912
Waddell & Reed Financial, Inc., Class A		5,130		164,827
				1,901,116

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Nationwide NVIT Global Financial Services Fund

	Shares or
	Principal
	Amount		Value
Common Stocks (continued)
United States (continued)
Commercial Banks (7.0%)
Bank of the Ozarks, Inc.		6,050	$	144,595
BB&T Corp.		5,800		185,948
PNC Financial Services Group, Inc.		1,330		87,208
TCF Financial Corp.		20,050		359,296
U.S. Bancorp		10,370		335,573
Wells Fargo & Co.		15,900		462,690
				1,575,310
Consumer Finance (4.2%)
American Express Co.		1,840		80,445
Capital One Financial Corp.		11,160		549,295
Visa, Inc., Class A*		5,190		323,648
				953,388
Diversified Financial Services (8.5%)
Bank of America Corp.		10,420		395,022
CME Group, Inc.		760		356,516
IntercontinentalExchange, Inc.*		2,360		307,980
JPMorgan Chase & Co.		16,150		693,643
Nymex Holdings, Inc.		1,680		152,258
				1,905,419
Insurance (7.4%)
Aflac, Inc.		4,490		291,626
Chubb Corp.		5,060		250,369
Hanover Insurance Group, Inc.		7,630		313,898
HCC Insurance Holdings, Inc.		12,410		281,583
Prudential Financial, Inc.		2,870		224,578
Travelers Cos., Inc. (The)		6,110		292,363
				1,654,417
IT Services (0.6%)
Fiserv, Inc.*		2,800		134,652
Real Estate Investment Trusts (REITs) (2.4%)
Health Care REIT, Inc.		3,740		168,786
Simon Property Group, Inc.		2,300		213,693
SL Green Realty Corp.		1,870		152,349
				534,828
Thrifts & Mortgage Finance (1.1%)
Fannie Mae		9,170		241,354
				8,900,484
Total Common Stocks				21,283,653
Repurchase Agreements (1.6%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $225,003, collateralized by U.S. Government Agency Mortgages with a market value of $229,486	$	224,987		224,987
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $141,047, collateralized by U.S. Government Agency Mortgages with a market value of $143,857		141,036		141,036
Total Repurchase Agreements				366,023
Total Investments (Cost $23,666,438) (b) — 96.3%				21,649,676
Other assets in excess of liabilities — 3.7%				830,664
NET ASSETS — 100.0%			$	22,480,340

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
REIT	Real Estate Investment Trust

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Gartmore NVIT Developing Markets Fund

	Shares		Value
Common Stocks (90.3%)
Bermuda (1.0%)
Commercial Bank (1.0%)
Credicorp Ltd.		49,860	$	3,576,956
Brazil (16.9%)
Beverages (1.0%)
Cia de Bebidas das Americas ADR		47,251		3,569,813
Commercial Banks (2.3%)
Banco Bradesco SA, Preferred Shares		164,456		4,570,827
Unibanco — Uniao de Bancos Brasileiros SA GDR		32,500		3,790,800
				8,361,627
Diversified Telecommunication Services (1.2%)
Brasil Telecom Participacoes SA ADR		67,825		4,439,824
Electric Utility (1.6%)
MPX Energia SA*		10,700		5,581,813
Metals & Mining (3.7%)
Companhia Vale do Rio Doce, Preferred Shares, Class A		394,687		11,388,318
Usinas Siderurgicas de Minas Gerais SA, Preferred Shares, Class A		31,300		1,752,907
				13,141,225
Multiline Retail (1.7%)
Lojas Renner SA		325,600		6,059,056
Oil, Gas & Consumable Fuels (4.4%)
Petroleo Brasileiro SA		26,100		1,333,124
Petroleo Brasileiro SA ADR		140,368		14,332,976
				15,666,100
Transportation Infrastructure (1.0%)
Companhia de Concessoes Rodoviarias		242,604		3,596,182
				60,415,640
China (7.6%)
Commercial Bank (1.9%)(a)
China Construction Bank Corp., Class H		8,921,000		6,738,750
Construction Materials (1.1%)(a)
Anhui Conch Cement Co. Ltd.		554,200		3,849,938
Electrical Equipment (0.8%)
Suntech Power Holdings Co. Ltd. ADR*		69,500		2,818,920
Insurance (0.8%)(a)
Ping An Insurance (Group) Co. of China Ltd.		372,000		2,672,344
Internet Software & Services (0.3%)(b)
Alibaba.com Ltd.*		531,500		1,100,918
Media (0.6%)
Focus Media Holding Ltd. ADR*		64,900		2,281,235
Oil, Gas & Consumable Fuels (1.7%)(a)
China Shenhua Energy Co. Ltd.		829,000		3,357,288
PetroChina Co. Ltd.		2,249,800		2,816,973
				6,174,261
Textiles, Apparel & Luxury Goods (0.4%)(a)
China Dongxiang Group Co.*		2,484,616		1,341,131
				26,977,497
Czech Republic (2.2%)(a)
Electric Utility (2.2%)
CEZ AS*		101,451		7,779,179
Hong Kong (7.7%)(a)
Chemicals (0.8%)
Sinofert Holdings Ltd.		2,934,000		2,736,074
Independent Power Producers & Energy Traders (1.1%)
China Resources Power Holdings Co.		1,891,800		3,761,350
Marine (1.2%)
Pacific Basin Shipping Ltd.		2,640,000		4,391,188
Oil, Gas & Consumable Fuels (0.8%)
CNOOC Ltd.		1,978,000		2,914,088
Real Estate Management & Development (1.0%)
Shimao Property Holdings Ltd.		1,909,400		3,478,517
Wireless Telecommunication Services (2.8%)
China Mobile Ltd.		669,800		10,063,874
				27,345,091
India (0.8%)
IT Services (0.8%)
Satyam Computer Services Ltd. ADR		128,765		2,908,801
Indonesia (2.2%)(a)
Automobiles (1.5%)
PT Astra International Tbk		1,947,000		5,171,836
Commercial Bank (0.7%)
Bank Central Asia Tbk PT		7,218,500		2,567,856
				7,739,692
Israel (1.7%)
Chemicals (0.7%)(a)
Makhteshim-Agan Industries Ltd.		350,895		2,575,038
Pharmaceutical (1.0%)
Teva Pharmaceutical Industries Ltd. ADR		76,300		3,524,297
				6,099,335
Kazakhstan (1.2%)(a)
Oil, Gas & Consumable Fuels (1.2%)
KazMunaiGas Exploration Production GDR		167,750		4,204,534
Luxembourg (0.6%)
Energy Equipment & Services (0.6%)
Tenaris SA ADR		46,100		2,298,085
Malaysia (2.0%)(a)
Commercial Bank (1.1%)
Bumiputra Commerce Holdings Bhd		1,250,100		3,914,052
Diversified Telecommunication Services (0.8%)
Telekom Malaysia Bhd		881,500		2,935,755
Food Products (0.1%)
IOI Corp. Bhd		159,780		356,510
				7,206,317
Mexico (5.8%)
Commercial Bank (1.3%)
Grupo Financiero Banorte SAB de CV		1,089,650		4,735,561
Food & Staples Retailing (0.6%)
Wal-Mart de Mexico SAB de CV		482,570		2,035,100
Metals & Mining (1.9%)
Grupo Mexico SAB de CV, Series B		593,080		3,939,526

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Gartmore NVIT Developing Markets Fund

	Shares		Value
Common Stocks (continued)
Mexico (continued)
Industrias CH SAB de CV, Series B *		727,101	$	2,886,650
				6,826,176
Wireless Telecommunication Services (2.0%)
America Movil SAB de CV, Series L ADR		111,760		7,117,994
				20,714,831
Morocco (0.4%)(a)
Real Estate Management & Development (0.4%)
Compagnie Generale Immobiliere *		4,585		1,419,227
Poland (0.7%)(a)
Diversified Telecommunication Services (0.7%)
Telekomunikacja Polska SA		264,595		2,637,903
Republic of Korea (12.1%)(a)
Building Products (0.7%)
KCC Corp.		5,379		2,495,559
Chemicals (1.0%)
LG Chem Ltd.		47,495		3,563,099
Commercial Banks (1.8%)
Industrial Bank of Korea		267,400		3,963,468
Shinhan Financial Group Co. Ltd.		45,384		2,398,196
				6,361,664
Construction & Engineering (0.8%)
Hyundai Development Co.		40,467		2,783,100
Insurance (1.1%)
Samsung Fire & Marine Insurance Co. Ltd. *		18,467		3,829,493
Machinery (1.8%)
Hanjin Heavy Industries & Construction Co. Ltd.		62,530		3,967,439
Hyundai Heavy Industries		6,861		2,582,237
				6,549,676
Metals & Mining (1.7%)
POSCO		12,790		6,124,092
Semiconductors & Semiconductor Equipment (3.2%)
Samsung Electronics Co. Ltd.		18,133		11,469,342
				43,176,025
Russian Federation (12.1%)
Automobiles (1.9%)(a)
Severstal-Avto *		109,080		6,616,474
Chemicals (1.0%)(a)
Uralkali GDR *		91,761		3,755,550
Commercial Bank (1.7%)(a)
Sberbank		1,924,200		6,039,968
Metals & Mining (1.6%)
Chelyabinsk Zinc Plant *(a)		42,500		433,500
MMC Norilsk Nickel ADR		181,700		5,114,855
				5,548,355
Oil, Gas & Consumable Fuels (4.0%)(a)
Gazprom OAO ADR		283,155		14,440,905
Transportation Infrastructure (0.2%)(a)
Novorossiysk Commercial Sea Port GDR		58,424		882,202
Wireless Telecommunication Services (1.7%)
Mobile Telesystems OJSC ADR		78,265		5,936,400
				43,219,854
South Africa (4.5%)(a)
Commercial Bank (0.7%)
ABSA Group Ltd.		192,598		2,416,717
Industrial Conglomerate (0.9%)
Barloworld Ltd.		251,114		3,347,236
Metals & Mining (1.1%)
Impala Platinum Holdings Ltd.		97,300		3,766,508
Oil, Gas & Consumable Fuels (0.5%)
Sasol Ltd.		33,976		1,638,331
Wireless Telecommunication Services (1.3%)
MTN Group Ltd.		317,463		4,831,849
				16,000,641
Taiwan (6.6%)
Chemicals (0.7%)(a)
Nan Ya Plastics Corp.		1,060,000		2,647,111
Computers & Peripherals (1.0%)(a)
InnoLux Display Corp.		331,000		884,904
InnoLux Display Corp. GDR *		492,500		2,590,550
				3,475,454
Construction Materials (0.9%)(a)
Taiwan Cement Corp.		1,627,273		3,184,307
Electronic Equipment & Instruments (1.0%)(a)
H H Precision Industry Co. Ltd.		605,840		3,488,918
Insurance (0.0%)(a)
Shin Kong Financial Holding Co. Ltd.		216,351		163,691
Semiconductors & Semiconductor Equipment (3.0%)
Advanced Semiconductor Engineering, Inc. (a)		3,707,437		3,635,763
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		3,105,937		6,429,462
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		69,411		712,851
				10,778,076
Textiles, Apparel & Luxury Goods (0.0%)(a)
Formosa Taffeta Co. Ltd.		1,000		1,137
				23,738,694
Thailand (2.8%)(a)
Oil, Gas & Consumable Fuels (2.8%)
Banpu PCL		503,270		6,692,070
PTT Exploration & Production PCL NVDR		648,100		3,127,099
				9,819,169
Turkey (1.4%)(a)
Commercial Bank (0.7%)
Turkiye Vakiflar Bankasi Tao, Class D		1,333,376		2,440,511
Wireless Telecommunication Services (0.7%)
Turkcell Iletisim Hizmet AS *		317,593		2,632,485
				5,072,996
Total Common Stocks				322,350,467
Preferred Stock (0.0%)(a)
Republic of Korea (0.0%)
Samsung Electronics Co. Ltd.,
Preferred Shares GDR		2		444

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Gartmore NVIT Developing Markets Fund

	Shares or
	Principal
	Amount		Value
Foreign Bond (0.0%)(c)
Brazil (0.0%)
Metals & Mining (0.0%)
Comp Vale DO Rio Doce 0.00%, 09/29/49	$	20,000	$	0
Equity-Linked Notes (8.0%)
Egypt (0.6%)
Real Estate Management & Development (0.6%)
Talaat Moustafa Group 0.00%, 11/24/08 *		982,400		2,092,512
India (4.9%)
Diversified Financial Services (0.4%)
Reliance Capital Ltd. *		45,014		1,378,779
Electric Utility (0.6%)
Tata Power Co. Ltd. *		73,405		2,143,426
Industrial Conglomerate (0.1%)
Max India Ltd.*		54,173		198,273
Oil, Gas & Consumable Fuels (2.1%)
Reliance Industries Ltd.*		135,466		7,651,120
Real Estate Management & Development (0.6%)
Unitech Ltd. *		324,042		2,229,409
Wireless Telecommunication Services (1.1%)
Bharti Airtel Ltd.*		183,116		3,772,189
				17,373,196
Malaysia (1.9%)
Food Products (1.3%)
IOI Corp. *		2,029,751		4,506,047
Metals & Mining (0.6%)
Tata Steel Ltd., 0.00%, 05/20/10 *		135,601		2,347,253
				6,853,300
United Arab Emirates (0.6%)
Commercial Bank (0.6%)
Union National Bank *		1,089,824		2,354,021
Total Equity-Linked Notes				28,673,029
Repurchase Agreements (1.4%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $3,065,707, collateralized by U.S. Government Agency Mortgages with a market value of $3,126,795		3,065,486		3,065,486
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,921,788, collateralized by U.S. Government Agency Mortgages with a market value of $1,960,082		1,921,649		1,921,649
Total Repurchase Agreements				4,987,135
Total Investments
(Cost $340,511,016) (d) — 99.7%				356,011,075
Other assets in excess of liabilities — 0.3%				1,236,509
NET ASSETS — 100.0%			$	357,247,584

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Illiquid security.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(d)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non Voting Depositary Receipt

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

American Funds NVIT Growth Fund

	Shares		Value
MUTUAL FUNDS (99.8%)
Equity Fund (99.8%)
American Funds Growth Fund		2,938,119	$	179,019,564
Total Investments (Cost $193,045,650)(a) — 99.8%				179,019,564
Other assets in excess of liabilities — 0.2%				295,562
NET ASSETS — 100.0%			$	179,315,126

(a) See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

American Funds Insurance Series Growth Fund
Investment portfolio, March 31, 2008

			(unaudited)
			Market
			value
Common stocks - 92.96%	Shares		(000)
Actuant Corp., Class A		1,300,000	$	39,273
Advanced Micro Devices, Inc. (1)		5,000,000		29,450
Affiliated Managers Group, Inc. (1)		350,000		31,759
AFLAC Inc.		650,000		42,218
Allergan, Inc.		320,000		18,045
Allied Waste Industries, Inc. (1)		4,500,000		48,645
Altera Corp.		435,600		8,028
Altria Group, Inc.		9,895,000		219,669
American Express Co.		1,000,000		43,720
Amgen Inc. (1)		1,225,197		51,189
AMP Ltd. (2)		7,860,210		56,572
AMR Corp. (1)		1,084,257		9,780
Anadarko Petroleum Corp.		1,000,000		63,030
Apache Corp.		250,000		30,205
Apollo Group, Inc., Class A (1)		500,000		21,600
APP Pharmaceuticals, Inc. (1)		667,900		8,068
Arch Coal, Inc.		2,000,000		87,000
Aveta, Inc. (1) (2) (5)		3,918,000		25,075
Avon Products, Inc.		775,000		30,643
Baker Hughes Inc.		2,038,500		139,637
Bank of Ireland (2)		9,096,177		135,451
Bare Escentuals, Inc. (1) (3)		5,850,000		137,007
Barrick Gold Corp.		10,500,000		456,225
Berkshire Hathaway Inc., Class A (1)		4,011		535,067
Best Buy Co., Inc.		7,920,000		328,363
BG Group PLC (2)		3,050,000		70,622
Blue Nile, Inc. (1) (3)		1,043,000		56,478
Boeing Co.		3,465,000		257,692
Boston Scientific Corp. (1)		6,800,000		87,516
Bunge Ltd.		2,343,600		203,612
C. R. Bard, Inc.		800,000		77,120
Caltex Australia Ltd. (2)		1,484,030		17,686
Cameco Corp.		1,000,000		32,940
Canadian Natural Resources, Ltd.		4,625,700		316,410
Cardinal Health, Inc.		700,000		36,757
CarMax, Inc. (1)		6,280,000		121,958
Caterpillar Inc.		1,600,000		125,264
Charles River Laboratories International, Inc. (1)		3,135,000		184,777
Chipotle Mexican Grill, Inc., Class A (1) (3)		920,000		104,356
Chipotle Mexican Grill, Inc., Class B (1) (3)		1,195,200		116,042
Cisco Systems, Inc. (1)		22,779,400		548,756
Citigroup Inc.		4,184,800		89,638
CNX Gas Corp. (1)		1,500,000		48,420
Coca-Cola Co.		5,295,000		322,307
Comverse Technology, Inc. (1)		2,827,300		43,540
Constellation Brands, Inc., Class A (1)		2,624,000		46,366
Continental Airlines, Inc., Class B (1)		1,250,000		24,038
Core Laboratories NV (1) (3)		1,197,700		142,886
Cosan Ltd., Class A (1)		3,800,000		46,816
Countrywide Financial Corp.		4,000,000		22,000
CRH PLC (2)		1,758,577		66,862
DataPath, Inc. (1) (2) (3) (5)		2,819,968		9,870
Dell Inc. (1)		1,500,000		29,880
Denbury Resources Inc. (1)		2,800,000		79,940
Devon Energy Corp.		3,409,072		355,669
Diageo PLC (2)		2,650,000		53,419
Digital River, Inc. (1) (3)		2,625,000		81,296
Dynegy Inc., Class A (1)		6,000,000		47,340
E.I. du Pont de Nemours and Co.		1,000,000		46,760
East West Bancorp, Inc.		2,200,000		39,050
Eli Lilly and Co.		820,000		42,304
EMC Corp. (1)		2,500,000		35,850
Endo Pharmaceuticals Holdings Inc. (1)		4,500,000		107,730
Energy XXI (Bermuda) Ltd. (1) (2)		2,390,758		8,965
EOG Resources, Inc.		2,215,000		265,800
Exxon Mobil Corp.		550,000		46,519
Fannie Mae		4,926,600		129,668
FedEx Corp.		2,080,000		192,754
Fidelity National Information Services, Inc.		6,650,000		253,631
First Community Bancorp		320,000		8,592

			(unaudited)
			Market
			value
Common stocks - 92.96%	Shares		(000)
Forest Laboratories, Inc. (1)		573,200		22,934
Fortune Brands Inc.		1,000,000		69,500
Freddie Mac		3,734,200		94,550
Freeport-McMoRan Copper & Gold Inc.		2,204,500		212,117
Garmin Ltd.		3,640,000		196,596
General Dynamics Corp.		1,300,000		108,381
General Electric Co.		7,370,000		272,764
Georgia Gulf Corp. (3)		2,224,000		15,412
Gilead Sciences, Inc. (1)		6,600,000		340,098
Gold Fields Ltd. (2)		10,000,000		139,594
Google Inc., Class A (1)		1,626,000		716,204
Grafton Group PLC, units (1) (2)		2,800,000		25,782
Halliburton Co.		650,000		25,565
Harman International Industries, Inc.		1,245,000		54,207
Hess Corp.		324,000		28,570
Hon Hai Precision Industry Co., Ltd. (2)		5,643,554		32,403
Hospira, Inc. (1)		2,400,000		102,648
International Business Machines Corp.		1,600,000		184,224
International Game Technology		4,543,505		182,694
Iron Mountain Inc. (1)		4,150,000		109,726
Johnson Controls, Inc.		10,949,100		370,080
Joy Global Inc.		1,400,000		91,224
K+S AG (2)		735,000		240,886
KBR, Inc.		5,397,130		149,662
KDDI Corp. (2)		4,490		27,727
KGen Power Corp. (1) (2) (3) (5)		3,166,128		49,867
Kingspan Group PLC (2)		2,800,000		37,399
KLA-Tencor Corp.		2,165,000		80,321
Kohl’s Corp. (1)		9,060,000		388,583
Kyocera Corp. (2)		500,000		42,012
Liberty Media Holding Corp., Liberty Interactive, Series A (1)		8,820,000		142,355
Limited Brands, Inc.		734,890		12,567
Linear Technology Corp.		2,895,000		88,848
Lockheed Martin Corp.		1,150,000		114,195
Lowe’s Companies, Inc.		17,326,000		397,458
lululemon athletica inc. (1)		2,185,000		62,120
Magna International Inc., Class A		725,000		52,309
Marsh & McLennan Companies, Inc.		4,963,200		120,854
Maxim Integrated Products, Inc.		5,845,000		119,179
McKesson Corp.		665,000		34,826
Medtronic, Inc.		1,675,000		81,020
Mentor Corp.		1,500,000		38,580
Meruelo Maddux Properties, Inc. (1)		3,520,500		8,942
MGM Mirage, Inc. (1)		2,487,133		146,169
Microsoft Corp.		19,410,000		550,856
Minerals Technologies Inc. (3)		1,025,000		64,370
Mirant Corp. (1)		1,450,000		52,765
Mitsubishi Heavy Industries, Ltd. (2)		435,000		1,891
MSC Industrial Direct Co., Inc., Class A		1,000,000		42,250
Murphy Oil Corp.		2,698,800		221,679
Newcrest Mining Ltd. (2)
Newcrest Mining Ltd. (2)		3,707,999		113,300
Newfield Exploration Co. (1)		1,917,200		101,324
Newmont Mining Corp.		9,305,000		421,517
News Corp., Class A		9,490,000		177,938
Noble Energy, Inc.		1,900,000		138,320
Nokia Corp. (2)		6,184,000		196,779
Nokia Corp. (ADR)		10,200,000		324,666
Nortel Networks Corp. (1)		2,455,000		16,424
Northrop Grumman Corp.		1,150,000		89,481
NRG Energy, Inc. (1)		1,000,000		38,990
OAO Gazprom (ADR) (2)		1,300,000		66,352
Onex Corp.		4,600,500		134,123
Onyx Pharmaceuticals, Inc. (1)		1,000,000		29,030
OPTI Canada Inc. (1)		6,290,200		105,929
Oracle Corp. (1)		14,927,800		291,988
Panalpina Welttransport (Holding) AG (2)		650,000		79,517
Patriot Coal Corp. (1)		265,300		12,461
Paychex, Inc.		3,445,000		118,026
PDL BioPharma, Inc. (1)		4,000,000		42,360
Peabody Energy Corp.		2,653,000		135,303
Penn National Gaming, Inc. (1)		2,100,000		91,833
PepsiCo, Inc.		2,145,000		154,869
Petro-Canada		3,005,300		130,826
Petróleo Brasileiro SA — Petrobras, ordinary nominative (ADR)		2,130,000		217,494
Philip Morris International Inc. (1)		9,895,000		500,489
PMI Group, Inc.		2,000,000		11,640
Potash Corp. of Saskatchewan Inc.		2,000,000		310,420
QUALCOMM Inc.		2,000,000		82,000

			(unaudited)
			Market
			value
Common stocks - 92.96%	Shares		(000)
Quicksilver Resources Inc. (1)		2,240,000		81,827
Qwest Communications International Inc.		35,000,000		158,550
Raytheon Co.		246,000		15,894
Red Hat, Inc. (1) (3)		11,511,000		211,687
Reliant Energy, Inc. (1)		5,696,500		134,722
Rio Tinto PLC (2)		1,464,233		152,008
Robert Half International Inc.		2,000,000		51,480
Roche Holding AG (2)		2,465,000		464,177
Roper Industries, Inc.		1,540,000		91,538
Rosetta Resources Inc. (1) (3) (5)		2,980,000		58,617
Saipem SpA, Class S (2)		593,700		23,984
Saks Inc. (1)		2,040,000		25,439
Samsung Electronics Co., Ltd. (2)		410,000		260,617
Schering-Plough Corp.		1,379,900		19,884
Schlumberger Ltd.		5,606,900		487,800
Shaw Communications Inc., Class B, nonvoting		6,000,000		109,080
Shire PLC (ADR)		2,700,000		156,492
Sprint Nextel Corp., Series 1		30,400,000		203,376
Starbucks Corp. (1)		4,993,000		87,377
Stryker Corp.		2,708,437		176,184
Suncor Energy Inc.		3,946,924		381,169
SunTrust Banks, Inc.		935,000		51,556
Syngenta AG (2)		350,000		102,522
SYSCO Corp.		2,000,000		58,040
T. Rowe Price Group, Inc.		1,500,000		75,000
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		1,383,128		14,205
Target Corp.		6,490,000		328,913
Telephone and Data Systems, Inc., Special Common Shares		1,190,000		44,387
Tenaris SA (ADR)		5,245,000		261,463
Texas Instruments Inc.		1,080,000		30,532
THQ Inc. (1)		2,005,000		43,709
Time Warner Inc.		9,393,000		131,690
TomTom NV (1) (2)		2,800,000		115,813
Toyota Motor Corp. (2)		765,000		38,519
Transocean Inc. (1)		1,460,261		197,427
Trimble Navigation Ltd. (1)		4,500,000		128,655
Tyco International Ltd.		649,125		28,594
UAL Corp. (1)		2,000,000		43,060
United Parcel Service, Inc., Class B		500,000		36,510
UnitedHealth Group Inc.		2,695,000		92,600
USX Corp.		700,000		88,809
Visa Inc., Class A (1)		694,300		43,297
Walgreen Co.		4,395,000		167,406
Weight Watchers International, Inc.		725,000		33,589
Wells Fargo & Co.		3,775,000		109,853
White Mountains Insurance Group, Ltd.		389,800		187,104
Williams-Sonoma, Inc.		3,460,000		83,870
Wm. Wrigley Jr. Co.		1,027,500		64,568
Yahoo! Inc. (1)		8,950,000		258,923
Zions Bancorporation		2,950,000		134,373
Other common stocks in initial period of acquisition				991,686
Total common stocks (cost: $22,872,178,000)				25,878,552

			(unaudited)
			Market
			value
Rights & warrants - 0.02%	Shares		(000)
Thornburg Mortgage, Inc., warrants, expire 2015 (1) (2) (5)		5,655,126		5,655
Total rights & warrants (cost: $5,655,000)				5,655

	Principal
	amount
Bonds, notes & other debt instruments - 0.12%	(000)
Thornburg Mortgage Inc. 18.00% 2015 (2) (4)		38,571	32,916
Total bonds & notes (cost: $32,923,000)			32,916

Short-term securities - 6.63%
Fannie Mae 2.02%-4.21% due 4/1-6/6/2008	220,800		220,448
Freddie Mac 2.10%-4.14% due 4/16-7/3/2008	185,200		184,307
Federal Home Loan Bank 1.72%-3.64% due 4/16-7/18/2008	160,200		159,538
JPMorgan Chase & Co. 2.50%-2.92% due 4/18-6/12/2008	70,500		70,160
Park Avenue Receivables Co., LLC 2.55% due 5/20/2008 (4)	36,400		36,245
AT&T Inc. 2.73%-2.85% due 4/22-5/22/2008 (4)	103,350		103,117
Private Export Funding Corp. 2.83%-4.01% due 4/10-4/30/2008 (4)	102,600		102,432
Bank of America Corp. 2.96%-3.735% due 4/14-5/28/2008	102,100		101,752
John Deere Capital Corp. 2.21%-2.85% due 4/14-6/20/2008 (4)	88,900		88,667
Johnson & Johnson 2.25%-2.68% due 4/22-6/9/2008 (4)	87,656		87,327
Procter & Gamble International Funding S.C.A. 2.10%-2.65% due 4/10-5/8/2008 (4)	70,600		70,507
Procter & Gamble Co. 2.10% due 5/8/2008 (4)	16,300		16,264
Hewlett-Packard Co. 2.80%-2.82% due 4/10-4/11/2008 (4)	77,265		77,199
Walt Disney Co. 2.71%-2.72% due 5/28-5/30/2008	75,000		74,662
Wal-Mart Stores Inc. 2.70%-2.80% due 4/1-4/22/2008 (4)	67,700		67,652
Paccar Financial Corp. 2.70%-2.71% due 5/13/2008	67,054		66,830
Caterpillar Financial Services Corp. 2.70% due 4/21/2008	50,000		49,921
General Electric Capital Services, Inc. 2.86% due 5/2/2008	40,100		39,998
Chevron Funding Corp. 2.25%-2.78% due 4/2-5/7/2008	40,000		39,961
Coca-Cola Co. 2.55%-2.72% due 4/9-5/7/2008 (4)	30,600		30,554
IBM International Group Capital LLC 2.45% due 4/24/2008 (4)	25,000		24,959
U.S. Treasury Bills 2.29%-3.15% due 4/15-5/1/2008	23,650		23,618
Pfizer Inc 2.70% due 4/8/2008 (4)	23,000		22,986
Harley-Davidson Funding Corp. 2.80% due 5/6/2008 (4)	20,300		20,238
Genentech, Inc. 2.85% due 4/2/2008 (4)	20,000		19,997
Yale University 2.40% due 4/3/2008	20,000		19,996
Anheuser-Busch Cos. Inc. 2.05% due 5/12/2008 (4)	13,500		13,468
Harvard University 2.68% due 4/9/2008	7,000		6,995
Medtronic Inc. 2.20% due 5/2/2008 (4)	5,200		5,190
Total short-term securities (cost: $1,845,132,000)			1,844,988
Total investment securities (cost: $24,755,888,000)			27,762,111
Other assets less liabilities			75,775
Net assets		$	27,837,886

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

(1)	Security did not produce income during the last 12 months.
(2)	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous,” was $2,760,129,000, which represented 9.92% of the net assets of the fund.
(3)	The fund owns 5% or more of the outstanding voting shares of this company. See table [below/on the next page] for additional information.
(4)	Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, was $819,718,000, which represented 2.94% of the net assets of the fund.
(5)	Purchased in a transactions exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.

ADR = American Depositary Receipts

Statement of Investments
March 31, 2008 (Unaudited)

American Funds NVIT Growth-Income Fund

	Shares		Value
MUTUAL FUNDS (98.9%)
Equity Fund (98.9%)
American Funds Growth Income Fund		3,476,610	$	134,649,111
Total Investments (Cost $146,889,435)(a) — 98.9%				134,649,111
Other assets in excess of liabilities — 1.1%				1,482,307
NET ASSETS — 100.0%			$	136,131,418

(a) See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

American Funds Insurance Series Growth Income Fund
Investment portfolio, March 31, 2008

			unaudited
			Market
			value
Common stocks - 89.77%	Shares		(000)
3M Co.		1,700,000		134,555
Abbott Laboratories		4,325,000		238,524
Advanced Micro Devices, Inc. (1)		2,000,000		11,780
Aetna Inc.		5,900,000		248,331
Air Products and Chemicals, Inc.		2,660,000		244,720
Allied Waste Industries, Inc. (1)		2,536,800		27,423
Allstate Corp.		635,000		30,518
Altria Group, Inc.		2,725,000		60,495
American Electric Power Co., Inc.		67,900		2,827
American International Group, Inc.		10,050,000		434,662
Amgen Inc. (1)		4,168,900		174,177
Analog Devices, Inc.		1,750,000		51,660
Archer Daniels Midland Co.		2,175,000		89,523
AstraZeneca PLC (ADR)		678,400		25,772
AstraZeneca PLC (Sweden) (2)		242,000		9,077
AT&T Inc.		2,000,000		76,600
Automatic Data Processing, Inc.		1,709,200		72,453
Avery Dennison Corp.		3,955,000		194,784
Avon Products, Inc.		4,802,400		189,887
Baker Hughes Inc.		2,565,000		175,702
Banco Santander, SA (2)		3,750,000		74,731
Bank of America Corp.		13,455,000		510,079
Bank of New York Mellon Corp.		2,663,405		111,144
Best Buy Co., Inc.		4,009,700		166,242
Biogen Idec Inc. (1)		1,800,000		111,042
Boston Scientific Corp. (1)		2,768,324		35,628
BP PLC (2)		7,500,000		75,930
Bristol-Myers Squibb Co.		5,310,000		113,103
Capital One Financial Corp.		3,350,000		164,887
Cardinal Health, Inc.		4,450,000		233,670
Carnival Corp., units		2,624,200		106,228
Carnival PLC (2)		3,000,000		120,204
Chevron Corp.		2,563,200		218,795
CIGNA Corp.		3,000,000		121,710
Cisco Systems, Inc. (1)		17,940,000		432,175
Citigroup Inc.		19,145,000		410,086
Cleveland-Cliffs Inc		325,000		38,941
Comcast Corp., Class A		2,400,000		46,416
ConAgra Foods, Inc.		1,800,000		43,110
ConocoPhillips		2,225,000		169,567
Countrywide Financial Corp.		13,000,000		71,500
Covidien Ltd.		1,178,750		52,160
D.R. Horton, Inc.		6,950,000		109,463
Dell Inc. (1)		2,400,000		47,808
Dev Property Development PLC (1) (2)		3,208,300		4,584
Devon Energy Corp.		1,340,000		139,802

			unaudited
			Market
			value
Common stocks - 89.77%	Shares		(000)
Dominion Resources, Inc.		2,500,000		102,100
Dow Chemical Co.		1,350,000		49,748
Duke Energy Corp.		665,000		11,870
Eli Lilly and Co.		1,850,000		95,442
Embarq Corp.		57,500		2,306
EMC Corp. (1)		3,975,000		57,001
Emerson Electric Co.		1,400,000		72,044
ENI SpA (2)		2,250,000		76,714
EOG Resources, Inc.		700,000		84,000
Exelon Corp.		2,160,765		175,605
Exxon Mobil Corp.		550,000		46,519
Fannie Mae		10,853,500		285,664
FANUC LTD (2)		1,000,000		96,697
FirstEnergy Corp.		650,000		44,603
Flextronics International Ltd. (1)		25,335,336		237,899
FPL Group, Inc.		600,000		37,644
Freddie Mac		3,666,450		92,835
Genentech, Inc. (1)		1,410,000		114,464
General Dynamics Corp.		2,100,000		175,077
General Electric Co.		16,050,000		594,010
Gentex Corp.		3,000,000		51,450
Genworth Financial, Inc., Class A		4,800,000		108,672
Google Inc., Class A (1)		572,600		252,213
Groupe Danone SA (2)		325,000		29,097
Halliburton Co.		6,030,000		237,160
Harley-Davidson, Inc.		1,950,000		73,125
Hewlett-Packard Co.		7,800,000		356,148
Home Depot, Inc.		600,000		16,782
HOYA Corp. (2)		2,550,000		60,389
HSBC Holdings PLC (ADR)		1,086,050		89,382
HSBC Holdings PLC (Hong Kong) (2)		5,600,000		91,917
Ingersoll-Rand Co. Ltd., Class A		1,900,000		84,702
Intel Corp.		18,400,000		389,712
International Business Machines Corp.		3,150,000		362,691
International Paper Co.		1,950,000		53,040
Johnson & Johnson		200,000		12,974
JPMorgan Chase & Co.		4,147,900		178,152
JSC Uralkali (GDR) (1) (2)		503,300		20,631
JSC Uralkali (GDR) (1) (2) (3)		138,400		5,673
Kellogg Co.		1,378,300		72,444
Kimberly-Clark Corp.		280,000		18,074
KLA-Tencor Corp.		1,000,000		37,100
Kohl’s Corp. (1)		1,700,000		72,913
Kraft Foods Inc., Class A		3,025,000		93,805
Lexmark International, Inc., Class A (1)		1,800,000		55,296
Linear Technology Corp.		3,500,000		107,415
Lockheed Martin Corp.		400,000		39,720
L’Oréal SA (2)		780,000		99,222
Lowe’s Companies, Inc.		17,710,000		406,267
Magna International Inc., Class A		1,728,400		124,704
Marathon Oil Corp.		4,125,000		188,100
Marsh & McLennan Companies, Inc.		1,455,000		35,429
Mattel, Inc.		4,400,000		87,560
Maxim Integrated Products, Inc.		3,389,000		69,102
MeadWestvaco Corp.		258,200		7,028

			unaudited
			Market
			value
Common stocks - 89.77%	Shares		(000)
Medco Health Solutions, Inc. (1)		1,800,000		78,822
Medtronic, Inc.		4,000,000		193,480
MEMC Electronic Materials, Inc. (1)		986,800		69,964
Merck & Co., Inc.		3,500,000		132,825
MGIC Investment Corp.		1,055,000		11,109
Microchip Technology Inc.		820,000		26,839
Micron Technology, Inc. (1)		2,368,000		14,130
Microsoft Corp.		19,705,000		559,228
Millennium Pharmaceuticals, Inc. (1)		5,000,000		77,300
Molson Coors Brewing Co., Class B		4,430,000		232,885
Monsanto Co.		876,300		97,707
Mosaic Co. (1)		757,531		77,723
Motorola, Inc.		8,612,500		80,096
Nestlé SA (2)		230,000		114,991
Newmont Mining Corp.		1,125,000		50,962
News Corp., Class A		9,515,200		178,410
Nokia Corp. (2)		6,080,000		193,469
Nokia Corp. (ADR)		930,000		29,602
Norfolk Southern Corp.		3,399,300		184,650
Novo Nordisk A/S, Class B (2)		693,312		47,478
Oracle Corp. (1)		29,305,000	$	573,206
PepsiCo, Inc.		5,050,000		364,610
Pfizer Inc		3,460,000		72,418
Philip Morris International Inc. (1)		2,825,400		142,909
Pitney Bowes Inc.		1,552,200		54,358
Potash Corp. of Saskatchewan Inc.		285,000		44,235
Public Service Enterprise Group Inc.		1,600,000		64,304
Qwest Communications International Inc.		25,710,200		116,467
Roche Holding AG (2)		1,532,460		288,573
Rockwell Automation		1,400,000		80,388

			unaudited
			Market
			value
Common stocks - 89.77%	Shares		(000)
Ross Stores, Inc.		1,000,000		29,960
Royal Caribbean Cruises Ltd.		2,470,000		81,263
Royal Dutch Shell PLC, Class A (ADR)		2,000,000		137,960
Royal Dutch Shell PLC, Class B (2)		139,816		4,706
Royal Dutch Shell PLC, Class B (ADR)		840,391		56,626
Samsung Electronics Co., Ltd. (2)		100,000		63,565
Sanmina-SCI Corp. (1)		1,750,000		2,835
SAP AG (2)		3,970,274		197,299
SAP AG (ADR)		960,000		47,587
Sara Lee Corp.		5,000,000		69,900
Schering-Plough Corp.		4,427,300		63,797
Schlumberger Ltd.		5,825,000		506,775
Seagate Technology		3,900,000		81,666
Sealed Air Corp.		1,756,699		44,357
SEGA SAMMY HOLDINGS INC. (2)		1,880,000		19,934
SLM Corp. (1)		9,757,000		149,770
Smith International, Inc.		500,000		32,115
Southwest Airlines Co.		10,945,000		135,718
Spectra Energy Corp		332,500		7,564
Sprint Nextel Corp., Series 1		22,095,000		147,815
SSAB Svenskt Stål AB, Class A (2)		2,650,000		74,725
St. Jude Medical, Inc. (1)		2,860,000		123,523
State Street Corp.		1,600,000		126,400
Symantec Corp. (1)		4,600,000		76,452
Syngenta AG (2)		175,000		51,261
Taiwan Semiconductor Manufacturing Co. Ltd. (2)		71,082,875		147,979
Target Corp.		5,760,700		291,952
Telefonaktiebolaget LM Ericsson, Class B (2)		20,000,000		39,345
Telephone and Data Systems, Inc.		3,100,700		121,764
Telephone and Data Systems, Inc., Special Common Shares		2,300,900		85,824
Texas Instruments Inc.		3,100,000		87,637
Time Warner Cable Inc., Class A (1)		2,825,000		70,569
Time Warner Inc.		18,450,000		258,669
Toyota Motor Corp. (2)		600,000		30,211
Tyco Electronics Ltd.		578,750		19,863
Tyco International Ltd.		2,156,325		94,986
Union Pacific Corp.		126,700		15,886
United Parcel Service, Inc., Class B		3,800,000		277,476
United Technologies Corp.		4,075,000		280,442
UnitedHealth Group Inc.		3,210,000		110,296
USX Corp.		1,225,000		155,416
Verizon Communications Inc.		1,500,000		54,675
VF Corp.		800,000		62,008
Visa Inc., Class A (1)		2,862,700		178,518
Vivendi SA (2)		2,300,000		89,994
Walgreen Co.		3,318,800		126,413
Wal-Mart Stores, Inc.		2,420,000		127,486
Walt Disney Co.		3,000,000		94,140
Washington Mutual, Inc.		2,440,550		25,138
Waste Management, Inc.		2,150,000		72,154
WellPoint, Inc. (1)		1,000,000		44,130
Wells Fargo & Co.		920,000		26,772
Western Union Co.		400,000		8,508
Weyerhaeuser Co.		750,000		48,780
Wm. Wrigley Jr. Co.		1,800,000		113,112

			unaudited
			Market
			value
Common stocks - 89.77%	Shares		(000)
Xilinx, Inc.		4,000,000		95,000
XL Capital Ltd., Class A		1,380,000		40,779
XM Satellite Radio Holdings Inc., Class A (1)		5,100,000		59,262
Yahoo! Inc. (1)		10,560,000		305,501
Other common stocks in initial period of acquisition				882,665
Total common stocks (cost: $22,050,422,000)				23,792,867

Convertible securities - 0.44%	Shares or principal amount
Citigroup Inc., Series D, 7.00%, noncumulative convertible preferred (2) (4)		1,777,000	84,372
Ford Motor Co. 4.25% convertible notes 2036	$	25,000,000	21,562
Other convertible securities in initial period of acquisition			11,928
Total convertible securities (cost: $133,138,000)			117,862

	Principal
	amount
Bonds, notes & other debt instruments - 0.05%	(000)
XM Satellite Radio Inc. and XM Satellite Radio Holdings Inc. 9.75% 2014	$	13,300	12,901
Total bonds, notes & other debt instruments (cost: $12,621,000)			12,901

Short-term securities - 9.63%
3M Co. 2.05% due 5/20/2008	58,400	58,234
Anheuser-Busch Cos. Inc. 2.05% due 5/12/2008 (3)	11,400	11,373
AT&T Inc. 2.60%-2.85% due 4/9-5/22/2008 (3)	109,400	109,157
Bank of America Corp. 3.025%-3.735% due 4/14-4/24/2008	34,100	34,051
Brown-Forman Corp. 2.15% due 6/24/2008 (3)	25,000	24,838
Chevron Funding Corp. 2.78% due 4/2/2008	25,000	24,996
Coca-Cola Co. 2.30%-2.72% due 4/9-5/23/2008 (3)	144,100	143,630
Estée Lauder Companies Inc. 2.25%-2.40% due 4/14-5/21/2008 (3)	13,300	13,268
Fannie Mae 3.62%-4.21% due 4/1-4/9/2008	150,000	149,921
Federal Home Loan Bank 1.72%-3.64% due 4/16-9/17/2008	486,100	483,890
Freddie Mac 2.10%-4.16% due 4/16-7/3/2008	226,300	225,688
Harley-Davidson Funding Corp. 2.00% due 5/22/2008 (3)	23,000	22,913
Hewlett-Packard Co. 2.80% due 4/10/2008 (3)	56,000	55,956
Honeywell International Inc. 2.26% due 6/23/2008 (3)	50,000	49,680
IBM Capital Inc. 2.20% due 6/18/2008 (3)	30,000	29,819
John Deere Capital Corp. 2.21% due 6/20/2008 (3)	25,000	24,846
Johnson & Johnson 2.25%-2.66% due 4/11-6/9/2008 (3)	108,600	108,258
JPMorgan Chase & Co. 2.95% due 5/27/2008	40,400	40,228
Medtronic Inc. 2.20% due 5/2-5/5/2008 (3)	15,600	15,569
NetJets Inc. 2.50%-2.82% due 4/4-5/2/2008 (3)	30,000	29,981
Paccar Financial Corp. 2.49%-4.15% due 4/3-6/13/2008	82,700	82,585
Park Avenue Receivables Co., LLC 2.85% due 5/12/2008 (3)	13,300	13,256
PepsiCo Inc. 2.54% due 4/10/2008 (3)	40,000	39,972
Pfizer Inc 2.70% due 4/8/2008 (3)	14,900	14,891
Private Export Funding Corp. 2.20%-4.19% due 4/3-7/9/2008 (3)	135,100	134,618
Procter & Gamble Co. 2.10% due 5/08/2008 (3)	23,650	23,598
Procter & Gamble International Funding S.C.A. 2.07%-2.10% due 5/6-5/28/2008 (3)	82,150	81,953
U.S. Treasury Bills 2.40%-3.305% due 4/15-6/19/2008	124,100	123,887
Union Bank of California, N.A. 4.38% due 4/9/2008	77,200	77,224
USAA Capital Corp. 2.76% due 5/15/2008	16,700	16,642
Variable Funding Capital Corp. 2.76%-2.95% due 4/21-5/1/2008 (3)	110,554	110,322
Wal-Mart Stores Inc. 2.32%-2.80% due 4/1-5/6/2008 (3)	126,500	126,352
Walt Disney Co. 2.72% due 5/19-5/28/2008	50,000	49,802
Total short-term securities (cost: $2,551,421,000)		2,551,398
Total investment securities (cost: $24,747,602,000)		26,475,028

Short-term securities - 9.63%
Other assets less liabilities		29,161
Net assets	$	26,504,189

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

(1)	Security did not produce income during the last 12 months.
(2)	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous,” was $2,239,982,000, which represented 8.45% of the net assets of the fund.
(3)	Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,189,923,000, which represented 4.49% of the net assets of the fund.
(4)	Purchased in a transaction exempt from registration under the Securities Act of 1933. This security (acquired 1/15/2008 at a cost of $88,850,000) may be subject to legal or contractual restrictions on resale.

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

Statement of Investments
March 31, 2008 (Unaudited)

American Funds NVIT Global Growth Fund

	Shares		Value
MUTUAL FUNDS (99.9%)
Equity Fund (99.9%)
American Funds Global Growth Fund		4,692,359	$	108,440,417
Total Investments (Cost $111,304,583)(a) — 99.9%				108,440,417
Other assets in excess of liabilities — 0.1%				98,306
NET ASSETS — 100.0%			$	108,538,723

(a) See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

American Funds Insurance Series Global Growth Fund
Investment portfolio, March 31, 2008

			unaudited
			Market
			value
Common stocks - 83.05%	Shares		(000)
ABB Ltd (1)		355,000	$	9,561
adidas AG (1)		327,000		21,760
AEON Credit Service (Asia) Co. Ltd. (1)		2,000,000		26,849
Aetna Inc.		500,000		21,045
AFLAC Inc.		336,000		21,823
Aisin Seiki Co., Ltd. (1)		38,000		1,423
Akzo Nobel NV (1)		258,000		20,722
Alcoa Inc.		183,100		6,603
Allianz SE (1)		292,000		57,911
ALSTOM SA (1)		106,400		23,118
Altera Corp.		550,000		10,136
Altria Group, Inc.		125,000		2,775
América Móvil, SAB de CV, Series L (ADR)		585,000		37,259
Aracruz Celulose SA, Class B, preferred nominative (ADR)		217,000		14,812
Aristocrat Leisure Ltd. (1)		1,949,756		17,153
Asahi Glass Co., Ltd. (1)		694,000		7,690
Asciano Ltd., units (1)		3,720,000		13,650
ASML Holding NV (1) (2)		111,111		2,733
ASML Holding NV (New York registered) (2)		801,044		19,874
AT&T Inc.		500,000		19,150
Avon Products, Inc.		945,800		37,397
AXA SA (1)		238,000		8,615
Baker Hughes Inc.		260,000		17,810
Banco Santander, SA (1)		613,914		12,234
Bank of Nova Scotia		140,000		6,344
Bayer AG, non-registered shares (1)		250,000		20,029
Beiersdorf AG (1)		82,500		6,941
Best Buy Co., Inc.		235,000		9,743
Bidvest Group Ltd. (1)		204,500		2,825
BOC Hong Kong (Holdings) Ltd. (1)		2,216,000		5,329
Bosideng International Holdings Ltd. (1) (2)		42,454,000		7,958
British Energy Group plc (1)		2,700,000		34,956
Bumiputra-Commerce Holdings Bhd. (1)		5,675,000		17,741
Burberry Group PLC (1)		1,870,000		16,714
C&C Group PLC (1)		2,000,000		12,473
Canadian Natural Resources, Ltd.		466,700		31,923
Canon, Inc. (1)		379,000		17,547
Carnival Corp., units		525,000		21,252
Chartered Semiconductor Manufacturing Ltd (1) (2)		6,009,000		3,163
Chuo Mitsui Trust Holdings, Inc. (1)		1,330,000		8,060
Cia. de Bebidas das Américas — AmBev, ordinary nominative (ADR)		44,000		2,878
Cia. de Bebidas das Américas — AmBev, preferred nominative (ADR)		246,000		18,585
Cie. Financière Richemont SA, Class A, units (1)		115,000		6,459
CIGNA Corp.		610,000		24,748
Cisco Systems, Inc. (2)		1,408,300		33,926
Citigroup Inc.		1,080,000		23,134
Citizen Holdings Co., Ltd. (1)		2,881,800		24,586

			unaudited
			Market
			value
Common stocks - 83.05%	Shares		(000)
CLP Holdings Ltd. (1)		2,430,000		20,066
Coca-Cola Co.		360,000		21,913
Cosan Ltd., Class A (2)		2,600,000		32,032
Countrywide Financial Corp.		795,000		4,373
Dell Inc. (2)		300,000		5,976
Deutsche Post AG (1)		2,802,700		85,678
Diageo PLC (1)		1,100,000		22,174
DSG International PLC (1)		3,466,929		4,368
E.ON AG (1)		142,800		26,429
Elpida Memory, Inc. (1) (2)		210,000		7,022
EMC Corp. (2)		410,500		5,887
ENI SpA (1)		300,000		10,228
Erste Bank der oesterreichischen Sparkassen AG (1)		288,480		18,778
Esprit Holdings Ltd. (1)		2,100,500		25,173
European Aeronautic Defence and Space Co. EADS NV (1)		500,000		11,872
Fannie Mae		300,000		7,896
FANUC LTD (1)		100,000		9,670
Finmeccanica SpA (1)		235,000		8,008
First Quantum Minerals Ltd.		275,400		22,315
France Télécom SA (1)		185,000		6,221
Freeport-McMoRan Copper & Gold Inc.		255,000		24,536
General Electric Co.		2,475,455		91,617
Gold Fields Ltd. (1)		763,100		10,652
GOME Electrical Appliances Holding Ltd. (1)		21,686,000		49,790
Google Inc., Class A (2)		75,000		33,035
Groupe Danone SA (1)		145,000		12,982
H & M Hennes & Mauritz AB, Class B (1)		376,000		23,157
Harman International Industries, Inc.		393,200		17,120
High Tech Computer Corp. (1)		620,000		13,964
Holcim Ltd. (1)		100,000		10,502
Hon Hai Precision Industry Co., Ltd. (1)		3,862,692		22,178
Honda Motor Co., Ltd. (1)		1,388,800		39,768
HSBC Holdings PLC (1)		1,500,000		24,702
Hynix Semiconductor Inc. (1) (2)		507,000		14,290
ICICI Bank Ltd. (1)		837,300		16,223
ICICI Bank Ltd. (ADR)		308,750		11,791
Illinois Tool Works Inc.		410,000		19,774
Imperial Oil Ltd.		257,928		13,508
Industrial and Commercial Bank of China Ltd., Class H (1)		34,500,000		23,995
ING Groep NV, depository receipts (1)		347,422		12,992
International Business Machines Corp.		450,000		51,813
Intuitive Surgical, Inc. (2)		35,700		11,579
IOI Corp. Bhd. (1)		7,980,000		17,807
JSC Uralkali (GDR) (1) (2)		1,149,568		47,122
JSC Uralkali (GDR) (1) (2) (4)		444,915		18,237
K+S AG (1)		112,000		36,706
KBR, Inc.		1,605,000		44,507
KDDI Corp. (1)		5,517		34,069
Kesa Electricals PLC (1)		2,473,400		10,097
Kimberly-Clark de México, SAB de CV, Class A		1,540,000		6,833
KLA-Tencor Corp.		287,921		10,682
Kohl’s Corp. (2)		625,000		26,806
Koninklijke KPN NV (1)		5,775,830		97,813
Liberty Media Holding Corp., Liberty Interactive, Series A (2)		1,660,000		26,792
Limited Brands, Inc.		200,000		3,420
livedoor holdings Co., Ltd. (1) (2)		64,000		6,319

			unaudited
			Market
			value
Common stocks - 83.05%	Shares		(000)
Lloyds TSB Group PLC (1)		1,500,000		13,456
Lowe’s Companies, Inc.		1,615,000		37,048
Macquarie Group Ltd. (1)		950,000		46,153
Macquarie Infrastructure Group (1)		4,000,000		10,260
McDonald’s Corp.		250,000		13,943
Mentor Corp.		460,000		11,831
Merck & Co., Inc.		200,000		7,590
METRO AG (1)		127,500		10,296
Michael Page International PLC (1)		1,995,000		11,963
Microsoft Corp.		2,942,000		83,494
Mitsubishi Heavy Industries, Ltd. (1)		4,170,000		18,131
Mizuho Financial Group, Inc. (1)		12,500		46,028
Mondi PLC (1)		1,000,000		8,293
MoneyGram International, Inc.		975,000		1,813
Motorola, Inc.		800,000		7,440
Murata Manufacturing Co., Ltd. (1)		175,000		8,812
Nestlé SA (1)		20,000		9,999
Newmont Mining Corp.		500,000		22,650
News Corp., Class A		1,583,407		29,689
NIKE, Inc., Class B		160,000		10,880
Nikon Corp. (1)		301,000		8,045
Nitto Denko Corp. (1)		396,400		16,991
Nobel Biocare Holding AG (1)		115,885		26,978
Nokia Corp. (1)		682,000		21,702
Norsk Hydro ASA (1)		2,401,585		35,202
Nortel Networks Corp. (2)		1,500,000		10,035
Novo Nordisk A/S, Class B (1)		1,455,200		99,653
NTPC Ltd. (1)		3,477,647		17,165
NTT DoCoMo, Inc. (1)		43,200		65,540
OAO Gazprom (ADR) (1)		300,000		15,312
OAO Severstal (GDR) (1)		574,600		12,997
Oil & Natural Gas Corp. Ltd. (1)		577,500		14,175
OPAP (Greek Organization of Football Prognostics) SA (1)		650,000		23,258
Oracle Corp. (2)		2,000,000		39,120
Parmalat Spa (1)		4,790,000		18,402
PepsiCo, Inc.		337,000		24,331
Petróleo Brasileiro SA — Petrobras, ordinary nominative (ADR)		200,000		20,422
Petróleo Brasileiro SA — Petrobras, preferred nominative (ADR)		125,000		10,586
Pfizer Inc		1,100,000		23,023
Pharmaceutical Product Development, Inc.		544,350		22,808
Potash Corp. of Saskatchewan Inc.		85,000		13,193
Procter & Gamble Co.		135,000		9,459
Public Power Corp. SA (1)		926,700		40,653
Qwest Communications International Inc.		4,000,000		18,120
Randstad Holding NV (1)		517,000		24,310
Reliance Industries Ltd. (1) (2)		567,000		32,210
ResMed Inc (2)		267,000		11,262
Rhön-Klinikum AG, non-registered shares (1)		301,600		8,933
Roche Holding AG (1)		293,500		55,268
Rohm Co., Ltd. (1)		98,000		6,080
Royal Dutch Shell PLC, Class B (1)		574,666		19,341
Royal Dutch Shell PLC, Class B (ADR)		139,643		9,409
RWE AG (1)		100,000		12,288
Ryanair Holdings PLC (ADR) (2)		703,100		19,884
SABMiller PLC (1)		600,000		13,142
Salzgitter AG (1)		96,558		16,779

			unaudited
			Market
			value
Common stocks - 83.05%	Shares		(000)
Samsung Electronics Co., Ltd. (1)		128,440		81,643
Schlumberger Ltd.		260,000		22,620
Schneider Electric SA (1)		394,091		50,994
SET India Ltd. (1) (2) (3)		16,148		1,650
Shire PLC (ADR)		250,000		14,490
Siemens AG (1)		213,000		23,121
Sigma-Aldrich Corp.		239,649		14,295
SK Energy Co., Ltd. (1)		88,706		9,163
Smith & Nephew PLC (1)		1,840,000		24,333
Société Générale (1)		429,400		41,981
Société Générale (1) (2)		30,600		2,945
SOFTBANK CORP. (1)		1,260,000		23,213
Sprint Nextel Corp., Series 1		2,001,750		13,392
St. George Bank Ltd. (1)		355,000		8,371
StatoilHydro ASA (1)		366,435		11,035
STMicroelectronics NV (1)		3,364,000		35,795
Stryker Corp.		200,000		13,010
SUEZ SA (1)		550,000		36,143
Sumitomo Mitsui Financial Group, Inc. (1)		3,750		24,738
Suzlon Energy Ltd. (1) (2)		1,618,700		10,709
Suzuki Motor Corp. (1)		313,000		7,917
Taiwan Semiconductor Manufacturing Co. Ltd. (1)		7,255,633		15,105
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		713,468		7,327
Target Corp.		370,000		18,752
Tata Motors Ltd. (1)		1,535,000		23,919
Telecom Italia SpA (1)		5,868,600		12,281
Telecom Italia SpA, nonvoting (1)		4,093,800		6,798
Telefónica, SA (1)		680,799		19,566
Telekom Austria AG, non-registered shares (1)		1,033,200		21,386
Telstra Corp. Ltd. (1)		1,770,000		7,131
Tenaris SA (ADR)		465,000		23,180
Tesco PLC (1)		1,430,000		10,800
Texas Instruments Inc.		250,000		7,067
TOTAL SA (1)		490,000		36,444
Toyota Motor Corp. (1)		517,500		26,057
Türkiye Is Bankasi AS, Class C (1)		2,405,000		8,939
Tyco Electronics Ltd.		366,250		12,570
Tyco International Ltd.		366,250		16,133
UCB SA (1)		1,150,020		40,024
Unilever NV, depository receipts (1)		1,484,000		49,877
United Parcel Service, Inc., Class B		75,000		5,475
United Technologies Corp.		245,000		16,861
UnitedHealth Group Inc.		850,000		29,206
UPM-Kymmene Oyj (1)		1,090,000		19,360
Vallourec SA (1)		145,000		35,266
Venture Corp. Ltd. (1)		1,300,000		10,017
Veolia Environnement (1)		425,900		29,695
Virgin Media Inc. (2)		2,545,000		35,808
Visa Inc., Class A (2)		141,500		8,824
Vodafone Group PLC (1)		7,131,250		21,351
Vodafone Group PLC (ADR)		800,000		23,608
Wal-Mart de México, SAB de CV, Series V (ADR) (1)		200,000		8,360
Westfield Group (1)		458,603		7,486
Weyerhaeuser Co.		200,000		13,008
Woolworths Ltd. (1)		608,483		16,163
Yahoo! Inc. (2)		2,142,200		61,974

			unaudited
			Market
			value
Common stocks - 83.05%	Shares		(000)
Yamaha Corp. (1)		1,045,000		20,210
Yue Yuen Industrial (Holdings) Ltd. (1)		7,300,000		22,869
Other common stocks in initial period of acquisition				99,201
Total common stocks (cost: $4,096,868,000)				4,648,175

	Principal
	amount
Short-term securities - 17.35%	(000)
Federal Home Loan Bank 2.06%-4.01% due 4/9-12/29/2008	$	203,900		202,891
Fannie Mae 1.86%-2.63% due 6/30-9/17/2008		114,600		113,551
Nestlé Capital Corp. 2.75%-2.92% due 4/24-5/16/2008 (4)		103,800		103,508
BASF AG 2.75%-3.32% due 4/4-5/2/2008 (4)		93,200		93,028
Société Générale North America, Inc. 3.86%-4.36% due 4/17-5/8/2008		57,600		57,454
AstraZeneca PLC 2.25%-2.92% due 8/26-9/29/2008 (4)		54,100		53,378
Siemens Capital Co. LLC 2.10%-2.82% due 5/29/2008 (4)		43,400		43,208
Freddie Mac 1.72%-3.60% due 6/13-7/3/2008		37,800		37,599
UBS Finance (Deleware) LLC 2.65%-4.13% due 4/30-5/12/2008		32,650		32,558
HSBC USA Inc. 2.95% due 5/2/2008		29,300		29,220
Park Avenue Receivables Co., LLC 2.85% due 4/2/2008 (4)		26,050		26,046
Swedish Export Credit Corp. 2.13% due 6/18/2008		25,500		25,348
Bank of Scotland PLC 4.20% due 4/10/2008		25,000		24,979
Royal Bank of Canada 2.75% due 5/12/2008		25,000		24,917
General Electric Capital Corp. 2.50% due 4/1/2008		24,800		24,798
Westpac Banking Corp. 4.36% due 4/8/2008 (4)		18,200		18,188
ANZ National (International) Ltd. 2.61% due 6/12/2008 (4)		15,300		15,216
Private Export Funding Corp. 2.65% due 6/6/2008 (4)		11,000		10,944
U.S. Treasury Bills 1.38%-2.285% due 4/15-9/4/2008		9,800		9,740
Electricité de France 2.55% due 5/8/2008		9,100		9,076
Danske Corp. 2.50% due 4/14/2008 (4)		8,900		8,891
BMW U.S. Capital LLC 2.20% due 5/5/2008 (4)		6,200		6,187
Total short-term securities (cost: $970,851,000)				970,725
Total investment securities (cost: $5,067,719,000)				5,618,900
Other assets less liabilities				(22,178	)
Net assets			$	5,596,722

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

(1)	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous,” was $2,946,594,000, which represented 52.65% of the net assets of the fund.
(2)	Security did not produce income during the last 12 months.
(3)	Purchased in a transaction exempt from registration under the Secruities Act of 1933. This security (acquired 9/6/2000-4/18/2002 at a cost of $6,378,000) may be subject to legal or contractual restrictions on resale.
(4)	Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $396,831,000, which represented 7.09% of the net assets of the fund.

ADR = American Depositary Receipts

GDR = Global Depositary Receipts

Statement of Investments
March 31, 2008 (Unaudited)

American Funds NVIT Asset Allocation Fund

	Shares		Value
MUTUAL FUNDS (99.7%)
Equity Fund (99.7%)
American Funds Asset Allocation Fund		33,966,524	$	583,544,876
Total Investments (Cost $628,026,437)(a) — 99.7%				583,544,876
Other assets in excess of liabilities — 0.3%				1,998,287
NET ASSETS — 100.0%			$	585,543,163

(a) See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

American Funds Insurance Series Asset Allocation Fund
Investment portfolio, March 31, 2008

			unaudited
			Market
			value
Common stocks - 65.01%	Shares		(000)
Abbott Laboratories		1,400,000		77,210
Affiliated Managers Group, Inc. (1)		220,000		19,963
AirAsia Bhd. (1) (4)		53,665,000		23,047
Alcoa Inc.		1,500,000		54,090
Allied Irish Banks, PLC (4)		1,815,000		38,906
Altria Group, Inc.		2,300,000		51,060
American Tower Corp., Class A (1)		7,045		276
Amgen Inc. (1)		1,800,000		75,204
AMP Ltd. (4)		4,925,210		35,448
AMR Corp. (1)		1,000,000		9,020
Arch Coal, Inc.		1,000,000		43,500
AT&T Inc.		2,700,000		103,410
Avnet, Inc. (1)		1,400,000		45,822
Baker Hughes Inc.		400,000		27,400
Bank of America Corp.		1,600,000		60,656
Bank of New York Mellon Corp.		1,200,000		50,076
Berkshire Hathaway Inc., Class A (1)		160		21,344
Best Buy Co., Inc.		1,705,350		70,704
BHP Billiton Ltd. (4)		4,615,000		151,578
Boeing Co.		1,750,000		130,148
Boston Scientific Corp. (1)		4,000,000		51,480
Bristol-Myers Squibb Co.		2,000,000		42,600
C&C Group PLC (4)		4,327,519		26,988
Cameco Corp.		1,015,600		33,455
Chevron Corp.		1,584,328		135,238
Cisco Systems, Inc. (1)		3,000,000		72,270
Citigroup Inc.		1,200,000		25,704
CNX Gas Corp. (1) (5)		125,000		4,035
Coca-Cola Co.		1,400,000		85,218
COLT Telecom Group SA (1) (4)		51,200		170
CONSOL Energy Inc.		395,000		27,330
DataPath, Inc. (1) (3) (4)		1,189,763		4,164
Deere & Co.		1,200,000		96,528
DigitalGlobe Inc. (1) (3) (4)		1,225,858		4,903
E.I. du Pont de Nemours and Co.		1,000,000		46,760
Eli Lilly and Co.		1,200,000		61,908
Endo Pharmaceuticals Holdings Inc. (1)		2,500,000		59,850
Energy XXI (Bermuda) Ltd. (1) (4)		1,108,618		4,157
EOG Resources, Inc.		150,000		18,000
Fannie Mae		5,388,800		141,833
Fortune Brands Inc.		500,000		34,750
Freddie Mac		1,250,300		31,658
General Electric Co.		2,250,000		83,273
Google Inc., Class A (1)		20,000		8,809
Grafton Group PLC, units (4)		1,760,000		16,206
Hewlett-Packard Co.		1,500,000		68,490
Intel Corp.		2,500,000		52,950
International Business Machines Corp.		900,000		103,626
ITT Corp.		400,000		20,724
Johnson & Johnson		1,500,000		97,305
Johnson Controls, Inc.		2,400,000		81,120
JPMorgan Chase & Co.		1,500,000		64,425
KDDI Corp. (4)		3,400		20,996
KGen Power Corp. (1) (3) (4)		1,339,516		21,097
Kohl’s Corp. (1)		1,244,500		53,377
Kyocera Corp. (4)		380,000		31,930
Lowe’s Companies, Inc.		4,210,000		96,577
Magna International Inc., Class A		600,000		43,290
Marathon Oil Corp.		1,200,000		54,720
Marsh & McLennan Companies, Inc.		700,000		17,045
Marshall & Ilsley Corp.		999,999		23,200
Medtronic, Inc.		2,250,000		108,832
Microsoft Corp.		3,050,000		86,559
Mitsubishi Corp. (4)		2,000,000		61,575
Murphy Oil Corp.		200,000		16,428
Newmont Mining Corp.		2,365,000		107,135
Nokia Corp. (ADR)		3,287,400		104,638
Nortel Networks Corp. (1)		1,200,000		8,028
Occidental Petroleum Corp.		250,000		18,292
Oracle Corp. (1)		3,000,000		58,680
Paychex, Inc.		700,000		23,982
Penn National Gaming, Inc. (1)		495,000		21,646
PepsiCo, Inc.		1,000,000		72,200
Petro-Canada		2,150,000		93,593
Philip Morris International Inc. (1)		2,300,000		116,334
Pioneer Natural Resources Co.		580,000		28,490
Raytheon Co.		1,040,000		67,194
Reliant Energy, Inc. (1)		3,250,000		76,863
Rio Tinto PLC (4)		727,572		75,532
Roche Holding AG (4)		271,780		51,178

			unaudited
			Market
			value
Common stocks - 65.01%	Shares		(000)
Rosetta Resources Inc. (1) (2) (3)		2,970,000		58,420
Saks Inc. (1)		3,000,000		37,410
Schering-Plough Corp.		300,900		4,336
Schlumberger Ltd.		2,159,800		187,903
Shire PLC (ADR)		500,000		28,980
Smith International, Inc.		1,000,000		64,230
Sprint Nextel Corp., Series 1		15,100,000		101,019
Suncor Energy Inc.		1,971,809	$	190,424
T. Rowe Price Group, Inc.		600,000		30,000
Target Corp.		1,150,000		58,282
Telephone and Data Systems, Inc., Special Common Shares		575,000		21,447
Toyota Motor Corp. (4)		200,000		10,070
UAL Corp.		1,002,469		21,583
United Therapeutics Corp. (1)		750,000		65,025
Verizon Communications Inc.		1,200,000		43,740
Vodafone Group PLC (4)		20,000,000		59,880
Wells Fargo & Co.		2,000,000		58,200
Weyerhaeuser Co.		480,000		31,219
Wyeth		2,100,000		87,696
XL Capital Ltd., Class A		280,400		8,286
Yahoo! Inc. (1)		3,500,000		101,255
Other common stocks in initial period of acquisition				248,839
Total common stocks (cost: $5,163,511,000)				5,772,444

			Market
			value
Preferred stocks - 0.15%	Shares		(000)
Bank of America Corp., Series K, 8.00% noncumulative (6)		4,000,000		4,012
MUFG Capital Finance 1 Ltd. 6.346% noncumulative (6)		4,925,000	$	4,019
National Bank of Canada, Series A, 8.35% exchangeable depositary shares		60,000		1,289
Shinsei Finance II (Cayman) Ltd. 7.16% noncumulative (4) (5) (6)		1,755,000		1,150
Sumitomo Mitsui Banking Corp. 6.078% (5) (6)		2,600,000		2,051
XL Capital Ltd., Series E, 6.50% (6)		1,000,000		751
Total preferred stocks (cost: $15,614,000)				13,272

			Market
			value
Rights & warrants - 0.00%	Shares		(000)
GT Group Telecom Inc., warrants, expire 2010 (1) (4) (5)		2,250	—
Total rights & warrants (cost: $117,000)			—

	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 22.37%	(000)		(000)
Abbott Laboratories 5.60% 2017		400		419
Abbott Laboratories 5.875% 2016		1,535		1,639
Abu Dhabi National Energy Co. PJSC (TAQA) 5.875% 2016 (5)		2,500		2,485
Accuride Corp. 8.50% 2015		3,340		2,739
ACIH, Inc. 11.50% 2012 (5)		1,815		517
Advanta Business Card Master Trust, Series 2005-A2, Class A-2, 2.666% 2013 (6)		9,860		9,230
AEP Industries Inc. 7.875% 2013		2,440		2,233
AES Corp. 8.75% 2013 (5)		1,371		1,433
AES Corp. 9.375% 2010		112		119
Albertson’s, Inc. 8.00% 2031		2,500		2,396
Alion Science and Technology Corp. 10.25% 2015		840		479
Allied Waste North America, Inc., Series B, 7.375% 2014		2,415		2,388
Allison Transmission Holdings, Inc. 11.25% 2015 (5) (9)		3,850		3,253
Allstate Corp., Series B, 6.125% 2067		3,070		2,832
Ambac Financial Group, Inc. 6.15% 2087		1,905		726
AMC Entertainment Inc., Series B, 11.00% 2016		2,250		2,118
American Airlines, Inc., Series 2001-1, Class B, 7.377% 2019 (7)		635		521
American Express Co. 8.15% 2038		2,000		2,223
American General Finance Corp., Series J, 6.50% 2017		3,000		2,878
American Home Mortgage Assets Trust, Series 2007-3, Class II-2A-1, 6.25% 2037 (6)		5,780		4,334
American Media Operations, Inc. 8.875% 2011		1,715		1,140
American Media Operations, Inc. 8.875% 2011 (5)		62		41
American Media Operations, Inc., Series B, 10.25% 2009		6,325		4,269
American Media Operations, Inc., Series B, 10.25% 2009 (5)		125		85
American Tower Corp. 7.00% 2017 (5)		5,675		5,703
American Tower Corp. 7.125% 2012		6,015		6,180
American Tower Corp. 7.50% 2012		250		257
American Tower Trust I, Series 2007-1A, Class A-FX, 5.42% 2037 (4) (5)		3,125		2,911
American Tower Trust I, Series 2007-1A, Class B, 5.537% 2037 (4) (5)		2,125		2,067
American Tower Trust I, Series 2007-1A, Class D, 5.957% 2037 (4) (5)		1,875		1,573

	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 22.37%	(000)		(000)
American Tower Trust I, Series 2007-1A, Class E, 6.249% 2037 (4) (5)		2,725		2,217
American Tower Trust I, Series 2007-1A, Class F, 6.639% 2037 (4) (5)		2,950		2,451
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-4-A, MBIA insured, 5.55% 2014		2,500		2,320
AmeriCredit Automobile Receivables Trust, Series 2007-D-F, Class A-4-A, FSA insured, 5.56% 2014		2,750		2,729
Ameriquest Mortgage Securities Inc., Series 2003-12, Class M-1, 3.349% 2034 (6)		5,000		3,882
AMR HoldCo, Inc. and EmCare HoldCo, Inc. 10.00% 2015		770		822
AOL Time Warner Inc. 7.625% 2031		3,125		3,278
Appalachian Power Co., Series M, 5.55% 2011		1,375		1,404
ARAMARK Corp. 8.50% 2015		1,125		1,133
ARAMARK Corp., Term Loan B, 4.571% 2014 (6) (7) (8)		2,446		2,288
ARAMARK Corp., Term Loan B, Letter of Credit, 4.571% 2014 (6) (7) (8)		155		145
Ashtead Capital, Inc. 9.00% 2016 (5)		1,425		1,161
Ashtead Group PLC 8.625% 2015 (5)		1,050		845
Assurant, Inc. 5.625% 2014		1,150		1,131
AstraZeneca PLC 5.40% 2012		2,750		2,904
AT&T Corp. 8.00% 2031		2,000		2,344
Atlantic Broadband Finance, LLC and Atlantic Broadband Finance, Inc. 9.375% 2014		2,300		2,050
Atlas Copco AB 5.60% 2017 (5)		2,750		2,749
AXA SA 6.379% (undated) (5) (6)		4,000		3,234
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class B, 7.156% 2011 (5) (7)		3,409		3,672
Banc of America Commercial Mortgage Inc., Series 2004-5, Class A-3, 4.561% 2041		16,190		15,593
Banc of America Mortgage Securities, Inc., Series 2003-G, Class 2-A-1, 4.088% 2033 (6)		1,220		1,165
Barclays Bank PLC 7.434% (undated) (5) (6)		4,640		4,202
Bausch & Lomb Inc. 9.875% 2015 (5)		5,475		5,584
BCAP LLC Trust, Series 2006-AA2, Class A-1, 2.769% 2037 (6)		4,106		2,897
Bear Stearns ARM Trust, Series 2003-9, Class III-A-2, 4.963% 2034 (6)		1,981		1,934
Bear Stearns Asset-backed Securities I Trust, Series 2005-AC3, Class II-A-1, 5.25% 2020		7,785		7,488
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-2, 4.735% 2042		5,910		5,831
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-3, 4.868% 2042		7,000		6,736
BellSouth Corp. 4.20% 2009		3,000		3,021
Berry Plastics Holding Corp. 10.25% 2016		3,175		2,461
Biogen Idec Inc. 6.00% 2013		2,500		2,532
BNP Paribas 7.195% (undated) (5) (6)		4,000		3,553
BNSF Funding Trust I 6.613% 2055		1,115		1,015
BOI Capital Funding (No. 2) LP 5.571% (undated) (4) (5) (6)		4,500		3,209
Boise Cascade, LLC and Boise Cascade Finance Corp. 7.125% 2014		2,180		2,044
Boyd Gaming Corp. 6.75% 2014		1,100		907
Boyd Gaming Corp. 7.125% 2016		2,725		2,207
Boyd Gaming Corp. 7.75% 2012		1,000		930
Brandywine Operating Partnership, LP 5.75% 2012		1,000		929
British Telecommunications PLC 5.95% 2018		3,500		3,398
Building Materials Corp. of America 7.75% 2014		2,950		2,139
Burlington Coat Factory Warehouse Corp. 11.125% 2014		1,660		1,291
C10 Capital (SPV) Ltd. 6.722% (undated) (5) (6)		5,585		5,178
C8 Capital (SPV) Ltd. 6.64% (undated) (5) (6)		665		615
Cablevision Systems Corp., Series B, 8.00% 2012		4,050		3,959
Canadian Natural Resources Ltd. 5.70% 2017		4,560		4,619
CanWest Media Inc., Series B, 8.00% 2012		5,102		4,872
CanWest MediaWorks Inc. 9.25% 2015 (5)		500		462
Capmark Financial Group, Inc. 5.875% 2012 (5)		2,600		1,649
Capmark Financial Group, Inc. 6.30% 2017 (5)		1,500		901
Cardinal Health, Inc. 5.80% 2016		7,250		7,296
CarMax Auto Owner Trust, Series 2007-2, Class A-3, 5.23% 2011		2,750		2,729
Carmike Cinemas, Inc., Delayed Draw, Term Loan, 6.49% 2012 (6) (7) (8)		421		396
Caterpillar Financial Services Corp., Series F, 4.85% 2012		2,125		2,176
CCH I, LLC and CCH I Capital Corp. 11.00% 2015		5,590		3,913
CCO Holdings, LLC and CCO Holdings Capital Corp. 8.75% 2013		5,650		4,859
Celestica Inc. 7.625% 2013		1,145		1,088
Celestica Inc. 7.875% 2011		1,655		1,634
Centennial Communications Corp. 10.479% 2013 (6)		1,000		875
Centennial Communications Corp. and Centennial Cellular Operating Co. LLC 10.125% 2013		1,475		1,464
Centennial Communications Corp., Centennial Cellular Operating Co. LLC and Centennial Puerto Rico Operations Corp. 8.125% 2014		3,600		3,420
Centex Corp. 5.25% 2015		3,285		2,549
Centex Corp. 6.50% 2016		1,090		912
Ceridian Corp. 11.25% 2015 (5)		4,650		3,987
Charles Schwab Corp., Series A, 6.375% 2017		2,000		2,002
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 10.875% 2014 (5)		1,075		1,064
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.375% 2014 (5)		650		588
Charter Communications Operating, LLC, Term Loan Facilities B, 5.26% 2014 (6) (7) (8)		1,995		1,691
Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A-2, 7.757% 2032		913		945
CHL Mortgage Pass-Through Trust, Series 2005-HYB8, Class 4-A-1, 5.61% 2035 (6)		6,533		4,624
CHL Mortgage Pass-Through Trust, Series 2006-HYB5, Class 3-A-1B, 5.923% 2036 (6)		742		526
Circus and Eldorado Joint Venture and Silver Legacy Resort Casino 10.125% 2012		2,295		2,324
Cisco Systems, Inc. 5.25% 2011		2,375		2,481
CIT Group Inc. 7.625% 2012		3,650		3,036
Citigroup Capital XXI 8.30% 2057		5,825		5,755
Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A-1, 3.787% 2041		559		555
Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A-M, 5.725% (undated) (6)		3,000		2,805
Citigroup Inc. 6.125% 2017		3,000		3,001
Citigroup-Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A-5, 5.617% 2048		5,000		4,893
CNA Financial Corp. 7.25% 2023		1,550		1,584
CoBank ACB 3.40% 2022 (5) (6)		3,445		2,633
Comcast Corp. 6.95% 2037		4,000		4,021
Commercial Mortgage Trust, Series 2003-LNB1, Class A-2, 4.084% 2038		6,000		5,546
Constellation Brands, Inc. 7.25% 2017		5,895		5,748
Constellation Brands, Inc. 8.375% 2014		1,275		1,320
Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 2019 (7)		657		632
Continental Airlines, Inc., Series 2000-1, Class B, 8.388% 2022 (7)		1,070		1,006
Cooper-Standard Automotive Inc. 7.00% 2012		375		324

	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 22.37%	(000)		(000)
Cooper-Standard Automotive Inc. 8.375% 2014		1,875		1,430
Countrywide Alternative Loan Trust, Series 2005-46CB, Class A-8, 5.50% 2035		8,924		8,345
Countrywide Alternative Loan Trust, Series 2005-50CB, Class 3-A-1, 6.00% 2035		3,905		3,379
Countrywide Alternative Loan Trust, Series 2005-6CB, Class 2-A-1, 5.00% 2020		5,245		5,067
Countrywide Alternative Loan Trust, Series 2007-HY4, Class 3-A-1, 5.877% 2047 (6)		14,891		10,424
Countrywide Financial Corp., Series A, 4.50% 2010		150		134
Countrywide Financial Corp., Series B, 5.80% 2012		5,700		5,169
Countrywide Home Loans, Inc., Series L, 3.25% 2008		725		711
Countrywide Home Loans, Inc., Series M, 4.125% 2009		2,650		2,388
Cox Communications, Inc. 7.875% 2009		4,000		4,188
CPS Auto Receivables Trust, Series 2004-B, Class A-2, XLCA insured, 3.56% 2011 (5)		604		592
CPS Auto Receivables Trust, Series 2006-A, Class 1-A-4, FSA insured, 5.33% 2012 (5)		700		697
Cricket Communications, Inc. 9.375% 2014		1,710		1,629
Crown Castle Towers LLC, Series 2005-1, Class D, 5.612% 2035 (5)		3,800		3,616
Crown Castle Towers LLC, Series 2006-1, Class F, 6.650% 2036 (4) (5)		1,800		1,574
Crown Castle Towers LLC, Series 2006-1, Class G, 6.795% 2036 (4) (5)		700		597
CS First Boston Mortgage Securities Corp., Series 2001-CF2, Class A-3, 6.238% 2034		10		10
CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A-3, 6.387% 2036		5,000		5,116
CS First Boston Mortgage Securities Corp., Series 2001-CKN5, Class A-4, 5.435% 2034		3,210		3,206
CS First Boston Mortgage Securities Corp., Series 2001-CP4, Class A-4, 6.18% 2035		3,000		3,054
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IV-A-1, 6.00% 2034		1,555		1,346
CS First Boston Mortgage Securities Corp., Series 2005-7, Class III-A-1, 5.00% 2020		1,857		1,665
CVS Caremark Corp. 6.943% 2030 (4) (5) (7)		2,493		2,520
CWABS Asset-backed Certificates Trust, Series 2006-14, Class 2-A-2, 2.749% 2037 (6)		2,875		2,197
DAE Aviation Holdings, Inc. 11.25% 2015 (5)		3,200		3,168
DaimlerChrysler Financial Services Americas LLC, First Lien Term Loan, 6.80% 2012 (6) (7) (8)		264		220
DaimlerChrysler Financial Services Americas LLC, Second Lien Term Loan, 9.30% 2013 (6) (7) (8)		1,050		732
DaimlerChrysler North America Holding Corp. 7.20% 2009		1,000		1,035
DaimlerChrysler North America Holding Corp. 7.75% 2011		1,000		1,076
Delhaize Group 6.50% 2017		1,750		1,810
Delphi Corp. 6.50% 2013 (11)		985		315
Developers Diversified Realty Corp. 3.875% 2009		3,000		2,956
Developers Diversified Realty Corp. 5.50% 2015		2,000		1,779
Dex Media, Inc., Series B, 8.00% 2013		1,750		1,286
Dole Food Co., Inc. 7.25% 2010		1,125		872
Dole Food Co., Inc. 8.875% 2011		1,195		974
Drive Auto Receivables Trust, Series 2006-2, Class A-3, MBIA insured, 5.33% 2014 (5)		3,250		3,081
DRS Technologies, Inc. 6.625% 2016		850		835
Drummond Co., Inc. 7.375% 2016 (5)		3,600		3,312
Duane Reade Inc. 9.75% 2011		1,445		1,214
DynCorp International and DIV Capital Corp., Series A, 9.50% 2013		3,278		3,352
E*TRADE Financial Corp. 7.875% 2015		2,560		1,830
E*TRADE Financial Corp. 8.00% 2011		1,575		1,323
Edison Mission Energy 7.00% 2017		600		600
Edison Mission Energy 7.20% 2019		650		645
Edison Mission Energy 7.50% 2013		3,725		3,837
Edison Mission Energy 7.625% 2027		2,325		2,197
Edison Mission Energy 7.75% 2016		1,150		1,190
Education Management LLC and Education Management Finance Corp. 10.25% 2016		1,730		1,384
Education Management LLC and Education Management Finance Corp. 8.75% 2014		450		383
Electronic Data Systems Corp. 7.45% 2029		1,135		1,076
Electronic Data Systems Corp., Series B, 6.50% 2013		3,500		3,473
Elizabeth Arden, Inc. 7.75% 2014		1,680		1,604
Enbridge Energy Partners, LP 6.50% 2018 (Sugg) (5)		3,000		2,984
Enterprise Products Operating LP 6.875% 2033		4,025		4,010
Enterprise Products Operating LP 7.034% 2068		5,440		4,626
Enterprise Products Operating LP 8.375% 2066		235		229
Fannie Mae 4.00% 2015		5,442		5,443
Fannie Mae 4.50% 2035		17,923		17,288
Fannie Mae 4.89% 2012		10,000		10,249
Fannie Mae 5.00% 2018		6,043		6,152
Fannie Mae 5.25% 2012		30,000		31,345
Fannie Mae 5.50% 2017		2,290		2,356
Fannie Mae 5.50% 2020		11,204		11,486
Fannie Mae 5.50% 2033		8,753		8,882
Fannie Mae 5.50% 2033		5,318		5,396
Fannie Mae 5.50% 2037		16,963		17,140
Fannie Mae 6.00% 2021		535		552
Fannie Mae 6.00% 2021		466		480
Fannie Mae 6.00% 2026		3,618		3,726
Fannie Mae 6.00% 2036		18,540		19,011
Fannie Mae 6.00% 2037		41,155		42,202
Fannie Mae 6.00% 2037 (4)		4,580		4,617
Fannie Mae 6.25% 2029		5,375		6,331
Fannie Mae 6.50% 2037		2,122		2,186
Fannie Mae 7.00% 2009	$	6		6
Fannie Mae 7.00% 2047		4,234		4,398
Fannie Mae 7.00% 2047		1,259		1,308
Fannie Mae 7.25% 2030		7,000		9,197
Fannie Mae, Series 2001-T10, Class A-1, 7.00% 2041		749		803
Fannie Mae, Series 2003-48, Class TJ, 4.50% 2022		4,194		4,190
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 2036		885		685
Fannie Mae, Series 2006-49, Class PA, 6.00% 2036		3,105		3,212
Federal Agricultural Mortgage Corp. 4.25% 2008		3,000		3,022
Federal Home Loan Bank 5.125% 2013		18,000		19,490
Federal Home Loan Bank 5.625% 2016		17,375		18,117
Fifth Third Capital Trust IV 6.50% 2067 (4)		3,000		2,085
First Data Corp., Term Loan B2, 5.349% 2014 (6) (7) (8)		5,973		5,394
First Investors Auto Owner Trust, Series 2005-A, Class A-2, MBIA insured, 4.23% 2012 (5)		1,301		1,248

	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 22.37%	(000)		(000)
Ford Motor Co. 6.50% 2018		2,442		1,648
Ford Motor Co. 8.875% 2022		2,490		1,948
Ford Motor Credit Co. 7.375% 2009		650		592
Ford Motor Credit Co. 7.375% 2011		2,000		1,669
Freddie Mac 4.875% 2008		1,170		1,184
Freddie Mac 5.00% 2018		2,110		2,148
Freddie Mac 5.00% 2038		25,000		24,767
Freddie Mac 5.25% 2011		30,000		32,261
Freddie Mac 5.724% 2037 (6)		4,846		4,961
Freddie Mac 6.00% 2026		19,688		20,286
Freddie Mac 6.00% 2037		26,259		26,956
Freddie Mac 6.00% 2037		21,731		22,306
Freddie Mac 6.00% 2037		1,295		1,329
Freddie Mac 6.50% 2016		778		806
Freddie Mac, Series 3233, Class PA, 6.00% 2036		5,734		5,962
Freddie Mac, Series 3312, Class PA, 5.50% 2037		5,766		5,876
Freddie Mac, Series T-041, Class 3-A, 7.50% 2032		771		816
Freeport-McMoRan Copper & Gold Inc. 8.25% 2015		2,440		2,580
Freescale Semiconductor, Inc. 10.125% 2016		1,600		1,088
Freescale Semiconductor, Inc. 9.125% 2014 (9)		5,375		3,951
Gaz Capital SA, Series 9, 6.51% 2022		3,625		3,240
GE Capital Commercial Mortgage Corp., Series 2002-1, Class A-3, 6.269% 2035		3,338		3,414
GE Commercial Mortgage Corp., Series 2005-C4, Class A-3A, 5.333% 2045 (6)		5,000		4,932
GE SeaCo Finance SRL, Series 2004-1, Class A, AMBAC insured, 3.118% 2019 (4) (5) (6)		3,042		2,654
General Electric Co. 5.25% 2017		4,500		4,502
General Motors Acceptance Corp. 6.75% 2014		3,105		2,200
General Motors Acceptance Corp. 6.875% 2011		1,750		1,340
General Motors Acceptance Corp. 6.875% 2012		500		380
General Motors Corp. 7.125% 2013		4,000		3,090
Georgia Gulf Corp. 9.50% 2014		2,330		1,811
Georgia-Pacific Corp. 8.125% 2011		650		648
Georgia-Pacific Corp. 9.50% 2011		1,950		1,994
German Government 6.25% 2024	€	6,000		11,459
Glen Meadow Pass Through Trust 6.505% 2067 (4) (5)		2,000		1,574
GMAC Commercial Mortgage Securities, Inc., Series 1999-C3, Class C, 7.786% 2036		1,000		1,034
GMAC Mortgage Loan Trust, Series 2006-HE3, Class A-5, FGIC insured, 5.809% 2036 (6)		2,000		1,457
GMAC Mortgage Loan Trust, Series 2007-HE2, Class A-3, FGIC insured, 6.193% 2037 (6)		4,250		2,156
Government National Mortgage Assn. 8.50% 2021		44		48
Greenwich Capital Commercial Funding Corp., Series 2002-C1, Class A-2, 4.112% 2017		2,497		2,427
GSAA Home Equity Trust, Series 2006-7, Class AF-5A, 6.205% 2046 (6)		750		676
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A-1, 5.50% 2020		1,710		1,688
GSR Mortgage Loan Trust, Series 2004-6F, Class IVA-1, 5.00% 2019		1,628		1,590
Hanesbrands Inc., Series B, 8.204% 2014 (6)		4,585		4,092
Hawaiian Telcom Communications, Inc. 10.318% 2013 (6)		175		92
Hawaiian Telcom Communications, Inc. 9.75% 2013		2,545		1,387
Hawaiian Telcom Communications, Inc., Term Loan C, 4.946% 2014 (6) (7) (8)		423		324
Hawker Beechcraft Acquisition Co., LLC 8.50% 2015		525		542
Hawker Beechcraft Acquisition Co., LLC 8.875% 2015 (9)		3,865		3,971
Hawker Beechcraft Acquisition Co., LLC 9.75% 2017		350		350
HCA Inc. 9.625% 2016 (9)		875		910
HCA Inc., Term Loan B, 4.946% 2013 (6) (7) (8)		2,617		2,413
HealthSouth Corp. 10.75% 2016		5,750		6,066
Hertz Corp. 10.50% 2016		2,125		2,000
Hewlett-Packard Co. 5.50% 2018		3,000		3,079
Home Equity Mortgage Trust, Series 2006-3, Class A-1, 5.472% 2036 (4) (6)		928		510
Home Equity Mortgage Trust, Series 2006-5, Class A-1, 5.50% 2037 (4) (6)		2,646		1,059
Hospira, Inc. 5.55% 2012		2,395		2,478
Hospitality Properties Trust 6.70% 2018		3,830		3,286
HSBK (Europe) BV 7.25% 2017		1,250		1,100
HSBK (Europe) BV 7.25% 2017 (5)		2,295		2,019
Hughes Communications, Inc. 9.50% 2014		4,550		4,550
Husky Energy Inc. 6.80% 2037		3,375		3,441
HVB Funding Trust III 9.00% 2031 (4) (5)		1,600		1,452
Idearc Inc. 8.00% 2016	$	2,625		1,713
iesy Repository GmbH 10.125% 2015	€	1,000		1,492
Impac CMB Grantor Trust, Series 2004-6, Class 1-A-1, 3.399% 2034 (6)		358		271
Indonesia (Republic of) 11.00% 2020	IDR	8,750,000		899
Indonesia (Republic of) 12.80% 2021		10,405,000		1,192
Indonesia (Republic of) 12.90% 2022		2,241,000		258
IndyMac INDX Mortgage Loan Trust, Series 2006-AR11, Class 6-A-1, 5.88% 2036 (6)		3,345		2,486
IndyMac INDX Mortgage Loan Trust, Series 2006-AR25, Class 3-A-1, 6.366% 2036 (6)		2,923		2,223
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2-A-1, 5.838% 2036 (4) (6)		2,521		2,089
Intelsat (Bermuda), Ltd. 8.25% 2013		1,855		1,878
Intelsat Corp. 9.00% 2016		1,750		1,772
Intergen Power 9.00% 2017 (5)		10,250		10,762
International Coal Group, Inc. 10.25% 2014		1,250		1,203
International Lease Finance Corp. 4.35% 2008		1,500		1,498
Iron Mountain Inc. 6.625% 2016		980		938
iStar Financial, Inc. 6.05% 2015 (4)		4,000		3,000
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC12, Class A-3B, 5.317% 2037 (6)		12,000		11,667
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP7, Class A-4, 5.875% 2045 (6)		2,625		2,625
JBS SA 10.50% 2016		2,025		1,959
Jefferson Smurfit Corp. (U.S.) 7.50% 2013		1,450		1,254
Jefferson Smurfit Corp. (U.S.) 8.25% 2012		910		825
JPMorgan Chase Bank NA 5.875% 2016		3,500		3,591
JPMorgan Chase Capital XXII, Series V, 6.45% 2087		2,560		2,215
K. Hovnanian Enterprises, Inc. 6.50% 2014		250		170
K. Hovnanian Enterprises, Inc. 7.75% 2013		2,200		1,177
K. Hovnanian Enterprises, Inc. 8.875% 2012		1,470		823

	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 22.37%	(000)		(000)
Kimco Realty Corp. 5.70% 2017		2,495		2,272
Kinder Morgan Energy Partners LP 6.00% 2017		6,285		6,265
Koninklijke Philips Electronics NV 5.75% 2018		4,800		4,900
Kraft Foods Inc. 6.875% 2038		2,375		2,344
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 2026 (5)		1,770		1,717
Lazard Group LLC 6.85% 2017		1,825		1,712
Lazard Group LLC 7.125% 2015		4,845		4,719
LBI Media, Inc. 8.50% 2017 (5)		2,230		1,943
Lehman Brothers Holdings Inc. 6.50% 2017 (4)		1,250		1,236
Lehman Brothers Holdings Inc. 6.75% 2017 (4)		4,300		4,296
Lehman Mortgage Trust, Series 2007-7, Class 6-A4, 7.00% 2037		2,765		2,441
Level 3 Financing, Inc. 9.25% 2014		2,625		2,159
Liberty Media Corp. 8.25% 2030		1,375		1,161
Liberty Mutual Group Inc. 6.50% 2035 (5)		1,335		1,224
Liberty Mutual Group Inc. 7.50% 2036 (5)		1,750		1,662
Local T.V. Finance LLC 9.25% 2015 (5) (9)		1,170		943
MagnaChip Semiconductor SA and MagnaChip Semiconductor Finance Co. 8.00% 2014		740		425
MASTR Alternative Loan Trust, Series 2004-2, Class 2-A-1, 6.00% 2034		3,807		3,295
MASTR Asset-backed Securities Trust, Series 2006-AB1, Class A-4, 5.719% 2036 (6)		750		670
McGraw-Hill Companies, Inc. 5.375% 2012		3,000		3,065
Mediacom Broadband LLC and Mediacom Broadband Corp. 8.50% 2015		2,250		1,901
Meritage Homes Corp. 6.25% 2015		825		623
Merrill Lynch & Co., Inc. 6.11% 2037		1,400		1,110
Merrill Lynch & Co., Inc., Series C, 6.40% 2017		1,000		989
Merrill Lynch Mortgage Trust, Series 2002-MW1, Class A-3, 5.403% 2034		4,000		4,013
Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A-2, 5.202% 2044 (6)		2,000		1,977
Metals USA Holdings Corp. 10.729% 2012 (6) (9)		2,225		1,669
Metals USA, Inc. 11.125% 2015		700		689
MetroPCS Wireless, Inc. 9.25% 2014		1,500		1,388
MGM MIRAGE 6.625% 2015		925		809
MGM MIRAGE 6.75% 2013		1,645		1,522
Michaels Stores, Inc. 10.00% 2014		3,575		3,146
Michaels Stores, Inc. 11.375% 2016		850		671
Michaels Stores, Inc., Term Loan B, 5.438% 2013 (6) (7) (8)		992		835
MidAmerican Energy Holdings Co. 6.50% 2037		3,000		3,016
Midwest Generation, LLC, Series B, 8.56% 2016 (7)		3,214		3,487
Millicom International Cellular SA 10.00% 2013		2,010		2,141
Mohegan Tribal Gaming Authority 7.125% 2014		4,750		3,919
Monumental Global Funding III 4.458% 2014 (5) (6)		4,000		3,733
Morgan Stanley Capital I, Inc., Series 1998-HF2, Class A-2, 6.48% 2030		1,301		1,300
Morris Publishing Group, LLC and Morris Publishing Finance Co., Series B, 7.00% 2013		3,250		1,869
Mylan Inc., Term Loan B, 6.25% 2014 (6) (7) (8)		1,870		1,812
Nalco Co. 7.75% 2011		2,615		2,661
National Semiconductor Corp. 6.15% 2012		1,175		1,201
Navios Maritime Holdings Inc. 9.50% 2014		4,550		4,556
Neiman Marcus Group, Inc. 9.00% 2015 (9)		2,900		2,915
New Century Home Equity Loan Trust, Series 2006-2, Class A-2-b, 2.759% 2036 (6)		4,000		3,489
Newfield Exploration Co. 6.625% 2014		1,225		1,213
News America Inc. 5.30% 2014		1,165		1,167
Nextel Communications, Inc., Series F, 5.95% 2014		2,800		2,074
Nielsen Finance LLC and Nielsen Finance Co. 0%/12.50% 2016 (10)		6,050		3,857
Nielsen Finance LLC and Nielsen Finance Co. 10.00% 2014		3,850		3,850
Nielsen Finance LLC, Term Loan B, 5.346% 2013 (6) (7) (8)		1,563		1,413
Northern Rock PLC 5.60% (undated) (4) (5) (6)		200		115
Northern Rock PLC 6.594% (undated) (4) (5) (6)		3,200		1,840
Northwest Airlines, Inc., Term Loan A, 4.45% 2018 (6) (7) (8)		2,217		1,962
Northwest Airlines, Inc., Term Loan B, 6.20% 2013 (6) (7) (8)		963		892
NRG Energy, Inc. 7.25% 2014		2,250		2,228
NRG Energy, Inc. 7.375% 2016		2,125		2,088
NTL Cable PLC 8.75% 2014	$	1,650		1,489
NXP BV and NXP Funding LLC 7.326% 2013 (6)	€	750		942
NXP BV and NXP Funding LLC 7.875% 2014	$	1,650		1,518
NXP BV and NXP Funding LLC 9.50% 2015		6,665		5,499
Origen Manufactured Housing Contract Trust, Series 2004-B, Class A-4, 5.46% 2035		1,800		1,698
Overseas Shipholding Group, Inc. 8.25% 2013		1,450		1,463
Owens-Illinois, Inc. 7.35% 2008		750		753
Pacific Gas and Electric Co., First Mortgage Bonds, 3.60% 2009		1,500		1,497
Petroplus Finance Ltd. 6.75% 2014 (5)		1,750		1,606
Petroplus Finance Ltd. 7.00% 2017 (5)		1,550		1,391
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A-2, 3.87% 2011		1,211		1,216
Pinnacle Entertainment, Inc. 7.50% 2015 (5)		3,500		2,774
Plastipak Holdings, Inc. 8.50% 2015 (5)		2,750		2,516
Plum Creek Timberlands, LP 5.875% 2015		125		130
PNC Funding Corp., Series II, 6.113% (undated) (4) (5) (6)		1,800		1,125
Prestige Auto Receivables Trust, Series 2007-1, Class A-3, FSA insured, 5.58% 2014 (5)		3,000		3,002
ProLogis 5.625% 2015		525		480
Prudential Financial, Inc., Series D, 5.50% 2016		2,000		2,012
Prudential Holdings, LLC, Series C, 8.695% 2023 (5) (7)		3,000		3,737
PTS Acquisition Corp. 9.50% 2015 (5) (9)		3,460		2,820
Pulte Homes, Inc. 4.875% 2009		3,000		2,850
Pulte Homes, Inc. 7.875% 2011		1,000		965
QBE Capital Funding II LP 6.797% (undated) (5) (6)		3,250		2,949
Quebecor Media Inc. 7.75% 2016		2,075		1,904
Quebecor Media Inc. 7.75% 2016		1,325		1,216
R.H. Donnelley Corp. 8.875% 2017 (5)		4,045		2,548
Radio One, Inc. 6.375% 2013		950		689
Radio One, Inc., Series B, 8.875% 2011		2,890		2,334
RAMP Trust, Series 2003-RS11, Class A-I-7, 4.828% 2033		1,904		1,764
Ras Laffan Liquefied Natural Gas III 5.838% 2027 (5) (7)		5,000		4,566

	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 22.37%	(000)		(000)
Raytheon Co. 4.85% 2011		3,000		3,093
Realogy Corp. 10.50% 2014		2,275		1,541
Realogy Corp. 11.00% 2014 (9)		1,725		992
Realogy Corp., Term Loan B, 7.505% 2013 (6) (7) (8)		626		504
Realogy Corp., Term Loan, Letter of Credit, 8.24% 2013 (6) (7) (8)		168		136
Rental Car Finance Corp., Series 2005-1, Class A-2, XLCA insured, 4.59% 2011 (4) (5)		6,860		6,238
Residential Accredit Loans, Inc., Series 2004-QS6, Class A-1, 5.00% 2019 (4)		3,251		3,203
Residential Accredit Loans, Inc., Series 2005-QR1, Class A, 6.00% 2034 (4)		7,280		5,970
Residential Accredit Loans, Inc., Series 2006-QA1, Class A-III-1, 6.251% 2036 (6)		4,773		3,591
Residential Accredit Loans, Inc., Series 2007-QS11, Class A-1, 7.00% 2037 (4)		3,802		2,661
Residential Accredit Loans, Inc., Series 2007-QS9, Class A-33, 6.50% 2037		2,957		2,563
Residential Asset Securitization Trust, Series 2005-A8CB, Class A-11, 6.00% 2035		3,204		2,997
Residential Capital Corp. 8.375% 2010		3,250		1,649
Residential Funding Mortgage Securities II, Inc., Series 2007-HSA2, Class A-1F, MBIA insured, 8.47% 2037 (6)		1,702		1,663
Rite Aid Corp. 6.125% 2008 (5)		1,375		1,337
Rockwood Specialties Group, Inc. 7.50% 2014		1,165		1,136
Rouse Co. 6.75% 2013 (5)		1,225		1,062
Royal Bank of Scotland Group PLC 6.99% (undated) (5) (6)		5,500		4,677
RSC Holdings III, LLC, Second Lien Term Loan B, 8.15% 2013 (6) (7) (8)		895		765
Rural Cellular Corp. 6.076% 2013 (6)		4,250		4,271
Rural Cellular Corp. 8.989% 2012 (6)		1,300		1,307
Sally Holdings LLC and Sally Capital Inc. 9.25% 2014		2,125		2,130
Salomon Brothers Commercial Mortgage Trust, Series 2000-C3, Class B, 6.758% 2033		1,000		1,030
Salomon Brothers Commercial Mortgage Trust, Series 2001-C1, Class A-3, 6.428% 2035		4,858		4,968
Sanmina-SCI Corp. 8.125% 2016		5,500		4,895
SBA CMBS Trust, Series 2005-1, Class B, 5.565% 2035 (4) (5)		4,000		3,901
SBA CMBS Trust, Series 2006-1A, Class F, 6.709% 2036 (4) (5)		335		302
SBA CMBS Trust, Series 2006-1A, Class G, 6.904% 2036 (4) (5)		335		302
SBA CMBS Trust, Series 2006-1A, Class H, 7.389% 2036 (4) (5)		335		302
SBA CMBS Trust, Series 2006-1A, Class J, 7.825% 2036 (4) (5)		335		302
SBC Communications Inc. 4.125% 2009		2,250		2,263
SBC Communications Inc. 5.10% 2014		1,125		1,119
Schwab Capital Trust I 7.50% 2037		1,500		1,399
Scottish Power PLC 5.375% 2015		1,500		1,506
Securitized Asset-backed Receivables LLC Trust, Series 2006-NC3, Class A-2B, 2.749% 2036 (6)		2,065		1,534
Seneca Gaming Corp. 7.25% 2012		2,100		1,990
Seneca Gaming Corp., Series B, 7.25% 2012		950		900
Sensata Technologies BV 8.00% 2014		3,010		2,664
Serena Software, Inc. 10.375% 2016		2,730		2,529
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series H, 6.25% 2012		1,125		1,154
Sierra Pacific Resources 8.625% 2014		550		580
Simon Property Group, LP 5.875% 2017		1,500		1,424
SLM Corp., Series A, 5.00% 2015 (4)		5,000		3,725
Sprint Capital Corp. 8.75% 2032		5,355		4,535
Standard Pacific Corp. 5.125% 2009		1,002		877
Stater Bros. Holdings Inc. 8.125% 2012		3,425		3,451
Stone Container Corp. 8.375% 2012		500		455
Stoneridge, Inc. 11.50% 2012		2		2
Stora Enso Oyj 7.25% 2036 (5)		2,000		1,584
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-2, Class 5-A-1, 6.00% 2036 (6)		5,823		4,557
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 5-A-1, 5.918% 2036 (6)		13,263		9,779
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 6-A, 5.924% 2036 (6)		1,993		1,617
Structured Asset Securities Corp., Series 1998-RF2, Class A, 8.503% 2027 (5) (6)		439		438
Sumitomo Mitsui Banking Corp. 5.625% (undated) (5) (6)		1,780		1,508
Sun Media Corp. 7.625% 2013		2,000		1,900
SunGard Data Systems Inc. 9.125% 2013		3,380		3,431
Surgical Care Affiliates, Inc. 8.875% 2015 (5) (9)		800		620
Target Corp. 6.00% 2018		3,000		3,077
Team Finance LLC and Health Finance Corp. 11.25% 2013		2,300		2,220
Telecom Italia Capital SA 7.20% 2036		4,000		3,789
Tenet Healthcare Corp. 6.375% 2011		2,185		1,983
Tenet Healthcare Corp. 7.375% 2013		2,090		1,876
Tenet Healthcare Corp. 9.25% 2015		2,265		2,129
Tenet Healthcare Corp. 9.875% 2014		2,550		2,480
Tenneco Automotive Inc. 8.625% 2014		3,865		3,817
TEPPCO Partners LP 7.00% 2067		2,025		1,740
Texas Competitive Electric Holdings Co. LLC 10.25% 2015 (5)		3,885		3,890
Texas Competitive Electric Holdings Co. LLC, Series B, 10.25% 2015 (5)		4,685		4,691
Texas Competitive Electric Holdings Co. LLC, Term Loan B2, 6.596% 2014 (6) (7) (8)		1,347		1,229
TFM, SA de CV 9.375% 2012		2,500		2,594
THL Buildco, Inc. 8.50% 2014		4,480		3,338
Thomson Learning 0%/13.25% 2015 (5) (10)		940		677
Thomson Learning 10.50% 2015 (5)		2,150		1,860
TL Acquisitions, Inc., Term Loan B, 5.20% 2014 (6) (7) (8)		2,587		2,226
Toll Brothers Finance Corp. 5.95% 2013		500		480
Toll Brothers, Inc. 4.95% 2014		800		733
Toll Brothers, Inc. 5.15% 2015		315		285
Tower Ventures, LLC, Series 2006-1, Class A-2, 5.45% 2036 (4) (5)		4,000		3,921
Tower Ventures, LLC, Series 2006-1, Class F, 7.036% 2036 (4) (5)		1,460		1,327
Toys “R” Us, Inc. 7.625% 2011		2,505		2,048
TransCanada PipeLines Ltd. 6.35% 2067		3,230		2,860
Transcontinental Gas Pipe Line Corp. 7.25% 2026		1,575		1,622
Tri-State Generation and Transmission Assn. Inc., Pass Through Trust, Series 2003-A, 6.04% 2018 (5) (7)		1,245		1,288
Triton PCS, Inc. 8.50% 2013		5,800		6,068
TRW Automotive Inc. 7.00% 2014 (5)		1,250		1,159
TuranAlem Finance BV 8.25% 2037 (5)		1,750		1,386
TuranAlem Finance BV 8.50% 2015		4,750		3,948
Turkey (Republic of) 10.00% 2012 (4) (6) (12)		1,721		1,261
Turkey (Republic of) 16.00% 2012 (4)		1,650		1,155

	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 22.37%	(000)		(000)
Turkey (Republic of) Treasury Bill 0% 2008 (4)	TRY 1,875			1,345
U.S. Treasury 3.375% 2008		6,500		6,580
U.S. Treasury 3.625% 2009		7,000		7,191
U.S. Treasury 3.625% 2013		15,000		15,843
U.S. Treasury 3.875% 2010		164,000		172,969
U.S. Treasury 4.50% 2009		3,000		3,096
U.S. Treasury 4.50% 2036		35,000		36,170
U.S. Treasury 4.875% 2012		91,000		100,477
U.S. Treasury 6.625% 2027		35,000		45,664
U.S. Treasury 7.25% 2016		2,000		2,570
U.S. Treasury 8.875% 2017		5,000		7,123
U.S. Treasury 9.25% 2016		2,000		2,851
UniCredito Italiano SpA 5.584% 2017 (5)		3,500		3,540
Union Pacific Corp. 5.70% 2018		3,000		2,988
Union Pacific Corp. 5.75% 2017		805		817
United Air Lines, Inc., Series 1996-A2, 7.87% 2019 (7) (11)		1,680		588
United Air Lines, Inc., Series 2001-1, Class A-2, 6.201% 2010 (7)		78		77
United Air Lines, Inc., Series 2001-1, Class A-3, 6.602% 2015 (7)		178		177
United Mexican States Government, Series MI10, 9.50% 2014	MXN	30,000		3,135
United States Steel Corp. 7.00% 2018		2,245		2,197
Univision Communications Inc. 7.85% 2011		475		424
Univision Communications Inc. 9.75% 2015 (5) (9)		11,555		7,049
Univision Communications, Inc., First Lien Term Loan B, 5.494% 2014 (6) (7) (8)		1,410		1,117
Univision Communications, Inc., Second Lien Term Loan B, 5.204% 2009 (6) (7) (8)		1,000		947
US Investigations Services, Inc. 10.50% 2015 (5)		3,100		2,542
US Investigations Services, Inc. 11.75% 2016 (5)		1,735		1,301
US Investigations Services, Inc., Term Loan B, 5.599% 2015 (6) (7) (8)		748		641
Verizon Communications Inc. 5.50% 2017		5,050		4,985
Viant Holdings Inc. 10.125% 2017 (5)		1,621		1,321
Vidéotron Ltée 6.375% 2015		1,000		880
Virginia Electric and Power Co., Series B, 5.95% 2017		1,750		1,846
Vitamin Shoppe Industries Inc. 10.565% 2012 (4) (6)		2,380		2,380
Vodafone Group PLC 6.15% 2037		3,500		3,273
VWR Funding, Inc. 10.25% 2015 (9)		4,025		3,763
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A-4, 5.083% 2042 (6)		4,000		3,900
Wachovia Bank Commercial Mortgage Trust, Series 2005-C22, Class A-4, 5.266% 2044 (6)		10,000		9,310
Wachovia Bank NA 6.60% 2038		4,875		4,531
Warner Music Group 7.375% 2014		2,500		1,938
Washington Mutual Master Note Trust, Series 2007-A4A, Class A-4, 5.20% 2014 (5)		6,600		6,410
Washington Mutual Mortgage, WMALT Series 2005-1, Class 5-A-1, 6.00% 2035		6,123		5,299
Washington Mutual Preferred Funding I Ltd., Series A-1, 6.534% (undated) (4) (5) (6)		5,100		2,830
Washington Mutual Preferred Funding III Ltd. 6.895% (undated) (4) (5) (6)		7,100		4,011
Washington Mutual, Inc. 5.25% 2017 (4)		2,000		1,560
WDAC Intermediate Corp. 8.375% 2014 (4) (5)		1,675		1,307
WDAC Intermediate Corp. 8.50% 2014	€	375		432
Wells Fargo & Co. 4.375% 2013		3,250		3,237
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class III-A-1, 6.25% 2037		9,582		8,416
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class IV-A-1, 6.50% 2037 (4)		3,831		3,065
Wells Fargo Mortgage-backed Securities Trust, Series 2003-13, Class A-1, 4.50% 2018		13,088		12,603
Wells Fargo Mortgage-backed Securities Trust, Series 2003-16, Class II-A-1, 4.50% 2018		3,318		3,195
Wells Fargo Mortgage-backed Securities Trust, Series 2003-3, Class II-A-1, 5.25% 2033		5,961		5,957
Wells Fargo Mortgage-backed Securities Trust, Series 2006-1, Class A-3, 5.00% 2021		6,201		6,057
Wells Fargo Mortgage-backed Securities Trust, Series 2006-AR15, Class A-1, 5.654% 2036 (6)		5,895		5,794
Westfield Capital Corp. Ltd., WT Finance (Australia) Pty Ltd. and WEA Finance LLC 4.375% 2010 (5)		3,500		3,433
William Lyon Homes, Inc. 10.75% 2013		3,200		1,680
William Lyon Homes, Inc. 7.50% 2014		1,000		495
Williams Companies, Inc. 7.875% 2021		2,125		2,314
Williams Companies, Inc. 8.75% 2032		8,695		10,086
Williams Partners L.P. and Williams Partners Finance Corp. 7.25% 2017		675		682
Windstream Corp. 8.125% 2013		2,225		2,197
Windstream Corp. 8.625% 2016		150		148
Yankee Candle Co., Inc., Series B, 8.50% 2015		2,425		1,970
Yankee Candle Co., Inc., Series B, 9.75% 2017		2,400		1,920
Young Broadcasting Inc. 10.00% 2011		3,367		2,130
ZFS Finance (USA) Trust V 6.50% 2067 (5)		3,000		2,712
Total bonds, notes and other debt instruments (cost: $2,061,341,000)				1,986,392

	Principal
	amount
Short-term securities - 12.27%	(000)
AT&T Inc. 2.68% due 5/7/2008 (5)		19,000	18,942
Coca-Cola Co. 2.13%-2.93% due 4/22-6/13/2008 (5)	$	192,500	192,009
Colgate-Palmolive Co. 2.15% due 4/30/2008 (5)		20,200	20,164
E.I. duPont de Nemours and Co. 2.15% due 4/18/2008 (5)		38,000	37,959
Fannie Mae 1.70%-2.56% due 6/25-9/10/2008		40,300	40,069
Federal Home Loan Bank 2.10%-4.20% due 4/2-8/15/2008		166,371	165,683
Freddie Mac 2.08%-3.625% due 6/12-7/9/2008 (13)		40,900	40,682
General Electric Capital Corp. 2.50% due 4/1/2008		44,400	44,397
Hewlett-Packard Co. 2.82%-2.86% due 4/4-4/11/2008 (5)		69,500	69,457
John Deere Capital Corp. 2.94%-2.96% due 4/9-4/10/2008 (5)		35,300	35,272
Johnson & Johnson 2.30% due 6/27/2008 (5)		43,200	42,913
Medtronic Inc. 2.75% due 4/21/2008 (5)		29,000	28,953
Paccar Financial Corp. 4.10% due 4/10/2008		30,000	29,975
Park Avenue Receivables Co., LLC 2.70% due 4/15/2008 (5)		33,700	33,662

	Principal
	amount
Short-term securities - 12.27%	(000)
PepsiCo Inc. 2.08%-2.70% due 4/2-5/21/2008 (5)		77,800		77,687
Pfizer Inc. 1.95% due 9/12/2008 (5)		19,500		19,260
Procter & Gamle International Funding S.C.A. 2.08 due 5/30/2008 (5)		56,400		56,146
U.S. Treasury Bills 1.48%-2.39% due 4/15-9/18/2008		71,700		71,424
Union Bank of California, N.A. 3.86% due 4/17/2008		15,700		15,706
Variable Funding Capital Corp. 3.20%-3.21% due 4/3-4/7/2008 (5)		40,700		40,679
Wal-Mart Stores Inc. 2.75% due 4/29/2008 (5)		8,000		7,980
Total short-term securities (cost: $1,089,184,000)				1,089,019
Total investment securities (cost: $8,325,010,000)				8,861,127
Other assets less liabilities				15,688
Net assets			$	8,876,815

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

(1)	Security did not produce income during the last 12 months.
(2)	The fund owns 5% or more of the outstanding voting shares of this company. See table below for additional information.

Communications: Insert AffiliatesTableVIAA032008.xls

(3) Purchased in a transaction exempt from registration under the securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.

Communications: Insert PrivatePlacementTableVIAA032008.xls

(4)	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Miscellaneous,” was $810,859,000, which represented 9.13% of the net assets of the fund..
(5)	Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $921,630,000, which represented 10.38% of the net assets of the fund.
(6)	Coupon rate may change periodically.
(7)	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
(8)	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $28,084,000, which represented .32% of the net assets of the fund.
(9)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(10)	Step bond; coupon rate will increase at a later date.
(11)	Scheduled interest and/or principal payment was not received.
(12)	Index-linked bond whose principal amount moves with a government retail price index.
(13)	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

ADR = American Depositary Receipts

Statement of Investments
March 31, 2008 (Unaudited)

American Funds NVIT Bond Fund

	Shares		Value
MUTUAL FUNDS (99.3%)
Fixed Income Fund (99.3%)
American Funds Bond Fund		20,959,597	$	232,022,742
Total Investments (Cost $239,293,709)(a) — 99.3%				232,022,742
Other assets in excess of liabilities — 0.7%				1,629,774
NET ASSETS — 100.0%			$	233,652,516

(a) See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

American Funds Insurance Series Bond Fund
Investment portfolio, March 31, 2008

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Abbey National PLC 6.70% (undated) (2)		5,600		5,414
ABFC Trust, Series 2006-HE1, Class A-2C, 2.759% 2037 (2)		5,000		3,159
Abitibi-Consolidated Co. of Canada 5.25% 2008	$	500		503
Abitibi-Consolidated Co. of Canada 6.00% 2013		460		225
Abitibi-Consolidated Co. of Canada 6.30% 2011 (2)		1,650		850
Abitibi-Consolidated Co. of Canada 8.375% 2015		7,215		3,752
Abitibi-Consolidated Finance LP 7.875% 2009		2,812		2,376
Abitibi-Consolidated Inc. 7.75% 2011		1,850		1,008
ABN AMRO Mortgage Corp., Series 2002-10, Class II-A-1, 5.00% 2018	$	9,103		8,773
Abu Dhabi National Energy Co. PJSC (TAQA) 5.875% 2016 (4)		3,920		3,896
Abu Dhabi National Energy Co. PJSC (TAQA) 6.50% 2036 (4)		2,000		1,805
ACE INA Holdings Inc. 5.80% 2018		1,400		1,401
ACE INA Holdings Inc. 5.875% 2014		1,080		1,117
ACE INA Holdings Inc. 6.70% 2036		1,155		1,123
Advanta Capital Trust I, Series B, 8.99% 2026		500		326
AES Corp. 8.75% 2013 (4)		3,958		4,136
AES Corp. 9.375% 2010		4,769		5,067
AES Corp. 9.50% 2009		695		721
AES Ironwood, LLC 8.857% 2025 (1)		1,091		1,189
AES Red Oak, LLC, Series A, 8.54% 2019 (1)		852		857
AES Red Oak, LLC, Series B, 9.20% 2029 (1)		2,500		2,513
AIG SunAmerica Global Financing VII 5.85% 2008 (4)		1,000		1,005
Ainsworth Lumber Co. Ltd. 7.25% 2012		45		26
Albertson’s, Inc. 7.25% 2013		2,410		2,424
Albertson’s, Inc. 8.00% 2031		2,000		1,917
Alcoa Inc. 5.55% 2017		4,700		4,586
Algoma Steel Inc. 9.875% 2015 (4)		3,000		2,610
Allegheny Technologies, Inc. 8.375% 2011		500		534
Allied Waste North America, Inc. 6.875% 2017		2,000		1,970
Allied Waste North America, Inc. 7.25% 2015		2,000		2,008
Allied Waste North America, Inc., Series B, 5.75% 2011		1,000		983
Allied Waste North America, Inc., Series B, 6.125% 2014		2,750		2,668
Allied Waste North America, Inc., Series B, 6.50% 2010		1,000		1,005
Allied Waste North America, Inc., Series B, 7.375% 2014		1,000		989
Allison Transmission Holdings, Inc. 11.00% 2015 (4)		2,250		1,969
Allison Transmission Holdings, Inc., Term Loan B, 5.75% 2014 (1) (2) (5)		4,975		4,386
Allstate Corp., Series A, 6.50% 2067 (2)		3,000		2,478
Allstate Corp., Series B, 6.125% 2067 (2)		980		904
Ambac Financial Group, Inc. 6.15% 2087 (2)		640		244
AMC Entertainment Inc. 8.00% 2014		675		575
American Airlines, Inc., Series 2001-1, Class A-2, 6.817% 2012 (1)		1,310		1,235
American Airlines, Inc., Series 2001-1, Class B, 7.377% 2019 (1)		935		767
American Airlines, Inc., Series 2001-2, Class A-1, 6.978% 2012 (1)		1,559		1,542
American Airlines, Inc., Series 2001-2, Class A-2, 7.858% 2013 (1)		8,535		8,551
American Airlines, Inc., Series 2001-2, Class B, 8.608% 2012 (1)		1,850		1,776
American Express Centurion Bank 6.00% 2017		2,500		2,429
American Express Co. 6.15% 2017		1,500		1,496
American Express Co. 6.80% 2066 (2)		4,000		3,767
American General Finance Corp., Series J, 3.35% 2011 (2)		5,000		4,737
American General Finance Corp., Series J, 6.50% 2017		1,750		1,679
American General Finance Corp., Series J, 6.90% 2017		8,185		8,013
American Home Mortgage Assets Trust, Series 2007-3, Class II-2A-1, 6.25% 2037 (2)		9,632		7,223
American International Group, Inc., Series A-1, 6.25% 2087 (2)		2,835		2,303
American International Group, Inc., Series G, 5.85% 2018		1,650		1,622
American Media Operations, Inc. 8.875% 2011		3,030		2,015
American Media Operations, Inc. 8.875% 2011 (4)		110		73
American Standard Inc. 7.625% 2010		2,300		2,465
American Tower Corp. 7.00% 2017 (4)		1,650		1,658
American Tower Corp. 7.125% 2012		5,250		5,394
American Tower Corp. 7.50% 2012		4,500		4,624
American Tower Trust I, Series 2007-1A, Class A-FX, 5.42% 2037 (3) (4)		2,000		1,863
American Tower Trust I, Series 2007-1A, Class C, 5.615% 2037 (4)		2,000		1,791
American Tower Trust I, Series 2007-1A, Class D, 5.957% 2037 (3) (4)		4,000		3,356
American Tower Trust I, Series 2007-1A, Class E, 6.249% 2037 (3) (4)		6,500		5,288
AmeriCredit Automobile Receivables Trust, Series 2006-B-G, Class A-4, FGIC insured, 5.21% 2013		2,795		2,360
AmeriCredit Automobile Receivables Trust, Series 2006-R-M, Class A-2, MBIA insured, 5.42% 2011		8,500		8,276
AmeriCredit Automobile Receivables Trust, Series 2007-C-M, Class A-3-A, MBIA insured, 5.42% 2012		4,000		3,860
Americredit Prime Automobile Receivables Trust, Series 2007-2-M, ClassA-$-A, MBIA insured, 5.35% 2016		5,000		4,300
Amgen Inc. 4.00% 2009		2,500		2,526
AMR Corp. 10.00% 2021 (3)		1,200		646
AMR Corp. 10.20% 2020		1,345		948
AMR Corp. 9.00% 2016		1,500		1,058
AOL Time Warner Inc. 6.875% 2012		1,250		1,292
AOL Time Warner Inc. 7.625% 2031		10,635		11,154
ARAMARK Corp. 6.739% 2015 (2)		200		178
ARAMARK Corp. 8.50% 2015		2,175		2,191
ARAMARK Corp., Term Loan B, 4.571% 2014 (1) (2) (5)		3,202		2,995
ARAMARK Corp., Term Loan B, Letter of Credit, 4.571% 2014 (1) (2) (5)		76		71
ARG Funding Corp., Series 2005-1, Class A-1, MBIA insured, 4.02% 2009 (4)		500		500
ARG Funding Corp., Series 2005-2, Class A-4, AMBAC insured, 4.84% 2011 (3) (4)		5,000		4,550
Argentina (Republic of) 1.933% 2012 (1) (2) (3)		4,000		2,119
Argentina (Republic of) 5.83% 2033 (1) (2) (3) (6) (7)	ARS	9,498		1,989
Aries Vermögensverwaltungs GmbH, Series C, 9.60% 2014	$	5,750		7,568
Ashtead Capital, Inc. 9.00% 2016 (4)		4,500		3,668
Ashtead Group PLC 8.625% 2015 (4)		1,000		805
Assurant, Inc. 5.625% 2014		765		752
Assured Guaranty US Holdings Inc., Series A, 6.40% 2066 (2) (3)		3,000		1,800
AstraZeneca PLC 5.40% 2012		4,500		4,752
AT&T Corp. 7.30% 2011 (2)		1,850		2,005
AT&T Inc. 5.50% 2018		11,335		11,119
AT&T Inc. 6.30% 2038		2,860		2,775
AT&T Wireless Services, Inc. 7.875% 2011		1,890		2,057
Atlas Copco AB 5.60% 2017 (4)		2,340		2,339
Atrium Companies, Inc., Term Loan B, 7.21% 2012 (1) (2) (5)		3,456		2,747
Austria (Republic of) 4.30% 2017		1,100		1,764
AXA SA 6.379% (undated) (2) (4)		3,360		2,716
AXA SA 6.463% (undated) (2) (4)		5,000		4,020
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class B, 7.156% 2011 (1) (4)		1,560		1,681
BAE SYSTEMS 2001 Asset Trust, Series 2001, Class G, MBIA insured, 6.664% 2013 (1) (4)		1,753		1,807
Banc of America Commercial Mortgage Inc., Series 2001-1, Class A-2, 6.503% 2036		870		891
Banc of America Commercial Mortgage Inc., Series 2005-1, Class A-4, 4.989% 2042 (2)		2,550		2,498

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Banco Mercantil del Norte, SA 6.135% 2016 (4)	$	1,550		1,528
Banco Mercantil del Norte, SA 6.862% 2021 (2) (4)		900		831
Banco Santander-Chile 5.375% 2014 (4)		1,500		1,465
Bank of America Corp. 5.75% 2017		6,500		6,739
Bank of America Corp. 6.50% 2037		7,300		7,324
Barclays Bank PLC 5.926% (undated) (2) (3) (4)		1,445		1,176
Barclays Bank PLC 7.434% (undated) (2) (4)		15,645		14,168
Bayer AG 5.00% (undated) (2)	€	7,030		9,577
Bayerische Hypo- und Vereinsbank AG 6.00% 2014	€	1,635		2,544
BBVA International SA Unipersonal 5.919% (undated) (2) (3) (4)		3,600		2,754
BCI U.S. Funding Trust I 8.01% noncumulative preferred (undated) (2) (4)		500		507
Bear Stearns ALT-A Trust, Series 2006-2, Class II-4-A-1, 5.926% 2036 (2)		6,362		4,453
Bear Stearns ARM Trust, Series 2003-3, Class III-A-1, 5.122% 2033 (2)		608		598
Bear Stearns ARM Trust, Series 2003-9, Class III-A-2, 4.963% 2034 (2)		792		773
Bear Stearns ARM Trust, Series 2005-10, Class A-3, 4.65% 2035 (2)		3,000		2,746
Bear Stearns Commercial Mortgage Securities Inc., Series 2001-TOP2, Class A-2, 6.48% 2035		750		769
Bear Stearns Commercial Mortgage Securities Inc., Series 2002-PBW1, Class A-1, 3.97% 2035		1,073		1,054
Bear Stearns Commercial Mortgage Securities Inc., Series 2005-PWR9, Class A-2, 4.735% 2042		3,000		2,960
Beazer Homes USA, Inc. 8.125% 2016		3,145		2,335
Beazer Homes USA, Inc. 8.625% 2011	$	5,000		3,875
Belgium (Kingdom of), Series 40, 5.50% 2017		3,050		5,294
Belgium (Kingdom of), Series 49, 4.00% 2017	€	10,980		17,094
Biogen Idec Inc. 6.00% 2013		7,750		7,850
BNP Paribas 7.195% (undated) (2) (4)		4,500		3,997
BNSF Funding Trust I 6.613% 2055 (2)	$	685		624
Boise Cascade, LLC and Boise Cascade Finance Corp. 7.125% 2014		5,750		5,391
Boyd Gaming Corp. 6.75% 2014		1,000		825
Boyd Gaming Corp. 7.75% 2012		1,350		1,256
Brandywine Operating Partnership, LP 5.70% 2017		770		626
British Telecommunications PLC 5.15% 2013		4,000		3,946
British Telecommunications PLC 5.95% 2018		12,500		12,134
Building Materials Corp. of America 7.75% 2014		1,850		1,341
C10 Capital (SPV) Ltd. 6.722% (undated) (2) (4)		5,250		4,867
C5 Capital (SPV) Ltd. 6.196% (undated) (2) (4)		5,000		4,939
Cablevision Systems Corp., Series B, 8.00% 2012		1,000		978
Canadian Government 3.75% 2008	C$	10,150		9,907
Canadian Government 4.25% 2026 (2) (3) (7)		1,238		1,769
CanWest Media Inc., Series B, 8.00% 2012		8,253		7,881
Capital Auto Receivables Asset Trust, Series 2004-2, Class A-4, 3.75% 2009		2,750		2,749
Capital One Auto Finance Trust, Series 2007-B, Class A-3-A, MBIA insured, 5.03% 2012		4,000		3,886
Capital One Financial Corp. 6.15% 2016 (3)		5,000		4,333
Capital One Multi-asset Execution Trust, Series 2004-4, Class C, 3.468% 2012 (2)		7,550		7,038
Capital One Multi-asset Execution Trust, Series 2005-1, Class C, 3.218% 2013 (2)		13,500		12,102
Capital One Multi-asset Execution Trust, Series 2006-10, Class A, 5.15% 2014		3,320		3,397
Capmark Financial Group, Inc. 3.746% 2010 (2) (4)		6,750		4,474
Capmark Financial Group, Inc. 5.875% 2012 (4)		6,000		3,805
Capmark Financial Group, Inc. 6.30% 2017 (4)		6,550		3,933
Cardinal Health, Inc. 5.80% 2016		1,235		1,243
Carnival Corp. 6.15% 2008		750		751
Carrington Mortgage Loan Trust, Series 2006-NC2, Class A-2, 2.689% 2036 (2)		5,000		4,625
Carrington Mortgage Loan Trust, Series 2006-NC5, Class A-5, 2.659% 2037 (2)		1,119		1,030
Catlin Insurance Ltd. 7.249% (undated) (2) (4)		13,110		10,959
CCH I, LLC and CCH I Capital Corp. 11.00% 2015		4,000		2,800
CCO Holdings, LLC and CCO Holdings Capital Corp. 8.75% 2013		4,425		3,806
Celestica Inc. 7.625% 2013		3,450		3,278
Celestica Inc. 7.875% 2011		6,750		6,666
Cendant Timeshare Receivables Funding, LLC, Series 2005-1, Class A-1, FGIC insured, 4.67% 2017 (4)		465		390
Centennial Communications Corp. 10.479% 2013 (2)		500		438
Centennial Communications Corp. and Centennial Cellular Operating Co. LLC 10.125% 2013		2,000		1,985
Centennial Communications Corp., Centennial Cellular Operating Co. LLC and Centennial Puerto Rico Operations Corp. 8.125% 2014 (2)		2,700		2,565
CenterPoint Energy Transition Bond Company III, LLC, Series 2008, Class A-2, 5.234% 2023		1,500		1,412
Centex Corp. 5.25% 2015		2,340		1,816
Centex Corp. 5.70% 2014		890		726
Centex Corp. 6.50% 2016		2,840		2,375
Ceridian Corp. 11.25% 2015 (4)		3,900		3,344
Chancellor Media Corp. of Los Angeles 8.00% 2008		4,250		4,387
Charles Schwab Corp., Series A, 6.375% 2017		3,000		3,003
Charter Communications Holdings, LLC and Charter Communications Holdings Capital Corp. 11.75% 2011		1,225		743
Charter Communications Holdings, LLC and Charter Communications Holdings Capital Corp. 13.50% 2011		425		311
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 10.875% 2014 (4)		3,000		2,970
Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. 8.00% 2012 (4)		6,200		5,719
Charter Communications Operating, LLC, Term Loan Facilities B, 5.26% 2014 (1) (2) (5)		10,125		8,582
Charter Communications Operating, LLC, Term Loan Facilities C, 8.50% 2014 (1) (2) (5)		5,000		4,868
Chase Commercial Mortgage Securities Corp., Series 1998-1, Class A-2, 6.56% 2030		80		80
Chase Commercial Mortgage Securities Corp., Series 1998-2, Class A-2, 6.39% 2030		611		612
Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A-2, 7.757% 2032		1,229		1,272
Chase Issuance Trust, Series 2005-7, Class A, 4.55% 2013		2,250		2,303
Chase Issuance Trust, Series 2007-A9, Class A, 2.848% 2014 (2)		11,500		11,031
Chase Manhattan Bank — First Union National Bank, Commercial Mortgage Trust, Series 1999-1, Class B, 7.619% 2031		750		772
Chase Mortgage Finance Trust, Series 2003-S9, Class A-1, 5.00% 2018		6,259		6,114
Chevy Chase Bank, FSB 6.875% 2013		1,000		940
CHL Mortgage Pass-Through Trust, Series 2003-50, Class A-1, 5.00% 2018		4,545		4,439
CHL Mortgage Pass-Through Trust, Series 2004-J7, Class 3-A-1, 5.00% 2019		7,063		6,899
Chohung Bank 4.50% 2014 (2) (3)		1,030		1,011
Chubb Corp. 6.375% 2037 (2)		3,505		3,270
Cilcorp Inc. 8.70% 2009		1,000		1,058
Cincinnati Bell Inc. 7.25% 2013		3,750		3,703
Cinemark USA, Inc., Term Loan B, 4.82% 2013 (1) (2) (5)		836		755
Cinemark, Inc. 0%/9.75% 2014 (9)		1,000		905
CIT Group Inc. 3.524% 2011 (2)		5,000		3,706
CIT Group Inc. 5.40% 2013		4,000		3,207
CIT Group Inc. 5.65% 2017		2,255		1,751
CIT Group Inc. 6.10% 2067 (2)		4,625		2,063
CIT Group Inc. 6.875% 2009		2,500		2,142
Citibank Credit Card Issuance Trust, Class 2004-A7, 3.183% 2013 (2)		2,700		2,608
Citigroup Capital XXI 8.30% 2057 (2)		20,910		20,660
Citigroup Inc. 4.125% 2010		3,000		2,973
Citigroup Inc. 6.125% 2017		5,000		5,002
CitiMortgage Alternative Loan Trust, Series 2005-A1, Class IIA-1, 5.00% 2020		4,612		4,433
City National Corp. 5.125% 2013		1,500		1,478
Claire’s Stores, Inc. 9.25% 2015		1,675		1,059
Clear Channel Communications, Inc. 5.50% 2014		1,425		1,027
CNA Financial Corp. 5.85% 2014		625		619
CNA Financial Corp. 6.50% 2016		5,540		5,608
CNA Financial Corp. 6.60% 2008		1,736		1,762
CNA Financial Corp. 7.25% 2023		3,000		3,066
CoBank ACB 3.40% 2022 (2) (4)		21,925		16,756
Comcast Corp. 5.85% 2015		6,275		6,204
Comcast Corp. 6.30% 2017		3,380		3,427
Comcast Corp. 6.95% 2037		8,730		8,775

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Commercial Mortgage Trust, Series 2000-C1, Class E, 8.132% 2033		2,500		2,643
Commercial Mortgage Trust, Series 2003-LNB1, Class A-2, 4.084% 2038		4,000		3,698
Conseco Finance Home Loan Trust, Series 1999-G, Class B-2, 10.96% 2029 (3)		1,514		833
Constellation Energy Group, Inc. 4.55% 2015		1,080		995
Constellation Energy Group, Inc. 6.125% 2009	$	1,800		1,849
Continental Airlines, Inc. 8.75% 2011		2,000		1,565
Continental Airlines, Inc., Series 1997-4, Class A, 6.90% 2019 (1)		3,126		3,009
Continental Airlines, Inc., Series 1997-4B, Class B, 6.90% 2018 (1)		1,279		1,151
Continental Airlines, Inc., Series 1998-1, Class A, 6.648% 2019 (1)		1,858		1,834
Continental Airlines, Inc., Series 1998-1, Class B, 6.748% 2018 (1)		232		216
Continental Airlines, Inc., Series 1999-1, Class A, 6.545% 2020 (1)		1,169		1,127
Continental Airlines, Inc., Series 1999-2, Class B, 7.566% 2021 (1)		3,909		3,596
Continental Airlines, Inc., Series 2000-1, Class A-1, 8.048% 2022 (1)		2,545		2,546
Continental Airlines, Inc., Series 2000-2, Class A-1, 7.707% 2022 (1)		2,691		2,699
Continental Airlines, Inc., Series 2000-2, Class A-2, 7.487% 2012 (1)		3,570		3,542
Continental Airlines, Inc., Series 2001-1, Class A-1, 6.703% 2022 (1)		634		610
Continental Airlines, Inc., Series 2001-1, Class A-2, 6.503% 2011 (1)		1,000		976
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 2022 (1)		1,325		1,140
Corporación Andina de Fomento 5.75% 2017	$	3,000		2,938
Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1-A-1, 6.00% 2035		2,529		2,265
Countrywide Alternative Loan Trust, Series 2005-21CB, Class A-17, 6.00% 2035		3,176		2,783
Countrywide Alternative Loan Trust, Series 2005-21CB, Class A-9, 5.50% 2035		1,386		1,308
Countrywide Alternative Loan Trust, Series 2005-40CB, Class A-1, 5.50% 2035		2,143		1,881
Countrywide Alternative Loan Trust, Series 2005-46CB, Class A-8, 5.50% 2035		1,779		1,664
Countrywide Alternative Loan Trust, Series 2005-62, Class 2-A-1, 5.522% 2035 (2)		1,383		949
Countrywide Alternative Loan Trust, Series 2005-64CB, Class 1-A-7, 5.50% 2035		1,663		1,618
Countrywide Alternative Loan Trust, Series 2005-J8, Class 2-A-1, 5.00% 2020		4,331		4,017
Countrywide Alternative Loan Trust, Series 2006-16CB, Class A-2, 6.00% 2036		1,991		1,841
Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1-A-1, 5.50% 2036		2,552		2,229
Countrywide Alternative Loan Trust, Series 2007-HY4, Class 3-A-1, 5.877% 2047 (2)		3,505		2,453
Countrywide Alternative Loan Trust, Series 2007-HY4, Class 4-A-1, 5.956% 2047 (2)		1,433		1,003
Countrywide Financial Corp. 6.25% 2010	A$	1,200		882
Countrywide Financial Corp., Series A, 4.50% 2010		990		882
Countrywide Financial Corp., Series B, 3.602% 2012 (2) (3)		5,000		4,175
Countrywide Financial Corp., Series B, 5.80% 2012		6,275		5,690
Countrywide Home Loans, Inc. 5.875% 2008	£	810		1,479
Countrywide Home Loans, Inc., Series H, 6.25% 2009		3,975		3,682
Countrywide Home Loans, Inc., Series K, 5.625% 2009		795		730
Countrywide Home Loans, Inc., Series L, 4.00% 2011	$	883		788
Countrywide Home Loans, Inc., Series M, 4.125% 2009	$	4,470		4,029
Coventry Health Care, Inc. 6.30% 2014		7,800		7,846
Cox Communications, Inc. 4.625% 2010		1,750		1,752
Cox Communications, Inc. 5.45% 2014		3,500		3,451
Cox Communications, Inc. 7.875% 2009		1,500		1,570
CPS Auto Receivables Trust, Series 2005-D, Class A-2, FSA insured, 5.06% 2012 (4)		2,944		2,953
CPS Auto Receivables Trust, Series 2007-TFC, Class A-2, XLCA insured, 5.25% 2013 (4)		3,375		3,153
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB4, Class A-2B, 5.723% 2037 (2)		1,500		1,293
Cricket Communications, Inc. 9.375% 2014		4,880		4,648
Cricket Communications, Inc. 9.375% 2014 (4)		2,700		2,572
Crown Castle Towers LLC, Series 2005-1, Class A-FX, 4.643% 2035 (4)		3,000		2,944
Crown Castle Towers LLC, Series 2005-1, Class D, 5.612% 2035 (4)		6,300		5,996
Crown Castle Towers LLC, Series 2006-1, Class E, 6.065% 2036 (4)		1,000		905
Crown Castle Towers LLC, Series 2006-1, Class F, 6.650% 2036 (3) (4)		1,300		1,137
Crown Castle Towers LLC, Series 2006-1, Class G, 6.795% 2036 (3) (4)		500		426
CS First Boston Mortgage Securities Corp., Series 1998-C1, Class A-1B, 6.48% 2040		139		139
CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A-3, 6.387% 2036		3,000		3,070
CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A-3, 6.133% 2037		1,680		1,740
CS First Boston Mortgage Securities Corp., Series 2004-C1, Class E, 5.015% 2037 (4)		5,000		3,726
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-1A, 3.883% 2037		186		185
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A-3, 4.499% 2037		2,000		1,920
CS First Boston Mortgage Securities Corp., Series 2005-C1, Class A-3, 4.813% 2038		4,000		3,815
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A-3, 5.23% 2040 (2)		7,000		6,830
CS First Boston Mortgage Securities Corp., Series 2006-2R, Class A-PO, principal only, 0% 2036 (3) (4)		2,225		1,539
CS First Boston Mortgage Securities Corp., Series 2006-C2, Class A-3, 5.658% 2039 (2)		1,225		1,233
CS First Boston Mortgage Securities Corp., Series 2007-5, Class 1-A-9, 7.00% 2037 (3)		6,550		4,585
CSAB Mortgage-backed Trust, Series 2007-1, Class 4-A-8, 7.00% 2037 (3)		4,284		2,913
CSC Holdings, Inc., Series B, 7.625% 2011		1,000		994
CSC Holdings, Inc., Series B, 8.125% 2009		3,750		3,797
CSX Corp. 6.25% 2015		5,000		5,077
CSX Corp. 7.45% 2038		7,500		7,724
CVS Caremark Corp. 6.943% 2030 (1) (3) (4)		7,553		7,635
CWHEQ Home Equity Loan Trust, Series 2007-S1, Class A-6, MBIA insured, 5.693% 2036 (2)		4,000		3,075
D.R. Horton, Inc. 5.25% 2015		4,700		3,925
D.R. Horton, Inc. 6.50% 2016		1,245		1,114
D.R. Horton, Inc. 7.875% 2011		1,100		1,071
D.R. Horton, Inc. 8.00% 2009		2,700		2,666
DAE Aviation Holdings, Inc. 11.25% 2015 (4)		8,255		8,172
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B1, 6.45% 2014 (1) (2) (5)		4,316		4,173
DAE Aviation Holdings, Inc. and Standard Aero Ltd., Term Loan B2, 6.99% 2014 (1) (2) (5)		4,287		4,145
DaimlerChrysler Financial Services Americas LLC, First Lien Term Loan, 6.80% 2012 (1) (2) (5)		2,632		2,197
DaimlerChrysler North America Holding Corp. 7.75% 2011		2,330		2,507
DaimlerChrysler North America Holding Corp. 8.00% 2010		3,000		3,214
Delek & Avner-Yam Tethys Ltd. 5.326% 2013 (1) (4)		3,012		3,093
Delphi Automotive Systems Corp. 6.50% 2009 (10)		7,500		2,475
Delphi Automotive Systems Corp. 6.55% 2006 (10)		500		160
Delphi Automotive Systems Corp. 7.125% 2029 (10)		1,750		560
Delphi Corp. 6.50% 2013 (10)		480		154
Delta Air Lines, Inc., Series 2000-1, Class A-1, 7.379% 2011 (1)		539		531
Delta Air Lines, Inc., Series 2000-1, Class A-2, 7.57% 2012 (1)		8,627		8,600
Delta Air Lines, Inc., Series 2000-1, Class B, 7.92% 2012 (1)		1,000		935
Delta Air Lines, Inc., Series 2002-1, Class C, 7.779% 2013 (1)		238		221
Delta Air Lines, Inc., Series 2002-1, Class G-1, MBIA insured, 6.718% 2024 (1)		1,568		1,562
Delta Air Lines, Inc., Series 2002-1, Class G-2, MBIA insured, 6.417% 2014 (1)		10,798		10,817
Deutsche Telekom International Finance BV 8.125% 2012 (2)	€	835		1,434
Developers Diversified Realty Corp. 3.875% 2009		1,000		985
Developers Diversified Realty Corp. 4.625% 2010		1,000		960
Development Bank of Singapore Ltd. 7.875% 2009 (4)		4,000		4,217
Dex Media West LLC, Dex Media West Finance Co., Series B, 8.50% 2010		750		733
Dex Media, Inc., Series B, 0%/9.00% 2013 (9)		1,400		1,015
Dex Media, Inc., Series B, 0%/9.00% 2013 (9)		1,250		906
Dex Media, Inc., Series B, 8.00% 2013		1,250		919
Digicel Group Ltd. 8.875% 2015 (4)		2,000		1,675
Dillard Department Stores, Inc. 9.125% 2011		1,400		1,351
Dillard’s, Inc. 6.625% 2008		700		702
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. 8.375% 2013		2,275		2,318
Discover Card Master Trust I, Series 2007-3, Class B1, 2.948% 2010 (2)		4,000		3,685
DLJ Commercial Mortgage Corp., Series 1999-CG1, Class A-1B, 6.46% 2032		459		462
Dollar General Corp. 10.625% 2015		1,050		1,019
Dollar General Corp. 11.875% 2017 (6)		1,150		1,012
Dominican Republic 9.04% 2018 (1) (4)	$	1,093		1,167

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Domtar Corp. 5.375% 2013	$	500		440
Domtar Corp. 7.125% 2015		1,500		1,421
Downey Financial Corp. 6.50% 2014		4,500		3,914
Drive Auto Receivables Trust, Series 2006-1, Class A-4, FSA insured, 5.54% 2013 (4)		4,000		3,863
Drivetime Auto Owner Trust, Series 2005-A, Class A-3, MBIA insured, 5.302% 2009 (4)		1,051		1,051
Drivetime Auto Owner Trust, Series 2006-B, Class A-3, MBIA insured, 5.227% 2012 (2) (4)		4,500		4,361
Drummond Co., Inc. 7.375% 2016 (4)		2,545		2,341
Duke Energy Corp., First and Refunding Mortgage Bonds, 5.30% 2015		100		104
DynCorp International and DIV Capital Corp., Series A, 9.50% 2013		2,325		2,377
E*TRADE Financial Corp. 7.375% 2013		2,000		1,430
E*TRADE Financial Corp. 7.875% 2015		1,050		751
E*TRADE Financial Corp. 8.00% 2011		3,075		2,583
Edcon Pty Ltd. 7.856% 2014 (2)	€	6,000		6,301
Edison Mission Energy 7.00% 2017		4,050		4,050
Edison Mission Energy 7.20% 2019		5,250		5,211
Edison Mission Energy 7.625% 2027		4,500		4,253
Edison Mission Energy 7.75% 2016		6,000		6,210
Education Management LLC and Education Management Finance Corp. 8.75% 2014		650		553
El Paso Natural Gas Co. 5.95% 2017		1,500		1,479
El Salvador (Republic of) 7.65% 2035 (4)		580		618
Elan Finance PLC and Elan Finance Corp. 7.201% 2013 (2)		2,440		2,135
Electronic Data Systems Corp., Series B, 6.50% 2013 (2)		1,500		1,488
Embarq Corp. 6.738% 2013		5,000		4,840
Enbridge Energy Partners, LP 6.5% 2018 (4)		7,940		7,898
Enterprise Products Operating LP 5.65% 2013		3,375		3,372
Enterprise Products Operating LP 6.5% 2019		2,380		2,377
Enterprise Products Operating LP 7.034% 2068 (2)		1,840		1,565
Enterprise Products Operating LP 8.375% 2066 (2)		3,160		3,080
Enterprise Products Operating LP, Series B, 5.00% 2015		1,055		1,009
ERP Operating LP 4.75% 2009		1,000		999
ERP Operating LP 6.584% 2015		2,500		2,389
ERP Operating LP 6.625% 2012		2,000		2,034
European Investment Bank 6.125% 2017	A$	9,110		7,929
Exelon Generation Co., LLC 6.95% 2011		1,300		1,380
Exodus Communications, Inc. 11.625% 2010 (3) (10)		376		—
Fannie Mae 10.00% 2018		8		10
Fannie Mae 4.443% 2038 (2)		4,430		4,446
Fannie Mae 4.50% 2035		4,205		4,056
Fannie Mae 4.522% 2038 (2)		1,788		1,801
Fannie Mae 4.625% 2013		20,000		20,343
Fannie Mae 5.00% 2035		2,846		2,823
Fannie Mae 5.25% 2012		26,000		27,165
Fannie Mae 5.325% 2038 (2)		2,647		2,699
Fannie Mae 5.386% 2037 (2)		9,999		10,175
Fannie Mae 5.50% 2011		5,000		5,402
Fannie Mae 5.50% 2021		1,578		1,618
Fannie Mae 5.50% 2027		10,045		10,200
Fannie Mae 5.50% 2033		15,887		16,122
Fannie Mae 5.50% 2035		1,325		1,341
Fannie Mae 5.50% 2036		4,049		4,093
Fannie Mae 5.50% 2037		11,362		11,480
Fannie Mae 6.00% 2021		663		684
Fannie Mae 6.00% 2026		3,214		3,310
Fannie Mae 6.00% 2027		21,118		21,697
Fannie Mae 6.00% 2036		8,931		9,159
Fannie Mae 6.00% 2037		13,082		13,415
Fannie Mae 6.00% 2037		13,052		13,383
Fannie Mae 6.00% 2037		4,604		4,721
Fannie Mae 6.00% 2037		3,968		4,069
Fannie Mae 6.00% 2037		3,994		4,063
Fannie Mae 6.173% 2037 (2)		15,339		15,798
Fannie Mae 6.50% 2037		10,000		10,370
Fannie Mae 6.50% 2037		4,243		4,372
Fannie Mae 6.50% 2037		4,155		4,281
Fannie Mae 6.50% 2037		2,933		3,041
Fannie Mae 6.50% 2038		4,825		4,972
Fannie Mae 7.00% 2037		12,870		13,522
Fannie Mae 7.00% 2037		7,469		7,773
Fannie Mae 7.00% 2037		5,072		5,278
Fannie Mae 7.00% 2037		4,446		4,627
Fannie Mae 7.00% 2037		3,301		3,435
Fannie Mae 7.00% 2038		3,574		3,719
Fannie Mae 7.00% 2038		1,345		1,413
Fannie Mae 7.50% 2031		24		26
Fannie Mae, Series 2000-T5, Class B, 7.30% 2010		12,250		13,420
Fannie Mae, Series 2001-20, Class C, 12.041% 2031 (2)		65		74
Fannie Mae, Series 2001-4, Class GA, 10.22% 2025 (2)		119		135
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041		102		108
Fannie Mae, Series 2001-T10, Class A-1, 7.00% 2041		112		120
Fannie Mae, Series 2001-T11, Class B, 5.503% 2011		5,000		5,343
Fannie Mae, Series 2001-T6B, 6.088% 2011		6,750		7,140
Fannie Mae, Series 2002-W1, Class 2A, 7.50% 2042		145		156
Fannie Mae, Series 2002-W3, Class A-5, 7.50% 2028		147		160
Federal Home Loan Bank 5.625% 2016		10,000		10,427
Federated Retail Holdings, Inc. 5.35% 2012		5,056		4,822
Federated Retail Holdings, Inc. 5.90% 2016		9,780		8,706
Fifth Third Bancorp 8.25% 2038		3,000		3,065
Fifth Third Capital Trust IV 6.50% 2067 (2) (3)		11,900		8,270
First Data Corp., Term Loan B2, 5.349% 2014 (1) (2) (5)		4,975		4,493
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA11, Class I-A-5, 5.75% 2036		3,094		2,935
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class I-A-14, 5.50% 2035		1,338		1,297
First Union National Bank Commercial Mortgage Trust, Series 2002-C1, Class A-1, 5.585% 2034		453		455
Ford Motor Co. 6.50% 2018		555		375
Ford Motor Co. 8.875% 2022		315		246
Ford Motor Co., Term Loan B, 5.80% 2013 (1) (2) (5)		5,210		4,290
Ford Motor Credit Co. 7.127% 2012 (2)		6,670		4,938
Ford Motor Credit Co. 7.25% 2011		2,425		1,993
Ford Motor Credit Co. 8.00% 2016		8,275		6,487
Ford Motor Credit Co. 9.75% 2010 (2)		9,250		8,244
France Télécom 7.75% 2011 (2)		1,500		1,628
Freddie Mac 4.00% 2015		1,623		1,584
Freddie Mac 4.679% 2038 (2)		5,530		5,560
Freddie Mac 4.78% 2037 (2)		3,353		3,393
Freddie Mac 4.952% 2038 (2)		1,513		1,529
Freddie Mac 5.00% 2035		5,403		5,360
Freddie Mac 5.00% 2035		5,224		5,182
Freddie Mac 5.00% 2038		27,819		27,560
Freddie Mac 5.00% 2038		10,000		9,907
Freddie Mac 5.00% 2038		7,755		7,676
Freddie Mac 5.00% 2038		5,690		5,640

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Freddie Mac 5.00% 2038		5,011		4,965
Freddie Mac 5.00% 2038		4,620		4,577
Freddie Mac 5.25% 2011		30,500		32,799
Freddie Mac 5.50% 2035		2,574		2,603
Freddie Mac 5.50% 2035		2,555		2,584
Freddie Mac 5.50% 2037		6,877		6,950
Freddie Mac 5.50% 2038		16,829		17,007
Freddie Mac 5.50% 2038		2,220		2,241
Freddie Mac 5.732% 2037 (2)		5,631		5,784
Freddie Mac 5.889% 2037 (2)		1,723		1,769
Freddie Mac 6.00% 2036		51,748		53,117
Freddie Mac 6.00% 2037		70,885		72,760
Freddie Mac 6.00% 2037		67,752		69,544
Freddie Mac 6.00% 2037		52,706		54,104
Freddie Mac 6.00% 2037		32,918		33,789
Freddie Mac 6.00% 2037		20,000		20,529
Freddie Mac 6.00% 2037		13,183		13,532
Freddie Mac 6.00% 2037		9,856		10,117
Freddie Mac 6.00% 2037		7,833		8,040
Freddie Mac 6.00% 2037		6,522		6,695
Freddie Mac 6.00% 2037		3,879		3,982
Freddie Mac 6.00% 2038		1,965		2,017
Freddie Mac 6.50% 2037		19,567		20,194
Freddie Mac 7.00% 2037		4,206		4,373
Freddie Mac 7.00% 2037		3,481		3,619
Freddie Mac 7.00% 2037		1,779		1,849
Freddie Mac 7.00% 2037		1,196		1,244
Freddie Mac, Series 3061, Class PN, 5.50% 2035		1,798		1,855
Freddie Mac, Series 3146, Class PO, principal only, 0% 2036		3,086		2,505
Freddie Mac, Series 3156, Class PO, principal only, 0% 2036		2,678		2,081
Freddie Mac, Series 3257, Class PA, 5.50% 2036		7,174		7,373
Freddie Mac, Series 3318, Class JT, 5.50% 2037		5,314		5,427
Freddie Mac: 5.75% 2012		40,000		43,893
Freeport-McMoRan Copper & Gold Inc. 8.25% 2015		1,675		1,771
Freeport-McMoRan Copper & Gold Inc. 8.375% 2017		2,975		3,165
Freescale Semiconductor, Inc. 10.125% 2016		50		34
Freescale Semiconductor, Inc. 6.675% 2014 (2)		2,500		1,738
Freescale Semiconductor, Inc. 8.875% 2014		8,350		6,576
Freescale Semiconductor, Inc. 9.125% 2014 (6)		2,650		1,948
Freescale Semiconductor, Inc., Term Loan B, 4.869% 2013 (1) (2) (5)		1,290		1,094
French Government O.A.T. Eurobond 4.75% 2035		5,190		8,317
Gaz Capital SA 6.51% 2022 (4)		8,940		7,990
Gaz Capital SA 7.288% 2037 (4)		3,000		2,751
Gaz Capital SA, Series 9, 6.51% 2022		1,750		1,564
GE Commercial Mortgage Corp., Series 2005-C4, Class A-3A, 5.333% 2045 (2)		3,000		2,959
GE Commercial Mortgage Corp., Series 2006-C1, Class A-4, 5.338% 2044 (2)		1,000		943
General Electric Capital Corp., Series A, 3.432% 2018 (2)		1,000		937
General Electric Capital Corp., Series A, 3.475% 2026 (2)		6,400		5,342
General Electric Capital Corp., Series A, 5.625% 2017		2,250		2,307
General Electric Co. 5.00% 2013		1,250		1,296
General Electric Co. 5.25% 2017		1,500		1,501
General Motors Acceptance Corp. 5.276% 2014 (2)		5,000		3,345
General Motors Acceptance Corp. 6.625% 2012		5,000		3,786
General Motors Acceptance Corp. 6.75% 2014		1,500		1,063
General Motors Acceptance Corp. 6.875% 2012		7,000		5,324
General Motors Acceptance Corp. 7.00% 2012		4,390		3,341
General Motors Acceptance Corp. 7.25% 2011		11,670		9,194
General Motors Corp. 7.125% 2013		10,250		7,918
General Motors Corp. 7.20% 2011		4,000		3,350
General Motors Corp. 7.25% 2013	€	1,000		1,255
General Motors Corp. 8.375% 2033		890		632
General Motors Corp. 8.80% 2021	$	19,470		14,846
General Motors Corp. 9.40% 2021		1,000		765
Genworth Financial, Inc. 6.15% 2066 (2)		6,500		5,438
Georgia-Pacific Corp. 8.125% 2011		500		499
Georgia-Pacific Corp., First Lien Term Loan B, 4.74% 2012 (1) (2) (5)		1,002		933
German Government 3.50% 2016		1,665		2,569
German Government 3.75% 2013	€	8,170		12,995
German Government, Series 6, 4.00% 2016		13,920		22,139
Glen Meadow Pass Through Trust 6.505% 2067 (2) (3) (4)		7,550		5,943
GMAC Commercial Mortgage Securities, Inc., Series 2001-C1, Class A-2, 6.465% 2034		3,724		3,817
GMAC Mortgage Loan Trust, Series 2007-HE2, Class A-3, FGIC insured, 6.193% 2037 (2)		4,500		2,282
Goldman Sachs Group, Inc. 6.15% 2018		2,750		2,751
Goldman Sachs Group, Inc. 6.75% 2037		4,590		4,283
Goodyear Tire & Rubber Co. 8.663% 2009 (2)		1,375		1,373
Graham Packaging Co., LP and GPC Capital Corp. 9.875% 2014		2,000		1,690
Graphic Packaging International, Inc. 8.50% 2011		3,475		3,432
Grupo Posadas, SA de CV 8.75% 2011 (4)		4,000		4,170
GS Mortgage Securities Corp. II, Series 1998-C1, Class D, 7.113% 2030 (2)		1,000		1,005
GS Mortgage Securities Corp. II, Series 1998-C1, Class E, 7.113% 2030 (2)		1,250		1,257
GSR Mortgage Loan Trust, Series 2004-15F, Class 5A-1, 5.50% 2020		7,159		7,067
Gulfstream Natural Gas 6.19% 2025 (4)		1,220		1,173
HarborView Mortgage Loan Trust, Series 2005-15, Class 2-A1A2, 3.336% 2045 (2)		703		559
Harrah’s Operating Co., Inc. 5.50% 2010		4,500		3,960
Harrah’s Operating Co., Inc. 5.625% 2015		1,000		585
Hartford Financial Services Group, Inc. 6.30% 2018		2,160		2,168
Hawaiian Telcom Communications, Inc. 10.318% 2013 (2)		2,195		1,152
Hawaiian Telcom Communications, Inc. 9.75% 2013		2,870		1,564
Hawaiian Telcom Communications, Inc., Series B, 12.50% 2015		1,125		411
HBOS PLC 5.375% (undated) (2) (3) (4)		7,750		6,335
HBOS PLC 6.657% (undated) (2) (4)		2,500		1,791
HCA Inc. 9.125% 2014		580		599
HCA Inc. 9.25% 2016		680		707
HCA Inc. 9.625% 2016 (6)		680		707
HCA Inc., Term Loan B, 4.946% 2013 (1) (2) (5)		7,426		6,847
HealthSouth Corp. 10.75% 2016		6,715		7,084
HealthSouth Corp. 10.829% 2014 (2)		8,180		7,935
Hertz Vehicle Financing LLC, Rental Car Asset-backed Notes, Series 2005-2, Class A-6, AMBAC insured, 5.08% 2011 (4)		2,000		1,844
Hilton Hotel Pool Trust, Series 2000-HLTA, Class F, 7.75% 2015 (4)		5,000		5,569
Home Equity Mortgage Trust, Series 2006-6, Class 2A-1, 2.699% 2037 (2) (3)		1,932		676
Honda Auto Receivables Owner Trust, Series 2006-2, Class A-4, 5.28% 2012		3,500		3,575
Honda Auto Receivables Owner Trust, Series 2006-3, Class A-4, 5.11% 2012		4,750		4,841
Honda Auto Receivables Owner Trust, Series 2007-2, Class A-4, 5.57% 2013		6,750		7,006
Hospitality Properties Trust 5.625% 2017		5,155		4,141
Hospitality Properties Trust 6.30% 2016		1,300		1,153
Hospitality Properties Trust 6.70% 2018		3,530		3,029
Hospitality Properties Trust 6.75% 2013		1,500		1,476
Hospitality Properties Trust 6.85% 2012		340		321
Host Hotels & Resorts, LP, Series S, 6.875% 2014		3,000		2,872
Host Marriott, LP, Series K, 7.125% 2013		1,500		1,477

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Host Marriott, LP, Series M, 7.00% 2012		4,050		3,979
HSBC Holdings PLC 6.50% 2037		6,960		6,623
HSBK (Europe) BV 7.25% 2017 (4)		13,760		12,105
HSBK (Europe) BV 7.75% 2013		3,125		2,995
HSBK (Europe) BV 7.75% 2013 (4)		505		484
Humana Inc. 6.45% 2016		1,500		1,523
Hutchison Whampoa International Ltd. 6.50% 2013 (4)		6,750		6,883
Hutchison Whampoa International Ltd. 7.00% 2011 (4)		500		530
Idearc Inc. 8.00% 2016		7,450		4,861
ILFC E-Capital Trust II 6.25% 2065 (2) (4)		6,365		5,696
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 2-A-1, 6.50% 2037 (3)		3,004		2,103
IndyMac IMSC Mortgage Loan Trust, Series 2007-F3, Class 2-A-1, 6.50% 2037 (3)		8,347		5,843
IndyMac IMSC Mortgage Loan Trust, Series 2007-F3, Class 3-A-1, 7.00% 2037 (3)		7,962		5,574
IndyMac INDX Mortgage Loan Trust, Series 2006-AR25, Class 3-A-1, 6.366% 2036 (2)		4,871		3,706
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2-A-1, 5.838% 2036 (2) (3)		5,137		4,256
Intelsat (Bermuda), Ltd. 0%/9.25% 2015 (9)		1,200		1,026
Intelsat (Bermuda), Ltd. 8.25% 2013		1,775		1,797
Intelsat (Bermuda), Ltd. 9.25% 2016		2,000		2,025
Intelsat Corp. 9.00% 2016		2,500		2,531
Intelsat, Ltd. 6.50% 2013		3,000		1,965
International Lease Finance Corp., Series R, 5.40% 2012		2,500		2,468
International Lease Finance Corp., Series R, 5.625% 2013		6,875		6,740
International Lease Finance Corp., Series R, 5.65% 2014		2,500		2,404
International Paper Co. 5.85% 2012		520		521
Ireland Government 4.50% 2018	€	1,100		1,772
ISA Capital do Brasil SA 7.875% 2012 (4)		625		647
ISA Capital do Brasil SA 8.80% 2017 (4)		6,500		6,793
Israel Electric Corp. Ltd. 7.70% 2018 (4)		500		594
Israeli Government 5.50% 2017 (3)		19,200		5,337
Israeli Government 6.50% 2016 (3)		70,755		21,138
Israeli Government 7.50% 2014 (3)	ILS	35,117		11,068
iStar Financial, Inc. 5.375% 2010		3,500		2,766
iStar Financial, Inc. 6.00% 2010		750		585
iStar Financial, Inc., Series B, 5.125% 2011		1,000		770
J.C. Penney Co., Inc. 8.00% 2010		6,655		6,948
J.C. Penney Co., Inc. 9.00% 2012		2,485		2,736
J.C. Penney Corp., Inc. 5.75% 2018		2,940		2,719
J.P. Morgan Chase & Co. 4.891% 2015 (2)		5,300		5,121
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-LN1, Class H, 5.508% 2037 (2) (3) (4)		2,000		1,263
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC12, Class A-3B, 5.317% 2037 (2)		4,000		3,889
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP1, Class A-2, 4.625% 2046		3,500		3,466
J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A-2, 4.79% 2042		2,540		2,510
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP6, Class A-4, 5.475% 2043 (2)		1,650		1,635
Jabil Circuit, Inc. 5.875% 2010		3,060		3,024
Jabil Circuit, Inc. 8.25% 2018 (4)		6,000		5,820
Japanese Government 0.90% 2008	¥	1,142,400		11,471
Japanese Government 1.30% 2011		1,114,000		11,395
Japanese Government 1.50% 2014		720,000		7,521
Japanese Government 1.70% 2016		4,070,450		42,848
Japanese Government 1.70% 2017		218,050		2,282
Japanese Government 1.80% 2008		1,173,050		11,782
Japanese Government 2.30% 2035		637,700		6,307
Jefferson Smurfit Corp. (U.S.) 7.50% 2013		2,800		2,422
Jefferson Smurfit Corp. (U.S.) 8.25% 2012		2,000		1,813
John Deere Capital Corp. 4.50% 2013		499		499
John Deere Capital Corp. 5.40% 2011		2,000		2,104
JPMorgan Chase & Co. 6.00% 2018		2,000		2,089
JPMorgan Chase Bank NA 6.00% 2017		2,250		2,349
JPMorgan Chase Capital XX, Series T, 6.55% 2066		2,500		2,194
JPMorgan Chase Capital XXI, Series U, 4.062% 2037 (2)		7,500		5,556
JPMorgan Chase Capital XXV, Series Y, 6.80% 2037		2,300		2,108
JSG Funding PLC 7.75% 2015		2,000		1,760
K. Hovnanian Enterprises, Inc. 6.00% 2010		3,225		2,112
K. Hovnanian Enterprises, Inc. 6.25% 2015		2,980		2,012
K. Hovnanian Enterprises, Inc. 6.25% 2016		2,190		1,489
K. Hovnanian Enterprises, Inc. 6.50% 2014		1,545		1,051
K. Hovnanian Enterprises, Inc. 7.50% 2016		1,780		1,246
K. Hovnanian Enterprises, Inc. 8.625% 2017		5,625		4,359
Kabel Deutschland GmbH 10.625% 2014		2,625		2,589
Kansas City Southern Railway Co. 7.50% 2009		4,200		4,284
Kansas City Southern Railway Co. 9.50% 2008		1,850		1,885
Kazkommerts International BV 7.00% 2009 (4)		500		473
Kazkommerts International BV 7.875% 2014 (4)		800		664
Kazkommerts International BV 8.00% 2015		1,300		1,035
Kazkommerts International BV 8.00% 2015 (4)		1,250		995
Kazkommerts International BV, Series 4, 7.50% 2016		2,000		1,505
KB Home 5.875% 2015		1,630		1,418
KB Home 6.25% 2015		3,735		3,329
KfW 1.35% 2014	¥	564,000		5,771
KfW 6.25% 2012	A$	8,000		7,070
Kimco Realty Corp. 5.70% 2017		5,000		4,553
Kimco Realty Corp. 6.00% 2012		500		496
Kimco Realty Corp., Series C, 4.82% 2014		2,500		2,432
Kinder Morgan Energy Partners LP 6.00% 2017		380		379
Kinder Morgan Energy Partners LP 6.50% 2037		900		838
Kinder Morgan Energy Partners LP 6.75% 2011		2,000		2,097
Koninklijke Philips Electronics NV 4.625% 2013		4,300		4,327
Koninklijke Philips Electronics NV 6.875% 2038		10,000		10,702
Korea Development Bank 5.30% 2013		4,500		4,616
Kraft Foods Inc. 6.125% 2018		1,575		1,577
Kroger Co. 6.40% 2017		4,130		4,366
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 2026 (4)		2,321		2,252
Lazard Group LLC 7.125% 2015		3,010		2,932
LB-UBS Commercial Mortgage Trust, Series 2000-C3, Class A-2, 7.95% 2025		489		510
Lehman Brothers Holdings Inc. 5.625% 2013		5,400		5,256
Lehman Brothers Holdings Inc. 6.50% 2017 (3)		6,340		6,270
Lehman Mortgage Trust, Series 2007-6, Class 2-A1, 6.89% 2037 (2)		5,483		4,661
Lehman Mortgage Trust, Series 2007-7, Class 6-A4, 7.00% 2037		2,074		1,831
Lehman Mortgage Trust, Series 2007-8, Class 3-A1, 7.25% 2037		2,002		1,811
Level 3 Financing, Inc. 9.25% 2014		2,500		2,056
Liberty Media Corp. 7.75% 2009		1,750		1,762
Liberty Media Corp. 7.875% 2009		2,200		2,219
Liberty Media Corp. 8.25% 2030		2,375		2,005
Liberty Mutual Group Inc. 6.50% 2035 (4)		435		399
Liberty Mutual Group Inc. 7.50% 2036 (4)		4,875		4,631
Liberty Mutual Group Inc., Series A, 7.80% 2087 (4)		4,995		4,222
Lincoln National Corp. 5.65% 2012		3,250		3,317
Lincoln National Corp. 7.00% 2066 (2)		5,620		5,161
Lloyds TSB Group PLC 6.267% (undated) (2) (4)		5,000		3,841
Loews Corp. 6.00% 2035		1,800		1,630

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-3, FSA insured, 5.17% 2011		5,000		4,938
Long Beach Acceptance Auto Receivables Trust, Series 2006-B, Class A-4, FSA insured, 5.18% 2013		3,750		3,713
LUKOIL International Finance BV 6.656% 2022 (4)		6,100		5,360
Malaysian Government 3.718% 2012		17,800		5,622
Malaysian Government 3.756% 2011		8,000		2,526
Malaysian Government 3.814% 2017		32,810		10,266
Malaysian Government 3.869% 2010	MYR	27,435		8,657
Malaysian Government 4.262% 2016		20,900		6,763
Mangrove Bay Pass Through Trust 6.102% 2033 (2) (3) (4)		390		195
Marathon Oil Corp. 5.90% 2018		5,000		5,035
Marriott International, Inc., Series J, 5.625% 2013		5,000		4,832
MBNA Credit Card Master Note Trust, Series 2002-1, Class C, 6.80% 2014		2,500		2,313
MBNA Credit Card Master Note Trust, Series 2004-1, Class B, 4.45% 2016		2,750		2,218
MBNA Credit Card Master Note Trust, Series 2005-6, Class A, 4.50% 2013		5,250		5,358
MDC Holdings, Inc. 5.50% 2013		1,750		1,668
Merrill Lynch & Co., Inc. 5.45% 2013		10,000		9,849
Merrill Lynch & Co., Inc. 6.11% 2037		3,970		3,147
Merrill Lynch Mortgage Investors, Inc., Series 1999-C1, Class A-2, 7.56% 2031		1,182		1,211
Merrill Lynch Mortgage Investors, Inc., Series 2006-RM1, Class A-2B, 5.45% 2037 (2)		1,360		1,254
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class A-3-A, 4.949% 2038 (2)		2,000		1,897
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A-3, 5.658% 2039 (2)		3,160		3,081
MetLife, Inc. 5.50% 2014		2,044		2,078
MetroPCS Wireless, Inc. 9.25% 2014	$	225		208
MGM MIRAGE 5.875% 2014		1,700		1,462
MGM MIRAGE 6.00% 2009		4,750		4,738
MGM MIRAGE 6.75% 2012		4,000		3,730
MGM MIRAGE 6.75% 2013		1,250		1,156
Michaels Stores, Inc. 0%/13.00% 2016 (9)		750		345
Michaels Stores, Inc. 10.00% 2014		8,950		7,876
Michaels Stores, Inc. 11.375% 2016		750		593
Michaels Stores, Inc., Term Loan B, 5.438% 2013 (1) (2) (5)		2,233		1,879
MidAmerican Energy Co. 5.30% 2018		4,000		4,004
MidAmerican Energy Holdings Co. 5.75% 2018 (4)		5,000		5,059
MidAmerican Energy Holdings Co. 6.125% 2036		1,500		1,455
MidAmerican Energy Holdings Co., Series D, 5.00% 2014		2,200		2,161
Midwest Generation, LLC, Series B, 8.56% 2016 (1)		1,586		1,721
Mirant Americas Generation, Inc. 8.30% 2011		1,400		1,435
Mohegan Tribal Gaming Authority 6.375% 2009		5,250		5,276
Mohegan Tribal Gaming Authority 7.125% 2014		3,300		2,723
Monumental Global Funding III 5.25% 2014 (4)		2,000		2,008
Morgan Stanley 10.09% 2017 (3)	BRL	3,000		1,448
Morgan Stanley Capital I, Inc., Series 1998-HF2, Class A-2, 6.48% 2030		434		433
Morgan Stanley Dean Witter Capital I Trust, Series 2001-TOP5, Class A-3, 6.16% 2035		965		973
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4-A, 5.683% 2034 (2) (3)		1,707		1,645
Morgan Stanley Mortgage Loan Trust, Series 2006-3AR, Class 2-A-3, 5.425% 2036 (2)		4,958		3,542
Morgan Stanley Mortgage Loan Trust, Series 2007-11AR, Class 2-A-1, 6.638% 2037 (2)		4,207		3,096
Mylan Inc., Term Loan B, 6.25% 2014 (1) (2) (5)		2,594		2,513
National Grid PLC 6.30% 2016		2,315		2,382
National Grid Transco PLC 4.375% 2020	€	1,290		1,713
National Rural Utilities Cooperative Finance Corp. 5.45% 2018		8,500		8,509
National Semiconductor Corp. 6.15% 2012		4,500		4,600
Nationwide Financial Services, Inc. 6.75% 2067 (2)		5,155		4,302
Nationwide Mutual Insurance Co. 7.875% 2033 (4)		515		522
Neenah Paper, Inc. 7.375% 2014		2,325		2,046
Neiman Marcus Group, Inc. 9.00% 2015 (6)		1,900		1,910
Netherlands Government Eurobond 4.25% 2013	€	6,780		10,967
Nevada Power Co., General and Refunding Mortgage Notes, Series L, 5.875% 2015		150		148
Nevada Power Co., General and Refunding Mortgage Notes, Series M, 5.95% 2016		1,450		1,432
New York Life Global Funding 3.875% 2009 (4)	$	2,250		2,267
Newfield Exploration Co. 6.625% 2014		1,000		990
Newfield Exploration Co. 6.625% 2016		1,250		1,231
NewPage Corp. 10.00% 2012 (4)		3,500		3,570
News America Holdings Inc. 8.25% 2018		4,885		5,700
News America Holdings Inc. 9.25% 2013		2,500		2,904
News America Inc. 4.75% 2010		2,000		2,012
News America Inc. 6.65% 2037 (4)		5,400		5,463
News America Inc. 6.75% 2038		1,000		1,050
Nextel Communications, Inc., Series D, 7.375% 2015		17,740		13,669
Nextel Communications, Inc., Series E, 6.875% 2013		16,720		13,219
Nielsen Finance LLC and Nielsen Finance Co. 0%/12.50% 2016 (9)		4,200		2,678
Nielsen Finance LLC and Nielsen Finance Co. 10.00% 2014		5,300		5,300
Nielsen Finance LLC, Term Loan B, 5.346% 2013 (1) (2) (5)		2,992		2,705
Norske Skogindustrier ASA 7.625% 2011 (4)	$	2,500		2,072
North Front Pass Through Trust 5.81% 2024 (2) (3) (4)		3,125		2,500
Northern Rock PLC 5.60% (undated) (2) (3) (4)		1,800		1,035
Northern Rock PLC 5.625% 2017 (4)		3,000		3,153
Northern Rock PLC 6.594% (undated) (2) (3) (4)		4,400		2,530
Northwest Airlines, Inc., Term Loan A, 4.45% 2018 (1) (2) (5)		9,432		8,348
NRG Energy, Inc. 7.25% 2014		725		718
NRG Energy, Inc. 7.375% 2016		4,675		4,593
NTELOS Inc., Term Loan B, 5.27% 2011 (1) (2) (5)		2,425		2,325
NTL Cable PLC 8.75% 2014		2,675		2,414
NTL Cable PLC 8.75% 2014	€	1,000		1,362
NTL Cable PLC 9.75% 2014	£	700		1,182
NXP BV and NXP Funding LLC 7.008% 2013 (2)		8,025		6,651
NXP BV and NXP Funding LLC 7.875% 2014		5,600		5,152
NXP BV and NXP Funding LLC 8.625% 2015	€	3,000		3,517
NXP BV and NXP Funding LLC 9.50% 2015	$	12,000		9,900
Nykredit 4.00% 2035	DKr	58,368		11,087
ORIX Corp. 5.48% 2011		6,440		6,241
Overseas Shipholding Group, Inc. 8.25% 2013		1,525		1,538
Owens-Brockway Glass Container Inc. 6.75% 2014	€	1,250		1,885
Panama (Republic of) Global 6.70% 2036 (1)		3,450		3,528
Panama (Republic of) Global 7.125% 2026		390		423
Panama (Republic of) Global 9.375% 2029		500		660
Pemex Project Funding Master Trust 6.625% 2035		2,000		2,072
Petroleum Export Ltd., Class A-3, 5.265% 2011 (1) (4)		2,993		3,006
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A-3, 4.14% 2012		3,000		3,043
Plastipak Holdings, Inc. 8.50% 2015 (4)		2,000		1,830
Plum Creek Timberlands, LP 5.875% 2015		185		192
PNC Funding Corp. 3.444% 2014 (2)		5,000		4,707
PNC Funding Corp., Series I, 6.517% (undated) (2) (3) (4)		4,700		3,172
PNC Funding Corp., Series II, 6.113% (undated) (2) (3) (4)		2,500		1,562
Polar Tankers, Inc. 5.951% 2037 (1) (4)		2,250		2,195
Polish Government 5.25% 2017		25,590		10,943
Polish Government 6.00% 2009		37,190		16,666
Polish Government, Series 608, 5.75% 2008	PLN	24,070		10,814
Premcor Refining Group Inc. 6.75% 2011		1,250		1,336
ProLogis 5.50% 2012		2,500		2,508
Protective Life Insurance Co., Series 2005-C, 4.85% 2010		2,250		2,222

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Providian Master Note Trust, Series 2006-B1A, Class B-1, 5.35% 2013 (4)		6,000		5,708
Prudential Holdings, LLC, Series C, 8.695% 2023 (1) (4)		1,250		1,557
PTS Acquisition Corp. 9.50% 2015 (4) (6)		7,295		5,945
Qatar Petroleum 5.579% 2011 (1) (4)		4,278		4,479
QBE Capital Funding II LP 6.797% (undated) (2) (4)	$	1,415		1,284
Quebecor Media Inc. 7.75% 2016		1,325		1,216
Queensland Treasury Corp. 6.00% 2011	A$	6,040		5,397
Queensland Treasury Corp. 6.00% 2015		23,470		20,622
Queensland Treasury Corp. 6.00% 2017		4,610		4,026
Qwest Capital Funding, Inc. 7.25% 2011		6,475		6,184
Qwest Capital Funding, Inc. 7.625% 2021		350		298
Qwest Capital Funding, Inc. 7.90% 2010		4,295		4,316
Qwest Communications International Inc. 7.25% 2011		4,000		3,860
Qwest Corp. 8.875% 2012		1,250		1,281
R.H. Donnelley Corp. 8.875% 2017 (4)		2,000		1,260
R.H. Donnelley Corp., Series A-1, 6.875% 2013		425		261
R.H. Donnelley Corp., Series A-3, 8.875% 2016		1,200		765
Radio One, Inc. 6.375% 2013		1,300		943
Radio One, Inc., Series B, 8.875% 2011		6,845		5,527
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 2009 (1)		28		28
Ras Laffan Liquefied Natural Gas Co. Ltd. 3.437% 2009 (1) (4)		2,026		2,038
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 2014 (1)		675		767
Ras Laffan Liquefied Natural Gas Co. Ltd. 8.294% 2014 (1) (4)		360		409
Ras Laffan Liquefied Natural Gas II 5.298% 2020 (1) (4)		7,500		7,351
RBS Global, Inc. and Rexnord LLC 9.50% 2014		3,250		3,055
Realogy Corp. 10.50% 2014		7,280		4,932
Realogy Corp. 11.00% 2014 (6)		5,000		2,875
Realogy Corp. 12.375% 2015		2,500		1,125
Realogy Corp., Term Loan B, 7.505% 2013 (1) (2) (5)		391		315
Realogy Corp., Term Loan, Letter of Credit, 8.24% 2013 (1) (2) (5)		105		85
Regal Cinemas Corp., Series B, 9.375% 2012 (3)		1,000		1,033
Residential Accredit Loans, Inc., Series 2005-QR1, Class A, 6.00% 2034 (3)		2,184		1,791
Residential Accredit Loans, Inc., Series 2006-QS1, Class A-3, 5.75% 2036		814		782
Residential Accredit Loans, Inc., Series 2007-QS11, Class A-1, 7.00% 2037 (3)		5,227		3,659
Residential Accredit Loans, Inc., Series 2007-QS7, Class II-A-1, 6.75% 2037		4,741		4,131
Residential Accredit Loans, Inc., Series 2007-QS9, Class A-33, 6.50% 2037		7,096		6,151
Residential Asset Securitization Trust, Series 2004-A6, Class A-1, 5.00% 2019		1,411		1,314
Residential Capital Corp. 7.098% 2009 (2)		5,000		2,875
Residential Capital Corp. 7.828% 2009 (2) (4)		5,445		2,042
Residential Capital Corp. 8.375% 2010 (2)		21,385		10,853
Residential Capital, LLC 3.49% 2008 (2)		3,750		2,981
Residential Capital, LLC 8.50% 2012 (2)		1,690		837
Residential Funding Mortgage Securities II, Inc., Series 2007-HSA2, Class A-1F, MBIA insured, 8.47% 2037 (2)		6,711		6,558
Resona Bank, Ltd. 3.75% 2015 (2)	€	1,015		1,498
Resona Bank, Ltd. 4.125% (undated) (2)		970		1,295
Resona Bank, Ltd. 5.85% (undated) (2) (3) (4)	$	10,875		8,494
Rockwood Specialties Group, Inc. 7.625% 2014	€	1,500		2,203
Rodamco Europe Finance BV, Series 5, 3.75% 2012	€	1,600		2,306
Rogers Wireless Inc. 7.25% 2012	$	3,825		4,100
Rogers Wireless Inc. 7.50% 2015		1,975		2,078
Rohm and Haas Co. 6.00% 2017		3,000		3,051
Rouse Co. 3.625% 2009		1,140		1,079
Rouse Co. 6.75% 2013 (4)		4,500		3,900
Rouse Co. 7.20% 2012		2,360		2,166
Royal Bank of Scotland Group PLC 6.99% (undated) (2) (4)		17,440		14,829
Royal Caribbean Cruises Ltd. 8.00% 2010		1,375		1,405
Royal Caribbean Cruises Ltd. 8.75% 2011		2,675		2,769
RSC Holdings III, LLC, Second Lien Term Loan B, 8.15% 2013 (1) (2) (5)		696		595
Rural Cellular Corp. 6.076% 2013 (2)		5,500		5,528
Russian Federation 7.50% 2030 (1)		4,925		5,685
Russian Federation 8.25% 2010 (1)	$	1,556		1,648
Russian Federation 8.25% 2010 (1) (4)		889		942
Safeway Inc. 6.35% 2017		1,600		1,694
Salomon Brothers Commercial Mortgage Trust, Series 2000-C3, Class A-2, 6.592% 2033		1,250		1,280
Sanmina-SCI Corp. 5.55% 2014 (2) (4)		2,000		1,810
Sanmina-SCI Corp. 8.125% 2016		7,425		6,608
Santander Issuances, SA Unipersonal 5.805% 2016 (2) (4)		7,300		7,249
Santander Perpetual, SA Unipersonal 4.375% (undated) (2) (3)	€	2,065		2,746
Santander Perpetual, SA Unipersonal 6.671% (undated) (2) (4)	$	3,000		2,708
SBA CMBS Trust, Series 2005-1, Class A, 5.369% 2035 (3) (4)		1,750		1,740
SBA CMBS Trust, Series 2005-1, Class D, 6.219% 2035 (3) (4)		3,000		2,839
SBA CMBS Trust, Series 2006-1A, Class A, 5.314% 2036 (4)		3,000		2,959
SBA CMBS Trust, Series 2006-1A, Class F, 6.709% 2036 (3) (4)		4,500		4,053
SBA CMBS Trust, Series 2006-1A, Class G, 6.904% 2036 (3) (4)		3,000		2,700
SBC Communications Inc. 5.10% 2014		2,700		2,686
SBC Communications Inc. 5.625% 2016		6,750		6,780
SBC Communications Inc. 6.45% 2034		2,130		2,088
Schering-Plough Corp. 5.375% 2014	€	1,020		1,529
Schering-Plough Corp. 6.00% 2017	$	4,840		4,873
Schering-Plough Corp. 6.75% 2033 (2) (3)		3,000		3,044
Schwab Capital Trust I 7.50% 2037 (2)		1,740		1,622
Scottish Power PLC 5.375% 2015		1,230		1,235
Securitized Asset-backed Receivables LLC Trust, Series 2006-HE2, Class A-2C, 2.749% 2036 (2)		1,350		883
Seminole Tribe of Florida 5.798% 2013 (1) (4)		1,575		1,643
Seminole Tribe of Florida 7.804% 2020 (1) (3) (4)		1,500		1,521
Shinsei Bank, Ltd. 3.75% 2016 (2)	€	1,030		1,456
Shinsei Bank, Ltd. 3.75% 2016 (2)		675		954
Silicon Valley Bank 5.70% 2012		4,000		4,130
Simon Property Group, LP 4.875% 2010		1,000		998
Simon Property Group, LP 5.375% 2011		2,500		2,483
Singapore (Republic of) 3.125% 2011		14,955		11,461
Singapore (Republic of) 3.75% 2016		10,040		8,119
Singapore (Republic of) 4.375% 2009	S$	18,230		13,579
Singapore Telecommunications Ltd. 6.375% 2011 (4)		5,000		5,409
SLM Corp., Series A, 5.40% 2011		1,210		978
Small Business Administration, Series 2001-20J, 5.76% 2021 (1)		428		445
Smurfit-Stone Container Enterprises, Inc. 8.00% 2017		2,835		2,396
Société Générale 5.75% 2016 (3) (4)		1,650		1,638
Société Générale 5.922% (undated) (2) (4)		4,500		3,680
South Korean Government 4.25% 2014		3,978,800		3,819
South Korean Government 5.00% 2011	KRW	11,613,590		11,701
South Korean Government 5.25% 2015		7,841,440		7,945
Southern Capital Corp. Pass Through Trust, Series 2002-1, Class G, MBIA insured, 5.70% 2023 (1) (4)		463		505
Southern Natural Gas Co. 5.90% 2017 (4)		2,510		2,466
Southern Natural Gas Co. 8.00% 2032		750		823
SP PowerAssets Ltd. 3.80% 2008 (4)		2,000		2,006
Spanish Government 2.90% 2008	€	10,450		16,395
Spanish Government 4.10% 2018		1,100		1,722
Spanish Government 6.15% 2013		10,620		18,433
Spectrum Brands, Inc. 7.375% 2015		1,650		1,081

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
Sprint Capital Corp. 8.75% 2032		5,350		4,531
Sprint Nextel Corp. 6.00% 2016		8,750		6,814
Standard Chartered Bank 6.40% 2017 (4)		1,400		1,429
Standard Chartered PLC 6.409% (undated) (2) (3) (4)		7,400		5,806
Standard Pacific Corp. 5.125% 2009		2,000		1,750
Standard Pacific Corp. 6.25% 2014		1,345		968
Standard Pacific Corp. 6.875% 2011		300		227
Standard Pacific Corp. 7.00% 2015		1,340		968
Standard Pacific Corp. 7.75% 2013		4,500		3,296
Staples, Inc. 7.375% 2012		2,000		2,190
State of California, General Obligation Bond 5.25% 2038		5,000		5,031
State of Louisiana, Citizens Property Insurance Corp., Assessment Revenue Bonds, Series 2006-C-3, CIFG insured, 12.50% 2025 (2)		10,000		10,000
State of Louisiana, Tobacco Settlement Financing Corp., Tobacco Settlement Asset-backed Bonds, Series 2001-A, Class A, 6.36% 2025		322		319
State of New York, Tobacco Settlement Financing Corp., Asset-backed Revenue Bonds (State Contingency Contract Secured), Series 2003-A-2, XLCA insured 3.8% 2023 (2)		11,125		11,125
State of Noth Carolina, Eastern Municipal Power Agency., Power System Revenue Refunding Bonds, Federally Taxable, Series 2003-E, 5.55% 2014		1,625		1,696
State of South Dakota, Educational Enhancement Funding Corp., Tobacco Settlement Asset-backed Bonds, Series 2002-A, Class A, 6.72% 2025		1,445		1,405
State of Wisconsin, Badger Tobacco Asset Securitization Corp., Tobacco Settlement Asset-backed Bonds, 6.125% 2027		395		396
Stater Bros. Holdings Inc. 7.75% 2015		1,425		1,354
Stater Bros. Holdings Inc. 8.125% 2012		2,550		2,569
Stone Container Corp. 8.375% 2012		2,250		2,048
Stora Enso Oyj 6.404% 2016 (4)		1,780		1,575
Stora Enso Oyj 7.25% 2036 (4)		4,950		3,921
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12, Class 2-A1, 5.961% 2037 (2)		3,184		2,047
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 6-A, 5.924% 2036 (2)		1,594		1,293
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-6, Class 3-A-1, 5.896% 2037 (2)		1,536		1,147
Structured Asset Securities Corp., Series 1998-RF2, Class A, 8.503% 2027 (2) (4)		77		77
Structured Asset Securities Corp., Series 2003-29, Class 1-A-1, 4.75% 2018		2,642		2,562
Sumitomo Mitsui Banking Corp. 4.375% 2014 (2)	€	1,645		2,512
Sumitomo Mitsui Banking Corp. 5.625% (undated) (2) (4)	$	8,250		6,988
SunGard Data Systems Inc. 9.125% 2013		5,500		5,583
Sunoco, Inc. 5.75% 2017		2,000		1,979
SunTrust Banks, Inc. 7.25% 2018		2,150		2,203
SUPERVALU INC. 7.50% 2012		585		599
SUPERVALU INC., Term Loan B, 4.186% 2012 (1) (2) (5)		1,806		1,742
Surgical Care Affiliates, Inc. 10.00% 2017 (4)		2,500		1,888
Susquehanna Auto Lease Trust, Series 2007-1, Class A-3, 5.25% 2010 (4)		4,500		4,582
Swedish Government 5.00% 2009	SKr	189,325		32,110
Swedish Government 5.00% 2020		39,290		7,235
Target Corp. 6.00% 2018		5,500		5,641
Target Corp. 7.00% 2038		9,500		9,796
Teekay Shipping Corp. 8.875% 2011		1,375		1,461
Telecom Italia Capital SA 5.25% 2015	$	4,000		3,640
Telecom Italia SpA 7.25% 2012	€	905		1,455
Telecom Italia SpA 7.75% 2033	€	1,350		2,123
Tele-Communications, Inc. 9.80% 2012		2,000		2,283
Telefónica Emisiones, SAU 5.984% 2011		5,000		5,152
Tenet Healthcare Corp. 6.375% 2011		700		635
Tenet Healthcare Corp. 9.25% 2015		2,150		2,021
Tenet Healthcare Corp. 9.875% 2014		4,100		3,987
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 2014 (1)		4,000		3,865
Tengizchevroil Finance Co. S.àr.l., Series A, 6.124% 2014 (1) (4)		7,250		7,006
Tenneco Automotive Inc. 8.625% 2014		2,000		1,975
Tennessee Gas Pipeline Co. 7.00% 2028		2,000		2,003
TEPPCO Partners LP 7.00% 2067 (2)		4,700		4,039
Tesco PLC 5.50% 2017 (4)		6,955		7,108
Tesco PLC 5.50% 2033	£	330		591
Tesco PLC 6.15% 2037 (4)	$	5,000		4,862
Texas Competitive Electric Holdings Co. LLC 10.25% 2015 (4)		7,025		7,034
Texas Competitive Electric Holdings Co. LLC, Series B, 10.25% 2015 (4)		6,475		6,483
Texas Competitive Electric Holdings Co. LLC, Term Loan B2, 6.596% 2014 (1) (2) (5)		2,992		2,732
TFM, SA de CV 9.375% 2012		3,150		3,268
THL Buildco, Inc. 8.50% 2014		3,225		2,403
Thomson Corp. 6.20% 2012		1,035		1,058
Thomson Learning 10.50% 2015 (4)		4,500		3,893
Thornburg Mortgage Securities Trust, Series 2006-5, Class A-1, 2.719% 2046 (2)		3,803		3,686
Time Warner Cable Inc. 5.40% 2012	$	5,000		4,917
Time Warner Inc. 6.50% 2036		3,660		3,368
Toll Brothers, Inc. 4.95% 2014		765		701
Toll Brothers, Inc. 5.15% 2015		2,365		2,142
Tower Ventures, LLC, Series 2006-1, Class C, 5.707% 2036 (4)		500		476
Tower Ventures, LLC, Series 2006-1, Class D, 6.052% 2036 (3) (4)		6,000		5,584
Toys “R” Us, Inc. 7.625% 2011		4,580		3,744
TransCanada PipeLines Ltd. 6.35% 2067 (2)		14,250		12,616
Transocean Inc. 6.00% 2018		2,665		2,746
Triad Automobile Receivables Trust, Series 2007-A, Class A-3, FSA insured, 5.28% 2012		9,340		9,468
Triton PCS, Inc. 8.50% 2013		3,250		3,400
TuranAlem Finance BV 7.75% 2013 (4)		1,000		845
TuranAlem Finance BV 8.25% 2037 (4)		5,000		3,959
TuranAlem Finance BV 8.50% 2015		2,750		2,286
TuranAlem Finance BV 8.50% 2015 (4)		875		727
Twin Reefs Asset Trust (XLFA), Series B, 4.058% 2079 (2) (4)		2,500		253
Tyco International Group SA 6.125% 2008		2,375		2,393
Tyco International Group SA 6.875% 2029		2,380		2,333
Tyco International Group SA 7.00% 2028		620		597
Tyson Foods, Inc. 6.85% 2016 (2)		4,305		4,332
U S WEST Capital Funding, Inc. 6.375% 2008		100		100
U S WEST Capital Funding, Inc. 6.875% 2028		700		553
U.S. Treasury 3.00% 2012 (2) (3) (7)		28,053		31,440
U.S. Treasury 3.875% 2013		50,000		53,383
U.S. Treasury 4.00% 2014		9,000		9,707
U.S. Treasury 4.25% 2011		20,380		21,800
U.S. Treasury 4.25% 2012		22,825		24,680
U.S. Treasury 4.25% 2013		5,000		5,443
U.S. Treasury 4.50% 2036		6,935		7,167
U.S. Treasury 4.625% 2017		6,940		7,619
U.S. Treasury 4.875% 2011		25,440		27,849
U.S. Treasury 4.875% 2012		36,190		39,959
U.S. Treasury 5.125% 2016		145,800		166,030
U.S. Treasury 5.25% 2029		8,500		9,598
U.S. Treasury 5.50% 2009		21,372		22,317
U.S. Treasury 6.00% 2026		4,000		4,859
U.S. Treasury 7.50% 2016 (8)		10,000		13,055
U.S. Treasury 8.50% 2020		25,500		36,620
U.S. Treasury 9.25% 2016		11,000		15,682
UniCredito Italiano SpA 5.584% 2017 (2) (4)	$	9,480		9,589
UniCredito Italiano SpA 6.00% 2017 (4)		6,700		6,649
Union Electric Co. 5.25% 2012		1,495		1,525
Union Pacific Corp. 5.70% 2018		3,265		3,252
Union Pacific Corp. 5.75% 2017		1,080		1,095
United Air Lines, Inc., 1991 Equipment Trust Certificates, Series A, 10.11% 2006 (1) (3) (10)		230

			unaudited
	Principal		Market
	amount		value
Bonds, notes & other debt instruments - 87.64%	(000)		(000)
United Air Lines, Inc., Series 2000-2, Class A-2, 7.186% 2012 (1)		3,736		3,698
United Air Lines, Inc., Series 2000-2, Class B, 7.811% 2011 (1) (10)		3,633		4,178
United Air Lines, Inc., Series 2001-1, Class A-1, 6.071% 2014 (1)		309		310
United Air Lines, Inc., Series 2001-1, Class A-2, 6.201% 2010 (1)		321		320
United Air Lines, Inc., Series 2001-1, Class A-3, 6.602% 2015 (1)		458		453
United Air Lines, Inc., Series 2007-1, Class A, 6.636% 2024 (1) (3)		3,862		3,572
United Air Lines, Inc., Term Loan B, 4.625% 2014 (1) (2) (5)		712		572
United Dominion Realty Trust, Inc. 5.00% 2012		1,000		977
United Dominion Realty Trust, Inc. 6.50% 2009		1,000		1,022
United Kingdom 4.00% 2016		2,670		5,227
United Kingdom 4.75% 2015		9,596		19,808
United Kingdom 4.75% 2038		2,970		6,261
United Kingdom 5.25% 2012	£	1,110		2,313
United Kingdom 8.00% 2021		1,030		2,728
United Mexican States Government Global 6.05% 2040	$	9,000		9,022
United Mexican States Government Global 6.375% 2013		1,260		1,387
United Mexican States Government Global 9.875% 2010	$	1,000		1,117
United Mexican States Government, Series M20, 10.00% 2024		93,400		10,834
United Mexican States Government, Series MI10, 9.50% 2014	MXN	30,900		3,229
United States Agency for International Development, Republic of Egypt 4.45% 2015		5,000		5,198
UnitedHealth Group Inc. 6.00% 2017		4,500		4,405
UnitedHealth Group Inc. 6.00% 2018		5,000		4,907
UnitedHealth Group Inc. 6.875% 2038		5,000		4,792
Univision Communications Inc. 7.85% 2011		4,000		3,570
Univision Communications Inc. 9.75% 2015 (4) (6)		16,015		9,769
Univision Communications, Inc., First Lien Term Loan B, 5.494% 2014 (1) (2) (5)		5,010		3,967
Univision Communications, Inc., Second Lien Term Loan B, 5.204% 2009 (1) (2) (5)		725		687
UnumProvident Corp. 5.859% 2009		2,000		2,060
UnumProvident Finance Co. PLC 6.85% 2015 (4)		1,500		1,517
UPM-Kymmene Corp. 5.625% 2014 (4)		4,500		3,851
US Investigations Services, Inc. 11.75% 2016 (4)		2,955		2,216
USG Corp. 6.30% 2016		2,000		1,590
Valor Telecommunications Enterprises, LLC and Valor Telecommunications Enterprises Finance Corp. 7.75% 2015		1,700		1,738
Vanderbilt Mortgage and Finance, Inc., Series 2001-A, Class B-1, 8.20% 2020		1,025		1,030
Veolia Environnement 6.125% 2033		2,740		3,934
Verizon Communications Inc. 5.50% 2017		8,885		8,770
Verizon Communications Inc. 6.40% 2038		2,710		2,647
Verizon Global Funding Corp. 7.75% 2030		1,900		2,070
Viacom Inc. 6.25% 2016		2,040		1,989
Viacom Inc. 6.875% 2036		260		251
Viant Holdings Inc. 10.125% 2017 (4)		3,240		2,641
Vidéotron Ltée 6.375% 2015		1,000		880
Vidéotron Ltée 6.875% 2014		1,625		1,507
Visteon Corp. 7.00% 2014		2,000		1,275
Visteon Corp. 8.25% 2010		1,500		1,234
Volvo Treasury AB 5.00% 2017	€	590		872
VWR Funding, Inc. 10.25% 2015 (2) (6)		7,320		6,844
Wachovia Bank Commercial Mortgage Trust, Series 2002-C1, Class A-2, 5.681% 2034		253		252
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A-2, 4.782% 2042		3,937		3,910
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A-4, 5.083% 2042 (2)		3,250		3,169
Wachovia Bank Commercial Mortgage Trust, Series 2006-C23, Class A-PB, 5.446% 2045		4,000		4,027
Wachovia Bank NA 6.60% 2038		5,000		4,647
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S8, Class A-2, 5.00% 2018		3,244		3,169
WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR15, Class A-1-A, 2.859% 2045 (2)		1,367		1,103
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-HY5, Class 3-A1, 5.824% 2037 (2)		4,139		3,850
Washington Mutual Bank 3.49% 2013 (2)		4,265		3,274
Washington Mutual Bank, FA 5.65% 2014		1,000		826
Washington Mutual Bank, FA, Series 16, 5.125% 2015 (3)		7,645		5,887
Washington Mutual Master Note Trust, Series 2006-A2A, Class A, 2.868% 2015 (2) (4)		5,000		4,630
Washington Mutual Master Note Trust, Series 2007-A4A, Class A-4, 5.20% 2014 (4)		7,445		7,231
Washington Mutual Mortgage, WMALT Series 2006-8, Class A-3-B, 5.784% 2036		5,000		3,525
Washington Mutual Preferred Funding I Ltd., Series A-1, 6.534% (undated) (2) (3) (4)		14,000		7,770
Washington Mutual Preferred Funding II Ltd. 6.665% (undated) (2) (3) (4)		11,800		6,667
Washington Mutual Preferred Funding III Ltd. 6.895% (undated) (2) (3) (4)		3,900		2,203
Washington Mutual Preferred Funding IV Ltd. 9.75% (undated) (2) (4)		13,800		10,572
Washington Mutual, Inc. 2.899% 2012 (2) (3)		6,850		5,377
Washington Mutual, Inc. 7.25% 2017		2,000		1,567
Waste Management, Inc. 7.375% 2010		650		685
WellPoint, Inc. 5.25% 2016		625		589
WellPoint, Inc. 5.875% 2017		3,000		2,941
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class III-A-1, 6.25% 2037		4,791		4,208
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class IV-A-1, 6.50% 2037 (3)		10,056		8,045
Wells Fargo Alternative Loan Trust, Series 2007-PA3, Class V-A-1, 7.00% 2037 (3)		5,094		4,076
Wells Fargo Alternative Loan Trust, Series 2007-PA4, Class III-A-1, 6.085% 2037 (2) (3)		18,737		16,751
Wells Fargo Bank, National Assn. 4.75% 2015		3,000		2,930
Wells Fargo Bank, National Assn. 5.75% 2016		2,500		2,595
Wells Fargo Mortgage-backed Securities Trust, Series 2003-3, Class II-A-1, 5.25% 2033		2,208		2,206
Wells Fargo Mortgage-backed Securities Trust, Series 2005-1, Class I-A-1, 4.75% 2020		11,871		11,513
Wells Fargo Mortgage-backed Securities Trust, Series 2006-AR15, Class A-1, 5.654% 2036 (2)		3,132		3,078
Western Union Co. 3.22% 2008 (2)		4,000		3,987
Western Union Co. 5.93% 2016		6,000		5,966
Westfield Group 5.40% 2012 (4)	$	5,000		4,869
Westfield Group 5.70% 2016 (4)		3,130		2,835
William Lyon Homes, Inc. 7.625% 2012		1,500		758
Williams Companies, Inc. 6.375% 2010 (4)		1,000		1,030
Williams Companies, Inc. 7.125% 2011		500		534
Williams Companies, Inc. 7.875% 2021		7,330		7,981
Williams Companies, Inc. 8.125% 2012		6,180		6,783
Williams Companies, Inc. 8.75% 2032		2,400		2,784
Williams Partners L.P. and Williams Partners Finance Corp. 7.25% 2017		2,500		2,525
Williams Partners L.P. and Williams Partners Finance Corp. 7.50% 2011		2,950		3,075
Windstream Corp. 8.625% 2016		5,800		5,728
WMX Technologies, Inc. 7.10% 2026		500		523
WT Finance (Australia) Pty Ltd., Westfield Europe Finance PLC, and WEA Finance LLC 3.625% 2012	€	1,595		2,200
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. 6.625% 2014		6,200		5,999
Xerox Corp. 7.125% 2010		2,500		2,636
XL Capital Ltd. 6.25% 2027		1,250		1,011
XTO Energy Inc. 6.25% 2017		2,000		2,136
Young Broadcasting Inc. 10.00% 2011		2,716		1,718
YUM! Brands, Inc. 7.70% 2012		1,000		1,092
ZFS Finance (USA) Trust II 6.45% 2065 (2) (4)		5,000		4,552
ZFS Finance (USA) Trust V 6.50% 2067 (2) (4)		2,000		1,808
Zions Bancorporation 5.50% 2015		740		663
				29,972
Total bonds, notes & other debt instruments (cost: $4,916,007,000)				4,759,369

Convertible securities - 0.71%	Shares or principal amount
Amazon.com, Inc. 6.875% PEACS convertible notes 2010	€	1,518,000	2,409
Bank of America Corp., Series L, 7.25%, convertible preferred		20,000	20,660
Beazer Homes USA, Inc. 4.625% convertible notes 2024	$	8,640,000	6,102
Citigroup Inc., Series J, 7.00%, noncumulative convertible preferred depositary shares (3) (11)		60,000	2,849
Countrywide Financial Corp., Series A, 0.758% convertible debentures 2037 (2) (4)	$	7,500,000	6,675
			8,511
Total convertible securities (cost: $38,589,000)			38,695

Preferred stocks - 2.80%	Shares
Bank of America Corp., Series K, 8.00% noncumulative preferred (undated) (2)		4,000,000	4,012
Barclays Bank PLC 4.75% (2)		1,560,000	1,543
BNP Paribas Capital Trust 9.003% noncumulative trust (2) (4)		850,000	911
Chuo Mitsui Trust and Banking Co., Ltd. 5.506% (2) (4)		7,500,000	6,275
Commerzbank Capital Funding Trust I, Class B, 5.012% noncumulative (2)		3,100,000	3,765
DBS Capital Funding Corp., Series A, 7.657% noncumulative guaranteed preference shares (2) (4)		750,000	754
Fannie Mae, Series O, 7.00% (2) (4)		244,000	11,056
Fannie Mae, Series S, 8.25% noncumulative		615,600	14,967
Freddie Mac, Series Z, 8.375%		334,300	8,190
Fuji JGB Investment LLC, Series A, 9.87% noncumulative (2) (4)		3,230,000	3,244
HSBC Capital Funding LP, Series 1, 9.547% noncumulative step-up (2) (3) (4)		6,030,000	6,084
IBJ Preferred Capital Co. LLC, Series A, 8.79% noncumulative (2) (4)		5,555,000	5,583
IndyMac Bancorp, Inc., Series A, 8.50% noncumulative (4)		520,000	2,584
ING Capital Funding Trust III 8.439% noncumulative (2)		2,700,000	2,695
Mizuho Capital Investment (EUR) 1 Ltd. 5.02% (2)		800,000	1,113
Mizuho Capital Investment (USD) 1 Ltd. 6.686% noncumulative (2) (3) (4)		4,900,000	3,850
MUFG Capital Finance 1 Ltd. 6.346% noncumulative (2)		20,778,000	16,958
National Bank of Canada, Series A, 8.35% exchangeable depositary shares		20,000	430
National City Corp., Series F, 9.875%, depositary shares (12)		121,500	2,734
RBS Capital Trust I 4.709% noncumulative trust (2)		1,500,000	1,266
RBS Capital Trust IV 3.496% noncumulative trust (2)		10,500,000	6,444
Resona Preferred Global Securities (Cayman) Ltd. 7.191% (2) (3) (4)		2,570,000	2,188
Royal Bank of Scotland Group PLC 5.512% noncumulative trust (2)		5,000,000	4,112
Santander Finance Preferred S.A., Unipersonal, 6.50%		200,000	4,256
Shinsei Finance II (Cayman) Ltd. 7.16% noncumulative (2) (3) (4)		10,800,000	7,074
Sumitomo Mitsui Banking Corp. 6.078% (2) (4)		22,448,000	17,712
Swire Pacific Capital Ltd. 8.84% cumulative guaranteed perpetual capital securities (4)		65,000	1,991
Tokai Preferred Capital Co. LLC, Series A, 9.98% noncumulative (2) (4)		3,025,000	3,039
XL Capital Ltd., Series E, 6.50% (2)		2,226,000	1,671
Other preferred stocks in initial period of acquisition			5,311
Total preferred stocks (cost: $177,619,000)			151,812
Common stocks - 0.23%
Adelphia Recovery Trust, Series ACC-1 (12)		2,409,545	169
Adelphia Recovery Trust, Series ACC-6B (3) (12)		500,000	—
American Tower Corp., Class A (12)		42,271	1,657
Clarent Hospital Corp. (3) (12)		16,114	3
DigitalGlobe Inc. (3) (11) (12)		306,464	1,226
Drax Group PLC		200,094	2,136
Embarq Corp.		1,686	68
Sprint Nextel Corp., Series 1		33,726	226
Time Warner Cable Inc., Class A (12)		49,136	1,227
UAL Corp.		1,580	34
XO Holdings, Inc. (12)		1,134	2
ZiLOG, Inc. (12)		32,500	114
Other common stocks in initial period of acquisition			5,784
Total common stocks (cost: $16,163,000)			12,646
Rights & warrants - 0.00%
GT Group Telecom Inc., warrants, expire 2010 (3) (4) (12)		1,000	—
XO Holdings, Inc., Series A, warrants, expire 2010 (12)		2,273	—
XO Holdings, Inc., Series B, warrants, expire 2010 (12)		1,704	—
XO Holdings, Inc., Series C, warrants, expire 2010 (12)		1,704	—
Total rights & warrants (cost: $52,000)			—

	Principal
	amount
Short-term securities - 7.97%	(000)
3M Co. 2.15% due 4/30/2008		14,500	14,474
AT&T Inc. 2.25%-2.75% due 4/21-5/23/2008 (4)	$	36,300	36,216
Coca-Cola Co. 2.70%-3.98% due 4/3-4/11/2008 (4)		30,000	29,979
Colgate-Palmolive Co. 2.15% due 4/30/2008 (4)		4,800	4,791
Estée Lauder Companies Inc. 2.20% due 5/23/2008 (4)		6,200	6,180
Fannie Mae 2.90% due 4/23/2008		4,400	4,391
Federal Home Loan Bank 2.09%-2.88% due 4/25-5/28/2008		20,300	20,239
Freddie Mac 2.42% due 12/8/2008		15,000	14,755
General Electric Capital Corp. 2.50% due 4/1/2008		16,400	16,399
Harley-Davidson Funding Corp. 2.86% due 5/1/2008 (4)		20,000	19,947
Hewlett-Packard Co. 2.82% due 4/11/2008 (4)		15,000	14,987
IBM International Group Capital LLC 2.72% due 4/14/2008 (4)		10,000	9,989
John Deere Capital Corp. 2.96% due 4/2/2008 (4)		19,100	19,097
Johnson & Johnson 2.25% due 5/23/2008 (4)		9,200	9,165

	Principal
	amount
Short-term securities - 7.97%	(000)
JPMorgan Chase & Co. 2.92% due 4/18/2008		11,300		11,283
Medtronic Inc. 2.75% due 4/23/2008 (4)		26,500		26,449
NetJets Inc. 2.05% due 4/4/2008 (4)		500		500
Park Avenue Receivables Co., LLC 3.80% due 4/16/2008 (4)		15,000		14,977
PepsiCo Inc. 2.15% due 4/29/2008 (4)		13,300		13,277
Private Export Funding Corp. 2.18%-2.78% due 5/9-6/5/2008 (4)		29,700		29,586
Procter & Gamble International Funding S.C.A. 2.45% due 4/17/2008 (4)		17,000		16,980
Ranger Funding Co., LLC 3.82% due 4/11/2008 (4)		15,000		14,984
U.S. Treasury Bills 1.17%-4.05% due 4/3-7/17/2008		30,700		30,611
Variable Funding Capital Corp. 3.10%-3.20% due 4/16-4/25/2008 (4)		18,049		18,007
Wal-Mart Stores Inc. 1.95% due 5/6/2008 (4)		10,700		10,679
Walt Disney Co. 2.72% due 5/28/2008		25,000		24,890
Total short-term securities (cost: $432,688,000)				432,832
Total investment securities (cost: $5,581,085,000)				5,395,354
Other assets less liabilities				35,133
Net assets			$	5,430,487

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

(1)	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
(2)	Coupon rate may change periodically.
(3)	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $315,770,000, which represented 5.81% of the net assets of the fund.
(4)	Purchased in a transaction exempt from registration under the Securities Act of 1933. May be resold in the United States in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $999,786,000, which represented 18.41% of the net assets of the fund.
(5)	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $81,041,000, which represented 1.49% of the net assets of the fund.
(6)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(7)	Index-linked bond whose principal amount moves with a government retail price index.
(8)	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
(9)	Step bond; coupon rate will increase at a later date.
(10)	Scheduled interest and/or principal payment was not received.
(11)	Purchased in a transaction exempt from registration under the securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
(12)	Security did not produce income during the last 12 months.

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Asset-Backed Securities (1.7%)
Auto Loans (1.1%)
Ford Credit Auto Owner Trust, 5.42%, 07/15/09	$	1,988,611	$	1,992,461
Honda Auto Receivables Owner Trust, 5.12%, 10/15/10		9,424,000		9,536,688
Nissan Auto Receivables Owner Trust, 1,730.10%, 09/15/09		5,032,351		5,057,533
				16,586,682
Home Equity Loans (0.6%)(a)
Aegis Asset Backed Securities Trust, 2.68%, 01/25/37		4,641,342		4,430,553
Fremont Home Loan Trust, 2.77%, 01/25/36		1,149,590		1,145,509
Residential Accredit Loans, Inc., 2.78%, 11/25/36		7,153,741		4,740,497
				10,316,559
Total Asset-Backed Securities				26,903,241
Collateralized Debt Obligation (0.0%)(b)
Insurance (0.0%)
North Front Pass-Through Trust, 5.81%, 12/15/24		295,000		291,276
Collateralized Mortgage Obligations (0.9%)(a)
Banks (0.5%)
Bear Stearns Adjustable Rate Mortgage Trust, 6.00%, 06/25/47		2,645,536		2,400,794
Merrill Lynch Mortgage Investors, Inc., 5.40%, 09/25/35		6,433,025		5,764,714
				8,165,508
Home Equity Loans (0.4%)
Countrywide Home Loan Mortgage Pass Through Trust, 2.80%, 04/25/46		1,911,361		1,433,416
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 2.80%, 02/25/47		998,775		760,195
GSR Mortgage Loan Trust, 2.79%, 08/25/46		5,359,495		4,077,354
				6,270,965
Total Collateralized Mortgage Obligations				14,436,473
Commercial Mortgage Backed Securities (7.6%)
Banks (3.5%)
Banc of America Commercial Mortgage, Inc.
4.84%, 07/10/45		2,784,000		2,724,371
5.36%, 10/10/45		4,070,000		3,982,283
First Union National Bank Commercial Mortgage, 7.20%, 10/15/32		4,418,965		4,609,265
First Union National Bank-Bank of America Commercial Mortgage Trust, 6.14%, 03/15/33		3,071,363		3,121,195
JP Morgan Chase Commercial Mortgage Securities Corp.
3.00%, 02/15/19(a)(b)		14,375,000		13,860,306
6.45%, 03/15/33		3,746,000		3,833,432
6.47%, 11/15/35		3,256,000		3,342,193
6.84%, 11/15/35(a)(b)		1,858,000		1,937,186
5.00%, 10/15/42(a)		2,224,000		2,100,308
5.88%, 04/15/45(a)		3,339,000		3,393,399
Wachovia Bank Commercial Mortgage Trust
7.12%, 04/15/34		1,711,000		1,762,465
5.31%, 11/15/48		2,950,000		2,860,003
5.74%, 06/15/49(a)		7,500,000		7,430,479
				54,956,885
Diversified Financial Services (2.7%)
Bear Stearns Commercial Mortgage Securities, 4.66%, 06/11/41		1,991,000		1,703,829
CS First Boston Mortgage Securities Corp.
6.73%, 12/18/35		2,988,000		3,076,954
5.18%, 11/15/36		2,950,000		2,946,272
Greenwich Capital Commercial Funding Corp.
5.91%, 07/10/38(a)		8,680,000		8,859,956
5.44%, 03/10/39		7,380,000		7,180,352
GS Mortgage Securities Corp. II, 5.28%, 08/10/38(a)		3,067,000		2,988,271
LB-UBS Commercial Mortgage Trust, 1,870.26%, 11/15/32		3,109,000		3,074,204
Morgan Stanley Capital I
6.20%, 11/15/31		6,488,000		6,505,259
6.71%, 12/15/31		1,714,526		1,719,939
4.73%, 06/12/47		3,097,000		3,057,463
				41,112,499
Electric Power (0.2%)
GE Capital Commercial Mortgage Corp., 4.35%, 06/10/48		3,539,000		3,488,268
Hotels, Restaurants & Leisure (0.6%)(a) (b)
TW Hotel Funding 2005 LLC, 3.07%, 01/15/21		9,567,310		9,236,396
Mortgage-Backed (0.6%)(a)
Commercial Mortgage Pass Through Certificates, 4.98%, 05/10/43		8,820,000		8,683,885
Total Commercial Mortgage Backed Securities				117,477,933
Corporate Bonds (18.4%)
Aerospace & Defense (0.1%)
Boeing Co., 6.13%, 02/15/33		295,000		312,346
Lockheed Martin Corp.
7.65%, 05/01/16		177,000		207,794
6.15%, 09/01/36		354,000		365,605
				885,745
Airlines (0.1%)
United Technologies Corp.
6.35%, 03/01/11		398,000		430,054
4.88%, 05/01/15		795,000		809,042
5.40%, 05/01/35		442,000		417,928
				1,657,024
Auto Components (0.0%)
Johnson Controls, Inc.
5.25%, 01/15/11		177,000		182,635
4.88%, 09/15/13		177,000		177,569
				360,204

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Automotive Manufacturers (0.3%)
Daimler Finance North America LLC
5.88%, 03/15/11	$	2,737,000	$	2,797,884
7.30%, 01/15/12		389,000		415,331
6.50%, 11/15/13		487,000		513,341
8.50%, 01/18/31		369,000		421,814
				4,148,370
Banks (3.5%)
Bank of America Corp.
6.60%, 05/15/10		118,000		124,493
4.50%, 08/01/10		206,000		210,126
4.38%, 12/01/10		590,000		600,216
5.38%, 08/15/11		383,000		399,492
4.88%, 09/15/12		289,000		293,208
4.88%, 01/15/13		649,000		661,665
4.75%, 08/01/15		619,000		612,650
5.25%, 12/01/15		737,000		737,665
6.00%, 06/15/16		295,000		304,783
5.63%, 10/14/16		2,655,000		2,707,357
Bank of New York (The), 5.05%, 03/03/09		531,000		535,953
Bank of Tokyo-Mitsubishi UFJ Ltd., 7.40%, 06/15/11		354,000		387,714
Bank One Corp.
7.88%, 08/01/10		59,000		63,048
5.25%, 01/30/13		147,000		150,010
8.00%, 04/29/27		290,000		327,529
BB&T Corp.
6.50%, 08/01/11		2,242,000		2,370,662
4.75%, 10/01/12		236,000		235,703
Capital One Bank USA NA
5.75%, 09/15/10		236,000		229,272
5.13%, 02/15/14		765,000		687,590
Capital One Financial Corp.
5.50%, 06/01/15		442,000		388,500
5.25%, 02/21/17		304,000		256,526
Charter One Bank NA, 6.38%, 05/15/12		700,000		734,805
Citigroup, Inc.
3.63%, 02/09/09		838,000		835,808
4.13%, 02/22/10		531,000		525,915
4.63%, 08/03/10		324,000		323,804
6.50%, 01/18/11		133,000		137,921
5.13%, 02/14/11		88,000		88,535
6.00%, 02/21/12		147,000		150,074
5.25%, 02/27/12		1,750,000		1,745,719
5.63%, 08/27/12		295,000		292,079
5.30%, 01/07/16		354,000		341,127
5.85%, 08/02/16		413,000		401,457
6.63%, 06/15/32		333,000		313,697
5.88%, 02/22/33		118,000		99,295
5.85%, 12/11/34		900,000		782,401
5.88%, 05/29/37		250,000		217,136
Comerica, Inc., 4.80%, 05/01/15		177,000		164,842
Deutsche Bank Financial, Inc., 7.50%, 04/25/09		100,000		103,611
FIA Card Services NA, 4.63%, 08/03/09(c)		1,256,000		1,272,575
Fifth Third Bank, 4.20%, 02/23/10		1,018,000		1,023,731
Golden West Financial Corp., 4.75%, 10/01/12		156,000		160,890
HSBC Bank USA NA
3.88%, 09/15/09		1,047,000		1,039,767
4.63%, 04/01/14		590,000		569,177
6.00%, 08/09/17		350,000		358,061
5.88%, 11/01/34		717,000		642,694
5.63%, 08/15/35		750,000		651,096
Huntington National Bank (The), 5.50%, 02/15/16		300,000		259,567
JPMorgan Chase & Co.
6.25%, 01/15/09		59,000		60,083
3.50%, 03/15/09		1,445,000		1,440,295
4.50%, 11/15/10		1,622,000		1,644,304
4.60%, 01/17/11		590,000		598,205
5.60%, 06/01/11		2,065,000		2,161,630
6.63%, 03/15/12		643,000		683,608
4.75%, 03/01/15		254,000		244,550
5.15%, 10/01/15		501,000		492,124
5.88%, 06/13/16		442,000		452,775
6.00%, 10/01/17		1,000,000		1,042,223
6.00%, 01/15/18		1,250,000		1,303,526
KeyBank NA
5.70%, 08/15/12		265,000		269,775
5.80%, 07/01/14		147,000		142,281
6.95%, 02/01/28		225,000		206,316
M&I Marshall & Ilsley Bank, 5.25%, 09/04/12		162,000		156,017
MBNA Corp., 5.00%, 05/04/10		324,000		334,062
National City Bank
4.25%, 01/29/10		150,000		143,731
6.20%, 12/15/11		300,000		281,846
National City Corp., 4.90%, 01/15/15		354,000		255,419
PNC Funding Corp., 5.25%, 11/15/15		354,000		334,008
Regions Financial Corp., 6.38%, 05/15/12		1,268,000		1,282,342
SunTrust Bank
5.20%, 01/17/17		177,000		159,233
5.45%, 12/01/17		183,000		166,538
Synovus Financial Corp., 4.88%, 02/15/13		88,000		84,431
Union Planters Corp., 4.38%, 12/01/10		88,000		89,598
UnionBanCal Corp., 5.25%, 12/16/13		206,000		204,485
US Bancorp, 4.50%, 07/29/10		295,000		306,292
US Bank NA
6.38%, 08/01/11		501,000		542,446
4.95%, 10/30/14		265,000		270,122
4.80%, 04/15/15		133,000		134,452
Wachovia Corp.
3.63%, 02/17/09		1,755,000		1,749,535
5.30%, 10/15/11		2,065,000		2,084,900
4.88%, 02/15/14		183,000		178,267
5.60%, 03/15/16		708,000		680,720
5.50%, 08/01/35		487,000		385,702
6.60%, 01/15/38		900,000		833,870
Washington Mutual, Inc.
4.00%, 01/15/09		295,000		265,500
5.50%, 01/15/13		263,000		209,085
5.13%, 01/15/15		1,032,000		771,420
Wells Fargo & Co.
3.13%, 04/01/09		1,268,000		1,254,661
4.20%, 01/15/10		472,000		479,878
4.63%, 08/09/10		370,000		379,934

See accompanying notes to statements of investments

Statement of Investments (continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Banks (continued)
6.45%, 02/01/11	$	849,000	$	903,026
5.13%, 09/15/16		206,000		203,798
5.38%, 02/07/35		457,000		414,747
5.95%, 08/26/36		2,750,000		2,702,425
				54,504,131
Beverages (0.2%)
Anheuser-Busch Cos., Inc.
4.38%, 01/15/13		29,000		29,443
5.00%, 03/01/19		236,000		234,813
5.75%, 04/01/36		324,000		316,079
6.00%, 11/01/41		147,000		146,780
Bottling Group LLC, 4.63%, 11/15/12		413,000		430,486
Coca-Cola Bottling Co. Consolidated, 5.00%, 11/15/12		88,000		88,463
Coca-Cola Enterprises, Inc.
8.50%, 02/01/12		354,000		411,607
6.95%, 11/15/26		147,000		164,464
6.75%, 09/15/28		351,000		385,712
Miller Brewing Co., 5.50%, 08/15/13(b)		147,000		156,235
Pepsi Bottling Group, Inc., 7.00%, 03/01/29		206,000		239,018
PepsiAmericas, Inc., 4.88%, 01/15/15		442,000		442,814
				3,045,914
Building Products (0.0%)
Stanley Works (The), 4.90%, 11/01/12		133,000		132,887
Chemicals (0.2%)
Albemarle Corp., 5.10%, 02/01/15		118,000		116,711
Clorox Co., 4.20%, 01/15/10		313,000		314,090
Cytec Industries, Inc., 6.00%, 10/01/15		162,000		160,451
Dow Chemical Co (The), 6.00%, 10/01/12		590,000		621,481
EI Du Pont de Nemours & Co., 5.25%, 12/15/16		885,000		893,545
Lubrizol Corp.
5.50%, 10/01/14		354,000		346,067
6.50%, 10/01/34		147,000		147,369
Praxair, Inc., 3.95%, 06/01/13		177,000		174,215
Rohm & Haas Co., 7.85%, 07/15/29		118,000		132,529
Sealed Air Corp., 6.95%, 05/15/09(b)		152,000		156,694
				3,063,152
Consumer Goods (0.2%)
Cadbury Schweppes US Finance LLC, 5.13%, 10/01/13(b)		177,000		170,238
Fortune Brands, Inc.
5.13%, 01/15/11		413,000		413,478
5.38%, 01/15/16		265,000		250,434
Procter & Gamble Co.
6.88%, 09/15/09		189,000		199,690
4.95%, 08/15/14		295,000		308,689
4.85%, 12/15/15		177,000		185,255
6.45%, 01/15/26		700,000		772,584
5.80%, 08/15/34		545,000		555,343
				2,855,711
Containers & Packaging (0.0%)
Newell Rubbermaid, Inc., 4.00%, 05/01/10		88,000		87,097
Diversified Financial Services (1.4%)
Bear Stearns Cos., Inc. (The)
4.55%, 06/23/10		3,657,000		3,458,063
5.70%, 11/15/14		369,000		355,018
5.30%, 10/30/15		177,000		166,157
4.65%, 07/02/18		354,000		302,190
Goldman Sachs Group, Inc. (The)
6.65%, 05/15/09		413,000		423,874
6.60%, 01/15/12		103,000		108,903
5.25%, 04/01/13		664,000		668,325
5.25%, 10/15/13		870,000		865,009
5.13%, 01/15/15		664,000		645,469
5.35%, 01/15/16		1,077,000		1,050,737
5.75%, 10/01/16		1,000,000		996,669
5.63%, 01/15/17		2,100,000		2,014,583
6.13%, 02/15/33		1,150,000		1,047,157
Jefferies Group, Inc., 6.25%, 01/15/36		177,000		134,008
Lehman Brothers Holdings, Inc.
4.25%, 01/27/10		457,000		440,865
7.88%, 08/15/10		57,000		58,362
6.00%, 07/19/12		525,000		518,179
4.80%, 03/13/14		737,000		640,448
5.50%, 04/04/16		1,475,000		1,383,081
5.75%, 01/03/17		800,000		722,710
6.88%, 07/17/37		250,000		216,762
Morgan Stanley
5.05%, 01/21/11		1,030,000		1,033,300
6.60%, 04/01/12		501,000		519,426
5.30%, 03/01/13		664,000		661,768
4.75%, 04/01/14		590,000		547,686
5.45%, 01/09/17		2,655,000		2,483,721
7.25%, 04/01/32		324,000		318,224
				21,780,694
Diversified Manufacturing (0.5%)
3M Co, 5.70%, 03/15/37		1,750,000		1,730,369
Exelon Corp.
4.90%, 06/15/15		413,000		393,441
5.63%, 06/15/35		836,000		735,143
Honeywell International, Inc.
6.13%, 11/01/11		147,000		159,147
5.40%, 03/15/16		705,000		734,936
International Paper Co.
4.00%, 04/01/10		501,000		492,436
5.93%, 10/30/12		43,000		43,049
5.30%, 04/01/15		206,000		191,838
Kimberly-Clark Corp.
5.63%, 02/15/12		295,000		314,650
4.88%, 08/15/15		800,000		808,651
Masco Corp.
5.88%, 07/15/12		212,000		213,702
4.80%, 06/15/15		354,000		316,159
6.13%, 10/03/16		585,000		515,659
Pitney Bowes, Inc.
4.75%, 01/15/16		295,000		284,068
4.75%, 05/15/18		88,000		84,376
Westvaco Corp., 7.95%, 02/15/31		118,000		117,628
Weyerhaeuser Co.
6.75%, 03/15/12		782,000		822,214

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Diversified Manufacturing (continued)
7.38%, 03/15/32	$	221,000	$	218,429
				8,175,895
Electric Utilities (0.5%)
Alabama Power Co., 5.70%, 02/15/33		574,000		538,976
Appalachian Power Co., 5.80%, 10/01/35		206,000		176,387
Arizona Public Service Co., 5.50%, 09/01/35		215,000		169,757
Baltimore Gas & Electric Co., 5.90%, 10/01/16		1,135,000		1,121,596
Commonwealth Edison Co., 6.15%, 03/15/12		118,000		123,158
Consolidated Edison Co. of New York, Inc.
4.70%, 06/15/09		147,000		149,176
7.15%, 12/01/09		35,000		36,940
4.88%, 02/01/13		124,000		126,703
5.38%, 12/15/15		177,000		180,845
5.88%, 04/01/33		118,000		110,561
Consumers Energy Co., 4.00%, 05/15/10		238,000		238,346
Florida Power & Light Co.
4.85%, 02/01/13		147,000		153,031
5.85%, 02/01/33		100,000		99,047
5.95%, 10/01/33		77,000		77,271
5.40%, 09/01/35		130,000		120,831
5.65%, 02/01/37		450,000		433,072
Florida Power Corp., 5.90%, 03/01/33		568,000		555,428
Georgia Power Co., 5.13%, 11/15/12		106,000		110,532
Metropolitan Edison Co., 4.88%, 04/01/14		236,000		224,734
Ohio Power Co.
6.00%, 06/01/16		751,000		754,291
6.60%, 02/15/33		236,000		230,820
Pacific Gas & Electric Co., 4.20%, 03/01/11		708,000		710,906
PSEG Power LLC
6.95%, 06/01/12		74,000		79,159
5.50%, 12/01/15		413,000		409,661
Public Service Electric & Gas Co., 5.13%, 09/01/12		195,000		201,647
Puget Sound Energy, Inc., 5.48%, 06/01/35		147,000		125,017
Southern Power Co., 6.25%, 07/15/12		251,000		269,759
Wisconsin Electric Power Co., 5.63%, 05/15/33		59,000		55,180
				7,582,831
Electronic Equipment & Instruments (0.2%)
Cooper Industries, Inc., 5.50%, 11/01/09		103,000		105,279
General Electric Co., 5.00%, 02/01/13		929,000		962,280
Motorola, Inc.
7.63%, 11/15/10		159,000		164,782
7.50%, 05/15/25		206,000		179,680
Northrop Grumman Systems Corp.
7.13%, 02/15/11		611,000		660,826
7.75%, 02/15/31		118,000		145,551
Raytheon Co.
5.50%, 11/15/12		88,000		93,911
6.40%, 12/15/18		206,000		226,813
7.00%, 11/01/28		133,000		149,308
Rockwell Collins, Inc., 4.75%, 12/01/13		295,000		312,631
				3,001,061
Food Processors (0.5%)
Archer-Daniels-Midland Co.
5.94%, 10/01/32		345,000		328,972
5.38%, 09/15/35		147,000		129,171
Campbell Soup Co., 4.88%, 10/01/13		236,000		245,974
ConAgra Foods, Inc.
6.75%, 09/15/11		88,000		94,887
7.00%, 10/01/28		221,000		223,890
General Mills, Inc., 6.00%, 02/15/12		267,000		280,022
Hershey Co. (The), 5.45%, 09/01/16		383,000		384,774
Kellogg Co., 7.45%, 04/01/31		147,000		170,355
Kraft Foods, Inc.
4.13%, 11/12/09		590,000		591,106
5.63%, 11/01/11		468,000		476,845
6.00%, 02/11/13		1,000,000		1,033,863
6.50%, 11/01/31		189,000		177,531
7.00%, 08/11/37		2,000,000		1,999,754
Sara Lee Corp., 6.25%, 09/15/11		251,000		265,914
SYSCO Corp., 5.38%, 09/21/35		106,000		98,070
Unilever Capital Corp.
7.13%, 11/01/10		324,000		355,248
5.90%, 11/15/32		206,000		209,945
WM Wrigley Jr Co., 4.65%, 07/15/15		215,000		216,646
				7,282,967
Gas Distribution (0.2%)
Southern California Gas Co., 4.80%, 10/01/12		383,000		392,985
Texas Eastern Transmission LP, 7.30%, 12/01/10		2,275,000		2,505,660
				2,898,645
Health Care Equipment & Supplies (0.1%)
Baxter International, Inc., 4.63%, 03/15/15		77,000		75,501
Johnson & Johnson, 4.95%, 05/15/33		663,000		615,331
Medtronic, Inc., 4.38%, 09/15/10		186,000		190,094
				880,926
Health Care Providers & Services (0.0%)
Quest Diagnostics, Inc., 5.45%, 11/01/15		324,000		319,145
Home Builders (0.0%)
MDC Holdings, Inc., 5.50%, 05/15/13		147,000		139,941
Ryland Group, Inc., 5.38%, 01/15/15		236,000		204,911
				344,852
Hotels, Restaurants & Leisure (0.0%)
Yum! Brands, Inc., 8.88%, 04/15/11		118,000		130,044
Independent Finance (0.2%)
Credit Suisse USA, Inc.
4.13%, 01/15/10		398,000		398,588
6.13%, 11/15/11		265,000		280,003
6.50%, 01/15/12		354,000		376,289
5.13%, 01/15/14		171,000		172,467
5.85%, 08/16/16		400,000		411,246

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Independent Finance (continued)
7.13%, 07/15/32	$	855,000	$	902,411
				2,541,004
Industrial Conglomerates (0.0%)
Goodrich Corp.
6.29%, 07/01/16		354,000		381,291
6.80%, 07/01/36		185,000		203,383
				584,674
Insurance (0.7%)
Ace INA Holdings, Inc., 5.88%, 06/15/14		560,000		578,507
Aetna, Inc., 6.00%, 06/15/16		1,100,000		1,125,274
American General Corp., 7.50%, 07/15/25		147,000		152,841
AXA Financial, Inc.
7.75%, 08/01/10		265,000		289,800
7.00%, 04/01/28		133,000		140,844
Chubb Corp., 6.00%, 05/11/37		1,065,000		956,275
Farmers Insurance Exchange, 8.63%, 05/01/24(b)		400,000		422,240
Genworth Financial, Inc.
5.75%, 06/15/14		88,000		87,648
6.50%, 06/15/34		206,000		190,579
Hartford Financial Services Group, Inc.
4.75%, 03/01/14		118,000		114,937
6.10%, 10/01/41		59,000		52,171
Infinity Property & Casualty Corp., 5.50%, 02/18/14		118,000		119,204
Lincoln National Corp., 6.15%, 04/07/36		590,000		523,532
Marsh & McLennan Cos., Inc.
6.25%, 03/15/12		103,000		103,711
5.75%, 09/15/15		543,000		531,639
MetLife, Inc.
6.13%, 12/01/11		640,000		686,710
5.50%, 06/15/14		265,000		269,035
5.70%, 06/15/35		659,000		586,232
New York Life Insurance Co., 5.88%, 05/15/33(b)		200,000		194,739
NLV Financial Corp., 7.50%, 08/15/33(b)		74,000		80,520
Progressive Corp. (The), 6.25%, 12/01/32		162,000		161,444
RLI Corp., 5.95%, 01/15/14		118,000		118,462
Travelers Cos., Inc. (The), 5.75%, 12/15/17		585,000		591,571
Travelers Property Casualty Corp., 6.38%, 03/15/33		192,000		186,057
UnitedHealth Group, Inc.
5.38%, 03/15/16		295,000		279,682
5.80%, 03/15/36		708,000		583,540
WellPoint, Inc.
5.00%, 12/15/14		1,036,000		974,542
5.25%, 01/15/16		324,000		304,678
5.95%, 12/15/34		118,000		104,265
WR Berkley Corp., 5.13%, 09/30/10		103,000		104,598
				10,615,277
Leasing (0.1%)
International Lease Finance Corp.
3.50%, 04/01/09		295,000		290,572
5.00%, 04/15/10		590,000		590,382
				880,954
Leisure Equipment & Products (0.0%)
Walt Disney Co. (The)
6.38%, 03/01/12		139,000		150,517
6.20%, 06/20/14		413,000		447,565
				598,082
Machinery (0.2%)
Black & Decker Corp., 4.75%, 11/01/14		230,000		213,477
Caterpillar, Inc.
7.30%, 05/01/31		100,000		117,944
6.05%, 08/15/36		177,000		181,113
Deere & Co.
6.95%, 04/25/14		159,000		176,382
8.10%, 05/15/30		500,000		629,050
Dover Corp., 4.88%, 10/15/15		224,000		222,317
Emerson Electric Co.
4.50%, 05/01/13		1,250,000		1,279,771
6.00%, 08/15/32		83,000		83,417
				2,903,471
Media (0.7%)
CBS Corp.
5.63%, 08/15/12		590,000		575,608
7.88%, 07/30/30		80,000		77,900
5.50%, 05/15/33		118,000		90,606
Comcast Cable Communications Holdings, Inc.
8.38%, 03/15/13		236,000		262,156
9.46%, 11/15/22		118,000		143,615
Comcast Cable Communications LLC.
6.20%, 11/15/08		280,000		283,348
6.88%, 06/15/09		472,000		487,393
Comcast Cable Holdings LLC, 9.80%, 02/01/12		307,000		350,159
Comcast Corp.
5.85%, 01/15/10		864,000		888,096
5.90%, 03/15/16		413,000		409,632
6.50%, 01/15/17		1,013,000		1,034,597
7.05%, 03/15/33		295,000		300,819
5.65%, 06/15/35		586,000		497,619
6.50%, 11/15/35		100,000		94,578
6.45%, 03/15/37		342,000		322,280
COX Communications, Inc.
7.75%, 11/01/10		145,000		155,779
7.13%, 10/01/12		295,000		312,418
5.45%, 12/15/14		354,000		348,519
5.50%, 10/01/15		383,000		374,254
Historic TW, Inc., 6.88%, 06/15/18		176,000		176,551
Time Warner, Inc.
6.88%, 05/01/12		911,000		940,459
5.88%, 11/15/16(b)		700,000		665,668
7.63%, 04/15/31		777,000		812,671
7.70%, 05/01/32		932,000		981,216
Viacom, Inc.
6.25%, 04/30/16		649,000		631,756
6.88%, 04/30/36		324,000		311,998
				11,529,695
Metals & Mining (0.1%)
Alcoa, Inc., 5.87%, 02/23/22		625,000		607,063

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Metals & Mining (continued)
Barrick Gold Finance Co., 4.88%, 11/15/14	$	230,000	$	226,761
Newmont Mining Corp., 5.88%, 04/01/35		236,000		193,733
Vale Overseas Ltd., 6.88%, 11/21/36		944,000		921,075
				1,948,632
Mortgage Banks (0.1%)
Countrywide Home Loans, Inc.
5.63%, 07/15/09		560,000		513,768
4.00%, 03/22/11		706,000		629,645
				1,143,413
Oil, Gas & Consumable Fuels (0.7%)
Anadarko Petroleum Corp., 6.45%, 09/15/36		531,000		540,745
Apache Corp.
6.25%, 04/15/12		230,000		248,829
7.63%, 07/01/19		59,000		69,676
Atlantic Richfield Co., 5.90%, 04/15/09		118,000		121,317
Atmos Energy Corp.
4.00%, 10/15/09		413,000		411,018
5.13%, 01/15/13		133,000		131,917
4.95%, 10/15/14		265,000		253,860
Boardwalk Pipelines LP, 5.20%, 06/01/18		88,000		84,112
Canadian Natural Resources Ltd., 6.25%, 03/15/38		590,000		565,903
CenterPoint Energy Resources Corp., 7.88%, 04/01/13		354,000		393,248
Colonial Pipeline Co., 7.63%, 04/15/32(c)		215,000		246,263
ConocoPhillips
8.75%, 05/25/10		354,000		395,086
4.75%, 10/15/12		675,000		700,895
6.65%, 07/15/18		468,000		532,685
5.90%, 10/15/32		177,000		180,933
ConocoPhillips Holding Co., 6.95%, 04/15/29		218,000		248,232
Devon Energy Corp., 7.95%, 04/15/32		350,000		431,602
Devon OEI Operating, Inc., 7.25%, 10/01/11		578,000		637,872
Enterprise Products Operating LP, 5.60%, 10/15/14		1,194,000		1,194,632
Hess Corp., 7.30%, 08/15/31		354,000		398,843
Kinder Morgan Energy Partners LP
7.50%, 11/01/10		207,000		225,449
6.75%, 03/15/11		91,000		95,333
5.80%, 03/15/35		206,000		174,242
Marathon Oil Corp., 6.80%, 03/15/32		118,000		124,036
Motiva Enterprises LLC, 5.20%, 09/15/12(b)		74,000		78,374
Murphy Oil Corp., 6.38%, 05/01/12		59,000		61,581
Occidental Petroleum Corp., 6.75%, 01/15/12		265,000		293,261
StatoilHydro ASA, 6.80%, 01/15/28		650,000		715,031
Valero Energy Corp.
6.88%, 04/15/12		590,000		634,209
7.50%, 04/15/32		118,000		122,843
6.63%, 06/15/37		455,000		434,918
XTO Energy, Inc.
4.90%, 02/01/14		147,000		146,863
5.30%, 06/30/15		280,000		283,195
5.65%, 04/01/16		118,000		121,049
				11,298,052
Oilfield Machinery & Services (0.1%)
Halliburton Co., 5.50%, 10/15/10		472,000		496,956
Nabors Industries, Inc., 5.38%, 08/15/12		41,000		42,128
Plains All American Pipeline LP, 5.63%, 12/15/13		330,000		348,176
Weatherford International Ltd., 5.50%, 02/15/16		74,000		72,969
				960,229
Other Financial (2.8%)
AIG SunAmerica Global Financing X, 6.90%, 03/15/32(b)		413,000		414,424
Allstate Corp. (The)
6.13%, 02/15/12		254,000		271,389
5.00%, 08/15/14		295,000		299,791
6.13%, 12/15/32		118,000		112,662
5.55%, 05/09/35		88,000		74,144
5.95%, 04/01/36		118,000		105,518
American Express Centurion Bank, 4.38%, 07/30/09		400,000		400,696
American Express Co., 4.88%, 07/15/13		1,348,000		1,323,681
American General Finance Corp., 5.38%, 10/01/12		1,003,000		984,625
American International Group, Inc.
5.05%, 10/01/15		147,000		143,367
5.60%, 10/18/16		585,000		573,645
5.85%, 01/16/18		1,300,000		1,275,743
6.25%, 05/01/36		236,000		223,193
Ameritech Capital Funding Corp., 6.45%, 01/15/18		88,000		92,609
Associates Corp. of North America, 6.95%, 11/01/18		339,000		353,038
BAE Systems Holdings, Inc., 4.75%, 08/15/10(b)		236,000		244,593
Berkshire Hathaway Finance Corp., 4.85%, 01/15/15		354,000		368,963
BHP Billiton Finance USA Ltd., 5.25%, 12/15/15		785,000		768,964
Boeing Capital Corp., 6.10%, 03/01/11		50,000		53,199
BP Capital Markets America, Inc., 4.20%, 06/15/18		147,000		141,595
Bunge Ltd. Finance Corp., 5.10%, 07/15/15		88,000		87,269
Caterpillar Financial Services Corp.
4.50%, 06/15/09		206,000		208,297
5.05%, 12/01/10		590,000		613,759
5.50%, 03/15/16		295,000		302,745
CIT Group, Inc.
4.75%, 12/15/10		201,000		160,019
5.13%, 09/30/14		251,000		191,038
5.40%, 01/30/16		177,000		140,063
5.85%, 09/15/16		1,150,000		883,997
6.00%, 04/01/36		206,000		154,244

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Other Financial (continued)
CitiFinancial, Inc., 10.00%, 05/15/09	$	59,000	$	62,990
ConocoPhillips Australia Funding Co., 5.50%, 04/15/13		324,000		347,430
Continental Airlines, Inc.
7.92%, 05/01/10		350,000		346,500
6.56%, 08/15/13		233,000		241,155
CRH America, Inc., 6.00%, 09/30/16		885,000		842,071
Devon Financing Corp. ULC, 6.88%, 09/30/11		643,000		701,823
Diageo Capital PLC, 5.50%, 09/30/16		500,000		505,401
Diageo Finance BV, 5.30%, 10/28/15		649,000		651,835
General Electric Capital Corp.
4.63%, 09/15/09		634,000		647,275
3.75%, 12/15/09		826,000		835,525
5.50%, 04/28/11		413,000		433,566
5.88%, 02/15/12		59,000		62,568
6.00%, 06/15/12		263,000		280,411
4.88%, 03/04/15		619,000		617,736
5.00%, 01/08/16		295,000		295,302
5.40%, 02/15/17		585,000		594,031
5.63%, 09/15/17		2,000,000		2,046,518
6.75%, 03/15/32		1,678,000		1,792,289
6.15%, 08/07/37		1,200,000		1,198,261
GlaxoSmithKline Capital, Inc., 5.38%, 04/15/34		201,000		188,822
HJ Heinz Finance Co.
6.00%, 03/15/12		350,000		366,737
6.75%, 03/15/32		88,000		88,204
HSBC Finance Corp.
4.75%, 05/15/09		767,000		766,647
4.75%, 04/15/10		354,000		352,081
7.00%, 05/15/12		811,000		841,179
5.25%, 04/15/15		265,000		252,907
5.00%, 06/30/15		501,000		471,557
ING Security Life Institutional Funding, 4.25%, 01/15/10(b)		1,180,000		1,190,115
John Deere Capital Corp.
4.88%, 03/16/09		354,000		358,632
4.40%, 07/15/09		383,000		388,797
Kern River Funding Corp., 4.89%, 04/30/18(c)		77,467		78,908
McDonnell Douglas Corp., 9.75%, 04/01/12		600,000		724,229
Mellon Funding Corp.
6.40%, 05/14/11		265,000		281,464
5.00%, 12/01/14		265,000		250,491
Monumental Global Funding II, 4.38%, 07/30/09(b)		295,000		296,847
National Rural Utilities Cooperative Finance Corp.
4.75%, 03/01/14		324,000		324,152
5.45%, 04/10/17		850,000		850,588
8.00%, 03/01/32		159,000		182,763
Nisource Finance Corp., 5.25%, 09/15/17		260,000		236,715
Nissan Motor Acceptance Corp., 4.63%, 03/08/10(b)		307,000		312,268
Pemex Project Funding Master Trust
9.13%, 10/13/10		138,000		154,560
6.63%, 06/15/35		324,000		335,300
Popular North America, Inc., 4.70%, 06/30/09		324,000		324,679
Principal Life Global Funding I, 5.25%, 01/15/13(c)		879,000		896,114
Prudential Financial, Inc.
5.10%, 12/14/11		740,000		753,626
5.10%, 09/20/14		295,000		289,383
6.00%, 12/01/17		800,000		806,328
5.75%, 07/15/33		147,000		128,310
SLM Corp.
5.13%, 08/27/12		1,475,000		1,138,007
5.38%, 05/15/14		1,091,000		818,763
Spectra Energy Capital LLC, 6.75%, 02/15/32		327,000		311,059
Sprint Capital Corp.
6.38%, 05/01/09		221,000		217,685
8.38%, 03/15/12		1,215,000		1,123,875
Teva Pharmaceutical Finance LLC, 6.15%, 02/01/36		142,000		138,424
Textron Financial Corp., 4.60%, 05/03/10		355,000		364,998
Toll Brothers Finance Corp., 6.88%, 11/15/12		88,000		88,352
Toyota Motor Credit Corp., 4.25%, 03/15/10		336,000		346,329
Verizon Communications, Inc.
4.90%, 09/15/15		590,000		571,040
5.85%, 09/15/35		118,000		107,492
Verizon Global Funding Corp.
6.88%, 06/15/12		295,000		318,029
7.38%, 09/01/12		522,000		573,357
4.38%, 06/01/13		369,000		360,764
7.75%, 12/01/30		1,190,000		1,292,942
Western & Southern Financial Group, Inc., 5.75%, 07/15/33(b)		147,000		126,423
Willis North America, Inc., 5.63%, 07/15/15		177,000		176,095
				44,035,994
Other Utilities (0.9%)
Ameren Energy Generating Co., 7.95%, 06/01/32		105,000		117,419
American Electric Power Co., Inc., 5.25%, 06/01/15		192,000		189,957
Consolidated Natural Gas Co.
6.25%, 11/01/11		451,000		476,520
5.00%, 12/01/14		1,069,000		1,037,706
Constellation Energy Group, Inc., 6.13%, 09/01/09		313,000		321,478
Dominion Resources, Inc.
5.70%, 09/17/12		162,000		169,646
6.30%, 03/15/33		692,000		672,252
5.95%, 06/15/35		251,000		237,027
DTE Energy Co., 6.35%, 06/01/16		913,000		949,401
Duke Energy Ohio, Inc.
5.70%, 09/15/12		41,000		43,101
5.40%, 06/15/33		74,000		62,893
Entergy Gulf States, Inc., 5.25%, 08/01/15		177,000		167,238
Entergy Mississippi, Inc., 5.15%, 02/01/13		289,000		291,227
FirstEnergy Corp., 7.38%, 11/15/31		663,000		721,212
Midamerican Energy Co., 5.80%, 10/15/36		550,000		522,616

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Other Utilities (continued)
Midamerican Energy Holdings Co.
5.88%, 10/01/12	$	634,000	$	669,959
6.13%, 04/01/36		845,000		816,723
New York State Electric & Gas Corp., 5.75%, 05/01/23		59,000		53,298
Oncor Electric Delivery Co.
6.38%, 05/01/12		552,000		568,021
6.38%, 01/15/15		692,000		691,727
Pacific Gas & Electric Co.
3.60%, 03/01/09		649,000		647,395
4.80%, 03/01/14		472,000		476,089
5.80%, 03/01/37		950,000		898,772
Pacificorp, 5.25%, 06/15/35		177,000		156,215
Pepco Holdings, Inc.
6.45%, 08/15/12		106,000		112,946
7.45%, 08/15/32		118,000		127,305
Progress Energy, Inc.
7.10%, 03/01/11		122,000		131,324
7.75%, 03/01/31		486,000		569,951
Public Service Co. of Colorado, 5.50%, 04/01/14		251,000		261,650
SCANA Corp.
6.88%, 05/15/11		516,000		547,874
6.25%, 02/01/12		147,000		154,528
Southern California Edison Co.
6.00%, 01/15/34		177,000		178,537
5.55%, 01/15/36		436,000		413,356
Virginia Electric and Power Co., 5.40%, 01/15/16		147,000		148,569
Westar Energy, Inc., 6.00%, 07/01/14		265,000		277,161
Xcel Energy, Inc.
5.61%, 04/01/17		248,000		248,572
6.50%, 07/01/36		427,000		419,737
				14,549,402
Pharmaceuticals (0.6%)
Abbott Laboratories
3.50%, 02/17/09		118,000		118,372
5.88%, 05/15/16		481,000		512,730
Amgen, Inc., 4.00%, 11/18/09		280,000		282,828
Bristol-Myers Squibb Co., 5.25%, 08/15/13		1,425,000		1,514,443
Eli Lilly & Co.
6.00%, 03/15/12		295,000		321,323
5.20%, 03/15/17		1,000,000		1,028,164
7.13%, 06/01/25		118,000		134,770
Genentech, Inc.
4.40%, 07/15/10		165,000		169,834
5.25%, 07/15/35		88,000		81,401
Merck & Co., Inc.
4.75%, 03/01/15		354,000		358,047
6.40%, 03/01/28		74,000		80,562
5.95%, 12/01/28		162,000		163,069
Pfizer, Inc., 4.65%, 03/01/18		265,000		261,267
Pharmacia Corp., 6.60%, 12/01/28		177,000		193,228
Schering-Plough Corp., 5.30%, 12/01/13		1,400,000		1,445,948
Wyeth
5.50%, 02/01/14		678,000		702,277
5.50%, 02/15/16		634,000		646,472
6.50%, 02/01/34		206,000		214,157
6.00%, 02/15/36		250,000		244,356
				8,473,248
Pipelines (0.2%)
AGL Capital Corp., 4.45%, 04/15/13		177,000		171,713
Duke Energy Carolinas LLC, 6.25%, 01/15/12		1,650,000		1,771,955
Texas Gas Transmission LLC, 4.60%, 06/01/15		177,000		167,389
TransCanada Pipelines Ltd., 5.85%, 03/15/36		750,000		712,174
				2,823,231
Publishing (0.1%)
Gannett Co., Inc., 6.38%, 04/01/12		236,000		243,570
News America, Inc.
9.25%, 02/01/13		118,000		136,932
5.30%, 12/15/14		767,000		767,087
8.00%, 10/17/16		118,000		135,462
7.28%, 06/30/28		77,000		81,240
6.20%, 12/15/34		245,000		233,334
6.40%, 12/15/35		477,000		462,937
				2,060,562
Real Estate Investment Trusts (REITs) (0.5%)
AvalonBay Communities, Inc.
6.63%, 09/15/11		88,000		91,194
5.50%, 01/15/12		765,000		757,650
Boston Properties LP, 5.00%, 06/01/15		590,000		525,780
Brandywine Operating Partnership LP, 5.63%, 12/15/10		180,000		167,884
Camden Property Trust, 5.00%, 06/15/15		147,000		131,457
Colonial Realty LP, 6.25%, 06/15/14		455,000		409,248
Developers Diversified Realty Corp., 5.38%, 10/15/12		295,000		275,494
Duke Realty LP
5.25%, 01/15/10		177,000		178,087
4.63%, 05/15/13		765,000		674,868
ERP Operating LP
5.25%, 09/15/14		472,000		437,949
5.38%, 08/01/16		295,000		261,906
HCP, Inc.
6.45%, 06/25/12		56,000		54,624
6.00%, 01/30/17		472,000		385,362
Health Care REIT, Inc., 6.00%, 11/15/13		177,000		169,925
Hospitality Properties Trust, 6.75%, 02/15/13		745,000		732,465
HRPT Properties Trust, 5.75%, 02/15/14		177,000		167,365
iStar Financial, Inc., 5.65%, 09/15/11		254,000		193,040
Liberty Property LP, 7.25%, 03/15/11		38,000		39,974
Prologis, 5.25%, 11/15/10		472,000		476,501
Simon Property Group LP
4.60%, 06/15/10		236,000		234,185
5.10%, 06/15/15		531,000		487,825
6.10%, 05/01/16		413,000		398,702
Vornado Realty LP, 5.60%, 02/15/11		206,000		202,144
Washington Real Estate Investment Trust, 5.25%, 01/15/14		118,000		119,148

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) (continued)
Westfield Capital Corp. Ltd., 5.13%, 11/15/14(b)	$	153,000	$	139,437
				7,712,214
Road & Rail (0.2%)
Burlington Northern Santa Fe Corp.
6.75%, 07/15/11		215,000		229,845
7.95%, 08/15/30		206,000		239,858
CSX Corp.
6.75%, 03/15/11		133,000		140,415
5.50%, 08/01/13		507,000		507,029
Norfolk Southern Corp.
6.75%, 02/15/11		964,000		1,037,654
5.59%, 05/17/25		84,000		76,896
7.25%, 02/15/31		620,000		681,286
TTX Co., 4.90%, 03/01/15(b)		221,000		237,132
Union Pacific Corp.
3.63%, 06/01/10		242,000		242,216
5.38%, 06/01/33		62,000		54,357
6.25%, 05/01/34		236,000		230,865
				3,677,553
Service Companies (0.1%)
Omnicom Group, Inc., 5.90%, 04/15/16		177,000		175,880
Oracle Corp., 5.25%, 01/15/16		572,000		571,705
RR Donnelley & Sons Co.
4.95%, 04/01/14		118,000		108,486
6.13%, 01/15/17		700,000		641,736
Science Applications International Corp., 5.50%, 07/01/33		177,000		153,110
Waste Management, Inc.
7.38%, 08/01/10		147,000		154,865
6.38%, 11/15/12		206,000		213,925
7.00%, 07/15/28		162,000		165,334
				2,185,041
Specialty Retail (0.9%)
Costco Wholesale Corp., 5.50%, 03/15/17		850,000		878,482
CVS Caremark Corp.
4.00%, 09/15/09		118,000		118,052
6.25%, 06/01/27		795,000		792,279
Home Depot, Inc.
5.25%, 12/16/13		1,180,000		1,154,523
5.40%, 03/01/16		590,000		554,567
JC Penney Corp., Inc.
8.00%, 03/01/10		749,000		781,578
5.75%, 02/15/18		900,000		830,963
Kohl’s Corp., 6.30%, 03/01/11		50,000		51,199
Kroger Co. (The)
6.80%, 04/01/11		201,000		213,756
6.20%, 06/15/12		236,000		247,225
7.50%, 04/01/31		257,000		278,399
Lowe’s Cos., Inc., 6.50%, 03/15/29		236,000		236,819
Ltd Brands, Inc., 6.13%, 12/01/12		147,000		138,220
Macys Retail Holdings, Inc.
6.63%, 04/01/11		631,000		631,243
5.75%, 07/15/14		442,000		403,759
6.90%, 04/01/29		147,000		124,400
Safeway, Inc.
6.50%, 03/01/11		236,000		250,871
5.80%, 08/15/12		206,000		215,987
5.63%, 08/15/14		177,000		182,014
Target Corp.
10.00%, 01/01/11		66,000		75,371
6.35%, 01/15/11		124,000		131,615
7.00%, 07/15/31		174,000		176,062
6.35%, 11/01/32		313,000		297,129
Wal-Mart Stores, Inc.
6.88%, 08/10/09		820,000		865,599
4.13%, 07/01/10		413,000		424,537
4.13%, 02/15/11		383,000		392,004
5.00%, 04/05/12		1,800,000		1,891,339
7.55%, 02/15/30		118,000		138,552
5.25%, 09/01/35		708,000		626,595
				13,103,139
Technology (0.2%)
Cisco Systems, Inc.
5.25%, 02/22/11		295,000		307,945
5.50%, 02/22/16		767,000		793,544
Dell, Inc., 7.10%, 04/15/28		206,000		216,173
Hewlett-Packard Co., 6.50%, 07/01/12		292,000		318,786
International Business Machines Corp.
4.75%, 11/29/12		516,000		534,039
5.88%, 11/29/32		983,000		967,196
				3,137,683
Telecommunications (0.9%)
AT&T Mobility LLC, 7.13%, 12/15/31		413,000		434,505
AT&T, Inc.
4.13%, 09/15/09		737,000		741,101
5.30%, 11/15/10		383,000		397,397
6.25%, 03/15/11		475,000		497,337
5.88%, 08/15/12		425,000		444,514
5.10%, 09/15/14		1,003,000		996,450
5.63%, 06/15/16		295,000		295,837
6.15%, 09/15/34		1,161,000		1,115,176
BellSouth Corp.
4.20%, 09/15/09		354,000		356,341
6.00%, 10/15/11		838,000		876,731
5.20%, 09/15/14		501,000		500,171
6.55%, 06/15/34		177,000		173,869
6.00%, 11/15/34		851,000		799,129
Embarq Corp.
6.74%, 06/01/13		767,000		741,690
7.08%, 06/01/16		133,000		125,916
France Telecom SA, 3,376.25%, 03/01/31		407,000		504,231
GTE Corp.
6.84%, 04/15/18		206,000		220,823
6.94%, 04/15/28		147,000		148,377
New Cingular Wireless Services, Inc.
8.13%, 05/01/12		44,000		49,240
8.75%, 03/01/31		321,000		389,564
Nextel Communications, Inc., 6.88%, 10/31/13		2,635,000		2,081,650
Rogers Wireless, Inc., 7.25%, 12/15/12		875,000		936,892
Verizon Global Funding Corp., 7.25%, 12/01/10		537,000		576,725

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Shares or
	Principal
	Amount		Value
Corporate Bonds (continued)
Telecommunications (continued)
Vodafone Group PLC, 6.15%, 02/27/37	$	590,000	$	549,937
				13,953,603
Transportation (0.1%)
General Dynamics Corp., 4.25%, 05/15/13		250,000		253,206
Southwest Airlines Co., 5.13%, 03/01/17		147,000		137,146
United Parcel Service, Inc.
8.38%, 04/01/20		118,000		152,726
8.38%, 04/01/30		177,000		226,121
				769,199
Total Corporate Bonds				284,621,647
Municipal Bonds (0.1%)
Diversified Financial Services (0.1%)
City of Dallas, Texas, 5.25%, 02/15/24		708,000		703,887
State of Illinois, 5.10%, 06/01/33		1,005,000		1,004,477
Total Municipal Bonds				1,708,364
Sovereign Bonds (3.2%)
Canada (0.6%)
Province of British Columbia, Canada, 4.30%, 05/30/13		159,000		167,111
Province of Manitoba Canada
7.50%, 02/22/10		295,000		322,996
5.00%, 02/15/12		1,475,000		1,580,331
Province of Nova Scotia Canada, 5.13%, 01/26/17		885,000		957,607
Province of Ontario Canada
5.50%, 10/01/08		206,000		209,434
4.38%, 02/15/13		428,000		449,144
4.50%, 02/03/15		667,000		697,698
4.75%, 01/19/16		295,000		311,698
Province of Quebec Canada
5.00%, 07/17/09		3,185,000		3,290,357
4.60%, 05/26/15		354,000		371,338
7.50%, 09/15/29		578,000		774,873
				9,132,587
Chile (0.0%)
Chile Government International Bond, 5.50%, 01/15/13		177,000		187,266
China (0.0%)
China Government International Bond, 4.75%, 10/29/13		295,000		308,525
Germany (0.3%)
Kreditanstalt fuer Wiederaufbau
3.25%, 03/30/09		531,000		533,040
4.13%, 10/15/14		708,000		748,478
4.38%, 07/21/15		1,445,000		1,513,426
Landwirtschaftliche Rentenbank
4.88%, 02/14/11		885,000		945,097
5.25%, 07/15/11		350,000		378,983
5.13%, 02/01/17		750,000		822,130
				4,941,154
Iceland (0.0%)(b)
Kaupthing Bank Hf, 7.13%, 05/19/16		354,000		238,866
Italy (0.3%)
Italian Republic
3.25%, 05/15/09		1,003,000		1,015,127
4.38%, 06/15/13		560,000		593,528
4.50%, 01/21/15		938,000		991,490
4.75%, 01/25/16		413,000		438,421
6.88%, 09/27/23		251,000		311,109
5.38%, 06/15/33		841,000		881,750
				4,231,425
Luxembourg (0.8%)
European Investment Bank
3.38%, 03/16/09		944,000		954,206
5.00%, 02/08/10		8,849,000		9,277,433
4.63%, 05/15/14		895,000		949,068
5.13%, 09/13/16		350,000		381,114
				11,561,821
Mexico (0.2%)
Banco Nacional de Comercio Exterior SNC, 3.88%, 01/21/09(b)		59,000		58,717
Mexico Government International Bond
6.38%, 01/16/13		1,143,000		1,255,585
6.75%, 09/27/34		2,046,000		2,282,313
				3,596,615
Norway (0.1%)
Eksportfinans AS
4.75%, 12/15/08		413,000		419,041
5.50%, 05/25/16		383,000		419,789
				838,830
Poland (0.0%)
Poland Government International Bond, 5.00%, 10/19/15		224,000		234,448
Republic of Korea (0.2%)
Export-Import Bank Of Korea
4.63%, 03/16/10		413,000		418,757
5.13%, 02/14/11		354,000		361,045
Korea Development Bank
4.75%, 07/20/09		885,000		894,086
5.75%, 09/10/13		118,000		123,948
Republic of Korea, 4.25%, 06/01/13		708,000		711,291
				2,509,127
South Africa (0.0%)
South Africa Government International Bond, 6.50%, 06/02/14		206,000		214,498
Spain (0.1%)
Telefonica Emisiones SAU, 6.42%, 06/20/16		1,770,000		1,814,110
Sweden (0.4%)
Svensk Exportkredit AB, 4.88%, 09/29/11		5,899,000		6,269,215
United States (0.2%)
Inter-American Development Bank
5.00%, 04/05/11		350,000		372,386
5.13%, 09/13/16		585,000		642,459
6.80%, 10/15/25		413,000		509,572

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Sovereign Bonds (continued)
United States (continued)
International Bank for Reconstruction & Development, 7.63%, 01/19/23	$	973,000	$	1,324,897
				2,849,314
Venezuela (0.0%)
Corp Andina de Fomento, 6.88%, 03/15/12		236,000		253,791
Total Sovereign Bonds				49,181,592
U.S. Government Sponsored & Agency Obligations (30.8%)
Federal Home Loan Bank System, 5.25%, 06/05/17		10,000,000		10,904,570
Federal Home Loan Mortgage Corp.
4.88%, 02/17/09		2,147,000		2,195,020
5.75%, 03/15/09		14,886,000		15,371,983
5.25%, 05/21/09		16,933,000		17,497,208
4.25%, 07/15/09		1,363,000		1,397,151
6.63%, 09/15/09		634,000		673,390
5.13%, 07/15/12		6,091,000		6,588,336
4.88%, 11/15/13		10,058,000		10,776,966
5.00%, 07/15/14		3,539,000		3,818,556
4.38%, 07/17/15		7,214,000		7,463,496
5.00%, 12/14/18		3,480,000		3,404,293
6.75%, 09/15/29		557,000		689,895
6.25%, 07/15/32		1,245,000		1,484,045
Federal National Mortgage Association
4.88%, 04/15/09		14,231,000		14,609,488
5.38%, 08/15/09		11,202,000		11,670,165
6.63%, 09/15/09		18,104,000		19,228,783
5.13%, 04/15/11		4,796,000		5,115,509
5.38%, 11/15/11		3,501,000		3,807,166
4.38%, 03/15/13		11,618,000		12,195,961
4.63%, 10/15/14		1,779,000		1,883,022
5.00%, 04/15/15		1,628,000		1,754,922
4.38%, 10/15/15		118,000		122,015
Financing Corp. (FICO), 9.80%, 11/30/17		18,000		26,141
Tennessee Valley Authority, 6.25%, 12/15/17		50,000		58,792
United States Treasury Note/Bond
3.63%, 10/31/09		48,605,000		50,123,906
4.75%, 02/15/10		30,070,000		31,808,407
4.50%, 09/30/11		41,975,000		45,490,406
4.63%, 02/29/12		15,297,000		16,686,870
4.50%, 04/30/12		4,000,000		4,345,936
4.75%, 05/31/12		6,465,000		7,091,297
4.25%, 09/30/12		7,000,000		7,564,921
2.75%, 02/28/13		26,000,000		26,357,500
4.00%, 02/15/15		3,250,000		3,494,764
4.13%, 05/15/15		5,348,000		5,781,274
4.50%, 11/15/15		6,372,000		7,041,557
4.88%, 08/15/16		5,672,000		6,353,525
4.63%, 02/15/17		7,365,000		8,089,414
4.50%, 05/15/17		5,775,000		6,275,802
8.75%, 05/15/17		6,524,000		9,192,212
4.25%, 11/15/17		19,545,000		20,853,596
8.50%, 02/15/20		4,238,000		6,079,873
6.25%, 08/15/23		25,926,000		31,911,250
6.88%, 08/15/25		4,713,000		6,215,269
6.38%, 08/15/27		10,342,000		13,160,195
5.38%, 02/15/31		3,107,000		3,593,438
4.50%, 02/15/36		6,055,000		6,255,100
5.00%, 05/15/37		305,000		341,195
Total U.S. Government Sponsored & Agency Obligations				476,844,580
U.S. Government Mortgage Backed Agencies (43.9%)
Fannie Mae Pool
Pool #709921, 5.00%, 06/01/18		78,590		79,704
Pool #255315, 4.00%, 07/01/19		225,835		221,115
Pool #822023, 5.50%, 07/01/20		43,219		44,239
Pool #826869, 5.50%, 08/01/20		881,621		902,426
Pool #835228, 5.50%, 08/01/20		15,686		16,057
Pool #825811, 5.50%, 09/01/20		17,970		18,394
Pool #832837, 5.50%, 09/01/20		773,188		791,435
Pool #839585, 5.50%, 09/01/20		89,192		91,296
Pool #811505, 5.50%, 10/01/20		50,176		51,360
Pool #829704, 5.50%, 10/01/20		61,358		62,806
Pool #838565, 5.50%, 10/01/20		813,200		832,391
Pool #838566, 5.50%, 10/01/20		32,256		33,017
Pool #840102, 5.50%, 10/01/20		756,559		774,412
Pool #841947, 5.50%, 10/01/20		34,688		35,507
Pool #843102, 5.50%, 10/01/20		21,823		22,338
Pool #839100, 5.50%, 11/01/20		25,975		26,588
Pool #840808, 5.50%, 11/01/20		25,873		26,484
Pool #847832, 5.50%, 11/01/20		39,095		40,018
Pool #847920, 5.50%, 11/01/20		846,892		866,877
Pool #830670, 5.50%, 12/01/20		33,536		34,328
Pool #866142, 5.50%, 01/01/21		85,142		87,035
Pool #788210, 5.50%, 02/01/21		814,817		832,933
Pool #837194, 5.50%, 02/01/21		35,218		36,049
Pool #867183, 5.50%, 02/01/21		105,814		108,166
Pool #811558, 5.50%, 03/01/21		863,014		883,380
Pool #870296, 5.50%, 03/01/21		21,651		22,132
Pool #878120, 5.50%, 04/01/21		36,550		37,363
Pool #878121, 5.50%, 04/01/21		59,802		61,132
Pool #811559, 5.50%, 05/01/21		710,238		726,029
Pool #879115, 5.50%, 05/01/21		119,979		122,646
Pool #883922, 5.50%, 05/01/21		754,375		771,147
Pool #885440, 5.50%, 05/01/21		20,437		20,891
Pool #845489, 5.50%, 06/01/21		20,691		21,151
Pool #880950, 5.50%, 07/01/21		820,782		839,030
Pool #870092, 5.50%, 08/01/21		22,998		23,509
Pool #896599, 5.50%, 08/01/21		53,777		54,972
Pool #896605, 5.50%, 08/01/21		33,598		34,345
Pool #903350, 5.00%, 10/01/21		64,458		65,173
Pool #894126, 5.50%, 10/01/21		21,157		21,616
Pool #902789, 5.50%, 11/01/21		754,227		770,995
Pool #901509, 5.00%, 12/01/21		68,537		69,296
Pool #906708, 5.00%, 12/01/21		744,582		752,832
Pool #905586, 5.50%, 12/01/21		802,188		820,023
Pool #840486, 5.00%, 01/01/22		96,231		97,245
Pool #906317, 5.50%, 01/01/22		46,771		47,786
Pool #906205, 5.50%, 01/01/22		26,725		27,305
Pool #928106, 5.50%, 02/01/22		1,414,239		1,444,920
Pool #899242, 5.00%, 03/01/22		33,719		34,075
Pool #912981, 5.00%, 03/01/22		138,568		140,028
Pool #914324, 5.00%, 03/01/22		37,901		38,301
Pool #923092, 5.00%, 03/01/22		650,704		657,562

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
U.S. Government Mortgage Backed Agencies (continued)
Pool #914385, 5.50%, 03/01/22	$	25,966	$	26,530
Pool #913889, 5.50%, 03/01/22		774,905		792,133
Pool #912845, 5.00%, 04/01/22		92,935		93,965
Pool #914758, 5.00%, 04/01/22		636,208		642,913
Pool #915144, 5.00%, 04/01/22		956,100		966,177
Pool #917688, 5.00%, 04/01/22		103,447		104,537
Pool #913323, 5.50%, 04/01/22		26,770		27,351
Pool #913331, 5.50%, 05/01/22		80,713		82,464
Pool #748841, 5.00%, 06/01/22		59,135		59,758
Pool #899472, 5.00%, 06/01/22		117,948		119,191
Pool #899475, 5.00%, 06/01/22		698,984		706,351
Pool #917163, 5.00%, 06/01/22		134,871		136,292
Pool #918552, 5.00%, 06/01/22		934,971		944,825
Pool #918699, 5.00%, 06/01/22		683,453		690,656
Pool #939453, 5.00%, 06/01/22		927,875		937,654
Pool #940903, 5.00%, 06/01/22		90,837		91,795
Pool #941632, 5.00%, 06/01/22		115,497		116,714
Pool #899438, 5.50%, 06/01/22		814,107		831,769
Pool #939673, 5.50%, 06/01/22		204,497		208,934
Pool #560868, 7.50%, 02/01/31		5,558		5,994
Pool #607212, 7.50%, 10/01/31		100,523		108,412
Pool #607559, 6.50%, 11/01/31		2,521		2,630
Pool #607632, 6.50%, 11/01/31		1,215		1,268
Pool #661664, 7.50%, 09/01/32		109,816		118,199
Pool #254548, 5.50%, 12/01/32		2,562,632		2,596,848
Pool #656559, 6.50%, 02/01/33		287,746		299,965
Pool #694846, 6.50%, 04/01/33		41,385		42,898
Pool #750229, 6.50%, 10/01/33		263,085		272,702
Pool #725594, 5.50%, 07/01/34		2,479,557		2,509,357
Pool #788027, 6.50%, 09/01/34		209,858		218,050
Pool #804847, 4.50%, 01/01/35		336,407		324,936
Pool #735141, 5.50%, 01/01/35		9,271,844		9,368,605
Pool #888275, 5.50%, 01/01/35		2,849,879		2,886,222
Pool #888233, 5.00%, 11/01/35		59,344,052		58,822,420
Pool #256023, 6.00%, 12/01/35		7,085,177		7,264,454
Pool #868494, 6.00%, 04/01/36		315,206		323,263
Pool #891595, 5.00%, 06/01/36		4,716,545		4,673,412
Pool #885844, 6.00%, 06/01/36		304,507		312,289
Pool #892370, 6.00%, 07/01/36		141,552		145,170
Pool #888077, 5.00%, 08/01/36		2,841,793		2,815,126
Pool #894441, 5.84%, 08/01/36(a)		9,650,303		9,884,045
Pool #901149, 6.00%, 08/01/36		1,929,712		1,979,032
Pool #887050, 6.00%, 08/01/36		887,016		909,687
Pool #894957, 6.50%, 08/01/36		752,754		780,315
Pool #888635, 5.50%, 09/01/36		3,006,744		3,045,087
Pool #901957, 5.50%, 10/01/36		92,034		93,018
Pool #898415, 6.00%, 10/01/36		221,229		226,883
Pool #908698, 6.50%, 10/01/36		1,451,073		1,504,114
Pool #922846, 6.50%, 11/01/36		684,752		709,823
Pool #907735, 6.00%, 12/01/36		282,686		289,911
Pool #909756, 6.50%, 02/01/37		2,953,581		3,061,721
Pool #888268, 6.00%, 03/01/37		690,710		708,364
Pool #917237, 6.00%, 04/01/37		930,422		953,971
Pool #923399, 6.00%, 06/01/37		892,494		915,083
Pool #940887, 6.00%, 06/01/37		971,022		995,598
Pool #941193, 6.00%, 06/01/37		992,994		1,018,127
Pool #919190, 6.50%, 06/01/37		704,895		730,655
Pool #937776, 6.50%, 06/01/37		1,458,736		1,512,044
Pool #939671, 6.50%, 06/01/37		649,388		673,119
Pool #939749, 6.50%, 06/01/37		1,793,059		1,858,585
Pool #941298, 6.50%, 06/01/37		766,212		794,213
Pool #899830, 6.00%, 08/01/37		1,909,789		1,958,126
Pool #256890, 6.00%, 09/01/37		954,811		969,422
Pool #946614, 6.00%, 09/01/37		2,329,175		2,388,126
Pool #950726, 5.99%, 10/01/37(a)		7,752,352		7,931,673
Pool #256936, 6.00%, 10/01/37		1,419,934		1,441,664
Pool #967483, 6.00%, 01/01/38		1,297,277		1,330,111
Pool #889116, 6.00%, 02/01/38		10,759,490		11,031,812
Federal Home Loan Mortgage Corp.,TBA
5.00%, TBA, 04/15/36		300,000		297,000
6.00%, TBA, 04/15/37		61,300,000		62,851,626
5.50%, TBA, 04/14/38		4,000,000		4,038,752
Federal Home Loan Mortgage Corp. TBA
0.00%, 04/01/20		24,000,000		23,850,000
4.50%, 03/15/22		5,000,000		4,973,005
Federal National Mortgage Association,TBA
5.50%, TBA, 04/15/37		55,500,000		56,020,313
6.00%, TBA, 04/15/37		24,500,000		25,097,188
Freddie Mac Gold Pool
Pool #E00282, 6.50%, 03/01/09		18,759		19,506
Pool #G10399, 6.50%, 07/01/09		4,592		4,659
Pool #E00394, 7.50%, 09/01/10		25,151		25,925
Pool #M80898, 4.50%, 02/01/11		425,425		431,585
Pool #M80904, 4.50%, 03/01/11		275,442		273,746
Pool #M80917, 4.50%, 05/01/11		64,340		65,272
Pool #M80926, 4.50%, 07/01/11		265,990		269,841
Pool #M80934, 4.50%, 08/01/11		328,805		326,781
Pool #G10940, 6.50%, 11/01/11		11,005		11,369
Pool #G11130, 6.00%, 12/01/11		99,497		102,121
Pool #M80981, 4.50%, 07/01/12		135,338		135,205
Pool #E00507, 7.50%, 09/01/12		2,695		2,811
Pool #G10749, 6.00%, 10/01/12		67,266		69,612
Pool #M81009, 4.50%, 02/01/13		160,024		159,039
Pool #E69050, 6.00%, 02/01/13		36,903		38,095
Pool #E72896, 7.00%, 10/01/13		18,608		19,509
Pool #G11612, 6.00%, 04/01/14		58,884		60,322
Pool #E00677, 6.00%, 06/01/14		97,842		101,015
Pool #E00802, 7.50%, 02/01/15		48,236		50,285
Pool #G11001, 6.50%, 03/01/15		36,375		38,164
Pool #G11003, 7.50%, 04/01/15		2,630		2,759
Pool #G11164, 7.00%, 05/01/15		8,293		8,710
Pool #E81396, 7.00%, 10/01/15		1,542		1,622
Pool #E81394, 7.50%, 10/01/15		14,851		15,603
Pool #E84097, 6.50%, 12/01/15		4,581		4,804
Pool #E00938, 7.00%, 01/01/16		22,275		23,415
Pool #E82132, 7.00%, 01/01/16		4,394		4,619
Pool #E82815, 6.00%, 03/01/16		18,680		19,279
Pool #G11972, 6.00%, 04/01/16		286,323		295,507
Pool #E83231, 6.00%, 04/01/16		4,496		4,638
Pool #E83233, 6.00%, 04/01/16		12,561		12,957
Pool #E83046, 7.00%, 04/01/16		2,766		2,908
Pool #E00975, 6.00%, 05/01/16		67,363		69,522
Pool #E83355, 6.00%, 05/01/16		18,035		18,603
Pool #E83636, 6.00%, 05/01/16		31,380		32,368
Pool #E83933, 6.50%, 05/01/16		1,188		1,244
Pool #E00985, 6.00%, 06/01/16		37,786		38,995
Pool #E00987, 6.50%, 06/01/16		32,436		34,008
Pool #E84236, 6.50%, 06/01/16		7,997		8,379
Pool #E00996, 6.50%, 07/01/16		4,052		4,249
Pool #E84912, 6.50%, 08/01/16		19,625		20,561
Pool #E85117, 6.50%, 08/01/16		10,966		11,489
Pool #E85387, 6.00%, 09/01/16		38,973		40,200

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
U.S. Government Mortgage Backed Agencies (continued)
Pool #E85800, 6.50%, 10/01/16	$	8,023	$	8,406
Pool #E86183, 6.00%, 11/01/16		5,598		5,774
Pool #E01083, 7.00%, 11/01/16		7,322		7,685
Pool #G11207, 7.00%, 11/01/16		20,736		21,801
Pool #E86746, 5.50%, 12/01/16		91,608		93,522
Pool #E86533, 6.00%, 12/01/16		11,959		12,335
Pool #E01095, 6.00%, 01/01/17		15,131		15,610
Pool #E87584, 6.00%, 01/01/17		12,802		13,205
Pool #E86995, 6.50%, 01/01/17		35,069		36,742
Pool #E87291, 6.50%, 01/01/17		42,387		44,409
Pool #E87446, 6.50%, 01/01/17		7,563		7,914
Pool #E88076, 6.00%, 02/01/17		11,180		11,531
Pool #E01127, 6.50%, 02/01/17		24,076		25,232
Pool #E88055, 6.50%, 02/01/17		65,696		68,747
Pool #E88106, 6.50%, 02/01/17		41,663		43,598
Pool #E01137, 6.00%, 03/01/17		23,098		23,826
Pool #E88134, 6.00%, 03/01/17		3,468		3,576
Pool #E88474, 6.00%, 03/01/17		22,508		23,214
Pool #E88768, 6.00%, 03/01/17		63,914		65,926
Pool #E01138, 6.50%, 03/01/17		12,293		12,880
Pool #E01139, 6.00%, 04/01/17		104,038		107,313
Pool #E88729, 6.00%, 04/01/17		16,773		17,299
Pool #E89149, 6.00%, 04/01/17		26,870		27,712
Pool #E89151, 6.00%, 04/01/17		20,953		21,610
Pool #E89217, 6.00%, 04/01/17		14,720		15,181
Pool #E89222, 6.00%, 04/01/17		105,079		108,373
Pool #E89347, 6.00%, 04/01/17		4,991		5,147
Pool #E89496, 6.00%, 04/01/17		25,088		25,874
Pool #E89203, 6.50%, 04/01/17		10,006		10,471
Pool #E01140, 6.00%, 05/01/17		91,380		94,256
Pool #G11409, 6.00%, 05/01/17		139,376		143,764
Pool #E89788, 6.00%, 05/01/17		14,077		14,519
Pool #E89530, 6.00%, 05/01/17		63,770		65,769
Pool #E89746, 6.00%, 05/01/17		148,381		153,033
Pool #E89909, 6.00%, 05/01/17		22,504		23,209
Pool #E01156, 6.50%, 05/01/17		34,452		36,086
Pool #E89924, 6.50%, 05/01/17		70,005		73,256
Pool #E01157, 6.00%, 06/01/17		64,026		66,041
Pool #B15071, 6.00%, 06/01/17		308,394		318,103
Pool #E90194, 6.00%, 06/01/17		17,680		18,234
Pool #E90227, 6.00%, 06/01/17		14,626		15,085
Pool #E90313, 6.00%, 06/01/17		7,760		8,003
Pool #E90591, 5.50%, 07/01/17		90,104		92,413
Pool #E90594, 6.00%, 07/01/17		55,681		57,427
Pool #E90667, 6.00%, 07/01/17		14,964		15,433
Pool #E90645, 6.00%, 07/01/17		101,763		104,953
Pool #E01186, 5.50%, 08/01/17		201,883		207,085
Pool #E01205, 6.50%, 08/01/17		26,600		27,859
Pool #G11295, 5.50%, 09/01/17		134,163		137,601
Pool #G11458, 6.00%, 09/01/17		47,008		48,533
Pool #E93476, 5.00%, 01/01/18		173,450		176,148
Pool #G11434, 6.50%, 01/01/18		35,919		37,633
Pool #E01311, 5.50%, 02/01/18		2,148,111		2,203,177
Pool #E98207, 5.00%, 04/01/18		56,762		57,602
Pool #G11399, 5.50%, 04/01/18		196,539		201,613
Pool #E96459, 5.00%, 05/01/18		73,939		75,033
Pool #E99869, 5.00%, 06/01/18		91,585		93,010
Pool #E97335, 5.00%, 07/01/18		1,407,989		1,428,828
Pool #E97366, 5.00%, 07/01/18		403,769		409,745
Pool #E97702, 5.00%, 07/01/18		543,873		551,922
Pool #E98258, 5.00%, 07/01/18		222,509		225,802
Pool #E99426, 5.00%, 09/01/18		158,400		160,744
Pool #E99498, 5.00%, 09/01/18		170,215		172,734
Pool #E99579, 5.00%, 09/01/18		123,026		124,847
Pool #E99673, 5.00%, 10/01/18		71,992		73,057
Pool #E99675, 5.00%, 10/01/18		741,965		752,946
Pool #E01488, 5.00%, 10/01/18		139,180		141,270
Pool #B10210, 5.50%, 10/01/18		395,186		403,440
Pool #B10650, 5.00%, 11/01/18		227,105		230,466
Pool #G11480, 5.00%, 11/01/18		729,278		740,071
Pool #B10653, 5.50%, 11/01/18		277,506		284,510
Pool #E01538, 5.00%, 12/01/18		910,834		924,392
Pool #B11548, 5.50%, 12/01/18		114,337		116,725
Pool #B13147, 5.00%, 01/01/19		563,275		571,611
Pool #B12214, 5.00%, 02/01/19		336,861		341,414
Pool #G11531, 5.50%, 02/01/19		80,963		83,007
Pool #E01604, 5.50%, 03/01/19		160,998		164,360
Pool #B12908, 5.50%, 03/01/19		140,635		143,974
Pool #B13671, 5.00%, 04/01/19		129,777		131,532
Pool #B13600, 5.50%, 04/01/19		101,340		103,747
Pool #B13430, 5.50%, 04/01/19		151,385		154,980
Pool #B14236, 5.00%, 05/01/19		392,427		397,732
Pool #B15013, 5.00%, 06/01/19		219,791		222,762
Pool #B15396, 5.50%, 06/01/19		165,882		169,822
Pool #G18002, 5.00%, 07/01/19		163,918		166,134
Pool #B15503, 5.00%, 07/01/19		228,825		231,919
Pool #B15717, 5.00%, 07/01/19		332,940		337,441
Pool #B15872, 5.00%, 07/01/19		130,458		132,222
Pool #G18007, 6.00%, 07/01/19		75,285		77,527
Pool #G18005, 5.00%, 08/01/19		445,260		451,279
Pool #G18006, 5.50%, 08/01/19		149,454		153,003
Pool #B16087, 6.00%, 08/01/19		181,979		187,397
Pool #G18009, 5.00%, 09/01/19		789,864		800,542
Pool #B16648, 5.00%, 09/01/19		175,363		177,733
Pool #B16626, 5.00%, 09/01/19		920,142		932,580
Pool #B16657, 5.00%, 09/01/19		218,287		221,238
Pool #B16826, 5.00%, 10/01/19		296,644		300,654
Pool #B16985, 5.00%, 10/01/19		130,876		132,645
Pool #G18022, 5.50%, 11/01/19		312,212		319,626
Pool #B17371, 5.00%, 12/01/19		294,424		298,405
Pool #B14288, 5.50%, 12/01/19		168,623		172,627
Pool #B14668, 5.00%, 01/01/20		589,017		596,242
Pool #B17624, 5.00%, 01/01/20		386,369		391,592
Pool #G18043, 4.00%, 03/01/20		40,102		39,261
Pool #B17982, 4.00%, 03/01/20		216,223		210,939
Pool #G18050, 4.00%, 04/01/20		215,946		210,668
Pool #B19226, 4.00%, 04/01/20		55,141		53,793
Pool #B19236, 4.00%, 04/01/20		45,557		44,602
Pool #B18170, 5.00%, 04/01/20		167,014		169,062
Pool #B18437, 5.50%, 05/01/20		141,844		144,806
Pool #B19414, 5.00%, 06/01/20		376,547		381,165
Pool #G18062, 6.00%, 06/01/20		141,652		145,879
Pool #G11742, 5.00%, 07/01/20		976,515		989,715
Pool #J02325, 5.50%, 07/01/20		362,808		371,002
Pool #J02428, 4.00%, 08/01/20		5,553,314		5,417,598
Pool #J00718, 5.00%, 12/01/20		1,438,580		1,456,226
Pool #J00935, 5.00%, 12/01/20		126,034		127,579
Pool #G11880, 5.00%, 12/01/20		854,100		864,576
Pool #J00854, 5.00%, 01/01/21		715,562		724,339
Pool #J00871, 5.00%, 01/01/21		333,668		337,761
Pool #J01049, 5.00%, 01/01/21		3,244,082		3,283,875
Pool #J00855, 5.50%, 01/01/21		337,232		344,849

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
U.S. Government Mortgage Backed Agencies (continued)
Pool #G18096, 5.50%, 01/01/21	$	131,732	$	134,483
Pool #J01189, 5.00%, 02/01/21		172,710		174,701
Pool #J05986, 5.00%, 02/01/21		153,613		155,497
Pool #J01279, 5.50%, 02/01/21		294,810		301,201
Pool #J01256, 5.00%, 03/01/21		175,821		177,849
Pool #J01414, 5.00%, 03/01/21		142,172		143,811
Pool #J01576, 5.00%, 04/01/21		899,225		909,595
Pool #J01570, 5.50%, 04/01/21		196,625		200,731
Pool #J01633, 5.50%, 04/01/21		874,343		893,299
Pool #J01757, 5.00%, 05/01/21		333,322		337,165
Pool #J01771, 5.00%, 05/01/21		242,521		245,318
Pool #J01833, 5.00%, 05/01/21		147,226		148,924
Pool #J01879, 5.00%, 05/01/21		309,171		312,736
Pool #J06015, 5.00%, 05/01/21		270,722		273,844
Pool #G18122, 5.00%, 06/01/21		254,270		257,202
Pool #G18123, 5.50%, 06/01/21		484,209		494,707
Pool #J01980, 6.00%, 06/01/21		316,574		326,032
Pool #J03074, 5.00%, 07/01/21		233,215		235,904
Pool #J03028, 5.50%, 07/01/21		277,705		283,725
Pool #G12245, 6.00%, 07/01/21		170,342		175,432
Pool #G12310, 5.50%, 08/01/21		138,223		141,220
Pool #G12348, 6.00%, 08/01/21		354,913		365,516
Pool #G12855, 5.00%, 09/01/21		8,434,927		8,538,391
Pool #G12412, 5.50%, 11/01/21		183,276		187,249
Pool #C90559, 7.00%, 05/01/22		105,366		111,571
Pool #C00351, 8.00%, 07/01/24		2,629		2,857
Pool #D60780, 8.00%, 06/01/25		5,552		6,030
Pool #D64617, 8.00%, 10/01/25		29,600		32,154
Pool #D82854, 7.00%, 10/01/27		6,177		6,563
Pool #C00566, 7.50%, 12/01/27		10,423		11,309
Pool #C00676, 6.50%, 11/01/28		61,319		64,201
Pool #C00678, 7.00%, 11/01/28		15,343		16,301
Pool #C18271, 7.00%, 11/01/28		11,447		12,162
Pool #C00836, 7.00%, 07/01/29		6,231		6,620
Pool #C30265, 6.50%, 08/01/29		12,243		12,829
Pool #A16201, 7.00%, 08/01/29		25,968		27,589
Pool #C31282, 7.00%, 09/01/29		1,311		1,393
Pool #C31285, 7.00%, 09/01/29		14,095		14,975
Pool #A18212, 7.00%, 11/01/29		250,768		266,421
Pool #C32914, 8.00%, 11/01/29		6,050		6,568
Pool #C37436, 8.00%, 01/01/30		8,965		9,732
Pool #C36306, 7.00%, 02/01/30		7,310		7,763
Pool #C36429, 7.00%, 02/01/30		7,807		8,290
Pool #C00921, 7.50%, 02/01/30		7,580		8,201
Pool #G01108, 7.00%, 04/01/30		5,262		5,591
Pool #C37703, 7.50%, 04/01/30		5,657		6,121
Pool #G01133, 6.50%, 07/01/30		41,211		43,148
Pool #C41561, 8.00%, 08/01/30		4,521		4,908
Pool #C01051, 8.00%, 09/01/30		15,288		16,599
Pool #C43550, 7.00%, 10/01/30		12,526		13,301
Pool #C44017, 7.50%, 10/01/30		1,693		1,832
Pool #C43967, 8.00%, 10/01/30		52,136		56,606
Pool #C44978, 7.00%, 11/01/30		2,246		2,385
Pool #C44535, 7.50%, 11/01/30		2,620		2,834
Pool #C44957, 8.00%, 11/01/30		9,986		10,843
Pool #C01106, 7.00%, 12/01/30		84,452		89,681
Pool #C01103, 7.50%, 12/01/30		7,040		7,459
Pool #C01116, 7.50%, 01/01/31		6,483		7,014
Pool #C46932, 7.50%, 01/01/31		12,875		13,929
Pool #C47287, 7.50%, 02/01/31		7,919		8,567
Pool #C48851, 7.00%, 03/01/31		9,956		10,555
Pool #G01217, 7.00%, 03/01/31		69,849		74,174
Pool #C48206, 7.50%, 03/01/31		16,021		17,333
Pool #C01172, 6.50%, 05/01/31		36,861		38,548
Pool #C52685, 6.50%, 05/01/31		32,078		33,546
Pool #C52136, 7.00%, 05/01/31		15,328		16,250
Pool #C53589, 6.50%, 06/01/31		89,951		94,067
Pool #C53324, 7.00%, 06/01/31		18,361		19,465
Pool #C01209, 8.00%, 06/01/31		3,030		3,290
Pool #C54897, 6.50%, 07/01/31		62,511		65,373
Pool #C54792, 7.00%, 07/01/31		76,503		81,103
Pool #C55071, 7.50%, 07/01/31		887		959
Pool #G01309, 7.00%, 08/01/31		18,395		19,501
Pool #C01220, 6.50%, 09/01/31		9,864		10,316
Pool #C58215, 6.50%, 09/01/31		2,634		2,755
Pool #C58362, 6.50%, 09/01/31		23,475		24,550
Pool #C01222, 7.00%, 09/01/31		13,249		14,046
Pool #G01311, 7.00%, 09/01/31		110,882		117,747
Pool #G01315, 7.00%, 09/01/31		4,230		4,492
Pool #C01244, 6.50%, 10/01/31		55,043		57,563
Pool #C58961, 6.50%, 10/01/31		466,516		487,867
Pool #C58647, 7.00%, 10/01/31		3,429		3,635
Pool #C58694, 7.00%, 10/01/31		24,663		26,146
Pool #C60991, 6.50%, 11/01/31		12,485		13,056
Pool #C60012, 7.00%, 11/01/31		6,230		6,605
Pool #C61298, 8.00%, 11/01/31		12,850		13,953
Pool #C01271, 6.50%, 12/01/31		17,614		18,420
Pool #C61105, 7.00%, 12/01/31		11,181		11,853
Pool #C01305, 7.50%, 12/01/31		7,670		8,291
Pool #C62218, 7.00%, 01/01/32		14,649		15,530
Pool #C63171, 7.00%, 01/01/32		37,600		39,861
Pool #G01355, 6.50%, 02/01/32		523,787		547,760
Pool #C64121, 7.50%, 02/01/32		8,377		9,054
Pool #C01310, 6.50%, 03/01/32		96,532		100,775
Pool #C64668, 6.50%, 03/01/32		19,036		19,873
Pool #C65466, 6.50%, 03/01/32		105,919		110,574
Pool #C01343, 6.50%, 04/01/32		86,214		90,003
Pool #C66191, 6.50%, 04/01/32		30,398		31,734
Pool #C66192, 6.50%, 04/01/32		15,704		16,394
Pool #C66088, 6.50%, 04/01/32		16,448		17,171
Pool #C01345, 7.00%, 04/01/32		58,576		62,012
Pool #G01391, 7.00%, 04/01/32		177,676		188,678
Pool #C66744, 7.00%, 04/01/32		3,876		4,103
Pool #C65717, 7.50%, 04/01/32		11,281		12,170
Pool #C01370, 8.00%, 04/01/32		12,433		13,501
Pool #C01351, 6.50%, 05/01/32		56,150		58,618
Pool #C67097, 6.50%, 05/01/32		7,734		8,074
Pool #C66758, 6.50%, 05/01/32		420,000		438,460
Pool #C66919, 6.50%, 05/01/32		5,187		5,415
Pool #C67313, 6.50%, 05/01/32		2,400		2,505
Pool #C66916, 7.00%, 05/01/32		37,815		40,034
Pool #C67259, 7.00%, 05/01/32		4,270		4,520
Pool #C67235, 7.00%, 05/01/32		107,750		114,072
Pool #C01381, 8.00%, 05/01/32		62,759		68,147
Pool #C01364, 6.50%, 06/01/32		56,852		59,351
Pool #C67996, 6.50%, 06/01/32		12,648		13,204
Pool #C72361, 6.50%, 06/01/32		33,062		34,575
Pool #C72497, 6.50%, 06/01/32		18,985		19,853
Pool #C68290, 7.00%, 06/01/32		16,989		17,986
Pool #C68300, 7.00%, 06/01/32		81,522		86,304
Pool #C68307, 8.00%, 06/01/32		3,919		4,256
Pool #G01433, 6.50%, 07/01/32		29,450		30,745

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
U.S. Government Mortgage Backed Agencies (continued)
Pool #C71403, 6.50%, 07/01/32	$	63,487	$	66,393
Pool #G01449, 7.00%, 07/01/32		126,798		134,649
Pool #C68988, 7.50%, 07/01/32		4,665		5,033
Pool #C69951, 6.50%, 08/01/32		37,905		39,571
Pool #C01385, 6.50%, 08/01/32		79,198		82,679
Pool #G01443, 6.50%, 08/01/32		198,674		207,406
Pool #G01444, 6.50%, 08/01/32		203,173		212,472
Pool #C74006, 6.50%, 08/01/32		15,903		16,602
Pool #C69908, 7.00%, 08/01/32		69,773		73,866
Pool #C70211, 7.00%, 08/01/32		61,229		64,821
Pool #C01396, 6.50%, 09/01/32		130,464		136,198
Pool #C71089, 7.50%, 09/01/32		16,903		18,234
Pool #C01404, 6.50%, 10/01/32		319,291		333,324
Pool #C72160, 7.50%, 10/01/32		8,251		8,901
Pool #A14012, 6.50%, 11/01/32		99,356		103,723
Pool #C73984, 6.50%, 12/01/32		13,362		13,949
Pool #C77531, 6.50%, 02/01/33		104,575		109,171
Pool #G01536, 7.00%, 03/01/33		96,147		100,997
Pool #A10212, 6.50%, 06/01/33		26,453		27,585
Pool #A16419, 6.50%, 11/01/33		58,852		61,371
Pool #A17177, 6.50%, 12/01/33		38,024		39,651
Pool #A16522, 6.50%, 12/01/33		389,192		405,847
Pool #A17262, 6.50%, 12/01/33		92,816		96,788
Pool #C01806, 7.00%, 01/01/34		87,702		92,125
Pool #C01851, 6.50%, 04/01/34		244,324		254,318
Pool #A21356, 6.50%, 04/01/34		245,672		255,721
Pool #A22067, 6.50%, 05/01/34		314,898		327,780
Pool #A24301, 6.50%, 05/01/34		163,760		170,458
Pool #A24988, 6.50%, 07/01/34		154,262		160,572
Pool #G01741, 6.50%, 10/01/34		175,573		183,289
Pool #G08023, 6.50%, 11/01/34		265,156		276,002
Pool #A33137, 6.50%, 01/01/35		72,875		75,856
Pool #G08064, 6.50%, 04/01/35		176,666		183,579
Pool #A31989, 6.50%, 04/01/35		93,329		96,981
Pool #A38817, 6.50%, 05/01/35		26,991		28,023
Pool #G01947, 7.00%, 05/01/35		144,249		152,711
Pool #A46279, 5.00%, 07/01/35		737,169		731,078
Pool #A46718, 4.50%, 08/01/35		1,139,651		1,099,085
Pool #A46671, 5.00%, 08/01/35		257,571		255,443
Pool #G01867, 5.00%, 08/01/35		5,744,051		5,696,585
Pool #G08072, 5.00%, 08/01/35		4,172,478		4,137,999
Pool #A36973, 5.00%, 08/01/35		400,012		396,706
Pool #A33015, 5.00%, 08/01/35		2,258,107		2,239,447
Pool #A36407, 5.00%, 08/01/35		294,084		291,654
Pool #A36609, 5.00%, 08/01/35		5,194,493		5,151,569
Pool #A36646, 5.00%, 08/01/35		14,956,483		14,832,891
Pool #G08073, 5.50%, 08/01/35		2,418,670		2,446,963
Pool #A47036, 4.50%, 09/01/35		360,750		347,909
Pool #A47055, 4.50%, 09/01/35		4,439,028		4,281,021
Pool #A37533, 4.50%, 09/01/35		283,493		273,402
Pool #A47039, 5.00%, 09/01/35		3,639,606		3,609,531
Pool #A37534, 5.00%, 09/01/35		4,187,725		4,153,120
Pool #A37567, 5.00%, 09/01/35		348,173		345,296
Pool #A37135, 5.50%, 09/01/35		4,244,640		4,294,292
Pool #A46935, 6.50%, 09/01/35		152,835		158,816
Pool #G01890, 4.50%, 10/01/35		721,354		695,677
Pool #G02045, 4.50%, 10/01/35		259,883		250,633
Pool #A38074, 5.00%, 10/01/35		751,441		745,232
Pool #A38255, 5.50%, 10/01/35		3,577,698		3,619,549
Pool #A38531, 5.50%, 10/01/35		4,234,122		4,283,651
Pool #A38667, 5.50%, 10/01/35		3,020,196		3,055,525
Pool #G08088, 6.50%, 10/01/35		920,133		956,141
Pool #G08109, 4.50%, 11/01/35		373,081		359,801
Pool #A47750, 5.00%, 11/01/35		2,574,602		2,553,327
Pool #A47753, 5.00%, 11/01/35		3,212,942		3,186,392
Pool #A39892, 5.00%, 11/01/35		256,590		254,470
Pool #A39258, 5.00%, 11/01/35		209,043		207,315
Pool #A39490, 5.00%, 11/01/35		368,523		365,477
Pool #G08095, 5.50%, 11/01/35		728,746		737,271
Pool #A39759, 5.50%, 11/01/35		240,087		242,896
Pool #A40141, 6.50%, 11/01/35		128,807		133,848
Pool #A47682, 6.50%, 11/01/35		746,181		775,382
Pool #A40182, 5.00%, 12/01/35		366,340		363,312
Pool #A40268, 5.00%, 12/01/35		298,843		296,373
Pool #A41041, 5.00%, 12/01/35		654,638		649,228
Pool #G01959, 5.00%, 12/01/35		3,428,658		3,400,326
Pool #A40376, 5.50%, 12/01/35		223,276		225,888
Pool #A42298, 4.50%, 01/01/36		427,030		411,830
Pool #G02220, 4.50%, 01/01/36		223,551		215,594
Pool #A41864, 5.00%, 01/01/36		304,979		302,459
Pool #A41326, 5.50%, 01/01/36		1,206,889		1,221,007
Pool #A41354, 5.50%, 01/01/36		7,833,070		7,924,698
Pool #A42305, 5.50%, 01/01/36		1,768,601		1,788,072
Pool #A42332, 5.50%, 01/01/36		411,734		416,551
Pool #G08105, 5.50%, 01/01/36		8,741,604		8,843,860
Pool #A41548, 7.00%, 01/01/36		338,147		356,649
Pool #G08111, 5.50%, 02/01/36		6,380,102		6,450,345
Pool #A43672, 6.50%, 02/01/36		66,811		69,365
Pool #A48303, 7.00%, 02/01/36		138,449		145,434
Pool #A43452, 5.50%, 03/01/36		202,094		204,319
Pool #A43757, 5.50%, 03/01/36		2,228,956		2,253,496
Pool #A43861, 5.50%, 03/01/36		4,886,789		4,940,591
Pool #G08116, 5.50%, 03/01/36		1,258,264		1,272,117
Pool #A43644, 6.50%, 03/01/36		162,084		168,280
Pool #A44534, 5.00%, 04/01/36		252,947		250,723
Pool #A44743, 5.00%, 04/01/36		216,180		214,394
Pool #A54580, 5.00%, 04/01/36		425,694		422,176
Pool #A48700, 4.50%, 05/01/36		172,303		166,127
Pool #G02186, 5.00%, 05/01/36		18,733,641		18,578,836
Pool #A48911, 5.50%, 05/01/36		714,979		722,851
Pool #A48976, 5.50%, 05/01/36		6,515,878		6,587,615
Pool #A48735, 5.50%, 05/01/36		516,716		522,404
Pool #G08130, 6.50%, 05/01/36		311,478		323,385
Pool #A49637, 5.00%, 06/01/36		1,032,845		1,023,765
Pool #A49653, 5.50%, 06/01/36		26,083,112		26,370,277
Pool #G08134, 5.50%, 06/01/36		715,151		723,025
Pool #A50139, 6.50%, 06/01/36		265,034		275,166
Pool #A49960, 7.00%, 06/01/36		51,819		54,434
Pool #A50832, 5.50%, 07/01/36		817,036		826,032
Pool #A50313, 5.50%, 07/01/36		627,910		634,823
Pool #A50714, 5.50%, 07/01/36		329,993		333,626
Pool #G08139, 5.50%, 07/01/36		1,482,961		1,499,288
Pool #G08141, 6.50%, 07/01/36		1,159,919		1,204,260
Pool #A51078, 5.50%, 08/01/36		321,652		325,193
Pool #A51250, 6.50%, 08/01/36		848,631		881,071
Pool #A51337, 6.50%, 08/01/36		250,419		259,992
Pool #G02267, 6.50%, 08/01/36		1,799,344		1,868,127
Pool #A52253, 6.50%, 09/01/36		263,151		273,211
Pool #G02375, 6.50%, 09/01/36		960,809		997,538
Pool #G02342, 5.00%, 10/01/36		1,487,643		1,474,565
Pool #A53040, 5.50%, 10/01/36		1,225,140		1,238,628
Pool #A53286, 5.50%, 10/01/36		1,204,965		1,218,231

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
U.S. Government Mortgage Backed Agencies (continued)
Pool #A53632, 6.00%, 10/01/36	$	1,053,214	$	1,081,306
Pool #A53039, 6.50%, 10/01/36		445,966		463,014
Pool #A53219, 6.50%, 10/01/36		513,107		532,722
Pool #A55587, 5.50%, 12/01/36		429,747		434,478
Freddie Mac Non Gold Pool
Pool #1G2652, 5.74%, 04/01/37(a)		4,999,234		5,053,897
Pool #1J1593, 5.74%, 04/01/37(a)		10,234,073		10,432,074
Pool #1J1594, 5.88%, 04/01/37(a)		11,147,335		11,355,929
Pool #1G1945, 5.73%, 05/01/37		9,976,584		10,158,271
Ginnie Mae I pool
Pool #279461, 9.00%, 11/15/19		3,108		3,409
Pool #376510, 7.00%, 05/15/24		9,165		9,815
Pool #457801, 7.00%, 08/15/28		14,458		15,467
Pool #486936, 6.50%, 02/15/29		10,361		10,835
Pool #490258, 6.50%, 02/15/29		2,263		2,367
Pool #502969, 6.00%, 03/15/29		30,601		31,747
Pool #487053, 7.00%, 03/15/29		12,839		13,730
Pool #781014, 6.00%, 04/15/29		29,335		30,436
Pool #509099, 7.00%, 06/15/29		7,396		7,909
Pool #470643, 7.00%, 07/15/29		19,524		20,879
Pool #434505, 7.50%, 08/15/29		2,333		2,514
Pool #416538, 7.00%, 10/15/29		3,474		3,716
Pool #524269, 8.00%, 11/15/29		10,834		11,886
Pool #781124, 7.00%, 12/15/29		53,533		57,259
Pool #525561, 8.00%, 01/15/30		4,215		4,626
Pool #507396, 7.50%, 09/15/30		105,322		113,480
Pool #531352, 7.50%, 09/15/30		14,067		15,157
Pool #536334, 7.50%, 10/15/30		1,237		1,333
Pool #540659, 7.00%, 01/15/31		1,193		1,275
Pool #486019, 7.50%, 01/15/31		4,682		5,042
Pool #535388, 7.50%, 01/15/31		5,373		5,787
Pool #537406, 7.50%, 02/15/31		4,216		4,540
Pool #528589, 6.50%, 03/15/31		93,306		97,515
Pool #508473, 7.50%, 04/15/31		19,589		21,098
Pool #544470, 8.00%, 04/15/31		4,524		4,965
Pool #781287, 7.00%, 05/15/31		31,286		33,443
Pool #549742, 7.00%, 07/15/31		11,936		12,749
Pool #781319, 7.00%, 07/15/31		9,967		10,649
Pool #485879, 7.00%, 08/15/31		30,346		32,413
Pool #572554, 6.50%, 09/15/31		214,174		223,835
Pool #555125, 7.00%, 09/15/31		5,272		5,631
Pool #781328, 7.00%, 09/15/31		28,966		30,965
Pool #550991, 6.50%, 10/15/31		14,794		15,462
Pool #571267, 7.00%, 10/15/31		3,862		4,125
Pool #547948, 6.50%, 11/15/31		9,999		10,450
Pool #574837, 7.50%, 11/15/31		6,715		7,232
Pool #555171, 6.50%, 12/15/31		4,886		5,107
Pool #781380, 7.50%, 12/15/31		8,978		9,533
Pool #781481, 7.50%, 01/15/32		48,976		52,774
Pool #580972, 6.50%, 02/15/32		8,996		9,390
Pool #781401, 7.50%, 02/15/32		25,762		27,753
Pool #781916, 6.50%, 03/15/32		580,820		606,476
Pool #552474, 7.00%, 03/15/32		18,816		20,095
Pool #781478, 7.50%, 03/15/32		15,538		16,743
Pool #781429, 8.00%, 03/15/32		22,897		25,128
Pool #781431, 7.00%, 04/15/32		111,130		118,699
Pool #568715, 7.00%, 05/15/32		84,667		90,424
Pool #552616, 7.00%, 06/15/32		101,711		108,627
Pool #570022, 7.00%, 07/15/32		155,300		165,860
Pool #583645, 8.00%, 07/15/32		13,287		14,583
Pool #595077, 6.00%, 10/15/32		90,291		93,561
Pool #596657, 7.00%, 10/15/32		7,269		7,764
Pool #552903, 6.50%, 11/15/32		489,826		511,243
Pool #552952, 6.00%, 12/15/32		84,565		87,628
Pool #602102, 6.00%, 02/15/33		112,395		116,407
Pool #588192, 6.00%, 02/15/33		46,839		48,511
Pool #603520, 6.00%, 03/15/33		109,884		113,806
Pool #553144, 5.50%, 04/15/33		315,189		322,207
Pool #604243, 6.00%, 04/15/33		193,509		200,416
Pool #611526, 6.00%, 05/15/33		86,343		89,425
Pool #631924, 6.00%, 05/15/33		149,633		154,974
Pool #553320, 6.00%, 06/15/33		173,394		179,584
Pool #572733, 6.00%, 07/15/33		42,944		44,477
Pool #573916, 6.00%, 11/15/33		190,231		197,021
Pool #604788, 6.50%, 11/15/33		347,129		362,069
Pool #604875, 6.00%, 12/15/33		376,305		389,737
Pool #781688, 6.00%, 12/15/33		346,435		358,890
Pool #781690, 6.00%, 12/15/33		148,194		153,541
Pool #781699, 7.00%, 12/15/33		57,169		61,070
Pool #621856, 6.00%, 01/15/34		167,558		173,408
Pool #564799, 6.00%, 03/15/34		769,007		795,859
Pool #630038, 6.50%, 08/15/34		286,687		298,905
Pool #781804, 6.00%, 09/15/34		534,604		553,182
Pool #781847, 6.00%, 12/15/34		470,605		486,845
Pool #486921, 5.50%, 02/15/35		194,085		198,204
Pool #781902, 6.00%, 02/15/35		457,972		473,703
Pool #781905, 5.00%, 04/15/35		1,139,627		1,141,246
Pool #781933, 6.00%, 06/15/35		84,039		86,899
Pool #646799, 4.50%, 07/15/35		217,507		211,390
Pool #645035, 5.00%, 07/15/35		220,589		220,889
Pool #641734, 4.50%, 09/15/35		1,312,048		1,275,150
Pool #641779, 5.00%, 09/15/35		4,664,108		4,670,463
Pool #649454, 5.50%, 09/15/35		1,893,182		1,934,418
Pool #649510, 5.50%, 10/15/35		2,776,480		2,836,956
Pool #649513, 5.50%, 10/15/35		3,597,622		3,675,984
Pool #602461, 5.00%, 12/15/35		206,785		207,067
Pool #648439, 5.00%, 01/15/36		404,379		404,877
Pool #650712, 5.00%, 01/15/36		531,618		532,272
Pool #652207, 5.50%, 03/15/36		3,405,294		3,478,151
Pool #652539, 5.00%, 05/15/36		245,865		246,168
Pool #655519, 5.00%, 05/15/36		487,780		488,380
Pool #606308, 5.50%, 05/15/36		600,250		613,092
Pool #606314, 5.50%, 05/15/36		264,502		270,161
Pool #653598, 5.50%, 05/15/36		895,237		914,391
Pool #655457, 6.00%, 05/15/36		230,591		238,332
Pool #635306, 6.00%, 06/15/36		1,363,632		1,409,335
Pool #656666, 6.00%, 06/15/36		1,310,876		1,354,811
Pool #657912, 6.50%, 08/15/36		357,750		372,284
Total U.S. Government Mortgage Backed Agencies				678,723,358
Yankee Dollars (2.1%)
Airline (0.0%)(b)
Qantas Airways Ltd., 6.05%, 04/15/16		177,000		189,048
Banks (0.4%)
HBOS PLC, 5.46%, 11/29/49(b)		354,000		303,803
HSBC Holdings PLC, 7.50%, 07/15/09		563,000		582,914
National Australia Bank Ltd., 8.60%, 05/19/10		177,000		191,142

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Yankee Dollars (continued)
Banks (continued)
Royal Bank of Scotland Group PLC
5.00%, 11/12/13	$	236,000	$	244,158
5.05%, 01/08/15		316,000		313,255
4.70%, 07/03/18		472,000		411,652
Santander Central Hispano Issuances Ltd.
7.63%, 11/03/09		2,714,000		2,903,041
7.63%, 09/14/10		59,000		64,896
St. George Bank Ltd., 5.30%, 10/15/15(b)		236,000		241,771
UBS AG, 5.88%, 07/15/16		1,121,000		1,159,520
Westpac Banking Corp., 4.63%, 06/01/18		147,000		143,441
				6,559,593
Building Products (0.0%)
Lafarge SA, 6.50%, 07/15/16		265,000		262,133
Chemicals (0.0%)(b)
Yara International ASA, 5.25%, 12/15/14		147,000		144,709
Diversified Manufacturing (0.0%)
AstraZeneca PLC, 5.40%, 06/01/14		295,000		313,531
Celulosa Arauco y Constitucion SA, 5.13%, 07/09/13		177,000		176,961
				490,492
Insurance (0.1%)
Montpelier Re Holdings Ltd., 6.13%, 08/15/13		74,000		74,873
XL Capital Ltd., 5.25%, 09/15/14		779,000		709,547
				784,420
Media (0.0%)
British Sky Broadcasting Group PLC, 8.20%, 07/15/09		221,000		227,284
Metals & Mining (0.1%)
Alcan, Inc.
6.45%, 03/15/11		44,000		46,841
4.50%, 05/15/13		372,000		364,828
5.00%, 06/01/15		295,000		289,808
5.75%, 06/01/35		206,000		186,635
Corp Nacional del Cobre de Chile — CODELCO, 6.38%, 11/30/12(c)		120,000		131,153
Inco Ltd., 7.75%, 05/15/12		177,000		195,448
Placer Dome, Inc., 6.38%, 03/01/33		139,000		132,857
Potash Corp. of Saskatchewan
7.75%, 05/31/11		41,000		45,596
4.88%, 03/01/13		165,000		167,926
Teck Cominco Ltd., 6.13%, 10/01/35		147,000		125,668
Xstrata Canada Corp., 6.20%, 06/15/35		177,000		155,926
				1,842,686
Oil, Gas & Consumable Fuels (0.3%)
Canadian Natural Resources Ltd., 4.90%, 12/01/14		280,000		275,302
Enbridge, Inc., 5.60%, 04/01/17		1,500,000		1,507,356
EnCana Corp.
4.75%, 10/15/13		339,000		329,078
6.50%, 08/15/34		350,000		352,923
Nexen, Inc.
5.05%, 11/20/13		295,000		296,589
5.20%, 03/10/15		350,000		343,407
5.88%, 03/10/35		133,000		121,033
6.40%, 05/15/37		350,000		335,174
Petro-Canada, 5.95%, 05/15/35		271,000		244,693
PTT PCL, 5.88%, 08/03/35(b)		177,000		151,108
Talisman Energy, Inc. 7.25%, 10/15/27		133,000		136,035
5.75%, 05/15/35		350,000		303,852
				4,396,550
Oilfield Machinery & Services (0.0%)
Transocean, Inc., 7.50%, 04/15/31		177,000		195,049
Other Financial (0.7%)
Anadarko Finance Co.
6.75%, 05/01/11		118,000		126,037
7.50%, 05/01/31		298,000		335,278
Apache Finance Canada Corp., 4.38%, 05/15/15		487,000		479,593
BHP Billiton Finance USA Ltd.
4.80%, 04/15/13		236,000		235,770
6.42%, 03/01/26		80,000		75,430
Brookfield Asset Management, Inc., 5.75%, 03/01/10		180,000		179,938
BSKYB Finance UK PLC, 5.63%, 10/15/15(b)		147,000		146,952
Burlington Resources Finance Co
6.40%, 08/15/11		124,000		134,730
6.50%, 12/01/11		206,000		225,086
CIT Group Funding Co. of Canada, 5.20%, 06/01/15		177,000		132,393
Conoco Funding Co., 6.35%, 10/15/11		767,000		835,671
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16		365,000		382,490
Deutsche Bank Financial LLC, 5.38%, 03/02/15		177,000		179,860
Deutsche Telekom International Finance BV
5.25%, 07/22/13		737,000		727,963
5.75%, 03/23/16		1,177,000		1,163,669
8.25%, 06/15/30		369,000		442,647
Diageo Capital PLC, 7.25%, 11/01/09		350,000		369,533
EnCana Holdings Finance Corp., 5.80%, 05/01/14		634,000		669,787
Hanson Australia Funding Ltd., 5.25%, 03/15/13		265,000		266,505
Inversiones CMPC SA, 4.88%, 06/18/13(b)		177,000		177,771
Oesterreichische Kontrollbank AG
4.50%, 03/09/15		236,000		250,144
4.88%, 02/16/16		350,000		374,387
Telecom Italia Capital SA
6.20%, 07/18/11		206,000		204,362
5.25%, 11/15/13		590,000		551,290
4.95%, 09/30/14		295,000		268,468
5.25%, 10/01/15		940,000		853,996
6.00%, 09/30/34		230,000		194,393
UFJ Finance Aruba AEC, 6.75%, 07/15/13		354,000		393,781
				10,377,924
Other Utilities (0.1%)
Hydro Quebec
8.40%, 01/15/22		220,000		300,974
8.88%, 03/01/26		156,000		225,005

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Bond Index

	Principal
	Amount		Value
Yankee Dollars (continued)
Other Utilities (continued)
Scottish Power PLC, 5.81%, 03/15/25	$	118,000	$	108,761
				634,740
Publishing (0.0%)
Thomson Corp. (The), 4.25%, 08/15/09		251,000		250,738
Road & Rail (0.1%)
Canadian National Railway Co.
4.40%, 03/15/13		1,035,000		1,025,094
6.90%, 07/15/28		242,000		258,957
6.20%, 06/01/36		236,000		227,381
				1,511,432
Service Company (0.0%)(b)
SPI Electricity & Gas Australia Holdings Pty Ltd., 6.15%, 11/15/13		189,000		197,001
Telecommunications (0.3%)
America Movil SAB de CV
5.75%, 01/15/15		295,000		298,435
6.38%, 03/01/35		177,000		171,291
British Telecommunications PLC
8.35%, 12/15/10		1,280,000		1,407,698
9.15%, 12/15/30		559,000		694,264
France Telecom SA, 3,111.00%, 03/01/11		383,000		415,303
Royal KPN NV, 8.00%, 10/01/10		310,000		332,864
Telefonos de Mexico SAB de CV, 5.50%, 01/27/15		236,000		232,299
Vodafone Group PLC
7.75%, 02/15/10		383,000		405,892
5.00%, 12/16/13		664,000		650,485
7.88%, 02/15/30		206,000		226,421
				4,834,952
Total Yankee Dollars				32,898,751
Repurchase Agreements (0.7%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $6,353,789, collateralized by U.S. Government Agency Mortgages with a market value of
$6,480,397		6,353,330		6,353,330
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $3,982,975, collateralized by U.S. Government Agency Mortgages with a market value of
$4,062,341		3,982,687		3,982,687
Total Repurchase Agreements				10,336,017
Total Investments (Cost $1,667,336,235) (d) — 109.4%				1,693,423,232
Liabilities in excess of other assets — (9.4)%				(145,538,968	)
NET ASSETS — 100.0%			$	1,547,884,264

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(b)	Illiquid security.
(c)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(d)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
JP	Japan
LP	Limited Partnership
REIT	Real Estate Investment Trust
TBA	To Be Announced.
TW	Taiwan
UK	United Kingdom
ULC	Unlimited Liability Co.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Enhanced Income

	Principal
	Amount		Value
Asset-Backed Securities (51.1%)
Auto Loans (20.0%)
AmeriCredit Automobile Receivables Trust, Series 2005-CF, Class A3, 4.47%, 05/06/10	$	444,407	$	444,640
Banc of America Securities Auto Trust, Series 2006-G1, Class A3, 5.18%, 06/18/10		2,500,000		2,524,820
Capital Auto Receivables Asset Trust
Series 2004-2, Class A4, 3.75%, 07/15/09		2,500,000		2,504,788
Series 2006-2, Class A3A, 4.98%, 05/15/11		2,500,000		2,528,429
Chase Manhattan Auto Owner Trust, Series 2005-B, Class A4, 4.88%, 06/15/12		1,500,000		1,514,698
Daimler Chrysler Auto Trust
Series 2005-B, Class A3, 4.04%, 09/08/09		462,795		463,167
Series 2006-D, Class A3, 4.98%, 02/08/11		2,200,000		2,226,506
Series 2007-A, Class A2A, 5.01%, 03/08/11		1,000,000		1,011,243
Ford Credit Auto Owner Trust
Series 2005-B, Class A4, 4.38%, 01/15/10		1,375,447		1,376,751
Series 2006-A, Class A3, 5.05%, 03/15/10		1,776,341		1,789,059
Series 2007-B, Class A2A, 5.26%, 06/15/10		1,500,000		1,521,631
Honda Auto Receivables Owner Trust
Series 2007-2, Class A2, 5.41%, 11/23/09		1,760,160		1,773,992
Series 2005-3, Class A4, 4.03%, 12/20/10		2,150,000		2,155,342
Household Automotive Trust,, Series 2005-3, Class A3, 4.80%, 10/18/10		1,758,690		1,765,325
Nissan Auto Receivables Owner Trust, Series 2006-A, Class A3, 1,730.10%, 09/15/09		1,233,903		1,240,078
USAA Auto Owner Trust,, Series 2008-1, Class A2, 4.27%, 10/15/10		2,000,000		2,012,703
Volkswagen Auto Loan Enhanced Trust, Series 2005-1, Class A4, 4.86%, 04/20/12		3,335,000		3,372,642
Wachovia Auto Owner Trust, Series 2006-A, Class A3, 5.35%, 02/22/11		1,558,206		1,573,268
WFS Financial Owner Trust
Series 2004-3, Class A4, 3.86%, 02/17/12		1,865,957		1,871,131
Series 2005-2, Class A4, 4.39%, 11/19/12		3,905,217		3,922,721
World Omni Auto Receivables Trust, Series 2007-B, Class A2A, 5.46%, 02/16/10		1,500,000		1,512,686
				39,105,620
Credit Card Loans (12.8%)
American Express Credit Account Master Trust, Series 2004-3, Class A, 4.35%, 12/15/11		3,120,000		3,158,485
Bank One Issuance Trust
Series 2003-A7, Class A7, 3.35%, 03/15/11		2,759,000		2,759,000
Series 2004-A1, Class A1, 3.45%, 10/17/11		2,500,000		2,502,650
Capital One Master Trust, Series 1998-1, Class A, 6.31%, 06/15/11		2,500,000		2,503,316
Capital One Multi-Asset Execution Trust, Series 2003-A4, Class A4, 3.65%, 07/15/11		2,830,001		2,835,501
Citibank Credit Card Issuance Trust, Series 2006-A2, Class A2, 4.85%, 02/10/11		2,440,000		2,473,383
Citibank Credit Card Master Trust I, Series 1999-2, Class A, 5.88%, 03/10/11		2,500,000		2,560,988
MBNA Credit Card Master Note Trust
Series 2005-A1, Class A1, 4.20%, 09/15/10		3,633,001		3,634,905
Series 2003-A6, Class A6, 2.75%, 10/15/10		2,500,000		2,499,769
				24,927,997
Equipment Loans (5.9%)
Caterpillar Financial Asset Trust
Series 2007-A, Class A2A, 5.40%, 04/26/10		1,500,000		1,511,932
Series 2006-A, Class A3, 5.57%, 05/25/10		1,682,505		1,700,763
CIT Equipment Collateral
Series 2006-VT1, Class A3, 5.13%, 02/20/09		1,370,952		1,378,850
Series 2006-VT1, Class A4, 5.16%, 03/20/09		2,500,000		2,529,519
GE Equipment Midticket LLC, Series 2007-1 , Class A2A, 4.58%, 05/14/10		2,500,000		2,521,094
John Deere Owner Trust, Series 2005-A, Class A3, 3.98%, 06/15/09		17,490		17,499
MBNA Practice Solutions Owner Trust, Series 2005-2, Class A3, 4.34%, 06/15/11(a)		1,834,151		1,841,890
				11,501,547
Home Equity Loans (1.9%)
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-6, Class 1A3, 3.34%, 05/25/26		393,898		392,671
Series 2003-3, Class 1A4, 3.30%, 11/25/29		535,157		531,619
Citicorp Residential Mortgage Securities, Inc., Series 2006-1, Class A1, 5.96%, 07/25/36		864,272		856,381
Countrywide Asset-Backed Certificates, Series 2005-7, Class AF2, 4.37%, 11/25/35		845,623		841,550
FHLMC Structured Pass Through Securities, Series T-50, Class A7, 5.05%, 10/27/31(b)		1,103,000		1,102,087
Residential Funding Mortgage Securities II, Inc., Series 2004-HS1, Class AI3, 2.68%, 01/25/19		28,001		27,711
				3,752,019

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Enhanced Income

	Principal
	Amount		Value
Asset-Backed Securities (continued)
Utility Loans (10.5%)
AEP Texas Central Transition Funding LLC, 4.98%, 01/01/10	$	2,550,258	$	2,594,984
CenterPoint Energy Transition Bond Co. LLC, Series 2001-1, Class A3, 5.16%, 09/15/11		2,051,731		2,089,188
CPL Transition Funding LLC, Series 2002-1, Class A3, 5.56%, 01/15/12		2,500,000		2,584,177
FPL Recovery Funding LLC, Series 2007-A, Class A1, 5.05%, 02/01/13		2,329,647		2,376,310
Oncor Electric Delivery Transition Bond Co., Series 2003-1, Class A2, 4.03%, 02/15/12		1,847,941		1,864,480
Peco Energy Transition Trust, Series 1999-A, Class A7, 6.13%, 03/01/09		1,208,328		1,223,061
PG&E Energy Recovery Funding LLC
Series 2005-1, Class A2, 3.87%, 06/25/11		1,441,792		1,447,837
Series 2005-2, Class A1, 4.85%, 06/25/11		1,744,310		1,761,394
PP&L Transition Bond Co LLC, Series 1999-1, Class A8, 7.15%, 06/25/09		1,229,162		1,252,325
Public Service New Hampshire Funding LLC, Series 2001-1, Class A2, 5.73%, 11/01/10		954,192		961,439
TXU Electric Delivery Transition Bond Co. LLC, Series 2004-1, Class A1, 3.52%, 11/15/11		2,319,411		2,343,394
				20,498,589
Total Asset-Backed Securities				99,785,772
Corporate Bonds (21.5%)
Banks (6.2%)
Bank One Corp., 6.00%, 02/17/09		2,500,000		2,538,907
M&I Marshall & Ilsley Bank, 4.50%, 08/25/08		2,000,000		1,992,978
US Bancorp, 5.30%, 04/28/09		2,500,000		2,546,352
Wachovia Corp., 3.50%, 08/15/08		2,500,000		2,496,945
Wells Fargo & Co., 3.50%, 04/04/08		2,500,000		2,499,978
				12,075,160
Beverages (1.3%)(a)
Pepsi Bottling Holdings, Inc., 5.63%, 02/17/09		2,500,000		2,550,598
Diversified Financial Services (3.8%)
Bear Stearns Cos, Inc. (The), 2.88%, 07/02/08		2,500,000		2,438,988
Lehman Brothers Holdings, Inc., 3.50%, 08/07/08		2,500,000		2,461,700
Morgan Stanley, 3.88%, 01/15/09		2,500,000		2,499,035
				7,399,723
Insurance (1.3%)
Genworth Financial, Inc., 5.23%, 05/16/09		2,500,000		2,521,860
Machinery (1.3%)
Caterpillar, Inc., 7.25%, 09/15/09		2,500,000		2,642,015
Other Financial (6.3%)
AIG SunAmerica Global Financing VII, 5.85%, 08/01/08(a)		2,225,000		2,235,622
Associates Corp. of North America, 6.25%, 11/01/08		2,500,000		2,526,715
General Electric Capital Corp., 3.60%, 10/15/08		2,500,000		2,501,090
HSBC Finance Corp., 6.40%, 06/17/08		2,500,000		2,511,192
Monumental Global Funding II, 3.90%, 06/15/09(a)		2,500,000		2,494,203
				12,268,822
Telecommunications (1.3%)
BellSouth Corp., 4.20%, 09/15/09		2,540,000		2,556,797
Total Corporate Bonds				42,014,975
Commercial Mortgage Backed Securities (13.1%)
Asset Securitization Corp., Series 1996-D3, Class A1C, 7.40%, 10/13/26		307,256		312,484
Bear Stearns Commercial Mortgage Securities
Series 2001-TOP2, Class A1, 6.08%, 02/15/35		309,269		311,488
Series 2004-T14, Class A2, 4.17%, 01/12/41(b)		2,339,883		2,320,369
Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A1, 3.79%, 10/15/41		1,162,325		1,153,197
Commercial Mortgage Asset Trust, Series 1999-1, Class G, 6.64%, 01/17/32		2,815,440		2,845,033
Commercial Mortgage Pass Through Certificates, Series 1999-1, Class A2, 6.46%, 05/15/32		1,642,152		1,642,219
CS First Boston Mortgage Securities Corp., Series 2003-C4, Class A2, 3.91%, 08/15/36		2,504,856		2,489,062
First Union National Bank Commercial Mortgage, Series 2001-C4, Class A1, 5.67%, 12/12/33		1,600,929		1,605,272
GMAC Commercial Mortgage Securities, Inc., Series 2003-C3, Class A2, 4.22%, 04/10/40		2,500,000		2,472,677
Greenwich Capital Commercial Funding Corp., Series 2004-GG1 , Class A3, 4.34%, 06/10/36		1,961,516		1,948,177
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-PNC1, Class A1, 2.80%, 06/12/41		1,063,008		1,052,201
LB-UBS Commercial Mortgage Trust
Series 2001-C7, Class A2, 5.53%, 12/15/25		689,421		689,310
Series 2002-C1, Class A2, 5.97%, 03/15/26		980,256		981,256
Series 2002-C2, Class A2, 4.90%, 06/15/26(b)		1,062,308		1,060,409
Series 2003-C5, Class A2, 3.48%, 07/15/27		1,721,137		1,712,358

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Enhanced Income

	Principal
	Amount		Value
Commercial Mortgage Backed Securities (continued)
Nomura Asset Securities Corp., Series 1998-D6, Class A1B, 6.59%, 03/15/30	$	499,209	$	500,254
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.38%, 10/15/41		2,554,631		2,522,055
Total Commercial Mortgage Backed Securities				25,617,821
Collateralized Mortgage Obligations (5.3%)
Fannie Mae REMICS
Series 2004-34, Class PL, 3.50%, 05/25/14		710,653		710,318
Series 2003-57, Class NB, 3.00%, 06/25/18		505,310		493,045
Series 2003-7, Class NB, 3.25%, 08/25/18		405,625		401,561
Series 2003-75, Class AN, 3.50%, 03/25/33		372,662		359,537
Freddie Mac REMICS
Series 2611, Class KC, 3.50%, 01/15/17		553,151		551,556
Series 2664, Class GA, 4.50%, 01/15/18		596,617		605,855
Series 2613, Class PA, 3.25%, 05/15/18		650,628		634,391
Series 2630, Class JA, 3.00%, 06/15/18		555,492		550,586
Series 2928, Class NA, 5.00%, 11/15/19		481,316		481,666
Government National Mortgage Association
Series 2003-49, Class A, 2.21%, 10/16/17		2,753,142		2,723,253
Series 2004-103, Class A, 3.88%, 12/16/19		2,334,723		2,337,554
Residential Funding Mortgage Securities I, Series 2003-S11, Class A1, 2.50%, 06/25/18		496,787		480,315
Total Collateralized Mortgage Obligations				10,329,637
U.S. Government Sponsored & Agency Obligations (4.2%)
Federal Home Loan Bank System, 5.13%, 07/30/08		2,500,000		2,522,087
U.S. Treasury Notes, 4.63%, 09/30/08		2,759,000		2,802,755
United States Treasury Note, 4.88%, 08/31/08		2,759,000		2,797,797
Total U.S. Government Sponsored & Agency Obligations				8,122,639
U.S. Government Sponsored Mortgage-Backed Obligations (0.7%)
Fannie Mae Pool
Pool #190255, 6.50%, 02/01/09		11,922		12,041
Pool #254256, 5.50%, 04/01/09		21,256		21,616
Pool # 253845, 6.00%, 06/01/16		113,525		117,180
Pool #254089, 6.00%, 12/01/16		177,829		183,553
Pool #545415, 6.00%, 01/01/17		154,846		159,831
Pool #254195, 5.50%, 02/01/17		371,649		381,475
Pool #625178, 5.50%, 02/01/17		332,777		341,575
Freddie Mac Gold Pool
Pool #E00678, 6.50%, 06/01/14		69,425		72,802
Pool #E00991, 6.00%, 07/01/16		91,362		94,279
Total U.S. Government Sponsored Mortgage-Backed Obligations				1,384,352
Repurchase Agreements (3.8%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $4,523,995, collateralized by U.S. Government Agency Mortgages with a market value of $4,614,142		4,523,668		4,523,668
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $2,835,939, collateralized by U.S. Government Agency Mortgages with a market value of $2,892,449		2,835,735		2,835,735
Total Repurchase Agreements				7,359,403
Total Investments
(Cost $193,267,769) (c) — 99.7%				194,614,599
Other assets in excess of liabilities — 0.3%				568,899
NET ASSETS — 100.0%			$	195,183,498

(a)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (96.7%)
Australia (6.1%)
Air Freight & Logistics (0.1%)(a)
Toll Holdings Ltd.		15,579	$	143,361
Airline (0.0%)(a)
Qantas Airways Ltd.		27,202		97,965
Beverages (0.1%)(a)
Coca-Cola Amatil Ltd.		15,213		118,375
Foster’s Group Ltd.		54,313		254,522
Lion Nathan Ltd.		8,675		69,501
				442,398
Biotechnology (0.2%)(a)
CSL Ltd.		15,369		520,871
Capital Markets (0.1%)
Macquarie Group Ltd.		7,620		367,754
Perpetual Ltd.(a)		518		25,562
				393,316
Chemicals (0.1%)(a)
Incitec Pivot Ltd.		1,421		183,686
Orica Ltd.		8,296		221,567
				405,253
Commercial Banks (1.4%)(a)
Australia & New Zealand Banking Group Ltd.		51,929		1,077,323
Bendigo Bank Ltd.		5,660		61,748
Commonwealth Bank of Australia		36,454		1,400,501
National Australia Bank Ltd.		45,129		1,247,796
St George Bank Ltd.		7,622		180,104
Westpac Banking Corp.		51,867		1,131,766
				5,099,238
Commercial Services & Supplies (0.1%)(a)
Brambles Ltd.		37,038		338,466
Downer EDI Ltd.		5,739		32,886
				371,352
Construction & Engineering (0.1%)(a)
Boart Longyear Group		33,427		56,078
Leighton Holdings Ltd.		3,933		154,730
				210,808
Construction Materials (0.1%)(a)
Boral Ltd.		17,435		100,146
James Hardie Industries NV		11,713		67,054
				167,200
Containers & Packaging (0.1%)(a)
Amcor Ltd.		24,944		163,183
Distributor (0.0%)(a)
Pacific Brands Ltd.		7,537		13,995
Diversified Consumer Services (0.0%)(a)
ABC Learning Centres Ltd.		12,880		16,576
Diversified Financial Services (0.1%)(a)
ASX Ltd.		4,857		167,207
Babcock & Brown Ltd.		6,770		91,745
Challenger Financial Services Group Ltd.		11,389		19,185
				278,137
Diversified Telecommunication Services (0.1%)(a)
Telstra Corp. Ltd.		78,877		317,919
Telstra Corp. Ltd., Institutional Receipts		31,563		81,353
				399,272
Energy Equipment & Services (0.0%)(a)
WorleyParsons Ltd.		4,240		129,925
Food & Staples Retailing (0.5%)
Wesfarmers Ltd.(a)		14,935		549,035
Wesfarmers Ltd. — PPS		3,607		132,682
Woolworths Ltd.(a)		33,805		898,944
				1,580,661
Food Products (0.0%)(a)
Goodman Fielder Ltd.		23,837		39,367
Health Care Equipment & Supplies (0.0%)(a)
Ansell Ltd.		2,262		24,128
Cochlear Ltd.		1,605		80,731
				104,859
Health Care Providers & Services (0.0%)(a)
Sonic Healthcare Ltd.		8,142		102,585
Hotels, Restaurants & Leisure (0.1%)
Aristocrat Leisure Ltd.(a)		9,936		87,446
Crown Ltd.*		12,863		123,406
TABCORP Holdings Ltd.(a)		14,868		192,839
Tatts Group Ltd.(a)		23,247		74,327
				478,018
Industrial Conglomerate (0.0%)(a)
CSR Ltd.		27,999		82,167
Insurance (0.4%)(a)
AMP Ltd.		49,921		359,242
AXA Asia Pacific Holdings Ltd.		24,501		123,679
Insurance Australia Group Ltd.		51,799		174,317
QBE Insurance Group Ltd.		24,747		506,220
Suncorp-Metway Ltd.		26,152		309,847
				1,473,305
IT Services (0.0%)(a)
Computershare Ltd.		10,873		87,129
Media (0.1%)(a)
Fairfax Media Ltd.		34,795		110,994
Macquarie Communications Infrastructure Group		5,316		20,499
				131,493
Metals & Mining (1.5%)(a)
Alumina Ltd.		32,154		164,549
BHP Billiton Ltd.		92,340		3,033,724
BlueScope Steel Ltd.		20,971		190,149
Fortescue Metals Group Ltd.*		32,596		194,598
Iluka Resources Ltd.		5,250		22,558
Newcrest Mining Ltd.		12,645		383,673
OneSteel Ltd.		21,124		123,655
Oxiana Ltd.		39,391		114,583
Rio Tinto Ltd.		7,821		878,387
Sims Group Ltd.		4,447		120,994
Zinifex Ltd.		13,821		126,147
				5,353,017
Multi-Utility (0.0%)(a)
AGL Energy Ltd.		11,248		113,714
Multiline Retail (0.0%)(a)
Harvey Norman Holdings Ltd.		15,849		56,889

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Australia (continued)
Oil, Gas & Consumable Fuels (0.3%)(a)
Caltex Australia Ltd.		3,008	$	35,899
Origin Energy Ltd.		24,782		207,557
Paladin Energy Ltd.*		15,331		71,367
Santos Ltd.		16,569		220,297
Woodside Petroleum Ltd.		13,466		669,045
				1,204,165
Paper & Forest Products (0.0%)(a)
PaperlinX Ltd.		342		863
Real Estate Investment Trusts (REITs) (0.5%)(a)
CFS Retail Property Trust		42,111		83,759
Commonwealth Property Office Fund		25,245		30,750
Dexus Property Group		67,837		104,872
Goodman Group		41,412		164,063
GPT Group		59,717		178,708
ING Industrial Fund		15,519		30,370
Macquarie Office Trust		28,199		23,500
Mirvac Group		29,999		110,733
Stockland		40,862		262,346
Westfield Group		48,688		797,256
				1,786,357
Real Estate Management & Development (0.0%)(a)
Lend Lease Corp. Ltd.		9,581		116,424
Road & Rail (0.0%)(a)
Asciano Group		16,465		60,436
Textiles, Apparel & Luxury Goods (0.0%)(a)
Billabong International Ltd.		4,950		58,912
Transportation Infrastructure (0.1%)(a)
Macquarie Airports		15,023		44,644
Macquarie Infrastructure Group		69,704		177,874
Transurban Group		30,730		182,822
				405,340
				22,088,551
Austria (0.6%)(a)
Building Products (0.0%)
Wienerberger AG		2,367		125,513
Commercial Banks (0.2%)
Erste Bank der Oesterreichischen Sparkassen AG		5,505		357,034
Raiffeisen International Bank Holding AG		1,580		215,529
				572,563
Construction Materials (0.0%)
RHI AG*		247		9,943
Diversified Telecommunication Services (0.1%)
Telekom Austria AG		10,082		208,234
Electric Utility (0.0%)
Verbund — Oesterreichische Elektrizitaetswirtschafts AG, Class A		2,207		156,965
Hotels, Restaurants & Leisure (0.0%)
bwin Interactive Entertainment AG*		483		15,888
Insurance (0.0%)
Vienna Insurance Group		599		45,905
Machinery (0.0%)
Andritz AG		1,202		65,921
Metals & Mining (0.1%)
Voestalpine AG		3,358		233,500
Oil, Gas & Consumable Fuels (0.1%)
OMV AG		4,767		315,043
Real Estate Management & Development (0.1%)
Immoeast AG*		12,405		119,399
IMMOFINANZ AG		13,554		146,901
Meinl European Land Ltd.*		6,651		75,626
				341,926
				2,091,401
Belgium (1.3%)(a)
Beverages (0.1%)
InBev NV		5,312		466,252
Chemicals (0.1%)
Solvay SA		1,851		235,982
Umicore		3,643		189,337
				425,319
Commercial Banks (0.3%)
Dexia SA		15,180		433,053
KBC Groep NV		4,601		596,700
				1,029,753
Diversified Financial Services (0.5%)
Fortis		59,968		1,506,690
Groupe Bruxelles Lambert SA		2,343		285,646
KBC Ancora		242		24,896
Nationale A Portefeuille		472		36,012
				1,853,244
Diversified Telecommunication Services (0.1%)
Belgacom SA		4,930		217,951
Electrical Equipment (0.0%)
Bekaert SA		127		18,508
Electronic Equipment & Instruments (0.0%)
Barco NV		28		2,005
Food & Staples Retailing (0.1%)
Colruyt SA		492		126,758
Delhaize Group		2,906		229,168
				355,926
Health Care Equipment & Supplies (0.0%)
Omega Pharma SA		232		10,748
Health Care Technology (0.0%)
AGFA-Gevaert NV		2,299		17,940
Marine (0.0%)
Compagnie Maritime Belge SA		229		15,412
Pharmaceutical (0.1%)
UCB SA		3,264		113,368
Real Estate Investment Trust (REIT) (0.0%)
Cofinimmo		21		4,539
Wireless Telecommunication Services (0.0%)
Mobistar SA		951		86,018
				4,616,983
Bermuda (0.0%)(a)
Oil, Gas & Consumable Fuels (0.0%)
Frontline Ltd.		800		36,789

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Cayman Islands (0.0%)(a)
Food Products (0.0%)
Tingyi Cayman Islands Holding Corp.		38,000	$	50,083
Wireless Telecommunication Services (0.0%)
Hutchison Telecommunications International Ltd.		28,000		39,972
				90,055
China (0.1%)(a)
Communications Equipment (0.0%)
Foxconn International Holdings Ltd.*		47,659		64,743
Internet Software & Services (0.1%)
Tencent Holdings Ltd.		25,887		149,391
Metals & Mining (0.0%)
Fosun International*		34,135		23,285
Multiline Retail (0.0%)
Parkson Retail Group Ltd.		2,965		25,198
Specialty Retail (0.0%)
Belle International Holdings Ltd.		43,462		45,494
				308,111
Denmark (1.0%)(a)
Beverages (0.0%)
Carlsberg AS, Class B		1,000		128,274
Building Products (0.0%)
Rockwool International AS, Class B		160		26,791
Chemicals (0.0%)
Novozymes AS, Class B		1,375		129,367
Commercial Banks (0.2%)
Danske Bank AS		13,100		485,240
Jyske Bank AS*		1,150		77,670
Sydbank AS		1,926		70,392
				633,302
Construction & Engineering (0.1%)
FLSmidth & Co. AS		1,550		154,337
Electrical Equipment (0.2%)
Vestas Wind Systems AS*		5,350		588,983
Food Products (0.0%)
Danisco AS		1,450		106,185
East Asiatic Co. Ltd. AS*		375		32,949
				139,134
Health Care Equipment & Supplies (0.0%)
Coloplast AS, Class B		500		45,755
GN Store Nord*		3,400		17,015
William Demant Holding*		750		60,136
				122,906
Household Durables (0.0%)
Bang & Olufsen AS, Class B		180		11,270
Insurance (0.1%)
Topdanmark AS*		500		84,404
TrygVesta AS		727		64,097
				148,501
Machinery (0.0%)
NKT Holding AS		400		28,966
Marine (0.1%)
A P Moller — Maersk AS, Class A		6		66,759
A P Moller — Maersk AS, Class B		31		347,868
				414,627
Oil, Gas & Consumable Fuels (0.0%)
D/S Torm AS		30		894
Pharmaceuticals (0.3%)
H Lundbeck AS		400		10,035
Novo Nordisk AS, Class B		13,950		960,094
				970,129
Road & Rail (0.0%)
DSV AS		5,959		130,889
				3,628,370
Finland (1.8%)(a)
Auto Components (0.0%)
Nokian Renkaat OYJ		3,050		130,642
Building Products (0.0%)
Uponor OYJ		900		21,162
Communications Equipment (1.0%)
Nokia OYJ ADR — FI		107,500		3,393,512
Construction & Engineering (0.0%)
YIT OYJ		3,762		106,893
Diversified Financial Services (0.0%)
Pohjola Bank PLC		2,741		51,648
Diversified Telecommunication Services (0.0%)
Elisa OYJ		4,450		111,098
Electric Utility (0.2%)
Fortum OYJ*		12,800		522,153
Food & Staples Retailing (0.0%)
Kesko OYJ, Class B*		2,000		103,506
Insurance (0.1%)
Sampo OYJ, Class A		12,500		338,829
IT Services (0.0%)
Tietoenator OYJ		1,220		30,121
Leisure Equipment & Products (0.0%)
Amer Sports OYJ, Class A		1,250		25,161
Machinery (0.2%)
Cargotec Corp., Class B		1,160		57,125
Kone OYJ, Class B		4,500		184,859
Konecranes OYJ		1,004		38,715
Metso OYJ		3,700		199,847
Wartsila OYJ, Class B		1,900		128,286
				608,832
Media (0.0%)
Sanoma-WSOY OYJ		1,700		47,025
Metals & Mining (0.1%)
Outokumpu OYJ		3,400		154,777
Rautaruukki OYJ*		2,500		120,840
				275,617
Oil, Gas & Consumable Fuels (0.1%)
Neste Oil OYJ		3,800		132,879
Paper & Forest Products (0.1%)
Stora Enso OYJ, Class R		17,000		196,570
UPM-Kymmene OYJ		15,400		273,939
				470,509
Pharmaceutical (0.0%)
Orion OYJ, Class B		1,383		29,970
				6,399,557

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
France (9.7%)
Aerospace & Defense (0.1%)(a)
Safran SA		4,965	$	101,848
Thales SA		2,603		168,463
Zodiac SA		1,202		59,012
				329,323
Airline (0.0%)(a)
Air France-KLM		4,095		115,192
Auto Components (0.2%)(a)
Compagnie Generale des Etablissements Michelin, Class B		4,154		434,990
Valeo SA		2,116		83,981
				518,971
Automobiles (0.3%)(a)
Peugeot SA		4,408		342,069
Renault SA		5,067		560,817
				902,886
Beverages (0.2%)(a)
Pernod-Ricard SA		5,053		520,576
Building Products (0.2%)(a)
Cie de Saint-Gobain		7,655		625,569
Chemicals (0.3%)(a)
Air Liquide		6,539		997,137
Commercial Banks (1.1%)(a)
BNP Paribas		22,194		2,237,668
Credit Agricole SA		17,950		554,925
Natixis		4,406		70,657
Societe Generale		12,593		1,232,101
				4,095,351
Commercial Services & Supplies (0.0%)(a)
Societe BIC SA		431		26,575
Communications Equipment (0.1%)(a)
Alcatel-Lucent		63,585		363,838
Construction & Engineering (0.2%)(a)
Eiffage SA		371		36,086
Vinci SA		11,135		805,446
				841,532
Construction Materials (0.2%)(a)
Imerys SA		958		87,774
Lafarge SA		4,236		736,002
				823,776
Diversified Financial Services (0.0%)(a)
Eurazeo		347		44,394
Diversified Telecommunication Services (0.5%)(a)
France Telecom SA		49,797		1,672,798
Neuf Cegetel		721		40,155
				1,712,953
Electric Utility (0.1%)(a)
Electricite de France		2,617		227,624
Electrical Equipment (0.4%)
Alstom(a)		2,801		606,712
Legrand SA		1,448		43,362
Schneider Electric SA(a)		6,014		776,828
				1,426,902
Energy Equipment & Services (0.1%)(a)
Cie Generale de Geophysique-Veritas*		757		188,283
Technip SA		2,952		229,931
				418,214
Food & Staples Retailing (0.4%)(a)
Carrefour SA		16,451		1,269,268
Casino Guichard Perrachon SA		1,282		153,659
				1,422,927
Food Products (0.3%)(a)
Groupe Danone		11,825		1,057,254
Health Care Equipment & Supplies (0.1%)(a)
Cie Generale d’Optique Essilor International SA		5,708		373,009
Hotels, Restaurants & Leisure (0.2%)(a)
Accor SA		5,619		410,218
Sodexo		2,802		172,223
				582,441
Household Durables (0.0%)(a)
Thomson		7,408		51,618
Industrial Conglomerate (0.0%)(a)
Wendel		503		63,103
Insurance (0.5%)(a)
AXA SA		43,258		1,564,372
CNP Assurances		1,309		161,409
SCOR SE		5,087		121,166
				1,846,947
IT Services (0.1%)(a)
Atos Origin SA*		2,027		112,848
Cap Gemini SA		4,011		228,364
				341,212
Machinery (0.1%)(a)
Vallourec		1,378		334,193
Media (0.5%)(a)
JC Decaux SA		2,047		60,247
Lagardere SCA		3,701		277,320
M6-Metropole Television		2,054		45,731
PagesJaunes Groupe		3,869		68,915
Publicis Groupe		4,168		159,460
Societe Television Francaise 1		3,552		78,256
Vivendi		31,821		1,244,602
				1,934,531
Multi-Utilities (0.7%)(a)
Suez SA		27,803		1,822,242
Veolia Environnement		10,084		703,631
				2,525,873
Multiline Retail (0.1%)(a)
PPR		2,233		331,064
Natural Gas Utility (0.1%)(a)
Gaz de France SA		5,258		317,521
Office Electronics (0.0%)(a)
Neopost SA		964		108,039
Oil, Gas & Consumable Fuels (1.2%)(a)
Total SA		58,729		4,350,485
Personal Products (0.2%)(a)
L’Oreal SA		6,770		859,471
Pharmaceutical (0.6%)(a)
Sanofi-Aventis SA		27,839		2,087,815

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
France (continued)
Real Estate Investment Trusts (REITs) (0.2%)(a)
Gecina SA		211	$	31,422
ICADE		438		65,339
Klepierre		2,051		125,880
Unibail-Rodamco		151		38,721
Unibail-Rodamco		1,734		445,807
				707,169
Software (0.0%)(a)
Dassault Systemes SA		1,743		101,344
Textiles, Apparel & Luxury Goods (0.3%)(a)
Christian Dior SA		609		67,496
Hermes International		2,005		250,696
LVMH Moet Hennessy Louis Vuitton SA		6,698		745,070
				1,063,262
Transportation Infrastructure (0.0%)(a)
Aeroports de Paris		833		94,935
Societe Des Autoroutes Paris-Rhin-Rhone		465		56,262
				151,197
Wireless Telecommunication Services (0.1%)(a)
Bouygues		6,481		412,220
				35,013,508
Germany (8.8%)(a)
Air Freight & Logistics (0.2%)
Deutsche Post AG		22,513		688,565
Airline (0.1%)
Deutsche Lufthansa AG		6,792		184,453
Auto Components (0.1%)
Continental AG		4,435		454,729
Automobiles (1.3%)
Bayerische Motoren Werke AG		4,812		265,647
Daimler AG		25,659		2,196,286
Porsche AG		2,526		463,127
Volkswagen AG		4,343		1,259,859
Volkswagen AG, Preferred Shares		2,913		483,048
				4,667,967
Capital Markets (0.4%)
Deutsche Bank AG		13,726		1,557,622
MLP AG		739		10,552
				1,568,174
Chemicals (1.2%)
Altana AG		1,188		25,158
BASF SE		13,400		1,809,222
Bayer AG		19,794		1,586,533
K+S AG		1,075		351,504
Linde AG		3,482		490,468
Wacker Chemie AG		221		45,856
				4,308,741
Commercial Banks (0.3%)
Commerzbank AG		17,993		566,514
Deutsche Postbank AG		2,391		229,043
Hypo Real Estate Holding AG		5,907		155,925
				951,482
Computers & Peripherals (0.0%)
Wincor Nixdorf AG		482		38,370
Construction & Engineering (0.1%)
Bilfinger Berger AG		1,111		95,396
Hochtief AG		1,247		114,133
				209,529
Construction Materials (0.0%)
HeidelbergCement AG		243		41,696
Diversified Financial Services (0.3%)
Deutsche Boerse AG		5,477		888,166
Diversified Telecommunication Services (0.4%)
Deutsche Telekom AG		77,083		1,286,642
Electric Utility (0.9%)
E. On AG		16,985		3,167,576
Electrical Equipment (0.0%)
Solarworld AG		2,462		119,408
Food & Staples Retailing (0.1%)
Metro AG		4,687		377,678
Food Products (0.0%)
Suedzucker AG		857		18,997
Health Care Equipment & Supplies (0.0%)
Fresenius SE, Preferred Shares		1,158		97,192
Health Care Providers & Services (0.1%)
Celesio AG		2,418		120,526
Fresenius Medical Care AG & Co. KGaA		5,505		276,575
				397,101
Hotels, Restaurants & Leisure (0.1%)
TUI AG*		6,264		161,083
Household Products (0.1%)
Henkel KGaA		2,456		104,178
Henkel KGaA, Preferred Shares		5,188		239,225
				343,403
Industrial Conglomerates (0.7%)
Rheinmetall AG		1,082		76,286
Siemens AG		23,642		2,583,931
				2,660,217
Insurance (1.0%)
Allianz SE		12,246		2,427,036
Muenchener Rueckversicherungs AG		5,664		1,110,872
				3,537,908
Machinery (0.2%)
GEA Group AG*		4,688		157,924
Heidelberger Druckmaschinen AG		1,736		46,533
MAN AG		3,256		434,482
				638,939
Media (0.0%)
Premiere AG*		1,641		35,887
ProSiebenSat.1 Media AG, Preferred Shares		2,091		45,338
				81,225
Metals & Mining (0.2%)
Salzgitter AG		1,194		209,315
ThyssenKrupp AG		10,375		595,575
				804,890
Multi-Utilities (0.4%)
RWE AG		12,169		1,502,974

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Germany(a) (continued)
RWE AG, Preferred Shares		882	$	84,181
				1,587,155
Multiline Retail (0.0%)
Arcandor AG*		2,042		40,962
Personal Products (0.1%)
Beiersdorf AG		2,522		211,310
Pharmaceutical (0.1%)
Merck KGAA		1,877		233,019
Real Estate Management & Development (0.0%)
IVG Immobilien AG		2,786		78,435
Semiconductors & Semiconductor Equipment (0.0%)
Infineon Technologies AG*		21,899		154,036
Software (0.3%)
SAP AG		23,837		1,181,210
Specialty Retail (0.0%)
Douglas Holding AG		422		22,873
Textiles, Apparel & Luxury Goods (0.1%)
Adidas AG		5,888		389,306
Puma AG Rudolf Dassler Sport		183		70,800
				460,106
Transportation Infrastructure (0.0%)
Fraport AG Frankfurt Airport Services Worldwide		292		21,102
				31,684,339
Greece (0.7%)(a)
Beverages (0.1%)
Coca Cola Hellenic Bottling Co. SA		4,771		222,822
Commercial Banks (0.4%)
Alpha Bank AE		11,596		384,784
EFG Eurobank Ergasias SA		9,109		277,069
National Bank of Greece SA ADR — GR		11,646		613,073
Piraeus Bank SA		9,334		287,344
				1,562,270
Construction & Engineering (0.0%)
Hellenic Technodomiki Tev SA		1,319		16,130
Construction Materials (0.0%)
Titan Cement Co. SA		1,327		56,441
Diversified Financial Services (0.0%)
Hellenic Exchanges SA		984		23,403
Diversified Telecommunication Services (0.1%)
Hellenic Telecommunications Organization SA		7,865		222,969
Electric Utility (0.0%)
Public Power Corp. SA		3,096		135,429
Hotels, Restaurants & Leisure (0.1%)
OPAP SA		6,524		232,655
Metals & Mining (0.0%)
Viohalco		972		10,067
Oil, Gas & Consumable Fuels (0.0%)
Hellenic Petroleum SA		1,553		20,456
Motor Oil Hellas Corinth Refineries SA		187		3,943
				24,399
Textiles, Apparel & Luxury Goods (0.0%)
Folli — Follie SA		58		1,941
				2,508,526
Hong Kong (2.0%)(a)
Airline (0.0%)
Cathay Pacific Airways Ltd.		40,000		78,934
Commercial Banks (0.2%)
Bank of East Asia Ltd.		40,400		203,751
BOC Hong Kong Holdings Ltd.		95,000		230,839
Hang Seng Bank Ltd.		20,300		370,125
Wing Hang Bank Ltd.		3,500		53,373
				858,088
Distributor (0.1%)
Li & Fung Ltd.		62,800		235,244
Diversified Financial Services (0.2%)
Hong Kong Exchanges & Clearing Ltd.		30,000		521,208
Diversified Telecommunication Services (0.0%)
PCCW Ltd.		121,000		76,408
Electric Utilities (0.2%)
Cheung Kong Infrastructure Holdings Ltd.		7,000		28,261
CLP Holdings Ltd.		37,000		306,179
Hong Kong Electric Holdings		39,500		250,687
				585,127
Electronic Equipment & Instruments (0.0%)
Kingboard Chemical Holdings Ltd.		13,500		48,108
Hotels, Restaurants & Leisure (0.0%)
Shangri-La Asia Ltd.		30,000		81,798
Industrial Conglomerates (0.2%)
Hutchison Whampoa Ltd.		58,000		551,687
Melco International Development		20,000		28,043
NWS Holdings Ltd.		7,000		23,794
				603,524
Marine (0.0%)
Orient Overseas International Ltd.		3,500		20,642
Pacific Basin Shipping Ltd.		37,560		62,475
				83,117
Media (0.0%)
Television Broadcasts Ltd.		6,000		32,301
Multiline Retail (0.0%)
Lifestyle International Holdings Ltd.		15,399		32,927
Natural Gas Utility (0.1%)
Hong Kong & China Gas Co.		93,800		283,807
Paper & Forest Products (0.0%)
Lee & Man Paper Manufacturing Ltd.		10,000		16,149
Real Estate Investment Trust (REIT) (0.0%)
Link REIT (The)		63,500		141,338
Real Estate Management & Development (0.8%)
Cheung Kong Holdings Ltd.		42,000		604,688
Chinese Estates Holdings Ltd.		6,000		9,381
Hang Lung Group Ltd.		8,000		38,238
Hang Lung Properties Ltd.		59,000		211,861
Henderson Land Development Co. Ltd.		31,000		223,380
Hysan Development Co. Ltd.		19,000		53,792
Kerry Properties Ltd.		19,000		115,943
New World Development Ltd.		70,000		172,192
Shui On Land Ltd.		44,000		41,682

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Hong Kong(a) (continued)
Shun Tak Holdings Ltd.		28,000	$	37,258
Sino Land Co.		42,000		91,836
Sun Hung Kai Properties Ltd.		38,000		600,126
Swire Pacific Ltd., Class A		23,500		266,339
Wharf Holdings Ltd.		39,000		185,439
Wheelock & Co. Ltd.		6,000		16,905
				2,669,060
Road & Rail (0.1%)
MTR Corp.		41,000		141,896
Semiconductors & Semiconductor Equipment (0.0%)
ASM Pacific Technology Ltd.		4,500		32,690
Specialty Retail (0.1%)
Esprit Holdings Ltd.		29,700		360,401
Giordano International Ltd.		26,000		10,530
				370,931
Textiles, Apparel & Luxury Goods (0.0%)
C C Land Holdings Ltd.		21,535		20,878
Yue Yuen Industrial Holdings		13,500		42,571
				63,449
Trading Companies & Distributors (0.0%)
Citic Resources Holdings Ltd.*		476		175
Noble Group Ltd.		31,000		50,029
				50,204
Transportation Infrastructure (0.0%)
Hong Kong Aircraft Engineerg		1,200		19,908
Hopewell Holdings		13,000		49,664
				69,572
				7,075,880
Ireland (0.7%)
Airline (0.0%)(a)
Ryanair Holdings PLC*		5,422		23,963
Building Products (0.0%)(a)
Kingspan Group PLC		3,919		52,287
Commercial Banks (0.3%)
Allied Irish Banking PLC(a)		25,390		541,302
Anglo Irish Bank Corp. PLC(a)		11,139		149,686
Bank of Ireland		28,617		424,642
				1,115,630
Commercial Services & Supplies (0.1%)(a)
Experian Group Ltd.		28,840		210,195
Construction Materials (0.2%)(a)
CRH PLC		15,763		598,110
Containers & Packaging (0.0%)(a)
Smurfit Kappa Group PLC*		2,552		30,751
Food Products (0.0%)(a)
Greencore Group PLC		1,424		8,412
Iaws Group PLC		899		21,041
Kerry Group PLC		3,889		122,061
				151,514
Hotels, Restaurants & Leisure (0.0%)(a)
Paddy Power PLC		753		27,876
Industrial Conglomerate (0.0%)(a)
DCC PLC		1,415		33,410
Insurance (0.0%)(a)
Irish Life & Permanent PLC		8,112		158,243
Pharmaceutical (0.1%)(a)
Elan Corp. PLC*		12,727		271,010
				2,672,989
Italy (3.7%)(a)
Aerospace & Defense (0.1%)
Finmeccanica SpA		8,636		294,028
Automobiles (0.1%)
Fiat SpA		20,484		474,594
Capital Markets (0.1%)
Mediobanca SpA		14,264		292,795
Commercial Banks (1.2%)
Banca Carige S.p.A		7,811		30,763
Banca Monte dei Paschi di Siena SpA		32,545		144,225
Banca Popolare di Milano Scarl		12,254		134,660
Banco Popolare SC*		18,557		307,657
Intesa Sanpaolo SpA		208,864		1,473,424
Intesa Sanpaolo SpA — RNC		23,367		153,952
UniCredit SpA		250,279		1,676,772
Unione di Banche Italiane SpA		17,529		449,461
				4,370,914
Construction Materials (0.0%)
Italcementi SpA		2,186		44,396
Diversified Financial Services (0.0%)
IFIL — Investments SpA		4,904		39,593
Istituto Finanziario Industriale SpA — PFD*		1,333		36,723
				76,316
Diversified Telecommunication Services (0.3%)
Telecom Italia SpA		294,417		613,667
Telecom Italia SpA — RNC		167,694		277,068
				890,735
Electric Utilities (0.4%)
Enel SpA		118,572		1,259,071
Terna SpA		35,330		150,853
				1,409,924
Electrical Equipment (0.0%)
Prysmian SpA*		4,019		85,845
Energy Equipment & Services (0.0%)
Saipem SpA		3,891		157,724
Food Products (0.1%)
Parmalat SpA		45,962		176,664
Hotels, Restaurants & Leisure (0.0%)
Autogrill SpA		3,204		47,861
Lottomatica SpA		2,102		65,442
				113,303
Industrial Conglomerate (0.0%)
Pirelli & C SpA*		86,042		75,359
Insurance (0.5%)
Alleanza Assicurazioni SpA		12,438		162,600
Assicurazioni Generali SpA		28,709		1,292,029
Fondiaria-Sai SpA		2,074		85,974
Mediolanum SpA		8,007		49,084
Unipol Gruppo Finanziario SpA		9,919		30,838
Unipol Gruppo Finanziario SpA, Preferred Shares		22,032		63,313
				1,683,838

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Italy(a) (continued)
Media (0.1%)
Arnoldo Mondadori Editore SpA		1,690	$	14,283
Mediaset SpA		22,435		207,883
Seat Pagine Gialle SpA		143,146		24,752
				246,918
Multi-Utility (0.0%)
A2A SpA		18,554		68,217
Natural Gas Utility (0.0%)
Snam Rete Gas SpA		25,866		164,593
Oil, Gas & Consumable Fuels (0.7%)
Eni SpA		71,302		2,426,850
Textiles, Apparel & Luxury Goods (0.0%)
Bulgari SpA		4,657		54,012
Luxottica Group SpA		4,144		104,308
				158,320
Transportation Infrastructure (0.1%)
Atlantia SpA		6,629		200,630
				13,411,963
Japan (19.5%)(a)
Air Freight & Logistics (0.1%)
Yamato Holdings Co. Ltd.		11,000		161,683
Airlines (0.0%)
All Nippon Airways Co. Ltd.		19,000		83,974
Japan Airlines Corp.*		26,000		67,812
				151,786
Auto Components (0.4%)
Aisin Seiki Co. Ltd.		5,500		207,468
Bridgestone Corp.		17,200		296,837
Denso Corp.		12,900		420,631
NGK Spark Plug Co. Ltd.		5,000		65,452
NHK Spring Co. Ltd.		5,000		35,717
NOK Corp.		3,300		67,980
Stanley Electric Co. Ltd.		4,400		108,386
Sumitomo Rubber Industries, Inc.		5,100		39,278
Tokai Rika Co. Ltd.		1,600		42,045
Toyoda Gosei Co. Ltd.		1,900		72,301
Toyota Boshoku Corp.		1,500		45,320
Toyota Industries Corp.		4,400		157,607
				1,559,022
Automobiles (1.7%)
Daihatsu Motor Co., Ltd.		3,000		36,251
Fuji Heavy Industries Ltd.		9,000		38,103
Honda Motor Co. Ltd.		42,700		1,233,625
Isuzu Motors Ltd.		21,000		105,575
Mazda Motor Corp.		14,000		50,140
Mitsubishi Motors Corp.*		42,000		69,509
Nissan Motor Co. Ltd.		60,500		507,321
Suzuki Motor Corp.		4,900		124,660
Toyota Motor Corp.		75,200		3,800,455
Yamaha Motor Co. Ltd.		5,400		100,379
				6,066,018
Beverages (0.2%)
Asahi Breweries Ltd.		11,700		241,647
Coca-Cola West Holdings Co. Ltd.		1,000		24,254
Ito En Ltd.		1,900		33,840
Kirin Holdings Co. Ltd.		22,000		419,450
Sapporo Holdings Ltd.		8,000		66,036
Takara Holdings, Inc.		3,000		20,794
				806,021
Building Products (0.3%)
Asahi Glass Co. Ltd.		27,000		299,628
Central Glass Co. Ltd.		1,000		3,940
Daikin Industries Ltd.		7,500		326,956
JS Group Corp.		6,300		95,443
Nippon Sheet Glass Co. Ltd.		18,000		80,797
Sanwa Holdings Corp.		1,000		4,377
TOTO Ltd.		8,000		76,154
				887,295
Capital Markets (0.3%)
Daiwa Securities Group, Inc.		38,000		331,930
Jafco Co. Ltd.		1,000		33,665
Matsui Securities Co. Ltd.		500		2,846
Nomura Holdings, Inc.		49,400		743,847
SBI E*trade Securities Co. Ltd.		32		27,983
SBI Holdings, Inc.		269		65,105
Shinko Securities Co. Ltd.		8,000		23,491
				1,228,867
Chemicals (0.8%)
Asahi Kasei Corp.		34,000		178,835
Daicel Chemical Industries Ltd.		6,000		31,142
Dainippon Ink & Chemicals, Inc.		19,000		60,119
Denki Kagaku Kogyo KK		15,000		47,724
Hitachi Chemical Co. Ltd.		2,600		49,413
JSR Corp.		5,200		118,407
Kaneka Corp.		5,000		31,612
Kansai Paint Co. Ltd.		7,000		45,914
Kuraray Co. Ltd.		10,500		126,221
Mitsubishi Chemical Holdings Corp.		29,500		196,521
Mitsubishi Gas Chemical Co., Inc.		11,000		78,572
Mitsubishi Rayon Co. Ltd.		16,000		51,661
Mitsui Chemicals, Inc.		18,000		120,707
Nippon Kayaku Co. Ltd.		3,000		18,360
Nippon Shokubai Co. Ltd.		1,000		6,660
Nissan Chemical Industries Ltd.		4,000		42,628
Nitto Denko Corp.		4,700		199,881
Shin-Etsu Chemical Co. Ltd.		11,600		604,142
Showa Denko KK		34,000		114,831
Sumitomo Chemical Co. Ltd.		45,000		290,526
Taiyo Nippon Sanso Corp.		5,000		40,491
Teijin Ltd.		26,000		110,255
Tokuyama Corp.		7,000		51,417
Toray Industries, Inc.		38,000		249,116
Tosoh Corp.		14,000		48,660
UBE Industries Ltd.		28,000		91,458
Zeon Corp.		5,000		22,565
				3,027,838
Commercial Banks (1.7%)
77 Bank Ltd. (The)		6,000		33,851
Aozora Bank Ltd.		9,000		26,907
Bank of Kyoto Ltd. (The)		8,000		98,218
Bank of Yokohama Ltd. (The)		33,000		225,856
Chiba Bank Ltd. (The)		22,000		150,607
Chuo Mitsui Trust Holdings, Inc.		20,000		121,928
Fukuoka Financial Group, Inc.		22,000		115,393
Gunma Bank Ltd. (The)		10,000		72,085
Hachijuni Bank Ltd. (The)		8,000		51,267
Hiroshima Bank Ltd. (The)		11,000		53,542

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Japan(a) (continued)
Hokuhoku Financial Group, Inc.		28,000	$	84,823
Joyo Bank Ltd. (The)		15,000		76,741
Mitsubishi UFJ Financial Group, Inc.		238,088		2,083,170
Mizuho Financial Group, Inc.		249		919,989
Mizuho Trust & Banking Co. Ltd.		11,000		15,920
Nishi-Nippon City Bank Ltd. (The)		13,000		34,431
Resona Holdings, Inc.		161		270,163
Sapporo Hokuyo Holdings, Inc.		5		35,188
Shinsei Bank Ltd.		28,000		92,492
Shizuoka Bank Ltd. (The)		16,000		190,161
Sumitomo Mitsui Financial Group, Inc.		180		1,195,947
Sumitomo Trust & Banking Co. Ltd. (The)		35,000		242,609
Suruga Bank Ltd.		6,000		76,374
				6,267,662
Commercial Services & Supplies (0.2%)
Dai Nippon Printing Co. Ltd.		17,000		271,815
Goodwill Group, Inc. (The)*		19		2,467
Meitec Corp.		500		15,222
Secom Co. Ltd.		5,900		290,368
Toppan Printing Co. Ltd.		16,000		187,146
				767,018
Computers & Peripherals (0.4%)
Fujitsu Ltd.		52,000		343,968
Mitsumi Electric Co. Ltd.		2,400		76,481
NEC Corp.		58,000		224,644
Seiko Epson Corp.		3,700		99,729
Toshiba Corp.		86,000		578,098
				1,322,920
Construction & Engineering (0.1%)
Chiyoda Corp.		4,000		36,596
COMSYS Holdings Corp.		3,000		26,231
JGC Corp.		6,000		92,097
Kajima Corp.		26,000		74,690
Kinden Corp.		2,000		19,214
Nishimatsu Construction Co. Ltd.		2,000		4,297
Obayashi Corp.		18,000		76,255
Okumura Corp.		4,000		20,399
Shimizu Corp.		17,000		78,832
Taisei Corp.		28,000		71,985
				500,596
Construction Materials (0.0%)
Sumitomo Osaka Cement Co. Ltd.		6,000		14,048
Taiheiyo Cement Corp.		27,000		65,780
				79,828
Consumer Finance (0.2%)
Acom Co. Ltd.		1,860		49,591
Aeon Credit Service Co. Ltd.		2,500		33,685
Aiful Corp.		2,200		35,187
Credit Saison Co. Ltd.		4,700		131,912
ORIX Corp.		2,600		358,654
Promise Co. Ltd.		2,150		62,197
Takefuji Corp.		3,190		67,608
				738,834
Containers & Packaging (0.0%)
Toyo Seikan Kaisha Ltd.		4,800		91,910
Distributor (0.0%)
Canon Marketing Japan, Inc.		1,400		26,491
Diversified Consumer Services (0.0%)
Benesse Corp.		2,000		94,400
Diversified Financial Services (0.0%)
Mitsubishi UFJ Lease & Finance Co. Ltd.		670		23,437
Diversified Telecommunication Services (0.2%)
Nippon Telegraph & Telephone Corp.		137		593,549
Electric Utilities (0.8%)
Chubu Electric Power Co., Inc.		18,600		466,798
Chugoku Electric Power Co., Inc. (The)		3,100		69,346
Hokkaido Electric Power Co., Inc.		4,200		97,956
Hokuriku Electric Power Co.		2,600		61,539
Kansai Electric Power Co., Inc.		21,600		540,535
Kyushu Electric Power Co., Inc.		10,700		262,599
Shikoku Electric Power Co., Inc.		2,600		77,537
Tohoku Electric Power Co., Inc.		12,100		296,234
Tokyo Electric Power Co., Inc.		34,100		917,463
				2,790,007
Electrical Equipment (0.3%)
Fuji Electric Holdings Co. Ltd.		17,000		69,547
Fujikura Ltd.		10,000		45,495
Furukawa Electric Co. Ltd.		19,000		61,974
Matsushita Electric Works Ltd.		11,000		114,215
Mitsubishi Electric Corp.		53,000		462,929
Sumitomo Electric Industries Ltd.		21,200		271,060
Ushio, Inc.		3,300		62,509
				1,087,729
Electronic Equipment & Instruments (1.0%)
Alps Electric Co. Ltd.		5,000		50,071
Citizen Holdings Co. Ltd.		10,000		85,382
FUJIFILM Holdings Corp.		13,700		489,775
Hirose Electric Co. Ltd.		900		101,828
Hitachi Ltd.		95,000		567,337
HOYA Corp.		11,700		276,502
Ibiden Co. Ltd.		3,600		142,811
Keyence Corp.		1,000		232,733
Kyocera Corp.		4,600		389,998
Mabuchi Motor Co. Ltd.		900		43,794
Murata Manufacturing Co. Ltd.		6,100		306,066
Nidec Corp.		3,100		191,333
Nippon Electric Glass Co. Ltd.		9,500		149,226
Oki Electric Industry Co. Ltd.*		10,000		19,438
Omron Corp.		4,900		101,557
Taiyo Yuden Co. Ltd.		3,000		29,526
TDK Corp.		3,500		208,417
Yaskawa Electric Corp.		7,000		67,046
Yokogawa Electric Corp.		6,300		64,012
				3,516,852
Food & Staples Retailing (0.3%)
Aeon Co. Ltd.		18,100		218,126
FamilyMart Co. Ltd.		1,800		65,298
Lawson, Inc.		1,900		84,444
Matsumotokiyoshi Holdings Co. Ltd.		600		13,112
Seven & I Holdings Co. Ltd.		23,100		586,383
UNY Co. Ltd.		5,000		48,003
				1,015,366
Food Products (0.2%)
Ajinomoto Co., Inc.		19,000		193,575

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Japan(a) (continued)
Kikkoman Corp.		4,000	$	49,694
Meiji Dairies Corp.		8,000		48,464
Meiji Seika Kaisha Ltd.		7,000		35,785
Nichirei Corp.		4,000		19,368
Nippon Meat Packers, Inc.		5,000		74,237
Nisshin Seifun Group, Inc.		6,000		64,638
Nissin Food Products Co. Ltd.		2,600		87,761
Toyo Suisan Kaisha Ltd.		3,000		45,094
Yakult Honsha Co. Ltd.		3,100		96,577
Yamazaki Baking Co. Ltd.		3,000		28,625
				743,818
Health Care Equipment & Supplies (0.1%)
Olympus Corp.		7,000		213,038
Terumo Corp.		4,800		252,701
				465,739
Health Care Providers & Services (0.1%)
Alfresa Holdings Corp.		800		63,495
Mediceo Paltac Holdings Co. Ltd.		3,100		56,575
Suzuken Co. Ltd.		1,500		61,910
				181,980
Hotels, Restaurants & Leisure (0.0%)
Oriental Land Co. Ltd.		1,200		70,607
Round One Corp.		6		6,284
				76,891
Household Durables (1.0%)
Casio Computer Co. Ltd.		6,800		101,015
Daito Trust Co.nstruction Co. Ltd.		2,300		118,747
Daiwa House Industry Co. Ltd.		15,000		149,803
Haseko Corp.		37,000		55,146
Makita Corp.		3,300		104,160
Matsushita Electric Industrial Co Ltd.		54,000		1,174,034
Pioneer Corp.		4,400		44,193
Sanyo Electric Co. Ltd.*		46,000		97,972
Sekisui Chemical Co. Ltd.		9,000		54,776
Sekisui House Ltd.		14,000		130,818
Sharp Corp.		28,000		480,686
Sony Corp.		28,000		1,126,432
				3,637,782
Household Products (0.1%)
Kao Corp.		15,000		426,896
Unicharm Corp.		1,200		88,111
				515,007
Independent Power Producers & Energy Traders (0.0%)
Electric Power Development Co. Ltd.		3,600		130,571
Industrial Conglomerate (0.0%)
Hankyu Hanshin Holdings, Inc.		29,000		126,265
Insurance (0.5%)
Aioi Insurance Co. Ltd.		10,000		56,053
Millea Holdings, Inc.		20,700		770,377
Mitsui Sumitomo Insurance Co. Ltd.		28,000		281,566
Nipponkoa Insurance Co. Ltd.		10,000		77,156
Sompo Japan Insurance, Inc.		24,000		214,023
Sony Financial Holdings, Inc.		19		77,131
T&D Holdings, Inc.		5,550		294,393
				1,770,699
Internet & Catalog Retail (0.0%)
Rakuten, Inc.		191		115,044
Internet Software & Services (0.1%)
Access Co. Ltd.*		5		17,920
eAccess Ltd.		13		8,070
Yahoo! Japan Corp.		391		205,531
				231,521
IT Services (0.1%)
CSK Holdings Corp.		1,900		44,263
Itochu Techno-Solutions Corp.		300		9,086
Nomura Research Institute Ltd.		3,300		86,863
NTT Data Corp.		36		158,535
Obic Co. Ltd.		130		23,196
Otsuka Corp.		500		42,427
TIS, Inc.		1,000		20,172
				384,542
Leisure Equipment & Products (0.2%)
Namco Bandai Holdings, Inc.		5,900		80,325
Nikon Corp.		9,000		240,929
Sankyo Co. Ltd.		1,600		95,495
Sega Sammy Holdings, Inc.		5,700		60,751
Shimano, Inc.		2,000		92,994
Yamaha Corp.		5,100		98,511
				669,005
Machinery (1.0%)
Amada Co. Ltd.		11,000		84,231
Daifuku Co. Ltd.		1,000		12,907
Ebara Corp.		12,000		36,903
Fanuc Ltd.		5,400		518,147
Glory Ltd.		800		17,108
Hino Motors Ltd.		8,000		53,384
Hitachi Construction Machinery Co. Ltd.		3,100		78,629
IHI Corp.		39,000		75,575
Japan Steel Works Ltd. (The)		10,000		172,175
JTEKT Corp.		5,600		92,500
Kawasaki Heavy Industries Ltd.		41,000		92,139
Komatsu Ltd.		25,200		709,671
Komori Corp.		1,000		20,985
Kubota Corp.		31,000		193,294
Kurita Water Industries Ltd.		3,300		123,201
Minebea Co. Ltd.		11,000		65,066
Mitsubishi Heavy Industries Ltd.		90,000		388,682
Mitsui Engineering & Shipbuilding Co. Ltd.		22,000		59,617
NGK Insulators Ltd.		8,000		143,134
NSK Ltd.		13,000		98,949
NTN Corp.		12,000		82,606
OKUMA Corp.		4,000		43,387
OSG Corp.		100		1,165
SMC Corp.		1,600		170,012
Sumitomo Heavy Industries Ltd.		17,000		110,907
THK Co. Ltd.		3,700		64,235
				3,508,609
Marine (0.2%)
Kawasaki Kisen Kaisha Ltd.		16,000		157,084
Mitsui OSK Lines Ltd.		31,000		379,333
Nippon Yusen KK		31,000		293,994
				830,411
Media (0.1%)
Asatsu-DK, Inc.		500		17,874
Dentsu, Inc.		56		128,619

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Japan(a) (continued)
Fuji Television Network, Inc.		12	$	17,812
Hakuhodo DY Holdings, Inc.		430		25,906
Jupiter Telecommunications Co. Ltd.*		45		42,352
Toho Co. Ltd.		2,600		61,065
Tokyo Broadcasting System, Inc.		300		7,242
				300,870
Metals & Mining (0.9%)
Daido Steel Co. Ltd.		8,000		41,682
Dowa Holdings Co. Ltd.		8,000		48,192
Hitachi Metals Ltd.		2,000		29,790
JFE Holdings, Inc.		16,400		733,732
Kobe Steel Ltd.		75,000		216,275
Mitsubishi Materials Corp.		33,000		144,904
Mitsui Mining & Smelting Co. Ltd.		17,000		53,966
Nippon Light Metal Co. Ltd.		1,000		1,520
Nippon Steel Corp.		162,000		828,442
Nisshin Steel Co. Ltd.		23,000		80,390
OSAKA Titanium Technologies Co.		500		31,218
Sumitomo Metal Industries Ltd.		115,000		440,688
Sumitomo Metal Mining Co. Ltd.		16,000		302,111
Toho Titanium Co. Ltd.		141		3,638
Tokyo Steel Manufacturing Co. Ltd.		3,200		43,973
Yamato Kogyo Co. Ltd.		1,000		40,756
				3,041,277
Multiline Retail (0.1%)
H2O Retailing Corp.		1,000		6,739
Isetan Co. Ltd.		4,800		55,506
J. Front Retailing Co. Ltd.		8,400		54,206
Marui Group Co. Ltd.		8,600		92,133
Mitsukoshi Ltd.		9,000		34,961
Ryohin Keikaku Co. Ltd.		400		23,341
Takashimaya Co. Ltd.		9,000		101,941
				368,827
Natural Gas Utilities (0.1%)
Osaka Gas Co. Ltd.		57,000		229,006
Tokyo Gas Co. Ltd.		62,000		252,748
				481,754
Office Electronics (0.5%)
Brother Industries Ltd.		3,900		40,536
Canon, Inc.		29,200		1,362,261
Konica Minolta Holdings, Inc.		13,500		185,767
Ricoh Co. Ltd.		19,000		314,414
				1,902,978
Oil, Gas & Consumable Fuels (0.2%)
Cosmo Oil Co. Ltd.		17,000		53,881
Idemitsu Kosan Co. Ltd.		500		39,013
Inpex Holdings, Inc.		23		260,030
Japan Petroleum Exploration Co.		500		33,396
Nippon Mining Holdings, Inc.		25,000		134,386
Nippon Oil Corp.		35,000		220,786
Showa Shell Sekiyu KK		5,600		57,069
TonenGeneral Sekiyu KK		7,000		60,177
				858,738
Paper & Forest Products (0.1%)
Nippon Paper Group, Inc.		22		52,735
OJI Paper Co. Ltd.		25,000		113,518
				166,253
Personal Products (0.1%)
Aderans Holdings Co. Ltd.		400		7,409
Kose Corp.		500		10,877
Shiseido Co. Ltd.		9,000		239,670
				257,956
Pharmaceuticals (0.9%)
Astellas Pharma, Inc.		13,900		546,010
Chugai Pharmaceutical Co. Ltd.		8,000		90,745
Daiichi Sankyo Co. Ltd.		19,600		581,577
Dainippon Sumitomo Pharma Co. Ltd.		3,000		27,718
Eisai Co. Ltd.		7,200		247,952
Kyowa Hakko Kogyo Co. Ltd.		7,000		67,195
Mitsubishi Tanabe Pharma Corp.		5,000		58,621
Ono Pharmaceutical Co. Ltd.		1,100		53,744
Santen Pharmaceutical Co. Ltd.		1,200		28,000
Shionogi & Co. Ltd.		8,000		137,610
Taisho Pharmaceutical Co. Ltd.		3,000		59,712
Takeda Pharmaceutical Co. Ltd.		23,700		1,190,028
				3,088,912
Real Estate Investment Trusts (REITs) (0.1%)
Japan Prime Realty Investment Corp.		9		29,921
Japan Real Estate Investment Corp.		12		140,852
Japan Retail Fund Investment Corp.		11		69,998
Nippon Building Fund, Inc.		15		191,188
Nomura Real Estate Office Fund, Inc.		6		48,887
				480,846
Real Estate Management & Development (0.5%)
Aeon Mall Co. Ltd.		1,200		33,696
KK DaVinci Advisors*		23		17,860
Leopalace21 Corp.		3,800		61,628
Mitsubishi Estate Co Ltd.		33,000		808,953
Mitsui Fudosan Co. Ltd.		24,000		482,900
Nomura Real Estate Holdings, Inc.		200		3,360
NTT Urban Development Corp.		34		49,335
Sumitomo Realty & Development Co. Ltd.		11,000		196,011
Tokyo Tatemono Co. Ltd.		8,000		53,189
Tokyu Land Corp.		12,000		76,438
Urban Corp.		5,300		22,939
				1,806,309
Road & Rail (0.7%)
Central Japan Railway Co.		44		457,246
East Japan Railway Co.		95		792,323
Keihin Electric Express Railway Co. Ltd.		9,000		61,455
Keio Corp.		17,000		95,301
Keisei Electric Railway Co. Ltd.		7,000		37,857
Kintetsu Corp.		39,000		139,715
Nippon Express Co. Ltd.		23,000		133,090
Odakyu Electric Railway Co. Ltd.		18,000		134,025
Seino Holdings Corp.		3,000		19,629
Tobu Railway Co. Ltd.		23,000		123,449
Tokyu Corp.		31,000		158,175
West Japan Railway Co.		48		212,598
				2,364,863
Semiconductors & Semiconductor Equipment (0.2%)
Advantest Corp.		4,600		120,709
Elpida Memory, Inc.*		2,800		94,467
NEC Electronics Corp.*		300		5,850

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Japan(a) (continued)
Rohm Co. Ltd.		2,900	$	181,290
Sanken Electric Co. Ltd.		3,000		17,662
Shinko Electric Industries Co. Ltd.		2,000		22,747
Sumco Corp.		3,300		72,791
Tokyo Electron Ltd.		4,900		300,381
Tokyo Seimitsu Co. Ltd.		800		14,802
				830,699
Software (0.5%)
FUJI SOFT, Inc.		300		5,640
Konami Corp.		2,700		102,899
Nintendo Co. Ltd.		2,800		1,465,267
Oracle Corp. Japan		600		27,922
Square Enix Co. Ltd.		1,500		52,642
Trend Micro, Inc.		3,000		118,416
				1,772,786
Specialty Retail (0.2%)
Aoyama Trading Co. Ltd.		1,000		21,658
EDION Corp.		100		928
Fast Retailing Co. Ltd.		1,500		133,714
Hikari Tsushin, Inc.		600		17,826
Nitori Co. Ltd.		1,100		62,496
Shimachu Co. Ltd.		700		21,160
Shimamura Co. Ltd.		700		60,212
USS Co. Ltd.		740		51,572
Yamada Denki Co. Ltd.		2,450		213,652
				583,218
Textiles, Apparel & Luxury Goods (0.1%)
Asics Corp.		5,000		58,098
Nisshinbo Industries, Inc.		5,000		46,962
Onward Holdings Co. Ltd.		4,000		41,041
Wacoal Holdings Corp.		1,000		14,856
				160,957
Tobacco (0.2%)
Japan Tobacco, Inc.		126		630,441
Trading Companies & Distributors (1.0%)
Hitachi High-Technologies Corp.		1,300		21,726
ITOCHU Corp.		42,000		420,136
Marubeni Corp.		47,000		345,901
Mitsubishi Corp.		37,400		1,144,521
Mitsui & Co. Ltd.		48,000		985,187
Sojitz Corp.		33,600		112,485
Sumitomo Corp.		30,000		399,946
Toyota Tsusho Corp.		6,100		131,036
				3,560,938
Transportation Infrastructure (0.0%)
Kamigumi Co. Ltd.		6,000		47,966
Mitsubishi Logistics Corp.		4,000		51,830
				99,796
Wireless Telecommunication Services (0.4%)
KDDI Corp.		69		424,495
NTT DoCoMo, Inc.		432		658,810
Softbank Corp.		21,200		388,589
				1,471,894
				70,423,325
Kazakhstan (0.1%)
Metals & Mining (0.1%)
Eurasian Natural Resources Corp.*		9,022		176,347
Luxembourg (0.7%)
Diversified Telecommunication Services (0.0%)(a)
Ses Global — FDR		913		19,428
Electrical Equipment (0.1%)(a)
Q-Cells AG*		1,421		143,555
Energy Equipment & Services (0.0%)(a)
Acergy SA		5,700		122,624
Media (0.0%)(a)
SES — FDR		3,604		76,157
Metals & Mining (0.6%)
ArcelorMittal(a)		25,419		2,078,813
ArcelorMittal		400		32,759
				2,111,572
				2,473,336
Malaysia (0.0%)(a)
Hotels, Restaurants & Leisure (0.0%)
Genting International PLC*		51,060		22,350
Netherlands (2.9%)(a)
Aerospace & Defense (0.1%)
European Aeronautic Defence and Space Co. NV		9,472		224,208
Air Freight & Logistics (0.1%)
TNT NV		11,319		419,843
Beverages (0.1%)
Heineken Holding NV		1,146		57,652
Heineken NV		6,635		385,322
				442,974
Chemicals (0.2%)
Akzo Nobel NV		7,824		627,707
Koninklijke DSM NV		3,979		191,853
				819,560
Commercial Services & Supplies (0.1%)
Corporate Express		2,340		27,236
Randstad Holding NV		1,580		73,982
Vedior NV CVA		5,098		148,350
				249,568
Diversified Financial Services (0.5%)
ING Groep NV CVA		50,703		1,895,380
Diversified Telecommunication Services (0.3%)
Royal KPN NV		52,700		889,580
Energy Equipment & Services (0.1%)
Fugro NV CVA		1,709		132,813
SBM Offshore NV		4,234		136,574
				269,387
Food & Staples Retailing (0.2%)
Koninklijke Ahold NV*		36,311		538,977
Food Products (0.4%)
Unilever NV CVA		46,271		1,557,501
Household Durables (0.0%)
TomTom NV*		1,812		74,923
Industrial Conglomerate (0.3%)
Koninklijke Philips Electronics NV		30,949		1,184,614
Insurance (0.2%)
Aegon NV		40,296		591,269
Life Sciences Tools & Services (0.0%)
Qiagen NV*		2,043		42,421

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Netherlands(a) (continued)
Media (0.2%)
Reed Elsevier NV		18,089	$	345,836
Wolters Kluwer NV		8,646		229,252
				575,088
Office Electronics (0.0%)
OCE NV		853		14,502
Real Estate Investment Trusts (REITs) (0.0%)
Corio NV		1,204		105,306
Wereldhave NV		347		42,762
				148,068
Semiconductors & Semiconductor Equipment (0.1%)
ASML Holding NV*		11,864		292,499
STMicroelectronics NV		19,924		212,155
				504,654
				10,442,517
New Zealand (0.1%)(a)
Construction Materials (0.0%)
Fletcher Building Ltd.		14,950		98,591
Diversified Telecommunication Services (0.1%)
Telecom Corp. of New Zealand Ltd.		53,449		157,636
Electric Utility (0.0%)
Contact Energy Ltd.		4,906		30,779
Health Care Equipment & Supplies (0.0%)
Fisher & Paykel Healthcare Corp.		6,936		16,003
Hotels, Restaurants & Leisure (0.0%)
Sky City Entertainment Group Ltd.		15,146		43,967
Household Durables (0.0%)
Fisher & Paykel Appliances Holdings Ltd.		4,157		7,694
Real Estate Investment Trust (REIT) (0.0%)
Kiwi Income Property Trust		7,834		7,455
Transportation Infrastructure (0.0%)
Auckland International Airport Ltd.		22,793		40,935
				403,060
Norway (1.0%)(a)
Chemicals (0.1%)
Yara International ASA		5,500		319,995
Commercial Bank (0.1%)
DnB NOR ASA		21,300		325,311
Commercial Services & Supplies (0.0%)
Tomra Systems ASA		2,600		19,751
Communications Equipment (0.0%)
Tandberg ASA		1,600		24,143
Diversified Telecommunication Services (0.1%)
Telenor ASA		24,300		468,155
Electrical Equipment (0.0%)
Renewable Energy Corp. AS*		5,071		142,880
Energy Equipment & Services (0.2%)
Aker Kvaerner ASA*		4,893		112,123
Ocean RIG ASA*		2,170		16,701
Petroleum Geo-Services ASA		5,021		124,703
ProSafe SE		4,027		63,477
Seadrill Ltd.		7,553		203,544
TGS Nopec Geophysical Co. ASA*		1,847		26,918
				547,466
Industrial Conglomerate (0.1%)
Orkla ASA, Class A		24,099		306,739
Insurance (0.0%)
Storebrand ASA		12,236		97,031
Media (0.0%)
Schibsted ASA		200		6,006
Metals & Mining (0.1%)
Norsk Hydro ASA		20,578		301,586
Oil, Gas & Consumable Fuels (0.3%)
DNO International ASA*		14,617		26,284
StatoilHydro ASA		36,903		1,107,565
				1,133,849
				3,692,912
Portugal (0.3%)
Commercial Banks (0.1%)(a)
Banco BPI SA		7,355		38,892
Banco Comercial Portugues SA		52,987		172,600
Banco Espirito Santo SA		5,187		90,224
				301,716
Construction Materials (0.0%)(a)
Cimpor Cimentos de Portugal SGPS SA		5,109		46,330
Diversified Telecommunication Services (0.1%)(a)
Portugal Telecom SGPS SA		22,960		266,817
Electric Utility (0.1%)(a)
Energias de Portugal SA		52,973		321,560
Food & Staples Retailing (0.0%)(a)
Jeronimo Martins SGPS SA*		2,969		23,876
Industrial Conglomerates (0.0%)
Sonae Capital SGPS SA*		0		1
Sonae SGPS SA(a)		25,200		46,390
				46,391
Media (0.0%)(a)
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		5,274		62,532
Paper & Forest Products (0.0%)(a)
Sonae Industria SGPS SA*		1,793		12,458
Transportation Infrastructure (0.0%)(a)
BRISA		7,064		101,104
				1,182,784
Singapore (1.1%)(a)
Aerospace & Defense (0.0%)
Singapore Technologies Engineering Ltd.		38,000		94,021
Air Freight & Logistics (0.0%)
Singapore Post Ltd.		26,000		21,823
Airline (0.1%)
Singapore Airlines Ltd.		12,867		146,435
Commercial Banks (0.4%)
DBS Group Holdings Ltd.		33,000		434,666
Oversea-Chinese Banking Corp.		72,000		426,814
United Overseas Bank Ltd.		35,000		489,873
				1,351,353
Distributor (0.0%)
Jardine Cycle & Carriage Ltd.		3,000		42,960

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Singapore(a) (continued)
Diversified Financial Services (0.0%)
Singapore Exchange Ltd.		24,000	$	132,677
Diversified Telecommunication Services (0.2%)
Singapore Telecommunications Ltd.		219,850		629,462
Electronic Equipment & Instruments (0.0%)
Venture Corp. Ltd.		7,000		54,058
Food & Staples Retailing (0.0%)
Olam International Ltd.		16,000		25,312
Food Products (0.0%)
Wilmar International Ltd.*		12,294		37,730
Health Care Providers & Services (0.0%)
Parkway Holdings Ltd.		19,000		44,665
Industrial Conglomerates (0.1%)
Fraser and Neave Ltd.		19,745		70,329
Keppel Corp. Ltd.		32,000		233,005
SembCorp Industries Ltd.		27,000		80,517
				383,851
Machinery (0.0%)
SembCorp Marine Ltd.		24,800		69,644
Marine (0.0%)
Cosco Corp. Singapore Ltd.		24,000		65,175
Neptune Orient Lines Ltd.		14,000		33,416
				98,591
Media (0.1%)
Singapore Press Holdings Ltd.		45,000		151,082
Oil, Gas & Consumable Fuels (0.0%)
Singapore Petroleum Co. Ltd.		4,000		19,792
Real Estate Investment Trusts (REITs) (0.1%)
Ascendas Real Estate Investment Trust		31,000		54,378
CapitaCommercial Trust		31,000		50,491
CapitaMall Trust		35,000		88,596
				193,465
Real Estate Management & Development (0.1%)
Allgreen Properties Ltd.		26,000		23,442
CapitaLand Ltd.		51,000		238,416
City Developments Ltd.		15,000		121,208
Keppel Land Ltd.		11,000		44,773
UOL Group Ltd.		13,000		36,706
Wing Tai Holdings Ltd.		5,400		8,661
Yanlord Land Group Ltd.		10,000		15,575
				488,781
Road & Rail (0.0%)
ComfortDelgro Corp. Ltd.		57,000		75,949
				4,061,651
Spain (4.2%)
Airline (0.0%)(a)
Iberia Lineas Aereas de Espana		15,137		65,909
Biotechnology (0.0%)(a)
Zeltia SA		2,648		19,399
Commercial Banks (1.8%)(a)
Banco Bilbao Vizcaya Argentaria SA		102,588		2,255,730
Banco de Sabadell SA		14,395		157,865
Banco Popular Espanol SA		24,556		445,106
Banco Santander SA		169,580		3,378,064
Bankinter SA		4,231		67,129
				6,303,894
Construction & Engineering (0.2%)(a)
Acciona SA		834		223,285
ACS Actividades de Construccion y Servicios SA		6,130		348,977
Fomento de Construcciones y Contratas SA		1,373		90,462
Grupo Ferrovial SA		1,862		135,006
Sacyr Vallehermoso SA		1,921		66,727
				864,457
Diversified Financial Services (0.0%)(a)
Criteria Caixacorp SA		19,753		135,644
Diversified Telecommunication Services (0.9%)(a)
Telefonica SA		117,382		3,372,318
Electric Utilities (0.5%)(a)
Iberdrola SA		94,964		1,468,575
Red Electrica de Espana		3,165		193,817
Union Fenosa SA		3,111		209,118
				1,871,510
Electrical Equipment (0.1%)(a)
Gamesa Corp. Tecnologica SA		4,963		226,548
Independent Power Producers & Energy Traders (0.1%)
Iberdrola Renovables*		24,761		172,378
Insurance (0.0%)(a)
Mapfre SA		17,126		85,985
IT Services (0.0%)(a)
Indra Sistemas SA		3,432		98,830
Machinery (0.0%)(a)
Zardoya Otis SA		2,487		69,003
Media (0.1%)(a)
Antena 3 de Television SA		1,996		27,413
Gestevision Telecinco SA		3,029		61,636
Promotora de Informaciones SA		2,493		37,520
Sogecable SA*		1,445		63,387
				189,956
Metals & Mining (0.0%)(a)
Acerinox SA		4,620		128,042
Natural Gas Utility (0.1%)(a)
Gas Natural SDG SA		3,268		201,898
Oil, Gas & Consumable Fuels (0.2%)(a)
Repsol YPF SA		21,752		749,312
Specialty Retail (0.1%)(a)
Inditex SA		6,312		350,307
Transportation Infrastructure (0.1%)(a)
Abertis Infraestructuras SA		6,614		215,380
Cintra Concesiones de Infraestructuras de Transporte SA		6,483		95,939
				311,319
				15,216,709
Sweden (2.4%)(a)
Building Products (0.1%)
Assa Abloy AB, Class B		9,000		163,450
Capital Markets (0.0%)
D Carnegie AB*		1,300		21,897
Commercial Banks (0.5%)
Nordea Bank AB		57,700		936,190

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Sweden(a) (continued)
Skandinaviska Enskilda Banken AB, Class A*		12,900	$	338,069
Svenska Handelsbanken AB, Class A		13,800		402,295
Swedbank AB, Class A		4,900		137,470
				1,814,024
Commercial Services & Supplies (0.0%)
Securitas AB, Class B		9,000		119,079
Securitas Systems AB, Class B		1,200		3,489
				122,568
Communications Equipment (0.2%)
Telefonaktiebolaget LM Ericsson		415,000		814,399
Construction & Engineering (0.1%)
Skanska AB, Class B		10,600		212,613
Diversified Consumer Services (0.0%)
Securitas Direct AB, Class B*		979		4,522
Diversified Financial Services (0.0%)
Investor AB, Class B		6,400		144,199
Diversified Telecommunication Services (0.2%)
Tele2 AB, Class B		8,700		164,627
TeliaSonera AB		61,500		493,882
				658,509
Food & Staples Retailing (0.0%)
Axfood AB		400		14,256
Health Care Equipment & Supplies (0.1%)
Elekta AB, Class B		1,600		27,732
Getinge AB, Class B		5,250		136,414
				164,146
Household Durables (0.1%)
Electrolux AB, Class B		7,318		120,546
Husqvarna AB, Class B		8,095		97,569
				218,115
Machinery (0.6%)
Alfa Laval AB		2,725		165,874
Atlas Copco AB, Class A		18,834		322,150
Atlas Copco AB, Class B		9,469		148,832
Sandvik AB		26,502		461,195
Scania AB, Class B		10,208		214,026
SKF AB, Class B		11,520		232,011
Trelleborg AB, Class B		1,400		27,958
Volvo AB, Class A		12,052		179,618
Volvo AB, Class B		30,329		459,669
				2,211,333
Media (0.0%)
Eniro AB		3,012		21,962
Modern Times Group AB, Class B		1,533		107,060
				129,022
Metals & Mining (0.1%)
Boliden AB		8,361		89,275
Ssab Svenskt Stal AB, Class A		5,142		144,866
Ssab Svenskt Stal AB, Class B		1,512		38,915
				273,056
Oil, Gas & Consumable Fuels (0.0%)
Lundin Petroleum AB*		6,800		92,394
Paper & Forest Products (0.1%)
Holmen AB, Class B*		1,600		55,387
Svenska Cellulosa AB, Class B*		15,892		289,849
				345,236
Personal Products (0.0%)
Oriflame Cosmetics SA — SDR		600		39,899
Real Estate Management & Development (0.0%)
Castellum AB		2,543		31,064
Fabege AB*		1,000		10,699
Kungsleden AB		1,719		21,358
Wihlborgs Fastigheter AB		317		7,249
				70,370
Specialty Retail (0.2%)
Hennes & Mauritz AB, Class B		13,125		808,213
Nobia AB*		195		1,687
				809,900
Tobacco (0.1%)
Swedish Match AB		7,600		166,028
Wireless Telecommunication Services (0.0%)
Millicom International Cellular SA — SDR*		784		74,895
				8,564,831
Switzerland (7.1%)(a)
Auto Components (0.0%)
Rieter Holding AG		75		28,721
Biotechnology (0.0%)
Actelion Ltd.*		2,843		155,191
Building Products (0.0%)
Geberit AG		1,162		173,227
Capital Markets (1.0%)
Credit Suisse Group		29,986		1,527,132
EFG International		1,019		34,904
Julius Baer Holding AG		3,092		228,281
UBS AG		59,425		1,730,689
				3,521,006
Chemicals (0.3%)
Ciba Holding AG		2,143		78,168
Givaudan SA		191		188,977
Syngenta AG		2,989		873,396
				1,140,541
Commercial Services & Supplies (0.1%)
Adecco SA		3,848		222,329
SGS SA		137		197,321
				419,650
Computers & Peripherals (0.0%)
Logitech International SA*		5,054		128,258
Construction Materials (0.2%)
Holcim Ltd.		6,030		633,481
Diversified Financial Services (0.0%)
Pargesa Holding SA		372		41,489
Diversified Telecommunication Services (0.1%)
Swisscom AG		661		226,746
Electrical Equipment (0.5%)
ABB Ltd.		62,884		1,695,202
Electronic Equipment & Instruments (0.0%)
Kudelski SA		30		441
Food Products (1.6%)
Lindt & Spruengli AG		18		59,783

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
Switzerland(a) (continued)
Nestle SA		11,246	$	5,622,363
				5,682,146
Health Care Equipment & Supplies (0.1%)
Nobel Biocare Holding AG		702		163,515
Sonova Holding AG		1,389		127,918
Straumann Holding AG		219		62,612
				354,045
Hotels, Restaurants & Leisure (0.0%)
Kuoni Reisen Holding AG		30		16,683
Insurance (0.7%)
Swiss Life Holding*		1,011		281,235
Swiss Reinsurance		10,097		882,786
Zurich Financial Services AG		4,173		1,315,630
				2,479,651
Life Sciences Tools & Services (0.1%)
Lonza Group AG		1,332		176,745
Machinery (0.1%)
Schindler Holding AG		1,164		87,219
Sulzer AG		86		113,720
				200,939
Marine (0.0%)
Kuehne & Nagel International AG		1,588		159,203
Pharmaceuticals (2.0%)
Novartis AG		66,400		3,407,938
Roche Holding AG		20,107		3,790,328
				7,198,266
Real Estate Management & Development (0.0%)
PSP Swiss Property AG*		638		43,095
Semiconductors & Semiconductor Equipment (0.0%)
OC Oerlikon Corp. AG*		191		67,347
Textiles, Apparel & Luxury Goods (0.3%)
Compagnie Financiere Richemont SA		14,999		842,255
Swatch Group AG		1,029		52,837
Swatch Group AG		921		246,666
				1,141,758
				25,683,831
United Kingdom (20.7%)
Aerospace & Defense (0.4%)(a)
BAE Systems PLC		97,755		942,524
Cobham PLC		32,524		129,082
Meggitt PLC		19,623		107,361
Rolls-Royce Group PLC		50,947		408,028
				1,586,995
Airline (0.0%)(a)
British Airways PLC*		16,544		76,945
Auto Components (0.0%)(a)
GKN PLC		20,865		126,256
Beverages (0.7%)(a)
Diageo PLC		72,178		1,460,468
SABMiller PLC		25,015		548,570
Scottish & Newcastle PLC		22,439		351,731
				2,360,769
Capital Markets (0.3%)(a)
3i Group PLC		11,020		181,534
Close Brothers Group PLC		2,135		26,159
ICAP PLC		14,690		165,989
Investec PLC		8,167		55,035
Man Group PLC		47,899		527,202
Schroders PLC		3,308		61,589
Tullett Prebon PLC		1,647		15,549
				1,033,057
Chemicals (0.1%)(a)
Johnson Matthey PLC		6,053		241,069
Commercial Banks (3.4%)
Alliance & Leicester PLC(a)		5,435		55,932
Barclays PLC(a)		184,014		1,659,914
HBOS PLC(a)		103,750		1,154,069
HSBC Holdings PLC(a)		326,375		5,376,004
Lloyds TSB Group PLC(a)		156,940		1,402,003
Royal Bank of Scotland Group PLC(a)		277,153		1,856,468
Standard Chartered PLC		2,981		101,924
Standard Chartered PLC		16,023		547,849
				12,154,163
Commercial Services & Supplies (0.3%)(a)
Aggreko PLC		3,978		50,976
Biffa PLC		5,462		37,801
Brambles Ltd.		2,893		26,418
Capita Group PLC (The)		16,961		228,506
Davis Service Group PLC		1,028		10,086
De La Rue PLC		2,210		38,917
G4S PLC		32,768		148,154
Hays PLC		32,182		73,037
Intertek Group PLC		2,311		47,402
Rentokil Initial PLC		54,194		104,702
Serco Group PLC		14,330		129,110
				895,109
Construction & Engineering (0.1%)(a)
AMEC PLC		9,526		136,805
Balfour Beatty PLC		10,997		102,938
				239,743
Consumer Finance (0.0%)(a)
Cattles PLC		6,157		28,297
Containers & Packaging (0.0%)(a)
Rexam PLC		18,299		154,948
Distributor (0.0%)(a)
Inchcape PLC		9,960		79,509
Diversified Financial Services (0.0%)(a)
London Stock Exchange Group PLC		4,337		104,046
Diversified Telecommunication Services (0.3%)(a)
BT Group PLC		223,380		964,253
Cable & Wireless PLC		69,858		206,581
				1,170,834
Electric Utilities (0.3%)(a)
British Energy Group PLC		28,848		373,748
Scottish & Southern Energy PLC		24,077		671,491
				1,045,239
Electronic Equipment & Instruments (0.0%)(a)
Electrocomponents PLC		1,789		6,452
Food & Staples Retailing (0.6%)(a)
J Sainsbury PLC		43,909		299,044
Tesco PLC		217,742		1,640,830

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
WM Morrison Supermarkets PLC		32,916	$	179,447
				2,119,321
Food Products (0.6%)(a)
Associated British Foods PLC		4,986		86,595
Cadbury Schweppes PLC		58,792		647,958
Tate & Lyle PLC		13,417		143,851
Unilever PLC		36,094		1,220,704
				2,099,108
Health Care Equipment & Supplies (0.1%)(a)
Smith & Nephew PLC		25,206		333,744
SSL International PLC		561		5,046
				338,790
Hotels, Restaurants & Leisure (0.4%)(a)
Carnival PLC		4,605		183,480
Compass Group PLC		53,120		339,893
Enterprise Inns PLC		14,643		116,660
Intercontinental Hotels Group PLC		8,409		126,977
Ladbrokes PLC		18,288		113,118
Mitchells & Butlers PLC		12,079		82,309
PartyGaming PLC*		1,672		688
Punch Taverns PLC		8,019		85,745
Rank Group PLC		11,401		19,953
Thomas Cook Group PLC		9,772		56,302
Tui Travel PLC*		13,327		68,200
Whitbread PLC		5,258		121,909
William Hill PLC		10,562		78,860
				1,394,094
Household Durables (0.1%)(a)
Barratt Developments PLC		8,880		72,911
Berkeley Group Holdings PLC*		2,086		46,158
Bovis Homes Group PLC		2,165		26,057
Persimmon PLC		8,109		123,139
Taylor Wimpey PLC		31,786		118,293
				386,558
Household Products (0.3%)(a)
Reckitt Benckiser Group PLC		16,741		928,232
Independent Power Producers & Energy Traders (0.1%)(a)
International Power PLC		42,118		332,983
Industrial Conglomerates (0.1%)(a)
Cookson Group PLC		3,344		44,114
Smiths Group PLC		10,974		204,865
Tomkins PLC		26,438		93,874
				342,853
Insurance (1.0%)(a)
Aviva PLC		72,893		893,661
Friends Provident PLC		52,051		127,730
Legal & General Group PLC		177,638		445,712
Old Mutual PLC		144,874		317,904
Prudential PLC		68,769		907,868
Resolution PLC		19,328		262,543
Royal & Sun Alliance Insurance Group		90,978		232,389
Standard Life PLC		55,805		272,774
				3,460,581
Internet & Catalog Retail (0.0%)(a)
Home Retail Group PLC		24,955		129,517
IT Services (0.0%)(a)
LogicaCMG PLC		41,289		86,780
Machinery (0.1%)(a)
Charter PLC*		1,938		32,693
FKI PLC		5,500		7,609
IMI PLC		9,748		87,846
Invensys PLC*		17,812		79,427
				207,575
Marine (0.0%)(a)
Stolt-Nielsen SA		50		1,046
Media (0.6%)(a)
British Sky Broadcasting Group PLC		31,802		351,582
Daily Mail & General Trust, Class A		8,133		69,830
ITV PLC		75,220		94,619
Pearson PLC		22,705		307,467
Reed Elsevier PLC		30,769		391,840
Reuters Group PLC		35,461		408,095
Trinity Mirror PLC		5,098		29,902
United Business Media PLC		7,377		79,134
WPP Group PLC		31,767		379,206
Yell Group PLC		23,403		71,460
				2,183,135
Metals & Mining (2.4%)(a)
Anglo American PLC		36,625		2,195,099
Antofagasta PLC		5,554		77,317
BHP Billiton PLC		62,704		1,846,645
Kazakhmys PLC		2,931		92,932
Lonmin PLC		2,150		130,699
Rio Tinto PLC		27,415		2,848,790
Vedanta Resources PLC		2,005		83,544
Xstrata PLC		17,461		1,222,836
				8,497,862
Multi-Utilities (0.5%)(a)
Centrica PLC		102,652		608,120
National Grid PLC		71,322		985,481
United Utilities PLC		24,707		338,827
				1,932,428
Multiline Retail (0.1%)(a)
Marks & Spencer Group PLC		47,248		363,493
Next PLC		5,860		132,728
				496,221
Oil, Gas & Consumable Fuels (3.8%)(a)
BG Group PLC		93,466		2,165,465
BP PLC		522,896		5,297,155
Royal Dutch Shell PLC, Class A		98,850		3,403,169
Royal Dutch Shell PLC, Class B		75,789		2,552,752
Tullow Oil PLC		20,193		264,404
				13,682,945
Paper & Forest Products (0.0%)(a)
Mondi PLC		11,034		91,521
Pharmaceuticals (1.4%)(a)
AstraZeneca PLC		40,525		1,519,904
GlaxoSmithKline PLC		152,724		3,230,048
Shire PLC		7,710		149,226
				4,899,178
Real Estate Investment Trusts (REITs) (0.3%)(a)
British Land Co. PLC		14,406		262,353
Brixton PLC		4,822		31,577

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT International Index Fund

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Great Portland Estates PLC		2,308	$	24,265
Hammerson PLC		8,205		181,424
Land Securities Group PLC		13,031		390,339
Liberty International PLC		7,149		138,590
Segro PLC		12,904		130,009
				1,158,557
Road & Rail (0.1%)(a)
Arriva PLC		3,165		43,104
Firstgroup PLC		12,448		139,320
National Express Group PLC		3,428		68,417
Stagecoach Group PLC		16,114		77,394
				328,235
Semiconductors & Semiconductor Equipment (0.0%)(a)
ARM Holdings PLC		38,685		67,555
CSR PLC*		2,659		17,195
				84,750
Software (0.0%)(a)
Misys PLC		7,195		19,763
Sage Group PLC		37,266		139,350
				159,113
Specialty Retail (0.1%)(a)
Carphone Warehouse Group PLC		9,656		54,682
DSG International PLC		53,899		67,997
Galiform PLC*		342		538
Kesa Electricals PLC		16,165		66,288
Kingfisher PLC		66,494		174,809
Signet Group PLC		41,837		51,284
				415,598
Textiles, Apparel & Luxury Goods (0.0%)(a)
Burberry Group PLC		12,845		114,890
Tobacco (0.7%)(a)
British American Tobacco PLC		41,437		1,556,175
Imperial Tobacco Group PLC		18,864		868,554
				2,424,729
Trading Companies & Distributors (0.1%)(a)
Bunzl PLC		9,645		135,825
Travis Perkins PLC		3,533		75,203
Wolseley PLC		18,742		197,383
				408,411
Transportation Infrastructure (0.0%)(a)
BBA Aviation PLC		2,055		6,139
Water Utility (0.1%)(a)
Severn Trent PLC		6,653		187,586
Wireless Telecommunication Services (1.2%)(a)
Vodafone Group PLC		1,464,720		4,353,229
				74,555,396
United States (0.1%)(a)
Health Care Equipment & Supplies (0.1%)
Synthes, Inc.		1,728		241,640
Total Common Stocks				348,767,711
Exchange Traded Funds (0.4%)
Spain (0.1%)(a)
Enagas		4,922		147,020
United States (0.3%)
iShares MSCI EAFE Index Fund		16,075		1,155,792
Total Exchange Traded Funds				1,302,812
Warrants* (0.0%)
Japan (0.0%)
Metals & Mining (0.0%)
Dowa Holdings Co. Ltd., expiring 01/29/10		1,000		0
	Principal
	Amount		Value
Repurchase Agreements (17.2%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $38,112,680, collateralized by U.S. Government Agency Mortgages with a market value of $38,872,127	$	38,109,928	$	38,109,928
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $23,891,548, collateralized by U.S. Government Agency Mortgages with a market value of $24,367,619		23,889,822		23,889,822
Total Repurchase Agreements				61,999,750
Total Investments (Cost $435,332,491) (b) — 114.3%				412,070,273
Liabilities in excess of other assets — (14.3)%				(51,494,757	)
NET ASSETS — 100.0%			$	360,575,516

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
ADR	American Depositary Receipt
ARM	Adjustable Rate Mortgage
FDR	Fiduciary Depositary Receipts
FI	Finland
GR	Greece
RNC	Savings Shares
SDR	Swedish Depositary Receipts

See accompanying notes to statements of investments

     At March 31, 2008, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Date		Received/			Contract			Market			Appreciation/
Currency	Delivery		(Delivered)			Value			Value			(Depreciation)
Short Contract:
Australian Dollar		05/15/08		(925,000	)	$	(842,524	)	$	(840,150	)	$	2,374
Swiss Franc		05/15/08		(621,200	)		(581,493	)		(625,749	)		(44,256	)
Danish Kroner		05/15/08		(390,000	)		(77,322	)		(82,421	)		(5,099	)
Euro		05/15/08		(2,368,000	)		(3,519,750	)		(3,731,252	)		(211,502	)
British Pound		05/15/08		(1,216,000	)		(2,396,355	)		(2,404,663	)		(8,308	)
Hong Kong Dollar		05/15/08		(1,806,900	)		(232,126	)		(232,506	)		(380	)
Japanese Yen		05/15/08		(199,700,000	)		(1,889,192	)		(2,009,403	)		(120,211	)
Norwegian Krone		05/15/08		(420,000	)		(78,696	)		(82,192	)		(3,496	)
New Zealand Dollar		05/15/08		(6,000	)		(4,817	)		(4,678	)		139
Swedish Krone		05/15/08		(1,170,000	)		(184,869	)		(196,502	)		(11,633	)
Singapore Dollars		05/15/08		(96,000	)		(68,313	)		(69,914	)		(1,601	)
Total Short Contracts						$	(9,875,457	)	$	(10,279,430	)	$	(403,973	)
Long Contracts:
Australian Dollar		04/01/08		3,993,000		$	3,657,189		$	3,648,408		$	(8,781	)
Australian Dollar		05/15/08		1,131,650			1,018,288			1,027,844			9,556
Swiss Franc		04/01/08		4,477,000			4,492,274			4,509,014			16,740
Swiss Franc		05/15/08		1,014,600			944,746			1,022,030			77,284
Danish Kroner		04/01/08		2,942,000			622,343			622,936			593
Danish Kroner		05/15/08		390,000			75,956			82,421			6,465
Euro		04/01/08		13,429,000			21,180,219			21,199,110			18,891
Euro		05/15/08		3,991,800			5,884,013			6,289,869			405,856
British Pound		04/01/08		6,267,000			12,486,998			12,436,251			(50,747	)
British Pound		05/15/08		1,603,700			3,132,076			3,171,347			39,271
Hong Kong Dollar		04/01/08		9,408,000			1,209,084			1,208,882			(202	)
Hong Kong Dollar		05/15/08		1,806,900			232,123			232,506			383
Japanese Yen		04/01/08		1,171,350,000			11,784,205			11,753,462			(30,743	)
Japanese Yen		05/15/08		257,740,000			2,412,059			2,593,408			181,349
Norwegian Krone		04/01/08		3,393,000			664,330			666,562			2,232
Norwegian Krone		05/15/08		420,000			75,873			82,192			6,319
New Zealand Dollar		05/15/08		6,000			4,708			4,678			(30	)
Swedish Krone		04/01/08		8,382,000			1,407,840			1,411,111			3,271
Swedish Krone		05/15/08		2,193,100			344,404			368,332			23,928
Singapore Dollars		04/01/08		977,400			707,851			710,268			2,417
Singapore Dollars		05/15/08		96,000			68,049			69,914			1,865
Total Long Contracts						$	72,404,628		$	73,110,545		$	705,917

At March 31, 2008, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of					Covered by		Appreciation
Contracts		Long Contracts	Expiration		Contracts		(Depreciation)
	7	S&P SPI 200 IDX		06/30/08	$	862,808	$	11,323
	70	DJ Euro STOXX 50		06/20/08		3,921,733		79,170
	21	FTSE 100		06/20/08		2,378,872		48,549
	18	TOPIX INDX		06/30/08		2,195,364		(25,200	)
	18	OMSX30 INDX		04/25/08		281,894		7,235
	3	HANG SENG IDX		04/30/08		436,177		3,668
					$	10,076,848	$	124,745

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (94.7%)
Aerospace & Defense (1.5%)
AAR Corp.*		9,800	$	267,246
Aerovironment, Inc.*		2,100		42,945
American Science & Engineering, Inc.		2,400		130,968
Applied Energetics, Inc.*		9,800		16,268
Argon ST, Inc.*		3,900		66,339
Ceradyne, Inc.*		7,100		226,916
Cubic Corp.		4,000		113,720
Curtiss-Wright Corp.		11,400		472,872
DynCorp International, Inc., Class A*		6,200		103,416
Esterline Technologies Corp.*		7,700		387,849
GenCorp, Inc.*		14,900		153,321
HEICO Corp.		6,700		326,625
Hexcel Corp.*		24,600		470,106
Innovative Solutions & Support, Inc.*		4,000		42,280
Ladish Co., Inc.*		3,900		140,400
Moog, Inc., Class A*		9,500		400,995
MTC Technologies, Inc.*		2,000		47,560
Orbital Sciences Corp.*		14,700		354,270
Stanley, Inc.*		2,200		64,812
Taser International, Inc.*		16,300		153,220
Teledyne Technologies, Inc.*		9,100		427,700
TransDigm Group, Inc.*		2,500		92,625
Triumph Group, Inc.		4,300		244,799
				4,747,252
Air Freight & Logistics (0.4%)
ABX Holdings, Inc.*		13,023		38,288
Atlas Air Worldwide Holdings, Inc.*		3,500		192,500
Dynamex, Inc.*		2,900		73,370
Forward Air Corp.		8,000		283,520
HUB Group, Inc., Class A*		10,200		335,478
Pacer International, Inc.		9,200		151,156
Park-Ohio Holdings Corp.*		2,400		37,704
				1,112,016
Airlines (0.4%)
AirTran Holdings, Inc.*		24,100		159,060
Alaska Air Group, Inc.*		10,000		196,200
Allegiant Travel Co.*		900		23,778
ExpressJet Holdings, Inc.*		11,100		29,193
JetBlue Airways Corp.*		46,700		270,860
Pinnacle Airlines Corp.*		5,000		43,650
Republic Airways Holdings, Inc.*		8,900		192,774
SkyWest, Inc.		15,900		335,808
				1,251,323
Auto Components (0.9%)
Aftermarket Technology Corp.*		5,800		112,752
American Axle & Manufacturing Holdings, Inc.		11,800		241,900
Amerigon, Inc.*		5,800		85,840
ArvinMeritor, Inc.		18,800		235,188
Cooper Tire & Rubber Co.		16,200		242,514
Drew Industries, Inc.*		4,800		117,408
Exide Technologies*		19,700		258,070
Hayes Lemmerz International, Inc.*		24,200		67,518
Lear Corp.*		20,000		518,200
Modine Manufacturing Co.		8,600		124,614
Noble International Ltd.		3,700		23,125
Raser Technologies, Inc.*		7,300		62,707
Sauer-Danfoss, Inc.		2,200		48,708
Spartan Motors, Inc.		8,750		74,025
Standard Motor Products, Inc.		2,900		17,748
Stoneridge, Inc.*		2,800		37,660
Superior Industries International, Inc.		5,600		116,200
Tenneco, Inc.*		11,500		321,310
Visteon Corp.*		34,200		128,592
				2,834,079
Automobiles (0.1%)
Fleetwood Enterprises, Inc.*		17,100		78,660
Monaco Coach Corp.		7,200		68,256
Winnebago Industries, Inc.		7,800		131,820
				278,736
Beverages (0.3%)
Boston Beer Co., Inc., Class A*		2,500		118,850
Central European Distribution Corp.*		9,200		535,348
Coca-Cola Bottling Co. Consolidated		1,600		98,592
Jones Soda Co.*		7,100		24,779
MGP Ingredients, Inc.		3,400		23,766
National Beverage Corp.		1,440		11,045
				812,380
Biotechnology (3.3%)
Acadia Pharmaceuticals, Inc.*		8,300		75,198
Acorda Therapeutics, Inc.*		6,900		123,855
Affymax, Inc.*		600		8,460
Alexion Pharmaceuticals, Inc.*		9,500		563,350
Alkermes, Inc.*		26,300		312,444
Allos Therapeutics, Inc.*		11,600		70,528
Alnylam Pharmaceuticals, Inc.*		9,200		224,480
Altus Pharmaceuticals, Inc.*		5,900		26,845
Amicus Therapeutics, Inc.*		2,200		23,540
Applera Corp. Celera Group*		19,400		285,180
Arena Pharmaceuticals, Inc.*		19,100		130,644
ARIAD Pharmaceuticals, Inc.*		18,900		63,693
Arqule, Inc.*		11,100		47,508
Array BioPharma, Inc.*		12,500		87,625
BioMarin Pharmaceutical, Inc.*		24,600		870,102
Bionovo, Inc.*		7,500		9,525
Cell Genesys, Inc.*		21,400		50,290
Cepheid, Inc.*		14,400		351,216
Cubist Pharmaceuticals, Inc.*		14,500		267,090
CV Therapeutics, Inc.*		15,700		111,941
Cytokinetics, Inc.*		6,400		21,248
CytRx Corp.*		23,600		27,140
Dendreon Corp.*		22,100		106,522
Emergent Biosolutions, Inc.*		400		3,568
Encysive Pharmaceuticals, Inc.*		22,100		51,935
Enzon Pharmaceuticals, Inc.*		11,900		109,599
Genomic Health, Inc.*		3,400		64,226
GenVec, Inc.*		21,300		37,488
Geron Corp.*		19,300		94,184
GTx, Inc.*		4,200		67,536
Halozyme Therapeutics, Inc.*		15,200		96,672
Human Genome Sciences, Inc.*		35,000		206,150
Idenix Pharmaceuticals, Inc.*		4,600		23,092
Immunomedics, Inc.*		16,400		46,084
Incyte Corp.*		22,000		231,220
Indevus Pharmaceuticals, Inc.*		16,300		77,751
InterMune, Inc.*		7,900		115,182
Isis Pharmaceuticals, Inc.*		23,300		328,763
Keryx Biopharmaceuticals, Inc.*		11,600		6,960
Kosan Biosciences, Inc.*		7,600		11,932
LifeCell Corp.*		8,900		374,067
Ligand Pharmaceuticals, Inc., Class B		22,500		90,000

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Biotechnology (continued)
MannKind Corp.*		13,900	$	82,983
Martek Biosciences Corp.*		8,500		259,845
Maxygen, Inc.*		6,200		40,052
Medarex, Inc.*		32,900		291,165
Metabolix, Inc.*		3,900		42,705
Molecular Insight Pharmaceuticals, Inc.*		100		676
Momenta Pharmaceuticals, Inc.*		6,200		67,766
Myriad Genetics, Inc.*		11,200		451,248
Nabi Biopharmaceuticals*		16,400		65,928
Nanosphere, Inc.*		2,100		18,186
Neurocrine Biosciences, Inc.*		10,300		55,620
Neurogen Corp.*		4,600		8,556
Novacea, Inc.*		3,400		9,180
Omrix Biopharmaceuticals, Inc.*		3,600		50,400
Onyx Pharmaceuticals, Inc.*		14,270		414,258
Orexigen Therapeutics, Inc.*		2,100		21,630
OSI Pharmaceuticals, Inc.*		15,000		560,850
Osiris Therapeutics, Inc.*		3,000		37,740
Poniard Pharmaceuticals, Inc.*		7,700		25,795
Progenics Pharmaceuticals, Inc.*		6,800		44,404
Protalix BioTherapeutics, Inc.*		3,360		8,837
Regeneron Pharmaceuticals, Inc.*		16,600		318,554
Rigel Pharmaceuticals, Inc.*		8,800		164,208
RXi Pharmaceuticals Corp.*		235		2,235
Savient Pharmaceuticals, Inc.*		13,900		278,000
Seattle Genetics, Inc.*		14,000		127,400
Senomyx, Inc.*		8,300		48,970
Synta Pharmaceuticals Corp.*		1,500		12,135
Telik, Inc.*		15,400		37,576
Tercica, Inc.*		7,000		40,110
Trubion Pharmaceuticals, Inc.*		1,300		12,272
United Therapeutics Corp.*		5,600		485,520
Vanda Pharmaceuticals, Inc.*		7,400		28,638
XOMA Ltd.*		35,000		90,650
Zymogenetics, Inc.*		10,300		100,940
				10,199,865
Building Products (0.4%)
AAON, Inc.		3,850		77,116
American Woodmark Corp.		3,200		65,792
Ameron International Corp.		2,400		224,472
Apogee Enterprises, Inc.		7,700		118,580
Builders FirstSource, Inc.*		4,400		31,944
Gibraltar Industries, Inc.		6,300		73,899
Griffon Corp.*		8,000		68,800
Insteel Industries, Inc.		5,000		58,150
NCI Building Systems, Inc.*		5,300		128,260
PGT, Inc.*		700		1,918
Simpson Manufacturing Co., Inc.		9,000		244,620
Trex Co., Inc.*		3,400		26,792
Universal Forest Products, Inc.		3,900		125,580
				1,245,923
Capital Markets (1.9%)
Alternative Asset Management Acquisition Corp.*		10,400		98,488
Apollo Investment Corp.		31,100		492,313
Ares Capital Corp.		18,290		229,905
BlackRock Kelso Capital Corp.		1,700		20,298
Calamos Asset Management, Inc., Class A		5,600		91,168
Capital Southwest Corp.		700		86,604
Cohen & Steers, Inc.		4,000		105,960
Cowen Group, Inc.*		4,100		29,069
Energy Infrastructure Acquisition Corp.*		5,200		51,740
Epoch Holding Corp.		2,900		34,742
Evercore Partners, Inc., Class A		2,500		44,375
FBR Capital Markets Corp.*		6,500		43,875
FCStone Group, Inc.*		2,350		65,095
GAMCO Investors, Inc., Class A		1,500		75,540
GFI Group, Inc.		4,200		240,660
Gladstone Capital Corp.		4,800		89,808
Greenhill & Co., Inc.		4,700		326,932
Heckmann Corp.*		14,500		108,025
Hercules Technology Growth Capital, Inc.		8,100		87,966
HFF, Inc., Class A*		4,600		23,046
Hicks Acquisition Co. I, Inc.*		13,000		119,340
KBW, Inc.*		7,000		154,350
Knight Capital Group, Inc., Class A*		25,400		412,496
Kohlberg Capital Corp.		2,800		29,064
LaBranche & Co., Inc.*		12,000		52,200
Ladenburg Thalmann Financial Services, Inc.*		20,500		38,335
Marathon Acquisition Corp.*		8,100		62,532
MCG Capital Corp.		15,400		139,986
MVC Capital, Inc.		6,400		97,536
NGP Capital Resources Co.		5,200		85,384
NRDC Acquisition Corp.*		9,100		83,629
NTR Acquisition Co.*		6,300		60,291
optionsXpress Holdings, Inc.		11,700		242,307
Patriot Capital Funding, Inc.		6,400		67,008
PennantPark Investment Corp.		5,900		50,209
Penson Worldwide, Inc.*		3,700		34,151
Piper Jaffray Cos.*		4,500		152,820
Prospect Capital Corp.		6,300		95,886
Pzena Investment Management, Inc., Class A		1,800		20,376
Riskmetrics Group, Inc.*		4,800		92,880
Sanders Morris Harris Group, Inc.		3,300		26,928
Stifel Financial Corp.*		3,700		166,130
SWS Group, Inc.		5,400		66,042
Thomas Weisel Partners Group, Inc.*		5,400		35,748
TICC Capital Corp.		6,500		48,880
TradeStation Group, Inc.*		7,800		66,456
Triplecrown Acquisition Corp.*		12,400		113,088
US Global Investors, Inc., Class A		3,400		46,036
Waddell & Reed Financial, Inc., Class A		21,800		700,434
WP Stewart & Co. Ltd.		5,800		11,252
				5,717,383
Chemicals (2.6%)
A. Schulman, Inc.		7,200		147,816
American Vanguard Corp.		4,000		66,560
Arch Chemicals, Inc.		6,400		238,464
Balchem Corp.		4,000		91,680
C.F. Industries Holdings, Inc.		14,300		1,481,766
Calgon Carbon Corp.*		10,600		159,530
Ferro Corp.		11,400		169,404
Flotek Industries, Inc.*		5,300		77,327
GenTek, Inc.*		1,800		54,144
Georgia Gulf Corp.		9,400		65,142
H.B. Fuller Co.		15,500		316,355

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Chemicals (continued)
Hercules, Inc.		30,400	$	556,016
Innophos Holdings, Inc.		5,600		90,104
Innospec, Inc.		6,400		135,680
Koppers Holdings, Inc.		4,600		203,826
Kronos Worldwide, Inc.		500		12,075
Landec Corp.*		6,100		51,423
LSB Industries, Inc.*		4,200		61,908
Minerals Technologies, Inc.		5,000		314,000
N.L. Industries, Inc.		1,400		15,288
NewMarket Corp.		3,800		286,710
O.M. Group, Inc.*		7,800		425,412
Olin Corp.		19,300		381,368
PolyOne Corp.*		22,400		142,688
Rockwood Holdings, Inc.*		8,600		281,822
Sensient Technologies Corp.		12,300		362,727
ShengdaTech, Inc.*		7,600		64,600
Spartech Corp.		8,000		67,600
Stepan Co.		1,700		64,991
Terra Industries, Inc.*		24,100		856,273
Tronox, Inc., Class A		1,200		4,788
Tronox, Inc., Class B		8,000		31,200
Valhi, Inc.		1,400		32,746
W.R. Grace & Co.*		18,300		417,606
Zep, Inc.		5,850		94,887
Zoltek Cos., Inc.*		6,500		172,380
				7,996,306
Closed-End Fund (0.0%)
Kayne Anderson Energy Development Co.		2,800		69,720
Commercial Banks (5.6%)
1st Source Corp.		2,900		61,045
Amcore Financial, Inc.		6,200		126,170
AmericanWest Bancorp		4,700		40,984
Ameris Bancorp		3,800		61,028
Bancfirst Corp.		1,700		77,826
Banco Latinoamericano de Exportaciones, SA		6,800		104,720
Bancorp, Inc.*		3,800		45,904
Bank of the Ozarks, Inc.		3,300		78,870
Banner Corp.		4,200		96,768
Boston Private Financial Holdings, Inc.		9,800		103,782
Capital City Bank Group, Inc.		2,800		81,200
Capital Corp. of the West		2,700		21,654
Capitol Bancorp Ltd.		3,900		82,446
Cascade Bancorp		6,100		58,316
Cathay General Bancorp		13,400		277,782
Centennial Bank Holdings, Inc.*		11,400		71,592
Center Financial Corp.		2,900		26,274
Central Pacific Financial Corp.		8,200		154,570
Chemical Financial Corp.		6,600		157,344
Citizens Republic Bancorp, Inc.		19,900		247,357
City Bank		3,700		82,399
City Holding Co.		4,600		183,540
CoBiz Financial, Inc.		4,700		61,194
Columbia Banking System, Inc.		4,800		107,424
Community Bancorp*		3,400		46,104
Community Bank System, Inc.		8,000		196,480
Community Trust Bancorp, Inc.		4,100		120,130
CVB Financial Corp.		17,600		183,216
Enterprise Financial Services Corp.		2,100		52,500
First Bancorp North Carolina		2,400		47,832
First BanCorp. Puerto Rico		24,300		246,888
First Charter Corp.		8,600		229,706
First Commonwealth Financial Corp.		19,600		227,164
First Community Bancorp		6,600		177,210
First Community Bancshares, Inc.		2,200		80,124
First Financial Bancorp		8,300		111,635
First Financial Bankshares, Inc.		5,500		225,390
First Financial Corp.		3,000		92,340
First Merchants Corp.		4,900		139,846
First Midwest Bancorp, Inc.		12,300		341,571
First Regional Bancorp*		2,600		42,640
First South Bancorp, Inc.		1,600		36,000
First State Bancorp		5,600		74,984
FirstMerit Corp.		21,000		433,860
FNB Corp.		15,900		248,199
Frontier Financial Corp.		10,400		183,872
Glacier Bancorp, Inc.		13,900		266,463
Great Southern Bancorp, Inc.		1,900		29,659
Green Bankshares, Inc.		3,400		60,146
Hancock Holding Co.		7,000		294,140
Hanmi Financial Corp.		11,000		81,290
Harleysville National Corp.		8,300		119,686
Heartland Financial USA, Inc.		2,600		55,016
Heritage Commerce Corp.		3,700		67,821
Home Bancshares, Inc.		2,500		52,175
Horizon Financial Corp.		3,400		46,954
IBERIABANK Corp.		3,100		137,175
Independent Bank Corp. Massachusetts		4,000		118,200
Independent Bank Corp. Michigan		7,000		72,660
Integra Bank Corp.		5,700		92,340
International Bancshares Corp.		12,650		285,637
Investors Bancorp, Inc.*		13,443		206,350
Irwin Financial Corp.		5,400		28,674
Lakeland Bancorp, Inc.		4,095		52,948
Lakeland Financial Corp.		3,400		77,010
Macatawa Bank Corp.		5,290		55,069
MainSource Financial Group, Inc.		3,900		60,450
MB Financial, Inc.		9,400		289,332
Midwest Banc Holdings, Inc.		6,400		81,792
Nara Bancorp, Inc.		6,100		79,239
National Penn Bancshares, Inc.		20,800		378,352
NBT Bancorp, Inc.		8,500		188,700
Northfield Bancorp, Inc.*		3,800		38,950
Old National Bancorp		17,500		315,000
Old Second Bancorp, Inc.		3,379		89,746
Omega Financial Corp.		3,200		99,840
Oriental Financial Group		5,900		116,289
Pacific Capital Bancorp		12,399		266,579
Park National Corp.		3,000		212,550
Peoples Bancorp, Inc.		2,100		50,631
Pinnacle Financial Partners, Inc.*		5,200		133,120
Preferred Bank		1,800		30,042
PrivateBancorp, Inc.		5,000		157,350
Prosperity Bancshares, Inc.		9,300		266,538
Provident Bankshares Corp.		7,300		78,402
Renasant Corp.		5,700		128,250
Republic Bancorp, Inc., Class A		1,700		32,096
Royal Bancshares of Pennsylvania, Class A		600		8,682
S&T Bancorp, Inc.		6,600		212,322
S.Y. Bancorp, Inc.		3,328		77,343

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Commercial Banks (continued)
Sandy Spring Bancorp, Inc.		4,200	$	115,584
Santander BanCorp		100		1,011
SCBT Financial Corp.		2,200		74,360
Seacoast Banking Corp. of Florida		4,700		51,465
Security Bank Corp.		5,893		46,849
Sierra Bancorp		2,100		45,381
Signature Bank*		7,800		198,900
Simmons First National Corp., Class A		3,200		95,136
South Financial Group, Inc. (The)		19,500		289,770
Southside Bancshares, Inc.		2,325		55,963
Southwest Bancorp, Inc.		3,900		68,289
Sterling Bancorp		5,600		86,968
Sterling Bancshares, Inc.		19,700		195,818
Sterling Financial Corp.		13,500		210,735
Sterling Financial Corp. Pennsylvania*		7,200		125,640
Suffolk Bancorp		2,900		91,872
Sun Bancorp, Inc.*		3,005		39,576
Superior Bancorp*		10,900		54,173
Susquehanna Bancshares, Inc.		22,287		453,986
SVB Financial Group*		8,500		370,940
Taylor Capital Group, Inc.		1,600		26,272
Texas Capital Bancshares, Inc.*		6,300		106,344
Tompkins Financial Corp.		1,700		83,640
Trico Bancshares		2,900		50,199
Trustmark Corp.		12,600		280,728
UCBH Holdings, Inc.		25,900		200,984
UMB Financial Corp.		8,100		333,720
Umpqua Holdings Corp.		16,100		249,711
Union Bankshares Corp.		2,700		52,299
United Bankshares, Inc.		10,100		269,165
United Community Banks, Inc.		11,000		186,780
United Security Bancshares		2,800		47,040
Univest Corp. of Pennsylvania		2,800		73,332
Virginia Commerce Bancorp*		4,900		56,252
W Holding Co., Inc.		31,600		37,604
Washington Trust Bancorp, Inc.		2,400		59,568
WesBanco, Inc.		6,700		165,557
West Coast Bancorp		4,300		62,737
Westamerica Bancorp		7,900		415,540
Western Alliance Bancorp*		4,200		54,012
Wilshire Bancorp, Inc.		5,000		38,200
Wintrust Financial Corp.		6,400		223,680
				17,284,668
Commercial Services & Supplies (4.3%)
ABM Industries, Inc.		11,400		255,816
ACCO Brands Corp.*		14,200		192,694
Administaff, Inc.		6,100		144,021
Advisory Board Co. (The)*		4,700		258,218
American Ecology Corp.		4,400		111,452
American Reprographics Co.*		7,300		108,332
AMREP Corp.		300		15,690
Arrowhead Research Corp.*		10,300		29,149
Barrett Business Services, Inc.		2,500		42,825
Bowne & Co., Inc.		7,400		112,850
Casella Waste Systems, Inc., Class A*		6,500		71,045
CBIZ, Inc.*		12,700		103,124
CDI Corp.		3,500		87,675
Cenveo, Inc.*		14,100		147,486
Clean Harbors, Inc.*		4,400		286,000
Comfort Systems U.S.A., Inc.		10,100		131,401
Compx International, Inc.		200		1,840
COMSYS IT Partners, Inc.*		4,700		39,762
Consolidated Graphics, Inc.*		2,500		140,125
Cornell Cos., Inc.*		2,900		65,134
CoStar Group, Inc.*		5,100		219,300
Courier Corp.		2,800		69,860
CRA International, Inc.*		3,000		96,420
Deluxe Corp.		13,600		261,256
Diamond Management & Technology Consultants, Inc.		7,700		49,665
Duff & Phelps Corp., Class A*		1,900		34,181
EnergySolutions, Inc.		7,900		181,226
EnerNOC, Inc.*		1,200		13,680
Ennis, Inc.		5,700		95,646
Exponent, Inc.*		3,800		124,792
First Advantage Corp., Class A*		2,200		46,618
FTI Consulting, Inc.*		12,300		873,792
Fuel Tech, Inc.*		4,600		94,300
G & K Services, Inc., Class A		5,500		195,855
Geo Group, Inc. (The)*		13,200		375,408
GeoEye, Inc.*		4,600		119,554
Healthcare Services Group		10,950		226,008
Heidrick & Struggles International, Inc.		4,800		156,144
Herman Miller, Inc.		15,100		371,007
Hudson Highland Group, Inc.*		6,900		58,443
Huron Consulting Group, Inc.*		4,900		203,595
ICT Group, Inc.*		1,600		16,144
IHS, Inc., Class A*		8,500		546,635
IKON Office Solutions, Inc.		19,300		146,680
Innerworkings, Inc.*		6,300		88,389
Interface, Inc., Class A		14,400		202,320
Kelly Services, Inc., Class A		6,300		129,528
Kenexa Corp.*		6,600		121,968
Kforce, Inc.*		8,700		76,908
Kimball International, Inc., Class B		7,300		78,256
Knoll, Inc.		13,100		151,174
Korn/Ferry International*		12,500		211,250
Layne Christensen Co.*		4,400		154,088
LECG Corp.*		6,800		63,648
M & F Worldwide Corp.*		3,000		112,170
McGrath Rentcorp		6,700		161,537
Mine Safety Appliances Co.		7,400		304,806
Mobile Mini, Inc.*		9,500		180,500
Multi-Color Corp.		2,500		55,900
Navigant Consulting, Inc.*		12,100		229,658
Odyssey Marine Exploration, Inc.*		11,700		63,063
On Assignment, Inc.*		9,600		60,960
PeopleSupport, Inc.*		6,300		57,456
PHH Corp.*		13,200		230,076
Pike Electric Corp.*		3,800		52,934
Protection One, Inc.*		600		5,754
Resources Connection, Inc.		12,400		221,588
Rollins, Inc.		10,150		179,553
RSC Holdings, Inc.*		5,500		59,950
Schawk, Inc.		4,100		65,559
School Specialty, Inc.*		5,600		176,624
Spherion Corp.*		12,900		78,948
Standard Parking Corp.*		2,800		58,688
Standard Register Co. (The)		4,100		31,939
Team, Inc.*		4,200		114,660

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Commercial Services & Supplies (continued)
TeleTech Holdings, Inc.*		11,000	$	247,060
TETRA Technology, Inc.*		15,200		296,552
TrueBlue, Inc.*		11,600		155,904
United Stationers, Inc.*		6,200		295,740
Viad Corp.		5,600		201,656
Volt Information Sciences, Inc.*		3,800		64,448
Waste Connections, Inc.*		17,900		550,246
Waste Industries USA, Inc.		1,300		46,995
Waste Services, Inc.*		3,900		31,668
Watson Wyatt Worldwide, Inc., Class A		10,900		618,575
				13,209,544
Communications Equipment (1.9%)
3Com Corp.*		97,800		223,962
Acme Packet, Inc.*		5,600		44,744
ADTRAN, Inc.		15,000		277,500
Airvana, Inc.*		300		1,569
Anaren, Inc.*		4,700		59,502
Arris Group, Inc.*		35,620		207,308
Aruba Networks, Inc.*		2,800		14,588
Avanex Corp.*		48,400		34,364
Avocent Corp.*		12,400		209,560
Bel Fuse, Inc., Class B		2,500		69,650
BigBand Networks, Inc.*		3,700		21,201
Black Box Corp.		4,600		141,910
Blue Coat Systems, Inc.*		8,600		189,544
Comtech Group, Inc.*		5,300		57,187
Comtech Telecommunications Corp.*		6,100		237,900
Digi International, Inc.*		5,500		63,470
Ditech Networks, Inc.*		6,300		18,522
Dycom Industries, Inc.*		10,700		128,507
EMS Technologies, Inc.*		4,100		111,274
Extreme Networks, Inc.*		31,500		97,650
Finisar Corp.*		71,100		91,008
Foundry Networks, Inc.*		37,900		438,882
Harmonic, Inc.*		24,500		186,200
Harris Stratex Networks, Inc., Class A*		5,700		57,171
Hughes Communications, Inc.*		1,400		70,952
Infinera Corp.*		4,700		56,400
InterDigital, Inc.*		12,300		243,663
Ixia*		10,900		84,584
Loral Space & Communications, Inc.*		2,500		59,600
MasTec, Inc.*		9,900		81,279
MRV Communications, Inc.*		42,200		57,814
Netgear, Inc.*		9,100		181,545
Network Equipment Technologies, Inc.*		7,200		47,304
Neutral Tandem, Inc.*		1,300		23,413
Nextwave Wireless, Inc.*		5,400		27,270
Oplink Communications, Inc.*		6,100		54,107
Opnext, Inc.*		3,300		17,985
Optium Corp.*		4,200		29,526
Orbcomm, Inc.*		7,300		36,208
Packeteer, Inc.*		10,300		52,427
Plantronics, Inc.		12,600		243,306
Polycom, Inc.*		23,900		538,706
Powerwave Technologies, Inc.*		34,400		87,720
Seachange International, Inc.*		8,000		56,240
ShoreTel, Inc.*		1,300		6,656
Sonus Networks, Inc.*		69,700		239,768
Starent Networks Corp.*		3,100		41,850
Sycamore Networks, Inc.*		48,800		178,608
Symmetricom, Inc.*		12,500		43,625
Tekelec*		16,100		200,445
UTStarcom, Inc.*		29,200		82,928
ViaSat, Inc.*		5,900		128,148
				5,955,250
Computers & Peripherals (0.9%)
3PAR, Inc.*		800		5,408
Adaptec, Inc.*		31,600		92,904
Avid Technology, Inc.*		10,400		253,136
Compellent Technologies, Inc.*		2,000		25,000
Cray, Inc.*		9,400		56,024
Data Domain, Inc.*		2,500		59,500
Electronics for Imaging*		14,700		219,324
Emulex Corp.*		22,400		363,776
Hutchinson Technology, Inc.*		6,200		98,642
Hypercom Corp.*		14,400		62,496
Imation Corp.		8,100		184,194
Immersion Corp.*		8,100		57,591
Intermec, Inc.*		15,100		335,069
Intevac, Inc.*		5,800		75,110
Isilon Systems, Inc.*		400		1,952
Netezza Corp.*		1,700		16,099
Novatel Wireless, Inc.*		8,600		83,248
Palm, Inc.		27,300		136,500
Quantum Corp.*		47,900		102,506
Rackable Systems, Inc.*		7,900		72,048
Rimage Corp.*		2,900		63,510
Silicon Graphics, Inc.*		1,100		13,046
STEC, Inc.*		8,700		53,853
Stratasys, Inc.*		5,500		97,900
Super Micro Computer, Inc.*		1,300		10,855
Synaptics, Inc.*		6,400		152,832
				2,692,523
Construction & Engineering (0.5%)
Aecom Technology Corp.*		10,600		275,706
EMCOR Group, Inc.*		16,700		370,907
Granite Construction, Inc.		9,100		297,661
Great Lakes Dredge & Dock Corp.		1,400		7,238
Insituform Technologies, Inc., Class A*		7,400		102,342
Integrated Electrical Services, Inc.*		3,700		58,127
Michael Baker Corp.*		2,000		44,920
Northwest Pipe Co.*		2,600		110,474
Perini Corp.*		7,000		253,610
				1,520,985
Construction Materials (0.2%)
Headwaters, Inc.*		10,500		138,495
Texas Industries, Inc.		7,160		430,388
U.S. Concrete, Inc.*		10,500		39,900
				608,783
Consumer Finance (0.3%)
Advance America Cash Advance Centers, Inc.		16,000		120,800
Advanta Corp., Class B		9,950		69,949
Cardtronics, Inc.*		1,600		11,152
Cash America International, Inc.		7,300		265,720
CompuCredit Corp.*		5,600		49,672
Credit Acceptance Corp.*		1,000		15,530

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Consumer Finance (continued)
Dollar Financial Corp.*		4,300	$	98,900
EZCORP, Inc., Class A*		9,900		121,869
First Cash Financial Services, Inc.*		6,700		69,211
Nelnet, Inc., Class A		3,700		43,475
QC Holdings, Inc.		800		7,240
World Acceptance Corp.*		4,700		149,695
				1,023,213
Containers & Packaging (0.7%)
AEP Industries, Inc.*		1,700		51,493
AptarGroup, Inc.		18,000		700,740
Boise, Inc.*		11,500		73,600
Chesapeake Corp.*		5,200		25,012
Graphic Packaging Holding Co.*		14,200		41,464
Greif, Inc., Class A		8,500		577,405
Myers Industries, Inc.		6,500		85,345
Rock-Tenn Co., Class A		8,600		257,742
Silgan Holdings, Inc.		6,500		322,595
				2,135,396
Distributors (0.3%)
Audiovox Corp., Class A*		3,400		36,312
Building Materials Holding Corp.		8,100		35,478
Core-Mark Holding Co., Inc.*		2,700		77,598
LKQ Corp.*		29,300		658,371
Source Interlink Cos., Inc.*		11,300		21,470
				829,229
Diversified Consumer Services (1.3%)
American Public Education, Inc.*		1,000		30,370
Bright Horizons Family Solutions, Inc.*		6,900		296,976
Capella Education Co.*		2,800		152,880
Coinstar, Inc.*		7,300		205,422
Corinthian Colleges, Inc.*		22,700		164,121
CPI Corp.		1,500		25,905
DeVry, Inc.		15,600		652,704
INVESTools, Inc.*		13,700		150,563
Jackson Hewitt Tax Service, Inc.		6,300		72,261
Lincoln Educational Services Corp.*		200		2,400
Matthews International Corp., Class A		8,300		400,475
Pre-Paid Legal Services, Inc.*		2,400		101,784
Regis Corp.		11,600		318,884
Sotheby’s		17,200		497,252
Steiner Leisure Ltd.*		4,300		141,900
Stewart Enterprises, Inc., Class A		25,000		160,500
Strayer Education, Inc.		3,800		579,500
Universal Technical Institute, Inc.*		6,300		73,899
				4,027,796
Diversified Financial Services (0.4%)
Ampal American Israel, Class A*		3,500		22,400
Asset Acceptance Capital Corp.		4,200		40,446
Asta Funding, Inc.		3,000		41,790
Compass Diversified Holdings		5,500		72,325
Encore Capital Group, Inc.*		5,000		34,000
Financial Federal Corp.		7,100		154,851
Interactive Brokers Group, Inc., Class A*		9,900		254,133
MarketAxess Holdings, Inc.*		8,300		82,502
NewStar Financial, Inc.*		3,000		15,540
Pico Holdings, Inc.*		4,100		123,943
Portfolio Recovery Associates, Inc.		4,000		171,560
Primus Guaranty Ltd.*		9,800		35,084
Resource America, Inc., Classs A		4,000		37,800
				1,086,374
Diversified Telecommunication Services (0.9%)
Alaska Communications Systems Group, Inc.		11,300		138,312
Atlantic Tele-Network, Inc.		2,400		81,192
Cbeyond, Inc.*		5,400		101,466
Cincinnati Bell, Inc.*		65,000		276,900
Cogent Communications Group, Inc.*		12,600		230,706
Consolidated Communications Holdings, Inc.		6,154		93,110
Fairpoint Communications, Inc.		9,500		85,690
General Communication, Inc., Class A*		14,300		87,802
Global Crossing Ltd.*		9,400		142,504
Globalstar, Inc.*		3,700		26,973
Hungarian Telephone & Cable Corp.*		200		3,470
iBasis, Inc.		6,800		27,880
IDT Corp., Class B		12,400		47,988
Iowa Telecommunications Services, Inc.		8,500		150,705
NTELOS Holdings Corp.		7,300		176,660
PAETEC Holding Corp.*		19,700		131,202
Premiere Global Services, Inc.*		15,100		216,534
Shenandoah Telecom Co.		5,400		80,136
SureWest Communications		4,000		61,840
Time Warner Telecom, Inc., Class A*		36,700		568,483
Vonage Holdings Corp.*		20,100		37,185
				2,766,738
Electric Utilities (1.2%)
Allete, Inc.		6,700		258,754
Central Vermont Public Service Corp.		2,900		69,310
Cleco Corp.		15,600		346,008
El Paso Electric Co.*		11,800		252,166
Empire District Electric Co. (The)		8,900		180,225
IDACORP, Inc.		11,500		369,265
ITC Holdings Corp.		12,300		640,338
MGE Energy, Inc.		5,100		173,706
Otter Tail Corp.		7,300		258,347
Portland General Electric Co.		8,100		182,655
UIL Holdings Corp.		6,600		198,858
UniSource Energy Corp.		9,300		207,018
Westar Energy, Inc.		26,000		592,020
				3,728,670
Electrical Equipment (1.7%)
A.O. Smith Corp.		5,000		164,350
Acuity Brands, Inc.		10,900		468,155
American Superconductor Corp.*		10,600		245,814
AZZ, Inc.*		3,100		110,298
Baldor Electric Co.		12,000		336,000
Belden, Inc.		11,800		416,776
Brady Corp., Class A		12,913		431,682
Coleman Cable, Inc.*		3,000		33,000
Encore Wire Corp.		6,300		114,723
Energy Conversion Devices, Inc.*		10,400		310,960
EnerSys*		5,800		138,736
Evergreen Solar, Inc.*		25,000		231,750

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Electrical Equipment (continued)
Franklin Electric Co., Inc.		5,100	$	174,267
FuelCell Energy, Inc.*		17,400		115,710
GrafTech International Ltd.*		26,400		427,944
II-VI, Inc.*		6,300		239,274
LSI Industries, Inc.		5,100		67,371
Medis Technologies Ltd.*		6,200		56,234
Orion Energy Systems, Inc.*		1,300		12,402
Polypore International, Inc.*		3,200		66,208
Powell Industries, Inc.*		1,900		74,803
Power-One, Inc.*		15,100		48,471
Preformed Line Products Co.		900		43,812
Regal-Beloit Corp.		7,900		289,377
Superior Essex, Inc.*		5,400		151,848
Vicor Corp.		4,000		47,760
Woodward Governor Co.		15,000		400,800
				5,218,525
Electronic Equipment & Instruments (2.5%)
Acacia Research — Acacia Technologies*		8,100		46,575
Agilysys, Inc.		6,700		77,720
Anixter International, Inc.*		7,800		499,512
Benchmark Electronics, Inc.*		18,000		323,100
Brightpoint, Inc.*		13,400		112,024
Checkpoint Systems, Inc.*		10,000		268,500
Cogent, Inc.*		11,600		109,388
Cognex Corp.		11,700		255,411
Comverge, Inc.*		1,600		16,528
CPI International, Inc.*		900		8,928
CTS Corp.		9,700		103,790
Daktronics, Inc.		8,400		150,444
DTS, Inc.*		4,800		115,200
Echelon Corp.*		7,900		106,650
Electro Scientific Industries, Inc.*		7,200		118,656
Excel Technology, Inc.*		3,200		86,272
FARO Technologies, Inc.*		4,400		137,192
FLIR Systems, Inc.*		34,400		1,035,096
Gerber Scientific, Inc.*		6,400		56,896
Insight Enterprises, Inc.*		12,100		211,750
IPG Photonics Corp.*		1,800		28,242
Itron, Inc.*		7,770		701,087
Kemet Corp.*		22,300		90,092
L-1 Identity Solutions, Inc.*		15,600		207,480
Littelfuse, Inc.*		5,900		206,323
LoJack Corp.*		5,100		64,464
Measurement Specialties, Inc.*		3,900		68,133
Mercury Computer Systems, Inc.*		6,000		33,720
Methode Electronics, Inc.		9,400		109,886
MTS Systems Corp.		4,700		151,622
Multi-Fineline Electronix, Inc.*		2,100		39,417
Newport Corp.*		9,400		104,998
OSI Systems, Inc.*		4,100		94,382
Park Electrochemical Corp.		5,400		139,590
PC Connection, Inc.*		1,400		11,088
Plexus Corp.*		12,100		339,405
Radisys Corp.*		6,000		60,540
Rofin-Sinar Technologies, Inc.*		8,100		363,690
Rogers Corp.*		4,100		136,981
Scansource, Inc.*		6,800		246,092
Smart Modular Technologies, Inc.*		12,400		77,004
SYNNEX Corp.*		3,500		74,270
Technitrol, Inc.		9,900		228,987
TTM Technologies, Inc.*		11,200		126,784
Universal Display Corp.*		7,200		103,104
X-Rite, Inc.*		7,800		46,566
Zygo Corp.*		5,000		62,200
				7,755,779
Energy Equipment & Services (2.8%)
Allis-Chalmers Energy, Inc.*		5,800		79,982
Atwood Oceanics, Inc.*		7,100		651,212
Basic Energy Services, Inc.*		10,500		231,840
Bristow Group, Inc.*		5,300		284,451
Bronco Drilling Co., Inc.*		7,200		115,992
Cal Dive International, Inc.*		9,762		101,329
CARBO Ceramics, Inc.		5,400		216,540
Complete Production Services, Inc.*		10,500		240,870
Dawson Geophysical Co.*		2,000		135,000
Dril-Quip, Inc.*		7,000		325,290
ENGlobal Corp.*		3,600		30,780
Exterran Holdings, Inc.*		15,677		1,011,794
Geokinetics, Inc.*		2,200		39,864
Grey Wolf, Inc.*		48,500		328,830
Gulf Island Fabrication, Inc.		3,100		89,032
Gulfmark Offshore, Inc.*		6,000		328,320
Hercules Offshore, Inc.*		20,910		525,259
Hornbeck Offshore Services, Inc.*		6,000		274,020
ION Geophysical Corp.*		20,500		282,900
Lufkin Industries, Inc.		4,000		255,280
Matrix Service Co.*		7,000		120,260
NATCO Group, Inc., Class A*		4,900		229,075
Newpark Resources, Inc.*		22,100		112,710
Oil States International, Inc.*		12,900		578,049
OYO Geospace Corp.*		1,100		49,962
Parker Drilling Co.*		29,400		189,924
PHI, Inc.*		3,800		119,852
Pioneer Drilling Co.*		13,200		210,276
RPC, Inc.		7,300		110,887
Sulphco, Inc.*		9,900		41,283
Superior Offshore International, Inc.*		3,200		10,592
Superior Well Services, Inc.*		4,200		91,854
T-3 Energy Services, Inc.*		1,700		72,352
Trico Marine Services, Inc.*		3,200		124,704
Union Drilling, Inc.*		3,300		57,717
W-H Energy Services, Inc.*		8,000		550,800
Willbros Group, Inc.*		9,700		296,820
				8,515,702
Food & Staples Retailing (0.9%)
Andersons, Inc. (The)		4,100		182,901
Arden Group, Inc., Class A		200		28,600
Casey’s General Stores, Inc.		13,200		298,320
Great Atlantic & Pacific Tea Co., Inc. (The)*		7,340		192,455
Ingles Markets, Inc., Class A		3,400		83,606
Longs Drug Stores Corp.		8,600		365,156
Nash Finch Co.		3,600		122,328
Pantry, Inc. (The)*		6,000		126,480
Performance Food Group Co.*		9,300		303,924
PriceSmart, Inc.		3,000		83,130
Ruddick Corp.		10,800		398,088
Spartan Stores, Inc.		5,800		120,930
United Natural Foods, Inc.*		10,700		200,197
Village Super Market, Inc., Class A		600		30,900
Weis Markets, Inc.		2,800		96,516

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Food & Staples Retailing (continued)
Winn-Dixie Stores, Inc.*		8,600	$	154,456
				2,787,987
Food Products (1.3%)
Alico, Inc.		1,000		44,150
American Dairy, Inc.*		2,000		18,400
Cal-Maine Foods, Inc.		3,400		113,492
Chiquita Brands International, Inc.*		11,000		254,210
Darling International, Inc.*		21,300		275,835
Farmer Bros Co.		1,100		25,454
Flowers Foods, Inc.		20,050		496,238
Fresh Del Monte Produce, Inc.*		8,100		294,840
Green Mountain Coffee Roasters, Inc.*		4,500		142,425
Hain Celestial Group, Inc.*		10,400		306,800
Imperial Sugar Co.		2,500		47,050
J&J Snack Foods Corp.		3,800		104,386
Lancaster Colony Corp.		5,800		231,768
Lance, Inc.		8,200		160,720
Maui Land & Pineapple Co., Inc.*		900		28,701
Pilgrim’s Pride Corp.		10,600		214,438
Ralcorp Holdings, Inc.*		6,700		389,605
Reddy Ice Holdings, Inc.		5,000		65,150
Sanderson Farms, Inc.		4,500		171,045
Seaboard Corp.		84		131,460
Synutra International, Inc.*		800		25,000
Tootsie Roll Industries, Inc.		8,961		225,817
TreeHouse Foods, Inc.*		8,300		189,738
				3,956,722
Health Care Equipment & Supplies (3.3%)
Abaxis, Inc.*		5,500		127,435
ABIOMED, Inc.*		7,700		101,178
Accuray, Inc.*		4,600		35,926
Align Technology, Inc.*		15,500		172,205
American Medical Systems Holdings, Inc.*		18,900		268,191
Analogic Corp.		3,500		232,890
Angiodynamics, Inc.*		4,900		56,644
Arthrocare Corp.*		7,000		233,450
Aspect Medical Systems, Inc.*		4,400		26,840
Cantel Medical Corp.*		2,100		22,302
Conceptus, Inc.*		7,800		144,768
CONMED Corp.*		7,500		192,300
CryoLife, Inc.*		5,300		49,820
Cutera, Inc.*		3,500		47,145
Cyberonics, Inc.*		6,300		91,350
Cynosure, Inc., Class A*		1,800		38,340
Datascope Corp.		3,000		124,290
ev3, Inc.*		12,380		100,773
Greatbatch, Inc.*		5,900		108,619
Haemonetics Corp.*		6,900		411,102
Hansen Medical, Inc.*		2,600		36,556
Hologic, Inc.*		31,460		1,749,176
I-Flow Corp.*		4,500		63,135
ICU Medical, Inc.*		3,500		100,695
Immucor, Inc.*		18,000		384,120
Insulet Corp.*		2,100		30,240
Integra LifeSciences Holdings Corp.*		4,800		208,656
Invacare Corp.		7,600		169,328
Inverness Medical Innovations, Inc.*		19,160		576,716
Kensey Nash Corp.*		3,300		95,535
Masimo Corp.*		3,200		83,200
Medical Action Industries, Inc.*		3,000		49,290
Mentor Corp.		8,900		228,908
Meridian Bioscience, Inc.		10,450		349,344
Merit Medical Systems, Inc.*		7,300		115,559
Micrus Endovascular Corp.*		4,100		50,676
Minrad International, Inc.*		13,800		32,430
Natus Medical, Inc.*		5,800		105,270
Northstar Neuroscience, Inc.*		5,800		9,164
NuVasive, Inc.*		9,000		310,590
NxStage Medical, Inc.*		5,600		24,192
OraSure Technologies, Inc.*		11,400		83,334
Orthofix International NV*		4,400		174,988
Palomar Medical Technologies, Inc.*		4,900		73,990
Quidel Corp.*		6,800		109,208
RTI Biologics, Inc.*		10,500		99,225
Sirona Dental Systems, Inc.*		4,300		115,971
Sonic Innovations, Inc.*		7,900		38,157
SonoSite, Inc.*		4,400		125,092
Spectranetics Corp.*		8,300		69,388
Stereotaxis, Inc.*		7,100		42,032
STERIS Corp.		17,000		456,110
SurModics, Inc.*		4,000		167,520
Symmetry Medical, Inc.*		9,100		151,060
Thoratec Corp.*		14,000		200,060
TomoTherapy, Inc.*		3,200		45,920
TranS1, Inc.*		1,000		11,650
Vital Signs, Inc.		2,500		126,625
Volcano Corp.*		7,700		96,250
West Pharmaceutical Services, Inc.		8,600		380,378
Wright Medical Group, Inc.*		9,300		224,502
Zoll Medical Corp.*		5,400		143,586
				10,293,394
Health Care Providers & Services (2.5%)
Air Methods Corp.*		2,800		135,436
Alliance Imaging, Inc.*		6,500		55,900
Amedisys, Inc.*		6,800		267,512
American Dental Partners, Inc.*		2,200		21,274
AMERIGROUP Corp.*		13,800		377,154
AMN Healthcare Services, Inc.*		9,200		141,864
Amsurg Corp.*		8,100		191,808
Animal Health International, Inc.*		3,300		36,102
Apria Healthcare Group, Inc.*		11,500		227,125
Assisted Living Concepts, Inc., Class A*		14,800		87,172
athenahealth, Inc.*		1,500		35,505
Bio-Reference Laboratories, Inc.*		3,000		79,290
BMP Sunstone Corp.*		7,400		56,684
Capital Senior Living Corp.*		4,600		37,030
Centene Corp.*		11,400		158,916
Chemed Corp.		6,300		265,860
CorVel Corp.*		2,100		64,239
Cross Country Healthcare, Inc.*		8,600		106,382
Emergency Medical Services Corp., Class A*		2,500		61,725
Emeritus Corp.*		2,600		54,236
Ensign Group, Inc. (The)		200		1,854
Genoptix, Inc.*		1,600		40,016
Gentiva Health Services, Inc.*		7,400		161,024
HealthExtras, Inc.*		8,200		203,688
Healthsouth Corp.*		20,500		364,695
Healthspring, Inc.*		11,700		164,736
Healthways, Inc.*		8,900		314,526

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Health Care Providers & Services (continued)
HMS Holdings Corp.*		5,500	$	157,025
Hythiam, Inc.*		10,600		12,826
inVentiv Health, Inc.*		8,200		236,242
IPC The Hospitalist Co., Inc.*		900		17,802
Kindred Healthcare, Inc.*		7,600		166,212
Landauer, Inc.		2,500		125,850
LCA-Vision, Inc.		5,100		63,750
LHC Group, Inc.*		4,000		67,200
Magellan Health Services, Inc.*		10,200		404,838
Matria Healthcare, Inc.*		5,100		113,730
Medcath Corp.*		3,000		54,600
Molina Healthcare, Inc.*		3,600		87,912
MWI Veterinary Supply, Inc.*		2,400		84,624
National Healthcare Corp.		1,500		73,050
Nighthawk Radiology Holdings, Inc.*		5,600		52,416
Odyssey HealthCare, Inc.*		9,100		81,900
Owens & Minor, Inc.		10,600		417,004
PharMerica Corp.*		7,432		123,148
Providence Service Corp.*		3,100		93,000
PSS World Medical, Inc.*		17,300		288,218
Psychiatric Solutions, Inc.*		14,200		481,664
RehabCare Group, Inc.*		4,700		70,500
Res-Care, Inc.*		6,500		111,475
Skilled Healthcare Group, Inc., Class A*		6,000		65,880
Sun Healthcare Group, Inc.*		11,300		148,482
Sunrise Senior Living, Inc.*		11,700		260,676
Triple-S Management Corp., Class B*		2,800		49,420
Universal American Corp.*		12,800		135,680
Virtual Radiologic Corp.*		600		9,168
				7,766,045
Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc.*		14,500		149,640
Computer Programs & Systems, Inc.		2,500		52,250
Eclipsys Corp.*		12,000		235,320
MedAssets, Inc.*		2,900		42,978
Omnicell, Inc.*		8,800		176,880
Phase Forward, Inc.*		10,800		184,464
TriZetto Group*		11,700		195,273
Vital Images, Inc.*		4,700		69,654
				1,106,459
Hotels, Restaurants & Leisure (2.5%)
AFC Enterprises*		7,500		67,425
Ambassadors Group, Inc.		4,300		81,227
Ambassadors International, Inc.		2,900		21,489
Ameristar Casinos, Inc.		6,700		122,275
Bally Technologies, Inc.*		13,900		477,326
Benihana, Inc., Class A*		4,100		46,207
BJ’s Restaurants, Inc.*		4,700		67,727
Bluegreen Corp.*		4,200		28,140
Bob Evans Farms, Inc.		8,600		237,274
Buffalo Wild Wings, Inc.*		4,100		100,450
California Pizza Kitchen, Inc.*		6,600		86,526
Carrols Restaurant Group, Inc.*		1,200		10,716
CBRL Group, Inc.		6,200		221,774
CEC Entertainment, Inc.*		6,200		179,056
Chipotle Mexican Grill, Inc., Class B*		8,400		815,556
Churchill Downs, Inc.		2,100		99,204
CKE Restaurants, Inc.		13,600		152,592
Denny’s Corp.*		23,800		70,924
Domino’s Pizza, Inc.		11,700		157,833
Dover Downs Gaming & Entertainment, Inc.		4,400		37,444
Gaylord Entertainment Co.*		10,700		324,103
Great Wolf Resorts, Inc.*		8,400		53,592
IHOP Corp.		4,300		205,970
Isle of Capri Casinos, Inc.*		4,900		35,035
Jack in the Box, Inc.*		15,940		428,308
Jamba, Inc.*		14,700		38,955
Krispy Kreme Doughnuts, Inc.*		17,500		53,375
Landry’s Restaurants, Inc.		3,500		56,980
Life Time Fitness, Inc.*		8,800		274,648
Lodgian, Inc.*		3,700		41,255
Magna Entertainment Corp., Class A*		8,100		2,754
Marcus Corp.		5,300		101,760
McCormick & Schmick’s Seafood Restaurants, Inc.*		4,400		51,260
Monarch Casino & Resort, Inc.*		2,900		51,359
Morgans Hotel Group Co.*		5,600		82,992
Morton’s Restaurant Group, Inc.*		3,200		25,376
MTR Gaming Group, Inc.*		5,800		40,600
Multimedia Games, Inc.*		6,800		36,312
O’Charleys, Inc.		6,400		73,728
P.F. Chang’s China Bistro, Inc.*		5,700		162,108
Papa John’s International, Inc.*		5,800		140,418
Peet’s Coffee & Tea, Inc.*		3,800		89,338
Pinnacle Entertainment, Inc.*		14,800		189,440
Premier Exhibitions, Inc.*		7,900		47,716
Red Robin Gourmet Burgers, Inc.*		3,900		146,523
Riviera Holdings Corp.*		2,200		45,342
Ruby Tuesday, Inc.		13,900		104,250
Ruth’s Chris Steak House*		3,500		24,185
Shuffle Master, Inc.*		9,400		50,290
Six Flags, Inc.*		19,600		32,144
Sonic Corp.*		15,900		350,436
Speedway Motorsports, Inc.		3,100		77,717
Steak N Shake Co. (The)*		6,000		47,220
Texas Roadhouse, Inc., Class A*		14,000		137,200
Town Sports International Holdings, Inc.*		4,500		28,845
Triarc Cos., Inc., Class B		15,100		104,341
Trump Entertainment Resorts, Inc.*		9,800		35,280
Vail Resorts, Inc.*		8,200		395,978
WMS Industries, Inc.*		10,650		383,080
				7,651,378
Household Durables (1.0%)
American Greetings Corp., Class A		14,200		263,410
Avatar Holdings, Inc.*		1,700		74,103
Beazer Homes USA, Inc.		9,000		85,050
Blyth, Inc.		6,400		126,208
Brookfield Homes Corp.		2,500		42,000
Champion Enterprises, Inc.*		20,200		202,606
CSS Industries, Inc.		2,200		76,912
Ethan Allen Interiors, Inc.		5,900		167,737
Furniture Brands International, Inc.		11,900		139,230
Helen of Troy Ltd.*		7,700		129,129
Hooker Furniture Corp.		3,000		67,020
Hovnanian Enterprises, Inc., Class A*		10,200		108,120

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Household Durables (continued)
iRobot Corp.*		4,300	$	73,573
La-Z-Boy, Inc.		12,300		102,582
Libbey, Inc.		3,900		65,676
Lifetime Brands, Inc.		3,400		30,396
M/I Homes, Inc.		3,400		57,732
Meritage Homes Corp.*		7,000		135,240
National Presto Industries, Inc.		900		47,160
Palm Harbor Homes, Inc.*		2,900		15,254
Russ Berrie & Co., Inc.*		3,500		49,210
Sealy Corp.		10,100		76,760
Skyline Corp.		1,300		36,166
Standard Pacific Corp.		14,700		71,442
Syntax-Brillian Corp.*		17,400		17,052
Tarragon Corp.*		1,200		2,580
Tempur-Pedic International, Inc.		19,600		215,600
Tupperware Brands Corp.		15,900		615,012
Universal Electronics, Inc.*		3,800		91,998
WCI Communities, Inc.*		9,400		31,490
				3,216,448
Household Products (0.1%)
Central Garden and Pet Co., Class A*		18,600		82,584
Spectrum Brands, Inc.*		10,600		48,442
WD-40 Co.		4,700		156,275
				287,301
Independent Power Producers & Energy Traders (0.1%)
Ormat Technologies, Inc.		3,600		154,836
Industrial Conglomerates (0.4%)
Raven Industries, Inc.		3,700		112,110
Standex International Corp.		3,400		75,956
Tredegar Corp.		7,900		143,859
Walter Industries, Inc.		13,600		851,768
				1,183,693
Insurance (3.5%)
Alfa Corp.		7,800		171,444
American Equity Investment Life Holding Co.		15,200		141,056
American Physicians Capital, Inc.		2,500		115,900
Amerisafe, Inc.*		5,100		64,464
Amtrust Financial Services, Inc.		6,900		111,849
Argo Group International Holdings Ltd.*		7,709		273,824
Aspen Insurance Holdings Ltd.		23,000		606,740
Assured Guaranty Ltd.		20,800		493,792
Baldwin & Lyons, Inc., Class B		1,600		41,088
Castlepoint Holdings Ltd.		2,400		23,352
Citizens, Inc.*		10,000		66,900
CNA Surety Corp.*		3,400		52,292
Commerce Group, Inc.		12,200		439,932
Crawford & Co., Class B*		5,100		26,775
Darwin Professional Underwriters, Inc.*		1,600		35,984
Delphi Financial Group, Inc., Class A		11,400		333,222
Donegal Group, Inc., Class A		2,600		45,240
eHealth, Inc.*		3,600		79,452
EMC Insurance Group, Inc.		1,700		45,713
Employers Holdings, Inc.		13,100		242,874
Enstar Group Ltd.*		1,700		189,159
FBL Financial Group, Inc., Class A		3,300		94,017
First Acceptance Corp.*		1,800		5,130
First Mercury Financial Corp.*		3,600		62,676
Flagstone Reinsurance Holdings Ltd.		2,400		29,040
FPIC Insurance Group, Inc.*		2,500		117,850
Greenlight Capital Re Ltd., Class A*		3,300		61,380
Hallmark Financial Services*		300		3,348
Harleysville Group, Inc.		3,900		140,751
Hilb, Rogal & Hobbs Co.		9,600		302,112
Hilltop Holdings, Inc.*		12,700		132,080
Horace Mann Educators Corp.		11,400		199,272
Independence Holding Co.		500		5,960
Infinity Property & Casualty Corp.		4,300		178,880
IPC Holdings Ltd.		15,100		422,800
Kansas City Life Insurance Co.		900		43,254
LandAmerica Financial Group, Inc.		3,800		149,986
Max Capital Group Ltd.		15,100		395,469
Meadowbrook Insurance Group, Inc.		6,700		52,327
Midland Co. (The)		2,300		149,339
Montpelier Re Holdings Ltd.		25,700		412,485
National Financial Partners Corp.		9,800		220,206
National Interstate Corp.		1,700		39,695
National Western Life Insurance Co., Class A		500		108,395
Navigators Group, Inc. (The)*		3,500		190,400
NYMAGIC, Inc.		1,700		38,607
Odyssey Re Holdings Corp.		7,300		268,275
Phoenix Cos., Inc. (The)		29,900		365,079
Platinum Underwriters Holdings Ltd.		13,900		451,194
PMA Capital Corp., Class A*		8,800		75,152
Presidential Life Corp.		6,000		104,640
ProAssurance Corp.*		8,700		468,321
RAM Holdings Ltd.*		5,300		12,031
RLI Corp.		5,300		262,721
Safety Insurance Group, Inc.		4,300		146,759
SeaBright Insurance Holdings*		6,000		88,380
Security Capital Assurance Ltd.		100		52
Selective Insurance Group		14,400		343,872
State Auto Financial Corp.		3,200		93,216
Stewart Information Services Corp.		4,600		128,754
Tower Group, Inc.		5,300		133,401
United America Indemnity Ltd., Class A*		6,700		129,042
United Fire & Casualty Co.		5,800		216,920
Validus Holdings Ltd.		3,500		82,005
Zenith National Insurance Corp.		9,700		347,842
				10,874,167
Internet & Catalog Retail (0.8%)
1-800-FLOWERS.COM, Inc., Class A*		7,000		59,570
Blue Nile, Inc.*		3,500		189,525
FTD Group, Inc.		4,900		65,758
Gaiam, Inc., Class A*		4,600		79,672
GSI Commerce, Inc.*		5,300		69,695
NetFlix, Inc.*		11,200		388,080
Orbitz Worldwide, Inc.*		7,300		50,297
Overstock.com, Inc.*		4,500		53,595
PetMed Express, Inc.*		5,800		64,322
priceline.com, Inc.*		9,800		1,184,428
Shutterfly, Inc.*		3,900		57,993
Stamps.com, Inc.*		4,900		50,274
Systemax, Inc.		2,100		25,326
Valuevision Media, Inc., Class A*		8,400		46,536
				2,385,071

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Internet Software & Services (2.3%)
Ariba, Inc.*		20,900	$	201,894
Art Technology Group, Inc.*		33,700		130,756
AsiaInfo Holdings, Inc.*		8,500		92,310
Bankrate, Inc.*		3,000		149,670
Chordiant Software, Inc.*		8,800		53,064
CMGI, Inc.*		12,790		169,595
CNET Networks, Inc.*		39,500		280,450
comScore, Inc.*		1,500		30,090
Constant Contact, Inc.*		2,000		28,960
DealerTrack Holdings, Inc.*		9,400		190,068
Dice Holdings, Inc.*		3,300		29,403
Digital River, Inc.*		10,800		334,476
DivX, Inc.*		6,200		43,400
EarthLink, Inc.*		30,100		227,255
Equinix, Inc.*		9,300		618,357
Greenfield Online, Inc.*		6,100		72,346
HSW International, Inc.*		2,100		10,584
Imergent, Inc.		3,500		39,865
Infospace, Inc.		8,700		100,659
Internap Network Services Corp.*		13,100		64,976
Internet Brands, Inc., Class A*		300		2,211
Internet Capital Group, Inc.*		10,000		104,700
Interwoven, Inc.*		11,500		122,820
iPass, Inc.*		13,900		41,978
j2 Global Communications, Inc.*		12,300		274,536
Keynote Systems, Inc.*		4,900		57,771
Knot, Inc. (The)*		7,300		85,775
Limelight Networks, Inc.*		3,400		11,016
Liquidity Services, Inc.*		3,000		24,000
LivePerson, Inc.*		11,600		35,960
LoopNet, Inc.*		7,200		91,440
Marchex, Inc., Class B		7,700		76,846
Mercadolibre, Inc.*		4,200		166,992
Move, Inc.*		23,900		73,612
NIC, Inc.		8,600		61,146
Omniture, Inc.*		11,646		270,304
On2 Technologies, Inc.*		32,600		33,252
Openwave Systems, Inc.		22,400		54,880
Perficient, Inc.*		7,800		61,932
RealNetworks, Inc.*		25,000		143,250
S1 Corp.*		13,800		98,118
SAVVIS, Inc.*		7,200		117,144
Sohu.com, Inc.*		7,200		324,936
SonicWALL, Inc.*		16,900		138,073
Switch & Data Facilities Co., Inc.*		3,900		39,819
TechTarget, Inc.*		1,300		18,421
Terremark Worldwide, Inc.*		13,800		75,624
TheStreet.com, Inc.		5,900		47,672
Travelzoo, Inc.*		2,000		22,080
United Online, Inc.		17,500		184,800
ValueClick, Inc.*		26,000		448,500
Vignette Corp.*		7,300		96,433
VistaPrint Ltd.*		11,200		391,440
Vocus, Inc.*		3,500		92,400
Websense, Inc.*		11,900		223,125
				6,981,184
IT Services (1.8%)
BearingPoint, Inc.*		53,100		89,208
CACI International, Inc., Class A*		8,100		368,955
Cass Information Systems, Inc.		1,360		42,921
Ciber, Inc.*		11,600		56,840
CSG Systems International, Inc.*		9,800		111,426
CyberSource Corp.*		16,724		244,338
Euronet Worldwide, Inc.*		11,950		230,157
ExlService Holdings, Inc.*		5,400		123,984
Forrester Research, Inc.*		4,100		108,978
Gartner, Inc.*		17,600		340,384
Gevity HR, Inc.		6,800		58,888
Global Cash Access Holdings, Inc.*		11,300		66,218
Heartland Payment Systems, Inc.		4,400		101,244
iGate Corp.*		4,200		29,904
Information Services Group, Inc.*		8,100		41,796
infoUSA, Inc.		6,900		42,159
Integral Systems, Inc.		2,561		74,858
Lionbridge Technologies*		16,400		54,940
Mantech International Corp., Class A*		5,200		235,872
MAXIMUS, Inc.		4,900		179,879
MPS Group, Inc.*		25,400		300,228
Ness Technologies, Inc.*		9,300		88,257
Online Resources Corp.*		7,700		74,074
Perot Systems Corp., Class A*		21,600		324,864
RightNow Technologies, Inc.*		4,500		53,550
Safeguard Scientifics, Inc.*		25,800		38,442
SAIC, Inc.*		42,400		788,216
Sapient Corp.*		21,500		149,640
SI International, Inc.*		3,500		67,165
SRA International, Inc., Class A*		10,800		262,548
SYKES Enterprises, Inc.*		8,100		142,479
Syntel, Inc.		3,400		90,610
TNS, Inc.*		6,600		136,224
Virtusa Corp.*		400		3,904
Wright Express Corp.*		10,500		322,665
				5,445,815
Leisure Equipment & Products (0.4%)
Arctic Cat, Inc.		3,800		27,702
Callaway Golf Co.		17,400		255,432
JAKKS Pacific, Inc.*		7,300		201,261
Leapfrog Enterprises, Inc.*		9,400		66,270
Marine Products Corp.		1,700		13,736
MarineMax, Inc.*		4,500		56,070
Nautilus, Inc.		9,000		29,610
Polaris Industries, Inc.		8,700		356,787
RC2 Corp.*		5,100		106,947
Smith & Wesson Holding Corp.*		8,100		40,662
Steinway Musical Instruments*		2,500		71,300
Sturm Ruger & Co., Inc.*		6,200		51,088
				1,276,865
Life Sciences Tools & Services (1.5%)
Affymetrix, Inc.*		17,900		311,639
Albany Molecular Research, Inc.*		6,400		77,696
AMAG Pharmaceuticals, Inc.*		4,440		179,509
Bio-Rad Laboratories, Inc., Class A*		4,700		418,065
Bruker Corp.*		16,200		249,318
Cambrex Corp.		7,800		54,054
Dionex Corp.*		5,000		384,950
Enzo Biochem, Inc.*		7,100		64,539
eResearchTechnology, Inc.*		9,700		120,474
Exelixis, Inc.*		27,300		189,735
Illumina, Inc.*		13,900		1,055,010
Kendle International, Inc.*		3,400		152,728
Luminex Corp.*		9,500		186,675
Medivation, Inc.*		5,700		81,111

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Life Sciences Tools & Services (continued)
Nektar Therapeutics*		24,200	$	167,948
PAREXEL International Corp.*		14,400		375,840
PharmaNet Development Group, Inc.*		4,900		123,627
Varian, Inc.*		8,000		463,360
				4,656,278
Machinery (3.2%)
3D Systems Corp.*		4,000		58,760
Accuride Corp.*		4,800		39,264
Actuant Corp., Class A		13,700		413,877
Albany International Corp., Class A		7,700		278,278
Altra Holdings, Inc.*		3,700		49,765
American Railcar Industries, Inc.		2,700		54,891
Ampco-Pittsburgh Corp.		2,000		85,980
Astec Industries, Inc.*		4,600		178,296
Badger Meter, Inc.		3,800		164,160
Barnes Group, Inc.		12,100		277,695
Blount International, Inc.*		9,500		117,515
Briggs & Stratton Corp.		13,000		232,700
Bucyrus International, Inc., Class A		9,700		986,005
Cascade Corp.		3,100		152,861
Chart Industries, Inc.*		3,700		125,208
CIRCOR International, Inc.		4,300		198,875
Clarcor, Inc.		12,900		458,595
Columbus McKinnon Corp.*		4,800		148,704
Commercial Vehicle Group, Inc.*		4,600		45,586
Dynamic Materials Corp.		3,200		138,240
EnPro Industries, Inc.*		5,700		177,783
ESCO Technologies, Inc.*		6,300		250,236
Federal Signal Corp.		12,800		178,688
Flow International Corp.*		10,200		94,758
Force Protection, Inc.*		16,900		33,969
FreightCar America, Inc.		3,400		116,620
Gehl Co.*		2,900		49,126
Gorman-Rupp Co. (The)		3,275		107,715
Greenbrier Cos., Inc.		3,700		98,124
Hardinge, Inc.		3,300		45,408
Hurco Cos., Inc.*		1,600		74,848
Kadant, Inc.*		3,100		91,078
Kaydon Corp.		7,400		324,934
LB Foster Co., Class A*		2,800		120,568
Lindsay Corp.		3,100		317,657
Middleby Corp.*		3,600		224,604
Miller Industries, Inc.*		1,900		18,297
Mueller Industries, Inc.		9,100		262,535
Mueller Water Products, Inc., Class A		30,100		246,218
NACCO Industries, Inc., Class A		1,400		113,316
Nordson Corp.		8,800		473,880
RBC Bearings, Inc.*		5,600		207,928
Robbins & Myers, Inc.		7,400		241,610
Sun Hydraulics Corp.		3,100		90,737
Tecumseh Products Co., Class A*		4,200		128,856
Tennant Co.		4,100		163,221
Titan International, Inc.		6,300		192,843
Titan Machinery, Inc.*		900		16,830
Trimas Corp.*		2,500		13,175
TurboChef Technologies, Inc.*		5,400		35,208
Twin Disc, Inc.		2,600		41,132
Valmont Industries, Inc.		4,900		430,661
Wabash National Corp.		6,800		61,132
Wabtec Corp.		12,200		459,452
Watts Water Technologies, Inc., Class A		8,200		229,846
Xerium Technologies, Inc.		5,400		6,966
				9,945,214
Marine (0.3%)
American Commercial Lines, Inc.*		13,200		208,560
Eagle Bulk Shipping, Inc.		11,700		301,392
Genco Shipping & Trading Ltd.		5,000		282,150
Horizon Lines, Inc., Class A		8,300		154,463
TBS International Ltd., Class A*		1,400		42,280
Ultrapetrol Bahamas Ltd.*		3,900		39,936
				1,028,781
Media (1.6%)
AH Belo Corp., Class A*		3,840		43,891
Arbitron, Inc.		7,400		319,384
Belo Corp., Class A		20,500		216,685
Carmike Cinemas, Inc.		4,300		44,204
Charter Communications, Inc., Class A*		108,400		92,357
Cinemark Holdings, Inc.		6,300		80,577
Citadel Broadcasting Co.		47,270		78,468
CKX, Inc.		8,600		81,872
Cox Radio, Inc., Class A*		6,800		80,784
Crown Media Holdings, Inc., Class A*		3,300		17,061
Cumulus Media, Inc., Class A*		8,600		54,868
DG FastChannel, Inc.*		4,000		76,720
Dolan Media Co.*		2,400		48,264
Emmis Communications Corp., Class A*		9,300		32,364
Entercom Communications Corp., Class A		8,800		87,384
Entravision Communications Corp., Class A*		17,200		114,552
Fisher Communications, Inc.*		1,700		52,972
GateHouse Media, Inc.		6,500		37,960
Gemstar-TV Guide International, Inc.*		62,300		292,810
Global Sources Ltd.*		5,020		74,547
Gray Television, Inc.		11,300		64,297
Harris Interactive, Inc.*		11,000		30,030
Interactive Data Corp.		8,800		250,536
Journal Communications, Inc., Class A		11,600		85,608
Knology, Inc.*		6,300		81,585
Lakes Entertainment, Inc.*		5,400		23,868
Lee Enterprises, Inc.		10,600		106,106
Lin TV Corp., Class A*		7,300		70,153
Live Nation, Inc.*		19,200		232,896
LodgeNet Interactive Corp.*		6,200		37,758
Martha Stewart Living Omnimedia, Class A*		7,300		54,239
Marvel Entertainment, Inc.*		13,000		348,270
Media General, Inc., Class A		4,800		67,296
Mediacom Communications Corp., Class A*		14,900		64,517
Morningstar, Inc.*		3,200		196,320
National CineMedia, Inc.		11,100		249,528
Nexstar Broadcasting Group, Inc., Class A*		3,100		18,290
Playboy Enterprises, Inc., Class B*		6,200		51,646

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Media (continued)
Primedia, Inc.		10,483	$	77,050
Radio One, Inc., Class D*		21,100		32,072
RCN Corp.		8,200		91,676
Salem Communications Corp., Class A		1,600		6,416
Scholastic Corp.*		8,100		245,187
Sinclair Broadcast Group, Inc., Class A		13,500		120,285
Spanish Broadcasting System, Inc., Class A*		9,300		16,461
Sun-Times Media Group, Inc., Class A*		13,700		9,864
Valassis Communications, Inc.*		12,700		137,795
Westwood One, Inc.*		19,900		41,790
World Wrestling Entertainment, Inc., Class A		5,500		102,355
				4,841,618
Metals & Mining (1.6%)
AM Castle & Co.		3,200		86,400
AMCOL International Corp.		6,300		196,749
Apex Silver Mines Ltd.*		15,400		186,648
Brush Engineered Materials, Inc.*		5,300		136,051
Century Aluminum Co.*		7,610		504,086
Coeur d’Alene Mines Corp.*		124,200		501,768
Compass Minerals International, Inc.		8,400		495,432
Esmark, Inc.*		2,500		28,250
General Moly, Inc.*		12,800		102,272
Haynes International, Inc.*		3,100		170,128
Hecla Mining Co.*		31,400		350,424
Horsehead Holding Corp.*		1,500		17,370
Kaiser Aluminum Corp.		4,000		277,200
Olympic Steel, Inc.		2,400		108,240
Quanex Corp.		9,700		501,878
Royal Gold, Inc.		6,700		202,139
RTI International Metals, Inc.*		6,000		271,260
Schnitzer Steel Industries, Inc., Class A		5,700		404,814
Stillwater Mining Co.*		10,200		157,794
Universal Stainless & Alloy Products, Inc.*		1,900		56,449
US Gold Corp.*		15,200		38,608
Worthington Industries, Inc.		17,600		296,912
				5,090,872
Multi-Utilities (0.5%)
Aquila, Inc.*		92,700		297,567
Avista Corp.		13,900		271,884
Black Hills Corp.		9,800		350,644
CH Energy Group, Inc.		4,200		163,380
NorthWestern Corp.		9,500		231,515
PNM Resources, Inc.		20,100		250,647
				1,565,637
Multiline Retail (0.1%)
99 Cents Only Stores*		12,600		124,614
Bon-Ton Stores, Inc. (The)		3,100		16,957
Fred’s, Inc., Class A		10,900		111,725
Retail Ventures, Inc.*		7,600		36,860
Tuesday Morning Corp.*		9,500		49,210
				339,366
Natural Gas Utilities (0.9%)
EnergySouth, Inc.		1,700		88,723
Laclede Group, Inc. (The)		5,200		185,276
New Jersey Resources Corp.		10,950		339,998
Nicor, Inc.		11,200		375,312
Northwest Natural Gas Co.		7,100		308,424
Piedmont Natural Gas Co.		19,500		512,070
South Jersey Industries, Inc.		7,700		270,347
Southwest Gas Corp.		10,600		296,376
WGL Holdings, Inc.		12,900		413,574
				2,790,100
Oil, Gas & Consumable Fuels (4.6%)
Alon USA Energy, Inc.		3,500		53,235
Alpha Natural Resources, Inc.*		17,100		742,824
APCO Argentina, Inc.		1,800		46,746
Approach Resources, Inc.*		1,600		25,088
Arena Resources, Inc.*		8,000		309,680
Arlington Tankers Ltd.		3,400		71,400
Atlas America, Inc.		5,700		344,508
ATP Oil & Gas Corp.*		6,700		219,224
Aventine Renewable Energy Holdings, Inc.*		8,000		41,600
Berry Petroleum Co., Class A		10,300		478,847
Bill Barrett Corp.*		8,100		382,725
Bois d’Arc Energy, Inc.*		4,000		85,960
BPZ Resources, Inc.*		15,400		334,642
Brigham Exploration Co.*		13,000		78,910
Callon Petroleum Co.*		5,600		101,304
Carrizo Oil & Gas, Inc.*		6,700		397,109
Clayton Williams Energy, Inc.*		1,700		89,233
Clean Energy Fuels Corp.*		3,200		42,752
Comstock Resources, Inc.*		11,600		467,480
Concho Resources, Inc.*		5,400		138,456
Contango Oil & Gas Co.*		3,500		226,135
Crosstex Energy, Inc.		9,700		329,315
CVR Energy, Inc.*		4,700		108,241
Delek US Holdings, Inc.		2,300		29,141
Delta Petroleum Corp.*		17,200		387,688
Double Hull Tankers, Inc.		6,300		66,843
Edge Petroleum Corp.*		8,200		33,046
Encore Acquisition Co.*		13,900		559,892
Energy Partners Ltd.*		7,582		71,802
Evergreen Energy, Inc.*		17,800		27,412
EXCO Resources, Inc.*		15,700		290,450
FX Energy, Inc.*		10,600		45,156
General Maritime Corp.		6,800		160,548
GeoGlobal Resources, Inc.*		5,600		15,624
GeoMet, Inc.*		2,600		17,316
GMX Resources, Inc.*		3,100		108,283
Golar LNG Ltd.		9,200		168,084
Goodrich Petroleum Corp.*		5,100		153,408
Gulfport Energy Corp.*		6,100		64,660
Harvest Natural Resources, Inc.*		9,500		114,570
International Coal Group, Inc.*		31,100		197,485
Knightsbridge Tankers Ltd.		4,700		125,396
Mariner Energy, Inc.*		22,700		613,127
McMoRan Exploration Co.*		11,300		195,377
Meridian Resource Corp.*		18,000		26,640
Nordic American Tanker Shipping Ltd.		7,900		221,200
Nova Biosource Fuels, Inc.*		4,000		6,040
Oilsands Quest, Inc.*		36,700		144,598
Pacific Ethanol, Inc.*		9,500		41,800
Parallel Petroleum Corp.*		10,900		213,313

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Oil, Gas & Consumable Fuels (continued)
Penn Virginia Corp.		10,700	$	471,763
PetroHawk Energy Corp.*		49,600		1,000,432
Petroleum Development Corp.*		3,900		270,153
Petroquest Energy, Inc.*		11,000		190,740
Rentech, Inc.*		43,700		38,893
Rex Energy Corp.*		1,800		29,952
Rosetta Resources, Inc.*		13,400		263,578
Ship Finance International Ltd.		7,700		202,356
Stone Energy Corp.*		7,300		381,863
Swift Energy Co.*		7,800		350,922
Teekay Tankers Ltd., Class A		2,800		47,936
Toreador Resources Corp.*		5,100		39,678
TXCO Resources, Inc.*		9,000		111,420
Uranium Resources, Inc.*		12,700		76,073
US BioEnergy Corp.*		4,200		24,780
USEC, Inc.*		28,200		104,340
Vaalco Energy, Inc.*		15,900		79,023
Venoco, Inc.*		2,800		32,536
VeraSun Energy Corp.*		10,500		77,175
Verenium Corp.*		8,200		28,864
Warren Resources, Inc.*		15,400		182,798
Whiting Petroleum Corp.*		11,000		711,150
World Fuel Services Corp.		6,900		193,683
				14,124,421
Paper & Forest Products (0.3%)
AbitibiBowater, Inc.*		14,152		182,702
Buckeye Technologies, Inc.*		9,000		100,440
Deltic Timber Corp.		2,800		155,960
Mercer International, Inc.*		8,700		60,639
Neenah Paper, Inc.		3,700		95,386
P.H. Glatfelter Co.		11,100		167,721
Schweitzer-Mauduit International, Inc.		4,200		97,188
Wausau Paper Corp.		9,800		80,948
				940,984
Personal Products (0.3%)
American Oriental Bioengineering, Inc.*		14,100		114,210
Chattem, Inc.*		4,400		291,896
Elizabeth Arden, Inc.*		6,500		129,675
Inter Parfums, Inc.		2,400		52,992
Mannatech, Inc.		5,400		38,502
Nu Skin Enterprises, Inc., Class A		13,300		239,666
Prestige Brands Holdings, Inc.*		9,200		75,256
Revlon Co., Inc., Class A*		53,300		52,234
USANA Health Sciences, Inc.*		1,900		41,857
				1,036,288
Pharmaceuticals (1.4%)
Akorn, Inc.*		14,400		68,112
Alexza Pharmaceuticals, Inc.*		5,600		38,528
Alpharma, Inc., Class A*		11,100		290,931
Auxilium Pharmaceuticals, Inc.*		8,200		219,268
Bentley Pharmaceuticals, Inc.*		4,300		69,875
Biodel, Inc.*		1,400		15,190
BioForm Medical, Inc.*		1,500		6,900
BioMimetic Therapeutics, Inc.*		3,200		25,600
Cadence Pharmaceuticals, Inc.*		4,400		26,180
Caraco Pharmaceutical Laboratories Ltd.*		2,100		37,695
Cypress Bioscience, Inc.*		9,900		70,884
Discovery Laboratories, Inc.*		26,300		61,805
Durect Corp.*		19,600		102,900
Javelin Pharmaceuticals, Inc.*		11,000		30,910
Jazz Pharmaceuticals, Inc.*		2,100		18,942
KV Pharmaceutical Co., Class A*		9,300		232,128
MAP Pharmaceuticals, Inc.*		800		11,176
Medicines Co. (The)*		13,600		274,720
Medicis Pharmaceutical Corp., Class A		13,900		273,691
Nastech Pharmaceutical Co., Inc.*		7,300		17,155
Noven Pharmaceuticals, Inc.*		6,700		60,166
Obagi Medical Products, Inc.*		2,000		17,360
Pain Therapeutics, Inc.*		9,600		81,120
Par Pharmaceutical Cos., Inc.*		8,900		154,771
Penwest Pharmaceuticals Co.*		7,200		18,720
Perrigo Co.		20,000		754,600
Pozen, Inc.*		7,000		72,520
Salix Pharmaceuticals Ltd.*		12,600		79,128
Santarus, Inc.*		16,500		42,405
Sciele Pharma, Inc.*		9,300		181,350
Sirtris Pharmaceuticals, Inc.*		1,800		23,382
Somaxon Pharmaceuticals, Inc.*		3,700		17,575
Sucampo Pharmaceuticals, Inc., Class A*		400		3,200
SuperGen, Inc.*		14,500		36,395
Valeant Pharmaceuticals International*		24,000		307,920
Viropharma, Inc.*		18,400		164,496
Vivus, Inc.*		15,500		93,465
XenoPort, Inc.*		5,600		226,632
				4,227,795
Real Estate Investment Trusts (REITs) (6.0%)
Acadia Realty Trust		8,500		205,275
Agree Realty Corp.		2,200		60,390
Alesco Financial, Inc.		16,500		47,520
Alexander’s, Inc.*		500		177,250
Alexandria Real Estate Equities, Inc.		8,200		760,304
American Campus Communities, Inc.		7,200		196,992
American Financial Realty Trust		32,000		254,080
Anthracite Capital, Inc.		16,600		109,560
Anworth Mortgage Asset Corp.		17,700		108,501
Arbor Realty Trust, Inc.		3,000		45,240
Ashford Hospitality Trust, Inc.		25,950		147,396
Associated Estates Realty Corp.		5,100		58,344
BioMed Realty Trust, Inc.		17,100		408,519
BRT Realty Trust		2,500		35,025
Capital Trust, Inc., Class A		3,700		99,715
CapLease, Inc.		10,900		84,693
CBRE Realty Finance, Inc.		5,800		23,374
Cedar Shopping Centers, Inc.		11,900		138,992
Chimera Investment Corp.		8,800		108,240
Corporate Office Properties Trust		10,200		342,822
Cousins Properties, Inc.		10,700		264,397
Crystal River Capital, Inc.		5,700		50,901
DCT Industrial Trust, Inc.		44,100		439,236
Deerfield Capital Corp.		14,000		19,740
DiamondRock Hospitality Co.		24,800		314,216
Digital Realty Trust, Inc.		15,000		532,500
DuPont Fabros Technology, Inc.		9,200		151,708
EastGroup Properties, Inc.		6,200		288,052
Education Realty Trust, Inc.		8,000		100,560
Entertainment Properties Trust		7,400		365,042
Equity Lifestyle Properties, Inc.		5,300		261,661

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Real Estate Investment Trusts (REITs) (continued)
Equity One, Inc.		9,600	$	230,112
Extra Space Storage, Inc.		17,000		275,230
FelCor Lodging Trust, Inc.		16,400		197,292
First Industrial Realty Trust, Inc.		11,900		367,591
First Potomac Realty Trust		6,500		99,905
Franklin Street Properties Corp.		14,400		206,208
Friedman Billings Ramsey Group, Inc., Class A		33,400		56,780
Getty Realty Corp.		3,900		62,127
Glimcher Realty Trust		9,900		118,404
GMH Communities Trust		8,800		76,384
Gramercy Capital Corp.		6,600		138,138
Healthcare Realty Trust, Inc.		12,600		329,490
Hersha Hospitality Trust		8,900		80,367
Highwoods Properties, Inc.		14,900		462,943
Home Properties, Inc.		8,700		417,513
Impac Mortgage Holdings, Inc.*		18,800		23,876
Inland Real Estate Corp.		15,300		232,713
Investors Real Estate Trust		15,100		147,678
JER Investors Trust, Inc.		7,300		61,904
Kite Realty Group Trust		5,200		72,800
LaSalle Hotel Properties		10,400		298,792
Lexington Realty Trust		16,900		243,529
LTC Properties, Inc.		5,600		143,976
Luminent Mortgage Capital, Inc.		23,000		14,030
Maguire Properties, Inc.		10,300		147,393
Medical Properties Trust, Inc.		15,400		174,328
MFA Mortgage Investments, Inc.		37,900		238,770
Mid-America Apartment Communities, Inc.		6,700		333,928
Mission West Properties		3,600		34,020
National Health Investors, Inc.		5,600		175,000
National Retail Properties, Inc.		18,700		412,335
Nationwide Health Properties, Inc.		24,900		840,375
Newcastle Investment Corp.		11,000		90,860
NorthStar Realty Finance Corp.		14,500		118,465
Omega Healthcare Investors, Inc.		16,600		288,176
Parkway Properties, Inc.		4,200		155,232
Pennsylvania Real Estate Investment Trust		8,500		207,315
Post Properties, Inc.		11,400		440,268
Potlatch Corp.		10,200		420,954
PS Business Parks, Inc.		3,800		197,220
RAIT Financial Trust		16,400		113,816
Ramco-Gershenson Properties Trust		5,000		105,550
Realty Income Corp.		26,300		673,806
Redwood Trust, Inc.		6,500		236,275
Resource Capital Corp.		6,000		45,420
Saul Centers, Inc.		2,900		145,696
Senior Housing Properties Trust		23,900		566,430
Sovran Self Storage, Inc.		5,300		226,363
Strategic Hotels & Resorts, Inc.		19,500		256,035
Sun Communities, Inc.		4,600		94,300
Sunstone Hotel Investors, Inc.		16,400		262,564
Tanger Factory Outlet Centers		8,200		315,454
U-Store-It Trust		12,300		139,359
Universal Health Realty Income Trust		3,300		109,890
Urstadt Biddle Properties, Inc., Class A		4,600		72,358
Washington Real Estate Investment Trust		11,800		394,356
Winthrop Realty Trust		10,500		43,260
				18,633,598
Real Estate Management & Development (0.1%)
Consolidated-Tomoka Land Co.		1,200		67,260
FX Real Estate and Entertainment, Inc.*		1,660		9,761
Grubb & Ellis Co.		8,700		59,769
Meruelo Maddux Properties, Inc.*		9,500		24,130
Stratus Properties, Inc.*		900		26,523
Tejon Ranch Co.*		2,500		93,300
Thomas Properties Group, Inc.		6,900		60,582
				341,325
Road & Rail (0.6%)
AMERCO*		2,400		137,016
Arkansas Best Corp.		5,400		172,044
Celadon Group, Inc.*		6,700		64,856
Dollar Thrifty Automotive Group*		4,800		65,472
Genesee & Wyoming, Inc., Class A*		7,700		264,880
Heartland Express, Inc.		14,200		202,492
Knight Transportation, Inc.		15,100		248,546
Marten Transport Ltd.*		4,241		65,820
Old Dominion Freight Line, Inc.*		7,900		251,457
Patriot Transportation Holding, Inc.*		200		15,688
Saia, Inc.*		2,900		45,994
Universal Truckload Services, Inc.*		900		18,783
Werner Enterprises, Inc.		12,200		226,432
				1,779,480
Semiconductors & Semiconductor Equipment (3.0%)
Actel Corp.*		7,000		107,170
Advanced Analogic Technologies, Inc.*		10,200		57,324
Advanced Energy Industries, Inc.*		9,500		125,970
Amkor Technology, Inc.*		27,500		294,250
Anadigics, Inc.*		15,500		101,680
Applied Micro Circuits Corp.*		18,500		132,830
Asyst Technologies, Inc.*		13,700		47,950
Atheros Communications, Inc.*		14,700		306,348
ATMI, Inc.*		9,100		253,253
AuthenTec, Inc.*		2,200		21,868
Axcelis Technologies, Inc.*		26,000		145,600
Brooks Automation, Inc.*		17,200		167,184
Cabot Microelectronics Corp.*		6,300		202,545
Cavium Networks, Inc.*		1,900		31,160
Cirrus Logic, Inc.*		23,400		157,248
Cohu, Inc.		6,200		100,750
Conexant Systems, Inc.*		120,100		69,646
Credence Systems Corp.*		21,100		35,870
Cymer, Inc.*		7,400		192,696
Diodes, Inc.*		7,850		172,386
DSP Group, Inc.*		8,800		112,112
Eagle Test Systems, Inc.*		3,500		36,750
Entegris, Inc.*		30,500		219,295
Exar Corp.*		11,800		97,114
FEI Co.*		9,600		209,568
FormFactor, Inc.*		12,500		238,750
Hittite Microwave Corp.*		3,900		145,938
IXYS Corp.*		5,100		34,833
Kulicke & Soffa Industries, Inc.*		14,700		70,266
Lattice Semiconductor Corp.*		30,700		87,188
LTX Corp.*		17,000		53,380
Mattson Technology, Inc.*		13,000		79,170

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Semiconductors & Semiconductor Equipment (continued)
Micrel, Inc.		14,700	$	136,269
Microsemi Corp.*		19,900		453,720
Microtune, Inc.*		11,900		43,554
MIPS Technologies, Inc.*		11,800		46,728
MKS Instruments, Inc.*		12,500		267,500
Monolithic Power Systems, Inc.*		6,300		111,069
Netlogic Microsystems, Inc.*		4,400		106,216
OmniVision Technologies, Inc.*		13,600		228,752
ON Semiconductor Corp.*		82,160		466,669
PDF Solutions, Inc.*		5,800		31,958
Pericom Semiconductor Corp.*		6,900		101,292
Photronics, Inc.*		11,100		106,005
PLX Technology, Inc.*		7,900		52,693
PMC — Sierra, Inc.*		55,900		318,630
RF Micro Devices, Inc.*		69,004		183,550
Rubicon Technology, Inc.*		1,400		40,572
Rudolph Technologies, Inc.*		7,800		76,206
Semitool, Inc.*		4,500		37,440
Semtech Corp.*		15,500		222,115
Sigma Designs, Inc.*		7,700		174,559
Silicon Image, Inc.*		23,300		116,733
Silicon Storage Technology, Inc.*		19,700		51,614
SiRF Technology Holdings, Inc.*		15,700		79,913
Skyworks Solutions, Inc.*		41,900		305,032
Spansion, Inc., Class A*		24,200		66,550
Standard Microsystems Corp.*		6,000		175,080
Supertex, Inc.*		3,100		63,271
Techwell, Inc.*		2,900		31,436
Tessera Technologies, Inc.*		12,500		260,000
Trident Microsystems, Inc.*		14,700		75,705
TriQuint Semiconductor, Inc.*		36,600		185,196
Ultra Clean Holdings, Inc.*		5,300		51,940
Ultratech, Inc.*		6,300		60,543
Veeco Instruments, Inc.*		8,400		139,692
Volterra Semiconductor Corp.*		5,800		65,714
Zoran Corp.*		13,000		177,580
				9,219,588
Software (3.9%)
ACI Worldwide, Inc.*		9,800		195,216
Actuate Corp.*		16,100		66,010
Advent Software, Inc.*		4,600		196,052
Ansoft Corp.*		4,600		140,392
Ansys, Inc.*		20,200		697,304
ArcSight, Inc.*		500		3,455
Blackbaud, Inc.		11,500		279,220
Blackboard, Inc.*		7,500		249,975
BladeLogic, Inc.*		1,100		30,855
Borland Software Corp.*		19,800		39,996
Bottomline Technologies, Inc.*		5,900		74,340
Commvault Systems, Inc.*		9,400		116,560
Concur Technologies, Inc.*		11,200		347,760
Deltek, Inc.*		1,600		20,768
Double-Take Software, Inc.*		2,300		26,864
Epicor Software Corp.*		15,300		171,360
EPIQ Systems, Inc.*		8,200		127,264
eSpeed Inc*		6,000		69,960
FalconStor Software, Inc.*		8,800		66,968
Glu Mobile, Inc.*		2,400		10,776
i2 Technologies, Inc.*		4,600		51,796
Informatica Corp.*		22,900		390,674
Interactive Intelligence, Inc.*		3,500		41,195
InterVoice, Inc.*		10,500		83,580
Jack Henry & Associates, Inc.		20,600		508,202
JDA Software Group, Inc.*		6,800		124,100
Lawson Software, Inc.*		32,400		243,972
Macrovision Corp.*		13,900		187,650
Magma Design Automation, Inc.*		10,800		103,356
Manhattan Associates, Inc.*		6,800		155,924
Mentor Graphics Corp.*		23,500		207,505
MICROS Systems, Inc.*		21,200		713,592
MicroStrategy, Inc., Class A*		2,500		184,975
Midway Games, Inc.*		9,300		25,110
Monotype Imaging Holdings, Inc.*		2,100		31,731
MSC.Software Corp.*		10,800		140,292
Net 1 UEPS Technologies, Inc.*		10,900		245,795
NetSuite, Inc.*		1,400		30,156
Nuance Communications, Inc.*		39,100		680,731
OpenTV Corp., Class A*		16,900		19,942
Parametric Technology Corp.*		30,000		479,400
Pegasystems, Inc.		2,200		21,186
Progress Software Corp.*		10,700		320,144
PROS Holdings, Inc.*		1,600		20,080
QAD, Inc.		2,100		17,661
Quality Systems, Inc.		4,500		134,415
Quest Software, Inc.*		17,900		233,953
Radiant Systems, Inc.*		7,100		99,187
Renaissance Learning, Inc.		1,200		16,788
Secure Computing Corp.*		12,400		79,980
Smith Micro Software, Inc.*		8,000		48,960
Solera Holdings, Inc.*		6,500		158,340
Sonic Solutions, Inc.*		6,300		60,795
Sourcefire, Inc.*		2,100		12,516
SourceForge, Inc.*		12,700		25,273
SPSS, Inc.*		4,900		190,022
SuccessFactors, Inc.*		1,900		18,544
Sybase, Inc.*		23,100		607,530
Symyx Technologies*		9,400		70,500
Synchronoss Technologies, Inc.*		4,900		98,147
Take-Two Interactive Software, Inc.*		19,400		495,088
Taleo Corp., Class A*		4,400		85,360
THQ, Inc.*		17,500		381,500
TIBCO Software, Inc.*		49,900		356,286
Tivo, Inc.*		25,600		224,256
Tyler Technologies, Inc.*		10,300		143,994
Ultimate Software Group, Inc.*		6,500		195,390
Unica Corp.*		1,300		8,840
Vasco Data Security International, Inc.*		6,500		88,920
Veraz Networks, Inc.*		500		1,230
Wind River Systems, Inc.*		19,700		152,478
				11,948,136
Specialty Retail (2.4%)
A.C. Moore Arts & Crafts, Inc.*		5,900		40,238
Aaron Rents, Inc.		11,300		243,402
Aeropostale, Inc.*		17,450		473,069
Asbury Automotive Group, Inc.		6,900		94,944
Bebe Stores, Inc.		7,100		76,325
Big 5 Sporting Goods Corp.		6,200		54,374
Blockbuster, Inc., Class A*		50,400		164,304
Books-A-Million, Inc.		4,500		39,330
Borders Group, Inc.		15,500		90,985
Brown Shoe Co., Inc.		10,600		159,742
Buckle, Inc. (The)		3,800		169,974

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Specialty Retail (continued)
Build-A-Bear Workshop, Inc.*		4,300	$	39,087
Cabela’s, Inc., Class A*		10,300		145,848
Cache, Inc.*		3,500		39,515
Casual Male Retail Group, Inc.*		9,500		39,900
Cato Corp. (The), Class A		8,000		119,520
Charlotte Russe Holding, Inc.*		6,100		105,774
Charming Shoppes, Inc.*		30,700		148,281
Childrens Place Retail Stores, Inc. (The)*		5,900		144,904
Christopher & Banks Corp.		8,600		85,914
Citi Trends, Inc.*		3,000		55,350
Collective Brands, Inc.*		17,100		207,252
Conn’s, Inc.*		3,500		57,085
CSK Auto Corp.*		11,900		110,789
Dress Barn, Inc.*		12,500		161,750
DSW, Inc., Class A*		3,600		46,620
Eddie Bauer Holdings, Inc.*		6,300		24,507
Finish Line, Class A		13,100		62,356
Gander Mountain Co.*		2,700		16,416
Genesco, Inc.*		5,600		129,416
Group 1 Automotive, Inc.		5,300		124,444
Gymboree Corp.*		7,100		283,148
Haverty Furniture Cos., Inc.		5,500		58,520
hhgregg, Inc.*		1,500		16,875
Hibbett Sports, Inc.*		8,400		129,696
HOT Topic, Inc.*		12,000		51,720
J Crew Group, Inc.*		10,200		450,534
Jo-Ann Stores, Inc.*		6,700		98,691
JoS. A. Bank Clothiers, Inc.*		4,800		98,400
Lithia Motors, Inc., Class A		3,400		34,544
Men’s Wearhouse, Inc.		14,200		330,434
Midas, Inc.*		4,000		68,760
Monro Muffler, Inc.		4,750		80,275
New York & Co., Inc.*		5,600		32,144
NexCen Brands, Inc.*		12,600		43,218
Pacific Sunwear of California, Inc.*		17,200		216,892
Pep Boys — Manny, Moe & Jack (The)		10,600		105,576
Pier 1 Imports, Inc.*		23,400		146,952
Rent-A-Center, Inc.*		17,800		326,630
Sally Beauty Holdings, Inc.*		24,500		169,050
Select Comfort Corp.*		12,500		45,000
Shoe Carnival, Inc.*		2,800		37,884
Sonic Automotive, Inc., Class A		6,900		141,795
Stage Stores, Inc.		10,600		171,720
Stein Mart, Inc.		5,500		30,910
Talbots, Inc.		5,000		53,900
Tween Brands, Inc.*		5,900		145,966
Ulta Salon, Cosmetics & Fragrance, Inc.*		2,400		33,696
West Marine, Inc.*		4,200		29,274
Wet Seal, Inc. (The), Class A*		23,100		78,309
Zale Corp.*		10,900		215,384
Zumiez, Inc.*		4,600		72,174
				7,269,486
Textiles, Apparel & Luxury Goods (1.4%)
Carter’s, Inc.*		14,400		232,560
Cherokee, Inc.		2,200		74,074
Columbia Sportswear Co.		3,700		162,911
Deckers Outdoor Corp.*		3,300		355,806
FGX International Holdings Ltd.*		3,400		40,664
Fossil, Inc.*		11,400		348,156
G-III Apparel Group Ltd.*		3,800		50,996
Heelys, Inc.*		2,200		9,438
Iconix Brand Group, Inc.*		12,600		218,610
K-Swiss, Inc., Class A		5,900		93,338
Kenneth Cole Productions, Inc., Class A		2,900		49,126
Lululemon Athletica, Inc.*		3,300		93,819
Maidenform Brands, Inc.*		6,300		102,501
Movado Group, Inc.		4,600		89,654
Oxford Industries, Inc.		3,800		85,614
Perry Ellis International, Inc.*		3,500		76,405
Quiksilver, Inc.*		32,600		319,806
Skechers USA, Inc., Class A*		4,700		94,987
Steven Madden Ltd.*		5,500		94,215
Timberland Co., Class A*		11,500		157,895
True Religion Apparel, Inc.*		3,800		70,490
Under Armour, Inc., Class A*		6,400		234,240
UniFirst Corp.		3,800		140,942
Volcom, Inc.*		3,900		78,819
Warnaco Group, Inc. (The)*		12,100		477,224
Weyco Group, Inc.		1,500		44,505
Wolverine World Wide, Inc.		13,400		388,734
				4,185,529
Thrifts & Mortgage Finance (1.2%)
Abington Bancorp, Inc.		4,000		41,280
Anchor Bancorp Wisconsin, Inc.		5,300		100,541
Bank Mutual Corp.		14,300		153,582
BankAtlantic Bancorp, Inc., Class A		11,400		44,574
BankFinancial Corp.		6,300		100,233
BankUnited Financial Corp., Class A		7,200		36,072
Beneficial Mutual Bancorp, Inc.*		7,900		78,131
Berkshire Hills Bancorp, Inc.		2,900		73,051
Brookline Bancorp, Inc.		16,400		188,272
Centerline Holding Co.		13,600		55,216
Clayton Holdings, Inc.*		1,500		6,960
Clifton Savings Bancorp, Inc.		1,600		16,128
Corus Bankshares, Inc.		10,400		101,192
Dime Community Bancshares		7,100		124,108
Downey Financial Corp.		5,900		108,442
Federal Agricultural Mortgage Corp., Class C		2,900		75,690
First Busey Corp.		6,900		145,728
First Financial Holdings, Inc.		3,200		75,072
First Niagara Financial Group, Inc.		26,600		361,494
First Place Financial Corp.		4,800		62,400
FirstFed Financial Corp.*		3,300		89,595
Flagstar Bancorp, Inc.		11,100		80,142
Flushing Financial Corp.		5,700		100,206
Franklin Bank Corp.*		8,100		24,543
Fremont General Corp.*		19,100		9,168
Imperial Capital Bancorp, Inc.		1,700		36,754
Kearny Financial Corp.		4,200		45,990
NASB Financial, Inc.		500		13,100
NewAlliance Bancshares, Inc.		29,700		364,122
Northwest Bancorp, Inc.		4,200		114,786
Ocwen Financial Corp.*		7,600		33,744
Oritani Financial Corp.*		2,200		33,374
PFF Bancorp, Inc.		6,100		50,752
Provident Financial Services, Inc.		16,300		230,482
Provident New York Bancorp		11,300		152,550
Rockville Financial, Inc.		1,600		21,920
Roma Financial Corp.		2,900		43,239

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Small Cap Index

	Shares		Value
Common Stocks (continued)
Thrifts & Mortgage Finance (continued)
TierOne Corp.		4,600	$	51,888
Triad Guaranty, Inc.*		1,100		5,500
TrustCo Bank Corp. NY		19,900		176,911
United Community Financial Corp.		4,800		29,760
ViewPoint Financial Group		3,700		61,087
Wauwatosa Holdings, Inc.*		1,400		16,660
Westfield Financial, Inc.		2,100		20,517
WSFS Financial Corp.		1,800		88,704
				3,843,660
Tobacco (0.2%)
Alliance One International, Inc.*		25,400		153,416
Universal Corp.		7,100		465,263
Vector Group Ltd.		8,290		145,821
				764,500
Trading Companies & Distributors (0.6%)
Applied Industrial Technologies, Inc.		10,600		316,834
Beacon Roofing Supply, Inc.*		11,800		118,000
BlueLinx Holdings, Inc.		1,600		8,144
Electro Rent Corp.		3,500		53,025
H&E Equipment Services, Inc.*		4,800		60,336
Houston Wire & Cable Co.		3,300		52,866
Interline Brands, Inc.*		6,400		118,720
Kaman Corp.		6,400		181,056
Lawson Products		800		22,040
NuCo2, Inc.*		3,800		105,526
Rush Enterprises, Inc., Class A*		8,750		138,600
TAL International Group, Inc.		3,600		84,852
Textainer Group Holdings Ltd.		1,100		16,588
UAP Holding Corp.		12,900		494,586
Watsco, Inc.		5,600		231,952
				2,003,125
Water Utilities (0.2%)
American States Water Co.		4,500		162,000
Cadiz, Inc.*		3,600		55,368
California Water Service Group		5,200		198,380
Consolidated Water Co. Ltd.		4,000		88,120
SJW Corp.		3,400		97,206
Southwest Water Co.		7,000		77,490
				678,564
Wireless Telecommunication Services (0.2%)
Centennial Communications Corp.*		7,100		41,961
FiberTower Corp.*		27,800		48,928
ICO Global Communications Holdings Ltd.*		26,200		80,958
iPCS, Inc.		4,500		105,075
Rural Cellular Corp., Class A*		3,100		137,113
Syniverse Holdings, Inc.*		7,369		122,768
USA Mobility, Inc.		6,200		44,268
Virgin Mobile USA, Inc., Class A*		7,400		15,022
				596,093
Total Common Stocks				291,841,961
Rights (0.0%)
Capital Markets (0.0%)
Ares Capital Corp., expiring 04/21/08*		6,096		3,414
MCG Capital Corp.*		2,357		2,522
				5,936
Real Estate Management & Development (0.0%)
FX Real Estate and Entertainment, Inc.*		830		66
Total Rights				6,002
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (4.9%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $9,194,614, collateralized by U.S. Government Agency Mortgages with a market value of $9,377,829	$	9,193,950	$	9,193,950
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $5,763,792, collateralized by U.S. Government Agency Mortgages with a market value of $5,878,643		5,763,375		5,763,375
Total Repurchase Agreements				14,957,325
Total Investments
(Cost $365,310,643) (a) — 99.6%				306,805,288
Other assets in excess of liabilities — 0.4%				1,255,780
NET ASSETS — 100.0%			$	308,061,068

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
CH	Switzerland
IT	Italy

See accompanying notes to statements of investments

At March 31, 2008, the Fund’s open futures contracts were as follows:

				Market
Number				Value		Unrealized
of	Long			Covered by		Appreciation
Contracts	Contracts	Expiration		Contracts		(Depreciation)
44	Russell 2000 Futures		06/20/08	$	15,180,000	$	747,656

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Short Term Bond Fund

	Principal
	Amount		Value
Corporate Bonds (36.1%)
Bank (2.0%)
HSBC Finance Corp., 6.38%, 10/15/11	$	500,000	$	513,953
Diversified Financial Services (4.0%)
General Electric Capital Corp., 4.88%, 10/21/10		500,000		519,629
Textron Financial Corp., 5.13%, 11/01/10		500,000		520,048
				1,039,677
Electric Utilities (8.0%)
Florida Power & Light Co., 4.85%, 02/01/13		500,000		520,514
Northern States Power, 4.75%, 08/01/10		500,000		516,936
Pacific Gas & Electric Co., 4.20%, 03/01/11		500,000		502,052
Pacificorp, 7.00%, 07/15/09		500,000		521,892
				2,061,394
Food Processor (2.0%)
General Mills, Inc., 5.65%, 09/10/12		500,000		520,020
Health Care Equipment & Supplies (2.0%)
Covidien International Finance SA, 5.45%, 10/15/12		500,000		515,801
Insurance (2.0%)
Principal Life, Income Funding Trusts, 5.30%, 12/14/12		500,000		512,165
Media (2.1%)
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13		500,000		555,415
Metals & Mining (2.0%)
WMC Finance USA Ltd., 5.13%, 05/15/13		500,000		510,040
Oil, Gas & Consumable Fuels (4.0%)
Energy Transfer Partners LP, 6.00%, 07/01/13		500,000		502,944
Kinder Morgan Energy Partners LP, 6.75%, 03/15/11		500,000		523,808
				1,026,752
Oilfield Machinery & Services (1.9%)
Weatherford International Ltd., 5.15%, 03/15/13		500,000		500,434
Other Financial (2.1%)
Bellsouth Capital Funding Corp., 7.75%, 02/15/10		500,000		532,197
Pharmaceutical (1.9%)
Amgen, Inc., 4.00%, 11/18/09		500,000		505,050
Telecommunications (2.1%)
Verizon Global Funding Corp., 7.25%, 12/01/10		500,000		536,988
Total Corporate Bonds				9,329,886
U.S. Government Sponsored & Agency Obligations (54.9%)
Federal Home Loan Bank System, 4.75%, 04/24/09		2,500,000		2,564,875
Federal Home Loan Mortgage Corp., 2.38%, 05/28/10		2,500,000		2,501,368
United States Treasury Note
3.13%, 09/15/08		8,800,000		8,870,127
2.00%, 02/28/10		250,000		251,738
Total U.S. Government Sponsored & Agency Obligations				14,188,108
Repurchase Agreements (12.3%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,951,678, collateralized by U.S. Government Agency Mortgages with a market value of $1,990,567		1,951,537		1,951,537
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,223,441, collateralized by U.S. Government Agency Mortgages with a market value of $1,247,819		1,223,352		1,223,352
Total Repurchase Agreements				3,174,889
Total Investments
(Cost $26,693,030) (a) — 103.3%				26,692,883
Liabilities in excess of other assets — (3.3)%				(858,170	)
NET ASSETS — 100.0%			$	25,834,713

(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
LP	Limited Partnership

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Cardinal Aggressive Fund

	Shares		Value
Mutual Funds (100.0%)(a)
Equity Funds (95.0%)
NVIT Multi-Manager Large Cap Growth Fund, ID Class		20,263	$	199,797
NVIT Multi-Manager Small Cap Value Fund, ID Class		4,367		39,738
NVIT Multi-Manager Small Cap Growth Fund, ID Class		2,829		39,689
NVIT Multi-Manager Small Company Fund, ID Class		990		19,940
NVIT Multi-Manager International Value Fund, ID Class		9,482		150,190
NVIT Multi-Manager Mid Cap Value Fund, ID Class		7,591		75,076
NVIT Multi-Manager International Growth Fund, ID Class		14,970		150,449
NVIT Multi-Manager Mid Cap Growth Fund, ID Class		7,653		74,617
NVIT Multi-Manager Large Cap Value Fund, ID Class		20,367		198,982
				948,478
Fixed Income Funds (5.0%)
NVIT Core Bond Fund, ID Class		2,508		25,151
Lehman Brothers NVIT Core Plus Bond Fund, ID Class		2,518		25,151
				50,302
Total Investments (Cost $1,000,000) (b) — 100.0%				998,780
Liabilities in excess of other assets — 0.0%				(36	)
NET ASSETS — 100.0%			$	998,744

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Cardinal Balanced Fund

	Shares		Value
Mutual Funds (100.0%)(a)
Equity Funds (49.9%)
NVIT Multi-Manager Mid Cap Value Fund, ID Class		5,061	$	50,051
NVIT Multi-Manager International Growth Fund, ID Class		5,988		60,180
NVIT Multi-Manager Mid Cap Growth Fund, ID Class		5,102		49,745
NVIT Multi-Manager Large Cap Value Fund, ID Class		12,729		124,364
NVIT Multi-Manager Large Cap Growth Fund, ID Class		12,665		124,873
NVIT Multi-Manager Small Cap Value Fund, ID Class		1,092		9,934
NVIT Multi-Manager Small Cap Growth Fund, ID Class		707		9,922
NVIT Multi-Manager Small Company Fund, ID Class		495		9,970
NVIT Multi-Manager International Value Fund, ID Class		3,793		60,076
				499,115
Fixed Income Funds (44.1%)
NVIT Core Bond Fund, ID Class		15,045		150,903
Lehman Brothers NVIT Core Plus Bond Fund, ID Class		15,106		150,906
NVIT Short-Term Bond Fund, ID Class		14,014		140,140
				441,949
Money Market Fund (6.0%)
NVIT Money Market Fund, ID Class		60,000		60,000
Total Investments (Cost $1,000,000) (b) — 100.0%				1,001,064
Liabilities in excess of other assets — 0.0%				(17	)
NET ASSETS — 100.0%			$	1,001,047

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Cardinal Capital Appreciation Fund

	Shares		Value
Mutual Funds (100.0%)(a)
Equity Funds (69.9%)
NVIT Multi-Manager Mid Cap Value Fund, ID Class		6,579	$	65,066
NVIT Multi-Manager International Growth Fund, ID Class		9,980		100,299
NVIT Multi-Manager Mid Cap Growth Fund, ID Class		6,633		64,668
NVIT Multi-Manager Large Cap Value Fund, ID Class		16,293		159,185
NVIT Multi-Manager Small Cap Value Fund, ID Class		2,183		19,869
NVIT Multi-Manager Small Cap Growth Fund, ID Class		1,414		19,845
NVIT Multi-Manager Small Company Fund, ID Class		495		9,970
NVIT Multi-Manager International Value Fund, ID Class		6,321		100,127
NVIT Multi-Manager Large Cap Growth Fund, ID Class		16,211		159,838
				698,867
Fixed Income Funds (27.1%)
NVIT Core Bond Fund, ID Class		10,030		100,602
Lehman Brothers NVIT Core Plus Bond Fund, ID Class		10,070		100,604
NVIT Short-Term Bond Fund, ID Class		7,007		70,070
				271,276
Money Market Fund (3.0%)
NVIT Money Market Fund, ID Class		30,000		30,000
Total Investments (Cost $1,000,000) (b) — 100.0%				1,000,143
Liabilities in excess of other assets — 0.0%				(25	)
NET ASSETS — 100.0%			$	1,000,118

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Cardinal Conservative Fund

	Shares		Value
Mutual Funds (100.0%)(a)
Equity Funds (19.9%)
NVIT Multi-Manager International Value Fund, ID Class		1,580	$	25,032
NVIT Multi-Manager Mid Cap Value Fund, ID Class		2,530		25,025
NVIT Multi-Manager International Growth Fund, ID Class		2,495		25,075
NVIT Multi-Manager Mid Cap Growth Fund, ID Class		2,551		24,873
NVIT Multi-Manager Large Cap Value Fund, ID Class		5,092		49,745
NVIT Multi-Manager Large Cap Growth Fund, ID Class		5,066		49,949
				199,699
Fixed Income Funds (70.1%)
NVIT Short-Term Bond Fund, ID Class		30,030		300,300
NVIT Core Bond Fund, ID Class		20,060		201,204
Lehman Brothers NVIT Core Plus Bond Fund, ID Class		20,141		201,208
				702,712
Money Market Fund (10.0%)
NVIT Money Market Fund, ID Class		100,000		100,000
Total Investments (Cost $1,000,000) (b) — 100.0%				1,002,411
Liabilities in excess of other assets — 0.0%				(9	)
NET ASSETS — 100.0%			$	1,002,402

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Cardinal Moderate Fund

	Shares		Value
Mutual Funds (100.0%)(a)
Equity Funds (59.9%)
NVIT Multi-Manager Mid Cap Value Fund, ID Class		5,061	$	50,051
NVIT Multi-Manager International Growth Fund, ID Class		7,485		75,225
NVIT Multi-Manager Mid Cap Growth Fund, ID Class		5,102		49,745
NVIT Multi-Manager Large Cap Value Fund, ID Class		15,275		149,236
NVIT Multi-Manager Large Cap Growth Fund, ID Class		15,198		149,848
NVIT Multi-Manager Small Cap Value Fund, ID Class		2,183		19,869
NVIT Multi-Manager Small Cap Growth Fund, ID Class		1,414		19,844
NVIT Multi-Manager Small Company Fund, ID Class		495		9,970
NVIT Multi-Manager International Value Fund, ID Class		4,741		75,095
				598,883
Fixed Income Funds (35.1%)
NVIT Core Bond Fund, ID Class		12,538		125,752
Lehman Brothers NVIT Core Plus Bond Fund, ID Class		12,588		125,756
NVIT Short-Term Bond Fund, ID Class		10,010		100,100
				351,608
Money Market Fund (5.0%)
NVIT Money Market Fund, ID Class		50,000		50,000
Total Investments (Cost $1,000,000) (b) — 100.0%				1,000,491
Liabilities in excess of other assets — 0.0%				(20	)
NET ASSETS — 100.0%			$	1,000,471

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Cardinal Moderately Aggressive Fund

	Shares		Value
Mutual Funds (100.0%)(a)
Equity Funds (79.9%)
NVIT Multi-Manager Large Cap Value Fund, ID Class		17,821	$	174,109
NVIT Multi-Manager Large Cap Growth Fund, ID Class		17,731		174,823
NVIT Multi-Manager Small Cap Value Fund, ID Class		2,183		19,869
NVIT Multi-Manager Small Cap Growth Fund, ID Class		1,414		19,845
NVIT Multi-Manager Small Company Fund, ID Class		495		9,970
NVIT Multi-Manager International Value Fund, ID Class		7,901		125,158
NVIT Multi-Manager International Growth Fund, ID Class		12,475		125,374
NVIT Multi-Manager Mid Cap Growth Fund, ID Class		7,653		74,617
NVIT Multi-Manager Mid Cap Value Fund, ID Class		7,591		75,076
				798,841
Fixed Income Funds (20.1%)
NVIT Short-Term Bond Fund, ID Class		5,005		50,050
NVIT Core Bond Fund, ID Class		7,523		75,451
Lehman Brothers NVIT Core Plus Bond Fund, ID Class		7,553		75,453
				200,954
Total Investments (Cost $1,000,000) (b) — 100.0%				999,795
Liabilities in excess of other assets — 0.0%				(32	)
NET ASSETS — 100.0%			$	999,763

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Nationwide NVIT Cardinal Moderately Conservative Fund

	Shares		Value
Mutual Funds (100.0%)(a)
Equity Funds (39.9%)
NVIT Multi-Manager International Growth Fund, ID Class		4,990	$	50,150
NVIT Multi-Manager Large Cap Growth Fund, ID Class		10,132		99,899
NVIT Multi-Manager International Value Fund, ID Class		3,161		50,063
NVIT Multi-Manager Mid Cap Value Fund, ID Class		5,061		50,050
NVIT Multi-Manager Mid Cap Growth Fund, ID Class		5,102		49,745
NVIT Multi-Manager Large Cap Value Fund, ID Class		10,183		99,491
				399,398
Fixed Income Funds (52.1%)
Lehman Brothers NVIT Core Plus Bond Fund, ID Class		17,623		176,058
NVIT Short-Term Bond Fund, ID Class		17,017		170,170
NVIT Core Bond Fund, ID Class		17,553		176,053
				522,281
Money Market Fund (8.0%)
NVIT Money Market Fund, ID Class		80,000		80,000
Total Investments (Cost $1,000,000) (b) — 100.0%				1,001,679
Liabilities in excess of other assets — 0.0%				(12	)
NET ASSETS — 100.0%			$	1,001,667

(a)	Investment in affiliate.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund

	Shares		Value
Common Stocks (79.2%)
Australia (2.7%)(a)
Biotechnology (0.6%)
CSL Ltd.		900	$	30,502
Chemicals (0.2%)
Incitec Pivot Ltd.		100		12,926
Construction & Engineering (0.4%)
Boart Longyear Group		12,800		21,474
Diversified Financial Services (0.3%)
Babcock & Brown Ltd.		1,100		14,907
Independent Power Producers & Energy Traders (0.1%)
Babcock & Brown Power		4,700		6,805
Metals & Mining (1.1%)
BHP Billiton Ltd.		1,775		58,315
Oxiana Ltd.		1,800		5,236
				63,551
Oil, Gas & Consumable Fuels (0.0%)
Arrow Energy Ltd.*		1,200		1,943
				152,108
Austria (0.5%)(a)
Aerospace & Defense (0.1%)
QinetiQ PLC		1,700		6,516
Construction & Engineering (0.4%)
Tecnicas Reunidas SA		300		22,780
				29,296
Belgium (2.0%)(a)
Beverages (1.4%)
InBev NV		905		79,435
Commercial Bank (0.6%)
KBC Groep NV		251		32,552
				111,987
Bermuda (0.3%)(a)
Metals & Mining (0.3%)
Aquarius Platinum Ltd.		1,000		14,761
Brazil (1.3%)
Beverages (0.7%)
Cia de Bebidas das Americas ADR - BR		491		37,095
Oil, Gas & Consumable Fuels (0.6%)
Petroleo Brasileiro SA, Preferred Shares ADR - BR		421		35,655
				72,750
Canada (4.7%)
Chemicals (0.3%)
Agrium, Inc.		300		18,633
Diversified Financial Services (0.1%)
TSX Group, Inc.		100		3,784
Insurance (0.7%)
Manulife Financial Corp.		1,000		38,287
Internet Software & Services (0.2%)
Open Text Corp.*		300		9,393
Metals & Mining (0.5%)
Agnico-Eagle Mines Ltd.		200		13,568
Equinox Minerals Ltd.*		700		3,329
Fording Canadian Coal Trust		200		10,440
				27,337
Oil, Gas & Consumable Fuels (1.8%)
Canadian Natural Resources Ltd.		500		34,238
Oilexco, Inc.*		300		3,926
Petrobank Energy & Resources Ltd.		100		4,551
Suncor Energy, Inc.		600		58,006
				100,721
Paper & Forest Products (0.1%)
Sino-Forest Corp.		500		7,796
Road & Rail (0.6%)
Canadian National Railway Co.		700		33,949
Textiles, Apparel & Luxury Goods (0.4%)
Gildan Activewear, Inc.		600		22,639
				262,539
Cayman Islands (0.1%)
Personal Products (0.1%)
Herbalife Ltd.		100		4,750
China (0.2%)
Media (0.1%)
Focus Media Holding Ltd. ADR - CN*		200		7,030
Real Estate Management & Development (0.1%)(a)
KWG Property Holding Ltd.*		4,000		3,423
				10,453
Denmark (1.4%)(a)
Biotechnology (0.1%)
Genmab AS*		100		5,114
Construction & Engineering (0.4%)
FLSmidth & Co. AS		200		19,914
Pharmaceutical (0.9%)
Novo Nordisk AS, Class B		775		53,339
				78,367
Finland (0.9%)(a)
Auto Components (0.4%)
Nokian Renkaat OYJ		500		21,417
Communications Equipment (0.5%)
Nokia OYJ ADR - FI		850		26,832
				48,249
France (4.7%)(a)
Commercial Bank (1.2%)
BNP Paribas		656		66,140
Electrical Equipment (0.9%)
Nexans SA		100		11,801
Schneider Electric SA		295		38,105
				49,906
Health Care Providers & Services (0.1%)
Orpea*		100		6,059
Insurance (0.8%)
AXA SA		1,327		47,989
IT Services (0.6%)
Cap Gemini SA		594		33,819
Oil, Gas & Consumable Fuels (1.1%)
Total SA		813		60,225
				264,138
Germany (10.8%)(a)
Auto Components (0.7%)
Continental AG		248		25,428

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund

	Shares		Value
Common Stocks (continued)
Germany(a) (continued)
ElringKlinger AG		100	$	11,141
				36,569
Automobiles (2.8%)
Daimler AG		750		64,196
Porsche AG		520		95,339
				159,535
Chemicals (1.9%)
Bayer AG		935		74,942
K+S AG		100		32,698
				107,640
Commercial Bank (0.6%)
Commerzbank AG		1,029		32,398
Diversified Financial Services (0.5%)
Deutsche Boerse AG		174		28,217
Electrical Equipment (0.1%)
Solarworld AG		100		4,850
Household Products (0.8%)
Henkel KGaA, Preferred Shares		1,028		47,403
Industrial Conglomerate (0.8%)
Siemens AG		429		46,887
Internet Software & Services (0.3%)
United Internet AG		700		15,186
Machinery (0.3%)
Vossloh AG		100		14,125
Pharmaceutical (1.0%)
Merck KGAA		457		56,734
Textiles, Apparel & Luxury Goods (1.0%)
Puma AG Rudolf Dassler Sport		142		54,938
				604,482
Greece (0.8%)(a)
Hotels, Restaurants & Leisure (0.8%)
Intralot SA-Integrated Lottery Systems & Services		1,000		17,908
OPAP SA		830		29,599
				47,507
Hong Kong (3.9%)(a)
Distributor (0.5%)
Li & Fung Ltd.		8,000		29,967
Industrial Conglomerates (1.1%)
Hutchison Whampoa Ltd.		5,000		47,560
Melco International Development		9,000		12,619
				60,179
Real Estate Investment Trust (REIT) (0.1%)
Link REIT (The)		4,000		8,903
Real Estate Management & Development (0.1%)
Sino-Ocean Land Holdings Ltd.*		5,500		5,471
Specialty Retail (1.2%)
Esprit Holdings Ltd.		5,400		65,527
Trading Companies & Distributors (0.2%)
Noble Group Ltd.		7,000		11,297
Wireless Telecommunication Services (0.7%)
China Mobile Ltd.		2,500		37,563
				218,907
India (1.0%)
IT Services (1.0%)
Infosys Technologies Ltd. ADR - IN		1,529		54,692
Indonesia (1.0%)(a)
Automobiles (0.4%)
PT Astra International, Inc.		8,500		22,579
Diversified Telecommunication Services (0.6%)
Telekomunikasi Indonesia Tbk PT		34,000		35,885
				58,464
Ireland (1.3%)
Commercial Bank (0.5%)(a)
Anglo Irish Bank Corp. PLC		1,849		24,847
Construction Materials (0.6%)(a)
CRH PLC		941		35,705
Life Sciences Tools & Services (0.2%)
ICON PLC ADR - IE*		200		12,978
				73,530
Israel (1.6%)
Aerospace & Defense (0.1%)(a)
Elbit Systems Ltd.		100		5,530
Pharmaceutical (1.5%)
Teva Pharmaceutical Industries Ltd. ADR - IL		1,809		83,558
				89,088
Italy (2.3%)(a)
Aerospace & Defense (0.8%)
Finmeccanica SpA		1,329		45,248
Electrical Equipment (0.2%)
Prysmian SpA*		400		8,544
Hotels, Restaurants & Leisure (0.1%)
Lottomatica SpA		200		6,227
Multi-Utilities (0.3%)
A2A SpA		1,800		6,618
Hera SpA		3,200		12,931
				19,549
Oil, Gas & Consumable Fuels (0.9%)
Eni SpA		1,480		50,374
				129,942
Japan (8.0%)(a)
Auto Components (0.7%)
Denso Corp.		1,200		39,128
Automobiles (1.7%)
Suzuki Motor Corp.		1,800		45,793
Toyota Motor Corp.		1,000		50,538
				96,331
Chemicals (0.2%)
Hitachi Chemical Co. Ltd.		200		3,801
Kuraray Co. Ltd.		500		6,011
				9,812
Computers & Peripherals (0.1%)
Mitsumi Electric Co. Ltd.		200		6,373
Consumer Finance (0.2%)
ORIX Corp.		90		12,415
Electrical Equipment (0.2%)
Toyo Tanso Co. Ltd.		100		9,404
Electronic Equipment & Instruments (1.6%)
Ibiden Co. Ltd.		900		35,703

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund

	Shares		Value
Common Stocks (continued)
Japan(a) (continued)
Keyence Corp.		200	$	46,547
Nidec Sankyo Corp.		1,000		8,137
				90,387
Machinery (2.6%)
Fanuc Ltd.		600		57,572
Japan Steel Works Ltd. (The)		1,000		17,217
Komatsu Ltd.		1,800		50,691
Kurita Water Industries Ltd.		100		3,733
NGK Insulators Ltd.		1,000		17,892
				147,105
Software (0.5%)
Capcom Co. Ltd.		300		10,361
Konami Corp.		400		15,244
				25,605
Specialty Retail (0.2%)
Nitori Co. Ltd.		200		11,363
				447,923
Luxembourg (0.3%)
Wireless Telecommunication Services (0.3%)
Millicom International Cellular SA*		200		18,910
Mexico (2.5%)
Household Durables (0.7%)
Desarrolladora Homex SAB de CV ADR - MX*		460		26,703
Urbi Desarrollos Urbanos SA de CV*		4,300		14,021
				40,724
Media (0.4%)
Grupo Televisa SA ADR - MX		784		19,004
Wireless Telecommunication Services (1.4%)
America Movil SA de CV, Series L ADR - MX		1,239		78,912
				138,640
Netherlands (2.2%)(a)
Air Freight & Logistics (1.1%)
TNT NV		1,698		62,982
Beverages (0.7%)
Heineken Holding NV		770		38,736
Energy Equipment & Services (0.3%)
Fugro NV CVA		200		15,543
Life Sciences Tools & Services (0.1%)
Qiagen NV*		200		4,153
				121,414
Norway (1.0%)(a)
Energy Equipment & Services (0.9%)
Petroleum Geo-Services ASA		1,320		32,784
Seadrill Ltd.(b)		500		13,474
Sevan Marine ASA*		600		7,693
				53,951
Pharmaceutical (0.1%)
Pronova BioPharma AS*		1,300		3,536
				57,487
Singapore (1.9%)(a)
Commercial Bank (1.0%)
United Overseas Bank Ltd.		4,000		55,986
Industrial Conglomerate (0.9%)
Keppel Corp. Ltd.		7,000		50,970
				106,956
South Africa (0.4%)(a)
Commercial Bank (0.4%)
Standard Bank Group Ltd.		2,200		23,985
Spain (1.4%)(a)
Commercial Bank (0.4%)
Banco Santander SA		1,054		20,996
Diversified Telecommunication Services (1.0%)
Telefonica SA		2,068		59,412
				80,408
Sweden (0.9%)(a)
Building Products (0.8%)
Assa Abloy AB, Class B		2,400		43,586
Tobacco (0.1%)
Swedish Match AB		300		6,554
				50,140
Switzerland (7.5%)(a)
Biotechnology (0.3%)
Basilea Pharmaceutica*		100		14,559
Capital Markets (0.4%)
Credit Suisse Group		496		25,260
Chemicals (1.6%)
Syngenta AG		303		88,538
Food Products (1.6%)
Nestle SA		177		88,490
Health Care Equipment & Supplies (0.6%)
Sonova Holding AG		349		32,141
Life Sciences Tools & Services (0.5%)
Lonza Group AG		200		26,538
Pharmaceutical (1.9%)
Roche Holding AG		568		107,073
Textiles, Apparel & Luxury Goods (0.6%)
Compagnie Financiere Richemont SA		645		36,219
				418,818
Taiwan (0.4%)
Semiconductors & Semiconductor Equipment (0.4%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR - TW		1,910		19,616
Thailand (0.3%)
Commercial Bank (0.1%)(a)
Bank of Ayudhya PCL NVDR*		4,400		3,248
Oil, Gas & Consumable Fuels (0.1%)
Banpu PCL(a)		600		8,217
Banpu Public Co. Ltd.		100		1,330
				9,547
Wireless Telecommunication Services (0.1%)(a)
Total Access Communication PCL NVDR*		2,700		3,944
				16,739
United Kingdom (10.8%)
Aerospace & Defense (0.4%)(a)
VT Group PLC		1,700		22,178
Chemicals (0.1%)(a)
Johnson Matthey PLC		100		3,983
Commercial Services & Supplies (1.8%)(a)
Aggreko PLC		1,600		20,503

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund

	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Atkins WS PLC		400	$	8,350
Capita Group PLC (The)		2,539		34,206
De La Rue PLC		600		10,566
Homeserve PLC		200		7,633
Intertek Group PLC		100		2,051
Serco Group PLC		1,800		16,218
				99,527
Diversified Financial Services (0.2%)(a)
IG Group Holdings PLC		1,800		11,697
Electronic Equipment & Instruments (0.1%)(a)
Rotork PLC		400		8,566
Energy Equipment & Services (0.6%)(a)
Expro International Group		400		9,274
Lamprell PLC		800		6,361
Wellstream Holdings PLC*		600		15,646
				31,281
Food & Staples Retailing (0.8%)(a)
Tesco PLC		6,087		45,870
Hotels, Restaurants & Leisure (0.2%)(a)
Enterprise Inns PLC		1,143		9,106
Household Products (0.8%)(a)
Reckitt Benckiser Group PLC		832		46,132
Independent Power Producers & Energy Traders (0.8%)(a)
International Power PLC		5,384		42,566
Insurance (0.7%)(a)
Admiral Group PLC		600		9,566
Aviva PLC		2,520		30,895
				40,461
Machinery (0.0%)
Hansen Transmissions International NV*		600		2,334
Media (1.6%)(a)
Informa PLC		4,024		25,071
WPP Group PLC		5,505		65,714
				90,785
Metals & Mining (0.3%)(a)
Ferrexpo PLC*		1,800		12,620
Peter Hambro Mining PLC*		200		5,123
				17,743
Oil, Gas & Consumable Fuels (0.1%)(a)
Imperial Energy Corp. PLC*		200		5,180
Pharmaceutical (0.6%)(a)
Shire PLC		1,872		36,232
Software (0.6%)(a)
Autonomy Corp. PLC*		1,000		18,257
Aveva Group PLC		600		13,575
				31,832
Tobacco (1.0%)(a)
Imperial Tobacco Group PLC		1,226		56,449
Water Utility (0.1%)(a)
Pennon Group PLC		400		5,140
				607,062
United States (0.1%)
Metals & Mining (0.1%)
Pan American Silver Corporation.*		100		3,837
Total Common Stocks				4,437,945
Exchange Traded Funds (1.5%)
Spain (0.1%)(a)
Enagas		300		8,961
United States (1.4%)
India Fund, Inc.		1,201		54,549
iShares MSCI Taiwan Index Fund		600		9,510
SPDR S&P Emerging Middle East & Africa ETF		200		12,652
				76,711
Total Exchange Traded Funds				85,672
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (0.2%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $6,147, collateralized by U.S. Government Agency Mortgages with a market value of $6,270	$	6,147	$	6,147
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $3,853, collateralized by U.S. Government Agency Mortgages with a market value of $3,930		3,853		3,853
Total Repurchase Agreements				10,000
Total Investments (Cost $4,497,779) (c) — 80.9%				4,533,617
Other assets in excess of liabilities — 19.1%				1,067,517
NET ASSETS — 100.0%			$	5,601,134

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Illiquid security.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
BR	Brazil
CN	China
FI	Finland
IE	Ireland
IL	Israel
IN	India
IT	Italy
MX	Mexico
NVDR	Non Voting Depositary Receipt
REIT	Real Estate Investment Trust
TW	Taiwan

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund

	Shares		Value
Common Stocks (96.4%)
Aerospace & Defense (6.2%)
Boeing Co. (The)		2,050	$	152,459
General Dynamics Corp.		2,220		185,081
Honeywell International, Inc.		900		50,778
L-3 Communications Holdings, Inc.		870		95,126
Lockheed Martin Corp.		1,760		174,768
Northrop Grumman Corp.		400		31,124
Precision Castparts Corp.		685		69,925
Raytheon Co.		1,420		91,746
United Technologies Corp.		3,205		220,568
				1,071,575
Air Freight & Logistics (0.3%)
United Parcel Service, Inc., Class B		800		58,416
Beverages (2.6%)
Anheuser-Busch Cos., Inc.		1,605		76,157
Coca-Cola Co. (The)		2,285		139,088
Fomento Economico Mexicano SAB de CV ADR - MX		1,635		68,310
PepsiCo, Inc.		2,410		174,002
				457,557
Biotechnology (3.8%)
Amgen, Inc.*		2,000		83,560
Biogen Idec, Inc.*		1,000		61,690
Genentech, Inc.*		2,070		168,042
Gilead Sciences, Inc.*		6,860		353,496
				666,788
Capital Markets (2.2%)
Eaton Vance Corp.		500		15,255
Federated Investors, Inc., Class B		900		35,244
Legg Mason, Inc.		400		22,392
Morgan Stanley		1,240		56,668
Northern Trust Corp.		950		63,146
SEI Investments Co.		200		4,938
State Street Corp.		2,400		189,600
				387,243
Chemicals (3.6%)
Bunge Ltd.		400		34,752
Chemtura Corp.		6,900		50,646
FMC Corp.		100		5,549
Monsanto Co.		2,755		307,182
Mosaic Co. (The)*		1,250		128,250
Potash Corp. of Saskatchewan, Inc.		690		107,095
				633,474
Commercial Banks (0.6%)
Regions Financial Corp.		1,200		23,700
Wells Fargo & Co.		2,765		80,462
				104,162
Communications Equipment (4.0%)
Cisco Systems, Inc.*		11,530		277,758
Juniper Networks, Inc.*		2,400		60,000
Nokia OYJ ADR FI		2,580		82,121
QUALCOMM, Inc.		2,800		114,800
Research In Motion Ltd.*		1,490		167,223
				701,902
Computers & Peripherals (5.4%)
Apple, Inc.*		3,040		436,240
EMC Corp.*		6,510		93,353
Hewlett-Packard Co.		6,340		289,485
International Business Machines Corp.		300		34,542
Seagate Technology		1,800		37,692
Teradata Corp.*		900		19,854
Western Digital Corp.*		900		24,336
				935,502
Construction & Engineering (0.2%)
Fluor Corp.		100		14,116
KBR, Inc.		400		11,092
				25,208
Distributor (0.1%)
Genuine Parts Co.		600		24,132
Diversified Financial Services (0.5%)
IntercontinentalExchange, Inc.*		100		13,050
JPMorgan Chase & Co.		1,870		80,317
				93,367
Diversified Telecommunication Services (0.5%)
AT&T, Inc.		1,600		61,280
Verizon Communications, Inc.		700		25,515
				86,795
Electric Utilities (1.7%)
Exelon Corp.		1,240		100,775
FirstEnergy Corp.		845		57,984
FPL Group, Inc.		1,555		97,560
PPL Corp.		1,000		45,920
				302,239
Electrical Equipment (2.7%)
ABB Ltd. ADR - CH		8,400		226,128
Emerson Electric Co.		2,090		107,551
First Solar, Inc.*		590		136,373
				470,052
Energy Equipment & Services (4.4%)
FMC Technologies, Inc.*		800		45,512
Halliburton Co.		2,300		90,459
National Oilwell Varco, Inc.*		800		46,704
Schlumberger Ltd.		1,310		113,970
Transocean, Inc.*		2,300		310,960
Weatherford International Ltd.*		2,120		153,636
				761,241
Food & Staples Retailing (5.5%)
BJ’s Wholesale Club, Inc.*		1,600		57,104
Costco Wholesale Corp.		3,245		210,828
CVS Caremark Corp.		11,355		459,991
Kroger Co. (The)		3,820		97,028
Ruddick Corp.		1,200		44,232
Safeway, Inc.		200		5,870
Wal-Mart Stores, Inc.		1,700		89,556
				964,609
Food Products (0.1%)
Archer-Daniels-Midland Co.		500		20,580
Health Care Equipment & Supplies (2.3%)
Baxter International, Inc.		2,450		141,659
Beckman Coulter, Inc.		400		25,820
Becton, Dickinson & Co.		1,345		115,468
Dentsply International, Inc.		600		23,160
IDEXX Laboratories, Inc.*		400		19,704
Medtronic, Inc.		1,370		66,267
				392,078

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund

	Shares		Value
Common Stocks (continued)
Health Care Providers & Services (0.8%)
Medco Health Solutions, Inc.*		1,100	$	48,169
UnitedHealth Group, Inc.		1,900		65,284
WellPoint, Inc.*		700		30,891
				144,344
Hotels, Restaurants & Leisure (1.1%)
Carnival Corp.		300		12,144
McDonald’s Corp.		3,330		185,714
				197,858
Household Products (1.8%)
Colgate-Palmolive Co.		2,055		160,105
Procter & Gamble Co. (The)		2,135		149,599
				309,704
Independent Power Producers & Energy Traders (0.4%)
NRG Energy, Inc.*		1,700		66,283
Industrial Conglomerates (2.4%)
General Electric Co.		2,265		83,828
McDermott International, Inc.*		3,260		178,713
Textron, Inc.		2,900		160,718
				423,259
Insurance (1.0%)
Axis Capital Holdings Ltd.		800		27,184
MetLife, Inc.		2,360		142,214
				169,398
Internet & Catalog Retail (1.0%)
Amazon.Com, Inc.*		2,360		168,268
Internet Software & Services (2.7%)
eBay, Inc.*		1,975		58,934
Equinix, Inc.*		1,210		80,453
Google, Inc., Class A*		670		295,115
VeriSign, Inc.*		500		16,620
Yahoo!, Inc.*		500		14,465
				465,587
IT Services (2.0%)
Accenture Ltd., Class A		600		21,102
Cognizant Technology Solutions Corp., Class A*		3,860		111,284
Hewitt Associates, Inc., Class A*		900		35,793
Mastercard, Inc., Class A		790		176,162
				344,341
Life Sciences Tools & Services (2.2%)
Thermo Fisher Scientific, Inc.*		6,565		373,155
Machinery (2.6%)
Danaher Corp.		790		60,064
Deere & Co.		2,440		196,273
Flowserve Corp.		600		62,628
Ingersoll-Rand Co. Ltd., Class A		1,300		57,954
Joy Global, Inc.		900		58,644
Terex Corp.*		200		12,500
				448,063
Media (2.2%)
Comcast Corp., Special Class A		1,600		30,352
DIRECTV Group, Inc. (The)*		6,250		154,937
News Corp., Class A		4,870		91,313
Omnicom Group, Inc.		1,000		44,180
Time Warner, Inc.		4,500		63,090
				383,872
Metals & Mining (2.0%)
ArcelorMittal, Class A		2,540		207,772
Freeport-McMoRan Copper & Gold, Inc.		1,050		101,031
Southern Copper Co.		400		41,532
				350,335
Oil, Gas & Consumable Fuels (5.8%)
Apache Corp.		300		36,246
Cabot Oil & Gas Corp.		500		25,420
Canadian Natural Resources Ltd.		1,500		102,390
Chesapeake Energy Corp.		3,680		169,832
Exxon Mobil Corp.		700		59,206
Noble Energy, Inc.		400		29,120
Occidental Petroleum Corp.		2,085		152,560
Petroleo Brasileiro SA ADR BR		735		75,051
Spectra Energy Corp.		2,530		57,558
Valero Energy Corp.		600		29,466
W&T Offshore, Inc.		1,300		44,343
Williams Cos., Inc. (The)		4,630		152,697
XTO Energy, Inc.		1,240		76,706
				1,010,595
Personal Products (0.4%)
Herbalife Ltd.		1,300		61,750
Pharmaceuticals (4.3%)
Abbott Laboratories		2,345		129,327
Eli Lilly & Co.		1,000		51,590
Johnson & Johnson		2,225		144,336
Merck & Co., Inc.		5,050		191,647
Pfizer, Inc.		2,900		60,697
Teva Pharmaceutical Industries Ltd. ADR IL		2,970		137,184
Wyeth		900		37,584
				752,365
Real Estate Investment Trusts (REITs) (0.5%)
ProLogis		1,100		64,746
SL Green Realty Corp.		300		24,441
				89,187
Real Estate Management & Development (0.4%)
Jones Lang LaSalle, Inc.		800		61,872
Road & Rail (0.4%)
J.B. Hunt Transport Services, Inc.		800		25,144
Landstar System, Inc.		300		15,648
Werner Enterprises, Inc.		1,900		35,264
				76,056
Semiconductors & Semiconductor Equipment (3.7%)
Applied Materials, Inc.		9,765		190,515
Intel Corp.		8,740		185,113
MEMC Electronic Materials, Inc.*		920		65,228
NVIDIA Corp.*		6,120		121,115
Texas Instruments, Inc.		3,100		87,637
				649,608
Software (6.0%)
Activision, Inc.*		1,500		40,965
Adobe Systems, Inc.*		6,265		222,971
Advent Software, Inc.*		1,300		55,406
Amdocs Ltd.*		2,500		70,900
Citrix Systems, Inc.*		1,660		48,688
Intuit, Inc.*		2,185		59,017
Microsoft Corp.		12,810		363,548
Oracle Corp.*		6,325		123,717

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund

	Shares		Value
Common Stocks (continued)
Software (continued)
Salesforce.com, Inc.*		400	$	23,148
Synopsys, Inc.*		1,300		29,523
				1,037,883
Specialty Retail (1.6%)
Abercrombie & Fitch Co., Class A		790		57,781
Aeropostale, Inc.*		900		24,399
Best Buy Co., Inc.		1,600		66,336
GameStop Corp., Class A*		1,100		56,881
Ross Stores, Inc.		800		23,968
TJX Cos., Inc.		1,300		42,991
				272,356
Textiles, Apparel & Luxury Goods (0.4%)
Nike, Inc., Class B		1,015		69,020
Tobacco (1.2%)
Altria Group, Inc.		1,700		37,740
Loews Corp. - Carolina Group		700		50,785
Philip Morris International, Inc.*		1,700		85,986
Reynolds American, Inc.		500		29,515
				204,026
Wireless Telecommunication Services (2.8%)
American Tower Corp., Class A*		7,870		308,583
NII Holdings, Inc.*		5,620		178,603
				487,186
Total Common Stocks				16,773,291
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (7.5%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $796,886, collateralized by U.S. Government Agency Mortgages with a market value of $812,765	$	796,829	$	796,829
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $499,541, collateralized by U.S. Government Agency Mortgages with a market value of $509,495		499,505		499,505
Total Repurchase Agreements				1,296,334
Total Investments (Cost $18,298,971) (a) — 103.9%				18,069,625
Liabilities in excess of other assets — (3.9)%				(672,424	)
NET ASSETS — 100.0%			$	17,397,201

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
BR	Brazil
CH	Switzerland
FI	Finland
IL	Israel
IT	Italy
MX	Mexico

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund

	Shares		Value
Common Stocks (93.7%)
Bermuda (3.9%)
Capital Markets (0.7%)
Invesco Ltd.		4,762	$	116,002
Electronic Equipment & Instruments (0.2%)
Tyco Electronics Ltd.		1,100		37,752
Energy Equipment & Services (0.5%)
Weatherford International Ltd.*		1,154		83,631
Health Care Equipment & Supplies (0.5%)
Covidien Ltd.		2,200		97,350
Insurance (2.0%)
Allied World Assurance Co. Holdings Ltd.		400		15,880
Axis Capital Holdings Ltd.		1,400		47,572
Everest Re Group Ltd.		2,041		182,731
PartnerRe Ltd.		1,221		93,162
				339,345
				674,080
Canada (1.0%)
Oil, Gas & Consumable Fuels (1.0%)
Cameco Corp.		1,500		49,410
Petro-Canada		900		39,069
Talisman Energy, Inc.		4,700		83,190
				171,669
Cayman Islands (1.7%)
Insurance (1.7%)
ACE Ltd.		5,300		291,818
France (0.8%)
Oil, Gas & Consumable Fuels (0.5%)
Total SA ADR		1,100		81,411
Pharmaceutical (0.3%)(a)
Sanofi-Aventis SA		700		52,497
				133,908
Japan (0.5%)(a)
Tobacco (0.5%)
Japan Tobacco, Inc.		17		85,059
Netherlands (2.9%)
Food Products (2.9%)
Unilever NV		14,774		498,327
Singapore (0.3%)
Electronic Equipment & Instruments (0.3%)
Flextronics International Ltd.*		5,900		55,401
Sweden (0.3%)
Communications Equipment (0.3%)
Telefonaktiebolaget LM Ericsson ADR		2,700		53,055
Switzerland (0.6%)
Capital Markets (0.6%)
UBS AG		3,400		97,920
United Kingdom (1.1%)(a)
Commercial Bank (0.6%)
Royal Bank of Scotland Group PLC		15,773		105,653
Containers & Packaging (0.5%)
Rexam PLC		10,923		92,492
				198,145
United States (80.6%)
Aerospace & Defense (1.9%)
Alliant Techsystems, Inc.*		500		51,765
Goodrich Corp.		600		34,506
Honeywell International, Inc.		900		50,778
Northrop Grumman Corp.		1,000		77,810
United Technologies Corp.		1,691		116,375
				331,234
Air Freight & Logistics (0.6%)
United Parcel Service, Inc., Class B		1,400		102,228
Auto Components (0.9%)
Autoliv, Inc.		1,200		60,240
Johnson Controls, Inc.		2,818		95,248
				155,488
Automobiles (0.6%)
Ford Motor Co.*		18,400		105,248
Beverages (1.0%)
Coca-Cola Enterprises, Inc.		3,400		82,280
Pepsi Bottling Group, Inc.		2,300		77,993
PepsiAmericas, Inc.		600		15,318
				175,591
Biotechnology (1.1%)
Amgen, Inc.*		2,800		116,984
Genentech, Inc.*		879		71,357
				188,341
Capital Markets (2.8%)
Ameriprise Financial, Inc.		200		10,370
Bank of New York Mellon Corp.		1,800		75,114
Goldman Sachs Group, Inc. (The)		400		66,156
Lehman Brothers Holdings, Inc.		1,300		48,932
Merrill Lynch & Co., Inc.		1,793		73,047
Morgan Stanley		3,209		146,651
TD Ameritrade Holding Corp.*		3,300		54,483
				474,753
Chemicals (1.6%)
Air Products & Chemicals, Inc.		1,007		92,644
Bunge Ltd.		500		43,440
Celanese Corp., Series A		1,800		70,290
Dow Chemical Co. (The)		1,400		51,590
Eastman Chemical Co.		200		12,490
				270,454
Commercial Banks (2.1%)
BB&T Corp.		1,300		41,678
KeyCorp		1,995		43,790
M&T Bank Corp.		476		38,309
SunTrust Banks, Inc.		696		38,377
Wachovia Corp.		3,193		86,211
Wells Fargo & Co.		3,700		107,670
				356,035
Commercial Services & Supplies (0.7%)
Allied Waste Industries, Inc.*		1,800		19,458
Copart, Inc.*		600		23,256
Waste Management, Inc.		2,434		81,685
				124,399
Communications Equipment (2.0%)
Cisco Systems, Inc.*		4,200		101,178
Corning, Inc.		3,900		93,756
JDS Uniphase Corp.*		4,800		64,272
QUALCOMM, Inc.		2,000		82,000
				341,206

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Computers & Peripherals (2.2%)
Hewlett-Packard Co.		4,868	$	222,273
International Business Machines Corp.		1,231		141,737
Lexmark International, Inc., Class A*		300		9,216
Sun Microsystems, Inc.*		900		13,977
				387,203
Construction & Engineering (0.0%)
URS Corp.*		100		3,269
Consumer Finance (1.5%)
Capital One Financial Corp.		1,100		54,142
SLM Corp.*		6,881		105,623
Visa, Inc., Class A*		1,727		107,696
				267,461
Containers & Packaging (0.5%)
Owens-Illinois, Inc.*		800		45,144
Smurfit-Stone Container Corp.*		800		6,160
Temple-Inland, Inc.		2,700		34,344
				85,648
Diversified Financial Services (5.4%)
Bank of America Corp.		14,170		537,185
Citigroup, Inc.		5,861		125,542
JPMorgan Chase & Co.		6,344		272,475
				935,202
Diversified Telecommunication Services (2.0%)
AT&T, Inc.		5,212		199,620
Verizon Communications, Inc.		3,900		142,155
				341,775
Electric Utilities (4.3%)
American Electric Power Co., Inc.		100		4,163
Edison International		1,400		68,628
Entergy Corp.		2,687		293,098
Exelon Corp.		864		70,217
FirstEnergy Corp.		2,594		178,000
Progress Energy, Inc.		2,900		120,930
				735,036
Electrical Equipment (0.0%)
Hubbell, Inc., Class B		100		4,369
Electronic Equipment & Instruments (0.9%)
Arrow Electronics, Inc.*		3,600		121,140
Avnet, Inc.*		1,100		36,003
				157,143
Energy Equipment & Services (1.0%)
Baker Hughes, Inc.		900		61,650
Transocean, Inc.*		870		117,624
				179,274
Food & Staples Retailing (1.1%)
BJ’s Wholesale Club, Inc.*		400		14,276
Safeway, Inc.		800		23,480
SUPERVALU, Inc.		4,267		127,925
Wal-Mart Stores, Inc.		400		21,072
				186,753
Health Care Equipment & Supplies (1.3%)
Baxter International, Inc.		3,865		223,474
Health Care Providers & Services (1.8%)
Aetna, Inc.		2,700		113,643
Laboratory Corp. of America Holdings*		1,007		74,196
WellPoint, Inc.*		2,955		130,404
				318,243
Hotels, Restaurants & Leisure (0.0%)
McDonald’s Corp.		100		5,577
Household Durables (1.2%)
KB HOME		1,000		24,730
Leggett & Platt, Inc.		3,400		51,850
Newell Rubbermaid, Inc.		4,740		108,404
Whirlpool Corp.		200		17,356
				202,340
Household Products (0.4%)
Energizer Holdings, Inc.*		100		9,048
Kimberly-Clark Corp.		800		51,640
Procter & Gamble Co. (The)		100		7,007
				67,695
Industrial Conglomerate (2.0%)
General Electric Co.		9,393		347,635
Insurance (3.3%)
American International Group, Inc.		3,804		164,523
Fidelity National Financial, Inc., Class A		700		12,831
Hartford Financial Services Group, Inc. (The)		1,431		108,427
Loews Corp.		400		16,088
MBIA, Inc.		3,500		42,770
Prudential Financial, Inc.		1,134		88,735
Reinsurance Group of America, Inc.		200		10,888
StanCorp Financial Group, Inc.		300		14,313
Travelers Cos., Inc. (The)		1,929		92,303
Unum Group		600		13,206
W.R. Berkley Corp.		300		8,307
				572,391
Internet Software & Services (0.8%)
eBay, Inc.*		4,795		143,083
IT Services (0.3%)
Computer Sciences Corp.*		1,100		44,869
Machinery (1.3%)
AGCO Corp.*		600		35,928
Caterpillar, Inc.		1,025		80,247
Crane Co.		100		4,035
Deere & Co.		1,200		96,528
Timken Co. (The)		100		2,972
				219,710
Media (4.3%)
CBS Corp., Class B		1,500		33,120
Comcast Corp., Class A		20,161		389,914
Time Warner, Inc.		17,298		242,518
Virgin Media, Inc.		4,700		66,129
Walt Disney Co. (The)		200		6,276
				737,957
Metals & Mining (1.1%)
Alcoa, Inc.		1,100		39,666
Nucor Corp.		1,665		112,787
Reliance Steel & Aluminum Co.		600		35,916
				188,369

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund

	Shares		Value
Common Stocks (continued)
United States (continued)
Multi-Utilities (0.9%)
Consolidated Edison, Inc.		400	$	15,880
PG&E Corp.		1,488		54,788
Sempra Energy		1,500		79,920
				150,588
Multiline Retail (0.5%)
J.C. Penney Co., Inc.		2,471		93,181
Natural Gas Utilities (0.1%)
Oneok, Inc.		400		17,852
UGI Corp.		200		4,984
				22,836
Oil, Gas & Consumable Fuels (14.5%)
Apache Corp.		400		48,328
Arch Coal, Inc.		1,400		60,900
Chevron Corp.		1,600		136,576
ConocoPhillips		1,700		129,557
Devon Energy Corp.		3,642		379,970
EOG Resources, Inc.		696		83,520
Exxon Mobil Corp.		6,235		527,356
Frontier Oil Corp.		1,000		27,260
Hess Corp.		2,761		243,465
Murphy Oil Corp.		500		41,070
Newfield Exploration Co.*		2,300		121,555
Noble Energy, Inc.		1,300		94,640
Occidental Petroleum Corp.		1,060		77,560
Range Resources Corp.		3,880		246,186
St. Mary Land & Exploration Co.		300		11,550
Valero Energy Corp.		800		39,288
Williams Cos., Inc. (The)		7,284		240,227
				2,509,008
Paper & Forest Products (0.1%)
International Paper Co.		700		19,040
Personal Products (0.3%)
Alberto-Culver Co.		200		5,482
Avon Products, Inc.		1,000		39,540
				45,022
Pharmaceuticals (5.1%)
Abbott Laboratories		2,342		129,161
Johnson & Johnson		3,257		211,282
Merck & Co., Inc.		100		3,795
Pfizer, Inc.		7,300		152,789
Schering-Plough Corp.		6,600		95,106
Wyeth		6,947		290,107
				882,240
Real Estate Investment Trusts (REITs) (1.0%)
Apartment Investment & Management Co., Class A		200		7,162
AvalonBay Communities, Inc.		100		9,652
Equity Residential		300		12,447
HCP, Inc.		200		6,762
Hospitality Properties Trust		300		10,206
Host Hotels & Resorts, Inc.		500		7,960
Kimco Realty Corp.		200		7,834
Public Storage		100		8,862
Simon Property Group, Inc.		100		9,291
Vornado Realty Trust		997		85,951
				166,127
Road & Rail (0.4%)
Ryder System, Inc.		800		48,728
Union Pacific Corp.		100		12,538
				61,266
Software (1.3%)
Intuit, Inc.*		3,752		101,342
Microsoft Corp.		2,800		79,464
Symantec Corp.*		2,900		48,198
				229,004
Specialty Retail (1.2%)
American Eagle Outfitters, Inc.		2,700		47,277
Barnes & Noble, Inc.		1,100		33,715
Home Depot, Inc. (The)		4,400		123,068
				204,060
Thrifts & Mortgage Finance (0.9%)
Fannie Mae		4,300		113,176
Freddie Mac		1,900		48,108
				161,284
Tobacco (1.4%)
Altria Group, Inc.		3,299		73,238
Philip Morris International, Inc.*		3,299		166,863
				240,101
Wireless Telecommunication Services (0.9%)
Sprint Nextel Corp.		21,230		142,029
Telephone & Data Systems, Inc.		200		7,854
				149,883
				13,913,093
Total Common Stocks				16,172,475
	Shares or
	Principal
	Amount		Value
U.S. Treasury Note (0.1%)(b)
United States Treasury Bill	$	10,000	$	9,994
Repurchase Agreements (12.2%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,300,594, collateralized by U.S. Government Agency Mortgages with a market value of $1,326,511		1,300,501		1,300,501
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $815,299, collateralized by U.S. Government Agency Mortgages with a market value of $831,545		815,240		815,240
Total Repurchase Agreements				2,115,741
Total Investments (Cost $18,670,933) (c) — 106.0%				18,298,210
Liabilities in excess of other assets — (6.0)%				(1,032,743	)
NET ASSETS — 100.0%			$	17,265,467

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	The rate reflected in the Statement of Investments is the effective yield as of March 31, 2008.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt

At March 31, 2008, the Fund’s open futures contracts were as follows:

Number				Market Value		Unrealized
of Contracts		Long Contracts	Expiration	Covered By Contracts		Appreciation/Depreciation
	1	S&P 500 Emini Futures	6/20/08		66,200		(877	)

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund

	Shares		Value
Common Stocks (94.6%)
Aerospace & Defense (4.8%)
AerCap Holdings NV*		1,500	$	26,370
Alliant Techsystems, Inc.*		200		20,706
BE Aerospace, Inc.*		2,307		80,630
CAE, Inc.		2,500		28,275
Precision Castparts Corp.		604		61,656
Rockwell Collins, Inc.		500		28,575
				246,212
Air Freight & Logistics (1.1%)
CH Robinson Worldwide, Inc.		500		27,200
Expeditors International Washington, Inc.		600		27,108
				54,308
Auto Components (0.2%)
ArvinMeritor, Inc.		889		11,121
Beverages (0.5%)
Hansen Natural Corp.*		700		24,710
Biotechnology (3.2%)
Alexion Pharmaceuticals, Inc.*		346		20,518
Applera Corp. - Celera Group*		800		11,760
BioMarin Pharmaceutical, Inc.*		1,588		56,167
CSL Ltd.(a)		443		15,014
Millennium Pharmaceuticals, Inc.*		776		11,997
Myriad Genetics, Inc.*		500		20,145
United Therapeutics Corp.*		300		26,010
				161,611
Capital Markets (3.3%)
Affiliated Managers Group, Inc.*		200		18,148
BlackRock, Inc.		95		19,397
FCStone Group, Inc.*		750		20,775
GFI Group, Inc.		400		22,920
Jefferies Group, Inc.		700		11,291
Lazard Ltd., Class A		900		34,380
Northern Trust Corp.		449		29,845
State Street Corp.		130		10,270
				167,026
Chemicals (3.8%)
Airgas, Inc.		800		36,376
Ecolab, Inc.		1,000		43,430
Monsanto Co.		570		63,555
Mosaic Co. (The)*		185		18,981
Syngenta AG(a)		84		24,545
Terra Industries, Inc.*		267		9,487
				196,374
Commercial Services & Supplies (4.0%)
Copart, Inc.*		300		11,628
Corrections Corp. of America*		1,500		41,280
Covanta Holding Corp.*		500		13,750
FTI Consulting, Inc.*		673		47,810
Huron Consulting Group, Inc.*		300		12,465
IHS, Inc., Class A*		600		38,586
Stericycle, Inc.*		700		36,050
				201,569
Communications Equipment (1.5%)
Harris Corp.		500		24,265
Juniper Networks, Inc.*		1,484		37,100
Polycom, Inc.*		700		15,778
				77,143
Computers & Peripherals (0.2%)
Apple, Inc.*		86		12,341
Construction & Engineering (2.6%)
Fluor Corp.		300		42,348
Foster Wheeler Ltd.*		721		40,823
Quanta Services, Inc.*		898		20,806
Shaw Group, Inc. (The)*		562		26,493
				130,470
Consumer Finance (0.6%)
Visa, Inc., Class A*		500		31,180
Containers & Packaging (2.4%)
Owens-Illinois, Inc.*		2,158		121,776
Distributor (0.4%)
LKQ Corp.*		1,000		22,470
Diversified Consumer Services (1.7%)
DeVry, Inc.		1,127		47,154
Strayer Education, Inc.		275		41,937
				89,091
Diversified Financial Services (1.0%)
Intercontinental Exchange, Inc.*		300		39,150
Nasdaq OMX Group (The)*		254		9,820
				48,970
Electrical Equipment (2.2%)
Ametek, Inc.		600		26,346
First Solar, Inc.*		151		34,902
JA Solar Holdings Co. Ltd. ADR - CN*		1,072		19,939
Vestas Wind Systems AS*(a)		292		32,147
				113,334
Electronic Equipment & Instruments (1.6%)
Dolby Laboratories, Inc., Class A*		800		29,008
Itron, Inc.*		250		22,558
Trimble Navigation Ltd.*		1,000		28,590
				80,156
Energy Equipment & Services (3.6%)
Core Laboratories NV*		89		10,618
Dresser-Rand Group, Inc.*		952		29,274
Helmerich & Payne, Inc.		236		11,061
ION Geophysical Corp.*		1,200		16,560
National Oilwell Varco, Inc.*		766		44,719
Patterson-UTI Energy, Inc.		445		11,650
Smith International, Inc.		500		32,115
Weatherford International Ltd.*		370		26,814
				182,811
Food & Staples Retailing (0.8%)
Shoppers Drug Mart Corp.		800		40,491
Health Care Equipment & Supplies (4.2%)
CR Bard, Inc.		500		48,200
Gen-Probe, Inc.*		600		28,920
Hologic, Inc.*		1,100		61,160
Idexx Laboratories, Inc.*		400		19,704
Intuitive Surgical, Inc.*		100		32,435
Wright Medical Group, Inc.*		1,000		24,140
				214,559
Health Care Providers & Services (3.0%)
Express Scripts, Inc.*		1,253		80,593
Medco Health Solutions, Inc.*		1,100		48,169

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund

	Shares		Value
Common Stocks (continued)
Health Care Providers & Services (continued)
VCA Antech, Inc.*		800	$	21,880
				150,642
Health Care Technology (0.6%)
Cerner Corp.*		800		29,824
Hotels, Restaurants & Leisure (4.1%)
Bally Technologies, Inc.*		824		28,296
International Game Technology		568		22,839
Las Vegas Sands Corp.*		127		9,352
Melco PBL Entertainment Macau Ltd. ADR - HK*		1,500		17,070
Orient-Express Hotels Ltd., A Shares		600		25,896
Penn National Gaming, Inc.*		700		30,611
Scientific Games Corp., Class A*		600		12,666
WMS Industries, Inc.*		1,686		60,646
				207,376
Household Durables (0.2%)
Tupperware Brands Corp.		303		11,720
Household Products (0.5%)
Energizer Holdings, Inc.*		300		27,144
Independent Power Producers & Energy Traders (0.2%)
Reliant Energy, Inc.*		492		11,636
Industrial Conglomerate (0.3%)
McDermott International, Inc.*		300		16,446
Insurance (0.9%)
Aflac, Inc.		734		47,673
Internet & Catalog Retail (0.3%)
Priceline.com, Inc.*		133		16,074
Internet Software & Services (1.1%)
Mercadolibre, Inc.*		264		10,497
Omniture, Inc.*		400		9,284
VeriSign, Inc.*		297		9,872
VistaPrint Ltd.*		700		24,465
				54,118
IT Services (4.1%)
Alliance Data Systems Corp.*		500		23,755
Cognizant Technology Solutions Corp., Class A*		2,000		57,660
Fiserv, Inc.*		200		9,618
Iron Mountain, Inc.*		1,000		26,440
Mastercard, Inc., Class A		363		80,945
Total System Services, Inc.		500		11,830
				210,248
Life Sciences Tools & Services (3.5%)
Charles River Laboratories International, Inc.*		100		5,894
Covance, Inc.*		184		15,266
Invitrogen Corp.*		246		21,026
Parexel International Corp.*		579		15,112
Pharmaceutical Product Development, Inc.		800		33,520
Thermo Fisher Scientific, Inc.*		1,547		87,932
				178,750
Machinery (3.7%)
AGCO Corp.*		992		59,401
Bucyrus International, Inc., Class A		135		13,723
Chart Industries, Inc.*		300		10,152
Danaher Corp.		500		38,015
Flowserve Corp.		661		68,995
				190,286
Media (1.0%)
Focus Media Holding Ltd. ADR - CN*		700		24,605
Liberty Global, Inc., Class A*		830		28,286
				52,891
Metals & Mining (1.1%)
Agnico-Eagle Mines Ltd.		150		10,157
Cia Siderurgica Nacional SA ADR - BR		292		10,509
Cleveland-Cliffs, Inc.		237		28,397
Mechel ADR - RU		41		4,665
				53,728
Oil, Gas & Consumable Fuels (7.0%)
Alpha Natural Resources, Inc.*		610		26,498
Concho Resources, Inc.*		800		20,512
Consol Energy, Inc.		354		24,493
Continental Resources, Inc.*		600		19,134
Denbury Resources, Inc.*		2,500		71,375
Foundation Coal Holdings, Inc.		181		9,110
Murphy Oil Corp.		300		24,642
Quicksilver Resources, Inc.*		474		17,315
Range Resources Corp.		1,000		63,450
Southwestern Energy Co.*		864		29,108
Ultra Petroleum Corp.*		205		15,888
XTO Energy, Inc.		600		37,116
				358,641
Personal Products (1.6%)
Avon Products, Inc.		246		9,727
Bare Escentuals, Inc.*		900		21,078
Chattem, Inc.*		500		33,170
Herbalife Ltd.		322		15,295
				79,270
Pharmaceutical (0.6%)
Perrigo Co.		750		28,298
Real Estate Investment Trust (REIT) (0.1%)
Annaly Capital Management, Inc.		255		3,907
Road & Rail (0.3%)
CSX Corp.		306		17,157
Semiconductors & Semiconductor Equipment (3.3%)
Intersil Corp., Class A		515		13,220
MEMC Electronic Materials, Inc.*		1,009		71,538
Microchip Technology, Inc.		600		19,638
Microsemi Corp.*		1,758		40,083
Varian Semiconductor Equipment Associates, Inc.*		500		14,075
Xilinx, Inc.		411		9,761
				168,315
Software (4.4%)
Activision, Inc.*		3,676		100,392
Ansys, Inc.*		1,000		34,520
Autodesk, Inc.*		500		15,740
Citrix Systems, Inc.*		1,000		29,330
Informatica Corp.*		572		9,758
McAfee, Inc.*		297		9,828
Salesforce.com, Inc.*		400		23,148
				222,716

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund

	Shares		Value
Common Stocks (continued)
Specialty Retail (4.6%)
Abercrombie & Fitch Co., Class A		400	$	29,256
Aeropostale, Inc.*		432		11,712
GameStop Corp., Class A*		1,432		74,049
Guess?, Inc.		860		34,804
J Crew Group, Inc.*		232		10,247
Tractor Supply Co.*		273		10,789
Urban Outfitters, Inc.*		1,992		62,449
				233,306
Textiles, Apparel & Luxury Goods (0.3%)
Crocs, Inc.*		167		2,917
Gildan Activewear, Inc. ADR - CA*		274		10,237
				13,154
Tobacco (0.4%)
Swedish Match AB(a)		462		10,093
UST, Inc.		211		11,503
				21,596
Trading Companies & Distributors (0.5%)
Fastenal Co.		600		27,558
Wireless Telecommunication Services (3.2%)
American Tower Corp., Class A*		1,000		39,210
NII Holdings, Inc.*		1,214		38,581
SBA Communications Corp., Class A*		2,800		83,524
				161,315
Total Common Stocks				4,821,512
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (5.4%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $168,943, collateralized by U.S. Government Agency Mortgages with a market value of $172,310	$	168,931	$	168,931
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $105,906, collateralized by U.S. Government Agency Mortgages with a market value of $108,016		105,898		105,898
Total Repurchase Agreements				274,829
Total Investments
(Cost $5,180,290) (b) — 100.0%				5,096,341
Other assets in excess of liabilities — 0.0%				1,669
NET ASSETS — 100.0%			$	5,098,010

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
BR	Brazil
CA	Canada
CH	Switzerland
CN	China
HK	Hong Kong
IT	Italy
RU	Russian Federation

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund

	Shares		Value
Common Stocks (94.5%)
Aerospace & Defense (1.5%)
Alliant Techsystems, Inc.*		500	$	51,765
Goodrich Corp.		408		23,464
Rockwell Collins, Inc.		400		22,860
Spirit Aerosystems Holdings, Inc., Class A*		262		5,811
				103,900
Airlines (0.8%)
AMR Corp.*		542		4,889
Continental Airlines, Inc., Class B*		282		5,423
Delta Air Lines, Inc.*		474		4,076
Northwest Airlines Corp.*		463		4,162
Southwest Airlines Co.		2,508		31,099
UAL Corp.		113		2,433
US Airways Group, Inc.*		561		4,999
				57,081
Auto Components (1.0%)
ArvinMeritor, Inc.		869		10,871
Autoliv, Inc.		489		24,548
Goodyear Tire & Rubber Co. (The)*		333		8,591
Johnson Controls, Inc.		237		8,011
Magna International, Inc., Class A		139		10,029
WABCO Holdings, Inc.		257		11,724
				73,774
Automobiles (1.4%)
Bayerische Motoren Werke AG(a)		386		21,309
Ford Motor Co.*		8,408		48,094
General Motors Corp.		625		11,906
Winnebago Industries, Inc.		1,034		17,475
				98,784
Beverages (1.6%)
Anheuser-Busch Cos., Inc.		872		41,376
Coca-Cola Enterprises, Inc.		278		6,728
Molson Coors Brewing Co., Class B		900		47,313
Pepsi Bottling Group, Inc.		463		15,700
				111,117
Building Products (0.6%)
Masco Corp.		803		15,924
Trane, Inc.		479		21,986
USG Corp.*		216		7,953
				45,863
Capital Markets (1.4%)
AllianceBernstein Holding		387		24,528
Ameriprise Financial, Inc.		361		18,718
Invesco Ltd.		256		6,236
Legg Mason, Inc.		341		19,089
Northern Trust Corp.		500		33,235
				101,806
Chemicals (3.9%)
Agrium, Inc.		400		24,844
Celanese Corp., Series A		1,300		50,765
Eastman Chemical Co.		540		33,723
Ferro Corp.		682		10,135
International Flavors & Fragrances, Inc.		407		17,929
Lubrizol Corp.		969		53,789
Minerals Technologies, Inc.		439		27,569
Mosaic Co. (The)*		232		23,803
Olin Corp.		507		10,018
PPG Industries, Inc.		398		24,083
Rohm & Haas Co.		79		4,272
				280,930
Commercial Banks (2.3%)
Associated Banc-Corp		910		24,233
Commerce Bancshares, Inc.		721		30,304
Marshall & Ilsley Corp.		2,073		48,093
South Financial Group, Inc. (The)		1,117		16,599
SunTrust Banks, Inc.		414		22,828
United Bankshares, Inc.		378		10,074
Zions Bancorp.		275		12,526
				164,657
Commercial Services & Supplies (4.0%)
Avery Dennison Corp.		747		36,790
Covanta Holding Corp.*		1,400		38,500
Deluxe Corp.		285		5,475
Dun & Bradstreet Corp.		77		6,266
HNI Corp.		993		26,702
Manpower, Inc.		200		11,252
Pitney Bowes, Inc.		906		31,728
Republic Services, Inc.		2,235		65,352
Ritchie Bros Auctioneers, Inc.		253		20,776
Waste Management, Inc.		1,218		40,876
				283,717
Communications Equipment (1.0%)
EchoStar Corp., A Shares*		800		23,632
Harris Corp.		800		38,824
Tellabs, Inc.*		1,685		9,183
				71,639
Computers & Peripherals (1.2%)
Diebold, Inc.		875		32,857
Emulex Corp.*		951		15,444
QLogic Corp.*		752		11,543
Western Digital Corp.*		1,000		27,040
				86,884
Construction & Engineering (0.7%)
Chicago Bridge & Iron Co. NV		320		12,557
Fluor Corp.		95		13,410
Foster Wheeler Ltd.*		400		22,648
Insituform Technologies, Inc., Class A*		101		1,397
				50,012
Containers & Packaging (2.7%)
Bemis Co., Inc.		3,887		98,846
Crown Holdings, Inc.*		1,600		40,256
Owens-Illinois, Inc.*		900		50,787
				189,889
Distributor (0.5%)
Genuine Parts Co.		863		34,710
Diversified Telecommunication Services (0.8%)
CenturyTel, Inc.		296		9,839
Embarq Corp.		600		24,060
Qwest Communications International, Inc.		2,634		11,932
Windstream Corp.		909		10,863
				56,694
Electric Utilities (3.0%)
Empire District Electric Co. (The)		489		9,902
IDACORP, Inc.		589		18,913

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund

	Shares		Value
Common Stocks (continued)
Electric Utilities (continued)
Pinnacle West Capital Corp.		143	$	5,016
Portland General Electric Co.		3,419		77,099
PPL Corp.		1,200		55,104
Sierra Pacific Resources		1,496		18,895
Westar Energy, Inc.		1,451		33,039
				217,968
Electrical Equipment (1.3%)
A.O. Smith Corp.		296		9,730
Cooper Industries Ltd., Class A		617		24,773
Hubbell, Inc., Class B		821		35,869
Rockwell Automation, Inc.		443		25,437
				95,809
Electronic Equipment & Instruments (2.5%)
Agilent Technologies, Inc.*		815		24,311
Arrow Electronics, Inc.*		500		16,825
Celestica, Inc.*		2,266		15,228
Flextronics International Ltd.*		1,922		18,048
Littelfuse, Inc.*		364		12,729
Molex, Inc.		1,789		41,433
Tyco Electronics Ltd.		970		33,290
Vishay Intertechnology, Inc.*		2,095		18,981
				180,845
Energy Equipment & Services (2.0%)
BJ Services Co.		1,027		29,280
Cameron International Corp.*		559		23,277
ENSCO International, Inc.		100		6,262
Helix Energy Solutions Group, Inc.*		600		18,900
Nabors Industries Ltd.*		212		7,159
National Oilwell Varco, Inc.*		162		9,457
Smith International, Inc.		183		11,754
Transocean, Inc.*		134		18,117
Weatherford International Ltd.*		302		21,886
				146,092
Food & Staples Retailing (0.4%)
Kroger Co. (The)		1,000		25,400
Food Products (3.7%)
Campbell Soup Co.		1,053		35,749
ConAgra Foods, Inc.		1,532		36,691
Diamond Foods, Inc.		380		6,893
General Mills, Inc.		283		16,946
H.J. Heinz Co.		932		43,776
Hershey Co. (The)		638		24,034
Kellogg Co.		407		21,392
Kraft Foods, Inc., Class A		1,812		56,190
Maple Leaf Foods, Inc.		1,226		15,591
Reddy Ice Holdings, Inc.		354		4,613
				261,875
Health Care Equipment & Supplies (2.2%)
Beckman Coulter, Inc.		793		51,188
Boston Scientific Corp.*		334		4,299
Covidien Ltd.		354		15,664
Hospira, Inc.*		1,431		61,204
STERIS Corp.		371		9,954
Symmetry Medical, Inc.*		786		13,048
				155,357
Health Care Providers & Services (2.8%)
AmerisourceBergen Corp.		400		16,392
CIGNA Corp.		1,100		44,627
Laboratory Corp. of America Holdings*		400		29,472
LifePoint Hospitals, Inc.*		627		17,224
McKesson Corp.		128		6,703
Pediatrix Medical Group, Inc.*		400		26,960
Quest Diagnostics, Inc.		600		27,162
Universal Health Services, Inc., Class B		547		29,369
				197,909
Health Care Technology (0.2%)
IMS Health, Inc.		613		12,879
Hotels, Restaurants & Leisure (2.1%)
International Speedway Corp., Class A		1,451		59,781
Royal Caribbean Cruises Ltd.		1,131		37,210
Speedway Motorsports, Inc.		2,045		51,268
				148,259
Household Durables (1.6%)
Centex Corp.		107		2,591
D.R. Horton, Inc.		169		2,662
Hunter Douglas NV(a)		444		30,020
KB HOME		104		2,572
Mohawk Industries, Inc.*		138		9,882
Pulte Homes, Inc.		147		2,139
Stanley Works (The)		568		27,048
Whirlpool Corp.		439		38,096
				115,010
Household Products (1.5%)
Clorox Co.		380		21,523
Kimberly-Clark Corp.		1,275		82,301
				103,824
Independent Power Producers & Energy Traders (0.1%)
Mirant Corp.*		143		5,204
Industrial Conglomerates (0.8%)
McDermott International, Inc.*		243		13,321
Textron, Inc.		800		44,336
				57,657
Insurance (9.1%)
ACE Ltd.		606		33,366
Allstate Corp. (The)		857		41,187
AMBAC Financial Group, Inc.		162		931
AON Corp.		959		38,552
Arch Capital Group Ltd.*		400		27,468
Arthur J. Gallagher & Co.		909		21,471
Assurant, Inc.		600		36,516
Axis Capital Holdings Ltd.		571		19,403
Chubb Corp.		429		21,227
Cincinnati Financial Corp.		400		15,216
Everest Re Group Ltd.		526		47,093
Genworth Financial, Inc., Class A		695		15,735
Hartford Financial Services Group, Inc. (The)		285		21,594
Horace Mann Educators Corp.		580		10,138
Lincoln National Corp.		230		11,960
Loews Corp.		364		14,640
Marsh & McLennan Cos., Inc.		2,097		51,062
MBIA, Inc.		253		3,092
PartnerRe Ltd.		1,376		104,989

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund

	Shares		Value
Common Stocks (continued)
Insurance (continued)
RenaissanceRe Holdings Ltd.		600	$	31,146
Safeco Corp.		400		17,552
W.R. Berkley Corp.		1,100		30,459
Willis Group Holdings Ltd.		336		11,293
XL Capital Ltd., Class A		926		27,363
				653,453
IT Services (2.0%)
Computer Sciences Corp.*		366		14,929
Electronic Data Systems Corp.		925		15,401
Hewitt Associates, Inc., Class A*		1,900		75,563
Total System Services, Inc.		1,600		37,856
				143,749
Leisure Equipment & Products (0.8%)
Eastman Kodak Co.		667		11,786
Hasbro, Inc.		733		20,451
Polaris Industries, Inc.		246		10,088
RC2 Corp.*		612		12,834
				55,159
Life Sciences Tools & Services (0.5%)
PerkinElmer, Inc.		1,600		38,800
Machinery (3.8%)
AGCO Corp.*		754		45,150
Altra Holdings, Inc.*		2,240		30,128
Cummins, Inc.		217		10,160
Dover Corp.		514		21,475
Eaton Corp.		587		46,766
Ingersoll-Rand Co. Ltd., Class A		742		33,078
Kaydon Corp.		496		21,779
Manitowoc Co., Inc. (The)		465		18,972
Pall Corp.		600		21,042
Terex Corp.*		322		20,125
Timken Co. (The)		105		3,121
				271,796
Media (0.8%)
Interpublic Group of Cos., Inc. (The)*		1,211		10,184
McGraw-Hill Cos., Inc. (The)		447		16,517
National CineMedia, Inc.		709		15,938
Regal Entertainment Group, Class A		934		18,017
				60,656
Metals & Mining (0.5%)
Freeport-McMoRan Copper & Gold, Inc.		221		21,265
Nucor Corp.		230		15,580
				36,845
Multi-Utilities (4.3%)
Ameren Corp.		420		18,497
CenterPoint Energy, Inc.		4,000		57,080
Consolidated Edison, Inc.		121		4,804
DTE Energy Co.		126		4,900
Energy East Corp.		290		6,995
NiSource, Inc.		285		4,913
OGE Energy Corp.		1,200		37,404
Puget Energy, Inc.		1,259		32,570
Sempra Energy		983		52,374
TECO Energy, Inc.		2,300		36,685
Wisconsin Energy Corp.		851		37,436
Xcel Energy, Inc.		787		15,701
				309,359
Multiline Retail (1.0%)
Family Dollar Stores, Inc.		1,351		26,345
J.C. Penney Co., Inc.		48		1,810
Kohl’s Corp.*		497		21,316
Macy’s, Inc.		901		20,777
Nordstrom, Inc.		57		1,858
				72,106
Natural Gas Utilities (4.3%)
AGL Resources, Inc.		209		7,173
Equitable Resources, Inc.		575		33,867
Nicor, Inc.		1,252		41,955
Oneok, Inc.		1,200		53,556
Questar Corp.		1,003		56,730
Southwest Gas Corp.		2,680		74,933
WGL Holdings, Inc.		1,120		35,907
				304,121
Oil, Gas & Consumable Fuels (4.5%)
Apache Corp.		202		24,406
Chesapeake Energy Corp.		269		12,414
CONSOL Energy, Inc.		400		27,676
El Paso Corp.		1,270		21,133
Enbridge, Inc.		739		30,417
Hess Corp.		505		44,531
Newfield Exploration Co.*		1,243		65,693
Overseas Shipholding Group, Inc.		200		14,008
Pioneer Natural Resources Co.		478		23,479
Southwestern Energy Co.*		1,064		35,846
Sunoco, Inc.		189		9,917
Tesoro Corp.		500		15,000
				324,520
Paper & Forest Products (1.0%)
Domtar Corp.*		1,600		10,928
MeadWestvaco Corp.		1,392		37,890
Weyerhaeuser Co.		381		24,780
				73,598
Pharmaceuticals (0.7%)
Bristol-Myers Squibb Co.		461		9,819
King Pharmaceuticals, Inc.*		600		5,220
Mylan, Inc.		1,797		20,845
Watson Pharmaceuticals, Inc.*		595		17,446
				53,330
Real Estate Investment Trusts (REITs) (2.5%)
Boston Properties, Inc.		457		42,076
Equity Residential		400		16,596
Host Hotels & Resorts, Inc.		436		6,941
Kimco Realty Corp.		71		2,781
Plum Creek Timber Co., Inc.		900		36,630
Public Storage		80		7,090
Rayonier, Inc.		1,078		46,828
Realty Income Corp.		275		7,045
Simon Property Group, Inc.		159		14,773
				180,760
Real Estate Management & Development (0.1%)
The St. Joe Co.		202		8,672
Road & Rail (2.0%)
Canadian Pacific Railway Ltd.		500		32,145
CSX Corp.		1,362		76,367
Heartland Express, Inc.		702		10,011
Kansas City Southern*		559		22,421
				140,944

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund

	Shares		Value
Common Stocks (continued)
Semiconductors & Semiconductor Equipment (1.8%)
Intersil Corp., Class A		596	$	15,299
KLA-Tencor Corp.		598		22,186
LSI Corp.*		3,347		16,568
Maxim Integrated Products, Inc.		798		16,271
Microchip Technology, Inc.		531		17,380
Micron Technology, Inc.*		2,104		12,561
National Semiconductor Corp.		854		15,645
Teradyne, Inc.*		790		9,812
				125,722
Software (2.1%)
BMC Software, Inc.*		2,198		71,479
McAfee, Inc.*		507		16,776
Sybase, Inc.*		1,800		47,340
Synopsys, Inc.*		708		16,079
				151,674
Specialty Retail (1.1%)
Bed Bath & Beyond, Inc.*		553		16,314
Lowe’s Cos., Inc.		942		21,609
Sherwin-Williams Co. (The)		85		4,338
TJX Cos., Inc.		1,100		36,377
				78,638
Textiles, Apparel & Luxury Goods (0.4%)
Liz Claiborne, Inc.		371		6,734
V.F. Corp.		292		22,633
				29,367
Thrifts & Mortgage Finance (0.8%)
People’s United Financial, Inc.		2,536		43,898
Washington Federal, Inc.		561		12,813
				56,711
Tobacco (0.5%)
Loews Corp. - Carolina Group		424		30,761
Reynolds American, Inc.		79		4,664
				35,425
Trading Companies & Distributors (0.3%)
W.W. Grainger, Inc.		242		18,486
Total Common Stocks				6,759,436
Exchange Traded Fund (1.2%)
iShares S&P MidCap 400 Index Fund		1,081		84,005
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (18.8%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $825,562, collateralized by U.S. Government Agency Mortgages with a market value of $842,011	$	825,501	$	825,501
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $517,516, collateralized by U.S. Government Agency Mortgages with a market value of $527,828		517,478		517,478
Total Repurchase Agreements				1,342,979
Total Investments
(Cost $8,259,946) (b) — 114.5%				8,186,420
Liabilities in excess of other assets — (14.5)%				(1,035,305	)
NET ASSETS — 100.0%			$	7,151,115

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

NVIT Core Bond Fund

	Principal
	Amount		Value
Corporate Bonds (37.2%)
Bank (1.9%)(a)
Bank of America Corp., 8.00%, 12/29/49	$	500,000	$	500,600
Diversified Financial Services (6.0%)
Covidien International Finance SA, 6.55%, 10/15/37(b)		500,000		511,020
Textron Financial Corp., 5.13%, 11/01/10		500,000		520,048
WMC Finance USA Ltd., 5.13%, 05/15/13		500,000		510,039
				1,541,107
Electric Utilities (6.0%)
Florida Power & Light Co., 4.85%, 02/01/13		500,000		520,514
Pacific Gas & Electric Co., 6.35%, 02/15/38		500,000		506,476
Public Service Co. of Colorado, 4.88%, 03/01/13		500,000		517,781
				1,544,771
Electronic Equipment & Instruments (1.9%)
General Electric Co., 5.25%, 12/06/17		500,000		499,310
Food Products (1.9%)
General Mills, Inc., 5.20%, 03/17/15		500,000		501,424
Insurance (2.0%)
Principal Life Income Funding Trusts, 5.30%, 12/14/12		500,000		512,165
Media (2.1%)
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13		500,000		555,416
Oil, Gas & Consumable Fuels (3.9%)
Energy Transfer Partners LP, 6.00%, 07/01/13		500,000		502,943
Kinder Morgan Energy Partners LP, 5.95%, 02/15/18		500,000		495,181
				998,124
Oilfield Machinery & Services (1.9%)
Weatherford International Ltd., 5.15%, 03/15/13		500,000		500,434
Other Financial (2.0%)
HSBC Finance Corp., 6.38%, 10/15/11		500,000		513,953
Other Utility (1.9%)
Midamerican Energy Co., 5.30%, 03/15/18		500,000		499,602
Pharmaceutical (1.9%)
Amgen, Inc., 5.85%, 06/01/17		500,000		499,603
Telecommunications (3.8%)
AT&T, Inc., 4.95%, 01/15/13		500,000		501,694
Verizon Communications, Inc., 5.50%, 02/15/18		500,000		486,983
				988,677
Total Corporate Bonds				9,655,186
U.S. Government Sponsored & Agency Obligations (53.4%)
Federal Home Loan Mortgage Corp., 5.75%, 01/15/12		2,500,000		2,751,107
Federal National Mortgage Association, 3.25%, 04/09/13		2,500,000		2,496,938
U.S. Treasury Notes, 2.75%, 02/28/13		5,300,000		5,372,875
United States Treasury Note, 2.00%, 02/28/10		3,200,000		3,222,250
Total U.S. Government Sponsored & Agency Obligations				13,843,170
Repurchase Agreements (6.8%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,076,983, collateralized by U.S. Government Agency Mortgages with a market value of $1,098,443		1,076,905		1,076,905
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $675,124, collateralized by U.S. Government Agency Mortgages with a market value of $688,577		675,075		675,075
Total Repurchase Agreements				1,751,980
Total Investments
(Cost $25,184,237) (c) — 97.4%				25,250,336
Other assets in excess of liabilities — 2.6%				680,257
NET ASSETS — 100.0%			$	25,930,593

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(b)	Illiquid security.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Van Kampen NVIT Real Estate Fund

	Shares		Value
Common Stocks (93.8%)
Health Care Providers & Services (1.5%)
Assisted Living Concepts, Inc., Class A*		2,620	$	15,432
Brookdale Senior Living, Inc.		1,110		26,529
				41,961
Hotels, Restaurants & Leisure (5.5%)
Starwood Hotels & Resorts Worldwide, Inc.		3,105		160,684
Real Estate Investment Trusts (REITs) (80.8%)
Acadia Realty Trust		1,215		29,342
AMB Property Corp.		1,440		78,365
AvalonBay Communities, Inc.		1,770		170,840
Boston Properties, Inc.		1,395		128,438
Brandywine Realty Trust		515		8,734
BRE Properties, Inc.		1,245		56,722
Camden Property Trust		825		41,415
DiamondRock Hospitality Co.		1,125		14,254
Douglas Emmett, Inc.		925		20,406
Duke Realty Corp.		1,275		29,083
Equity Lifestyle Properties, Inc.		555		27,400
Equity Residential		5,170		214,503
Essex Property Trust, Inc.		255		29,065
Federal Realty Investment Trust		835		65,088
General Growth Properties, Inc.		1,570		59,927
Healthcare Realty Trust, Inc.		2,295		60,014
Hersha Hospitality Trust		2,565		23,162
Highwoods Properties, Inc.		375		11,651
Host Hotels & Resorts, Inc.		10,090		160,633
Kilroy Realty Corp.		470		23,082
Liberty Property Trust		1,820		56,620
Macerich Co. (The)		1,275		89,594
Mack-Cali Realty Corp.		2,440		87,132
Parkway Properties, Inc.		240		8,870
Plum Creek Timber Co., Inc.		495		20,147
Post Properties, Inc.		1,125		43,447
Prologis		1,065		62,686
PS Business Parks, Inc.		165		8,564
Public Storage		555		49,184
Regency Centers Corp.		2,035		131,787
Senior Housing Properties Trust		1,445		34,246
Simon Property Group, Inc.		2,845		264,329
SL Green Realty Corp.		355		28,922
Sovran Self Storage, Inc.		675		28,829
Strategic Hotels & Resorts, Inc.		3,030		39,784
Taubman Centers, Inc.		375		19,538
Vornado Realty Trust		1,365		117,677
				2,343,480
Real Estate Management & Development (6.0%)
Brookfield Properties Corp.		6,525		125,998
Forest City Enterprises, Inc., Class A		1,330		48,944
				174,942
Total Common Stocks				2,721,067
	Shares or
	Principal
	Amount		Value
Repurchase Agreements (5.9%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $105,686, collateralized by U.S. Government Agency Mortgages with a market value of $107,792	$	105,678	$	105,678
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $66,251, collateralized by U.S. Government Agency Mortgages with a market value of $67,571		66,246		66,246
Total Repurchase Agreements				171,924
Total Investments
(Cost $3,000,239) (a) — 99.7%				2,892,991
Other assets in excess of liabilities — 0.3%				7,715
NET ASSETS — 100.0%			$	2,900,706

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Lehman Brothers NVIT Core Plus Bond Fund

	Principal
	Amount		Value
Asset-Backed Securities (1.3%)(a)
Credit Card Receivables (1.3%)
Bank One Issuance Trust, 2.93%, 02/15/11	$	35,000	$	35,006
Citibank Credit Card Issuance Trust, 3.15%, 11/22/10		40,000		39,813
Total Asset-Backed Securities				74,819
Commercial Mortgage-Backed Securities (8.5%)
Banks (8.5%)
JP Morgan Chase Commercial Mortgage
Securities Corp.(a)
5.82%, 06/15/49		200,000		199,773
5.88%, 02/15/51		200,000		199,432
Wachovia Bank Commercial Mortgage Trust, 5.51%, 04/15/47		100,000		97,330
Total Commercial Mortgage-Backed Securities				496,535
Corporate Bonds (20.5%)
Automotive Manufacturer (0.4%)
Daimler Finance North America LLC, 4.88%, 06/15/10		25,000		25,151
Banks (3.6%)
Bank of America Corp., 5.75%, 12/01/17		25,000		25,871
Citigroup, Inc.
5.00%, 09/15/14		70,000		65,970
6.88%, 03/05/38		25,000		24,982
JP Morgan Chase & Co., 6.00%, 01/15/18		25,000		26,071
Wells Fargo & Co., 4.38%, 01/31/13		70,000		69,641
				212,535
Consumer Goods (0.5%)
Koninklijke Philips Electronics NV, 6.88%, 03/11/38		25,000		26,667
Diversified Financial Services (3.4%)
Goldman Sachs Group, Inc. (The), 6.75%, 10/01/37		75,000		69,775
Merrill Lynch & Co., Inc., 5.45%, 02/05/13		30,000		29,516
Morgan Stanley, 6.63%, 04/01/18		100,000		100,035
				199,326
Electric Utilities (1.3%)
Commonwealth Edison Co., 5.80%, 03/15/18		40,000		39,790
FirstEnergy Corp., 6.45%, 11/15/11		35,000		36,636
				76,426
Food Processor (0.4%)
Kraft Foods, Inc., 6.13%, 02/01/18		25,000		24,984
Leasing (0.7%)
International Lease Finance Corp., 5.63%, 09/15/10		40,000		40,317
Media (1.3%)
Comcast Corp., 6.30%, 11/15/17		25,000		25,303
Time Warner Cable, Inc., 5.40%, 07/02/12		50,000		49,127
				74,430
Oil, Gas & Consumable Fuels (1.0%)
Enterprise Products Operating LP, 6.30%, 09/15/17		25,000		25,122
Marathon Oil Corp., 6.60%, 10/01/37		35,000		34,775
				59,897
Oilfield Machinery & Services (0.4%)
Weatherford International Ltd., 6.00%, 03/15/18		25,000		25,130
Other Financial (4.1%)
American Express Co., 7.00%, 03/19/18		50,000		52,491
Continental Airlines, Inc., 5.98%, 04/19/22		75,000		66,819
Delta Air Lines, Inc., 7.57%, 11/18/10		40,000		39,875
General Electric Capital Corp., 5.88%, 01/14/38		50,000		48,193
HSBC Finance Corp., 4.13%, 11/16/09		30,000		29,537
				236,915
Pipelines (0.9%)
ONEOK Partners LP, 6.85%, 10/15/37		50,000		49,480
Specialty Retail (0.7%)
Wal-Mart Stores, Inc., 6.50%, 08/15/37		40,000		42,001
Telecommunications (1.8%)
New Cingular Wireless Services, Inc., 7.88%, 03/01/11		35,000		38,070
Qwest Corp., 8.88%, 03/15/12		30,000		30,600
Sprint Nextel Corp., 6.00%, 12/01/16		50,000		38,875
				107,545
Total Corporate Bonds				1,200,804
Collateralized Debt Obligation (4.0%)
Special Purpose Entity (4.0%)
CDX North America High Yield, 8.75%, 12/29/12		247,500		235,434
Interest Only Bond (1.8%)(a)
Freddie Mac, Pool #1K1238, 5.77%, 07/01/36		100,621		103,180
U.S. Government Mortgage-Backed Agencies (53.7%)
Federal National Mortgage Association
Pool #745826, 6.00%, 07/01/36		200,320		205,469
Pool #899528, 5.50%, 05/01/37		1,219,572		1,233,197
Pool #933409, 5.00%, 03/01/38		820,000		813,401
Federal National Mortgage Association TBA, 5.00%, 04/15/21		880,000		888,250
Total U.S. Government Mortgage-Backed Agencies				3,140,317
U.S. Government Sponsored & Agency Obligations (42.0%)
Federal Home Loan Bank, 2.11%, 05/30/08(b)		500,000		498,525

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Lehman Brothers NVIT Core Plus Bond Fund

	Principal
	Amount		Value
U.S. Government Sponsored & Agency Obligations (continued)
Federal Home Loan Mortgage Corp., 6.08%, 05/30/08(b)	$	1,000,000	$	996,630
Federal National Mortgage Association(b)
10.10%, 04/21/08		400,000		399,600
2.08%, 05/30/08		216,000		215,274
United States Treasury Bond
8.13%, 08/15/19		80,000		111,444
6.00%, 02/15/26		195,000		236,194
Total U.S. Government Sponsored & Agency Obligations				2,457,667
Repurchase Agreements (31.4%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $1,129,854, collateralized by U.S. Government Agency Mortgages with a market value of $1,152,367		1,129,772		1,129,772
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $708,267, collateralized by U.S. Government Agency Mortgages with a market value of $722,380		708,216		708,216
Total Repurchase Agreements				1,837,988
Total Investments
(Cost $9,552,143) (c) — 163.2%				9,546,744
Liabilities in excess of other assets — (63.2)%				(3,697,458	)
NET ASSETS — 100.0%			$	5,849,286

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2008. The maturity date represents the actual maturity date.
(b)	The rate reflected in the Statement of Investments is the effective yield as of March 31, 2008.
(c)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
LP	Limited Partnership
TBA	To Be Announced.

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund

	Shares		Value
Common Stocks (96.6%)
Aerospace & Defense (1.8%)
L-3 Communications Holdings, Inc.		160	$	17,494
Automobiles (1.2%)
Harley-Davidson, Inc.		300		11,250
Beverages (1.4%)
Constellation Brands, Inc., A Shares*		800		14,136
Capital Markets (6.2%)
Goldman Sachs Group, Inc. (The)		100		16,539
Invesco Ltd.		400		9,744
Legg Mason, Inc.		150		8,397
Merrill Lynch & Co., Inc.		300		12,222
Morgan Stanley		300		13,710
				60,612
Construction & Engineering (4.0%)
Chicago Bridge & Iron Co. NV		600		23,544
KBR, Inc.		400		11,092
Shaw Group, Inc. (The)*		100		4,714
				39,350
Consumer Finance (1.5%)
American Express Co.		325		14,209
Diversified Financial Services (3.3%)
Citigroup, Inc.		700		14,994
Moody’s Corp.		500		17,415
				32,409
Electric Utility (2.1%)
FirstEnergy Corp.		300		20,586
Energy Equipment & Services (6.0%)
Halliburton Co.		400		15,732
National Oilwell Varco, Inc.*		400		23,352
Noble Corp.		400		19,868
				58,952
Food Products (1.5%)
ConAgra Foods, Inc.		600		14,370
Health Care Providers & Services (4.0%)
Aetna, Inc.		400		16,836
UnitedHealth Group, Inc.		400		13,744
WellPoint, Inc.*		200		8,826
				39,406
Independent Power Producers & Energy Traders (2.5%)
Constellation Energy Group, Inc.		100		8,827
NRG Energy, Inc.*		400		15,596
				24,423
Industrial Conglomerates (3.4%)
General Electric Co.		300		11,103
McDermott International, Inc.*		400		21,928
				33,031
Insurance (6.9%)
American International Group, Inc.		300		12,975
Assurant, Inc.		300		18,258
Berkshire Hathaway, Inc., Class B*		7		31,310
Hartford Financial Services Group, Inc.		60		4,546
				67,089
IT Services (2.1%)
Affiliated Computer Services, Inc., A Shares*		400		20,044

Machinery (2.7%)
Terex Corp.*	425	26,562
Marine (1.2%)
DryShips, Inc.	200	11,982
Media (1.5%)
McGraw-Hill Cos., Inc. (The)	400	14,780
Metals & Mining (9.3%)
Freeport-McMoRan Copper & Gold, Inc.	300	28,866
Sterlite Industries India Ltd. ADR - IN*	500	8,910
Teck Cominco Ltd., Class B	400	16,384
United States Steel Corp.	160	20,299
Xstrata PLC*	225	15,975
		90,434
Multiline Retail (3.2%)
JC Penney Co., Inc.	400	15,084
Macy’s, Inc.	700	16,142
		31,226
Oil, Gas & Consumable Fuels (15.9%)
Canadian Natural Resources Ltd.	300	20,478
Denbury Resources, Inc.*	450	12,848
EOG Resources, Inc.	100	12,000
Exxon Mobil Corp.	120	10,150
Frontline Ltd.	100	4,602
Peabody Energy Corp.	200	10,200
Petroleo Brasileiro SA ADR - BR	200	20,422
Ship Finance International Ltd.	300	7,884
Southwestern Energy Co.*	400	13,476
Suncor Energy, Inc.	200	19,270
Talisman Energy, Inc.	600	10,620
XTO Energy, Inc.	225	13,918
		155,868
Personal Products (1.8%)
NBTY, Inc.*	600	17,970
Pharmaceuticals (2.6%)
Schering-Plough Corp.	350	5,044
Shire PLC ADR - GB	350	20,286
		25,330
Real Estate Investment Trust (REIT) (0.6%)
Annaly Capital Management, Inc.	400	6,128
Semiconductors & Semiconductor Equipment (2.4%)
International Rectifier Corp.*	500	10,750
Texas Instruments, Inc.	450	12,722
		23,472
Software (4.7%)
Check Point Software Technologies*	400	8,960
Microsoft Corp.	600	17,028
Oracle Corp.*	600	11,736
Symantec Corp.*	500	8,310
		46,034
Specialty Retail (1.3%)
Best Buy Co., Inc.	300	12,438
Wireless Telecommunication Services (1.5%)
China Mobile Ltd. ADR - HK	200	15,002
Total Common Stocks		944,587

See accompanying notes to statements of investments

Statement of Investments (Continued)
March 31, 2008 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund

	Principal
	Amount		Value
Repurchase Agreements (5.5%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $33,397, collateralized by U.S. Government Agency Mortgages with a market value of $34,062	$	33,394	$	33,394
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $20,935, collateralized by U.S. Government Agency Mortgages with a market value of $21,352		20,934		20,934
Total Repurchase Agreements				54,328
Total Investments
(Cost $1,020,715) (a) — 102.1%				998,915
Liabilities in excess of other assets — (2.1)%				(20,832	)
NET ASSETS — 100.0%			$	978,083

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
BR	Brazil
GB	United Kingdom
HK	Hong Kong
IN	India

See accompanying notes to statements of investments

Statement of Investments
March 31, 2008 (Unaudited)

Neuberger Berman NVIT Socially Responsible Fund

	Shares		Value
Common Stocks (96.7%)
Auto Components (1.8%)
BorgWarner, Inc.		400	$	17,212
Automobiles (2.0%)
Toyota Motor Corp. ADR - JP		195		19,674
Biotechnology (2.6%)
Genzyme Corp.*		280		20,871
Medarex, Inc.*		510		4,514
				25,385
Capital Markets (8.8%)
Bank of New York Mellon Corp.		765		31,923
Charles Schwab Corp. (The)		1,165		21,937
Merrill Lynch & Co., Inc.		320		13,037
State Street Corp.		240		18,960
				85,857
Commercial Services & Supplies (3.2%)
Manpower, Inc.		550		30,943
Consumer Finance (3.0%)
American Express Co.		675		29,511
Electronic Equipment & Instruments (7.5%)
Anixter International, Inc.*		595		38,104
National Instruments Corp.		1,320		34,505
				72,609
Energy Equipment & Services (2.6%)
Smith International, Inc.		395		25,371
Health Care Providers & Services (3.0%)
UnitedHealth Group, Inc.		860		29,550
Industrial Conglomerate (3.1%)
3M Co.		380		30,077
Insurance (5.3%)
Progressive Corp. (The)		1,125		18,079
Willis Group Holdings Ltd.		1,005		33,778
				51,857
IT Services (1.9%)
Euronet Worldwide, Inc.*		935		18,008
Life Sciences Tools & Services (1.0%)
Millipore Corp.*		145		9,774
Machinery (4.5%)
Danaher Corp.		570		43,337
Media (12.4%)
Comcast Corp., Special Class A		2,455		46,571
EW Scripps Co., Class A		1,085		45,581
Liberty Global, Inc., Class A*		840		28,627
				120,779
Multi-Utility (3.8%)
National Grid PLC ADR - GB		535		37,413
Oil, Gas & Consumable Fuels (8.1%)
BG Group PLC ADR - GB		200		23,140
BP PLC ADR GB		300		18,195
Cimarex Energy Co.		160		8,758
Newfield Exploration Co.*		535		28,275
				78,368
Pharmaceuticals (4.8%)
Novartis AG ADR - CH		535		27,408
Novo Nordisk AS, Class B		285		19,615
				47,023
Real Estate Investment Trusts (REITs) (4.7%)
General Growth Properties, Inc.		600		22,902
Weingarten Realty Investors		655		22,558
				45,460
Road & Rail (2.9%)
Canadian National Railway Co.		575		27,784
Semiconductors & Semiconductor Equipment (7.1%)
Altera Corp.		2,295		42,297
Texas Instruments, Inc.		945		26,715
				69,012
Software (2.6%)
Intuit, Inc.*		950		25,659
Total Common Stocks				940,663
	Principal
	Amount		Value
Repurchase Agreements (7.6%)
CS First Boston, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $45,603, collateralized by U.S. Government Agency Mortgages with a market value of $46,512	$	45,600	$	45,600
Nomura Securities, 2.60%, dated 03/31/08, due 04/01/08, repurchase price $28,587, collateralized by U.S. Government Agency Mortgages with a market value of $29,157		28,585		28,585
Total Repurchase Agreements				74,185
Total Investments
(Cost $1,042,718) (a) — 104.3%				1,014,848
Liabilities in excess of other assets — (4.3)%				(42,288	)
NET ASSETS — 100.0%			$	972,560

*	Denotes a non-income producing security.
(a)	See notes to statement of investments for tax unrealized appreciation (depreciation) of securities.
ADR	American Depositary Receipt
CH	Switzerland
GB	United Kingdom
JP	Japan

See accompanying notes to statements of investments

Notes to Statement of Investments

As of March 31, 2008, the following Funds had securities with the following value on loan:

	Value of Loaned
Fund	Securities		Value of Collateral
NVIT Nationwide Fund	$	32,095,455	$	32,377,593
Nationwide NVIT Growth Fund		652,644		672,300
Nationwide NVIT Government Bond Fund*		171,199,980		175,254,697
Nationwide NVIT Mid Cap Growth Fund		9,930,385		10,165,705
NVIT S&P 500 Index Fund		25,988,757		26,563,139
Van Kampen NVIT Multi Sector Bond Fund**		16,892,932		17,245,704
Nationwide Multi-Manager NVIT Small Cap Growth Fund		13,325,063		13,529,776
NVIT Mid Cap Index Fund		90,173,283		91,494,684
Nationwide NVIT Global Technology and Communications Fund		2,180,666		2,298,668
Nationwide NVIT Global Health Sciences Fund		1,215,109		1,253,098
Gartmore NVIT Emerging Markets Fund		20,494,550		21,894,489
Gartmore NVIT International Growth Fund		552,494		600,000
NVIT International Value Fund		15,156,426		15,608,608

*	Includes $143,977,197 of collateral in the form of U.S. Government Securities, interest rates ranging from 5.00% to 7.50% and maturity dates ranging from 03/15/2016 to 04/01/2036.
**	Includes $15,748,197 of collateral in the form of U.S. Government Securities, interest rates ranging from 4.50% to 6.38% and maturity dates ranging from 08/15/2027 to 02/15/2036.

As of March 31, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

									Net Unrealized
	Tax Cost of		Unrealized			Unrealized			Appreciation
Fund	Securities		Appreciation			Depreciation			(Depreciation)*
NVIT Nationwide Fund	$	1,788,496,886	$	27,465,798		$	(106,879,191	)	$	(79,413,393	)
Nationwide NVIT Growth Fund		176,110,514		3,823,072			(9,325,777	)		(5,502,705	)
Nationwide NVIT Government Bond Fund		1,389,000,898		51,412,006			(529,953	)		50,882,053
Naitonwide Multi-Manager NVIT Small Company Fund		684,367,468		74,873,842			(84,365,689	)		(9,491,847	)
Nationwide NVIT Money Market Fund		2,538,398,489		—			—			—
Nationwide NVIT Money Market II Fund		307,511,288		—			—			—
J.P. Morgan NVIT Balanced Fund		182,627,488		7,844,620			(11,995,516	)		(4,150,896	)
Nationwide NVIT Mid Cap Growth Fund		409,990,096		40,335,739			(39,333,764	)		1,001,975
Van Kampen NVIT Comstock Value Fund		411,391,692		12,010,169			(58,807,751	)		(46,797,582	)
Federated NVIT High Income Bond Fund		209,931,639		1,582,410			(19,762,292	)		(18,179,882	)
NVIT S&P 500 Index Fund		2,450,213,983		124,537,498			(319,820,286	)		(195,282,788	)
Van Kampen NVIT Multi Sector Bond Fund		273,122,583		13,169,713			(25,876,666	)		(12,706,953	)
Nationwide Multi-Manager NVIT Small Cap Value Fund		451,061,272		36,241,216			(81,960,204	)		(45,718,988	)
Nationwide Mulit-Manager NVIT Small Cap Growth Fund		114,638,887		18,659,435			(14,874,136	)		3,785,299
Gartmore NVIT Worldwide Leaders Fund		43,052,878		2,709,057			(2,703,714	)		5,343
NVIT Mid Cap Index Fund		1,342,707,165		139,824,520			(175,553,132	)		(35,728,612	)
Nationwide NVIT Global Technology and Communications Fund		51,500,699		1,168,922			(8,479,759	)		(7,310,837	)
Nationwide NVIT Global Health Sciences Fund		56,148,274		2,197,079			(6,705,179	)		(4,508,100	)
NVIT Nationwide Leaders Fund		23,498,685		302,999			(1,212,081	)		(909,082	)
Gartmore NVIT Emerging Markets Fund		361,587,757		84,788,966			(16,752,138	)		68,036,828
Gartmore NVIT International Growth Fund		99,832,744		17,388,142			(5,046,587	)		12,341,555
NVIT International Value Fund		404,815,194		4,707,306			(40,852,255	)		(36,144,950	)
Nationwide NVIT Investor Destinations Aggressive Fund		728,488,345		22,570,871			(61,321,657	)		(38,750,786	)
Nationwide NVIT Investor Destinations Moderately Aggressive Fund		2,245,893,951		53,714,681			(140,686,488	)		(86,971,807	)
Nationwide NVIT Investor Destinations Moderate Fund		2,930,300,876		58,681,784			(134,842,451	)		(76,160,667	)
Nationwide NVIT Investor Destinations Moderately Conservative Fund		810,692,187		12,201,479			(24,916,121	)		(12,714,642	)
Nationwide NVIT Investor Destinations Conservative Fund		343,348,274		3,401,540			(4,927,895	)		(1,526,355	)
Nationwide NVIT U.S. Growth Leaders Fund		57,845,920		947,790			(2,409,497	)		(1,461,707	)
Gartmore NVIT Global Utilities Fund		49,606,589		4,268,595			(1,943,806	)		2,324,789
Nationwide NVIT Global Financial Services Fund		24,116,364		(68,529	)		(2,397,978	)		(2,466,508	)
Gartmore NVIT Developing Markets Fund		343,010,759		39,594,205			(26,593,889	)		13,000,316
American Funds NVIT Growth		193,054,838		—			(14,035,274	)		(14,035,274	)
American Funds NVIT Growth-Income		147,558,401		—			(12,909,290	)		(12,909,290	)
American Funds NVIT Global Growth		111,308,249		—			(2,867,832	)		(2,867,832	)
American Funds NVIT Asset Allocation		628,032,830		—			(44,487,954	)		(44,487,954	)
American Funds NVIT Bond		239,310,253		—			(7,287,511	)		(7,287,511	)
NVIT Bond Index		1,668,675,206		39,190,450			(14,442,423	)		24,748,026
NVIT Enhanced Income		193,267,769		1,511,242			(164,412	)		1,346,830
NVIT International Index		435,923,179		8,615,674			(32,468,580	)		(23,852,906	)
NVIT Small Cap Index		366,584,077		18,061,121			(77,092,254	)		(59,031,133	)
Nationwide NVIT Short Term Bond Fund		26,693,030		26,096			(26,244	)		(147	)
Nationwide NVIT Cardinal Aggressive Fund		1,000,000		1,016			(2,236	)		(1,220	)
Nationwide NVIT Cardinal Balanced Fund		1,000,000		2,255			(1,191	)		1,064
Nationwide NVIT Cardinal Capital Appreciation Fund		1,000,000		1,768			(1,625	)		143
Nationwide NVIT Cardinal Conservative Fund		1,000,000		2,844			(433	)		2,411
Nationwide NVIT Cardinal Moderate Fund		1,000,000		1,978			(1,487	)		491
Nationwide NVIT Cardinal Moderately Aggressive Fund		1,000,000		1,562			(1,767	)		(205	)
Nationwide NVIT Cardinal Moderately Conservative Fund		1,000,000		2,545			(866	)		1,679
NVIT Multi-Manager International Growth Fund		4,497,779		76,702			(40,864	)		35,838
NVIT Multi-Manager Large Cap Growth Fund		18,299,167		93,065			(322,607	)		(229,542	)
NVIT Multi-Manager Large Cap Value Fund		18,677,001		99,131			(477,922	)		(378,791	)
NVIT Multi-Manager Mid Cap Growth Fund		5,180,890		73,407			(157,956	)		(84,549	)
NVIT Multi-Manager Mid Cap Value Fund		8,259,986		42,372			(115,938	)		(73,566	)
NVIT Core Bond Fund		25,184,237		104,725			(38,626	)		66,099
Van Kampen NVIT Real Estate Fund		3,000,239		6,221			(113,469	)		(107,248	)
Lehman Brothers NVIT Core Plus Bond Fund		9,552,451		7,605			(13,312	)		(5,707	)
Neuberger Berman NVIT Multi Cap Opportunities Fund		1,020,715		10,718			(32,518	)		(21,800	)
Neuberger Berman NVIT Socially Responsible Fund		1,042,718		2,997			(30,867	)		(27,870	)
										—

* The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales.

Financial Accounting Standards No. 157

In September 2006, the FASB issued Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements.

One key component of the implementation of SFAS 157 included the development of a three-tier fair value hierarchy. The basis of the tiers is dependant upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

• Level 1 - quoted prices in active markets for identical assets.

• Level 2 - other significant inputs (including quoted prices of similar securities, interest rates, prepayments speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used to value the following Funds’ net assets as of March 31, 2008:

						Level 2 - Other Significant					Level 3 - Significant
	Level 1 - Quoted Prices					Observable Inputs					Unobservable Inputs				Total
	Investments		Other*			Investments		Other*			Investments		Other*		Investments		Other*
NVIT Nationwide Fund	$	1,646,797,025	$	—		$	62,286,468	$	—		$	—	$	—	$	1,709,083,493	$	—
Nationwide NVIT Growth Fund		169,797,889		—			809,920		—			—		—		170,607,809		—
Nationwide NVIT Government Bond Fund		—		—			1,439,882,951		—			—		—		1,439,882,951		—
Nationwide Multi-Manager NVIT Small Company Fund		553,230,111		—			120,610,087		—			1,035,423		—		674,875,621		—
Nationwide NVIT Money Market Fund		—		—			2,538,398,489		—					—		2,538,398,489		—
Nationwide NVIT Money Market II Fund		—		—			307,511,288		—					—		307,511,288		—
J.P. Morgan NVIT Balanced Fund		83,880,334		(490,641	)		94,596,258		(4,580	)				—		178,476,592		(495,221	)
Nationwide NVIT Mid Cap Growth Fund		377,589,428		—			33,402,643		—					—		410,992,071		—
Van Kampen NVIT Comstock Value Fund		344,753,678		—			19,840,432		—					—		364,594,110		—
Federated NVIT High Income Bond Fund		79,496		—			191,672,260		—			2		—		191,751,757		—
NVIT S&P 500 Index Fund		2,166,140,638		1,043,773			87,746,784		—			—		—		2,253,887,422		1,043,773
Van Kampen NVIT Multi Sector Bond Fund		322		3,773,508			260,415,308		789,743			—		—		260,415,630		4,563,251
Nationwide Multi-Manager NVIT Small Cap Value Fund		403,871,869		(9,566	)		1,479,981		—			—		—		405,351,850		(9,566	)
Nationwide Multi-Manager NVIT Small Cap Growth Fund		99,861,589		—			18,562,597		—			—		—		118,424,186		—
Gartmore NVIT Worldwide Leaders Fund		18,819,493		—			24,238,727		—			—		—		43,058,221		—
NVIT Mid Cap Index Fund		1,176,697,968		863,707			129,416,878		—			—		—		1,306,114,846		863,707
Nationwide NVIT Global Technology and Communications Fund		38,606,986		—			5,582,876		—			—		—		44,189,862		—
Nationwide NVIT Global Health Sciences Fund		50,331,360		—			1,308,814		—			—		—		51,640,174		—
NVIT Nationwide Leaders Fund		22,515,850		—			73,753		—			—		—		22,589,603		—
Gartmore NVIT Emerging Markets Fund		98,096,077		—			331,528,507		—			—		—		429,624,585		—
Gartmore NVIT International Growth Fund		23,555,806		—			88,618,493		—			—		—		112,174,299		—
NVIT International Value Fund		17,242,292		44,870			351,427,952		(175,351	)		—		—		368,670,244		(130,481	)
Nationwide NVIT Investor Destinations Aggressive Fund		689,737,559		—					—			—		—		689,737,559		—
Nationwide NVIT Investor Destinations Moderately Aggressive Fund		2,156,769,685		—			2,152,459		—			—		—		2,158,922,144		—
Nationwide NVIT Investor Destinations Moderate Fund		2,853,629,052		—			511,157		—			—		—		2,854,140,209		—
Nationwide NVIT Investor Destinations Moderately Conservative Fund		796,637,253		—			1,340,292		—			—		—		797,977,545		—
Nationwide NVIT Investor Destinations Conservative Fund		340,805,687		—			1,016,232		—			—		—		341,821,919		—
Nationwide NVIT U.S. Growth Leaders Fund		56,384,213		—					—			—		—		56,384,213		—
Gartmore NVIT Global Utilities Fund		22,131,286		—			29,800,092		—			—		—		51,931,378		—
Nationwide NVIT Global Financial Services Fund		10,294,502		—			11,355,174		—			—		—		21,649,676		—
Gartmore NVIT Developing Markets Fund		80,337,911		—			275,673,164		—			—		—		356,011,075		—
American Funds NVIT Growth		179,019,564		—			—		—			—		—		179,019,564		—
American Funds NVIT Growth-Income		134,649,111		—			—		—			—		—		134,649,111		—
American Funds NVIT Global Growth		108,440,417		—			—		—			—		—		108,440,417		—
American Funds NVIT Asset Allocation		583,544,876		—			—		—			—		—		583,544,876		—
American Funds NVIT Bond		232,022,742		—			—		—			—		—		232,022,742		—
NVIT Bond Index		—		—			1,693,423,232		—			—		—		1,693,423,232		—
NVIT Enhanced Income		—		—			194,614,599		—			—		—		194,614,599		—
NVIT International Index		1,155,793		124,745			410,914,481		301,944			—		—		412,070,273		426,689
NVIT Small Cap Index		291,847,911		747,656			14,957,377		—			—		—		306,805,288		747,656
NVIT Short Term Bond Fund		26,692,883		—			—		—			—		—		26,692,883		—
NVIT Cardinal Aggressive Fund		998,780		—			—		—			—		—		998,780		—
NVIT Cardinal Balanced Fund		1,001,064		—			—		—			—		—		1,001,064		—
NVIT Cardinal Capital Appreciation Fund		1,000,143		—			—		—			—		—		1,000,143		—
NVIT Cardinal Conservative Fund		1,002,411		—			—		—			—		—		1,002,411		—
NVIT Cardinal Moderate Fund		1,000,491		—			—		—			—		—		1,000,491		—
NVIT Cardinal Moderately Aggressive Fund		999,795		—			—		—			—		—		999,795		—
NVIT Cardinal Moderately Conservative Fund		1,001,679		—			—		—			—		—		1,001,679		—
NVIT Multi-Manager International Growth Fund		741,990		—			3,791,627		—			—		—		4,533,617		—
NVIT Multi-Manager Large Cap Growth Fund		16,773,291		—			1,296,334		—			—		—		18,069,625		—
NVIT Multi-Manager Large Cap Value Fund		15,846,768		(877	)		2,451,442		—			—		—		18,298,210		(877	)
NVIT Multi-Manager Mid Cap Growth Fund		4,739,714		—			356,626		—			—		—		5,096,341		—
NVIT Multi-Manager Mid Cap Value Fund		6,792,111		—			1,394,308		—			—		—		8,186,420		—
NVIT Core Bond Fund				—			25,250,336		—			—		—		25,250,336		—
Van Kampen NVIT Real Estate Fund		2,721,067		—			171,924		—			—		—		2,892,991		—
Lehman Brothers NVIT Core Plus Bond Fund				—			9,546,744		—			—		—		9,546,744		—
Neuberger Berman NVIT Multi Cap Opportunities Fund		944,587		—			54,328		—			—		—		998,915		—
Neuberger Berman NVIT Socially Responsible Fund		897,908		—			116,940		—			—		—		1,014,848		—
Total		15,912,430,455		6,097,175			8,789,600,334		911,756			1,035,425		—		24,703,066,214		7,008,931

* Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Naitonwide Multi-Manager				Federated NVIT High
	NVIT Small Company Fund				Income
	Investments		Other Financial		Investments		Other Financial
	in Securities		Instruments*		in Securities		Instruments*
Balance as of 12/31/2007	$	584,294	$	—	$	2	$	—
Accrued Accretion / (Amortization)		—		—		—		—
Change in Unrealized Appreciation / (Depreciation)				—		—		—
Net Purchase / (Sales)		451,129		—		—		—
Transfers In / (Out) of Level 3				—		—		—
Balance as of 3/31/2008	$	1,035,423	$	—	$	2	$	—

Item 2. Controls and Procedures.

(a)

Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is: recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)	Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
	There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Certifications pursuant to Rule 30a-2(a) are attached hereto.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     NATIONWIDE VARIABLE INSURANCE TRUST
By (Signature and Title)	/s/ JOSEPH FINELLI
	Name:	Joseph Finelli
	Title:	Treasurer & Principal Financial Officer
	Date:	May 28, 2008

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ STEPHEN T. GRUGEON
	Name:	Stephen T. Grugeon
	Title:	Principal Executive Officer
	Date:	May 28, 2008

By (Signature and Title)	/s/ JOSEPH FINELLI
	Name:	Joseph Finelli
	Title:	Treasurer & Principal Financial Officer
	Date:	May 28, 2008