Statement of Investments

March 31, 2020 (Unaudited)

American Funds NVIT Asset Allocation Fund

Investment Company 100.1%
	Shares		Value
Balanced Fund 100.1%
American Funds Asset Allocation Fund, Class 1 (a)		281,036,336	$	5,848,366,144
Total Investment Company (cost $5,305,286,959)				5,848,366,144
Total Investments (cost $5,305,286,959) — 100.1%				5,848,366,144
Liabilities in excess of other assets — (0.1)%				(3,341,426)
NET ASSETS — 100.0%			$	5,845,024,718

(a) Investment in master fund.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

American Funds NVIT Asset Allocation Fund (Continued)

American Funds NVIT Asset Allocation Fund (“the Fund”) operates as a “feeder fund,” which means that the Fund does not buy individual securities directly, and may have additional investment and concentration risks. Instead, the Fund invests all of its assets in Class 1 shares of another mutual fund, the American Funds Asset Allocation Fund (the “Master Fund”), a series of the American Funds Insurance Series^®, which invests directly in individual securities. The Fund therefore has the same objective(s) and limitations as the Master Fund in which the Fund invests, and the investment return of the Fund corresponds to that of the Master Fund. For accounting and financial reporting purposes, the Fund is treated as a fund of funds.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

American Funds NVIT Bond Fund

Investment Company 100.1%
	Shares		Value
Fixed Income Fund 100.1%
American Funds Bond Fund, Class 1 (a)		314,356,516	$	3,580,520,716
Total Investment Company (cost $3,436,832,165)				3,580,520,716
Total Investments (cost $3,436,832,165) — 100.1%				3,580,520,716
Liabilities in excess of other assets — (0.1)%				(1,936,468)
NET ASSETS — 100.0%			$	3,578,584,248

(a) Investment in master fund.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

American Funds NVIT Bond Fund (Continued)

American Funds NVIT Bond Fund (“the Fund”) operates as a “feeder fund,” which means that the Fund does not buy individual securities directly, and may have additional investment and concentration risks. Instead, the Fund invests all of its assets in Class 1 shares of another mutual fund, the American Funds Bond Fund (the “Master Fund”), a series of the American Funds Insurance Series^®, which invests directly in individual securities. The Fund therefore has the same objective(s) and limitations as the Master Fund in which the Fund invests, and the investment return of the Fund corresponds to that of the Master Fund. For accounting and financial reporting purposes, the Fund is treated as a fund of funds.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

American Funds NVIT Global Growth Fund

Investment Company 100.1%
	Shares		Value
Equity Fund 100.1%
American Funds Global Growth Fund, Class 1 (a)		13,156,269	$	359,034,574
Total Investment Company (cost $348,319,133)				359,034,574
Total Investments (cost $348,319,133) — 100.1%				359,034,574
Liabilities in excess of other assets — (0.1)%				(276,211)
NET ASSETS — 100.0%			$	358,758,363

(a) Investment in master fund.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

American Funds NVIT Global Growth Fund (Continued)

American Funds NVIT Global Growth Fund (“the Fund”) operates as a “feeder fund,” which means that the Fund does not buy individual securities directly, and may have additional investment and concentration risks. Instead, the Fund invests all of its assets in Class 1 shares of another mutual fund, the American Funds Global Growth Fund (the “Master Fund”), a series of the American Funds Insurance Series^®, which invests directly in individual securities. The Fund therefore has the same objective(s) and limitations as the Master Fund in which the Fund invests, and the investment return of the Fund corresponds to that of the Master Fund. For accounting and financial reporting purposes, the Fund is treated as a fund of funds.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

American Funds NVIT Growth Fund

Investment Company 100.1%
	Shares		Value
Equity Fund 100.1%
American Funds Growth Fund, Class 1 (a)		9,059,897	$	640,806,504
Total Investment Company (cost $635,188,213)				640,806,504
Total Investments (cost $635,188,213) — 100.1%				640,806,504
Liabilities in excess of other assets — (0.1)%				(421,641)
NET ASSETS — 100.0%			$	640,384,863

(a) Investments in master fund.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

American Funds NVIT Growth Fund (Continued)

American Funds NVIT Growth Fund (“the Fund”) operates as a “feeder fund,” which means that the Fund does not buy individual securities directly, and may have additional investment and concentration risks. Instead, the Fund invests all of its assets in Class 1 shares of another mutual fund, the American Funds Growth Fund (the “Master Fund”), a series of the American Funds Insurance Series^®, which invests directly in individual securities. The Fund therefore has the same objective(s) and limitations as the Master Fund in which the Fund invests, and the investment return of the Fund corresponds to that of the Master Fund. For accounting and financial reporting purposes, the Fund is treated as a fund of funds.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

American Funds NVIT Growth-Income Fund

Investment Company 100.1%
	Shares		Value
Equity Fund 100.1%
American Funds Growth-Income Fund, Class 1 (a)		70,362,866	$	2,864,472,283
Total Investment Company (cost $3,140,201,898)				2,864,472,283
Total Investments (cost $3,140,201,898) — 100.1%				2,864,472,283
Liabilities in excess of other assets — (0.1)%				(1,645,099)
NET ASSETS — 100.0%			$	2,862,827,184

(a) Investment in master fund.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

American Funds NVIT Growth-Income Fund (Continued)

American Funds NVIT Growth-Income Fund (“the Fund”) operates as a “feeder fund,” which means that the Fund does not buy individual securities directly, and may have additional investment and concentration risks. Instead, the Fund invests all of its assets in Class 1 shares of another mutual fund, the American Funds Growth-Income Fund (the “Master Fund”), a series of the American Funds Insurance Series^®, which invests directly in individual securities. The Fund therefore has the same objective(s) and limitations as the Master Fund in which the Fund invests, and the investment return of the Fund corresponds to that of the Master Fund. For accounting and financial reporting purposes, the Fund is treated as a fund of funds.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund

Asset-Backed Securities 7.5%
	Principal   Amount		Value
Automobiles 1.5%
CIG Auto Receivables Trust, Series 2019-1A, Class D, 4.85%, 5/15/2026(a)	$	1,150,000	$	817,879
United Auto Credit Securitization Trust, Series 2019-1, Class E, 4.29%, 8/12/2024(a)		1,450,000		1,089,448
Westlake Automobile Receivables Trust, Series 2019-1A, Class E, 4.49%, 7/15/2024(a)		2,000,000		1,664,236
				3,571,563
Credit Card 0.8%
Continental Credit Card ABS LLC, Series 2019-1A, Class C, 6.16%, 8/15/2026(a)		2,000,000		1,996,874
Other 5.2%
Amur Equipment Finance Receivables V LLC, Series 2018-1A, Class E, 5.36%, 4/22/2024(a)		800,000		802,947
Amur Equipment Finance Receivables VI LLC, Series 2018-2A, Class E, 5.45%, 11/20/2023(a)		300,000		303,608
Ascentium Equipment Receivables, Series 2019-1A, Class E, 4.31%, 4/12/2027(a)		2,500,000		2,494,132
Invitation Homes Trust, Series 2018-SFR3, Class F, 3.05%, 7/17/2037(a)(b)		142,998		109,356
Kabbage Funding LLC
Series 2019-1, Class C, 4.61%, 3/15/2024(a)		750,000		725,711
Series 2019-1, Class D, 5.69%, 3/15/2024(a)		1,000,000		968,334
Progress Residential Trust, Series 2019-SFR1, Class E, 4.47%, 8/17/2035(a)		5,000,000		4,420,091
Race Point VIII CLO Ltd., Series 2013-8A, Class CR2, 3.74%, 2/20/2030(a)(b)		650,000		574,772
Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class D, 4.75%, 1/20/2036(a)		574,765		563,982
Symphony CLO XXII Ltd., Series 2020-22A, Class C, 3.46%, 4/18/2033(a)(b)		400,000		355,069
York CLO-4 Ltd., Series 2016-2A, Class CR, 3.15%, 4/20/2032(a)(b)		1,000,000		896,107
				12,214,109
Total Asset-Backed Securities     (cost $19,750,831)				17,782,546
Collateralized Mortgage Obligations 10.9%
	Principal   Amount		Value
Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B2, 6.29%, 3/25/2049(a)(b)		2,250,000		2,133,300
Bellemeade Re Ltd., Series 2019-1A, Class B1, 4.95%, 3/25/2029(a)(b)		880,000		592,921
Connecticut Avenue Securities Trust
Series 2019-HRP1, Class B1, 10.20%, 11/25/2039(a)(b)		4,100,000		2,648,153
Series 2020-SBT1, Class 2M2, 4.51%, 2/25/2040(a)(b)		1,010,000		674,331

Collateralized Mortgage Obligations (continued)
	Principal   Amount		Value
Connecticut Avenue Securities Trust (continued)
Connecticut Avenue Securities Trust (continued)
Series 2020-SBT1, Class 1M2, 4.51%, 2/25/2040(a)(b)	$	960,000	$	640,949
Eagle RE Ltd., Series 2019-1, Class B1, 5.45%, 4/25/2029^¥(a)(b)		2,850,000		2,875,434
FHLMC STACR REMIC Trust
Series 2020-HQA2, Class M2, 3.91%, 3/25/2050(a)(b)		1,160,000		746,441
Series 2020-HQA2, Class B1, 4.91%, 3/25/2050(a)(b)		1,380,000		577,387
FHLMC STACR Trust
Series 2018-HQA2, Class B2, 11.95%, 10/25/2048(a)(b)		2,800,000		1,677,406
Series 2019-HQA1, Class B2, 13.20%, 2/25/2049(a)(b)		2,550,000		1,457,336
Series 2019-DNA2, Class B2, 11.45%, 3/25/2049(a)(b)		2,110,000		1,206,806
Series 2019-HQA2, Class B2, 12.20%, 4/25/2049(a)(b)		1,130,000		672,164
Series 2019-DNA3, Class B2, 9.10%, 7/25/2049(a)(b)		3,050,000		1,438,055
GNMA REMICS
Series 2019-159, Class HI, IO, 3.50%, 12/20/2049		4,775,406		516,308
Series 2019-159, Class CI, IO, 3.50%, 12/20/2049		2,976,206		260,969
New Residential Mortgage Loan Trust, Series 2019-NQM2, Class B1, 5.21%, 4/25/2049(a)(b)		3,000,000		2,733,208
Oaktown Re III Ltd., Series 2019-1A, Class B1B, 5.30%, 7/25/2029(a)(b)		3,270,000		2,299,235
STACR Trust, Series 2018-HRP2, Class B2, 11.45%, 2/25/2047(a)(b)		2,000,000		1,087,254
Verus Securitization Trust
Series 2019-2, Class B1, 4.44%, 5/25/2059(a)(b)		850,000		772,666
Series 2019-INV2, Class B1, 4.45%, 7/25/2059(a)(b)		850,000		729,952
Total Collateralized Mortgage Obligations     (cost $37,589,468)				25,740,275
Commercial Mortgage-Backed Securities 4.8%
	Principal   Amount		Value
COMM Mortgage Trust
Series 2015-CR26, Class D, 3.48%, 10/10/2048(b)		3,000,000		2,255,101
Series 2019-GC44, Class D, 2.50%, 8/15/2057(a)		2,120,000		1,228,437
JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class D, 3.40%, 6/15/2049(a)(b)		2,500,000		1,804,782
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class C, 4.95%, 2/15/2047(b)		230,000		208,842
Series 2015-C22, Class D, 4.24%, 4/15/2048(a)(b)		2,000,000		1,588,557
Series 2017-C33, Class D, 3.36%, 5/15/2050(a)		3,250,000		2,223,865

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Commercial Mortgage-Backed Securities (continued)
	Principal   Amount		Value
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class CE, 9.70%, 10/15/2049(a)(b)	$	2,136,000	$	1,953,053
Total Commercial Mortgage-Backed Securities     (cost $13,561,007)				11,262,637
Common Stocks 0.0%†
	Shares		Value
Oil, Gas & Consumable Fuels 0.0%†
Templar Energy LLC *^¥		6,672		0
Paper & Forest Products 0.0%†
Catalyst Paper Corp. *^¥		344,368		0
Total Common Stocks     (cost $53,656)				0
Corporate Bonds 55.9%
	Principal   Amount		Value
Air Freight & Logistics 0.4%
Cargo Aircraft Management, Inc., 4.75%, 2/1/2028(a)	$	200,000		185,500
United Parcel Service, Inc., 5.30%, 4/1/2050		560,000		733,631
				919,131
Airlines 0.5%
Latam Finance Ltd., 7.00%, 3/1/2026(a)		2,500,000		1,138,800
Auto Components 0.4%
Dealer Tire LLC, 8.00%, 2/1/2028(a)		1,162,000		929,600
Banks 6.1%
AIB Group plc,
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025(a)(c)		1,475,000		1,499,631
Barclays plc,
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.67%), 8.00%, 6/15/2024(c)(d)		1,750,000		1,622,950
BNP Paribas SA,
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.94%), 4.50%, 2/25/2030(a)(c)(d)		1,160,000		893,200
Citigroup, Inc.,
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025(c)(d)		1,505,000		1,289,183
Danske Bank A/S, 5.38%, 1/12/2024(a)		990,000		1,020,741
HSBC Holdings plc, 4.95%, 3/31/2030		715,000		780,779
Intesa Sanpaolo SpA,
Series XR, 4.70%, 9/23/2049(a)		1,695,000		1,455,728

Corporate Bonds (continued)
	Principal   Amount		Value
Banks (continued)
JPMorgan Chase & Co.,
Series FF, (SOFR + 3.38%), 5.00%, 8/01/2024(c)(d)		$923,000		$            866,918
Series HH, (SOFR + 3.13%), 4.60%, 2/01/2025(c)(d)(e)		2,100,000		1,837,920
Standard Chartered plc,
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 4.64%, 4/1/2031(a)(c)		440,000		451,194
UniCredit SpA,
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032(a)(c)(e)		3,000,000		2,713,754
				14,431,998
Beverages 1.5%
Bacardi Ltd., 5.30%, 5/15/2048(a)		2,240,000		2,430,237
Coca-Cola Co. (The), 4.20%, 3/25/2050		795,000		1,038,243
				3,468,480
Biotechnology 0.5%
Horizon Therapeutics USA, Inc., 5.50%, 8/1/2027(a)		1,175,000		1,179,582
Building Products 0.5%
Summit Materials LLC, 6.50%, 3/15/2027(a)(e)		1,122,000		1,060,290
Capital Markets 1.2%
Goldman Sachs Group, Inc. (The),
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029(c)		560,000		595,975
VistaJet Malta Finance plc, 10.50%, 6/1/2024(a)		2,688,000		2,173,920
				2,769,895
Chemicals 1.6%
INEOS Finance plc, 2.88%, 5/1/2026(a)		EUR        1,685,000		1,672,288
NOVA Chemicals Corp., 5.25%, 6/1/2027(a)(e)		$        1,355,000		1,141,587
OCI NV, 3.13%, 11/1/2024(a)		EUR        1,000,000		970,552
				3,784,427
Commercial Services & Supplies 1.0%
Allied Universal Holdco LLC, 6.63%, 7/15/2026(a)		$           430,000		422,475
APX Group, Inc., 6.75%, 2/15/2027(a)		660,000		547,800
GFL Environmental, Inc., 7.00%, 6/1/2026(a)(e)		282,000		272,952
Q-Park Holding I BV, 2.00%, 3/1/2027(a)		EUR        1,270,000		1,192,588
				2,435,815
Consumer Finance 2.9%
ASG Finance Designated Activity Co., 7.88%, 12/3/2024(a)(e)		$        1,995,000		1,147,125
Avation Capital SA, 6.50%, 5/15/2021(a)		2,000,000		1,820,000

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Consumer Finance (continued)
Avolon Holdings Funding Ltd., 3.63%, 5/1/2022(a)		$        1,780,000		$        1,577,902
Ford Motor Credit Co. LLC, 2.33%, 11/25/2025		EUR        1,890,000		1,582,121
Global Aircraft Leasing Co. Ltd., 6.50%, 9/15/2024(a)(f)		$        1,195,000		769,580
				6,896,728
Containers & Packaging 0.5%
Ball Corp., 1.50%, 3/15/2027		EUR        1,290,000		1,269,512
Distributors 0.6%
Wolverine Escrow LLC, 8.50%, 11/15/2024(a)		$        1,795,000		1,431,495
Diversified Consumer Services 0.4%
Sotheby’s , 7.38%, 10/15/2027(a)(e)		1,320,000		1,051,050
Diversified Financial Services 0.6%
Everglades Re II Ltd.,
(3 Month Treasury Bill Rate + 5.23%), 6.38%, 5/8/2020(a)(c)		250,000		248,875
Fixed Income Trust,
Series 2013-A, 7.70%, 10/15/2097(a)(g)		730,000		957,417
Pelican IV Re Ltd.,
(ICE LIBOR USD 6 Month + 2.04%, 2.04% Floor), 2.90%, 5/5/2020(a)(c)		250,000		248,275
				1,454,567
Diversified Telecommunication Services 2.0%
Frontier Communications Corp., 11.00%, 9/15/2025		240,000		63,000
Level 3 Financing, Inc., 4.63%, 9/15/2027(a)		2,405,000		2,390,329
Verizon Communications, Inc., 1.50%, 9/19/2039		EUR        2,500,000		2,184,321
				4,637,650
Electric Utilities 2.4%
Adani Electricity Mumbai Ltd., 3.95%, 2/12/2030(a)		$500,000		409,933
AEP Transmission Co. LLC,
Series M, 3.65%, 4/1/2050		290,000		298,690
Duke Energy Corp.,
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%, 9/16/2024(c)(d)(e)		1,330,000		1,117,200
Stoneway Capital Corp. , 10.00%, 3/1/2027(a)		3,542,332		495,962
Vistra Operations Co. LLC, 5.00%, 7/31/2027(a)		2,500,000		2,537,500
Xcel Energy, Inc., 3.40%, 6/1/2030		840,000		850,750
				5,710,035
Electronic Equipment, Instruments & Components 1.2%
Flex Ltd., 4.88%, 6/15/2029		2,902,000		2,721,197

Corporate Bonds (continued)
	Principal   Amount		Value
Energy Equipment & Services 1.0%
Archrock Partners LP, 6.25%, 4/1/2028(a)(e)		$          575,000		$          396,750
FTS International, Inc., 6.25%, 5/1/2022		1,242,000		431,595
Transocean Sentry Ltd., 5.38%, 5/15/2023(a)		1,732,000		1,454,880
Transocean, Inc., 8.00%, 2/1/2027(a)(e)		297,000		141,075
				2,424,300
Entertainment 1.8%
Netflix, Inc., 3.63%, 6/15/2030(a)		EUR        1,470,000		1,580,731
Walt Disney Co. (The), 4.70%, 3/23/2050		$        1,955,000		2,554,711
				4,135,442
Equity Real Estate Investment Trusts (REITs) 1.6%
Crown Castle International Corp., 4.15%, 7/1/2050		380,000		375,820
iStar, Inc., 4.75%, 10/1/2024		840,000		705,600
4.25%, 8/1/2025		1,955,000		1,607,792
MPT Operating Partnership LP, 4.63%, 8/1/2029		1,070,000		995,100
				3,684,312
Food Products 0.8%
General Mills, Inc., 2.88%, 4/15/2030		730,000		728,540
Simmons Foods, Inc., 5.75%, 11/1/2024(a)		1,201,000		1,090,268
				1,818,808
Health Care Providers & Services 0.4%
Centene Corp., 3.38%, 2/15/2030(a)		995,000		925,350
Hotels, Restaurants & Leisure 2.1%
Enterprise Development Authority (The), 12.00%, 7/15/2024(a)		1,950,000		1,696,500
Grupo Posadas SAB de CV, 7.88%, 6/30/2022(a)(e)		1,484,000		626,990
McDonald’s Corp., 4.20%, 4/1/2050		460,000		514,530
Scientific Games International, Inc., 7.00%, 5/15/2028(a)(e)		965,000		593,475
Station Casinos LLC, 4.50%, 2/15/2028(a)(e)		1,415,000		1,146,150
Viking Cruises Ltd., 5.88%, 9/15/2027(a)		788,000		461,067
				5,038,712
Household Durables 0.1%
Mattamy Group Corp., 4.63%, 3/1/2030(a)(e)		275,000		236,500
Household Products 0.4%
Procter & Gamble Co. (The), 3.60%, 3/25/2050		685,000		841,734

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Industrial Conglomerates 0.3%
3M Co., 3.70%, 4/15/2050		$705,000		$          796,816
Insurance 3.1%
Chubb INA Holdings, Inc., 0.88%, 12/15/2029		EUR       2,490,000		2,408,156
Farmers Exchange Capital III,
(ICE LIBOR USD 3 Month + 3.45%), 5.45%, 10/15/2054(a)(c)		$       2,510,000		3,126,833
Galaxy Bidco Ltd., 6.50%, 7/31/2026(a)		GBP          535,000		599,400
Liberty Mutual Group, Inc.,
(EUR Swap Annual 5 Year + 3.70%), 3.63%, 5/23/2059(a)(c)		EUR          450,000		437,898
Mutual of Omaha Insurance Co.,
(ICE LIBOR USD 3 Month + 2.64%), 4.30%, 7/15/2054(a)(c)		$          170,000		177,652
Progressive Corp. (The), 3.95%, 3/26/2050		440,000		513,827
				7,263,766
IT Services 0.8%
Mastercard, Inc., 3.85%, 3/26/2050		405,000		496,306
Visa, Inc., 2.05%, 4/15/2030		1,055,000		1,053,470
2.70%, 4/15/2040		380,000		377,203
				1,926,979
Life Sciences Tools & Services 0.2%
Thermo Fisher Scientific, Inc., 2.38%, 4/15/2032		EUR          325,000		358,937
Machinery 0.2%
Deere & Co., 3.75%, 4/15/2050		$          495,000		565,059
Media 3.2%
Charter Communications Operating LLC, 4.80%, 3/1/2050		1,540,000		1,602,483
Comcast Corp., 3.75%, 4/1/2040		415,000		468,492
Diamond Sports Group LLC, 6.63%, 8/15/2027(a)(e)		958,000		640,663
Interpublic Group of Cos., Inc. (The), 4.75%, 3/30/2030		2,485,000		2,462,252
MDC Partners, Inc., 6.50%, 5/1/2024(a)		3,343,000		2,507,250
				7,681,140
Metals & Mining 1.2%
Freeport-McMoRan, Inc., 4.25%, 3/1/2030		1,355,000		1,178,850
Metinvest BV, 7.75%, 10/17/2029(a)(e)		1,000,000		665,200
Novelis Corp., 4.75%, 1/30/2030(a)(e)		1,225,000		1,090,250
				2,934,300
Multi-Utilities 0.9%
Berkshire Hathaway Energy Co., 4.25%, 10/15/2050(a)		1,035,000		1,172,073

Corporate Bonds (continued)
	Principal   Amount		Value
Multi-Utilities (continued)
Consolidated Edison Co. of New York, Inc.,
Series 20B, 3.95%, 4/1/2050		$          945,000		$          993,315
				2,165,388
Oil, Gas & Consumable Fuels 5.3%
Cameron LNG LLC, 3.30%, 1/15/2035(a)		393,000		340,122
3.40%, 1/15/2038(a)		888,000		694,172
Cheniere Energy Partners LP, 4.50%, 10/1/2029(a)(e)		1,115,000		970,050
Energy Transfer Operating LP,
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030(c)(d)		2,200,000		1,324,026
EnLink Midstream Partners LP, 5.60%, 4/1/2044		540,000		182,250
5.05%, 4/1/2045(e)		420,000		153,174
5.45%, 6/1/2047		1,620,000		534,276
Hess Midstream Operations LP, 5.13%, 6/15/2028(a)		865,000		607,922
MEG Energy Corp., 7.13%, 2/1/2027(a)		1,755,000		867,181
Midwest Connector Capital Co. LLC, 4.63%, 4/1/2029(a)		1,467,000		1,412,599
MPLX LP, 4.50%, 4/15/2038(e)		410,000		320,146
5.50%, 2/15/2049		345,000		290,953
Neptune Energy Bondco plc, 6.63%, 5/15/2025(a)		1,450,000		812,000
PBF Holding Co. LLC, 6.00%, 2/15/2028(a)(e)		1,795,000		1,184,700
Petroleos Mexicanos, 6.84%, 1/23/2030(a)		1,940,000		1,403,629
5.95%, 1/28/2031(a)		328,000		227,474
6.75%, 9/21/2047		640,000		416,896
Tallgrass Energy Partners LP, 6.00%, 3/1/2027(a)		1,650,000		874,500
				12,616,070
Pharmaceuticals 1.7%
Bausch Health Americas, Inc., 8.50%, 1/31/2027(a)		940,000		982,300
Bausch Health Cos., Inc., 7.00%, 1/15/2028(a)(e)		553,000		567,599
7.25%, 5/30/2029(a)		804,000		834,391
5.25%, 1/30/2030(a)		210,000		198,568
Pfizer, Inc., 2.63%, 4/1/2030		920,000		967,347
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 1/31/2025(a)		EUR          515,000		552,217
				4,102,422
Road & Rail 0.4%
Kapla Holding SAS, 3.38%, 12/15/2026(a)		455,000		326,183
Union Pacific Corp., 3.75%, 2/5/2070		$          670,000		690,986
				1,017,169

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Semiconductors & Semiconductor Equipment 1.5%
Broadcom, Inc., 4.25%, 4/15/2026(a)	$	908,000	$	892,661
Intel Corp., 4.95%, 3/25/2060		920,000		1,270,008
NVIDIA Corp., 3.50%, 4/1/2040		465,000		493,346
3.50%, 4/1/2050		400,000		434,933
3.70%, 4/1/2060		400,000		447,112
				3,538,060
Software 1.4%
Citrix Systems, Inc., 3.30%, 3/1/2030		2,170,000		2,016,351
Oracle Corp., 3.85%, 4/1/2060		1,175,000		1,182,603
				3,198,954
Specialty Retail 1.3%
Lowe’s Cos., Inc., 5.13%, 4/15/2050		920,000		1,110,760
Michaels Stores, Inc., 8.00%, 7/15/2027(a)(e)		2,003,000		1,482,220
TJX Cos., Inc. (The), 4.50%, 4/15/2050		550,000		587,543
				3,180,523
Technology Hardware, Storage & Peripherals 0.6%
Dell International LLC, 4.90%, 10/1/2026(a)		1,398,000		1,375,900
Textiles, Apparel & Luxury Goods 0.4%
NIKE, Inc., 3.25%, 3/27/2040		610,000		639,306
3.38%, 3/27/2050		355,000		387,270
				1,026,576
Thrifts & Mortgage Finance 0.2%
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/2027(a)		660,000		561,000
Wireless Telecommunication Services 0.7%
Ypso Finance Bis SA, 6.00%, 2/15/2028(a)(e)		1,760,000		1,548,237
Total Corporate Bonds (cost $153,321,701)				132,252,706
Foreign Government Securities 2.5%
	Principal   Amount		Value
QATAR 1.5%
State of Qatar, 5.10%, 4/23/2048 (a)		240,000		291,010
4.82%, 3/14/2049 (a)		2,755,000		3,244,883
				3,535,893

Foreign Government Securities (continued)
	Principal   Amount		Value
UNITED ARAB EMIRATES 1.0%
United Arab Emirates Government Bond, 3.13%, 9/30/2049 (a)(e)	$	2,640,000	$	2,455,200
Total Foreign Government Securities (cost $5,578,911)				5,991,093
Loan Participations 9.3%
	Principal   Amount		Value
Auto Components 0.8%
Trico Group LLC, Term Loan, (ICE LIBOR USD 3 Month + 7.00%), 8.45%, 2/2/2024 (c)		2,299,000		1,954,150
Communications Equipment 0.4%
CommScope, Inc., Term Loan B2, (ICE LIBOR USD 1 Month + 3.25%), 4.24%, 4/6/2026 (c)		907,725		853,261
Diversified Telecommunication Services 2.5%
CenturyLink, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.24%, 3/15/2027 (c)		2,423,925		2,249,717
Windstream Corp., DIP Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 3.49%, 2/26/2021 (c)		2,000,000		1,940,000
Windstream Refinance, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 7.50%, 2/17/2024 (c)		3,085,000		1,835,575
				6,025,292
Food Products 1.4%
Froneri International Ltd., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.24%, 1/29/2027 (c)		500,000		473,750
JBS USA LLC, Term Loan B, (ICE LIBOR USD 3 Month + 2.00%), 3.07%, 5/1/2026 (c)		3,004,650		2,796,458
				3,270,208
Hotels, Restaurants & Leisure 0.9%
Spectacle Gary, Term Loan, (ICE LIBOR USD 6 Month + 9.00%), 11.00%, 11/8/2025 (c)		2,725,200		2,261,916
IT Services 0.9%
Dyncorp International, Inc., Term Loan, (ICE LIBOR USD 1 Month + 6.00%), 7.00%, 8/18/2025 (c)		2,544,750		2,099,419
Machinery 0.4%
Shape Technologies Group, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.81%, 4/19/2025 (c)		1,492,405		1,044,684
Media 0.3%
Diamond Sports Group LLC, Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.18%, 8/24/2026 (c)		810,925		624,412

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Loan Participations (continued)
	Principal   Amount		Value
Wireless Telecommunication Services 1.7%
Sprint Communications, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 2/2/2024 (c)	$	3,950,000	$	3,920,375
Total Loan Participations     (cost $25,297,579)				22,053,717
Supranational 0.6%
	Principal Amount		Value
Banque Ouest Africaine de Developpement, 4.70%, 10/22/2031(a)		1,700,000		1,544,892
Total Supranational     (cost $1,700,000)				1,544,892
Preferred Stock 0.0%†
	Shares		Value
Oil, Gas & Consumable Fuels 0.0%†
Templar Energy LLC, 0.00% *^¥(h)		5,423		0
Total Preferred Stock     (cost $41,720)				0
Repurchase Agreements 3.4%
	Principal Amount		Value
Bank of America NA 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $954,851, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $973,947. (i)	$	954,850		954,850
Nomura Securities International, Inc. 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $3,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $3,060,000. (i)		3,000,000		3,000,000

Repurchase Agreements (continued)
	Principal Amount		Value
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,008, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $2,040,000. (i)	$	2,000,000	$	2,000,000
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,008, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $2,040,000. (i)		2,000,000		2,000,000
Total Repurchase Agreements (cost $7,954,850)				7,954,850
Total Investments (cost $264,849,723) — 94.9%				224,582,716
Other assets in excess of liabilities — 5.1%				12,011,744
NET ASSETS — 100.0%			$	236,594,460

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $137,000,665 which represents 57.91% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2020.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of March 31, 2020.

(d) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2020. The maturity date reflects the next call date.

(e) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $12,312,589, which was collateralized by cash used to purchase repurchase agreements with a total value of $7,954,850 and by $5,020,269 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 4.63%, and maturity dates ranging from 4/9/2020 – 2/15/2049, a total value of $12,975,119.

(f) PIK-- Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer. The rate disclosed is the cash rate.

(g) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, 2020.

(h) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of March 31, 2020.

(i) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $7,954,850.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

CLO	Collateralized Loan Obligations
FHLMC	Federal Home Loan Mortgage Corp.
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest only
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
Currency:
EUR	Euro
GBP	British Pound
USD	United States dollar

Centrally Cleared Credit default swap contracts outstanding - buy protection as of March 31, 2020¹:

Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)2		Notional Amount3		Upfront Payments (Receipts) ($)4			Unrealized Appreciation (Depreciation) ($)		Value ($)
Markit CDX North American High Yield Index Series 33-V3		5.00		Quarterly		12/20/2024		6.60		USD    99,000,000		(5,726,651	)		11,480,122		5,753,471
Markit CDX North American Investment Grade Index Series 33-V1		1.00		Quarterly		12/20/2024		1.08		USD    62,000,000		(1,068,540	)		1,270,495		201,955
												(6,795,191	)		12,750,617		5,955,426

Centrally Cleared Credit default swap contracts outstanding - sell protection as of March 31, 2020⁵:

Reference Obligation/Index	Financing Rate Received by the Fund (%)		Payment Frequency		Maturity Date		Implied Credit Spread (%)2		Notional Amount3		Upfront Payments (Receipts) ($)4		Unrealized Appreciation (Depreciation) ($)			Value ($)
Markit CDX North American High Yield Index Series 33-V3		5.00		Quarterly		12/20/2024		6.60		USD    29,000,000		1,411,640		(3,097,000	)		(1,685,360	)
												1,411,640		(3,097,000	)		(1,685,360	)

At March 31, 2020, the Fund had $5,409,289 segregated as collateral for credit default swap contracts.

1 The Fund, as a buyer of credit protection, pays periodic payments and any upfront premium to the protection seller, and is obligated to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of each individual swap contract.

2 Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make a payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

3 The notional amount is the maximum amount that a seller of a credit default swap would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

4 Upfront premiums generally related to payments received or paid at the initiation of the swap agreement to compensate for differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

5 The Fund, as a seller of credit protection, receives periodic payments and any upfront premium from the protection buyer, and the Fund is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of each individual swap contract.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Forward foreign currency contracts outstanding as of March 31, 2020:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized   Appreciation   (Depreciation) ($)
EUR	1,180,797	USD	1,289,480	Bank of America NA	4/20/2020		13,725
EUR	3,523,663	USD	3,825,282	JPMorgan Chase Bank	4/20/2020		63,662
USD	19,783,782	EUR	17,714,874	JPMorgan Chase Bank	4/20/2020		232,491
Total unrealized appreciation							309,878
USD	479,620	GBP	389,908	JPMorgan Chase Bank	4/20/2020		(4,869)
Total unrealized depreciation							(4,869)
Net unrealized appreciation							305,009

Currency:

EUR Euro

GBP British Pound

USD United States Dollar

Futures contracts outstanding as of March 31, 2020 :

Description	Number of Contracts		Expiration Date	Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
Euro-Bobl		(16)	6/2020		EUR		(2,385,970)	17,045
Euro-Bund		(72)	6/2020		EUR		(13,698,812)	199,512
U.S. Treasury 2 Year Note		(115)	6/2020		USD		(25,344,023)	(367,545)
U.S. Treasury 5 Year Note		(412)	6/2020		USD		(51,648,063)	(1,623,737)
U.S. Treasury 10 Year Note		(27)	6/2020		USD		(3,744,563)	(154,047)
U.S. Treasury 10 Year Ultra Bond		(77)	6/2020		USD		(12,014,406)	(179,057)
U.S. Treasury Long Bond		(164)	6/2020		USD		(29,366,250)	(2,040,004)
U.S. Treasury Ultra Bond		(64)	6/2020		USD		(14,200,000)	(414,917)
								(4,562,750)

At March 31, 2020, the Fund had $3,102,040 segregated as collateral with the broker for open futures contracts.

Currency:

EUR Euro

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2			Level 3		Total
Assets:
Asset-Backed Securities	$	–		$	17,782,546		$	–	$	17,782,546
Collateralized Mortgage Obligations		–			22,864,841			2,875,434		25,740,275
Commercial Mortgage-Backed Securities		–			11,262,637			–		11,262,637
Common Stocks		–			–			–		–
Corporate Bonds		–			132,252,706			–		132,252,706
Swap Contracts*		–			12,750,617			–		12,750,617
Foreign Government Securities		–			5,991,093			–		5,991,093
Forward Foreign Currency Contracts		–			309,878			–		309,878
Futures Contracts		216,557			–			–		216,557
Loan Participations		–			22,053,717			–		22,053,717
Preferred Stock		–			–			–		–
Repurchase Agreements		–			7,954,850			–		7,954,850
Supranational		–			1,544,892			–		1,544,892
Total Assets	$	216,557		$	234,767,777		$	2,875,434	$	237,859,768
Liabilities:
Swap Contracts*		–			(3,097,000	)		–		(3,097,000	)
Forward Foreign Currency Contracts		–			(4,869	)		–		(4,869	)
Futures Contracts		(4,779,307	)		–			–		(4,779,307	)
Total Liabilities	$	(4,779,307	)	$	(3,101,869	)	$	–	$	(7,881,176	)
Total	$	(4,562,750	)	$	231,665,908		$	2,875,434	$	229,978,592

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

* Centrally cleared credit default swap contracts are included in the table at unrealized appreciation/(depreciation).

During the period ended March 31, 2020, the Fund held one preferred stock and two common stock investments that were categorized as Level 3 investments which were each valued at $0.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Collateralized Mortgage Obligations		Total
Balance as of 12/31/2019	$	—	$	—
Accrued Accretion/(Amortization)		—		—
Realized Gains (Losses)		—		—
Purchases		—		—
Sales		—		—
Change in Unrealized Appreciation/Depreciation		36,382		36,382
Transfers Into Level 3		2,839,052		2,839,052
Transfers Out of Level 3		—		—
Balance as of 3/31/2020	$	2,875,434	$	2,875,434
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 3/31/2020	$	36,382	$	36,382

Amounts designated as “—” are zero or have been rounded to zero.

Transfers into or out of Level 3 are generally due to a change in market value methodology.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Eagle RE Ltd., Series 2019-1, Class B1, 5.45%, 4/25/2029	Pricing Service	Offered Quotes	$100.89 ($100.89)

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using swap contracts, forward foreign currency contracts and financial futures contracts.

Swap Contracts

Credit Default Swap Contracts. The Fund entered into credit default swap contracts during the period ended March 31, 2020. Credit default swap contracts are either privately negotiated agreements between the Fund and a counterparty or traded through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty.

The Fund utilized credit default swap contracts to manage broad credit market spread exposure. The Fund segregates liquid assets to cover its obligations under its credit default swap contracts. Upfront premiums received at the beginning of the initiation period are included under “Receivable for variation margin on centrally cleared credit default swap contracts”. These upfront premiums are amortized and accredited daily and are recorded as realized gains or losses upon maturity or termination of the credit default swap contract.

As the protection purchaser in a credit default swap contract, the Fund pays the counterparty a periodic stream of payments over the term of the contract, provided that no credit event or default (or similar event) occurs. However, the Fund is required to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty in the event of a default (or similar event) by a third party, such as a U.S. or foreign issuer, on the debt obligation. If a credit event or default (or similar event) occurs, the Fund either (i) receives from the counterparty an amount equal to the notional amount of the swap and the counterparty takes delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) receives from the counterparty a net settlement amount in the form of cash or securities to the notional amount of the swap and the recovery value of the referenced obligation or underlying securities comprising the referenced index. As the purchaser in a credit default swap contract, the Fund’s investment would generate income only in the event of an actual default (or similar event) by the issuer of the underlying obligation.

As the protection seller in a credit default swap contract, the Fund receives from the counterparty a periodic stream of payments over the term of the contract, provided that no credit event or default (or similar event) occurs. However, the Fund is required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty in the event of a default (or similar event) by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, if no credit event or default (or similar event) occurs, the Fund keeps the stream of payments and would have no payment of obligations.

If a credit event or default (or similar event) occurs, the Fund either (i) pays to the counterparty an amount equal to the notional amount of the swap and takes delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pays the counterparty a net settlement amount in the form of cash or securities to the notional amount of the swap and the recovery value of the referenced obligation or underlying securities comprising the referenced index. By selling a credit default swap contract, the Fund effectively adds economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices include high-yield securities. Credit indices are traded using credit default swap contracts with standardized terms including a fixed spread and standard maturity dates. An index credit default swap contract references all the names in the index, and if there is a default, the credit event is settled based on the name’s weight in the index. For most indices, each name has an equal weight in the index. The composition of the indices changes periodically. The use of credit default swap contracts on indices is often less expensive than it would be to buy many issuer-specific credit default swap contracts to achieve a similar effect.

Credit default swaps are marked-to-market daily based on valuations from independent pricing services. Credit default swaps are generally categorized as Level 2 investments within the hierarchy.

Implied credit spreads are utilized in determining the market value of credit default swap agreements on credit indices and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Implied credit spreads utilized in valuing the Fund’s investments as of March 31, 2020 are disclosed in the Statement of Investments. The implied credit spread of a particular referenced entity reflects the cost of selling protection on such entity’s debt, and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting value serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Certain clearinghouses currently offer clearing for limited types of derivatives transactions, such as credit derivatives. In a centrally cleared credit default swap contract, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Statement of Investments and cash deposited is recorded as cash pledged for centrally cleared credit default swap contracts. The daily change in valuation of centrally cleared credit default swap contracts is recorded as a receivable or payable for variation margin on centrally cleared credit default swap. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses).

Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time of the forward foreign currency contract matures or by delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Swap Contracts(a)
Credit risk	Unrealized appreciation on centrally cleared credit default swap contracts		$      12,750,617
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts		$           309,878
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts		$           216,557
Total			$      13,277,052

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Amundi NVIT Multi Sector Bond Fund (Continued)

Liabilities:
Swap Contracts(a)
Credit risk	Unrealized depreciation on centrally cleared credit default swap contracts	$       (3,097,000)
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts	$              (4,869)
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts	$       (4,779,307)
Total		$       (7,881,176)

(a) Centrally cleared credit default swap contracts are included in the table at unrealized appreciation/(depreciation).

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

BlackRock NVIT Equity Dividend Fund

Common Stocks 90.3%
	Shares		Value
Aerospace & Defense 2.4%
BAE Systems plc		737,304	$	4,757,565
Lockheed Martin Corp. (a)		6,495		2,201,480
Northrop Grumman Corp. (a)		299		90,462
Raytheon Co.		1,260		165,249
				7,214,756
Air Freight & Logistics 0.9%
FedEx Corp. (a)		23,300		2,825,358
Automobiles 1.1%
General Motors Co.		158,130		3,285,941
Banks 10.7%
Bank of America Corp.		412,422		8,755,719
Citigroup, Inc.		195,823		8,248,065
JPMorgan Chase & Co.		80,174		7,218,065
Wells Fargo & Co.		280,424		8,048,169
				32,270,018
Beverages 2.1%
Constellation Brands, Inc., Class A		36,470		5,228,339
PepsiCo, Inc.		9,528		1,144,313
				6,372,652
Capital Markets 3.9%
Charles Schwab Corp. (The)		110,500		3,715,010
CME Group, Inc.		4,660		805,761
Morgan Stanley (a)		131,252		4,462,568
Raymond James Financial, Inc. (a)		43,950		2,777,640
				11,760,979
Chemicals 1.3%
Corteva, Inc.		70,577		1,658,559
DuPont de Nemours, Inc.		61,796		2,107,244
				3,765,803
Communications Equipment 2.6%
Cisco Systems, Inc.		132,110		5,193,244
Motorola Solutions, Inc.		19,819		2,634,342
				7,827,586
Construction Materials 0.3%
CRH plc		31,771		862,689
Diversified Financial Services 1.9%
Berkshire Hathaway, Inc., Class B *		20,100		3,674,883
Equitable Holdings, Inc.		138,698		2,004,186
				5,679,069
Diversified Telecommunication Services 4.5%
BCE, Inc.		8,334		340,527
Verizon Communications, Inc.		245,367		13,183,569
				13,524,096
Electric Utilities 2.7%
Edison International (a)		17,290		947,319
FirstEnergy Corp.		156,315		6,263,542
NextEra Energy, Inc. (a)		3,266		785,865
				7,996,726
Food Products 1.9%
Conagra Brands, Inc.		48,251		1,415,684
Kellogg Co.		14,430		865,656
Nestle SA (Registered)		34,549		3,560,904
				5,842,244
Health Care Equipment & Supplies 6.0%
Alcon, Inc. *		62,036		3,165,823
Koninklijke Philips NV		180,793		7,317,548
Medtronic plc		86,030		7,758,185
				18,241,556

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services 5.7%
Anthem, Inc.		27,910	$	6,336,686
CVS Health Corp.		82,967		4,922,432
McKesson Corp.		12,638		1,709,416
Quest Diagnostics, Inc.		6,003		482,041
UnitedHealth Group, Inc.		14,470		3,608,529
				17,059,104
Household Durables 1.7%
Newell Brands, Inc.		185,739		2,466,614
Sony Corp.		44,700		2,657,111
				5,123,725
Household Products 0.7%
Henkel AG & Co. KGaA (Preference)		26,360		2,149,637
Industrial Conglomerates 2.3%
General Electric Co.		378,397		3,004,472
Siemens AG (Registered)		46,510		4,003,040
				7,007,512
Insurance 6.2%
Allstate Corp. (The)		7,530		690,727
American International Group, Inc.		196,829		4,773,103
Arthur J Gallagher & Co.		40,180		3,275,072
MetLife, Inc.		133,563		4,083,021
Travelers Cos., Inc. (The)		15,783		1,568,041
Willis Towers Watson plc		25,740		4,371,939
				18,761,903
IT Services 2.2%
Cognizant Technology Solutions Corp., Class A		116,230		5,401,208
Visa, Inc., Class A (a)		8,451		1,361,625
				6,762,833
Machinery 0.4%
Pentair plc		41,966		1,248,908
Media 2.9%
Comcast Corp., Class A		169,681		5,833,633
Fox Corp., Class A		111,830		2,642,543
Fox Corp., Class B		6,940		158,787
				8,634,963
Multiline Retail 1.1%
Dollar General Corp.		22,199		3,352,271
Multi-Utilities 1.0%
NiSource, Inc.		25,700		641,729
Public Service Enterprise Group, Inc.		52,101		2,339,856
				2,981,585
Oil, Gas & Consumable Fuels 6.4%
BP plc		1,179,760		5,018,901
ConocoPhillips		63,340		1,950,872
Equinor ASA		131,940		1,662,009
Marathon Oil Corp.		260,450		856,880
Marathon Petroleum Corp.		102,640		2,424,357
Pioneer Natural Resources Co.		26,190		1,837,229
TOTAL SA, ADR-FR		40,816		1,519,988
Williams Cos., Inc. (The)		277,846		3,931,521
				19,201,757
Personal Products 1.9%
Unilever NV, NYRS-UK		120,213		5,865,192
Pharmaceuticals 6.5%
AstraZeneca plc		53,093		4,742,695

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

BlackRock NVIT Equity Dividend Fund (Continued)

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Bayer AG (Registered)		81,311	$	4,772,976
Johnson & Johnson		3,883		509,178
Pfizer, Inc.		70,291		2,294,298
Sanofi		82,140		7,231,672
				19,550,819
Road & Rail 0.7%
Union Pacific Corp.		15,480		2,183,299
Semiconductors & Semiconductor Equipment 0.5%
NXP Semiconductors NV		16,220		1,345,125
Software 2.4%
Constellation Software, Inc.		1,043		947,927
Microsoft Corp.		40,267		6,350,509
				7,298,436
Specialty Retail 1.2%
Lowe’s Cos., Inc.		40,380		3,474,699
Technology Hardware, Storage & Peripherals 1.3%
Samsung Electronics Co. Ltd., GDR-KR Reg. S		4,090		4,038,886
Tobacco 2.2%
Altria Group, Inc.		162,244		6,273,976
British American Tobacco plc		12,490		426,513
				6,700,489
Trading Companies & Distributors 0.7%
Ferguson plc		34,700		2,169,818
Total Common Stocks (cost $302,076,546)				272,380,434

Master Limited Partnership 0.9%
	Shares		Value
Oil, Gas & Consumable Fuels 0.9%
Enterprise Products Partners LP		188,550		2,696,265
Total Master Limited Partnership (cost $5,265,602)				2,696,265

Repurchase Agreements 0.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $734,681, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $749,374. (b)	$	734,680		734,680

Repurchase Agreements (continued)
	Principal Amount		Value
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,001, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020. (b)	$	1,000	$	1,000
Total Repurchase Agreements (cost $735,680)				735,680
Total Investments (cost $308,077,828) — 91.4%				275,812,379
Other assets in excess of liabilities — 8.6%				26,108,502
NET ASSETS — 100.0%			$	301,920,881

*    Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $12,757,445, which was collateralized by cash used to purchase repurchase agreements with a total value of $735,680 and by $12,829,347 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/16/2020 – 11/15/2049, a total value of $13,565,027.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $735,680.

ADR	American Depositary Receipt
FR	France
GDR	Global Depositary Receipt
KR	South Korea
NYRS	New York Registry Shares
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
UK	United Kingdom

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

BlackRock NVIT Equity Dividend Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	2,457,191	$	4,757,565	$	–	$	7,214,756
Air Freight & Logistics		2,825,358		–		–		2,825,358
Automobiles		3,285,941		–		–		3,285,941
Banks		32,270,018		–		–		32,270,018
Beverages		6,372,652		–		–		6,372,652
Capital Markets		11,760,979		–		–		11,760,979
Chemicals		3,765,803		–		–		3,765,803
Communications Equipment		7,827,586		–		–		7,827,586
Construction Materials		–		862,689		–		862,689
Diversified Financial Services		5,679,069		–		–		5,679,069
Diversified Telecommunication Services		13,524,096		–		–		13,524,096
Electric Utilities		7,996,726		–		–		7,996,726
Food Products		2,281,340		3,560,904		–		5,842,244
Health Care Equipment & Supplies		7,758,185		10,483,371		–		18,241,556
Health Care Providers & Services		17,059,104		–		–		17,059,104
Household Durables		2,466,614		2,657,111		–		5,123,725
Household Products		–		2,149,637		–		2,149,637
Industrial Conglomerates		3,004,472		4,003,040		–		7,007,512
Insurance		18,761,903		–		–		18,761,903
IT Services		6,762,833		–		–		6,762,833
Machinery		1,248,908		–		–		1,248,908

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

BlackRock NVIT Equity Dividend Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Media	$	8,634,963	$	–	$	–	$	8,634,963
Multiline Retail		3,352,271		–		–		3,352,271
Multi-Utilities		2,981,585		–		–		2,981,585
Oil, Gas & Consumable Fuels		12,520,847		6,680,910		–		19,201,757
Personal Products		5,865,192		–		–		5,865,192
Pharmaceuticals		2,803,476		16,747,343		–		19,550,819
Road & Rail		2,183,299		–		–		2,183,299
Semiconductors & Semiconductor Equipment		1,345,125		–		–		1,345,125
Software		7,298,436		–		–		7,298,436
Specialty Retail		3,474,699		–		–		3,474,699
Technology Hardware, Storage & Peripherals		–		4,038,886		–		4,038,886
Tobacco		6,273,976		426,513		–		6,700,489
Trading Companies & Distributors		–		2,169,818		–		2,169,818
Total Common Stocks	$	213,842,647	$	58,537,787	$	–	$	272,380,434
Master Limited Partnership		2,696,265		–		–		2,696,265
Repurchase Agreements		–		735,680		–		735,680
Total	$	216,538,912	$	59,273,467	$	–	$	275,812,379

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

BlackRock NVIT Managed Global Allocation Fund

Investment Company89.9%
	Shares		Value
Alternative Assets 89.9%
BlackRock Global Allocation VI Fund, Class I *		17,257,573	$	258,691,016
Total Investment Company (cost $277,055,417)				258,691,016
Total Investments
(cost $277,055,417) — 89.9%				258,691,016
Other assets in excess of liabilities — 10.1%				29,178,655
NET ASSETS — 100.0%			$	287,869,671

* Denotes a non-income producing security.

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts			Expiration Date	Trading Currency	Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
MSCI EAFE E-Mini Index		(530	)	6/2020	USD		(41,321,450	)		(3,280,336)
Russell 2000 E-Mini Index		(8	)	6/2020	USD		(459,040	)		(32,575)
S&P 500 E-Mini Index		(517	)	6/2020	USD		(66,426,745	)		(3,564,811)
S&P Midcap 400 E-Mini Index		(9	)	6/2020	USD		(1,294,020	)		(116,366)
										(6,994,088)

At March 31, 2020, the Fund has $12,535,380 segregated as collateral with the broker for open futures contracts.

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

BlackRock NVIT Managed Global Allocation Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to modify exposure to volatility. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

BlackRock NVIT Managed Global Allocation Fund (Continued)

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:		Fair Value
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(6,994,088	)
Total		$	(6,994,088	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund

Asset-Backed Securities 11.0%
	Principal   Amount		Value
Automobiles 0.3%
Flagship Credit Auto Trust, Series 2017-4, Class C, 2.92%, 11/15/2023(a)	$	500,000	$	480,733
Home Equity 5.4%
Countrywide Asset-Backed Certificates, Series 2007-BC3, Class 2A3, 1.13%, 11/25/2047(b)		732,522		643,661
Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB4, Class AV3, 1.10%, 5/25/2036(b)		3,146,461		2,385,727
JP Morgan Mortgage Acquisition Trust
Series 2006-RM1, Class A5, 1.19%, 8/25/2036(b)		2,006,531		963,352
Series 2007-CH3, Class M2, 1.27%, 3/25/2037(b)		1,500,000		989,551
MASTR Asset-Backed Securities Trust, Series 2007-HE1, Class A3, 1.16%, 5/25/2037(b)		2,485,040		2,212,224
New Century Home Equity Loan Trust, Series 2006-1, Class A2C, 1.23%, 5/25/2036(b)		1,500,000		923,957
Securitized Asset-Backed Receivables LLC Trust, Series 2006-FR4, Class A2B, 1.12%, 8/25/2036(b)		4,561,993		1,704,942
				9,823,414
Other 5.1%
AGL CLO 3 Ltd., Series 2020-3A, Class A, 2.19%, 1/15/2033(a)(b)		1,000,000		927,519
AIMCO CLO, Series 2015-AA, Class AR, 2.68%, 1/15/2028(a)(b)		500,000		482,496
Birch Grove CLO Ltd., Series 19A, Class A, 2.23%, 6/15/2031(a)(b)		500,000		466,016
CFIP CLO Ltd., Series 2017-1A, Class B, 3.47%, 1/18/2030(a)(b)		500,000		454,658
CLNC Ltd., Series 2019-FL1, Class A, 2.00%, 8/20/2035(a)(b)		196,000		177,188
ENA Norte Trust, Reg. S, 4.95%, 4/25/2023		114,061		112,921
FREED ABS Trust, Series 2019-1, Class A, 3.42%, 6/18/2026(a)		84,517		82,951
LCM XV LP, Series 15A, Class DR, 5.52%, 7/20/2030(a)(b)		250,000		196,721
Legacy Mortgage Asset Trust, Series 2018-GS2, Class A1, 4.00%, 4/25/2058(a)(c)		788,925		719,194
LoanCore Issuer Ltd., Series 2019-CRE2, Class AS, 2.20%, 5/15/2036(a)(b)		188,000		160,619
MP CLO IV Ltd., Series 2013-2A, Class ARR, 3.07%, 7/25/2029(a)(b)		500,000		478,546
Rockford Tower CLO Ltd., Series 2017-3A, Class A, 3.01%, 10/20/2030(a)(b)		500,000		468,770
SCF Equipment Leasing LLC, Series 2017-2A, Class A, 3.41%, 12/20/2023(a)		194,780		193,374
Sprite Ltd., Series 2017-1, Class A, 4.25%, 12/15/2037(a)		334,089		251,135
Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.61%, 2/1/2055(a)		496,891		436,202
Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, 11/25/2048(a)		493,750		481,411
TRTX Issuer Ltd., Series 2019-FL3, Class AS, 2.25%, 9/15/2034(a)(b)		196,000		159,821
Venture XV CLO Ltd., Series 2013-15A, Class A1R2, 3.20%, 7/15/2032(a)(b)		500,000		467,411
Venture XX CLO Ltd., Series 2015-20A, Class AR, 2.65%, 4/15/2027(a)(b)		389,541		379,918
VOLT LXXXV LLC, Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050(a)(c)		1,976,481		1,825,445

Asset-Backed Securities (continued)
	Principal   Amount		Value
Other (continued)
Zais CLO 5 Ltd., Series 2016-2A, Class A1, 3.36%, 10/15/2028(a)(b)	$	500,000	$	483,976
				9,406,292
Student Loan 0.2%
Sofi Professional Loan Program Trust, Series 2018-B, Class BFX, 3.83%, 8/25/2047(a)		500,000		464,621
Total Asset-Backed Securities (cost $22,700,204)				20,175,060
Collateralized Mortgage Obligations 27.6%
	Principal   Amount		Value
Alternative Loan Trust
Series 2005-64CB, Class 1A12, 1.75%, 12/25/2035(b)		1,801,560		1,462,128
Series 2006-13T1, Class A1, 6.00%, 5/25/2036		2,372,635		1,612,509
Series 2006-OA7, Class 1A2, 2.91%, 6/25/2046(b)		2,474,342		2,024,715
Bear Stearns ALT-A Trust, Series 2006-1, Class 11A1, 1.43%, 2/25/2036(b)		2,153,928		1,939,278
Chase Mortgage Finance Trust, Series 2007-S5, Class 1A10, 6.00%, 7/25/2037		2,159,416		1,509,864
CHL Mortgage Pass-Through Trust, Series 2006-20, Class 1A36, 5.75%, 2/25/2037		1,668,478		1,194,811
CMO, 2.44%, 1/28/2032^¥		2,100,000		2,110,500
FHLMC REMICS
Series 4749, Class LV, 3.50%, 4/15/2038		4,000,000		4,348,901
Series 4729, Class AG, 3.00%, 1/15/2044		5,000,000		5,350,757
Series 4748, Class KW, 3.50%, 9/15/2044		3,000,000		3,262,962
Series 4750, Class PA, 3.00%, 7/15/2046		2,869,125		3,062,584
Series 4752, Class PL, 3.00%, 9/15/2046		2,881,098		3,036,880
FNMA REMICS
Series 2013-20, Class MA, 2.50%, 3/25/2033		3,213,970		3,370,134
Series 2014-11, Class KZ, 2.50%, 10/25/2041		2,211,739		2,344,458
Series 2018-33, Class A, 3.00%, 5/25/2048		2,771,186		2,933,009
Series 2019-64, Class D, 2.50%, 11/25/2049		1,952,201		2,037,287
GCAT Trust, Series 2019-NQM3, Class M1, 3.45%, 11/25/2059(a)(b)		700,000		593,464
IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class A11, 1.13%, 7/25/2047(b)		1,106,052		798,624
JP Morgan Mortgage Trust, Series 2006-S1, Class 2A9, 6.50%, 4/25/2036		656,746		669,579
NRPL Trust, Series 2018-2A, Class A1, 4.25%, 7/25/2067(a)(c)		1,619,694		1,658,964
Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MV, 3.00%, 2/25/2059		2,073,618		2,162,650
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021(a)(c)		2,000,000		1,994,780

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal   Amount		Value
Toorak Mortgage Corp. Ltd. (continued)
Series 2020-1, Class A2, 3.23%, 3/25/2023(a)(c)	$	1,100,000	$	1,081,022
Total Collateralized Mortgage Obligations (cost $50,395,427)				50,559,860
Commercial Mortgage-Backed Securities 5.0%
	Principal   Amount		Value
BANK
Series 2017-BNK6, Class XA, IO, 0.84%, 7/15/2060(b)		4,557,561		198,055
Series 2018-BN10, Class XA, IO, 0.74%, 2/15/2061(b)		2,875,917		136,162
Series 2019-BN19, Class AS, 3.45%, 8/15/2061		191,000		188,754
Series 2020-BN26, Class ASB, 2.31%, 3/15/2063		255,000		252,942
Series 2020-BN26, Class AS, 2.69%, 3/15/2063		255,000		237,489
BBCMS Mortgage Trust, Series 2020-C6, Class XA, IO, 1.06%, 2/15/2053(b)		1,997,607		151,579
BBCMS Trust, Series 2018-BXH, Class A, 1.70%, 10/15/2037(a)(b)		51,744		40,001
BB-UBS Trust
Series 2012-SHOW, Class XB, IO, 0.14%, 11/5/2036(a)(b)		4,823,000		39,476
Series 2012-SHOW, Class XA, IO, 0.60%, 11/5/2036(a)(b)		8,760,000		227,025
Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.95%, 8/15/2057		171,000		177,352
BX Trust
Series 2018-EXCL, Class A, 1.79%, 9/15/2037(a)(b)		56,258		49,125
Series 2019-OC11, Class E, 4.08%, 12/9/2041(a)(b)		221,000		164,565
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.96%, 11/13/2050(b)		5,868,959		279,325
CHT Mortgage Trust, Series 2017-CSMO, Class F, 4.45%, 11/15/2036(a)(b)		143,000		106,813
Citigroup Commercial Mortgage Trust
Series 2020-555, Class E, 3.62%, 12/10/2041(a)		115,000		77,702
Series 2014-GC19, Class XA, IO, 1.15%, 3/10/2047(b)		3,722,121		137,150
Series 2014-GC21, Class XA, IO, 1.18%, 5/10/2047(b)		3,305,716		131,333
Series 2016-GC36, Class D, 2.85%, 2/10/2049(a)		194,000		137,562
COMM Mortgage Trust
Series 2017-PANW, Class E, 3.81%, 10/10/2029(a)(b)		254,000		194,170
Series 2017-PANW, Class D, 3.93%, 10/10/2029(a)(b)		152,000		132,982
Series 2014-CR20, Class XA, IO, 1.03%, 11/10/2047(b)		6,192,057		235,157
Series 2015-CR23, Class C, 4.30%, 5/10/2048(b)		407,000		346,345
CSAIL Commercial Mortgage Trust
Series 2016-C6, Class XA, IO, 1.90%, 1/15/2049(b)		754,672		58,887
Series 2017-CX10, Class XA, IO, 0.72%, 11/15/2050(b)		7,073,919		287,102
Series 2017-CX10, Class C, 4.11%, 11/15/2050(b)		405,000		317,814
Series 2019-C18, Class B, 3.59%, 12/15/2052		255,000		227,592

Series 2020-C19, Class A3, 2.56%, 3/15/2053		191,000		188,409
Commercial Mortgage-Backed Securities (continued)
	Principal   Amount		Value
CSMC Trust
Series 2017-CALI, Class E, 3.78%, 11/10/2032(a)(b)	$	250,000	$	216,373
Series 2017-CALI, Class F, 3.78%, 11/10/2032(a)(b)		250,000		194,925
CSWF, Series 2018-TOP, Class A, 1.70%, 8/15/2035(a)(b)		157,765		138,654
DBGS Mortgage Trust, Series 2018-BIOD, Class A, 1.51%, 5/15/2035(a)(b)		165,209		149,103
Great Wolf Trust
Series 2019-WOLF, Class E, 3.44%, 12/15/2036(a)(b)		100,000		79,978
Series 2019-WOLF, Class F, 3.84%, 12/15/2036(a)(b)		100,000		65,393
GS Mortgage Securities Corp. Trust
Series 2018-TWR, Class A, 1.60%, 7/15/2031(a)(b)		100,000		84,728
Series 2018-TWR, Class D, 2.30%, 7/15/2031(a)(b)		100,000		75,520
Series 2018-LUAU, Class A, 1.70%, 11/15/2032(a)(b)		184,000		143,510
Series 2019-SOHO, Class E, 2.58%, 6/15/2036(a)(b)		125,000		117,744
GS Mortgage Securities Trust
Series 2016-GS4, Class XA, IO, 0.57%, 11/10/2049(b)		7,731,095		189,008
Series 2017-GS8, Class XA, IO, 0.98%, 11/10/2050(b)		5,312,878		288,406
HPLY Trust, Series 2019-HIT, Class F, 3.85%, 11/15/2036(a)(b)		99,508		73,570
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFX, 5.54%, 7/5/2033(a)		113,000		84,251
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class A, 1.70%, 6/15/2032(a)(b)		152,319		142,821
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class XA, IO, 1.42%, 5/15/2050(b)		3,115,554		191,099
Morgan Stanley Capital I Trust
Series 2017-ASHF, Class D, 2.90%, 11/15/2034(a)(b)		111,000		86,835
Series 2017-ASHF, Class E, 3.85%, 11/15/2034(a)(b)		167,000		91,537
Series 2017-ASHF, Class F, 5.05%, 11/15/2034(a)(b)		127,000		67,632
Series 2019-L3, Class XA, IO, 0.65%, 11/15/2052(b)		3,044,422		148,546
Series 2020-L4, Class ASB, 2.62%, 2/15/2053		114,000		115,465
Series 2020-L4, Class B, 3.08%, 2/15/2053		114,000		98,119
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class XA, IO, 1.98%, 10/10/2048(b)		3,281,548		260,379
UBS Commercial Mortgage Trust, Series 2017-C5, Class C, 4.32%, 11/15/2050(b)		349,000		277,194
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5, Class C, 4.69%, 10/15/2045(b)		405,000		375,798
Series 2015-C28, Class XA, IO, 0.63%, 5/15/2048(b)		9,160,847		234,355
Series 2017-C41, Class B, 4.19%, 11/15/2050(b)		251,000		236,343
Series 2020-C55, Class ASB, 2.65%, 2/15/2053		114,000		115,682

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund (Continued)

Commercial Mortgage-Backed Securities (continued)
	Principal   Amount		Value
Series 2020-C55, Class AS, 2.94%, 2/15/2053	$	114,000	$	109,513
Total Commercial Mortgage-Backed Securities (cost $10,477,210)				9,173,349
Corporate Bonds 14.2%
	Principal   Amount		Value
Aerospace & Defense 0.1%
Bombardier, Inc.,
6.00%, 10/15/2022(a)		45,000		33,750
TransDigm, Inc.,
6.25%, 3/15/2026(a)		70,000		69,737
6.38%, 6/15/2026		30,000		28,725
5.50%, 11/15/2027(a)		45,000		40,388
Triumph Group, Inc.,
7.75%, 8/15/2025		30,000		21,750
				194,350
Air Freight & Logistics 0.0%†
FedEx Corp.,
4.75%, 11/15/2045		45,000		43,122
Airlines 0.1%
Delta Air Lines, Inc.,
3.63%, 3/15/2022		115,000		106,211
Latam Finance Ltd.,
7.00%, 3/1/2026(a)		200,000		91,104
				197,315
Auto Components 0.1%
Icahn Enterprises LP,
5.25%, 5/15/2027		40,000		36,950
Panther BF Aggregator 2 LP,
6.25%, 5/15/2026(a)		55,000		51,975
				88,925
Automobiles 0.1%
Hyundai Capital America,
3.00%, 2/10/2027(a)		115,000		106,596
Banks 2.6%
Banco Bilbao Vizcaya Argentaria Colombia SA, Reg. S, 4.88%, 4/21/2025		150,000		141,489
Banco Bradesco SA, Reg. S, 5.75%, 3/1/2022		200,000		201,250
Banco BTG Pactual SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.26%), 7.75%, 2/15/2029(a)(d)		200,000		170,000
Banco de Bogota SA,
Reg. S, 5.38%, 2/19/2023		200,000		194,500
Banco de Reservas de la Republica Dominicana,
Reg. S, 7.00%, 2/1/2023		150,000		141,375
Banco do Brasil SA, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 4/15/2024(d)(e)		200,000		156,700
Banco Internacional del Peru SAA Interbank, Reg. S, (ICE LIBOR USD 3 Month + 6.74%), 8.50%, 4/23/2070(d)		100,000		97,500
Banco Macro SA, Reg. S, (USD Swap Semi 5 Year + 5.46%), 6.75%, 11/4/2026(d)		300,000		181,503

Corporate Bonds (continued)
	Principal   Amount		Value
Banks (continued)
Banco Mercantil del Norte SA, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.35%), 7.63%, 1/10/2028(d)(e)	$	200,000	$	152,500
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029(a)(d)(e)		200,000		152,002
Bancolombia SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 4.88%, 10/18/2027(d)		200,000		181,002
Banistmo SA,
3.65%, 9/19/2022(a)		300,000		275,438
Bank of America Corp., (ICE LIBOR USD 3 Month + 0.66%), 2.37%, 7/21/2021(d)		175,000		174,882
BBVA Bancomer SA, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033(d)		200,000		165,600
CIMB Bank Bhd., Reg. S, (ICE LIBOR USD 3 Month + 0.78%), 2.66%, 10/9/2024(d)		200,000		191,388
Citigroup, Inc., (ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028(d)		215,000		222,587
Commonwealth Bank of Australia,
3.90%, 7/12/2047(a)		125,000		110,622
DBS Group Holdings Ltd., Reg. S, (USD Swap Semi 5 Year + 2.39%), 3.60%, 9/07/2021(d)(e)		300,000		275,250
Gilex Holding Sarl,
Reg. S, 8.50%, 5/2/2023		150,000		127,575
Grupo Aval Ltd.,
Reg. S, 4.38%, 2/4/2030		200,000		160,500
JPMorgan Chase & Co., (ICE LIBOR USD 3 Month + 1.10%), 2.10%, 6/7/2021(d)		90,000		89,652
Mitsubishi UFJ Financial Group, Inc., (ICE LIBOR USD 3 Month + 0.74%), 2.32%, 3/2/2023(d)		105,000		99,817
Oversea-Chinese Banking Corp. Ltd.,
Reg. S, 4.25%, 6/19/2024		200,000		205,473
Royal Bank of Canada,
2.55%, 7/16/2024		265,000		269,469
Santander Holdings USA, Inc.,
3.40%, 1/18/2023		100,000		98,792
Scotiabank Peru SAA, Reg. S, (ICE LIBOR USD 3 Month + 3.86%), 4.50%, 12/13/2027(d)		50,000		47,000
Sumitomo Mitsui Financial Group, Inc., (ICE LIBOR USD 3 Month + 0.74%), 2.58%, 1/17/2023(d)		140,000		125,629
United Overseas Bank Ltd., Reg. S, (USD Swap Semi 5 Year + 1.79%), 3.88%, 10/19/2023(d)(e)		200,000		189,490
Wells Fargo & Co.,
3.07%, 1/24/2023		115,000		116,216
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(d)		110,000		111,863
				4,827,064
Beverages 0.1%
Anheuser-Busch InBev Worldwide, Inc.,
5.55%, 1/23/2049		70,000		82,278
Cott Holdings, Inc.,
5.50%, 4/1/2025(a)		80,000		77,600
				159,878

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Biotechnology 0.1%
AbbVie, Inc.,
3.20%, 11/6/2022	$	90,000	$	91,823
Amgen, Inc.,
2.45%, 2/21/2030		100,000		98,354
				190,177
Building Products 0.1%
Builders FirstSource, Inc.,
5.00%, 3/1/2030(a)		40,000		36,000
Carrier Global Corp.,
3.58%, 4/5/2050(a)		50,000		42,828
Griffon Corp.,
5.75%, 3/1/2028(a)		40,000		37,600
				116,428
Capital Markets 0.5%
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 1.17%), 2.86%, 5/15/2026(d)		234,000		215,106
Macquarie Group Ltd., (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(d)		85,000		87,098
(ICE LIBOR USD 3 Month + 1.33%), 4.15%, 3/27/2024(a)(d)		130,000		135,992
Morgan Stanley, (ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024(d)		190,000		194,584
Nuveen Finance LLC,
4.13%, 11/1/2024(a)		210,000		200,532
				833,312
Chemicals 0.3%
DuPont de Nemours, Inc.,
5.42%, 11/15/2048		40,000		44,011
Gates Global LLC,
6.25%, 1/15/2026(a)		35,000		30,975
Sociedad Quimica y Minera de Chile SA,
Reg. S, 4.38%, 1/28/2025		200,000		193,000
Syngenta Finance NV,
Reg. S, 5.68%, 4/24/2048		200,000		160,593
UPL Corp. Ltd.,
Reg. S, 3.25%, 10/13/2021		200,000		184,026
				612,605
Commercial Services & Supplies 0.2%
Allied Universal Holdco LLC,
6.63%, 7/15/2026(a)		40,000		39,300
9.75%, 7/15/2027(a)		50,000		47,120
Clean Harbors, Inc.,
4.88%, 7/15/2027(a)		70,000		68,523
Garda World Security Corp.,
8.75%, 5/15/2025(a)		55,000		50,600
GFL Environmental, Inc.,
5.13%, 12/15/2026(a)		60,000		58,500
8.50%, 5/1/2027(a)		21,000		21,099
Waste Management, Inc.,
3.45%, 6/15/2029		85,000		87,151
				372,293
Communications Equipment 0.0%†
CommScope, Inc.,
5.50%, 3/1/2024(a)		50,000		50,600
Construction & Engineering 0.0%†
AECOM,
5.13%, 3/15/2027		75,000		67,500
Construction Materials 0.1%
Inversiones CMPC SA,
Reg. S, 4.75%, 9/15/2024		200,000		192,154

Corporate Bonds (continued)
	Principal   Amount		Value
Consumer Finance 0.5%
American Express Co.,
2.50%, 8/1/2022	$	105,000	$	105,681
Avolon Holdings Funding Ltd.,
3.25%, 2/15/2027(a)		70,000		54,896
Credito Real SAB de CV SOFOM ER, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.03%), 9.12%, 11/29/2022(d)(e)		200,000		152,002
Discover Financial Services,
4.10%, 2/9/2027		85,000		83,296
General Motors Financial Co., Inc., (ICE LIBOR USD 3 Month + 0.99%), 2.89%, 1/5/2023(d)		180,000		145,715
3.95%, 4/13/2024		15,000		13,593
Global Aircraft Leasing Co. Ltd.,
6.50%, 9/15/2024(a)(f)		65,000		41,860
Mexarrend SAPI de CV,
10.25%, 7/24/2024(a)		200,000		136,002
Navient Corp.,
5.00%, 3/15/2027		30,000		25,791
Springleaf Finance Corp.,
6.63%, 1/15/2028		50,000		47,250
5.38%, 11/15/2029		25,000		22,875
Unifin Financiera SAB de CV, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.31%), 8.88%, 1/29/2025(d)(e)		200,000		120,002
				948,963
Containers & Packaging 0.1%
Berry Global, Inc.,
5.63%, 7/15/2027(a)		70,000		72,318
Flex Acquisition Co., Inc.,
6.88%, 1/15/2025(a)		60,000		56,100
Silgan Holdings, Inc.,
4.13%, 2/1/2028(a)		25,000		23,062
WRKCo, Inc.,
3.75%, 3/15/2025		90,000		90,475
				241,955
Distributors 0.0%†
Performance Food Group, Inc.,
5.50%, 10/15/2027(a)		55,000		51,012
Diversified Financial Services 0.3%
Banco Nacional de Desenvolvimento Economico e Social,
Reg. S, 4.75%, 5/9/2024		200,000		190,802
MPH Acquisition Holdings LLC,
7.13%, 6/1/2024(a)		70,000		60,904
Operadora de Servicios Mega SA de CV Sofom ER,
8.25%, 2/11/2025(a)		200,000		136,250
Refinitiv US Holdings, Inc.,
6.25%, 5/15/2026(a)		70,000		72,275
Verscend Escrow Corp.,
9.75%, 8/15/2026(a)		100,000		99,812
				560,043
Diversified Telecommunication Services 0.4%
AT&T, Inc.,
3.40%, 5/15/2025		145,000		150,829
CCO Holdings LLC,
5.75%, 2/15/2026(a)		100,000		101,265
4.75%, 3/1/2030(a)		50,000		49,750
CenturyLink, Inc.,
5.13%, 12/15/2026(a)		45,000		45,000
4.00%, 2/15/2027(a)		40,000		38,800
Cincinnati Bell, Inc.,
7.00%, 7/15/2024(a)		40,000		40,250

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund

Corporate Bonds (continued)
	Principal Amount		Value
Diversified Telecommunication Services (continued)
Front Range BidCo, Inc.,
4.00%, 3/1/2027(a)	$	45,000	$	43,031
6.13%, 3/1/2028(a)		15,000		14,250
Frontier Communications Corp.,
8.00%, 4/1/2027(a)		70,000		69,040
Intelsat Jackson Holdings SA,
8.50%, 10/15/2024(a)		40,000		25,188
Level 3 Financing, Inc.,
4.63%, 9/15/2027(a)		60,000		59,634
Sprint Capital Corp.,
6.88%, 11/15/2028		70,000		79,954
Telesat Canada,
6.50%, 10/15/2027(a)		15,000		14,400
				731,391
Electric Utilities 0.9%
AEP Texas, Inc.,
Series H, 3.45%, 1/15/2050		70,000		60,929
AES Andres BV,
Reg. S, 7.95%, 5/11/2026		200,000		185,300
Duke Energy Corp.,
2.65%, 9/1/2026		225,000		223,238
Empresa Electrica Guacolda SA,
Reg. S, 4.56%, 4/30/2025		200,000		140,843
Energuate Trust,
Reg. S, 5.88%, 5/3/2027		200,000		198,002
FirstEnergy Corp.,
Series C, 4.85%, 7/15/2047		105,000		114,775
Minejesa Capital BV,
Reg. S, 4.63%, 8/10/2030		200,000		178,583
Monongahela Power Co.,
5.40%, 12/15/2043(a)		35,000		39,042
Star Energy Geothermal Wayang Windu Ltd.,
Reg. S, 6.75%, 4/24/2033		184,000		165,681
TNB Global Ventures Capital Bhd.,
Reg. S, 3.24%, 10/19/2026		200,000		204,566
Transelec SA,
Reg. S, 4.63%, 7/26/2023		200,000		202,052
				1,713,011
Electronic Equipment, Instruments & Components 0.0%†
Arrow Electronics, Inc.,
3.88%, 1/12/2028		85,000		79,382
Energy Equipment & Services 0.2%
Delek & Avner Tamar Bond Ltd.,
5.41%, 12/30/2025(a)		100,000		95,541
Halliburton Co.,
2.92%, 3/1/2030		100,000		77,267
Tervita Corp.,
7.63%, 12/1/2021(a)		110,000		77,000
Transocean Guardian Ltd.,
5.88%, 1/15/2024(a)		16,700		13,360
Transocean Poseidon Ltd.,
6.88%, 2/1/2027(a)		85,000		68,850
Transocean, Inc.,
8.00%, 2/1/2027(a)		40,000		19,000
USA Compression Partners LP,
6.88%, 9/1/2027		105,000		65,100
				416,118
Entertainment 0.1%
Lions Gate Capital Holdings LLC,
6.38%, 2/1/2024(a)		70,000		61,600
Live Nation Entertainment, Inc.,
4.75%, 10/15/2027(a)		75,000		66,750
				128,350

Corporate Bonds (continued)
	Principal Amount		Value
Equity Real Estate Investment Trusts (REITs) 0.4%
Boston Properties LP,
3.65%, 2/1/2026	$	215,000	$	218,041
Crown Castle International Corp.,
4.30%, 2/15/2029		100,000		103,592
ESH Hospitality, Inc.,
5.25%, 5/1/2025(a)		65,000		54,600
MPT Operating Partnership LP,
5.25%, 8/1/2026		75,000		73,580
VICI Properties LP,
3.75%, 2/15/2027(a)		5,000		4,712
4.13%, 8/15/2030(a)		10,000		9,363
Welltower, Inc.,
4.13%, 3/15/2029		185,000		188,834
				652,722
Food & Staples Retailing 0.1%
Albertsons Cos., Inc.,
4.63%, 1/15/2027(a)		45,000		44,775
Sysco Corp.,
3.25%, 7/15/2027		50,000		45,695
3.30%, 2/15/2050		55,000		39,830
				130,300
Food Products 0.5%
B&G Foods, Inc.,
5.25%, 4/1/2025		30,000		29,270
5.25%, 9/15/2027		25,000		24,375
JBS USA LUX SA,
5.88%, 7/15/2024(a)		10,000		10,125
5.75%, 6/15/2025(a)		10,000		10,100
6.75%, 2/15/2028(a)		57,000		60,848
Kraft Heinz Foods Co.,
3.95%, 7/15/2025		30,000		29,856
5.00%, 7/15/2035		30,000		29,826
5.20%, 7/15/2045		70,000		67,297
MARB BondCo plc,
Reg. S, 6.88%, 1/19/2025		200,000		180,250
Minerva Luxembourg SA,
Reg. S, 5.88%, 1/19/2028		400,000		353,004
Pilgrim’s Pride Corp.,
5.88%, 9/30/2027(a)		65,000		64,766
Post Holdings, Inc.,
4.63%, 4/15/2030(a)		50,000		47,875
Smithfield Foods, Inc.,
4.25%, 2/1/2027(a)		90,000		83,480
				991,072
Health Care Equipment & Supplies 0.1%
Becton Dickinson and Co.,
2.89%, 6/6/2022		165,000		164,692
Ortho-Clinical Diagnostics, Inc.,
7.25%, 2/1/2028(a)		40,000		34,396
				199,088
Health Care Providers & Services 0.6%
Anthem, Inc.,
3.30%, 1/15/2023		215,000		218,235
Centene Corp.,
5.38%, 8/15/2026(a)		55,000		56,100
4.25%, 12/15/2027(a)		20,000		19,600
4.63%, 12/15/2029(a)		20,000		20,100
3.38%, 2/15/2030(a)		35,000		32,550
Cigna Corp.,
(ICE LIBOR USD 3 Month + 0.89%), 2.72%, 7/15/2023(d)		90,000		83,682
4.90%, 12/15/2048		85,000		101,982
CVS Health Corp.,
3.70%, 3/9/2023		30,000		31,160
HCA, Inc.,
5.38%, 9/1/2026		105,000		108,150
4.13%, 6/15/2029		15,000		15,026

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund

Corporate Bonds (continued)
	Principal Amount		Value
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings,
3.60%, 2/1/2025	$	175,000	$	181,211
LifePoint Health, Inc.,
4.38%, 2/15/2027(a)		40,000		37,680
Radiology Partners, Inc.,
9.25%, 2/1/2028(a)		45,000		38,959
Select Medical Corp.,
6.25%, 8/15/2026(a)		125,000		125,000
Tenet Healthcare Corp.,
5.13%, 11/1/2027(a)		65,000		61,912
West Street Merger Sub, Inc.,
6.38%, 9/1/2025(a)		45,000		39,226
				1,170,573
Hotels, Restaurants & Leisure 0.2%
Boyd Gaming Corp.,
4.75%, 12/1/2027(a)		70,000		57,750
Caesars Resort Collection LLC,
5.25%, 10/15/2025(a)		55,000		39,721
Eldorado Resorts, Inc.,
6.00%, 4/1/2025		50,000		45,000
Golden Nugget, Inc.,
6.75%, 10/15/2024(a)		80,000		50,391
IRB Holding Corp.,
6.75%, 2/15/2026(a)		55,000		43,336
Scientific Games International, Inc.,
7.25%, 11/15/2029(a)		45,000		28,125
Twin River Worldwide Holdings, Inc.,
6.75%, 6/1/2027(a)		50,000		37,500
Viking Cruises Ltd.,
5.88%, 9/15/2027(a)		120,000		70,213
Yum! Brands, Inc.,
7.75%, 4/1/2025(a)		20,000		21,000
				393,036
Household Durables 0.1%
Mattamy Group Corp.,
4.63%, 3/1/2030(a)		60,000		51,600
Tempur Sealy International, Inc.,
5.50%, 6/15/2026		93,000		81,389
				132,989
Household Products 0.0%†
Kronos Acquisition Holdings, Inc.,
9.00%, 8/15/2023(a)		50,000		41,000
Independent Power and Renewable Electricity Producers 0.3%
AES Gener SA,
(USD Swap Semi 5 Year + 4.64%), 7.13%, 3/26/2079(a)(d)		200,000		156,420
Calpine Corp.,
5.13%, 3/15/2028(a)		45,000		41,400
Cometa Energia SA de CV,
Reg. S, 6.38%, 4/24/2035		193,800		175,389
Empresa Electrica Angamos SA,
Reg. S, 4.88%, 5/25/2029		165,200		157,766
				530,975
Industrial Conglomerates 0.1%
General Electric Co.,
5.88%, 1/14/2038		40,000		46,087
Roper Technologies, Inc.,
4.20%, 9/15/2028		85,000		91,429
				137,516
Insurance 0.2%
Alliant Holdings Intermediate LLC,
6.75%, 10/15/2027(a)		35,000		32,774
GTCR AP Finance, Inc.,
8.00%, 5/15/2027(a)		45,000		41,400

Corporate Bonds (continued)
	Principal Amount		Value
Insurance (continued)
New York Life Global Funding,
2.30%, 6/10/2022(a)	$	105,000	$	105,709
NFP Corp.,
6.88%, 7/15/2025(a)		75,000		73,875
Willis North America, Inc.,
3.88%, 9/15/2049		105,000		108,159
				361,917
Internet & Direct Marketing Retail 0.1%
Amazon.com, Inc.,
2.80%, 8/22/2024		125,000		132,796
Expedia Group, Inc.,
3.80%, 2/15/2028		135,000		116,693
				249,489
IT Services 0.1%
GTT Communications, Inc.,
7.88%, 12/31/2024(a)		35,000		22,575
Tempo Acquisition LLC,
6.75%, 6/1/2025(a)		90,000		82,355
				104,930
Leisure Products 0.1%
Hasbro, Inc.,
3.50%, 9/15/2027		90,000		82,872
Life Sciences Tools & Services 0.0%†
Avantor, Inc.,
9.00%, 10/1/2025(a)		65,000		68,425
Machinery 0.2%
Caterpillar, Inc.,
3.40%, 5/15/2024		180,000		188,919
Colfax Corp.,
6.00%, 2/15/2024(a)		35,000		33,775
6.38%, 2/15/2026(a)		65,000		64,025
				286,719
Media 0.4%
Cengage Learning, Inc.,
9.50%, 6/15/2024(a)		35,000		25,900
Charter Communications Operating LLC,
4.46%, 7/23/2022		100,000		103,725
CSC Holdings LLC,
5.25%, 6/1/2024		45,000		45,112
Diamond Sports Group LLC,
5.38%, 8/15/2026(a)		40,000		32,501
DISH DBS Corp.,
5.88%, 11/15/2024		45,000		43,762
Gray Television, Inc.,
7.00%, 5/15/2027(a)		70,000		69,650
iHeartCommunications, Inc.,
8.38%, 5/1/2027		10,000		8,706
Nexstar Broadcasting, Inc.,
5.63%, 7/15/2027(a)		25,000		24,437
Omnicom Group, Inc.,
2.45%, 4/30/2030		100,000		90,796
Scripps Escrow, Inc.,
5.88%, 7/15/2027(a)		35,000		30,800
Sirius XM Radio, Inc.,
5.38%, 7/15/2026(a)		45,000		45,896
5.50%, 7/1/2029(a)		35,000		35,700
VTR Finance BV,
Reg. S, 6.88%, 1/15/2024		250,000		226,873
				783,858
Metals & Mining 0.4%
Arconic Corp.,
6.13%, 2/15/2028(a)		60,000		61,350

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund

CSN Islands XII Corp.,
Reg. S, 7.00%, 6/23/2020(e)		300,000		177,000
Corporate Bonds (continued)
	Principal   Amount		Value
Metals & Mining (continued)
Freeport-McMoRan, Inc.,
5.40%, 11/14/2034	$	200,000	$	185,000
5.45%, 3/15/2043		150,000		134,250
Novelis Corp.,
4.75%, 1/30/2030(a)		25,000		22,250
SunCoke Energy Partners LP,
7.50%, 6/15/2025(a)		60,000		43,200
Vedanta Resources Finance II plc,
9.25%, 4/23/2026(a)		200,000		83,500
Vedanta Resources Ltd.,
Reg. S, 6.13%, 8/9/2024		200,000		77,960
				784,510
Oil, Gas & Consumable Fuels 1.3%
AI Candelaria Spain SLU,
Reg. S, 7.50%, 12/15/2028		250,000		185,729
Antero Midstream Partners LP,
5.75%, 3/1/2027(a)		24,000		15,360
Canacol Energy Ltd.,
7.25%, 5/3/2025(a)		200,000		172,002
Canadian Natural Resources Ltd.,
2.95%, 1/15/2023		170,000		147,448
Cheniere Energy Partners LP,
5.25%, 10/1/2025		60,000		55,200
5.63%, 10/1/2026		55,000		50,600
Energy Transfer Operating LP,
4.75%, 1/15/2026		80,000		72,925
Enterprise Products Operating LLC,
3.75%, 2/15/2025		125,000		124,303
Geopark Ltd.,
Reg. S, 6.50%, 9/21/2024		200,000		113,500
GNL Quintero SA,
Reg. S, 4.63%, 7/31/2029		200,000		190,000
Gran Tierra Energy International Holdings Ltd.,
Reg. S, 6.25%, 2/15/2025		200,000		49,500
Gulfport Energy Corp.,
6.38%, 5/15/2025		50,000		12,125
Hess Midstream Operations LP,
5.13%, 6/15/2028(a)		60,000		42,168
Hilcorp Energy I LP,
6.25%, 11/1/2028(a)		45,000		19,800
Indigo Natural Resources LLC,
6.88%, 2/15/2026(a)		20,000		13,200
Kinder Morgan, Inc.,
4.30%, 3/1/2028		100,000		98,057
Medco Bell Pte. Ltd.,
6.38%, 1/30/2027(a)		200,000		115,999
MEG Energy Corp.,
7.00%, 3/31/2024(a)		15,000		6,919
7.13%, 2/1/2027(a)		80,000		39,529
Oasis Petroleum, Inc.,
6.88%, 3/15/2022		40,000		7,900
ONGC Videsh Ltd.,
Reg. S, 4.63%, 7/15/2024		200,000		192,449
Parkland Fuel Corp.,
5.88%, 7/15/2027(a)		45,000		42,183
Parsley Energy LLC,
5.63%, 10/15/2027(a)		35,000		24,675
Peabody Energy Corp.,
6.00%, 3/31/2022(a)		35,000		23,800
Petrobras Global Finance BV,
5.75%, 2/1/2029		250,000		235,825
6.90%, 3/19/2049		50,000		48,562
QEP Resources, Inc.,
5.25%, 5/1/2023		45,000		16,650
Sabine Pass Liquefaction LLC,
5.00%, 3/15/2027		80,000		67,976

Sunoco LP,
6.00%, 4/15/2027		35,000		30,100
Corporate Bonds (continued)
	Principal   Amount		Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners LP,
5.50%, 3/1/2030(a)	$	75,000	$	57,930
Williams Cos., Inc. (The),
3.75%, 6/15/2027		85,000		77,863
WPX Energy, Inc.,
4.50%, 1/15/2030		50,000		27,150
YPF SA,
Reg. S, 6.95%, 7/21/2027		100,000		51,530
				2,428,957
Paper & Forest Products 0.1%
Georgia-Pacific LLC,
3.60%, 3/1/2025(a)		101,000		106,698
Pharmaceuticals 0.3%
Allergan Funding SCS,
3.80%, 3/15/2025		95,000		97,265
AstraZeneca plc,
6.45%, 9/15/2037		65,000		92,179
Bausch Health Cos., Inc.,
7.00%, 1/15/2028(a)		45,000		46,188
5.25%, 1/30/2030(a)		40,000		37,823
Bristol-Myers Squibb Co.,
4.35%, 11/15/2047(a)		185,000		232,965
				506,420
Professional Services 0.0%†
Dun & Bradstreet Corp. (The),
6.88%, 8/15/2026(a)		50,000		52,000
Real Estate Management & Development 0.1%
Radiant Access Ltd.,
Reg. S, 4.60%, 5/18/2020(e)		200,000		187,100
Road & Rail 0.2%
CSX Corp.,
3.35%, 9/15/2049		105,000		99,282
Kenan Advantage Group, Inc. (The),
7.88%, 7/31/2023(a)		10,000		8,394
Penske Truck Leasing Co. LP,
4.20%, 4/1/2027(a)		45,000		46,208
Uber Technologies, Inc.,
7.50%, 9/15/2027(a)		40,000		39,488
Union Pacific Corp.,
4.30%, 3/1/2049		90,000		102,132
				295,504
Semiconductors & Semiconductor Equipment 0.0%†
Intel Corp.,
3.10%, 2/15/2060		50,000		52,671
Software 0.1%
CDK Global, Inc.,
5.25%, 5/15/2029(a)		10,000		10,200
Genesys Telecommunications Laboratories, Inc.,
10.00%, 11/30/2024(a)		65,000		66,482
Oracle Corp.,
3.60%, 4/1/2050		90,000		90,002
				166,684
Specialty Retail 0.1%
Asbury Automotive Group, Inc.,
4.50%, 3/1/2028(a)		10,000		8,500
4.75%, 3/1/2030(a)		10,000		8,500
Carvana Co.,
8.88%, 10/1/2023(a)		20,000		18,900

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund

Home Depot, Inc. (The),
3.90%, 6/15/2047		85,000		93,962
Corporate Bonds (continued)
	Principal   Amount		Value
Specialty Retail (continued)
PetSmart, Inc.,
7.13%, 3/15/2023(a)	$	55,000	$	51,219
5.88%, 6/1/2025(a)		16,000		15,760
Staples, Inc.,
7.50%, 4/15/2026(a)		55,000		48,606
				245,447
Thrifts & Mortgage Finance 0.0%†
Nationstar Mortgage Holdings, Inc.,
8.13%, 7/15/2023(a)		50,000		48,890
Tobacco 0.1%
Reynolds American, Inc.,
4.00%, 6/12/2022		195,000		197,748
Trading Companies & Distributors 0.2%
Air Lease Corp.,
3.25%, 3/1/2025		195,000		152,827
Beacon Roofing Supply, Inc.,
4.88%, 11/1/2025(a)		75,000		67,687
United Rentals North America, Inc.,
6.50%, 12/15/2026		35,000		35,525
5.25%, 1/15/2030		55,000		54,984
				311,023
Transportation Infrastructure 0.2%
Adani Ports & Special Economic Zone Ltd.,
Reg. S, 3.95%, 1/19/2022		300,000		286,085
Wireless Telecommunication Services 0.7%
C&W Senior Financing DAC,
Reg. S, 6.88%, 9/15/2027		400,000		345,000
Comunicaciones Celulares SA,
Reg. S, 6.88%, 2/6/2024		200,000		194,002
Empresa Nacional de Telecomunicaciones SA,
Reg. S, 4.88%, 10/30/2024		200,000		191,509
Gogo Intermediate Holdings LLC,
9.88%, 5/1/2024(a)		45,000		35,550
Millicom International Cellular SA,
Reg. S, 5.13%, 1/15/2028		200,000		174,000
Sprint Corp.,
7.13%, 6/15/2024		65,000		71,347
Telefonica Celular del Paraguay SA,
5.88%, 4/15/2027(a)		200,000		180,383
				1,191,791
Total Corporate Bonds (cost $29,008,473)				26,101,553
Foreign Government Securities 0.2%
	Principal   Amount		Value
DOMINICAN REPUBLIC 0.1%
Dominican Republic Government Bond,
6.40%, 6/5/2049 (a)		150,000		132,000

THAILAND 0.1%
Export Import Bank of Thailand,
Reg. S, (ICE LIBOR USD 3 Month + 0.85%), 2.53%, 5/23/2024 (d)		200,000		197,366
Total Foreign Government Securities (cost $348,839)				329,366
Mortgage-Backed Securities 17.4%
	Principal  Amount		Value
FHLMC Gold Pool
Pool# T65102
2.50%, 10/1/2042	$	3,223,786	$	3,312,637
Pool# Q50135
3.50%, 8/1/2047		6,047,062		6,408,338
Pool# G08775
4.00%, 8/1/2047		1,910,000		2,050,407
Pool# Q51461
3.50%, 10/1/2047		2,401,164		2,536,406
FNMA Pool
Pool# BL4468
2.41%, 10/1/2029		4,000,000		4,290,655
Pool# BL5315
2.44%, 1/1/2032		2,200,000		2,362,862
Pool# BL5793
2.54%, 2/1/2032		2,113,000		2,289,007
FNMA UMBS Pool
Pool# BE2453
3.00%, 12/1/2046		3,280,840		3,459,556
Pool# MA2888
2.50%, 1/1/2047		2,638,163		2,722,642
Pool# AS9937
3.00%, 7/1/2047		2,301,733		2,426,690
Total Mortgage-Backed Securities (cost $30,419,641)				31,859,200
U.S. Treasury Obligations 16.5%
	Principal  Amount		Value
U.S. Treasury Bonds, 2.88%, 5/15/2049		5,600,000		7,641,156
U.S. Treasury Inflation Linked Notes, 0.63%, 4/15/2023 (g)		1,100,000		1,150,748
U.S. Treasury Notes
2.38%, 1/31/2023		1,150,000		1,218,102
2.13%, 2/29/2024		3,150,000		3,369,270
2.13%, 7/31/2024		4,000,000		4,302,187
2.25%, 11/15/2025		4,800,000		5,274,750
1.63%, 5/15/2026		4,400,000		4,695,797
2.63%, 2/15/2029		2,250,000		2,629,863
Total U.S. Treasury Obligations (cost $27,015,363)				30,281,873
Investment Company 2.8%
	Shares		Value
Fixed Income Fund 2.8%
DoubleLine Floating Rate Fund, Class I		604,127		5,098,833
Total Investment Company (cost $5,884,816)				5,098,833

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund

Short-Term Investments 3.1%
	Principal   Amount		Value
U.S. Treasury Obligations 3.1%
U.S. Treasury Bills
1.53%, 7/2/2020	$	4,500,000	$	4,498,850
1.53%, 8/6/2020		1,200,000		1,199,639
Total Short-Term Investments (cost $5,676,074)				5,698,489
Total Investments (cost $181,926,047) — 97.8%				179,277,583
Other assets in excess of liabilities — 2.2%				3,988,635
NET ASSETS — 100.0%			$	183,266,218

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $26,711,897 which represents 14.58% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2020.

(c) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, 2020.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of March 31, 2020.

(e) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2020. The maturity date reflects the next call date.

(f) PIK-- Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer. The rate disclosed is the cash rate.

(g) Principal amounts are not adjusted for inflation.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund

CLO	Collateralized Loan Obligations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest only
LIBOR	London Interbank Offered Rate
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
UMBS	Uniform Mortgage-Backed Securities

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	–	$	20,175,060	$	–	$	20,175,060
Collateralized Mortgage Obligations		–		48,449,360		2,110,500		50,559,860
Commercial Mortgage-Backed Securities		–		9,173,349		–		9,173,349
Corporate Bonds		–		26,101,553		–		26,101,553
Foreign Government Securities		–		329,366		–		329,366
Investment Company		5,098,833		–		–		5,098,833
Mortgage-Backed Securities		–		31,859,200		–		31,859,200
Short-Term Investments		–		5,698,489		–		5,698,489
U.S. Treasury Obligations		–		30,281,873		–		30,281,873
Total	$	5,098,833	$	172,068,250	$	2,110,500	$	179,277,583

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

DoubleLine NVIT Total Return Tactical Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Collateralized Mortgage Obligations			Total
Balance as of 12/31/2019	$	—		$	—
Accrued Accretion/(Amortization)		—			—
Realized Gains (Losses)		—			—
Purchases*		2,133,797			2,133,797
Sales		—			—
Change in Unrealized Appreciation/Depreciation		(23,297	)		(23,297	)
Transfers Into Level 3		—			—
Transfers Out of Level 3		—			—
Balance as of 3/31/2020	$	2,110,500		$	2,110,500
Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 3/31/2020	$	(23,297	)	$	(23,297	)

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

Transfers into or out of Level 3 are generally due to a change in market value methodology.

The following table represents the Fund’s Level 3 financial instrument, the valuation technique used to measure the fair value of this financial instrument, and the significant unobservable inputs and the ranges of values for those inputs.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)
CMO, 2.44%, 1/28/2032	Pricing Service	Offered Quotes	$100.50 ($100.50)

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

Federated NVIT High Income Bond Fund

Common Stocks 0.1%
	Shares		Value
Chemicals 0.1%
Hexion Holdings Corp., Class B *		7,485	$	71,108
Media Entertainment 0.0%†iHeartMedia, Inc., Class A *		4,485		32,785
Total Common Stocks (cost $192,069)				103,893
Corporate Bonds 94.3%
	Principal   Amount		Value
Aerospace & Defense 1.6%
TransDigm UK Holdings plc,
6.88%, 5/15/2026	$	300,000		279,000
TransDigm, Inc.,
6.50%, 5/15/2025		425,000		399,496
6.25%, 3/15/2026(a)		375,000		373,594
5.50%, 11/15/2027(a)		675,000		605,812
				1,657,902
Automotive 3.3%
Adient Global Holdings Ltd.,
4.88%, 8/15/2026(a)		450,000		308,182
Adient US LLC,
7.00%, 5/15/2026(a)		25,000		23,125
American Axle & Manufacturing, Inc.,
6.50%, 4/1/2027		475,000		358,554
Dana Financing Luxembourg Sarl,
5.75%, 4/15/2025(a)		150,000		130,500
6.50%, 6/1/2026(a)		350,000		308,000
Ford Motor Credit Co. LLC,
3.34%, 3/18/2021		200,000		191,960
5.11%, 5/3/2029		325,000		281,734
Goodyear Tire & Rubber Co. (The),
5.00%, 5/31/2026		275,000		253,688
4.88%, 3/15/2027		100,000		91,750
IHO Verwaltungs GmbH,
4.75%, 9/15/2026(a)(b)		375,000		292,500
6.00%, 5/15/2027(a)(b)		300,000		210,000
JB Poindexter & Co., Inc.,
7.13%, 4/15/2026(a)		325,000		300,760
Motors Liquidation Co.,
7.40%, 9/1/2025^¥(c)(d)		2,500,000		0
Panther BF Aggregator 2 LP,
6.25%, 5/15/2026(a)		50,000		47,250
8.50%, 5/15/2027(a)		875,000		763,350
				3,561,353
Banking 0.2%
Ally Financial, Inc.,
5.75%, 11/20/2025		225,000		220,095
Building Materials 2.4%
American Builders & Contractors Supply Co., Inc.,
5.88%, 5/15/2026(a)		575,000		547,687
4.00%, 1/15/2028(a)		75,000		68,250
Core & Main LP,
6.13%, 8/15/2025(a)		525,000		488,250
Cornerstone Building Brands, Inc.,
8.00%, 4/15/2026(a)		475,000		408,500
Masonite International Corp.,
5.75%, 9/15/2026(a)		250,000		245,000
Standard Industries, Inc.,
6.00%, 10/15/2025(a)		275,000		270,270
5.00%, 2/15/2027(a)		600,000		546,000
				2,573,957

Corporate Bonds (continued)
	Principal   Amount		Value
Cable Satellite 9.4%
Cablevision Systems Corp.,
5.88%, 9/15/2022	$	250,000	$	252,500
CCO Holdings LLC,
5.88%, 4/1/2024(a)		175,000		179,375
5.75%, 2/15/2026(a)		625,000		632,906
5.50%, 5/1/2026(a)		175,000		177,625
5.88%, 5/1/2027(a)		325,000		334,750
5.00%, 2/1/2028(a)		525,000		526,313
5.38%, 6/1/2029(a)		200,000		205,520
4.75%, 3/1/2030(a)		625,000		621,875
4.50%, 8/15/2030(a)		75,000		73,500
CSC Holdings LLC,
5.25%, 6/1/2024		425,000		426,058
7.75%, 7/15/2025(a)		475,000		494,000
5.50%, 5/15/2026(a)		250,000		258,588
5.50%, 4/15/2027(a)		725,000		750,302
7.50%, 4/1/2028(a)		250,000		266,355
5.75%, 1/15/2030(a)		200,000		201,692
DISH DBS Corp.,
5.88%, 11/15/2024		400,000		389,000
7.75%, 7/1/2026		400,000		411,000
Intelsat Jackson Holdings SA,
5.50%, 8/1/2023		225,000		147,375
8.00%, 2/15/2024(a)		100,000		96,624
8.50%, 10/15/2024(a)		250,000		157,425
9.75%, 7/15/2025(a)		175,000		115,500
Sirius XM Radio, Inc.,
4.63%, 7/15/2024(a)		500,000		507,465
5.38%, 7/15/2026(a)		550,000		560,945
5.50%, 7/1/2029(a)		50,000		51,000
Telenet Finance Luxembourg Notes Sarl,
5.50%, 3/1/2028(a)		800,000		744,000
Virgin Media Secured Finance plc,
5.50%, 8/15/2026(a)		375,000		380,625
5.50%, 5/15/2029(a)		225,000		224,190
Ziggo Bond Co. BV,
6.00%, 1/15/2027(a)		275,000		266,750
5.13%, 2/28/2030(a)		200,000		196,000
Ziggo BV,
5.50%, 1/15/2027(a)		383,000		383,000
				10,032,258
Chemicals 2.6%
Atotech Alpha 2 BV,
8.75%, 6/1/2023(a)(b)		200,000		180,000
Atotech Alpha 3 BV,
6.25%, 2/1/2025(a)		400,000		368,500
Compass Minerals International, Inc.,
4.88%, 7/15/2024(a)		425,000		399,500
6.75%, 12/1/2027(a)		150,000		135,412
Element Solutions, Inc.,
5.88%, 12/1/2025(a)		325,000		318,500
Hexion, Inc.,
7.88%, 7/15/2027(a)		300,000		255,000
Koppers, Inc.,
6.00%, 2/15/2025(a)		600,000		480,000
PQ Corp.,
5.75%, 12/15/2025(a)		175,000		157,500
Starfruit Finco BV,
8.00%, 10/1/2026(a)		525,000		498,304
				2,792,716
Construction Machinery 0.8%
United Rentals North America, Inc.,
5.88%, 9/15/2026		175,000		177,240
6.50%, 12/15/2026		200,000		203,000
5.50%, 5/15/2027		250,000		252,313
4.88%, 1/15/2028		225,000		218,250
				850,803

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Consumer Cyclical Services 1.7%
Allied Universal Holdco LLC,
6.63%, 7/15/2026(a)	$	200,000	$	196,500
9.75%, 7/15/2027(a)		875,000		824,600
Garda World Security Corp.,
4.63%, 2/15/2027(a)		125,000		111,875
9.50%, 11/1/2027(a)		657,000		587,292
Go Daddy Operating Co. LLC,
5.25%, 12/1/2027(a)		100,000		100,920
				1,821,187
Consumer Products 0.9%
Energizer Holdings, Inc.,
5.50%, 6/15/2025(a)		75,000		72,750
7.75%, 1/15/2027(a)		200,000		206,740
Prestige Brands, Inc.,
6.38%, 3/1/2024(a)		625,000		640,625
5.13%, 1/15/2028(a)		50,000		49,515
				969,630
Diversified Manufacturing 1.4%
Amsted Industries, Inc.,
5.63%, 7/1/2027(a)		100,000		97,291
Colfax Corp.,
6.38%, 2/15/2026(a)		75,000		73,875
Gates Global LLC,
6.25%, 1/15/2026(a)		550,000		486,750
Stevens Holding Co., Inc.,
6.13%, 10/1/2026(a)		75,000		74,094
Titan Acquisition Ltd.,
7.75%, 4/15/2026(a)		250,000		208,750
WESCO Distribution, Inc.,
5.38%, 12/15/2021		450,000		423,000
5.38%, 6/15/2024		200,000		170,000
				1,533,760
Environmental 0.2%
Tervita Corp.,
7.63%, 12/1/2021(a)		300,000		210,000
Finance Companies 1.7%
Navient Corp.,
5.88%, 10/25/2024		775,000		713,000
6.75%, 6/15/2026		75,000		69,000
5.00%, 3/15/2027		25,000		21,493
Quicken Loans, Inc.,
5.75%, 5/1/2025(a)		900,000		895,500
5.25%, 1/15/2028(a)		150,000		146,670
				1,845,663
Food & Beverage 2.4%
Aramark Services, Inc.,
5.00%, 4/1/2025(a)		150,000		141,990
5.00%, 2/1/2028(a)		325,000		302,451
B&G Foods, Inc.,
5.25%, 4/1/2025		150,000		146,349
Kraft Heinz Foods Co.,
4.38%, 6/1/2046		125,000		112,602
Performance Food Group, Inc.,
5.50%, 6/1/2024(a)		75,000		69,750
5.50%, 10/15/2027(a)		175,000		162,313
Post Holdings, Inc.,
5.00%, 8/15/2026(a)		250,000		257,287
5.75%, 3/1/2027(a)		725,000		742,915
5.50%, 12/15/2029(a)		150,000		155,595
US Foods, Inc.,
5.88%, 6/15/2024(a)		475,000		432,488
				2,523,740

Corporate Bonds (continued)
	Principal   Amount		Value
Food & Staples Retailing 0.0%†
Jitney-Jungle Stores of America, Inc.,
10.38%, 9/15/2007^¥(c)	$	100,000	$	0
Gaming 3.2%
Boyd Gaming Corp.,
6.38%, 4/1/2026		250,000		216,250
6.00%, 8/15/2026		100,000		86,000
4.75%, 12/1/2027(a)		125,000		103,125
Caesars Resort Collection LLC,
5.25%, 10/15/2025(a)		325,000		234,715
Eldorado Resorts, Inc.,
6.00%, 4/1/2025		300,000		270,000
6.00%, 9/15/2026		75,000		67,687
MGM Growth Properties Operating Partnership LP,
5.63%, 5/1/2024		225,000		216,000
MGM Resorts International,
6.00%, 3/15/2023		375,000		361,875
5.75%, 6/15/2025		33,000		29,535
4.63%, 9/1/2026		77,000		65,473
5.50%, 4/15/2027		66,000		60,060
Mohegan Gaming & Entertainment,
7.88%, 10/15/2024(a)		425,000		314,500
Stars Group Holdings BV,
7.00%, 7/15/2026(a)		625,000		587,625
Station Casinos LLC,
5.00%, 10/1/2025(a)		425,000		353,944
4.50%, 2/15/2028(a)		50,000		40,500
Sugarhouse HSP Gaming Prop Mezz LP,
5.88%, 5/15/2025(a)		100,000		81,970
VICI Properties LP,
3.50%, 2/15/2025(a)		25,000		23,313
4.25%, 12/1/2026(a)		150,000		137,625
3.75%, 2/15/2027(a)		25,000		23,563
4.63%, 12/1/2029(a)		125,000		114,047
				3,387,807
Health Insurance 1.3%
Centene Corp.,
4.75%, 1/15/2025		100,000		100,249
4.75%, 1/15/2025(a)		100,000		100,249
5.38%, 6/1/2026(a)		275,000		283,280
5.38%, 8/15/2026(a)		100,000		102,000
4.25%, 12/15/2027(a)		325,000		318,500
4.63%, 12/15/2029(a)		400,000		402,000
3.38%, 2/15/2030(a)		125,000		116,250
				1,422,528
Healthcare 9.3%
Acadia Healthcare Co., Inc.,
5.63%, 2/15/2023		75,000		70,679
6.50%, 3/1/2024		600,000		583,506
Air Medical Group Holdings, Inc.,
6.38%, 5/15/2023(a)		475,000		418,000
Avantor, Inc.,
6.00%, 10/1/2024(a)		175,000		183,347
9.00%, 10/1/2025(a)		550,000		578,985
Charles River Laboratories International, Inc.,
5.50%, 4/1/2026(a)		100,000		103,000
4.25%, 5/1/2028(a)		75,000		72,292
Community Health Systems, Inc.,
6.25%, 3/31/2023		350,000		332,281
8.63%, 1/15/2024(a)		150,000		148,079
6.63%, 2/15/2025(a)		75,000		69,375
8.00%, 3/15/2026(a)		125,000		118,750
Envision Healthcare Corp.,
8.75%, 10/15/2026(a)		475,000		116,375

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Healthcare (continued)
HCA, Inc.,
5.00%, 3/15/2024	$	200,000	$	207,078
5.38%, 2/1/2025		175,000		178,937
5.88%, 2/15/2026		800,000		842,000
5.38%, 9/1/2026		100,000		103,000
5.63%, 9/1/2028		325,000		340,178
5.88%, 2/1/2029		175,000		185,062
3.50%, 9/1/2030		350,000		317,524
Hill-Rom Holdings, Inc.,
4.38%, 9/15/2027(a)		50,000		49,250
IQVIA, Inc.,
5.00%, 10/15/2026(a)		275,000		280,500
5.00%, 5/15/2027(a)		200,000		204,500
LifePoint Health, Inc.,
4.38%, 2/15/2027(a)		100,000		94,200
MEDNAX, Inc.,
6.25%, 1/15/2027(a)		225,000		180,563
MPH Acquisition Holdings LLC,
7.13%, 6/1/2024(a)		775,000		674,297
Polaris Intermediate Corp.,
8.50%, 12/1/2022(a)(b)		375,000		290,625
RegionalCare Hospital Partners Holdings, Inc.,
9.75%, 12/1/2026(a)		475,000		449,896
Surgery Center Holdings, Inc.,
6.75%, 7/1/2025(a)		250,000		180,000
Team Health Holdings, Inc.,
6.38%, 2/1/2025(a)		1,050,000		388,815
Teleflex, Inc.,
4.88%, 6/1/2026		50,000		49,500
4.63%, 11/15/2027		75,000		74,918
Tenet Healthcare Corp.,
6.75%, 6/15/2023		300,000		276,750
4.63%, 7/15/2024		250,000		238,750
5.13%, 5/1/2025		375,000		358,125
7.00%, 8/1/2025		250,000		217,500
4.88%, 1/1/2026(a)		175,000		166,687
5.13%, 11/1/2027(a)		175,000		166,688
Vizient, Inc.,
6.25%, 5/15/2027(a)		75,000		73,156
West Street Merger Sub, Inc.,
6.38%, 9/1/2025(a)		700,000		610,190
				9,993,358
Hotels, Restaurants & Leisure 0.4%
Hilton Domestic Operating Co., Inc.,
5.13%, 5/1/2026		325,000		305,500
4.88%, 1/15/2030		125,000		106,250
				411,750
Independent Energy 1.9%
Antero Resources Corp.,
5.63%, 6/1/2023		75,000		30,000
5.00%, 3/1/2025		250,000		92,500
Ascent Resources Utica Holdings LLC,
10.00%, 4/1/2022(a)		50,000		29,250
7.00%, 11/1/2026(a)		175,000		48,635
Berry Petroleum Co. LLC,
7.00%, 2/15/2026(a)		225,000		90,000
Callon Petroleum Co.,
6.25%, 4/15/2023		200,000		47,500
6.13%, 10/1/2024		245,000		43,487
8.25%, 7/15/2025		125,000		20,000
6.38%, 7/1/2026		150,000		25,125
Centennial Resource Production LLC,
6.88%, 4/1/2027(a)		225,000		55,125
Chesapeake Energy Corp.,
7.00%, 10/1/2024		200,000		15,000
11.50%, 1/1/2025(a)		332,000		56,440

Corporate Bonds (continued)
	Principal   Amount		Value
Independent Energy (continued)
CrownRock LP,
5.63%, 10/15/2025(a)	$	450,000	$	234,000
EP Energy LLC,
8.00%, 11/29/2024(a)(c)		325,000		6,500
Gulfport Energy Corp.,
6.00%, 10/15/2024		100,000		24,500
6.38%, 5/15/2025		150,000		36,375
6.38%, 1/15/2026		75,000		14,656
Jagged Peak Energy LLC,
5.88%, 5/1/2026		125,000		93,475
Oasis Petroleum, Inc.,
6.88%, 3/15/2022		428,000		84,530
Parsley Energy LLC,
5.25%, 8/15/2025(a)		75,000		57,000
5.63%, 10/15/2027(a)		125,000		88,125
PDC Energy, Inc.,
6.13%, 9/15/2024		200,000		106,750
5.75%, 5/15/2026		100,000		56,000
QEP Resources, Inc.,
5.25%, 5/1/2023		75,000		27,750
5.63%, 3/1/2026		150,000		54,750
Range Resources Corp.,
4.88%, 5/15/2025		448,000		266,560
SM Energy Co.,
5.00%, 1/15/2024		325,000		107,250
5.63%, 6/1/2025		100,000		27,251
6.75%, 9/15/2026		100,000		30,000
Southwestern Energy Co.,
7.75%, 10/1/2027		100,000		65,750
Ultra Resources, Inc.,
7.13%, 4/15/2025(e)		100,000		2,000
Whiting Petroleum Corp.,
6.25%, 4/1/2023		275,000		20,625
6.63%, 1/15/2026		175,000		11,813
WPX Energy, Inc.,
5.25%, 10/15/2027		75,000		41,250
4.50%, 1/15/2030		125,000		67,875
				2,077,847
Industrial - Other 0.5%
Anixter, Inc.,
6.00%, 12/1/2025		75,000		73,406
Hillman Group, Inc. (The),
6.38%, 7/15/2022(a)		200,000		155,250
IAA, Inc.,
5.50%, 6/15/2027(a)		75,000		72,563
KAR Auction Services, Inc.,
5.13%, 6/1/2025(a)		225,000		214,875
				516,094
Insurance - P&C 4.3%
Acrisure LLC,
8.13%, 2/15/2024(a)		125,000		121,756
7.00%, 11/15/2025(a)		225,000		193,500
Alliant Holdings Intermediate LLC,
6.75%, 10/15/2027(a)		300,000		280,920
AmWINS Group, Inc.,
7.75%, 7/1/2026(a)		600,000		588,000
AssuredPartners, Inc.,
7.00%, 8/15/2025(a)		550,000		495,000
GTCR AP Finance, Inc.,
8.00%, 5/15/2027(a)		150,000		138,000
HUB International Ltd.,
7.00%, 5/1/2026(a)		1,475,000		1,460,250
NFP Corp.,
6.88%, 7/15/2025(a)		700,000		689,500
8.00%, 7/15/2025(a)		50,000		45,750

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Insurance - P&C (continued)
USI, Inc.,
6.88%, 5/1/2025(a)	$	675,000	$	627,750
				4,640,426
Leisure 0.6%
Live Nation Entertainment, Inc.,
4.75%, 10/15/2027(a)		75,000		66,750
Six Flags Entertainment Corp.,
5.50%, 4/15/2027(a)		525,000		442,313
Viking Cruises Ltd.,
6.25%, 5/15/2025(a)		50,000		32,000
5.88%, 9/15/2027(a)		25,000		14,628
VOC Escrow Ltd.,
5.00%, 2/15/2028(a)		175,000		127,951
				683,642
Media Entertainment 6.5%
AMC Networks, Inc.,
5.00%, 4/1/2024		425,000		408,000
4.75%, 8/1/2025		125,000		121,562
Cumulus Media New Holdings, Inc.,
6.75%, 7/1/2026(a)		150,000		134,250
Diamond Sports Group LLC,
5.38%, 8/15/2026(a)		250,000		203,130
6.63%, 8/15/2027(a)		425,000		284,219
Entercom Media Corp.,
7.25%, 11/1/2024(a)		350,000		292,250
6.50%, 5/1/2027(a)		275,000		238,562
Gray Television, Inc.,
5.13%, 10/15/2024(a)		150,000		146,625
5.88%, 7/15/2026(a)		350,000		336,980
7.00%, 5/15/2027(a)		125,000		124,375
iHeartCommunications, Inc.,
6.38%, 5/1/2026		25,360		23,997
8.38%, 5/1/2027		695,964		605,920
5.25%, 8/15/2027(a)		150,000		131,250
4.75%, 1/15/2028(a)		50,000		45,000
Match Group, Inc.,
5.00%, 12/15/2027(a)		325,000		310,375
4.13%, 8/1/2030(a)		400,000		357,500
Nexstar Broadcasting, Inc.,
5.63%, 8/1/2024(a)		500,000		470,620
5.63%, 7/15/2027(a)		375,000		366,562
Nielsen Co. Luxembourg SARL (The),
5.00%, 2/1/2025(a)		275,000		255,063
Nielsen Finance LLC,
5.00%, 4/15/2022(a)		225,000		207,410
Outfront Media Capital LLC,
4.63%, 3/15/2030(a)		50,000		44,500
Scripps Escrow, Inc.,
5.88%, 7/15/2027(a)		250,000		220,000
Sinclair Television Group, Inc.,
5.63%, 8/1/2024(a)		250,000		230,313
5.88%, 3/15/2026(a)		450,000		398,250
TEGNA, Inc.,
4.63%, 3/15/2028(a)		300,000		263,625
5.00%, 9/15/2029(a)		300,000		270,840
Terrier Media Buyer, Inc.,
8.88%, 12/15/2027(a)		550,000		464,750
				6,955,928
Metals & Mining 1.7%
Coeur Mining, Inc.,
5.88%, 6/1/2024		350,000		315,000
Freeport-McMoRan, Inc.,
3.88%, 3/15/2023		325,000		307,125
5.00%, 9/1/2027		175,000		162,479
4.13%, 3/1/2028		125,000		109,062
5.25%, 9/1/2029		100,000		94,230
4.25%, 3/1/2030		50,000		43,500

Corporate Bonds (continued)
	Principal   Amount		Value
Metals & Mining (continued)
Freeport-McMoRan, Inc., (continued)
5.40%, 11/14/2034	$	325,000	$	300,625
Hudbay Minerals, Inc.,
7.25%, 1/15/2023(a)		50,000		43,500
7.63%, 1/15/2025(a)		425,000		369,750
Steel Dynamics, Inc.,
5.25%, 4/15/2023		75,000		73,421
				1,818,692
Midstream 5.8%
AmeriGas Partners LP,
5.50%, 5/20/2025		175,000		161,000
5.88%, 8/20/2026		350,000		335,230
5.75%, 5/20/2027		75,000		69,759
Antero Midstream Partners LP,
5.38%, 9/15/2024		425,000		295,247
5.75%, 3/1/2027(a)		200,000		128,000
5.75%, 1/15/2028(a)		375,000		240,000
Buckeye Partners LP,
4.13%, 3/1/2025(a)		200,000		168,600
4.50%, 3/1/2028(a)		275,000		225,500
Cheniere Energy Partners LP,
5.25%, 10/1/2025		425,000		391,000
5.63%, 10/1/2026		225,000		207,000
4.50%, 10/1/2029(a)		150,000		130,500
CNX Midstream Partners LP,
6.50%, 3/15/2026(a)		500,000		345,000
EQM Midstream Partners LP,
5.50%, 7/15/2028		150,000		83,355
Ferrellgas LP,
6.75%, 1/15/2022		450,000		384,750
Hess Midstream Operations LP,
5.13%, 6/15/2028(a)		200,000		140,560
Holly Energy Partners LP,
5.00%, 2/1/2028(a)		150,000		125,625
NuStar Logistics LP,
6.00%, 6/1/2026		100,000		74,000
5.63%, 4/28/2027		450,000		345,960
Suburban Propane Partners LP,
5.50%, 6/1/2024		525,000		493,500
5.88%, 3/1/2027		150,000		138,188
Summit Midstream Holdings LLC,
5.50%, 8/15/2022		575,000		103,500
5.75%, 4/15/2025		325,000		35,750
Sunoco LP,
5.50%, 2/15/2026		100,000		86,528
5.88%, 3/15/2028		175,000		145,250
Targa Pipeline Partners LP,
5.88%, 8/1/2023		175,000		162,312
Targa Resources Partners LP,
5.13%, 2/1/2025		150,000		127,860
5.88%, 4/15/2026		300,000		249,000
5.38%, 2/1/2027		350,000		288,050
6.50%, 7/15/2027		75,000		63,938
5.00%, 1/15/2028		50,000		40,303
5.50%, 3/1/2030(a)		350,000		270,340
TransMontaigne Partners LP,
6.13%, 2/15/2026		150,000		120,000
Western Midstream Operating LP,
4.05%, 2/1/2030(f)		75,000		32,651
				6,208,256
Oil Field Services 1.1%
Archrock Partners LP,
6.88%, 4/1/2027(a)		400,000		284,040
6.25%, 4/1/2028(a)		100,000		69,000
Nabors Industries Ltd.,
7.25%, 1/15/2026(a)		50,000		17,000
7.50%, 1/15/2028(a)		50,000		16,000

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Oil Field Services (continued)
Precision Drilling Corp.,
7.75%, 12/15/2023	$	225,000	$	90,000
7.13%, 1/15/2026(a)		75,000		24,750
SESI LLC,
7.13%, 12/15/2021		225,000		41,625
7.75%, 9/15/2024		425,000		105,192
Shelf Drilling Holdings Ltd.,
8.25%, 2/15/2025(a)		325,000		155,350
USA Compression Partners LP,
6.88%, 4/1/2026		425,000		265,625
6.88%, 9/1/2027		225,000		139,500
				1,208,082
Packaging 6.4%
ARD Finance SA,
6.50%, 6/30/2027(a)(b)		575,000		493,867
Ardagh Packaging Finance plc,
6.00%, 2/15/2025(a)		200,000		200,560
5.25%, 8/15/2027(a)		475,000		486,875
Berry Global, Inc.,
5.50%, 5/15/2022		325,000		320,138
6.00%, 10/15/2022		37,000		36,561
4.88%, 7/15/2026(a)		300,000		303,000
5.63%, 7/15/2027(a)		175,000		180,796
Crown Americas LLC,
4.75%, 2/1/2026		250,000		256,175
Flex Acquisition Co., Inc.,
6.88%, 1/15/2025(a)		975,000		911,625
7.88%, 7/15/2026(a)		450,000		414,479
Mauser Packaging Solutions Holding Co.,
5.50%, 4/15/2024(a)		250,000		230,000
7.25%, 4/15/2025(a)		875,000		695,625
Owens-Brockway Glass Container, Inc.,
5.88%, 8/15/2023(a)		200,000		196,000
5.38%, 1/15/2025(a)		400,000		380,000
6.38%, 8/15/2025(a)		50,000		47,500
Reynolds Group Issuer, Inc.,
7.00%, 7/15/2024(a)		500,000		508,125
Sealed Air Corp.,
4.00%, 12/1/2027(a)		225,000		209,273
Silgan Holdings, Inc.,
4.13%, 2/1/2028(a)		25,000		23,063
Trident TPI Holdings, Inc.,
9.25%, 8/1/2024(a)		200,000		166,000
6.63%, 11/1/2025(a)		425,000		341,067
Trivium Packaging Finance BV,
5.50%, 8/15/2026(a)(f)		200,000		199,000
8.50%, 8/15/2027(a)(f)		200,000		201,000
				6,800,729
Paper 0.6%
Clearwater Paper Corp.,
5.38%, 2/1/2025(a)		550,000		500,500
Graphic Packaging International LLC,
4.75%, 7/15/2027(a)		100,000		97,800
				598,300
Pharmaceuticals 4.0%
Bausch Health Americas, Inc.,
9.25%, 4/1/2026(a)		150,000		158,520
8.50%, 1/31/2027(a)		325,000		339,625
Bausch Health Cos., Inc.,
6.50%, 3/15/2022(a)		75,000		75,750
5.50%, 3/1/2023(a)		19,000		18,620
7.00%, 3/15/2024(a)		100,000		101,874
6.13%, 4/15/2025(a)		800,000		788,000
9.00%, 12/15/2025(a)		125,000		131,775
5.75%, 8/15/2027(a)		150,000		154,440
5.00%, 1/30/2028(a)		175,000		165,673
7.25%, 5/30/2029(a)		300,000		311,340

Corporate Bonds (continued)
	Principal   Amount		Value
Pharmaceuticals (continued)
Endo Dac,
6.00%, 7/15/2023(a)	$	275,000	$	199,204
6.00%, 2/1/2025(a)(f)		450,000		306,000
Jaguar Holding Co. II,
6.38%, 8/1/2023(a)		1,175,000		1,195,563
Mallinckrodt International Finance SA,
5.63%, 10/15/2023(a)		450,000		111,375
5.50%, 4/15/2025(a)		775,000		162,750
				4,220,509
Restaurants 1.6%
1011778 BC ULC,
5.00%, 10/15/2025(a)		1,125,000		1,074,364
4.38%, 1/15/2028(a)		75,000		69,292
KFC Holding Co.,
5.25%, 6/1/2026(a)		275,000		274,615
4.75%, 6/1/2027(a)		150,000		141,000
Yum! Brands, Inc.,
4.75%, 1/15/2030(a)		100,000		94,000
				1,653,271
Retailers 0.4%
Michaels Stores, Inc.,
8.00%, 7/15/2027(a)		275,000		203,500
Party City Holdings, Inc.,
6.13%, 8/15/2023(a)		450,000		103,500
6.63%, 8/1/2026(a)		350,000		35,000
William Carter Co. (The),
5.63%, 3/15/2027(a)		50,000		48,375
				390,375
Supermarkets 1.1%
Albertsons Cos., Inc.,
6.63%, 6/15/2024		275,000		279,125
5.75%, 3/15/2025		625,000		631,500
7.50%, 3/15/2026(a)		125,000		134,725
5.88%, 2/15/2028(a)		100,000		101,780
4.88%, 2/15/2030(a)		75,000		74,813
				1,221,943
Technology 8.0%
Banff Merger Sub, Inc.,
9.75%, 9/1/2026(a)		275,000		242,000
CDW LLC,
5.50%, 12/1/2024		150,000		156,343
4.25%, 4/1/2028		175,000		175,875
Dell International LLC,
7.13%, 6/15/2024(a)		725,000		748,562
Dun & Bradstreet Corp. (The),
6.88%, 8/15/2026(a)		150,000		156,000
10.25%, 2/15/2027(a)		700,000		742,000
Fair Isaac Corp.,
4.00%, 6/15/2028(a)		50,000		47,375
Infor US, Inc.,
6.50%, 5/15/2022		925,000		908,813
NCR Corp.,
5.00%, 7/15/2022		250,000		235,000
6.38%, 12/15/2023		150,000		148,124
5.75%, 9/1/2027(a)		75,000		68,250
Nuance Communications, Inc.,
5.63%, 12/15/2026		300,000		291,954
Open Text Corp.,
3.88%, 2/15/2028(a)		150,000		141,000
Open Text Holdings, Inc.,
4.13%, 2/15/2030(a)		125,000		117,531
Qorvo, Inc.,
4.38%, 10/15/2029(a)		175,000		162,750
Rackspace Hosting, Inc.,
8.63%, 11/15/2024(a)		650,000		583,375

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Technology (continued)
Refinitiv US Holdings, Inc.,
6.25%, 5/15/2026(a)	$	100,000	$	103,250
8.25%, 11/15/2026(a)		700,000		738,500
RP Crown Parent LLC,
7.38%, 10/15/2024(a)		675,000		643,140
Science Applications International Corp.,
4.88%, 4/1/2028(a)		25,000		24,000
Sensata Technologies UK Financing Co. plc,
6.25%, 2/15/2026(a)		200,000		196,000
Sensata Technologies, Inc.,
4.38%, 2/15/2030(a)		75,000		67,500
Sophia LP,
9.00%, 9/30/2023(a)		225,000		225,000
SS&C Technologies, Inc.,
5.50%, 9/30/2027(a)		525,000		547,160
Tempo Acquisition LLC,
6.75%, 6/1/2025(a)		925,000		846,431
TTM Technologies, Inc.,
5.63%, 10/1/2025(a)		325,000		273,000
				8,588,933
Transportation Services 0.2%
Stena International SA,
6.13%, 2/1/2025(a)		200,000		168,000
Utility - Electric 3.1%
Calpine Corp.,
5.75%, 1/15/2025		475,000		439,375
5.25%, 6/1/2026(a)		50,000		47,500
4.50%, 2/15/2028(a)		225,000		218,081
5.13%, 3/15/2028(a)		150,000		138,000
Enviva Partners LP,
6.50%, 1/15/2026(a)		500,000		487,500
NRG Energy, Inc.,
6.63%, 1/15/2027		250,000		260,000
5.25%, 6/15/2029(a)		300,000		309,000
TerraForm Power Operating LLC,
5.00%, 1/31/2028(a)		475,000		497,705
4.75%, 1/15/2030(a)		250,000		242,500
Vistra Operations Co. LLC,
5.50%, 9/1/2026(a)		150,000		154,500
5.63%, 2/15/2027(a)		300,000		309,375
5.00%, 7/31/2027(a)		225,000		228,375
				3,331,911
Wireless Communications 3.7%
Altice France SA,
7.38%, 5/1/2026(a)		1,100,000		1,091,915
Sprint Capital Corp.,
6.88%, 11/15/2028		350,000		399,770
Sprint Corp.,
7.88%, 9/15/2023		250,000		274,395
7.13%, 6/15/2024		600,000		658,590
7.63%, 2/15/2025		175,000		193,375
7.63%, 3/1/2026		150,000		169,770
T-Mobile USA, Inc.,
6.38%, 3/1/2025		500,000		510,640
6.50%, 1/15/2026		125,000		131,250
4.50%, 2/1/2026		200,000		204,500

Corporate Bonds (continued)
	Principal   Amount		Value
Wireless Communications (continued)
T-Mobile USA, Inc., (continued)
4.75%, 2/1/2028	$	275,000	$	286,495
				3,920,700
Total Corporate Bonds (cost $116,450,992)				100,812,145
Total Investments (cost $116,643,061) — 94.4%				100,916,038
Other assets in excess of liabilities — 5.6%				6,032,018
NET ASSETS — 100.0%			$	106,948,056

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $72,248,081 which represents 67.55% of net assets.

(b) PIK-- Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer. The rate disclosed is the cash rate.

(c) Security in default.

(d) Restricted security.

(e) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed illiquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $2,000 which represents 0.00% of net assets.

(f) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, 2020.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	103,893	$	–	$	–	$	103,893
Corporate Bonds
Aerospace & Defense		–		1,657,902		–		1,657,902
Automotive		–		3,561,353		–		3,561,353
Banking		–		220,095		–		220,095
Building Materials		–		2,573,957		–		2,573,957
Cable Satellite		–		10,032,258		–		10,032,258
Chemicals		–		2,792,716		–		2,792,716
Construction Machinery		–		850,803		–		850,803
Consumer Cyclical Services		–		1,821,187		–		1,821,187
Consumer Products		–		969,630		–		969,630
Diversified Manufacturing		–		1,533,760		–		1,533,760
Environmental		–		210,000		–		210,000
Finance Companies		–		1,845,663		–		1,845,663
Food & Beverage		–		2,523,740		–		2,523,740
Food & Staples Retailing		–		–		–		–
Gaming		–		3,387,807		–		3,387,807
Health Insurance		–		1,422,528		–		1,422,528
Healthcare		–		9,993,358		–		9,993,358
Hotels, Restaurants & Leisure		–		411,750		–		411,750
Independent Energy		–		2,077,847		–		2,077,847
Industrial - Other		–		516,094		–		516,094
Insurance - P&C		–		4,640,426		–		4,640,426
Leisure		–		683,642		–		683,642
Media Entertainment		–		6,955,928		–		6,955,928
Metals & Mining		–		1,818,692		–		1,818,692
Midstream		–		6,208,256		–		6,208,256
Oil Field Services		–		1,208,082		–		1,208,082
Packaging		–		6,800,729		–		6,800,729
Paper		–		598,300		–		598,300
Pharmaceuticals		–		4,220,509		–		4,220,509
Restaurants		–		1,653,271		–		1,653,271

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Corporate Bonds (continued)
Retailers	$	–	$	390,375	$	–	$	390,375
Supermarkets		–		1,221,943		–		1,221,943
Technology		–		8,588,933		–		8,588,933
Transportation Services		–		168,000		–		168,000
Utility - Electric		–		3,331,911		–		3,331,911
Wireless Communications		–		3,920,700		–		3,920,700
Total Corporate Bonds	$	–	$	100,812,145	$	–	$	100,812,145
Total	$	103,893	$	100,812,145	$	–	$	100,916,038

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

During the period ended March 31, 2020, the Fund held two corporate bond investments that were categorized as Level 3 investments which were each valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

Statement of Investments

March 31, 2020 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund

Common Stocks 99.5%
	Shares		Value
Aerospace & Defense 3.1%
Boeing Co. (The)		14,000	$	2,087,960
Raytheon Co.		23,500		3,082,025
				5,169,985
Banks 3.5%
JPMorgan Chase & Co.		65,000		5,851,950
Capital Markets 7.1%
Brookfield Asset Management, Inc., Class A		185,000		8,186,250
Charles Schwab Corp. (The)		85,000		2,857,700
Intercontinental Exchange, Inc.		13,000		1,049,750
				12,093,700
Chemicals 1.9%
Sherwin-Williams Co. (The)		7,000		3,216,640
Communications Equipment 7.8%
Cisco Systems, Inc.		155,000		6,093,050
Motorola Solutions, Inc.		53,000		7,044,760
				13,137,810
Construction Materials 1.6%
Eagle Materials, Inc.		46,000		2,687,320
Containers & Packaging 3.7%
Ball Corp.		98,000		6,336,680
Diversified Financial Services 5.2%
Berkshire Hathaway, Inc., Class B *		48,000		8,775,840
Electrical Equipment 1.9%
Rockwell Automation, Inc.		21,000		3,169,110
Entertainment 2.4%
Activision Blizzard, Inc. *		57,000		3,390,360
Walt Disney Co. (The)		7,000		676,200
				4,066,560
Food & Staples Retailing 3.0%
BJ’s Wholesale Club Holdings, Inc. *		25,000		636,750
US Foods Holding Corp. *		250,000		4,427,500
				5,064,250
Food Products 3.0%
Lamb Weston Holdings, Inc.		35,000		1,998,500
Mondelez International, Inc., Class A		61,000		3,054,880
				5,053,380
Health Care Equipment & Supplies 3.1%
Hill-Rom Holdings, Inc.		53,000		5,331,800
Health Care Providers & Services 3.8%
HCA Healthcare, Inc.		45,000		4,043,250
Universal Health Services, Inc., Class B		24,500		2,427,460
				6,470,710
Hotels, Restaurants & Leisure 4.6%
Aramark		240,000		4,792,800
McDonald’s Corp.		18,000		2,976,300
				7,769,100
Insurance 3.8%
Chubb Ltd.		38,500		4,300,065
Progressive Corp. (The)		30,000		2,215,200
				6,515,265
Interactive Media & Services 4.8%
Alphabet, Inc., Class C *		7,000		8,139,670
Internet & Direct Marketing Retail 2.6%
Amazon.com, Inc. *		2,300		4,484,356
IT Services 2.1%
PayPal Holdings, Inc. *		37,000		3,542,380
Machinery 4.9%
Allison Transmission Holdings, Inc.		62,000		2,021,820

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Nordson Corp.		15,000	$	2,026,050
Stanley Black & Decker, Inc.		42,000		4,200,000
				8,247,870
Media 5.2%
Cable One, Inc.		1,100		1,808,411
Comcast Corp., Class A		135,000		4,641,300
Fox Corp., Class A		100,000		2,363,000
				8,812,711
Pharmaceuticals 2.7%
Pfizer, Inc.		140,000		4,569,600
Road & Rail 2.8%
CSX Corp.		82,000		4,698,600
Software 5.8%
CDK Global, Inc.		15,000		492,750
Microsoft Corp.		59,000		9,304,890
				9,797,640
Specialty Retail 2.1%
Lowe’s Cos., Inc.		42,000		3,614,100
Technology Hardware, Storage & Peripherals 4.5%
Apple, Inc.		30,000		7,628,700
Textiles, Apparel & Luxury Goods 2.5%
NIKE, Inc., Class B		51,000		4,219,740
Total Investments (cost $139,161,350) — 99.5%				168,465,467
Other assets in excess of liabilities — 0.5%				855,416
NET ASSETS — 100.0%			$	169,320,883

* Denotes a non-income producing security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Newton Sustainable U.S. Equity Fund (formerly, Neuberger Berman NVIT Socially Responsible Fund)

Common Stocks 99.2%
	Shares		Value
Airlines 0.5%
Ryanair Holdings plc, ADR-IE *		8,232	$	437,037
Auto Components 1.7%
Aptiv plc		30,274		1,490,692
Banks 5.2%
JPMorgan Chase & Co.		30,264		2,724,668
US Bancorp		51,640		1,778,998
				4,503,666
Biotechnology 2.5%
Regeneron Pharmaceuticals, Inc. *		4,545		2,219,278
Capital Markets 2.1%
Intercontinental Exchange, Inc.		22,232		1,795,234
Chemicals 4.6%
Novozymes A/S, ADR-DK		41,904		1,906,213
Sherwin-Williams Co. (The)		4,626		2,125,740
				4,031,953
Communications Equipment 2.7%
Arista Networks, Inc. *		11,672		2,364,164
Electric Utilities 0.3%
Eversource Energy		3,268		255,590
Electrical Equipment 3.2%
Vestas Wind Systems A/S, ADR-DK		101,408		2,763,571
Electronic Equipment, Instruments & Components 2.7%
Zebra Technologies Corp., Class A *		12,730		2,337,228
Equity Real Estate Investment Trusts (REITs) 1.1%
Weyerhaeuser Co.		58,314		988,422
Health Care Equipment & Supplies 10.1%
Becton Dickinson and Co.		13,732		3,155,202
Danaher Corp.		19,711		2,728,199
Medtronic plc		33,134		2,988,024
				8,871,425
Health Care Providers & Services 6.7%
AmerisourceBergen Corp.		26,757		2,367,995
Cigna Corp.		19,930		3,531,197
				5,899,192
Hotels, Restaurants & Leisure 3.3%
Compass Group plc, ADR-UK		103,465		1,607,846
Starbucks Corp.		19,619		1,289,753
				2,897,599
Household Products 1.5%
Colgate-Palmolive Co.		19,764		1,311,539
Insurance 3.4%
Progressive Corp. (The)		39,705		2,931,817
Interactive Media & Services 3.9%
Alphabet, Inc., Class A *		2,904		3,374,303
IT Services 5.9%
Accenture plc, Class A		5,287		863,156
Cognizant Technology Solutions Corp., Class A		34,011		1,580,491
Mastercard, Inc., Class A		11,388		2,750,885
				5,194,532
Machinery 2.7%
Stanley Black & Decker, Inc.		23,939		2,393,900
Media 5.6%
Comcast Corp., Class A		94,728		3,256,749

Common Stocks (continued)
	Shares		Value
Media (continued)
Discovery, Inc., Class A *		83,800	$	1,629,072
				4,885,821
Multi-Utilities 2.4%
National Grid plc, ADR-UK		35,632		2,076,277
Personal Products 3.0%
Unilever NV, NYRS-UK		54,441		2,656,176
Pharmaceuticals 3.5%
Roche Holding AG, ADR-CH		76,427		3,100,643
Road & Rail 2.0%
CSX Corp.		29,748		1,704,560
Semiconductors & Semiconductor Equipment 4.1%
Texas Instruments, Inc.		36,028		3,600,278
Software 7.7%
Intuit, Inc.		8,167		1,878,410
Microsoft Corp.		30,876		4,869,454
				6,747,864
Specialty Retail 2.1%
Advance Auto Parts, Inc.		19,194		1,791,184
Trading Companies & Distributors 4.7%
United Rentals, Inc. *		20,460		2,105,334
WW Grainger, Inc.		8,044		1,998,934
				4,104,268
Total Investments (cost $73,190,787) — 99.2%				86,728,213
Other assets in excess of liabilities — 0.8%				718,675
NET ASSETS — 100.0%			$	87,446,888

* Denotes a non-income producing security.

ADR	American Depositary Receipt
CH	Switzerland
DK	Denmark
IE	Ireland
NYRS	New York Registry Shares
REIT	Real Estate Investment Trust
UK	United Kingdom

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Newton Sustainable U.S. Equity Fund (formerly, Neuberger Berman NVIT Socially Responsible Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT AllianzGI International Growth Fund (formerly, NVIT Multi-Manager International Growth Fund)

Common Stocks 96.6%
	Shares		Value
ARGENTINA 2.0%
Internet & Direct Marketing Retail 2.0%
MercadoLibre, Inc. *		6,095	$	2,977,895
AUSTRALIA 3.8%
Beverages 0.8%
Treasury Wine Estates Ltd.		190,916		1,171,275
Biotechnology 1.1%
CSL Ltd.		9,266		1,680,880
Hotels, Restaurants & Leisure 1.9%
Domino’s Pizza Enterprises Ltd. (a)		88,042		2,747,754
				5,599,909
BRAZIL 2.6%
IT Services 2.6%
StoneCo Ltd., Class A *(a)		176,236		3,836,658
CANADA 7.3%
Food & Staples Retailing 2.0%
Alimentation Couche-Tard, Inc., Class B		124,747		2,938,509
IT Services 2.0%
Shopify, Inc., Class A *		6,851		2,856,387
Road & Rail 0.8%
Canadian National Railway Co.		15,504		1,212,183
Software 2.5%
Constellation Software, Inc.		4,000		3,635,387
				10,642,466
CHINA 15.6%
Diversified Consumer Services 0.9%
TAL Education Group, ADR *		24,957		1,329,210
Entertainment 1.7%
Tencent Music Entertainment Group, ADR *		245,004		2,464,740
Interactive Media & Services 6.6%
Tencent Holdings Ltd.		165,821		8,085,692
Weibo Corp., ADR *(a)		43,157		1,428,928
				9,514,620
Internet & Direct Marketing Retail 6.4%
Alibaba Group Holding Ltd., ADR *		48,346		9,402,330
				22,710,900
DENMARK 15.2%
Air Freight & Logistics 2.8%
DSV Panalpina A/S		45,582		4,150,393
Health Care Equipment & Supplies 7.2%
Ambu A/S, Class B		390,847		9,525,397
Coloplast A/S, Class B		5,879		855,359
				10,380,756
Pharmaceuticals 1.5%
Novo Nordisk A/S, Class B		37,301		2,250,050
Software 3.7%
Netcompany Group A/S Reg. S *(b)		117,196		5,458,473
				22,239,672
GERMANY 10.9%
Diversified Financial Services 1.2%
GRENKE AG		29,903		1,785,826
Internet & Direct Marketing Retail 0.8%
Zalando SE Reg. S *(b)		30,419		1,185,247
IT Services 2.1%
Bechtle AG		23,992		3,132,020

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Semiconductors & Semiconductor Equipment 2.7%
Infineon Technologies AG		265,663	$	3,979,271
Software 3.0%
SAP SE		37,231		4,276,098
Textiles, Apparel & Luxury Goods 1.1%
adidas AG		7,170		1,649,443
				16,007,905
HONG KONG 3.8%
Insurance 3.8%
AIA Group Ltd.		619,883		5,576,654
INDIA 3.3%
Banks 3.3%
HDFC Bank Ltd.		427,458		4,809,592
INDONESIA 1.0%
Banks 0.8%
Bank Central Asia Tbk. PT		664,838		1,124,198
Specialty Retail 0.2%
Ace Hardware Indonesia Tbk. PT		3,991,172		317,471
				1,441,669
IRELAND 2.2%
Airlines 0.8%
Ryanair Holdings plc, ADR *		21,433		1,137,878
Building Products 1.4%
Kingspan Group plc		40,161		2,148,611
				3,286,489
ISRAEL 4.6%
IT Services 4.6%
Wix.com Ltd. *		67,135		6,768,551
JAPAN 3.5%
Electronic Equipment, Instruments & Components 2.2%
Keyence Corp.		9,992		3,224,573
Trading Companies & Distributors 1.3%
MonotaRO Co. Ltd. (a)		70,704		1,878,706
				5,103,279
NETHERLANDS 4.8%
Semiconductors & Semiconductor Equipment 4.8%
ASML Holding NV		26,589		7,066,308
NEW ZEALAND 1.4%
Air Freight & Logistics 1.4%
Mainfreight Ltd.		99,735		2,056,135
PHILIPPINES 0.2%
Hotels, Restaurants & Leisure 0.2%
Jollibee Foods Corp.		118,712		244,582
SOUTH AFRICA 1.3%
Diversified Financial Services 1.3%
PSG Group Ltd.		260,210		1,874,098
SWEDEN 6.8%
Building Products 0.7%
Assa Abloy AB, Class B		57,630		1,089,494
Chemicals 1.2%
Hexpol AB		298,900		1,793,637
Electronic Equipment, Instruments & Components 1.1%
Hexagon AB, Class B		37,407		1,595,542

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AllianzGI International Growth Fund (formerly, NVIT Multi-Manager International Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
SWEDEN (continued)
Machinery 2.2%
Atlas Copco AB, Class A		62,365	$	2,095,953
Epiroc AB, Class A		115,700		1,146,982
				3,242,935
Trading Companies & Distributors 1.6%
AddTech AB, Class B (a)		93,034		2,292,382
				10,013,990
SWITZERLAND 4.7%
Capital Markets 1.4%
Partners Group Holding AG		2,950		2,040,457
Chemicals 1.3%
Sika AG (Registered)		12,624		2,088,723
Machinery 1.1%
VAT Group AG Reg. S *(b)		11,212		1,553,338
Software 0.9%
Temenos AG (Registered) *(a)		9,635		1,263,385
				6,945,903
UNITED KINGDOM 1.6%
Industrial Conglomerates 1.6%
DCC plc		37,101		2,339,940
Total Common Stocks (cost $130,753,376)				141,542,595
Repurchase Agreements 0.7%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $894,141, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $912,023.(c)	$	894,140		894,140
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $100,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $102,000.(c)		100,000		100,000
Total Repurchase Agreements (cost $994,140)				994,140
Total Investments (cost $131,747,516) — 97.3%				142,536,735
Other assets in excess of liabilities — 2.7%				3,883,728
NET ASSETS — 100.0%			$	146,420,463

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $7,753,491, which was collateralized by cash used to purchase repurchase agreements with a total value of $994,140 and by $7,399,013 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $8,393,153.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $8,197,058 which represents 5.60% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $994,140.

ADR

American Depositary Receipt

Reg. S

Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AllianzGI International Growth Fund (formerly, NVIT Multi-Manager International Growth Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Air Freight & Logistics	$	2,056,135	$	4,150,393	$	–	$	6,206,528
Airlines		1,137,878		–		–		1,137,878
Banks		–		5,933,791		–		5,933,791
Beverages		–		1,171,275		–		1,171,275
Biotechnology		–		1,680,880		–		1,680,880
Building Products		–		3,238,105		–		3,238,105
Capital Markets		–		2,040,457		–		2,040,457
Chemicals		–		3,882,359		–		3,882,359
Diversified Consumer Services		1,329,210		–		–		1,329,210
Diversified Financial Services		–		3,659,924		–		3,659,924
Electronic Equipment, Instruments & Components		–		4,820,115		–		4,820,115
Entertainment		2,464,740		–		–		2,464,740
Food & Staples Retailing		2,938,509		–		–		2,938,509
Health Care Equipment & Supplies		–		10,380,756		–		10,380,756
Hotels, Restaurants & Leisure		–		2,992,336		–		2,992,336
Industrial Conglomerates		–		2,339,940		–		2,339,940
Insurance		–		5,576,654		–		5,576,654
Interactive Media & Services		1,428,928		8,085,693		–		9,514,621
Internet & Direct Marketing Retail		12,380,225		1,185,247		–		13,565,472
IT Services		13,461,596		3,132,020		–		16,593,616
Machinery		–		4,796,273		–		4,796,273
Pharmaceuticals		–		2,250,050		–		2,250,050

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AllianzGI International Growth Fund (formerly, NVIT Multi-Manager International Growth Fund) (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (Continued)
Common Stocks (Continued)
Road & Rail	$	1,212,183	$	–	$	–	$	1,212,183
Semiconductors & Semiconductor Equipment		–		11,045,578		–		11,045,578
Software		3,635,387		10,997,956		–		14,633,343
Specialty Retail		–		317,471		–		317,471
Textiles, Apparel & Luxury Goods		–		1,649,443		–		1,649,443
Trading Companies & Distributors		–		4,171,088		–		4,171,088
Total Common Stocks	$	42,044,791	$	99,497,804	$	–	$	141,542,595
Repurchase Agreements	$	–	$	994,140	$	–	$	994,140
Total	$	42,044,791	$	100,491,944	$	–	$	142,536,735

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Bond Index Fund

Asset-Backed Securities 0.5%
	Principal   Amount		Value
Airlines 0.0%†
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 1/15/2023	$	235,908	$	239,746
Continental Airlines Pass-Through Trust, Series 2012-1, Class A, 4.15%, 4/11/2024		229,414		247,214
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 8/15/2025		363,864		363,783
				850,743
Automobiles 0.1%
Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.82%, 3/18/2024		1,600,000		1,550,779
Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.16%, 3/15/2023		1,400,000		1,385,734
				2,936,513
Credit Card 0.4%
BA Credit Card Trust, Series 2018-A3, Class A3, 3.10%, 12/15/2023		3,500,000		3,567,804
Citibank Credit Card Issuance Trust
Series 2017-A3, Class A3, 1.92%, 4/7/2022		1,100,000		1,099,890
Series 2018-A6, Class A6, 3.21%, 12/7/2024		2,000,000		2,091,285
Discover Card Execution Note Trust, Series 2015-A2, Class A, 1.90%, 10/17/2022		1,750,000		1,749,650
				8,508,629
Total Asset-Backed Securities (cost $12,156,981)				12,295,885
Commercial Mortgage-Backed Securities 2.2%
	Principal Amount		Value
BBCMS Mortgage Trust, Series 2017-C1, Class A4, 3.67%, 2/15/2050		1,375,000		1,456,908
Benchmark Mortgage Trust
Series 2018-B4, Class A2, 3.98%, 7/15/2051		500,000		525,829
Series 2018-B4, Class A5, 4.12%, 7/15/2051(a)		1,000,000		1,113,608
Series 2019-B11, Class A4, 3.28%, 5/15/2052		3,000,000		3,168,434
Citigroup Commercial Mortgage Trust
Series 2014-GC25, Class AS, 4.02%, 10/10/2047		1,500,000		1,528,585
Series 2016-P5, Class A4, 2.94%, 10/10/2049		600,000		603,839
Series 2017-P7, Class A4, 3.71%, 4/14/2050		1,500,000		1,586,025
Series 2019-GC43, Class A4, 3.04%, 11/10/2052		2,940,000		2,949,262
COMM Mortgage Trust
Series 2012-CR1, Class A3, 3.39%, 5/15/2045		1,631,237		1,645,562
Series 2013-CR8, Class A5, 3.61%, 6/10/2046(a)		1,000,000		1,037,993
Series 2014-UBS2, Class A5, 3.96%, 3/10/2047		1,500,000		1,563,061
Series 2014-UBS3, Class A4, 3.82%, 6/10/2047		1,500,000		1,559,150

Commercial Mortgage-Backed Securities (continued)
	Principal   Amount		Value
COMM Mortgage Trust (continued)
Series 2015-DC1, Class A5, 3.35%, 2/10/2048	$	1,000,000	$	1,025,850
Series 2015-PC1, Class A5, 3.90%, 7/10/2050		1,000,000		1,050,414
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5, 4.03%, 4/15/2051(a)		1,250,000		1,330,348
FHLMC Multifamily Structured Pass-Through Certificates REMICS
Series K013, Class A2, 3.97%, 1/25/2021(a)		500,000		508,369
Series K020, Class A2, 2.37%, 5/25/2022		1,500,000		1,530,576
Series K024, Class A2, 2.57%, 9/25/2022		100,000		102,892
Series K026, Class A2, 2.51%, 11/25/2022		900,000		926,224
Series K031, Class A2, 3.30%, 4/25/2023(a)		400,000		424,520
Series K033, Class A2, 3.06%, 7/25/2023(a)		950,000		1,004,018
Series K034, Class A2, 3.53%, 7/25/2023(a)		5,400,000		5,787,659
Series K038, Class A1, 2.60%, 10/25/2023		127,634		130,632
Series K037, Class A2, 3.49%, 1/25/2024		800,000		862,361
Series K069, Class A2, 3.19%, 9/25/2027(a)		2,500,000		2,810,760
FNMA ACES REMICS
Series 2014-M6, Class A2, 2.68%, 5/25/2021(a)		122,935		124,205
Series 2013-M6, Class 1AC, 3.47%, 2/25/2043(a)		214,275		233,568
GS Mortgage Securities Trust
Series 2012-GCJ7, Class A4, 3.38%, 5/10/2045		1,940,939		1,959,373
Series 2015-GC30, Class A4, 3.38%, 5/10/2050		1,500,000		1,539,014
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C5, Class A3, 4.17%, 8/15/2046		195,892		199,445
JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class A4, 3.80%, 9/15/2047		1,000,000		1,058,246
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class A5, 4.08%, 7/15/2046(a)		500,000		526,871
Series 2015-C24, Class A4, 3.73%, 5/15/2048		1,000,000		1,060,916
Morgan Stanley Capital I Trust, Series 2019-H6, Class A4, 3.42%, 6/15/2052		1,180,000		1,246,253
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 3/10/2046		2,500,000		2,536,580
Wells Fargo Commercial Mortgage Trust
Series 2015-C28, Class A4, 3.54%, 5/15/2048		1,500,000		1,549,317
Series 2017-C40, Class A4, 3.58%, 10/15/2050		1,500,000		1,574,613
WFRBS Commercial Mortgage Trust
Series 2013-C14, Class A5, 3.34%, 6/15/2046		1,750,000		1,778,218
Series 2013-C15, Class A4, 4.15%, 8/15/2046(a)		1,175,000		1,224,273
Total Commercial Mortgage-Backed Securities (cost $52,003,440)				52,843,771

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds 24.2%
	Principal   Amount		Value
Aerospace & Defense 0.5%
Boeing Co. (The), 2.30%, 8/1/2021	$	200,000	$	193,519
2.25%, 6/15/2026		500,000		440,526
2.70%, 2/1/2027		35,000		32,094
3.20%, 3/1/2029(b)		500,000		460,638
2.95%, 2/1/2030(b)		85,000		79,666
3.25%, 2/1/2035		100,000		86,480
3.30%, 3/1/2035(b)		130,000		113,553
3.75%, 2/1/2050		340,000		310,289
3.95%, 8/1/2059		100,000		89,749
Embraer Netherlands Finance BV, 5.40%, 2/1/2027		500,000		440,505
General Dynamics Corp., 3.88%, 7/15/2021		100,000		101,677
2.63%, 11/15/2027(b)		500,000		505,387
3.63%, 4/1/2030		200,000		222,344
4.25%, 4/1/2050		200,000		251,838
L3Harris Technologies, Inc., 3.95%, 5/28/2024(c)		257,000		269,339
2.90%, 12/15/2029		100,000		93,327
4.85%, 4/27/2035		90,000		97,386
Lockheed Martin Corp., 2.90%, 3/1/2025		500,000		506,563
3.55%, 1/15/2026(b)		250,000		267,847
3.60%, 3/1/2035		110,000		120,284
4.07%, 12/15/2042		393,000		453,880
4.70%, 5/15/2046		250,000		307,563
Northrop Grumman Corp., 3.50%, 3/15/2021		500,000		502,259
4.75%, 6/1/2043		250,000		299,534
4.03%, 10/15/2047		500,000		574,043
Raytheon Co., 3.15%, 12/15/2024(b)		145,000		150,775
4.70%, 12/15/2041		150,000		174,921
Rockwell Collins, Inc., 3.50%, 3/15/2027		1,000,000		1,033,467
Textron, Inc., 4.30%, 3/1/2024		250,000		254,416
United Technologies Corp., 3.95%, 8/16/2025		400,000		436,637
4.13%, 11/16/2028		250,000		274,438
6.13%, 7/15/2038		400,000		574,817
4.50%, 6/1/2042		700,000		808,625
4.15%, 5/15/2045		250,000		271,632
4.63%, 11/16/2048(b)		500,000		590,883
				11,390,901
Air Freight & Logistics 0.1%
FedEx Corp., 3.25%, 4/1/2026		85,000		86,007
3.30%, 3/15/2027		70,000		69,573
3.10%, 8/5/2029(b)		100,000		98,176
3.90%, 2/1/2035		380,000		371,126
3.88%, 8/1/2042		50,000		43,760
4.55%, 4/1/2046		500,000		475,359
United Parcel Service, Inc., 2.20%, 9/1/2024(b)		40,000		40,871
6.20%, 1/15/2038		295,000		383,875
3.40%, 9/1/2049		320,000		321,633
5.30%, 4/1/2050		150,000		196,508
				2,086,888
Airlines 0.0%†
Delta Air Lines, Inc., 3.63%, 3/15/2022		250,000		230,893
3.75%, 10/28/2029(b)		250,000		201,256
Southwest Airlines Co., 2.63%, 2/10/2030(b)		400,000		335,248
				767,397

Corporate Bonds (continued)
	Principal   Amount		Value
Auto Components 0.0%†
Aptiv Corp., 4.15%, 3/15/2024(b)	$	475,000	$	466,334
Aptiv plc, 5.40%, 3/15/2049(b)		150,000		130,331
BorgWarner, Inc., 3.38%, 3/15/2025(b)		135,000		132,102
Lear Corp., 5.25%, 5/15/2049		150,000		130,194
				858,961
Automobiles 0.1%
Daimler Finance North America LLC, 8.50%, 1/18/2031		250,000		337,887
Ford Motor Co., 4.75%, 1/15/2043		62,000		35,185
5.29%, 12/8/2046		180,000		107,100
General Motors Co., 4.20%, 10/1/2027		250,000		206,575
5.15%, 4/1/2038		250,000		180,806
5.20%, 4/1/2045		250,000		197,949
6.75%, 4/1/2046		35,000		27,961
5.40%, 4/1/2048		250,000		182,070
				1,275,533
Banks 4.7%
Australia & New Zealand Banking Group Ltd., 3.30%, 5/17/2021(b)		1,500,000		1,513,965
2.05%, 11/21/2022		250,000		250,447
Banco Santander SA, 3.50%, 4/11/2022		800,000		791,480
3.80%, 2/23/2028		600,000		588,244
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022(d)		500,000		505,941
3.30%, 1/11/2023		500,000		518,020
4.10%, 7/24/2023		250,000		266,347
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(d)		1,515,000		1,545,597
4.00%, 4/1/2024		350,000		370,959
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024(d)		400,000		418,513
Series L, 3.95%, 4/21/2025		310,000		325,899
3.88%, 8/1/2025		250,000		265,689
4.45%, 3/3/2026		125,000		134,630
3.50%, 4/19/2026		290,000		308,023
4.25%, 10/22/2026		435,000		462,363
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027(d)		1,500,000		1,569,638
3.25%, 10/21/2027		500,000		512,257
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(d)		500,000		518,176
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(d)		1,000,000		1,031,538
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030(d)		200,000		199,929
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031(d)		300,000		290,078
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(d)		250,000		287,497
5.88%, 2/7/2042		250,000		351,910
5.00%, 1/21/2044		350,000		444,686
Series L, 4.75%, 4/21/2045		250,000		284,016
(ICE LIBOR USD 3 Month + 1.99%), 4.44%, 1/20/2048(d)		500,000		560,369
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 3/15/2050(b)(d)		500,000		589,584
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051(d)		300,000		343,406

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Banks (continued)
Bank of America NA,
(ICE LIBOR USD 3 Month + 0.65%), 3.34%, 1/25/2023(d)	$	500,000	$	499,719
Bank of Montreal, 1.90%, 8/27/2021		1,000,000		1,002,329
Bank of Nova Scotia (The), 2.80%, 7/21/2021(b)		500,000		505,586
2.45%, 9/19/2022(b)		1,000,000		1,008,169
Barclays plc, 3.20%, 8/10/2021		400,000		395,904
3.65%, 3/16/2025(b)		360,000		352,077
4.34%, 1/10/2028		1,000,000		1,016,535
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030(b)(d)		200,000		209,000
5.25%, 8/17/2045(b)		205,000		226,849
4.95%, 1/10/2047		200,000		218,560
BBVA USA, 3.88%, 4/10/2025		500,000		473,270
Canadian Imperial Bank of Commerce,
(ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023(b)(d)		500,000		501,772
Capital One Bank USA NA,
(SOFR + 0.62%), 2.01%, 1/27/2023(d)		300,000		293,193
(SOFR + 0.91%), 2.28%, 1/28/2026(d)		500,000		449,747
Citigroup, Inc., 2.35%, 8/2/2021		500,000		500,835
4.50%, 1/14/2022		650,000		674,808
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(d)		500,000		503,844
3.88%, 10/25/2023(b)		750,000		771,127
3.75%, 6/16/2024(b)		500,000		506,254
3.30%, 4/27/2025		560,000		566,334
4.60%, 3/9/2026		350,000		371,250
3.40%, 5/1/2026		500,000		520,939
4.30%, 11/20/2026		500,000		523,063
4.45%, 9/29/2027		500,000		522,012
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(d)		500,000		514,263
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(d)		1,500,000		1,500,596
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030(d)		500,000		532,845
(SOFR + 1.42%), 2.98%, 11/5/2030(d)		200,000		195,321
6.63%, 6/15/2032		333,000		400,857
8.13%, 7/15/2039		350,000		548,992
6.68%, 9/13/2043		250,000		327,656
4.65%, 7/23/2048(b)		200,000		240,429
Citizens Bank NA, 2.65%, 5/26/2022		250,000		249,513
Citizens Financial Group, Inc., 2.50%, 2/6/2030		170,000		150,218
Comerica, Inc., 4.00%, 2/1/2029(b)		250,000		251,794
Cooperatieve Rabobank UA, 2.75%, 1/10/2022		500,000		503,183
4.63%, 12/1/2023		250,000		258,455
3.38%, 5/21/2025		250,000		263,370
5.25%, 5/24/2041(b)		175,000		230,983
5.25%, 8/4/2045		250,000		303,395
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 9/15/2022		440,000		445,830
3.75%, 3/26/2025		390,000		385,004
4.55%, 4/17/2026		500,000		523,805
Discover Bank, 4.20%, 8/8/2023(b)		500,000		526,424
2.45%, 9/12/2024		300,000		283,151
2.70%, 2/6/2030		310,000		267,353

Corporate Bonds (continued)
	Principal   Amount		Value
Banks (continued)
Fifth Third Bancorp, 3.50%, 3/15/2022	$	700,000	$	704,357
2.60%, 6/15/2022(b)		500,000		494,189
Fifth Third Bank, 1.80%, 1/30/2023(b)		250,000		246,886
3.95%, 7/28/2025		200,000		210,374
2.25%, 2/1/2027		295,000		278,931
First Republic Bank, 2.50%, 6/6/2022		750,000		722,006
HSBC Holdings plc, 3.40%, 3/8/2021		2,000,000		2,010,998
5.10%, 4/5/2021		500,000		511,208
4.25%, 3/14/2024(b)		500,000		513,080
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024(d)		200,000		204,938
4.30%, 3/8/2026		500,000		531,024
3.90%, 5/25/2026(b)		500,000		508,587
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030(d)		200,000		204,867
6.50%, 5/2/2036		400,000		472,440
6.50%, 9/15/2037		600,000		721,453
6.80%, 6/1/2038		200,000		243,615
5.25%, 3/14/2044		250,000		274,845
HSBC USA, Inc., 3.50%, 6/23/2024		500,000		502,781
Huntington Bancshares, Inc., 3.15%, 3/14/2021		395,000		396,021
2.55%, 2/4/2030		200,000		178,553
ING Groep NV, 4.10%, 10/2/2023		500,000		513,149
4.55%, 10/2/2028		200,000		212,323
JPMorgan Chase & Co., 2.55%, 3/1/2021		500,000		501,196
4.63%, 5/10/2021		500,000		513,841
2.30%, 8/15/2021		1,000,000		998,966
3.25%, 9/23/2022(b)		500,000		515,656
(ICE LIBOR USD 3 Month + 0.70%), 3.21%, 4/1/2023(d)		1,000,000		1,017,215
3.38%, 5/1/2023		250,000		261,312
2.70%, 5/18/2023		500,000		513,152
3.88%, 9/10/2024		1,000,000		1,054,454
3.13%, 1/23/2025		500,000		518,670
(ICE LIBOR USD 3 Month + 1.16%), 3.22%, 3/1/2025(d)		200,000		207,645
(SOFR + 1.16%), 2.30%, 10/15/2025(d)		250,000		248,752
3.30%, 4/1/2026		500,000		519,192
8.00%, 4/29/2027		290,000		369,989
4.25%, 10/1/2027		500,000		544,312
(ICE LIBOR USD 3 Month + 1.38%), 3.54%, 5/1/2028(d)		500,000		514,529
(ICE LIBOR USD 3 Month + 1.12%), 4.01%, 4/23/2029(d)		1,000,000		1,073,630
5.60%, 7/15/2041		400,000		531,627
5.40%, 1/6/2042		500,000		661,989
4.85%, 2/1/2044		500,000		598,209
(ICE LIBOR USD 3 Month + 1.58%), 4.26%, 2/22/2048(d)		750,000		867,526
(ICE LIBOR USD 3 Month + 1.38%), 3.96%, 11/15/2048(d)		500,000		578,521
KeyBank NA, 3.30%, 2/1/2022(b)		500,000		506,658
6.95%, 2/1/2028		225,000		270,123
KeyCorp, 2.25%, 4/6/2027		50,000		46,418
2.55%, 10/1/2029		250,000		223,175
Korea Development Bank (The), 4.63%, 11/16/2021		200,000		211,948
3.00%, 1/13/2026		500,000		543,999

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Banks (continued)
Kreditanstalt fuer Wiederaufbau, 1.63%, 3/15/2021	$	500,000	$	505,025
1.50%, 6/15/2021		500,000		505,810
2.00%, 11/30/2021		1,000,000		1,024,977
2.13%, 6/15/2022		2,000,000		2,067,562
1.75%, 8/22/2022		1,000,000		1,027,485
2.38%, 12/29/2022		1,250,000		1,310,290
2.63%, 2/28/2024		2,500,000		2,693,579
0.00%, 6/29/2037(e)		750,000		588,302
Landwirtschaftliche Rentenbank,
Series 36, 2.00%, 12/6/2021		250,000		256,217
1.75%, 7/27/2026		1,000,000		1,058,380
Lloyds Banking Group plc,
(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023(d)		400,000		394,426
4.50%, 11/4/2024		205,000		206,500
4.58%, 12/10/2025		350,000		354,012
4.65%, 3/24/2026		500,000		510,449
(ICE LIBOR USD 3 Month + 1.21%), 3.57%, 11/7/2028(b)(d)		1,000,000		992,223
Mitsubishi UFJ Financial Group, Inc., 3.22%, 3/7/2022(b)		500,000		508,106
2.62%, 7/18/2022		500,000		498,653
3.46%, 3/2/2023		750,000		769,348
3.85%, 3/1/2026		750,000		764,912
3.74%, 3/7/2029(b)		1,000,000		1,069,766
3.20%, 7/18/2029		500,000		508,407
Mizuho Financial Group, Inc., 2.95%, 2/28/2022		500,000		501,730
(ICE LIBOR USD 3 Month + 1.10%), 2.55%, 9/13/2025(d)		455,000		449,330
3.17%, 9/11/2027		750,000		751,109
MUFG Americas Holdings Corp., 3.00%, 2/10/2025		400,000		366,312
National Australia Bank Ltd., 2.50%, 7/12/2026		750,000		751,569
Oesterreichische Kontrollbank AG, 1.63%, 9/17/2022(b)		1,000,000		1,024,288
PNC Bank NA, 2.95%, 1/30/2023		250,000		253,553
3.80%, 7/25/2023		500,000		527,842
2.95%, 2/23/2025		500,000		509,518
PNC Financial Services Group, Inc. (The), 3.30%, 3/8/2022		500,000		507,374
2.55%, 1/22/2030		500,000		483,586
Regions Financial Corp., 2.75%, 8/14/2022		750,000		741,814
Royal Bank of Canada, 1.95%, 1/17/2023		170,000		168,270
2.55%, 7/16/2024(b)		350,000		355,902
2.25%, 11/1/2024		500,000		502,415
Royal Bank of Scotland Group plc, 6.13%, 12/15/2022(b)		500,000		516,474
3.88%, 9/12/2023		365,000		374,615
4.80%, 4/5/2026		500,000		496,876
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029(d)		250,000		264,587
(ICE LIBOR USD 3 Month + 1.91%), 5.08%, 1/27/2030(d)		500,000		498,078
Santander Holdings USA, Inc., 3.50%, 6/7/2024		500,000		488,021
Santander UK plc, 4.00%, 3/13/2024		500,000		507,259
Sumitomo Mitsui Financial Group, Inc., 2.93%, 3/9/2021		500,000		500,716
2.78%, 7/12/2022		1,000,000		996,854
2.45%, 9/27/2024(b)		500,000		495,867
2.63%, 7/14/2026		750,000		731,233
3.35%, 10/18/2027		500,000		475,122

Corporate Bonds (continued)
	Principal   Amount		Value
Banks (continued)
Sumitomo Mitsui Financial Group, Inc., (continued) 3.20%, 9/17/2029	$	500,000	$	509,037
Toronto-Dominion Bank (The), 1.90%, 12/1/2022		500,000		499,176
3.25%, 3/11/2024(b)		500,000		526,836
Truist Bank, 2.15%, 12/6/2024		400,000		396,155
3.63%, 9/16/2025		250,000		260,498
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.15%), 2.64%, 9/17/2029(d)		250,000		238,896
Truist Financial Corp., 3.05%, 6/20/2022		500,000		510,093
2.85%, 10/26/2024(b)		250,000		252,849
4.00%, 5/1/2025		1,000,000		1,053,222
US Bancorp, 4.13%, 5/24/2021		150,000		153,592
Series V, 2.63%, 1/24/2022		250,000		253,445
3.90%, 4/26/2028(b)		500,000		537,847
US Bank NA, 2.80%, 1/27/2025		1,000,000		1,032,247
Wells Fargo & Co., 2.50%, 3/4/2021		500,000		500,087
2.63%, 7/22/2022		500,000		501,621
3.07%, 1/24/2023		400,000		404,232
3.75%, 1/24/2024		2,000,000		2,113,652
3.00%, 2/19/2025		825,000		841,038
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026(d)		250,000		244,921
3.00%, 4/22/2026		500,000		508,723
4.30%, 7/22/2027		100,000		106,519
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031(d)		250,000		239,141
5.38%, 2/7/2035		457,000		538,358
5.95%, 12/15/2036¥		275,000		345,126
5.38%, 11/2/2043		250,000		293,067
5.61%, 1/15/2044		388,000		464,496
3.90%, 5/1/2045(b)		250,000		272,364
4.90%, 11/17/2045		500,000		570,014
4.40%, 6/14/2046		350,000		375,884
4.75%, 12/7/2046		250,000		276,312
(ICE LIBOR USD 3 Month + 4.24%), 5.01%, 4/4/2051(d)		500,000		638,401
Wells Fargo Bank NA,
(ICE LIBOR USD 3 Month + 0.61%), 2.90%, 5/27/2022(d)		500,000		499,807
(ICE LIBOR USD 3 Month + 0.65%), 2.08%, 9/9/2022(d)		1,000,000		995,308
Westpac Banking Corp., 2.10%, 5/13/2021(b)		500,000		500,033
2.00%, 1/13/2023(b)		30,000		29,658
3.40%, 1/25/2028(b)		500,000		538,474
2.65%, 1/16/2030		120,000		119,559
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034(d)		500,000		484,674
Zions Bancorp NA, 3.25%, 10/29/2029		250,000		211,864
				112,527,112
Beverages 0.6%
Anheuser-Busch Cos. LLC, 3.65%, 2/1/2026		750,000		786,362
4.70%, 2/1/2036		500,000		523,621
4.90%, 2/1/2046		770,000		838,656
Anheuser-Busch InBev Finance, Inc., 4.63%, 2/1/2044		150,000		156,964

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Beverages (continued)
Anheuser-Busch InBev Worldwide, Inc., (continued) 4.15%, 1/23/2025	$	1,500,000	$	1,610,264
4.00%, 4/13/2028		250,000		263,575
4.60%, 4/15/2048		500,000		528,977
4.44%, 10/6/2048		581,000		592,706
5.55%, 1/23/2049		1,000,000		1,175,395
5.80%, 1/23/2059		200,000		244,633
Coca-Cola Co. (The), 3.20%, 11/1/2023(b)		550,000		611,716
1.75%, 9/6/2024(b)		500,000		522,513
2.90%, 5/25/2027(b)		500,000		524,600
Constellation Brands, Inc., 3.50%, 5/9/2027		500,000		468,806
3.60%, 2/15/2028		400,000		391,227
Diageo Capital plc, 2.63%, 4/29/2023(b)		500,000		504,712
2.38%, 10/24/2029		210,000		201,790
Diageo Investment Corp., 7.45%, 4/15/2035		250,000		369,148
Fomento Economico Mexicano SAB de CV, 3.50%, 1/16/2050		200,000		187,345
Keurig Dr Pepper, Inc., 4.60%, 5/25/2028		750,000		820,390
5.09%, 5/25/2048(b)		250,000		311,267
Molson Coors Beverage Co., 3.00%, 7/15/2026		190,000		179,503
5.00%, 5/1/2042		250,000		242,368
PepsiCo, Inc., 2.85%, 2/24/2026(b)		150,000		158,071
2.75%, 3/19/2030		400,000		426,550
4.25%, 10/22/2044		500,000		572,717
4.45%, 4/14/2046		500,000		646,157
3.63%, 3/19/2050		300,000		356,173
				14,216,206
Biotechnology 0.5%
AbbVie, Inc., 2.15%, 11/19/2021(c)		300,000		299,595
2.30%, 11/21/2022(c)		200,000		200,157
2.60%, 11/21/2024(c)		400,000		403,864
3.20%, 5/14/2026		1,020,000		1,014,004
2.95%, 11/21/2026(c)		200,000		200,918
3.20%, 11/21/2029(c)		350,000		351,438
4.50%, 5/14/2035		500,000		567,142
4.30%, 5/14/2036		250,000		269,832
4.05%, 11/21/2039(c)		580,000		596,593
4.40%, 11/6/2042		625,000		693,696
4.25%, 11/21/2049(c)		675,000		717,080
Amgen, Inc., 2.45%, 2/21/2030		400,000		393,417
4.40%, 5/1/2045		200,000		234,774
4.56%, 6/15/2048(b)		524,000		640,916
4.66%, 6/15/2051		618,000		777,116
Baxalta, Inc., 4.00%, 6/23/2025		60,000		62,988
Biogen, Inc., 3.63%, 9/15/2022		500,000		513,539
4.05%, 9/15/2025		195,000		206,173
5.20%, 9/15/2045		250,000		322,694
Gilead Sciences, Inc., 4.50%, 4/1/2021		200,000		202,774
3.70%, 4/1/2024(b)		1,000,000		1,048,826
3.50%, 2/1/2025		240,000		253,239
3.65%, 3/1/2026		145,000		156,798
4.50%, 2/1/2045		500,000		607,766
4.75%, 3/1/2046		500,000		638,510
				11,373,849

Corporate Bonds (continued)
	Principal   Amount		Value
Building Products 0.1%
Allegion plc, 3.50%, 10/1/2029	$	250,000	$	242,170
Carrier Global Corp., 1.92%, 2/15/2023(c)		95,000		93,526
2.24%, 2/15/2025(c)		120,000		116,572
2.49%, 2/15/2027(c)		135,000		128,775
2.72%, 2/15/2030(c)		200,000		184,287
Fortune Brands Home & Security, Inc., 3.25%, 9/15/2029		250,000		238,772
Johnson Controls International plc, 3.90%, 2/14/2026(b)		183,000		199,146
4.63%, 7/2/2044(f)		350,000		341,583
Owens Corning, 4.30%, 7/15/2047		350,000		298,738
				1,843,569
Capital Markets 1.3%
Bank of New York Mellon Corp. (The), 3.25%, 9/11/2024(b)		750,000		780,345
2.10%, 10/24/2024		250,000		251,504
Series G, 3.00%, 2/24/2025		205,000		210,052
3.00%, 10/30/2028(b)		500,000		496,448
Brookfield Finance, Inc., 4.25%, 6/2/2026		500,000		524,329
4.85%, 3/29/2029		300,000		318,277
Charles Schwab Corp. (The), 4.00%, 2/1/2029		500,000		513,792
CME Group, Inc., 3.00%, 3/15/2025(b)		500,000		515,904
Credit Suisse AG, 2.10%, 11/12/2021		1,145,000		1,141,702
3.63%, 9/9/2024		250,000		264,012
Credit Suisse USA, Inc., 7.13%, 7/15/2032		55,000		78,102
Deutsche Bank AG, 3.95%, 2/27/2023		750,000		745,000
3.70%, 5/30/2024		470,000		424,157
(SOFR + 2.58%), 3.96%, 11/26/2025(d)		200,000		184,360
Franklin Resources, Inc., 2.80%, 9/15/2022		500,000		491,220
Goldman Sachs Group, Inc. (The), 5.25%, 7/27/2021		500,000		516,037
2.35%, 11/15/2021		500,000		499,390
5.75%, 1/24/2022		1,000,000		1,059,460
3.63%, 1/22/2023(b)		750,000		769,666
3.20%, 2/23/2023(b)		500,000		509,308
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(d)		1,000,000		1,002,874
3.85%, 7/8/2024		385,000		401,407
3.50%, 4/1/2025		670,000		684,891
3.75%, 5/22/2025		500,000		517,575
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(d)		250,000		256,690
6.45%, 5/1/2036		400,000		487,781
6.75%, 10/1/2037		150,000		198,565
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(d)		500,000		501,579
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039(d)		500,000		522,879
6.25%, 2/1/2041		350,000		471,075
4.80%, 7/8/2044		500,000		559,862
4.75%, 10/21/2045(b)		350,000		414,942
Intercontinental Exchange, Inc., 4.00%, 10/15/2023		500,000		536,315
3.75%, 12/1/2025		160,000		157,851
4.25%, 9/21/2048		250,000		290,000
Jefferies Group LLC, 5.13%, 1/20/2023		250,000		254,532

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Capital Markets (continued)
Jefferies Group LLC, (continued)
4.85%, 1/15/2027	$	500,000	$	494,957
Legg Mason, Inc.,
4.75%, 3/15/2026		500,000		500,854
Moody’s Corp.,
4.50%, 9/1/2022		150,000		153,761
Morgan Stanley,
5.50%, 7/28/2021		250,000		259,574
4.88%, 11/1/2022		500,000		524,693
4.10%, 5/22/2023		650,000		663,453
Series F, 3.88%, 4/29/2024		625,000		656,613
4.00%, 7/23/2025		215,000		226,622
3.13%, 7/27/2026		500,000		512,733
4.35%, 9/8/2026		500,000		529,636
3.63%, 1/20/2027		750,000		802,435
3.95%, 4/23/2027		500,000		526,570
(ICE LIBOR USD 3 Month + 1.34%),
3.59%, 7/22/2028(d)		500,000		507,687
(ICE LIBOR USD 3 Month + 1.14%),
3.77%, 1/24/2029(d)		1,000,000		1,053,482
(ICE LIBOR USD 3 Month + 1.63%),
4.43%, 1/23/2030(d)		1,000,000		1,110,151
(SOFR + 3.12%), 3.62%, 4/1/2031(d)		620,000		648,483
7.25%, 4/1/2032		324,000		463,112
4.30%, 1/27/2045		300,000		347,232
Raymond James Financial, Inc.,
4.95%, 7/15/2046		250,000		287,596
S&P Global, Inc.,
4.40%, 2/15/2026		500,000		554,745
2.50%, 12/1/2029		80,000		78,203
3.25%, 12/1/2049		65,000		64,249
State Street Corp.,
3.70%, 11/20/2023(b)		500,000		503,992
3.30%, 12/16/2024		310,000		320,498
2.40%, 1/24/2030		200,000		188,310
TD Ameritrade Holding Corp.,
2.95%, 4/1/2022		500,000		488,620
				30,020,144
Chemicals 0.4%
Dow Chemical Co. (The),
3.50%, 10/1/2024(b)		500,000		494,389
9.40%, 5/15/2039		260,000		391,001
4.80%, 5/15/2049(b)		350,000		361,329
DuPont de Nemours, Inc.,
5.42%, 11/15/2048(b)		500,000		550,134
Eastman Chemical Co.,
3.60%, 8/15/2022		100,000		101,093
4.65%, 10/15/2044		350,000		375,646
Ecolab, Inc.,
4.35%, 12/8/2021		122,000		121,000
3.25%, 1/14/2023(b)		500,000		499,122
FMC Corp.,
3.45%, 10/1/2029		60,000		56,669
4.50%, 10/1/2049		85,000		82,057
Lubrizol Corp. (The),
6.50%, 10/1/2034(b)		147,000		224,504
LyondellBasell Industries NV,
6.00%, 11/15/2021		500,000		516,943
4.63%, 2/26/2055		250,000		232,006
Mosaic Co. (The),
3.75%, 11/15/2021		250,000		226,237
4.25%, 11/15/2023		250,000		236,831
4.05%, 11/15/2027(b)		250,000		212,999
Nutrien Ltd.,
3.15%, 10/1/2022		50,000		50,034
3.00%, 4/1/2025		150,000		143,308
5.88%, 12/1/2036		125,000		142,512
6.13%, 1/15/2041		150,000		184,849

Corporate Bonds (continued)
	Principal   Amount		Value
Chemicals (continued)
Nutrien Ltd., (continued)
5.25%, 1/15/2045	$	350,000	$	384,794
PPG Industries, Inc.,
2.80%, 8/15/2029(b)		500,000		480,174
Praxair, Inc.,
4.05%, 3/15/2021		200,000		203,342
3.00%, 9/1/2021(b)		450,000		457,933
3.20%, 1/30/2026		250,000		264,571
RPM International, Inc.,
3.45%, 11/15/2022		350,000		352,032
Sherwin-Williams Co. (The),
3.95%, 1/15/2026		1,000,000		1,051,675
2.95%, 8/15/2029		200,000		196,126
Westlake Chemical Corp.,
4.38%, 11/15/2047		200,000		161,992
				8,755,302
Commercial Services & Supplies 0.1%
Republic Services, Inc.,
5.25%, 11/15/2021		800,000		841,366
3.20%, 3/15/2025		500,000		515,255
Waste Management, Inc.,
3.50%, 5/15/2024		500,000		519,376
3.90%, 3/1/2035		130,000		143,012
4.15%, 7/15/2049		250,000		287,085
				2,306,094
Communications Equipment 0.1%
Cisco Systems, Inc.,
3.50%, 6/15/2025(b)		400,000		440,305
5.90%, 2/15/2039(b)		500,000		718,310
Motorola Solutions, Inc.,
4.00%, 9/1/2024(b)		500,000		495,077
				1,653,692
Construction Materials 0.0%†
Vulcan Materials Co.,
4.50%, 6/15/2047		250,000		251,625
Consumer Finance 0.6%
AerCap Ireland Capital DAC,
3.95%, 2/1/2022		750,000		679,248
3.88%, 1/23/2028(b)		500,000		380,917
Ally Financial, Inc.,
4.13%, 2/13/2022		100,000		96,219
4.63%, 5/19/2022(b)		100,000		96,500
3.88%, 5/21/2024		600,000		540,000
4.63%, 3/30/2025		100,000		95,573
8.00%, 11/1/2031		150,000		173,805
American Express Co.,
2.75%, 5/20/2022		1,000,000		1,016,276
3.00%, 10/30/2024(b)		500,000		511,453
3.63%, 12/5/2024(b)		500,000		514,686
American Honda Finance Corp.,
1.95%, 5/20/2022		100,000		98,551
2.60%, 11/16/2022		500,000		494,650
1.95%, 5/10/2023		175,000		170,663
2.15%, 9/10/2024(b)		500,000		488,019
2.35%, 1/8/2027(b)		100,000		94,209
Capital One Financial Corp.,
4.75%, 7/15/2021(b)		300,000		308,716
3.20%, 1/30/2023		1,000,000		988,411
3.75%, 4/24/2024		700,000		704,378
3.75%, 7/28/2026		250,000		233,466
Caterpillar Financial Services Corp.,
2.85%, 6/1/2022(b)		500,000		507,600
3.30%, 6/9/2024(b)		250,000		257,761
3.25%, 12/1/2024(b)		500,000		518,299

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Consumer Finance (continued)
Discover Financial Services,
4.10%, 2/9/2027	$	250,000	$	244,987
General Motors Financial Co., Inc.,
4.38%, 9/25/2021		500,000		460,375
4.20%, 11/6/2021		500,000		477,222
3.55%, 7/8/2022		400,000		371,969
5.25%, 3/1/2026		1,055,000		930,423
John Deere Capital Corp.,
3.13%, 9/10/2021		250,000		253,951
2.65%, 1/6/2022(b)		640,000		646,234
2.25%, 9/14/2026(b)		250,000		244,159
Synchrony Financial,
4.25%, 8/15/2024		350,000		336,936
4.50%, 7/23/2025		375,000		366,724
Toyota Motor Credit Corp.,
2.60%, 1/11/2022		500,000		502,576
3.30%, 1/12/2022		500,000		505,545
1.80%, 2/13/2025		500,000		482,404
3.20%, 1/11/2027		200,000		204,281
				14,997,186
Containers & Packaging 0.1%
International Paper Co.,
3.80%, 1/15/2026		500,000		516,267
6.00%, 11/15/2041		550,000		707,078
Packaging Corp. of America,
4.50%, 11/1/2023		250,000		270,804
3.00%, 12/15/2029		50,000		49,201
4.05%, 12/15/2049(b)		100,000		99,063
WRKCo, Inc.,
4.90%, 3/15/2029(b)		250,000		268,852
				1,911,265
Diversified Consumer Services 0.0%†
American University (The),
Series 2019, 3.67%, 4/1/2049		35,000		37,654
George Washington University (The),
Series 2018, 4.13%, 9/15/2048		73,000		72,601
Georgetown University (The),
Series 20A, 2.94%, 4/1/2050		35,000		30,400
Massachusetts Institute of Technology,
5.60%, 7/1/2111		100,000		163,326
4.68%, 7/1/2114		75,000		102,764
President & Fellows of Harvard College,
3.15%, 7/15/2046		75,000		75,424
3.30%, 7/15/2056		200,000		214,787
Trustees of Boston University,
Series CC, 4.06%, 10/1/2048		16,000		19,359
				716,315
Diversified Financial Services 0.4%
Berkshire Hathaway, Inc.,
3.40%, 1/31/2022(b)		500,000		521,995
4.50%, 2/11/2043		250,000		308,332
Block Financial LLC,
5.50%, 11/1/2022		250,000		251,411
Equitable Holdings, Inc.,
7.00%, 4/1/2028		133,000		151,891
4.35%, 4/20/2028		650,000		631,936
GE Capital International Funding Co. Unlimited Co.,
3.37%, 11/15/2025		248,000		246,764
4.42%, 11/15/2035		1,283,000		1,369,064
Jefferies Financial Group, Inc.,
5.50%, 10/18/2023		250,000		252,987
National Rural Utilities Cooperative Finance Corp.,
3.70%, 3/15/2029		500,000		560,055
2.40%, 3/15/2030		185,000		183,639

Corporate Bonds (continued)
	Principal   Amount		Value
Diversified Financial Services (continued)
National Rural Utilities Cooperative Finance Corp., (continued) 8.00%, 3/1/2032	$	159,000	$	240,898
Shell International Finance BV,
3.40%, 8/12/2023		1,000,000		1,042,688
2.88%, 5/10/2026		500,000		515,171
2.38%, 11/7/2029		250,000		246,527
4.13%, 5/11/2035		500,000		580,005
6.38%, 12/15/2038		250,000		345,130
4.55%, 8/12/2043		500,000		579,970
3.75%, 9/12/2046		500,000		534,690
Voya Financial, Inc.,
3.65%, 6/15/2026(b)		250,000		250,376
				8,813,529
Diversified Telecommunication Services 0.9%
AT&T, Inc.,
3.80%, 3/15/2022(b)		750,000		757,856
3.00%, 6/30/2022		500,000		504,350
4.45%, 4/1/2024		500,000		532,385
3.95%, 1/15/2025(b)		500,000		527,994
3.40%, 5/15/2025		250,000		260,050
3.60%, 7/15/2025		500,000		529,749
4.13%, 2/17/2026		250,000		264,867
3.80%, 2/15/2027		500,000		521,756
4.35%, 3/1/2029		1,000,000		1,078,895
4.50%, 5/15/2035		310,000		330,389
5.25%, 3/1/2037		750,000		875,018
4.85%, 3/1/2039		500,000		560,743
5.35%, 9/1/2040		395,000		455,762
5.55%, 8/15/2041		400,000		454,972
5.38%, 10/15/2041(b)		200,000		226,815
5.15%, 3/15/2042		150,000		172,440
4.30%, 12/15/2042		603,000		636,208
4.65%, 6/1/2044		250,000		262,144
4.80%, 6/15/2044		500,000		545,226
4.35%, 6/15/2045		173,000		182,696
4.75%, 5/15/2046		500,000		552,960
5.15%, 11/15/2046		251,000		294,806
4.50%, 3/9/2048(b)		366,000		396,350
British Telecommunications plc,
9.63%, 12/15/2030(f)		250,000		390,658
Deutsche Telekom International Finance BV,
8.75%, 6/15/2030(f)		369,000		498,137
Orange SA,
9.00%, 3/1/2031(f)		407,000		617,981
5.38%, 1/13/2042		250,000		319,667
Telefonica Emisiones SA,
4.57%, 4/27/2023		700,000		718,222
5.21%, 3/8/2047(b)		450,000		504,341
5.52%, 3/1/2049		500,000		585,991
TELUS Corp.,
2.80%, 2/16/2027(b)		500,000		504,678
4.30%, 6/15/2049		250,000		264,340
Verizon Communications, Inc.,
5.15%, 9/15/2023		250,000		277,679
3.38%, 2/15/2025		996,000		1,063,929
4.13%, 3/16/2027		250,000		277,960
4.33%, 9/21/2028		783,000		890,522
3.88%, 2/8/2029		110,000		121,651
4.27%, 1/15/2036		500,000		580,715
4.81%, 3/15/2039		1,385,000		1,704,951
6.55%, 9/15/2043		550,000		688,112
4.52%, 9/15/2048(b)		750,000		960,172
5.01%, 4/15/2049(b)		374,000		502,597
				22,396,734

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Electric Utilities 1.3%
Alabama Power Co.,
5.70%, 2/15/2033(b)	$	224,000	$	279,101
4.15%, 8/15/2044		350,000		328,407
Arizona Public Service Co.,
2.60%, 8/15/2029		500,000		480,366
3.50%, 12/1/2049		200,000		203,151
Baltimore Gas & Electric Co.,
3.20%, 9/15/2049(b)		115,000		104,480
CenterPoint Energy Houston Electric LLC,
4.50%, 4/1/2044		500,000		584,140
Cleco Corporate Holdings LLC,
3.38%, 9/15/2029(c)		250,000		248,063
Cleveland Electric Illuminating Co. (The),
5.50%, 8/15/2024		400,000		465,760
Commonwealth Edison Co.,
3.65%, 6/15/2046		250,000		264,389
4.00%, 3/1/2048		500,000		561,085
Series 127, 3.20%, 11/15/2049		155,000		151,821
Dominion Energy South Carolina, Inc.,
6.05%, 1/15/2038		150,000		177,969
5.10%, 6/1/2065		100,000		124,948
DTE Electric Co.,
4.30%, 7/1/2044		500,000		565,748
3.70%, 3/15/2045		145,000		153,092
Duke Energy Carolinas LLC,
3.90%, 6/15/2021		100,000		102,094
2.95%, 12/1/2026		500,000		522,477
2.45%, 2/1/2030		100,000		99,301
4.25%, 12/15/2041		300,000		339,866
3.70%, 12/1/2047		500,000		544,594
3.20%, 8/15/2049(b)		50,000		49,967
Duke Energy Corp.,
3.05%, 8/15/2022		350,000		351,933
Duke Energy Florida LLC,
3.20%, 1/15/2027		250,000		259,592
2.50%, 12/1/2029		70,000		68,692
3.40%, 10/1/2046		500,000		512,591
Duke Energy Progress LLC,
4.15%, 12/1/2044		500,000		561,729
4.20%, 8/15/2045		500,000		568,965
Edison International,
3.55%, 11/15/2024		175,000		173,801
4.13%, 3/15/2028(b)		500,000		478,229
Emera US Finance LP,
4.75%, 6/15/2046		200,000		184,148
Entergy Corp.,
4.00%, 7/15/2022		400,000		410,512
Entergy Texas, Inc.,
4.00%, 3/30/2029		750,000		802,835
3.55%, 9/30/2049		200,000		202,533
Evergy Kansas Central, Inc.,
4.10%, 4/1/2043		200,000		223,125
Evergy Metro, Inc.,
3.65%, 8/15/2025		500,000		520,031
Evergy, Inc.,
4.85%, 6/1/2021		100,000		101,065
2.90%, 9/15/2029		250,000		236,561
Eversource Energy,
Series K, 2.75%, 3/15/2022		500,000		507,199
Series H, 3.15%, 1/15/2025		245,000		242,804
Series O, 4.25%, 4/1/2029		400,000		422,292
Exelon Corp.,
5.63%, 6/15/2035		400,000		458,914
FirstEnergy Corp.,
Series A, 2.85%, 7/15/2022		500,000		487,700
Series B, 3.90%, 7/15/2027		500,000		507,914
Florida Power & Light Co.,
2.85%, 4/1/2025		60,000		62,556

Corporate Bonds (continued)
	Principal   Amount		Value
Electric Utilities (continued)
Florida Power & Light Co., (continued)
3.13%, 12/1/2025	$	500,000	$	510,916
5.65%, 2/1/2037		450,000		578,052
4.13%, 2/1/2042		250,000		270,514
3.95%, 3/1/2048		500,000		595,897
Georgia Power Co.,
Series A, 2.20%, 9/15/2024		1,000,000		938,039
4.30%, 3/15/2042		500,000		542,879
Hydro-Quebec,
8.40%, 1/15/2022		220,000		249,022
Series GF, 8.88%, 3/1/2026		156,000		225,596
Iberdrola International BV,
5.81%, 3/15/2025(b)		118,000		131,071
Indiana Michigan Power Co.,
Series K, 4.55%, 3/15/2046		350,000		390,897
Interstate Power & Light Co.,
3.60%, 4/1/2029(b)		623,000		706,124
Louisville Gas & Electric Co.,
4.25%, 4/1/2049		250,000		289,429
MidAmerican Energy Co.,
5.80%, 10/15/2036		550,000		764,232
4.80%, 9/15/2043		500,000		543,070
Nevada Power Co.,
Series DD, 2.40%, 5/1/2030		100,000		94,855
5.45%, 5/15/2041(b)		150,000		180,646
Series EE, 3.13%, 8/1/2050(b)		100,000		89,009
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/2029		245,000		236,202
Northern States Power Co.,
2.15%, 8/15/2022		250,000		248,296
4.00%, 8/15/2045		165,000		168,844
NSTAR Electric Co.,
2.38%, 10/15/2022		500,000		507,879
Oncor Electric Delivery Co. LLC,
4.55%, 12/1/2041		150,000		171,950
5.30%, 6/1/2042		150,000		200,238
3.10%, 9/15/2049		250,000		242,475
PacifiCorp,
5.25%, 6/15/2035		177,000		211,582
PECO Energy Co.,
1.70%, 9/15/2021		500,000		495,101
3.70%, 9/15/2047		250,000		264,618
Potomac Electric Power Co.,
4.15%, 3/15/2043		200,000		218,603
PPL Capital Funding, Inc.,
5.00%, 3/15/2044		250,000		266,903
Progress Energy, Inc.,
7.75%, 3/1/2031		236,000		320,928
Public Service Co. of Colorado,
4.30%, 3/15/2044		250,000		280,550
Public Service Electric & Gas Co.,
3.95%, 5/1/2042		400,000		438,384
3.20%, 8/1/2049		250,000		249,363
Southern California Edison Co.,
Series B, 2.40%, 2/1/2022		500,000		487,193
Series C, 3.50%, 10/1/2023		500,000		516,019
6.00%, 1/15/2034		177,000		213,075
Series B, 4.88%, 3/1/2049		500,000		576,904
Southern Co. (The),
3.25%, 7/1/2026		295,000		293,705
Southwestern Electric Power Co.,
Series L, 3.85%, 2/1/2048		750,000		698,875
Tampa Electric Co.,
3.63%, 6/15/2050(b)		40,000		39,567
Union Electric Co.,
3.65%, 4/15/2045		250,000		243,172
3.25%, 10/1/2049		250,000		227,253
Virginia Electric & Power Co.,
3.45%, 9/1/2022		500,000		507,513

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Electric Utilities (continued)
Virginia Electric & Power Co., (continued)
Series B, 4.20%, 5/15/2045	$	200,000	$	217,175
3.30%, 12/1/2049		50,000		49,924
Wisconsin Electric Power Co., 2.95%, 9/15/2021		300,000		301,853
5.63%, 5/15/2033(b)		59,000		77,230
Xcel Energy, Inc., 3.30%, 6/1/2025		500,000		507,079
6.50%, 7/1/2036(b)		177,000		230,982
				31,506,223
Electrical Equipment 0.1%
ABB Finance USA, Inc., 4.38%, 5/8/2042		100,000		101,893
Eaton Corp., 2.75%, 11/2/2022		750,000		749,324
3.10%, 9/15/2027(b)		500,000		504,036
				1,355,253
Electronic Equipment, Instruments & Components 0.1%
Amphenol Corp., 2.80%, 2/15/2030		250,000		223,120
Arrow Electronics, Inc., 4.50%, 3/1/2023		250,000		246,919
Corning, Inc., 4.38%, 11/15/2057		500,000		516,164
Keysight Technologies, Inc., 3.00%, 10/30/2029		75,000		70,777
Tyco Electronics Group SA, 3.50%, 2/3/2022		300,000		295,287
				1,352,267
Energy Equipment & Services 0.1%
Baker Hughes a GE Co. LLC, 3.34%, 12/15/2027		285,000		271,818
3.14%, 11/7/2029		85,000		75,117
5.13%, 9/15/2040(b)		200,000		179,243
Halliburton Co., 3.80%, 11/15/2025(b)		133,000		125,528
6.70%, 9/15/2038		300,000		268,034
5.00%, 11/15/2045(b)		500,000		386,195
National Oilwell Varco, Inc., 3.95%, 12/1/2042(b)		350,000		219,237
				1,525,172
Entertainment 0.2%
NBCUniversal Media LLC, 2.88%, 1/15/2023		350,000		360,140
5.95%, 4/1/2041		200,000		274,430
TWDC Enterprises 18 Corp., 3.75%, 6/1/2021		500,000		510,465
3.15%, 9/17/2025		325,000		342,508
3.00%, 2/13/2026(b)		150,000		155,814
3.00%, 7/30/2046		150,000		151,117
Walt Disney Co. (The), 2.00%, 9/1/2029		300,000		290,791
6.55%, 3/15/2033		300,000		425,793
6.20%, 12/15/2034(b)		245,000		339,949
6.65%, 11/15/2037		150,000		216,129
5.40%, 10/1/2043		500,000		667,099
				3,734,235
Equity Real Estate Investment Trusts (REITs) 0.7%
Alexandria Real Estate Equities, Inc., 4.85%, 4/15/2049		500,000		527,706
American Campus Communities Operating Partnership LP, 2.85%, 2/1/2030		250,000		233,839

Corporate Bonds (continued)
	Principal   Amount		Value
Equity Real Estate Investment Trusts (REITs) (continued)
American Tower Corp., 3.50%, 1/31/2023	$	250,000	$	251,279
2.40%, 3/15/2025(b)		125,000		122,720
4.40%, 2/15/2026		40,000		41,929
3.95%, 3/15/2029		1,000,000		1,039,441
2.90%, 1/15/2030		110,000		106,013
AvalonBay Communities, Inc., 3.45%, 6/1/2025		695,000		712,999
3.30%, 6/1/2029		20,000		19,936
Boston Properties LP, 3.80%, 2/1/2024		250,000		253,873
2.75%, 10/1/2026(b)		750,000		707,276
2.90%, 3/15/2030		100,000		91,840
Brixmor Operating Partnership LP, 3.65%, 6/15/2024		500,000		465,260
CC Holdings GS V LLC, 3.85%, 4/15/2023		250,000		249,211
Crown Castle International Corp., 3.70%, 6/15/2026		60,000		61,309
3.65%, 9/1/2027		750,000		759,571
3.10%, 11/15/2029(b)		260,000		249,065
CubeSmart LP, 3.00%, 2/15/2030		250,000		232,763
CyrusOne LP, 2.90%, 11/15/2024		50,000		47,719
3.45%, 11/15/2029		50,000		44,136
Duke Realty LP, 2.88%, 11/15/2029		125,000		120,073
Equinix, Inc., 2.63%, 11/18/2024		80,000		76,301
3.20%, 11/18/2029		105,000		97,639
ERP Operating LP, 3.00%, 4/15/2023		500,000		505,208
2.50%, 2/15/2030		100,000		92,775
4.50%, 7/1/2044		350,000		380,670
Essex Portfolio LP, 4.00%, 3/1/2029		100,000		102,361
3.00%, 1/15/2030		75,000		71,013
2.65%, 3/15/2032		35,000		31,054
GLP Capital LP, 5.30%, 1/15/2029		500,000		427,600
Healthcare Trust of America Holdings LP, 3.10%, 2/15/2030		250,000		223,322
Healthpeak Properties, Inc., 4.25%, 11/15/2023		235,000		222,089
3.50%, 7/15/2029		125,000		122,142
3.00%, 1/15/2030(b)		180,000		171,615
Highwoods Realty LP, 3.05%, 2/15/2030		250,000		225,765
Host Hotels & Resorts LP,
Series D, 3.75%, 10/15/2023(b)		525,000		460,796
Series E, 4.00%, 6/15/2025		375,000		348,662
Series H, 3.38%, 12/15/2029		100,000		84,234
Kilroy Realty LP, 3.05%, 2/15/2030		100,000		91,548
Kimco Realty Corp., 3.13%, 6/1/2023		500,000		479,564
4.45%, 9/1/2047		250,000		225,696
Mid-America Apartments LP, 2.75%, 3/15/2030		50,000		46,248
Omega Healthcare Investors, Inc., 4.50%, 4/1/2027		550,000		543,298
3.63%, 10/1/2029		100,000		86,632
Prologis LP, 4.25%, 8/15/2023		500,000		529,175
2.25%, 4/15/2030		160,000		146,204
3.00%, 4/15/2050		65,000		56,248
Realty Income Corp., 3.25%, 10/15/2022		350,000		351,442

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Regency Centers LP, 2.95%, 9/15/2029	$	50,000	$	47,085
Sabra Health Care LP, 3.90%, 10/15/2029		250,000		223,414
Service Properties Trust, 5.00%, 8/15/2022(b)		350,000		250,471
4.38%, 2/15/2030		200,000		151,461
Simon Property Group LP, 3.38%, 10/1/2024(b)		500,000		490,889
2.45%, 9/13/2029(b)		250,000		226,607
4.25%, 11/30/2046		500,000		454,429
SITE Centers Corp., 3.63%, 2/1/2025		500,000		506,298
Spirit Realty LP, 4.00%, 7/15/2029		215,000		210,095
3.40%, 1/15/2030		250,000		214,809
UDR, Inc., 3.00%, 8/15/2031		250,000		238,884
Ventas Realty LP, 3.13%, 6/15/2023		500,000		521,969
4.00%, 3/1/2028		250,000		235,840
3.00%, 1/15/2030		100,000		89,850
Welltower, Inc., 4.25%, 4/1/2026		500,000		514,893
3.10%, 1/15/2030(b)		100,000		94,416
Weyerhaeuser Co., 7.38%, 3/15/2032		500,000		589,393
WP Carey, Inc., 3.85%, 7/15/2029(b)		120,000		116,951
				17,715,013
Food & Staples Retailing 0.3%
Costco Wholesale Corp., 2.25%, 2/15/2022(b)		170,000		173,945
Kroger Co. (The), 4.00%, 2/1/2024		500,000		526,033
7.50%, 4/1/2031		257,000		359,837
5.40%, 7/15/2040		200,000		233,823
5.40%, 1/15/2049		50,000		60,169
3.95%, 1/15/2050		100,000		103,324
Sysco Corp., 3.75%, 10/1/2025(b)		145,000		141,498
3.30%, 7/15/2026(b)		255,000		242,523
4.85%, 10/1/2045		150,000		141,128
Walgreens Boots Alliance, Inc., 3.45%, 6/1/2026		55,000		54,350
4.50%, 11/18/2034		400,000		412,427
4.80%, 11/18/2044		150,000		148,788
Walmart, Inc., 2.55%, 4/11/2023(b)		750,000		774,739
3.30%, 4/22/2024(b)		725,000		769,420
2.65%, 12/15/2024		500,000		520,467
3.05%, 7/8/2026		500,000		537,873
3.70%, 6/26/2028		200,000		224,448
7.55%, 2/15/2030		118,000		175,926
3.63%, 12/15/2047		500,000		569,414
4.05%, 6/29/2048		500,000		623,840
2.95%, 9/24/2049(b)		250,000		273,944
				7,067,916
Food Products 0.3%
Archer-Daniels-Midland Co., 4.02%, 4/16/2043		345,000		381,452
Campbell Soup Co., 4.15%, 3/15/2028(b)		500,000		522,665
Conagra Brands, Inc., 7.00%, 10/1/2028		221,000		265,588
5.30%, 11/1/2038		250,000		271,830

Corporate Bonds (continued)
	Principal   Amount		Value
Food Products (continued)
General Mills, Inc., 3.15%, 12/15/2021	$	750,000	$	759,697
4.20%, 4/17/2028(b)		500,000		550,511
4.15%, 2/15/2043		100,000		100,796
Hershey Co. (The), 2.45%, 11/15/2029		250,000		247,260
JM Smucker Co. (The), 3.50%, 10/15/2021(b)		200,000		203,039
4.25%, 3/15/2035		400,000		410,594
Kellogg Co., 3.25%, 4/1/2026		125,000		128,529
4.50%, 4/1/2046(b)		250,000		279,395
Mead Johnson Nutrition Co., 4.60%, 6/1/2044		250,000		296,634
Tyson Foods, Inc., 4.50%, 6/15/2022		200,000		206,806
3.95%, 8/15/2024(b)		500,000		506,332
3.55%, 6/2/2027		500,000		512,341
4.55%, 6/2/2047		100,000		106,699
5.10%, 9/28/2048		250,000		309,766
Unilever Capital Corp., 2.00%, 7/28/2026(b)		500,000		498,694
5.90%, 11/15/2032		206,000		269,450
				6,828,078
Gas Utilities 0.1%
Atmos Energy Corp., 3.00%, 6/15/2027(b)		500,000		511,548
3.38%, 9/15/2049		160,000		154,530
Dominion Energy Gas Holdings LLC,
Series A, 2.50%, 11/15/2024		100,000		96,697
Series B, 3.00%, 11/15/2029		200,000		183,475
Series C, 3.90%, 11/15/2049		100,000		86,367
National Fuel Gas Co., 3.75%, 3/1/2023		250,000		233,802
ONE Gas, Inc., 4.66%, 2/1/2044		250,000		296,374
Washington Gas Light Co., 3.65%, 9/15/2049		100,000		89,326
				1,652,119
Health Care Equipment & Supplies 0.3%
Abbott Laboratories, 2.55%, 3/15/2022		215,000		216,903
3.88%, 9/15/2025(b)		90,000		97,269
3.75%, 11/30/2026		498,000		555,769
5.30%, 5/27/2040		500,000		657,972
4.90%, 11/30/2046		250,000		341,175
Baxter International, Inc., 2.60%, 8/15/2026		460,000		457,530
Becton Dickinson and Co., 3.13%, 11/8/2021		350,000		354,445
3.30%, 3/1/2023		100,000		100,803
3.73%, 12/15/2024		570,000		584,300
3.70%, 6/6/2027(b)		326,000		329,077
4.67%, 6/6/2047		200,000		215,514
Boston Scientific Corp., 3.85%, 5/15/2025		255,000		266,893
4.00%, 3/1/2029		500,000		529,477
4.70%, 3/1/2049		150,000		171,288
Danaher Corp., 3.35%, 9/15/2025(b)		250,000		261,153
DH Europe Finance II Sarl, 2.60%, 11/15/2029		100,000		97,118
3.25%, 11/15/2039		100,000		98,853
3.40%, 11/15/2049		140,000		136,195
Koninklijke Philips NV, 5.00%, 3/15/2042		250,000		298,836

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Health Care Equipment & Supplies (continued)
Medtronic, Inc.,
3.15%, 3/15/2022(b)	$	400,000	$	414,792
3.63%, 3/15/2024		275,000		292,416
4.38%, 3/15/2035		350,000		431,694
4.63%, 3/15/2045(b)		300,000		400,664
Stryker Corp.,
3.38%, 11/1/2025(b)		160,000		169,194
3.50%, 3/15/2026		70,000		72,984
4.63%, 3/15/2046		400,000		470,829
Zimmer Biomet Holdings, Inc.,
3.38%, 11/30/2021		200,000		200,672
4.45%, 8/15/2045		150,000		146,571
				8,370,386
Health Care Providers & Services 1.0%
Advocate Health & Hospitals Corp.,
4.27%, 8/15/2048		57,000		68,881
Aetna, Inc., 2.80%, 6/15/2023		500,000		500,812
3.50%, 11/15/2024		500,000		506,767
6.63%, 6/15/2036		250,000		311,031
Allina Health System,
Series 2019, 3.89%, 4/15/2049		50,000		53,263
AmerisourceBergen Corp.,
3.50%, 11/15/2021		250,000		251,886
4.30%, 12/15/2047(b)		200,000		207,739
Anthem, Inc.,
3.70%, 8/15/2021		100,000		102,033
2.38%, 1/15/2025		160,000		158,426
4.10%, 3/1/2028		750,000		802,652
4.63%, 5/15/2042		250,000		274,520
5.10%, 1/15/2044		300,000		351,690
4.65%, 8/15/2044		250,000		274,018
Ascension Health,
Series B, 3.11%, 11/15/2039		34,000		34,479
Cardinal Health, Inc.,
3.75%, 9/15/2025		340,000		347,627
3.41%, 6/15/2027(b)		500,000		507,364
4.37%, 6/15/2047		200,000		201,868
Cigna Corp.,
3.90%, 2/15/2022(c)		150,000		153,543
3.00%, 7/15/2023(c)		500,000		511,961
3.50%, 6/15/2024(b)(c)		500,000		506,981
3.25%, 4/15/2025(c)		250,000		254,970
3.05%, 10/15/2027(c)		400,000		396,890
4.80%, 7/15/2046(c)		250,000		295,675
4.90%, 12/15/2048		600,000		719,873
CommonSpirit Health,
3.82%, 10/1/2049		108,000		111,304
4.19%, 10/1/2049		37,000		34,755
CVS Health Corp., 3.35%, 3/9/2021		532,000		534,906
3.70%, 3/9/2023		750,000		779,001
3.38%, 8/12/2024		500,000		515,866
4.10%, 3/25/2025		500,000		528,916
3.63%, 4/1/2027(b)		55,000		55,949
4.30%, 3/25/2028		500,000		534,822
3.75%, 4/1/2030		105,000		108,114
4.88%, 7/20/2035		500,000		570,568
4.78%, 3/25/2038		400,000		442,296
5.13%, 7/20/2045		500,000		575,306
5.05%, 3/25/2048		1,000,000		1,142,528
4.25%, 4/1/2050(b)		85,000		88,231
Duke University Health System, Inc.,
Series 2017, 3.92%, 6/1/2047		345,000		391,881
HCA, Inc., 5.00%, 3/15/2024		1,000,000		1,035,389
4.13%, 6/15/2029		250,000		250,431
5.13%, 6/15/2039		30,000		30,955

Corporate Bonds (continued)
	Principal   Amount		Value
Health Care Providers & Services (continued)
HCA, Inc., (continued)
5.50%, 6/15/2047	$	350,000	$	380,330
5.25%, 6/15/2049(b)		200,000		213,228
Humana, Inc., 3.15%, 12/1/2022		1,000,000		997,949
3.95%, 8/15/2049		150,000		147,095
Johns Hopkins Health System Corp. (The), 3.84%, 5/15/2046		20,000		23,207
Kaiser Foundation Hospitals, 4.88%, 4/1/2042		250,000		293,928
Series 2019, 3.27%, 11/1/2049		122,000		121,323
Laboratory Corp. of America Holdings, 3.75%, 8/23/2022(b)		350,000		362,023
2.95%, 12/1/2029		250,000		240,891
McKesson Corp., 3.95%, 2/16/2028(b)		250,000		262,679
Mount Sinai Hospitals Group, Inc.,
Series 2017, 3.98%, 7/1/2048		33,000		34,523
Northwell Healthcare, Inc., 4.26%, 11/1/2047		35,000		37,381
Partners Healthcare System, Inc.,
Series 2017, 3.77%, 7/1/2048		43,000		47,332
Series 2020, 3.19%, 7/1/2049		100,000		99,554
Providence St Joseph Health Obligated Group,
Series A, 3.93%, 10/1/2048		38,000		41,798
Quest Diagnostics, Inc., 4.70%, 4/1/2021		500,000		505,755
3.50%, 3/30/2025		370,000		378,529
4.20%, 6/30/2029		100,000		107,808
2.95%, 6/30/2030		75,000		73,524
Stanford Health Care,
Series 2018, 3.80%, 11/15/2048		30,000		32,197
Sutter Health,
Series 2018, 3.70%, 8/15/2028		40,000		41,972
Series 2018, 4.09%, 8/15/2048		50,000		53,417
Trinity Health Corp.,
Series 2019, 3.43%, 12/1/2048(b)		62,000		64,780
UnitedHealth Group, Inc., 3.38%, 4/15/2027		500,000		534,712
2.95%, 10/15/2027(b)		500,000		522,329
3.88%, 12/15/2028(b)		500,000		560,768
4.63%, 7/15/2035		105,000		124,963
5.80%, 3/15/2036		708,000		922,101
3.95%, 10/15/2042		250,000		284,216
4.75%, 7/15/2045		250,000		318,345
3.70%, 8/15/2049(b)		500,000		553,930
Willis-Knighton Medical Center,
Series 2018, 4.81%, 9/1/2048		41,000		48,992
				23,957,746
Hotels, Restaurants & Leisure 0.2%
Las Vegas Sands Corp., 3.20%, 8/8/2024		50,000		45,129
3.50%, 8/18/2026(b)		55,000		50,307
3.90%, 8/8/2029(b)		40,000		34,474
McDonald’s Corp., 3.30%, 7/1/2025		30,000		31,192
3.70%, 1/30/2026		250,000		261,501
3.50%, 7/1/2027		200,000		210,104
3.80%, 4/1/2028		500,000		529,400
2.63%, 9/1/2029(b)		250,000		240,586
3.60%, 7/1/2030		50,000		52,497
4.70%, 12/9/2035		400,000		451,301
4.88%, 7/15/2040		250,000		261,916
4.88%, 12/9/2045		250,000		291,954
3.63%, 9/1/2049		200,000		201,789

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Hotels, Restaurants & Leisure (continued)
Sands China Ltd., 5.40%, 8/8/2028	$	200,000	$	187,246
Starbucks Corp., 3.50%, 3/1/2028		750,000		765,443
4.45%, 8/15/2049		250,000		286,828
				3,901,667
Household Durables 0.0%†
DR Horton, Inc., 2.50%, 10/15/2024(b)		215,000		200,836
Whirlpool Corp., 3.70%, 5/1/2025(b)		500,000		485,619
				686,455
Household Products 0.2%
Clorox Co. (The), 3.80%, 11/15/2021		500,000		492,712
Colgate-Palmolive Co., 2.45%, 11/15/2021		150,000		150,636
Kimberly-Clark Corp., 2.40%, 6/1/2023		500,000		509,840
2.65%, 3/1/2025		105,000		107,750
6.63%, 8/1/2037		130,000		189,825
3.20%, 7/30/2046		165,000		153,323
2.88%, 2/7/2050		100,000		98,065
Procter & Gamble Co. (The), 2.15%, 8/11/2022(b)		1,000,000		1,020,697
2.85%, 8/11/2027		250,000		273,136
3.50%, 10/25/2047		250,000		269,582
3.60%, 3/25/2050		300,000		368,643
				3,634,209
Independent Power and Renewable Electricity Producers 0.0%†
Oglethorpe Power Corp., 5.25%, 9/1/2050		200,000		229,158
Southern Power Co.,
Series E, 2.50%, 12/15/2021		500,000		491,802
				720,960
Industrial Conglomerates 0.2%
3M Co., 2.00%, 2/14/2025		200,000		205,794
3.00%, 8/7/2025		400,000		419,946
2.38%, 8/26/2029(b)		200,000		200,722
3.05%, 4/15/2030		300,000		312,550
5.70%, 3/15/2037		415,000		519,225
3.25%, 8/26/2049(b)		90,000		90,992
General Electric Co., 4.65%, 10/17/2021		336,000		341,867
2.70%, 10/9/2022		500,000		485,695
3.10%, 1/9/2023		144,000		145,053
3.38%, 3/11/2024(b)		500,000		504,092
3.45%, 5/15/2024		144,000		142,242
6.75%, 3/15/2032		323,000		383,566
6.15%, 8/7/2037		201,000		229,221
5.88%, 1/14/2038		144,000		165,911
6.88%, 1/10/2039		200,000		247,418
4.13%, 10/9/2042		48,000		45,315
Honeywell International, Inc., 4.25%, 3/1/2021		500,000		511,532
2.50%, 11/1/2026		500,000		507,087
Ingersoll-Rand Luxembourg Finance SA, 4.50%, 3/21/2049		250,000		279,191
Roper Technologies, Inc., 2.35%, 9/15/2024		50,000		48,074
2.95%, 9/15/2029		90,000		89,327
				5,874,820

Corporate Bonds (continued)
	Principal   Amount		Value
Insurance 0.7%
Alleghany Corp., 4.95%, 6/27/2022	$	400,000	$	420,803
Allstate Corp. (The), 4.50%, 6/15/2043		250,000		294,027
(ICE LIBOR USD 3 Month + 2.12%), 6.50%, 5/15/2057(d)		195,000		210,600
American International Group, Inc., 3.30%, 3/1/2021		135,000		135,100
3.90%, 4/1/2026(b)		475,000		489,215
4.25%, 3/15/2029(b)		500,000		512,631
3.88%, 1/15/2035		250,000		237,074
4.80%, 7/10/2045		150,000		158,504
4.38%, 1/15/2055		250,000		244,046
Aon plc, 3.88%, 12/15/2025		195,000		203,264
4.60%, 6/14/2044		250,000		272,427
Arch Capital Finance LLC, 5.03%, 12/15/2046		250,000		291,133
Berkshire Hathaway Finance Corp., 4.30%, 5/15/2043		250,000		300,396
4.25%, 1/15/2049		300,000		368,922
Brighthouse Financial, Inc., 3.70%, 6/22/2027(b)		500,000		433,492
Chubb Corp. (The), 6.00%, 5/11/2037		165,000		226,445
Chubb INA Holdings, Inc., 2.70%, 3/13/2023		500,000		511,576
3.35%, 5/3/2026(b)		90,000		95,294
4.35%, 11/3/2045(b)		250,000		302,630
CNA Financial Corp., 5.75%, 8/15/2021		500,000		512,417
Hartford Financial Services Group, Inc. (The), 6.10%, 10/1/2041		309,000		391,410
Lincoln National Corp., 3.05%, 1/15/2030(b)		500,000		464,189
Loews Corp., 4.13%, 5/15/2043(b)		400,000		389,031
Manulife Financial Corp.,
(USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032(d)		500,000		482,190
Markel Corp., 3.35%, 9/17/2029		475,000		447,949
Marsh & McLennan Cos., Inc., 4.80%, 7/15/2021		600,000		615,762
4.20%, 3/1/2048		500,000		545,020
MetLife, Inc., 3.60%, 11/13/2025		500,000		519,466
5.70%, 6/15/2035		159,000		181,820
6.40%, 12/15/2036		500,000		521,802
4.88%, 11/13/2043		250,000		287,308
4.60%, 5/13/2046(b)		165,000		181,595
Nationwide Financial Services, Inc., 6.75%, 5/15/2037(g)		105,000		110,775
Principal Financial Group, Inc., 3.40%, 5/15/2025		500,000		493,364
Progressive Corp. (The), 3.75%, 8/23/2021		200,000		204,293
6.25%, 12/1/2032		162,000		218,251
3.70%, 1/26/2045		250,000		253,522
Prudential Financial, Inc.,
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043(d)		250,000		234,925
4.60%, 5/15/2044		250,000		249,506
3.91%, 12/7/2047		186,000		178,824
3.94%, 12/7/2049		605,000		573,127
Reinsurance Group of America, Inc., 5.00%, 6/1/2021		100,000		103,720

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Insurance (continued)
Travelers Cos., Inc. (The), 5.35%, 11/1/2040	$	250,000	$	330,235
Travelers Property Casualty Corp., 6.38%, 3/15/2033		192,000		260,177
Unum Group, 4.00%, 6/15/2029(b)		250,000		239,825
Willis North America, Inc., 4.50%, 9/15/2028		400,000		439,469
2.95%, 9/15/2029		65,000		61,717
Willis Towers Watson plc, 5.75%, 3/15/2021		100,000		102,468
XLIT Ltd., 4.45%, 3/31/2025(b)		500,000		516,368
				15,818,104
Interactive Media & Services 0.1%
Alphabet, Inc., 3.38%, 2/25/2024(b)		750,000		824,769
Baidu, Inc., 3.88%, 9/29/2023		400,000		413,431
4.38%, 3/29/2028		200,000		218,651
				1,456,851
Internet & Direct Marketing Retail 0.2%
Alibaba Group Holding Ltd., 3.13%, 11/28/2021		275,000		278,590
4.50%, 11/28/2034		500,000		596,001
4.20%, 12/6/2047(b)		500,000		609,616
Amazon.com, Inc., 3.30%, 12/5/2021		500,000		517,260
2.80%, 8/22/2024		250,000		265,592
3.15%, 8/22/2027(b)		250,000		273,487
4.80%, 12/5/2034		500,000		650,924
3.88%, 8/22/2037		350,000		418,100
4.05%, 8/22/2047		500,000		651,464
4.25%, 8/22/2057		250,000		340,588
eBay, Inc., 3.80%, 3/9/2022		285,000		289,011
3.60%, 6/5/2027		500,000		515,322
Expedia Group, Inc., 3.25%, 2/15/2030		165,000		138,121
QVC, Inc., 4.38%, 3/15/2023(b)		350,000		331,000
				5,875,076
IT Services 0.4%
Broadridge Financial Solutions, Inc., 3.40%, 6/27/2026		215,000		213,970
Fidelity National Information Services, Inc., 3.50%, 4/15/2023		150,000		154,114
3.00%, 8/15/2026(b)		750,000		756,104
Fiserv, Inc., 4.75%, 6/15/2021		200,000		201,779
2.75%, 7/1/2024		350,000		351,331
3.50%, 7/1/2029		300,000		312,057
4.40%, 7/1/2049		350,000		370,396
Global Payments, Inc., 2.65%, 2/15/2025		250,000		245,453
3.20%, 8/15/2029		150,000		143,146
International Business Machines Corp., 2.85%, 5/13/2022		1,000,000		1,025,536
3.50%, 5/15/2029		400,000		433,940
5.88%, 11/29/2032		433,000		601,157
4.00%, 6/20/2042		500,000		559,252
4.25%, 5/15/2049(b)		500,000		587,819
Mastercard, Inc., 2.00%, 3/3/2025(b)		300,000		314,844
3.30%, 3/26/2027		60,000		65,371

Corporate Bonds (continued)
	Principal   Amount		Value
IT Services (continued)
Mastercard, Inc., (continued) 2.95%, 6/1/2029	$	200,000	$	212,872
3.35%, 3/26/2030		70,000		77,520
3.80%, 11/21/2046		250,000		287,646
PayPal Holdings, Inc., 2.40%, 10/1/2024		85,000		83,075
2.85%, 10/1/2029		170,000		168,210
Visa, Inc., 2.80%, 12/14/2022		250,000		260,383
3.15%, 12/14/2025		135,000		147,036
4.30%, 12/14/2045		750,000		944,471
Western Union Co. (The), 6.20%, 11/17/2036(b)		150,000		144,314
				8,661,796
Leisure Products 0.0%†
Hasbro, Inc., 2.60%, 11/19/2022		45,000		44,406
3.00%, 11/19/2024		100,000		94,749
3.55%, 11/19/2026		100,000		95,398
3.90%, 11/19/2029		100,000		89,234
5.10%, 5/15/2044		100,000		83,348
				407,135
Life Sciences Tools & Services 0.1%
Agilent Technologies, Inc., 3.88%, 7/15/2023		250,000		257,904
2.75%, 9/15/2029		165,000		159,599
PerkinElmer, Inc., 3.30%, 9/15/2029		100,000		93,814
Thermo Fisher Scientific, Inc., 4.15%, 2/1/2024		500,000		536,164
2.60%, 10/1/2029(b)		325,000		313,252
5.30%, 2/1/2044		100,000		123,070
				1,483,803
Machinery 0.2%
Caterpillar, Inc., 3.90%, 5/27/2021		500,000		511,824
2.60%, 6/26/2022		350,000		352,823
2.60%, 9/19/2029		70,000		69,153
6.05%, 8/15/2036		177,000		228,311
3.25%, 9/19/2049(b)		330,000		317,363
Deere & Co., 8.10%, 5/15/2030		500,000		690,891
3.90%, 6/9/2042(b)		250,000		274,593
Dover Corp., 2.95%, 11/4/2029		45,000		44,832
5.38%, 3/1/2041		100,000		121,548
Flowserve Corp., 3.50%, 9/15/2022		100,000		99,601
Fortive Corp., 4.30%, 6/15/2046		250,000		253,369
IDEX Corp., 4.20%, 12/15/2021(b)		300,000		305,085
Illinois Tool Works, Inc., 4.88%, 9/15/2041		200,000		227,913
Parker-Hannifin Corp., 4.20%, 11/21/2034		500,000		518,513
Stanley Black & Decker, Inc., 2.90%, 11/1/2022(b)		500,000		500,118
4.25%, 11/15/2028(b)		250,000		266,495
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028(f)		250,000		229,722
				5,012,154

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Media 0.7%
Charter Communications Operating LLC,
4.46%, 7/23/2022	$	1,000,000	$	1,037,248
4.91%, 7/23/2025		410,000		435,253
5.05%, 3/30/2029		250,000		270,250
6.38%, 10/23/2035		500,000		593,467
6.48%, 10/23/2045		250,000		301,580
5.38%, 5/1/2047		250,000		269,826
5.75%, 4/1/2048		500,000		566,942
Comcast Cable Communications Holdings, Inc.,
9.46%, 11/15/2022		118,000		139,292
Comcast Corp.,
2.85%, 1/15/2023		500,000		514,785
3.60%, 3/1/2024(b)		500,000		534,229
3.10%, 4/1/2025		55,000		58,423
3.15%, 2/15/2028		500,000		522,660
4.15%, 10/15/2028		200,000		224,563
3.40%, 4/1/2030		365,000		395,623
4.25%, 1/15/2033		250,000		292,074
7.05%, 3/15/2033		295,000		415,040
4.40%, 8/15/2035		500,000		599,812
6.50%, 11/15/2035		100,000		145,752
3.90%, 3/1/2038		250,000		280,739
3.40%, 7/15/2046		250,000		270,124
3.97%, 11/1/2047		743,000		845,016
4.70%, 10/15/2048		1,000,000		1,295,500
4.00%, 11/1/2049		863,000		1,017,930
Discovery Communications LLC,
3.30%, 5/15/2022		350,000		342,963
3.45%, 3/15/2025		270,000		261,400
4.90%, 3/11/2026		115,000		119,642
3.95%, 3/20/2028		500,000		490,162
5.00%, 9/20/2037		250,000		242,822
4.88%, 4/1/2043		200,000		187,006
Fox Corp.,
5.58%, 1/25/2049(c)		500,000		597,990
Grupo Televisa SAB,
6.63%, 1/15/2040		250,000		292,504
5.00%, 5/13/2045		250,000		248,777
Omnicom Group, Inc.,
3.63%, 5/1/2022(b)		50,000		50,880
Time Warner Cable LLC,
6.75%, 6/15/2039		900,000		1,019,153
5.88%, 11/15/2040		250,000		263,181
ViacomCBS, Inc.,
3.88%, 12/15/2021		600,000		605,008
4.25%, 9/1/2023		100,000		101,977
3.88%, 4/1/2024(b)		500,000		489,269
5.50%, 5/15/2033		118,000		124,818
4.85%, 7/1/2042		100,000		87,825
4.38%, 3/15/2043		459,000		406,774
4.60%, 1/15/2045(b)		250,000		212,142
WPP Finance 2010,
3.75%, 9/19/2024(b)		550,000		554,800
				17,725,221
Metals & Mining 0.2%
ArcelorMittal SA,
4.55%, 3/11/2026		500,000		448,395
Barrick Gold Corp.,
5.25%, 4/1/2042		150,000		176,958
Barrick North America Finance LLC,
5.75%, 5/1/2043		250,000		320,192
BHP Billiton Finance USA Ltd.,
6.42%, 3/1/2026		80,000		84,441
5.00%, 9/30/2043		500,000		645,929
Newmont Corp.,
5.88%, 4/1/2035		236,000		340,242
4.88%, 3/15/2042(b)		150,000		175,861

Corporate Bonds (continued)
	Principal   Amount		Value
Metals & Mining (continued)
Nucor Corp.,
4.00%, 8/1/2023	$	500,000	$	498,325
Reliance Steel & Aluminum Co.,
4.50%, 4/15/2023		250,000		247,509
Rio Tinto Alcan, Inc.,
5.75%, 6/1/2035		206,000		257,781
Rio Tinto Finance USA plc,
4.13%, 8/21/2042		250,000		294,332
Southern Copper Corp.,
3.88%, 4/23/2025		750,000		743,364
6.75%, 4/16/2040		250,000		291,562
5.88%, 4/23/2045(b)		230,000		243,439
Teck Resources Ltd.,
6.25%, 7/15/2041		250,000		216,103
Vale Overseas Ltd.,
6.88%, 11/10/2039		250,000		275,628
				5,260,061
Multiline Retail 0.1%
Dollar General Corp.,
3.25%, 4/15/2023(b)		250,000		254,245
Nordstrom, Inc.,
4.00%, 10/15/2021		500,000		483,824
5.00%, 1/15/2044		250,000		174,797
Target Corp.,
2.25%, 4/15/2025		280,000		285,660
2.50%, 4/15/2026(b)		750,000		760,566
2.35%, 2/15/2030		105,000		104,896
2.65%, 9/15/2030		50,000		51,477
4.00%, 7/1/2042		350,000		397,111
				2,512,576
Multi-Utilities 0.3%
Ameren Corp.,
2.50%, 9/15/2024		310,000		301,370
Ameren Illinois Co.,
2.70%, 9/1/2022(b)		450,000		439,797
Berkshire Hathaway Energy Co.,
5.15%, 11/15/2043		500,000		595,903
Black Hills Corp.,
3.05%, 10/15/2029		210,000		199,204
3.88%, 10/15/2049		100,000		85,298
CMS Energy Corp.,
4.70%, 3/31/2043		300,000		324,540
Consolidated Edison Co. of New York, Inc.,
3.95%, 3/1/2043		500,000		466,699
4.50%, 12/1/2045		500,000		553,303
3.70%, 11/15/2059(b)		300,000		284,356
Consumers Energy Co.,
3.10%, 8/15/2050		45,000		43,815
Delmarva Power & Light Co.,
3.50%, 11/15/2023		250,000		257,855
Dominion Energy, Inc.,
Series E, 6.30%, 3/15/2033		10,000		12,269
Series B, 5.95%, 6/15/2035		251,000		287,377
Series C, 4.90%, 8/1/2041		700,000		729,504
DTE Energy Co.,
2.95%, 3/1/2030(b)		250,000		239,471
NiSource, Inc.,
5.95%, 6/15/2041		300,000		345,646
4.80%, 2/15/2044		250,000		252,291
Puget Energy, Inc.,
3.65%, 5/15/2025		250,000		244,435
Puget Sound Energy, Inc.,
5.64%, 4/15/2041		400,000		457,692
San Diego Gas & Electric Co.,
4.15%, 5/15/2048		500,000		537,790

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Multi-Utilities (continued)
Sempra Energy,
4.05%, 12/1/2023	$	150,000	$	152,652
6.00%, 10/15/2039		220,000		241,862
Southern Co. Gas Capital Corp.,
4.40%, 6/1/2043		250,000		259,187
WEC Energy Group, Inc.,
3.55%, 6/15/2025		500,000		508,630
				7,820,946
Oil, Gas & Consumable Fuels 1.9%
Apache Corp.,
5.10%, 9/1/2040(b)		100,000		44,172
4.75%, 4/15/2043		500,000		221,252
BP Capital Markets America, Inc.,
3.41%, 2/11/2026		500,000		499,590
BP Capital Markets plc,
3.56%, 11/1/2021		250,000		252,060
3.06%, 3/17/2022(b)		420,000		422,457
3.54%, 11/4/2024		250,000		257,103
3.72%, 11/28/2028		500,000		522,639
Canadian Natural Resources Ltd.,
3.90%, 2/1/2025		500,000		414,129
6.25%, 3/15/2038(b)		340,000		264,650
Cenovus Energy, Inc.,
4.25%, 4/15/2027(b)		107,000		52,397
Cheniere Corpus Christi Holdings LLC,
5.13%, 6/30/2027		250,000		222,027
3.70%, 11/15/2029(c)		65,000		48,558
Chevron Corp.,
2.95%, 5/16/2026(b)		500,000		518,273
CNOOC Finance 2013 Ltd.,
3.00%, 5/9/2023		750,000		764,702
3.30%, 9/30/2049(b)		200,000		198,244
CNOOC Finance 2015 USA LLC,
3.50%, 5/5/2025		500,000		526,374
Concho Resources, Inc.,
3.75%, 10/1/2027		500,000		424,050
ConocoPhillips,
5.90%, 10/15/2032		177,000		203,613
6.50%, 2/1/2039(b)		400,000		499,723
ConocoPhillips Co.,
4.30%, 11/15/2044		155,000		145,057
ConocoPhillips Holding Co.,
6.95%, 4/15/2029(b)		250,000		307,702
Devon Energy Corp.,
4.75%, 5/15/2042		500,000		299,493
Ecopetrol SA,
5.88%, 5/28/2045		400,000		354,404
Enable Midstream Partners LP,
5.00%, 5/15/2044(f)		350,000		148,739
Enbridge Energy Partners LP,
4.20%, 9/15/2021		700,000		689,960
5.88%, 10/15/2025		250,000		246,372
Enbridge, Inc., 3.70%, 7/15/2027		500,000		474,579
3.13%, 11/15/2029		150,000		136,428
4.00%, 11/15/2049(b)		250,000		222,653
Energy Transfer Operating LP,
4.65%, 6/1/2021		200,000		192,640
5.20%, 2/1/2022		500,000		470,538
3.60%, 2/1/2023		500,000		444,534
4.90%, 2/1/2024		250,000		223,721
4.75%, 1/15/2026		250,000		227,892
3.75%, 5/15/2030		60,000		46,235
6.05%, 6/1/2041		75,000		65,304
5.30%, 4/15/2047		500,000		379,934
6.25%, 4/15/2049		500,000		428,484
5.00%, 5/15/2050		95,000		73,952

Corporate Bonds (continued)
	Principal   Amount		Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer Partners LP, (continued)
5.88%, 3/1/2022	$	500,000	$	469,686
Enterprise Products Operating LLC,
3.50%, 2/1/2022		500,000		493,340
4.05%, 2/15/2022		250,000		246,998
3.90%, 2/15/2024		750,000		766,632
2.80%, 1/31/2030		120,000		107,843
6.13%, 10/15/2039		285,000		291,952
6.45%, 9/1/2040		250,000		302,788
4.45%, 2/15/2043		500,000		472,301
4.85%, 3/15/2044		200,000		207,354
4.25%, 2/15/2048		250,000		232,059
3.70%, 1/31/2051(b)		350,000		308,654
Equinor ASA,
3.70%, 3/1/2024		500,000		519,445
3.25%, 11/10/2024(b)		500,000		488,577
3.95%, 5/15/2043		300,000		310,181
3.25%, 11/18/2049		100,000		98,323
Exxon Mobil Corp.,
3.18%, 3/15/2024(b)		500,000		523,488
2.02%, 8/16/2024(b)		100,000		99,518
2.71%, 3/6/2025		500,000		517,397
3.04%, 3/1/2026		235,000		248,437
2.28%, 8/16/2026		100,000		101,788
2.44%, 8/16/2029(b)		100,000		103,275
4.11%, 3/1/2046(b)		250,000		295,541
3.10%, 8/16/2049(b)		250,000		253,162
Hess Corp.,
4.30%, 4/1/2027(b)		500,000		362,106
7.30%, 8/15/2031		164,000		140,347
5.60%, 2/15/2041		250,000		170,727
Husky Energy, Inc.,
3.95%, 4/15/2022		600,000		543,402
Kinder Morgan Energy Partners LP,
3.50%, 3/1/2021		625,000		616,934
5.80%, 3/1/2021		200,000		201,359
4.25%, 9/1/2024		250,000		244,337
5.80%, 3/15/2035		206,000		218,878
6.38%, 3/1/2041		250,000		251,350
5.00%, 8/15/2042		350,000		326,073
Kinder Morgan, Inc.,
4.30%, 6/1/2025		160,000		163,272
5.30%, 12/1/2034		350,000		336,918
5.55%, 6/1/2045		250,000		254,807
5.05%, 2/15/2046(b)		250,000		242,776
Magellan Midstream Partners LP,
4.25%, 9/15/2046		350,000		291,236
Marathon Oil Corp.,
2.80%, 11/1/2022		250,000		191,406
3.85%, 6/1/2025(b)		500,000		360,244
6.80%, 3/15/2032(b)		118,000		86,128
Marathon Petroleum Corp.,
5.13%, 3/1/2021		600,000		581,734
3.63%, 9/15/2024		250,000		221,645
6.50%, 3/1/2041		250,000		231,806
MPLX LP,
4.50%, 7/15/2023		150,000		129,096
4.88%, 6/1/2025		250,000		205,843
4.25%, 12/1/2027(c)		750,000		605,810
4.00%, 3/15/2028		500,000		433,630
4.50%, 4/15/2038(b)		250,000		195,211
4.70%, 4/15/2048		250,000		193,504
Nexen, Inc.,
5.88%, 3/10/2035		133,000		179,081
6.40%, 5/15/2037		200,000		272,656
Noble Energy, Inc.,
3.85%, 1/15/2028(b)		250,000		176,832
5.25%, 11/15/2043		150,000		88,121
4.95%, 8/15/2047		250,000		145,598

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.,
2.70%, 2/15/2023	$	153,000	$	90,608
5.55%, 3/15/2026		235,000		124,293
3.00%, 2/15/2027		219,000		101,513
ONEOK Partners LP,
4.90%, 3/15/2025		500,000		437,123
6.13%, 2/1/2041		100,000		89,951
ONEOK, Inc.,
4.00%, 7/13/2027		500,000		409,570
4.35%, 3/15/2029		500,000		407,274
5.20%, 7/15/2048		250,000		195,997
Ovintiv, Inc.,
6.50%, 2/1/2038(b)		500,000		217,120
Petroleos Mexicanos,
4.50%, 1/23/2026		1,250,000		910,562
6.50%, 3/13/2027		750,000		553,268
5.95%, 1/28/2031(c)		539,000		373,807
6.63%, 6/15/2035		1,074,000		736,120
6.38%, 1/23/2045		500,000		316,200
5.63%, 1/23/2046(b)		500,000		310,250
6.35%, 2/12/2048		500,000		312,500
7.69%, 1/23/2050(c)		850,000		586,500
Phillips 66, 4.65%, 11/15/2034		200,000		186,017
5.88%, 5/1/2042		382,000		379,142
Phillips 66 Partners LP,
3.61%, 2/15/2025		500,000		474,807
Pioneer Natural Resources Co.,
3.95%, 7/15/2022		450,000		433,493
Plains All American Pipeline LP,
4.65%, 10/15/2025		500,000		402,340
5.15%, 6/1/2042		350,000		231,441
Sabine Pass Liquefaction LLC,
5.00%, 3/15/2027		1,000,000		849,694
Suncor Energy, Inc.,
3.60%, 12/1/2024		235,000		225,954
5.95%, 5/15/2035		271,000		249,544
6.50%, 6/15/2038		500,000		512,685
Sunoco Logistics Partners Operations LP,
3.45%, 1/15/2023		250,000		215,381
5.35%, 5/15/2045		500,000		392,116
Total Capital Canada Ltd.,
2.75%, 7/15/2023		750,000		760,119
Total Capital International SA,
2.88%, 2/17/2022		500,000		502,668
2.83%, 1/10/2030(b)		500,000		505,705
TransCanada PipeLines Ltd.,
4.88%, 1/15/2026		285,000		311,480
4.25%, 5/15/2028(b)		500,000		504,903
4.63%, 3/1/2034		250,000		240,023
5.85%, 3/15/2036		750,000		800,421
Transcanada Trust,
(ICE LIBOR USD 3 Month + 4.15%),
5.50%, 9/15/2079(d)		100,000		76,500
Valero Energy Corp.,
4.00%, 4/1/2029		250,000		236,866
7.50%, 4/15/2032		118,000		134,370
6.63%, 6/15/2037(b)		200,000		209,693
Western Midstream Operating LP,
4.65%, 7/1/2026		117,000		59,591
Williams Cos., Inc. (The),
4.00%, 9/15/2025		500,000		438,989
6.30%, 4/15/2040(b)		150,000		149,403
5.80%, 11/15/2043		250,000		244,915
4.90%, 1/15/2045		350,000		306,194
				44,263,350

Corporate Bonds (continued)
	Principal   Amount		Value
Paper & Forest Products 0.0%†
Georgia-Pacific LLC,
8.88%, 5/15/2031	$	250,000	$	382,001
Suzano Austria GmbH,
5.00%, 1/15/2030(b)		200,000		176,000
				558,001
Personal Products 0.0%†
Estee Lauder Cos., Inc. (The),
2.00%, 12/1/2024(b)		85,000		84,655
2.38%, 12/1/2029		35,000		33,913
3.13%, 12/1/2049		150,000		145,456
				264,024
Pharmaceuticals 1.0%
Allergan Finance LLC,
3.25%, 10/1/2022		200,000		200,536
Allergan Funding SCS,
3.45%, 3/15/2022		310,000		321,885
3.85%, 6/15/2024		325,000		340,338
3.80%, 3/15/2025		250,000		255,961
4.55%, 3/15/2035		195,000		214,473
4.75%, 3/15/2045		168,000		181,076
AstraZeneca plc,
3.38%, 11/16/2025		1,000,000		1,040,837
6.45%, 9/15/2037		200,000		283,629
4.00%, 9/18/2042		250,000		280,357
Bristol-Myers Squibb Co.,
2.00%, 8/1/2022		700,000		705,527
3.25%, 8/15/2022(c)		300,000		311,490
3.25%, 2/20/2023(c)		250,000		262,514
2.90%, 7/26/2024(c)		500,000		529,877
3.88%, 8/15/2025(c)		500,000		572,725
3.90%, 2/20/2028(c)		250,000		277,848
3.25%, 8/1/2042(b)		250,000		256,130
4.63%, 5/15/2044(c)		500,000		636,868
4.55%, 2/20/2048(c)		250,000		316,625
4.25%, 10/26/2049(c)		500,000		626,278
Eli Lilly & Co.,
2.75%, 6/1/2025		95,000		98,162
3.95%, 3/15/2049		450,000		566,981
GlaxoSmithKline Capital plc,
2.85%, 5/8/2022		250,000		256,657
GlaxoSmithKline Capital, Inc.,
3.88%, 5/15/2028		300,000		336,977
5.38%, 4/15/2034		201,000		251,043
4.20%, 3/18/2043		300,000		334,295
Johnson & Johnson,
2.45%, 12/5/2021		500,000		511,866
2.45%, 3/1/2026(b)		250,000		266,983
4.95%, 5/15/2033(b)		663,000		881,127
3.63%, 3/3/2037		600,000		675,283
3.70%, 3/1/2046		250,000		301,316
3.75%, 3/3/2047		100,000		122,243
Merck & Co., Inc.,
2.75%, 2/10/2025(b)		220,000		229,008
3.60%, 9/15/2042		250,000		279,086
4.15%, 5/18/2043(b)		350,000		425,282
4.00%, 3/7/2049		350,000		441,158
Mylan NV,
3.95%, 6/15/2026		800,000		789,471
5.25%, 6/15/2046		200,000		190,856
Novartis Capital Corp.,
2.40%, 5/17/2022(b)		500,000		512,380
2.40%, 9/21/2022(b)		500,000		511,619
3.10%, 5/17/2027		500,000		539,290
4.40%, 5/6/2044		200,000		262,931
4.00%, 11/20/2045		200,000		253,852
Pfizer, Inc.,
2.20%, 12/15/2021		1,000,000		1,002,956

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Pharmaceuticals (continued)
Pfizer, Inc., (continued)
3.40%, 5/15/2024(b)	$	500,000	$	521,813
3.00%, 12/15/2026(b)		500,000		536,606
7.20%, 3/15/2039		525,000		841,115
4.00%, 3/15/2049		600,000		733,067
Pharmacia LLC,
6.60%, 12/1/2028(f)		177,000		234,705
Shire Acquisitions Investments Ireland DAC,
3.20%, 9/23/2026		925,000		935,713
Wyeth LLC,
6.50%, 2/1/2034		206,000		297,508
Zoetis, Inc.,
3.25%, 2/1/2023(b)		600,000		611,788
4.50%, 11/13/2025		230,000		239,236
3.90%, 8/20/2028		650,000		675,497
				23,282,844
Professional Services 0.0%†
Thomson Reuters Corp.,
4.30%, 11/23/2023		500,000		505,469
3.35%, 5/15/2026		280,000		280,142
Verisk Analytics, Inc.,
4.00%, 6/15/2025		250,000		266,850
				1,052,461
Real Estate Management & Development 0.0%†
CBRE Services, Inc.,
4.88%, 3/1/2026		500,000		520,906
Road & Rail 0.4%
Burlington Northern Santa Fe LLC,
3.85%, 9/1/2023		150,000		159,874
3.75%, 4/1/2024		500,000		528,263
3.65%, 9/1/2025(b)		250,000		265,142
3.25%, 6/15/2027(b)		500,000		516,954
7.95%, 8/15/2030		206,000		286,800
4.55%, 9/1/2044		250,000		298,517
4.70%, 9/1/2045		250,000		298,268
4.05%, 6/15/2048		250,000		290,912
3.55%, 2/15/2050(b)		250,000		273,098
Canadian National Railway Co.,
6.90%, 7/15/2028(b)		242,000		307,139
6.20%, 6/1/2036		236,000		319,792
Canadian Pacific Railway Co.,
2.90%, 2/1/2025		250,000		239,514
5.95%, 5/15/2037		250,000		322,338
6.13%, 9/15/2115		250,000		332,118
CSX Corp.,
5.50%, 4/15/2041		150,000		176,612
4.10%, 3/15/2044		250,000		259,638
4.30%, 3/1/2048		250,000		273,984
4.50%, 3/15/2049		250,000		287,506
3.95%, 5/1/2050		350,000		364,840
Kansas City Southern,
2.88%, 11/15/2029		160,000		153,484
4.20%, 11/15/2069		65,000		59,584
Norfolk Southern Corp.,
3.25%, 12/1/2021		250,000		252,763
2.55%, 11/1/2029		100,000		96,724
4.45%, 6/15/2045		500,000		553,982
3.40%, 11/1/2049		170,000		164,966
Ryder System, Inc.,
2.50%, 9/1/2024		75,000		71,394
2.90%, 12/1/2026		270,000		263,480
Union Pacific Corp.,
2.75%, 4/15/2023		750,000		752,464
3.25%, 8/15/2025		500,000		516,068
2.15%, 2/5/2027		55,000		53,711

Corporate Bonds (continued)
	Principal   Amount		Value
Road & Rail (continued)
Union Pacific Corp., (continued)
2.40%, 2/5/2030	$	60,000	$	58,283
3.60%, 9/15/2037		500,000		516,363
4.05%, 11/15/2045(b)		220,000		233,198
4.05%, 3/1/2046		340,000		358,432
4.50%, 9/10/2048		250,000		283,010
3.25%, 2/5/2050		100,000		99,417
3.95%, 8/15/2059		60,000		63,524
				10,352,156
Semiconductors & Semiconductor Equipment 0.4%
Applied Materials, Inc.,
4.30%, 6/15/2021		400,000		412,196
3.30%, 4/1/2027		200,000		212,777
5.10%, 10/1/2035		250,000		336,376
Broadcom Corp.,
3.00%, 1/15/2022		1,000,000		988,870
3.63%, 1/15/2024		1,000,000		982,282
Broadcom, Inc.,
4.25%, 4/15/2026(c)		500,000		491,554
4.75%, 4/15/2029(c)		500,000		507,176
Intel Corp.,
3.70%, 7/29/2025		500,000		551,355
2.45%, 11/15/2029		200,000		204,839
3.90%, 3/25/2030		400,000		456,315
4.10%, 5/11/2047		500,000		607,354
3.73%, 12/8/2047		643,000		749,889
KLA Corp.,
4.65%, 11/1/2024		215,000		226,840
4.10%, 3/15/2029		100,000		105,041
3.30%, 3/1/2050		420,000		393,489
Lam Research Corp.,
3.80%, 3/15/2025		255,000		262,640
Maxim Integrated Products, Inc.,
3.38%, 3/15/2023(b)		350,000		357,146
Micron Technology, Inc.,
4.64%, 2/6/2024		60,000		60,945
5.33%, 2/6/2029		150,000		163,826
NVIDIA Corp.,
2.85%, 4/1/2030(b)		60,000		62,617
3.50%, 4/1/2040		50,000		53,048
3.50%, 4/1/2050		80,000		86,986
NXP BV,
3.88%, 6/18/2026(c)		35,000		34,048
4.30%, 6/18/2029(c)		100,000		102,478
QUALCOMM, Inc.,
2.60%, 1/30/2023		70,000		71,575
2.90%, 5/20/2024		1,000,000		1,035,141
3.25%, 5/20/2027(b)		250,000		262,967
4.65%, 5/20/2035		500,000		631,804
Texas Instruments, Inc.,
1.38%, 3/12/2025		200,000		198,469
				10,610,043
Software 0.6%
Adobe, Inc.,
1.70%, 2/1/2023		30,000		30,191
1.90%, 2/1/2025		30,000		30,261
3.25%, 2/1/2025		135,000		145,806
2.15%, 2/1/2027		245,000		248,072
2.30%, 2/1/2030		600,000		600,806
CA, Inc.,
4.50%, 8/15/2023		410,000		404,814
Microsoft Corp.,
2.65%, 11/3/2022		500,000		524,029
2.00%, 8/8/2023		250,000		258,515
3.63%, 12/15/2023(b)		400,000		437,054
2.88%, 2/6/2024		365,000		388,336
2.40%, 8/8/2026		465,000		493,638

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Software (continued)
Microsoft Corp., (continued)
3.50%, 2/12/2035	$	325,000	$	382,199
3.45%, 8/8/2036(b)		500,000		557,057
4.10%, 2/6/2037		500,000		602,710
4.50%, 10/1/2040		300,000		393,314
3.75%, 2/12/2045		750,000		902,927
4.45%, 11/3/2045		350,000		460,244
3.70%, 8/8/2046		500,000		600,219
4.25%, 2/6/2047		750,000		966,473
Oracle Corp.,
2.80%, 7/8/2021(b)		1,000,000		1,014,440
1.90%, 9/15/2021		1,500,000		1,504,420
2.50%, 10/15/2022		500,000		510,145
2.65%, 7/15/2026		190,000		193,912
3.25%, 5/15/2030		250,000		265,183
5.38%, 7/15/2040		350,000		467,498
4.50%, 7/8/2044		650,000		749,321
4.00%, 7/15/2046		500,000		557,801
4.00%, 11/15/2047		500,000		548,450
				14,237,835
Specialty Retail 0.3%
AutoZone, Inc.,
3.25%, 4/15/2025		325,000		323,927
Home Depot, Inc. (The),
2.70%, 4/1/2023(b)		500,000		514,766
3.35%, 9/15/2025		85,000		91,624
2.80%, 9/14/2027(b)		750,000		775,217
2.95%, 6/15/2029		100,000		103,656
2.70%, 4/15/2030		115,000		116,934
5.88%, 12/16/2036		300,000		407,011
5.95%, 4/1/2041		150,000		209,663
4.20%, 4/1/2043		250,000		289,431
4.40%, 3/15/2045		600,000		701,478
3.13%, 12/15/2049		100,000		98,664
3.35%, 4/15/2050		35,000		36,568
Lowe’s Cos., Inc.,
3.13%, 9/15/2024		400,000		406,655
3.10%, 5/3/2027(b)		250,000		250,786
6.50%, 3/15/2029		236,000		289,053
3.65%, 4/5/2029		400,000		410,421
4.05%, 5/3/2047		250,000		247,518
4.55%, 4/5/2049		350,000		377,578
TJX Cos., Inc. (The),
2.25%, 9/15/2026		500,000		476,067
				6,127,017
Technology Hardware, Storage & Peripherals 0.5%
Apple, Inc.,
1.55%, 8/4/2021(b)		1,000,000		1,006,170
2.30%, 5/11/2022(b)		250,000		256,265
1.70%, 9/11/2022(b)		260,000		264,511
2.50%, 2/9/2025		595,000		627,640
3.25%, 2/23/2026		1,130,000		1,226,806
2.45%, 8/4/2026		625,000		654,692
3.35%, 2/9/2027		1,000,000		1,089,955
2.20%, 9/11/2029(b)		235,000		240,865
3.85%, 5/4/2043		750,000		891,539
4.38%, 5/13/2045		355,000		451,317
4.65%, 2/23/2046		460,000		610,095
4.25%, 2/9/2047		500,000		639,798
Dell International LLC,
4.42%, 6/15/2021(c)		500,000		499,890
5.45%, 6/15/2023(c)		350,000		359,678
6.02%, 6/15/2026(c)		475,000		490,239
8.35%, 7/15/2046(c)		500,000		593,627
Hewlett Packard Enterprise Co.,
2.25%, 4/1/2023		500,000		488,598
4.90%, 10/15/2025(f)		500,000		526,445

Corporate Bonds (continued)
	Principal   Amount		Value
Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterprise Co., (continued)
6.35%, 10/15/2045(f)	$	250,000	$	296,685
HP, Inc.,
6.00%, 9/15/2041		250,000		269,182
NetApp, Inc.,
3.38%, 6/15/2021		210,000		210,527
Seagate HDD Cayman,
5.75%, 12/1/2034		175,000		163,473
				11,857,997
Textiles, Apparel & Luxury Goods 0.0%†
NIKE, Inc.,
2.85%, 3/27/2030		400,000		422,634
3.88%, 11/1/2045		250,000		295,163
3.38%, 3/27/2050		200,000		218,180
				935,977
Thrifts & Mortgage Finance 0.0%†
BPCE SA,
4.00%, 4/15/2024		475,000		492,498
Tobacco 0.2%
Altria Group, Inc.,
3.80%, 2/14/2024(b)		500,000		506,793
4.25%, 8/9/2042		250,000		248,509
4.50%, 5/2/2043		250,000		247,030
5.38%, 1/31/2044		170,000		188,354
5.95%, 2/14/2049		500,000		578,170
BAT Capital Corp.,
3.22%, 8/15/2024		500,000		481,147
3.56%, 8/15/2027		250,000		235,459
4.39%, 8/15/2037		500,000		460,905
4.54%, 8/15/2047		500,000		455,069
Philip Morris International, Inc.,
2.63%, 3/6/2023(b)		1,000,000		971,956
6.38%, 5/16/2038		460,000		583,791
3.88%, 8/21/2042		250,000		250,964
Reynolds American, Inc.,
4.45%, 6/12/2025		500,000		502,986
5.70%, 8/15/2035		120,000		128,658
				5,839,791
Trading Companies & Distributors 0.1%
Air Lease Corp.,
2.30%, 2/1/2025		75,000		57,190
3.25%, 3/1/2025		1,000,000		783,730
3.25%, 10/1/2029(b)		250,000		200,260
Aircastle Ltd.,
5.00%, 4/1/2023		100,000		97,630
4.13%, 5/1/2024		300,000		263,214
GATX Corp.,
3.25%, 9/15/2026		500,000		503,325
WW Grainger, Inc.,
3.75%, 5/15/2046		250,000		224,613
				2,129,962
Water Utilities 0.0%†
American Water Capital Corp.,
4.30%, 9/1/2045		500,000		513,565
Wireless Telecommunication Services 0.2%
America Movil SAB de CV,
3.13%, 7/16/2022		750,000		757,197
6.38%, 3/1/2035		177,000		237,560
6.13%, 3/30/2040		350,000		458,990
Rogers Communications, Inc.,
3.00%, 3/15/2023		600,000		590,037
5.00%, 3/15/2044		250,000		299,735

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Wireless Telecommunication Services (continued)
Rogers Communications, Inc., (continued)
3.70%, 11/15/2049	$	100,000	$	102,124
Vodafone Group plc,
4.38%, 5/30/2028		250,000		264,033
7.88%, 2/15/2030		206,000		279,420
4.38%, 2/19/2043		500,000		515,689
5.25%, 5/30/2048		500,000		602,601
4.25%, 9/17/2050(b)		40,000		41,114
				4,148,500
Total Corporate Bonds (cost $563,017,211)				577,265,471
Foreign Government Securities 1.7%
	Principal   Amount		Value
CANADA 0.4%
Canada Government Bond,
2.63%, 1/25/2022 (b)	$	1,000,000		1,036,082
Export Development Canada,
2.00%, 5/17/2022 (b)		1,000,000		1,031,856
1.75%, 7/18/2022		500,000		512,837
Province of Alberta,
3.35%, 11/1/2023		500,000		541,983
3.30%, 3/15/2028		500,000		573,788
Province of British Columbia,
2.00%, 10/23/2022 (b)		500,000		516,294
Province of Ontario,
2.25%, 5/18/2022 (b)		1,000,000		1,029,928
2.20%, 10/3/2022 (b)		1,000,000		1,034,776
3.05%, 1/29/2024		500,000		545,518
Province of Quebec,
2.63%, 2/13/2023		500,000		527,035
2.50%, 4/9/2024		500,000		531,731
7.50%, 9/15/2029		578,000		873,986
				8,755,814
CHILE 0.1%
Republic of Chile,
3.13%, 3/27/2025		750,000		781,875
3.63%, 10/30/2042 (b)		400,000		424,000
				1,205,875
COLOMBIA 0.1%
Republic of Colombia,
4.38%, 7/12/2021 (b)		500,000		505,005
4.50%, 1/28/2026		1,000,000		1,012,500
7.38%, 9/18/2037		225,000		280,125
5.63%, 2/26/2044		500,000		548,750
5.00%, 6/15/2045		700,000		717,500
				3,063,880
GERMANY 0.0%†
FMS Wertmanagement AoeR,
2.75%, 1/30/2024		600,000		647,801
HUNGARY 0.0%†
Hungary Government Bond,
5.38%, 3/25/2024		500,000		550,000
7.63%, 3/29/2041		250,000		385,000
				935,000

Foreign Government Securities (continued)
	Principal   Amount		Value
INDONESIA 0.1%
Republic of Indonesia,
4.10%, 4/24/2028	$	1,000,000	$	1,022,430
5.35%, 2/11/2049 (b)		200,000		227,207
3.50%, 2/14/2050 (b)		200,000		201,015
				1,450,652
ISRAEL 0.1%
State of Israel Government Bond,
3.15%, 6/30/2023 (b)		500,000		517,498
3.25%, 1/17/2028		1,000,000		1,060,070
3.38%, 1/15/2050		200,000		194,000
				1,771,568
ITALY 0.0%†
Italian Republic Government Bond,
6.88%, 9/27/2023		251,000		287,645
5.38%, 6/15/2033		291,000		341,044
4.00%, 10/17/2049		200,000		187,267
				815,956
JAPAN 0.2%
Japan Bank for International Cooperation,
2.38%, 11/16/2022		1,000,000		1,040,346
2.50%, 5/23/2024		2,000,000		2,112,963
2.38%, 4/20/2026		500,000		539,068
1.88%, 7/21/2026		500,000		523,225
				4,215,602
MEXICO 0.2%
United Mexican States,
4.00%, 10/2/2023		500,000		510,000
3.75%, 1/11/2028 (b)		1,000,000		994,010
6.75%, 9/27/2034 (b)		996,000		1,309,750
4.75%, 3/8/2044 (b)		600,000		603,906
5.55%, 1/21/2045		500,000		564,375
4.60%, 1/23/2046		347,000		345,199
4.35%, 1/15/2047 (b)		500,000		485,760
5.75%, 10/12/2110		200,000		207,252
				5,020,252
PANAMA 0.0%†
Republic of Panama,
6.70%, 1/26/2036		250,000		320,002
4.30%, 4/29/2053		500,000		537,505
3.87%, 7/23/2060		200,000		201,000
				1,058,507
PERU 0.1%
Republic of Peru,
4.13%, 8/25/2027 (b)		750,000		845,633
8.75%, 11/21/2033 (b)		500,000		788,755
				1,634,388
PHILIPPINES 0.1%
Republic of Philippines,
4.20%, 1/21/2024		500,000		526,599
9.50%, 2/2/2030		500,000		750,633
7.75%, 1/14/2031		200,000		282,401
6.38%, 10/23/2034		500,000		663,336
3.70%, 2/2/2042		600,000		658,460
				2,881,429

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Foreign Government Securities (continued)
	Principal   Amount		Value
POLAND 0.1%
Republic of Poland,
5.13%, 4/21/2021	$	200,000	$	207,216
5.00%, 3/23/2022		300,000		319,417
4.00%, 1/22/2024		500,000		543,952
				1,070,585
SOUTH KOREA 0.1%
Export-Import Bank of Korea,
5.00%, 4/11/2022		500,000		535,315
2.38%, 4/21/2027		1,000,000		1,005,091
Republic of Korea,
5.63%, 11/3/2025		300,000		364,409
4.13%, 6/10/2044 (b)		250,000		339,208
				2,244,023
SWEDEN 0.0%†
Svensk Exportkredit AB,
2.38%, 3/9/2022		500,000		516,411
1.63%, 11/14/2022		200,000		202,914
				719,325
URUGUAY 0.1%
Oriental Republic of Uruguay,
4.38%, 10/27/2027		1,250,000		1,348,450
5.10%, 6/18/2050		700,000		791,882
				2,140,332
Total Foreign Government Securities (cost $38,003,640)				39,630,989
Mortgage-Backed Securities 26.6%
	Principal   Amount		Value
FHLMC Gold Pool
Pool# J00935 5.00%, 12/1/2020		1,502		1,577
Pool# J00854 5.00%, 1/1/2021		1,996		2,095
Pool# J01279 5.50%, 2/1/2021		570		577
Pool# J01570 5.50%, 4/1/2021		1,097		1,113
Pool# J06015 5.00%, 5/1/2021		2,857		2,999
Pool# J01771 5.00%, 5/1/2021		2,433		2,554
Pool# G18122 5.00%, 6/1/2021		1,975		2,073
Pool# J01980 6.00%, 6/1/2021		2,966		2,984
Pool# J03074 5.00%, 7/1/2021		886		930
Pool# J03028 5.50%, 7/1/2021		594		597
Pool# C90719 5.00%, 10/1/2023		127,205		137,041
Pool# J09912 4.00%, 6/1/2024		291,539		306,451
Pool# C00351 8.00%, 7/1/2024		219		238
Pool# G13900 5.00%, 12/1/2024		2,843		2,983
Pool# D60780 8.00%, 6/1/2025		1,244		1,366

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# G30267 5.00%, 8/1/2025	$	49,469	$	53,294
Pool# E02746 3.50%, 11/1/2025		184,336		194,006
Pool# J13883 3.50%, 12/1/2025		365,311		384,699
Pool# J14732 4.00%, 3/1/2026		178,983		188,707
Pool# E02896 3.50%, 5/1/2026		211,955		223,089
Pool# J18702 3.00%, 3/1/2027		201,624		211,356
Pool# J18127 3.00%, 3/1/2027		198,531		208,106
Pool# J19106 3.00%, 5/1/2027		86,417		90,600
Pool# J20471 3.00%, 9/1/2027		379,651		398,016
Pool# D82854 7.00%, 10/1/2027		525		568
Pool# G14609 3.00%, 11/1/2027		504,268		528,671
Pool# C00566 7.50%, 12/1/2027		827		958
Pool# G15100 2.50%, 7/1/2028		215,016		223,588
Pool# C18271 7.00%, 11/1/2028		2,071		2,323
Pool# C00678 7.00%, 11/1/2028		1,119		1,297
Pool# C00836 7.00%, 7/1/2029		564		654
Pool# C31285 7.00%, 9/1/2029		1,351		1,544
Pool# C31282 7.00%, 9/1/2029		63		65
Pool# C32914 8.00%, 11/1/2029		958		983
Pool# G18536 2.50%, 1/1/2030		3,288,177		3,413,898
Pool# C37436 8.00%, 1/1/2030		1,506		1,794
Pool# C36429 7.00%, 2/1/2030		623		644
Pool# C36306 7.00%, 2/1/2030		618		644
Pool# C00921 7.50%, 2/1/2030		984		1,144
Pool# G01108 7.00%, 4/1/2030		393		449
Pool# C37703 7.50%, 4/1/2030		684		725
Pool# G18552 3.00%, 5/1/2030		1,182,513		1,242,598
Pool# U49055 3.00%, 6/1/2030		124,982		131,433
Pool# J32243 3.00%, 7/1/2030		757,703		796,304
Pool# J32257 3.00%, 7/1/2030		187,624		197,631
Pool# J32255 3.00%, 7/1/2030		153,864		161,697
Pool# C41561 8.00%, 8/1/2030		1,923		2,015
Pool# C01051 8.00%, 9/1/2030		1,912		2,304
Pool# C43550 7.00%, 10/1/2030		1,443		1,486

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# C44017 7.50%, 10/1/2030	$	450	$	458
Pool# C43967 8.00%, 10/1/2030		4,312		4,329
Pool# C44957 8.00%, 11/1/2030		1,638		1,750
Pool# J33361 3.00%, 12/1/2030		402,594		422,947
Pool# G18578 3.00%, 12/1/2030		395,257		415,342
Pool# J33315 3.00%, 12/1/2030		167,333		175,842
Pool# C01103 7.50%, 12/1/2030		906		1,101
Pool# C46932 7.50%, 1/1/2031		654		679
Pool# G18587 3.00%, 2/1/2031		300,302		315,548
Pool# C47287 7.50%, 2/1/2031		1,402		1,486
Pool# G18592 3.00%, 3/1/2031		334,023		350,996
Pool# C48206 7.50%, 3/1/2031		1,731		1,737
Pool# C91366 4.50%, 4/1/2031		90,759		99,084
Pool# G18601 3.00%, 5/1/2031		195,972		205,936
Pool# G18605 3.00%, 6/1/2031		115,031		120,881
Pool# J34627 3.00%, 6/1/2031		19,493		20,433
Pool# C91377 4.50%, 6/1/2031		46,887		51,239
Pool# C53324 7.00%, 6/1/2031		1,592		1,701
Pool# C01209 8.00%, 6/1/2031		669		777
Pool# J35107 2.50%, 8/1/2031		152,065		158,125
Pool# G01309 7.00%, 8/1/2031		1,226		1,415
Pool# G01311 7.00%, 9/1/2031		8,501		9,899
Pool# C01222 7.00%, 9/1/2031		1,040		1,225
Pool# G01315 7.00%, 9/1/2031		294		346
Pool# J35522 2.50%, 10/1/2031		646,383		671,143
Pool# C60012 7.00%, 11/1/2031		732		758
Pool# C61298 8.00%, 11/1/2031		2,570		2,652
Pool# J35957 2.50%, 12/1/2031		897,309		931,685
Pool# C61105 7.00%, 12/1/2031		5,450		5,898
Pool# C01305 7.50%, 12/1/2031		746		858
Pool# C63171 7.00%, 1/1/2032		5,994		7,002
Pool# V61548 2.50%, 2/1/2032		815,091		847,620
Pool# D99004 3.50%, 3/1/2032		143,607		154,447
Pool# G30577 3.50%, 4/1/2032		330,653		355,620

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# G01391 7.00%, 4/1/2032	$	14,608	$	17,134
Pool# C01345 7.00%, 4/1/2032		4,817		5,679
Pool# C01370 8.00%, 4/1/2032		1,081		1,263
Pool# C66916 7.00%, 5/1/2032		11,559		12,571
Pool# C01381 8.00%, 5/1/2032		13,034		15,660
Pool# C68300 7.00%, 6/1/2032		3,458		3,704
Pool# C68290 7.00%, 6/1/2032		2,363		2,591
Pool# D99266 3.50%, 7/1/2032		218,925		235,458
Pool# G01449 7.00%, 7/1/2032		9,287		10,891
Pool# C69908 7.00%, 8/1/2032		24,743		28,530
Pool# C91558 3.50%, 9/1/2032		52,045		55,965
Pool# G16407 2.50%, 1/1/2033		458,566		477,197
Pool# G16408 2.50%, 1/1/2033		332,284		345,977
Pool# G01536 7.00%, 3/1/2033		11,779		13,947
Pool# C01528 5.00%, 4/1/2033		71,078		78,705
Pool# G30646 3.00%, 5/1/2033		296,916		315,992
Pool# G30642 3.00%, 5/1/2033		133,657		142,265
Pool# K90535 3.00%, 5/1/2033		55,936		59,547
Pool# G18693 4.00%, 5/1/2033		177,580		187,402
Pool# G18696 3.50%, 7/1/2033		56,241		59,141
Pool# A16419 6.50%, 11/1/2033		15,517		17,204
Pool# C01806 7.00%, 1/1/2034		12,303		13,098
Pool# A21356 6.50%, 4/1/2034		48,985		57,645
Pool# C01851 6.50%, 4/1/2034		27,142		32,531
Pool# A22067 6.50%, 5/1/2034		31,156		36,080
Pool# A24301 6.50%, 5/1/2034		28,450		31,543
Pool# G18737 3.50%, 6/1/2034		436,047		459,146
Pool# A24988 6.50%, 7/1/2034		11,387		12,625
Pool# G01741 6.50%, 10/1/2034		10,454		12,129
Pool# G08023 6.50%, 11/1/2034		22,269		26,043
Pool# A33137 6.50%, 1/1/2035		3,847		4,266
Pool# G01947 7.00%, 5/1/2035		10,531		12,452
Pool# G08073 5.50%, 8/1/2035		115,141		130,493
Pool# A37135 5.50%, 9/1/2035		103,677		116,522

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# A47368 5.00%, 10/1/2035	$	138,402	$	153,766
Pool# A38531 5.50%, 10/1/2035		261,366		295,550
Pool# A38255 5.50%, 10/1/2035		165,538		187,091
Pool# G08088 6.50%, 10/1/2035		102,248		120,233
Pool# A39759 5.50%, 11/1/2035		9,960		11,263
Pool# A40376 5.50%, 12/1/2035		5,919		6,589
Pool# A42305 5.50%, 1/1/2036		17,397		19,312
Pool# A41548 7.00%, 1/1/2036		17,026		19,940
Pool# G08111 5.50%, 2/1/2036		148,294		167,903
Pool# A43886 5.50%, 3/1/2036		387,732		441,379
Pool# A43885 5.50%, 3/1/2036		228,796		253,722
Pool# A43884 5.50%, 3/1/2036		201,915		223,926
Pool# A48378 5.50%, 3/1/2036		104,502		114,586
Pool# A43861 5.50%, 3/1/2036		49,620		54,231
Pool# G08116 5.50%, 3/1/2036		31,598		35,798
Pool# A48735 5.50%, 5/1/2036		7,278		7,955
Pool# A53039 6.50%, 10/1/2036		46,559		51,621
Pool# A53219 6.50%, 10/1/2036		1,146		1,271
Pool# G05254 5.00%, 1/1/2037		106,917		118,803
Pool# G04331 5.00%, 2/1/2037		100,603		111,839
Pool# G05941 6.00%, 2/1/2037		504,702		580,756
Pool# G03620 6.50%, 10/1/2037		2,802		3,307
Pool# G03721 6.00%, 12/1/2037		45,221		52,010
Pool# G03969 6.00%, 2/1/2038		53,338		61,458
Pool# C91982 3.50%, 3/1/2038		290,153		309,287
Pool# G04913 5.00%, 3/1/2038		183,511		204,125
Pool# G05299 4.50%, 6/1/2038		187,583		205,412
Pool# G04581 6.50%, 8/1/2038		89,510		102,730
Pool# C92013 3.50%, 9/1/2038		1,069,277		1,137,074
Pool# A81674 6.00%, 9/1/2038		293,953		332,153
Pool# A85442 5.00%, 3/1/2039		202,479		218,175
Pool# G05459 5.50%, 5/1/2039		1,440,349		1,627,500
Pool# G05535 4.50%, 7/1/2039		595,296		651,800
Pool# A89500 4.50%, 10/1/2039		67,882		73,622

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# A91165 5.00%, 2/1/2040	$	2,445,786	$	2,710,698
Pool# G60342 4.50%, 5/1/2042		588,288		643,596
Pool# G60195 4.00%, 6/1/2042		723,406		781,947
Pool# Q08977 4.00%, 6/1/2042		135,562		146,535
Pool# Q09824 4.00%, 8/1/2042		89,484		96,789
Pool# Q11087 4.00%, 9/1/2042		157,951		170,038
Pool# G07158 3.50%, 10/1/2042		598,429		641,984
Pool# G07163 3.50%, 10/1/2042		317,490		340,753
Pool# Q11532 3.50%, 10/1/2042		239,929		257,510
Pool# Q12051 3.50%, 10/1/2042		227,092		243,732
Pool# Q12052 3.50%, 10/1/2042		96,480		103,516
Pool# C09020 3.50%, 11/1/2042		651,433		699,059
Pool# G07264 3.50%, 12/1/2042		653,125		700,984
Pool# Q14292 3.50%, 1/1/2043		124,845		133,995
Pool# Q15884 3.00%, 2/1/2043		826,898		874,193
Pool# Q16470 3.00%, 3/1/2043		1,376,102		1,454,929
Pool# V80002 2.50%, 4/1/2043		545,947		568,433
Pool# Q16915 3.00%, 4/1/2043		485,663		513,484
Pool# Q17675 3.50%, 4/1/2043		564,569		605,919
Pool# Q18523 3.50%, 5/1/2043		878,799		941,940
Pool# Q18751 3.50%, 6/1/2043		1,075,942		1,146,524
Pool# G07410 3.50%, 7/1/2043		222,177		238,518
Pool# Q20332 3.50%, 7/1/2043		97,394		104,498
Pool# G07459 3.50%, 8/1/2043		867,186		930,504
Pool# G60038 3.50%, 1/1/2044		1,755,323		1,882,950
Pool# Q26869 4.00%, 6/1/2044		936,634		1,013,215
Pool# G07946 4.00%, 7/1/2044		26,676		28,848
Pool# Q28607 3.50%, 9/1/2044		359,440		385,413
Pool# G61231 3.50%, 9/1/2044		105,047		112,719
Pool# G08609 3.50%, 10/1/2044		414,842		443,573
Pool# Q30833 4.00%, 1/1/2045		43,081		46,574
Pool# G60400 4.50%, 1/1/2045		256,009		279,062
Pool# G07925 4.00%, 2/1/2045		63,181		69,263
Pool# Q34165 4.00%, 6/1/2045		474,082		512,662

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# V81873 4.00%, 8/1/2045	$	378,559	$	409,185
Pool# G08669 4.00%, 9/1/2045		604,791		653,598
Pool# V82126 3.50%, 12/1/2045		239,572		256,589
Pool# Q38199 3.50%, 1/1/2046		25,404		27,046
Pool# Q38357 4.00%, 1/1/2046		175,048		189,107
Pool# G61365 4.50%, 1/1/2046		98,356		107,245
Pool# Q39434 3.50%, 3/1/2046		242,237		258,198
Pool# Q39364 3.50%, 3/1/2046		170,989		183,134
Pool# Q39440 4.00%, 3/1/2046		125,489		134,750
Pool# G08704 4.50%, 4/1/2046		49,212		53,631
Pool# Q40097 4.50%, 4/1/2046		3,124		3,360
Pool# G60582 3.50%, 5/1/2046		499,089		532,736
Pool# Q40718 3.50%, 5/1/2046		242,096		257,625
Pool# G08707 4.00%, 5/1/2046		281,358		303,399
Pool# G08708 4.50%, 5/1/2046		39,940		43,556
Pool# Q40728 4.50%, 5/1/2046		2,830		3,043
Pool# Q41548 3.00%, 7/1/2046		186,358		196,810
Pool# Q41903 3.50%, 7/1/2046		293,353		311,999
Pool# Q41491 3.50%, 7/1/2046		42,842		45,533
Pool# Q41407 3.50%, 7/1/2046		28,795		30,495
Pool# G61791 4.00%, 7/1/2046		180,056		194,614
Pool# Q41947 4.50%, 7/1/2046		21,732		23,697
Pool# G08715 3.00%, 8/1/2046		1,631,536		1,721,425
Pool# Q42596 3.50%, 8/1/2046		269,544		287,344
Pool# Q42203 3.50%, 8/1/2046		61,449		65,384
Pool# Q42393 3.50%, 8/1/2046		54,437		57,749
Pool# G61237 3.50%, 8/1/2046		42,306		45,384
Pool# Q42680 4.00%, 8/1/2046		14,138		15,208
Pool# G08720 4.50%, 8/1/2046		26,444		28,731
Pool# G61323 3.00%, 9/1/2046		1,113,864		1,177,493
Pool# G08721 3.00%, 9/1/2046		895,279		943,794
Pool# V82617 3.50%, 9/1/2046		508,260		541,192
Pool# G08722 3.50%, 9/1/2046		193,613		206,367
Pool# G60733 4.50%, 9/1/2046		223,190		244,604

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# G60722 3.00%, 10/1/2046	$	1,748,978	$	1,846,437
Pool# Q44035 3.00%, 10/1/2046		1,221,811		1,288,802
Pool# G61815 4.00%, 10/1/2046		115,173		124,389
Pool# G61257 3.00%, 11/1/2046		2,280,537		2,399,238
Pool# Q44452 3.00%, 11/1/2046		495,885		523,068
Pool# G08732 3.00%, 11/1/2046		157,640		166,285
Pool# Q44473 3.50%, 11/1/2046		67,875		71,985
Pool# Q44223 3.50%, 11/1/2046		47,168		49,964
Pool# G08734 4.00%, 11/1/2046		718,274		772,778
Pool# G08737 3.00%, 12/1/2046		3,209,574		3,380,538
Pool# G60989 3.00%, 12/1/2046		648,422		684,541
Pool# Q45878 3.00%, 12/1/2046		201,025		211,650
Pool# G08738 3.50%, 12/1/2046		3,518,733		3,733,688
Pool# Q45024 3.50%, 12/1/2046		153,788		164,713
Pool# G08741 3.00%, 1/1/2047		1,325,352		1,398,364
Pool# G08747 3.00%, 2/1/2047		2,325,064		2,451,689
Pool# G08748 3.50%, 2/1/2047		785,245		834,037
Pool# G08749 4.00%, 2/1/2047		1,359,901		1,460,790
Pool# G61890 4.00%, 2/1/2047		80,829		87,116
Pool# G08751 3.50%, 3/1/2047		1,249,585		1,324,327
Pool# Q47592 3.50%, 4/1/2047		305,359		323,476
Pool# Q47484 3.50%, 4/1/2047		40,288		42,854
Pool# G60988 3.00%, 5/1/2047		2,128,421		2,247,468
Pool# Q48098 3.50%, 5/1/2047		150,740		160,331
Pool# Q48237 4.50%, 5/1/2047		244,386		265,271
Pool# G61390 3.00%, 6/1/2047		1,253,315		1,321,728
Pool# Q48414 4.50%, 6/1/2047		116,991		126,478
Pool# Q48365 4.50%, 6/1/2047		46,914		50,697
Pool# G08770 3.50%, 7/1/2047		3,055,746		3,241,516
Pool# V83270 3.50%, 7/1/2047		636,313		674,436
Pool# G61339 3.00%, 8/1/2047		397,004		418,625
Pool# G08774 3.50%, 8/1/2047		337,781		357,955
Pool# Q49917 3.50%, 8/1/2047		212,666		225,472
Pool# Q53085 3.00%, 9/1/2047		459,331		485,250

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# G08779 3.50%, 9/1/2047	$	849,844	$	900,803
Pool# G61295 3.50%, 9/1/2047		709,288		759,537
Pool# G61622 3.00%, 10/1/2047		924,677		975,780
Pool# G08785 4.00%, 10/1/2047		88,950		95,711
Pool# Q52075 4.00%, 11/1/2047		586,030		630,373
Pool# V83598 3.50%, 12/1/2047		302,567		320,786
Pool# G67707 3.50%, 1/1/2048		815,510		877,091
Pool# V83909 4.00%, 1/1/2048		823,863		882,756
Pool# G61311 3.50%, 2/1/2048		1,422,016		1,507,928
Pool# T65458 3.50%, 2/1/2048		424,307		443,966
Pool# G08801 4.00%, 2/1/2048		472,942		507,054
Pool# Q54460 4.00%, 2/1/2048		288,981		313,239
Pool# G61298 4.00%, 2/1/2048		140,674		152,224
Pool# Q54727 3.50%, 3/1/2048		533,637		565,699
Pool# Q55401 5.00%, 4/1/2048		115,468		124,889
Pool# V84237 3.50%, 5/1/2048		1,130,402		1,197,409
Pool# G08813 3.50%, 5/1/2048		143,073		151,568
Pool# G08820 4.50%, 5/1/2048		1,157,125		1,247,428
Pool# G08821 5.00%, 5/1/2048		43,424		46,911
Pool# G67713 4.00%, 6/1/2048		282,044		305,201
Pool# G67712 4.00%, 6/1/2048		244,566		267,938
Pool# G08817 4.00%, 6/1/2048		204,290		218,444
Pool# G08818 4.50%, 6/1/2048		633,259		681,533
Pool# Q56473 4.50%, 6/1/2048		132,052		142,371
Pool# Q56472 4.50%, 6/1/2048		103,461		112,816
Pool# G08824 4.00%, 7/1/2048		4,454,474		4,746,787
Pool# G08827 4.50%, 7/1/2048		394,016		424,420
Pool# Q57401 4.50%, 7/1/2048		121,962		131,457
Pool# Q57402 4.50%, 7/1/2048		35,441		38,403
Pool# G08833 5.00%, 7/1/2048		15,632		16,885
Pool# G08831 4.00%, 8/1/2048		582,620		620,623
Pool# G08836 4.00%, 9/1/2048		2,387,366		2,543,407
Pool# G67716 4.50%, 10/1/2048		186,277		204,028
Pool# G08843 4.50%, 10/1/2048		140,805		151,578

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# G08852 4.00%, 12/1/2048	$	972,155	$	1,035,704
Pool# V85044 4.00%, 12/1/2048		475,066		509,327
Pool# V85082 4.50%, 12/1/2048		145,310		156,325
Pool# G61846 4.00%, 1/1/2049		15,674		16,699
Pool# V85139 4.50%, 1/1/2049		168,276		181,021
Pool# Q63655 3.00%, 5/1/2049		487,313		511,010
Pool# Q63556 3.00%, 6/1/2049		115,054		120,948
FHLMC Non Gold Pool
Pool# 1B8478 4.58%, 7/1/2041(a)		104,009		104,990
Pool# 2B0108 3.87%, 1/1/2042(a)		13,474		13,724
Pool# 2B1381 4.37%, 6/1/2043(a)		6,895		6,978
FHLMC UMBS Pool
Pool# ZT1998 4.00%, 7/1/2029		167,916		176,521
Pool# ZS8701 3.50%, 6/1/2033		187,274		196,914
Pool# SB0218 3.00%, 10/1/2033		266,038		279,419
Pool# QN0248 3.00%, 7/1/2034		197,459		206,891
Pool# SB0095 3.50%, 7/1/2034		320,182		336,918
Pool# SB0069 3.00%, 9/1/2034		452,483		473,864
Pool# SB8021 3.00%, 12/1/2034		1,101,436		1,153,958
Pool# ZA5785 4.50%, 10/1/2048		851,057		915,177
Pool# ZT1321 4.50%, 11/1/2048		1,064,513		1,144,451
Pool# ZA6536 4.00%, 3/1/2049		445,400		474,905
Pool# ZA6380 4.00%, 3/1/2049		346,387		369,153
Pool# SD8015 2.50%, 10/1/2049		450,554		466,800
Pool# SD8025 3.50%, 11/1/2049		4,337,520		4,575,088
Pool# RA1859 3.00%, 12/1/2049		1,500,669		1,573,172
Pool# SD8044 3.00%, 2/1/2050		2,460,000		2,578,278
Pool# SD7512 3.00%, 2/1/2050		1,266,000		1,334,560
Pool# SD8045 3.50%, 2/1/2050		571,902		603,404
FNMA Pool
Pool# AC9890 4.43%, 4/1/2040(a)		639,220		647,557
Pool# AC9895 4.56%, 4/1/2040(a)		449,036		457,939
Pool# AJ1249 4.07%, 9/1/2041(a)		170,363		173,919
Pool# AK0714 3.80%, 2/1/2042(a)		30,441		30,729
Pool# AT4982 4.41%, 4/1/2043(a)		374		374
Pool# AT4250 2.02%, 6/1/2043(a)		66,464		66,611

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA Pool (continued)
Pool# BF0203 3.00%, 2/1/2047	$	916,565	$	989,102
Pool# BF0206 4.00%, 2/1/2047		627,376		695,115
Pool# BF0200 3.50%, 11/1/2051		387,149		420,546
Pool# BF0171 4.00%, 1/1/2057		311,831		346,282
Pool# BF0184 4.00%, 2/1/2057		359,980		399,751
FNMA UMBS Pool
Pool# 826869 5.50%, 8/1/2020		3,755		3,767
Pool# 835228 5.50%, 8/1/2020		77		77
Pool# 825811 5.50%, 9/1/2020		104		104
Pool# 838565 5.50%, 10/1/2020		4,913		4,945
Pool# 840102 5.50%, 10/1/2020		1,113		1,116
Pool# 841947 5.50%, 10/1/2020		653		656
Pool# 811505 5.50%, 10/1/2020		240		241
Pool# 843102 5.50%, 10/1/2020		188		189
Pool# 839100 5.50%, 11/1/2020		56		56
Pool# 830670 5.50%, 12/1/2020		139		140
Pool# 867183 5.50%, 2/1/2021		952		957
Pool# 870296 5.50%, 3/1/2021		121		121
Pool# 878120 5.50%, 4/1/2021		363		368
Pool# 879115 5.50%, 5/1/2021		1,362		1,378
Pool# 811559 5.50%, 5/1/2021		785		790
Pool# 885440 5.50%, 5/1/2021		466		469
Pool# 845489 5.50%, 6/1/2021		90		91
Pool# 880950 5.50%, 7/1/2021		2,008		2,040
Pool# 870092 5.50%, 8/1/2021		267		268
Pool# 896599 5.50%, 8/1/2021		68		70
Pool# 903350 5.00%, 10/1/2021		410		430
Pool# 894126 5.50%, 10/1/2021		35		36
Pool# 902789 5.50%, 11/1/2021		6,319		6,467
Pool# 906708 5.00%, 12/1/2021		5,808		6,095
Pool# 901509 5.00%, 12/1/2021		864		906
Pool# 928106 5.50%, 2/1/2022		11,263		11,589
Pool# 914385 5.50%, 3/1/2022		172		177
Pool# 913323 5.50%, 4/1/2022		553		563
Pool# 899438 5.50%, 6/1/2022		14,560		15,017

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA UMBS Pool (continued)
Pool# AA2549 4.00%, 4/1/2024	$	65,860	$	69,215
Pool# 934863 4.00%, 6/1/2024		150,558		158,358
Pool# AC1374 4.00%, 8/1/2024		86,101		90,548
Pool# AC1529 4.50%, 9/1/2024		237,031		249,918
Pool# AD0244 4.50%, 10/1/2024		34,231		36,141
Pool# AD4089 4.50%, 5/1/2025		227,672		241,987
Pool# 890216 4.50%, 7/1/2025		60,131		64,005
Pool# AB1609 4.00%, 10/1/2025		164,745		173,333
Pool# AH1361 3.50%, 12/1/2025		160,974		169,503
Pool# AH1518 3.50%, 12/1/2025		75,534		79,516
Pool# AH5616 3.50%, 2/1/2026		412,880		434,604
Pool# AL0298 4.00%, 5/1/2026		330,328		348,311
Pool# AB4277 3.00%, 1/1/2027		539,106		565,029
Pool# AL1391 3.50%, 1/1/2027		8,154		8,583
Pool# AP4746 3.00%, 8/1/2027		141,771		148,722
Pool# AP7855 3.00%, 9/1/2027		737,545		773,859
Pool# AP4640 3.00%, 9/1/2027		78,931		82,806
Pool# AQ5096 3.00%, 11/1/2027		188,813		198,079
Pool# AB6887 3.00%, 11/1/2027		156,391		164,275
Pool# AQ4532 3.00%, 11/1/2027		107,929		113,237
Pool# AQ3758 3.00%, 11/1/2027		80,784		84,866
Pool# AQ7406 3.00%, 11/1/2027		80,554		84,510
Pool# AB6886 3.00%, 11/1/2027		74,377		78,084
Pool# AQ2884 3.00%, 12/1/2027		67,630		70,823
Pool# AS0487 2.50%, 9/1/2028		377,520		393,416
Pool# 930998 4.50%, 4/1/2029		35,300		38,004
Pool# BM1507 2.50%, 12/1/2029		226,146		234,549
Pool# AL8077 3.50%, 12/1/2029		26,578		28,019
Pool# BM4299 3.00%, 3/1/2030		1,032,024		1,080,946
Pool# AS4874 3.00%, 4/1/2030		491,980		516,868
Pool# AS5412 2.50%, 7/1/2030		202,175		209,893
Pool# AS5420 3.00%, 7/1/2030		414,156		435,122
Pool# AL7152 3.50%, 7/1/2030		488,321		516,624
Pool# AS5702 2.50%, 8/1/2030		806,040		836,801

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA UMBS Pool (continued)
Pool# AZ4898 2.50%, 8/1/2030	$	654,493	$	679,455
Pool# AY8448 3.00%, 8/1/2030		1,502,475		1,578,385
Pool# AZ2953 3.00%, 9/1/2030		1,378,882		1,448,703
Pool# AZ5718 3.00%, 9/1/2030		1,175,922		1,234,370
Pool# AS6060 3.00%, 10/1/2030		1,027,102		1,078,465
Pool# AZ9234 3.50%, 10/1/2030		64,500		67,937
Pool# BA2993 3.00%, 11/1/2030		237,776		249,788
Pool# AS6174 3.50%, 11/1/2030		38,874		41,000
Pool# AS6272 2.50%, 12/1/2030		294,675		305,920
Pool# AS6295 3.00%, 12/1/2030		449,659		472,394
Pool# BA3545 3.00%, 12/1/2030		195,365		205,237
Pool# AH1515 4.00%, 12/1/2030		383,646		418,143
Pool# AD0716 6.50%, 12/1/2030		1,088,287		1,224,320
Pool# BA6532 2.50%, 1/1/2031		238,441		247,532
Pool# BM5016 3.00%, 1/1/2031		605,428		636,697
Pool# AB2121 4.00%, 1/1/2031		57,790		63,012
Pool# AL8060 3.00%, 2/1/2031		424,368		447,359
Pool# MA0641 4.00%, 2/1/2031		287,402		313,383
Pool# 560868 7.50%, 2/1/2031		668		679
Pool# AS6799 3.00%, 3/1/2031		391,281		411,072
Pool# BC0774 3.00%, 3/1/2031		185,719		195,932
Pool# AS6919 3.50%, 3/1/2031		27,240		28,715
Pool# BC4410 3.50%, 3/1/2031		26,770		28,176
Pool# BC0320 3.50%, 3/1/2031		16,013		16,896
Pool# BC4430 3.00%, 4/1/2031		69,244		72,506
Pool# AL8566 3.00%, 6/1/2031		195,260		205,142
Pool# AL8565 3.00%, 6/1/2031		190,686		200,301
Pool# AL8561 3.50%, 6/1/2031		202,491		215,371
Pool# AS8028 2.50%, 9/1/2031		830,785		862,556
Pool# AL9378 3.00%, 9/1/2031		95,123		100,461
Pool# MA2775 2.50%, 10/1/2031		1,675,409		1,739,405
Pool# BM1888 2.50%, 10/1/2031		1,539,951		1,598,352
Pool# AS8038 2.50%, 10/1/2031		746,531		775,062
Pool# BC4777 2.50%, 10/1/2031		562,766		583,763

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA UMBS Pool (continued)
Pool# AL9323 2.50%, 10/1/2031	$	35,387	$	36,740
Pool# AS8612 3.00%, 10/1/2031		279,994		294,125
Pool# 607212 7.50%, 10/1/2031		3,566		3,674
Pool# MA0895 3.50%, 11/1/2031		315,108		338,684
Pool# 607632 6.50%, 11/1/2031		81		90
Pool# MA2830 2.50%, 12/1/2031		628,503		652,527
Pool# BM3814 2.50%, 12/1/2031		433,428		450,718
Pool# AS8594 2.50%, 1/1/2032		437,851		455,828
Pool# AS8597 2.50%, 1/1/2032		385,946		400,955
Pool# AS8609 3.00%, 1/1/2032		296,935		311,976
Pool# AL9786 3.00%, 1/1/2032		263,805		278,927
Pool# AL9585 3.50%, 1/1/2032		100,552		107,107
Pool# BM1036 2.50%, 2/1/2032		2,005,223		2,087,476
Pool# BM4624 3.00%, 2/1/2032		309,759		327,133
Pool# AL9872 3.00%, 2/1/2032		225,682		238,090
Pool# AL9740 3.00%, 2/1/2032		193,295		203,563
Pool# AL9871 3.00%, 2/1/2032		134,641		142,361
Pool# AS8767 3.00%, 2/1/2032		25,404		26,753
Pool# BM1007 2.50%, 3/1/2032		639,253		663,651
Pool# AL9899 3.00%, 3/1/2032		39,932		42,055
Pool# BM3269 2.50%, 4/1/2032		1,014,297		1,053,132
Pool# MA1029 3.50%, 4/1/2032		260,097		279,577
Pool# 545556 7.00%, 4/1/2032		3,947		4,625
Pool# AO2565 3.50%, 5/1/2032		83,247		89,510
Pool# AS9695 3.50%, 5/1/2032		50,857		54,000
Pool# 545605 7.00%, 5/1/2032		5,298		6,277
Pool# BM4088 3.00%, 6/1/2032		398,344		418,739
Pool# AO5103 3.50%, 6/1/2032		217,006		233,327
Pool# 890786 3.50%, 6/1/2032		39,563		42,136
Pool# MA1107 3.50%, 7/1/2032		35,378		38,022
Pool# FM1664 4.00%, 7/1/2032		302,545		318,613
Pool# 651361 7.00%, 7/1/2032		1,173		1,209
Pool# BM1669 3.00%, 8/1/2032		226,264		239,239
Pool# AP1990 3.50%, 8/1/2032		107,478		115,554

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA UMBS Pool (continued)
Pool# AP1997 3.50%, 8/1/2032	$	64,814	$	69,689
Pool# BH5355 3.50%, 8/1/2032		14,854		15,788
Pool# AO7202 3.50%, 9/1/2032		247,582		266,198
Pool# MA1166 3.50%, 9/1/2032		201,704		216,833
Pool# BM5167 3.50%, 9/1/2032		40,443		42,606
Pool# CA0586 2.50%, 10/1/2032		97,249		101,483
Pool# AP3673 3.50%, 10/1/2032		211,930		227,867
Pool# BH9391 3.50%, 10/1/2032		18,374		19,429
Pool# BM3389 3.00%, 11/1/2032		337,161		356,507
Pool# AB6962 3.50%, 11/1/2032		329,485		354,274
Pool# AQ3343 3.50%, 11/1/2032		168,083		180,727
Pool# BM3977 3.00%, 12/1/2032		631,104		663,052
Pool# CA0951 3.00%, 12/1/2032		363,044		381,338
Pool# FM1661 2.50%, 1/1/2033		1,242,922		1,289,127
Pool# BM4338 2.50%, 1/1/2033		638,971		663,390
Pool# BM3919 3.00%, 2/1/2033		327,884		346,699
Pool# BM3750 3.50%, 3/1/2033		276,640		294,135
Pool# BM4129 3.50%, 4/1/2033		417,392		441,442
Pool# 555346 5.50%, 4/1/2033		51,129		57,387
Pool# 713560 5.50%, 4/1/2033		9,113		10,044
Pool# 694846 6.50%, 4/1/2033		10,715		12,171
Pool# 701261 7.00%, 4/1/2033		317		337
Pool# AB9402 3.00%, 5/1/2033		317,794		338,228
Pool# AB9403 3.00%, 5/1/2033		142,695		151,871
Pool# AB9300 3.00%, 5/1/2033		111,827		119,017
Pool# BM4132 3.50%, 5/1/2033		279,463		297,393
Pool# MA3372 4.00%, 5/1/2033		414,306		436,856
Pool# 555421 5.00%, 5/1/2033		1,193,472		1,322,197
Pool# MA3393 4.00%, 6/1/2033		195,749		205,886
Pool# MA3427 4.00%, 7/1/2033		169,682		178,596
Pool# 720087 5.50%, 7/1/2033		265,953		300,408
Pool# 728721 5.50%, 7/1/2033		37,119		41,916
Pool# 555684 5.50%, 7/1/2033		9,594		10,833
Pool# MA1527 3.00%, 8/1/2033		1,266,787		1,348,172

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA UMBS Pool (continued)
Pool# 743235 5.50%, 10/1/2033	$	17,245	$	19,473
Pool# 750229 6.50%, 10/1/2033		24,419		27,684
Pool# 755872 5.50%, 12/1/2033		211,063		236,574
Pool# 725221 5.50%, 1/1/2034		5,072		5,729
Pool# 725223 5.50%, 3/1/2034		569		643
Pool# 725228 6.00%, 3/1/2034		474,059		545,028
Pool# 725425 5.50%, 4/1/2034		292,040		329,875
Pool# 725423 5.50%, 5/1/2034		28,277		31,940
Pool# 725594 5.50%, 7/1/2034		119,781		135,301
Pool# MA3739 3.50%, 8/1/2034		470,363		495,062
Pool# 788027 6.50%, 9/1/2034		23,655		26,214
Pool# FM1905 3.00%, 11/1/2034		174,641		183,327
Pool# 807310 7.00%, 11/1/2034		2,132		2,532
Pool# FM2412 3.50%, 1/1/2035		103,089		109,037
Pool# 735141 5.50%, 1/1/2035		374,776		423,525
Pool# 889852 5.50%, 5/1/2035		10,538		11,906
Pool# 256023 6.00%, 12/1/2035		369,685		425,341
Pool# 745418 5.50%, 4/1/2036		58,408		66,188
Pool# 745516 5.50%, 5/1/2036		33,002		37,403
Pool# 889745 5.50%, 6/1/2036		5,815		6,570
Pool# 995065 5.50%, 9/1/2036		209,265		234,406
Pool# 888635 5.50%, 9/1/2036		133,633		150,944
Pool# 995024 5.50%, 8/1/2037		77,910		88,240
Pool# 995050 6.00%, 9/1/2037		705,368		812,308
Pool# 955194 7.00%, 11/1/2037		69,911		84,521
Pool# 928940 7.00%, 12/1/2037		61,347		68,030
Pool# MA3389 4.00%, 6/1/2038		319,985		344,632
Pool# MA3464 3.50%, 9/1/2038		593,332		630,799
Pool# 990810 7.00%, 10/1/2038		115,233		135,732
Pool# AD8536 5.00%, 8/1/2040		274,758		304,541
Pool# AB1735 3.50%, 11/1/2040		7,569		8,014
Pool# AE9747 4.50%, 12/1/2040		870,095		953,381
Pool# AB2067 3.50%, 1/1/2041		354,203		379,981
Pool# 932888 3.50%, 1/1/2041		221,274		238,783

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA UMBS Pool (continued)
Pool# AB2068 3.50%, 1/1/2041	$	204,260	$	219,096
Pool# 932891 3.50%, 1/1/2041		40,077		43,100
Pool# AL3650 5.00%, 2/1/2041		19,721		21,836
Pool# AL6521 5.00%, 4/1/2041		1,350,212		1,494,935
Pool# AL0390 5.00%, 5/1/2041		547,767		607,127
Pool# AL5863 4.50%, 6/1/2041		2,748,273		3,008,573
Pool# AI9851 4.50%, 9/1/2041		49,385		54,100
Pool# AL0761 5.00%, 9/1/2041		161,215		178,361
Pool# BM3907 5.50%, 9/1/2041		334,461		377,666
Pool# AJ5431 4.50%, 10/1/2041		106,259		116,443
Pool# AJ4861 4.00%, 12/1/2041		190,286		205,707
Pool# AX5316 4.50%, 1/1/2042		87,833		96,228
Pool# AL2499 4.50%, 1/1/2042		40,322		44,178
Pool# AW8167 3.50%, 2/1/2042		1,273,553		1,365,705
Pool# AB5185 3.50%, 5/1/2042		496,999		533,275
Pool# AO3575 4.50%, 5/1/2042		59,756		64,849
Pool# AO4647 3.50%, 6/1/2042		956,327		1,026,090
Pool# AO8036 4.50%, 7/1/2042		701,379		768,443
Pool# AP2092 4.50%, 8/1/2042		32,200		34,647
Pool# AP6579 3.50%, 9/1/2042		865,617		928,671
Pool# AL2782 4.50%, 9/1/2042		153,400		167,917
Pool# AB6524 3.50%, 10/1/2042		1,362,793		1,462,270
Pool# AB7074 3.00%, 11/1/2042		874,763		924,676
Pool# AP8785 3.00%, 11/1/2042		288,267		304,663
Pool# AL2677 3.50%, 11/1/2042		818,313		878,038
Pool# AB6786 3.50%, 11/1/2042		610,694		655,143
Pool# MA1273 3.50%, 12/1/2042		446,759		479,363
Pool# AR4210 3.50%, 1/1/2043		220,317		236,358
Pool# AT4040 3.00%, 3/1/2043		216,256		228,576
Pool# AR8213 3.50%, 4/1/2043		220,649		236,747
Pool# AB9238 3.00%, 5/1/2043		1,107,170		1,170,355
Pool# AB9237 3.00%, 5/1/2043		795,599		841,495
Pool# AB9236 3.00%, 5/1/2043		253,669		268,616
Pool# AB9362 3.50%, 5/1/2043		1,201,021		1,288,343

Mortgage-Backed Securities (continued)
	Principal  Amount		Value
FNMA UMBS Pool (continued)
Pool# AT4145 3.00%, 6/1/2043	$	294,692	$	311,511
Pool# AB9814 3.00%, 7/1/2043		1,029,358		1,088,102
Pool# AT6871 3.00%, 7/1/2043		184,641		195,179
Pool# AS0203 3.00%, 8/1/2043		735,641		777,625
Pool# AS0255 4.50%, 8/1/2043		340,241		372,339
Pool# AS0516 3.00%, 9/1/2043		657,944		699,493
Pool# AL4471 4.00%, 9/1/2043		453,430		494,694
Pool# AL6951 3.50%, 10/1/2043		749,792		804,218
Pool# BM4222 3.00%, 1/1/2044		908,642		960,377
Pool# AS2276 4.50%, 4/1/2044		611,823		667,326
Pool# AW1006 4.00%, 5/1/2044		188,660		206,739
Pool# AL7767 4.50%, 6/1/2044		56,519		61,898
Pool# AS3161 4.00%, 8/1/2044		1,276,832		1,379,925
Pool# BM4650 3.00%, 10/1/2044		1,656,818		1,751,383
Pool# CA0688 3.50%, 10/1/2044		540,680		579,701
Pool# BC5090 4.00%, 10/1/2044		171,786		185,635
Pool# AS3946 4.00%, 12/1/2044		1,502,322		1,633,362
Pool# AL8303 3.00%, 1/1/2045		298,618		315,609
Pool# BM4384 4.00%, 1/1/2045		564,106		609,491
Pool# BM3611 4.00%, 1/1/2045		524,038		566,071
Pool# BM3804 3.50%, 2/1/2045		184,833		198,268
Pool# AL9555 4.00%, 2/1/2045		3,150,941		3,401,883
Pool# AX9524 4.00%, 2/1/2045		1,408,014		1,542,956
Pool# AS4418 4.00%, 2/1/2045		990,390		1,085,296
Pool# AS4375 4.00%, 2/1/2045		678,498		743,523
Pool# AL6889 4.50%, 2/1/2045		181,094		198,426
Pool# BM3931 3.00%, 3/1/2045		817,092		863,586
Pool# AY1312 3.50%, 3/1/2045		2,477,577		2,655,113
Pool# AX9567 3.50%, 3/1/2045		131,746		141,061
Pool# BM4975 4.00%, 3/1/2045		267,473		288,950
Pool# AS4578 4.00%, 3/1/2045		180,214		196,546
Pool# BM3664 3.00%, 5/1/2045		900,428		951,666
Pool# AS4921 3.50%, 5/1/2045		1,251,703		1,335,916
Pool# AS5012 4.00%, 5/1/2045		1,887,380		2,068,258

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# BM5562 4.00%, 6/1/2045	$	374,367	$	404,482
Pool# AS5312 3.50%, 7/1/2045		253,991		271,090
Pool# AZ7111 4.00%, 7/1/2045		44,125		47,686
Pool# AZ9866 4.00%, 8/1/2045		35,436		38,246
Pool# AL7207 4.50%, 8/1/2045		220,620		241,725
Pool# AL9634 3.50%, 10/1/2045		178,270		191,203
Pool# BA2164 3.00%, 11/1/2045		235,225		248,524
Pool# AS6311 3.50%, 12/1/2045		3,105,827		3,307,615
Pool# AS6282 3.50%, 12/1/2045		2,020,204		2,155,693
Pool# BC0326 3.50%, 12/1/2045		1,741,586		1,854,533
Pool# BC0092 3.50%, 12/1/2045		146,449		155,964
Pool# BC0475 3.50%, 12/1/2045		89,287		95,101
Pool# AS6362 4.50%, 12/1/2045		44,791		48,858
Pool# AS6474 3.50%, 1/1/2046		387,601		416,812
Pool# AS6539 3.50%, 1/1/2046		352,597		379,171
Pool# AL9849 3.50%, 1/1/2046		261,856		280,870
Pool# AS6527 4.00%, 1/1/2046		414,721		447,695
Pool# BC0178 4.50%, 1/1/2046		11,899		12,974
Pool# BC1158 3.50%, 2/1/2046		2,415,657		2,575,987
Pool# BC2667 4.00%, 2/1/2046		62,264		67,188
Pool# BC0605 4.00%, 2/1/2046		43,406		46,544
Pool# AL9781 4.50%, 2/1/2046		462,222		505,776
Pool# BC0300 3.50%, 3/1/2046		1,906,009		2,023,835
Pool# BM4621 3.50%, 3/1/2046		690,327		740,194
Pool# AS6833 3.50%, 3/1/2046		44,867		47,817
Pool# AS6795 4.00%, 3/1/2046		330,552		353,952
Pool# BA6972 4.00%, 3/1/2046		70,366		76,012
Pool# BC0311 4.50%, 3/1/2046		8,063		8,785
Pool# BC0823 3.50%, 4/1/2046		340,905		362,612
Pool# BA7692 3.50%, 4/1/2046		20,710		22,175
Pool# AS7026 4.00%, 4/1/2046		247,760		266,907
Pool# AS7171 3.50%, 5/1/2046		132,975		141,303
Pool# AS7251 4.00%, 5/1/2046		35,564		38,309
Pool# AS7387 3.50%, 6/1/2046		366,901		389,756

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# AL8833 4.00%, 6/1/2046	$	1,106,164	$	1,212,196
Pool# AS7593 3.50%, 7/1/2046		1,297,619		1,381,125
Pool# AS7594 3.50%, 7/1/2046		1,192,118		1,268,843
Pool# AS7545 3.50%, 7/1/2046		506,736		538,306
Pool# AL8824 3.50%, 7/1/2046		248,083		266,781
Pool# AS7490 3.50%, 7/1/2046		175,717		187,553
Pool# BC1452 4.00%, 7/1/2046		2,255,266		2,431,648
Pool# BD5180 4.50%, 7/1/2046		12,939		14,110
Pool# MA2705 3.00%, 8/1/2046		1,314,495		1,391,529
Pool# BC1489 3.00%, 8/1/2046		187,436		197,984
Pool# BD4890 3.50%, 8/1/2046		1,814,248		1,927,498
Pool# BC9501 3.50%, 8/1/2046		46,673		49,867
Pool# AS7760 4.00%, 8/1/2046		254,338		274,738
Pool# AS7648 4.00%, 8/1/2046		247,065		265,773
Pool# AS7795 4.00%, 8/1/2046		151,663		162,647
Pool# BD3911 4.00%, 8/1/2046		36,417		39,189
Pool# BD3923 4.00%, 8/1/2046		18,188		19,556
Pool# AS7770 4.50%, 8/1/2046		87,268		95,088
Pool# BD5232 4.50%, 8/1/2046		16,064		17,408
Pool# AL8947 3.50%, 9/1/2046		316,663		339,067
Pool# BD4944 3.50%, 9/1/2046		82,575		87,566
Pool# AL9263 3.00%, 10/1/2046		298,316		314,720
Pool# BM3932 3.50%, 10/1/2046		119,131		126,709
Pool# AL9234 3.50%, 10/1/2046		113,112		121,638
Pool# AS8125 3.50%, 10/1/2046		93,693		99,744
Pool# FM1871 4.00%, 10/1/2046		236,109		255,010
Pool# BC4766 4.50%, 10/1/2046		72,496		78,949
Pool# AS8154 4.50%, 10/1/2046		48,920		53,346
Pool# FM1368 3.00%, 11/1/2046		2,941,069		3,102,647
Pool# MA2806 3.00%, 11/1/2046		823,944		869,031
Pool# BC9003 3.00%, 11/1/2046		304,334		321,036
Pool# AS8369 3.50%, 11/1/2046		986,235		1,049,805
Pool# BE5067 3.50%, 11/1/2046		842,362		897,116
Pool# BE0065 3.50%, 11/1/2046		25,613		27,273

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# BE5038 4.00%, 11/1/2046	$	18,770	$	20,707
Pool# MA2833 3.00%, 12/1/2046		6,551,339		6,908,594
Pool# AS8483 3.00%, 12/1/2046		1,568,002		1,652,799
Pool# BC9067 3.00%, 12/1/2046		514,085		542,353
Pool# AS8488 3.00%, 12/1/2046		394,885		417,046
Pool# AS8509 3.00%, 12/1/2046		118,899		125,902
Pool# BM1121 3.50%, 12/1/2046		943,567		1,011,131
Pool# AS8572 3.50%, 12/1/2046		880,831		934,038
Pool# AS8417 3.50%, 12/1/2046		822,805		872,446
Pool# AS8492 3.50%, 12/1/2046		797,261		857,355
Pool# BE4224 3.50%, 12/1/2046		36,298		38,525
Pool# AS8650 3.00%, 1/1/2047		2,518,685		2,654,871
Pool# AL9697 3.00%, 1/1/2047		1,044,009		1,102,578
Pool# AS8647 3.00%, 1/1/2047		766,543		808,496
Pool# BE5775 3.00%, 1/1/2047		729,997		769,575
Pool# AS8692 3.50%, 1/1/2047		599,682		636,372
Pool# AL9774 3.50%, 1/1/2047		489,728		528,413
Pool# BD2440 3.50%, 1/1/2047		486,434		515,624
Pool# BM3204 3.50%, 1/1/2047		427,951		460,174
Pool# BD2450 3.50%, 1/1/2047		399,162		423,640
Pool# BE6548 3.50%, 1/1/2047		143,354		152,004
Pool# BE7115 4.50%, 1/1/2047		20,220		21,906
Pool# BE6503 4.50%, 1/1/2047		18,881		20,483
Pool# BE5856 4.50%, 1/1/2047		16,180		17,523
Pool# BM3908 5.50%, 1/1/2047		69,972		79,223
Pool# MA2895 3.00%, 2/1/2047		7,715,745		8,095,924
Pool# BM3688 3.50%, 2/1/2047		1,159,549		1,233,620
Pool# BD5046 3.50%, 2/1/2047		244,077		258,970
Pool# BM5274 4.00%, 2/1/2047		219,636		236,230
Pool# BE8495 4.50%, 2/1/2047		19,226		20,950
Pool# BE7869 4.50%, 2/1/2047		7,266		7,870
Pool# AL9859 3.00%, 3/1/2047		2,544,257		2,682,553
Pool# AL9848 3.00%, 3/1/2047		804,015		847,645
Pool# AS8966 4.00%, 3/1/2047		165,798		177,484

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# BM5383 4.00%, 3/1/2047	$	109,590	$	118,608
Pool# AS8979 4.50%, 3/1/2047		116,265		126,777
Pool# BE9247 4.50%, 3/1/2047		16,271		17,608
Pool# BM3707 2.50%, 4/1/2047		321,072		334,216
Pool# AS9451 3.50%, 4/1/2047		433,584		457,711
Pool# AS9463 3.50%, 4/1/2047		323,733		346,812
Pool# BD7122 4.00%, 4/1/2047		1,958,768		2,099,989
Pool# AS9467 4.00%, 4/1/2047		631,916		683,564
Pool# AS9470 4.50%, 4/1/2047		408,595		445,537
Pool# BH0304 4.50%, 4/1/2047		32,047		34,650
Pool# AS9562 3.00%, 5/1/2047		144,663		152,446
Pool# BM3237 3.50%, 5/1/2047		687,578		736,807
Pool# AS9577 3.50%, 5/1/2047		294,329		315,073
Pool# BM1268 4.00%, 5/1/2047		575,159		622,215
Pool# BE3670 3.50%, 6/1/2047		591,038		626,372
Pool# AS9794 3.50%, 6/1/2047		277,235		297,515
Pool# AS9747 4.00%, 6/1/2047		1,652,113		1,795,995
Pool# BM3549 4.00%, 6/1/2047		684,367		738,483
Pool# BE3702 4.00%, 6/1/2047		363,069		387,237
Pool# BM1295 4.50%, 6/1/2047		258,648		281,718
Pool# BE9624 4.50%, 6/1/2047		45,142		49,058
Pool# BM3801 3.00%, 7/1/2047		1,360,554		1,434,474
Pool# AS9938 3.50%, 7/1/2047		242,017		260,243
Pool# BM1551 3.50%, 7/1/2047		238,023		255,052
Pool# AS9909 3.50%, 7/1/2047		130,515		139,832
Pool# BM1492 4.00%, 7/1/2047		1,307,522		1,414,517
Pool# AS9973 4.00%, 7/1/2047		152,110		162,044
Pool# 890673 3.00%, 8/1/2047		669,002		706,012
Pool# MA3087 3.50%, 8/1/2047		944,388		1,000,408
Pool# CA0240 3.50%, 8/1/2047		385,752		409,388
Pool# BH7375 3.50%, 8/1/2047		277,171		293,534
Pool# BM1658 3.50%, 8/1/2047		226,382		241,522
Pool# BH2597 4.00%, 8/1/2047		897,835		960,982
Pool# CA0123 4.00%, 8/1/2047		842,422		915,790

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# BH5359 4.00%, 8/1/2047	$	374,744	$	403,150
Pool# CA0133 4.00%, 8/1/2047		211,005		225,984
Pool# BM5787 4.00%, 8/1/2047		38,959		42,003
Pool# CA0407 3.50%, 9/1/2047		897,857		951,991
Pool# BH4004 4.00%, 9/1/2047		824,138		884,770
Pool# CA0392 4.00%, 9/1/2047		447,654		478,995
Pool# BM3556 4.00%, 9/1/2047		207,870		229,167
Pool# CA0265 4.00%, 9/1/2047		139,160		148,990
Pool# CA0487 3.50%, 10/1/2047		2,128,744		2,256,942
Pool# BM1959 3.50%, 10/1/2047		607,000		652,711
Pool# CA0493 4.00%, 10/1/2047		1,017,446		1,089,870
Pool# CA0549 4.00%, 10/1/2047		785,228		838,483
Pool# BM3015 4.00%, 10/1/2047		262,583		287,708
Pool# CA0496 4.50%, 10/1/2047		317,498		347,761
Pool# CA0623 4.50%, 10/1/2047		125,246		135,335
Pool# CA0693 3.50%, 11/1/2047		1,366,999		1,449,532
Pool# CA0680 3.50%, 11/1/2047		315,247		338,988
Pool# BM3358 3.50%, 11/1/2047		275,893		296,638
Pool# CA0696 4.00%, 11/1/2047		1,834,666		1,955,707
Pool# CA0808 4.00%, 11/1/2047		302,890		324,974
Pool# BM3191 4.00%, 11/1/2047		278,638		298,548
Pool# BM3379 3.00%, 12/1/2047		926,509		979,585
Pool# BJ2492 3.50%, 12/1/2047		730,427		773,775
Pool# MA3211 4.00%, 12/1/2047		2,053,627		2,201,130
Pool# BJ1699 4.00%, 12/1/2047		370,305		405,963
Pool# MA3238 3.50%, 1/1/2048		1,007,167		1,063,294
Pool# CA0991 3.50%, 1/1/2048		588,510		632,831
Pool# CA1015 4.00%, 1/1/2048		757,481		813,571
Pool# CA1025 4.50%, 1/1/2048		1,267,753		1,371,088
Pool# CA1189 3.50%, 2/1/2048		4,237,792		4,496,539
Pool# BH9280 3.50%, 2/1/2048		1,355,705		1,452,647
Pool# CA1242 3.50%, 2/1/2048		262,872		283,609
Pool# MA3277 4.00%, 2/1/2048		48,269		51,757
Pool# BJ8271 4.50%, 2/1/2048		859,836		936,710

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# BJ8270 4.50%, 2/1/2048	$	488,566	$	532,535
Pool# BK1586 4.50%, 2/1/2048		389,827		424,910
Pool# BJ8269 4.50%, 2/1/2048		376,504		412,223
Pool# CA4341 3.00%, 3/1/2048		322,341		339,549
Pool# MA3305 3.50%, 3/1/2048		148,947		157,232
Pool# BK1972 4.50%, 3/1/2048		121,352		133,383
Pool# BJ0640 5.00%, 3/1/2048		46,304		50,058
Pool# CA1510 3.50%, 4/1/2048		398,159		422,082
Pool# CA1531 3.50%, 4/1/2048		198,140		213,771
Pool# CA1551 4.00%, 4/1/2048		2,984,667		3,203,403
Pool# CA1560 4.50%, 4/1/2048		365,875		397,018
Pool# BJ2681 5.00%, 4/1/2048		158,208		170,813
Pool# MA3348 5.00%, 4/1/2048		28,391		30,688
Pool# BM4024 3.50%, 5/1/2048		133,848		144,406
Pool# MA3358 4.50%, 5/1/2048		739,279		800,810
Pool# MA3374 5.00%, 5/1/2048		57,844		62,448
Pool# MA3384 4.00%, 6/1/2048		345,459		368,126
Pool# CA1898 4.50%, 6/1/2048		365,958		400,678
Pool# CA1951 4.00%, 7/1/2048		735,743		785,749
Pool# BK6577 4.50%, 7/1/2048		67,300		72,402
Pool# CA1988 4.50%, 7/1/2048		18,054		19,494
Pool# BK4766 4.50%, 8/1/2048		636,524		693,812
Pool# CA2376 4.00%, 9/1/2048		922,144		982,171
Pool# MA3472 5.00%, 9/1/2048		61,666		66,490
Pool# MA3495 4.00%, 10/1/2048		1,066,078		1,138,254
Pool# BM4664 4.50%, 10/1/2048		228,394		248,950
Pool# FM1001 3.50%, 11/1/2048		171,350		181,474
Pool# MA3521 4.00%, 11/1/2048		1,108,316		1,180,604
Pool# MA3536 4.00%, 12/1/2048		830,124		883,892
Pool# BN0340 4.50%, 12/1/2048		1,149,796		1,235,598
Pool# CA2779 4.50%, 12/1/2048		881,015		960,309
Pool# BM5212 4.50%, 12/1/2048		417,904		449,405
Pool# BN3944 4.00%, 1/1/2049		344,676		369,602
Pool# BN6135 4.00%, 2/1/2049		441,046		470,254

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# FM2337 4.50%, 2/1/2049	$	1,500,426	$	1,611,438
Pool# CA3387 4.00%, 4/1/2049		837,329		909,845
Pool# CA3394 5.00%, 4/1/2049		112,570		123,008
Pool# CA3489 4.00%, 5/1/2049		621,530		675,356
Pool# MA3665 4.50%, 5/1/2049		1,028,079		1,104,932
Pool# FM1051 4.50%, 5/1/2049		678,595		729,734
Pool# CA3669 4.00%, 6/1/2049		900,033		973,587
Pool# CA3639 4.00%, 6/1/2049		392,297		421,963
Pool# CA3825 4.00%, 7/1/2049		634,715		692,009
Pool# CA3844 4.50%, 7/1/2049		558,063		600,930
Pool# MA3745
Pool# CA4030 4.00%, 8/1/2049		2,088,884		2,228,579
Pool# CA4035 4.50%, 8/1/2049		579,968		624,562
Pool# BJ9610 4.00%, 9/1/2049		449,382		479,527
Pool# BO2258 3.00%, 10/1/2049		2,030,136		2,128,220
Pool# BO4708 3.00%, 11/1/2049		2,755,109		2,887,594
Pool# BO4707 3.00%, 11/1/2049		1,572,390		1,648,046
Pool# BO5169 3.00%, 11/1/2049		378,685		397,914
Pool# MA3835 3.50%, 11/1/2049		637,295		672,628
Pool# MA3836 4.00%, 11/1/2049		865,934		922,245
Pool# BO6220 3.00%, 12/1/2049		2,537,512		2,659,718
Pool# BO6225 3.00%, 12/1/2049		2,173,894		2,278,547
Pool# MA3872 3.50%, 12/1/2049		1,171,036		1,236,739
Pool# MA3873 4.00%, 12/1/2049		612,379		652,716
Pool# MA3902 2.50%, 1/1/2050		760,161		787,436
Pool# FM2432 3.00%, 2/1/2050		2,188,519		2,294,827
Pool# MA3939 3.50%, 2/1/2050		2,442,777		2,578,983
FNMA/FHLMC UMBS, 15 Year, Single Family TBA
3.50%, 4/25/2034		1,893,000		1,990,830
4.00%, 4/25/2034		726,000		763,435
4.50%, 4/25/2034		215,000		224,474
5.00%, 4/25/2034		35,000		36,783
2.50%, 4/25/2035		5,424,000		5,625,176
3.00%, 4/25/2035		3,402,663		3,559,900
FNMA/FHLMC UMBS, 30 Year, Single Family TBA
4.00%, 4/25/2049		498,648		531,767
4.50%, 4/25/2049		387,000		416,433
2.50%, 4/25/2050		8,906,000		9,226,064
3.00%, 4/25/2050		14,915,000		15,635,697
3.50%, 4/25/2050		6,307,050		6,665,426

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA I Pool
Pool# 376510 7.00%, 5/15/2024	$	522	$	557
Pool# 457801 7.00%, 8/15/2028		2,221		2,446
Pool# 486936 6.50%, 2/15/2029		1,135		1,312
Pool# 502969 6.00%, 3/15/2029		3,234		3,574
Pool# 487053 7.00%, 3/15/2029		1,254		1,383
Pool# 781014 6.00%, 4/15/2029		2,514		2,844
Pool# 509099 7.00%, 6/15/2029		3,087		3,180
Pool# 470643 7.00%, 7/15/2029		8,121		8,363
Pool# 434505 7.50%, 8/15/2029		53		54
Pool# 416538 7.00%, 10/15/2029		101		101
Pool# 524269 8.00%, 11/15/2029		4,764		4,784
Pool# 781124 7.00%, 12/15/2029		7,833		9,343
Pool# 507396 7.50%, 9/15/2030		39,850		41,750
Pool# 531352 7.50%, 9/15/2030		2,501		2,590
Pool# 536334 7.50%, 10/15/2030		175		181
Pool# 540659 7.00%, 1/15/2031		808		820
Pool# 486019 7.50%, 1/15/2031		901		941
Pool# 535388 7.50%, 1/15/2031		554		566
Pool# 537406 7.50%, 2/15/2031		325		326
Pool# 528589 6.50%, 3/15/2031		19,654		21,568
Pool# 508473 7.50%, 4/15/2031		3,858		4,176
Pool# 544470 8.00%, 4/15/2031		2,358		2,367
Pool# 781287 7.00%, 5/15/2031		3,853		4,599
Pool# 781319 7.00%, 7/15/2031		1,112		1,359
Pool# 485879 7.00%, 8/15/2031		7,243		8,270
Pool# 572554 6.50%, 9/15/2031		43,426		49,124
Pool# 781328 7.00%, 9/15/2031		3,707		4,487
Pool# 550991 6.50%, 10/15/2031		726		819
Pool# 571267 7.00%, 10/15/2031		1,047		1,214
Pool# 574837 7.50%, 11/15/2031		1,894		1,935
Pool# 555171 6.50%, 12/15/2031		1,270		1,394
Pool# 781380 7.50%, 12/15/2031		1,156		1,416
Pool# 781481 7.50%, 1/15/2032		5,299		6,512
Pool# 580972 6.50%, 2/15/2032		184		208

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA I Pool (continued)
Pool# 781401 7.50%, 2/15/2032	$	3,450	$	4,227
Pool# 781916 6.50%, 3/15/2032		51,949		60,592
Pool# 552474 7.00%, 3/15/2032		4,747		5,567
Pool# 781478 7.50%, 3/15/2032		2,111		2,600
Pool# 781429 8.00%, 3/15/2032		3,733		4,649
Pool# 781431 7.00%, 4/15/2032		13,706		16,745
Pool# 552616 7.00%, 6/15/2032		38,988		45,398
Pool# 570022 7.00%, 7/15/2032		14,551		17,361
Pool# 595077 6.00%, 10/15/2032		7,468		8,483
Pool# 552903 6.50%, 11/15/2032		97,230		110,778
Pool# 552952 6.00%, 12/15/2032		5,352		5,958
Pool# 602102 6.00%, 2/15/2033		15,053		16,624
Pool# 588192 6.00%, 2/15/2033		4,168		4,638
Pool# 553144 5.50%, 4/15/2033		21,707		24,648
Pool# 604243 6.00%, 4/15/2033		9,981		11,341
Pool# 611526 6.00%, 5/15/2033		8,455		9,332
Pool# 553320 6.00%, 6/15/2033		23,267		26,386
Pool# 573916 6.00%, 11/15/2033		34,090		37,636
Pool# 604788 6.50%, 11/15/2033		76,697		89,235
Pool# 781688 6.00%, 12/15/2033		35,508		40,358
Pool# 604875 6.00%, 12/15/2033		28,492		32,368
Pool# 781690 6.00%, 12/15/2033		13,925		15,815
Pool# 781699 7.00%, 12/15/2033		5,335		6,300
Pool# 621856 6.00%, 1/15/2034		9,302		10,268
Pool# 564799 6.00%, 3/15/2034		33,316		37,092
Pool# 630038 6.50%, 8/15/2034		64,880		74,659
Pool# 781804 6.00%, 9/15/2034		39,600		45,005
Pool# 781847 6.00%, 12/15/2034		29,755		33,816
Pool# 486921 5.50%, 2/15/2035		12,318		13,990
Pool# 781902 6.00%, 2/15/2035		35,548		40,385
Pool# 781933 6.00%, 6/15/2035		4,423		5,026
Pool# 649513 5.50%, 10/15/2035		295,488		329,821
Pool# 649510 5.50%, 10/15/2035		145,507		164,724
Pool# 652207 5.50%, 3/15/2036		43,911		47,725

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA I Pool (continued)
Pool# 655519 5.00%, 5/15/2036	$	20,468	$	22,119
Pool# 652539 5.00%, 5/15/2036		12,329		13,485
Pool# 606308 5.50%, 5/15/2036		22,278		25,249
Pool# 606314 5.50%, 5/15/2036		7,238		7,867
Pool# 657912 6.50%, 8/15/2036		4,754		5,217
Pool# 697957 4.50%, 3/15/2039		1,116,720		1,236,610
Pool# 704630 5.50%, 7/15/2039		51,072		57,497
Pool# 710724 4.50%, 8/15/2039		392,744		434,898
Pool# 722292 5.00%, 9/15/2039		690,405		768,391
Pool# 782803 6.00%, 11/15/2039		315,590		357,271
Pool# 736666 4.50%, 4/15/2040		922,144		1,021,003
Pool# 733312 4.00%, 9/15/2040		68,292		74,956
Pool# 742235 4.00%, 12/15/2040		202,880		219,802
Pool# 759075 4.00%, 1/15/2041		160,225		176,747
Pool# 742244 4.00%, 1/15/2041		156,245		171,514
Pool# 755958 4.00%, 1/15/2041		154,928		169,982
Pool# 755959 4.00%, 1/15/2041		152,541		168,107
Pool# 753826 4.00%, 1/15/2041		70,398		77,275
Pool# 690662 4.00%, 1/15/2041		54,585		58,857
Pool# 719486 4.00%, 1/15/2041		23,940		25,872
Pool# 759207 4.00%, 2/15/2041		280,700		309,456
Pool# 757557 4.00%, 2/15/2041		36,776		39,927
Pool# 757555 4.00%, 2/15/2041		31,633		34,468
Pool# 738107 4.00%, 3/15/2041		414,267		449,514
Pool# 784637 4.00%, 8/15/2041		132,808		143,722
Pool# 778869 4.00%, 2/15/2042		240,674		261,633
Pool# 783745 3.50%, 3/15/2043		1,125,594		1,213,934
Pool# AD8789 3.50%, 3/15/2043		680,172		741,315
Pool# AD2254 3.50%, 3/15/2043		118,632		127,746
Pool# AA6403 3.00%, 5/15/2043		962,469		1,027,527
Pool# AD2411 3.50%, 5/15/2043		574,763		618,865
Pool# 783781 3.50%, 6/15/2043		430,670		464,425
Pool# 784015 3.00%, 7/15/2043		187,094		198,644
Pool# 784459 3.00%, 12/15/2046		511,412		541,150

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA I Pool (continued)
Pool# 784293 3.00%, 12/15/2046	$	70,708	$	74,896
Pool# 784355 4.00%, 12/15/2046		256,138		277,899
Pool# 784500 3.00%, 2/15/2047		722,898		764,692
Pool# 784713 3.00%, 2/15/2047		167,081		176,752
Pool# 784458 3.50%, 12/15/2047		1,473,506		1,646,885
Pool# 784747 4.00%, 5/15/2048		384,650		409,069
Pool# 784715 4.00%, 5/15/2048		287,108		304,988
GNMA II Pool
Pool# 3851 5.50%, 5/20/2036		429,606		481,294
Pool# 4245 6.00%, 9/20/2038		169,230		192,981
Pool# 4559 5.00%, 10/20/2039		428,781		474,593
Pool# 4715 5.00%, 6/20/2040		109,004		120,631
Pool# 4747 5.00%, 7/20/2040		1,288,794		1,425,884
Pool# 4771 4.50%, 8/20/2040		1,126,016		1,240,248
Pool# 4802 5.00%, 9/20/2040		817,210		904,190
Pool# 4834 4.50%, 10/20/2040		278,140		306,392
Pool# 737727 4.00%, 12/20/2040		1,447,056		1,588,198
Pool# 737730 4.00%, 12/20/2040		453,652		498,156
Pool# 4923 4.50%, 1/20/2041		424,049		467,137
Pool# 4978 4.50%, 3/20/2041		63,300		69,728
Pool# 5017 4.50%, 4/20/2041		678,587		747,466
Pool# 5056 5.00%, 5/20/2041		208,879		230,775
Pool# 5082 4.50%, 6/20/2041		253,925		279,715
Pool# 5175 4.50%, 9/20/2041		280,745		309,256
Pool# 675523 3.50%, 3/20/2042		287,074		308,774
Pool# 5332 4.00%, 3/20/2042		289,839		315,970
Pool# MA0392 3.50%, 9/20/2042		2,646,146		2,830,161
Pool# MA0462 3.50%, 10/20/2042		2,080,865		2,225,573
Pool# MA0534 3.50%, 11/20/2042		4,712,396		5,040,105
Pool# MA0625 3.50%, 12/20/2042		960,089		1,026,856
Pool# MA0698 3.00%, 1/20/2043		1,067,007		1,145,066
Pool# MA0852 3.50%, 3/20/2043		1,060,548		1,134,305
Pool# MA0934 3.50%, 4/20/2043		979,030		1,047,118
Pool# AF1001 3.50%, 6/20/2043		709,222		766,142
Pool# MA1376 4.00%, 10/20/2043		492,350		536,645

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA II Pool (continued)
Pool# AJ9335 3.50%, 10/20/2044	$	104,045	$	111,899
Pool# MA2754 3.50%, 4/20/2045		907,166		964,427
Pool# MA2824 2.50%, 5/20/2045		768,202		808,363
Pool# MA2825 3.00%, 5/20/2045		1,979,184		2,124,310
Pool# AM4381 3.50%, 5/20/2045		905,642		968,017
Pool# MA2891 3.00%, 6/20/2045		3,358,494		3,604,615
Pool# MA2960 3.00%, 7/20/2045		1,096,456		1,176,862
Pool# AO1103 3.50%, 9/20/2045		1,467,031		1,577,616
Pool# AO1099 3.50%, 9/20/2045		621,246		668,102
Pool# MA3106 4.00%, 9/20/2045		256,273		279,293
Pool# MA3172 3.00%, 10/20/2045		521,227		559,483
Pool# MA3173 3.50%, 10/20/2045		368,093		393,181
Pool# MA3174 4.00%, 10/20/2045		30,820		33,627
Pool# MA3243 3.00%, 11/20/2045		967,799		1,038,897
Pool# MA3244 3.50%, 11/20/2045		945,317		1,005,094
Pool# MA3309 3.00%, 12/20/2045		1,693,629		1,817,940
Pool# MA3310 3.50%, 12/20/2045		694,216		738,181
Pool# MA3377 4.00%, 1/20/2046		136,261		148,495
Pool# 784119 3.00%, 2/20/2046		1,817,624		1,951,784
Pool# MA3521 3.50%, 3/20/2046		2,583,145		2,746,578
Pool# MA3522 4.00%, 3/20/2046		941,007		1,025,452
Pool# MA3596 3.00%, 4/20/2046		779,918		833,614
Pool# MA3597 3.50%, 4/20/2046		735,756		783,813
Pool# MA3662 3.00%, 5/20/2046		1,540,306		1,652,854
Pool# MA3735 3.00%, 6/20/2046		1,757,360		1,883,706
Pool# MA3736 3.50%, 6/20/2046		4,379,035		4,655,599
Pool# MA3804 4.00%, 7/20/2046		149,757		162,131
Pool# MA3873 3.00%, 8/20/2046		3,758,953		4,024,058
Pool# MA3876 4.50%, 8/20/2046		139,549		152,299
Pool# MA3936 3.00%, 9/20/2046		2,968,004		3,177,857
Pool# MA3939 4.50%, 9/20/2046		21,543		23,476
Pool# MA4006 4.50%, 10/20/2046		420,423		459,678
Pool# MA4068 3.00%, 11/20/2046		553,775		591,803
Pool# MA4069 3.50%, 11/20/2046		55,179		58,798

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA II Pool (continued)
Pool# MA4070 4.00%, 11/20/2046	$	92,930	$	100,403
Pool# MA4071 4.50%, 11/20/2046		30,966		33,866
Pool# MA4126 3.00%, 12/20/2046		5,562,254		5,940,690
Pool# MA4127 3.50%, 12/20/2046		1,229,902		1,307,557
Pool# MA4194 2.50%, 1/20/2047		1,109,959		1,169,834
Pool# MA4196 3.50%, 1/20/2047		352,761		371,895
Pool# MA4261 3.00%, 2/20/2047		1,360,032		1,450,837
Pool# MA4262 3.50%, 2/20/2047		5,654,035		6,006,994
Pool# MA4264 4.50%, 2/20/2047		38,410		41,660
Pool# MA4321 3.50%, 3/20/2047		2,982,266		3,169,143
Pool# MA4382 3.50%, 4/20/2047		520,248		548,408
Pool# AZ1974 3.50%, 4/20/2047		471,917		507,487
Pool# MA4383 4.00%, 4/20/2047		2,575,601		2,774,476
Pool# MA4384 4.50%, 4/20/2047		56,968		61,626
Pool# MA4509 3.00%, 6/20/2047		549,569		585,182
Pool# MA4511 4.00%, 6/20/2047		1,201,233		1,292,390
Pool# MA4512 4.50%, 6/20/2047		130,432		140,987
Pool# MA4585 3.00%, 7/20/2047		106,436		113,698
Pool# MA4587 4.00%, 7/20/2047		3,761,920		4,071,291
Pool# MA4652 3.50%, 8/20/2047		1,225,718		1,302,404
Pool# BC1888 3.50%, 8/20/2047		843,716		907,401
Pool# 784471 3.50%, 8/20/2047		671,426		717,683
Pool# MA4653 4.00%, 8/20/2047		183,658		198,040
Pool# 784408 3.50%, 10/20/2047		303,431		324,407
Pool# MA4780 4.50%, 10/20/2047		47,295		50,772
Pool# MA4836 3.00%, 11/20/2047		1,143,587		1,219,088
Pool# MA4837 3.50%, 11/20/2047		1,101,453		1,170,284
Pool# MA4838 4.00%, 11/20/2047		4,964,387		5,328,459
Pool# MA4900 3.50%, 12/20/2047		804,514		849,939
Pool# 784421 3.50%, 12/20/2047		428,149		457,759
Pool# MA4961 3.00%, 1/20/2048		454,586		484,415
Pool# MA4962 3.50%, 1/20/2048		1,573,393		1,669,549
Pool# MA5018 3.00%, 2/20/2048		429,000		456,950
Pool# MA5019 3.50%, 2/20/2048		85,254		90,457

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA II Pool (continued)
Pool# MA5078 4.00%, 3/20/2048	$	3,363,386	$	3,616,064
Pool# 784480 3.50%, 4/20/2048		572,037		611,670
Pool# 784479 3.50%, 4/20/2048		355,800		380,337
Pool# 784481 3.50%, 4/20/2048		193,695		206,563
Pool# MA5137 4.00%, 4/20/2048		1,124,589		1,209,093
Pool# BD4034 4.00%, 4/20/2048		348,056		375,563
Pool# MA5138 4.50%, 4/20/2048		530,222		567,741
Pool# MA5192 4.00%, 5/20/2048		922,170		982,468
Pool# MA5265 4.50%, 6/20/2048		1,038,372		1,111,221
Pool# MA5331 4.50%, 7/20/2048		464,517		498,256
Pool# MA5398 4.00%, 8/20/2048		2,300,340		2,466,601
Pool# MA5399 4.50%, 8/20/2048		1,196,737		1,269,650
Pool# MA5466 4.00%, 9/20/2048		508,681		541,584
Pool# BJ2692 4.00%, 11/20/2048		259,143		275,416
Pool# MA5597 5.00%, 11/20/2048		47,565		51,028
Pool# MA5652 4.50%, 12/20/2048		611,622		651,994
Pool# 784656 4.50%, 12/20/2048		525,777		558,682
Pool# BK2856 4.50%, 12/20/2048		81,401		86,951
Pool# MA5653 5.00%, 12/20/2048		140,032		149,987
Pool# MA5712 5.00%, 1/20/2049		551,268		588,385
Pool# MA5818 4.50%, 3/20/2049		444,933		473,085
Pool# MA5878 5.00%, 4/20/2049		55,525		59,332
Pool# MA5986 4.00%, 6/20/2049		1,581,380		1,677,125
Pool# MA5987 4.50%, 6/20/2049		2,738,466		2,905,391
Pool# MA6041 4.50%, 7/20/2049		844,409		896,180
Pool# MA6092 4.50%, 8/20/2049		355,398		377,185
Pool# MA6219 3.50%, 10/20/2049		2,523,892		2,661,625
Pool# MA6284 3.50%, 11/20/2049		1,209,910		1,276,431
Pool# MA6285 4.00%, 11/20/2049		839,520		892,540
Pool# MA6339 3.50%, 12/20/2049		917,202		967,787
Pool# MA6409 3.00%, 1/20/2050		1,492,763		1,580,566
Pool# MA6410 3.50%, 1/20/2050		1,715,014		1,813,685
Pool# MA6474 3.00%, 2/20/2050		1,496,758		1,584,795
GNMA TBA
4.00%, 4/15/2049		464,000		493,005
4.50%, 4/15/2049		575,000		625,020

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
GNMA TBA (continued)
2.50%, 4/15/2050	$	2,048,000	$	2,140,320
3.00%, 4/15/2050		12,554,000		13,270,461
Total Mortgage-Backed Securities (cost $607,811,901)				633,412,678
Municipal Bonds 0.7%
	Principal   Amount		Value
California 0.3%
Alameda County Joint Powers Authority, RB, Series A, 7.05%, 12/1/2044		100,000		148,271
Bay Area Toll Authority, RB
Series F-1, 2.57%, 4/1/2031		60,000		60,996
Series F-2, 6.26%, 4/1/2049		250,000		381,445
California State University, RB, Series B, 2.98%, 11/1/2051		90,000		89,628
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 6.00%, 11/1/2040		100,000		122,996
Los Angeles Community College District, GO, Series E, 6.75%, 8/1/2049		300,000		487,869
Los Angeles County Public Works Financing Authority, RB, Series B, 7.62%, 8/1/2040		75,000		119,297
Los Angeles Department of Water & Power, RB, Series D, 6.57%, 7/1/2045		200,000		307,318
Los Angeles Unified School District, GO, Series RY, 6.76%, 7/1/2034		420,000		579,840
San Diego County Water Authority, RB, Series B, 6.14%, 5/1/2049		100,000		137,961
Santa Clara Valley Transportation Authority, RB, Series A, 5.88%, 4/1/2032		200,000		248,626
State of California, GO
7.55%, 4/1/2039		1,410,000		2,288,007
7.63%, 3/1/2040		425,000		685,653
University of California, RB
Series F, 5.95%, 5/15/2045		300,000		403,461
Series H, 6.55%, 5/15/2048		150,000		200,629
Series F, 6.58%, 5/15/2049		200,000		267,080
Series N, 3.26%, 5/15/2060		230,000		215,335
Series AQ, 4.77%, 5/15/2115		150,000		188,267
				6,932,679
Connecticut 0.0%†
State of Connecticut, GO, Series A, 5.85%, 3/15/2032		500,000		613,785
Georgia 0.0%†
Municipal Electric Authority of Georgia, Refunding, RB, Series A, 6.66%, 4/1/2057		495,000		660,929
Illinois 0.1%
Chicago Transit Authority, RB, Series A, 6.90%, 12/1/2040		300,000		402,621
State of Illinois, GO
4.95%, 6/1/2023		139,636		140,860
5.10%, 6/1/2033		945,000		938,035
				1,481,516

Municipal Bonds (continued)
	Principal   Amount		Value
Massachusetts 0.0%†
Commonwealth of Massachusetts, GO, Series E, 4.20%, 12/1/2021		450,000	$	456,620
New Jersey 0.1%
New Jersey Economic Development Authority, RB, NATL-RE Insured, Series A, 7.43%, 2/15/2029		125,000		149,124
New Jersey State Turnpike Authority, RB, Series F, 7.41%, 1/1/2040		440,000		644,160
New Jersey Transportation Trust Fund Authority, RB, 4.13%, 6/15/2042		30,000		29,047
Rutgers-State University of New Jersey, RB, Series H, 5.67%, 5/1/2040		250,000		330,392
				1,152,723
New York 0.1%
Metropolitan Transportation Authority, RB, Series C, 7.34%, 11/15/2039		460,000		658,164
New York City Municipal Water Finance Authority, RB, Series AA, 5.44%, 6/15/2043		300,000		423,003
New York City Transitional Finance Authority, RB, Series B, 5.57%, 11/1/2038		500,000		646,370
New York State Dormitory Authority, RB, 5.63%, 3/15/2039		250,000		295,745
Port Authority of New York & New Jersey, RB, 6.04%, 12/1/2029		620,000		820,644
				2,843,926
Ohio 0.0%†
American Municipal Power Inc., RB, Series E, 6.27%, 2/15/2050		165,000		220,257
JobsOhio Beverage System, RB, Series B, 4.53%, 1/1/2035		100,000		119,729
Ohio State University (The), RB, Series C, 4.91%, 6/1/2040		150,000		178,615
				518,601
South Carolina 0.0%†
South Carolina State Public Service Authority, RB, Series C, 6.45%, 1/1/2050		100,000		152,182
Texas 0.1%
Dallas Area Rapid Transit, RB, Series B, 6.00%, 12/1/2044		200,000		288,952
Grand Parkway Transportation Corp., RB, Series B, 3.24%, 10/1/2052		45,000		43,700
State of Texas, GO, Series A, 4.63%, 4/1/2033		350,000		428,785
Texas Transportation Commission, RB, Series B, 5.18%, 4/1/2030		150,000		180,565
University of Texas System, RB
Series A, 5.26%, 7/1/2039		260,000		340,236
Series C, 4.79%, 8/15/2046		200,000		232,216
				1,514,454
Washington 0.0%†
State of Washington Motor Vehicle Fuel Tax, GO, Series F, 5.14%, 8/1/2040		200,000		274,478
Total Municipal Bonds (cost $13,481,939)				16,601,893

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

Supranational 1.4%
	Principal   Amount		Value
African Development Bank
2.63%, 3/22/2021	$	500,000	$	509,221
3.00%, 9/20/2023(b)		500,000		540,302
Asian Development Bank
2.00%, 2/16/2022		1,000,000		1,027,633
1.88%, 2/18/2022		500,000		512,345
1.88%, 7/19/2022		500,000		514,567
2.75%, 3/17/2023		1,000,000		1,061,696
2.63%, 1/30/2024		1,000,000		1,078,015
1.50%, 10/18/2024(b)		500,000		518,584
1.88%, 1/24/2030		500,000		536,253
Corp. Andina de Fomento,
4.38%, 6/15/2022		350,000		373,856
European Bank for Reconstruction & Development,
2.75%, 4/26/2021		1,000,000		1,022,483
European Investment Bank
2.00%, 3/15/2021(b)		1,000,000		1,013,713
2.38%, 5/13/2021		2,000,000		2,040,901
1.38%, 9/15/2021(b)		2,000,000		2,022,969
2.25%, 3/15/2022		500,000		516,173
2.63%, 5/20/2022		1,000,000		1,042,572
2.50%, 3/15/2023(b)		500,000		528,055
2.38%, 5/24/2027(b)		2,000,000		2,203,276
Inter-American Development Bank
1.88%, 3/15/2021		500,000		506,495
1.75%, 4/14/2022		500,000		512,082
2.50%, 1/18/2023(b)		2,000,000		2,104,800
2.63%, 1/16/2024(b)		1,000,000		1,074,928
1.75%, 3/14/2025		500,000		525,120
2.00%, 7/23/2026		1,000,000		1,073,600
2.25%, 6/18/2029		250,000		275,232
International Bank for Reconstruction & Development
1.38%, 5/24/2021		1,000,000		1,009,860
2.75%, 7/23/2021		1,000,000		1,028,772
2.13%, 12/13/2021		2,000,000		2,050,400
2.00%, 1/26/2022		750,000		769,223
1.63%, 2/10/2022		500,000		510,157
2.13%, 7/1/2022		500,000		516,315
7.63%, 1/19/2023		973,000		1,162,889
3.00%, 9/27/2023(b)		750,000		809,580
2.50%, 11/22/2027(b)		1,000,000		1,114,808
International Finance Corp.,
1.13%, 7/20/2021		1,000,000		1,007,064
Nordic Investment Bank,
2.25%, 5/21/2024		500,000		531,582
Total Supranational (cost $32,315,374)				33,645,521
U.S. Government Agency Securities 0.8%
	Principal   Amount		Value
FFCB,
2.85%, 9/20/2021		945,000		979,018
FHLB
3.63%, 6/11/2021		3,500,000		3,637,707
3.00%, 12/9/2022		1,535,000		1,636,748
2.75%, 12/13/2024		1,000,000		1,098,288
5.50%, 7/15/2036		1,500,000		2,316,694
FHLMC
6.75%, 9/15/2029		557,000		831,563
6.25%, 7/15/2032(b)		1,245,000		1,927,171
FNMA
1.25%, 8/17/2021		1,000,000		1,011,469
2.63%, 1/11/2022(b)		1,055,000		1,095,813
2.38%, 1/19/2023		490,000		516,410
6.25%, 5/15/2029		2,500,000		3,579,300

U.S. Government Agency Securities (continued)
	Principal   Amount		Value
FNMA (continued)
Tennessee Valley Authority,
4.88%, 1/15/2048	$	500,000	$	790,453
Total U.S. Government Agency Securities (cost $17,102,871)				19,420,634
U.S. Treasury Obligations 40.7%
	Principal   Amount		Value
U.S. Treasury Bonds
7.63%, 11/15/2022 (b)		2,000,000		2,386,328
6.25%, 8/15/2023		6,000,000		7,203,984
6.88%, 8/15/2025 (b)		449,000		602,099
6.00%, 2/15/2026 (b)		4,042,000		5,344,913
6.50%, 11/15/2026		3,000,000		4,173,984
5.50%, 8/15/2028		4,000,000		5,599,375
5.38%, 2/15/2031 (b)		3,000,000		4,456,641
5.00%, 5/15/2037		305,000		500,867
4.38%, 2/15/2038 (b)		250,000		389,932
4.25%, 5/15/2039		1,500,000		2,333,086
4.50%, 8/15/2039		1,080,000		1,730,827
4.38%, 11/15/2039 (b)		300,000		475,242
3.88%, 8/15/2040		1,000,000		1,500,899
4.25%, 11/15/2040		1,400,000		2,201,719
4.75%, 2/15/2041		2,000,000		3,343,125
3.75%, 8/15/2041		8,000,000		11,890,000
3.13%, 11/15/2041 (b)		7,100,000		9,699,820
3.13%, 2/15/2042 (b)		1,000,000		1,367,656
3.00%, 5/15/2042		1,000,000		1,342,383
2.75%, 8/15/2042		7,200,000		9,296,438
2.75%, 11/15/2042		1,500,000		1,940,273
3.13%, 2/15/2043		4,050,000		5,547,234
2.88%, 5/15/2043 (b)		5,350,000		7,060,955
3.63%, 2/15/2044		5,000,000		7,405,859
3.38%, 5/15/2044		4,000,000		5,721,875
3.13%, 8/15/2044		5,700,000		7,867,336
3.00%, 11/15/2044		5,500,000		7,456,582
2.50%, 2/15/2045		15,800,000		19,755,555
3.00%, 5/15/2045		5,500,000		7,492,031
2.88%, 8/15/2045		3,300,000		4,421,742
3.00%, 11/15/2045		8,600,000		11,792,078
2.50%, 2/15/2046		7,000,000		8,824,375
2.50%, 5/15/2046		3,000,000		3,784,805
2.88%, 11/15/2046		6,000,000		8,117,578
3.00%, 2/15/2047		5,000,000		6,927,344
3.00%, 5/15/2047		3,500,000		4,851,602
2.75%, 8/15/2047 (b)		4,500,000		5,962,149
2.75%, 11/15/2047		4,200,000		5,571,070
3.00%, 2/15/2048		2,000,000		2,776,563
3.38%, 11/15/2048 (b)		5,500,000		8,160,410
2.25%, 8/15/2049 (b)		6,000,000		7,309,453
2.38%, 11/15/2049 (b)		4,800,000		5,980,125
2.00%, 2/15/2050 (b)		500,000		579,238
U.S. Treasury Notes
1.25%, 3/31/2021 (b)		5,000,000		5,056,055
3.13%, 5/15/2021 (b)		6,000,000		6,201,094
1.38%, 5/31/2021		3,000,000		3,044,766
2.25%, 7/31/2021 (b)		8,200,000		8,426,141
2.13%, 8/15/2021		1,500,000		1,540,430
1.13%, 9/30/2021		5,000,000		5,068,750
1.50%, 9/30/2021 (b)		5,000,000		5,097,461
2.13%, 9/30/2021 (b)		5,000,000		5,144,531
2.88%, 10/15/2021		25,000,000		26,026,367
1.25%, 10/31/2021		5,000,000		5,083,594
1.50%, 10/31/2021		12,000,000		12,244,219
2.88%, 11/15/2021		4,000,000		4,173,281
1.88%, 11/30/2021 (b)		4,000,000		4,111,562

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

U.S. Treasury Obligations (continued)
	Principal   Amount		Value
U.S. Treasury Notes (continued)
1.63%, 12/31/2021		5,000,000	$	5,123,047
2.00%, 12/31/2021 (b)		6,000,000		6,186,563
2.50%, 1/15/2022		8,000,000		8,326,250
1.50%, 1/31/2022 (b)		3,000,000		3,069,609
1.75%, 2/28/2022 (b)		3,000,000		3,087,656
1.88%, 2/28/2022		8,000,000		8,253,750
1.75%, 3/31/2022		20,500,000		21,127,812
1.88%, 4/30/2022		2,500,000		2,585,547
1.75%, 5/15/2022		4,000,000		4,131,094
1.75%, 5/31/2022		17,000,000		17,555,820
2.13%, 6/30/2022		3,500,000		3,650,664
1.50%, 8/15/2022 (b)		30,000,000		30,898,828
1.75%, 9/30/2022		20,500,000		21,263,144
1.88%, 10/31/2022 (b)		6,000,000		6,248,672
2.00%, 10/31/2022 (b)		5,000,000		5,223,437
1.63%, 11/15/2022		1,300,000		1,346,008
2.00%, 11/30/2022		8,500,000		8,888,145
2.13%, 12/31/2022		15,500,000		16,285,898
1.75%, 1/31/2023		7,600,000		7,915,281
2.00%, 2/15/2023 (b)		6,000,000		6,295,781
1.50%, 2/28/2023		7,000,000		7,249,375
2.63%, 2/28/2023		5,000,000		5,340,039
1.50%, 3/31/2023 (b)		3,900,000		4,041,375
2.75%, 4/30/2023 (b)		5,000,000		5,377,539
1.75%, 5/15/2023		5,000,000		5,225,391
1.63%, 5/31/2023 (b)		2,000,000		2,083,281
2.75%, 8/31/2023		14,000,000		15,156,641
1.38%, 9/30/2023		3,500,000		3,629,883
1.63%, 10/31/2023 (b)		10,000,000		10,469,141
2.75%, 11/15/2023		5,000,000		5,436,133
2.13%, 11/30/2023		12,500,000		13,323,731
2.25%, 12/31/2023		4,000,000		4,286,875
2.63%, 12/31/2023		8,000,000		8,688,125
2.25%, 1/31/2024		5,500,000		5,903,262
2.50%, 1/31/2024		9,000,000		9,744,961
2.75%, 2/15/2024		2,500,000		2,732,227
2.00%, 4/30/2024		10,000,000		10,668,750
2.50%, 5/15/2024		7,000,000		7,616,328
2.00%, 5/31/2024 (b)		3,800,000		4,059,766
1.75%, 6/30/2024		6,000,000		6,353,906
2.13%, 7/31/2024		6,500,000		6,991,055
2.38%, 8/15/2024		24,353,000		26,481,034
1.50%, 9/30/2024 (b)		14,000,000		14,710,938
2.13%, 9/30/2024		9,000,000		9,708,047
1.50%, 10/31/2024		5,000,000		5,258,398
2.25%, 11/15/2024		7,550,000		8,198,238
2.13%, 11/30/2024 (b)		3,800,000		4,107,859
2.25%, 12/31/2024		5,000,000		5,439,648
2.00%, 2/15/2025		18,700,000		20,149,980
2.63%, 3/31/2025		4,300,000		4,773,000
2.13%, 5/15/2025		8,300,000		9,018,145
2.88%, 7/31/2025 (b)		6,500,000		7,338,906
2.00%, 8/15/2025		21,000,000		22,738,242
2.75%, 8/31/2025		4,000,000		4,495,156
2.25%, 11/15/2025		8,500,000		9,340,703
1.63%, 2/15/2026		8,500,000		9,052,168
1.50%, 8/15/2026 (b)		9,700,000		10,297,535
1.38%, 8/31/2026		4,500,000		4,741,172
1.63%, 9/30/2026		10,000,000		10,703,125
1.63%, 10/31/2026		8,000,000		8,563,438
2.25%, 2/15/2027		11,200,000		12,490,187
2.38%, 5/15/2027 (b)		5,700,000		6,429,867
2.25%, 8/15/2027		8,300,000		9,312,535
2.25%, 11/15/2027 (b)		12,890,000		14,493,194
2.75%, 2/15/2028		11,000,000		12,823,594
2.88%, 5/15/2028		10,000,000		11,790,625
2.88%, 8/15/2028 (b)		11,500,000		13,598,750
3.13%, 11/15/2028 (b)		7,000,000		8,450,586
2.63%, 2/15/2029 (b)		8,772,000		10,252,960

U.S. Treasury Obligations (continued)
	Principal   Amount		Value
U.S. Treasury Notes (continued)
2.38%, 5/15/2029 (b)		8,000,000	$	9,202,812
1.63%, 8/15/2029 (b)		7,500,000		8,140,137
1.75%, 11/15/2029		5,250,000		5,767,617
Total U.S. Treasury Obligations (cost $872,870,484)				972,073,187
Repurchase Agreements 4.4%
	Principal   Amount		Value
Bank of America NA 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $37,168,001, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $37,911,350. (h)	$	37,167,990		37,167,990
Nomura Securities International, Inc. 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $7,000,002, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $7,140,001. (h)		7,000,000		7,000,000
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $30,000,117, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $30,600,007. (h)		30,000,000		30,000,000
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $30,000,117, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $30,600,007. (h)		30,000,000		30,000,000
Total Repurchase Agreements (cost $104,167,990)				104,167,990
Total Investments Before TBA Sale Commitments (cost $2,312,931,831) — 103.2%				2,461,358,019
TBA Sale Commitments 0.0%†
	Principal   Amount		Value
Mortgage-Backed Securities 0.0%
GNMA TBA 5.00%, 4/15/2050		(74,000)		(78,718)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

TBA Sale Commitments (continued)
	Value
Total TBA Sale Commitment (cost $(78,613))	$	(78,718)
(cost $2,312,853,218) — 103.2%		2,461,279,301
Liabilities in excess of other assets — (3.2)%		(76,195,314)
NET ASSETS — 100.0%	$	2,385,083,987

† Amount rounds to less than 0.1%.

¥ Fair valued security.

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2020.

(b) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $254,718,706, which was collateralized by cash used to purchase repurchase agreements with a total value of $104,167,990 and by $159,449,478 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from 4/2/2020 – 2/15/2050, a total value of $263,617,468.

(c) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $14,755,807 which represents 0.62% of net assets.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of March 31, 2020.

(e) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(f) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, 2020.

(g) Investment in affiliate.

(h) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $104,167,990.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

ACES	Alternative Credit Enhancement Services
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	National Public Finance Guarantee Corp.
RE	Reinsured
RB	Revenue Bond
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Bond Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 2 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Aggressive Fund (formerly, NVIT Cardinal^SM Aggressive Fund)

Investment Companies 100.1%
	Shares		Value
Equity Funds 87.8%
Nationwide International Small Cap Fund, Class R6 (a)		686,567	$	5,128,654
NVIT Emerging Markets Fund, Class Y (a)		542,177		5,367,556
NVIT GS International Equity Insights Fund, Class Y *(a)		2,709,236		20,834,022
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		4,181,816		34,959,984
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		310,632		2,317,313
NVIT U.S. 130/30 Equity Fund, Class Y (a)		1,439,525		12,235,961
Total Equity Funds (cost $100,293,728)				80,843,490
Fixed Income Funds 12.3%
Nationwide Bond Fund, Class R6 (a)		114,883		1,145,383
NVIT Core Bond Fund, Class Y (a)		412,574		4,563,064
NVIT Core Plus Bond Fund, Class Y (a)		492,328		5,573,158
Total Fixed Income Funds (cost $11,083,393)				11,281,605
Total Investment Companies (cost $111,377,121)				92,125,095
Total Investments (cost $111,377,121) — 100.1%				92,125,095
Liabilities in excess of other assets — (0.1)%				(52,104)
NET ASSETS — 100.0%			$	92,072,991

* Denotes a non-income producing security.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Aggressive Fund (formerly, NVIT Cardinal^SM Aggressive Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	21,777,815	$	–	$	–	$	21,777,815
Total	$	21,777,815	$	–	$	–	$	21,777,815
Assets excluded from fair value hierarchy*								70,347,280
Total							$	92,125,095

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Balanced Fund (formerly, NVIT Cardinal^SM Balanced Fund)

Investment Companies 100.0%
	Shares		Value
Equity Funds 44.2%
Nationwide International Small Cap Fund, Class R6 (a)		5,003,349	$	37,375,018
NVIT Emerging Markets Fund, Class Y (a)		3,963,138		39,235,070
NVIT GS International Equity Insights Fund, Class Y *(a)		29,628,194		227,840,809
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		40,533,263		338,858,080
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		3,614,345		26,963,014
NVIT U.S. 130/30 Equity Fund, Class Y (a)		13,592,711		115,538,041
Total Equity Funds (cost $981,180,238)				785,810,032
Fixed Income Funds 55.8%
Doubleline NVIT Total Return Tactical Fund, Class Y (a)		2,981,015		29,363,001
Nationwide Bond Fund, Class R6 (a)		7,079,022		70,577,851
NVIT Core Bond Fund, Class Y (a)		25,420,392		281,149,538
NVIT Core Plus Bond Fund, Class Y (a)		29,450,026		333,374,291
NVIT Short Term Bond Fund, Class Y (a)		27,151,293		277,214,697
Total Fixed Income Funds (cost $999,606,497)				991,679,378
Total Investment Companies (cost $1,980,786,735)				1,777,489,410
Total Investments (cost $1,980,786,735) — 100.0%				1,777,489,410
Liabilities in excess of other assets — 0.0%†				(631,105)
NET ASSETS — 100.0%			$	1,776,858,305

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Balanced Fund (formerly, NVIT Cardinal^SM Balanced Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	1,068,289,466	$	–	$	–	$	1,068,289,466
Total	$	1,068,289,466	$	-	$	–	$	1,068,289,466
Assets excluded from fair value hierarchy*								709,199,944
Total							$	1,777,489,410

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Capital Appreciation Fund (formerly, NVIT Cardinal^SM Capital Appreciation Fund)

Investment Companies 100.0%
	Shares		Value
Equity Funds 65.0%
Nationwide International Small Cap Fund, Class R6 (a)		9,317,380	$	69,600,828
NVIT Emerging Markets Fund, Class Y (a)		7,383,098		73,092,675
NVIT GS International Equity Insights Fund, Class Y *(a)		41,381,463		318,223,448
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		70,791,817		591,819,593
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		4,206,351		31,379,377
NVIT U.S. 130/30 Equity Fund, Class Y (a)		23,734,493		201,743,189
Total Equity Funds (cost $1,598,672,533)				1,285,859,110
Fixed Income Funds 35.0%
Doubleline NVIT Total Return Tactical Fund, Class Y (a)		2,314,068		22,793,565
Nationwide Bond Fund, Class R6 (a)		4,710,127		46,959,961
NVIT Core Bond Fund, Class Y (a)		21,142,408		233,835,038
NVIT Core Plus Bond Fund, Class Y (a)		24,205,549		274,006,810
NVIT Short Term Bond Fund, Class Y (a)		11,289,788		115,268,734
Total Fixed Income Funds (cost $696,827,791)				692,864,108
Total Investment Companies (cost $2,295,500,324)				1,978,723,218
Total Investments (cost $2,295,500,324) — 100.0%				1,978,723,218
Liabilities in excess of other assets — 0.0%†				(704,161)
NET ASSETS — 100.0%			$	1,978,019,057

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Capital Appreciation Fund (formerly, NVIT Cardinal^SM Capital Appreciation Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	835,557,611	$	–	$	–	$	835,557,611
Total	$	835,557,611	$	–	$	–	$	835,557,611
Assets excluded from fair value hierarchy*								1,143,165,607
Total							$	1,978,723,218

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Conservative Fund (formerly, NVIT Cardinal^SM Conservative Fund)

Investment Companies 100.0%
	Shares		Value
Equity Funds 17.0%
NVIT Emerging Markets Fund, Class Y (a)		569,453	$	5,637,586
NVIT GS International Equity Insights Fund, Class Y *(a)		4,302,693		33,087,707
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		6,764,400		56,550,384
NVIT U.S. 130/30 Equity Fund, Class Y (a)		2,273,092		19,321,285
Total Equity Funds (cost $138,638,266)				114,596,962
Fixed Income Funds 83.0%
Doubleline NVIT Total Return Tactical Fund, Class Y (a)		1,752,982		17,266,877
Nationwide Bond Fund, Class R6 (a)		3,918,743		39,069,872
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		2,800,037		28,588,373
NVIT Core Bond Fund, Class Y (a)		10,877,374		120,303,755
NVIT Core Plus Bond Fund, Class Y (a)		13,462,076		152,390,695
NVIT Short Term Bond Fund, Class Y (a)		19,855,286		202,722,471
Total Fixed Income Funds (cost $566,026,322)				560,342,043
Total Investment Companies (cost $704,664,588)				674,939,005
Total Investments (cost $704,664,588) — 100.0%				674,939,005
Liabilities in excess of other assets — 0.0%†				(241,387)
NET ASSETS — 100.0%			$	674,697,618

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Conservative Fund (formerly, NVIT Cardinal^SM Conservative Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	565,979,629	$	–	$	–	$	565,979,629
Total	$	565,979,629	$	–	$	–	$	565,979,629
Assets excluded from fair value hierarchy*								108,959,376
Total							$	674,939,005

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth & Income Fund (formerly, NVIT Cardinal^SM Managed Growth & Income Fund)

Investment Companies 92.6%
	Shares		Value
Equity Funds 41.0%
Nationwide International Small Cap Fund, Class R6 (a)		1,380,381	$	10,311,446
NVIT Emerging Markets Fund, Class Y (a)		1,091,983		10,810,636
NVIT GS International Equity Insights Fund, Class Y *(a)		8,173,432		62,853,689
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		11,170,637		93,386,522
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		998,371		7,447,847
NVIT U.S. 130/30 Equity Fund, Class Y (a)		3,746,771		31,847,549
Total Equity Funds (cost $270,355,332)				216,657,689
Fixed Income Funds 51.6%
Doubleline NVIT Total Return Tactical Fund, Class Y (a)		820,491		8,081,835
Nationwide Bond Fund, Class R6 (a)		1,947,917		19,420,737
NVIT Core Bond Fund, Class Y (a)		6,995,217		77,367,098
NVIT Core Plus Bond Fund, Class Y (a)		8,105,824		91,757,929
NVIT Short Term Bond Fund, Class Y (a)		7,472,811		76,297,397
Total Fixed Income Funds (cost $273,973,584)				272,924,996
Total Investment Companies (cost $544,328,916)				489,582,685
Total Investments (cost $544,328,916) — 92.6%				489,582,685
Other assets in excess of liabilities — 7.4%				38,965,393
NET ASSETS — 100.0%			$	528,548,078

* Denotes a non-income producing security.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth & Income Fund (formerly, NVIT Cardinal^SM Managed Growth & Income Fund) (Continued)

Futures contracts outstanding as of March 31, 2020:
Description	Number of Contracts			Expiration Date	Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
MSCI EAFE E-Mini Index		(1,038	)	6/2020		USD		(80,927,670	)		(6,305,358)
Russell 2000 E-Mini Index		(202	)	6/2020		USD		(11,590,760	)		(717,992)
S&P 500 E-Mini Index		(565	)	6/2020		USD		(72,594,025	)		(3,692,588)
S&P Midcap 400 E-Mini Index		(187	)	6/2020		USD		(26,886,860	)		(1,754,517)
											(12,470,455)

At March 31, 2020, the Fund has $23,265,440 segregated as collateral with the broker for open futures contracts.

Abbreviations

USD            United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth & Income Fund (formerly, NVIT Cardinal^SM Managed Growth & Income Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within he hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Investment Companies	$	294,047,078		$	–	$	–	$	294,047,078
Total	$	294,047,078		$	–	$	–	$	294,047,078
Assets excluded from fair value hierarchy*									195,535,607
Total Assets								$	489,582,685
Liabilities:
Futures Contracts	$	(12,470,455	)	$	–	$	–	$	(12,470,455	)
Total Liabilities	$	(12,470,455	)	$	–	$	–	$	(12,470,455	)
Total	$	281,576,623		$	–	$	–	$	477,112,230

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth & Income Fund (formerly, NVIT Cardinal^SM Managed Growth & Income Fund) (Continued)

Financial futures contracts (“futures contracts”) are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount. The Fund is subject to equity risk in the normal course of pursuing its objective(s) in two respects. First, the Fund has set a baseline target equity exposure of 50%, which is represented by the Fund’s allocations to underlying equity funds. Second, the Fund enters into stock index futures contracts in order to increase or decrease the baseline equity exposure consistent with NFA’s view of current equity market conditions. Through the use of these futures contracts, the Fund may increase its equity exposure to a maximum of 65% or to a minimum of 0% of the Fund’s assets.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:			Fair Value
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(12,470,455	)
Total		$	(12,470,455	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth Fund (formerly, NVIT Cardinal ^SM Managed Growth Fund)

Investment Companies 92.3%
	Shares		Value
Equity Funds 50.2%
Nationwide International Small Cap Fund, Class R6 (a)		3,626,234	$	27,087,968
NVIT Emerging Markets Fund, Class Y (a)		3,824,734		37,864,870
NVIT GS International Equity Insights Fund, Class Y *(a)		19,085,116		146,764,541
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		30,566,868		255,539,015
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		2,185,440		16,303,384
NVIT U.S. 130/30 Equity Fund, Class Y (a)		10,252,037		87,142,314
Total Equity Funds (cost $711,115,101)				570,702,092
Fixed Income Funds 42.1%
Doubleline NVIT Total Return Tactical Fund, Class Y (a)		1,795,613		17,686,784
Nationwide Bond Fund, Class R6 (a)		3,045,195		30,360,592
NVIT Core Bond Fund, Class Y (a)		13,122,922		145,139,515
NVIT Core Plus Bond Fund, Class Y (a)		15,654,222		177,205,795
NVIT Short Term Bond Fund, Class Y (a)		10,514,178		107,349,759
Total Fixed Income Funds (cost $480,275,408)				477,742,445
Total Investment Companies (cost $1,191,390,509)				1,048,444,537
Total Investments (cost $1,191,390,509) — 92.3%				1,048,444,537
Other assets in excess of liabilities — 7.7%				87,324,851
NET ASSETS — 100.0%			$	1,135,769,388

* Denotes a non-income producing security.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth Fund (formerly, NVIT Cardinal ^SM Managed Growth Fund) (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
MSCI EAFE E-Mini Index		(2,131	)		6/2020		USD		(166,143,415	)		(12,957,145)
Russell 2000 E-Mini Index		(534	)		6/2020		USD		(30,640,920	)		(1,647,538)
S&P 500 E-Mini Index		(1,349	)		6/2020		USD		(173,326,265	)		(7,484,305)
S&P Midcap 400 E-Mini Index		(455	)		6/2020		USD		(65,419,900	)		(4,293,726)
												(26,382,714)

At March 31, 2020, the Fund has $52,520,380 segregated as collateral with the broker for open futures contracts.

Abbreviations

USD         United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth Fund (formerly, NVIT Cardinal ^SM Managed Growth Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Investment Companies	$	542,695,283		$	–	$	–	$	542,695,283
Total	$	542,695,283		$	–	$	–	$	542,695,283
Assets excluded from fair value hierarchy*									505,749,254
Total Assets								$	1,048,444,537
Liabilities:
Futures Contracts	$	(26,382,714	)	$	–	$	–	$	(26,382,714	)
Total Liabilities	$	(26,382,714	)	$	–	$	–	$	(26,382,714	)
Total	$	516,312,569		$	–	$	–	$	1,022,061,823

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Managed Growth Fund (formerly, NVIT Cardinal ^SM Managed Growth Fund) (Continued)

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

Financial Futures contracts (“futures contracts”) are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount. The Fund is subject to equity risk in the normal course of pursuing its objective(s) in two respects. First, the Fund has set a baseline target equity exposure of 60%, which is represented by the Fund’s allocations to underlying equity funds. Second, the Fund enters into stock index futures contracts in order to increase or decrease the baseline equity exposure consistent with NFA’s view of current equity market conditions. Through the use of these futures contracts, the Fund may increase its equity exposure to a maximum of 80% or to a minimum of 0% of the Fund’s assets.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:			Fair Value
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(26,382,714	)
Total		$	(26,382,714	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Moderate Fund (formerly, NVIT Cardinal^SM Moderate Fund)

Investment Companies 100.0%
	Shares		Value
Equity Funds 54.4%
Nationwide International Small Cap Fund, Class R6 (a)		6,998,409	$	52,278,114
NVIT Emerging Markets Fund, Class Y (a)		7,393,264		73,193,317
NVIT GS International Equity Insights Fund, Class Y *(a)		36,838,354		283,286,940
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		59,075,142		493,868,184
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		4,212,658		31,426,432
NVIT U.S. 130/30 Equity Fund, Class Y (a)		19,808,172		168,369,460
Total Equity Funds (cost $1,373,750,062)				1,102,422,447
Fixed Income Funds 45.6%
Doubleline NVIT Total Return Tactical Fund, Class Y (a)		3,476,107		34,239,657
Nationwide Bond Fund, Class R6 (a)		5,896,198		58,785,091
NVIT Core Bond Fund, Class Y (a)		25,407,555		281,007,554
NVIT Core Plus Bond Fund, Class Y (a)		30,300,284		342,999,220
NVIT Short Term Bond Fund, Class Y (a)		20,352,244		207,796,414
Total Fixed Income Funds (cost $932,995,159)				924,827,936
Total Investment Companies (cost $2,306,745,221)				2,027,250,383
Total Investments (cost $2,306,745,221) — 100.0%				2,027,250,383
Liabilities in excess of other assets — 0.0%†				(717,896)
NET ASSETS — 100.0%			$	2,026,532,487

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Moderate Fund (formerly, NVIT Cardinal^SM Moderate Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	1,050,299,367	$	–	$	–	$	1,050,299,367
Total	$	1,050,299,367	$	–	$	–	$	1,050,299,367
Assets excluded from fair value hierarchy*								976,951,016
Total							$	2,027,250,383

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Moderately Aggressive Fund (formerly, Cardinal^SM Moderately Aggressive Fund)

Investment Companies 100.0%
	Shares		Value
Equity Funds 76.0%
Nationwide International Small Cap Fund, Class R6 (a)		1,909,601	$	14,264,723
NVIT Emerging Markets Fund, Class Y (a)		1,512,174		14,970,524
NVIT GS International Equity Insights Fund, Class Y *(a)		7,915,326		60,868,857
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		12,707,936		106,238,348
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		1,034,976		7,720,920
NVIT U.S. 130/30 Equity Fund, Class Y (a)		4,261,152		36,219,794
Total Equity Funds (cost $299,504,249)				240,283,166
Fixed Income Funds 24.0%
Nationwide Bond Fund, Class R6 (a)		771,656		7,693,411
NVIT Core Bond Fund, Class Y (a)		2,771,072		30,648,055
NVIT Core Plus Bond Fund, Class Y (a)		3,304,837		37,410,754
Total Fixed Income Funds (cost $75,412,032)				75,752,220
Total Investment Companies (cost $374,916,281)				316,035,386
Total Investments (cost $374,916,281) — 100.0%				316,035,386
Liabilities in excess of other assets — 0.0%†				(127,527)
NET ASSETS — 100.0%			$	315,907,859

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Moderately Aggressive Fund (formerly, Cardinal^SM Moderately Aggressive Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	104,987,467	$	–	$	–	$	104,987,467
Total	$	104,987,467	$	–	$	–	$	104,987,467
Assets excluded from fair value hierarchy*								211,047,919
Total							$	316,035,386

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Blueprint Moderately Conservative (formerly, NVIT Cardinal^SM Moderately Conservative Fund)

Investment Companies 100.0%
	Shares		Value
Equity Funds 34.6%
Nationwide International Small Cap Fund, Class R6 (a)		1,062,560	$	7,937,319
NVIT Emerging Markets Fund, Class Y (a)		842,010		8,335,903
NVIT GS International Equity Insights Fund, Class Y *(a)		8,389,813		64,517,662
NVIT GS Large Cap Equity Insights Fund, Class Y (a)		12,303,079		102,853,740
NVIT GS Small Cap Equity Insights Fund, Class Y (a)		639,548		4,771,025
NVIT U.S. 130/30 Equity Fund, Class Y (a)		4,124,989		35,062,409
Total Equity Funds (cost $277,468,976)				223,478,058
Fixed Income Funds 65.4%
Doubleline NVIT Total Return Tactical Fund, Class Y (a)		1,407,439		13,863,274
Nationwide Bond Fund, Class R6 (a)		2,864,685		28,560,906
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		1,405,334		14,348,464
NVIT Core Bond Fund, Class Y (a)		9,643,920		106,661,755
NVIT Core Plus Bond Fund, Class Y (a)		11,041,097		124,985,222
NVIT Short Term Bond Fund, Class Y (a)		13,046,934		133,209,192
Total Fixed Income Funds (cost $425,497,441)				421,628,813
Total Investment Companies (cost $702,966,417)				645,106,871
Total Investments (cost $702,966,417) — 100.0%				645,106,871
Liabilities in excess of other assets — 0.0%†				(243,548)
NET ASSETS — 100.0%			$	644,863,323

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Blueprint Moderately Conservative (formerly, NVIT Cardinal^SM Moderately Conservative Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	437,902,035	$	–	$	–	$	437,902,035
Total	$	437,902,035	$	–	$	–	$	437,902,035
Assets excluded from fair value hierarchy*								207,204,836
Total							$	645,106,871

* As the Fund uses the NAV as a practical expedient to determine the fair value of certain 1940 Act only investments, these investments have not been classified in the U.S. GAAP fair value hierarchy.

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Columbia Overseas Value Fund (Formerly Templeton NVIT International Value Fund)

Common Stocks 97.6%
	Shares		Value
CANADA 3.1%
Metals & Mining 2.9%
Barrick Gold Corp.		111,900	$	2,050,008
Wheaton Precious Metals Corp. (a)		75,600		2,080,571
				4,130,579
Oil, Gas & Consumable Fuels 0.2%
Husky Energy, Inc. (a)		120,900		304,119
				4,434,698
CHINA 2.4%
Diversified Telecommunication Services 1.2%
China Telecom Corp. Ltd., Class H (a)		5,955,000		1,796,615
Health Care Providers & Services 0.6%
Sinopharm Group Co. Ltd., Class H		368,400		825,010
Hotels, Restaurants & Leisure 0.6%
Yum China Holdings, Inc.		19,700		839,811
				3,461,436
DENMARK 0.7%
Marine 0.7%
AP Moller - Maersk A/S, Class B		1,087		975,118
FRANCE 10.2%
Auto Components 2.0%
Cie Generale des Etablissements Michelin SCA		31,309		2,786,670
Banks 0.8%
BNP Paribas SA		35,729		1,077,059
Multi-Utilities 1.4%
Veolia Environnement SA (a)		93,468		1,999,551
Oil, Gas & Consumable Fuels 3.0%
TOTAL SA (a)		112,543		4,364,359
Pharmaceuticals 3.0%
Sanofi		48,624		4,280,897
				14,508,536
GERMANY 14.9%
Airlines 0.6%
Deutsche Lufthansa AG (Registered)		96,402		920,483
Chemicals 1.0%
Covestro AG Reg. S (b)		44,764		1,390,533
Diversified Telecommunication Services 3.6%
Deutsche Telekom AG (Registered)		377,219		4,994,585
Health Care Providers & Services 2.3%
Fresenius Medical Care AG & Co. KGaA		48,844		3,258,070
Industrial Conglomerates 1.7%
Siemens AG (Registered)		28,357		2,440,641
Multi-Utilities 3.4%
E.ON SE		444,863		4,678,410
Pharmaceuticals 2.3%
Bayer AG (Registered)		56,743		3,330,828
				21,013,550
HONG KONG 6.2%
Insurance 1.5%
AIA Group Ltd.		241,800		2,175,306
Real Estate Management & Development 4.7%
CK Asset Holdings Ltd.		574,512		3,125,481
Sun Hung Kai Properties Ltd.		154,000		2,022,007

Common Stocks (continued)
	Shares		Value
HONG KONG (continued)
Real Estate Management & Development (continued)
Swire Pacific Ltd., Class A		238,500	$	1,527,919
				6,675,407
				8,850,713
IRELAND 0.2%
Banks 0.2%
Bank of Ireland Group plc		169,416		320,067
ITALY 2.0%
Oil, Gas & Consumable Fuels 2.0%
Eni SpA		277,982		2,810,518
JAPAN 27.5%
Automobiles 2.3%
Honda Motor Co. Ltd.		66,300		1,491,068
Isuzu Motors Ltd.		273,500		1,810,353
				3,301,421
Banks 1.8%
Sumitomo Mitsui Financial Group, Inc.		107,500		2,611,961
Beverages 3.5%
Kirin Holdings Co. Ltd.		177,100		3,507,689
Suntory Beverage & Food Ltd.		39,100		1,479,605
				4,987,294
Electrical Equipment 2.3%
Mitsubishi Electric Corp. (a)		261,800		3,231,049
Electronic Equipment, Instruments & Components 2.1%
Kyocera Corp. (a)		51,000		3,024,429
Food & Staples Retailing 4.2%
Matsumotokiyoshi Holdings Co. Ltd. (a)		71,200		2,609,509
Seven & i Holdings Co. Ltd.		99,400		3,282,422
				5,891,931
Machinery 1.0%
Komatsu Ltd.		84,900		1,396,953
Metals & Mining 1.4%
Sumitomo Metal Mining Co. Ltd.		97,300		1,995,518
Pharmaceuticals 2.9%
Takeda Pharmaceutical Co. Ltd.		134,232		4,107,847
Real Estate Management & Development 2.4%
Mitsui Fudosan Co. Ltd.		193,300		3,343,326
Road & Rail 2.1%
East Japan Railway Co.		39,600		3,000,676
Wireless Telecommunication Services 1.5%
KDDI Corp.		71,200		2,104,535
				38,996,940
LUXEMBOURG 1.2%
Energy Equipment & Services 0.3%
Tenaris SA		74,720		457,071
Media 0.5%
SES SA, FDR		115,938		682,156
Metals & Mining 0.4%
ArcelorMittal SA		59,277		561,767
				1,700,994
NETHERLANDS 2.1%
Banks 0.5%
ING Groep NV		137,536		720,422

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Columbia Overseas Value Fund (Formerly Templeton NVIT International Value Fund) (Continued)

Common Stocks (continued)
	Shares		Value
NETHERLANDS (continued)
Semiconductors & Semiconductor Equipment 1.6%
NXP Semiconductors NV		26,700	$	2,214,231
				2,934,653
NORWAY 2.7%
Chemicals 1.6%
Yara International ASA		68,270		2,160,020
Oil, Gas & Consumable Fuels 1.1%
Equinor ASA		128,235		1,615,338
				3,775,358
SINGAPORE 0.4%
Diversified Telecommunication Services 0.4%
Singapore Telecommunications Ltd.		313,300		560,243
SOUTH KOREA 4.2%
Banks 1.4%
KB Financial Group, Inc., ADR (a)		74,526		2,026,362
Technology Hardware, Storage & Peripherals 2.8%
Samsung Electronics Co. Ltd., GDR Reg. S		4,000		3,950,011
				5,976,373
SWITZERLAND 4.2%
Pharmaceuticals 4.2%
Novartis AG (Registered)		27,865		2,302,904
Roche Holding AG		11,330		3,683,542
				5,986,446
TAIWAN 2.8%
Semiconductors & Semiconductor Equipment 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.		259,214		2,313,748
Technology Hardware, Storage & Peripherals 1.2%
Catcher Technology Co. Ltd.		271,000		1,723,240
				4,036,988
THAILAND 0.4%
Banks 0.4%
Bangkok Bank PCL		198,400		607,817
UNITED KINGDOM 12.4%
Aerospace & Defense 2.0%
BAE Systems plc		438,030		2,826,454
Banks 2.6%
Standard Chartered plc		658,591		3,629,934
Chemicals 1.0%
Johnson Matthey plc		66,401		1,475,641
Industrial Conglomerates 1.7%
CK Hutchison Holdings Ltd.		351,012		2,353,994
Oil, Gas & Consumable Fuels 2.4%
BP plc		815,223		3,468,098
Wireless Telecommunication Services 2.7%
Vodafone Group plc		2,816,243		3,934,035
				17,688,156
Total Common Stocks (cost $162,554,458)				138,638,604

Repurchase Agreements 3.6%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,153,176, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $2,196,239.(c)	$	2,153,175	$	2,153,175
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $2,040,000.(c)		2,000,000		2,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000.(c)		1,000,000		1,000,000
Total Repurchase Agreements (cost $5,153,175)				5,153,175
Total Investments
(cost $167,707,633) — 101.2%				143,791,779
Liabilities in excess of other assets — (1.2)%				(1,646,472	)
NET ASSETS — 100.0%			$	142,145,307

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $11,638,954, which was collateralized by cash used to purchase repurchase agreements with a total value of $5,153,175 and by $7,101,725 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 2/15/2050, a total value of $12,254,900.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $1,390,533 which represents 0.98% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $5,153,175.

ADR	American Depositary Receipt
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Columbia Overseas Value Fund (Formerly Templeton NVIT International Value Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	–	$	2,826,454	$	–	$	2,826,454
Airlines		–		920,483		–		920,483
Auto Components		–		2,786,670		–		2,786,670
Automobiles		–		3,301,421		–		3,301,421
Banks		2,026,362		8,967,259		–		10,993,621
Beverages		–		4,987,294		–		4,987,294
Chemicals		–		5,026,193		–		5,026,193
Diversified Telecommunication Services		–		7,351,443		–		7,351,443
Electrical Equipment		–		3,231,049		–		3,231,049
Electronic Equipment, Instruments & Components		–		3,024,429		–		3,024,429
Energy Equipment & Services		–		457,071		–		457,071
Food & Staples Retailing		–		5,891,931		–		5,891,931
Health Care Providers & Services		–		4,083,080		–		4,083,080
Hotels, Restaurants & Leisure		839,811		–		–		839,811
Industrial Conglomerates		–		4,794,635		–		4,794,635
Insurance		–		2,175,306		–		2,175,306
Machinery		–		1,396,953		–		1,396,953
Marine		–		975,117		–		975,117
Media		–		682,157		–		682,157

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Columbia Overseas Value Fund (Formerly Templeton NVIT International Value Fund) (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (Continued)
Common Stocks (Continued)
Metals & Mining	$	4,130,579	$	2,557,285	$	–	$	6,687,864
Multi-Utilities		–		6,677,961		–		6,677,961
Oil, Gas & Consumable Fuels		304,119		12,258,314		–		12,562,433
Pharmaceuticals		–		17,706,018		–		17,706,018
Real Estate Management & Development		–		10,018,733		–		10,018,733
Road & Rail		–		3,000,676		–		3,000,676
Semiconductors & Semiconductor Equipment		2,214,231		2,313,748		–		4,527,979
Technology Hardware, Storage & Peripherals		–		5,673,251		–		5,673,251
Wireless Telecommunication Services		–		6,038,571		–		6,038,571
Total Common Stocks	$	9,515,102	$	129,123,502	$	–	$	138,638,604
Repurchase Agreements		–		5,153,175		–		5,153,175
Total	$	9,515,102	$	134,276,677	$	–	$	143,791,779

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Core Bond Fund

Asset-Backed Securities 17.5%
	Principal Amount		Value
Airlines 1.6%
Air Canada Pass-Through Trust, Series 2015-1, Class B, 3.88%, 3/15/2023(a)	$	8,613,633	$	8,015,899
American Airlines Pass-Through Trust, Series 2017-1, Class B, 4.95%, 2/15/2025		2,596,125		2,245,376
British Airways Pass-Through Trust, Series 2013-1, Class A, 4.63%, 6/20/2024(a)		6,875,006		6,822,383
Continental Airlines Pass-Through Trust, Series 2000-2, Class A-1, 7.71%, 4/2/2021		35,182		35,435
United Airlines Pass-Through Trust, Series 2016-1, Class B, 3.65%, 1/7/2026		7,043,982		5,705,464
				22,824,557
Automobiles 2.1%
Credit Acceptance Auto Loan Trust
Series 2017-2A, Class A, 2.55%, 2/17/2026(a)		1,368,997		1,363,797
Series 2019-3A, Class A, 2.38%, 11/15/2028(a)		3,146,000		3,043,635
First Investors Auto Owner Trust, Series 2017-2A, Class A2, 2.27%, 7/15/2022(a)		1,759,666		1,755,447
Flagship Credit Auto Trust
Series 2019-3, Class A, 2.33%, 2/15/2024(a)		6,661,671		6,482,911
Series 2019-4, Class A, 2.17%, 6/17/2024(a)		1,687,467		1,659,571
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A2, 3.32%, 4/15/2022(a)		423,426		422,502
NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, 10/15/2023(a)		1,666,667		1,580,278
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		13,000,000		12,938,479
				29,246,620
Home Equity 1.7%
Newcastle Mortgage Securities Trust, Series 2006-1, Class M2, 1.32%, 3/25/2036(b)		12,000,000		11,182,682
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 2.19%, 1/25/2036(b)		1,764,000		1,676,882
RASC Trust, Series 2005-KS12, Class M2, 1.41%, 1/25/2036(b)		10,000,000		9,110,640
Structured Asset Investment Loan Trust, Series 2004-7, Class A7, 1.79%, 8/25/2034(b)		2,086,795		2,042,358
				24,012,562
Other 12.1%
American Homes 4 Rent Trust
Series 2014-SFR3, Class A, 3.68%, 12/17/2036(a)		9,422,199		9,161,375
Series 2015-SFR1, Class A, 3.47%, 4/17/2052(a)		8,954,254		8,701,382

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
AMMC CLO 22 Ltd.
Series 2018-22A, Class A, 2.82%, 4/25/2031(a)(b)	$	11,500,000	$	10,740,942
Series 2018-22A, Class B, 3.24%, 4/25/2031(a)(b)		5,000,000		4,396,540
Apidos CLO XXII, Series 2015-22A, Class A1R, 1.84%, 4/20/2031(a)(b)		5,000,000		4,775,555
Bayview Opportunity Master Fund IVa Trust, Series 2017-SPL1, Class A, 4.00%, 10/28/2064(a)(b)		3,842,544		3,839,310
Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL2, Class A, 4.00%, 6/28/2054(a)(b)		4,537,735		4,475,213
CCG Receivables Trust
Series 2018-2, Class A2, 3.09%, 12/15/2025(a)		3,952,656		3,941,127
Series 2019-2, Class A2, 2.11%, 3/15/2027(a)		5,482,000		5,431,357
Cedar Funding VIII CLO Ltd., Series 2017-8A, Class A2, 3.19%, 10/17/2030(a)(b)		6,500,000		5,947,539
CVS Pass-Through Trust 6.04%, 12/10/2028		5,052,108		5,482,446
6.94%, 1/10/2030		9,022,040		11,238,858
Dryden 49 Senior Loan Fund, Series 2017-49A, Class B, 3.52%, 7/18/2030(a)(b)		8,000,000		7,399,136
E3, Series 2019-1, Class A, 3.10%, 9/20/2055(a)		1,336,422		1,372,757
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/2031(a)		1,080,693		1,078,881
Golden Bear LLC, Series 2016-1A, Class A, 3.75%, 9/20/2047(a)		4,042,411		4,038,153
Goodgreen, Series 2019-2A, Class A, 2.76%, 10/15/2054(a)		6,839,370		6,480,470
Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052(a)		669,809		674,097
HERO Funding Trust
Series 2015-2A, Class A, 3.99%, 9/20/2040(a)		4,178,912		4,344,965
Series 2014-2A, Class A, 3.99%, 9/21/2040(a)		1,313,577		1,290,291
Invitation Homes Trust, Series 2018-SFR3, Class A, 1.80%, 7/17/2037(a)(b)		12,625,676		11,709,766
Mill City Mortgage Loan Trust, Series 2018-4, Class A1B, 3.50%, 4/25/2066(a)(b)		4,939,000		4,985,881
Neuberger Berman Loan Advisers CLO 32 Ltd.
Series 2019-32A, Class A, 3.15%, 1/19/2032(a)(b)		1,000,000		940,152
Series 2019-32A, Class B, 3.67%, 1/19/2032(a)(b)		500,000		448,830
Neuberger Berman Loan Advisers CLO Ltd., Series 2020-36A, Class A, 0.00%, 4/20/2033(a)(b)		1,000,000		939,999
New Residential Advance Receivables Trust Advance Receivables Backed
Series 2019-T4, Class AT4, 2.33%, 10/15/2051(a)		11,990,000		11,617,329
Series 2019-T2, Class AT2, 2.52%, 8/15/2053(a)		7,320,000		6,850,197

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
NRZ Advance Receivables Trust, Series 2019-T1, Class AT1, 2.59%, 7/15/2052(a)	$	6,605,000	$	6,304,272
Ocwen Master Advance Receivables Trust, Series 2019-T2, Class AT2, 2.42%, 8/15/2051(a)		3,670,000		3,614,922
Renew, Series 2018-1, Class A, 3.95%, 9/20/2053(a)		5,352,422		5,575,910
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2019-T2, Class AT2, 2.32%, 10/15/2052(a)		3,920,000		3,785,547
Thacher Park CLO Ltd., Series 2014-1A, Class BR, 3.37%, 10/20/2026(a)(b)		10,000,000		9,609,430
TLF National Tax Lien Trust, Series 2017-1A, Class A, 3.09%, 12/15/2029(a)		609,001		606,955
				171,799,584
Total Asset-Backed Securities (cost $256,267,139)				247,883,323
Collateralized Mortgage Obligations 4.1%
	Principal Amount		Value
Chase Mortgage Finance Corp.
Series 2016-SH1, Class M2, 3.75%, 4/25/2045(a)(b)		1,567,355		1,545,302
Series 2016-SH2, Class M2, 3.75%, 12/25/2045(a)(b)		9,287,883		8,834,846
Citigroup Mortgage Loan Trust, Series 2015-A, Class A1, 3.50%, 6/25/2058(a)(b)		826,998		827,725
Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1, Class A1, 3.00%, 9/25/2064(a)(b)		951,206		947,445
FHLMC REMICS
Series 2653, Class C, 3.88%, 6/15/2023		26,731		26,717
Series 3665, Class KA, 3.00%, 5/15/2036		108,962		109,238
FNMA REMICS
Series 2007-6, Class PA, 5.50%, 2/25/2037		143,321		160,470
Series 2010-122, Class TG, 3.00%, 4/25/2039		46,944		46,978
Series 2009-78, Class BM, 4.00%, 6/25/2039		408,159		429,200
GNMA REMICS
Series 2010-37, Class ML, 4.50%, 12/20/2038		826,152		838,468
Series 2010-112, Class QM, 2.50%, 9/20/2039		579,837		594,066
Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.75%, 7/25/2059(a)(b)		7,563,218		7,354,418
New Residential Mortgage Loan Trust
Series 2014-2A, Class A3, 3.75%, 5/25/2054(a)(b)		1,077,237		1,105,671
Series 2016-4A, Class A1, 3.75%, 11/25/2056(a)(b)		1,882,665		1,936,502

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
New Residential Mortgage Loan Trust (continued)
Series 2017-1A, Class A1, 4.00%, 2/25/2057(a)(b)	$	1,825,052	$	1,889,416
Series 2019-2A, Class A1, 4.25%, 12/25/2057(a)(b)		1,364,090		1,380,143
Series 2018-5A, Class A1, 4.75%, 12/25/2057(a)(b)		5,707,142		5,954,853
Series 2018-2A, Class A1, 4.50%, 2/25/2058(a)(b)		2,325,150		2,425,805
Series 2018-3A, Class A1, 4.50%, 5/25/2058(a)(b)		8,581,864		8,906,455
Series 2019-3A, Class A1A, 3.75%, 11/25/2058(a)(b)		1,902,785		1,909,197
Series 2019-RPL2, Class A1, 3.25%, 2/25/2059(a)(b)		7,343,602		7,417,621
RCO Trust, Series 2017-INV1, Class A, 3.20%, 11/25/2052(a)(b)		2,379,800		2,276,201
Sequoia Mortgage Trust, Series 2018-CH4, Class A10, 4.50%, 10/25/2048(a)(b)		856,910		849,086
Total Collateralized Mortgage Obligations (cost $58,925,848)				57,765,823
Commercial Mortgage-Backed Securities 9.5%
	Principal Amount		Value
AOA Mortgage Trust, Series 2015-1177, Class A, 2.96%, 12/13/2029(a)		5,000,000		4,966,099
Aventura Mall Trust, Series 2018-AVM, Class A, 4.11%, 7/5/2040(a)(b)		1,400,000		1,447,415
BANK
Series 2019-BN17, Class A4, 3.71%, 4/15/2052		3,900,000		4,264,026
Series 2019-BN19, Class A3, 3.18%, 8/15/2061		500,000		527,964
Series 2019-BN24, Class A3, 2.96%, 11/15/2062		12,700,000		13,182,744
Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4, 3.58%, 5/15/2052		1,800,000		1,898,146
BBCMS Mortgage Trust, Series 2018-C2, Class A5, 4.31%, 12/15/2051		1,600,000		1,799,495
BB-UBS Trust, Series 2012-SHOW, Class B, 3.88%, 11/5/2036(a)		5,000,000		4,708,844
Benchmark Mortgage Trust
Series 2018-B5, Class A4, 4.21%, 7/15/2051		1,480,000		1,654,348
Series 2019-B11, Class AS, 3.78%, 5/15/2052		1,550,000		1,593,710
Series 2019-B10, Class A4, 3.72%, 3/15/2062		2,200,000		2,456,855
Series 2019-B10, Class AM, 3.98%, 3/15/2062		1,400,000		1,460,383
Series 2019-B15, Class A5, 2.93%, 12/15/2072		9,200,000		9,524,238
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.01%, 1/15/2053		14,000,000		13,992,926

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
CityLine Commercial Mortgage Trust, Series 2016-CLNE, Class A, 2.78%, 11/10/2031(a)(b)	$	7,388,000	$	7,155,616
CSAIL Commercial Mortgage Trust, Series 2019-C15, Class A4, 4.05%, 3/15/2052		1,150,000		1,243,490
DBUBS Mortgage Trust, Series 2011-LC1A, Class A3, 5.00%, 11/10/2046(a)		1,476,441		1,472,983
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 7/10/2051(b)		1,070,000		1,162,578
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class 300B, 4.00%, 8/15/2031		10,500,000		8,860,242
Morgan Stanley Capital I Trust
Series 2014-CPT, Class AM, 3.40%, 7/13/2029(a)(b)		3,500,000		3,450,631
Series 2014-CPT, Class C, 3.45%, 7/13/2029(a)(b)		11,000,000		10,849,550
Series 2011-C1, Class A4, 5.03%, 9/15/2047(a)(b)		966,931		976,392
Series 2019-H7, Class A4, 3.26%, 7/15/2052		1,150,000		1,216,846
Series 2019-L3, Class A4, 3.13%, 11/15/2052		7,157,000		7,499,013
Natixis Commercial Mortgage Securities Trust, Series 2019-LVL, Class A, 3.89%, 8/15/2038(a)		850,000		831,296
UBS Commercial Mortgage Trust
Series 2018-C9, Class A4, 4.12%, 3/15/2051(b)		1,780,000		1,981,026
Series 2018-C10, Class A4, 4.31%, 5/15/2051		1,490,000		1,642,505
Series 2019-C16, Class A4, 3.60%, 4/15/2052		3,050,000		3,332,732
Series 2019-C18, Class A4, 3.04%, 12/15/2052		14,600,000		14,627,949
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class A4, 3.62%, 9/15/2057		5,000,000		5,191,228
Total Commercial Mortgage-Backed Securities (cost $137,667,031)				134,971,270
Corporate Bonds 29.7%
	Principal Amount		Value
Aerospace & Defense 1.0%
Huntington Ingalls Industries, Inc., 3.48%, 12/1/2027		3,225,000		3,172,678
Lockheed Martin Corp., 3.55%, 1/15/2026(c)		4,625,000		4,955,170
United Technologies Corp., 4.13%, 11/16/2028		4,000,000		4,391,011
4.15%, 5/15/2045		2,000,000		2,173,053
				14,691,912
Banks 3.4%
Bank of America Corp., 4.20%, 8/26/2024		5,000,000		5,318,073
Series L, 3.95%, 4/21/2025		3,500,000		3,679,508
4.25%, 10/22/2026		3,000,000		3,188,713
Series L, 4.18%, 11/25/2027		4,000,000		4,134,652

Corporate Bonds (continued)
	Principal Amount		Value
Banks (continued)
Citigroup, Inc., 4.45%, 9/29/2027	$	5,000,000	$	5,220,123
Citizens Financial Group, Inc., 4.35%, 8/1/2025(c)		6,200,000		6,609,437
Cooperatieve Rabobank UA, 4.63%, 12/1/2023		5,000,000		5,169,112
HSBC Holdings plc, 4.38%, 11/23/2026		3,500,000		3,684,837
ING Groep NV, 3.95%, 3/29/2027		5,000,000		5,003,857
JPMorgan Chase & Co.,
Series I, (ICE LIBOR USD 3 Month + 3.47%), 5.24%, 4/30/2020(c)(d)(e)		488,000		435,667
3.88%, 9/10/2024		3,000,000		3,163,362
PNC Financial Services Group, Inc. (The), 3.45%, 4/23/2029		3,000,000		2,971,916
				48,579,257
Beverages 0.8%
Anheuser-Busch Cos. LLC, 3.65%, 2/1/2026		4,350,000		4,560,897
4.90%, 2/1/2046		2,000,000		2,178,328
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/2028		3,000,000		3,162,893
Bacardi Ltd., 5.30%, 5/15/2048(a)		1,725,000		1,871,500
				11,773,618
Biotechnology 0.4%
AbbVie, Inc., 4.25%, 11/21/2049(a)		1,350,000		1,434,160
Gilead Sciences, Inc., 4.80%, 4/1/2044		2,775,000		3,559,901
				4,994,061
Capital Markets 2.2%
Credit Suisse Group AG,
(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 1/12/2029(a)(e)		3,000,000		3,033,946
FMR LLC, 6.50%, 12/14/2040(a)		2,000,000		2,624,847
5.15%, 2/1/2043(a)		1,000,000		1,211,118
Morgan Stanley,
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(e)		5,000,000		5,076,869
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(e)		5,000,000		5,267,410
Nuveen Finance LLC, 4.13%, 11/1/2024(a)		10,900,000		10,408,585
S&P Global, Inc., 4.50%, 5/15/2048		1,350,000		1,606,315
UBS Group AG, 4.13%, 4/15/2026(a)(c)		2,000,000		2,026,098
				31,255,188
Chemicals 0.5%
Cytec Industries, Inc., 3.95%, 5/1/2025		5,750,000		6,130,943
Mosaic Co. (The), 5.63%, 11/15/2043		1,175,000		1,036,962
				7,167,905
Consumer Finance 1.0%
Navient Solutions LLC, 0.00%, 10/3/2022(f)		14,956,000		14,414,194

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Containers & Packaging 0.2%
Berry Global, Inc., 4.88%, 7/15/2026(a)(c)	$	2,250,000	$	2,272,500
Diversified Financial Services 0.3%
HERO Funding Trust,
Series 2015-3, Class A, 4.28%, 9/20/2041		1,812,907		1,892,820
Shell International Finance BV, 4.38%, 5/11/2045		2,300,000		2,656,785
				4,549,605
Diversified Telecommunication Services 2.1%
AT&T, Inc., 3.40%, 5/15/2025		1,500,000		1,560,299
4.30%, 2/15/2030(c)		11,097,000		11,916,859
CCO Holdings LLC, 5.75%, 2/15/2026(a)		1,800,000		1,822,770
5.13%, 5/1/2027(a)		4,250,000		4,261,050
4.75%, 3/1/2030(a)		1,175,000		1,169,125
Verizon Communications, Inc., 3.38%, 2/15/2025(c)		661,000		706,082
4.02%, 12/3/2029(c)		8,020,000		9,007,297
				30,443,482
Electric Utilities 3.1%
Alliant Energy Finance LLC, 4.25%, 6/15/2028(a)(c)		7,525,000		7,583,919
Entergy Arkansas LLC, 3.50%, 4/1/2026		4,880,000		5,168,279
4.00%, 6/1/2028		3,750,000		4,064,237
Evergy, Inc., 2.45%, 9/15/2024		7,750,000		7,602,713
Indiana Michigan Power Co., 3.85%, 5/15/2028(c)		8,525,000		9,180,788
Jersey Central Power & Light Co., 4.30%, 1/15/2026(a)		2,000,000		2,161,450
Metropolitan Edison Co., 4.30%, 1/15/2029(a)(c)		6,000,000		6,261,639
Public Service Co. of Colorado, 2.90%, 5/15/2025(c)		2,000,000		2,154,674
				44,177,699
Energy Equipment & Services 0.5%
Helmerich & Payne, Inc., 4.65%, 3/15/2025(c)		1,200,000		1,251,014
Schlumberger Holdings Corp., 4.00%, 12/21/2025(a)(c)		321,000		295,752
3.90%, 5/17/2028(a)(c)		4,389,000		4,077,677
Valaris plc, 4.88%, 6/1/2022(c)		2,830,000		615,525
4.75%, 1/15/2024		5,000,000		1,000,000
				7,239,968
Equity Real Estate Investment Trusts (REITs) 1.4%
Corporate Office Properties LP, 3.70%, 6/15/2021(c)		10,175,000		10,314,468
Piedmont Operating Partnership LP, 4.45%, 3/15/2024(c)		9,050,000		9,337,587
				19,652,055
Food Products 0.8%
Cargill, Inc., 3.25%, 5/23/2029(a)		6,050,000		6,097,647

Corporate Bonds (continued)
	Principal Amount		Value
Food Products (continued)
Grupo Bimbo SAB de CV, 3.88%, 6/27/2024(a)	$	3,175,000	$	3,129,660
Kraft Heinz Foods Co., 4.88%, 10/1/2049(a)(c)		1,750,000		1,591,212
				10,818,519
Health Care Equipment & Supplies 0.2%
Boston Scientific Corp., 4.70%, 3/1/2049		2,050,000		2,340,939
Health Care Providers & Services 0.8%
CVS Health Corp., 4.30%, 3/25/2028		350,000		374,375
Dignity Health, 3.13%, 11/1/2022		6,000,000		6,118,743
3.81%, 11/1/2024		4,000,000		4,232,750
				10,725,868
Household Durables 0.4%
Newell Brands, Inc., 4.10%, 4/1/2023(g)		2,636,000		2,675,405
4.20%, 4/1/2026(g)		3,325,000		3,264,477
				5,939,882
Independent Power and Renewable Electricity Producers 0.4%
Exelon Generation Co. LLC, 4.25%, 6/15/2022		5,000,000		5,001,829
Industrial Conglomerates 0.3%
General Electric Co., 5.30%, 2/11/2021		1,718,000		1,739,004
4.65%, 10/17/2021		1,432,000		1,457,005
5.40%, 5/15/2022		1,125,000		1,047,935
				4,243,944
Insurance 1.1%
MassMutual Global Funding II, 3.60%, 4/9/2024(a)		3,000,000		3,060,794
3.40%, 3/8/2026(a)		5,000,000		5,309,696
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(a)		7,500,000		7,886,884
				16,257,374
Media 1.1%
Charter Communications Operating LLC, 4.91%, 7/23/2025		5,000,000		5,307,967
Comcast Corp., 3.38%, 8/15/2025(c)		4,800,000		5,096,656
4.70%, 10/15/2048		4,000,000		5,182,001
				15,586,624
Metals & Mining 0.3%
Compass Minerals International, Inc., 6.75%, 12/1/2027(a)		1,950,000		1,760,362
Glencore Finance Canada Ltd., 4.95%, 11/15/2021(a)		2,000,000		1,980,700
				3,741,062
Multi-Utilities 1.9%
Ameren Illinois Co., 3.25%, 3/1/2025		5,500,000		5,478,119

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Multi-Utilities (continued)
Black Hills Corp., 3.95%, 1/15/2026	$	6,890,000	$	7,238,131
3.15%, 1/15/2027		2,000,000		2,133,547
Dominion Energy, Inc.,
Series A, 4.60%, 3/15/2049		3,500,000		3,610,985
Southern Co. Gas Capital Corp., 3.88%, 11/15/2025(c)		7,000,000		7,321,453
3.25%, 6/15/2026		1,250,000		1,230,310
				27,012,545
Oil, Gas & Consumable Fuels 1.8%
Aker BP ASA, 3.75%, 1/15/2030(a)		5,500,000		4,112,275
BP Capital Markets America, Inc., 3.94%, 9/21/2028		4,550,000		4,860,016
Enbridge Energy Partners LP, 7.38%, 10/15/2045		725,000		797,184
Energy Transfer Operating LP, 4.20%, 4/15/2027		575,000		463,409
5.50%, 6/1/2027		4,000,000		3,481,521
6.50%, 2/1/2042		2,000,000		1,821,063
Kinder Morgan, Inc., 4.30%, 3/1/2028		1,000,000		980,573
5.55%, 6/1/2045		450,000		458,653
Marathon Oil Corp., 6.60%, 10/1/2037		1,200,000		820,342
MPLX LP, 4.80%, 2/15/2029		3,050,000		2,685,875
Sabine Pass Liquefaction LLC, 5.88%, 6/30/2026		2,000,000		1,809,600
4.20%, 3/15/2028		1,225,000		1,051,099
Williams Cos., Inc. (The), 5.75%, 6/24/2044		1,925,000		2,006,653
				25,348,263
Pharmaceuticals 1.4%
Allergan Finance LLC, 3.25%, 10/1/2022		5,650,000		5,665,150
Allergan Funding SCS, 3.85%, 6/15/2024		1,500,000		1,570,792
3.80%, 3/15/2025		1,000,000		1,023,844
Bristol-Myers Squibb Co., 4.25%, 10/26/2049(a)		1,800,000		2,254,601
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/2026		2,100,000		2,124,322
Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/2023		4,000,000		3,649,960
3.15%, 10/1/2026		3,500,000		2,948,225
				19,236,894
Road & Rail 0.2%
Union Pacific Corp., 3.84%, 3/20/2060(a)		2,800,000		2,922,384
Software 0.8%
Microsoft Corp., 3.30%, 2/6/2027(c)		5,500,000		6,103,203
Oracle Corp., 2.40%, 9/15/2023		5,000,000		5,119,868
				11,223,071
Technology Hardware, Storage & Peripherals 0.7%
Apple, Inc., 3.00%, 2/9/2024		5,250,000		5,527,578

Corporate Bonds (continued)
	Principal Amount		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc., (continued) 2.45%, 8/4/2026	$	4,000,000	$	4,190,026
				9,717,604
Thrifts & Mortgage Finance 0.4%
BPCE SA, 4.00%, 9/12/2023(a)		3,000,000		3,024,030
5.70%, 10/22/2023(a)		3,000,000		3,081,839
				6,105,869
Trading Companies & Distributors 0.2%
GATX Corp., 4.70%, 4/1/2029		2,550,000		2,756,332
Total Corporate Bonds (cost $415,489,169)				420,190,447
Loan Participations 0.4%
	Principal Amount		Value
Electrical Equipment 0.1%
Sensata Technologies BV, Term Loan, (ICE LIBOR USD 6 Month + 1.75%), 2.52%, 9/20/2026 (e)		1,017,324		953,742
Software 0.3%
TIBCO Software, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.74%, 6/30/2026 (e)		4,765,521		4,479,590
Total Loan Participations (cost $5,546,622)				5,433,332
Mortgage-Backed Securities 26.1%
	Principal Amount		Value
FHLMC UMBS Pool
Pool# SB8000 3.00%, 7/1/2034		43,951,638		46,012,684
Pool# SD8005 3.50%, 8/1/2049		21,072,028		22,243,902
Pool# SD8018 4.00%, 10/1/2049		9,178,339		9,782,010
FNMA Pool
Pool# 464279 4.30%, 7/1/2021		596,109		605,024
Pool# 464969 6.34%, 4/1/2028		2,362,355		3,039,303
Pool# 468516 5.17%, 6/1/2028		872,315		1,002,658
Pool# AM7073 6.41%, 1/1/2030		1,505,652		2,019,655
Pool# 468127 5.70%, 5/1/2041		1,160,964		1,337,558
Pool# AN0360 3.95%, 12/1/2045		10,000,000		11,883,884
FNMA UMBS Pool
Pool# FM2052 2.50%, 5/1/2028		29,211,229		30,291,182
Pool# FM2237 2.50%, 5/1/2029		8,227,944		8,531,831

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FNMA UMBS Pool (continued)
Pool# MA3709 2.50%, 6/1/2034	$	5,686,928	$	5,896,966
Pool# AR9398 3.50%, 6/1/2043		1,733,150		1,858,233
Pool# BC0180 4.00%, 1/1/2046		6,701,098		7,243,502
Pool# AS7908 3.00%, 9/1/2046		26,146,968		27,587,658
Pool# BC9003 3.00%, 11/1/2046		37,999,102		40,084,513
Pool# AS8483 3.00%, 12/1/2046		6,404,206		6,750,544
Pool# MA2863 3.00%, 1/1/2047		19,147,339		20,174,063
Pool# AS8784 3.00%, 2/1/2047		6,366,624		6,696,967
Pool# BE7557 3.50%, 2/1/2047		11,419,585		12,124,291
Pool# BM2003 4.00%, 10/1/2047		15,483,385		16,655,180
Pool# BJ3716 3.50%, 12/1/2047		7,767,275		8,237,518
Pool# MA3210 3.50%, 12/1/2047		3,768,472		3,979,327
Pool# BM3355 3.50%, 2/1/2048		6,010,938		6,366,279
Pool# CA1532 3.50%, 4/1/2048		16,482,078		17,521,501
Pool# CA2208 4.50%, 8/1/2048		4,660,175		5,014,034
Pool# CA2469 4.00%, 10/1/2048		12,615,107		13,437,319
Pool# MA3745 3.50%, 8/1/2049		30,670,338		32,345,557
Total Mortgage-Backed Securities (cost $354,625,172)				368,723,143
Municipal Bonds 1.3%
	Principal Amount		Value
California 0.4%
Northern California Power Agency, RB, Series B, 7.31%, 6/1/2040		3,885,000		5,737,640
District of Columbia 0.9%
Metropolitan Washington Airports Authority, RB
Series D, 7.46%, 10/1/2046		6,000,000		8,798,220
Series D, 8.00%, 10/1/2047		2,000,000		3,153,640
				11,951,860
Total Municipal Bonds (cost $14,292,269)				17,689,500
U.S. Government Agency Securities 1.6%
	Principal Amount		Value
FHLB, 5.00%, 3/12/2021		5,000,000		5,224,662

U.S. Government Agency Securities (continued)
	Principal Amount		Value
Tennessee Valley Authority, 5.88%, 4/1/2036	$	11,793,000	$	18,019,971
Total U.S. Government Agency Securities (cost $19,207,725)				23,244,633
U.S. Treasury Obligations 5.3%
	Principal Amount		Value
U.S. Treasury Bonds, 7.13%, 2/15/2023		1,000,000		1,196,953
U.S. Treasury Notes 1.63%, 6/30/2020 (c)(h)		4,000,000		4,015,174
2.63%, 5/15/2021		4,000,000		4,112,031
2.63%, 2/28/2023		5,000,000		5,340,039
2.63%, 1/31/2026		54,000,000		60,669,844
Total U.S. Treasury Obligations (cost $71,150,142)				75,334,041
Repurchase Agreements 0.4%
	Principal Amount		Value
Bank of America NA 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,468,288, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $1,497,653. (i)	$	1,468,288		1,468,288
Nomura Securities International, Inc. 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $3,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $3,060,000. (i)		3,000,000		3,000,000
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000. (i)		1,000,000		1,000,000
Total Repurchase Agreements (cost $5,468,288)				5,468,288
Total Investments
(cost $1,338,639,405) — 95.9%				1,356,703,800
Other assets in excess of liabilities — 4.1%				58,705,439
NET ASSETS — 100.0%			$	1,415,409,239

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $389,310,914 which represents 27.51% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2020.

(c) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $21,909,222, which was collateralized by cash used to purchase repurchase agreements with a total value of $5,468,288 and by $17,498,026 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from 4/2/2020 – 2/15/2050, a total value of $22,966,314.

(d) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2020. The maturity date reflects the next call date.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of March 31, 2020.

(f) Zero Coupon Security. Debt security that pays no cash income but is sold at substantial discount from its value at maturity.

(g) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, 2020.

(h) Security or a portion of the security was used to cover the margin requirement for futures contracts.

(i) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $5,468,288.

CLO	Collateralized Loan obligation
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
RB	Revenue Bond
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
UMBS	Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		893			6/2020		USD		196,801,852			2,990,802
U.S. Treasury Long Bond		1,898			6/2020		USD		339,860,625			23,205,389
U.S. Treasury Ultra Bond		109			6/2020		USD		24,184,375			2,175,481
												28,371,672
Short Contracts
U.S. Treasury 5 Year Note		(343	)		6/2020		USD		(42,998,266	)		(1,396,940	)
U.S. Treasury 10 Year Note		(1,066	)		6/2020		USD		(147,840,875	)		(5,911,730	)
U.S. Treasury 10 Year Ultra Bond		(847	)		6/2020		USD		(132,158,469	)		(7,386,814	)
												(14,695,484	)
												13,676,188

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	–		$	247,883,323	$	–	$	247,883,323
Collateralized Mortgage Obligations		–			57,765,823		–		57,765,823
Commercial Mortgage-Backed Securities		–			134,971,270		–		134,971,270
Corporate Bonds		–			420,190,447		–		420,190,447
Futures Contracts		28,371,672			–		–		28,371,672
Loan Participations		–			5,433,332		–		5,433,332
Mortgage-Backed Securities		–			368,723,143		–		368,723,143
Municipal Bonds		–			17,689,500		–		17,689,500
Repurchase Agreements		–			5,468,288		–		5,468,288
U.S. Government Agency Securities		–			23,244,633		–		23,244,633
U.S. Treasury Obligations		–			75,334,041		–		75,334,041
Total Assets	$	28,371,672		$	1,356,703,800	$	–	$	1,385,075,472
Liabilities:
Futures Contracts		(14,695,484	)		–		–		(14,695,484	)
Total Liabilities	$	(14,695,484	)	$	–	$	–	$	(14,695,484	)
Total	$	13,676,188		$	1,356,703,800	$	–	$	1,370,379,988

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Bond Fund (Continued)

Futures Contracts

The Fund is subject to interest rate in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Assets:		Fair Value
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts	$	28,371,672
Total		$	28,371,672
Liabilities:
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts	$	(14,695,484	)
Total		$	(14,695,484	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund

Asset-Backed Securities 5.1%
	Principal   Amount		Value
Home Equity 0.3%
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A3, 1.15%, 1/25/2036(a)	$	206,056	$	204,627
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class M1, 1.23%, 11/25/2036(a)		4,335,535		4,205,912
Popular ABS Mortgage Pass-Through Trust, Series 2005-2, Class AV1B, 1.21%, 4/25/2035(a)		263,930		263,426
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-NC1, Class A4, 1.10%, 5/25/2036(a)		103,094		102,431
				4,776,396
Other 4.3%
522 Funding CLO I Ltd., Series 2019-1A, Class A1, 3.29%, 1/15/2033(a)(b)		3,600,000		3,328,366
AM Capital Funding LLC, Series 2018-1, Class A, 4.98%, 12/15/2023(b)		5,010,000		4,994,258
CIFC Funding 2019-V Ltd., Series 2019-5A, Class A1, 3.48%, 10/15/2032(a)(b)		7,300,000		6,810,462
Corevest American Finance Trust, Series 2019-1, Class A, 3.32%, 3/15/2052(b)		2,396,115		2,382,945
Elmwood CLO III Ltd., Series 2019-3A, Class A1, 3.23%, 10/15/2032(a)(b)		8,600,000		7,923,085
Kayne CLO 5 Ltd., Series 2019-5A, Class A, 3.15%, 7/24/2032(a)(b)		7,300,000		6,826,478
Magnetite XXIV Ltd., Series 2019-24A, Class A, 3.24%, 1/15/2033(a)(b)		4,400,000		4,197,569
Octagon Investment Partners 44 Ltd., Series 2019-1A, Class A, 3.12%, 7/20/2032(a)(b)		10,100,000		9,522,381
Southwick Park CLO LLC, Series 2019-4A, Class A1, 3.12%, 7/20/2032(a)(b)		10,600,000		10,144,889
Voya CLO Ltd., Series 2019-2A, Class A, 3.09%, 7/20/2032(a)(b)		14,600,000		13,973,748
				70,104,181
Student Loan 0.5%
Navient Student Loan Trust, Series 2019-7A, Class A1, 1.45%, 1/25/2068(a)(b)		8,056,298		7,901,626
Total Asset-Backed Securities (cost $86,242,908)				82,782,203
Collateralized Mortgage Obligations 8.3%
		Principal Amount		Value
Angel Oak Mortgage Trust, Series 2019-6, Class A1, 2.62%, 11/25/2059(a)(b)		4,621,839		4,577,753
Connecticut Avenue Securities Trust, Series 2019-R07, Class 1M1, 1.72%, 10/25/2039(a)(b)		1,459,882		1,423,775
FHLMC REMICS
Series 4073, Class SB, IO, 5.30%, 7/15/2042(a)		7,802,037		1,488,674
Series 4122, IO, 4.00%, 10/15/2042		8,539,917		1,299,557
Series 4120, Class SV, IO, 5.45%, 10/15/2042(a)		8,698,910		1,666,236
Series 4159, Class KS, IO, 5.45%, 1/15/2043(a)		4,068,840		876,567
Series 4459, Class IB, IO, 4.00%, 8/15/2043		7,272,409		1,052,002
Series 4468, Class SY, IO, 5.40%, 5/15/2045(a)		4,007,159		581,123

Collateralized Mortgage Obligations (continued)
		Principal   Amount		Value
FHLMC REMICS (continued)
Series 4583, Class ST, IO, 5.30%, 5/15/2046(a)	$	8,918,863	$	1,401,678
Series 4623, Class MS, IO, 5.30%, 10/15/2046(a)		6,692,338		1,436,735
Series 4573, IO, 3.50%, 4/15/2046		8,186,265		1,155,292
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA2, Class M2, 4.40%, 10/25/2029(a)		10,600,000		9,432,997
Series 2017-HQA2, Class M2, 3.60%, 12/25/2029(a)		6,100,000		5,281,101
Series 2017-DNA3, Class M2, 3.45%, 3/25/2030(a)		7,210,000		6,206,667
Series 2017-HQA3, Class M2, 3.30%, 4/25/2030(a)		10,886,532		9,346,023
Series 2018-DNA1, Class M2, 2.75%, 7/25/2030(a)		2,500,000		2,049,998
Series 2018-HQA1, Class M2, 3.25%, 9/25/2030(a)		9,841,498		8,288,505
FNMA REMICS
Series 2012-70, Class HS, IO, 5.05%, 7/25/2042(a)		9,105,555		1,700,807
Series 2012-149, Class LI, IO, 4.00%, 1/25/2043		7,258,867		1,143,754
Series 2012-68, Class SL, IO, 5.10%, 7/25/2042(a)		7,265,241		1,572,496
Series 2013-6, Class SB, IO, 5.15%, 2/25/2043(a)		6,329,980		1,177,696
Series 2014-90, Class SA, IO, 5.20%, 1/25/2045(a)		7,823,901		1,338,168
Series 2016-3, Class IP, IO, 4.00%, 2/25/2046		9,050,904		1,224,033
FNMA Connecticut Avenue Securities
Series 2016-C07, Class 2M2, 5.30%, 5/25/2029(a)		6,941,281		6,618,072
Series 2017-C03, Class 1M2, 3.95%, 10/25/2029(a)		5,570,000		4,932,181
Series 2017-C04, Class 2M2, 3.80%, 11/25/2029(a)		4,525,000		3,948,864
Series 2017-C05, Class 1M2, 3.15%, 1/25/2030(a)		2,385,091		2,107,415
Series 2017-C06, Class 2M2, 3.75%, 2/25/2030(a)		3,182,508		2,654,751
Series 2017-C07, Class 2M2, 3.45%, 5/25/2030(a)		6,424,130		5,543,313
Series 2018-C01, Class 1M2, 3.20%, 7/25/2030(a)		9,990,000		8,626,513
Series 2018-C02, Class 2M2, 3.15%, 8/25/2030(a)		1,622,362		1,340,344
GCAT Trust
Series 2019-NQM2, Class A1, 2.86%, 9/25/2059(b)(c)		6,818,843		6,660,367
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(a)(b)		3,957,801		3,772,159
GNMA REMICS
Series 2013-23, Class IT, IO, 3.50%, 2/20/2043		4,900,282		685,860
Series 2019-22, Class SA, IO, 4.83%, 2/20/2045(a)		8,754,960		1,694,199
Series 2019-65, Class IE, IO, 3.50%, 5/20/2046		10,813,660		1,080,807
Series 2016-91, Class NS, IO, 5.31%, 7/20/2046(a)		6,970,122		1,443,275
New Residential Mortgage Loan Trust, Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(a)(b)		4,636,008		4,581,305
OBX Trust, Series 2019-EXP3, Class 2A1A, 1.85%, 10/25/2059(a)(b)		745,510		716,148

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
		Principal   Amount		Value
GNMA REMICS (continued)
Permanent Master Issuer plc, Series 2018-1A, Class 1A1, 2.21%, 7/15/2058(a)(b)	$	1,125,000	$	1,122,132
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A1, 2.61%, 9/27/2049(a)(b)		4,465,823		4,256,316
Verus Securitization Trust
Series 2019-4, Class A1, 2.64%, 11/25/2059(b)(c)		3,432,396		3,475,175
Series 2019-INV1, Class A1, 3.40%, 12/25/2059(a)(b)		3,342,854		3,202,537
Total Collateralized Mortgage Obligations (cost $147,993,220)				134,183,370
Commercial Mortgage-Backed Securities 10.0%
		Principal Amount		Value
BANK, Series 2019-BN22, Class A4, 2.98%, 11/15/2062		3,080,000		3,214,642
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class B, 3.73%, 4/10/2046(a)		4,100,000		4,040,848
Series 2013-GC17, Class B, 5.10%, 11/10/2046(a)		1,465,000		1,496,057
Series 2014-GC23, Class B, 4.17%, 7/10/2047(a)		2,915,000		2,825,303
Series 2016-GC36, Class A5, 3.62%, 2/10/2049		4,452,000		4,729,329
Series 2017-C4, Class A1, 2.12%, 10/12/2050		2,556,266		2,548,136
COMM Mortgage Trust
Series 2012-CR4, Class AM, 3.25%, 10/15/2045		3,325,000		3,320,901
Series 2014-CR16, Class XA, IO, 0.98%, 4/10/2047(a)		34,864,741		1,127,400
Series 2014-CR17, Class XA, IO, 0.97%, 5/10/2047(a)		26,049,813		845,931
Series 2014-UBS3, Class XA, IO, 1.08%, 6/10/2047(a)		21,312,280		786,700
Series 2014-UBS6, Class XA, IO, 0.89%, 12/10/2047(a)		17,923,082		570,221
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		6,850,000		6,975,236
Series 2015-LC21, Class A4, 3.71%, 7/10/2048		2,160,000		2,295,042
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		3,075,000		3,244,472
Series 2017-COR2, Class A1, 2.11%, 9/10/2050		1,870,224		1,863,533
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class B, 4.10%, 8/15/2048(a)		3,551,688		3,413,470
Series 2016-C7, Class A5, 3.50%, 11/15/2049		1,800,000		1,848,327
Series 2019-C15, Class A4, 4.05%, 3/15/2052		4,971,000		5,375,119
Series 2015-C2, Class XA, IO, 0.76%, 6/15/2057(a)		35,898,123		1,087,322
FHLMC Multifamily Structured Pass-Through Certificates REMICS
Series K076, Class A2, 3.90%, 4/25/2028		1,935,000		2,273,704
Series K077, Class A2, 3.85%, 5/25/2028(a)		2,405,000		2,816,854
Series K084, Class A2, 3.78%, 10/25/2028(a)		5,310,000		6,229,706

Commercial Mortgage-Backed Securities (continued)
		Principal   Amount		Value
Series K087, Class A2, 3.77%, 12/25/2028	$	1,645,000	$	1,939,584
Series K098, Class XAM, IO, 1.52%, 8/25/2029(a)		17,661,000		1,957,999
GS Mortgage Securities Trust
Series 2012-GCJ7, Class B, 4.74%, 5/10/2045		4,325,000		4,307,919
Series 2012-GCJ9, Class B, 3.75%, 11/10/2045(b)		3,330,000		3,268,441
Series 2014-GC18, Class XA, IO, 1.01%, 1/10/2047(a)		53,374,626		1,581,741
Series 2014-GC26, Class XA, IO, 0.97%, 11/10/2047(a)		30,281,417		1,103,782
Series 2015-GC32, Class A4, 3.76%, 7/10/2048		2,250,000		2,329,323
Series 2015-GS1, Class C, 4.42%, 11/10/2048(a)		1,840,000		1,551,961
Series 2015-GC30, Class XA, IO, 0.79%, 5/10/2050(a)		40,650,456		1,256,644
Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		3,830,000		3,844,730
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11, Class B, 3.50%, 4/15/2046		3,375,000		3,273,877
Series 2011-C5, Class B, 5.42%, 8/15/2046(a)(b)		2,790,000		2,824,873
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/2048		2,950,000		3,147,905
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A1, 2.08%, 10/15/2050		2,577,404		2,568,240
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C16, Class XA, IO, 1.00%, 6/15/2047(a)		27,236,764		828,692
Series 2015-C24, Class A4, 3.73%, 5/15/2048		4,795,000		5,087,094
Morgan Stanley Capital I Trust, Series 2015-MS1, Class A4, 3.78%, 5/15/2048(a)		4,550,000		4,751,424
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 8/15/2050		2,700,000		2,798,406
Series 2017-C4, Class A1, 2.13%, 10/15/2050		1,441,064		1,435,914
Series 2017-C4, Class A4, 3.56%, 10/15/2050		2,502,000		2,606,573
Series 2017-C4, Class AS, 3.84%, 10/15/2050(a)		2,820,000		2,848,770
Series 2018-C14, Class A1, 3.38%, 12/15/2051		5,747,786		5,860,460
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5, Class B, 4.14%, 10/15/2045		3,110,000		3,096,744
Series 2015-C28, Class A4, 3.54%, 5/15/2048		3,795,000		3,919,772
Series 2015-C29, Class A4, 3.64%, 6/15/2048		2,890,000		2,999,553
Series 2015-NXS4, Class C, 4.67%, 12/15/2048(a)		3,553,000		3,039,331
Series 2016-LC24, Class A4, 2.94%, 10/15/2049		1,695,000		1,747,852
Series 2016-NXS6, Class A4, 2.92%, 11/15/2049		4,700,000		4,709,410
Series 2017-C39, Class A5, 3.42%, 9/15/2050		2,713,000		2,826,555
Series 2017-C40, Class A1, 2.11%, 10/15/2050		1,600,291		1,597,199

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Commercial Mortgage-Backed Securities (continued)
		Principal   Amount		Value
Series 2018-C48, Class A5, 4.30%, 1/15/2052	$	5,650,000	$	6,148,795
Series 2016-LC25, Class A4, 3.64%, 12/15/2059		4,225,000		4,411,859
WFRBS Commercial Mortgage Trust
Series 2014-LC14, Class XA, IO, 1.21%, 3/15/2047(a)		20,709,023		728,241
Series 2014-C22, Class AS, 4.07%, 9/15/2057(a)		2,620,000		2,674,119
Total Commercial Mortgage-Backed Securities (cost $164,031,112)				162,002,035
Convertible Bond 0.0%†
		Principal Amount		Value
Media 0.0%†
DISH Network Corp., 3.38%, 08/15/26		503,000		408,361
				0
Total Convertible Bond (cost $442,923)				408,361
Corporate Bonds 37.2%
		Principal Amount		Value
Aerospace & Defense 0.1%
Bombardier, Inc., 8.75%, 12/1/2021(b)(d)		115,000		95,594
5.75%, 3/15/2022(b)(d)		185,000		140,137
6.00%, 10/15/2022(b)		60,000		45,000
TransDigm, Inc., 6.25%, 3/15/2026(b)(d)		605,000		602,731
6.38%, 6/15/2026		440,000		421,300
7.50%, 3/15/2027(d)		365,000		351,751
5.50%, 11/15/2027(b)		800,000		718,000
				2,374,513
Airlines 0.0%†
American Airlines Group, Inc., 3.75%, 3/1/2025(b)		105,000		73,500
United Airlines Holdings, Inc., 4.88%, 1/15/2025		80,000		68,800
				142,300
Auto Components 0.0%†
Dealer Tire LLC, 8.00%, 2/1/2028(b)		60,000		48,000
Panther BF Aggregator 2 LP, 6.25%, 5/15/2026(b)		75,000		70,875
8.50%, 5/15/2027(b)		100,000		87,240
				206,115
Banks 5.7%
Banco de Credito e Inversiones SA, 3.50%, 10/12/2027(b)		200,000		189,433
Banco Santander SA,
Reg. S, (USD ICE Swap Rate 5 Year + 4.99%), 7.50%, 2/08/2024(e)(f)		1,200,000		1,051,399
Bank Leumi Le-Israel BM,
Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.63%), 3.27%, 1/29/2031(b)(f)		200,000		185,808
Bank of America Corp.,
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024(e)(f)		2,910,000		2,764,500

Corporate Bonds (continued)
		Principal   Amount		Value
Banks (continued)
Bank of America Corp., (continued)
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/05/2024(d)(e)(f)	$	1,240,000	$	1,258,600
4.45%, 3/3/2026		4,260,000		4,588,175
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028(f)		3,205,000		3,277,021
Banque Centrale de Tunisie International Bond,
Reg. S, 5.75%, 1/30/2025		600,000		476,628
BNP Paribas SA,
(USD Swap Semi 5 Year + 4.92%), 6.75%, 3/14/2022(b)(d)(e)(f)		2,045,000		1,845,613
3.50%, 3/1/2023(b)		7,225,000		7,247,580
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023(d)(e)(f)		1,235,000		1,191,775
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024(e)(f)		1,239,000		1,132,644
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025(e)(f)		750,000		642,450
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025(f)		5,610,000		5,748,558
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(f)		2,130,000		2,190,761
Citizens Financial Group, Inc.,
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/06/2023(e)(f)		2,650,000		2,252,500
Fifth Third Bancorp,
(ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023(d)(e)(f)		1,260,000		1,020,600
Grupo Aval Ltd., 4.38%, 2/4/2030(b)(d)		200,000		160,500
Huntington Bancshares, Inc.,
Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023(e)(f)		2,515,000		2,012,000
2.55%, 2/4/2030		6,990,000		6,240,447
ING Groep NV,
(USD Swap Semi 5 Year + 4.45%), 6.50%, 4/16/2025(e)(f)		1,000,000		833,200
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026(e)(f)		1,385,000		1,198,897
JPMorgan Chase & Co.,
Series CC, (ICE LIBOR USD 3 Month + 2.58%), 4.62%, 11/01/2022(d)(e)(f)		1,430,000		1,258,400
Series FF, (SOFR + 3.38%), 5.00%, 8/01/2024(e)(f)		1,385,000		1,300,847
Series HH, (SOFR + 3.13%), 4.60%, 2/01/2025(e)(f)		775,000		678,280
(ICE LIBOR USD 3 Month + 1.16%), 3.22%, 3/1/2025(f)		9,895,000		10,273,236
(SOFR + 1.51%), 2.74%, 10/15/2030(f)		4,665,000		4,726,284
M&T Bank Corp.,
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 5.00%, 8/01/2024(e)(f)		2,500,000		2,325,000
NBK Tier 1 Financing 2 Ltd.,
(USD Swap Semi 6 Year + 2.83%), 4.50%, 11/27/2025(b)(e)(f)		200,000		188,000
Truist Financial Corp.,
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/01/2024(d)(e)(f)		2,500,000		2,150,000
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024(d)(e)(f)		1,100,000		979,000
US Bancorp, 3.00%, 7/30/2029		9,125,000		9,067,834

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
		Principal   Amount		Value
Banks (continued)
Vnesheconombank,
Reg. S, 6.90%, 7/9/2020	$	200,000	$	199,770
Wells Fargo & Co.,
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024(e)(f)		1,290,000		1,264,200
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025(e)(f)		1,245,000		1,263,675
(ICE LIBOR USD 3 Month + 1.17%), 2.88%, 10/30/2030(f)		9,205,000		9,117,507
				92,301,122
Beverages 0.8%
Anheuser-Busch Cos. LLC, 4.90%, 2/1/2046		11,685,000		12,726,879
Biotechnology 1.8%
AbbVie, Inc., 2.30%, 11/21/2022(b)		2,155,000		2,156,688
2.95%, 11/21/2026(b)		13,250,000		13,310,775
4.88%, 11/14/2048		5,140,000		5,963,045
4.25%, 11/21/2049(b)		3,015,000		3,202,959
Amgen, Inc., 3.15%, 2/21/2040		4,550,000		4,533,987
				29,167,454
Building Products 0.6%
Carrier Global Corp., 2.49%, 2/15/2027(b)		4,825,000		4,602,513
2.72%, 2/15/2030(b)		3,605,000		3,321,766
Cornerstone Building Brands, Inc., 8.00%, 4/15/2026(b)(d)		98,000		84,280
JELD-WEN, Inc., 4.63%, 12/15/2025(b)		100,000		88,000
4.88%, 12/15/2027(b)		410,000		361,825
Masonite International Corp., 5.75%, 9/15/2026(b)(d)		390,000		382,200
5.38%, 2/1/2028(b)		100,000		98,280
Votorantim Cimentos International SA,
Reg. S, 7.25%, 4/5/2041		200,000		201,252
				9,140,116
Capital Markets 2.5%
Bank of New York Mellon Corp. (The),
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026(e)(f)		1,395,000		1,258,987
Credit Suisse Group AG,
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026(b)(e)(f)		1,600,000		1,404,320
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.29%), 5.10%, 1/24/2030(b)(d)(e)(f)		1,705,000		1,317,112
Goldman Sachs Group, Inc. (The),
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.62%), 5.50%, 8/10/2024(e)(f)		1,598,000		1,535,854
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025(e)(f)		1,144,000		1,018,160
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025(f)		2,250,000		2,286,632
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026(d)(e)(f)		1,050,000		1,018,500
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(f)		2,445,000		2,525,235
Huarong Finance 2017 Co. Ltd.,
Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.77%), 4.50%, 1/24/2022(e)(f)		400,000		385,992

Corporate Bonds (continued)
		Principal   Amount		Value
Capital Markets (continued)
LPL Holdings, Inc., 5.75%, 9/15/2025(b)	$	515,000	$	494,400
4.63%, 11/15/2027(b)		140,000		128,047
Morgan Stanley, 3.63%, 1/20/2027		4,100,000		4,386,642
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029(f)		2,770,000		2,918,145
(SOFR + 1.14%), 2.70%, 1/22/2031(f)		7,410,000		7,244,893
State Street Corp.,
(SOFR + 0.94%), 2.35%, 11/1/2025(f)		10,535,000		10,308,960
UBS Group AG,
Reg. S, (USD Swap Semi 5 Year + 4.59%), 6.87%, 8/07/2025(e)(f)		2,205,000		2,091,994
				40,323,873
Chemicals 0.1%
CF Industries, Inc., 5.38%, 3/15/2044		45,000		42,864
CNAC HK Finbridge Co. Ltd.,
Reg. S, 3.38%, 6/19/2024		400,000		390,582
Reg. S, 5.13%, 3/14/2028		400,000		436,059
NOVA Chemicals Corp., 5.25%, 6/1/2027(b)		123,000		103,627
PQ Corp., 6.75%, 11/15/2022(b)		25,000		25,126
Sasol Financing USA LLC, 5.88%, 3/27/2024		400,000		167,924
6.50%, 9/27/2028		200,000		81,998
Starfruit Finco BV, 8.00%, 10/1/2026(b)		565,000		536,270
Trinseo Materials Operating SCA, 5.38%, 9/1/2025(b)(d)		90,000		75,825
Tronox Finance plc, 5.75%, 10/1/2025(b)		95,000		84,787
Tronox, Inc., 6.50%, 4/15/2026(b)(d)		415,000		373,500
				2,318,562
Commercial Services & Supplies 0.3%
APX Group, Inc., 7.88%, 12/1/2022		38,000		35,733
7.63%, 9/1/2023		270,000		208,578
6.75%, 2/15/2027(b)		255,000		211,650
Aramark Services, Inc., 5.00%, 2/1/2028(b)(d)		135,000		125,634
Garda World Security Corp., 8.75%, 5/15/2025(b)		325,000		299,000
9.50%, 11/1/2027(b)		109,000		97,435
Harsco Corp., 5.75%, 7/31/2027(b)(d)		530,000		490,430
IAA, Inc., 5.50%, 6/15/2027(b)		450,000		435,375
KAR Auction Services, Inc., 5.13%, 6/1/2025(b)(d)		735,000		701,925
Nielsen Co. Luxembourg SARL (The), 5.00%, 2/1/2025(b)(d)		415,000		384,913
Nielsen Finance LLC, 5.00%, 4/15/2022(b)		75,000		69,136
Prime Security Services Borrower LLC, 5.75%, 4/15/2026(b)		980,000		960,400
6.25%, 1/15/2028(b)(d)		310,000		267,375
				4,287,584
Communications Equipment 0.1%
CommScope Technologies LLC, 6.00%, 6/15/2025(b)		360,000		329,472
5.00%, 3/15/2027(b)(d)		675,000		585,562
CommScope, Inc., 6.00%, 3/1/2026(b)		80,000		79,880

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
		Principal   Amount		Value
Communications Equipment (continued)
CommScope, Inc., (continued) 8.25%, 3/1/2027(b)(d)	$	280,000	$	269,892
				1,264,806
Construction & Engineering 0.1%
China Minmetals Corp.,
Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022(e)(f)		844,000		818,633
Dianjian Haiyu Ltd.,
Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 4.30%, 6/20/2024(e)(f)		250,000		242,812
IHS Netherlands Holdco BV, 8.00%, 9/18/2027(b)		200,000		164,040
Mexico City Airport Trust, 5.50%, 7/31/2047(b)		200,000		162,978
				1,388,463
Consumer Finance 0.9%
American Express Co., 3.70%, 11/5/2021		4,125,000		4,220,309
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027(b)		6,305,000		4,944,586
Capital One Financial Corp., 3.20%, 1/30/2023		2,295,000		2,268,404
Discover Financial Services,
Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027(d)(e)(f)		2,100,000		1,680,000
Ford Motor Credit Co. LLC, 3.34%, 3/18/2021		10,000		9,598
5.88%, 8/2/2021		230,000		225,400
4.39%, 1/8/2026		185,000		161,875
5.11%, 5/3/2029		200,000		173,375
Global Aircraft Leasing Co. Ltd., 6.50%, 9/15/2024(b)(g)		305,000		196,420
				13,879,967
Containers & Packaging 0.1%
ARD Finance SA, 6.50%, 6/30/2027(b)(g)		355,000		304,910
Ball Corp., 4.00%, 11/15/2023		60,000		60,450
5.25%, 7/1/2025(d)		10,000		10,873
Berry Global, Inc., 5.13%, 7/15/2023(d)		125,000		125,275
4.50%, 2/15/2026(b)(d)		110,000		106,150
5.63%, 7/15/2027(b)		285,000		294,439
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/2024(b)(d)		165,000		151,800
7.25%, 4/15/2025(b)(d)		205,000		162,975
Trident TPI Holdings, Inc., 9.25%, 8/1/2024(b)		235,000		195,050
				1,411,922
Distributors 0.1%
Core & Main LP, 6.13%, 8/15/2025(b)(d)		105,000		97,650
Performance Food Group, Inc., 5.50%, 10/15/2027(b)(d)		255,000		236,513
Resideo Funding, Inc., 6.13%, 11/1/2026(b)(d)		340,000		296,650
Univar Solutions USA, Inc., 5.13%, 12/1/2027(b)		485,000		441,350
				1,072,163
Diversified Consumer Services 0.0%†
frontdoor, Inc., 6.75%, 8/15/2026(b)(d)		260,000		248,950

Corporate Bonds (continued)
		Principal   Amount		Value
Diversified Financial Services 0.2%
Charming Light Investments Ltd.,
Reg. S, 4.38%, 12/21/2027	$	400,000	$	434,876
CSN Islands XI Corp., 6.75%, 1/28/2028(b)		219,000		140,267
Gazprom PJSC, 5.15%, 2/11/2026(b)		391,000		408,403
Gtlk Europe Capital DAC,
Reg. S, 4.95%, 2/18/2026		273,000		248,430
Reg. S, 4.65%, 3/10/2027		200,000		173,000
MDGH - GMTN BV, 3.70%, 11/7/2049(b)		200,000		185,000
MPH Acquisition Holdings LLC, 7.13%, 6/1/2024(b)(d)		785,000		682,997
Power Finance Corp. Ltd., 3.95%, 4/23/2030(b)		200,000		168,097
				2,441,070
Diversified Telecommunication Services 1.6%
Altice France SA, 7.38%, 5/1/2026(b)(d)		405,000		402,023
8.13%, 2/1/2027(b)(d)		355,000		370,087
5.50%, 1/15/2028(b)(d)		315,000		294,935
AT&T, Inc., 4.35%, 3/1/2029		3,030,000		3,269,052
4.90%, 8/15/2037		3,190,000		3,554,089
5.35%, 9/1/2040		2,434,000		2,808,417
5.55%, 8/15/2041		3,805,000		4,327,919
4.35%, 6/15/2045		2,450,000		2,587,306
4.50%, 3/9/2048		2,930,000		3,172,969
CCO Holdings LLC, 5.25%, 9/30/2022(d)		210,000		206,325
5.13%, 5/1/2023(b)		215,000		217,150
5.88%, 4/1/2024(b)		100,000		102,500
5.75%, 2/15/2026(b)		460,000		465,819
5.00%, 2/1/2028(b)		190,000		190,475
4.75%, 3/1/2030(b)		55,000		54,725
4.50%, 8/15/2030(b)		525,000		514,500
4.50%, 5/1/2032(b)		280,000		273,056
Front Range BidCo, Inc., 6.13%, 3/1/2028(b)(d)		150,000		142,500
Frontier Communications Corp., 8.00%, 4/1/2027(b)		945,000		932,035
Intelsat Jackson Holdings SA, 5.50%, 8/1/2023		345,000		225,975
Level 3 Financing, Inc., 5.38%, 8/15/2022		46,000		46,230
5.13%, 5/1/2023		190,000		186,673
5.38%, 1/15/2024(d)		60,000		60,000
4.63%, 9/15/2027(b)		235,000		233,567
Sprint Capital Corp., 6.88%, 11/15/2028		120,000		137,064
8.75%, 3/15/2032		345,000		456,263
Verizon Communications, Inc., 3.15%, 3/22/2030		1,155,000		1,244,112
				26,475,766
Electric Utilities 1.5%
ABY Transmision Sur SA, 6.88%, 4/30/2043(b)		195,900		251,489
Adani Electricity Mumbai Ltd., 3.95%, 2/12/2030(b)		200,000		163,973
Comision Federal de Electricidad,
Reg. S, 4.75%, 2/23/2027		200,000		185,000
Commonwealth Edison Co., 4.00%, 3/1/2049		5,440,000		6,049,135
Duke Energy Corp.,
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%, 9/16/2024(d)(e)(f)		1,650,000		1,386,000

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Electric Utilities (continued)
Duke Energy Indiana LLC,
Series YYY, 3.25%, 10/1/2049	$	3,750,000	$	3,735,766
Empresa de Transmision Electrica SA, 5.13%, 5/2/2049(b)		400,000		400,004
Entergy Arkansas LLC, 4.20%, 4/1/2049		5,300,000		6,009,559
Eskom Holdings SOC Ltd.,
Reg. S, 6.75%, 8/6/2023		200,000		148,600
7.13%, 2/11/2025(b)		200,000		143,861
Evergy, Inc., 2.45%, 9/15/2024		4,555,000		4,468,433
NRG Energy, Inc., 6.63%, 1/15/2027		400,000		416,000
5.25%, 6/15/2029(b)		30,000		30,900
Perusahaan Listrik Negara PT,
Reg. S, 5.25%, 10/24/2042		200,000		196,000
Vistra Operations Co. LLC, 5.50%, 9/1/2026(b)		135,000		139,050
5.63%, 2/15/2027(b)		220,000		226,875
5.00%, 7/31/2027(b)		215,000		218,225
				24,168,870
Electrical Equipment 0.0%†
EnerSys, 4.38%, 12/15/2027(b)		385,000		361,900
Energy Equipment & Services 0.0%†
Archrock Partners LP, 6.25%, 4/1/2028(b)		155,000		106,950
Precision Drilling Corp., 7.75%, 12/15/2023		95,000		38,000
5.25%, 11/15/2024(d)		105,000		36,750
7.13%, 1/15/2026(b)(d)		75,000		24,750
Transocean Pontus Ltd., 6.13%, 8/1/2025(b)		50,100		40,581
				247,031
Entertainment 0.4%
Live Nation Entertainment, Inc., 4.75%, 10/15/2027(b)(d)		470,000		418,300
Netflix, Inc., 5.38%, 2/1/2021(d)		65,000		65,487
4.88%, 4/15/2028(d)		190,000		195,700
5.88%, 11/15/2028		60,000		64,110
6.38%, 5/15/2029(d)		310,000		337,807
5.38%, 11/15/2029(b)(d)		215,000		223,095
Walt Disney Co. (The), 4.70%, 3/23/2050		4,190,000		5,475,313
				6,779,812
Equity Real Estate Investment Trusts (REITs) 1.2%
Crown Castle International Corp., 3.30%, 7/1/2030		4,500,000		4,463,055
ESH Hospitality, Inc., 5.25%, 5/1/2025(b)		275,000		231,000
Essex Portfolio LP, 2.65%, 3/15/2032		5,970,000		5,296,925
Iron Mountain US Holdings, Inc., 5.38%, 6/1/2026(b)(d)		105,000		106,050
Iron Mountain, Inc., 4.88%, 9/15/2027(b)(d)		285,000		276,450
5.25%, 3/15/2028(b)(d)		785,000		775,423
4.88%, 9/15/2029(b)		110,000		103,332
MPT Operating Partnership LP, 6.38%, 3/1/2024(d)		235,000		235,000
5.50%, 5/1/2024		170,000		165,325
5.25%, 8/1/2026		100,000		98,106
Ryman Hospitality Properties, Inc., 4.75%, 10/15/2027(b)		120,000		90,000

Corporate Bonds (continued)
	Principal   Amount		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Uniti Group LP, 6.00%, 4/15/2023(b)	$	145,000	$	131,950
7.88%, 2/15/2025(b)		610,000		560,822
Ventas Realty LP, 3.50%, 4/15/2024		6,255,000		6,109,053
VICI Properties LP, 4.63%, 12/1/2029(b)		65,000		59,305
				18,701,796
Food & Staples Retailing 1.7%
Cencosud SA, 4.38%, 7/17/2027(b)		260,000		213,068
Reg. S, 4.38%, 7/17/2027		200,000		163,898
Walmart, Inc., 3.40%, 6/26/2023		9,695,000		10,282,050
2.85%, 7/8/2024		10,930,000		11,490,546
3.70%, 6/26/2028		3,310,000		3,714,617
4.05%, 6/29/2048		1,165,000		1,453,548
				27,317,727
Food Products 0.7%
Kraft Heinz Foods Co., 3.75%, 4/1/2030(b)(d)		5,710,000		5,427,327
4.88%, 10/1/2049(b)		5,135,000		4,669,072
Post Holdings, Inc., 5.75%, 3/1/2027(b)(d)		100,000		102,471
5.63%, 1/15/2028(b)		505,000		512,575
4.63%, 4/15/2030(b)(d)		140,000		134,050
				10,845,495
Health Care Equipment & Supplies 0.5%
DH Europe Finance II Sarl, 2.60%, 11/15/2029		4,280,000		4,156,631
Ortho-Clinical Diagnostics, Inc., 6.63%, 5/15/2022(b)		97,000		91,665
7.25%, 2/1/2028(b)(d)		250,000		214,975
Zimmer Biomet Holdings, Inc., 3.05%, 1/15/2026		2,085,000		2,046,525
3.55%, 3/20/2030(d)		2,085,000		2,077,165
				8,586,961
Health Care Providers & Services 1.8%
Cigna Corp., 3.75%, 7/15/2023		9,859,000		10,136,326
2.40%, 3/15/2030		3,960,000		3,750,653
Community Health Systems, Inc., 8.63%, 1/15/2024(b)		55,000		54,295
8.13%, 6/30/2024(b)(d)		95,000		65,824
6.63%, 2/15/2025(b)		115,000		106,375
CVS Health Corp., 4.00%, 12/5/2023		1,990,000		2,097,473
3.00%, 8/15/2026		3,120,000		3,156,953
5.05%, 3/25/2048		3,005,000		3,433,297
Envision Healthcare Corp., 8.75%, 10/15/2026(b)(d)		310,000		75,950
HCA, Inc., 7.69%, 6/15/2025(d)		155,000		159,650
5.38%, 9/1/2026(d)		290,000		298,700
5.63%, 9/1/2028		145,000		151,772
5.88%, 2/1/2029		280,000		296,100
3.50%, 9/1/2030(d)		30,000		27,216
Polaris Intermediate Corp., 8.50%, 12/1/2022(b)(d)(g)		110,000		85,250
Select Medical Corp., 6.25%, 8/15/2026(b)		180,000		180,000
Tenet Healthcare Corp., 8.13%, 4/1/2022		25,000		23,812
6.75%, 6/15/2023		220,000		202,950
7.00%, 8/1/2025		135,000		117,450

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc., 3.88%, 8/15/2059	$	4,480,000	$	4,923,221
Vizient, Inc., 6.25%, 5/15/2027(b)		135,000		131,681
West Street Merger Sub, Inc., 6.38%, 9/1/2025(b)		450,000		392,265
				29,867,213
Hotels, Restaurants & Leisure 0.1%
1011778 BC ULC, 4.25%, 5/15/2024(b)		340,000		339,147
5.00%, 10/15/2025(b)		265,000		253,072
Boyd Gaming Corp., 6.38%, 4/1/2026(d)		320,000		276,800
4.75%, 12/1/2027(b)		50,000		41,250
Cedar Fair LP, 5.38%, 4/15/2027(d)		145,000		124,700
5.25%, 7/15/2029(b)(d)		295,000		249,275
Churchill Downs, Inc., 5.50%, 4/1/2027(b)		355,000		334,648
Hilton Worldwide Finance LLC, 4.63%, 4/1/2025		15,000		13,950
Scientific Games International, Inc., 7.00%, 5/15/2028(b)(d)		265,000		162,975
Six Flags Entertainment Corp., 5.50%, 4/15/2027(b)(d)		425,000		358,062
Wynn Las Vegas LLC, 5.50%, 3/1/2025(b)		10,000		9,300
Yum! Brands, Inc., 7.75%, 4/1/2025(b)		50,000		52,500
				2,215,679
Household Durables 0.0%†
Shea Homes LP, 4.75%, 2/15/2028(b)		85,000		72,569
Taylor Morrison Communities, Inc., 5.88%, 6/15/2027(b)		170,000		157,891
5.75%, 1/15/2028(b)		395,000		352,701
				583,161
Household Products 0.1%
Energizer Holdings, Inc., 5.50%, 6/15/2025(b)		70,000		67,900
6.38%, 7/15/2026(b)(d)		335,000		338,350
7.75%, 1/15/2027(b)(d)		630,000		651,231
Spectrum Brands, Inc., 5.75%, 7/15/2025		250,000		233,750
				1,291,231
Independent Power and Renewable Electricity Producers 0.1%
Calpine Corp., 5.50%, 2/1/2024		30,000		28,500
5.75%, 1/15/2025		305,000		282,125
4.50%, 2/15/2028(b)		415,000		402,239
5.13%, 3/15/2028(b)(d)		250,000		230,000
Talen Energy Supply LLC, 6.50%, 6/1/2025		85,000		55,020
10.50%, 1/15/2026(b)(d)		235,000		169,200
7.25%, 5/15/2027(b)		200,000		180,740
6.63%, 1/15/2028(b)(d)		70,000		58,800
Vistra Energy Corp., 5.88%, 6/1/2023(d)		250,000		249,375
				1,655,999
Industrial Conglomerates 0.3%
General Electric Co., 5.88%, 1/14/2038		4,605,000		5,305,694

Corporate Bonds (continued)
	Principal   Amount		Value
Insurance 0.5%
Alliant Holdings Intermediate LLC, 6.75%, 10/15/2027(b)(d)	$	320,000	$	299,648
AmWINS Group, Inc., 7.75%, 7/1/2026(b)(d)		85,000		83,300
AssuredPartners, Inc., 7.00%, 8/15/2025(b)		340,000		306,000
Berkshire Hathaway Finance Corp., 4.20%, 8/15/2048		4,135,000		4,855,332
GTCR AP Finance, Inc., 8.00%, 5/15/2027(b)		165,000		151,800
HUB International Ltd., 7.00%, 5/1/2026(b)		820,000		811,800
Prudential Financial, Inc.,
(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 3/15/2044(f)		1,720,000		1,507,597
				8,015,477
Interactive Media & Services 0.0%†
Rackspace Hosting, Inc., 8.63%, 11/15/2024(b)(d)		760,000		682,100
IT Services 1.3%
Fiserv, Inc., 2.75%, 7/1/2024		6,650,000		6,675,289
4.40%, 7/1/2049		3,632,000		3,843,652
International Business Machines Corp., 2.85%, 5/13/2022		7,235,000		7,419,751
3.30%, 5/15/2026		2,735,000		2,922,871
Presidio Holdings, Inc., 4.88%, 2/1/2027(b)		95,000		85,025
8.25%, 2/1/2028(b)		265,000		233,532
Science Applications International Corp., 4.88%, 4/1/2028(b)		65,000		62,400
Tempo Acquisition LLC, 6.75%, 6/1/2025(b)		150,000		137,259
				21,379,779
Life Sciences Tools & Services 0.0%†
Avantor, Inc., 9.00%, 10/1/2025(b)(d)		575,000		605,303
Machinery 0.1%
Amsted Industries, Inc., 4.63%, 5/15/2030(b)		115,000		102,637
Granite US Holdings Corp., 11.00%, 10/1/2027(b)		200,000		171,583
Terex Corp., 5.63%, 2/1/2025(b)		600,000		564,060
				838,280
Media 2.3%
Altice Financing SA, 5.00%, 1/15/2028(b)(d)		210,000		185,850
Charter Communications Operating LLC, 4.46%, 7/23/2022		3,975,000		4,123,061
Clear Channel Worldwide Holdings, Inc., 5.13%, 8/15/2027(b)(d)		314,000		297,122
Comcast Corp., 2.35%, 1/15/2027		8,010,000		7,953,913
3.30%, 2/1/2027		2,805,000		2,965,817
4.95%, 10/15/2058		4,550,000		6,158,279
CSC Holdings LLC, 7.75%, 7/15/2025(b)		290,000		301,600
6.63%, 10/15/2025(b)(d)		200,000		210,262
10.88%, 10/15/2025(b)		266,000		287,613
5.50%, 5/15/2026(b)(d)		245,000		253,416
5.50%, 4/15/2027(b)		210,000		217,329
7.50%, 4/1/2028(b)		220,000		234,392

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Media (continued)
CSC Holdings LLC, (continued) 6.50%, 2/1/2029(b)	$	200,000	$	215,698
5.75%, 1/15/2030(b)(d)		200,000		201,692
Fox Corp., 5.58%, 1/25/2049(b)		5,325,000		6,368,590
iHeartCommunications, Inc., 6.38%, 5/1/2026		265,000		250,758
5.25%, 8/15/2027(b)		110,000		96,250
Nexstar Broadcasting, Inc., 5.63%, 7/15/2027(b)		540,000		527,850
Outfront Media Capital LLC, 5.00%, 8/15/2027(b)		261,000		240,120
Sirius XM Radio, Inc., 3.88%, 8/1/2022(b)(d)		45,000		44,831
4.63%, 5/15/2023(b)		120,000		118,799
4.63%, 7/15/2024(b)		225,000		228,359
5.38%, 7/15/2026(b)		65,000		66,294
5.00%, 8/1/2027(b)		130,000		131,937
5.50%, 7/1/2029(b)		680,000		693,600
Telenet Finance Luxembourg Notes Sarl, 5.50%, 3/1/2028(b)		200,000		186,000
ViacomCBS, Inc., 4.95%, 1/15/2031		4,275,000		4,207,599
				36,767,031
Metals & Mining 0.2%
Arconic Corp., 6.13%, 2/15/2028(b)		55,000		56,238
Big River Steel LLC, 7.25%, 9/1/2025(b)		341,000		310,310
Chinalco Capital Holdings Ltd.,
Reg. S, 4.25%, 4/21/2022		200,000		194,035
Corp. Nacional del Cobre de Chile, 3.15%, 1/14/2030(b)		260,000		240,370
Reg. S, 5.63%, 9/21/2035		100,000		110,726
CSN Resources SA, 7.63%, 4/17/2026(b)		418,000		272,222
First Quantum Minerals Ltd., 7.25%, 4/1/2023(b)		200,000		168,375
Freeport-McMoRan, Inc., 3.55%, 3/1/2022		29,000		28,021
5.00%, 9/1/2027(d)		135,000		125,341
4.13%, 3/1/2028(d)		70,000		61,075
5.25%, 9/1/2029(d)		245,000		230,864
4.25%, 3/1/2030		70,000		60,900
5.40%, 11/14/2034		15,000		13,875
5.45%, 3/15/2043		90,000		80,550
Hudbay Minerals, Inc., 7.63%, 1/15/2025(b)(d)		401,000		348,870
Minera Mexico SA de CV, 4.50%, 1/26/2050(b)		200,000		167,500
Minmetals Bounteous Finance BVI Ltd.,
Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.21%), 3.38%, 9/03/2024(e)(f)		205,000		193,208
Nexa Resources SA, 5.38%, 5/4/2027(b)		318,000		245,817
Novelis Corp., 5.88%, 9/30/2026(b)(d)		140,000		137,391
4.75%, 1/30/2030(b)		465,000		413,850
				3,459,538
Multi-Utilities 0.6%
Berkshire Hathaway Energy Co., 3.70%, 7/15/2030(b)		1,640,000		1,757,862
4.25%, 10/15/2050(b)		1,190,000		1,347,600
Consolidated Edison Co. of New York, Inc.,
Series 20B, 3.95%, 4/1/2050		1,415,000		1,487,345

Corporate Bonds (continued)
	Principal   Amount		Value
Multi-Utilities (continued)
Dominion Energy, Inc.,
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024(d)(e)(f)	$	2,290,000	$	2,049,550
4.25%, 6/1/2028		2,925,000		3,056,597
				9,698,954
Oil, Gas & Consumable Fuels 3.8%
Abu Dhabi Crude Oil Pipeline LLC,
Reg. S, 4.60%, 11/2/2047		550,000		547,800
4.60%, 11/2/2047(b)		200,000		199,200
Antero Midstream Partners LP, 5.38%, 9/15/2024(d)		310,000		215,357
Ascent Resources Utica Holdings LLC, 10.00%, 4/1/2022(b)		70,000		40,950
7.00%, 11/1/2026(b)(d)		350,000		97,270
Bruin E&P Partners LLC, 8.88%, 8/1/2023(b)		220,000		15,400
Buckeye Partners LP, 4.15%, 7/1/2023		30,000		25,950
4.13%, 3/1/2025(b)		135,000		113,805
3.95%, 12/1/2026		335,000		274,599
4.13%, 12/1/2027		235,000		192,630
4.50%, 3/1/2028(b)(d)		135,000		110,700
5.85%, 11/15/2043		120,000		80,364
Centennial Resource Production LLC, 6.88%, 4/1/2027(b)(d)		240,000		58,800
Cheniere Energy Partners LP, 5.25%, 10/1/2025(d)		970,000		892,400
4.50%, 10/1/2029(b)		510,000		443,700
Comstock Resources, Inc., 9.75%, 8/15/2026(d)		65,000		46,300
CrownRock LP, 5.63%, 10/15/2025(b)(d)		435,000		226,200
DCP Midstream Operating LP, 3.88%, 3/15/2023		45,000		35,986
5.38%, 7/15/2025		65,000		44,382
(ICE LIBOR USD 3 Month + 3.85%), 5.85%, 5/21/2043(b)(d)(f)		365,000		175,200
5.60%, 4/1/2044		335,000		148,298
Empresa Nacional del Petroleo,
Reg. S, 4.50%, 9/14/2047		200,000		158,363
Energy Transfer Operating LP, 2.90%, 5/15/2025		3,005,000		2,512,723
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028(e)(f)		3,000,000		1,485,000
4.95%, 6/15/2028(d)		4,070,000		3,366,539
3.75%, 5/15/2030		4,285,000		3,301,986
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030(e)(f)		1,000,000		601,830
5.80%, 6/15/2038		2,655,000		2,301,385
6.25%, 4/15/2049		2,135,000		1,829,627
Energy Transfer Partners LP, 4.50%, 11/1/2023		4,100,000		3,686,385
Enterprise Products Operating LLC, 4.25%, 2/15/2048		5,440,000		5,049,594
4.20%, 1/31/2050		20,000		19,081
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077(f)		3,500,000		2,397,500
EQM Midstream Partners LP, 4.75%, 7/15/2023		270,000		195,399
4.00%, 8/1/2024		90,000		62,793
4.13%, 12/1/2026		180,000		102,825
5.50%, 7/15/2028		275,000		152,817
Exxon Mobil Corp., 4.33%, 3/19/2050		3,200,000		3,916,741
Genesis Energy LP, 6.50%, 10/1/2025		115,000		83,122

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP, (continued) 6.25%, 5/15/2026	$	130,000	$	91,000
Global Partners LP, 7.00%, 8/1/2027		120,000		90,000
Hilcorp Energy I LP, 5.75%, 10/1/2025(b)(d)		125,000		57,500
6.25%, 11/1/2028(b)(d)		210,000		92,400
KazMunayGas National Co. JSC,
Reg. S, 5.38%, 4/24/2030		1,200,000		1,176,000
5.38%, 4/24/2030(b)		499,000		489,020
5.75%, 4/19/2047(b)		200,000		198,363
Reg. S, 5.75%, 4/19/2047		200,000		198,363
Kinder Morgan, Inc., 5.55%, 6/1/2045		2,170,000		2,211,728
Matador Resources Co., 5.88%, 9/15/2026		345,000		101,085
MPLX LP, 4.50%, 4/15/2038		6,740,000		5,262,892
4.70%, 4/15/2048		100,000		77,402
MSU Energy SA, 6.88%, 2/1/2025(b)		150,000		57,752
Occidental Petroleum Corp., 2.90%, 8/15/2024		4,795,000		2,624,424
Oil and Gas Holding Co. BSCC (The),
Reg. S, 7.50%, 10/25/2027		630,000		541,321
Parsley Energy LLC, 5.63%, 10/15/2027(b)		115,000		81,075
4.13%, 2/15/2028(b)		60,000		40,800
PDC Energy, Inc., 5.75%, 5/15/2026(d)		240,000		134,400
Peru LNG Srl, 5.38%, 3/22/2030(b)		200,000		120,000
Petrobras Global Finance BV,
Reg. S, 5.09%, 1/15/2030		31,000		28,133
6.90%, 3/19/2049		329,000		319,541
Petroleos de Venezuela SA,
Reg. S, 6.00%, 5/16/2024(h)		322,820		19,369
Reg. S, 6.00%, 11/15/2026(h)		830,693		49,842
Reg. S, 5.38%, 4/12/2027(h)		789,800		47,388
Petroleos del Peru SA, 4.75%, 6/19/2032(b)		200,000		182,002
4.75%, 6/19/2032(b)		200,000		182,002
Petroleos Mexicanos, 5.35%, 2/12/2028		690,000		481,282
6.50%, 1/23/2029		52,000		37,570
6.84%, 1/23/2030(b)		83,000		60,052
5.95%, 1/28/2031(b)		140,000		97,093
6.75%, 9/21/2047		382,000		248,835
6.35%, 2/12/2048		474,000		296,250
7.69%, 1/23/2050(b)		116,000		80,040
6.95%, 1/28/2060(b)		131,000		87,770
Plains All American Pipeline LP, 3.55%, 12/15/2029		2,125,000		1,450,304
Range Resources Corp., 4.88%, 5/15/2025		160,000		95,200
9.25%, 2/1/2026(b)(d)		185,000		111,000
Saudi Arabian Oil Co.,
Reg. S, 4.25%, 4/16/2039		950,000		940,584
4.25%, 4/16/2039(b)		200,000		198,018
SM Energy Co., 6.63%, 1/15/2027(d)		130,000		37,838
Southern Gas Corridor CJSC,
Reg. S, 6.88%, 3/24/2026		2,000,000		2,035,000
6.88%, 3/24/2026(b)		206,000		209,605
State Oil Co. of the Azerbaijan Republic,
Reg. S, 4.75%, 3/13/2023		500,000		485,500
Summit Midstream Holdings LLC, 5.50%, 8/15/2022		45,000		8,100
5.75%, 4/15/2025		325,000		35,750

Corporate Bonds (continued)
	Principal   Amount		Value
Oil, Gas & Consumable Fuels (continued)
Tallgrass Energy Partners LP, 4.75%, 10/1/2023(b)(d)	$	60,000	$	37,800
6.00%, 3/1/2027(b)		140,000		74,200
5.50%, 1/15/2028(b)		140,000		72,800
Targa Resources Partners LP, 4.25%, 11/15/2023		135,000		116,195
6.75%, 3/15/2024		164,000		144,320
5.13%, 2/1/2025		125,000		106,550
5.38%, 2/1/2027		33,000		27,159
6.50%, 7/15/2027		160,000		136,400
5.50%, 3/1/2030(b)		495,000		382,338
Transcanada Trust,
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(d)(f)		2,515,000		1,967,988
Tullow Oil plc, 7.00%, 3/1/2025(b)		200,000		50,000
Williams Cos., Inc. (The), 4.50%, 11/15/2023		2,000,000		1,878,958
5.10%, 9/15/2045		10,000		9,373
WPX Energy, Inc., 5.25%, 9/15/2024		125,000		76,250
5.75%, 6/1/2026(d)		365,000		208,050
				61,966,975
Paper & Forest Products 0.0%†
Suzano Austria GmbH, 6.00%, 1/15/2029		200,000		186,750
Pharmaceuticals 1.0%
AstraZeneca plc, 2.38%, 6/12/2022		6,205,000		6,252,465
Bausch Health Americas, Inc., 8.50%, 1/31/2027(b)		145,000		151,525
Bausch Health Cos., Inc., 6.50%, 3/15/2022(b)		105,000		106,050
5.50%, 3/1/2023(b)		4,000		3,920
7.00%, 3/15/2024(b)(d)		120,000		122,249
6.13%, 4/15/2025(b)		625,000		615,625
5.50%, 11/1/2025(b)		220,000		222,266
5.75%, 8/15/2027(b)(d)		40,000		41,184
Mylan, Inc., 4.55%, 4/15/2028		5,310,000		5,193,762
Pfizer, Inc., 2.63%, 4/1/2030		2,890,000		3,038,732
				15,747,778
Professional Services 0.1%
ASGN, Inc., 4.63%, 5/15/2028(b)		845,000		784,920
Korn Ferry, 4.63%, 12/15/2027(b)		145,000		125,969
				910,889
Real Estate Management & Development 0.0%†
Realogy Group LLC, 4.88%, 6/1/2023(b)(d)		100,000		84,000
9.38%, 4/1/2027(b)(d)		275,000		231,767
				315,767
Road & Rail 0.1%
AerCap Global Aviation Trust,
(ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045(b)(d)(f)		229,000		189,783
Avis Budget Car Rental LLC, 5.25%, 3/15/2025(b)		150,000		117,765
5.75%, 7/15/2027(b)(d)		510,000		405,501
Hertz Corp. (The), 7.13%, 8/1/2026(b)(d)		225,000		119,185

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds (continued)
	Principal   Amount		Value
Road & Rail (continued)
Hertz Corp. (The), (continued) 6.00%, 1/15/2028(b)(d)	$	835,000	$	438,375
				1,270,609
Semiconductors & Semiconductor Equipment 0.9%
Amkor Technology, Inc., 6.63%, 9/15/2027(b)(d)		445,000		418,300
KLA Corp., 3.30%, 3/1/2050(d)		4,475,000		4,192,532
Microchip Technology, Inc., 3.92%, 6/1/2021		7,425,000		7,234,811
NVIDIA Corp., 3.50%, 4/1/2050		2,830,000		3,077,148
				14,922,791
Software 0.7%
Granite Merger Sub 2, Inc., 11.00%, 7/15/2027(b)		25,000		24,625
j2 Cloud Services LLC, 6.00%, 7/15/2025(b)		475,000		471,433
Oracle Corp., 4.00%, 7/15/2046		2,570,000		2,867,100
3.60%, 4/1/2050		3,675,000		3,675,093
3.85%, 4/1/2060		3,380,000		3,401,870
Solera LLC, 10.50%, 3/1/2024(b)(d)		420,000		411,600
SS&C Technologies, Inc., 5.50%, 9/30/2027(b)		495,000		515,894
				11,367,615
Specialty Retail 0.2%
Asbury Automotive Group, Inc., 4.50%, 3/1/2028(b)		85,000		72,250
4.75%, 3/1/2030(b)(d)		115,000		97,750
Home Depot, Inc. (The), 3.35%, 4/15/2050		1,990,000		2,079,158
L Brands, Inc., 5.25%, 2/1/2028		325,000		248,267
Penske Automotive Group, Inc., 3.75%, 8/15/2020		220,000		213,950
5.75%, 10/1/2022(d)		65,000		60,125
5.50%, 5/15/2026(d)		205,000		187,001
Staples, Inc., 7.50%, 4/15/2026(b)		865,000		764,444
10.75%, 4/15/2027(b)(d)		220,000		168,806
				3,891,751
Technology Hardware, Storage & Peripherals 1.7%
Apple, Inc., 3.35%, 2/9/2027		2,605,000		2,839,332
4.65%, 2/23/2046		1,845,000		2,447,014
2.95%, 9/11/2049(d)		4,550,000		4,840,461
Dell International LLC, 4.42%, 6/15/2021(b)		10,510,000		10,507,690
5.45%, 6/15/2023(b)		5,000,000		5,138,254
6.02%, 6/15/2026(b)		1,845,000		1,904,191
Western Digital Corp., 4.75%, 2/15/2026(d)		465,000		471,975
				28,148,917
Textiles, Apparel & Luxury Goods 0.0%†
William Carter Co. (The), 5.63%, 3/15/2027(b)(d)		385,000		372,488
Tobacco 0.1%
BAT Capital Corp., 5.28%, 4/2/2050		2,005,000		2,009,437

Corporate Bonds (continued)
	Principal   Amount		Value
Trading Companies & Distributors 0.1%
Beacon Roofing Supply, Inc., 4.88%, 11/1/2025(b)(d)	$	630,000	$	568,575
United Rentals North America, Inc., 5.50%, 5/15/2027		490,000		494,533
				1,063,108
Wireless Telecommunication Services 0.1%
Sprint Corp., 7.88%, 9/15/2023		205,000		225,004
7.13%, 6/15/2024		680,000		746,402
7.63%, 3/1/2026		205,000		232,019
7.25%, 2/1/2028(b)		100,000		100,500
Ypso Finance Bis SA, 6.00%, 2/15/2028(b)(d)		655,000		576,190
				1,880,115
Total Corporate Bonds (cost $623,373,993)				604,601,646
Foreign Government Securities 1.9%
	Principal   Amount		Value
ANGOLA 0.0%†
Republic of Angola,
Reg. S, 8.25%, 5/9/2028		200,000		80,562
Reg. S, 9.38%, 5/8/2048		1,000,000		390,000
Reg. S, 9.13%, 11/26/2049		200,000		78,229
				548,791
ARGENTINA 0.1%
Argentine Republic, 8.28%, 12/31/2033		1,780,588		623,224
3.75%, 12/31/2038 (c)		1,840,000		540,960
				1,164,184
ARMENIA 0.0%†
Republic of Armenia,
Reg. S, 3.95%, 9/26/2029		200,000		176,164
BELIZE 0.0%†
Belize Government Bond,
Reg. S, 4.94%, 2/20/2034 (c)		218,000		110,635
BERMUDA 0.0%†
Bermuda Government Bond,
Reg. S, 3.72%, 1/25/2027		200,000		190,500
Reg. S, 4.75%, 2/15/2029		472,000		476,720
				667,220
BRAZIL 0.0%†
Federative Republic of Brazil, 5.63%, 1/7/2041		220,000		225,500
State of Minas Gerais,
Reg. S, 5.33%, 2/15/2028		320,000		320,963
				546,463
COLOMBIA 0.1%
Republic of Colombia, 3.00%, 1/30/2030		208,000		189,800
7.38%, 9/18/2037		132,000		164,340
6.13%, 1/18/2041		290,000		333,320
5.00%, 6/15/2045		410,000		420,250
				1,107,710

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Foreign Government Securities (continued)
	Principal   Amount		Value
COSTA RICA 0.1%
Republic of Costa Rica,
Reg. S, 6.13%, 2/19/2031 (d)	$	205,000	$	173,225
Reg. S, 7.16%, 3/12/2045		700,000		560,000
7.16%, 3/12/2045 (b)		438,000		350,400
				1,083,625
DOMINICAN REPUBLIC 0.1%
Dominican Republic Government Bond,
Reg. S, 6.00%, 7/19/2028		150,000		141,002
Reg. S, 7.45%, 4/30/2044		100,000		97,000
Reg. S, 6.85%, 1/27/2045		400,000		367,000
Reg. S, 6.40%, 6/5/2049		150,000		132,000
Reg. S, 5.88%, 1/30/2060		382,000		319,925
				1,056,927
ECUADOR 0.0%†
Republic of Ecuador,
Reg. S, 7.88%, 1/23/2028		1,100,000		301,642
Reg. S, 9.50%, 3/27/2030		200,000		59,000
				360,642
EGYPT 0.1%
Arab Republic of Egypt,
Reg. S, 7.60%, 3/1/2029		200,000		178,921
Reg. S, 7.05%, 1/15/2032		200,000		161,608
Reg. S, 8.50%, 1/31/2047		400,000		326,714
Reg. S, 7.90%, 2/21/2048		430,000		346,069
Reg. S, 8.70%, 3/1/2049		600,000		496,044
				1,509,356
EL SALVADOR 0.0%†
Republic of El Salvador,
Reg. S, 7.75%, 1/24/2023		80,000		77,600
Reg. S, 8.63%, 2/28/2029		62,000		60,140
Reg. S, 7.12%, 1/20/2050		152,000		117,040
				254,780
GABON 0.0%†
Gabonese Republic,
Reg. S, 6.63%, 2/6/2031		205,000		125,836
GHANA 0.0%†
Republic of Ghana,
Reg. S, 10.75%, 10/14/2030		330,000		340,669
Reg. S, 7.88%, 2/11/2035		200,000		140,800
Reg. S, 8.95%, 3/26/2051		200,000		140,086
				621,555
INDONESIA 0.2%
Republic of Indonesia,
Reg. S, 8.50%, 10/12/2035		940,000		1,347,071
Reg. S, 7.75%, 1/17/2038		185,000		255,692
Reg. S, 5.25%, 1/17/2042		840,000		956,839
				2,559,602
ISRAEL 0.0%†
State of Israel Government Bond, 3.38%, 1/15/2050		200,000		194,000
3.88%, 7/3/2050		200,000		200,000
				394,000

Foreign Government Securities (continued)
	Principal   Amount		Value
IVORY COAST 0.1%
Republic of Cote d’Ivoire,
Reg. S, 5.75%, 12/31/2032 (c)(d)	$	2,565,000	$	2,301,446
KENYA 0.0%†
Republic of Kenya,
Reg. S, 8.00%, 5/22/2032		400,000		366,790
LEBANON 0.0%†
Lebanese Republic,
Reg. S, 6.60%, 11/27/2026		185,000		33,300
Reg. S, 6.65%, 2/26/2030		46,000		8,282
8.25%, 5/17/2034		742,000		118,868
				160,450
MEXICO 0.1%
United Mexican States, 5.75%, 10/12/2110		1,052,000		1,090,146
MONGOLIA 0.1%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023 (b)		200,000		167,993
State of Mongolia,
Reg. S, 10.88%, 4/6/2021		200,000		197,000
Reg. S, 8.75%, 3/9/2024		650,000		617,471
				982,464
NIGERIA 0.0%†
Federal Republic of Nigeria, 5.63%, 6/27/2022		200,000		172,500
Reg. S, 7.63%, 11/21/2025		400,000		308,295
Reg. S, 9.25%, 1/21/2049 (d)		370,000		260,385
				741,180
OMAN 0.0%†
Sultanate of Oman Government Bond,
Reg. S, 6.50%, 3/8/2047		200,000		130,532
Reg. S, 6.75%, 1/17/2048		249,000		164,340
				294,872
PANAMA 0.0%†
Republic of Panama, 8.88%, 9/30/2027		400,000		540,504
PARAGUAY 0.0%†
Republic of Paraguay,
Reg. S, 6.10%, 8/11/2044		200,000		210,002
QATAR 0.1%
State of Qatar,
Reg. S, 4.00%, 3/14/2029		209,000		223,479
Reg. S, 4.82%, 3/14/2049		600,000		706,690
				930,169
ROMANIA 0.0%†
Romania Government Bond,
Reg. S, 5.13%, 6/15/2048		290,000		298,700
RUSSIA 0.2%
Russian Federation,
Reg. S, 4.25%, 6/23/2027		1,800,000		1,884,348
Reg. S, 4.38%, 3/21/2029		600,000		640,810

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Foreign Government Securities (continued)
	Principal   Amount		Value
RUSSIA (continued)
Russian Federation (continued)
Reg. S, 7.50%, 3/31/2030 (c)	$	13,001	$	14,659
				2,539,817
SENEGAL 0.0%†
Republic of Senegal,
Reg. S, 6.75%, 3/13/2048		400,000		327,392
SOUTH AFRICA 0.1%
Republic of South Africa, 4.67%, 1/17/2024		100,000		93,750
4.85%, 9/30/2029		200,000		163,712
5.88%, 6/22/2030		800,000		696,000
5.75%, 9/30/2049		200,000		145,000
				1,098,462
SRI LANKA 0.1%
Democratic Socialist Republic of Sri Lanka,
Reg. S, 5.88%, 7/25/2022		267,000		176,220
Reg. S, 6.85%, 11/3/2025		617,000		364,019
Reg. S, 6.20%, 5/11/2027		200,000		116,007
Reg. S, 6.75%, 4/18/2028		1,207,000		700,182
Reg. S, 7.85%, 3/14/2029		400,000		232,014
				1,588,442
TURKEY 0.1%
Republic of Turkey, 6.25%, 9/26/2022		200,000		194,752
7.25%, 12/23/2023		450,000		439,875
5.60%, 11/14/2024		224,000		205,527
6.00%, 3/25/2027		520,000		463,582
Turkiye Ihracat Kredi Bankasi A/S,
Reg. S, 5.38%, 2/8/2021		200,000		196,836
5.38%, 10/24/2023 (b)		200,000		176,000
8.25%, 1/24/2024 (b)		200,000		188,514
				1,865,086
UKRAINE 0.2%
Ukraine Government Bond,
Reg. S, 7.75%, 9/1/2025		730,000		662,475
Reg. S, 7.75%, 9/1/2026		460,000		422,050
Reg. S, 7.75%, 9/1/2027 (d)		410,000		374,252
Reg. S, 9.75%, 11/1/2028		1,200,000		1,164,648
0.00%, 5/31/2040 (a)(b)		228,000		165,893
Ukreximbank, 9.63%, 4/27/2022 (b)		100,000		92,400
				2,881,718
URUGUAY 0.0%†
Oriental Republic of Uruguay, 4.38%, 1/23/2031		44,000		47,796
5.10%, 6/18/2050		216,000		244,352
				292,148
UZBEKISTAN 0.1%
Republic of Uzbekistan,
Reg. S, 4.75%, 2/20/2024		200,000		195,590
Reg. S, 5.38%, 2/20/2029		600,000		588,600
				784,190

Foreign Government Securities (continued)
	Principal   Amount		Value
VENEZUELA, BOLIVARIAN REPUBLIC OF 0.0%†
Bolivarian Republic of Venezuela,
Reg. S, 8.25%, 10/13/2024 (h)	$	542,900	$	48,861
Total Foreign Government Securities (cost $39,430,334)				31,630,329
Mortgage-Backed Securities 33.8%
	Principal   Amount		Value
FHLMC Gold Pool
Pool# G13072 5.00%, 4/1/2023		1,725		1,812
Pool# G13122 5.00%, 4/1/2023		753		790
Pool# G13225 5.00%, 6/1/2023		16,360		17,187
Pool# J08443 5.00%, 7/1/2023		6,967		7,318
Pool# A24611 4.50%, 6/1/2034		2,309		2,520
Pool# G08084 4.50%, 10/1/2035		21,290		23,255
Pool# G02379 6.00%, 10/1/2036		3,707		4,261
Pool# G02976 5.50%, 6/1/2037		12,476		14,146
Pool# G08204 5.50%, 6/1/2037		2,077		2,345
Pool# G08210 6.00%, 7/1/2037		28,119		32,319
Pool# A65518 6.00%, 9/1/2037		16,426		18,862
Pool# G03432 5.50%, 11/1/2037		15,593		17,668
Pool# A68546 5.50%, 11/1/2037		10,819		12,223
Pool# G03616 6.00%, 12/1/2037		6,327		7,275
Pool# G03927 5.50%, 1/1/2038		3,895		4,413
Pool# G03964 5.50%, 2/1/2038		24,259		27,506
Pool# A72499 6.00%, 2/1/2038		4,055		4,639
Pool# A75432 5.50%, 3/1/2038		61,282		66,995
Pool# G08256 5.50%, 3/1/2038		3,105		3,519
Pool# G04156 6.00%, 3/1/2038		6,912		7,965
Pool# A76483 5.50%, 4/1/2038		68,457		77,388
Pool# G08263 5.50%, 4/1/2038		3,913		4,433
Pool# A76211 6.00%, 4/1/2038		955		1,074
Pool# A77057 5.50%, 5/1/2038		2,835		3,208
Pool# G04359 5.50%, 6/1/2038		78,898		89,247
Pool# A78624 5.50%, 6/1/2038		38,560		43,603
Pool# G04458 5.50%, 6/1/2038		20,117		22,783
Pool# A77648 5.50%, 6/1/2038		1,508		1,649

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# A78076 6.00%, 6/1/2038	$	21,468	$	24,023
Pool# A78454 6.00%, 6/1/2038		8,512		9,748
Pool# A79018 5.50%, 7/1/2038		22,715		25,603
Pool# G04471 5.50%, 7/1/2038		22,419		25,400
Pool# A82609 5.50%, 9/1/2038		13,958		15,256
Pool# A82093 5.50%, 9/1/2038		9,557		10,461
Pool# A81743 5.50%, 9/1/2038		2,319		2,535
Pool# G04847 5.50%, 10/1/2038		28,741		32,567
Pool# G05979 5.50%, 10/1/2038		6,275		7,109
Pool# A82703 5.50%, 10/1/2038		3,195		3,501
Pool# A82656 5.50%, 10/1/2038		2,268		2,562
Pool# A82787 5.50%, 11/1/2038		384,577		428,797
Pool# A82757 5.50%, 11/1/2038		88,965		97,234
Pool# A83032 5.50%, 11/1/2038		4,404		4,814
Pool# A83071 5.50%, 11/1/2038		2,180		2,382
Pool# A83066 5.50%, 11/1/2038		780		881
Pool# G05337 5.50%, 12/1/2038		112,207		126,813
Pool# A83596 5.50%, 12/1/2038		21,759		23,799
Pool# G08314 5.50%, 1/1/2039		11,997		13,552
Pool# G08331 4.50%, 2/1/2039		2,659		2,911
Pool# A84417 5.50%, 2/1/2039		17,585		19,248
Pool# G05300 5.50%, 2/1/2039		3,857		4,368
Pool# A84655 4.50%, 3/1/2039		184,957		202,148
Pool# G05841 5.50%, 4/1/2039		5,424		6,144
Pool# A86968 4.50%, 6/1/2039		12,290		13,439
Pool# G05472 4.50%, 6/1/2039		4,838		5,298
Pool# A89385 4.50%, 10/1/2039		5,970		6,536
Pool# G05684 5.50%, 10/1/2039		48,862		55,335
Pool# V80890 5.50%, 12/1/2039		194,802		220,844
Pool# G05813 6.00%, 12/1/2039		12,286		14,157
Pool# G05923 5.50%, 2/1/2040		30,336		34,356
Pool# G06031 5.50%, 3/1/2040		10,730		12,162
Pool# G05849 4.50%, 5/1/2040		344,054		376,729
Pool# A92764 5.50%, 6/1/2040		25,344		28,443

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# C03486 4.50%, 7/1/2040	$	3,922	$	4,291
Pool# G06412 5.50%, 7/1/2040		557,955		631,714
Pool# C0353 1 4.00%, 10/1/2040		737,282		795,758
Pool# A94833 4.00%, 11/1/2040		2,257,874		2,456,977
Pool# A95230 4.00%, 12/1/2040		839,508		910,610
Pool# A96634 4.50%, 2/1/2041		151,275		165,494
Pool# G08443 4.50%, 4/1/2041		498,366		545,349
Pool# A97942 4.50%, 4/1/2041		149,097		163,165
Pool# Q00876 4.50%, 5/1/2041		682,449		747,238
Pool# Q01198 5.50%, 6/1/2041		29,119		31,892
Pool# G06956 4.50%, 8/1/2041		616,936		674,940
Pool# Z40047 4.00%, 10/1/2041		187,948		202,863
Pool# Q06344 4.00%, 2/1/2042		1,847,384		1,999,236
Pool# G08479 3.50%, 3/1/2042		294,128		315,404
Pool# C03795 3.50%, 4/1/2042		1,017,694		1,091,908
Pool# Q08997 3.50%, 6/1/2042		577,858		619,945
Pool# Q09004 3.50%, 6/1/2042		436,765		468,547
Pool# C04008 4.00%, 6/1/2042		571,983		617,055
Pool# C09004 3.50%, 7/1/2042		675,976		725,915
Pool# G08500 3.50%, 7/1/2042		394,158		422,769
Pool# G07083 4.00%, 7/1/2042		282,297		306,357
Pool# Z40054 4.00%, 7/1/2042		245,513		265,186
Pool# Q09896 3.50%, 8/1/2042		348,853		374,154
Pool# Q11348 3.50%, 9/1/2042		1,225,004		1,314,684
Pool# Q11095 3.50%, 9/1/2042		301,640		323,605
Pool# Q12143 3.50%, 10/1/2042		199,246		213,845
Pool# G07155 4.00%, 10/1/2042		445,435		481,823
Pool# Q13765 4.00%, 12/1/2042		253,297		276,491
Pool# Q17389 3.50%, 4/1/2043		766,807		822,976
Pool# Q16893 3.50%, 4/1/2043		329,025		353,128
Pool# Q18305 3.50%, 5/1/2043		240,886		258,532
Pool# Q19476 3.50%, 6/1/2043		320,747		344,215
Pool# Q19480 4.00%, 6/1/2043		1,503,102		1,621,542
Pool# G07459 3.50%, 8/1/2043		733,396		786,945

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# G08541 3.50%, 8/1/2043	$	652,040	$	699,632
Pool# Q20857 3.50%, 8/1/2043		498,531		536,295
Pool# Q20860 3.50%, 8/1/2043		227,550		244,170
Pool# V80509 4.00%, 10/1/2043		284,399		307,595
Pool# G08558 4.00%, 11/1/2043		127,874		138,266
Pool# G08559 4.50%, 11/1/2043		698,520		764,109
Pool# G08582 4.00%, 4/1/2044		191,992		207,577
Pool# G08583 4.50%, 4/1/2044		259,371		282,836
Pool# Q26367 4.00%, 5/1/2044		132,373		143,310
Pool# G08596 4.50%, 7/1/2044		774,888		844,437
Pool# G07943 4.50%, 8/1/2044		7,122		7,772
Pool# Q29697 3.50%, 11/1/2044		939,392		1,006,114
Pool# Q45219 3.50%, 1/1/2045		1,047,137		1,118,868
Pool# G07961 3.50%, 3/1/2045		708,525		758,107
Pool# G08633 4.00%, 3/1/2045		2,070,280		2,237,976
Pool# Q32070 4.00%, 3/1/2045		621,140		671,300
Pool# G08636 3.50%, 4/1/2045		2,035,978		2,168,759
Pool# Q35164 4.00%, 5/1/2045		666,954		721,291
Pool# Q33869 4.00%, 6/1/2045		423,617		458,083
Pool# G08659 3.50%, 8/1/2045		1,968,888		2,096,183
Pool# V81992 4.00%, 10/1/2045		1,714,772		1,853,907
Pool# Q36814 4.00%, 10/1/2045		1,185,368		1,279,895
Pool# G08672 4.00%, 10/1/2045		897,690		970,239
Pool# G08676 3.50%, 11/1/2045		1,677,697		1,787,552
Pool# G08681 3.50%, 12/1/2045		736,166		784,447
Pool# Q38473 4.00%, 1/1/2046		1,260,563		1,361,644
Pool# Q38470 4.00%, 1/1/2046		632,494		679,781
Pool# V82196 4.50%, 1/1/2046		267,480		291,758
Pool# Q39644 3.50%, 3/1/2046		3,335,828		3,551,756
Pool# G08693 3.50%, 3/1/2046		947,234		1,008,654
Pool# Q39438 4.00%, 3/1/2046		1,058,261		1,142,525
Pool# G08699 4.00%, 3/1/2046		995,625		1,075,168
Pool# G08700 4.50%, 3/1/2046		335,364		364,018
Pool# G08702 3.50%, 4/1/2046		1,376,281		1,464,567

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# Q40718 3.50%, 5/1/2046	$	1,193,811	$	1,270,387
Pool# Q40375 3.50%, 5/1/2046		552,949		588,681
Pool# G08706 3.50%, 5/1/2046		486,583		517,595
Pool# G08708 4.50%, 5/1/2046		92,929		101,342
Pool# Q40728 4.50%, 5/1/2046		11,400		12,261
Pool# Q45458 4.00%, 8/1/2046		1,966,950		2,125,160
Pool# G08735 4.50%, 10/1/2046		277,605		301,148
Pool# G08744 4.50%, 12/1/2046		986,648		1,076,164
Pool# Q46279 3.50%, 2/1/2047		2,044,704		2,167,238
Pool# Q46251 4.00%, 2/1/2047		858,223		922,309
Pool# G08753 4.50%, 2/1/2047		269,588		293,373
Pool# G08762 4.00%, 5/1/2047		2,764,442		2,964,440
Pool# V83204 4.50%, 5/1/2047		653,301		702,864
Pool# G08767 4.00%, 6/1/2047		3,068,595		3,290,175
Pool# G08768 4.50%, 6/1/2047		647,505		696,457
Pool# G08770 3.50%, 7/1/2047		1,037,509		1,100,583
Pool# G08772 4.50%, 7/1/2047		25,762		27,949
Pool# Q50035 3.50%, 8/1/2047		2,187,962		2,318,893
Pool# G08774 3.50%, 8/1/2047		1,173,344		1,243,422
Pool# G08775 4.00%, 8/1/2047		2,638,983		2,832,980
Pool# G61228 4.00%, 8/1/2047		1,872,841		2,020,163
Pool# G08779 3.50%, 9/1/2047		1,652,722		1,751,824
Pool# Q51268 3.50%, 10/1/2047		2,619,409		2,776,384
Pool# G08785 4.00%, 10/1/2047		2,882,644		3,101,757
Pool# G61631 3.50%, 11/1/2047		3,518,175		3,738,521
Pool# Q52319 3.50%, 11/1/2047		1,769,133		1,879,265
Pool# G61467 4.00%, 11/1/2047		2,626,482		2,811,508
Pool# G08789 4.00%, 11/1/2047		1,809,527		1,944,590
Pool# G61281 3.50%, 1/1/2048		2,279,711		2,418,339
Pool# Q53535 3.50%, 1/1/2048		1,038,694		1,101,661
Pool# G08801 4.00%, 2/1/2048		1,910,069		2,047,836
Pool# Q54463 4.00%, 2/1/2048		1,530,165		1,646,092
Pool# G67710 3.50%, 3/1/2048		2,295,904		2,435,857
Pool# G08805 4.00%, 3/1/2048		757,472		814,220

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FHLMC Gold Pool (continued)
Pool# G08814 4.00%, 5/1/2048	$	1,212,703	$	1,291,890
Pool# V84282 4.50%, 6/1/2048		74,839		80,865
Pool# G08824 4.00%, 7/1/2048		548,967		584,991
Pool# G08842 4.00%, 10/1/2048		274,752		292,719
FHLMC UMBS Pool
Pool# ZA6388 4.50%, 2/1/2049		5,996,750		6,446,427
Pool# ZA7141 3.00%, 6/1/2049		2,866,822		3,004,586
Pool# QA0192 3.50%, 6/1/2049		145,909		154,236
Pool# RA1313 3.00%, 8/1/2049		1,912,387		2,005,419
Pool# QA1790 3.00%, 8/1/2049		1,458,410		1,529,845
Pool# SD8016 3.00%, 10/1/2049		2,571,740		2,695,123
Pool# SD8024 3.00%, 11/1/2049		3,192,428		3,345,969
Pool# SD8030 3.00%, 12/1/2049		4,890,229		5,124,586
Pool# QA7325 3.00%, 2/1/2050		3,244,638		3,406,269
Pool# SD8044 3.00%, 2/1/2050		2,505,566		2,626,035
FNMA UMBS Pool
Pool# 745826 6.00%, 7/1/2036		3,022		3,471
Pool# 942052 6.00%, 7/1/2037		8,212		9,426
Pool# 944526 6.00%, 7/1/2037		4,848		5,375
Pool# 899598 6.00%, 7/1/2037		2,654		3,044
Pool# 952276 6.00%, 9/1/2037		58,759		67,199
Pool# 955770 6.00%, 10/1/2037		2,974		3,410
Pool# 959983 6.00%, 11/1/2037		21,774		24,951
Pool# 956411 6.00%, 11/1/2037		8,487		9,444
Pool# 966419 6.00%, 12/1/2037		11,233		12,882
Pool# 929018 6.00%, 12/1/2037		4,363		4,913
Pool# 961348 6.00%, 1/1/2038		35,505		40,798
Pool# 965719 6.00%, 1/1/2038		3,060		3,412
Pool# 961992 6.00%, 3/1/2038		52,698		60,522
Pool# 973726 6.00%, 4/1/2038		23,189		25,899
Pool# 995048 5.50%, 5/1/2038		39,623		44,891
Pool# 970232 5.50%, 5/1/2038		3,219		3,541
Pool# 969268 5.50%, 5/1/2038		1,818		1,986
Pool# 889579 6.00%, 5/1/2038		26,468		30,474
Pool# 889509 6.00%, 5/1/2038		16,890		19,364

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# 985559 5.50%, 6/1/2038	$	18,705	$	21,125
Pool# 985731 5.50%, 6/1/2038		9,117		10,290
Pool# 929714 5.50%, 7/1/2038		144,642		163,533
Pool# 934333 5.50%, 7/1/2038		40,386		45,654
Pool# 963975 5.50%, 7/1/2038		25,465		28,746
Pool# 986999 5.50%, 7/1/2038		15,204		16,702
Pool# 929737 5.50%, 7/1/2038		877		992
Pool# 889962 5.50%, 8/1/2038		90,613		102,369
Pool# 929824 5.50%, 8/1/2038		17,401		19,663
Pool# 986062 5.50%, 8/1/2038		3,428		3,875
Pool# 925973 6.00%, 8/1/2038		5,360		5,946
Pool# 970650 5.50%, 10/1/2038		30,948		34,993
Pool# 992035 6.00%, 10/1/2038		5,187		5,781
Pool# 991002 6.00%, 10/1/2038		1,567		1,740
Pool# 995759 5.50%, 11/1/2038		159,564		180,905
Pool# 994637 5.50%, 11/1/2038		114,612		129,591
Pool# 985805 5.50%, 11/1/2038		50,749		57,438
Pool# 987994 5.50%, 11/1/2038		13,415		14,655
Pool# 970809 5.50%, 11/1/2038		8,945		10,067
Pool# 930253 5.50%, 12/1/2038		43,010		48,620
Pool# 970929 5.50%, 12/1/2038		28,105		31,760
Pool# 993055 5.50%, 12/1/2038		13,653		15,220
Pool# 991434 5.50%, 12/1/2038		13,133		14,859
Pool# 992944 5.50%, 12/1/2038		11,115		12,157
Pool# 992676 5.50%, 12/1/2038		10,214		11,159
Pool# 934249 5.50%, 12/1/2038		7,690		8,678
Pool# 993100 5.50%, 1/1/2039		10,511		11,872
Pool# AA0187 5.50%, 1/1/2039		8,483		9,268
Pool# AA0729 5.50%, 2/1/2039		131,811		146,730
Pool# AA1638 5.50%, 2/1/2039		11,438		12,502
Pool# 935063 5.50%, 4/1/2039		36,986		40,802
Pool# 995894 6.00%, 4/1/2039		105,019		120,946
Pool# 935075 6.00%, 4/1/2039		9,166		10,148
Pool# AC0017 5.50%, 9/1/2039		8,076		8,999

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# AD0638 6.00%, 9/1/2039	$	36,028	$	41,407
Pool# 190399 5.50%, 11/1/2039		4,532		5,132
Pool# MA0389 5.50%, 4/1/2040		19,981		22,572
Pool# 190404 4.50%, 5/1/2040		81,352		89,105
Pool# AL0015 5.50%, 5/1/2040		268,199		303,875
Pool# AB1316 5.50%, 5/1/2040		29,542		32,272
Pool# AB1389 4.50%, 8/1/2040		404,150		442,771
Pool# AE0691 4.50%, 10/1/2040		55,685		60,995
Pool# AH3952 4.00%, 1/1/2041		2,279,689		2,463,710
Pool# AH1560 4.00%, 1/1/2041		311,323		336,525
Pool# AE0725 4.50%, 1/1/2041		78,952		86,509
Pool# AL0791 4.00%, 2/1/2041		396,131		429,809
Pool# AE0984 4.50%, 2/1/2041		15,969		17,493
Pool# AH9471 4.50%, 4/1/2041		476,993		519,352
Pool# AH4038 4.50%, 4/1/2041		445,941		488,603
Pool# AI0213 4.50%, 4/1/2041		146,735		159,392
Pool# AI1193 4.50%, 4/1/2041		66,734		73,087
Pool# AI2468 4.50%, 5/1/2041		614,825		673,734
Pool# AI4211 4.50%, 6/1/2041		408,737		447,900
Pool# AI3506 4.50%, 6/1/2041		23,802		26,082
Pool# AI8194 4.50%, 8/1/2041		420,635		460,937
Pool# AB3505 4.00%, 9/1/2041		1,250,457		1,357,785
Pool# AJ1414 4.50%, 9/1/2041		195,324		214,010
Pool# FM0040 3.00%, 10/1/2041		2,191,676		2,315,701
Pool# AL1319 4.50%, 10/1/2041		104,095		113,874
Pool# AJ5269 4.00%, 11/1/2041		1,935,934		2,092,441
Pool# AJ9278 3.50%, 12/1/2041		660,464		708,278
Pool# AB4102 3.50%, 12/1/2041		254,495		273,025
Pool# AX5302 4.00%, 1/1/2042		548,863		593,158
Pool# AL4300 4.50%, 1/1/2042		260,105		284,936
Pool# AK2818 4.50%, 1/1/2042		178,252		195,297
Pool# AK2415 4.00%, 2/1/2042		608,235		657,525
Pool# AK4520 4.00%, 3/1/2042		281,803		304,625
Pool# AK6743 4.00%, 3/1/2042		110,199		119,123

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# AK6568 3.50%, 4/1/2042	$	1,053,280	$	1,129,612
Pool# AK6846 3.50%, 4/1/2042		658,608		706,682
Pool# AK9393 3.50%, 4/1/2042		597,545		640,770
Pool# AL4029 4.50%, 4/1/2042		248,828		272,617
Pool# AP7363 4.00%, 10/1/2042		2,229,494		2,410,767
Pool# AL3714 3.50%, 1/1/2043		1,025,112		1,099,697
Pool# AQ9328 3.50%, 1/1/2043		176,938		189,847
Pool# AB9046 3.50%, 4/1/2043		1,074,766		1,153,185
Pool# AT2021 3.50%, 4/1/2043		864,904		928,014
Pool# AT1001 3.50%, 4/1/2043		530,013		568,853
Pool# AB9374 3.50%, 5/1/2043		520,577		558,563
Pool# AT7207 3.50%, 6/1/2043		1,409,719		1,512,588
Pool# AB9864 3.50%, 7/1/2043		387,935		416,241
Pool# AS0212 3.50%, 8/1/2043		1,722,406		1,848,091
Pool# AS0210 3.50%, 8/1/2043		1,142,973		1,226,093
Pool# AU0949 3.50%, 8/1/2043		859,943		927,988
Pool# AU3742 3.50%, 8/1/2043		662,001		710,284
Pool# AS0225 4.00%, 8/1/2043		2,161,518		2,339,599
Pool# AU6857 4.00%, 9/1/2043		674,557		735,955
Pool# AS0531 4.00%, 9/1/2043		492,802		535,834
Pool# AS0358 4.00%, 9/1/2043		368,262		400,420
Pool# MA1600 3.50%, 10/1/2043		1,100,309		1,179,932
Pool# AS0657 4.00%, 10/1/2043		616,223		666,246
Pool# AU4386 4.00%, 10/1/2043		258,976		280,100
Pool# AU6939 4.50%, 10/1/2043		170,434		186,614
Pool# AU9522 4.50%, 10/1/2043		136,063		148,917
Pool# AU5057 4.00%, 11/1/2043		552,561		597,257
Pool# AS1042 4.00%, 11/1/2043		181,088		196,002
Pool# AV0691 4.00%, 12/1/2043		207,801		225,947
Pool# AV0664 4.50%, 12/1/2043		813,530		891,343
Pool# AS1559 4.00%, 1/1/2044		1,236,055		1,337,428
Pool# AS1764 4.00%, 2/1/2044		262,417		284,293
Pool# AW1847 4.50%, 4/1/2044		82,197		89,595
Pool# AS2322 4.50%, 4/1/2044		20,600		22,465

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# AS2276 4.50%, 4/1/2044	$	13,389	$	14,604
Pool# MA1926 4.50%, 6/1/2044		554,714		604,357
Pool# AW2478 4.50%, 6/1/2044		274,736		298,043
Pool# AW9189 4.50%, 7/1/2044		228,265		245,600
Pool# AL6223 4.50%, 8/1/2044		2,070,304		2,266,582
Pool# AX2491 4.00%, 10/1/2044		567,293		613,065
Pool# AS3656 4.50%, 10/1/2044		37,713		41,100
Pool# AL6432 4.00%, 1/1/2045		1,440,964		1,557,610
Pool# MA2145 4.00%, 1/1/2045		778,389		841,387
Pool# AL6520 4.00%, 2/1/2045		3,297,174		3,563,694
Pool# AZ1897 3.50%, 5/1/2045		672,371		717,018
Pool# AS5175 3.50%, 6/1/2045		1,247,889		1,331,850
Pool# AL9578 4.00%, 6/1/2045		918,019		992,104
Pool# AZ0862 3.50%, 7/1/2045		851,623		907,002
Pool# AZ7108 3.50%, 7/1/2045		301,011		319,781
Pool# AZ0869 4.00%, 7/1/2045		860,111		929,622
Pool# MA2415 4.00%, 10/1/2045		1,060,406		1,146,280
Pool# CA2929 3.50%, 12/1/2045		2,245,445		2,401,451
Pool# AS6400 4.00%, 12/1/2045		782,020		844,224
Pool# AS6464 3.50%, 1/1/2046		1,076,417		1,148,724
Pool# BA4782 4.00%, 1/1/2046		1,646,716		1,785,567
Pool# BC4114 3.50%, 2/1/2046		2,889,012		3,076,556
Pool# BC1105 3.50%, 2/1/2046		1,311,953		1,397,144
Pool# BC0300 3.50%, 3/1/2046		265,932		282,371
Pool# BC2495 4.00%, 3/1/2046		3,283,569		3,598,372
Pool# AS6795 4.00%, 3/1/2046		1,148,466		1,229,767
Pool# FM1370 3.00%, 4/1/2046		2,987,986		3,157,078
Pool# BC0793 3.50%, 4/1/2046		2,815,174		2,999,860
Pool# AS7248 4.00%, 5/1/2046		754,235		813,111
Pool# AS7401 4.00%, 6/1/2046		1,700,190		1,831,268
Pool# AS7580 3.00%, 7/1/2046		2,801,675		2,957,117
Pool# AS7558 4.00%, 7/1/2046		934,592		1,004,870
Pool# AS7801 3.50%, 8/1/2046		665,097		705,987
Pool# BM3932 3.50%, 10/1/2046		1,929,475		2,052,210

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# AS8143 4.00%, 10/1/2046	$	1,615,271	$	1,740,462
Pool# AS8144 4.00%, 10/1/2046		643,444		691,841
Pool# AS8157 4.50%, 10/1/2046		133,741		145,829
Pool# BM3803 3.50%, 11/1/2046		1,307,505		1,391,857
Pool# BE5067 3.50%, 11/1/2046		982,756		1,046,636
Pool# MA2836 4.50%, 12/1/2046		547,587		597,117
Pool# AS8659 4.00%, 1/1/2047		2,215,889		2,380,843
Pool# AS8661 4.00%, 1/1/2047		1,483,948		1,593,094
Pool# AS8699 4.00%, 1/1/2047		549,625		590,257
Pool# MA2872 4.50%, 1/1/2047		505,001		550,415
Pool# BE5475 3.50%, 2/1/2047		1,629,888		1,727,473
Pool# BM3688 3.50%, 2/1/2047		1,322,611		1,407,097
Pool# AS8807 3.50%, 2/1/2047		195,451		207,185
Pool# FM1000 3.00%, 4/1/2047		1,164,729		1,222,504
Pool# MA2959 3.50%, 4/1/2047		3,763,756		3,991,750
Pool# BM5784 3.50%, 5/1/2047		2,802,714		2,975,206
Pool# BM5347 3.50%, 5/1/2047		897,613		952,349
Pool# BM5348 3.50%, 5/1/2047		684,307		725,615
Pool# BE3619 4.00%, 5/1/2047		3,481,795		3,734,887
Pool# MA2995 4.00%, 5/1/2047		319,345		342,984
Pool# AS9829 3.50%, 6/1/2047		1,247,885		1,321,364
Pool# AS9831 4.00%, 6/1/2047		5,489,800		5,875,324
Pool# BE3702 4.00%, 6/1/2047		1,617,307		1,724,967
Pool# MA3057 3.50%, 7/1/2047		4,123,673		4,368,288
Pool# BE3767 3.50%, 7/1/2047		1,826,032		1,934,343
Pool# BM1538 4.00%, 7/1/2047		2,657,805		2,851,553
Pool# CA0062 4.00%, 7/1/2047		1,396,820		1,497,589
Pool# AS9975 4.00%, 7/1/2047		1,247,363		1,335,046
Pool# MA3058 4.00%, 7/1/2047		1,219,573		1,308,601
Pool# MA3087 3.50%, 8/1/2047		2,912,885		3,085,673
Pool# CA0237 4.00%, 8/1/2047		3,032,251		3,258,266
Pool# MA3088 4.00%, 8/1/2047		2,845,010		3,050,998
Pool# MA3120 3.50%, 9/1/2047		568,914		603,222
Pool# BH4019 4.00%, 9/1/2047		3,201,982		3,432,340

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# MA3121 4.00%, 9/1/2047	$	1,466,107	$	1,569,080
Pool# MA3149 4.00%, 10/1/2047		1,814,831		1,940,615
Pool# BH9360 4.00%, 10/1/2047		1,008,158		1,086,996
Pool# MA3183 4.00%, 11/1/2047		2,379,798		2,544,939
Pool# FM1467 3.00%, 12/1/2047		1,522,139		1,615,867
Pool# MA3210 3.50%, 12/1/2047		3,237,492		3,418,637
Pool# BJ1662 3.50%, 12/1/2047		527,652		559,164
Pool# BM2005 4.00%, 12/1/2047		1,803,551		1,932,313
Pool# MA3211 4.00%, 12/1/2047		390,359		418,397
Pool# BM3392 4.00%, 1/1/2048		2,513,846		2,696,832
Pool# CA4140 3.00%, 2/1/2048		2,773,846		2,917,199
Pool# BJ8783 3.50%, 2/1/2048		1,828,319		1,936,781
Pool# BJ0650 3.50%, 3/1/2048		1,412,314		1,499,332
Pool# BJ0648 3.50%, 3/1/2048		1,394,721		1,478,953
Pool# BM3590 3.50%, 3/1/2048		1,376,382		1,465,236
Pool# BM3900 4.00%, 4/1/2048		1,320,051		1,415,647
Pool# CA1551 4.00%, 4/1/2048		868,267		931,899
Pool# CA1710 4.50%, 5/1/2048		1,709,032		1,841,479
Pool# CA2057 4.50%, 7/1/2048		513,877		553,266
Pool# FM1572 3.00%, 9/1/2048		4,601,349		4,845,126
Pool# MA3466 3.50%, 9/1/2048		2,463,145		2,603,466
Pool# BM4991 4.00%, 9/1/2048		1,984,867		2,114,130
Pool# BM2007 4.00%, 9/1/2048		1,090,202		1,160,537
Pool# FM1239 3.50%, 11/1/2048		2,628,169		2,779,369
Pool# BN1603 5.00%, 11/1/2048		117,545		126,839
Pool# BM5793 3.00%, 4/1/2049		3,174,782		3,325,427
Pool# MA3663 3.50%, 5/1/2049		1,577,552		1,664,350
Pool# MA3686 3.50%, 6/1/2049		1,988,129		2,099,713
Pool# MA3692 3.50%, 7/1/2049		3,233,750		3,412,852
Pool# CA4358 3.50%, 7/1/2049		2,220,495		2,341,746
Pool# MA3745 3.50%, 8/1/2049		5,302,889		5,592,534
Pool# BO2201 3.00%, 9/1/2049		4,790,947		5,019,153
Pool# MA3775 3.50%, 9/1/2049		4,167,559		4,400,571
Pool# BN8330 3.50%, 9/1/2049		2,851,550		3,007,598

Mortgage-Backed Securities (continued)
		Principal   Amount		Value
FNMA UMBS Pool (continued)
Pool# BO2200 3.50%, 9/1/2049	$	803,652	$	848,898
Pool# MA3802 3.00%, 10/1/2049		5,920,906		6,203,267
Pool# MA3803 3.50%, 10/1/2049		3,722,693		3,928,539
Pool# MA3804 4.00%, 10/1/2049		625,685		666,899
Pool# MA3834 3.00%, 11/1/2049		6,939,721		7,273,076
Pool# MA3835 3.50%, 11/1/2049		3,830,720		4,043,105
Pool# MA3871 3.00%, 12/1/2049		9,014,484		9,445,730
Pool# MA3872 3.50%, 12/1/2049		3,182,162		3,360,704
Pool# MA3905 3.00%, 1/1/2050		7,574,395		7,937,898
Pool# BO6164 3.00%, 1/1/2050		3,232,427		3,387,243
Pool# BO8947 3.00%, 1/1/2050		2,485,176		2,607,456
FNMA/FHLMC UMBS, 30 Year, Single Family TBA 2.50%, 4/25/2050		54,340,000		56,292,871
3.00%, 4/25/2050		30,210,000		31,669,756
GNMA I Pool
Pool# 618988 6.00%, 6/15/2034		10,598		11,700
Pool# 689575 6.50%, 7/15/2038		9,451		10,991
GNMA II Pool
Pool# MA0699 3.50%, 1/20/2043		1,036,949		1,109,121
Pool# MA0783 3.50%, 2/20/2043		1,287,008		1,376,523
Pool# MA2679 4.00%, 3/20/2045		22,380		24,393
Pool# MA2892 3.50%, 6/20/2045		87,706		93,254
Pool# MA3035 4.00%, 8/20/2045		45,682		49,781
Pool# MA3106 4.00%, 9/20/2045		1,245,733		1,357,628
Pool# MA3245 4.00%, 11/20/2045		1,295,372		1,411,737
Pool# MA3663 3.50%, 5/20/2046		1,094,018		1,163,074
Pool# MA3803 3.50%, 7/20/2046		531,942		568,503
Pool# MA4262 3.50%, 2/20/2047		46,557		49,463
Pool# MA4510 3.50%, 6/20/2047		1,977,538		2,084,582
Pool# MA4586 3.50%, 7/20/2047		2,904,990		3,090,453
Pool# MA4652 3.50%, 8/20/2047		2,043,247		2,171,079
Pool# MA4778 3.50%, 10/20/2047		1,494,386		1,587,569
Pool# MA4900 3.50%, 12/20/2047		2,368,267		2,501,985
GNMA TBA 3.00%, 4/15/2050		15,000,000		15,856,055
3.50%, 4/15/2050		1,390,000		1,465,048
Total Mortgage-Backed Securities (cost $532,957,614)				550,237,541

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Supranational 0.0%†
		Principal   Amount		Value
African Export-Import Bank (The), 3.99%, 9/21/2029(b)	$	200,000	$	188,334
Banque Ouest Africaine de Developpement 5.00%, 7/27/2027		200,000		187,424
4.70%, 10/22/2031(b)		200,000		181,752
Eastern & Southern African Trade & Development Bank, 4.88%, 5/23/2024		200,000		196,620
Total Supranational (cost $816,345)				754,130
U.S. Government Agency Securities 1.3%
		Principal Amount		Value
FHLB, 5.50%, 7/15/2036(d)		7,955,000		12,286,202
FNMA, 5.63%, 7/15/2037(d)		3,060,000		4,817,531
Tennessee Valley Authority, 5.25%, 9/15/2039		3,000,000		4,589,634
Total U.S. Government Agency Securities (cost $18,354,560)				21,693,367
U.S. Treasury Obligations 7.6%
		Principal Amount		Value
U.S. Treasury Bonds 3.00%, 5/15/2045		9,955,000		13,560,577
2.00%, 2/15/2050		6,205,000		7,188,347
U.S. Treasury Inflation Linked Bonds 2.13%, 2/15/2040 (i)		9,530,000		15,890,102
1.38%, 2/15/2044 (i)		11,745,000		16,663,673
0.25%, 2/15/2050 (d)(i)		1,035,000		1,070,261
U.S. Treasury Notes 1.38%, 1/31/2022 (d)(j)		61,720,000		63,031,550
2.88%, 5/31/2025 (d)		640,000		720,550
1.13%, 2/28/2027 (d)		5,895,000		6,125,043
Total U.S. Treasury Obligations (cost $118,398,523)				124,250,103
Short-Term Investment 0.3%
		Principal Amount		Value
U.S. Treasury Obligation 0.3%
U.S. Treasury Bills, 1.52%, 5/28/2020(d)		4,500,000		4,499,466
Total Short-Term Investment (cost $4,489,227)				4,499,466
Repurchase Agreements 3.2%
		Principal Amount		Value
Bank of America NA 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $15,037,106, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $15,337,843. (k)		15,037,101		15,037,101

Repurchase Agreements (continued)
		Principal   Amount		Value
Nomura Securities International, Inc. 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $5,000,002, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $5,100,001. (k)	$	5,000,000	$	5,000,000
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $17,000,067, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $17,340,004. (k)		17,000,000		17,000,000
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $15,000,059, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $15,300,003. (k)		15,000,000		15,000,000
Total Repurchase Agreements (cost $52,037,101)				52,037,101
Total Investments (cost $1,788,567,860) — 108.7%				1,769,079,652
Liabilities in excess of other assets — (8.7)%				(141,901,031)
NET ASSETS — 100.0%			$	1,627,178,621

† Amount rounds to less than 0.1%.

(a) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2020.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $255,548,424 which represents 15.71% of net assets.

(c) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, 2020.

(d) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $62,634,355, which was collateralized by cash used to purchase repurchase agreements with a total value of $52,037,101 and by $11,821,327 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from 4/2/2020 – 2/15/2050, a total value of $63,858,428.

(e) Perpetual Bond Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, 2020. The maturity date reflects the next call date.

(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of March 31, 2020.

(g) PIK-- Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer. The rate disclosed is the cash rate.

(h) Security in default.

(i) Principal amounts are not adjusted for inflation.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

(j) Security or a portion of the security was used to cover the margin requirement for futures contracts.

(k) Security or a portion of the security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $52,037,101.

CLO	Collateralized Loan Obligations
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest only
LIBOR	London Interbank Offered Rate
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities

Currency:
USD	United States Dollar

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts			Expiration Date	Trading Currency	Notional     Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Foreign Exchange AUD/USD		8		6/2020	USD		491,440		(17,328)
Foreign Exchange EUR/USD		47		6/2020	USD		6,491,581		(103,761)
Foreign Exchange ZAR/USD		4		6/2020	USD		111,100		(9,816)
U.S. Treasury 5 Year Note		603		6/2020	USD		75,591,703		1,178,022
U.S. Treasury 10 Year Note		646		6/2020	USD		89,592,125		1,677,954
U.S. Treasury Long Bond		111		6/2020	USD		19,875,937		1,350,523
U.S. Treasury Ultra Bond		161		6/2020	USD		35,721,875		3,316,337
									7,391,931
Short Contracts
30 Day Federal Funds		(1	)	10/2020	USD		(416,408	)	(4,442)
U.S. Treasury 10 Year Ultra Bond		(189	)	6/2020	USD		(29,489,906	)	(1,375,653)
									(1,380,095)
									6,011,836

Currency:
AUD	Australian Dollar
EUR	Euro
USD	United States Dollar
ZAR	South Africa Rand

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	–		$	82,782,203	$	–	$	82,782,203
Collateralized Mortgage Obligations		–			134,183,370		–		134,183,370
Commercial Mortgage-Backed Securities		–			162,002,035		–		162,002,035
Convertible Bond		–			408,361		–		408,361
Corporate Bonds		–			604,601,646		–		604,601,646
Foreign Government Securities		–			31,630,329		–		31,630,329
Futures Contracts		7,522,836			–		–		7,522,836
Mortgage-Backed Securities		–			550,237,541		–		550,237,541
Repurchase Agreements		–			52,037,101		–		52,037,101
Short-Term Investment		–			4,499,466		–		4,499,466
Supranational		–			754,130		–		754,130
U.S. Government Agency Securities		–			21,693,367		–		21,693,367
U.S. Treasury Obligations		–			124,250,103		–		124,250,103
Total Assets	$	7,522,836		$	1,769,079,652	$	–	$	1,776,602,488
Liabilities:
Futures Contracts		(1,511,000	)		–		–		(1,511,000	)
Total Liabilities	$	(1,511,000	)	$	–	$	–	$	(1,511,000	)
Total	$	6,011,836		$	1,769,079,652	$	–	$	1,775,091,488

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to currency and interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to changes in the level of interest rates and to manage currency risk. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts	$	7,522,836
Total		$	7,522,836
Liabilities:
Futures Contracts
Currency risk	Unrealized depreciation from futures contracts	$	(130,905	)
Interest rate risk	Unrealized depreciation from futures contracts		(1,380,095	)
Total		$	(1,511,000	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT DFA Capital Appreciation Fund

Investment Companies 91.2%
	Shares		Value
Equity Funds 73.2%
DFA Emerging Markets Core Equity Portfolio, Institutional Class		138,715	$	2,159,796
DFA International Large Cap Growth Portfolio		77,158		852,593
DFA Real Estate Securities Portfolio, Institutional Class		30,736		962,949
DFA U.S. Core Equity 1 Portfolio, Institutional Class		249,425		4,866,276
DFA U.S. Small Cap Portfolio, Institutional Class		49,815		1,169,661
DFA VA International Small Portfolio		44,929		392,230
DFA VA International Value Portfolio		140,002		1,169,013
DFA VA U.S. Large Value Portfolio		202,570		3,798,186
Total Equity Funds (cost $19,804,280)				15,370,704
Fixed Income Fund 18.0%
DFA VA Global Bond Portfolio		360,960		3,782,865
Total Fixed Income Funds (cost $3,791,153)				3,782,865
Total Investment Companies (cost $23,595,433)				19,153,569
Investment Contract 9.0%
	Principal   Amount		Value
Nationwide Contract, 2.50% ^¥(a)(b)	$	1,897,011		1,897,011
Total Investment Contract (cost $1,897,011)				1,897,011
Total Investments (cost $25,492,444) — 100.2%				21,050,580
Liabilities in excess of other assets — (0.2)%				(32,481)
NET ASSETS — 100.0%			$	21,018,099

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(b) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT DFA Capital Appreciation Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	19,153,569	$	–	$	–	$	19,153,569
Investment Contract		–		–		1,897,011		1,897,011
Total	$	19,153,569	$	–	$	1,897,011	$	21,050,580

Amounts designated as “–” are zero or have been rounded to zero.

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment             Contract		Total
Balance as of 12/31/2019	$	2,400,180	$	2,400,180
Purchases*		180,724		180,724
Sales		(683,893)		(683,893)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 3/31/2020	$	1,897,011	$	1,897,011

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT DFA Capital Appreciation Fund (Continued)

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT DFA Moderate Fund

Investment Companies 84.1%
	Shares		Value
Equity Funds 59.9%
DFA Emerging Markets Core Equity Portfolio, Institutional Class		55,137	$	858,476
DFA International Large Cap Growth Portfolio		147,733		1,632,447
DFA U.S. Core Equity 1 Portfolio, Institutional Class		275,532		5,375,628
DFA U.S. Small Cap Portfolio, Institutional Class		25,365		595,564
DFA VA International Small Portfolio		72,374		631,823
DFA VA International Value Portfolio		224,299		1,872,895
DFA VA U.S. Large Value Portfolio		168,751		3,164,086
Total Equity Funds (cost $17,735,007)				14,130,919
Fixed Income Funds 24.2%
DFA Intermediate Government Fixed Income Portfolio, Institutional Class		66,703		921,169
DFA Intermediate Term Extended Quality Portfolio		126,590		1,376,038
DFA Investment Grade Portfolio		126,855		1,452,495
DFA Short Duration Real Return Portfolio, Institutional Class		204,491		1,948,801
Total Fixed Income Funds (cost $5,526,184)				5,698,503
Total Investment Companies (cost $23,261,191)				19,829,422

Investment Contract 16.0%
	Principal   Amount		Value
Nationwide Contract, 2.50% ^¥(a)(b)	$	3,769,475		3,769,475
Total Investment Contract (cost $3,769,475)				3,769,475
Total Investments (cost $27,030,666) — 100.1%				23,598,897
Liabilities in excess of other assets — (0.1)%				(34,491)
NET ASSETS — 100.0%			$	23,564,406

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(b) Investment in affiliate.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT DFA Moderate Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Investment Companies	$	19,829,422	$	–	$	–	$	19,829,422
Investment Contract		–		–		3,769,475		3,769,475
Total	$	19,829,422	$	–	$	3,769,475	$	23,598,897

Amounts designated as “–” are zero or have been rounded to zero.

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract			Total
Balance as of 12/31/2019		$       4,453,513		$    4,453,513
Purchases*		109,102		109,102
Sales		(793,140	)	(793,140)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 3/31/2020		$      3,769,475		$    3,769,475

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT DFA Moderate Fund (Continued)

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund)

Common Stocks79.6%
	Shares		Value
Aerospace & Defense 1.6%
Arconic, Inc.		20,119	$	323,111
Boeing Co. (The) (a)		26,828		4,001,128
General Dynamics Corp.		11,656		1,542,205
Huntington Ingalls Industries, Inc.		2,117		385,739
L3Harris Technologies, Inc.		11,143		2,007,077
Lockheed Martin Corp. (a)		12,477		4,229,079
Northrop Grumman Corp.		7,884		2,385,304
Raytheon Co.		13,880		1,820,362
Textron, Inc.		11,859		316,280
TransDigm Group, Inc. (a)		2,498		799,835
United Technologies Corp.		40,839		3,852,343
				21,662,463
Air Freight & Logistics 0.4%
CH Robinson Worldwide, Inc. (a)		6,781		448,902
Expeditors International of Washington, Inc.		8,547		570,256
FedEx Corp. (a)		12,168		1,475,492
United Parcel Service, Inc., Class B		35,231		3,291,280
				5,785,930
Airlines 0.2%
Alaska Air Group, Inc.		6,214		176,912
American Airlines Group, Inc.		20,172		245,897
Delta Air Lines, Inc. (a)		29,189		832,762
Southwest Airlines Co.		23,460		835,411
United Airlines Holdings, Inc. *		11,007		347,271
				2,438,253
Auto Components 0.1%
Aptiv plc		12,841		632,291
BorgWarner, Inc. (a)		10,746		261,880
				894,171
Automobiles 0.2%
Ford Motor Co.		195,466		944,101
General Motors Co.		63,531		1,320,174
Harley-Davidson, Inc. (a)		8,258		156,324
				2,420,599
Banks 3.3%
Bank of America Corp.		407,199		8,644,835
Citigroup, Inc.		109,657		4,618,753
Citizens Financial Group, Inc.		21,421		402,929
Comerica, Inc.		7,019		205,937
Fifth Third Bancorp		36,217		537,822
First Republic Bank		8,463		696,336
Huntington Bancshares, Inc.		52,393		430,146
JPMorgan Chase & Co.		157,724		14,199,892
KeyCorp		50,192		520,491
M&T Bank Corp. (a)		6,524		674,777
People’s United Financial, Inc. (a)		23,100		255,255
PNC Financial Services Group, Inc. (The)		21,849		2,091,386
Regions Financial Corp.		47,462		425,734
SVB Financial Group *		2,608		394,017
Truist Financial Corp.		67,479		2,081,052
US Bancorp		71,599		2,466,586
Wells Fargo & Co.		193,287		5,547,337
Zions Bancorp NA		8,268		221,252
				44,414,537
Beverages 1.5%
Brown-Forman Corp., Class B (a)		9,155		508,194
Coca-Cola Co. (The)		193,958		8,582,642
Constellation Brands, Inc., Class A		8,338		1,195,336

Common Stocks (continued)
	Shares		Value
Beverages (continued)
Molson Coors Beverage Co., Class B		9,507	$	370,868
Monster Beverage Corp. *		19,504		1,097,295
PepsiCo, Inc.		69,962		8,402,436
				20,156,771
Biotechnology 1.9%
AbbVie, Inc.		74,287		5,659,927
Alexion Pharmaceuticals, Inc. *		11,174		1,003,313
Amgen, Inc.		29,852		6,051,896
Biogen, Inc. *		9,057		2,865,454
Gilead Sciences, Inc.		63,591		4,754,063
Incyte Corp. *		8,951		655,482
Regeneron Pharmaceuticals, Inc. *		4,020		1,962,926
Vertex Pharmaceuticals, Inc. *		12,932		3,077,169
				26,030,230
Building Products 0.3%
Allegion plc		4,788		440,592
AO Smith Corp. (a)		7,339		277,488
Fortune Brands Home & Security, Inc.		7,101		307,118
Johnson Controls International plc		38,284		1,032,137
Masco Corp.		13,935		481,733
Trane Technologies plc		12,023		992,979
				3,532,047
Capital Markets 2.1%
Ameriprise Financial, Inc.		6,261		641,627
Bank of New York Mellon Corp. (The)		41,825		1,408,666
BlackRock, Inc.		5,939		2,612,982
Cboe Global Markets, Inc.		5,549		495,248
Charles Schwab Corp. (The)		57,629		1,937,487
CME Group, Inc.		18,045		3,120,161
E*TRADE Financial Corp.		11,017		378,104
Franklin Resources, Inc. (a)		14,602		243,707
Goldman Sachs Group, Inc. (The)		16,053		2,481,633
Intercontinental Exchange, Inc.		28,139		2,272,224
Invesco Ltd.		17,871		162,269
MarketAxess Holdings, Inc.		1,903		632,881
Moody’s Corp. (a)		8,225		1,739,588
Morgan Stanley		58,290		1,981,860
MSCI, Inc. (a)		4,215		1,217,966
Nasdaq, Inc.		5,902		560,395
Northern Trust Corp.		10,842		818,137
Raymond James Financial, Inc. (a)		6,269		396,201
S&P Global, Inc.		12,308		3,016,075
State Street Corp.		18,035		960,725
T. Rowe Price Group, Inc.		11,786		1,150,903
				28,228,839
Chemicals 1.4%
Air Products & Chemicals, Inc. (a)		11,092		2,214,074
Albemarle Corp. (a)		5,245		295,661
Celanese Corp. (a)		5,936		435,643
CF Industries Holdings, Inc.		11,266		306,435
Corteva, Inc.		37,297		876,479
Dow, Inc.		37,349		1,092,085
DuPont de Nemours, Inc.		37,374		1,274,453
Eastman Chemical Co.		6,877		320,331
Ecolab, Inc.		12,660		1,972,808
FMC Corp.		6,536		533,926

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
International Flavors & Fragrances, Inc. (a)		5,371	$	548,272
Linde plc		26,994		4,669,962
LyondellBasell Industries NV, Class A		13,072		648,763
Mosaic Co. (The)		18,017		194,944
PPG Industries, Inc.		11,769		983,888
Sherwin-Williams Co. (The)		4,131		1,898,277
				18,266,001
Commercial Services & Supplies 0.3%
Cintas Corp.		4,220		730,988
Copart, Inc. *		10,315		706,784
Republic Services, Inc.		10,727		805,169
Rollins, Inc. (a)		7,339		265,231
Waste Management, Inc.		19,496		1,804,550
				4,312,722
Communications Equipment 0.8%
Arista Networks, Inc. *		2,737		554,379
Cisco Systems, Inc.		212,840		8,366,741
F5 Networks, Inc. *		2,959		315,518
Juniper Networks, Inc.		17,510		335,142
Motorola Solutions, Inc.		8,672		1,152,682
				10,724,462
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		6,813		540,067
Quanta Services, Inc.		7,318		232,200
				772,267
Construction Materials 0.1%
Martin Marietta Materials, Inc.		3,108		588,127
Vulcan Materials Co.		6,630		716,504
				1,304,631
Consumer Finance 0.4%
American Express Co. (a)		33,790		2,892,762
Capital One Financial Corp.		23,180		1,168,735
Discover Financial Services		15,528		553,884
Synchrony Financial		29,374		472,628
				5,088,009
Containers & Packaging 0.3%
Amcor plc (a)		81,732		663,664
Avery Dennison Corp.		4,187		426,530
Ball Corp.		16,679		1,078,464
International Paper Co.		19,776		615,627
Packaging Corp. of America		4,768		414,005
Sealed Air Corp.		8,055		199,039
Westrock Co.		12,995		367,239
				3,764,568
Distributors 0.1%
Genuine Parts Co. (a)		7,441		501,002
LKQ Corp. *(a)		16,037		328,919
				829,921
Diversified Consumer Services 0.0%†
H&R Block, Inc. (a)		10,635		149,741
Diversified Financial Services 1.3%
Berkshire Hathaway, Inc., Class B *		98,357		17,982,610
Diversified Telecommunication Services 1.7%
AT&T, Inc.		366,896		10,695,018
CenturyLink, Inc.		48,562		459,396
Verizon Communications, Inc.		207,998		11,175,733
				22,330,147

Common Stocks (continued)
	Shares		Value
Electric Utilities 1.8%
Alliant Energy Corp.		11,833	$	571,416
American Electric Power Co., Inc.		25,015		2,000,700
Duke Energy Corp. (a)		36,601		2,960,289
Edison International (a)		17,782		974,276
Entergy Corp.		10,002		939,888
Evergy, Inc.		11,200		616,560
Eversource Energy		16,460		1,287,337
Exelon Corp.		49,229		1,812,119
FirstEnergy Corp.		27,161		1,088,341
NextEra Energy, Inc.		24,554		5,908,183
NRG Energy, Inc.		12,835		349,882
Pinnacle West Capital Corp.		5,661		429,047
PPL Corp.		38,833		958,398
Southern Co. (The)		52,740		2,855,344
Xcel Energy, Inc.		26,380		1,590,714
				24,342,494
Electrical Equipment 0.4%
AMETEK, Inc.		11,455		824,989
Eaton Corp. plc		20,851		1,619,914
Emerson Electric Co.		30,316		1,444,557
Rockwell Automation, Inc.		5,893		889,313
				4,778,773
Electronic Equipment, Instruments & Components 0.4%
Amphenol Corp., Class A		14,891		1,085,256
CDW Corp.		7,245		675,741
Corning, Inc.		39,103		803,176
FLIR Systems, Inc.		7,010		223,549
IPG Photonics Corp. *		1,781		196,409
Keysight Technologies, Inc. *		9,364		783,579
TE Connectivity Ltd.		16,797		1,057,875
Zebra Technologies Corp., Class A *		2,704		496,454
				5,322,039
Energy Equipment & Services 0.1%
Baker Hughes Co.		33,267		349,304
Halliburton Co.		43,520		298,112
Helmerich & Payne, Inc.		5,660		88,579
National Oilwell Varco, Inc.		19,753		194,172
Schlumberger Ltd.		68,956		930,216
TechnipFMC plc		20,917		140,981
				2,001,364
Entertainment 1.6%
Activision Blizzard, Inc. *		38,870		2,311,988
Electronic Arts, Inc. *		14,785		1,481,013
Live Nation Entertainment, Inc. *		7,065		321,175
Netflix, Inc. *		21,995		8,259,122
Take-Two Interactive Software, Inc. *		5,733		679,991
Walt Disney Co. (The)		90,658		8,757,563
				21,810,852
Equity Real Estate Investment Trusts (REITs) 2.3%
Alexandria Real Estate Equities, Inc.		6,140		841,548
American Tower Corp.		22,258		4,846,680
Apartment Investment & Management Co., Class A		7,363		258,809
AvalonBay Communities, Inc.		6,949		1,022,684
Boston Properties, Inc.		7,288		672,172
Crown Castle International Corp.		20,909		3,019,260
Digital Realty Trust, Inc.		13,233		1,838,196
Duke Realty Corp.		18,069		585,074

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equinix, Inc.		4,268	$	2,665,665
Equity Residential		17,651		1,089,243
Essex Property Trust, Inc.		3,273		720,846
Extra Space Storage, Inc.		6,495		621,961
Federal Realty Investment Trust		3,713		277,027
Healthpeak Properties, Inc.		24,975		595,654
Host Hotels & Resorts, Inc.		36,817		406,460
Iron Mountain, Inc.		14,813		352,549
Kimco Realty Corp.		21,804		210,845
Mid-America Apartment Communities, Inc.		5,804		597,986
Prologis, Inc.		37,134		2,984,460
Public Storage		7,487		1,486,993
Realty Income Corp.		17,330		864,074
Regency Centers Corp.		8,296		318,815
SBA Communications Corp.		5,645		1,523,981
Simon Property Group, Inc.		15,420		845,941
SL Green Realty Corp.		4,361		187,959
UDR, Inc.		14,731		538,271
Ventas, Inc.		18,599		498,453
Vornado Realty Trust		8,068		292,142
Welltower, Inc.		20,387		933,317
Weyerhaeuser Co.		37,081		628,523
				31,725,588
Food & Staples Retailing 1.4%
Costco Wholesale Corp.		22,192		6,327,605
Kroger Co. (The)		40,843		1,230,191
Sysco Corp.		25,810		1,177,710
Walgreens Boots Alliance, Inc.		37,735		1,726,376
Walmart, Inc.		71,240		8,094,289
				18,556,171
Food Products 1.0%
Archer-Daniels-Midland Co.		27,906		981,733
Campbell Soup Co.		8,663		399,884
Conagra Brands, Inc.		24,755		726,312
General Mills, Inc.		30,362		1,602,203
Hershey Co. (The)		7,492		992,690
Hormel Foods Corp. (a)		13,807		643,958
JM Smucker Co. (The)		5,769		640,359
Kellogg Co.		12,665		759,773
Kraft Heinz Co. (The)		30,978		766,396
Lamb Weston Holdings, Inc.		7,255		414,260
McCormick & Co., Inc. (Non-Voting)		6,097		860,957
Mondelez International, Inc., Class A		72,382		3,624,891
Tyson Foods, Inc., Class A		14,688		849,995
				13,263,411
Gas Utilities 0.0%†
Atmos Energy Corp. (a)		5,861		581,587
Health Care Equipment & Supplies 3.0%
Abbott Laboratories		88,776		7,005,314
ABIOMED, Inc. *		2,242		325,449
Align Technology, Inc. *		3,543		616,305
Baxter International, Inc.		25,679		2,084,878
Becton Dickinson and Co.		13,599		3,124,642
Boston Scientific Corp. *		70,085		2,286,874
Cooper Cos., Inc. (The)		2,500		689,175
Danaher Corp.		32,133		4,447,528
DENTSPLY SIRONA, Inc.		10,902		423,325

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corp. *		10,512	$	1,982,773
Hologic, Inc. *		13,324		467,672
IDEXX Laboratories, Inc. *		4,286		1,038,241
Intuitive Surgical, Inc. *		5,829		2,886,579
Medtronic plc		67,329		6,071,729
ResMed, Inc.		7,138		1,051,356
STERIS plc (a)		4,251		595,012
Stryker Corp. (a)		16,220		2,700,468
Teleflex, Inc.		2,316		678,264
Varian Medical Systems, Inc. *		4,641		476,445
Zimmer Biomet Holdings, Inc.		10,208		1,031,825
				39,983,854
Health Care Providers & Services 2.3%
AmerisourceBergen Corp.		7,372		652,422
Anthem, Inc.		12,770		2,899,301
Cardinal Health, Inc.		14,816		710,279
Centene Corp. *		29,171		1,733,049
Cigna Corp.		18,802		3,331,338
CVS Health Corp.		65,401		3,880,241
DaVita, Inc. *		4,314		328,123
HCA Healthcare, Inc.		13,317		1,196,533
Henry Schein, Inc. *		7,596		383,750
Humana, Inc.		6,675		2,096,084
Laboratory Corp. of America Holdings *		4,901		619,437
McKesson Corp.		8,080		1,092,901
Quest Diagnostics, Inc.		6,680		536,404
UnitedHealth Group, Inc.		47,555		11,859,266
Universal Health Services, Inc., Class B		3,927		389,087
				31,708,215
Health Care Technology 0.1%
Cerner Corp.		15,540		978,865
Hotels, Restaurants & Leisure 1.2%
Carnival Corp. (a)		19,933		262,518
Chipotle Mexican Grill, Inc. *		1,283		839,595
Darden Restaurants, Inc.		6,116		333,077
Hilton Worldwide Holdings, Inc.		14,000		955,360
Las Vegas Sands Corp.		17,264		733,202
Marriott International, Inc., Class A		13,491		1,009,262
McDonald’s Corp.		37,823		6,254,033
MGM Resorts International (a)		25,370		299,366
Norwegian Cruise Line Holdings Ltd. *		10,976		120,297
Royal Caribbean Cruises Ltd.		8,560		275,375
Starbucks Corp.		59,380		3,903,641
Wynn Resorts Ltd.		4,815		289,815
Yum! Brands, Inc.		15,260		1,045,768
				16,321,309
Household Durables 0.2%
DR Horton, Inc.		16,892		574,328
Garmin Ltd.		7,263		544,434
Leggett & Platt, Inc.		6,782		180,944
Lennar Corp., Class A (a)		13,789		526,740
Mohawk Industries, Inc. *		3,181		242,519
Newell Brands, Inc.		20,128		267,300
NVR, Inc. *		177		454,732
PulteGroup, Inc.		13,196		294,535
Whirlpool Corp.		3,141		269,498
				3,355,030

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Household Products 1.5%
Church & Dwight Co., Inc.		12,257	$	786,654
Clorox Co. (The)		6,343		1,098,925
Colgate-Palmolive Co.		43,101		2,860,182
Kimberly-Clark Corp.		17,247		2,205,374
Procter & Gamble Co. (The)		125,407		13,794,770
				20,745,905
Independent Power and Renewable Electricity Producers 0.0%†
AES Corp.		33,478		455,301
Industrial Conglomerates 1.0%
3M Co.		28,906		3,945,958
General Electric Co.		439,713		3,491,321
Honeywell International, Inc.		35,901		4,803,195
Roper Technologies, Inc.		5,180		1,615,176
				13,855,650
Insurance 1.6%
Aflac, Inc.		37,188		1,273,317
Allstate Corp. (The)		16,097		1,476,578
American International Group, Inc.		44,055		1,068,334
Aon plc		11,802		1,947,802
Arthur J Gallagher & Co.		9,218		751,359
Assurant, Inc.		3,041		316,538
Chubb Ltd.		22,830		2,549,883
Cincinnati Financial Corp.		7,683		579,682
Everest Re Group Ltd.		2,060		396,385
Globe Life, Inc.		5,014		360,857
Hartford Financial Services Group, Inc. (The)		18,003		634,426
Lincoln National Corp.		10,309		271,333
Loews Corp.		13,154		458,154
Marsh & McLennan Cos., Inc.		25,430		2,198,678
MetLife, Inc.		38,869		1,188,225
Principal Financial Group, Inc.		12,884		403,784
Progressive Corp. (The)		29,638		2,188,470
Prudential Financial, Inc.		20,255		1,056,096
Travelers Cos., Inc. (The)		13,065		1,298,008
Unum Group		10,994		165,020
Willis Towers Watson plc		6,440		1,093,834
WR Berkley Corp.		7,339		382,876
				22,059,639
Interactive Media & Services 4.2%
Alphabet, Inc., Class A *		15,067		17,507,101
Alphabet, Inc., Class C *		15,030		17,477,034
Facebook, Inc., Class A *		121,002		20,183,134
Twitter, Inc. *		38,883		954,966
				56,122,235
Internet & Direct Marketing Retail 3.3%
Amazon.com, Inc. *		20,938		40,823,237
Booking Holdings, Inc. *		2,108		2,835,934
eBay, Inc.		37,895		1,139,124
Expedia Group, Inc.		6,973		392,371
				45,190,666
IT Services 4.4%
Accenture plc, Class A		31,908		5,209,300
Akamai Technologies, Inc. *		8,231		753,054
Alliance Data Systems Corp.		2,089		70,295
Automatic Data Processing, Inc.		21,791		2,978,394
Broadridge Financial Solutions, Inc.		5,776		547,738
Cognizant Technology Solutions Corp., Class A		27,862		1,294,747
DXC Technology Co.		13,342		174,113

Common Stocks (continued)
	Shares		Value
IT Services (continued)
Fidelity National Information Services, Inc.		30,904	$	3,759,163
Fiserv, Inc. *		28,765		2,732,387
FleetCor Technologies, Inc. *		4,295		801,189
Gartner, Inc. *		4,590		457,026
Global Payments, Inc.		15,093		2,176,864
International Business Machines Corp.		44,498		4,936,163
Jack Henry & Associates, Inc.		3,933		610,559
Leidos Holdings, Inc. (a)		6,843		627,161
Mastercard, Inc., Class A		44,590		10,771,161
Paychex, Inc.		15,943		1,003,134
PayPal Holdings, Inc. *		58,985		5,647,224
VeriSign, Inc. *		5,224		940,790
Visa, Inc., Class A (a)		85,976		13,852,453
Western Union Co. (The)		21,347		387,021
				59,729,936
Leisure Products 0.0%†
Hasbro, Inc.		6,347		454,128
Life Sciences Tools & Services 0.9%
Agilent Technologies, Inc. (a)		15,740		1,127,299
Illumina, Inc. *		7,409		2,023,546
IQVIA Holdings, Inc. *		9,160		987,997
Mettler-Toledo International, Inc. *		1,235		852,780
PerkinElmer, Inc. (a)		5,592		420,966
Thermo Fisher Scientific, Inc.		20,145		5,713,122
Waters Corp. *		3,166		576,370
				11,702,080
Machinery 1.1%
Caterpillar, Inc.		27,830		3,229,393
Cummins, Inc.		7,590		1,027,079
Deere & Co.		15,822		2,185,967
Dover Corp.		7,226		606,550
Flowserve Corp.		6,776		161,879
Fortive Corp.		14,690		810,741
IDEX Corp.		3,750		517,912
Illinois Tool Works, Inc. (a)		14,740		2,094,849
Ingersoll Rand, Inc. *(a)		17,672		438,266
PACCAR, Inc.		17,262		1,055,226
Parker-Hannifin Corp.		6,391		829,104
Pentair plc		8,159		242,812
Snap-on, Inc.		2,847		309,811
Stanley Black & Decker, Inc.		7,549		754,900
Westinghouse Air Brake Technologies Corp. (a)		9,015		433,892
Xylem, Inc. (a)		9,167		597,047
				15,295,428
Media 1.0%
Charter Communications, Inc., Class A *(a)		7,885		3,440,304
Comcast Corp., Class A		227,775		7,830,904
Discovery, Inc., Class A *		8,046		156,414
Discovery, Inc., Class C *		16,336		286,534
DISH Network Corp., Class A *		12,513		250,135
Fox Corp., Class A		17,612		416,172
Fox Corp., Class B		8,474		193,885
Interpublic Group of Cos., Inc. (The)		19,374		313,665
News Corp., Class A		19,651		176,368
News Corp., Class B		6,704		60,269
Omnicom Group, Inc.		10,958		601,594

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Media (continued)
ViacomCBS, Inc. (a)		27,350	$	383,174
				14,109,418
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		72,738		490,982
Newmont Corp.		40,866		1,850,412
Nucor Corp. (a)		15,166		546,279
				2,887,673
Multiline Retail 0.4%
Dollar General Corp.		12,883		1,945,462
Dollar Tree, Inc. *		11,837		869,664
Kohl’s Corp. (a)		8,256		120,455
Macy’s, Inc.		15,542		76,311
Nordstrom, Inc. (a)		5,360		82,223
Target Corp.		25,489		2,369,712
				5,463,827
Multi-Utilities 0.9%
Ameren Corp.		12,226		890,420
CenterPoint Energy, Inc.		25,380		392,121
CMS Energy Corp.		14,118		829,433
Consolidated Edison, Inc.		16,710		1,303,380
Dominion Energy, Inc.		41,350		2,985,057
DTE Energy Co.		9,723		923,393
NiSource, Inc.		18,327		457,625
Public Service Enterprise Group, Inc.		25,197		1,131,597
Sempra Energy		14,270		1,612,367
WEC Energy Group, Inc.		15,723		1,385,668
				11,911,061
Oil, Gas & Consumable Fuels 2.0%
Apache Corp. (a)		19,153		80,060
Cabot Oil & Gas Corp.		21,569		370,771
Chevron Corp.		94,866		6,873,990
Concho Resources, Inc. (a)		9,988		427,986
ConocoPhillips		54,719		1,685,345
Devon Energy Corp.		18,853		130,274
Diamondback Energy, Inc.		8,201		214,866
EOG Resources, Inc.		28,964		1,040,387
Exxon Mobil Corp.		212,836		8,081,383
Hess Corp.		12,809		426,540
HollyFrontier Corp.		7,777		190,614
Kinder Morgan, Inc.		97,122		1,351,938
Marathon Oil Corp.		40,614		133,620
Marathon Petroleum Corp.		32,277		762,383
Noble Energy, Inc. (a)		23,732		143,341
Occidental Petroleum Corp. (a)		44,663		517,198
ONEOK, Inc.		20,574		448,719
Phillips 66		22,116		1,186,523
Pioneer Natural Resources Co.		8,391		588,629
Valero Energy Corp.		20,810		943,942
Williams Cos., Inc. (The)		60,415		854,872
				26,453,381
Personal Products 0.1%
Coty, Inc., Class A		15,368		79,299
Estee Lauder Cos., Inc. (The), Class A		11,130		1,773,454
				1,852,753
Pharmaceuticals 4.1%
Allergan plc		16,499		2,921,973
Bristol-Myers Squibb Co.		117,747		6,563,218

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Co.		42,456	$	5,889,496
Johnson & Johnson		132,169		17,331,321
Merck & Co., Inc.		128,053		9,852,398
Mylan NV *		25,588		381,517
Perrigo Co. plc		6,844		329,128
Pfizer, Inc.		277,650		9,062,496
Zoetis, Inc.		23,892		2,811,849
				55,143,396
Professional Services 0.3%
Equifax, Inc.		6,012		718,133
IHS Markit Ltd.		20,172		1,210,320
Nielsen Holdings plc		17,980		225,469
Robert Half International, Inc.		6,146		232,012
Verisk Analytics, Inc.		8,155		1,136,644
				3,522,578
Real Estate Management & Development 0.0%†
CBRE Group, Inc., Class A *		16,916		637,902
Road & Rail 0.8%
CSX Corp.		39,184		2,245,243
JB Hunt Transport Services, Inc.		4,418		407,472
Kansas City Southern		4,997		635,518
Norfolk Southern Corp.		13,144		1,919,024
Old Dominion Freight Line, Inc.		4,845		635,955
Union Pacific Corp.		34,895		4,921,591
				10,764,803
Semiconductors & Semiconductor Equipment 3.6%
Advanced Micro Devices, Inc. *		58,881		2,677,908
Analog Devices, Inc.		18,450		1,654,043
Applied Materials, Inc.		46,551		2,132,967
Broadcom, Inc.		19,932		4,725,877
Intel Corp.		218,766		11,839,616
KLA Corp.		7,822		1,124,334
Lam Research Corp.		7,296		1,751,040
Maxim Integrated Products, Inc.		13,841		672,811
Microchip Technology, Inc. (a)		11,853		803,634
Micron Technology, Inc. *		55,772		2,345,770
NVIDIA Corp.		30,716		8,096,738
Qorvo, Inc. *(a)		5,698		459,430
QUALCOMM, Inc.		57,408		3,883,651
Skyworks Solutions, Inc.		8,419		752,490
Texas Instruments, Inc.		46,980		4,694,711
Xilinx, Inc.		12,660		986,720
				48,601,740
Software 6.9%
Adobe, Inc. *		24,293		7,731,004
ANSYS, Inc. *(a)		4,364		1,014,499
Autodesk, Inc. *		11,096		1,732,086
Cadence Design Systems, Inc. *		13,996		924,296
Citrix Systems, Inc.		6,308		892,897
Fortinet, Inc. *		6,989		707,077
Intuit, Inc.		13,091		3,010,930
Microsoft Corp.		383,521		60,485,097
NortonLifeLock, Inc.		28,956		541,767
Oracle Corp.		108,872		5,261,784
Paycom Software, Inc. *(a)		2,505		506,035
salesforce.com, Inc. *		44,548		6,414,021
ServiceNow, Inc. *		9,467		2,713,053
Synopsys, Inc. *		7,464		961,288
				92,895,834

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail 1.7%
Advance Auto Parts, Inc.		3,376	$	315,048
AutoZone, Inc. *		1,181		999,126
Best Buy Co., Inc.		11,563		659,091
CarMax, Inc. *		8,263		444,797
Gap, Inc. (The) (a)		11,053		77,813
Home Depot, Inc. (The)		54,862		10,243,284
L Brands, Inc. (a)		12,011		138,847
Lowe’s Cos., Inc.		38,591		3,320,756
O’Reilly Automotive, Inc. *		3,756		1,130,744
Ross Stores, Inc.		18,330		1,594,160
Tiffany & Co.		5,509		713,416
TJX Cos., Inc. (The)		60,962		2,914,593
Tractor Supply Co.		5,996		506,962
Ulta Beauty, Inc. *		2,813		494,244
				23,552,881
Technology Hardware, Storage & Peripherals 4.2%
Apple, Inc.		209,975		53,394,543
Hewlett Packard Enterprise Co.		63,900		620,469
HP, Inc.		75,110		1,303,910
NetApp, Inc.		11,212		467,428
Seagate Technology plc		12,023		586,722
Western Digital Corp.		14,833		617,349
Xerox Holdings Corp.		9,652		182,809
				57,173,230
Textiles, Apparel & Luxury Goods 0.5%
Capri Holdings Ltd. *(a)		7,694		83,018
Hanesbrands, Inc. (a)		18,699		147,161
NIKE, Inc., Class B		62,607		5,180,103
PVH Corp.		3,884		146,194
Ralph Lauren Corp. (a)		2,376		158,788
Tapestry, Inc.		14,698		190,339
Under Armour, Inc., Class A *(a)		9,583		88,260
Under Armour, Inc., Class C *(a)		10,369		83,574
VF Corp.		16,666		901,297
				6,978,734
Tobacco 0.7%
Altria Group, Inc.		93,769		3,626,047
Philip Morris International, Inc.		78,158		5,702,408
				9,328,455
Trading Companies & Distributors 0.1%
Fastenal Co.		28,486		890,187
United Rentals, Inc. *(a)		3,674		378,055
WW Grainger, Inc.		2,232		554,652
				1,822,894
Water Utilities 0.1%
American Water Works Co., Inc.		8,989		1,074,725
Wireless Telecommunication Services 0.1%
T-Mobile US, Inc. *		15,890		1,333,171
Total Common Stocks (cost $1,134,274,958)				1,076,937,895

Purchased Options 1.5%
	Principal   Amount		Value
Call Options 2.3%
Future Interest Rate Options: 1.5%
U.S. Treasury 30 Year Bond 5/22/20 at USD 166.00 American Style, Notional Amount: USD 80,200,000 Exchange Traded*		802	$	11,077,625
U.S. Treasury 30 Year Bond 5/22/20 at USD 168.00 American Style, Notional Amount: USD 80,200,000 Exchange Traded*		802		9,598,937
				20,676,562
Future Equity Index Options: 0.0%†
S&P 500 E-Mini Index 4/17/20 at USD 3,050.00, European Style, Notional Amount: USD 102,220,535 Exchange Traded*		791		43,505
Total Purchased Options (cost $26,467,956)				20,720,067
Short-Term Investments 12.3%
	Principal   Amount		Value
U.S. Treasury Obligations 12.3%
U.S. Treasury Bills 0.54% 06/18/2020	$	159,000,000		158,968,047
0.12% 02/25/2021		4,379,000		4,374,264
0.08% 09/10/2020		2,138,000		2,136,903
Total Short-Term Investments (cost $165,324,759)				165,479,214
Repurchase Agreements 0.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,708,988, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $2,763,166. (b)		2,708,987		2,708,987

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $200,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $204,000. (b)	$	200,000	$	200,000
Total Repurchase Agreements (cost $2,908,987)				2,908,987
Total Investments (cost $1,328,976,660) — 93.6%				1,266,046,163
Other assets in excess of liabilities — 6.4%				86,345,045
NET ASSETS — 100.0%			$	1,352,391,208

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $55,359,463, which was collateralized by cash used to purchase repurchase agreements with a total value of $2,908,987 and by $55,547,544 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $58,456,531.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $2,908,987.

REIT Real Estate Investment Trust

Currency:

USD United State Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts		Expiration Date		Trading Currency	Notional Amount ($)		Value and Unrealized   Appreciation   (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		1,974		6/2020	USD		253,629,390		(11,175,896)
									(11,175,896)
Short Contracts
U.S. Treasury Long Bond		(219)		6/2020	USD		(39,214,687)		1,079,993
									1,079,993
									(10,095,903)

At March 31, 2020, the Fund had $8,886,966 segregated as collateral with the broker for open futures contracts.

Currency:

USD United State Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Common Stocks	$	1,076,937,895		$	–	$	–	$	1,076,937,895
Futures Contracts		1,079,993			–		–		1,079,993
Purchased Options		20,720,067			–		–		20,720,067
Repurchase Agreements		–			2,908,987		–		2,908,987
Short-Term Investments		–			165,479,214		–		165,479,214
Total Assets	$	1,098,737,955		$	168,388,201	$	–	$	1,267,126,156
Liabilities:
Futures Contracts	$	(11,175,896	)	$	–	$	–	$	(11,175,896	)
Total Liabilities	$	(11,175,896	)	$	–	$	–	$	(11,175,896	)
Total	$	1,087,562,059		$	168,388,201	$	–	$	1,255,950,260

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using options and financial futures contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Options

The Fund has long positions in options on equity index futures contracts and bond treasury futures contracts, which are exchange-traded. Such option investments are utilized to gain exposure to the value of equities and bonds. The purchase of call options provides a measure of downside risk control.

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the average bid/ask price. Exchange-traded options are generally categorized as Level 1 investments within the hierarchy. Options traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things, the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general market conditions. Options that expire unexercised have no value. American-style options, can be exercised at any time prior to the expiration date of the option. European-style options can only be exercised at expiration of the option.

The Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If the Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by the Fund could cause material losses because the Fund would be unable to sell the investment used as a cover for the written option until the option expires or is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased by the Fund) expose the Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”), guidelines, the Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations. Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund’s assets to earmarking or segregated accounts as a cover could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations.

Futures Contracts

The Fund is subject to equity price and interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities and to gain exposure to and/or hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Core Fund (formerly, NVIT Dynamic U.S. Growth Fund) (Continued)

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Purchased Options
Equity risk	Investment securities, at value	$	43,505
Interest rate risk	Investment securities, at value		20,676,562
Futures Contracts Interest rate risk	Unrealized appreciation from futures contracts		1,079,993
Total		$	21,800,060
Liabilities:
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(11,175,896	)
Total		$	(11,175,896	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Emerging Markets Fund

Common Stocks 98.6%
	Shares		Value
BRAZIL 5.5%
Airlines 0.2%
Azul SA, ADR *(a)		118,239	$	1,204,855
Banks 1.6%
Banco Bradesco SA (Preference)		1,270,387		5,078,028
Banco do Brasil SA *		841,600		4,517,277
Itau Unibanco Holding SA, ADR		373,528		1,677,141
				11,272,446
Capital Markets 0.3%
Banco BTG Pactual SA *		330,000		2,111,045
Chemicals 0.2%
Braskem SA (Preference), Class A		425,258		1,409,315
Diversified Consumer Services 0.1%
YDUQS Part		149,452		637,661
Diversified Telecommunication Services 0.9%
Telefonica Brasil SA, ADR		378,548		3,607,562
Telefonica Brasil SA (Preference)		296,280		2,819,624
				6,427,186
Household Durables 0.1%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		216,055		587,529
Insurance 0.3%
IRB Brasil Resseguros S/A *		994,546		1,852,775
Metals & Mining 0.8%
Vale SA *		686,201		5,707,667
Road & Rail 0.5%
Rumo SA *		943,500		3,568,017
Specialty Retail 0.2%
C&A Modas Ltda *		1,054,600		1,359,831
Transportation Infrastructure 0.3%
CCR SA		835,900		1,887,013
				38,025,340
CANADA 0.3%
Oil, Gas & Consumable Fuels 0.3%
Parex Resources, Inc. *		270,600		2,288,169
CHILE 0.3%
Electric Utilities 0.3%
Enel Americas SA		15,320,960		1,872,383
CHINA 37.9%
Banks 5.0%
China Construction Bank Corp., Class H		16,881,506		13,759,664
China Merchants Bank Co. Ltd., Class H		1,141,000		5,122,389
Industrial & Commercial Bank of China Ltd., Class H		23,162,000		15,803,620
				34,685,673
Beverages 1.0%
Budweiser Brewing Co. APAC Ltd. Reg. S *(a)(b)		2,662,600		6,841,334
Construction Materials 1.1%
China National Building Material Co. Ltd., Class H		7,256,000		7,876,503
Diversified Consumer Services 1.1%
New Oriental Education & Technology Group, Inc., ADR *		70,254		7,604,293
Entertainment 0.9%
NetEase, Inc., ADR		19,264		6,182,973
Gas Utilities 0.5%
China Gas Holdings Ltd. (a)		1,059,400		3,673,975
Health Care Providers & Services 0.2%
Sinopharm Group Co. Ltd., Class H		607,200		1,359,789

Common Stocks (continued)
	Shares		Value
CHINA (continued)
Hotels, Restaurants & Leisure 1.0%
Huazhu Group Ltd., ADR		169,925	$	4,881,945
Xiabuxiabu Catering Management China Holdings Co. Ltd. Reg. S *(a)(b)		2,436,679		1,857,803
				6,739,748
Household Durables 0.3%
Midea Group Co. Ltd., Class A		305,672		2,093,767
Insurance 4.1%
PICC Property & Casualty Co. Ltd., Class H		4,165,000		4,006,088
Ping An Insurance Group Co. of China Ltd., Class H (a)		2,491,213		24,369,438
				28,375,526
Interactive Media & Services 9.5%
58.com, Inc., ADR *		93,951		4,577,293
Autohome, Inc., ADR *		61,713		4,382,857
Baidu, Inc., ADR *		35,520		3,580,061
Tencent Holdings Ltd.		1,075,673		52,451,506
				64,991,717
Internet & Direct Marketing Retail 8.5%
Alibaba Group Holding Ltd., ADR *		264,322		51,405,342
Alibaba Group Holding Ltd. *		117,400		2,761,593
Prosus NV *		24,726		1,713,230
Trip.com Group Ltd., ADR *		103,280		2,421,916
				58,302,081
Leisure Products 0.1%
Goodbaby International Holdings Ltd. *		6,086,000		664,808
Life Sciences Tools & Services 0.3%
Wuxi Biologics Cayman, Inc. Reg. S *(b)		182,500		2,352,710
Machinery 0.8%
Haitian International Holdings Ltd.		1,837,856		3,418,853
Weichai Power Co. Ltd., Class H		1,377,530		2,204,675
				5,623,528
Marine 0.5%
SITC International Holdings Co. Ltd.		3,675,000		3,425,975
Real Estate Management & Development 1.4%
China Overseas Land & Investment Ltd.		1,480,000		4,567,179
China Resources Land Ltd.		1,270,462		5,212,219
				9,779,398
Textiles, Apparel & Luxury Goods 1.0%
ANTA Sports Products Ltd.		188,530		1,362,667
Li Ning Co. Ltd.		387,000		1,122,833
Shenzhou International Group Holdings Ltd.		426,686		4,504,864
				6,990,364
Wireless Telecommunication Services 0.6%
China Mobile Ltd. (a)		511,685		3,865,721
				261,429,883
COLOMBIA 0.3%
Banks 0.3%
Bancolombia SA, ADR		96,629		2,411,860
GEORGIA 0.3%
Banks 0.3%
Bank of Georgia Group plc *		199,869		2,289,613
HONG KONG 0.6%
Machinery 0.6%
Techtronic Industries Co. Ltd.		672,500		4,332,215

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Emerging Markets Fund (Continued)

Common Stocks (continued)
	Shares		Value
HUNGARY 0.3%
Oil, Gas & Consumable Fuels 0.3%
MOL Hungarian Oil & Gas plc		368,020	$	2,168,704
INDIA 7.9%
Auto Components 0.2%
Motherson Sumi Systems Ltd.		1,338,118		1,065,753
Automobiles 0.4%
Maruti Suzuki India Ltd.		46,912		2,629,041
Banks 2.1%
Axis Bank Ltd., GDR Reg. S		102,792		2,590,547
HDFC Bank Ltd., ADR (a)		257,480		9,902,680
Kotak Mahindra Bank Ltd.		158,206		2,677,385
				15,170,612
Biotechnology 0.4%
Biocon Ltd.		682,701		2,441,224
Chemicals 0.5%
UPL Ltd.		739,028		3,158,684
Communications Equipment 0.0%†
Tejas Networks Ltd. Reg. S (b)		605,000		253,582
Construction & Engineering 0.7%
Larsen & Toubro Ltd.		440,245		4,659,719
Diversified Financial Services 0.2%
Bajaj Holdings & Investment Ltd.		52,557		1,249,282
IT Services 1.1%
Infosys Ltd., ADR (a)		496,065		4,072,693
Tata Consultancy Services Ltd.		77,851		1,865,614
Tech Mahindra Ltd.		314,179		2,328,714
				8,267,021
Metals & Mining 0.7%
Hindalco Industries Ltd.		1,904,035		2,408,070
Hindustan Zinc Ltd. *		1,071,587		2,182,724
				4,590,794
Real Estate Management & Development 0.2%
Oberoi Realty Ltd.		301,719		1,315,363
Thrifts & Mortgage Finance 0.9%
Housing Development Finance Corp. Ltd.		296,312		6,328,499
Tobacco 0.5%
ITC Ltd.		1,402,474		3,145,368
				54,274,942
INDONESIA 1.5%
Banks 0.7%
Bank Mandiri Persero Tbk. PT		10,476,100		2,996,056
Bank Rakyat Indonesia Persero Tbk. PT		11,425,700		2,101,049
				5,097,105
Diversified Telecommunication Services 0.6%
Telekomunikasi Indonesia Persero Tbk. PT		8,004,200		1,547,281
Telekomunikasi Indonesia Persero Tbk. PT, ADR		131,218		2,525,947
				4,073,228
Real Estate Management & Development 0.2%
Pakuwon Jati Tbk. PT		57,308,797		1,073,331
				10,243,664
LUXEMBOURG 0.5%
Energy Equipment & Services 0.1%
Tenaris SA, ADR		67,730		816,147

Common Stocks (continued)
	Shares		Value
LUXEMBOURG (continued)
Metals & Mining 0.4%
Ternium SA, ADR		207,363	$	2,467,619
				3,283,766
MACAU 1.1%
Hotels, Restaurants & Leisure 1.1%
Sands China Ltd.		2,115,600		7,699,441
MALAYSIA 0.2%
Beverages 0.2%
Heineken Malaysia Bhd.		242,300		1,216,802
MEXICO 3.3%
Banks 0.8%
Grupo Financiero Banorte SAB de CV, Class O (a)		1,977,419		5,418,157
Beverages 0.9%
Arca Continental SAB de CV (a)		672,025		2,708,497
Fomento Economico Mexicano SAB de CV (a)		685,261		4,137,130
				6,845,627
Equity Real Estate Investment Trusts (REITs) 0.3%
PLA Administradora Industrial S de RL de CV		1,874,812		2,073,772
Food Products 0.4%
Gruma SAB de CV, Class B (a)		332,040		2,542,806
Metals & Mining 0.2%
Grupo Mexico SAB de CV Series B (a)		678,715		1,251,428
Transportation Infrastructure 0.7%
Grupo Aeroportuario del Centro Norte SAB de CV		990,574		3,347,637
Grupo Aeroportuario del Pacifico SAB de CV, ADR		28,100		1,515,714
				4,863,351
				22,995,141
NIGERIA 0.1%
Oil, Gas & Consumable Fuels 0.1%
SEPLAT Petroleum Development Co. plc (b)		974,299		700,651
PANAMA 0.4%
Airlines 0.4%
Copa Holdings SA, Class A		62,139		2,814,275
				2,814,275
PERU 1.1%
Banks 1.1%
Credicorp Ltd.		54,598		7,811,336
PHILIPPINES 1.0%
Banks 0.7%
BDO Unibank, Inc.		2,285,265		4,684,989
Real Estate Management & Development 0.3%
Ayala Land, Inc.		3,322,000		1,984,054
				6,669,043
POLAND 0.5%
Entertainment 0.5%
CD Projekt SA		52,947		3,690,693
PORTUGAL 0.4%
Oil, Gas & Consumable Fuels 0.4%
Galp Energia SGPS SA		259,969		2,968,137

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Emerging Markets Fund (Continued)

Common Stocks (continued)
	Shares		Value
RUSSIA 6.0%
Banks 2.0%
Sberbank of Russia PJSC, ADR		663,053	$	6,232,698
Sberbank of Russia PJSC, ADR		622,009		5,893,596
Sberbank of Russia PJSC (Preference)		496,872		1,115,401
				13,241,695
Electric Utilities 0.3%
Inter RAO UES PJSC		37,615,030		2,349,985
Food & Staples Retailing 0.4%
X5 Retail Group NV, GDR Reg. S		107,793		2,895,056
Metals & Mining 0.4%
MMC Norilsk Nickel PJSC, ADR		44,702		1,084,471
Severstal PJSC		131,105		1,443,683
				2,528,154
Oil, Gas & Consumable Fuels 2.3%
Lukoil PJSC, ADR		127,920		7,623,906
Lukoil PJSC, ADR		118,504		7,010,697
Novatek PJSC		65,153		758,760
				15,393,363
Professional Services 0.1%
HeadHunter Group plc, ADR		64,568		1,031,151
Road & Rail 0.5%
Globaltrans Investment plc, GDR Reg. S		700,391		3,698,275
				41,137,679
SOUTH AFRICA 3.1%
Diversified Financial Services 0.2%
FirstRand Ltd.		676,335		1,519,511
Industrial Conglomerates 0.3%
Bidvest Group Ltd. (The)		280,734		2,289,652
Insurance 0.2%
Sanlam Ltd.		468,518		1,336,424
Internet & Direct Marketing Retail 1.5%
Naspers Ltd., Class N		69,304		9,846,088
Trading Companies & Distributors 0.1%
Barloworld Ltd.		259,235		934,975
Wireless Telecommunication Services 0.8%
Vodacom Group Ltd.		841,120		5,520,800
				21,447,450
SOUTH KOREA 12.1%
Auto Components 0.2%
Nexen Tire Corp.		218,211		828,710
Woory Industrial Co. Ltd.		45,906		510,738
				1,339,448
Banks 1.0%
KB Financial Group, Inc.		151,362		4,223,310
Shinhan Financial Group Co. Ltd.		111,833		2,602,621
				6,825,931
Chemicals 0.7%
LG Chem Ltd. (Preference)		39,198		4,679,172
Entertainment 0.9%
NCSoft Corp.		11,261		5,961,143
Insurance 0.3%
DB Insurance Co. Ltd.		66,341		1,881,138
Metals & Mining 0.2%
POSCO		10,176		1,335,204
Semiconductors & Semiconductor Equipment 3.6%
SK Hynix, Inc.		367,070		24,831,603
Technology Hardware, Storage & Peripherals 5.2%
Samsung Electronics Co. Ltd.		711,766		27,662,152

Common Stocks (continued)
	Shares		Value
SOUTH KOREA (continued)
Technology Hardware, Storage & Peripherals (continued)
Samsung Electronics Co. Ltd. (Preference)		276,369	$	9,021,372
				36,683,524
				83,537,163
TAIWAN 10.3%
Communications Equipment 0.3%
Accton Technology Corp.		373,000		1,978,670
Electronic Equipment, Instruments & Components 2.1%
Chroma ATE, Inc.		1,156,000		4,706,254
Hon Hai Precision Industry Co. Ltd.		1,018,000		2,353,502
Largan Precision Co. Ltd.		32,000		3,978,078
Taiwan Union Technology Corp.		793,000		3,139,991
				14,177,825
Food & Staples Retailing 0.4%
President Chain Store Corp.		294,319		2,754,367
Semiconductors & Semiconductor Equipment 6.6%
Globalwafers Co. Ltd.		296,273		3,279,220
Taiwan Semiconductor Manufacturing Co. Ltd.		2,352,029		20,994,243
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		454,080		21,700,484
				45,973,947
Technology Hardware, Storage & Peripherals 0.4%
Micro-Star International Co. Ltd.		977,000		2,866,194
Wireless Telecommunication Services 0.5%
Far EasTone Telecommunications Co. Ltd.		1,598,000		3,345,111
				71,096,114
THAILAND 1.6%
Banks 0.1%
Kasikornbank PCL		334,178		926,399
Construction Materials 0.1%
Siam Cement PCL (The)		102,400		1,000,514
Oil, Gas & Consumable Fuels 0.6%
PTT PCL		3,914,350		3,666,767
Wireless Telecommunication Services 0.8%
Advanced Info Service PCL		836,256		5,143,756
				10,737,436
TURKEY 0.3%
Wireless Telecommunication Services 0.3%
Turkcell Iletisim Hizmetleri A/S		1,112,131		2,077,069
UNITED KINGDOM 1.7%
Paper & Forest Products 0.6%
Mondi plc		256,280		4,371,390
Personal Products 1.1%
Unilever NV, NYRS		156,928		7,656,517
				12,027,907
Total Common Stocks (cost $856,691,733)				681,246,876

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Emerging Markets Fund (Continued)

Repurchase Agreements 1.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,043,028, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $1,063,888.(c)	$	1,043,028	$	1,043,028
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $2,040,000.(c)		2,000,000		2,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $3,000,012, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $3,060,001.(c)		3,000,000		3,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,008, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $2,040,000.(c)		2,000,000		2,000,000
Total Repurchase Agreements (cost $8,043,028)				8,043,028
Total Investments (cost $864,734,761) — 99.8%				689,289,904
Other assets in excess of liabilities — 0.2%				1,644,013
NET ASSETS — 100.0%			$	690,933,917

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $14,913,153, which was collateralized by cash used to purchase repurchase agreements with a total value of $8,043,028 and by $7,730,326 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 5/14/2020 – 11/15/2049, a total value of $15,773,354.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $12,006,080 which represents 1.74% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $8,043,028.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Emerging Markets Fund (Continued)

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NYRS	New York Registry Shares
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Emerging Markets Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Airlines	$	4,019,131	$	–	$	–	$	4,019,131
Auto Components		–		2,405,201		–		2,405,201
Automobiles		–		2,629,041		–		2,629,041
Banks		43,049,177		66,786,638		–		109,835,815
Beverages		6,845,627		8,058,136		–		14,903,763
Biotechnology Common Stocks		–		2,441,224		–		2,441,224
Capital Markets		2,111,045		–		–		2,111,045
Chemicals		1,409,315		7,837,856		–		9,247,171
Communications Equipment		–		2,232,252		–		2,232,252
Construction & Engineering		–		4,659,719		–		4,659,719
Construction Materials		–		8,877,017		–		8,877,017
Diversified Consumer Services		8,241,954		–		–		8,241,954
Diversified Financial Services		–		2,768,793		–		2,768,793
Diversified Telecommunication Services		8,953,133		1,547,281		–		10,500,414
Electric Utilities		1,872,383		2,349,985		–		4,222,368
Electronic Equipment, Instruments & Components		–		14,177,825		–		14,177,825
Energy Equipment & Services		816,147		–		–		816,147
Entertainment		6,182,973		9,651,836		–		15,834,809

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Emerging Markets Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (Continued)
Common Stocks (Continued)
Equity Real Estate Investment Trusts (REITs)	$	2,073,772	$	–	$	–	$	2,073,772
Food & Staples Retailing		–		5,649,423		–		5,649,423
Food Products		2,542,806		–		–		2,542,806
Gas Utilities		–		3,673,975		–		3,673,975
Health Care Providers & Services		–		1,359,789		–		1,359,789
Hotels, Restaurants & Leisure		4,881,945		9,557,244		–		14,439,189
Household Durables		587,529		2,093,767		–		2,681,296
Industrial Conglomerates		–		2,289,652		–		2,289,652
Insurance		1,852,775		31,593,089		–		33,445,864
Interactive Media & Services		12,540,211		52,451,507		–		64,991,718
Internet & Direct Marketing Retail		53,827,258		14,320,910		–		68,148,168
IT Services		4,072,693		4,194,328		–		8,267,021
Leisure Products		–		664,808		–		664,808
Life Sciences Tools & Services		–		2,352,710		–		2,352,710
Machinery		–		9,955,743		–		9,955,743
Marine		–		3,425,975		–		3,425,975
Metals & Mining		10,511,186		7,369,681		–		17,880,867
Oil, Gas & Consumable Fuels		9,298,866		17,886,925		–		27,185,791
Paper & Forest Products		–		4,371,390		–		4,371,390
Personal Products		7,656,517		–		–		7,656,517
Professional Services		1,031,151		–		–		1,031,151
Real Estate Management & Development		–		14,152,146		–		14,152,146
Road & Rail		3,568,017		3,698,275		–		7,266,292
Semiconductors & Semiconductor Equipment		21,700,483		49,105,065		–		70,805,548
Specialty Retail		1,359,831		–		–		1,359,831
Technology Hardware, Storage & Peripherals		–		39,549,719		–		39,549,719
Textiles, Apparel & Luxury Goods		–		6,990,364		–		6,990,364
Thrifts & Mortgage Finance		–		6,328,499		–		6,328,499
Tobacco		–		3,145,368		–		3,145,368
Trading Companies & Distributors		–		934,975		–		934,975
Transportation Infrastructure		6,750,364		–		–		6,750,364
Wireless Telecommunication Services		–		19,952,456		–		19,952,456
Total Common Stocks	$	227,756,289	$	453,490,587	$	–	$	681,246,876
Repurchase Agreements	$	–	$	8,043,028	$	–	$	8,043,028
Total	$	227,756,289	$	461,533,615	$	–	$	689,289,904

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Government Bond Fund

Asset-Backed Securities 9.1%
	Principal   Amount		Value
Automobiles 2.7%
Credit Acceptance Auto Loan Trust, Series 2019-1A, Class A, 3.33%, 2/15/2028(a)	$	4,615,384	$	4,580,850
Foursight Capital Automobile Receivables Trust, Series 2018-2, Class A2, 3.32%, 4/15/2022(a)		604,894		603,574
NextGear Floorplan Master Owner Trust
Series 2018-2A, Class A2, 3.69%, 10/15/2023(a)		4,999,999		4,740,834
Series 2019-1A, Class A2, 3.21%, 2/15/2024(a)		4,500,000		4,234,452
				14,159,710
Other 6.4%
CCG Receivables Trust, Series 2019-1, Class A2, 2.80%, 9/14/2026(a)		8,835,788		8,948,140
New Residential Advance Receivables Trust Advance Receivables Backed, Series 2019-T2, Class AT2, 2.52%, 8/15/2053(a)		5,490,000		5,137,647
NRZ Advance Receivables Trust, Series 2019-T1, Class AT1, 2.59%, 7/15/2052(a)		6,605,000		6,304,272
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2019-T2, Class AT2, 2.32%, 10/15/2052(a)		1,340,000		1,294,039
Towd Point Mortgage Trust
Series 2018-6, Class A2, 3.75%, 3/25/2058(a)(b)		5,900,000		5,551,405
Series 2018-3, Class A2, 3.88%, 5/25/2058(a)(b)		5,900,000		5,704,610
				32,940,113
Total Asset-Backed Securities (cost $49,827,970)				47,099,823

Collateralized Mortgage Obligations 8.0%
	Principal   Amount		Value
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.47%, 12/25/2059(a)(b)		1,493,500		1,480,444
FHLMC REMICS, Series 2985, Class JR, 4.50%, 6/15/2025		2,317,142		2,441,114
FNMA REMICS
Series 2003-64, Class HQ, 5.00%, 7/25/2023		644,754		676,469
Series 1993-149, Class M, 7.00%, 8/25/2023		173,274		185,647
Series 2005-40, Class YG, 5.00%, 5/25/2025		2,194,047		2,317,725
Series 2015-92, Class PA, 2.50%, 12/25/2041		5,453,058		5,685,402
Series 2013-59, Class MX, 2.50%, 9/25/2042		19,665,550		20,394,690
Series 2015-88, Class JA, 2.50%, 12/25/2045		3,877,486		4,047,926
New Residential Mortgage Loan Trust
Series 2017-2A, Class A4, 4.00%, 3/25/2057(a)(b)		1,531,617		1,578,656

Collateralized Mortgage Obligations (continued)
	Principal   Amount		Value
New Residential Mortgage Loan Trust (continued)
Series 2017-6A, Class B1, 3.85%, 8/27/2057(a)(b)	$	2,535,870	$	2,476,300
Total Collateralized Mortgage Obligations (cost $40,126,175)				41,284,373

Corporate Bonds 7.2%
	Principal   Amount		Value
Diversified Financial Services 7.2%
Private Export Funding Corp.,
Series II, 2.05%, 11/15/2022		5,000,000		5,157,534
Series GG, 2.45%, 7/15/2024		5,500,000		5,824,285
1.75%, 11/15/2024		10,000,000		10,420,188
Series NN, 3.25%, 6/15/2025		14,000,000		15,908,722
Total Corporate Bonds (cost $34,408,467)				37,310,729

Mortgage-Backed Securities 37.1%
	Principal   Amount		Value
FHLMC Gold Pool
Pool# V83452
4.00%, 9/1/2047		8,524,275		9,149,254
Pool# Q54414
4.00%, 2/1/2048		20,756,162		22,235,633
Pool# G08881
3.50%, 6/1/2049		7,835,547		8,265,830
FHLMC Non Gold Pool Pool# 847558,
4.92%, 6/1/2035 (b)		953,431		976,445
FHLMC UMBS Pool
Pool# QN1359
3.00%, 1/1/2035		7,301,465		7,649,833
Pool# SD8025
3.50%, 11/1/2049		14,536,554		15,332,729
Pool# SD8030
3.00%, 12/1/2049		5,930,759		6,214,983
Pool# SD8050
3.00%, 3/1/2050		7,971,778		8,359,018
FNMA Pool
Pool# 745684
3.93%, 4/1/2034(b)		2,129,176		2,146,233
Pool# 790760
3.79%, 9/1/2034(b)		842,706		858,060
Pool# 799144
3.41%, 4/1/2035(b)		299,565		302,539
Pool# 822705
4.23%, 4/1/2035(b)		289,776		291,488
Pool# 783609
4.32%, 5/1/2035(b)		485,636		489,725
Pool# 821377
4.40%, 5/1/2035(b)		300,317		302,767
Pool# 815217
4.43%, 5/1/2035(b)		726,589		733,003
Pool# 826181
4.26%, 7/1/2035(b)		791,762		808,369

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Government Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal   Amount		Value
FNMA Pool (continued)
Pool# 873932
6.31%, 8/1/2036	$	6,559,501	$	6,882,552
Pool# 745866
4.39%, 9/1/2036(b)		3,198,447		3,200,606
FNMA UMBS Pool
Pool# BM5426
3.00%, 12/1/2047		25,220,043		26,590,747
Pool# CA1564
4.50%, 4/1/2048		5,239,285		5,644,256
Pool# MA3383
3.50%, 6/1/2048		18,320,665		19,395,404
Pool# MA3414
3.50%, 7/1/2048		14,103,216		14,900,424
Pool# BM5267
4.50%, 12/1/2048		10,823,880		11,667,044
Pool# MA3664
4.00%, 5/1/2049		7,263,382		7,733,255
Pool# MA3746
4.00%, 8/1/2049		7,028,537		7,491,411
GNMA I Pool
Pool# 748484
3.50%, 8/15/2025		141,794		148,965
Pool# 682492
3.50%, 10/15/2025		374,051		392,967
Pool# 719433
3.50%, 10/15/2025		305,590		321,044
Pool# 682497
3.50%, 11/15/2025		496,804		521,927
Pool# 733504
3.50%, 11/15/2025		471,674		495,527
Pool# 749618
3.50%, 11/15/2025		292,612		307,410
Pool# 740930
3.50%, 11/15/2025		267,766		281,307
Pool# 742371
3.50%, 11/15/2025		119,111		125,135
Pool# 750403
3.50%, 11/15/2025		80,165		84,219
Pool# 705178
3.50%, 11/15/2025		70,973		74,562
Pool# 755650
3.50%, 12/15/2025		1,430,556		1,502,901
Pool# 682502
3.50%, 12/15/2025		421,356		442,665
Total Mortgage-Backed Securities (cost $184,957,364)				192,320,237

U.S. Government Agency Securities 24.3%
	Principal   Amount		Value
FFCB
2.54%, 4/5/2021		15,000,000		15,346,288
2.75%, 11/6/2026		2,000,000		2,257,407
2.43%, 9/13/2027		22,000,000		24,367,637
1.95%, 11/27/2029		1,500,000		1,577,678
3.19%, 3/9/2033		2,475,000		3,031,778
FHLB
2.75%, 12/11/2026		11,500,000		12,947,247
3.00%, 12/11/2026		10,000,000		11,351,370
2.13%, 12/14/2029		2,590,000		2,747,713

U.S. Government Agency Securities (continued)
	Principal   Amount		Value
Hashemite Kingdom of Jordan
2.58%, 6/30/2022	$	2,000,000	$	2,069,945
3.00%, 6/30/2025		2,125,000		2,321,737
Republic of Iraq AID Bond, 2.15%, 1/18/2022		10,000,000		10,321,080
Tennessee Valley Authority, 7.13%, 5/1/2030(c)		20,721,000		31,112,798
Ukraine Government AID Bond, 1.47%, 9/29/2021		6,000,000		6,097,095
Total U.S. Government Agency Securities (cost $114,836,939)				125,549,773

U.S. Treasury Obligations 13.1%
	Principal   Amount		Value
U.S. Treasury Bonds
3.13%, 11/15/2041 (c)		7,100,000		9,699,820
2.50%, 2/15/2046		13,000,000		16,388,125
2.25%, 8/15/2046		8,500,000		10,260,430
U.S. Treasury Inflation Linked Notes, 1.13%, 1/15/2021 (d)		3,500,000		4,088,049
U.S. Treasury Notes
2.00%, 8/15/2025		3,000,000		3,248,320
1.63%, 2/15/2026		5,000,000		5,324,805
1.63%, 5/15/2026 (e)		15,000,000		16,008,399
2.88%, 5/15/2028		2,500,000		2,947,656
Total U.S. Treasury Obligations (cost $57,386,157)				67,965,604

Repurchase Agreements 1.6%
	Principal   Amount		Value
Bank of America NA 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $314,791, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $321,086. (f)	$	314,790		314,790
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $8,000,032, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $8,160,002. (f)		8,000,000		8,000,000
Total Repurchase Agreements (cost $8,314,790)				8,314,790
Total Investments
(cost $489,857,862) — 100.4%				519,845,329
Liabilities in excess of other assets — (0.4)%				(1,903,946)
NET ASSETS — 100.0%			$	517,941,383

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Government Bond Fund (Continued)

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale

to institutional investors. These securities were deemed liquid pursuant

to procedures approved by the Board of Trustees. The liquidity

determination is unaudited. The aggregate value of these securities at

March 31, 2020 was $52,635,223 which represents 10.16% of net

assets.

(b) Variable or floating rate security, the interest rate of which adjusts

periodically based on changes in current interest rates and prepayments

on the underlying pool of assets. The interest rate shown was the

current rate as of March 31, 2020.

(c) The security or a portion of this security is on loan at March 31, 2020.

The total value of securities on loan at March 31, 2020 was

$17,777,947, which was collateralized by cash used to purchase

repurchase agreements with a total value of $8,314,790 and by

$10,106,533 of collateral in the form of U.S. Government Treasury

Securities, interest rates ranging from 0.13% – 3.75%, and maturity

dates ranging from 1/31/2022 – 2/15/2046, a total value of

$18,421,323.

(d) Principal amounts are not adjusted for inflation.

(e) Security or a portion of the security was used to cover the margin

requirement for futures contracts.

(f) Security was purchased with cash collateral held from securities on

loan. The total value of securities purchased with cash collateral as of

March 31, 2020 was $8,314,790.

AID	Agency for International Development
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REMICS	Real Estate Mortgage Investment Conduits
UMBS	Uniform Mortgage-Backed Securities

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 5 Year Note		123			6/2020		USD		15,419,203		487,853
U.S. Treasury Ultra Bond		139			6/2020		USD		30,840,625		2,235,995
											2,723,848
Short Contracts
U.S. Treasury 10 Year Note		(157	)		6/2020		USD		(21,773,938	)	(950,963)
U.S. Treasury 10 Year Ultra Bond		(98	)		6/2020		USD		(15,291,062	)	(854,673)
U.S. Treasury Long Bond		(23	)		6/2020		USD		(4,118,437	)	(299,235)
											(2,104,871)
											618,977

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Government Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	–	$	47,099,823	$	–	$	47,099,823
Collateralized Mortgage Obligations		–		41,284,373		–		41,284,373
Corporate Bonds		–		37,310,729		–		37,310,729
Futures Contracts		2,723,848		–		–		2,723,848
Mortgage-Backed Securities		–		192,320,237		–		192,320,237
Repurchase Agreements		–		8,314,790		–		8,314,790
U.S. Government Agency Securities		–		125,549,773		–		125,549,773
U.S. Treasury Obligations		–		67,965,604		–		67,965,604
Total Assets	$	2,723,848	$	519,845,329	$	–	$	522,569,177
Liabilities:
Futures Contracts	$	(2,104,871)	$	–	$	–	$	(2,104,871)
Total Liabilities	$	(2,104,871)	$	–	$	–	$	(2,104,871)
Total	$	618,977	$	519,845,329	$	–	$	520,464,306

Amounts designated as “–” are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Government Bond Fund (Continued)

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts	$	2,723,848
Total		$	2,723,848
Liabilities:
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts	$	(2,104,871)
Total		$	(2,104,871)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund

Common Stocks 97.2%
	Shares		Value
AUSTRALIA 8.2%
Airlines 0.2%
Qantas Airways Ltd.		1,110,612	$	2,178,423
Banks 0.3%
Commonwealth Bank of Australia		94,655		3,575,349
Beverages 0.1%
Coca-Cola Amatil Ltd.		269,407		1,488,984
Biotechnology 0.5%
CSL Ltd.		33,201		6,022,760
Capital Markets 0.7%
ASX Ltd.		80,276		3,871,578
Magellan Financial Group Ltd.		190,927		5,038,108
				8,909,686
Commercial Services & Supplies 0.2%
Brambles Ltd.		433,613		2,861,626
Diversified Telecommunication Services 0.2%
Telstra Corp. Ltd.		1,243,215		2,372,775
TPG Telecom Ltd.		91,314		395,467
				2,768,242
Equity Real Estate Investment Trusts (REITs) 0.3%
Charter Hall Group		341,264		1,420,145
Goodman Group		296,845		2,267,716
				3,687,861
Food & Staples Retailing 0.7%
Coles Group Ltd.		146,415		1,385,285
Woolworths Group Ltd.		318,196		6,952,574
				8,337,859
Health Care Providers & Services 0.2%
Sonic Healthcare Ltd.		201,451		3,016,968
Insurance 0.3%
AUB Group Ltd.		33,142		195,895
QBE Insurance Group Ltd.		556,318		3,039,549
				3,235,444
Metals & Mining 3.2%
BHP Group Ltd.		504,376		9,169,514
BHP Group plc		707,768		10,947,008
Fortescue Metals Group Ltd.		469,910		2,870,105
Regis Resources Ltd.		123,517		276,159
Rio Tinto Ltd.		176,304		9,332,406
Rio Tinto plc, ADR (a)		117,987		5,375,488
				37,970,680
Multiline Retail 0.5%
Harvey Norman Holdings Ltd. (a)		227,085		409,646
Wesfarmers Ltd.		258,177		5,559,593
				5,969,239
Multi-Utilities 0.1%
AGL Energy Ltd.		164,297		1,759,471
Oil, Gas & Consumable Fuels 0.6%
Beach Energy Ltd.		1,168,729		855,834
Santos Ltd.		710,126		1,539,325
Woodside Petroleum Ltd. (a)		411,443		4,584,316
				6,979,475
Road & Rail 0.1%
Aurizon Holdings Ltd.		522,234		1,352,885
				100,114,952
BELGIUM 1.4%
Biotechnology 0.3%
Galapagos NV *		18,870		3,744,234
Diversified Financial Services 0.3%
Groupe Bruxelles Lambert SA (a)		34,243		2,694,444

Common Stocks (continued)
	Shares		Value
BELGIUM (continued)
Diversified Financial Services (continued)
KBC Ancora		12,480	$	351,324
				3,045,768
Food & Staples Retailing 0.0%†
Colruyt SA		10,196		552,869
Insurance 0.2%
Ageas		57,723		2,401,873
Pharmaceuticals 0.6%
UCB SA		77,292		6,711,553
				16,456,297
CAMBODIA 0.1%
Hotels, Restaurants & Leisure 0.1%
NagaCorp Ltd.		1,376,000		1,394,609
CHINA 0.3%
Food Products 0.1%
Tingyi Cayman Islands Holding Corp.		390,000		635,376
Want Want China Holdings Ltd. (a)		580,000		418,445
				1,053,821
Gas Utilities 0.2%
ENN Energy Holdings Ltd.		229,500		2,207,102
				3,260,923
DENMARK 2.8%
Electrical Equipment 0.8%
Vestas Wind Systems A/S		126,404		10,289,604
Pharmaceuticals 2.0%
Novo Nordisk A/S, Class B		394,940		23,823,350
				34,112,954
FINLAND 0.3%
Electric Utilities 0.2%
Fortum OYJ		170,147		2,501,728
Oil, Gas & Consumable Fuels 0.1%
Neste OYJ		38,659		1,309,438
Paper & Forest Products 0.0%†
Metsa Board OYJ *		55,392		302,449
				4,113,615
FRANCE 11.8%
Aerospace & Defense 0.5%
Airbus SE		43,653		2,832,349
Safran SA *		31,980		2,810,915
				5,643,264
Banks 0.6%
BNP Paribas SA		252,343		7,606,938
Construction & Engineering 0.3%
Bouygues SA		58,491		1,716,450
Eiffage SA		25,137		1,780,256
				3,496,706
Diversified Telecommunication Services 0.0%†
Orange SA		14,348		177,890
Electric Utilities 0.1%
Electricite de France SA		201,826		1,591,656
Electrical Equipment 2.0%
Legrand SA		157,239		10,104,125
Schneider Electric SE		170,726		14,699,264
				24,803,389
Equity Real Estate Investment Trusts (REITs) 0.3%
Gecina SA		23,376		3,101,041
Food Products 1.0%
Danone SA		191,695		12,363,302

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Insurance 0.0%†
SCOR SE		25,021	$	551,302
IT Services 0.8%
Capgemini SE		103,672		8,770,097
Sopra Steria Group		4,588		503,326
				9,273,423
Life Sciences Tools & Services 0.4%
Sartorius Stedim Biotech		22,379		4,494,122
Machinery 0.0%†
Alstom SA		12,893		539,581
Media 0.5%
Publicis Groupe SA		215,664		6,187,409
Oil, Gas & Consumable Fuels 0.7%
TOTAL SA		212,134		8,226,448
Pharmaceuticals 1.6%
Sanofi		226,295		19,923,197
Professional Services 0.1%
Bureau Veritas SA		88,010		1,672,860
Specialty Retail 0.0%†
Maisons du Monde SA Reg. S (a)(b)		28,458		227,726
Textiles, Apparel & Luxury Goods 2.8%
EssilorLuxottica SA		62,552		6,748,733
Hermes International		12,081		8,343,882
LVMH Moet Hennessy Louis Vuitton SE		48,912		18,155,913
				33,248,528
Trading Companies & Distributors 0.1%
Rexel SA		96,397		718,319
				143,847,101
GERMANY 7.9%
Aerospace & Defense 0.1%
MTU Aero Engines AG		4,706		689,442
Air Freight & Logistics 1.0%
Deutsche Post AG (Registered)		420,467		11,600,889
Auto Components 0.4%
Hella GmbH & Co. KGaA		13,015		380,149
Schaeffler AG (Preference)		668,723		4,114,979
				4,495,128
Capital Markets 1.0%
Deutsche Boerse AG		83,550		11,477,118
DWS Group GmbH & Co. KGaA Reg. S (b)		5,223		129,489
				11,606,607
Chemicals 0.3%
BASF SE		48,236		2,331,417
Evonik Industries AG		73,217		1,563,329
Symrise AG		3,610		341,887
				4,236,633
Construction Materials 0.4%
HeidelbergCement AG		104,793		4,570,507
Diversified Telecommunication Services 0.3%
Deutsche Telekom AG (Registered)		307,368		4,069,720
Health Care Providers & Services 0.8%
Fresenius Medical Care AG & Co. KGaA		112,853		7,527,699
Fresenius SE & Co. KGaA		71,881		2,701,196
				10,228,895
Household Products 0.5%
Henkel AG & Co. KGaA		11,289		850,703
Henkel AG & Co. KGaA (Preference)		69,978		5,706,650
				6,557,353

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Industrial Conglomerates 0.3%
Siemens AG (Registered)	44,024	$	3,789,074
Insurance 1.4%
Allianz SE (Registered)	38,574		6,649,447
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)	56,336		11,388,008
Talanx AG	9,142		314,956
			18,352,411
Interactive Media & Services 0.1%
Scout24 AG Reg. S (b)	11,970		720,612
Internet & Direct Marketing Retail 0.1%
HelloFresh SE *	24,790		833,563
Rocket Internet SE Reg. S *(b)	12,635		258,728
			1,092,291
IT Services 0.3%
Bechtle AG	2,919		381,059
CANCOM SE	65,506		2,810,138
			3,191,197
Machinery 0.1%
Jungheinrich AG (Preference)	47,337		735,316
Personal Products 0.1%
Beiersdorf AG	11,932		1,214,122
Pharmaceuticals 0.0%†
Bayer AG (Registered)	2,370		139,120
Semiconductors & Semiconductor Equipment 0.1%
Siltronic AG	14,838		1,111,955
Software 0.3%
Nemetschek SE	59,177		2,983,139
Software AG	9,452		284,211
			3,267,350
Specialty Retail 0.2%
Fielmann AG	32,835		1,931,124
Textiles, Apparel & Luxury Goods 0.1%
adidas AG	6,606		1,519,696
Trading Companies & Distributors 0.0%†
Kloeckner & Co. SE	149,384		549,896
Wireless Telecommunication Services 0.0%†
1&1 Drillisch AG	13,354		283,884
Freenet AG	16,359		292,857
			576,741
			96,246,079
HONG KONG 1.6%
Capital Markets 0.3%
Hong Kong Exchanges & Clearing Ltd.	113,900		3,420,557
Electric Utilities 0.2%
CLP Holdings Ltd.	328,000		3,014,860
Equity Real Estate Investment Trusts (REITs) 0.1%
Link REIT	91,200		770,396
Food Products 0.7%
WH Group Ltd. Reg. S (b)	8,677,500		8,058,263
Insurance 0.2%
AIA Group Ltd.	299,000		2,689,894
Real Estate Management & Development 0.1%
CK Asset Holdings Ltd.	205,000		1,115,248
Road & Rail 0.0%†
MTR Corp. Ltd.	91,000		468,567
			19,537,785

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
ISRAEL 0.1%
Diversified Financial Services 0.1%
Plus500 Ltd.		119,186	$	1,595,828
ITALY 3.2%
Automobiles 0.1%
Ferrari NV		10,741		1,669,433
Banks 1.2%
Intesa Sanpaolo SpA		6,224,324		10,159,688
Mediobanca Banca di Credito Finanziario SpA		636,239		3,507,619
				13,667,307
Capital Markets 0.6%
Azimut Holding SpA		274,019		3,954,957
Banca Generali SpA		142,178		2,982,503
				6,937,460
Construction Materials 0.2%
Buzzi Unicem SpA		160,239		2,930,526
Diversified Financial Services 0.2%
Banca Mediolanum SpA		452,059		2,306,137
Independent Power and Renewable Electricity Producers 0.0%†
Falck Renewables SpA		83,753		439,216
Insurance 0.6%
Poste Italiane SpA Reg. S (b)		806,117		6,828,513
IT Services 0.0%†
Reply SpA		3,240		198,206
Multi-Utilities 0.3%
A2A SpA		1,499,884		1,866,032
Hera SpA (a)		334,327		1,200,829
Iren SpA		159,059		393,483
				3,460,344
				38,437,142
JAPAN 24.2%
Auto Components 0.2%
Bridgestone Corp.		64,100		1,972,561
Automobiles 0.1%
Isuzu Motors Ltd.		20,400		135,032
Subaru Corp.		14,900		286,075
Suzuki Motor Corp.		22,400		535,984
				957,091
Banks 0.9%
Mizuho Financial Group, Inc.		9,159,000		10,482,221
Building Products 0.7%
AGC, Inc.		114,200		2,806,753
LIXIL Group Corp. (a)		429,300		5,338,358
				8,145,111
Capital Markets 0.1%
Nomura Holdings, Inc.		212,400		899,778
Chemicals 0.0%†
Tosoh Corp.		34,200		389,105
Commercial Services & Supplies 2.2%
Dai Nippon Printing Co. Ltd. (a)		390,900		8,325,716
Secom Co. Ltd. (a)		137,300		11,415,445
Toppan Printing Co. Ltd.		427,700		6,555,011
				26,296,172
Construction Materials 0.0%†
Sumitomo Osaka Cement Co. Ltd.		19,100		573,199
Distributors 0.0%†
Doshisha Co. Ltd.		26,200		310,843
Diversified Consumer Services 0.1%
Benesse Holdings, Inc.		25,100		639,260
Diversified Financial Services 0.7%
ORIX Corp.		683,700		8,221,734

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Diversified Telecommunication Services 0.6%
Nippon Telegraph & Telephone Corp.	282,600	$	6,706,159
Electric Utilities 0.3%
Chubu Electric Power Co., Inc.	187,000		2,636,253
Okinawa Electric Power Co., Inc. (The) (a)	47,900		883,326
			3,519,579
Electrical Equipment 0.1%
Ushio, Inc.	95,200		910,629
Electronic Equipment, Instruments & Components 0.6%
Hitachi Ltd.	61,300		1,784,433
Ibiden Co. Ltd.	56,100		1,228,946
Macnica Fuji Electronics Holdings, Inc.	41,900		520,043
TDK Corp. (a)	55,200		4,271,448
			7,804,870
Entertainment 0.7%
DeNA Co. Ltd. (a)	75,200		823,692
Konami Holdings Corp. (a)	174,700		5,355,933
Nexon Co. Ltd.	109,700		1,794,329
			7,973,954
Food & Staples Retailing 2.2%
Cawachi Ltd.	12,600		276,060
Create SD Holdings Co. Ltd.	24,900		627,985
FamilyMart Co. Ltd. (a)	67,700		1,212,170
Matsumotokiyoshi Holdings Co. Ltd. (a)	203,600		7,462,024
Qol Holdings Co. Ltd.	26,300		322,501
Seven & i Holdings Co. Ltd.	321,300		10,610,083
Sugi Holdings Co. Ltd.	21,300		1,140,920
Sundrug Co. Ltd.	103,200		3,312,160
Welcia Holdings Co. Ltd.	29,700		2,091,044
			27,054,947
Food Products 0.4%
Ajinomoto Co., Inc.	34,400		640,962
Fuji Oil Holdings, Inc. (a)	91,500		2,190,764
Nisshin Oillio Group Ltd. (The)	50,700		1,724,633
Nisshin Seifun Group, Inc. (a)	25,000		417,290
			4,973,649
Gas Utilities 0.0%†
Tokyo Gas Co. Ltd.	24,500		580,454
Health Care Equipment & Supplies 0.4%
Hoya Corp. (a)	40,300		3,427,874
Olympus Corp.	60,300		870,276
			4,298,150
Health Care Providers & Services 0.0%†
Alfresa Holdings Corp. (a)	14,800		276,060
Household Durables 1.2%
Casio Computer Co. Ltd. (a)	133,500		1,872,740
Nikon Corp. (a)	644,000		5,948,874
Panasonic Corp.	138,400		1,056,511
Sekisui Chemical Co. Ltd.	88,100		1,168,462
Sekisui House Ltd.	112,400		1,857,560
Sony Corp.	52,700		3,132,657
			15,036,804
Insurance 0.0%†
MS&AD Insurance Group Holdings, Inc.	5,100		142,847
Tokio Marine Holdings, Inc.	9,100		417,349
			560,196
IT Services 2.7%
DTS Corp.	45,800		796,956
Fujitsu Ltd.	132,000		11,911,558
Ines Corp.	21,100		264,157
JBCC Holdings, Inc.	15,600		241,226

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
IT Services (continued)
Nomura Research Institute Ltd.		322,200	$	6,807,856
NTT Data Corp. (a)		648,500		6,237,288
Otsuka Corp.		24,800		1,061,060
TIS, Inc. (a)		295,200		4,879,164
TKC Corp.		6,400		287,857
Transcosmos, Inc.		42,200		747,514
Zuken, Inc. (a)		8,900		188,597
				33,423,233
Leisure Products 0.2%
Furyu Corp.		21,500		164,128
Sankyo Co. Ltd.		9,400		273,971
Sega Sammy Holdings, Inc.		210,400		2,561,815
				2,999,914
Life Sciences Tools & Services 0.0%†
EPS Holdings, Inc.		42,100		439,996
Machinery 0.2%
Mitsubishi Heavy Industries Ltd.		68,300		1,727,436
Noritake Co. Ltd.		12,300		391,788
				2,119,224
Marine 0.5%
Nippon Yusen KK		530,900		6,311,268
Media 0.3%
Dentsu Group, Inc.		213,800		4,122,068
Metals & Mining 0.0%†
Nippon Light Metal Holdings Co. Ltd. (a)		333,000		520,523
Multiline Retail 0.0%†
Pan Pacific International Holdings Corp.		8,700		165,211
Pharmaceuticals 3.7%
Astellas Pharma, Inc.		804,900		12,459,984
Chugai Pharmaceutical Co. Ltd.		44,700		5,174,085
Eisai Co. Ltd. (a)		8,600		631,238
Ono Pharmaceutical Co. Ltd.		111,500		2,566,573
Otsuka Holdings Co. Ltd.		270,600		10,593,841
Santen Pharmaceutical Co. Ltd.		194,800		3,355,240
Sawai Pharmaceutical Co. Ltd.		9,600		513,725
Shionogi & Co. Ltd.		181,600		8,935,823
				44,230,509
Real Estate Management & Development 1.2%
Daito Trust Construction Co. Ltd.		16,200		1,510,982
Daiwa House Industry Co. Ltd.		362,200		8,970,559
Open House Co. Ltd.		75,000		1,542,631
Sumitomo Realty & Development Co. Ltd.		83,900		2,044,908
				14,069,080
Road & Rail 0.1%
East Japan Railway Co.		8,800		666,817
Nikkon Holdings Co. Ltd.		11,200		219,368
				886,185
Semiconductors & Semiconductor Equipment 0.5%
SCREEN Holdings Co. Ltd. (a)		65,100		2,404,064
Tokyo Electron Ltd.		1,600		300,863
Tokyo Seimitsu Co. Ltd.		90,700		2,579,454
Yamaichi Electronics Co. Ltd. (a)		105,800		1,353,541
				6,637,922
Specialty Retail 0.4%
Autobacs Seven Co. Ltd. (a)		77,400		893,505
DCM Holdings Co. Ltd.		85,700		793,202
Yamada Denki Co. Ltd. *(a)		902,000		3,601,637
				5,288,344

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Technology Hardware, Storage & Peripherals 0.7%
FUJIFILM Holdings Corp.		173,100	$	8,688,606
Trading Companies & Distributors 0.1%
Nagase & Co. Ltd.		55,200		653,881
Transportation Infrastructure 0.0%†
Kamigumi Co. Ltd.		20,900		353,559
Wireless Telecommunication Services 2.1%
KDDI Corp.		286,100		8,456,566
NTT DOCOMO, Inc.		184,700		5,806,075
Softbank Corp. (a)		415,700		5,291,435
SoftBank Group Corp.		184,600		6,464,140
				26,018,216
				295,510,265
LUXEMBOURG 0.1%
Life Sciences Tools & Services 0.1%
Eurofins Scientific SE (a)		1,759		871,969
NETHERLANDS 4.7%
Chemicals 0.4%
Akzo Nobel NV		13,444		886,314
Koninklijke DSM NV		30,294		3,442,434
				4,328,748
Diversified Telecommunication Services 0.1%
Koninklijke KPN NV		573,202		1,371,058
Food & Staples Retailing 0.9%
Koninklijke Ahold Delhaize NV		487,626		11,412,057
Oil, Gas & Consumable Fuels 1.2%
Royal Dutch Shell plc, Class A (a)		447,703		8,000,195
Royal Dutch Shell plc, Class B, ADR (a)		199,700		6,522,202
				14,522,397
Professional Services 0.7%
Wolters Kluwer NV		118,966		8,458,461
Semiconductors & Semiconductor Equipment 1.4%
ASM International NV		73,913		7,395,438
ASML Holding NV		27,300		7,255,264
NXP Semiconductors NV		32,438		2,690,083
				17,340,785
				57,433,506
NEW ZEALAND 0.1%
Health Care Equipment & Supplies 0.0%†
Fisher & Paykel Healthcare Corp. Ltd.		20,148		365,238
Independent Power and Renewable Electricity Producers 0.1%
Meridian Energy Ltd.		160,034		378,610
				743,848
NORWAY 1.1%
Banks 0.6%
DNB ASA		641,566		7,195,303
Food Products 0.5%
Leroy Seafood Group ASA (a)		414,474		2,036,908
Orkla ASA		267,202		2,286,564
Salmar ASA		50,408		1,682,917
				6,006,389
Multiline Retail 0.0%†
Europris ASA Reg. S (b)		97,072		283,497
				13,485,189
PORTUGAL 0.5%
Electric Utilities 0.5%
EDP - Energias de Portugal SA		1,368,462		5,498,811

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
SINGAPORE 1.3%
Banks 0.5%
DBS Group Holdings Ltd.		531,600	$	6,950,760
Capital Markets 0.4%
Singapore Exchange Ltd.		784,000		5,048,095
Food Products 0.4%
Wilmar International Ltd.		1,888,400		4,271,342
				16,270,197
SPAIN 1.8%
Banks 0.3%
Banco Santander SA		2,185,434		5,319,236
Diversified Telecommunication Services 0.3%
Cellnex Telecom SA Reg. S (b)		75,216		3,423,581
Electric Utilities 0.1%
Iberdrola SA		68,361		674,997
Electrical Equipment 0.2%
Siemens Gamesa Renewable Energy SA (a)		150,338		2,262,062
Equity Real Estate Investment Trusts (REITs) 0.1%
Inmobiliaria Colonial Socimi SA		77,593		735,518
Food Products 0.1%
Viscofan SA (a)		23,083		1,264,742
IT Services 0.3%
Amadeus IT Group SA		70,838		3,359,524
Metals & Mining 0.1%
Acerinox SA		237,769		1,623,127
Transportation Infrastructure 0.3%
Aena SME SA Reg. S (b)		28,264		3,084,510
				21,747,297
SWEDEN 3.3%
Auto Components 0.1%
Dometic Group AB (a)(b)		148,083		660,460
Diversified Financial Services 0.4%
Investor AB, Class B		71,360		3,282,157
Kinnevik AB, Class B		97,236		1,615,887
				4,898,044
Diversified Telecommunication Services 0.3%
Telia Co. AB		922,557		3,318,545
Hotels, Restaurants & Leisure 0.0%†
Evolution Gaming Group AB Reg. S (a)(b)		17,095		582,043
Household Durables 0.1%
Electrolux AB Series B		131,052		1,631,952
Household Products 0.2%
Essity AB, Class B		74,505		2,297,534
Machinery 1.3%
Sandvik AB		647,359		9,193,334
Volvo AB, Class B		611,221		7,349,757
				16,543,091
Metals & Mining 0.2%
Boliden AB		131,433		2,396,124
Tobacco 0.6%
Swedish Match AB (a)		120,367		6,885,230
Wireless Telecommunication Services 0.1%
Tele2 AB, Class B		116,317		1,563,092
				40,776,115
SWITZERLAND 9.6%
Construction Materials 0.6%
LafargeHolcim Ltd. (Registered) *		194,706		7,117,822
Electronic Equipment, Instruments & Components 0.3%
Landis+Gyr Group AG *(a)		45,799		3,156,697

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Food Products 3.2%
Chocoladefabriken Lindt & Spruengli AG		270	$	2,281,103
Nestle SA (Registered)		355,620		36,653,121
				38,934,224
Health Care Equipment & Supplies 0.6%
Sonova Holding AG (Registered)		40,988		7,399,816
Insurance 0.6%
Swiss Life Holding AG (Registered)		22,803		7,763,727
Pharmaceuticals 4.3%
Novartis AG (Registered)		268,478		22,188,375
Roche Holding AG		92,839		30,183,261
				52,371,636
				116,743,922
UNITED KINGDOM 12.6%
Automobiles 0.3%
Fiat Chrysler Automobiles NV		468,969		3,379,480
Banks 0.5%
HSBC Holdings plc		813,627		4,582,006
Lloyds Banking Group plc		3,976,768		1,568,216
				6,150,222
Beverages 0.7%
Diageo plc		273,473		8,758,977
Capital Markets 1.3%
London Stock Exchange Group plc		152,336		13,725,720
Man Group plc		758,708		1,168,463
				14,894,183
Commercial Services & Supplies 0.2%
Rentokil Initial plc		451,605		2,167,523
Communications Equipment 0.1%
Spirent Communications plc		270,012		702,355
Distributors 0.1%
Inchcape plc		229,511		1,231,623
Diversified Telecommunication Services 0.4%
BT Group plc		2,943,027		4,292,481
Electric Utilities 0.7%
SSE plc		559,747		9,033,806
Electronic Equipment, Instruments & Components 0.0%†
Halma plc		23,071		548,135
Equity Real Estate Investment Trusts (REITs) 0.2%
Great Portland Estates plc		317,867		2,683,749
Hotels, Restaurants & Leisure 0.3%
Compass Group plc		244,568		3,821,280
Household Durables 1.6%
Barratt Developments plc		979,578		5,338,785
Persimmon plc		255,907		6,060,491
Redrow plc		87,005		387,505
Taylor Wimpey plc		3,629,388		5,274,095
Vistry Group plc		116,210		829,232
				17,890,108
Household Products 0.5%
Reckitt Benckiser Group plc		79,972		6,137,663
Independent Power and Renewable Electricity Producers 0.0%†
Drax Group plc		163,543		311,604
Industrial Conglomerates 0.1%
CK Hutchison Holdings Ltd.		195,000		1,307,730
Insurance 0.9%
Aviva plc		2,459,924		8,166,704
Legal & General Group plc		1,326,691		3,173,913
				11,340,617

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Leisure Products 0.0%†
Games Workshop Group plc		7,240	$	388,354
Machinery 0.1%
Bodycote plc		80,044		558,660
Rotork plc		68,389		184,240
				742,900
Multi-Utilities 0.2%
National Grid plc		247,287		2,898,326
Oil, Gas & Consumable Fuels 0.4%
BP plc, ADR (a)		209,528		5,110,388
Paper & Forest Products 0.1%
Mondi plc		99,542		1,697,896
Personal Products 0.7%
Unilever NV		51,397		2,532,330
Unilever plc, ADR (a)		128,892		6,518,069
				9,050,399
Pharmaceuticals 1.0%
AstraZeneca plc, ADR (a)		150,786		6,734,103
GlaxoSmithKline plc, ADR		133,801		5,069,720
				11,803,823
Professional Services 0.8%
Experian plc		185,756		5,171,110
RELX plc (a)		217,725		4,667,398
				9,838,508
Semiconductors & Semiconductor Equipment 0.4%
Dialog Semiconductor plc *		159,813		4,326,110
Specialty Retail 0.0%†
JD Sports Fashion plc		74,839		430,749
Tobacco 1.0%
British American Tobacco plc		196,048		6,694,718
Imperial Brands plc		289,316		5,362,744
				12,057,462
				152,996,451
UNITED STATES 0.2%
Hotels, Restaurants & Leisure 0.0%†
Carnival plc, ADR (a)		47,880		571,208
Life Sciences Tools & Services 0.2%
QIAGEN NV *		45,162		1,832,779
				2,403,987
Total Common Stocks (cost $1,437,550,542)				1,183,598,842

Repurchase Agreements 4.8%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $4,062,105, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $4,143,345.(c)	$	4,062,103		4,062,103

Repurchase Agreements (continued)
	Principal Amount		Value
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $8,000,003, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $8,160,001.(c)	$	8,000,000	$	8,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $6,000,024, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $6,120,001.(c)		6,000,000		6,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $40,000,156, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $40,800,009.(c)		40,000,000		40,000,000
Total Repurchase Agreements (cost $58,062,103)				58,062,103
Total Investments
(cost $1,495,612,645) — 102.0%				1,241,660,945
Liabilities in excess of other assets — (2.0)%				(23,831,690	)
NET ASSETS — 100.0%			$	1,217,829,255

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $95,396,202, which was collateralized by cash used to purchase repurchase agreements with a total value of $58,062,103 and by $43,900,652 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/7/2020 – 11/15/2049, a total value of $101,962,755.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $24,257,422 which represents 1.99% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $58,062,103.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund

ADR	American Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

Futures contracts outstanding as of March 31, 2020 :

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Hang Seng Index		6		4/2020		HKD		917,868		12,371
MSCI Singapore Index		15		4/2020		SGD		296,971		(3,251	)
EURO STOXX 50 Index		341		6/2020		EUR		10,331,162		1,361,178
FTSE 100 Index		56		6/2020		GBP		3,919,919		415,773
SPI 200 Index		21		6/2020		AUD		1,649,837		64,378
TOPIX Index		40		6/2020		JPY		5,219,251		370,617
										2,221,066

At March 31, 2020, the Fund has $3,180,629 segregated as collateral with the broker for open futures contracts.

Currency:

AUD	Australian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
SGD	Singapore Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	–	$	6,332,705	$	–	$	6,332,705
Air Freight & Logistics		–		11,600,889		–		11,600,889
Airlines		–		2,178,423		–		2,178,423
Auto Components		–		7,128,149		–		7,128,149
Automobiles		–		6,006,004		–		6,006,004
Banks		–		60,947,335		–		60,947,335
Beverages		–		10,247,961		–		10,247,961
Biotechnology		–		9,766,994		–		9,766,994
Building Products		–		8,145,111		–		8,145,111
Capital Markets		–		51,716,364		–		51,716,364
Chemicals		–		8,954,486		–		8,954,486
Commercial Services & Supplies		–		31,325,321		–		31,325,321
Communications Equipment		–		702,355		–		702,355
Construction & Engineering		–		3,496,706		–		3,496,706
Construction Materials		–		15,192,054		–		15,192,054
Distributors		–		1,542,466		–		1,542,466
Diversified Consumer Services		–		639,260		–		639,260
Diversified Financial Services		–		20,067,510		–		20,067,510
Diversified Telecommunication Services		–		26,127,678		–		26,127,678
Electric Utilities		–		25,835,438		–		25,835,438
Electrical Equipment		–		38,265,683		–		38,265,683
Electronic Equipment, Instruments & Components		–		11,509,702		–		11,509,702
Entertainment		–		7,973,954		–		7,973,954

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

	Level 1			Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs)	$	–		$	10,978,565	$	–	$	10,978,565
Food & Staples Retailing		–			47,357,733		–		47,357,733
Food Products		–			76,925,732		–		76,925,732
Gas Utilities		–			2,787,555		–		2,787,555
Health Care Equipment & Supplies		365,238			11,697,966		–		12,063,204
Health Care Providers & Services		–			13,521,923		–		13,521,923
Hotels, Restaurants & Leisure		571,208			5,797,932		–		6,369,140
Household Durables		–			34,558,864		–		34,558,864
Household Products		–			14,992,550		–		14,992,550
Independent Power and Renewable Electricity Producers		–			1,129,431		–		1,129,431
Industrial Conglomerates		–			5,096,804		–		5,096,804
Insurance		–			53,723,976		–		53,723,976
Interactive Media & Services		–			720,612		–		720,612
Internet & Direct Marketing Retail		–			1,092,291		–		1,092,291
IT Services		–			49,445,584		–		49,445,584
Leisure Products		–			3,388,268		–		3,388,268
Life Sciences Tools & Services		–			7,638,867		–		7,638,867
Machinery		–			20,680,110		–		20,680,110
Marine		–			6,311,268		–		6,311,268
Media		–			10,309,477		–		10,309,477
Metals & Mining		5,375,488			37,134,966		–		42,510,454
Multiline Retail		–			6,417,947		–		6,417,947
Multi-Utilities		–			8,118,142		–		8,118,142
Oil, Gas & Consumable Fuels		11,632,590			24,515,556		–		36,148,146
Paper & Forest Products		–			2,000,345		–		2,000,345
Personal Products		6,518,068			3,746,453		–		10,264,521
Pharmaceuticals		11,803,823			147,199,365		–		159,003,188
Professional Services		–			19,969,829		–		19,969,829
Real Estate Management & Development		–			15,184,329		–		15,184,329
Road & Rail		–			2,707,637		–		2,707,637
Semiconductors & Semiconductor Equipment		2,690,083			26,726,688		–		29,416,771
Software		–			3,267,350		–		3,267,350
Specialty Retail		–			7,877,943		–		7,877,943
Technology Hardware, Storage & Peripherals		–			8,688,606		–		8,688,606
Textiles, Apparel & Luxury Goods		–			34,768,225		–		34,768,225
Tobacco		–			18,942,693		–		18,942,693
Trading Companies & Distributors		–			1,922,096		–		1,922,096
Transportation Infrastructure		–			3,438,069		–		3,438,069
Wireless Telecommunication Services		–			28,158,049		–		28,158,049
Total Common Stocks		38,956,498			1,144,642,344		–		1,183,598,842
Futures Contracts	$	2,224,317		$	–	$	–	$	2,224,317
Repurchase Agreements	$	–		$	58,062,103	$	–	$	58,062,103
Total Assets	$	41,180,815		$	1,202,704,447	$	–	$	1,243,885,262
Liabilities:
Futures Contracts	$	(3,251	)	$	–	$	–	$	(3,251	)
Total Liabilities	$	(3,251	)	$	–	$	–	$	(3,251	)
Total	$	41,177,564		$	1,202,704,447	$	–	$	1,243,882,011

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to equitize cash balances, i.e., to reduce active risk of the portfolio relative to its benchmark, or to more efficiently manage the portfolio (i.e., intra-day hedging of buy/sell orders). Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts	$	2,224,317
Total		$	2,224,317
Liabilities:
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(3,251	)
Total		$	(3,251	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT GS Large Cap Equity Insights Fund

Common Stocks 99.0%
	Shares		Value
Aerospace & Defense 1.1%
General Dynamics Corp.		7,676	$	1,015,611
Lockheed Martin Corp. (a)		1,502		509,103
Raytheon Co.		168,771		22,134,317
				23,659,031
Air Freight & Logistics 0.1%
United Parcel Service, Inc., Class B (a)		19,293		1,802,352
Airlines 0.1%
Copa Holdings SA, Class A (a)		53,643		2,429,491
JetBlue Airways Corp. *(a)		77,330		692,104
				3,121,595
Automobiles 1.0%
General Motors Co.		713,907		14,834,987
Tesla, Inc. *(a)		11,219		5,878,756
				20,713,743
Banks 2.8%
Bank of America Corp.		939,571		19,947,092
Citigroup, Inc.		124,880		5,259,946
Citizens Financial Group, Inc.		277,324		5,216,464
East West Bancorp, Inc.		61,114		1,573,074
Fifth Third Bancorp		20,607		306,014
First Hawaiian, Inc.		39,702		656,274
First Horizon National Corp.		24,955		201,137
JPMorgan Chase & Co.		53,971		4,859,009
PacWest Bancorp (a)		79,029		1,416,200
Popular, Inc. (a)		165,261		5,784,135
Signature Bank		42,677		3,430,804
Sterling Bancorp		48,879		510,786
SVB Financial Group *		40,738		6,154,697
Synovus Financial Corp. (a)		25,892		454,664
Western Alliance Bancorp		67,062		2,052,768
				57,823,064
Beverages 0.7%
Monster Beverage Corp. *		270,833		15,237,065
Biotechnology 4.7%
AbbVie, Inc.		412,432		31,423,194
Alexion Pharmaceuticals, Inc. *		42,157		3,785,277
Biogen, Inc. *		48,142		15,231,166
Gilead Sciences, Inc.		226,156		16,907,422
Incyte Corp. *		107,727		7,888,848
Regeneron Pharmaceuticals, Inc. *		9,806		4,788,172
Vertex Pharmaceuticals, Inc. *		75,528		17,971,888
				97,995,967
Building Products 1.4%
Allegion plc		102,264		9,410,333
AO Smith Corp.		5,806		219,525
Johnson Controls International plc		620,537		16,729,677
Trane Technologies plc		22,998		1,899,405
				28,258,940
Capital Markets 2.8%
Cboe Global Markets, Inc.		7,172		640,101
Charles Schwab Corp. (The)		451,226		15,170,218
CME Group, Inc.		104,658		18,096,415
S&P Global, Inc.		100,318		24,582,926

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
SEI Investments Co.		6,385	$	295,881
				58,785,541
Chemicals 2.0%
Air Products & Chemicals, Inc. (a)		7,127		1,422,621
Axalta Coating Systems Ltd. *		757,212		13,077,051
Dow, Inc.		84,295		2,464,786
Linde plc		8,487		1,468,251
Sherwin-Williams Co. (The)		50,525		23,217,248
				41,649,957
Commercial Services & Supplies 1.0%
Cintas Corp.		84,830		14,694,253
Republic Services, Inc. (a)		43,819		3,289,054
Waste Connections, Inc.		34,675		2,687,312
				20,670,619
Communications Equipment 1.4%
Ciena Corp. *		345,534		13,755,709
Cisco Systems, Inc.		385,862		15,168,235
				28,923,944
Consumer Finance 1.2%
Ally Financial, Inc.		829,099		11,963,899
Synchrony Financial		866,155		13,936,434
				25,900,333
Containers & Packaging 0.1%
Ball Corp.		29,685		1,919,432
Diversified Consumer Services 0.1%
Bright Horizons Family Solutions, Inc. *		5,499		560,898
ServiceMaster Global Holdings, Inc. *(a)		43,597		1,177,119
				1,738,017
Diversified Financial Services 2.7%
Berkshire Hathaway, Inc., Class B *		239,891		43,859,271
Equitable Holdings, Inc.		386,897		5,590,662
Voya Financial, Inc.		143,754		5,829,225
				55,279,158
Electric Utilities 0.7%
American Electric Power Co., Inc.		61,739		4,937,885
Duke Energy Corp. (a)		5,546		448,561
FirstEnergy Corp.		171,243		6,861,707
NRG Energy, Inc.		36,597		997,634
Southern Co. (The)		30,843		1,669,840
				14,915,627
Electrical Equipment 0.1%
AMETEK, Inc.		28,819		2,075,545
Emerson Electric Co.		16,079		766,164
				2,841,709
Electronic Equipment, Instruments & Components 1.1%
Keysight Technologies, Inc. *		274,033		22,931,081
Energy Equipment & Services 0.4%
Baker Hughes Co.		163,754		1,719,417
TechnipFMC plc		950,462		6,406,114
				8,125,531
Entertainment 0.9%
Cinemark Holdings, Inc. (a)		162,472		1,655,590

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Large Cap Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
Entertainment (continued)
Netflix, Inc. *		22,816	$	8,567,408
Zynga, Inc., Class A *(a)		1,258,897		8,623,444
				18,846,442
Equity Real Estate Investment Trusts (REITs) 5.6%
American Homes 4 Rent, Class A		216,289		5,017,905
AvalonBay Communities, Inc.		16,959		2,495,856
Brixmor Property Group, Inc.		85,543		812,658
Camden Property Trust		113,020		8,955,705
CyrusOne, Inc.		16,094		993,805
Douglas Emmett, Inc.		248,430		7,579,599
Duke Realty Corp.		669,981		21,693,985
Empire State Realty Trust, Inc., Class A		141,700		1,269,632
Equity Commonwealth		31,803		1,008,473
Equity LifeStyle Properties, Inc.		316,725		18,205,353
Essex Property Trust, Inc.		26,979		5,941,855
Extra Space Storage, Inc.		50,570		4,842,583
Healthcare Trust of America, Inc., Class A		70,365		1,708,462
Invitation Homes, Inc.		799,565		17,086,704
National Retail Properties, Inc.		103,939		3,345,796
Retail Properties of America, Inc., Class A		141,205		730,030
SBA Communications Corp.		5,155		1,391,695
STORE Capital Corp.		275,398		4,990,212
Sun Communities, Inc.		58,490		7,302,477
				115,372,785
Food & Staples Retailing 2.6%
Casey’s General Stores, Inc. (a)		24,411		3,234,213
Costco Wholesale Corp.		110,854		31,607,801
US Foods Holding Corp. *(a)		185,634		3,287,578
Walgreens Boots Alliance, Inc. (a)		360,150		16,476,863
				54,606,455
Health Care Equipment & Supplies 3.0%
Abbott Laboratories		48,212		3,804,409
Align Technology, Inc. *		44,764		7,786,698
DENTSPLY SIRONA, Inc.		46,540		1,807,148
Edwards Lifesciences Corp. *		121,584		22,933,174
Hologic, Inc. *		25,650		900,315
STERIS plc (a)		112,744		15,780,778
Teleflex, Inc.		30,391		8,900,308
				61,912,830
Health Care Providers & Services 5.0%
AmerisourceBergen Corp.		40,095		3,548,407
Anthem, Inc.		101,246		22,986,892
Cardinal Health, Inc.		19,763		947,438
Cigna Corp.		118,182		20,939,487
CVS Health Corp.		58,708		3,483,146
HCA Healthcare, Inc.		39,277		3,529,038
Humana, Inc.		49,000		15,386,980
Molina Healthcare, Inc. *		42,199		5,895,622
UnitedHealth Group, Inc.		34,299		8,553,485
Universal Health Services, Inc., Class B		181,439		17,976,976
				103,247,471

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure 1.3%
Chipotle Mexican Grill, Inc. *		24,171	$	15,817,502
Las Vegas Sands Corp.		205,425		8,724,400
MGM Resorts International (a)		219,241		2,587,044
				27,128,946
Household Durables 0.7%
DR Horton, Inc.		430,077		14,622,618
Household Products 2.2%
Church & Dwight Co., Inc.		28,911		1,855,508
Procter & Gamble Co. (The)		401,243		44,136,730
				45,992,238
Independent Power and Renewable Electricity Producers 0.7%
AES Corp.		1,000,238		13,603,237
Industrial Conglomerates 0.1%
General Electric Co.		285,001		2,262,908
Honeywell International, Inc.		2,405		321,765
				2,584,673
Insurance 2.1%
Allstate Corp. (The)		77,876		7,143,566
American Financial Group, Inc.		34,055		2,386,574
Aon plc (a)		86,608		14,293,784
Athene Holding Ltd., Class A *		188,836		4,686,910
Fidelity National Financial, Inc.		103,321		2,570,627
Lincoln National Corp.		56,570		1,488,922
Old Republic International Corp. (a)		62,168		948,062
Reinsurance Group of America, Inc.		88,731		7,465,826
Unum Group		122,889		1,844,564
				42,828,835
Interactive Media & Services 4.7%
Alphabet, Inc., Class A *		57,390		66,684,310
Facebook, Inc., Class A *		181,667		30,302,056
				96,986,366
Internet & Direct Marketing Retail 5.0%
Amazon.com, Inc. *		47,817		93,229,761
eBay, Inc.		374,973		11,271,689
				104,501,450
IT Services 6.1%
Alliance Data Systems Corp.		41,316		1,390,283
Amdocs Ltd.		15,014		825,320
Automatic Data Processing, Inc.		172,919		23,634,569
Black Knight, Inc. *		31,403		1,823,258
Booz Allen Hamilton Holding Corp.		9,593		658,463
Cognizant Technology Solutions Corp., Class A		26,140		1,214,726
Fidelity National Information Services, Inc.		4,085		496,899
International Business Machines Corp. (a)		126,587		14,042,296
Mastercard, Inc., Class A		1,887		455,824
Okta, Inc. *(a)		19,583		2,394,218
PayPal Holdings, Inc. *		305,474		29,246,081
Square, Inc., Class A *		113,774		5,959,482
VeriSign, Inc. *		122,847		22,123,516
Visa, Inc., Class A (a)		136,724		22,028,971
				126,293,906

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS International Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
Life Sciences Tools & Services 2.0%
Illumina, Inc. *		52,135	$	14,239,111
IQVIA Holdings, Inc. *(a)		180,912		19,513,168
Mettler-Toledo International, Inc. *		6,935		4,788,687
Thermo Fisher Scientific, Inc.		12,458		3,533,089
				42,074,055
Machinery 0.3%
Allison Transmission Holdings, Inc.		99,348		3,239,738
Illinois Tool Works, Inc. (a)		19,374		2,753,433
				5,993,171
Media 2.6%
Charter Communications, Inc., Class A *(a)		11,144		4,862,239
Comcast Corp., Class A		763,088		26,234,965
Liberty Broadband Corp., Class C *		60,021		6,645,525
Liberty Global plc, Class C *		1,010,662		15,877,500
				53,620,229
Metals & Mining 0.2%
Alcoa Corp. *(a)		662,193		4,079,109
Multiline Retail 1.4%
Dollar General Corp.		54,788		8,273,536
Macy’s, Inc. (a)		204,854		1,005,833
Target Corp.		218,131		20,279,639
				29,559,008
Multi-Utilities 2.8%
Ameren Corp.		122,969		8,955,832
CenterPoint Energy, Inc.		175,404		2,709,992
CMS Energy Corp.		264,249		15,524,629
Consolidated Edison, Inc.		32,659		2,547,402
DTE Energy Co.		191,898		18,224,553
Public Service Enterprise Group, Inc.		185,862		8,347,062
WEC Energy Group, Inc.		15,255		1,344,423
				57,653,893
Oil, Gas & Consumable Fuels 1.2%
Chevron Corp.		56,367		4,084,353
EOG Resources, Inc.		183,419		6,588,410
Marathon Petroleum Corp.		216,900		5,123,178
Pioneer Natural Resources Co.		37,762		2,649,004
Targa Resources Corp.		68,172		471,069
Valero Energy Corp. (a)		28,808		1,306,731
Williams Cos., Inc. (The)		328,137		4,643,139
				24,865,884
Pharmaceuticals 1.6%
Horizon Therapeutics plc *(a)		103,977		3,079,799
Jazz Pharmaceuticals plc *		40,037		3,993,290
Johnson & Johnson		70,338		9,223,422
Merck & Co., Inc.		216,639		16,668,205
				32,964,716
Professional Services 1.9%
CoStar Group, Inc. *		17,998		10,568,605
IHS Markit Ltd.		220,691		13,241,460
TransUnion		221,399		14,652,186
				38,462,251
Road & Rail 1.0%
Landstar System, Inc. (a)		3,743		358,804

Common Stocks (continued)
	Shares		Value
Road & Rail (continued)
Norfolk Southern Corp.		16,018	$	2,338,628
Union Pacific Corp.		130,464		18,400,643
				21,098,075
Semiconductors & Semiconductor Equipment 2.8%
Advanced Micro Devices, Inc. *		161,066		7,325,282
Analog Devices, Inc. (a)		31,972		2,866,290
Applied Materials, Inc.		71,814		3,290,517
Lam Research Corp.		43,675		10,482,000
NVIDIA Corp.		102,135		26,922,786
QUALCOMM, Inc.		42,705		2,888,993
Universal Display Corp.		26,905		3,545,541
				57,321,409
Software 8.7%
Adobe, Inc. *		105,810		33,672,974
Fortinet, Inc. *		26,743		2,705,589
Intuit, Inc.		30,380		6,987,400
Microsoft Corp.		802,683		126,591,136
NortonLifeLock, Inc.		168,139		3,145,881
ServiceNow, Inc. *		4,573		1,310,530
Workday, Inc., Class A *		38,726		5,042,900
Zscaler, Inc. *(a)		3,489		212,341
				179,668,751
Specialty Retail 1.1%
Home Depot, Inc. (The)		116,237		21,702,610
Lowe’s Cos., Inc.		21,282		1,831,316
				23,533,926
Technology Hardware, Storage & Peripherals 5.3%
Apple, Inc.		434,193		110,410,938
Tobacco 0.5%
Altria Group, Inc.		279,029		10,790,051
Trading Companies & Distributors 0.1%
HD Supply Holdings, Inc. *		57,585		1,637,142
Total Common Stocks (cost $2,405,310,287)				2,054,553,566

Repurchase Agreements 1.4%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $12,699,278, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $12,953,259. (b)	$	12,699,274		12,699,274

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Large Cap Equity Insights Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $2,040,000. (b)	$	2,000,000	$	2,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $15,000,059, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $15,300,003. (b)		15,000,000		15,000,000
Total Repurchase Agreements (cost $29,699,274)				29,699,274
Total Investments
(cost $2,435,009,561) — 100.4%				2,084,252,840
Liabilities in excess of other assets — (0.4)%				(9,131,840	)
NET ASSETS — 100.0%			$	2,075,121,000

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $90,133,550, which was collateralized by cash used to purchase repurchase agreements with a total value of $29,699,274 and by $64,823,953 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $94,523,227.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $29,699,274.

REIT                Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Large Cap Equity Insights Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	2,054,553,566	$	–	$	–	$	2,054,553,566
Repurchase Agreements		–		29,699,274		–		29,699,274
Total	$	2,054,553,566	$	29,699,274	$	–	$	2,084,252,840

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT GS Small Cap Equity Insights Fund

Common Stocks 99.3%
	Shares		Value
Aerospace & Defense 0.7%
Aerojet Rocketdyne Holdings, Inc. *		18,589	$	777,578
Axon Enterprise, Inc. *		713		50,459
Mercury Systems, Inc. *		1,772		126,414
				954,451
Air Freight & Logistics 0.4%
Echo Global Logistics, Inc. *		26,264		448,589
Hub Group, Inc., Class A *		1,062		48,289
Radiant Logistics, Inc. *		11,404		44,134
				541,012
Airlines 0.3%
Allegiant Travel Co.		764		62,495
SkyWest, Inc. (a)		11,930		312,447
				374,942
Auto Components 0.1%
Gentherm, Inc. *		1,639		51,465
Standard Motor Products, Inc.		3,184		132,359
				183,824
Banks 9.5%
1st Source Corp.		11,399		369,670
Amalgamated Bank, Class A		10,336		111,836
Ameris Bancorp		6,092		144,746
Atlantic Capital Bancshares, Inc. *		21,028		249,602
Atlantic Union Bankshares Corp.		8,256		180,806
Bancorp, Inc. (The) *		26,627		161,626
BancorpSouth Bank (a)		21,733		411,188
Bank of NT Butterfield & Son Ltd. (The)		1,755		29,888
BCB Bancorp, Inc.		8,277		88,150
Cadence Bancorp		73,436		481,006
Capital City Bank Group, Inc.		1,616		32,514
Cathay General Bancorp		17,280		396,576
CBTX, Inc.		4,232		75,203
Central Pacific Financial Corp.		35,390		562,701
Columbia Banking System, Inc.		18,894		506,359
CVB Financial Corp.		52,970		1,062,048
Esquire Financial Holdings, Inc. *		988		14,869
First Bancorp/NC		17,716		408,885
First Bancorp/PR (a)		111,686		594,170
First Business Financial Services, Inc.		1,397		21,654
First Commonwealth Financial Corp.		19,687		179,939
First Financial Bankshares, Inc.		1,557		41,790
First Foundation, Inc.		17,005		173,791
First Mid Bancshares, Inc.		3,976		94,390
Hanmi Financial Corp.		3,514		38,127
Heartland Financial USA, Inc.		22,348		674,910
Hilltop Holdings, Inc.		25,973		392,712
Hope Bancorp, Inc.		42,569		349,917
Horizon Bancorp, Inc.		6,403		63,134
IBERIABANK Corp.		2,622		94,812
Independent Bank Corp./MI		12,044		155,006
Independent Bank Group, Inc.		21,236		502,868
International Bancshares Corp.		28,369		762,559
Investors Bancorp, Inc.		67,186		536,816

Common Stocks (continued)
	Shares		Value
Banks (continued)
Lakeland Bancorp, Inc.		16,861	$	182,267
Metropolitan Bank Holding Corp. *		1,902		51,221
MidWestOne Financial Group, Inc.		3,899		81,645
National Bank Holdings Corp., Class A		9,476		226,476
Northrim Bancorp, Inc.		2,209		59,643
Peoples Financial Services Corp.		993		39,462
Preferred Bank (a)		8,675		293,388
RBB Bancorp		5,621		77,120
Republic Bancorp, Inc., Class A		2,602		85,944
Seacoast Banking Corp. of Florida *		17,139		313,815
Shore Bancshares, Inc.		1,703		18,478
Sierra Bancorp		5,846		102,773
TriCo Bancshares		7,228		215,539
TriState Capital Holdings, Inc. *		6,372		61,617
WesBanco, Inc.		2,121		50,268
Westamerica Bancorp (a)		5,304		311,769
				12,135,693
Beverages 0.9%
Boston Beer Co., Inc. (The), Class A *(a)		926		340,361
Coca-Cola Consolidated, Inc.		3,616		754,044
				1,094,405
Biotechnology 8.9%
ACADIA Pharmaceuticals, Inc. *(a)		28,145		1,189,126
Acceleron Pharma, Inc. *		6,585		591,794
Akcea Therapeutics, Inc. *		2,682		38,353
Allogene Therapeutics, Inc. *		7,430		144,439
Amicus Therapeutics, Inc. *(a)		14,123		130,496
Anika Therapeutics, Inc. *		10,135		293,003
Apellis Pharmaceuticals, Inc. *		10,351		277,303
Ardelyx, Inc. *		41,148		233,926
Arena Pharmaceuticals, Inc. *		5,918		248,556
Arrowhead Pharmaceuticals, Inc. *(a)		8,685		249,867
BioCryst Pharmaceuticals, Inc. *(a)		39,580		79,160
Biohaven Pharmaceutical Holding Co. Ltd. *(a)		13,039		443,717
Blueprint Medicines Corp. *		4,757		278,189
Bridgebio Pharma, Inc. *		1,929		55,941
Catalyst Pharmaceuticals, Inc. *(a)		99,436		382,829
Coherus Biosciences, Inc. *(a)		24,238		393,140
Concert Pharmaceuticals, Inc. *		12,102		106,982
Constellation Pharmaceuticals, Inc. *		2,220		69,775
Deciphera Pharmaceuticals, Inc. *		8,772		361,143
Dicerna Pharmaceuticals, Inc. *		7,302		134,138
Editas Medicine, Inc. *(a)		9,585		190,071
Emergent BioSolutions, Inc. *		1,016		58,786
Enanta Pharmaceuticals, Inc. *		17,151		882,076
FibroGen, Inc. *(a)		11,686		406,088
Global Blood Therapeutics, Inc. *(a)		15,751		804,719
Heron Therapeutics, Inc. *(a)		7,809		91,678
ImmunoGen, Inc. *		24,235		82,641
Insmed, Inc. *(a)		1,876		30,072

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Small Cap Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Intercept Pharmaceuticals, Inc. *		3,897	$	245,355
Iovance Biotherapeutics, Inc. *(a)		5,419		162,218
Ironwood Pharmaceuticals, Inc. *(a)		3,851		38,857
Karyopharm Therapeutics, Inc. *(a)		7,038		135,200
Mirati Therapeutics, Inc. *(a)		4,410		338,997
Momenta Pharmaceuticals, Inc. *		10,631		289,163
Myriad Genetics, Inc. *		3,230		46,221
Principia Biopharma, Inc. *		2,665		158,248
Protagonist Therapeutics, Inc. *		3,495		24,675
PTC Therapeutics, Inc. *(a)		3,410		152,120
Radius Health, Inc. *(a)		18,646		242,398
REVOLUTION Medicines, Inc. *		2,916		63,890
Rigel Pharmaceuticals, Inc. *(a)		19,344		30,177
Turning Point Therapeutics, Inc. *(a)		4,848		216,512
Veracyte, Inc. *		8,734		212,323
Voyager Therapeutics, Inc. *		15,802		144,588
XBiotech, Inc. *		2,074		22,026
Xencor, Inc. *(a)		17,423		520,599
Y-mAbs Therapeutics, Inc. *		2,824		73,706
				11,365,281
Building Products 2.4%
Builders FirstSource, Inc. *		14,079		172,186
CSW Industrials, Inc.		4,633		300,450
Gibraltar Industries, Inc. *		18,348		787,496
Griffon Corp.		16,034		202,830
Masonite International Corp. *		2,213		105,007
Quanex Building Products Corp.		29,128		293,611
Simpson Manufacturing Co., Inc.		16,342		1,012,877
Universal Forest Products, Inc.		6,106		227,082
				3,101,539
Capital Markets 0.5%
Artisan Partners Asset Management, Inc., Class A		3,286		70,616
Cohen & Steers, Inc.		1,803		81,946
Federated Hermes, Inc., Class B		7,526		143,370
Oppenheimer Holdings, Inc., Class A		10,311		203,746
Pzena Investment Management, Inc., Class A		4,087		18,228
Westwood Holdings Group, Inc.		5,102		93,418
				611,324
Chemicals 1.9%
Chase Corp.		2,569		211,403
Ferro Corp. *(a)		52,106		487,712
FutureFuel Corp.		8,942		100,776
Ingevity Corp. *		3,399		119,645
Koppers Holdings, Inc. *		3,674		45,447
Kraton Corp. *		3,919		31,744
Minerals Technologies, Inc.		23,370		847,396
PolyOne Corp.		29,299		555,802
Sensient Technologies Corp.		754		32,807
				2,432,732
Commercial Services & Supplies 2.1%
Brady Corp., Class A		6,705		302,597
Brink’s Co. (The)		7,817		406,875
Cimpress plc *(a)		1,298		69,054

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies (continued)
Ennis, Inc.		14,345	$	269,399
HNI Corp.		27,250		686,427
Kimball International, Inc., Class B		12,822		152,710
Knoll, Inc.		11,114		114,696
McGrath RentCorp		10,757		563,452
Mobile Mini, Inc.		5,526		144,947
				2,710,157
Communications Equipment 1.9%
Comtech Telecommunications Corp.		10,371		137,831
Harmonic, Inc. *(a)		56,318		324,392
Lumentum Holdings, Inc. *		12,660		933,042
NETGEAR, Inc. *		6,348		144,988
Viavi Solutions, Inc. *		81,681		915,644
				2,455,897
Construction & Engineering 0.3%
Great Lakes Dredge & Dock Corp. *		17,151		142,353
MasTec, Inc. *(a)		6,263		204,988
				347,341
Construction Materials 0.6%
Summit Materials, Inc., Class A *(a)		50,912		763,680
Consumer Finance 0.9%
Enova International, Inc. *		25,325		366,959
Nelnet, Inc., Class A		16,737		760,027
				1,126,986
Containers & Packaging 0.1%
Myers Industries, Inc. (a)		12,156		130,677
Distributors 0.1%
Core-Mark Holding Co., Inc.		6,076		173,591
Diversified Consumer Services 1.6%
American Public Education, Inc. *		20,990		502,291
Carriage Services, Inc.		17,852		288,310
Collectors Universe, Inc.		10,242		160,492
Houghton Mifflin Harcourt Co. *		14,241		26,773
Laureate Education, Inc., Class A *		63,715		669,645
Strategic Education, Inc.		2,998		419,000
WW International, Inc. *(a)		2,784		47,077
				2,113,588
Diversified Financial Services 0.4%
Banco Latinoamericano de Comercio Exterior SA, Class E		45,926		473,497
Diversified Telecommunication Services 1.4%
Cogent Communications Holdings, Inc.		13,149		1,077,823
Consolidated Communications Holdings, Inc. (a)		81,123		369,110
Iridium Communications, Inc. *		5,294		118,215
ORBCOMM, Inc. *		102,545		250,210
				1,815,358
Electric Utilities 0.9%
MGE Energy, Inc.		713		46,680
Portland General Electric Co.		21,771		1,043,702
				1,090,382

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Small Cap Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
Electrical Equipment 0.8%
Atkore International Group, Inc. *		16,965	$	357,452
Encore Wire Corp.		8,886		373,123
Powell Industries, Inc.		13,128		336,996
				1,067,571
Electronic Equipment, Instruments & Components 4.1%
Bel Fuse, Inc., Class B		8,517		82,956
Belden, Inc.		12,999		469,004
Benchmark Electronics, Inc.		25,189		503,528
CTS Corp.		11,328		281,954
Itron, Inc. *(a)		14,710		821,259
Knowles Corp. *		42,826		573,012
Methode Electronics, Inc.		9,054		239,297
Plexus Corp. *		9,402		512,973
Rogers Corp. *(a)		2,625		247,853
Sanmina Corp. *		29,079		793,275
Vishay Intertechnology, Inc.		26,574		382,931
Vishay Precision Group, Inc. *		16,116		323,609
				5,231,651
Energy Equipment & Services 0.4%
Cactus, Inc., Class A		8,627		100,073
DMC Global, Inc. (a)		3,777		86,909
Matrix Service Co. *		23,117		218,918
SEACOR Holdings, Inc. *		2,168		58,449
				464,349
Entertainment 0.1%
IMAX Corp. *		14,764		133,614
Equity Real Estate Investment Trusts (REITs) 8.3%
Alexander’s, Inc.		434		119,762
American Assets Trust, Inc.		24,182		604,550
BRT Apartments Corp.		5,295		54,274
EastGroup Properties, Inc.		1,598		166,959
Essential Properties Realty Trust, Inc.		23,745		310,110
First Industrial Realty Trust, Inc.		38,227		1,270,283
Independence Realty Trust, Inc.		64,519		576,800
Lexington Realty Trust		98,652		979,614
NexPoint Residential Trust, Inc.		18,808		474,150
Office Properties Income Trust		4,955		135,024
Pebblebrook Hotel Trust		10,605		115,488
Physicians Realty Trust		65,349		910,965
Piedmont Office Realty Trust, Inc., Class A		4,063		71,753
PS Business Parks, Inc.		6,644		900,395
QTS Realty Trust, Inc., Class A		17,098		991,855
Retail Value, Inc.		20,470		250,758
Rexford Industrial Realty, Inc.		25,844		1,059,862
Sabra Health Care REIT, Inc.		55,840		609,773
STAG Industrial, Inc.		26,947		606,846
Terreno Realty Corp.		1,200		62,100
Urban Edge Properties		39,059		344,110
				10,615,431
Food & Staples Retailing 0.4%
Ingles Markets, Inc., Class A		4,500		162,720
Performance Food Group Co. *		13,434		332,089
				494,809

Common Stocks (continued)
	Shares		Value
Food Products 1.4%
Calavo Growers, Inc. (a)		2,426	$	139,956
Darling Ingredients, Inc. *		14,796		283,639
Freshpet, Inc. *(a)		3,270		208,855
J&J Snack Foods Corp. (a)		4,297		519,937
John B Sanfilippo & Son, Inc.		6,817		609,440
Sanderson Farms, Inc. (a)		711		87,681
				1,849,508
Gas Utilities 0.6%
New Jersey Resources Corp. (a)		4,956		168,355
Northwest Natural Holding Co.		1,653		102,073
South Jersey Industries, Inc.		3,368		84,200
Southwest Gas Holdings, Inc.		5,115		355,799
Spire, Inc.		1,129		84,088
				794,515
Health Care Equipment & Supplies 3.9%
AngioDynamics, Inc. *		13,083		136,456
Antares Pharma, Inc. *		33,136		78,201
Atrion Corp.		183		118,950
Cardiovascular Systems, Inc. *		1,377		48,484
Globus Medical, Inc., Class A *		4,269		181,561
Haemonetics Corp. *		12,822		1,277,841
Inogen, Inc. *(a)		2,491		128,685
Integer Holdings Corp. *		4,570		287,270
Invacare Corp. (a)		20,365		151,312
Natus Medical, Inc. *		19,952		461,490
Novocure Ltd. *		12,065		812,457
NuVasive, Inc. *		9,770		494,948
Quidel Corp. *		811		79,324
Surmodics, Inc. *		7,991		266,260
Tandem Diabetes Care, Inc. *(a)		8,047		517,824
				5,041,063
Health Care Providers & Services 1.0%
Magellan Health, Inc. *		6,586		316,852
National Research Corp.		3,301		150,130
Select Medical Holdings Corp. *(a)		22,282		334,230
Tenet Healthcare Corp. *		26,368		379,699
Triple-S Management Corp., Class B *(a)		8,878		125,180
				1,306,091
Health Care Technology 1.9%
HMS Holdings Corp. *		18,318		462,896
Inovalon Holdings, Inc., Class A *		3,784		63,042
Livongo Health, Inc. *		1,755		50,070
Omnicell, Inc. *		7,231		474,209
Simulations Plus, Inc.		2,621		91,525
Teladoc Health, Inc. *		8,215		1,273,407
				2,415,149
Hotels, Restaurants & Leisure 2.0%
BBX Capital Corp.		16,403		37,891
Denny’s Corp. *		44,290		340,147
Everi Holdings, Inc. *		43,953		145,045
Marriott Vacations Worldwide Corp.		9,375		521,062
Penn National Gaming, Inc. *		2,800		35,420
Red Rock Resorts, Inc., Class A		43,478		371,737
Scientific Games Corp. *(a)		13,958		135,393

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Small Cap Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wingstop, Inc.		11,997	$	956,161
				2,542,856
Household Durables 1.9%
Century Communities, Inc. *		4,797		69,605
Installed Building Products, Inc. *		2,719		108,407
M/I Homes, Inc. *		28,819		476,378
MDC Holdings, Inc.		2,174		50,437
Meritage Homes Corp. *		5,845		213,401
Sonos, Inc. *		23,132		196,159
Taylor Morrison Home Corp. *		3,144		34,584
TopBuild Corp. *		6,370		456,347
TRI Pointe Group, Inc. *		73,220		642,139
Universal Electronics, Inc. *		4,393		168,559
				2,416,016
Household Products 0.1%
Central Garden & Pet Co., Class A *		4,273		109,261
Industrial Conglomerates 0.0%†
Raven Industries, Inc.		2,564		54,434
Insurance 3.7%
American Equity Investment Life Holding Co.		45,999		864,781
AMERISAFE, Inc.		11,363		732,573
Argo Group International Holdings Ltd.		10,531		390,279
eHealth, Inc. *(a)		1,872		263,615
Genworth Financial, Inc., Class A *		149,501		496,343
Goosehead Insurance, Inc., Class A *(a)		8,091		361,101
HCI Group, Inc.		451		18,153
MBIA, Inc. *(a)		76,330		544,996
Protective Insurance Corp., Class B		1,957		26,909
RLI Corp.		847		74,477
Selective Insurance Group, Inc.		1,898		94,331
Stewart Information Services Corp. (a)		28,347		756,014
Trupanion, Inc. *(a)		6,568		170,965
				4,794,537
Interactive Media & Services 0.2%
Cars.com, Inc. *(a)		51,645		222,073
Yelp, Inc. *		2,717		48,988
				271,061
Internet & Direct Marketing Retail 0.3%
PetMed Express, Inc.		5,216		150,116
Rubicon Project, Inc. (The) *		37,883		210,251
Shutterstock, Inc.		1,839		59,142
				419,509
IT Services 1.6%
Cass Information Systems, Inc.		7,290		256,317
Conduent, Inc. *		31,835		77,996
CSG Systems International, Inc.		679		28,416
Hackett Group, Inc. (The)		9,031		114,874
MAXIMUS, Inc.		6,344		369,221
Perspecta, Inc.		53,660		978,758

Common Stocks (continued)
	Shares		Value
IT Services (continued)
Science Applications International Corp.		3,817	$	284,863
				2,110,445
Leisure Products 0.5%
Clarus Corp.		11,098		108,760
Johnson Outdoors, Inc., Class A (a)		290		18,183
Malibu Boats, Inc., Class A *		7,426		213,795
YETI Holdings, Inc. *		15,881		309,997
				650,735
Life Sciences Tools & Services 0.8%
Medpace Holdings, Inc. *(a)		11,895		872,855
NanoString Technologies, Inc. *		1,950		46,898
Syneos Health, Inc. *		1,836		72,375
				992,128
Machinery 2.9%
Albany International Corp., Class A		11,220		531,042
Barnes Group, Inc.		4,637		193,966
Columbus McKinnon Corp.		15,715		392,875
Douglas Dynamics, Inc.		1,368		48,578
ESCO Technologies, Inc.		1,075		81,603
Federal Signal Corp.		7,539		205,664
Miller Industries, Inc.		6,069		171,631
Mueller Industries, Inc.		14,467		346,340
Navistar International Corp. *		7,654		126,214
Proto Labs, Inc. *(a)		2,192		166,877
RBC Bearings, Inc. *		2,662		300,247
Rexnord Corp.		25,361		574,934
SPX Corp. *		6,426		209,745
Terex Corp. (a)		1,988		28,548
Wabash National Corp.		39,111		282,381
				3,660,645
Marine 0.1%
Costamare, Inc.		21,312		96,330
Media 1.0%
Cardlytics, Inc. *		4,739		165,675
Liberty Latin America Ltd., Class A *		16,367		172,181
Liberty Latin America Ltd., Class C *		22,882		234,769
MSG Networks, Inc., Class A *(a)		23,509		239,792
Scholastic Corp.		9,359		238,561
TechTarget, Inc. *		7,816		161,088
WideOpenWest, Inc. *		24,675		117,453
				1,329,519
Metals & Mining 1.6%
Carpenter Technology Corp. (a)		16,656		324,792
Haynes International, Inc.		15,890		327,493
Hecla Mining Co. (a)		92,898		169,074
Kaiser Aluminum Corp.		4,868		337,255
Materion Corp.		12,451		435,909
Novagold Resources, Inc. *		7,254		53,535
Olympic Steel, Inc.		5,095		52,733
Ryerson Holding Corp. *		16,047		85,370
Worthington Industries, Inc.		11,767		308,884
				2,095,045

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Small Cap Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) 0.3%
Arlington Asset Investment Corp., Class A		15,830	$	34,668
ARMOUR Residential REIT, Inc.		8,268		72,841
Capstead Mortgage Corp.		15,843		66,541
Great Ajax Corp.		6,059		38,535
Ladder Capital Corp.		4,509		21,373
New York Mortgage Trust, Inc.		125,675		194,796
TPG RE Finance Trust, Inc.		3,504		19,237
				447,991
Multi-Utilities 0.5%
Avista Corp.		4,578		194,519
Black Hills Corp.		1,891		121,081
NorthWestern Corp.		4,588		274,500
				590,100
Oil, Gas & Consumable Fuels 2.9%
Ardmore Shipping Corp.		45,459		238,660
Brigham Minerals, Inc., Class A		11,133		92,070
Clean Energy Fuels Corp. *		83,026		147,786
CVR Energy, Inc. (a)		5,807		95,990
DHT Holdings, Inc. (a)		129,504		993,296
Dorian LPG Ltd. *		12,662		110,286
GasLog Ltd. (a)		8,747		31,664
International Seaways, Inc.		29,126		695,820
NACCO Industries, Inc., Class A		672		18,803
Nordic American Tankers Ltd. (a)		14,095		63,850
Renewable Energy Group, Inc. *		12,027		246,914
Scorpio Tankers, Inc. (a)		6,597		126,135
Teekay Tankers Ltd., Class A *(a)		6,880		153,011
World Fuel Services Corp.		26,258		661,176
				3,675,461
Paper & Forest Products 0.8%
Boise Cascade Co.		21,771		517,714
PH Glatfelter Co.		33,885		414,075
Schweitzer-Mauduit International, Inc.		1,157		32,188
				963,977
Personal Products 0.4%
Edgewell Personal Care Co. *		1,349		32,484
Inter Parfums, Inc.		9,005		417,382
				449,866
Pharmaceuticals 2.6%
Amneal Pharmaceuticals, Inc. *(a)		14,637		50,937
Amphastar Pharmaceuticals, Inc. *(a)		19,014		282,168
ANI Pharmaceuticals, Inc. *		11,810		481,139
Axsome Therapeutics, Inc. *(a)		6,848		402,868
Corcept Therapeutics, Inc. *		4,392		52,221
Endo International plc *(a)		10,388		38,436
Innoviva, Inc. *(a)		50,967		599,372
MyoKardia, Inc. *(a)		2,231		104,589
Omeros Corp. *(a)		12,347		165,079
Pacira BioSciences, Inc. *(a)		4,574		153,366
Phibro Animal Health Corp., Class A		12,997		314,137
Prestige Consumer Healthcare, Inc. *(a)		4,456		163,446

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
Reata Pharmaceuticals, Inc., Class A *(a)		1,312	$	189,374
Supernus Pharmaceuticals, Inc. *		16,330		293,777
				3,290,909
Professional Services 1.1%
ASGN, Inc. *		7,938		280,370
Barrett Business Services, Inc.		3,797		150,513
Exponent, Inc.		1,145		82,337
Huron Consulting Group, Inc. *		2,530		114,761
ICF International, Inc.		2,517		172,918
Insperity, Inc.		2,121		79,113
TriNet Group, Inc. *		10,694		402,736
TrueBlue, Inc. *		11,900		151,844
				1,434,592
Real Estate Management & Development 0.3%
Kennedy-Wilson Holdings, Inc.		19,070		255,919
Newmark Group, Inc., Class A		24,474		104,015
Redfin Corp. *(a)		1,649		25,428
				385,362
Road & Rail 0.5%
Avis Budget Group, Inc. *		1,176		16,346
Marten Transport Ltd.		28,159		577,823
Werner Enterprises, Inc.		2,587		93,805
				687,974
Semiconductors & Semiconductor Equipment 3.7%
Ambarella, Inc. *		13,187		640,361
Amkor Technology, Inc. *		36,044		280,783
Cirrus Logic, Inc. *		8,424		552,867
Enphase Energy, Inc. *		5,184		167,391
FormFactor, Inc. *		11,942		239,915
Inphi Corp. *		11,477		908,634
Lattice Semiconductor Corp. *		27,242		485,452
MaxLinear, Inc. *		5,136		59,937
Power Integrations, Inc. (a)		7,264		641,629
Rambus, Inc. *(a)		45,104		500,654
Synaptics, Inc. *		281		16,262
Ultra Clean Holdings, Inc. *		2,826		38,999
Veeco Instruments, Inc. *		25,121		240,408
				4,773,292
Software 4.6%
American Software, Inc., Class A		10,458		148,608
Blackline, Inc. *		4,517		237,639
Box, Inc., Class A *(a)		13,070		183,503
Cornerstone OnDemand, Inc. *		12,431		394,684
Digital Turbine, Inc. *		22,877		98,600
Everbridge, Inc. *(a)		2,918		310,359
Five9, Inc. *		9,915		758,101
MicroStrategy, Inc., Class A *		4,340		512,554
Qualys, Inc. *(a)		10,139		881,992
ShotSpotter, Inc. *(a)		1,640		45,067
SPS Commerce, Inc. *		20,210		939,967
SVMK, Inc. *		40,322		544,750
Telenav, Inc. *		54,092		233,677
Verint Systems, Inc. *		13,815		594,045
				5,883,546

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT GS Small Cap Equity Insights Fund (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail 2.6%
America’s Car-Mart, Inc. *		1,635	$	92,132
Asbury Automotive Group, Inc. *(a)		11,988		662,097
Boot Barn Holdings, Inc. *(a)		2,202		28,472
Cato Corp. (The), Class A		30,071		320,858
Lithia Motors, Inc., Class A (a)		3,698		302,459
Murphy USA, Inc. *		9,893		834,573
National Vision Holdings, Inc. *		13,121		254,810
Restoration Hardware Holdings, Inc. *(a)		1,617		162,460
Sleep Number Corp. *		1,777		34,047
Sonic Automotive, Inc., Class A (a)		31,545		418,918
Sportsman’s Warehouse Holdings, Inc. *		15,642		96,355
Zumiez, Inc. *		11,003		190,572
				3,397,753
Textiles, Apparel & Luxury Goods 1.0%
Crocs, Inc. *		17,754		301,640
Deckers Outdoor Corp. *		2,633		352,822
Kontoor Brands, Inc. (a)		3,068		58,814
Wolverine World Wide, Inc. (a)		33,901		515,295
				1,228,571
Thrifts & Mortgage Finance 1.2%
Bridgewater Bancshares, Inc. *		3,706		36,133
Meridian Bancorp, Inc.		26,450		296,769
PennyMac Financial Services, Inc. (a)		18,744		414,430
Radian Group, Inc.		7,709		99,832
Riverview Bancorp, Inc.		3,519		17,630
Southern Missouri Bancorp, Inc.		1,113		27,012
Territorial Bancorp, Inc.		1,017		24,967
Timberland Bancorp, Inc.		844		15,437
Walker & Dunlop, Inc.		14,415		580,492
WSFS Financial Corp.		2,966		73,913
				1,586,615
Trading Companies & Distributors 1.1%
BMC Stock Holdings, Inc. *		15,687		278,130
Foundation Building Materials, Inc. *		24,579		252,918
GMS, Inc. *		11,267		177,230
H&E Equipment Services, Inc.		14,451		212,141
MRC Global, Inc. *(a)		40,209		171,290
NOW, Inc. *		46,554		240,219
Rush Enterprises, Inc., Class A		1,644		52,476
Willis Lease Finance Corp. *		1,416		37,666
				1,422,070
Water Utilities 0.1%
American States Water Co.		2,124		173,616
Wireless Telecommunication Services 0.1%
Shenandoah Telecommunications Co.		2,128		104,804
Spok Holdings, Inc.		2,326		24,865
				129,669
Total Common Stocks (cost $175,218,938)				127,473,993

Repurchase Agreements 4.3%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,574,412, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $1,605,899. (b)	$	1,574,411	$	1,574,411
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $4,000,016, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $4,080,001. (b)		4,000,000		4,000,000
Total Repurchase Agreements (cost $5,574,411)				5,574,411
Total Investments (cost $180,793,349) — 103.6%				133,048,404
Liabilities in excess of other assets — (3.6)%				(4,636,625)
NET ASSETS — 100.0%			$	128,411,779

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $16,715,018, which was collateralized by cash used to purchase repurchase agreements with a total value of $5,574,411 and by $11,894,024 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $17,468,435.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $5,574,411.

REIT Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT GS Small Cap Equity Insights Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

GS Small Cap

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	127,473,993	$	–	$	–	$	127,473,993
Repurchase Agreements		–		5,574,411		–		5,574,411
Total	$	127,473,993	$	5,574,411	$	–	$	133,048,404

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT International Equity Fund

Common Stocks 96.8%
	Shares		Value
ARGENTINA 0.1%
Banks 0.1%
Banco Macro SA, ADR		4,109	$	69,771
AUSTRALIA 4.6%
Biotechnology 2.5%
CSL Ltd.		10,476		1,900,379
Capital Markets 0.4%
ASX Ltd.		3,469		167,304
Magellan Financial Group Ltd.		4,851		128,006
				295,310
Metals & Mining 1.4%
Fortescue Metals Group Ltd.		111,725		682,391
Regis Resources Ltd.		40,417		90,364
Rio Tinto Ltd. (a)		5,815		307,809
				1,080,564
Oil, Gas & Consumable Fuels 0.2%
Santos Ltd.		70,354		152,505
Specialty Retail 0.1%
JB Hi-Fi Ltd. (a)		6,077		106,996
				3,535,754
BELGIUM 0.5%
Equity Real Estate Investment Trusts (REITs) 0.2%
Warehouses De Pauw, CVA		4,532		130,306
Media 0.3%
Telenet Group Holding NV		8,773		264,435
				394,741
BRAZIL 1.2%
Electric Utilities 0.2%
CPFL Energia SA		13,000		67,226
Neoenergia SA		19,900		65,834
				133,060
Food Products 0.2%
Minerva SA *		122,900		188,036
Insurance 0.1%
IRB Brasil Resseguros S/A *		53,900		100,412
Metals & Mining 0.6%
Vale SA, ADR *		45,693		378,795
Oil, Gas & Consumable Fuels 0.0%†
Petroleo Brasileiro SA (Preference)		13,360		35,971
Water Utilities 0.1%
Cia de Saneamento de Minas Gerais-COPASA *		7,800		61,396
				897,670
CANADA 5.3%
Auto Components 0.7%
Magna International, Inc.		16,120		514,424
Banks 0.8%
National Bank of Canada		6,213		240,123
Toronto-Dominion Bank (The) (a)		8,272		351,676
				591,799
Capital Markets 0.3%
CI Financial Corp.		13,802		137,010
IGM Financial, Inc. (a)		3,452		57,276
				194,286
Food & Staples Retailing 1.1%
Alimentation Couche-Tard, Inc., Class B		40,471		953,325

Common Stocks (continued)
	Shares		Value
CANADA (continued)
Insurance 0.2%
iA Financial Corp., Inc.		4,873	$	153,188
Media 0.6%
Cogeco Communications, Inc. (a)		6,744		457,507
Metals & Mining 0.6%
Kirkland Lake Gold Ltd.		11,948		351,912
Wesdome Gold Mines Ltd. *		15,520		81,498
				433,410
Road & Rail 0.4%
Canadian Pacific Railway Ltd.		1,302		287,313
Software 0.6%
Constellation Software, Inc.		526		478,053
				4,063,305
CHINA 11.3%
Banks 1.0%
China Merchants Bank Co. Ltd., Class H		164,500		738,504
Building Products 0.4%
China Lesso Group Holdings Ltd.		207,000		271,642
Construction Materials 1.2%
Anhui Conch Cement Co. Ltd., Class H		125,500		867,580
China Resources Cement Holdings Ltd.		98,000		116,415
				983,995
Electronic Equipment, Instruments & Components 0.3%
Sunny Optical Technology Group Co. Ltd.		14,600		194,734
Entertainment 0.2%
Tencent Music Entertainment Group, ADR *(a)		12,187		122,601
Gas Utilities 0.5%
ENN Energy Holdings Ltd.		41,500		399,106
Insurance 0.6%
Ping An Insurance Group Co. of China Ltd., Class H (a)		45,000		440,197
Interactive Media & Services 0.9%
Momo, Inc., ADR		3,271		70,948
Tencent Holdings Ltd.		12,700		619,272
				690,220
Internet & Direct Marketing Retail 2.6%
Alibaba Group Holding Ltd., ADR *		6,465		1,257,313
JD.com, Inc., ADR *		9,826		397,953
Vipshop Holdings Ltd., ADR *		27,932		435,181
				2,090,447
Machinery 0.8%
Sinotruk Hong Kong Ltd.		177,500		293,801
Weichai Power Co. Ltd., Class H		221,000		353,701
				647,502
Oil, Gas & Consumable Fuels 1.1%
CNOOC Ltd.		803,000		837,188
Pharmaceuticals 0.5%
CSPC Pharmaceutical Group Ltd.		210,000		417,960
Real Estate Management & Development 0.9%
China Resources Land Ltd.		56,000		229,747
Country Garden Holdings Co. Ltd. (a)		377,000		452,598
				682,345

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
CHINA (continued)
Textiles, Apparel & Luxury Goods 0.3%
Li Ning Co. Ltd.		83,000	$	240,814
				8,757,255
COLOMBIA 0.1%
Oil, Gas & Consumable Fuels 0.1%
Ecopetrol SA, ADR (a)		11,982		113,949
DENMARK 3.3%
Health Care Equipment & Supplies 2.2%
Coloplast A/S, Class B		11,535		1,678,272
Pharmaceuticals 1.1%
Novo Nordisk A/S, Class B		14,118		851,618
				2,529,890
EGYPT 0.2%
Banks 0.2%
Commercial International Bank Egypt SAE (Registered), GDR Reg. S *		38,396		139,120
FRANCE 5.8%
Auto Components 0.1%
Faurecia SE		1,972		59,025
Valeo SA		3,357		56,140
				115,165
Automobiles 0.5%
Peugeot SA		27,416		365,522
Banks 0.6%
BNP Paribas SA		9,186		276,914
Societe Generale SA		13,106		220,474
				497,388
Building Products 0.3%
Cie de Saint-Gobain		9,916		241,096
Capital Markets 0.1%
Amundi SA Reg. S (b)		1,241		73,446
Electrical Equipment 1.5%
Schneider Electric SE		12,934		1,113,599
Hotels, Restaurants & Leisure 0.1%
La Francaise des Jeux SAEM Reg. S *(b)		3,528		88,045
Oil, Gas & Consumable Fuels 1.8%
TOTAL SA (a)		33,168		1,286,239
Personal Products 0.1%
L’Oreal SA		293		76,908
Textiles, Apparel & Luxury Goods 0.7%
Hermes International		836		577,393
				4,434,801
GERMANY 2.7%
Aerospace & Defense 0.7%
MTU Aero Engines AG		3,562		521,843
Auto Components 0.1%
Schaeffler AG (Preference)		11,251		69,233
Insurance 1.8%
Allianz SE (Registered)		8,292		1,429,387
Real Estate Management & Development 0.1%
Corestate Capital Holding SA *		2,291		68,473
				2,088,936

Common Stocks (continued)
	Shares		Value
GREECE 0.3%
Diversified Telecommunication Services 0.3%
Hellenic Telecommunications Organization SA		16,140	$	196,060
HONG KONG 1.8%
Communications Equipment 0.3%
Comba Telecom Systems Holdings Ltd.		298,000		119,108
VTech Holdings Ltd.		11,600		83,669
				202,777
Electric Utilities 0.2%
CLP Holdings Ltd.		13,500		124,087
Food Products 0.8%
WH Group Ltd. Reg. S (b)		747,000		693,693
Hotels, Restaurants & Leisure 0.1%
Melco International Development Ltd.		40,000		57,545
Machinery 0.4%
Techtronic Industries Co. Ltd.		43,000		277,004
				1,355,106
INDIA 2.1%
Banks 0.7%
HDFC Bank Ltd., ADR		13,143		505,480
IT Services 1.4%
Infosys Ltd., ADR (a)		105,137		863,174
Wipro Ltd., ADR (a)		46,256		143,394
WNS Holdings Ltd., ADR *		3,151		135,430
				1,141,998
				1,647,478
INDONESIA 0.3%
Banks 0.1%
Bank Rakyat Indonesia Persero Tbk. PT		577,800		106,250
Tobacco 0.2%
Gudang Garam Tbk. PT		54,000		135,949
				242,199
ISRAEL 0.3%
Banks 0.1%
Israel Discount Bank Ltd., Class A		45,786		135,610
Diversified Financial Services 0.1%
Plus500 Ltd.		3,095		41,440
Real Estate Management & Development 0.1%
Mivne Real Estate KD Ltd. *		40,994		89,154
				266,204
ITALY 2.0%
Automobiles 0.4%
Ferrari NV		2,136		331,990
Electric Utilities 1.1%
Enel SpA		114,605		797,700
Insurance 0.5%
Poste Italiane SpA Reg. S (b)		45,427		384,806
				1,514,496
JAPAN 17.8%
Banks 2.2%
Fukuoka Financial Group, Inc. (a)		30,700		406,490
Mitsubishi UFJ Financial Group, Inc.		215,400		803,580
Sumitomo Mitsui Trust Holdings, Inc.		16,400		473,780
				1,683,850

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Beverages 0.7%
Asahi Group Holdings Ltd.		16,200	$	525,997
Building Products 0.1%
AGC, Inc.		3,300		81,106
Chemicals 1.1%
Nitto Denko Corp. (a)		1,900		84,816
Shin-Etsu Chemical Co. Ltd.		6,200		614,475
Showa Denko KK		9,000		186,081
				885,372
Diversified Financial Services 1.0%
ORIX Corp.		61,300		737,154
Electric Utilities 0.2%
Chubu Electric Power Co., Inc.		9,100		128,288
Entertainment 0.2%
Nintendo Co. Ltd.		400		154,278
Equity Real Estate Investment Trusts (REITs) 0.1%
MCUBS MidCity Investment Corp.		125		88,393
Food & Staples Retailing 0.8%
Seven & i Holdings Co. Ltd.		17,800		587,798
Independent Power and Renewable Electricity Producers 0.2%
Electric Power Development Co. Ltd.		7,400		149,395
Insurance 2.4%
Dai-ichi Life Holdings, Inc.		72,300		865,243
Japan Post Holdings Co. Ltd. (a)		99,900		782,675
MS&AD Insurance Group Holdings, Inc.		10,100		282,894
				1,930,812
Interactive Media & Services 0.5%
Dip Corp.		10,500		168,908
Kakaku.com, Inc.		13,000		238,572
				407,480
Machinery 0.7%
Mitsubishi Heavy Industries Ltd.		22,300		564,009
Pharmaceuticals 1.1%
Chugai Pharmaceutical Co. Ltd.		3,800		439,855
Shionogi & Co. Ltd.		8,000		393,649
				833,504
Real Estate Management & Development 1.9%
Daito Trust Construction Co. Ltd.		2,500		233,176
Daiwa House Industry Co. Ltd.		42,500		1,052,592
Sumitomo Realty & Development Co. Ltd.		7,500		182,799
				1,468,567
Road & Rail 1.6%
East Japan Railway Co.		12,500		947,183
West Japan Railway Co.		4,100		280,781
				1,227,964
Semiconductors & Semiconductor Equipment 0.1%
Advantest Corp.		2,000		80,210
Technology Hardware, Storage & Peripherals 0.5%
FUJIFILM Holdings Corp.		7,200		361,398
Wireless Telecommunication Services 2.4%
KDDI Corp.		6,900		203,950
NTT DOCOMO, Inc.		55,100		1,732,077
				1,936,027
				13,831,602

Common Stocks (continued)
	Shares		Value
LUXEMBOURG 0.1%
Capital Markets 0.1%
Reinet Investments SCA		5,675	$	90,243
MACAU 0.4%
Hotels, Restaurants & Leisure 0.4%
Sands China Ltd.		83,600		304,251
MALAYSIA 0.3%
Health Care Equipment & Supplies 0.3%
Hartalega Holdings Bhd.		122,400		194,379
MEXICO 0.7%
Food & Staples Retailing 0.2%
Wal-Mart de Mexico SAB de CV (a)		75,900		178,372
Wireless Telecommunication Services 0.5%
America Movil SAB de CV, Class L, ADR		29,439		346,791
				525,163
NETHERLANDS 1.5%
Diversified Financial Services 0.3%
EXOR NV		5,015		258,321
Oil, Gas & Consumable Fuels 0.3%
Royal Dutch Shell plc, Class A		11,999		209,980
Professional Services 0.8%
Wolters Kluwer NV		7,845		557,779
Semiconductors & Semiconductor Equipment 0.1%
ASM International NV		953		95,353
				1,121,433
NORWAY 0.1%
Oil, Gas & Consumable Fuels 0.1%
Aker BP ASA		4,930		62,768
POLAND 0.1%
Wireless Telecommunication Services 0.1%
PLAY Communications SA Reg. S (b)		15,851		112,136
RUSSIA 0.8%
Banks 0.4%
Sberbank of Russia PJSC, ADR		28,985		274,636
Oil, Gas & Consumable Fuels 0.4%
Lukoil PJSC, ADR		3,512		207,770
Lukoil PJSC, ADR		1,381		82,306
Transneft PJSC (Preference)		41		76,901
				366,977
				641,613
SINGAPORE 0.6%
Aerospace & Defense 0.2%
Singapore Technologies Engineering Ltd.		71,700		157,510
Distributors 0.2%
Jardine Cycle & Carriage Ltd.		9,900		137,118
Equity Real Estate Investment Trusts (REITs) 0.1%
Ascendas REIT		44,300		88,276
Real Estate Management & Development 0.1%
UOL Group Ltd.		17,800		81,954
				464,858
SOUTH AFRICA 1.4%
Food & Staples Retailing 0.2%
Clicks Group Ltd.		10,163		146,157

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
SOUTH AFRICA (continued)
Metals & Mining 1.1%
Anglo American Platinum Ltd.		11,406	$	479,282
Anglo American plc		22,793		398,291
				877,573
Oil, Gas & Consumable Fuels 0.1%
Exxaro Resources Ltd.		12,539		69,268
				1,092,998
SOUTH KOREA 3.2%
Chemicals 0.1%
Soulbrain Co. Ltd.		2,228		114,663
Diversified Telecommunication Services 0.2%
LG Uplus Corp.		15,917		140,320
Technology Hardware, Storage & Peripherals 2.9%
Samsung Electronics Co. Ltd.		56,900		2,211,368
				2,466,351
SPAIN 1.1%
Banks 0.0%†
Banco Bilbao Vizcaya Argentaria SA		11,860		37,914
Electric Utilities 0.4%
Iberdrola SA		29,596		292,231
IT Services 0.2%
Amadeus IT Group SA		3,532		167,507
Specialty Retail 0.5%
Industria de Diseno Textil SA		13,686		355,312
				852,964
SWEDEN 3.0%
Banks 0.2%
Skandinaviska Enskilda Banken AB, Class A		23,364		158,045
Hotels, Restaurants & Leisure 0.7%
Evolution Gaming Group AB Reg. S (b)		16,353		556,780
Machinery 1.2%
SKF AB, Class B		44,026		605,704
Volvo AB, Class B		23,257		279,659
				885,363
Media 0.1%
Nordic Entertainment Group AB, Class B		5,002		105,452
Tobacco 0.8%
Swedish Match AB		10,985		628,364
				2,334,004
SWITZERLAND 8.3%
Capital Markets 0.3%
Credit Suisse Group AG (Registered) *		6,885		56,852
Partners Group Holding AG		260		179,837
				236,689
Food Products 1.6%
Nestle SA (Registered)		11,780		1,214,144
Pharmaceuticals 6.0%
Novartis AG (Registered)		22,216		1,836,042
Roche Holding AG		8,761		2,848,324
				4,684,366

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Semiconductors & Semiconductor Equipment 0.4%
STMicroelectronics NV		12,442	$	270,784
				6,405,983
TAIWAN 3.9%
Electronic Equipment, Instruments & Components 0.4%
Largan Precision Co. Ltd.		2,000		248,630
Yageo Corp.		7,000		62,311
				310,941
Semiconductors & Semiconductor Equipment 3.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		277,000		2,472,506
Textiles, Apparel & Luxury Goods 0.3%
Feng TAY Enterprise Co. Ltd.		50,600		217,573
				3,001,020
THAILAND 0.3%
Oil, Gas & Consumable Fuels 0.3%
PTT Exploration & Production PCL		97,400		203,523
TURKEY 0.7%
Diversified Telecommunication Services 0.5%
Turk Telekomunikasyon A/S *		393,897		390,713
Wireless Telecommunication Services 0.2%
Turkcell Iletisim Hizmetleri A/S		77,514		144,769
				535,482
UNITED KINGDOM 10.1%
Automobiles 0.1%
Fiat Chrysler Automobiles NV		9,230		66,513
Banks 1.1%
Barclays plc		166,463		193,415
Lloyds Banking Group plc		742,937		292,973
Royal Bank of Scotland Group plc		185,792		259,154
Standard Chartered plc		17,964		99,012
				844,554
Communications Equipment 0.0%†
Spirent Communications plc		4,298		11,180
Electric Utilities 0.2%
SSE plc		11,893		191,942
Food Products 1.4%
Associated British Foods plc		32,804		736,216
Tate & Lyle plc		41,215		334,724
				1,070,940
Hotels, Restaurants & Leisure 0.6%
Compass Group plc		28,756		449,301
Household Durables 0.1%
Vistry Group plc		6,529		46,589
Interactive Media & Services 0.1%
Auto Trader Group plc Reg. S (b)		20,889		113,524
Internet & Direct Marketing Retail 0.2%
Moneysupermarket.com Group plc		49,867		187,760
Leisure Products 0.2%
Games Workshop Group plc		2,727		146,277
Personal Products 2.3%
Unilever NV		35,530		1,750,562
Pharmaceuticals 0.2%
GlaxoSmithKline plc		8,895		166,847

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Professional Services 1.6%
RELX plc		56,572	$	1,212,741
Road & Rail 0.1%
Go-Ahead Group plc (The)		4,785		48,947
Specialty Retail 0.2%
Dunelm Group plc		20,354		178,110
Tobacco 0.8%
Imperial Brands plc		33,804		626,589
Trading Companies & Distributors 0.4%
Howden Joinery Group plc		53,062		336,102
Wireless Telecommunication Services 0.5%
Vodafone Group plc		248,608		347,283
				7,795,761
UNITED STATES 0.5%
Food Products 0.1%
JBS SA		28,000		109,605
Leisure Products 0.0%†
BRP, Inc.		1,752		28,584
Trading Companies & Distributors 0.4%
Ferguson plc		4,565		285,453
				423,642
Total Common Stocks (cost $81,289,771)				74,706,909
Repurchase Agreements 2.5%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $404,923, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $413,021.(c)	$	404,923		404,923
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $500,002, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $510,000.(c)		500,000		500,000

Repurchase Agreements (continued)
	Principal Amount		Value
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000.(c)	$	1,000,000	$	1,000,000
Total Repurchase Agreements (cost $1,904,923)				1,904,923
Total Investments (cost $83,194,694) — 99.3%				76,611,832
Other assets in excess of liabilities — 0.7%				511,955
NET ASSETS — 100.0%			$	77,123,787

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $5,787,160, which was collateralized by cash used to purchase repurchase agreements with a total value of $1,904,923 and by $4,103,042 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from 4/9/2020 – 2/15/2050, a total value of $6,007,965.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $2,022,430 which represents 2.62% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $1,904,923.

ADR	American Depositary Receipt
CVA	Dutch Certification
GDR	Global Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Equity Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	–	$	679,353	$	–	$	679,353
Auto Components		514,424		184,398		–		698,822
Automobiles		–		764,026		–		764,026
Banks		1,167,050		4,615,871		–		5,782,921
Beverages		–		525,997		–		525,997
Biotechnology		–		1,900,378		–		1,900,378
Building Products		–		593,844		–		593,844
Capital Markets		194,286		695,688		–		889,974
Chemicals		–		1,000,035		–		1,000,035
Communications Equipment		–		213,957		–		213,957
Construction Materials		–		983,995		–		983,995
Distributors		–		137,118		–		137,118
Diversified Financial Services		–		1,036,916		–		1,036,916
Diversified Telecommunication Services		–		727,094		–		727,094
Electric Utilities		133,060		1,534,248		–		1,667,308
Electrical Equipment		–		1,113,599		–		1,113,599
Electronic Equipment, Instruments & Components		–		505,675		–		505,675
Entertainment		122,601		154,278		–		276,879

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Equity Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs)	$	–	$	306,975	$	–	$	306,975
Food & Staples Retailing		1,131,697		733,955		–		1,865,652
Food Products		297,641		2,978,777		–		3,276,418
Gas Utilities		–		399,105		–		399,105
Health Care Equipment & Supplies		–		1,872,651		–		1,872,651
Hotels, Restaurants & Leisure		–		1,455,922		–		1,455,922
Household Durables		–		46,588		–		46,588
Independent Power and Renewable Electricity Producers		–		149,395		–		149,395
Insurance		253,600		4,185,204		–		4,438,804
Interactive Media & Services		70,948		1,140,276		–		1,211,224
Internet & Direct Marketing Retail		2,090,447		187,760		–		2,278,207
IT Services		1,141,998		167,507		–		1,309,505
Leisure Products		28,584		146,276		–		174,860
Machinery		–		2,373,878		–		2,373,878
Media		457,507		369,887		–		827,394
Metals & Mining		812,205		1,958,136		–		2,770,341
Oil, Gas & Consumable Fuels		357,690		2,980,677		–		3,338,367
Personal Products		–		1,827,472		–		1,827,472
Pharmaceuticals		–		6,954,294		–		6,954,294
Professional Services		–		1,770,519		–		1,770,519
Real Estate Management & Development		–		2,390,492		–		2,390,492
Road & Rail		287,314		1,276,911		–		1,564,225
Semiconductors & Semiconductor Equipment		–		2,918,853		–		2,918,853
Software		478,053		–		–		478,053
Specialty Retail		–		640,419		–		640,419
Technology Hardware, Storage & Peripherals		–		2,572,766		–		2,572,766
Textiles, Apparel & Luxury Goods		–		1,035,780		–		1,035,780
Tobacco		–		1,390,901		–		1,390,901
Trading Companies & Distributors		–		621,555		–		621,555
Water Utilities		61,396		–		–		61,396
Wireless Telecommunication Services		346,791		2,540,216		–		2,887,007
Total Common Stocks	$	9,947,292	$	64,759,617	$	–	$	74,706,909
Repurchase Agreements	$	–	$	1,904,923	$	–	$	1,904,923
Total	$	9,947,292	$	66,664,540	$	–	$	76,611,832

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT International Index Fund

Common Stocks 97.8%
	Shares		Value
AUSTRALIA 6.5%
Airlines 0.0%†
Qantas Airways Ltd.		102,103	$	200,271
Banks 1.4%
Australia & New Zealand Banking Group Ltd.		395,696		4,267,459
Bendigo & Adelaide Bank Ltd.(a)		79,946		306,663
Commonwealth Bank of Australia		247,563		9,351,054
National Australia Bank Ltd.		401,212		4,241,339
Westpac Banking Corp.		499,878		5,225,080
				23,391,595
Beverages 0.1%
Coca-Cola Amatil Ltd.		72,409		400,197
Treasury Wine Estates Ltd.(a)		101,563		623,092
				1,023,289
Biotechnology 0.7%
CSL Ltd.		63,556		11,529,248
Capital Markets 0.3%
ASX Ltd.		27,522		1,327,340
Macquarie Group Ltd.		47,861		2,605,694
Magellan Financial Group Ltd.		17,569		463,604
				4,396,638
Chemicals 0.1%
Incitec Pivot Ltd.		229,464		292,290
Orica Ltd.		57,459		539,047
				831,337
Commercial Services & Supplies 0.1%
Brambles Ltd.		212,645		1,403,349
Construction & Engineering 0.0%†
CIMIC Group Ltd.		15,066		214,593
Construction Materials 0.0%†
Boral Ltd.		181,443		226,907
Diversified Financial Services 0.0%†
AMP Ltd.*		496,740		405,111
Challenger Ltd.		69,861		177,869
				582,980
Diversified Telecommunication Services 0.1%
Telstra Corp. Ltd.		591,778		1,129,456
TPG Telecom Ltd.		56,512		244,745
				1,374,201
Electric Utilities 0.0%†
AusNet Services		229,923		242,873
Energy Equipment & Services 0.0%†
Worley Ltd.		49,171		192,695
Equity Real Estate Investment Trusts (REITs) 0.4%
Dexus		155,960		890,245
Goodman Group		233,941		1,787,167
GPT Group (The)		280,256		638,698
Mirvac Group		559,264		740,193
Scentre Group		754,129		746,664
Stockland		323,316		517,975
Vicinity Centres		451,549		284,180
				5,605,122
Food & Staples Retailing 0.3%
Coles Group Ltd.		161,191		1,525,086
Woolworths Group Ltd.		175,999		3,845,574
				5,370,660
Gas Utilities 0.1%
APA Group		159,916		1,021,322
Health Care Equipment & Supplies 0.1%
Cochlear Ltd.		8,119		932,748

Common Stocks (continued)
	Shares		Value
AUSTRALIA (continued)
Health Care Providers & Services 0.1%
Ramsay Health Care Ltd.		23,217	$	813,409
Sonic Healthcare Ltd.		61,346		918,729
				1,732,138
Hotels, Restaurants & Leisure 0.1%
Aristocrat Leisure Ltd.		81,700		1,057,118
Crown Resorts Ltd.		56,674		262,837
Flight Centre Travel Group Ltd.¥		7,823		47,686
Tabcorp Holdings Ltd.		270,158		428,558
				1,796,199
Insurance 0.2%
Insurance Australia Group Ltd.(a)		328,839		1,281,342
Medibank Pvt Ltd.		361,858		590,444
QBE Insurance Group Ltd.		187,026		1,021,852
Suncorp Group Ltd.		178,185		995,903
				3,889,541
Interactive Media & Services 0.0%†
REA Group Ltd.		6,874		323,652
IT Services 0.0%†
Computershare Ltd.		65,222		386,725
Metals & Mining 1.6%
Alumina Ltd.		329,715		293,917
BHP Group Ltd.(a)		414,041		7,527,231
BHP Group plc		294,813		4,559,856
BlueScope Steel Ltd.		73,479		400,756
Fortescue Metals Group Ltd.		186,898		1,141,531
Newcrest Mining Ltd.		109,302		1,535,772
Rio Tinto Ltd.(a)		51,245		2,712,583
Rio Tinto plc		158,278		7,265,394
South32 Ltd.		663,557		715,233
				26,152,273
Multiline Retail 0.2%
Harvey Norman Holdings Ltd.		77,058		139,008
Wesfarmers Ltd.		157,314		3,387,605
				3,526,613
Multi-Utilities 0.1%
AGL Energy Ltd.		92,812		993,932
Oil, Gas & Consumable Fuels 0.2%
Caltex Australia Ltd.		35,128		492,983
Oil Search Ltd.		193,790		294,793
Origin Energy Ltd.		247,443		662,856
Santos Ltd.		250,214		542,384
Washington H Soul Pattinson & Co. Ltd.(a)		16,497		171,552
Woodside Petroleum Ltd.		133,959		1,492,577
				3,657,145
Professional Services 0.0%†
SEEK Ltd.(a)		46,927		440,246
Real Estate Management & Development 0.0%†
Lendlease Group		79,412		499,509
Road & Rail 0.1%
Aurizon Holdings Ltd.		269,863		699,100
Software 0.0%†
WiseTech Global Ltd.(a)		20,023		208,794
Transportation Infrastructure 0.2%
Sydney Airport		163,982		573,757
Transurban Group		376,789		2,771,931
				3,345,688
				106,191,383

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
AUSTRIA 0.2%
Banks 0.1%
Erste Group Bank AG		42,518	$	788,060
Raiffeisen Bank International AG		21,628		317,470
				1,105,530
Electric Utilities 0.0%†
Verbund AG		10,390		376,580
Machinery 0.0%†
ANDRITZ AG		9,818		308,931
Metals & Mining 0.0%†
voestalpine AG(a)		15,613		317,900
Oil, Gas & Consumable Fuels 0.1%
OMV AG		18,678		516,262
				2,625,203
BELGIUM 0.8%
Banks 0.1%
KBC Group NV		35,497		1,638,081
Beverages 0.3%
Anheuser-Busch InBev SA/NV		106,674		4,737,215
Biotechnology 0.1%
Galapagos NV*		6,503		1,290,342
Chemicals 0.1%
Solvay SA(a)		9,500		692,883
Umicore SA(a)		27,730		969,695
				1,662,578
Diversified Financial Services 0.0%†
Groupe Bruxelles Lambert SA		11,402		897,178
Diversified Telecommunication Services 0.0%†
Proximus SADP		20,547		471,520
Food & Staples Retailing 0.0%†
Colruyt SA		7,190		389,872
Insurance 0.1%
Ageas		25,963		1,080,329
Media 0.0%†
Telenet Group Holding NV		6,722		202,614
Pharmaceuticals 0.1%
UCB SA		17,974		1,560,749
				13,930,478
CHILE 0.0%†
Metals & Mining 0.0%†
Antofagasta plc		55,475		529,240
CHINA 0.5%
Banks 0.1%
BOC Hong Kong Holdings Ltd.		526,000		1,449,444
Beverages 0.0%†
Budweiser Brewing Co. APAC Ltd. Reg. S*(a)(b)		168,100		431,919
Biotechnology 0.1%
BeiGene Ltd., ADR*(a)		5,617		691,509
Internet & Direct Marketing Retail 0.3%
Prosus NV*		68,158		4,722,573
Machinery 0.0%†
Yangzijiang Shipbuilding Holdings Ltd.		368,300		215,169
				7,510,614

Common Stocks (continued)
	Shares		Value
COLOMBIA 0.0%†
Wireless Telecommunication Services 0.0%†
Millicom International Cellular SA, SDR(a)		14,269	$	401,792
DENMARK 2.1%
Air Freight & Logistics 0.2%
DSV Panalpina A/S		30,068		2,737,792
Banks 0.1%
Danske Bank A/S		86,695		982,652
Beverages 0.1%
Carlsberg A/S, Class B		15,207		1,726,240
Biotechnology 0.1%
Genmab A/S*		8,873		1,801,023
Chemicals 0.1%
Chr Hansen Holding A/S		15,071		1,130,782
Novozymes A/S, Class B		30,356		1,384,211
				2,514,993
Commercial Services & Supplies 0.0%†
ISS A/S		21,008		289,566
Electric Utilities 0.2%
Orsted A/S Reg. S(b)		26,893		2,641,026
Electrical Equipment 0.1%
Vestas Wind Systems A/S		26,200		2,132,746
Health Care Equipment & Supplies 0.2%
Coloplast A/S, Class B		16,889		2,457,246
Demant A/S*		15,431		342,488
				2,799,734
Insurance 0.0%†
Tryg A/S		17,002		419,396
Marine 0.1%
AP Moller - Maersk A/S, Class A		532		441,401
AP Moller - Maersk A/S, Class B		964		864,778
				1,306,179
Pharmaceuticals 0.9%
H Lundbeck A/S		8,050		239,551
Novo Nordisk A/S, Class B		247,779		14,946,387
				15,185,938
Textiles, Apparel & Luxury Goods 0.0%†
Pandora A/S		12,932		421,124
				34,958,409
FINLAND 1.1%
Auto Components 0.0%†
Nokian Renkaat OYJ		18,075		438,632
Banks 0.2%
Nordea Bank Abp		446,445		2,520,083
Communications Equipment 0.1%
Nokia OYJ		801,880		2,516,590
Diversified Telecommunication Services 0.1%
Elisa OYJ		20,221		1,256,506
Electric Utilities 0.1%
Fortum OYJ		64,707		951,408
Insurance 0.1%
Sampo OYJ, Class A		60,260		1,762,585
Machinery 0.2%
Kone OYJ, Class B		46,948		2,664,696

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FINLAND (continued)
Machinery (continued)
Metso OYJ		14,356	$	342,415
Wartsila OYJ Abp		56,217		413,121
				3,420,232
Oil, Gas & Consumable Fuels 0.1%
Neste OYJ		60,145		2,037,201
Paper & Forest Products 0.2%
Stora Enso OYJ, Class R		80,861		820,699
UPM-Kymmene OYJ		75,878		2,091,384
				2,912,083
Pharmaceuticals 0.0%†
Orion OYJ, Class B		14,258		584,883
				18,400,203
FRANCE 10.3%
Aerospace & Defense 0.7%
Airbus SE		82,013		5,321,270
Dassault Aviation SA		375		308,596
Safran SA*		45,401		3,990,568
Thales SA		15,148		1,271,448
				10,891,882
Auto Components 0.2%
Cie Generale des Etablissements Michelin SCA		24,303		2,163,098
Faurecia SE		10,680		319,671
Valeo SA		33,953		567,801
				3,050,570
Automobiles 0.1%
Peugeot SA(a)		83,612		1,114,752
Renault SA(a)		27,165		527,553
				1,642,305
Banks 0.5%
BNP Paribas SA		157,505		4,748,025
Credit Agricole SA		164,039		1,202,286
Societe Generale SA		115,253		1,938,829
				7,889,140
Beverages 0.3%
Pernod Ricard SA		29,664		4,219,374
Remy Cointreau SA(a)		3,224		353,261
				4,572,635
Building Products 0.1%
Cie de Saint-Gobain		70,026		1,702,603
Capital Markets 0.1%
Amundi SA Reg. S(b)		8,626		510,510
Natixis SA		133,561		434,263
				944,773
Chemicals 0.6%
Air Liquide SA		65,967		8,455,453
Arkema SA		9,728		672,734
				9,128,187
Construction & Engineering 0.5%
Bouygues SA		31,088		912,294
Eiffage SA		10,891		771,324
Vinci SA		72,019		5,959,220
				7,642,838
Diversified Financial Services 0.0%†
Eurazeo SE		5,740		259,723
Wendel SA		3,809		304,713
				564,436
Diversified Telecommunication Services 0.2%
Iliad SA(a)		2,027		275,505
Orange SA		277,874		3,445,143
				3,720,648

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Electric Utilities 0.0%†
Electricite de France SA		85,083	$	670,988
Electrical Equipment 0.6%
Legrand SA		37,930		2,437,369
Schneider Electric SE		77,663		6,686,673
				9,124,042
Electronic Equipment, Instruments & Components 0.0%†
Ingenico Group SA(a)		8,469		900,109
Entertainment 0.2%
Bollore SA		115,816		319,029
Ubisoft Entertainment SA*		13,025		960,544
Vivendi SA		117,801		2,527,614
				3,807,187
Equity Real Estate Investment Trusts (REITs) 0.2%
Covivio		6,510		367,139
Gecina SA		6,194		821,691
ICADE		4,259		337,579
Klepierre SA		28,251		545,563
Unibail-Rodamco-Westfield		19,696		1,115,310
				3,187,282
Food & Staples Retailing 0.1%
Carrefour SA		83,797		1,327,588
Casino Guichard Perrachon SA(a)		6,732		259,585
				1,587,173
Food Products 0.3%
Danone SA		86,471		5,576,917
Health Care Equipment & Supplies 0.0%†
BioMerieux		5,513		622,146
Hotels, Restaurants & Leisure 0.1%
Accor SA(a)		23,781		650,507
Sodexo SA(a)		12,578		852,319
				1,502,826
Household Durables 0.0%†
SEB SA		3,176		396,329
Insurance 0.3%
AXA SA		269,999		4,675,551
CNP Assurances		24,003		234,951
SCOR SE		20,523		452,195
				5,362,697
IT Services 0.3%
Atos SE		13,494		913,091
Capgemini SE		21,723		1,837,649
Edenred(a)		34,575		1,447,077
Worldline SA Reg. S*(b)		17,260		1,014,580
				5,212,397
Life Sciences Tools & Services 0.0%†
Sartorius Stedim Biotech		3,890		781,185
Machinery 0.1%
Alstom SA		27,105		1,134,363
Media 0.1%
Eutelsat Communications SA		24,560		257,166
JCDecaux SA(a)		10,440		189,319
Publicis Groupe SA		29,921		858,435
				1,304,920
Multi-Utilities 0.3%
Engie SA		253,070		2,617,792
Suez		48,076		489,831
Veolia Environnement SA(a)		76,612		1,638,952
				4,746,575
Oil, Gas & Consumable Fuels 0.8%
TOTAL SA(a)		336,064		13,032,390

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Personal Products 0.6%
L’Oreal SA		35,092	$	9,211,161
Pharmaceuticals 0.9%
Ipsen SA		5,106		265,042
Sanofi		157,915		13,902,965
				14,168,007
Professional Services 0.1%
Bureau Veritas SA		41,762		793,796
Teleperformance		8,348		1,742,412
				2,536,208
Software 0.2%
Dassault Systemes SE		18,689		2,771,519
Textiles, Apparel & Luxury Goods 1.7%
EssilorLuxottica SA		39,686		4,288,558
Hermes International		4,395		3,035,457
Kering SA		10,610		5,536,244
LVMH Moet Hennessy Louis Vuitton SE		38,927		14,449,527
				27,309,786
Transportation Infrastructure 0.1%
Aeroports de Paris		3,812		365,993
Getlink SE		62,816		759,251
				1,125,244
				167,821,468
GERMANY 8.1%
Aerospace & Defense 0.1%
MTU Aero Engines AG		7,417		1,086,611
Air Freight & Logistics 0.2%
Deutsche Post AG (Registered)		137,422		3,791,540
Airlines 0.0%†
Deutsche Lufthansa AG (Registered)		33,579		320,625
Auto Components 0.1%
Continental AG		15,638		1,143,605
Automobiles 0.7%
Bayerische Motoren Werke AG		45,509		2,389,226
Bayerische Motoren Werke AG (Preference)		8,279		362,209
Daimler AG (Registered)		126,481		3,880,119
Porsche Automobil Holding SE (Preference)		20,799		898,515
Volkswagen AG		4,587		621,657
Volkswagen AG (Preference)		25,685		3,060,220
				11,211,946
Banks 0.0%†
Commerzbank AG		141,588		515,049
Capital Markets 0.3%
Deutsche Bank AG (Registered)		279,129		1,875,163
Deutsche Boerse AG		26,388		3,624,874
				5,500,037
Chemicals 0.6%
BASF SE		128,885		6,229,470
Covestro AG Reg. S(b)		25,027		777,430
Evonik Industries AG		30,418		649,485
Fuchs Petrolub SE (Preference)		9,360		332,584
LANXESS AG		12,240		490,011
Symrise AG		17,591		1,665,965
				10,144,945

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Construction & Engineering 0.0%†
Hochtief AG		3,883	$	258,217
Construction Materials 0.1%
HeidelbergCement AG		21,030		917,216
Diversified Telecommunication Services 0.4%
Deutsche Telekom AG (Registered)		467,810		6,194,060
Telefonica Deutschland Holding AG		115,730		287,626
United Internet AG (Registered)		14,206		426,144
				6,907,830
Food & Staples Retailing 0.0%†
METRO AG		24,174		209,215
Health Care Equipment & Supplies 0.2%
Carl Zeiss Meditec AG		5,750		558,680
Sartorius AG (Preference)		5,004		1,223,030
Siemens Healthineers AG Reg. S(b)		19,919		790,354
				2,572,064
Health Care Providers & Services 0.3%
Fresenius Medical Care AG & Co. KGaA		30,295		2,020,785
Fresenius SE & Co. KGaA		59,411		2,232,589
				4,253,374
Hotels, Restaurants & Leisure 0.0%†
TUI AG		62,028		277,790
Household Products 0.2%
Henkel AG & Co. KGaA		14,686		1,106,690
Henkel AG & Co. KGaA (Preference)		25,328		2,065,478
				3,172,168
Independent Power and Renewable Electricity Producers 0.0%†
Uniper SE		27,051		678,900
Industrial Conglomerates 0.6%
Siemens AG (Registered)		106,807		9,192,705
Insurance 0.9%
Allianz SE (Registered)		58,383		10,064,152
Hannover Rueck SE		8,307		1,214,544
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		20,100		4,063,103
				15,341,799
Internet & Direct Marketing Retail 0.1%
Delivery Hero SE Reg. S*(b)		16,102		1,221,017
Zalando SE Reg. S*(b)		19,353		754,071
				1,975,088
IT Services 0.1%
Wirecard AG		16,688		1,916,797
Machinery 0.1%
GEA Group AG		22,717		467,776
KION Group AG		9,280		407,635
Knorr-Bremse AG		6,909		619,461
				1,494,872
Metals & Mining 0.0%†
thyssenkrupp AG*		57,814		308,046
Multi-Utilities 0.3%
E.ON SE		311,032		3,270,974
RWE AG		83,025		2,222,489
				5,493,463
Personal Products 0.1%
Beiersdorf AG		14,245		1,449,478

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
GERMANY (continued)
Pharmaceuticals 0.6%
Bayer AG (Registered)		136,940	$	8,038,412
Merck KGaA		18,374		1,905,246
				9,943,658
Real Estate Management & Development 0.4%
Aroundtown SA		167,240		838,114
Deutsche Wohnen SE		51,139		1,953,912
Vonovia SE		71,532		3,525,902
				6,317,928
Semiconductors & Semiconductor Equipment 0.2%
Infineon Technologies AG		172,216		2,579,562
Software 1.0%
SAP SE		137,624		15,806,553
Textiles, Apparel & Luxury Goods 0.4%
adidas AG		25,267		5,812,619
Puma SE		12,220		730,013
				6,542,632
Trading Companies & Distributors 0.1%
Brenntag AG		21,834		824,879
Transportation Infrastructure 0.0%†
Fraport AG Frankfurt Airport Services Worldwide		5,583		226,596
				132,375,188
HONG KONG 3.1%
Banks 0.1%
Bank of East Asia Ltd. (The)		193,340		414,813
Hang Seng Bank Ltd.(a)		108,700		1,852,107
				2,266,920
Capital Markets 0.3%
Hong Kong Exchanges & Clearing Ltd.		167,800		5,039,240
Diversified Telecommunication Services 0.1%
HKT Trust & HKT Ltd.		529,220		718,493
PCCW Ltd.		513,000		281,898
				1,000,391
Electric Utilities 0.3%
CK Infrastructure Holdings Ltd.		90,500		479,340
CLP Holdings Ltd.		233,500		2,146,250
HK Electric Investments & HK Electric Investments Ltd. Reg. S		401,000		385,129
Power Assets Holdings Ltd.		188,000		1,120,013
				4,130,732
Equity Real Estate Investment Trusts (REITs) 0.2%
Link REIT		289,600		2,446,346
Food & Staples Retailing 0.0%†
Dairy Farm International Holdings Ltd.		50,400		231,967
Food Products 0.1%
Vitasoy International Holdings Ltd.(a)		106,000		320,113
WH Group Ltd. Reg. S(b)		1,360,000		1,262,949
				1,583,062
Gas Utilities 0.1%
Hong Kong & China Gas Co. Ltd.		1,447,226		2,379,957
Hotels, Restaurants & Leisure 0.0%†
Melco Resorts & Entertainment Ltd., ADR		29,570		366,668
Industrial Conglomerates 0.1%
Jardine Matheson Holdings Ltd.		28,900		1,426,215
Jardine Matheson Holdings Ltd.		2,400		120,050
Jardine Strategic Holdings Ltd.		26,100		568,980
Jardine Strategic Holdings Ltd.		4,100		90,753
NWS Holdings Ltd.		209,836		214,760
				2,420,758

Common Stocks (continued)
	Shares		Value
HONG KONG (continued)
Insurance 0.9%
AIA Group Ltd.		1,692,800	$	15,228,939
Machinery 0.1%
Techtronic Industries Co. Ltd.		191,000		1,230,413
Real Estate Management & Development 0.7%
CK Asset Holdings Ltd.		367,516		1,999,374
Hang Lung Properties Ltd.(a)		278,000		562,265
Henderson Land Development Co. Ltd.		205,775		781,506
Hongkong Land Holdings Ltd.		156,800		570,752
Hongkong Land Holdings Ltd.		8,100		30,298
Kerry Properties Ltd.		92,000		241,590
New World Development Co. Ltd.		864,926		926,476
Sino Land Co. Ltd.		435,000		550,325
Sun Hung Kai Properties Ltd.		220,500		2,895,146
Swire Pacific Ltd., Class A		73,500		470,868
Swire Properties Ltd.		172,000		482,571
Wharf Real Estate Investment Co. Ltd.(a)		168,500		690,433
Wheelock & Co. Ltd.		115,000		781,157
				10,982,761
Road & Rail 0.1%
MTR Corp. Ltd.		209,000		1,076,158
Semiconductors & Semiconductor Equipment 0.0%†
ASM Pacific Technology Ltd.		44,200		412,399
Textiles, Apparel & Luxury Goods 0.0%†
Yue Yuen Industrial Holdings Ltd.		104,500		159,147
				50,955,858
IRELAND 0.6%
Banks 0.0%†
AIB Group plc*		114,555		128,459
Bank of Ireland Group plc		137,215		259,229
				387,688
Building Products 0.1%
Kingspan Group plc		21,855		1,170,194
Construction Materials 0.2%
CRH plc		108,915		2,968,906
Containers & Packaging 0.1%
Smurfit Kappa Group plc		31,847		898,009
Food Products 0.1%
Kerry Group plc, Class A		21,949		2,516,299
Hotels, Restaurants & Leisure 0.1%
Flutter Entertainment plc		11,187		1,014,142
Trading Companies & Distributors 0.0%†
AerCap Holdings NV*		17,830		406,346
				9,361,584
ISRAEL 0.6%
Aerospace & Defense 0.0%†
Elbit Systems Ltd.		3,266		425,635
Banks 0.2%
Bank Hapoalim BM		158,119		950,548
Bank Leumi Le-Israel BM		199,335		1,102,151
Israel Discount Bank Ltd., Class A		166,310		492,580
Mizrahi Tefahot Bank Ltd.		19,992		373,479
				2,918,758
Chemicals 0.0%†
Israel Chemicals Ltd.		100,608		319,641
IT Services 0.1%
Wix.com Ltd.*		6,636		669,042

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
ISRAEL (continued)
Pharmaceuticals 0.1%
Teva Pharmaceutical Industries Ltd., ADR*		156,445	$	1,404,876
Real Estate Management & Development 0.0%†
Azrieli Group Ltd.		5,444		314,834
Software 0.2%
Check Point Software Technologies Ltd.*(a)		17,314		1,740,749
Nice Ltd.*		8,833		1,278,820
				3,019,569
				9,072,355
ITALY 1.9%
Aerospace & Defense 0.0%†
Leonardo SpA		55,288		367,813
Auto Components 0.0%†
Pirelli & C SpA Reg. S(a)(b)		43,443		155,512
Automobiles 0.2%
Ferrari NV		17,144		2,664,628
Banks 0.4%
FinecoBank Banca Fineco SpA		84,711		769,816
Intesa Sanpaolo SpA		2,071,462		3,381,155
Mediobanca Banca di Credito Finanziario SpA		82,467		454,645
UniCredit SpA(a)		277,296		2,171,151
				6,776,767
Beverages 0.0%†
Davide Campari-Milano SpA		82,036		590,086
Diversified Telecommunication Services 0.0%†
Telecom Italia SpA*(a)		2,180,253		880,130
Electric Utilities 0.6%
Enel SpA		1,144,251		7,964,472
Terna Rete Elettrica Nazionale SpA		198,839		1,260,048
				9,224,520
Electrical Equipment 0.0%†
Prysmian SpA		35,202		563,744
Gas Utilities 0.1%
Snam SpA		276,727		1,278,101
Insurance 0.2%
Assicurazioni Generali SpA		156,215		2,128,109
Poste Italiane SpA Reg. S(b)		75,765		641,795
				2,769,904
Oil, Gas & Consumable Fuels 0.2%
Eni SpA		352,827		3,567,233
Pharmaceuticals 0.0%†
Recordati SpA		14,710		623,163
Textiles, Apparel & Luxury Goods 0.1%
Moncler SpA		25,213		920,404
Transportation Infrastructure 0.1%
Atlantia SpA		70,438		882,924
				31,264,929
JAPAN 25.7%
Air Freight & Logistics 0.1%
SG Holdings Co. Ltd.		20,600		491,434
Yamato Holdings Co. Ltd.(a)		44,900		704,677
				1,196,111

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Airlines 0.0%†
ANA Holdings, Inc.(a)		16,200	$	395,592
Japan Airlines Co. Ltd.		15,686		288,659
				684,251
Auto Components 0.6%
Aisin Seiki Co. Ltd.		22,800		561,452
Bridgestone Corp.(a)		81,200		2,498,783
Denso Corp.		61,600		1,989,813
JTEKT Corp.(a)		28,700		194,884
Koito Manufacturing Co. Ltd.		15,600		527,936
NGK Spark Plug Co. Ltd.		22,800		320,927
Stanley Electric Co. Ltd.		17,200		338,913
Sumitomo Electric Industries Ltd.		107,300		1,128,668
Sumitomo Rubber Industries Ltd.		26,300		248,212
Toyoda Gosei Co. Ltd.		8,700		149,172
Toyota Industries Corp.(a)		20,700		993,288
Yokohama Rubber Co. Ltd. (The)		16,700		207,201
				9,159,249
Automobiles 1.8%
Honda Motor Co. Ltd.		228,300		5,134,403
Isuzu Motors Ltd.		77,500		512,988
Mazda Motor Corp.		80,380		425,261
Mitsubishi Motors Corp.(a)		90,299		255,700
Nissan Motor Co. Ltd.(a)		316,600		1,045,208
Subaru Corp.(a)		87,500		1,679,970
Suzuki Motor Corp.(a)		52,400		1,253,821
Toyota Motor Corp.(a)		319,894		19,258,185
Yamaha Motor Co. Ltd.		36,300		438,475
				30,004,011
Banks 1.2%
Aozora Bank Ltd.(a)		18,000		343,201
Bank of Kyoto Ltd. (The)(a)		6,500		206,843
Chiba Bank Ltd. (The)(a)		78,900		345,159
Concordia Financial Group Ltd.(a)		148,900		433,727
Fukuoka Financial Group, Inc.		24,900		329,694
Japan Post Bank Co. Ltd.(a)		57,700		533,120
Mebuki Financial Group, Inc.(a)		118,700		242,037
Mitsubishi UFJ Financial Group, Inc.		1,729,067		6,450,531
Mizuho Financial Group, Inc.(a)		3,366,224		3,852,550
Resona Holdings, Inc.(a)		295,600		889,484
Seven Bank Ltd.(a)		65,300		168,775
Shinsei Bank Ltd.		24,400		325,676
Shizuoka Bank Ltd. (The)(a)		67,300		409,451
Sumitomo Mitsui Financial Group, Inc.		182,453		4,433,117
Sumitomo Mitsui Trust Holdings, Inc.		43,940		1,269,384
				20,232,749
Beverages 0.3%
Asahi Group Holdings Ltd.		51,600		1,675,397
Coca-Cola Bottlers Japan, Inc.(a)		18,000		369,755
Kirin Holdings Co. Ltd.		113,200		2,242,069
Suntory Beverage & Food Ltd.		19,600		741,694
				5,028,915
Biotechnology 0.0%†
PeptiDream, Inc.*(a)		13,300		464,220
Building Products 0.4%
AGC, Inc.		23,900		587,403
Daikin Industries Ltd.(a)		34,700		4,231,528
LIXIL Group Corp.		37,500		466,313
TOTO Ltd.(a)		18,700		622,469
				5,907,713

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Capital Markets 0.3%
Daiwa Securities Group, Inc.		219,900	$	852,957
Japan Exchange Group, Inc.		71,300		1,259,844
Nomura Holdings, Inc.		455,900		1,931,302
SBI Holdings, Inc.(a)		33,290		485,651
				4,529,754
Chemicals 1.0%
Air Water, Inc.		22,500		309,601
Asahi Kasei Corp.		180,200		1,273,617
Daicel Corp.(a)		38,100		278,181
Hitachi Chemical Co. Ltd.		14,100		601,076
JSR Corp.		27,000		497,363
Kansai Paint Co. Ltd.		26,100		497,678
Kuraray Co. Ltd.		42,900		433,558
Mitsubishi Chemical Holdings Corp.(a)		180,900		1,076,312
Mitsubishi Gas Chemical Co., Inc.		23,500		255,264
Mitsui Chemicals, Inc.		25,900		491,521
Nippon Paint Holdings Co. Ltd.		20,700		1,091,230
Nissan Chemical Corp.(a)		18,600		677,415
Nitto Denko Corp.(a)		22,300		995,471
Shin-Etsu Chemical Co. Ltd.		49,400		4,895,978
Showa Denko KK		16,900		349,418
Sumitomo Chemical Co. Ltd.		210,600		624,955
Taiyo Nippon Sanso Corp.		20,000		296,236
Teijin Ltd.		22,800		386,273
Toray Industries, Inc.		196,000		849,898
Tosoh Corp.		38,100		433,476
				16,314,521
Commercial Services & Supplies 0.3%
Dai Nippon Printing Co. Ltd.		32,400		690,083
Park24 Co. Ltd.		17,700		259,138
Secom Co. Ltd.		29,800		2,477,642
Sohgo Security Services Co. Ltd.(a)		10,200		496,939
Toppan Printing Co. Ltd.		41,100		629,906
				4,553,708
Construction & Engineering 0.2%
JGC Holdings Corp.(a)		32,100		257,484
Kajima Corp.(a)		62,100		637,314
Obayashi Corp.		92,600		793,234
Shimizu Corp.		82,600		646,051
Taisei Corp.		27,200		831,512
				3,165,595
Construction Materials 0.0%†
Taiheiyo Cement Corp.		16,100		275,356
Consumer Finance 0.0%†
Acom Co. Ltd.(a)		59,900		243,565
AEON Financial Service Co. Ltd.		15,800		169,005
Credit Saison Co. Ltd.		22,000		255,475
				668,045
Containers & Packaging 0.0%†
Toyo Seikan Group Holdings Ltd.		20,300		231,700
Diversified Consumer Services 0.0%†
Benesse Holdings, Inc.		11,100		282,701
Diversified Financial Services 0.2%
Mitsubishi UFJ Lease & Finance Co. Ltd.		47,300		232,601
ORIX Corp.		188,300		2,264,374
Tokyo Century Corp.		6,400		200,162
				2,697,137
Diversified Telecommunication Services 0.3%
Nippon Telegraph & Telephone Corp.		179,856		4,268,022
Electric Utilities 0.3%
Chubu Electric Power Co., Inc.		89,700		1,264,555

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Electric Utilities (continued)
Chugoku Electric Power Co., Inc. (The)(a)		39,100	$	547,462
Kansai Electric Power Co., Inc. (The)(a)		99,500		1,109,887
Kyushu Electric Power Co., Inc.(a)		48,400		389,905
Tohoku Electric Power Co., Inc.		58,900		568,644
Tokyo Electric Power Co. Holdings, Inc.*		204,100		713,186
				4,593,639
Electrical Equipment 0.4%
Fuji Electric Co. Ltd.		18,000		407,201
Mitsubishi Electric Corp.(a)		252,900		3,121,208
Nidec Corp.		62,000		3,216,018
				6,744,427
Electronic Equipment, Instruments & Components 1.5%
Alps Alpine Co. Ltd.(a)		30,000		290,701
Hamamatsu Photonics KK		18,800		769,516
Hirose Electric Co. Ltd.		4,394		455,742
Hitachi High-Tech Corp.		9,700		719,998
Hitachi Ltd.		134,500		3,915,273
Keyence Corp.		25,644		8,275,715
Kyocera Corp.(a)		45,600		2,704,195
Murata Manufacturing Co. Ltd.		80,100		4,054,255
Omron Corp.		25,300		1,316,193
Shimadzu Corp.		31,500		829,172
TDK Corp.(a)		18,400		1,423,816
Yokogawa Electric Corp.		34,900		420,337
				25,174,913
Entertainment 0.5%
Konami Holdings Corp.		12,300		377,092
Nexon Co. Ltd.		70,300		1,149,876
Nintendo Co. Ltd.		15,600		6,016,824
Square Enix Holdings Co. Ltd.		12,900		576,497
Toho Co. Ltd.		15,600		476,950
				8,597,239
Equity Real Estate Investment Trusts (REITs) 0.4%
Daiwa House REIT Investment Corp.		289		706,073
Japan Prime Realty Investment Corp.		108		324,355
Japan Real Estate Investment Corp.		185		1,084,553
Japan Retail Fund Investment Corp.		360		406,511
Nippon Building Fund, Inc.		191		1,283,301
Nippon Prologis REIT, Inc.		289		728,077
Nomura Real Estate Master Fund, Inc.		597		753,378
Orix JREIT, Inc.		367		481,923
United Urban Investment Corp.		395		391,927
				6,160,098
Food & Staples Retailing 0.5%
Aeon Co. Ltd.		93,400		2,075,941
FamilyMart Co. Ltd.(a)		34,800		623,095
Lawson, Inc.		6,200		341,013
Seven & i Holdings Co. Ltd.		104,700		3,457,440
Sundrug Co. Ltd.		10,800		346,622
Tsuruha Holdings, Inc.		4,700		621,433
Welcia Holdings Co. Ltd.		7,200		506,920
				7,972,464
Food Products 0.4%
Ajinomoto Co., Inc.		62,600		1,166,402
Calbee, Inc.		11,500		311,442
Kikkoman Corp.(a)		20,100		855,862
MEIJI Holdings Co. Ltd.		15,480		1,102,888
NH Foods Ltd.(a)		12,300		428,649
Nisshin Seifun Group, Inc.(a)		26,923		449,388
Nissin Foods Holdings Co. Ltd.		8,900		742,818
Toyo Suisan Kaisha Ltd.		12,700		614,878
Yakult Honsha Co. Ltd.		16,800		994,910

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Food Products (continued)
Yamazaki Baking Co. Ltd.		17,300	$	362,236
				7,029,473
Gas Utilities 0.2%
Osaka Gas Co. Ltd.		53,000		1,000,464
Toho Gas Co. Ltd.		10,700		488,595
Tokyo Gas Co. Ltd.(a)		54,200		1,284,106
				2,773,165
Health Care Equipment & Supplies 0.8%
Asahi Intecc Co. Ltd.		25,800		638,678
Hoya Corp.		52,800		4,491,110
Olympus Corp.		165,700		2,391,454
Sysmex Corp.		23,800		1,720,786
Terumo Corp.		89,300		3,070,980
				12,313,008
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.(a)		24,400		455,126
Medipal Holdings Corp.		25,500		476,572
Suzuken Co. Ltd.		10,220		372,497
				1,304,195
Health Care Technology 0.1%
M3, Inc.(a)		62,700		1,852,889
Hotels, Restaurants & Leisure 0.2%
McDonald’s Holdings Co. Japan Ltd.		9,326		421,178
Oriental Land Co. Ltd.(a)		27,800		3,557,675
				3,978,853
Household Durables 1.0%
Casio Computer Co. Ltd.(a)		29,500		413,826
Iida Group Holdings Co. Ltd.		17,300		239,649
Nikon Corp.		43,800		404,597
Panasonic Corp.		313,900		2,396,234
Rinnai Corp.		4,700		333,160
Sekisui Chemical Co. Ltd.		51,100		677,735
Sekisui House Ltd.		88,400		1,460,928
Sharp Corp.*		30,000		314,331
Sony Corp.		178,100		10,586,834
				16,827,294
Household Products 0.2%
Lion Corp.		31,600		677,955
Pigeon Corp.(a)		16,300		625,617
Unicharm Corp.		57,400		2,155,218
				3,458,790
Independent Power and Renewable Electricity Producers 0.0%†
Electric Power Development Co. Ltd.		19,100		385,602
Industrial Conglomerates 0.1%
Keihan Holdings Co. Ltd.		14,000		623,221
Toshiba Corp.		52,800		1,162,388
				1,785,609
Insurance 0.8%
Dai-ichi Life Holdings, Inc.		153,400		1,835,802
Japan Post Holdings Co. Ltd.(a)		223,900		1,754,163
Japan Post Insurance Co. Ltd.(a)		31,500		390,761
MS&AD Insurance Group Holdings, Inc.(a)		67,441		1,888,973
Sompo Holdings, Inc.(a)		47,750		1,477,026
Sony Financial Holdings, Inc.		23,200		392,143
T&D Holdings, Inc.(a)		72,000		587,839
Tokio Marine Holdings, Inc.		89,100		4,086,351
				12,413,058

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Interactive Media & Services 0.1%
Kakaku.com, Inc.		19,500	$	357,857
LINE Corp.*		8,600		415,546
Z Holdings Corp.		369,300		1,187,882
				1,961,285
Internet & Direct Marketing Retail 0.1%
Mercari, Inc.*		10,600		205,666
Rakuten, Inc.		120,800		916,482
ZOZO, Inc.(a)		15,300		205,294
				1,327,442
IT Services 0.5%
Fujitsu Ltd.		28,000		2,526,694
GMO Payment Gateway, Inc.		5,800		406,971
Itochu Techno-Solutions Corp.		13,700		390,795
NEC Corp.		35,700		1,302,565
Nomura Research Institute Ltd.		46,215		976,490
NTT Data Corp.		89,200		857,928
Obic Co. Ltd.		9,100		1,188,792
Otsuka Corp.		14,000		598,985
				8,249,220
Leisure Products 0.2%
Bandai Namco Holdings, Inc.		28,400		1,378,347
Sankyo Co. Ltd.		6,700		195,277
Sega Sammy Holdings, Inc.		20,700		252,042
Shimano, Inc.		10,400		1,489,543
Yamaha Corp.(a)		20,600		803,022
				4,118,231
Machinery 1.3%
Amada Holdings Co. Ltd.		41,200		325,248
Daifuku Co. Ltd.(a)		13,500		855,597
FANUC Corp.		27,000		3,661,421
Hino Motors Ltd.		40,100		215,525
Hitachi Construction Machinery Co. Ltd.(a)		13,400		271,014
Hoshizaki Corp.		7,200		541,074
IHI Corp.(a)		18,299		213,454
Kawasaki Heavy Industries Ltd.(a)		18,799		272,553
Komatsu Ltd.		126,500		2,081,443
Kubota Corp.		143,600		1,836,849
Kurita Water Industries Ltd.		14,100		325,825
Makita Corp.(a)		32,600		999,586
MINEBEA MITSUMI, Inc.		52,200		778,350
MISUMI Group, Inc.		40,100		874,451
Mitsubishi Heavy Industries Ltd.(a)		46,100		1,165,956
Nabtesco Corp.		15,900		366,763
NGK Insulators Ltd.		33,600		440,439
NSK Ltd.		54,200		347,670
SMC Corp.		8,100		3,457,664
Sumitomo Heavy Industries Ltd.		14,600		263,329
THK Co. Ltd.		16,900		345,050
Yaskawa Electric Corp.		33,900		931,580
				20,570,841
Marine 0.0%†
Mitsui OSK Lines Ltd.		13,600		219,348
Nippon Yusen KK		20,300		241,324
				460,672
Media 0.1%
CyberAgent, Inc.		15,300		593,735
Dentsu Group, Inc.		30,401		586,132

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Media (continued)
Hakuhodo DY Holdings, Inc.		31,200	$	314,709
				1,494,576
Metals & Mining 0.2%
Hitachi Metals Ltd.		30,000		315,897
JFE Holdings, Inc.		69,500		452,351
Maruichi Steel Tube Ltd.(a)		7,500		180,654
Mitsubishi Materials Corp.		16,700		342,278
Nippon Steel Corp.		116,344		996,520
Sumitomo Metal Mining Co. Ltd.		32,900		674,744
				2,962,444
Multiline Retail 0.2%
Isetan Mitsukoshi Holdings Ltd.(a)		51,360		299,415
J Front Retailing Co. Ltd.		28,400		235,927
Marui Group Co. Ltd.(a)		25,000		419,658
Pan Pacific International Holdings Corp.		62,800		1,192,558
Ryohin Keikaku Co. Ltd.		31,400		352,435
				2,499,993
Oil, Gas & Consumable Fuels 0.2%
Idemitsu Kosan Co. Ltd.(a)		27,156		622,567
Inpex Corp.		144,000		809,434
JXTG Holdings, Inc.		436,239		1,495,265
				2,927,266
Paper & Forest Products 0.0%†
Oji Holdings Corp.		121,100		649,398
Personal Products 0.6%
Kao Corp.		67,500		5,526,838
Kobayashi Pharmaceutical Co. Ltd.		7,200		667,443
Kose Corp.(a)		4,200		517,807
Pola Orbis Holdings, Inc.		13,200		243,817
Shiseido Co. Ltd.		55,500		3,278,486
				10,234,391
Pharmaceuticals 1.9%
Astellas Pharma, Inc.		263,100		4,072,832
Chugai Pharmaceutical Co. Ltd.		31,100		3,599,867
Daiichi Sankyo Co. Ltd.		79,100		5,442,207
Eisai Co. Ltd.		35,800		2,627,710
Hisamitsu Pharmaceutical Co., Inc.(a)		7,500		349,686
Kyowa Kirin Co. Ltd.		35,000		784,781
Nippon Shinyaku Co. Ltd.		6,400		502,863
Ono Pharmaceutical Co. Ltd.		50,000		1,150,930
Otsuka Holdings Co. Ltd.		55,500		2,172,794
Santen Pharmaceutical Co. Ltd.		47,500		818,141
Shionogi & Co. Ltd.		38,300		1,884,592
Sumitomo Dainippon Pharma Co. Ltd.		24,600		319,191
Taisho Pharmaceutical Holdings Co. Ltd.		4,900		301,247
Takeda Pharmaceutical Co. Ltd.		210,249		6,434,164
				30,461,005
Professional Services 0.3%
Persol Holdings Co. Ltd.		25,200		253,121
Recruit Holdings Co. Ltd.		190,100		4,908,725
				5,161,846
Real Estate Management & Development 0.6%
Aeon Mall Co. Ltd.		14,830		187,049
Daito Trust Construction Co. Ltd.		10,300		960,686
Daiwa House Industry Co. Ltd.(a)		80,500		1,993,733
Hulic Co. Ltd.		41,700		423,401
Mitsubishi Estate Co. Ltd.		162,400		2,394,079
Mitsui Fudosan Co. Ltd.		125,300		2,167,195
Nomura Real Estate Holdings, Inc.		18,100		293,588
Sumitomo Realty & Development Co. Ltd.		48,000		1,169,911
Tokyu Fudosan Holdings Corp.		86,100		412,111
				10,001,753

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Road & Rail 1.1%
Central Japan Railway Co.		20,000	$	3,206,058
East Japan Railway Co.		41,976		3,180,717
Hankyu Hanshin Holdings, Inc.		32,500		1,094,354
Keikyu Corp.		30,799		518,883
Keio Corp.(a)		14,699		870,262
Keisei Electric Railway Co. Ltd.		17,300		499,571
Kintetsu Group Holdings Co. Ltd.		24,700		1,145,040
Kyushu Railway Co.(a)		22,600		649,890
Nagoya Railroad Co. Ltd.(a)		25,199		707,738
Nippon Express Co. Ltd.		10,300		504,382
Odakyu Electric Railway Co. Ltd.(a)		41,500		912,213
Seibu Holdings, Inc.		29,200		321,549
Tobu Railway Co. Ltd.(a)		26,700		933,251
Tokyu Corp.		70,200		1,105,826
West Japan Railway Co.		23,300		1,595,657
				17,245,391
Semiconductors & Semiconductor Equipment 0.5%
Advantest Corp.		28,800		1,155,022
Disco Corp.		3,900		769,655
Renesas Electronics Corp.*		107,300		385,247
Rohm Co. Ltd.		13,200		722,869
SUMCO Corp.		35,400		455,244
Tokyo Electron Ltd.(a)		21,800		4,099,257
				7,587,294
Software 0.1%
Oracle Corp. Japan		5,200		453,976
Trend Micro, Inc.		18,100		894,032
				1,348,008
Specialty Retail 0.4%
ABC-Mart, Inc.		5,000		250,775
Fast Retailing Co. Ltd.		8,100		3,309,786
Hikari Tsushin, Inc.		2,800		469,772
Nitori Holdings Co. Ltd.		11,100		1,500,391
Shimamura Co. Ltd.		3,100		187,234
USS Co. Ltd.		29,200		402,207
Yamada Denki Co. Ltd.*(a)		94,500		377,333
				6,497,498
Technology Hardware, Storage & Peripherals 0.5%
Brother Industries Ltd.		32,500		496,771
Canon, Inc.		138,700		3,029,267
FUJIFILM Holdings Corp.		51,200		2,569,940
Konica Minolta, Inc.		62,700		254,594
Ricoh Co. Ltd.(a)		94,700		695,383
Seiko Epson Corp.(a)		40,500		438,268
				7,484,223
Tobacco 0.2%
Japan Tobacco, Inc.(a)		166,500		3,081,992
Trading Companies & Distributors 0.9%
ITOCHU Corp.(a)		187,800		3,896,490
Marubeni Corp.(a)		222,400		1,108,802
Mitsubishi Corp.		188,700		4,005,095
Mitsui & Co. Ltd.		230,100		3,205,324
MonotaRO Co. Ltd.		15,800		419,829
Sumitomo Corp.		163,700		1,877,122
Toyota Tsusho Corp.(a)		30,000		706,298
				15,218,960
Transportation Infrastructure 0.0%†
Japan Airport Terminal Co. Ltd.(a)		6,100		235,459
Kamigumi Co. Ltd.		17,000		287,584
				523,043
Wireless Telecommunication Services 1.5%
KDDI Corp.		248,300		7,339,270
NTT DOCOMO, Inc.		186,900		5,875,233

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Wireless Telecommunication Services (continued)
Softbank Corp.(a)		232,700	$	2,962,033
SoftBank Group Corp.		220,600		7,724,752
				23,901,288
				418,996,534
LUXEMBOURG 0.1%
Energy Equipment & Services 0.0%†
Tenaris SA		65,510		400,733
Life Sciences Tools & Services 0.0%†
Eurofins Scientific SE(a)		1,614		800,090
Media 0.0%†
SES SA, FDR		49,601		291,843
Metals & Mining 0.1%
ArcelorMittal SA(a)		94,700		897,469
				2,390,135
MACAU 0.2%
Hotels, Restaurants & Leisure 0.2%
Galaxy Entertainment Group Ltd.		295,000		1,562,581
Sands China Ltd.		345,100		1,255,945
SJM Holdings Ltd.		229,000		192,067
Wynn Macau Ltd.(a)		229,600		347,275
				3,357,868
MALTA 0.0%†
Capital Markets 0.0%†
BGP Holdings plc*^¥		848,508		0
NETHERLANDS 4.3%
Banks 0.2%
ABN AMRO Bank NV, CVA Reg. S(b)		59,779		490,705
ING Groep NV		540,648		2,831,948
				3,322,653
Beverages 0.3%
Heineken Holding NV		16,282		1,249,612
Heineken NV		36,849		3,084,191
				4,333,803
Chemicals 0.3%
Akzo Nobel NV		28,808		1,899,207
Koninklijke DSM NV		25,100		2,852,218
				4,751,425
Diversified Financial Services 0.0%†
EXOR NV		15,256		785,833
Diversified Telecommunication Services 0.1%
Koninklijke KPN NV		514,934		1,231,685
Food & Staples Retailing 0.2%
Koninklijke Ahold Delhaize NV		156,483		3,662,218
Health Care Equipment & Supplies 0.3%
Koninklijke Philips NV		126,637		5,125,598
Insurance 0.1%
Aegon NV		251,736		638,575
NN Group NV		42,804		1,156,089
				1,794,664
Internet & Direct Marketing Retail 0.1%
Just Eat Takeaway Reg. S*(b)		15,812		1,191,993
IT Services 0.1%
Adyen NV Reg. S*(b)		1,462		1,237,331

Common Stocks (continued)
	Shares		Value
NETHERLANDS (continued)
Media 0.0%†
Altice Europe NV*		79,730	$	308,203
Oil, Gas & Consumable Fuels 1.2%
Koninklijke Vopak NV		8,867		462,348
Royal Dutch Shell plc, Class A		584,639		10,231,066
Royal Dutch Shell plc, Class B		524,878		8,800,584
				19,493,998
Professional Services 0.2%
Randstad NV*		17,371		613,746
Wolters Kluwer NV		37,887		2,693,759
				3,307,505
Semiconductors & Semiconductor Equipment 1.2%
ASML Holding NV		59,581		15,834,280
NXP Semiconductors NV		38,843		3,221,250
				19,055,530
				69,602,439
NEW ZEALAND 0.3%
Construction Materials 0.0%†
Fletcher Building Ltd.		103,739		215,411
Diversified Telecommunication Services 0.1%
Spark New Zealand Ltd.		249,863		609,046
Electric Utilities 0.0%†
Mercury NZ Ltd.		104,919		262,496
Food Products 0.1%
a2 Milk Co. Ltd.*		104,616		1,058,094
Health Care Equipment & Supplies 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		79,856		1,447,609
Health Care Providers & Services 0.0%†
Ryman Healthcare Ltd.		54,219		333,230
Independent Power and Renewable Electricity Producers 0.0%†
Meridian Energy Ltd.		180,387		426,761
Transportation Infrastructure 0.0%†
Auckland International Airport Ltd.		143,378		422,555
				4,775,202
NORWAY 0.5%
Banks 0.1%
DNB ASA		134,797		1,511,778
Chemicals 0.1%
Yara International ASA		25,098		794,085
Diversified Telecommunication Services 0.1%
Telenor ASA		98,160		1,438,486
Food Products 0.1%
Mowi ASA		62,487		952,451
Orkla ASA		101,400		867,724
				1,820,175
Insurance 0.0%†
Gjensidige Forsikring ASA		28,575		488,963
Media 0.0%†
Schibsted ASA, Class B		14,443		256,426
Metals & Mining 0.0%†
Norsk Hydro ASA		189,189		411,051
Oil, Gas & Consumable Fuels 0.1%
Aker BP ASA		16,731		213,016

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
NORWAY (continued)
Oil, Gas & Consumable Fuels (continued)
Equinor ASA		142,391	$	1,793,657
				2,006,673
				8,727,637
PORTUGAL 0.2%
Electric Utilities 0.1%
EDP - Energias de Portugal SA		355,878		1,430,004
Food & Staples Retailing 0.0%†
Jeronimo Martins SGPS SA		38,049		688,212
Oil, Gas & Consumable Fuels 0.1%
Galp Energia SGPS SA		70,839		808,788
				2,927,004
RUSSIA 0.0%†
Metals & Mining 0.0%†
Evraz plc		72,161		205,929
SINGAPORE 1.2%
Aerospace & Defense 0.0%†
Singapore Technologies Engineering Ltd.		220,600		484,614
Airlines 0.0%†
Singapore Airlines Ltd.		77,166		311,911
Banks 0.5%
DBS Group Holdings Ltd.		255,100		3,335,476
Oversea-Chinese Banking Corp. Ltd.		470,000		2,859,096
United Overseas Bank Ltd.		173,800		2,380,103
				8,574,675
Capital Markets 0.1%
Singapore Exchange Ltd.		113,600		731,459
Distributors 0.0%†
Jardine Cycle & Carriage Ltd.		12,566		174,043
Diversified Telecommunication Services 0.1%
Singapore Telecommunications Ltd.		1,160,650		2,075,473
Electronic Equipment, Instruments & Components 0.0%†
Venture Corp. Ltd.		40,700		386,833
Equity Real Estate Investment Trusts (REITs) 0.2%
Ascendas REIT		374,243		745,748
CapitaLand Commercial Trust		394,544		425,020
CapitaLand Mall Trust		366,100		461,404
Mapletree Commercial Trust		281,700		363,001
Suntec REIT		232,800		204,913
				2,200,086
Food Products 0.1%
Wilmar International Ltd.		276,894		626,302
Hotels, Restaurants & Leisure 0.0%†
Genting Singapore Ltd.		878,496		426,911
Industrial Conglomerates 0.1%
Keppel Corp. Ltd.		208,000		774,573
Sembcorp Industries Ltd.		151,000		163,926
				938,499
Media 0.0%†
Singapore Press Holdings Ltd.		208,000		267,939
Real Estate Management & Development 0.1%
CapitaLand Ltd.		340,097		678,912
City Developments Ltd.		61,200		310,240
UOL Group Ltd.		66,200		304,794
				1,293,946
Road & Rail 0.0%†
ComfortDelGro Corp. Ltd.		314,000		336,021

Common Stocks (continued)
	Shares		Value
SINGAPORE (continued)
Transportation Infrastructure 0.0%†
SATS Ltd.		100,700	$	224,111
				19,052,823
SOUTH AFRICA 0.2%
Metals & Mining 0.2%
Anglo American plc		146,398		2,558,200
SPAIN 2.5%
Banks 0.6%
Banco Bilbao Vizcaya Argentaria SA(a)		924,830		2,956,473
Banco de Sabadell SA(a)		807,222		414,763
Banco Santander SA		2,329,828		5,670,683
Bankia SA(a)		187,282		209,084
Bankinter SA		85,928		315,472
CaixaBank SA		510,206		951,563
				10,518,038
Biotechnology 0.1%
Grifols SA		42,155		1,435,804
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA		33,791		660,143
Ferrovial SA		69,546		1,670,008
				2,330,151
Diversified Telecommunication Services 0.3%
Cellnex Telecom SA Reg. S(b)		35,612		1,620,940
Telefonica SA		649,077		2,979,807
				4,600,747
Electric Utilities 0.7%
Endesa SA		45,155		966,733
Iberdrola SA		859,471		8,486,419
Red Electrica Corp. SA		59,449		1,070,485
				10,523,637
Electrical Equipment 0.0%†
Siemens Gamesa Renewable Energy SA		33,691		506,932
Gas Utilities 0.1%
Enagas SA		28,047		557,932
Naturgy Energy Group SA(a)		43,068		762,421
				1,320,353
Insurance 0.0%†
Mapfre SA		162,399		277,781
IT Services 0.2%
Amadeus IT Group SA		61,311		2,907,701
Oil, Gas & Consumable Fuels 0.1%
Repsol SA(a)		201,710		1,840,652
Specialty Retail 0.2%
Industria de Diseno Textil SA		152,012		3,946,500
Transportation Infrastructure 0.1%
Aena SME SA Reg. S(b)		9,539		1,041,011
				41,249,307
SWEDEN 2.5%
Banks 0.3%
Skandinaviska Enskilda Banken AB, Class A		231,374		1,565,122
Svenska Handelsbanken AB, Class A*		221,115		1,851,667
Swedbank AB, Class A(a)		128,744		1,437,650
				4,854,439
Building Products 0.2%
Assa Abloy AB, Class B		142,490		2,693,771
Commercial Services & Supplies 0.0%†
Securitas AB, Class B		44,251		478,946

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWEDEN (continued)
Communications Equipment 0.2%
Telefonaktiebolaget LM Ericsson, Class B*		426,666	$	3,482,181
Construction & Engineering 0.0%†
Skanska AB, Class B*(a)		48,358		737,046
Diversified Financial Services 0.3%
Industrivarden AB, Class C		20,799		406,026
Investor AB, Class B		62,890		2,892,585
Kinnevik AB, Class B		35,565		591,026
L E Lundbergforetagen AB, Class B		10,809		443,177
				4,332,814
Diversified Telecommunication Services 0.1%
Telia Co. AB		374,581		1,347,411
Electronic Equipment, Instruments & Components 0.1%
Hexagon AB, Class B		36,797		1,569,523
Food & Staples Retailing 0.0%†
ICA Gruppen AB		12,291		518,167
Household Durables 0.0%†
Electrolux AB Series B		30,384		378,363
Husqvarna AB, Class B		56,775		285,452
				663,815
Household Products 0.2%
Essity AB, Class B		83,662		2,579,911
Machinery 0.8%
Alfa Laval AB		43,477		753,465
Atlas Copco AB, Class A		95,465		3,208,372
Atlas Copco AB, Class B		55,146		1,626,166
Epiroc AB, Class A		90,486		897,025
Epiroc AB, Class B		57,950		574,710
Sandvik AB		160,878		2,284,675
SKF AB, Class B		53,200		731,919
Volvo AB, Class B		211,250		2,540,221
				12,616,553
Metals & Mining 0.0%†
Boliden AB		38,477		701,465
Oil, Gas & Consumable Fuels 0.0%†
Lundin Petroleum AB		24,369		466,641
Specialty Retail 0.1%
Hennes & Mauritz AB, Class B		115,245		1,482,853
Tobacco 0.1%
Swedish Match AB(a)		23,119		1,322,453
Wireless Telecommunication Services 0.1%
Tele2 AB, Class B		70,568		948,308
				40,796,297
SWITZERLAND 10.8%
Beverages 0.0%†
Coca-Cola HBC AG		28,586		614,400
Building Products 0.2%
Geberit AG (Registered)		5,266		2,323,024
Capital Markets 0.7%
Credit Suisse Group AG (Registered)*		353,233		2,916,782
Julius Baer Group Ltd.*(a)		31,469		1,074,383
Partners Group Holding AG		2,657		1,837,795
UBS Group AG (Registered)*		539,295		5,040,494
				10,869,454

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Chemicals 0.5%
Clariant AG (Registered)		29,383	$	494,201
EMS-Chemie Holding AG (Registered)(a)		1,069		672,849
Givaudan SA (Registered)		1,287		3,990,246
Sika AG (Registered)(a)		17,647		2,919,810
				8,077,106
Construction Materials 0.2%
LafargeHolcim Ltd. (Registered)*		70,050		2,560,801
Diversified Financial Services 0.0%†
Pargesa Holding SA		5,244		348,108
Diversified Telecommunication Services 0.1%
Swisscom AG (Registered)		3,682		1,984,995
Electrical Equipment 0.3%
ABB Ltd. (Registered)(a)		257,412		4,525,960
Food Products 2.8%
Barry Callebaut AG (Registered)		422		848,522
Chocoladefabriken Lindt & Spruengli AG		149		1,258,831
Chocoladefabriken Lindt & Spruengli AG (Registered)		14		1,224,754
Nestle SA (Registered)		416,737		42,952,342
				46,284,449
Health Care Equipment & Supplies 0.3%
Alcon, Inc.*		57,303		2,924,288
Sonova Holding AG (Registered)		7,820		1,411,793
Straumann Holding AG (Registered)		1,467		1,093,309
				5,429,390
Insurance 0.8%
Baloise Holding AG (Registered)		6,568		862,099
Swiss Life Holding AG (Registered)		4,776		1,626,083
Swiss Re AG(a)		41,891		3,229,955
Zurich Insurance Group AG		21,011		7,458,042
				13,176,179
Life Sciences Tools & Services 0.3%
Lonza Group AG (Registered)*		10,376		4,316,947
Machinery 0.1%
Schindler Holding AG		5,788		1,272,224
Schindler Holding AG (Registered)		2,904		614,362
				1,886,586
Marine 0.1%
Kuehne + Nagel International AG (Registered)(a)		7,631		1,048,874
Metals & Mining 0.1%
Glencore plc*		1,464,088		2,234,579
Pharmaceuticals 3.5%
Novartis AG (Registered)		300,827		24,861,859
Roche Holding AG(a)		98,382		31,985,368
Vifor Pharma AG		6,430		889,682
				57,736,909
Professional Services 0.2%
Adecco Group AG (Registered)		22,219		876,667
SGS SA (Registered)(a)		835		1,936,897
				2,813,564
Real Estate Management & Development 0.1%
Swiss Prime Site AG (Registered)		10,978		1,077,624
Semiconductors & Semiconductor Equipment 0.1%
STMicroelectronics NV(a)		97,086		2,112,950

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Software 0.1%
Temenos AG (Registered)*(a)		9,135	$	1,197,823
Specialty Retail 0.0%†
Dufry AG (Registered)		5,116		158,588
Textiles, Apparel & Luxury Goods 0.3%
Cie Financiere Richemont SA (Registered)		72,881		3,994,215
Swatch Group AG (The)		4,215		842,426
Swatch Group AG (The) (Registered)		6,136		241,450
				5,078,091
				175,856,401
UNITED ARAB EMIRATES 0.0%†
Health Care Providers & Services 0.0%†
NMC Health plc¥		13,387		156,037
UNITED KINGDOM 13.2%
Aerospace & Defense 0.3%
BAE Systems plc		441,897		2,851,406
Meggitt plc		109,297		395,944
Rolls-Royce Holdings plc*		239,232		1,006,784
				4,254,134
Airlines 0.0%†
easyJet plc		24,856		178,879
Automobiles 0.1%
Fiat Chrysler Automobiles NV		155,991		1,124,101
Banks 1.6%
Barclays plc		2,384,267		2,770,310
HSBC Holdings plc		2,844,419		16,018,576
Lloyds Banking Group plc		9,787,413		3,859,611
Royal Bank of Scotland Group plc		691,542		964,604
Standard Chartered plc		371,924		2,049,921
				25,663,022
Beverages 0.7%
Coca-Cola European Partners plc		30,588		1,147,968
Diageo plc		328,375		10,517,415
				11,665,383
Capital Markets 0.5%
3i Group plc		138,332		1,353,799
Hargreaves Lansdown plc		45,204		774,557
London Stock Exchange Group plc		43,784		3,945,009
Schroders plc		17,568		539,605
St James’s Place plc		74,124		706,311
Standard Life Aberdeen plc		325,200		899,663
				8,218,944
Chemicals 0.1%
Croda International plc		18,161		960,449
Johnson Matthey plc		27,226		605,048
				1,565,497
Commercial Services & Supplies 0.1%
G4S plc		218,273		249,133
Rentokil Initial plc		262,908		1,261,853
				1,510,986
Diversified Financial Services 0.0%†
M&G plc*		358,015		498,528
Diversified Telecommunication Services 0.1%
BT Group plc		1,148,284		1,674,802
Electric Utilities 0.1%
SSE plc		141,486		2,283,455
Electrical Equipment 0.0%†
Melrose Industries plc		690,668		779,970

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Electronic Equipment, Instruments & Components 0.1%
Halma plc		53,972	$	1,282,300
Equity Real Estate Investment Trusts (REITs) 0.2%
British Land Co. plc (The)		115,923		482,282
Land Securities Group plc		100,640		693,384
Segro plc		153,264		1,449,394
				2,625,060
Food & Staples Retailing 0.3%
J Sainsbury plc		238,864		622,074
Tesco plc		1,363,895		3,862,226
Wm Morrison Supermarkets plc		319,574		704,018
				5,188,318
Food Products 0.1%
Associated British Foods plc		50,646		1,136,642
Health Care Equipment & Supplies 0.1%
Smith & Nephew plc		124,389		2,207,355
Hotels, Restaurants & Leisure 0.3%
Compass Group plc		219,518		3,429,884
GVC Holdings plc		80,741		560,475
InterContinental Hotels Group plc		24,585		1,052,622
Whitbread plc		18,961		710,036
				5,753,017
Household Durables 0.2%
Barratt Developments plc		143,331		781,166
Berkeley Group Holdings plc		17,130		765,729
Persimmon plc		45,308		1,073,002
Taylor Wimpey plc		463,064		672,908
				3,292,805
Household Products 0.5%
Reckitt Benckiser Group plc		98,697		7,574,762
Industrial Conglomerates 0.3%
CK Hutchison Holdings Ltd.		371,516		2,491,500
DCC plc		13,885		875,720
Smiths Group plc		55,955		847,113
				4,214,333
Insurance 0.7%
Admiral Group plc		26,979		744,437
Aviva plc		556,883		1,848,796
Direct Line Insurance Group plc		196,454		718,836
Legal & General Group plc		848,017		2,028,756
Prudential plc		362,066		4,621,784
RSA Insurance Group plc		145,081		754,136
				10,716,745
Interactive Media & Services 0.0%†
Auto Trader Group plc Reg. S(b)		132,760		721,503
Internet & Direct Marketing Retail 0.1%
Ocado Group plc*		64,707		977,084
Machinery 0.1%
CNH Industrial NV		144,083		824,388
Spirax-Sarco Engineering plc(a)		10,509		1,061,596
Weir Group plc (The)		34,830		315,706
				2,201,690
Media 0.2%
Informa plc		178,770		991,460
ITV plc		511,989		423,336
Pearson plc		110,382		762,166
WPP plc		180,892		1,232,544
				3,409,506
Multiline Retail 0.1%
Marks & Spencer Group plc		278,151		341,541
Next plc		19,144		964,299
				1,305,840

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Multi-Utilities 0.4%
Centrica plc		796,177	$	374,512
National Grid plc		487,907		5,718,511
				6,093,023
Oil, Gas & Consumable Fuels 0.7%
BP plc		2,838,415		12,075,104
Paper & Forest Products 0.1%
Mondi plc		69,028		1,177,416
Personal Products 1.1%
Unilever NV		205,452		10,122,621
Unilever plc		156,076		7,879,269
				18,001,890
Pharmaceuticals 1.8%
AstraZeneca plc		183,709		16,410,369
GlaxoSmithKline plc		698,611		13,104,090
				29,514,459
Professional Services 0.6%
Experian plc		125,950		3,506,220
Intertek Group plc		22,944		1,341,052
RELX plc		271,714		5,837,133
				10,684,405
Software 0.1%
AVEVA Group plc		9,035		390,130
Micro Focus International plc		38,055		188,246
Sage Group plc (The)		154,822		1,133,918
				1,712,294
Specialty Retail 0.1%
JD Sports Fashion plc		61,229		352,414
Kingfisher plc(a)		301,484		543,047
				895,461
Textiles, Apparel & Luxury Goods 0.1%
Burberry Group plc		58,700		960,340
Tobacco 0.8%
British American Tobacco plc		321,213		10,968,898
Imperial Brands plc		134,568		2,494,344
				13,463,242
Trading Companies & Distributors 0.1%
Ashtead Group plc		62,205		1,381,612
Bunzl plc		47,367		955,057
				2,336,669
Water Utilities 0.1%
Severn Trent plc		33,397		941,944
United Utilities Group plc		96,365		1,076,082
				2,018,026
Wireless Telecommunication Services 0.3%
Vodafone Group plc		3,748,487		5,236,296
				216,193,286
UNITED STATES 0.3%
Construction Materials 0.1%
James Hardie Industries plc CHDI		63,931		745,656
Hotels, Restaurants & Leisure 0.0%†
Carnival plc		20,800		252,465
Life Sciences Tools & Services 0.1%
QIAGEN NV*		32,198		1,306,670
Software 0.0%†
CyberArk Software Ltd.*(a)		5,314		454,666

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Trading Companies & Distributors 0.1%
Ferguson plc		32,205	$	2,013,804
				4,773,261
Total Common Stocks (cost $1,696,294,496)				1,597,017,064
Repurchase Agreements 2.5%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $16,271,355, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $16,596,777.(c)	$	16,271,350		16,271,350
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $5,000,002, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $5,100,001.(c)		5,000,000		5,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $4,000,016, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $4,080,001.(c)		4,000,000		4,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $15,000,059, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $15,300,003.(c)		15,000,000		15,000,000
Total Repurchase Agreements (cost $40,271,350)				40,271,350
Total Investments
(cost $1,736,565,846) — 100.3%				1,637,288,414
Liabilities in excess of other assets — (0.3)%				(4,432,157)
NET ASSETS — 100.0%			$	1,632,856,257

* Denotes a non-income producing security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $152,142,203, which was collateralized by cash used to purchase repurchase agreements with a total value of $40,271,350 and by $121,513,828 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.63%, and maturity dates ranging from 4/7/2020 – 2/15/2050, a total value of $161,785,178.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $16,504,646 which represents 1.01% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $40,271,350.

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Sub register System (CHESS) Depository Interest
CVA	Dutch Certification
FDR	Fiduciary Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts		Expiration Date	Trading Currency		Notional Amount ($)	Value and Unrealized Appreciation       (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		419	6/2020		EUR	12,694,302	592,321
FTSE 100 Index		107	6/2020		GBP	7,489,844	253,547
SGX Nikkei 225 Index		103	6/2020		JPY	9,004,418	103,933
SPI 200 Index		54	6/2020		AUD	4,242,437	99,018
							1,048,819

At March 31, 2020, the Fund had $4,547,888 segregated in foreign currency as collateral with the broker for open futures contracts.

Currency:

AUD	Australian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	–	$	17,510,688	$	–	$	17,510,688
Air Freight & Logistics		–		7,725,443		–		7,725,443
Airlines		–		1,695,936		–		1,695,936
Auto Components		–		13,947,568		–		13,947,568
Automobiles		–		46,646,990		–		46,646,990
Banks		–		126,519,061		–		126,519,061
Beverages		1,147,968		33,575,917		–		34,723,885
Biotechnology		691,509		16,520,636		–		17,212,145
Building Products		–		13,797,305		–		13,797,305
Capital Markets		–		40,230,298		–		40,230,298
Chemicals		–		56,104,315		–		56,104,315
Commercial Services & Supplies		–		8,236,555		–		8,236,555
Communications Equipment		–		5,998,772		–		5,998,772
Construction & Engineering		–		14,348,439		–		14,348,439
Construction Materials		–		7,910,253		–		7,910,253
Consumer Finance		–		668,045		–		668,045
Containers & Packaging		–		1,129,710		–		1,129,710
Distributors		–		174,043		–		174,043
Diversified Consumer Services		–		282,701		–		282,701
Diversified Financial Services		–		10,707,013		–		10,707,013
Diversified Telecommunication Services		609,046		34,232,847		–		34,841,893
Electric Utilities		–		37,331,359		–		37,331,359
Electrical Equipment		–		24,377,821		–		24,377,821
Electronic Equipment, Instruments & Components		–		29,313,679		–		29,313,679

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Energy Equipment & Services	$	–	$	593,428	$	–	$	593,428
Entertainment		–		12,404,426		–		12,404,426
Equity Real Estate Investment Trusts (REITs)		–		22,223,995		–		22,223,995
Food & Staples Retailing		–		25,818,268		–		25,818,268
Food Products		–		67,631,413		–		67,631,413
Gas Utilities		–		8,772,897		–		8,772,897
Health Care Equipment & Supplies		1,447,609		32,002,043		–		33,449,652
Health Care Providers & Services		333,231		7,445,744		–		7,778,975
Health Care Technology		–		1,852,889		–		1,852,889
Hotels, Restaurants & Leisure		366,668		18,360,071		–		18,726,739
Household Durables		–		21,180,243		–		21,180,243
Household Products		–		16,785,632		–		16,785,632
Independent Power and Renewable Electricity Producers		–		1,491,263		–		1,491,263
Industrial Conglomerates		1,995,195		16,556,708		–		18,551,903
Insurance		–		84,722,580		–		84,722,580
Interactive Media & Services		–		3,006,441		–		3,006,441
Internet & Direct Marketing Retail		–		10,194,180		–		10,194,180
IT Services		669,042		19,910,171		–		20,579,213
Leisure Products		–		4,118,231		–		4,118,231
Life Sciences Tools & Services		–		7,204,891		–		7,204,891
Machinery		–		45,079,650		–		45,079,650
Marine		–		2,815,724		–		2,815,724
Media		–		7,536,026		–		7,536,026
Metals & Mining		–		37,278,596		–		37,278,596
Multiline Retail		–		7,332,446		–		7,332,446
Multi-Utilities		–		17,326,993		–		17,326,993
Oil, Gas & Consumable Fuels		–		62,429,352		–		62,429,352
Paper & Forest Products		–		4,738,898		–		4,738,898
Personal Products		–		38,896,920		–		38,896,920
Pharmaceuticals		1,404,876		159,778,772		–		161,183,648
Professional Services		–		24,943,774		–		24,943,774
Real Estate Management & Development		570,752		29,917,604		–		30,488,356
Road & Rail		–		19,356,671		–		19,356,671
Semiconductors & Semiconductor Equipment		3,221,250		28,526,484		–		31,747,734
Software		2,195,416		24,323,810		–		26,519,226
Specialty Retail		–		12,980,900		–		12,980,900
Technology Hardware, Storage & Peripherals		–		7,484,223		–		7,484,223
Textiles, Apparel & Luxury Goods		–		41,391,524		–		41,391,524
Tobacco		–		17,867,687		–		17,867,687
Trading Companies & Distributors		406,346		20,394,312		–		20,800,658
Transportation Infrastructure		–		7,791,173		–		7,791,173
Water Utilities		–		2,018,026		–		2,018,026
Wireless Telecommunication Services		–		30,487,683		–		30,487,683
Total Common Stocks	$	15,058,908	$	1,581,958,156	$	–	$	1,597,017,064
Futures Contracts	$	1,048,819	$	–	$	–	$	1,048,819
Repurchase Agreements		–		40,271,350		–		40,271,350
Total	$	16,107,727	$	1,622,229,506	$	–	$	1,638,337,233

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

During the period ended March 31, 2020, the Fund held one common stock investment that was categorized as a Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadvisor recommendations.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price and currency risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities and foreign currencies. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT International Index Fund (Continued)

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts		$                1,048,819
Total			$                1,048,819

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Aggressive Fund

Investment Companies 92.0%
	Shares		Value
Equity Funds 83.0%
NVIT Emerging Markets Fund, Class Y (a)		1,513,831	$	14,986,930
NVIT International Index Fund, Class Y (a)		7,156,391		56,607,050
NVIT Mid Cap Index Fund, Class Y (a)		2,058,680		31,209,584
NVIT S&P 500 Index Fund, Class Y (a)		5,121,649		80,973,271
NVIT Small Cap Index Fund, Class Y (a)		725,046		4,111,010
Total Equity Funds (cost $200,853,671)				187,887,845
Fixed Income Funds 9.0%
Nationwide Core Plus Bond Fund, Class R6 (a)		993,718		10,185,612
NVIT Bond Index Fund, Class Y (a)		929,251		10,231,052
Total Fixed Income Funds (cost $19,854,014)				20,416,664
Total Investment Companies (cost $220,707,685)				208,304,509
Exchange Traded Funds 5.8%
	Shares		Value
Equity Funds 5.6%
Nationwide Maximum Diversification U.S. Core Equity ETF (a)		317,114		7,947,352
Nationwide Risk-Based International Equity ETF (a)(b)		222,839		4,699,675
Total Equity Funds (cost $13,512,095)				12,647,027
Fixed Income Fund 0.2%
iShares 20+ Year Treasury Bond ETF		1,696		279,789
Total Fixed Income Fund (cost $266,492)				279,789
Total Exchange Traded Funds (cost $13,778,587)				12,926,816
Investment Contract 2.3%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(c)	$	5,310,113		5,310,113
Total Investment Contract (cost $5,310,113)				5,310,113

Repurchase Agreement 0.0%†
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $22,001, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $22,440. (d)	$	22,000	$	22,000
Total Repurchase Agreement (cost $22,000)				22,000
Total Investments
(cost $239,818,385) — 100.1%				226,563,438
Liabilities in excess of other assets — (0.1)%				(165,429)
NET ASSETS — 100.0%			$	226,398,009

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $21,090, which was collateralized by cash used to purchase repurchase agreements with a total value of $22,000.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $22,000.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Balanced Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	12,926,816	$	–	$	–	$	12,926,816
Investment Companies		208,304,509		–		–		208,304,509
Investment Contract		–		–		5,310,113		5,310,113
Repurchase Agreement		–		22,000		–		22,000
Total	$	221,231,325	$	22,000	$	5,310,113	$	226,563,438

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Aggressive Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment   Contract		Total
Balance as of 12/31/2019	$	5,481,755	$	5,481,755
Purchases*		100,896		100,896
Sales		(272,538)		(272,538)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 3/31/2020	$	5,310,113	$	5,310,113

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Balanced Fund

Investment Companies 83.5%
	Shares		Value
Equity Funds 43.8%
NVIT Emerging Markets Fund, Class Y (a)		4,306,000	$	42,629,398
NVIT International Index Fund, Class Y (a)		25,240,988		199,656,218
NVIT Mid Cap Index Fund, Class Y (a)		4,294,500		65,104,622
NVIT S&P 500 Index Fund, Class Y (a)		17,645,055		278,968,324
NVIT Small Cap Index Fund, Class Y (a)		3,093,889		17,542,352
Total Equity Funds (cost $673,270,541)				603,900,914
Fixed Income Funds 39.7%
Nationwide Core Plus Bond Fund, Class R6 (a)		11,305,916		115,885,634
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		287,168		2,931,986
NVIT Bond Index Fund, Class Y (a)		32,394,974		356,668,666
NVIT Short Term Bond Fund, Class Y (a)		7,067,194		72,156,046
Total Fixed Income Funds (cost $538,328,324)				547,642,332
Total Investment Companies (cost $1,211,598,865)				1,151,543,246
Exchange Traded Funds 2.6%
		Shares		Value
Equity Funds 2.4%
Nationwide Risk-Based International Equity ETF (a)		634,729		13,386,434
Nationwide Risk-Based U.S. Equity ETF (a)		786,429		19,267,196
Total Equity Funds (cost $35,517,637)				32,653,630
Fixed Income Fund 0.2%
iShares 20+ Year Treasury Bond ETF		19,334		3,189,530
Total Fixed Income Fund (cost $3,037,952)				3,189,530
Total Exchange Traded Funds (cost $38,555,589)				35,843,160
Investment Contract 14.0%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(b)	$	193,325,061		193,325,061
Total Investment Contract (cost $193,325,061)				193,325,061
Total Investments (cost $1,443,479,515) — 100.1%				1,380,711,467
Liabilities in excess of other assets — (0.1)%				(710,988)
NET ASSETS — 100.0%			$	1,380,000,479

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Balanced Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	35,843,160	$	–	$	–	$	35,843,160
Investment Companies		1,151,543,246		–		–		1,151,543,246
Investment Contract		–		–		193,325,061		193,325,061
Total	$	1,187,386,406	$	–	$	193,325,061	$	1,380,711,467

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Balanced Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment   Contract		Total
Balance as of 12/31/2019	$	211,585,099	$	211,585,099
Purchases*		1,716,245		1,716,245
Sales		(19,976,283)		(19,976,283)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 3/31/2020	$	193,325,061	$	193,325,061

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

  * NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Capital Appreciation Fund

Investment Companies 89.3%
	Shares		Value
Equity Funds 62.3%
NVIT Emerging Markets Fund, Class Y (a)		4,894,653	$	48,457,061
NVIT International Index Fund, Class Y (a)		28,072,327		222,052,106
NVIT Mid Cap Index Fund, Class Y (a)		5,521,216		83,701,632
NVIT S&P 500 Index Fund, Class Y (a)		22,855,581		361,346,735
NVIT Small Cap Index Fund, Class Y (a)		3,645,976		20,672,683
Total Equity Funds (cost $729,149,026)				736,230,217
Fixed Income Funds 27.0%
Nationwide Core Plus Bond Fund, Class R6 (a)		6,250,226		64,064,817
NVIT Bond Index Fund, Class Y (a)		19,902,567		219,127,266
NVIT Short Term Bond Fund, Class Y (a)		3,572,111		36,471,249
Total Fixed Income Funds (cost $312,589,466)				319,663,332
Total Investment Companies (cost $1,041,738,492)				1,055,893,549
Exchange Traded Funds 5.5%
	Shares		Value
Equity Funds 4.4%
Nationwide Maximum Diversification U.S. Core Equity ETF (a)		1,599,925		40,096,521
Nationwide Risk-Based International Equity ETF (a)		563,404		11,882,190
Total Equity Funds (cost $54,083,865)				51,978,711
Fixed Income Fund 1.1%
iShares 20+ Year Treasury Bond ETF		81,454		13,437,466
Total Fixed Income Fund (cost $12,798,867)				13,437,466
Total Exchange Traded Funds (cost $66,882,732)				65,416,177
Investment Contract 5.3%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(b)	$	62,123,534		62,123,534
Total Investment Contract (cost $62,123,534)				62,123,534
Total Investments (cost $1,170,744,758) — 100.1%				1,183,433,260
Liabilities in excess of other assets — (0.1)%				(647,028)
NET ASSETS — 100.0%			$	1,182,786,232

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

ETF                 Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Capital Appreciation Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	65,416,177	$	–	$	–	$	65,416,177
Investment Companies		1,055,893,549		–		–		1,055,893,549
Investment Contract		–		–		62,123,534		62,123,534
Total	$	1,121,309,726	$	–	$	62,123,534	$	1,183,433,260

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Capital Appreciation Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment         Contract		Total
Balance as of 12/31/2019	$	68,150,362	$	68,150,362
Purchases*		479,054		479,054
Sales		(6,505,882)		(6,505,882)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 3/31/2020	$	62,123,534	$	62,123,534

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Conservative Fund

Investment Companies 73.8%
	Shares		Value
Equity Funds 15.5%
NVIT Emerging Markets Fund, Class Y (a)		867,765	$	8,590,877
NVIT International Index Fund, Class Y (a)		4,606,974		36,441,164
NVIT Mid Cap Index Fund, Class Y (a)		550,532		8,346,063
NVIT S&P 500 Index Fund, Class Y (a)		3,086,279		48,794,073
NVIT Small Cap Index Fund, Class Y (a)		486,000		2,755,618
Total Equity Funds (cost $121,104,173)				104,927,795
Fixed Income Funds 58.3%
Nationwide Core Plus Bond Fund, Class R6 (a)		7,295,447		74,778,330
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		3,377,361		34,482,857
NVIT Bond Index Fund, Class Y (a)		19,472,819		214,395,733
NVIT Short Term Bond Fund, Class Y (a)		7,037,616		71,854,059
Total Fixed Income Funds (cost $387,393,188)				395,510,979
Total Investment Companies (cost $508,497,361)				500,438,774
Exchange Traded Funds 3.3%
	Shares		Value
Equity Funds 2.2%
Nationwide Risk-Based International Equity ETF (a)		291,655		6,151,004
Nationwide Risk-Based U.S. Equity ETF (a)		359,945		8,818,508
Total Equity Funds (cost  $16,204,801)				14,969,512
Fixed Income Fund 1.1%
iShares 20+ Year Treasury Bond ETF(b)		44,357		7,317,574
Total Fixed Income Fund (cost $6,968,048)				7,317,574
Total Exchange Traded Funds (cost $23,172,849)				22,287,086
Investment Contract 23.0%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(c)	$	155,793,918		156,031,415
Total Investment Contract (cost $156,031,415)				156,031,415

Repurchase Agreement 0.3%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,172,801, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $2,216,256. (d)	$	2,172,800	$	2,172,800
Total Repurchase Agreement (cost $2,172,800)				2,172,800
Total Investments (cost $689,874,425) — 100.4%				680,930,075
Liabilities in excess of other assets — (0.4)%				(2,490,132)
NET ASSETS — 100.0%			$	678,439,943

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $2,111,616, which was collateralized by cash used to purchase repurchase agreements with a total value of $2,172,800.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $2,172,800.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Conservative Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	22,287,086	$	–	$	–	$	22,287,086
Investment Companies		500,438,774		–		–		500,438,774
Investment Contract		–		–		156,031,415		156,031,415
Repurchase Agreement		–		2,172,800		–		2,172,800
Total	$	522,725,860	$	2,172,800	$	156,031,415	$	680,930,075

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Conservative Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment         Contract		Total
Balance as of 12/31/2019	$	157,988,678	$	157,988,678
Purchases*		13,327,216		13,327,216
Sales		(15,284,479)		(15,284,479)
Change in Unrealized Appreciation/Depreciation		–		–
Transfers Into Level 3		–		–
Transfers Out of Level 3		–		–
Balance as of 3/31/2020	$	156,031,415	$	156,031,415

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth & Income Fund

Investment Companies 77.5%
	Shares		Value
Equity Funds 40.7%
NVIT Emerging Markets Fund, Class Y (a)		1,312,934	$	12,998,043
NVIT International Index Fund, Class Y (a)		7,695,293		60,869,765
NVIT Mid Cap Index Fund, Class Y (a)		1,310,013		19,859,800
NVIT S&P 500 Index Fund, Class Y (a)		5,378,350		85,031,721
NVIT Small Cap Index Fund, Class Y (a)		943,839		5,351,567
Total Equity Funds (cost $213,983,374)				184,110,896
Fixed Income Funds 36.8%
Nationwide Core Plus Bond Fund, Class R6 (a)		3,442,460		35,285,217
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		87,432		892,682
NVIT Bond Index Fund, Class Y (a)		9,861,879		108,579,285
NVIT Short Term Bond Fund, Class Y (a)		2,151,575		21,967,583
Total Fixed Income Funds (cost $162,841,548)				166,724,767
Total Investment Companies (cost $376,824,922)				350,835,663
Exchange Traded Funds 2.4%
	Shares		Value
Equity Funds 2.2%
Nationwide Risk-Based International Equity ETF(a)		191,883		4,046,813
Nationwide Risk-Based U.S. Equity ETF(a)(b)		237,769		5,825,245
Total Equity Funds (cost $10,733,209)				9,872,058
Fixed Income Fund 0.2%
iShares 20+ Year Treasury Bond ETF(b)		5,848		964,744
Total Fixed Income Fund (cost  $918,896)				964,744
Total Exchange Traded Funds (cost $11,652,105)				10,836,802
Investment Contract 13.0%
	Principal   Amount		Value
Nationwide Contract, 2.50% ^¥(a)(c)	$	58,844,242		58,844,242
Total Investment Contract (cost $58,844,242)				58,844,242

Repurchase Agreement 0.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $858,649, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $875,821. (d)	$	858,648	$	858,648
Total Repurchase Agreement (cost $858,648)				858,648
Total Investments
(cost $448,179,917) — 93.1%				421,375,355
Other assets in excess of liabilities — 6.9%				31,280,063
NET ASSETS — 100.0%			$	452,655,418

^ Value determined using significant unobservable inputs.

¥ Fair valued security

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $834,074, which was collateralized by cash used to purchase repurchase agreements with a total value of $858,648.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $858,648.

ETF Exchange Traded Funds

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth & Income Fund (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of   Contracts		Expiration Date	Trading     Currency		Notional         Amount ($)	Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
MSCI EAFE E-Mini Index		(895)	6/2020		USD	(69,778,675)	(5,449,155)
Russell 2000 E-Mini Index		(232)	6/2020		USD	(13,312,160)	(831,647)
S&P 500 E-Mini Index		(461)	6/2020		USD	(59,231,585)	(2,550,360)
S&P Midcap 400 E-Mini Index		(161)	6/2020		USD	(23,148,580)	(1,525,806)
							(10,356,968)

At March 31, 2020, the Fund had $20,162,120 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth & Income Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	10,836,802	$	–	$	–	$	10,836,802
Investment Companies		350,835,663		–		–		350,835,663
Investment Contract		–		–		58,844,242		58,844,242
Repurchase Agreement		–		858,648		–		858,648
Total Assets	$	361,672,465	$	858,648	$	58,844,242	$	421,375,355
Liabilities:
Futures Contracts	$	(10,356,968)	$	–	$	–	$	(10,356,968)
Total Liabilities	$	(10,356,968)	$	–	$	–	$	(10,356,968)
Total	$	351,315,497	$	858,648	$	58,844,242	$	411,018,387

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth & Income Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract		Total
Balance as of 12/31/2019	$	63,585,267	$	63,585,267
Purchases*		740,437		740,437
Sales		(5,481,462)		(5,481,462)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 3/31/2020	$	58,844,242	$	58,844,242

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for financial futures contracts

Futures Contracts

Financial futures contracts (“futures contracts”) are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount. The Fund is subject to equity risk in the normal course of pursuing its objective(s) in two respects. First, the Fund has set a baseline target equity exposure of 60%, which is represented by the Fund’s allocations to underlying equity funds. Second, the Fund enters into stock index futures contracts in order to increase or decrease the baseline equity exposure consistent with NFA’s view of current equity market conditions. Through the use of these futures contracts, the Fund may increase its equity exposure to a maximum of 80% or to a minimum of 0% of the Fund’s assets.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:		Fair Value
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$        (10,356,968)
Total		$        (10,356,968)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth Fund

Investment Companies 80.4%
	Shares		Value
Equity Funds 49.9%
NVIT Emerging Markets Fund, Class Y (a)		4,004,838	$	39,647,892
NVIT International Index Fund, Class Y (a)		21,201,342		167,702,616
NVIT Mid Cap Index Fund, Class Y (a)		3,673,223		55,686,065
NVIT S&P 500 Index Fund, Class Y (a)		16,022,637		253,317,896
NVIT Small Cap Index Fund, Class Y (a)		2,239,484		12,697,874
Total Equity Funds (cost $606,641,182)				529,052,343
Fixed Income Funds 30.5%
Nationwide Core Plus Bond Fund, Class R6 (a)		7,144,443		73,230,542
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		207,392		2,117,470
NVIT Bond Index Fund, Class Y (a)		19,573,909		215,508,733
NVIT Short Term Bond Fund, Class Y (a)		3,124,382		31,899,937
Total Fixed Income Funds (cost $314,430,204)				322,756,682
Total Investment Companies (cost $921,071,386)				851,809,025
Exchange Traded Funds 2.9%
	Shares		Value
Equity Funds 2.2%
Nationwide Risk-Based International Equity ETF(a)		454,521		9,585,848
Nationwide Risk-Based U.S. Equity ETF(a)(b)		563,211		13,798,444
Total Equity Funds (cost $25,441,416)				23,384,292
Fixed Income Fund 0.7%
iShares 20+ Year Treasury Bond ETF(b)		41,574		6,858,463
Total Fixed Income Fund (cost $6,532,522)				6,858,463
Total Exchange Traded Funds (cost $31,973,938)				30,242,755
Investment Contract 9.5%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(c)	$	100,314,180		100,314,180
Total Investment Contract (cost $100,314,180)				100,314,180

Repurchase Agreement 0.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,266,333, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $2,311,659. (d)	$	2,266,332	$	2,266,332
Total Repurchase Agreement (cost $2,266,332)				2,266,332
Total Investments
(cost $1,055,625,836) — 93.0%				984,632,292
Other assets in excess of liabilities — 7.0%				74,128,525
NET ASSETS — 100.0%			$	1,058,760,817

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $2,202,514, which was collateralized by cash used to purchase repurchase agreements with a total value of $2,266,332.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $2,266,332.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth Fund (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts		Expiration Date	Trading Currency		Notional         Amount ($)	Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
MSCI EAFE E-Mini Index		(2,101)	6/2020		USD	(163,804,465)	(12,950,735)
Russell 2000 E-Mini Index		(500)	6/2020		USD	(28,690,000)	(1,558,816)
S&P 500 E-Mini Index		(1,264)	6/2020		USD	(162,405,040)	(8,604,102)
S&P Midcap 400 E-Mini Index		(369)	6/2020		USD	(53,054,820)	(3,499,149)
							(26,612,802)

At March 31, 2020, the Fund had $49,214,440 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	30,242,755		$	–	$	–	$	30,242,755
Investment Companies		851,809,025			–		–		851,809,025
Investment Contract		–			–		100,314,180		100,314,180
Repurchase Agreement		–			2,266,332		–		2,266,332
Total Assets	$	882,051,780		$	2,266,332	$	100,314,180	$	984,632,292
Liabilities:
Futures Contracts	$	(26,612,802	)	$	–	$	–	$	(26,612,802	)
Total Liabilities	$	(26,612,802	)	$	–	$	–	$	(26,612,802	)
Total	$	855,438,978		$	2,266,332	$	100,314,180	$	958,019,490

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Managed Growth Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment   Contract		Total
Balance as of 12/31/2019	$	107,640,578	$	107,640,578
Purchases*		1,164,898		1,164,898
Sales		(8,491,296)		(8,491,296)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 3/31/2020	$	100,314,180	$	100,314,180

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer. The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

Financial futures contracts (“futures contracts”) are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount. The Fund is subject to equity risk in the normal course of pursuing its objective(s) in two respects. First, the Fund has set a baseline target equity exposure of 60%, which is represented by the Fund’s allocations to underlying equity funds. Second, the Fund enters into stock index futures contracts in order to increase or decrease the baseline equity exposure consistent with NFA’s view of current equity market conditions. Through the use of these futures contracts, the Fund may increase its equity exposure to a maximum of 80% or to a minimum of 0% of the Fund’s assets.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:		Fair Value
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts		$(26,612,802)
Total			$(26,612,802)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderate Fund

Investment Companies 86.8%
	Shares		Value
Equity Funds 53.9%
NVIT Emerging Markets Fund, Class Y (a)		8,556,422	$	84,708,582
NVIT International Index Fund, Class Y (a)		45,305,672		358,367,869
NVIT Mid Cap Index Fund, Class Y (a)		7,842,352		118,890,060
NVIT S&P 500 Index Fund, Class Y (a)		34,250,116		541,494,340
NVIT Small Cap Index Fund, Class Y (a)		4,780,468		27,105,251
Total Equity Funds (cost $1,127,773,392)				1,130,566,102
Fixed Income Funds 32.9%
Nationwide Core Plus Bond Fund, Class R6 (a)		15,296,240		156,786,463
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		444,041		4,533,658
NVIT Bond Index Fund, Class Y (a)		41,918,670		461,524,556
NVIT Short Term Bond Fund, Class Y (a)		6,690,485		68,309,857
Total Fixed Income Funds (cost $679,381,567)				691,154,534
Total Investment Companies (cost $1,807,154,959)				1,821,720,636
Exchange Traded Funds 3.1%
		Shares		Value
Equity Funds 2.4%
Nationwide Risk-Based International Equity ETF (a)(b)		983,253		20,736,806
Nationwide Risk-Based U.S. Equity ETF (a)		1,218,231		29,846,172
Total Equity Funds (cost $55,019,718)				50,582,978
Fixed Income Fund 0.7%
iShares 20+ Year Treasury Bond ETF		89,745		14,805,233
Total Fixed Income Fund (cost $14,101,632)				14,805,233
Total Exchange Traded Funds (cost $69,121,350)				65,388,211
Investment Contract 10.2%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(c)	$	214,874,366		214,874,366
Total Investment Contract (cost $214,874,366)				214,874,366

Repurchase Agreement 0.0%†
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,201, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $2,244. (d)	$	2,200	$	2,200
Total Repurchase Agreement (cost $2,200)				2,200
Total Investments
(cost $2,091,152,875) — 100.1%				2,101,985,413
Liabilities in excess of other assets — (0.1)%				(1,136,152)
NET ASSETS — 100.0%			$	2,100,849,261

^ Value determined using significant unobservable inputs.

† Amount rounds to less than 0.1%.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $2,109, which was collateralized by cash used to purchase repurchase agreements with a total value of $2,200.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $2,200.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderate Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	65,388,211	$	–	$	–	$	65,388,211
Investment Companies		1,821,720,636		–		–		1,821,720,636
Investment Contract		–		–		214,874,366		214,874,366
Repurchase Agreement		–		2,200		–		2,200
Total	$	1,887,108,847	$	2,200	$	214,874,366	$	2,101,985,413

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderate Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment   Contract		Total
Balance as of 12/31/2019	$	238,293,724	$	238,293,724
Purchases*		1,426,117		1,426,117
Sales		(24,845,475)		(24,845,475)
Change in Unrealized Appreciation/Depreciation		–		–
Transfers Into Level 3		–		–
Transfers Out of Level 3		–		–
Balance as of 03/31/2020	$	214,874,366	$	214,874,366

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderately Aggressive Fund

Investment Companies 90.9%
	Shares		Value
Equity Funds 71.9%
NVIT Emerging Markets Fund, Class Y (a)		4,486,347	$	44,414,840
NVIT International Index Fund, Class Y (a)		24,294,839		192,172,176
NVIT Mid Cap Index Fund, Class Y (a)		5,952,546		90,240,603
NVIT S&P 500 Index Fund, Class Y (a)		17,958,271		283,920,270
NVIT Small Cap Index Fund, Class Y (a)		2,734,522		15,504,739
Total Equity Funds (cost $615,920,093)				626,252,628
Fixed Income Funds 19.0%
Nationwide Core Plus Bond Fund, Class R6 (a)		4,686,894		48,040,665
NVIT Bond Index Fund, Class Y (a)		10,654,312		117,303,979
Total Fixed Income Funds (cost $161,540,326)				165,344,644
Total Investment Companies (cost $777,460,419)				791,597,272
Exchange Traded Funds 5.9%
		Shares		Value
Equity Funds 5.5%
Nationwide Maximum Diversification U.S. Core Equity ETF (a)		1,200,761		30,092,872
Nationwide Risk-Based International Equity ETF (a)		843,540		17,790,258
Total Equity Funds (cost $51,162,064)				47,883,130
Fixed Income Fund 0.4%
iShares 20+ Year Treasury Bond ETF(b)		19,243		3,174,518
Total Fixed Income Fund (cost $3,023,652)				3,174,518
Total Exchange Traded Funds (cost $54,185,716)				51,057,648
Investment Contract 3.3%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(c)	$	28,554,217		28,554,217
Total Investment Contract (cost $28,554,217)				28,554,217
Repurchase Agreements 0.0%†
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $246,520, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $251,450. (d)		246,520		246,520

Repurchase Agreements (continued)
	Principal Amount		Value
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $59,201, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $60,384. (d)	$	59,200	$	59,200
Total Repurchase Agreements (cost $305,720)				305,720
Total Investments (cost $860,506,072) — 100.1%				871,514,857
Liabilities in excess of other assets — (0.1)%				(815,898)
NET ASSETS — 100.0%			$	870,698,959

^ Value determined using significant unobservable inputs.

† Amount rounds to less than 0.1%.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $297,111, which was collateralized by cash used to purchase repurchase agreements with a total value of $305,720.

(c) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

(d) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $305,720.

ETF        Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderately Aggressive Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	51,057,648	$	–	$	–	$	51,057,648
Investment Companies		791,597,272		–		–		791,597,272
Investment Contract		–		–		28,554,217		28,554,217
Repurchase Agreements		–		305,720		–		305,720
Total	$	842,654,920	$	305,720	$	28,554,217	$	871,514,857

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderately Aggressive Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment   Contract		Total
Balance as of 12/31/2019	$	30,707,836	$	30,707,836
Purchases*		185,650		185,650
Sales		(2,339,269)		(2,339,269)
Change in Unrealized Appreciation/Depreciation		—		—
Transfers Into Level 3		—		—
Transfers Out of Level 3		—		—
Balance as of 03/31/2020	$	28,554,217	$	28,554,217

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or the Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderately Conservative Fund

Investment Companies 81.0%
	Shares		Value
Equity Funds 34.0%
NVIT Emerging Markets Fund, Class Y (a)		958,377	$	9,487,934
NVIT International Index Fund, Class Y (a)		10,995,504		86,974,439
NVIT Mid Cap Index Fund, Class Y (a)		1,823,872		27,649,893
NVIT S&P 500 Index Fund, Class Y (a)		7,246,583		114,568,477
NVIT Small Cap Index Fund, Class Y (a)		1,605,920		9,105,566
Total Equity Funds (cost $264,765,244)				247,786,309
Fixed Income Funds 47.0%
Nationwide Core Plus Bond Fund, Class R6 (a)		6,612,054		67,773,554
Nationwide Inflation-Protected Securities Fund, Class R6 (a)		2,239,574		22,866,052
NVIT Bond Index Fund, Class Y (a)		18,182,259		200,186,675
NVIT Short Term Bond Fund, Class Y (a)		5,023,939		51,294,414
Total Fixed Income Funds (cost $336,544,473)				342,120,695
Total Investment Companies (cost $601,309,717)				589,907,004
Exchange Traded Funds 3.2%
	Shares		Value
Equity Funds 2.3%
Nationwide Risk-Based International Equity ETF (a)		330,876		6,978,175
Nationwide Risk-Based U.S. Equity ETF (a)		409,915		10,042,753
Total Equity Funds (cost $18,514,778)				17,020,928
Fixed Income Fund 0.9%
iShares 20+ Year Treasury Bond ETF		40,247		6,639,548
Total Fixed Income Fund (cost  $6,324,011)				6,639,548
Total Exchange Traded Funds (cost $24,838,789)				23,660,476
Investment Contract 15.8%
	Principal Amount		Value
Nationwide Contract, 2.50% ^¥(a)(b)	$	115,451,134		115,451,134
Total Investment Contract (cost $115,451,134)				115,451,134
Total Investments (cost $741,599,640) — 100.1%				729,018,614
Liabilities in excess of other assets — (0.1)%				(402,128)
NET ASSETS — 100.0%			$	728,616,486

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

(a) Investment in affiliate.

(b) The Nationwide Contract is issued by Nationwide Life Insurance Company. The interest rate is assessed and may change quarterly. The security is restricted and has been deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited.

ETF            Exchange Traded Funds

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderately Conservative Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	23,660,476	$	–	$	–	$	23,660,476
Investment Companies		589,907,004		–		–		589,907,004
Investment Contract		–		–		115,451,134		115,451,134
Total	$	613,567,480	$	–	$	115,451,134	$	729,018,614

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Investor Destinations Moderately Conservative Fund (Continued)

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investment Contract		Total
Balance as of 12/31/2019	$	122,937,286	$	122,937,286
Purchases*		1,241,898		1,241,898
Sales		(8,728,050)		(8,728,050)
Change in Net Appreciation/Depreciation		–		–
Transfers Into Level 3		–		–
Transfers Out of Level 3		–		–
Balance as of 3/31/2020	$	115,451,134	$	115,451,134

Amounts designated as “—” are zero or have been rounded to zero.

* Purchases include reinvestment of income and realized gain distributions, as applicable.

The following table represents the Fund’s Level 3 financial instrument. The significant unobservable inputs used in the fair value measurement of Funds investment in the Nationwide Contract include interest rate and daily transactions value. Significant change in any of these inputs would significantly change the fair value measure of the Nationwide Contract. The interest rate and daily transactions value results in stable valuation of the Nationwide Contract.

Instrument	Principal Valuation Technique	Unobservable Inputs	Range (Weighted Average)*
Nationwide Contract	Cost Analysis	Interest Rate	2.50% (2.50%)
		Daily Transactions	$1.00 ($1.00)

* NFA can increase or redeem all or a portion of the Fund’s investment in the Nationwide Contract on a daily basis for any reason without imposition of any sales charge or market value adjustment. The Fund cannot assign or transfer its interest in the Nationwide Contract to any party. If the Fund transferred its interest in the Nationwide Contract, the issuer would terminate the arrangement and pay the Fund the amount of its holding as of the termination date. The Fund or Nationwide Life Insurance Company has the ability to terminate their investment in the Nationwide Contract at their discretion. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news or the credit rating of the issuer.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT iShares Fixed Income ETF Fund

Exchange Traded Funds 100.1%
	Shares		Value
Fixed Income Funds 100.1%
iShares Core 10+ Year USD Bond ETF(a)		10,059	$	716,503
iShares Core 1-5 Year USD Bond ETF(a)		20,969		1,058,935
iShares Core Total USD Bond Market ETF(a)		13,542		710,955
iShares Core U.S. Aggregate Bond ETF		30,550		3,524,553
iShares MBS ETF		6,385		705,159
iShares U.S. Treasury Bond ETF(a)		12,531		350,993
Total Exchange Traded Funds (cost $6,883,042)				7,067,098
Repurchase Agreements 21.7%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,436,601, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $1,465,332. (b)	$	1,436,600		1,436,600
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $100,001, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $102,000. (b)		100,000		100,000
Total Repurchase Agreements (cost $1,536,600)				1,536,600
Total Investments
(cost $8,419,642) — 121.8%				8,603,698
Liabilities in excess of other assets — (21.8)%				(1,537,803)
NET ASSETS — 100.0%			$	7,065,895

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $1,504,449, which was collateralized by cash used to purchase repurchase agreements with a total value of $1,536,600.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $1,536,600.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT iShares Fixed Income ETF Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	7,067,098	$	–	$	–	$	7,067,098
Repurchase Agreements		–		1,536,600		–		1,536,600
Total	$	7,067,098	$	1,536,600	$	–	$	8,603,698

Amounts designated as “–” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT iShares Global Equity ETF Fund

Exchange Traded Funds 100.5%
	Shares		Value
Equity Funds 100.5%
iShares Core MSCI EAFE ETF		10,614	$	529,532
iShares Core MSCI International Developed Markets ETF(a)		13,350		591,539
iShares Core S&P 500 ETF		1,205		311,372
iShares Core S&P Mid-Cap ETF		5,566		800,725
iShares Core S&P Small-Cap ETF		2,479		139,097
iShares Core S&P Total U.S. Stock Market ETF(a)		21,829		1,248,837
iShares Edge MSCI Multifactor USA ETF(a)		14,961		395,718
iShares Edge MSCI Multifactor USA Small-Cap ETF(a)		2,664		79,361
iShares Edge MSCI USA Momentum Factor ETF		877		93,383
iShares Edge MSCI USA Quality Factor ETF		1,170		94,817
iShares Edge MSCI USA Size Factor ETF		1,161		82,872
iShares Edge MSCI USA Value Factor ETF		1,370		86,310
Total Exchange Traded Funds (cost $5,085,265)				4,453,563
Repurchase Agreements 24.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $874,521, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $892,011. (b)	$	874,520		874,520
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $100,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $102,000. (b)		100,000		100,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $100,001, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $102,000. (b)		100,000		100,000
Total Repurchase Agreements (cost $1,074,520)				1,074,520
Total Investments (cost $6,159,785) — 124.7%				5,528,083
Liabilities in excess of other assets — (24.7)%				(1,093,710)
NET ASSETS — 100.0%			$	4,434,373

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $1,039,056, which was collateralized by cash used to purchase repurchase agreements with a total value of $1,074,520.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $1,074,520.

ETF Exchange Traded Fund

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT iShares Global Equity ETF Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Exchange Traded Funds	$	4,453,563	$	–	$	–	$	4,453,563
Repurchase Agreements		–		1,074,520		–		1,074,520
Total	$	4,453,563	$	1,074,520	$	–	$	5,528,083

Amounts designated as “-” are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Disciplined Equity Fund

Common Stocks 98.4%
	Shares		Value
Aerospace & Defense 1.2%
General Dynamics Corp.		88	$	11,643
Northrop Grumman Corp.		114		34,491
				46,134
Auto Components 0.1%
Magna International, Inc.		80		2,554
Banks 2.7%
Bank of America Corp.		1,308		27,769
Citigroup, Inc.		1,080		45,490
East West Bancorp, Inc.		99		2,548
First Horizon National Corp. (a)		254		2,047
First Republic Bank		108		8,886
KeyCorp		936		9,707
SVB Financial Group *		39		5,892
				102,339
Beverages 1.9%
Coca-Cola Co. (The)		1,040		46,020
Constellation Brands, Inc., Class A (a)		69		9,892
PepsiCo, Inc.		135		16,213
				72,125
Biotechnology 2.9%
AbbVie, Inc.		672		51,200
Alexion Pharmaceuticals, Inc. *		114		10,236
Biogen, Inc. *		59		18,666
Regeneron Pharmaceuticals, Inc. *		14		6,836
Vertex Pharmaceuticals, Inc. *		91		21,654
				108,592
Building Products 0.7%
Masco Corp.		141		4,874
Trane Technologies plc		284		23,456
				28,330
Capital Markets 2.8%
Ameriprise Financial, Inc.		65		6,661
BlackRock, Inc.		80		35,198
Charles Schwab Corp. (The)		565		18,995
Intercontinental Exchange, Inc.		48		3,876
Morgan Stanley		718		24,412
S&P Global, Inc.		66		16,173
				105,315
Chemicals 2.6%
Air Products & Chemicals, Inc.		83		16,568
DuPont de Nemours, Inc.		99		3,376
FMC Corp.		348		28,428
Linde plc		240		41,520
Sherwin-Williams Co. (The)		16		7,352
				97,244
Commercial Services & Supplies 0.6%
Waste Management, Inc.		255		23,603
Consumer Finance 0.6%
American Express Co.		264		22,601
Electric Utilities 2.8%
American Electric Power Co., Inc.		51		4,079
Entergy Corp.		142		13,344
NextEra Energy, Inc.		261		62,802
Xcel Energy, Inc.		440		26,532
				106,757
Electrical Equipment 0.8%
AMETEK, Inc.		44		3,169
Eaton Corp. plc		221		17,170
Rockwell Automation, Inc.		62		9,356
				29,695

Common Stocks (continued)
	Shares		Value
Entertainment 1.1%
Electronic Arts, Inc. *		80	$	8,014
Netflix, Inc. *		95		35,672
				43,686
Equity Real Estate Investment Trusts (REITs) 3.1%
Equinix, Inc.		41		25,607
JBG SMITH Properties		208		6,621
Prologis, Inc.		503		40,426
Realty Income Corp.		168		8,376
SBA Communications Corp.		116		31,317
Ventas, Inc.		237		6,352
				118,699
Food & Staples Retailing 0.3%
Costco Wholesale Corp.		39		11,120
Food Products 0.9%
Conagra Brands, Inc. (a)		208		6,103
Mondelez International, Inc., Class A		538		26,943
				33,046
Health Care Equipment & Supplies 2.5%
Baxter International, Inc.		245		19,892
Boston Scientific Corp. *		834		27,213
Intuitive Surgical, Inc. *		28		13,866
Medtronic plc		42		3,788
Zimmer Biomet Holdings, Inc.		304		30,728
				95,487
Health Care Providers & Services 4.0%
Anthem, Inc.		67		15,212
Cigna Corp.		337		59,710
HCA Healthcare, Inc.		68		6,110
McKesson Corp.		44		5,951
UnitedHealth Group, Inc.		256		63,841
				150,824
Hotels, Restaurants & Leisure 1.8%
Hilton Worldwide Holdings, Inc.		127		8,667
Las Vegas Sands Corp.		437		18,559
McDonald’s Corp.		138		22,818
Yum! Brands, Inc.		297		20,354
				70,398
Household Durables 0.5%
DR Horton, Inc.		271		9,214
Lennar Corp., Class A		282		10,772
				19,986
Household Products 1.6%
Procter & Gamble Co. (The)		549		60,390
Industrial Conglomerates 1.2%
Honeywell International, Inc.		336		44,953
Insurance 0.8%
Arthur J Gallagher & Co.		149		12,145
Progressive Corp. (The)		247		18,238
				30,383
Interactive Media & Services 5.8%
Alphabet, Inc., Class A *		91		105,738
Alphabet, Inc., Class C *		41		47,675
Facebook, Inc., Class A *		409		68,221
				221,634
Internet & Direct Marketing Retail 5.2%
Amazon.com, Inc. *		96		187,173
Booking Holdings, Inc. *		9		12,108
				199,281
IT Services 8.1%
Automatic Data Processing, Inc. (a)		259		35,400

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Disciplined Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
IT Services (continued)
Booz Allen Hamilton Holding Corp.		28	$	1,922
Fidelity National Information Services, Inc.		342		41,601
Fiserv, Inc. *		493		46,830
FleetCor Technologies, Inc. *		15		2,798
Global Payments, Inc.		31		4,471
Leidos Holdings, Inc.		345		31,619
Mastercard, Inc., Class A		300		72,468
PayPal Holdings, Inc. *		544		52,083
Visa, Inc., Class A (a)		60		9,667
WEX, Inc. *(a)		108		11,292
				310,151
Life Sciences Tools & Services 1.3%
Thermo Fisher Scientific, Inc.		168		47,645
Machinery 1.1%
Ingersoll Rand, Inc. *		302		7,490
Parker-Hannifin Corp.		129		16,735
Stanley Black & Decker, Inc.		191		19,100
				43,325
Media 2.7%
Charter Communications, Inc., Class A *(a)		105		45,813
Comcast Corp., Class A		1,523		52,361
Discovery, Inc., Class A *(a)		276		5,365
				103,539
Multiline Retail 0.1%
Dollar General Corp.		13		1,963
Dollar Tree, Inc. *		24		1,763
				3,726
Multi-Utilities 0.7%
Ameren Corp.		196		14,274
CMS Energy Corp.		233		13,689
				27,963
Oil, Gas & Consumable Fuels 2.2%
Chevron Corp.		597		43,259
ConocoPhillips		102		3,142
Diamondback Energy, Inc.		356		9,327
Marathon Petroleum Corp.		302		7,133
Pioneer Natural Resources Co.		102		7,155
TC Energy Corp.		152		6,734
Williams Cos., Inc. (The)		400		5,660
				82,410
Pharmaceuticals 4.5%
Bristol-Myers Squibb Co.		1,070		59,641
Eli Lilly & Co.		286		39,674
Johnson & Johnson		269		35,274
Merck & Co., Inc.		486		37,393
				171,982
Road & Rail 3.1%
Kansas City Southern		155		19,713
Lyft, Inc., Class A *(a)		261		7,008
Norfolk Southern Corp.		402		58,692
Union Pacific Corp.		219		30,887
				116,300
Semiconductors & Semiconductor Equipment 5.4%
Advanced Micro Devices, Inc. *(a)		434		19,738
Analog Devices, Inc.		229		20,530
ASML Holding NV (Registered), NYRS-NL		140		36,630
Lam Research Corp.		17		4,080
Micron Technology, Inc. *		34		1,430
NVIDIA Corp.		201		52,983
Taiwan Semiconductor Manufacturing Co. Ltd., ADR-TW		696		33,262

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc.		358	$	35,775
				204,428
Software 10.3%
Intuit, Inc.		114		26,220
Microsoft Corp.		1,774		279,777
salesforce.com, Inc. *		413		59,464
ServiceNow, Inc. *		56		16,048
Slack Technologies, Inc., Class A *(a)		246		6,603
Workday, Inc., Class A *		39		5,079
				393,191
Specialty Retail 3.7%
AutoZone, Inc. *		17		14,382
Best Buy Co., Inc.		112		6,384
Home Depot, Inc. (The)		263		49,105
Lowe’s Cos., Inc.		348		29,945
O’Reilly Automotive, Inc. *		79		23,783
TJX Cos., Inc. (The)		340		16,255
				139,854
Technology Hardware, Storage & Peripherals 4.6%
Apple, Inc.		694		176,477
Textiles, Apparel & Luxury Goods 0.7%
NIKE, Inc., Class B		322		26,642
Tobacco 0.9%
Altria Group, Inc.		338		13,071
Philip Morris International, Inc.		289		21,085
				34,156
Wireless Telecommunication Services 0.5%
T-Mobile US, Inc. *		232		19,465
Total Common Stocks (cost $4,246,254)				3,746,430
Rights 0.0%†
	Number of Rights		Value
Pharmaceuticals 0.0%†
Bristol-Myers Squibb Co., CVR*		306		1,162
Total Rights (cost $652)				1,162
Repurchase Agreement 0.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $6,326, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $6,452. (b)	$	6,326		6,326
Total Repurchase Agreement (cost $6,326)				6,326
Total Investments (cost $4,253,232) — 98.6%				3,753,918
Other assets in excess of liabilities — 1.4%				53,605
NET ASSETS — 100.0%			$	3,807,523

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Disciplined Equity Fund (Continued)

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $142,658, which was collateralized by cash used to purchase repurchase agreements with a total value of $6,326 and by $143,682 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 3.88%, and maturity dates ranging from 4/9/2020 – 2/15/2049, a total value of $150,008.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $6,326.

ADR	American Depositary Receipt
NL	Netherlands
NYRS	New York Registry Shares
REIT	Real Estate Investment Trust
TW	Taiwan

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Disciplined Equity Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	3,746,430	$	–	$	–	$	3,746,430
Repurchase Agreement		–		6,326		–		6,326
Right		1,162		–		–		1,162
Total	$	3,747,592	$	6,326	$	–	$	3,753,918

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Consolidated Statement of Investments

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Mozaic^SM Multi-Asset Fund

Corporate Bonds 7.2%
	Principal Amount		Value
FRANCE 2.9%
Transportation Infrastructure 2.9%
SNCF Reseau, Reg. S, 2.00%, 10/13/2020	$	220,000	$	221,150
SOUTH KOREA 4.3%
Banks 4.3%
Korea Development Bank (The), 2.50%, 1/13/2021		318,000		321,956
Total Corporate Bonds (cost $540,222)				543,106
Foreign Government Securities 13.7%
	Principal Amount		Value
CANADA 4.2%
Province of Ontario, 2.55%, 2/12/2021		310,000		315,214
FRANCE 2.6%
SFIL SA, Reg. S, 2.00%, 6/30/2020		200,000		200,524
JAPAN 6.9%
Japan Finance Organization for Municipalities, 4.00%, 1/13/2021		300,000		307,827
Tokyo Metropolitan Government, Reg. S, 2.13%, 5/19/2020		215,000		215,275
				523,102
Total Foreign Government Securities (cost $1,034,976)				1,038,840
Supranational 7.2%
	Principal Amount		Value
SUPRANATIONAL 7.2%
Asian Development Bank, 1.63%, 5/5/2020		275,000		275,093
International Bank for Reconstruction & Development, 1.63%, 9/4/2020		265,000		266,213
Total Supranational (cost $539,978)				541,306
Total Investments
(cost $2,115,176) — 28.1%				2,123,252
Other assets in excess of liabilities — 71.9%				5,444,947
NET ASSETS — 100.0%			$	7,568,199

Reg. S Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Consolidated Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Mozaic^SM Multi-Asset Fund (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts		Expiration Date	Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Silver		2	5/2020		USD		141,560		8,405
Australia 10 Year Bond		26	6/2020		AUD		2,408,658		48,508
Gold		51	6/2020		USD		814,266		2,287
Long Gilt		15	6/2020		GBP		2,537,424		25,666
Mini-DAX Index		14	6/2020		EUR		764,889		59,112
NASDAQ 100 E-Mini Index		47	6/2020		USD		731,908		53,761
S&P 500 E-Mini Index		62	6/2020		USD		796,607		73,620
U.S. Treasury 10 Year Note		22	6/2020		USD		3,051,124		26,467
U.S. Treasury Long Bond		9	6/2020		USD		1,611,563		9,605
U.S. Treasury Ultra Bond		5	6/2020		USD		1,109,375		22,739
									330,170

At March 31, 2020, the Fund has $538,742 segregated as collateral with the broker for open futures contracts.

Currency:

AUD	Australian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Consolidated Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Mozaic^SM Multi-Asset Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Corporate Bonds	$	–	$	543,106	$	–	$	543,106
Foreign Government Securities		–		1,038,840		–		1,038,840
Futures Contracts		330,170		–		–		330,170
Supranational		–		541,306		–		541,306
Total	$	330,170	$	2,123,252	$	–	$	2,453,422

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) for the purpose of minimizing tracking error in the portfolio. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Consolidated Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT J.P. Morgan Mozaic^SM Multi-Asset Fund (Continued)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Commodity risk	Unrealized appreciation from futures contracts	$	10,692
Equity risk	Unrealized appreciation from futures contracts		186,493
Interest rate risk	Unrealized appreciation from futures contracts		132,985
Total		$	330,170

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund)

Common Stocks 98.0%
	Shares		Value
Aerospace & Defense 0.3%
Spirit AeroSystems Holdings, Inc., Class A		17,130	$	409,921
Air Freight & Logistics 1.2%
Expeditors International of Washington, Inc.		27,543		1,837,669
Biotechnology 5.3%
Biogen, Inc. *		8,996		2,846,154
FibroGen, Inc. *		9,396		326,511
Gilead Sciences, Inc.		34,968		2,614,208
Heron Therapeutics, Inc. *		22,808		267,766
Incyte Corp. *		29,146		2,134,362
Sage Therapeutics, Inc. *		3,482		100,003
				8,289,004
Building Products 0.1%
Builders FirstSource, Inc. *		13,986		171,049
Capital Markets 1.9%
Charles Schwab Corp. (The)		41,542		1,396,642
LPL Financial Holdings, Inc.		27,660		1,505,534
				2,902,176
Chemicals 1.1%
Axalta Coating Systems Ltd. *		10,305		177,967
Element Solutions, Inc. *		72,038		602,238
WR Grace & Co.		26,572		945,963
				1,726,168
Commercial Services & Supplies 0.4%
KAR Auction Services, Inc.		51,470		617,640
Communications Equipment 1.0%
F5 Networks, Inc. *		14,460		1,541,870
Construction & Engineering 1.0%
EMCOR Group, Inc.		15,254		935,375
Quanta Services, Inc.		19,946		632,887
				1,568,262
Consumer Finance 1.2%
Green Dot Corp., Class A *		17,330		440,009
Synchrony Financial		92,346		1,485,847
				1,925,856
Containers & Packaging 0.1%
Sealed Air Corp.		8,420		208,058
Diversified Financial Services 0.2%
Voya Financial, Inc.		8,809		357,205
Diversified Telecommunication Services 1.4%
Cogent Communications Holdings, Inc.		26,492		2,171,549
Electronic Equipment, Instruments & Components 0.2%
Jabil, Inc.		15,288		375,779
Entertainment 4.3%
Electronic Arts, Inc. *		25,580		2,562,349
Madison Square Garden Co. (The), Class A *		6,628		1,401,225
Spotify Technology SA *		11,347		1,377,980
Take-Two Interactive Software, Inc. *		11,084		1,314,673
				6,656,227
Equity Real Estate Investment Trusts (REITs) 2.5%
American Homes 4 Rent, Class A		67,972		1,576,950
American Tower Corp.		9,815		2,137,216

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
National Health Investors, Inc.		3,061	$	151,581
				3,865,747
Food & Staples Retailing 1.6%
Performance Food Group Co. *		21,223		524,632
Sysco Corp.		44,376		2,024,877
				2,549,509
Food Products 1.2%
Hershey Co. (The)		3,859		511,317
Post Holdings, Inc. *		8,001		663,843
Sanderson Farms, Inc.		3,396		418,795
TreeHouse Foods, Inc. *		4,590		202,649
				1,796,604
Health Care Equipment & Supplies 1.0%
ICU Medical, Inc. *		5,264		1,062,117
Varian Medical Systems, Inc. *		5,362		550,463
				1,612,580
Health Care Providers & Services 5.7%
AmerisourceBergen Corp.		30,477		2,697,214
Anthem, Inc.		4,845		1,100,009
Humana, Inc.		9,976		3,132,663
McKesson Corp.		14,118		1,909,601
Tenet Healthcare Corp. *		5,944		85,594
				8,925,081
Health Care Technology 1.4%
Change Healthcare, Inc. *		28,030		280,020
Veeva Systems, Inc., Class A *		12,132		1,897,081
				2,177,101
Hotels, Restaurants & Leisure 4.3%
Chipotle Mexican Grill, Inc. *		62		40,573
Hilton Worldwide Holdings, Inc.		31,836		2,172,489
Starbucks Corp.		51,623		3,393,696
Wingstop, Inc.		7,122		567,623
Yum! Brands, Inc.		7,797		534,328
				6,708,709
Household Durables 1.3%
iRobot Corp. *		8,627		352,844
KB Home		19,187		347,285
Taylor Morrison Home Corp. *		118,920		1,308,120
				2,008,249
Insurance 1.7%
Axis Capital Holdings Ltd.		38,637		1,493,320
RenaissanceRe Holdings Ltd.		3,559		531,430
Travelers Cos., Inc. (The)		5,730		569,275
				2,594,025
Interactive Media & Services 5.2%
Alphabet, Inc., Class C *		4,895		5,691,955
Cargurus, Inc. *		6,628		125,535
Facebook, Inc., Class A *		10,304		1,718,707
Yelp, Inc. *		34,308		618,573
				8,154,770
Internet & Direct Marketing Retail 7.4%
Amazon.com, Inc. *		5,885		11,474,102
IT Services 6.5%
Mastercard, Inc., Class A		20,897		5,047,879
PayPal Holdings, Inc. *		19,864		1,901,779
VeriSign, Inc. *		15,393		2,772,126
Visa, Inc., Class A		2,570		414,079
				10,135,863

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Machinery 0.1%
Allison Transmission Holdings, Inc.		6,993	$	228,042
Media 0.3%
Cable One, Inc.		168		276,194
Nexstar Media Group, Inc., Class A		1,906		110,033
				386,227
Oil, Gas & Consumable Fuels 0.2%
Pioneer Natural Resources Co.		3,515		246,577
Paper & Forest Products 0.6%
Louisiana-Pacific Corp.		55,552		954,383
Personal Products 0.2%
Herbalife Nutrition Ltd. *		12,915		376,601
Pharmaceuticals 1.4%
Eli Lilly & Co.		11,868		1,646,329
Jazz Pharmaceuticals plc *		3,648		363,852
Pacira BioSciences, Inc. *		3,649		122,351
				2,132,532
Professional Services 1.4%
Insperity, Inc.		31,847		1,187,893
TriNet Group, Inc. *		24,204		911,523
				2,099,416
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *		8,557		322,685
Road & Rail 0.5%
Old Dominion Freight Line, Inc.		5,504		722,389
Semiconductors & Semiconductor Equipment 1.8%
Inphi Corp. *		514		40,693
Power Integrations, Inc.		8,136		718,653
QUALCOMM, Inc.		30,857		2,087,476
				2,846,822
Software 20.9%
Autodesk, Inc. *		9,560		1,492,316
Bottomline Technologies DE, Inc. *		15,825		579,986
Box, Inc., Class A *		70,541		990,396
Ceridian HCM Holding, Inc. *		12,138		607,750
Cloudera, Inc. *		46,052		362,429
Cornerstone OnDemand, Inc. *		34,382		1,091,628
Dropbox, Inc., Class A *		12,154		219,987
FireEye, Inc. *		90,084		953,089
Fortinet, Inc. *		27,395		2,771,552
HubSpot, Inc. *		5,050		672,610
Manhattan Associates, Inc. *		7,841		390,639
Microsoft Corp.		105,626		16,658,276
New Relic, Inc. *		20,845		963,873
Nutanix, Inc., Class A *		26,799		423,424
Progress Software Corp.		33,319		1,066,208
Qualys, Inc. *		6,837		594,751
Rapid7, Inc. *		4,985		216,000
Teradata Corp. *		70,701		1,448,663
Varonis Systems, Inc. *		9,416		599,517
Workiva, Inc. *		15,544		502,538
				32,605,632
Specialty Retail 0.9%
Best Buy Co., Inc.		23,309		1,328,613
Technology Hardware, Storage & Peripherals 10.0%
Apple, Inc.		41,807		10,631,102
Dell Technologies, Inc., Class C *		41,423		1,638,280
HP, Inc.		110,012		1,909,808

Common Stocks (continued)
	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
NCR Corp. *		17,554	$	310,706
NetApp, Inc.		3,284		136,910
Pure Storage, Inc., Class A *		71,020		873,546
				15,500,352
Trading Companies & Distributors 0.0%†
Beacon Roofing Supply, Inc. *		3,623		59,924
Total Investments (cost $152,165,924) — 98.0%				152,570,968
Other assets in excess of liabilities — 2.0%				3,176,445
NET ASSETS — 100.0%			$	155,747,413

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

REIT Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly NVIT Multi-Manager Large Cap Growth Fund) (Continued)

OTC Total return swap contracts outstanding as of March 31, 2020 :

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Agilent Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		7,780		3,149		3,149
Albany International Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,090		3,261		3,261
American Eagle Outfitters, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		34,147		6,488		6,488
Arena Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,352		18,674		18,674
Arista Networks, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		6,818		76,771		76,771
Atkore International Group, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		6,320		1,851		1,851
Autodesk, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,900		85,727		85,727
Berry Global Group, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		24,697		15,806		15,806
Blackline, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,922		1,034		1,034
Box, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		9,027		5,597		5,597
Cable One, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		984		173,814		173,814
CareTrust REIT, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		8,856		3,578		3,578

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
CarMax, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		10,209		52,066		52,066
Ceridian HCM Holding, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,120		4,430		4,430
Chipotle Mexican Grill, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		28		542		542
Citrix Systems, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		18,826		28,427		28,427
Cognex Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		16,543		17,866		17,866
Comfort Systems USA, Inc.	1 month USD LIBOR + 0.30% to 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		14,424		52,071		52,071
Copart, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		10,886		19,377		19,377
CSG Systems International, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		14,912		1,295		1,295
Dropbox, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		68,226		23,879		23,879
Envestnet, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,297		16,950		16,950
Essential Properties Realty Trust, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		21,746		28,052		28,052
Everest Re Group Ltd.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,969		15,553		15,553
ExlService Holdings, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		12,719		506		506

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Gray Television, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		16,229		19,475		19,475
Hanesbrands, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		70,905		22,690		22,690
HealthEquity, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,209		4,236		4,236
Invitae Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		9,892		4,155		4,155
Iovance Biotherapeutics, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		2,537		5,645		5,645
iRhythm Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,350		1,871		1,871
Ironwood Pharmaceuticals, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,881		1,705		1,705
KAR Auction Services, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		13,842		5,398		5,398
L Brands, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		14,002		14,422		14,422
L3Harris Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,898		23,902		23,902
LendingTree, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		251		2,206		2,206
Marriott Vacations Worldwide Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,439		26,434		26,434
Maxim Integrated Products, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		8,481		8,905		8,905
Merit Medical Systems, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		11,802		11,946		11,946
Microchip Technology, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		12,844		5,138		5,138

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Moelis & Co.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		12,794		22,645		22,645
Molina Healthcare, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		13,535		61,449		61,449
Moody’s Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		3,561		30,100		30,100
National Vision Holdings, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		12,243		6,244		6,244
NetApp, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		36,486		53,270		53,270
Pacira BioSciences, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,561		13,610		13,610
Pioneer Natural Resources Co.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		10,243		20,998		20,998
Quaker Chemical Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,815		41,361		41,361
QUALCOMM, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		16,907		17,921		17,921
Quanta Services, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		20,276		38,322		38,322
Raymond James Financial, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		19,414		37,275		37,275
Reata Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		540		3,051		3,051
Red Rock Resorts, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		51,621		71,237		71,237
REGENXBIO, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		2,133		3,200		3,200

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)	Value ($)
RenaissanceRe Holdings Ltd.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		2,120	233	233
RingCentral, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		3,471	78,930	78,930
Sabre Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		110,394	17,663	17,663
salesforce.com, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,234	10,573	10,573
SBA Communications Corp.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,901	67,870	67,870
Scotts Miracle-Gro Co. (The)	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		8,315	1,081	1,081
Shake Shack, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,238	9,390	9,390
T Rowe Price Group, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		2,399	1,871	1,871
Target Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		6,666	11,799	11,799
Teladoc Health, Inc.	Increases in total return of reference entity	OBFR - 0.46% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,706	52,210	52,210
Trade Desk, Inc. (The)	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		539	3,606	3,606
TransDigm Group, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		1,710	73,222	73,222
TreeHouse Foods, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		7,492	32,665	32,665
Twilio, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,176	36,957	36,957
Virtu Financial, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		42,985	76,513	76,513

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)	Value ($)
Voya Financial, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		11,250	9,788	9,788
Walker & Dunlop, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		6,775	15,583	15,583
Welbilt, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		5,764	364	364
Winnebago Industries, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,573	14,155	14,155
YETI Holdings, Inc.	Increases in total return of reference entity	OBFR - 0.47% to 0.48% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		5,517	7,779	7,779
								1,757,827	1,757,827
ACADIA Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,368	(14,939)	(14,939)
Alaska Air Group, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		12,184	(17,058)	(17,058)
Align Technology, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		9,701	(29,976)	(29,976)
Allison Transmission Holdings, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		36,837	(10,314)	(10,314)
Altair Engineering, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		8,975	(13,822)	(13,822)
Alteryx, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		8,706	(15,932)	(15,932)
Altice USA, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		43,165	(6,475)	(6,475)
Amazon.com, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		312	(2,294)	(2,294)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)	Value ($)
American Tower Corp.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,742	(5,652)	(5,652)
ANSYS, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,432	(32,432)	(32,432)
Apellis Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,396	(2,860)	(2,860)
Appfolio, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,698	(22,151)	(22,151)
Arrowhead Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		3,478	(2,261)	(2,261)
Atlassian Corp. plc	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		14,013	(69,925)	(69,925)
Axos Financial, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		15,307	(765)	(765)
Badger Meter, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		13,918	(18,233)	(18,233)
Barnes Group, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		6,159	(19,339)	(19,339)
Bio-Techne Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,942	(25,847)	(25,847)
Black Knight, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		14,128	(14,411)	(14,411)
Brooks Automation, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		17,064	(16,893)	(16,893)
Carvana Co.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		1,598	(9,668)	(9,668)
CBRE Group, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		23,307	(34,727)	(34,727)
Centene Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		14,203	(61,215)	(61,215)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)	Value ($)
Charter Communications, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,025	(13,645)	(13,645)
Diamondback Energy, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		8,385	(19,537)	(19,537)
Domino’s Pizza, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		6,233	(91,438)	(91,438)
Dorman Products, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,307	(20,533)	(20,533)
Easterly Government Properties, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		30,325	(23,350)	(23,350)
eHealth, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		1,882	(11,687)	(11,687)
Equitrans Midstream Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		25,936	(21,527)	(21,527)
ESCO Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,470	(8,582)	(8,582)
Evercore, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		8,745	(3,935)	(3,935)
Expedia Group, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		18,133	(68,180)	(68,180)
Fidelity National Information Services, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		6,801	(10,474)	(10,474)
Fiserv, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		10,066	(10,469)	(10,469)
Four Corners Property Trust, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		22,012	(2,165)	(2,165)
Gartner, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		599	(3,127)	(3,127)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)	Value ($)
Green Dot Corp.	1 month USD LIBOR + 0.30% to 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		30,792	(33,871)	(33,871)
Guardant Health, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		2,801	(5,070)	(5,070)
Hershey Co. (The)	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		2,553	(8,601)	(8,601)
IHS Markit Ltd.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		12,893	(12,248)	(12,248)
II-VI, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		12,183	(4,630)	(4,630)
Insperity, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		2,614	(3,869)	(3,869)
iRobot Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		3,673	(1,932)	(1,932)
Kemper Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		3,447	(5,483)	(5,483)
Keysight Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		10,411	(56,219)	(56,219)
KLA Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,418	(5,127)	(5,127)
Korn Ferry	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,046	(2,325)	(2,325)
Lennox International, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		8,588	(23,531)	(23,531)
Louisiana-Pacific Corp.	1 month USD LIBOR + 0.30% to 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		20,580	(8,438)	(8,438)
Mercury Systems, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		4,475	(15,707)	(15,707)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
Momenta Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		10,632		(5,422	)		(5,422	)
MongoDB, Inc.	Increases in total return of reference entity	OBFR - 0.46% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,698		(25,242	)		(25,242	)
Monro, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		11,896		(45,205	)		(45,205	)
National Health Investors, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		1,693		(1,188	)		(1,188	)
NCR Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		41,002		(22,961	)		(22,961	)
Neogen Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		9,311		(78,212	)		(78,212	)
NeoGenomics, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		21,776		(41,374	)		(41,374	)
Neurocrine Biosciences, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		8,552		(17,018	)		(17,018	)
Nexstar Media Group, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		6,790		(32,524	)		(32,524	)
Ollie’s Bargain Outlet Holdings, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		18,638		(50,323	)		(50,323	)
Onto Innovation, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		10,145		(11,667	)		(11,667	)
PPG Industries, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		19,051		(26,671	)		(26,671	)
Q2 Holdings, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		5,375		(806	)		(806	)
Rapid7, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		287		(276	)		(276	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
Repligen Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		7,539		(30,081	)		(30,081	)
ResMed, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		5,948		(31,762	)		(31,762	)
Rogers Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		1,967		(18,608	)		(18,608	)
Roku, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		1,073		(32	)		(32	)
Roper Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		2,555		(15,381	)		(15,381	)
Seattle Genetics, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		3,399		(20,768	)		(20,768	)
South Jersey Industries, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		1,987		(904	)		(904	)
SS&C Technologies Holdings, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		20,618		(29,484	)		(29,484	)
Strategic Education, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		3,517		(47,128	)		(47,128	)
Tenet Healthcare Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		9,554		(25,414	)		(25,414	)
Tesla, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		1,515		(14,605	)		(14,605	)
Thermo Fisher Scientific, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		3,048		(28,895	)		(28,895	)
Toro Co. (The)	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		12,312		(28,071	)		(28,071	)
TriNet Group, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		1,031		(969	)		(969	)
Ubiquiti, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		3,603		(29,328	)		(29,328	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Portfolio	Frequency of Payments Made/Received	Counterparty	Maturity Date		Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
United Airlines Holdings, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA		3/31/2021		11,940		(15,403	)		(15,403)
Verra Mobility Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA		3/31/2021		30,376		(10,024	)		(10,024)
ViacomCBS, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA		4/30/2021		57,446		(80,083	)		(80,083)
Westinghouse Air Brake Technologies Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA		3/31/2021		14,386		(7,912	)		(7,912)
XPO Logistics, Inc.	1 month USD LIBOR + 0.35% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA		3/31/2021		19,994		(83,375	)		(83,375)
Yelp, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA		5/28/2021		16,942		(10,683	)		(10,683)
										(1,830,688	)		(1,830,688)
										(72,861	)		(72,861)
Financing Costs of Swap Contracts										(1,945	)		(1,945)
Total Unrealized Appreciation (Depreciation) including Financing Costs of Swap Contracts										(74,806	)		(74,806)

At March 31, 2020, the Fund has $742 segregated as collateral for swap contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	152,570,968	$	–		$	–	$	152,570,968
Swap Contracts		–		1,757,827			–		1,757,827
Total Assets	$	152,570,968	$	1,757,827		$	–	$	154,328,795
Liabilities:
Swap Contracts		–		(1,830,688	)		–		(1,830,688	)
Total Liabilities	$	–	$	(1,830,688	)	$	–	$	(1,830,688	)
Total	$	152,570,968	$	(72,861	)	$	–	$	152,498,107

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using swap contracts.

Swap Contracts

Total Return Swaps. The Fund enters into swaps to take long and short positions in equities as part of its investment strategy. Total return swap contracts are agreements in which the Fund and the counterparty each agree to pay the other party the difference between the relative investment performance that would have been achieved if the notional amount of the total return swap contract had been invested in the particular foreign market and/or foreign indices and the return for payments equal to the fixed or floating rate of interest. The counterparty to a total return swap contract is a financial institution. The Fund has segregated liquid assets to cover its obligations under the total return swap contract.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Jacobs Levy Large Cap Growth Fund (formerly, NVIT Multi-Manager Large Cap Growth Fund) (Continued)

The Fund entered into total return swaps on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments are made at the conclusion of a total return swap contract or periodically during its term. Total return swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to total return swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make. If the counterparty to a total return swap defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Total return swaps are marked-to-market daily based on valuations from an independent pricing service. An independent pricing service can utilize daily swap curves and models that incorporate a number of market data factors, such as, but not limited to, discounted cash flows, trades, and values of the underlying reference instruments, such as the foreign market and /or foreign index. Total return swaps are generally categorized as Level 2 investments within the hierarchy.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Swap Contracts
Equity risk	Swap contracts, at value		$1,757,827
Total			$1,757,827
Liabilities:
Swap Contracts
Equity risk	Swap contracts, at value		$(1,830,688)
Total			$(1,830,688)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Managed American Funds Asset Allocation Fund

Investment Company 90.5%
	Shares		Value
Balanced Fund 90.5%
American Funds Asset Allocation Fund, Class 1		91,782,009	$	1,909,983,600
Total Investment Company (cost $2,034,999,204)				1,909,983,600
Total Investments (cost $2,034,999,204) — 90.5%				1,909,983,600
Other assets in excess of liabilities — 9.5%				200,679,834
NET ASSETS — 100.0%			$	2,110,663,434

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts	Expiration Date	Trading Currency	Notional Amount ($)	Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
MSCI EAFE E-Mini Index	(1,145)	6/2020	USD	(89,269,925)	(7,212,593)
Russell 2000 E-Mini Index	(295)	6/2020	USD	(16,927,100)	(1,183,476)
S&P 500 E-Mini Index	(5,347)	6/2020	USD	(687,009,295)	(31,784,390)
S&P Midcap 400 E-Mini Index	(146)	6/2020	USD	(20,991,880)	(1,728,312)
					(41,908,771)

At March 31, 2020, the Fund had $87,453,850 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Managed American Funds Asset Allocation Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to modify exposure to volatility. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:		Fair Value
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(41,908,771	)
Total		$	(41,908,771	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Managed American Funds Growth-Income Fund

Investment Company 87.7%
	Shares		Value
Equity Fund 87.7%
American Funds Growth-Income Fund, Class 1		9,727,556	$	396,008,800
Total Investment Company (cost $456,789,961)				396,008,800
Total Investments (cost $456,789,961) — 87.7%				396,008,800
Other assets in excess of liabilities — 12.3%				55,772,176
NET ASSETS — 100.0%			$	451,780,976

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts	Expiration Date	Trading Currency	Notional Amount ($)	Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
MSCI EAFE E-Mini Index	(436)	6/2020	USD	(33,992,740)	(2,771,153)
Russell 2000 E-Mini Index	(63)	6/2020	USD	(3,614,940)	(268,607)
S&P 500 E-Mini Index	(1,709)	6/2020	USD	(219,580,865)	(11,701,735)
S&P Midcap 400 E-Mini Index	(40)	6/2020	USD	(5,751,200)	(393,149)
					(15,134,644)

At March 31, 2020, the Fund had $28,307,070 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Managed American Funds Growth-Income Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to modify exposure to volatility. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:		Fair Value
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(15,134,644	)
Total		$	(15,134,644	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Equity Income Fund (formerly American Century NVIT Multi Cap Value Fund)

Common Stocks 98.8%
	Shares		Value
Airlines 0.8%
Southwest Airlines Co.		56,150	$	1,999,501
Auto Components 0.8%
BorgWarner, Inc.		53,170		1,295,753
Delphi Technologies plc *		91,155		733,798
				2,029,551
Automobiles 1.4%
General Motors Co.		98,783		2,052,711
Honda Motor Co. Ltd.		69,400		1,560,786
				3,613,497
Banks 14.9%
Bank of America Corp.		292,140		6,202,132
Comerica, Inc.		40,681		1,193,580
JPMorgan Chase & Co.		93,106		8,382,333
M&T Bank Corp.		11,897		1,230,507
PNC Financial Services Group, Inc. (The)		31,126		2,979,381
Toronto-Dominion Bank (The)		37,350		1,587,899
Truist Financial Corp.		95,230		2,936,893
UMB Financial Corp.		26,203		1,215,295
US Bancorp		210,208		7,241,666
Wells Fargo & Co.		192,327		5,519,785
				38,489,471
Building Products 0.5%
Johnson Controls International plc		43,762		1,179,824
Capital Markets 5.4%
Ameriprise Financial, Inc.		11,726		1,201,681
Bank of New York Mellon Corp. (The)		106,250		3,578,500
BlackRock, Inc.		5,560		2,446,233
Franklin Resources, Inc.		36,009		600,990
Invesco Ltd.		152,453		1,384,273
Northern Trust Corp.		34,902		2,633,705
State Street Corp.		39,253		2,091,007
				13,936,389
Communications Equipment 1.6%
Cisco Systems, Inc.		73,265		2,880,047
F5 Networks, Inc. *		12,280		1,309,417
				4,189,464
Containers & Packaging 1.0%
Sonoco Products Co.		26,318		1,219,839
Westrock Co.		49,310		1,393,501
				2,613,340
Diversified Financial Services 3.6%
Berkshire Hathaway, Inc., Class A *		24		6,528,000
Berkshire Hathaway, Inc., Class B *		14,500		2,651,035
				9,179,035
Diversified Telecommunication Services 5.4%
AT&T, Inc.		240,506		7,010,750
Verizon Communications, Inc.		127,306		6,840,151
				13,850,901
Electrical Equipment 3.3%
Emerson Electric Co.		62,075		2,957,874
Hubbell, Inc.		25,023		2,871,139
nVent Electric plc		153,106		2,582,898
				8,411,911
Electronic Equipment, Instruments & Components 0.9%
TE Connectivity Ltd.		38,181		2,404,639

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services 3.2%
Baker Hughes Co.		201,863	$	2,119,561
Halliburton Co.		246,020		1,685,237
National Oilwell Varco, Inc.		60,824		597,900
Schlumberger Ltd.		289,849		3,910,063
				8,312,761
Entertainment 0.9%
Walt Disney Co. (The)		23,130		2,234,358
Equity Real Estate Investment Trusts (REITs) 0.6%
Weyerhaeuser Co.		95,290		1,615,166
Food & Staples Retailing 1.6%
Koninklijke Ahold Delhaize NV		63,930		1,496,173
Walmart, Inc.		23,763		2,699,952
				4,196,125
Food Products 4.2%
Conagra Brands, Inc.		64,288		1,886,210
JM Smucker Co. (The)		7,430		824,730
Kellogg Co.		36,422		2,184,956
Mondelez International, Inc., Class A		77,636		3,888,011
Orkla ASA		257,100		2,200,116
				10,984,023
Health Care Equipment & Supplies 4.9%
Envista Holdings Corp. *		100,100		1,495,494
Hologic, Inc. *		46,954		1,648,085
Medtronic plc		54,916		4,952,325
Zimmer Biomet Holdings, Inc.		44,765		4,524,846
				12,620,750
Health Care Providers & Services 3.0%
Cardinal Health, Inc.		72,320		3,467,021
McKesson Corp.		23,090		3,123,153
Universal Health Services, Inc., Class B		12,340		1,222,647
				7,812,821
Hotels, Restaurants & Leisure 0.9%
Carnival Corp.		51,505		678,321
Sodexo SA		23,950		1,622,916
				2,301,237
Household Durables 0.4%
Toll Brothers, Inc.		50,370		969,623
Household Products 2.2%
Procter & Gamble Co. (The)		50,677		5,574,470
Industrial Conglomerates 3.5%
General Electric Co.		782,264		6,211,176
Siemens AG (Registered)		33,490		2,882,430
				9,093,606
Insurance 2.7%
Chubb Ltd.		34,942		3,902,672
MetLife, Inc.		49,245		1,505,420
Reinsurance Group of America, Inc.		19,990		1,681,958
				7,090,050
Leisure Products 0.4%
Mattel, Inc. *		110,612		974,492
Machinery 1.4%
Cummins, Inc.		8,540		1,155,633
IMI plc		268,400		2,482,577
				3,638,210
Metals & Mining 0.5%
BHP Group Ltd.		69,350		1,260,777

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Equity Income Fund (formerly American Century NVIT Multi Cap Value Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Multiline Retail 0.6%
Target Corp.		16,979	$	1,578,538
Oil, Gas & Consumable Fuels 8.5%
Chevron Corp.		80,171		5,809,191
Cimarex Energy Co.		62,815		1,057,176
ConocoPhillips		87,203		2,685,852
Devon Energy Corp.		310,926		2,148,499
EQT Corp.		200,685		1,418,843
Noble Energy, Inc.		463,920		2,802,077
Royal Dutch Shell plc, Class B		126,770		2,125,542
TOTAL SA		100,057		3,880,159
				21,927,339
Paper & Forest Products 0.7%
Mondi plc		101,230		1,726,689
Pharmaceuticals 8.9%
Johnson & Johnson		65,897		8,641,074
Merck & Co., Inc.		36,625		2,817,927
Pfizer, Inc.		312,190		10,189,882
Teva Pharmaceutical Industries Ltd., ADR-IL *		147,999		1,329,031
				22,977,914
Road & Rail 1.5%
Heartland Express, Inc.		206,218		3,829,468
Semiconductors & Semiconductor Equipment 3.7%
Applied Materials, Inc.		25,037		1,147,196
Intel Corp.		115,010		6,224,341
QUALCOMM, Inc.		34,148		2,310,112
				9,681,649
Software 1.0%
Oracle Corp.		54,537		2,635,773
Specialty Retail 1.0%
Advance Auto Parts, Inc.		27,033		2,522,720
Technology Hardware, Storage & Peripherals 0.6%
HP, Inc.		95,041		1,649,912
Textiles, Apparel & Luxury Goods 1.0%
Ralph Lauren Corp.		15,320		1,023,836
Tapestry, Inc.		126,951		1,644,015
				2,667,851
Trading Companies & Distributors 1.3%
MSC Industrial Direct Co., Inc., Class A		59,731		3,283,413
Total Investments
(cost $295,106,973) — 98.8%				255,057,258
Other assets in excess of liabilities — 1.2%				3,006,723
NET ASSETS — 100.0%			$	258,063,981

* Denotes a non-income producing security.

ADR	American Depositary Receipt
IL	Israel
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Equity Income Fund (formerly American Century NVIT Multi Cap Value Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Airlines	$	1,999,501	$	–	$	–	$	1,999,501
Auto Components		2,029,551		–		–		2,029,551
Automobiles		2,052,711		1,560,786		–		3,613,497
Banks		38,489,471		–		–		38,489,471
Building Products		1,179,824		–		–		1,179,824
Capital Markets		13,936,389		–		–		13,936,389
Communications Equipment		4,189,464		–		–		4,189,464
Containers & Packaging		2,613,340		–		–		2,613,340
Diversified Financial Services		9,179,035		–		–		9,179,035
Diversified Telecommunication Services		13,850,901		–		–		13,850,901
Electrical Equipment		8,411,911		–		–		8,411,911
Electronic Equipment, Instruments & Components		2,404,639		–		–		2,404,639
Energy Equipment & Services		8,312,761		–		–		8,312,761
Entertainment		2,234,358		–		–		2,234,358
Equity Real Estate Investment Trusts (REITs)		1,615,166		–		–		1,615,166
Food & Staples Retailing		2,699,952		1,496,173		–		4,196,125
Food Products		8,783,907		2,200,116		–		10,984,023
Health Care Equipment & Supplies		12,620,750		–		–		12,620,750

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mellon Dynamic U.S. Equity Income Fund (formerly American Century NVIT Multi Cap Value Fund) (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Health Care Providers & Services	$	7,812,821	$	–	$	–	$	7,812,821
Hotels, Restaurants & Leisure		678,321		1,622,916		–		2,301,237
Household Durables		969,623		–		–		969,623
Household Products		5,574,470		–		–		5,574,470
Industrial Conglomerates		6,211,176		2,882,430		–		9,093,606
Insurance		7,090,050		–		–		7,090,050
Leisure Products		974,492		–		–		974,492
Machinery		1,155,633		2,482,577		–		3,638,210
Metals & Mining		–		1,260,777		–		1,260,777
Multiline Retail		1,578,538		–		–		1,578,538
Oil, Gas & Consumable Fuels		15,921,638		6,005,701		–		21,927,339
Paper & Forest Products		–		1,726,689		–		1,726,689
Pharmaceuticals		22,977,914		–		–		22,977,914
Road & Rail		3,829,468		–		–		3,829,468
Semiconductors & Semiconductor Equipment		9,681,649		–		–		9,681,649
Software		2,635,773		–		–		2,635,773
Specialty Retail		2,522,720		–		–		2,522,720
Technology Hardware, Storage & Peripherals		1,649,912		–		–		1,649,912
Textiles, Apparel & Luxury Goods		2,667,851		–		–		2,667,851
Trading Companies & Distributors		3,283,413		–		–		3,283,413
Total	$	233,819,093	$	21,238,165	$	–	$	255,057,258

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund

Common Stocks 98.2%
	Shares		Value
Aerospace & Defense 1.8%
Axon Enterprise, Inc. *(a)		44,889	$	3,176,795
Curtiss-Wright Corp.		32,303		2,985,120
Mercury Systems, Inc. *		42,004		2,996,565
Teledyne Technologies, Inc. *		27,599		8,204,355
				17,362,835
Air Freight & Logistics 0.4%
XPO Logistics, Inc. *		69,814		3,403,432
Airlines 0.2%
JetBlue Airways Corp. *(a)		219,193		1,961,777
Auto Components 1.2%
Adient plc *		65,823		597,015
Dana, Inc. (a)		108,651		848,565
Delphi Technologies plc *(a)		65,286		525,552
Gentex Corp.		191,445		4,242,421
Goodyear Tire & Rubber Co. (The)		175,655		1,022,312
Lear Corp.		41,632		3,382,600
Visteon Corp. *(a)		21,138		1,014,201
				11,632,666
Automobiles 0.2%
Thor Industries, Inc. (a)		41,743		1,760,720
Banks 5.9%
Associated Banc-Corp.		121,035		1,548,038
BancorpSouth Bank (a)		72,259		1,367,140
Bank of Hawaii Corp. (a)		30,555		1,687,858
Bank OZK		91,330		1,525,211
Cathay General Bancorp		56,811		1,303,812
CIT Group, Inc.		71,649		1,236,662
Commerce Bancshares, Inc. (a)		78,589		3,956,956
Cullen/Frost Bankers, Inc. (a)		43,123		2,405,832
East West Bancorp, Inc.		110,123		2,834,566
First Financial Bankshares, Inc. (a)		102,690		2,756,200
First Horizon National Corp.		235,411		1,897,413
FNB Corp.		244,195		1,799,717
Fulton Financial Corp. (a)		124,369		1,429,000
Hancock Whitney Corp.		66,429		1,296,694
Home BancShares, Inc. (a)		116,902		1,401,655
International Bancshares Corp.		43,388		1,166,269
PacWest Bancorp (a)		90,561		1,622,853
Pinnacle Financial Partners, Inc. (a)		54,488		2,045,480
Prosperity Bancshares, Inc.		71,466		3,448,234
Signature Bank		40,865		3,285,137
Sterling Bancorp		152,730		1,596,029
Synovus Financial Corp.		110,839		1,946,333
TCF Financial Corp.		116,024		2,629,104
Texas Capital Bancshares, Inc. *(a)		38,015		842,793
Trustmark Corp.		48,545		1,131,098
UMB Financial Corp. (a)		32,667		1,515,095
Umpqua Holdings Corp.		166,314		1,812,823
United Bankshares, Inc. (a)		76,757		1,771,552
Valley National Bancorp (a)		295,111		2,157,261
Webster Financial Corp.		69,594		1,593,703
Wintrust Financial Corp.		43,100		1,416,266
				58,426,784
Beverages 0.3%
Boston Beer Co., Inc. (The), Class A *(a)		6,972		2,562,628
Biotechnology 1.0%
Arrowhead Pharmaceuticals, Inc. *(a)		75,697		2,177,803

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Exelixis, Inc. *		229,607	$	3,953,833
Ligand Pharmaceuticals, Inc. *(a)		12,485		907,909
United Therapeutics Corp. *		33,153		3,143,733
				10,183,278
Building Products 1.2%
Lennox International, Inc.		26,529		4,822,707
Owens Corning		82,286		3,193,520
Resideo Technologies, Inc. *		92,734		448,832
Trex Co., Inc. *(a)		44,127		3,536,338
				12,001,397
Capital Markets 2.9%
Affiliated Managers Group, Inc. (a)		37,261		2,203,616
Eaton Vance Corp.		85,507		2,757,601
Evercore, Inc., Class A (a)		29,746		1,370,101
FactSet Research Systems, Inc. (a)		28,708		7,483,601
Federated Hermes, Inc., Class B (a)		72,582		1,382,687
Interactive Brokers Group, Inc., Class A		58,030		2,505,155
Janus Henderson Group plc (a)		118,197		1,810,778
Legg Mason, Inc.		61,725		3,015,266
SEI Investments Co.		95,418		4,421,670
Stifel Financial Corp.		51,659		2,132,484
				29,082,959
Chemicals 2.4%
Ashland Global Holdings, Inc. (a)		45,590		2,282,691
Cabot Corp.		43,332		1,131,832
Chemours Co. (The) (a)		123,595		1,096,288
Ingevity Corp. *		31,597		1,112,214
Minerals Technologies, Inc.		26,523		961,724
NewMarket Corp. (a)		5,592		2,141,009
Olin Corp. (a)		120,330		1,404,251
PolyOne Corp.		68,180		1,293,375
RPM International, Inc.		98,121		5,838,200
Scotts Miracle-Gro Co. (The) (a)		29,976		3,069,542
Sensient Technologies Corp. (a)		31,953		1,390,275
Valvoline, Inc.		142,499		1,865,312
				23,586,713
Commercial Services & Supplies 1.8%
Brink’s Co. (The) (a)		37,840		1,969,572
Clean Harbors, Inc. *		38,839		1,993,994
Deluxe Corp.		31,439		815,213
Healthcare Services Group, Inc. (a)		56,006		1,339,103
Herman Miller, Inc. (a)		44,589		989,876
HNI Corp.		32,493		818,499
KAR Auction Services, Inc. (a)		97,633		1,171,596
MSA Safety, Inc. (a)		26,971		2,729,465
Stericycle, Inc. *(a)		68,926		3,348,425
Tetra Tech, Inc.		41,293		2,916,112
				18,091,855
Communications Equipment 1.3%
Ciena Corp. *		117,022		4,658,646
InterDigital, Inc.		23,508		1,049,162
Lumentum Holdings, Inc. *		58,400		4,304,080
NetScout Systems, Inc. *		50,225		1,188,826
ViaSat, Inc. *(a)		43,623		1,566,938
				12,767,652
Construction & Engineering 1.1%
AECOM *		118,835		3,547,225
Dycom Industries, Inc. *(a)		24,354		624,680
EMCOR Group, Inc.		42,459		2,603,586

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Construction & Engineering (continued)
Fluor Corp.		106,276	$	734,367
MasTec, Inc. *(a)		45,604		1,492,619
Valmont Industries, Inc.		16,258		1,723,023
				10,725,500
Construction Materials 0.2%
Eagle Materials, Inc. (a)		31,502		1,840,347
Consumer Finance 0.7%
FirstCash, Inc.		32,278		2,315,624
LendingTree, Inc. *(a)		5,799		1,063,479
Navient Corp.		128,716		975,667
SLM Corp.		319,250		2,295,407
				6,650,177
Containers & Packaging 1.2%
AptarGroup, Inc.		48,425		4,820,224
Greif, Inc., Class A		19,889		618,349
O-I Glass, Inc. (a)		117,554		835,809
Silgan Holdings, Inc.		58,728		1,704,287
Sonoco Products Co.		75,756		3,511,291
				11,489,960
Distributors 0.6%
Pool Corp.		30,258		5,953,867
Diversified Consumer Services 1.1%
Adtalem Global Education, Inc. *(a)		41,391		1,108,865
Graham Holdings Co., Class B		3,276		1,117,673
Grand Canyon Education, Inc. *		36,465		2,781,733
Service Corp. International (a)		138,212		5,405,471
WW International, Inc. *		35,111		593,727
				11,007,469
Diversified Financial Services 0.3%
Jefferies Financial Group, Inc.		180,884		2,472,684
Electric Utilities 1.6%
ALLETE, Inc.		39,091		2,372,042
Hawaiian Electric Industries, Inc.		82,542		3,553,433
IDACORP, Inc.		38,222		3,355,510
OGE Energy Corp.		151,458		4,654,304
PNM Resources, Inc. (a)		60,278		2,290,564
				16,225,853
Electrical Equipment 1.7%
Acuity Brands, Inc.		29,970		2,567,230
EnerSys		31,930		1,581,174
Generac Holdings, Inc. *		47,318		4,408,618
Hubbell, Inc.		41,146		4,721,092
nVent Electric plc		117,518		1,982,529
Regal Beloit Corp.		30,738		1,934,957
				17,195,600
Electronic Equipment, Instruments & Components 3.7%
Arrow Electronics, Inc. *		61,664		3,198,512
Avnet, Inc.		75,864		1,904,186
Belden, Inc.		29,196		1,053,392
Cognex Corp. (a)		129,263		5,457,484
Coherent, Inc. *		18,260		1,943,046
II-VI, Inc. *(a)		65,930		1,879,005
Jabil, Inc.		105,084		2,582,965
Littelfuse, Inc. (a)		18,416		2,457,063
National Instruments Corp.		89,251		2,952,423
SYNNEX Corp.		30,909		2,259,448
Tech Data Corp. *		26,807		3,507,696

Common Stocks (continued)
	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Trimble, Inc. *		188,485	$	5,999,477
Vishay Intertechnology, Inc.		99,958		1,440,395
				36,635,092
Energy Equipment & Services 0.2%
Apergy Corp. *(a)		58,794		338,066
Core Laboratories NV		33,877		350,288
Patterson-UTI Energy, Inc. (a)		148,258		348,406
Transocean Ltd. *(a)		433,480		502,837
				1,539,597
Entertainment 0.2%
Cinemark Holdings, Inc.		80,501		820,305
World Wrestling Entertainment, Inc., Class A (a)		35,887		1,217,646
				2,037,951
Equity Real Estate Investment Trusts (REITs) 9.3%
American Campus Communities, Inc.		103,992		2,885,778
Brixmor Property Group, Inc.		225,161		2,139,029
Camden Property Trust		73,253		5,804,568
CoreCivic, Inc.		89,892		1,004,094
CoreSite Realty Corp.		28,523		3,305,816
Corporate Office Properties Trust		84,607		1,872,353
Cousins Properties, Inc.		111,005		3,249,116
CyrusOne, Inc.		85,638		5,288,147
Diversified Healthcare Trust		179,701		652,315
Douglas Emmett, Inc.		124,709		3,804,872
EastGroup Properties, Inc.		29,095		3,039,846
EPR Properties		59,381		1,438,208
First Industrial Realty Trust, Inc.		96,064		3,192,207
GEO Group, Inc. (The)		91,564		1,113,418
Healthcare Realty Trust, Inc.		101,354		2,830,817
Highwoods Properties, Inc.		78,527		2,781,426
JBG SMITH Properties		89,346		2,843,883
Kilroy Realty Corp.		73,829		4,702,907
Lamar Advertising Co., Class A		65,082		3,337,405
Life Storage, Inc.		35,331		3,340,546
Macerich Co. (The)		83,124		467,988
Mack-Cali Realty Corp.		68,306		1,040,300
Medical Properties Trust, Inc.		391,459		6,768,326
National Retail Properties, Inc.		129,843		4,179,646
Omega Healthcare Investors, Inc.		165,345		4,388,256
Park Hotels & Resorts, Inc.		180,966		1,431,441
Pebblebrook Hotel Trust		98,583		1,073,569
PotlatchDeltic Corp.		50,783		1,594,078
PS Business Parks, Inc.		15,169		2,055,703
Rayonier, Inc.		97,790		2,302,955
Sabra Health Care REIT, Inc.		155,257		1,695,406
Service Properties Trust		124,235		670,869
Spirit Realty Capital, Inc.		75,475		1,973,671
Taubman Centers, Inc.		46,308		1,939,379
Urban Edge Properties		86,627		763,184
Weingarten Realty Investors		91,446		1,319,566
				92,291,088
Food & Staples Retailing 0.8%
BJ’s Wholesale Club Holdings, Inc. *		92,269		2,350,091
Casey’s General Stores, Inc. (a)		27,822		3,686,137
Sprouts Farmers Market, Inc. *		89,122		1,656,778
				7,693,006

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Food Products 2.2%
Darling Ingredients, Inc. *		123,806	$	2,373,361
Flowers Foods, Inc.		145,578		2,987,261
Hain Celestial Group, Inc. (The) *(a)		60,697		1,576,301
Ingredion, Inc.		50,497		3,812,524
Lancaster Colony Corp.		14,973		2,165,695
Pilgrim’s Pride Corp. *		39,894		722,879
Post Holdings, Inc. *		50,286		4,172,229
Sanderson Farms, Inc. (a)		14,910		1,838,701
Tootsie Roll Industries, Inc. (a)		13,111		471,467
TreeHouse Foods, Inc. *		42,443		1,873,858
				21,994,276
Gas Utilities 1.8%
National Fuel Gas Co. (a)		65,146		2,429,294
New Jersey Resources Corp. (a)		72,180		2,451,955
ONE Gas, Inc.		39,920		3,338,111
Southwest Gas Holdings, Inc.		41,309		2,873,454
Spire, Inc.		38,567		2,872,470
UGI Corp.		158,048		4,215,140
				18,180,424
Health Care Equipment & Supplies 4.2%
Avanos Medical, Inc. *(a)		36,211		975,162
Cantel Medical Corp. (a)		28,325		1,016,867
Globus Medical, Inc., Class A *		58,207		2,475,544
Haemonetics Corp. *		38,335		3,820,466
Hill-Rom Holdings, Inc.		50,495		5,079,797
ICU Medical, Inc. *		14,538		2,933,332
Integra LifeSciences Holdings Corp. *		53,890		2,407,266
LivaNova plc *		36,594		1,655,879
Masimo Corp. *		37,116		6,573,986
NuVasive, Inc. *		39,388		1,995,396
Penumbra, Inc. *(a)		24,295		3,919,512
West Pharmaceutical Services, Inc.		55,982		8,523,260
				41,376,467
Health Care Providers & Services 2.8%
Acadia Healthcare Co., Inc. *		66,926		1,228,092
Amedisys, Inc. *		24,396		4,477,642
Chemed Corp.		12,114		5,247,785
Encompass Health Corp.		74,578		4,775,229
HealthEquity, Inc. *(a)		53,612		2,712,231
MEDNAX, Inc. *		63,968		744,588
Molina Healthcare, Inc. *(a)		47,413		6,624,070
Patterson Cos., Inc. (a)		65,690		1,004,400
Tenet Healthcare Corp. *		78,552		1,131,149
				27,945,186
Health Care Technology 0.1%
Allscripts Healthcare Solutions, Inc. *(a)		121,913		858,267
Hotels, Restaurants & Leisure 3.8%
Boyd Gaming Corp.		60,447		871,646
Brinker International, Inc. (a)		28,408		341,180
Caesars Entertainment Corp. *		422,108		2,853,450
Cheesecake Factory, Inc. (The) (a)		31,131		531,717
Choice Hotels International, Inc. (a)		24,017		1,471,041
Churchill Downs, Inc.		26,813		2,760,398

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc. (a)		18,198	$	1,514,438
Domino’s Pizza, Inc.		29,252		9,479,696
Dunkin’ Brands Group, Inc.		62,645		3,326,450
Eldorado Resorts, Inc. *(a)		49,398		711,331
Jack in the Box, Inc. (a)		17,867		626,238
Marriott Vacations Worldwide Corp.		28,352		1,575,804
Papa John’s International, Inc. (a)		16,647		888,450
Penn National Gaming, Inc. *		82,398		1,042,335
Scientific Games Corp. *(a)		41,305		400,659
Six Flags Entertainment Corp.		59,394		744,801
Texas Roadhouse, Inc.		49,355		2,038,361
Wendy’s Co. (The)		139,140		2,070,403
Wyndham Destinations, Inc.		68,548		1,487,492
Wyndham Hotels & Resorts, Inc.		71,950		2,267,145
				37,003,035
Household Durables 0.9%
Helen of Troy Ltd. *		19,035		2,741,611
KB Home (a)		64,932		1,175,269
Taylor Morrison Home Corp. *		100,144		1,101,584
Tempur Sealy International, Inc. *		34,372		1,502,400
Toll Brothers, Inc.		91,405		1,759,546
TRI Pointe Group, Inc. *		104,303		914,738
				9,195,148
Household Products 0.2%
Energizer Holdings, Inc. (a)		48,632		1,471,118
Industrial Conglomerates 0.5%
Carlisle Cos., Inc.		42,883		5,372,382
Insurance 5.2%
Alleghany Corp.		10,888		6,013,987
American Financial Group, Inc.		56,662		3,970,873
Brighthouse Financial, Inc. *		82,648		1,997,602
Brown & Brown, Inc.		176,990		6,410,578
CNO Financial Group, Inc.		114,902		1,423,636
First American Financial Corp.		84,992		3,604,511
Genworth Financial, Inc., Class A *		380,270		1,262,496
Hanover Insurance Group, Inc. (The)		29,847		2,703,541
Kemper Corp.		47,332		3,520,081
Mercury General Corp.		20,466		833,376
Old Republic International Corp.		215,720		3,289,730
Primerica, Inc.		31,281		2,767,743
Reinsurance Group of America, Inc.		47,378		3,986,385
RenaissanceRe Holdings Ltd.		33,421		4,990,424
RLI Corp.		30,195		2,655,046
Selective Insurance Group, Inc. (a)		44,915		2,232,275
				51,662,284
Interactive Media & Services 0.2%
TripAdvisor, Inc.		79,375		1,380,331
Yelp, Inc. *		48,528		874,960
				2,255,291
Internet & Direct Marketing Retail 0.6%
Etsy, Inc. *		89,625		3,445,185
Grubhub, Inc. *		69,176		2,817,538
			6,262,723

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
IT Services 2.2%
CACI International, Inc., Class A *		18,945	$	4,000,237
CoreLogic, Inc.		60,151		1,837,011
KBR, Inc.		107,140		2,215,655
LiveRamp Holdings, Inc. *		51,158		1,684,121
MAXIMUS, Inc.		48,428		2,818,510
Perspecta, Inc.		104,004		1,897,033
Sabre Corp.		207,095		1,228,073
Science Applications International Corp.		37,106		2,769,221
WEX, Inc. *		32,747		3,423,699
				21,873,560
Leisure Products 0.7%
Brunswick Corp. (a)		61,689		2,181,940
Mattel, Inc. *		262,159		2,309,621
Polaris, Inc.		43,491		2,094,091
				6,585,652
Life Sciences Tools & Services 2.5%
Bio-Rad Laboratories, Inc., Class A *		16,342		5,728,851
Bio-Techne Corp.		28,787		5,458,591
Charles River Laboratories International, Inc. *		36,900		4,657,149
PRA Health Sciences, Inc. *		47,782		3,967,817
Repligen Corp. *		35,433		3,420,702
Syneos Health, Inc. *		47,057		1,854,987
				25,088,097
Machinery 4.3%
AGCO Corp.		47,425		2,240,831
Colfax Corp. *(a)		63,198		1,251,320
Crane Co.		38,550		1,895,889
Donaldson Co., Inc.		95,686		3,696,350
Graco, Inc.		126,175		6,148,508
ITT, Inc.		66,329		3,008,683
Kennametal, Inc. (a)		62,503		1,163,806
Lincoln Electric Holdings, Inc. (a)		46,260		3,191,940
Nordson Corp.		38,708		5,228,290
Oshkosh Corp.		51,469		3,311,001
Terex Corp. (a)		49,858		715,961
Timken Co. (The)		51,245		1,657,263
Toro Co. (The) (a)		80,633		5,248,402
Trinity Industries, Inc. (a)		75,001		1,205,266
Woodward, Inc.		42,665		2,536,008
				42,499,518
Marine 0.2%
Kirby Corp. *		45,339		1,970,886
Media 1.4%
AMC Networks, Inc., Class A *(a)		33,587		816,500
Cable One, Inc.		3,800		6,247,238
John Wiley & Sons, Inc., Class A		33,253		1,246,655
Meredith Corp. (a)		30,694		375,081
New York Times Co. (The), Class A (a)		108,719		3,338,760
TEGNA, Inc. (a)		163,728		1,778,086
				13,802,320
Metals & Mining 1.8%
Allegheny Technologies, Inc. *(a)		95,188		809,098
Carpenter Technology Corp. (a)		35,963		701,278
Commercial Metals Co.		89,394		1,411,531

Common Stocks (continued)

	Shares		Value
Metals & Mining (continued)
Compass Minerals International, Inc.		25,593	$	984,563
Reliance Steel & Aluminum Co.		50,429		4,417,076
Royal Gold, Inc.		49,622		4,352,346
Steel Dynamics, Inc.		162,831		3,670,211
United States Steel Corp. (a)		129,848		819,341
Worthington Industries, Inc.		28,088		737,310
				17,902,754
Multiline Retail 0.2%
Dillard’s, Inc., Class A (a)		7,706		284,737
Ollie’s Bargain Outlet Holdings, Inc. *(a)		41,338		1,915,603
				2,200,340
Multi-Utilities 0.9%
Black Hills Corp.		46,519		2,978,611
MDU Resources Group, Inc.		151,578		3,258,927
NorthWestern Corp.		38,242		2,288,019
				8,525,557
Oil, Gas & Consumable Fuels 0.8%
Antero Midstream Corp. (a)		227,561		477,878
Cimarex Energy Co.		76,855		1,293,470
CNX Resources Corp. *(a)		136,967		728,665
EQT Corp. (a)		193,442		1,367,635
Equitrans Midstream Corp. (a)		155,274		781,028
Matador Resources Co. *(a)		84,257		208,957
Murphy Oil Corp. (a)		113,081		693,187
PBF Energy, Inc., Class A		76,928		544,650
World Fuel Services Corp.		49,335		1,242,255
WPX Energy, Inc. *		314,676		959,762
				8,297,487
Paper & Forest Products 0.3%
Domtar Corp.		43,176		934,329
Louisiana-Pacific Corp.		88,828		1,526,065
				2,460,394
Personal Products 0.2%
Edgewell Personal Care Co. *		40,962		986,365
Nu Skin Enterprises, Inc., Class A		42,153		921,043
				1,907,408
Pharmaceuticals 1.0%
Catalent, Inc. *		117,008		6,078,566
Nektar Therapeutics *(a)		132,952		2,373,193
Prestige Consumer Healthcare, Inc. *(a)		37,838		1,387,898
				9,839,657
Professional Services 0.8%
ASGN, Inc. *		39,906		1,409,480
FTI Consulting, Inc. *		28,479		3,410,930
Insperity, Inc.		28,324		1,056,485
ManpowerGroup, Inc.		44,608		2,363,778
				8,240,673
Real Estate Management & Development 0.4%
Jones Lang LaSalle, Inc.		38,983		3,936,503
Road & Rail 0.9%
Avis Budget Group, Inc. *		42,852		595,643
Knight-Swift Transportation Holdings, Inc. (a)		92,896		3,046,989
Landstar System, Inc.		29,890		2,865,255
Ryder System, Inc.		40,236		1,063,840

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Road & Rail (continued)
Werner Enterprises, Inc.		33,400	$	1,211,084
				8,782,811
Semiconductors & Semiconductor Equipment 4.6%
Cabot Microelectronics Corp.		22,016		2,512,906
Cirrus Logic, Inc. *		43,733		2,870,197
Cree, Inc. *		81,479		2,889,246
Cypress Semiconductor Corp.		279,422		6,516,121
First Solar, Inc. *(a)		57,418		2,070,493
MKS Instruments, Inc. (a)		41,234		3,358,509
Monolithic Power Systems, Inc.		30,567		5,118,750
Semtech Corp. *		50,076		1,877,850
Silicon Laboratories, Inc. *		32,820		2,803,156
SolarEdge Technologies, Inc. *(a)		36,776		3,011,219
Synaptics, Inc. *(a)		25,307		1,464,516
Teradyne, Inc. (a)		126,801		6,868,810
Universal Display Corp.		32,076		4,226,975
				45,588,748
Software 4.3%
ACI Worldwide, Inc. *		87,385		2,110,348
Blackbaud, Inc. (a)		37,205		2,066,738
CDK Global, Inc.		91,817		3,016,188
Ceridian HCM Holding, Inc. *(a)		76,255		3,818,088
CommVault Systems, Inc. *(a)		31,758		1,285,564
Fair Isaac Corp. *		21,916		6,743,334
J2 Global, Inc. (a)		35,013		2,620,723
LogMeIn, Inc.		36,935		3,075,947
Manhattan Associates, Inc. *		48,334		2,408,000
PTC, Inc. *(a)		78,629		4,812,881
Teradata Corp. *(a)		85,365		1,749,129
Tyler Technologies, Inc. *(a)		29,504		8,749,706
			42,456,646
Specialty Retail 1.7%
Aaron’s, Inc. (a)		50,761		1,156,336
American Eagle Outfitters, Inc.		119,632		951,074
AutoNation, Inc. *(a)		44,445		1,247,127
Bed Bath & Beyond, Inc. (a)		97,260		409,465
Dick’s Sporting Goods, Inc.		48,198		1,024,689
Five Below, Inc. *		42,090		2,962,294
Foot Locker, Inc. (a)		81,431		1,795,553
Murphy USA, Inc. *		21,980		1,854,233
Restoration Hardware Holdings, Inc. *(a)		12,353		1,241,106
Sally Beauty Holdings, Inc. *(a)		88,271		713,230
Urban Outfitters, Inc. *		53,194		757,483
Williams-Sonoma, Inc.		58,635		2,493,160
				16,605,750
Technology Hardware, Storage & Peripherals 0.2%
NCR Corp. *		96,452		1,707,200
Textiles, Apparel & Luxury Goods 0.9%
Carter’s, Inc.		33,399		2,195,316
Columbia Sportswear Co.		21,977		1,533,335
Deckers Outdoor Corp. *		21,133		2,831,822
Skechers U.S.A., Inc., Class A *		101,274		2,404,245
			8,964,718

Common Stocks (continued)

	Shares		Value
Thrifts & Mortgage Finance 0.5%
New York Community Bancorp, Inc.		353,432	$	3,318,726
Washington Federal, Inc.		59,299		1,539,402
				4,858,128
Trading Companies & Distributors 0.8%
GATX Corp. (a)		26,674		1,668,726
MSC Industrial Direct Co., Inc., Class A		34,035		1,870,904
NOW, Inc. *(a)		82,546		425,937
Watsco, Inc.		24,709		3,904,763
				7,870,330
Water Utilities 0.7%
Essential Utilities, Inc.		163,318		6,647,043
Wireless Telecommunication Services 0.1%
Telephone & Data Systems, Inc.		73,770		1,236,385
Total Common Stocks (cost $1,037,398,335)				970,008,053
Repurchase Agreements 6.2%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $11,419,852, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $11,648,245. (b)	$	11,419,848		11,419,848
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $30,163,860, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $30,767,133. (b)		30,163,851		30,163,851

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Repurchase Agreements (continued)

	Principal Amount		Value
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $20,000,078, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $20,400,004. (b)	$	20,000,000	$	20,000,000
Total Repurchase Agreements (cost $61,583,699)				61,583,699
Total Investments
(cost $1,098,982,034) — 104.4%				1,031,591,752
Liabilities in excess of other assets — (4.4)%				(43,379,026	)
NET ASSETS — 100.0%			$	988,212,726

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $145,354,393, which was collateralized by cash used to purchase repurchase agreements with a total value of $61,583,699 and by $92,263,861 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $153,847,560.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $61,583,699.

REIT Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Futures contracts outstanding as of March 31, 2020:
Description	Number of Contracts		Expiration Date		Trading Currency	Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Midcap 400 E-Mini Index		125		6/2020	USD		17,972,500	714,352
								714,352

At March 31, 2020, the Fund had $2,215,000 segregated as collateral with the broker for open futures contracts.

Currency:
USD	United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

		Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	970,008,053	$	–	$	–	$	970,008,053
Futures Contracts		714,352		–		–		714,352
Repurchase Agreements		–		61,583,699		–		61,583,699
Total	$	970,722,405	$	61,583,699	$	–	$	1,032,306,104

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT MID Cap Index Fund (Continued)

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020:

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts	$	714,352
Total		$	714,352

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund

Common Stocks 95.5%
	Shares		Value
AUSTRALIA 3.8%
Airlines 0.3%
Qantas Airways Ltd.		112,100	$	219,880
Banks 1.2%
Australia & New Zealand Banking Group Ltd.		29,363		316,670
Bank of Queensland Ltd. (a)		6,790		21,332
Bendigo & Adelaide Bank Ltd.		5,424		20,806
National Australia Bank Ltd.		14,692		155,314
Westpac Banking Corp.		30,447		318,253
				832,375
Capital Markets 0.5%
Macquarie Group Ltd.		6,400		348,435
Chemicals 0.0%†
Incitec Pivot Ltd.		19,138		24,378
Construction Materials 0.0%†
Boral Ltd.		8,462		10,582
Diversified Financial Services 0.2%
AMP Ltd. *		23,078		18,821
Challenger Ltd.		44,982		114,526
				133,347
Energy Equipment & Services 0.0%†
Worley Ltd.		1,643		6,439
Hotels, Restaurants & Leisure 0.1%
Crown Resorts Ltd.		770		3,571
Star Entertainment Grp Ltd. (The)		12,485		16,916
Tabcorp Holdings Ltd.		11,162		17,707
				38,194
Insurance 0.1%
QBE Insurance Group Ltd.		5,599		30,591
Suncorp Group Ltd.		6,419		35,877
				66,468
Metals & Mining 0.6%
BHP Group plc, ADR (a)		3,465		105,127
BlueScope Steel Ltd.		10,012		54,606
Fortescue Metals Group Ltd.		16,840		102,854
Newcrest Mining Ltd.		3,170		44,541
South32 Ltd.		63,647		68,604
				375,732
Multiline Retail 0.0%†
Harvey Norman Holdings Ltd.		8,544		15,413
Oil, Gas & Consumable Fuels 0.5%
Oil Search Ltd.		20,136		30,631
Origin Energy Ltd.		11,267		30,182
Santos Ltd.		75,198		163,006
Woodside Petroleum Ltd.		9,056		100,902
				324,721
Real Estate Management & Development 0.3%
Lendlease Group		34,311		215,820
Road & Rail 0.0%†
Aurizon Holdings Ltd.		1,937		5,018
				2,616,802
AUSTRIA 0.0%†
Banks 0.0%†
Raiffeisen Bank International AG		1,174		17,233
BELGIUM 1.4%
Banks 0.6%
KBC Group NV		8,400		387,636

Common Stocks (continued)
	Shares		Value
BELGIUM (continued)
Chemicals 0.1%
Solvay SA		1,276	$	93,065
Diversified Financial Services 0.5%
Groupe Bruxelles Lambert SA		4,425		348,185
Insurance 0.1%
Ageas		1,488		61,916
Pharmaceuticals 0.1%
UCB SA		457		39,683
				930,485
BRAZIL 0.1%
Aerospace & Defense 0.1%
Embraer SA, ADR *(a)		10,800		79,920
CANADA 3.3%
Auto Components 0.2%
Magna International, Inc.		4,565		145,710
Banks 1.2%
Bank of Montreal (a)		5,767		290,342
Bank of Nova Scotia (The)		6,573		267,323
Canadian Imperial Bank of Commerce (a)		4,358		253,508
				811,173
Chemicals 0.2%
Nutrien Ltd. (a)		3,357		114,555
Gas Utilities 0.0%†
AltaGas Ltd.		1,508		13,662
Hotels, Restaurants & Leisure 0.0%†
Stars Group, Inc. (The) *(a)		860		17,587
Insurance 0.5%
Fairfax Financial Holdings Ltd.		316		96,875
iA Financial Corp., Inc.		2,186		68,719
Manulife Financial Corp. (a)		12,004		150,703
Sun Life Financial, Inc.		732		23,490
				339,787
Metals & Mining 0.4%
Barrick Gold Corp.		3,269		60,070
Kinross Gold Corp. *		24,005		96,375
Pan American Silver Corp.		562		8,087
Teck Resources Ltd., Class B		9,740		73,827
				238,359
Oil, Gas & Consumable Fuels 0.8%
Cameco Corp. (a)		4,576		34,890
Canadian Natural Resources Ltd. (a)		12,615		171,328
Cenovus Energy, Inc. (a)		6,533		13,195
Husky Energy, Inc. (a)		5,009		12,600
Imperial Oil Ltd.		3,226		36,357
Suncor Energy, Inc.		17,210		274,168
				542,538
Thrifts & Mortgage Finance 0.0%†
Genworth MI Canada, Inc.		140		3,111
				2,226,482
CHILE 0.1%
Metals & Mining 0.1%
Antofagasta plc		2,057		19,624

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
CHILE (continued)
Metals & Mining (continued)
Lundin Mining Corp. (a)		8,521	$	32,030
				51,654
CHINA 0.7%
Interactive Media & Services 0.2%
Baidu, Inc., ADR *		1,500		151,185
Wireless Telecommunication Services 0.5%
China Mobile Ltd.		46,500		351,302
				502,487
COLOMBIA 0.0%†
Wireless Telecommunication Services 0.0%†
Millicom International Cellular SA, SDR		813		22,893
DENMARK 1.4%
Air Freight & Logistics 0.1%
DSV Panalpina A/S		754		68,654
Banks 0.0%†
Danske Bank A/S		2,935		33,267
Beverages 0.2%
Carlsberg A/S, Class B		994		112,835
Building Products 0.0%†
ROCKWOOL International A/S, Class A		49		8,817
ROCKWOOL International A/S, Class B		97		17,583
				26,400
Chemicals 0.1%
Novozymes A/S, Class B		1,378		62,836
Electrical Equipment 0.3%
Vestas Wind Systems A/S		2,009		163,538
Energy Equipment & Services 0.1%
Drilling Co. of 1972 A/S (The) *		2,722		51,963
Health Care Equipment & Supplies 0.0%†
Demant A/S *		753		16,713
Insurance 0.0%†
Tryg A/S		671		16,552
Marine 0.6%
AP Moller - Maersk A/S, Class A		30		24,891
AP Moller - Maersk A/S, Class B		352		315,768
				340,659
Pharmaceuticals 0.0%†
H Lundbeck A/S		860		25,592
				919,009
FINLAND 0.2%
Banks 0.0%†
Nordea Bank Abp		13,923		78,484
Communications Equipment 0.0%†
Nokia OYJ		1,794		5,630
Electric Utilities 0.1%
Fortum OYJ		3,232		47,521
Paper & Forest Products 0.1%
Stora Enso OYJ, Class R		3,791		38,477
				170,112
FRANCE 8.7%
Aerospace & Defense 0.3%
Airbus SE		1,420		92,134
Dassault Aviation SA		100		82,292
				174,426

Common Stocks (continued)
	Shares		Value
FRANCE (continued)
Auto Components 0.4%
Cie Generale des Etablissements Michelin SCA		2,659	$	236,666
Valeo SA		2,293		38,346
				275,012
Automobiles 0.3%
Peugeot SA		10,348		137,964
Renault SA		3,450		67,000
				204,964
Banks 0.5%
BNP Paribas SA		6,236		187,986
Credit Agricole SA		4,991		36,580
Societe Generale SA		7,637		128,473
				353,039
Building Products 0.2%
Cie de Saint-Gobain		6,064		147,439
Capital Markets 0.1%
Amundi SA Reg. S (b)		165		9,765
Natixis SA		8,394		27,293
				37,058
Chemicals 0.5%
Arkema SA		5,249		362,991
Construction & Engineering 0.1%
Bouygues SA		2,706		79,409
Diversified Telecommunication Services 0.3%
Orange SA		18,983		235,355
Electric Utilities 0.1%
Electricite de France SA		6,426		50,677
Entertainment 0.5%
Bollore SA *		8,276		23,063
Vivendi SA		13,662		293,141
				316,204
Food & Staples Retailing 0.2%
Carrefour SA		9,388		148,733
Insurance 0.3%
AXA SA		8,407		145,583
CNP Assurances		1,923		18,823
SCOR SE		921		20,293
				184,699
IT Services 0.1%
Atos SE		1,197		80,997
Media 0.1%
Publicis Groupe SA		1,736		49,806
Multi-Utilities 1.5%
Engie SA (a)		57,263		592,337
Veolia Environnement SA (a)		21,411		458,043
				1,050,380
Oil, Gas & Consumable Fuels 1.9%
TOTAL SA (a)		32,992		1,279,414
Pharmaceuticals 1.1%
Sanofi		8,663		762,698
Trading Companies & Distributors 0.2%
Rexel SA		18,091		134,808
				5,928,109

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
GERMANY 9.2%
Airlines 0.1%
Deutsche Lufthansa AG (Registered)		4,812	$	45,947
Auto Components 0.1%
Continental AG		890		65,086
Automobiles 1.4%
Bayerische Motoren Werke AG		4,872		255,780
Bayerische Motoren Werke AG (Preference)		773		33,819
Daimler AG (Registered)		11,273		345,826
Porsche Automobil Holding SE (Preference)		1,080		46,656
Volkswagen AG		496		67,221
Volkswagen AG (Preference)		2,402		286,185
				1,035,487
Banks 0.1%
Commerzbank AG		11,681		42,492
Capital Markets 0.6%
Deutsche Bank AG (Registered)		11,670		78,398
Deutsche Bank AG (Registered)		2,293		14,721
Deutsche Boerse AG		2,382		327,211
				420,330
Chemicals 0.4%
BASF SE		2,814		136,010
Covestro AG Reg. S (b)		3,906		121,335
Evonik Industries AG		1,789		38,199
				295,544
Construction Materials 0.8%
HeidelbergCement AG		11,838		516,310
Diversified Telecommunication Services 0.0%†
Telefonica Deutschland Holding AG		13,341		33,157
Food & Staples Retailing 0.1%
METRO AG		4,316		37,353
Health Care Providers & Services 0.8%
Fresenius SE & Co. KGaA		14,100		529,860
Independent Power and Renewable Electricity Producers 0.1%
Uniper SE		2,445		61,362
Industrial Conglomerates 0.7%
Siemens AG (Registered)		5,791		498,422
Insurance 1.2%
Allianz SE (Registered)		4,095		705,903
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		326		65,899
Talanx AG		764		26,321
				798,123
Multi-Utilities 0.1%
RWE AG		2,391		64,004
Pharmaceuticals 1.0%
Bayer AG (Registered)		11,561		678,634
Semiconductors & Semiconductor Equipment 0.6%
Infineon Technologies AG		27,659		414,294
Software 1.1%
SAP SE		6,454		741,262
Transportation Infrastructure 0.0%†
Fraport AG Frankfurt Airport Services Worldwide		349		14,165
				6,291,832

Common Stocks (continued)
	Shares		Value
HONG KONG 1.8%
Airlines 0.0%†
Cathay Pacific Airways Ltd. (a)		12,000	$	12,838
Banks 0.0%†
Bank of East Asia Ltd. (The)		12,000		25,746
Electric Utilities 0.0%†
CK Infrastructure Holdings Ltd.		3,000		15,890
Food Products 0.1%
WH Group Ltd. Reg. S (b)		85,000		78,934
Industrial Conglomerates 0.1%
Guoco Group Ltd.		4,000		56,947
NWS Holdings Ltd.		17,307		17,713
				74,660
Real Estate Management & Development 1.5%
CK Asset Holdings Ltd.		71,000		386,256
Hang Lung Properties Ltd. (a)		20,000		40,451
Henderson Land Development Co. Ltd.		7,455		28,313
Hongkong Land Holdings Ltd.		6,400		23,939
Kerry Properties Ltd.		10,500		27,573
New World Development Co. Ltd.		58,202		62,344
Sino Land Co. Ltd.		43,587		55,143
Sun Hung Kai Properties Ltd.		12,721		167,026
Swire Pacific Ltd., Class A		9,000		57,657
Swire Pacific Ltd., Class B		25,000		25,509
Wharf Holdings Ltd. (The) (a)		13,000		22,969
Wheelock & Co. Ltd.		9,000		61,134
				958,314
Road & Rail 0.1%
MTR Corp. Ltd.		9,130		47,011
				1,213,393
IRELAND 1.2%
Airlines 0.2%
Ryanair Holdings plc, ADR *		2,074		110,109
Banks 0.1%
AIB Group plc *		113,600		127,388
Construction Materials 0.2%
CRH plc, ADR		3,682		98,825
CRH plc		278		7,578
				106,403
Containers & Packaging 0.6%
Smurfit Kappa Group plc		15,845		446,791
Hotels, Restaurants & Leisure 0.1%
Flutter Entertainment plc		438		39,706
				830,397
ISRAEL 0.2%
Banks 0.1%
Bank Hapoalim BM		6,028		36,238
Consumer Finance 0.0%†
Isracard Ltd.		298		799
Pharmaceuticals 0.1%
Teva Pharmaceutical Industries Ltd., ADR *		9,026		81,053
Teva Pharmaceutical Industries Ltd. *		493		4,489
				85,542
				122,579

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
ITALY 1.6%
Banks 1.0%
Intesa Sanpaolo SpA		45,611	$	74,449
Mediobanca Banca di Credito Finanziario SpA		38,067		209,865
UniCredit SpA		48,834		382,357
				666,671
Diversified Telecommunication Services 0.1%
Telecom Italia SpA *		217,531		88,959
Electrical Equipment 0.3%
Prysmian SpA		14,217		227,679
Oil, Gas & Consumable Fuels 0.2%
Eni SpA		12,093		122,265
				1,105,574
JAPAN 27.0%
Airlines 0.5%
Japan Airlines Co. Ltd.		17,100		314,680
Auto Components 1.6%
Aisin Seiki Co. Ltd.		2,000		49,250
Bridgestone Corp.		1,300		40,005
Denso Corp.		3,000		96,906
JTEKT Corp.		3,400		23,087
NGK Spark Plug Co. Ltd.		1,500		21,114
NHK Spring Co. Ltd.		2,600		17,009
NOK Corp.		1,500		16,544
Sumitomo Electric Industries Ltd.		11,200		117,811
Sumitomo Rubber Industries Ltd.		3,100		29,257
Toyo Tire Corp.		3,000		34,420
Toyoda Gosei Co. Ltd.		1,200		20,575
Toyota Boshoku Corp. (a)		1,500		17,859
Toyota Industries Corp.		12,700		609,408
TS Tech Co. Ltd. (a)		400		9,478
Yokohama Rubber Co. Ltd. (The)		1,500		18,611
				1,121,334
Automobiles 2.2%
Honda Motor Co. Ltd.		19,700		443,048
Isuzu Motors Ltd.		6,700		44,349
Mazda Motor Corp.		10,800		57,139
Mitsubishi Motors Corp. (a)		7,200		20,388
Nissan Motor Co. Ltd. (a)		29,900		98,710
Subaru Corp.		900		17,280
Toyota Motor Corp. (a)		12,214		735,305
Yamaha Motor Co. Ltd.		3,600		43,485
				1,459,704
Banks 2.2%
Aozora Bank Ltd.		800		15,253
Bank of Kyoto Ltd. (The) (a)		500		15,911
Chiba Bank Ltd. (The) (a)		6,400		27,998
Chugoku Bank Ltd. (The) (a)		900		8,025
Concordia Financial Group Ltd. (a)		10,400		30,294
Fukuoka Financial Group, Inc.		1,300		17,213
Hachijuni Bank Ltd. (The) (a)		4,300		15,579
Iyo Bank Ltd. (The) (a)		2,900		14,695
Kyushu Financial Group, Inc. (a)		1,300		4,972
Mebuki Financial Group, Inc. (a)		5,260		10,726
Mitsubishi UFJ Financial Group, Inc.		46,400		173,102
Mizuho Financial Group, Inc.		92,600		105,978
Resona Holdings, Inc.		10,300		30,994
Shinsei Bank Ltd.		1,600		21,356

Common Stocks (continued)

	Shares		Value
JAPAN (continued)
Banks (continued)
Shizuoka Bank Ltd. (The) (a)		3,100	$	18,860
Sumitomo Mitsui Financial Group, Inc.		35,400		860,124
Sumitomo Mitsui Trust Holdings, Inc.		1,500		43,334
				1,414,414
Beverages 0.5%
Coca-Cola Bottlers Japan, Inc.		1,400		28,759
Kirin Holdings Co. Ltd.		16,500		326,803
				355,562
Building Products 0.2%
AGC, Inc.		3,400		83,563
LIXIL Group Corp.		2,500		31,088
				114,651
Capital Markets 0.6%
Daiwa Securities Group, Inc. (a)		94,300		365,774
Nomura Holdings, Inc.		13,700		58,037
				423,811
Chemicals 1.6%
Air Water, Inc.		4,500		61,920
Asahi Kasei Corp.		11,000		77,746
Daicel Corp.		2,500		18,253
Denka Co. Ltd. (a)		10,299		216,748
DIC Corp.		1,200		26,530
JSR Corp.		1,500		27,631
Kaneka Corp. (a)		900		21,556
Kuraray Co. Ltd.		23,500		237,496
Mitsubishi Chemical Holdings Corp.		9,500		56,523
Mitsubishi Gas Chemical Co., Inc.		2,100		22,811
Mitsui Chemicals, Inc.		2,400		45,546
Nippon Kayaku Co. Ltd. (a)		2,700		24,849
Nippon Shokubai Co. Ltd.		500		22,921
Showa Denko KK		1,200		24,811
Sumitomo Chemical Co. Ltd.		23,000		68,253
Teijin Ltd.		2,200		37,272
Tokai Carbon Co. Ltd.		600		4,950
Toray Industries, Inc.		10,600		45,964
Tosoh Corp.		3,100		35,270
Ube Industries Ltd.		1,500		22,987
Zeon Corp.		1,400		10,529
				1,110,566
Commercial Services & Supplies 0.1%
Dai Nippon Printing Co. Ltd.		2,200		46,858
Kokuyo Co. Ltd.		500		7,007
Toppan Printing Co. Ltd.		2,500		38,315
				92,180
Construction & Engineering 0.3%
JGC Holdings Corp.		900		7,219
Kajima Corp. (a)		5,800		59,525
Kandenko Co. Ltd.		1,000		7,978
Kinden Corp.		900		13,296
Maeda Corp. (a)		600		4,427
Maeda Road Construction Co. Ltd.		100		1,865
Nippo Corp.		1,100		24,276
Obayashi Corp.		6,300		53,967
Shimizu Corp.		5,700		44,582
Toda Corp.		1,800		10,479
				227,614

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Construction Materials 0.0%†
Taiheiyo Cement Corp.		1,100	$	18,813
Consumer Finance 0.0%†
AEON Financial Service Co. Ltd.		800		8,557
Credit Saison Co. Ltd.		1,000		11,613
Hitachi Capital Corp. (a)		700		13,190
				33,360
Containers & Packaging 0.1%
Rengo Co. Ltd.		1,000		7,804
Toyo Seikan Group Holdings Ltd.		2,400		27,393
				35,197
Diversified Financial Services 1.0%
Fuyo General Lease Co. Ltd. (a)		200		10,139
Mitsubishi UFJ Lease & Finance Co. Ltd.		8,500		41,799
ORIX Corp.		54,500		655,382
				707,320
Electrical Equipment 0.0%†
Mabuchi Motor Co. Ltd.		400		11,946
Electronic Equipment, Instruments & Components 1.9%
Alps Alpine Co. Ltd. (a)		1,700		16,473
Canon Marketing Japan, Inc.		800		15,805
Hitachi Ltd.		24,240		705,622
Ibiden Co. Ltd. (a)		1,500		32,860
Kyocera Corp. (a)		7,300		432,908
Nippon Electric Glass Co. Ltd.		800		10,717
				1,214,385
Entertainment 1.4%
Nintendo Co. Ltd.		1,400		539,971
Square Enix Holdings Co. Ltd.		8,500		379,863
				919,834
Food & Staples Retailing 1.6%
Matsumotokiyoshi Holdings Co. Ltd. (a)		8,900		326,189
Seven & i Holdings Co. Ltd.		22,300		736,398
				1,062,587
Food Products 0.1%
Itoham Yonekyu Holdings, Inc. (a)		1,100		6,497
NH Foods Ltd.		1,000		34,849
Yamazaki Baking Co. Ltd.		800		16,751
				58,097
Health Care Equipment & Supplies 0.8%
Nipro Corp.		700		8,242
Olympus Corp.		36,500		526,783
				535,025
Health Care Providers & Services 0.1%
Alfresa Holdings Corp. (a)		1,100		20,519
Medipal Holdings Corp.		800		14,951
Suzuken Co. Ltd.		300		10,934
Toho Holdings Co. Ltd. (a)		500		10,510
				56,914
Household Durables 1.6%
Haseko Corp.		7,600		81,448
Iida Group Holdings Co. Ltd.		2,300		31,861
Nikon Corp.		3,000		27,712
Panasonic Corp.		2,400		18,321
Sekisui House Ltd. (a)		4,200		69,411
Sony Corp.		14,400		855,982

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Household Durables (continued)
Sumitomo Forestry Co. Ltd.		1,800	$	23,076
				1,107,811
Industrial Conglomerates 0.7%
Toshiba Corp.		20,570		452,847
Insurance 0.5%
Dai-ichi Life Holdings, Inc.		5,300		63,427
Japan Post Holdings Co. Ltd. (a)		5,000		39,173
MS&AD Insurance Group Holdings, Inc.		4,800		134,444
Sompo Holdings, Inc.		1,900		58,772
T&D Holdings, Inc. (a)		6,300		51,436
Tokio Marine Holdings, Inc.		400		18,345
				365,597
Internet & Direct Marketing Retail 0.7%
Rakuten, Inc.		60,400		458,241
IT Services 0.5%
Fujitsu Ltd.		3,500		315,836
NEC Corp.		1,500		54,730
				370,566
Leisure Products 0.6%
Heiwa Corp. (a)		600		11,243
Sankyo Co. Ltd.		800		23,317
Sega Sammy Holdings, Inc.		32,300		393,282
				427,842
Machinery 1.0%
Amada Holdings Co. Ltd.		2,200		17,368
Ebara Corp.		1,000		19,012
FANUC Corp.		2,700		366,141
Glory Ltd.		700		16,131
Hino Motors Ltd.		7,500		40,310
IHI Corp. (a)		1,000		11,665
Kawasaki Heavy Industries Ltd. (a)		1,599		23,183
Kurita Water Industries Ltd.		900		20,797
Mitsubishi Heavy Industries Ltd.		2,500		63,230
NGK Insulators Ltd.		1,800		23,595
NSK Ltd.		4,100		26,300
Sumitomo Heavy Industries Ltd.		1,100		19,840
THK Co. Ltd.		600		12,250
				659,822
Marine 0.1%
Mitsui OSK Lines Ltd.		1,500		24,193
Nippon Yusen KK		2,700		32,097
				56,290
Media 0.1%
Dentsu Group, Inc.		2,800		53,983
Fuji Media Holdings, Inc. (a)		1,100		10,968
Tokyo Broadcasting System Holdings, Inc.		400		5,573
				70,524
Metals & Mining 0.3%
Dowa Holdings Co. Ltd. (a)		400		10,471
Hitachi Metals Ltd.		2,500		26,325
JFE Holdings, Inc.		6,300		41,004
Mitsubishi Materials Corp.		1,900		38,942
Nippon Steel Corp.		7,299		62,519
Sumitomo Metal Mining Co. Ltd.		2,099		43,048
				222,309

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Multiline Retail 0.1%
Isetan Mitsukoshi Holdings Ltd. (a)		2,400	$	13,991
J Front Retailing Co. Ltd.		3,100		25,753
Takashimaya Co. Ltd.		1,999		18,018
				57,762
Oil, Gas & Consumable Fuels 1.0%
Idemitsu Kosan Co. Ltd.		2,400		55,021
Inpex Corp.		10,400		58,459
JXTG Holdings, Inc.		159,800		547,735
				661,215
Paper & Forest Products 0.1%
Nippon Paper Industries Co. Ltd. (a)		1,500		21,388
Oji Holdings Corp.		11,200		60,060
				81,448
Pharmaceuticals 1.0%
Astellas Pharma, Inc.		40,500		626,946
Sawai Pharmaceutical Co. Ltd.		200		10,703
Taisho Pharmaceutical Holdings Co. Ltd.		100		6,148
Takeda Pharmaceutical Co. Ltd.		818		25,033
				668,830
Real Estate Management & Development 0.2%
Mitsui Fudosan Co. Ltd.		3,500		60,537
Nomura Real Estate Holdings, Inc.		1,500		24,330
Tokyo Tatemono Co. Ltd.		2,100		22,227
Tokyu Fudosan Holdings Corp.		8,100		38,770
				145,864
Road & Rail 0.2%
Fukuyama Transporting Co. Ltd.		200		7,159
Hankyu Hanshin Holdings, Inc.		2,400		80,813
Nippon Express Co. Ltd.		1,000		48,969
Seino Holdings Co. Ltd.		1,300		14,125
				151,066
Semiconductors & Semiconductor Equipment 0.0%†
Rohm Co. Ltd.		500		27,381
Specialty Retail 0.1%
K’s Holdings Corp. (a)		1,900		18,021
Shimamura Co. Ltd.		200		12,080
Yamada Denki Co. Ltd. *		7,300		29,148
				59,249
Technology Hardware, Storage & Peripherals 0.2%
Brother Industries Ltd.		700		10,700
FUJIFILM Holdings Corp.		300		15,058
Konica Minolta, Inc.		8,300		33,702
Ricoh Co. Ltd. (a)		8,400		61,682
Seiko Epson Corp. (a)		3,600		38,957
				160,099
Trading Companies & Distributors 0.8%
ITOCHU Corp. (a)		4,400		91,292
Marubeni Corp. (a)		7,900		39,386
Mitsubishi Corp.		6,900		146,449
Mitsui & Co. Ltd.		6,700		93,332
Nagase & Co. Ltd.		1,000		11,846
Sojitz Corp. (a)		13,800		32,405
Sumitomo Corp.		6,400		73,388
Toyota Tsusho Corp. (a)		1,800		42,378
				530,476

Common Stocks (continued)
	Shares		Value
JAPAN (continued)
Transportation Infrastructure 0.0%†
Kamigumi Co. Ltd.		1,200	$	20,300
Mitsubishi Logistics Corp. (a)		299		6,032
				26,332
Wireless Telecommunication Services 0.4%
SoftBank Group Corp.		7,600		266,129
				18,315,694
LUXEMBOURG 0.4%
Metals & Mining 0.4%
ArcelorMittal SA		31,093		294,668
MACAU 0.0%†
Hotels, Restaurants & Leisure 0.0%†
SJM Holdings Ltd.		27,000		22,645
NETHERLANDS 4.6%
Banks 0.2%
ABN AMRO Bank NV, CVA Reg. S (b)		3,288		26,990
ING Groep NV		22,582		118,286
				145,276
Chemicals 0.3%
Koninklijke DSM NV		1,988		225,905
Diversified Financial Services 0.2%
EXOR NV		2,300		118,472
Food & Staples Retailing 0.6%
Koninklijke Ahold Delhaize NV		18,412		430,902
Health Care Equipment & Supplies 1.0%
Koninklijke Philips NV		16,493		667,550
Insurance 0.2%
Aegon NV		16,098		40,836
NN Group NV		2,516		67,954
				108,790
Oil, Gas & Consumable Fuels 1.0%
Koninklijke Vopak NV		669		34,883
Royal Dutch Shell plc, Class B, ADR (a)		21,156		690,954
				725,837
Professional Services 0.1%
Randstad NV *		1,414		49,959
Semiconductors & Semiconductor Equipment 1.0%
ASML Holding NV		1,400		372,065
NXP Semiconductors NV		3,800		315,134
				687,199
				3,159,890
NEW ZEALAND 0.1%
Construction Materials 0.0%†
Fletcher Building Ltd.		7,771		16,136
Health Care Providers & Services 0.1%
EBOS Group Ltd.		3,994		52,815
Ryman Healthcare Ltd.		712		4,376
				57,191
Transportation Infrastructure 0.0%†
Auckland International Airport Ltd.		5,459		16,088
				89,415
NORWAY 0.6%
Banks 0.1%
DNB ASA		7,213		80,895

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
NORWAY (continued)
Banks (continued)
SpareBank 1 SR-Bank ASA		3,345	$	19,026
				99,921
Chemicals 0.0%†
Yara International ASA		1,018		32,209
Food Products 0.5%
Mowi ASA		17,000		259,120
Insurance 0.0%†
Storebrand ASA		3,091		12,396
Metals & Mining 0.0%†
Norsk Hydro ASA		10,086		21,914
Oil, Gas & Consumable Fuels 0.0%†
Equinor ASA		431		5,429
				430,989
PORTUGAL 0.0%†
Banks 0.0%†
Banco Espirito Santo SA (Registered) *^¥		146,163		0
SINGAPORE 1.2%
Airlines 0.2%
Singapore Airlines Ltd.		27,300		110,349
Banks 0.8%
DBS Group Holdings Ltd.		30,700		401,408
Oversea-Chinese Banking Corp. Ltd.		15,292		93,024
				494,432
Food Products 0.0%†
Wilmar International Ltd.		12,900		29,178
Industrial Conglomerates 0.1%
Keppel Corp. Ltd.		23,100		86,022
Real Estate Management & Development 0.1%
CapitaLand Ltd.		24,000		47,910
City Developments Ltd.		5,200		26,360
UOL Group Ltd.		4,910		22,606
				96,876
Trading Companies & Distributors 0.0%†
BOC Aviation Ltd. Reg. S (b)		2,800		17,707
				834,564
SOUTH AFRICA 0.3%
Capital Markets 0.0%†
Investec plc		6,794		12,769
Metals & Mining 0.3%
Anglo American plc		9,474		165,551
				178,320
SOUTH KOREA 0.5%
Technology Hardware, Storage & Peripherals 0.5%
Samsung Electronics Co. Ltd.		9,050		351,720
SPAIN 1.6%
Banks 0.8%
Banco Bilbao Vizcaya Argentaria SA (a)		37,434		119,668
Banco Bilbao Vizcaya Argentaria SA, ADR		2,403		7,353
Banco Santander SA		183,890		447,579
Bankia SA (a)		5,551		6,197
				580,797

Common Stocks (continued)
	Shares		Value
SPAIN (continued)
Electrical Equipment 0.6%
Siemens Gamesa Renewable Energy SA		24,989	$	375,997
Independent Power and Renewable Electricity Producers 0.2%
EDP Renovaveis SA		9,318		112,521
Oil, Gas & Consumable Fuels 0.0%†
Repsol SA		3,322		30,314
				1,099,629
SWEDEN 1.6%
Aerospace & Defense 0.0%†
Saab AB, Class B (a)		940		18,066
Banks 0.3%
Skandinaviska Enskilda Banken AB, Class A		14,948		101,115
Svenska Handelsbanken AB, Class A *		7,391		61,894
Swedbank AB, Class A		3,311		36,973
				199,982
Commercial Services & Supplies 0.0%†
Intrum AB (a)		950		12,649
Construction & Engineering 0.0%†
Peab AB, Class B		2,824		20,374
Containers & Packaging 0.0%†
BillerudKorsnas AB		1,564		17,101
Diversified Financial Services 0.5%
Investor AB, Class B		6,061		278,771
Diversified Telecommunication Services 0.1%
Telia Co. AB		26,547		95,493
Food & Staples Retailing 0.0%†
ICA Gruppen AB		607		25,590
Health Care Equipment & Supplies 0.1%
Getinge AB, Class B		2,044		39,249
Hotels, Restaurants & Leisure 0.0%†
Pandox AB		131		1,079
Machinery 0.4%
SKF AB, Class B		3,935		54,137
Trelleborg AB, Class B *		2,069		22,338
Volvo AB, Class A		1,877		22,530
Volvo AB, Class B		11,152		134,100
				233,105
Metals & Mining 0.1%
Boliden AB		3,907		71,228
SSAB AB, Class A		1,619		3,711
SSAB AB, Class B		3,440		7,605
				82,544
Paper & Forest Products 0.1%
Holmen AB, Class B		1,233		33,858
Svenska Cellulosa AB SCA, Class B *(a)		4,471		45,198
				79,056
				1,103,059
SWITZERLAND 9.8%
Banks 0.0%†
Banque Cantonale Vaudoise (Registered) REG		16		13,162
Capital Markets 1.3%
Credit Suisse Group AG (Registered) *		9,803		80,947
Julius Baer Group Ltd. *(a)		2,269		77,466

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
SWITZERLAND (continued)
Capital Markets (continued)
UBS Group AG (Registered) *		80,644	$	753,735
				912,148
Chemicals 0.0%†
Clariant AG (Registered)		575		9,671
Construction Materials 0.2%
LafargeHolcim Ltd. (Registered) *		4,254		155,512
Diversified Telecommunication Services 0.3%
Swisscom AG (Registered) (a)		351		189,227
Electrical Equipment 1.1%
ABB Ltd. (Registered) (a)		42,860		753,588
Food Products 1.4%
Nestle SA (Registered)		9,081		935,962
Health Care Equipment & Supplies 0.3%
Alcon, Inc. *		3,339		170,396
Insurance 1.3%
Baloise Holding AG (Registered)		539		70,748
Swiss Life Holding AG (Registered)		355		120,867
Swiss Re AG (a)		1,132		87,282
Zurich Insurance Group AG		1,674		594,200
				873,097
Life Sciences Tools & Services 0.4%
Lonza Group AG (Registered) *		679		282,499
Metals & Mining 0.4%
Glencore plc *		184,254		281,220
Pharmaceuticals 2.4%
Novartis AG (Registered)		13,966		1,154,220
Roche Holding AG		1,200		390,137
Vifor Pharma AG		305		42,201
				1,586,558
Professional Services 0.1%
Adecco Group AG (Registered)		1,854		73,151
Real Estate Management & Development 0.0%†
Swiss Prime Site AG (Registered)		245		24,050
Textiles, Apparel & Luxury Goods 0.6%
Cie Financiere Richemont SA (Registered)		4,337		237,688
Swatch Group AG (The)		586		117,120
Swatch Group AG (The) (Registered)		732		28,804
				383,612
				6,643,853
UNITED KINGDOM 13.9%
Airlines 0.0%†
easyJet plc		1,390		10,003
Automobiles 0.2%
Fiat Chrysler Automobiles NV		18,643		134,345
Banks 1.5%
Barclays plc, ADR (a)		28,379		128,557
HSBC Holdings plc, ADR (a)		15,310		428,832
Lloyds Banking Group plc		802,054		316,286
Lloyds Banking Group plc, ADR		12,511		18,892
Royal Bank of Scotland Group plc, ADR (a)		22,210		60,411
Standard Chartered plc		13,428		74,011
				1,026,989
Capital Markets 0.3%
IG Group Holdings plc		16,300		139,594

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Capital Markets (continued)
Ninety One plc *		3,397	$	7,295
Standard Life Aberdeen plc		14,386		39,799
				186,688
Chemicals 0.2%
Linde plc		900		155,700
Distributors 0.4%
Inchcape plc		47,677		255,849
Diversified Financial Services 0.0%†
M&G plc *		3,692		5,141
Electrical Equipment 0.0%†
Melrose Industries plc		15,490		17,493
Energy Equipment & Services 0.0%†
Subsea 7 SA (a)		3,107		14,779
Equity Real Estate Investment Trusts (REITs) 0.4%
British Land Co. plc (The)		67,848		282,272
Food & Staples Retailing 1.3%
J Sainsbury plc		32,629		84,976
Tesco plc		247,906		702,010
Wm Morrison Supermarkets plc		29,242		64,420
				851,406
Health Care Equipment & Supplies 0.5%
Smith & Nephew plc		17,900		317,646
Hotels, Restaurants & Leisure 0.3%
GVC Holdings plc		24,900		172,847
Household Durables 0.6%
Barratt Developments plc		28,895		157,480
Persimmon plc		11,500		272,348
				429,828
Industrial Conglomerates 1.9%
CK Hutchison Holdings Ltd.		124,272		833,405
DCC plc		6,964		439,216
				1,272,621
Insurance 1.1%
Aviva plc		204,651		679,421
Phoenix Group Holdings plc		8,520		66,095
				745,516
Media 0.4%
Informa plc		27,585		152,986
Pearson plc		3,802		26,252
Pearson plc, ADR		748		5,154
WPP plc		11,819		80,531
WPP plc, ADR (a)		567		19,148
				284,071
Oil, Gas & Consumable Fuels 0.4%
BP plc, ADR (a)		10,697		260,900
Personal Products 1.3%
Unilever plc		16,978		857,110
Real Estate Management & Development 0.1%
Savills plc		7,584		77,579
Specialty Retail 0.1%
Kingfisher plc		23,926		43,097
Tobacco 1.0%
British American Tobacco plc		9,651		329,566
Imperial Brands plc		18,649		345,677
				675,243

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED KINGDOM (continued)
Trading Companies & Distributors 0.4%
Ashtead Group plc		12,369	$	274,723
Wireless Telecommunication Services 1.5%
Vodafone Group plc		661,056		923,436
Vodafone Group plc, ADR (a)		6,837		94,145
				1,017,581
				9,369,427
UNITED STATES 0.1%
Hotels, Restaurants & Leisure 0.0%†
Carnival plc		727		8,824
Oil, Gas & Consumable Fuels 0.1%
Ovintiv, Inc. (a)		12,764		34,463
				43,287
ZAMBIA 0.1%
Metals & Mining 0.1%
First Quantum Minerals Ltd.		7,458		38,103
Total Common Stocks (cost $80,104,332)				65,004,224
Repurchase Agreements 2.6%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $568,250, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $579,614.(c)	$	568,249		568,249
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $200,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $204,000.(c)		200,000		200,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000.(c)		1,000,000		1,000,000
Total Repurchase Agreements (cost $1,768,249)				1,768,249
Total Investments
(cost $81,872,581) — 98.1%				66,772,473
Other assets in excess of liabilities — 1.9%				1,276,354
NET ASSETS — 100.0%			$	68,048,827

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $7,444,121, which was collateralized by cash used to purchase repurchase agreements with a total value of $1,768,249 and by $6,024,665 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 2/15/2050, a total value of $7,792,914.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $254,731 which represents 0.37% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $1,768,249.

ADR	American Depositary Receipt
CVA	Dutch Certification
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	79,920	$	192,492	$	–	$	272,412
Air Freight & Logistics		–		68,654		–		68,654
Airlines		110,108		713,697		–		823,805
Auto Components		145,710		1,461,431		–		1,607,141
Automobiles		–		2,834,500		–		2,834,500
Banks		1,455,217		5,931,496		–		7,386,713
Beverages		–		468,397		–		468,397
Building Products		–		288,490		–		288,490
Capital Markets		22,016		2,319,223		–		2,341,239
Chemicals		270,255		2,217,165		–		2,487,420
Commercial Services & Supplies		–		104,828		–		104,828
Communications Equipment		–		5,630		–		5,630
Construction & Engineering		–		327,397		–		327,397
Construction Materials		98,825		724,932		–		823,757
Consumer Finance		–		34,159		–		34,159
Containers & Packaging		–		499,089		–		499,089
Distributors		–		255,849		–		255,849
Diversified Financial Services		–		1,591,237		–		1,591,237

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Diversified Telecommunication Services	$	–	$	642,191	$	–	$	642,191
Electric Utilities		–		114,088		–		114,088
Electrical Equipment		–		1,550,241		–		1,550,241
Electronic Equipment, Instruments & Components		–		1,214,385		–		1,214,385
Energy Equipment & Services		–		73,180		–		73,180
Entertainment		–		1,236,038		–		1,236,038
Equity Real Estate Investment Trusts (REITs)		–		282,272		–		282,272
Food & Staples Retailing		–		2,556,571		–		2,556,571
Food Products		–		1,361,293		–		1,361,293
Gas Utilities		13,662		–		–		13,662
Health Care Equipment & Supplies		–		1,746,579		–		1,746,579
Health Care Providers & Services		4,376		639,588		–		643,964
Hotels, Restaurants & Leisure		17,588		283,295		–		300,883
Household Durables		–		1,537,639		–		1,537,639
Independent Power and Renewable Electricity Producers		–		173,883		–		173,883
Industrial Conglomerates		–		2,384,573		–		2,384,573
Insurance		339,787		3,233,154		–		3,572,941
Interactive Media & Services		151,185		–		–		151,185
Internet & Direct Marketing Retail		–		458,241		–		458,241
IT Services		–		451,563		–		451,563
Leisure Products		–		427,842		–		427,842
Life Sciences Tools & Services		–		282,499		–		282,499
Machinery		–		892,927		–		892,927
Marine		–		396,951		–		396,951
Media		24,302		380,100		–		404,402
Metals & Mining		413,620		1,358,434		–		1,772,054
Multiline Retail		–		73,174		–		73,174
Multi-Utilities		–		1,114,384		–		1,114,384
Oil, Gas & Consumable Fuels		1,528,856		2,458,240		–		3,987,096
Paper & Forest Products		–		198,981		–		198,981
Personal Products		–		857,110		–		857,110
Pharmaceuticals		81,053		3,766,484		–		3,847,537
Professional Services		–		123,110		–		123,110
Real Estate Management & Development		–		1,518,502		–		1,518,502
Road & Rail		–		203,095		–		203,095
Semiconductors & Semiconductor Equipment		315,134		813,740		–		1,128,874
Software		–		741,262		–		741,262
Specialty Retail		–		102,345		–		102,345
Technology Hardware, Storage & Peripherals		–		511,819		–		511,819
Textiles, Apparel & Luxury Goods		–		383,612		–		383,612
Thrifts & Mortgage Finance		3,111		–		–		3,111
Tobacco		–		675,243		–		675,243
Trading Companies & Distributors		–		957,715		–		957,715
Transportation Infrastructure		–		56,585		–		56,585
Wireless Telecommunication Services		94,146		1,563,759		–		1,657,905
Total Common Stocks	$	5,168,871	$	59,835,353	$	–	$	65,004,224
Repurchase Agreements		–		1,768,249		–		1,768,249
Total	$	5,168,871	$	61,603,602	$	–	$	66,772,473

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

During the period ended March 31 2020, the Fund held one common stock investment that was categorized as a Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of

judicial and regulatory proceedings, and subadvisor recommendations

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund

Common Stocks 98.3%
	Shares		Value
CANADA 0.6%
Chemicals 0.2%
Nutrien Ltd. (a)		5,794	$	198,074
Oil, Gas & Consumable Fuels 0.4%
Canadian Natural Resources Ltd.		26,608		360,538
				558,612
IRELAND 0.3%
Construction Materials 0.3%
CRH plc		9,948		270,121
JAPAN 0.3%
Building Products 0.3%
Sanwa Holdings Corp.		38,700		301,988
LUXEMBOURG 0.2%
Energy Equipment & Services 0.2%
Tenaris SA, ADR		14,642		176,436
NETHERLANDS 0.1%
Health Care Equipment & Supplies 0.1%
Koninklijke Philips NV, NYRS REG		3,155		126,705
SOUTH KOREA 0.6%
Technology Hardware, Storage & Peripherals 0.6%
Samsung Electronics Co. Ltd.		13,242		514,639
SPAIN 0.5%
Electric Utilities 0.5%
Iberdrola SA		44,179		436,224
SWITZERLAND 0.2%
Health Care Equipment & Supplies 0.2%
Alcon, Inc. *		2,867		145,701
UNITED KINGDOM 0.8%
Capital Markets 0.4%
London Stock Exchange Group plc		3,961		356,892
Chemicals 0.1%
Linde plc		449		77,677
Pharmaceuticals 0.3%
AstraZeneca plc, ADR (a)		6,780		302,795
				737,364
UNITED STATES 94.7%
Aerospace & Defense 1.7%
Huntington Ingalls Industries, Inc.		716		130,462
L3Harris Technologies, Inc.		3,261		587,372
Northrop Grumman Corp.		829		250,814
United Technologies Corp.		5,955		561,735
				1,530,383
Airlines 0.7%
Delta Air Lines, Inc. (a)		7,231		206,300
Southwest Airlines Co. (a)		12,151		432,698
				638,998
Auto Components 0.3%
Lear Corp.		3,562		289,413
Automobiles 0.8%
General Motors Co.		36,125		750,678
Banks 7.1%
Atlantic Union Bankshares Corp.		9,627		210,831
Bank of America Corp.		86,327		1,832,723
Bank OZK		14,466		241,582
Citigroup, Inc.		30,238		1,273,625
JPMorgan Chase & Co.		18,381		1,654,841
PNC Financial Services Group, Inc. (The)		4,204		402,407
US Bancorp (a)		4,887		168,357
Wells Fargo & Co.		7,224		207,329

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Banks (continued)
Zions Bancorp NA		11,000	$	294,360
				6,286,055
Beverages 1.2%
Keurig Dr Pepper, Inc. (a)		21,450		520,592
PepsiCo, Inc.		4,473		537,207
				1,057,799
Biotechnology 1.8%
AbbVie, Inc.		3,688		280,989
Biogen, Inc. *		2,122		671,358
Gilead Sciences, Inc.		5,088		380,379
Regeneron Pharmaceuticals, Inc. *		565		275,884
				1,608,610
Building Products 0.8%
AO Smith Corp.		9,131		345,243
Johnson Controls International plc		3,467		93,470
Trane Technologies plc		3,405		281,219
				719,932
Capital Markets 5.0%
Charles Schwab Corp. (The)		25,332		851,662
Goldman Sachs Group, Inc. (The)		6,172		954,129
LPL Financial Holdings, Inc.		5,059		275,361
Morgan Stanley		30,589		1,040,026
Raymond James Financial, Inc. (a)		12,349		780,457
State Street Corp.		3,358		178,881
TD Ameritrade Holding Corp.		11,219		388,851
				4,469,367
Chemicals 2.2%
Celanese Corp.		5,469		401,370
CF Industries Holdings, Inc.		26,656		725,042
Corteva, Inc. (a)		6,297		147,980
DuPont de Nemours, Inc.		7,275		248,078
Eastman Chemical Co.		4,319		201,179
Mosaic Co. (The)		12,864		139,188
PPG Industries, Inc.		1,821		152,236
				2,015,073
Commercial Services & Supplies 0.2%
Herman Miller, Inc.		8,521		189,166
Communications Equipment 1.1%
Cisco Systems, Inc.		16,200		636,822
Lumentum Holdings, Inc. *(a)		5,249		386,851
				1,023,673
Construction & Engineering 0.3%
Quanta Services, Inc.		8,554		271,418
Construction Materials 1.0%
Martin Marietta Materials, Inc.		2,194		415,171
Vulcan Materials Co.		4,521		488,584
				903,755
Consumer Finance 1.1%
American Express Co. (a)		1,861		159,320
Capital One Financial Corp.		4,179		210,705
Discover Financial Services		4,107		146,497
SLM Corp.		50,107		360,269
Synchrony Financial		6,633		106,725
				983,516
Diversified Financial Services 3.1%
Berkshire Hathaway, Inc., Class B *(a)		9,176		1,677,648
Equitable Holdings, Inc.		14,975		216,389
Voya Financial, Inc.		21,293		863,431
				2,757,468
Diversified Telecommunication Services 1.5%
AT&T, Inc.		12,352		360,061

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.		18,387	$	987,933
				1,347,994
Electric Utilities 3.9%
American Electric Power Co., Inc.		2,896		231,622
Duke Energy Corp.		4,726		382,239
Exelon Corp.		34,127		1,256,214
FirstEnergy Corp.		2,043		81,863
NRG Energy, Inc.		5,423		147,831
PPL Corp.		34,223		844,624
Southern Co. (The)		4,047		219,105
Xcel Energy, Inc.		5,693		343,288
				3,506,786
Electrical Equipment 1.1%
Eaton Corp. plc		10,271		797,954
Regal Beloit Corp.		3,294		207,357
				1,005,311
Electronic Equipment, Instruments & Components 0.8%
Coherent, Inc. *		2,750		292,627
Corning, Inc.		12,640		259,626
Zebra Technologies Corp., Class A *		856		157,162
				709,415
Energy Equipment & Services 0.2%
Halliburton Co.		14,818		101,503
Schlumberger Ltd.		8,789		118,564
				220,067
Entertainment 0.9%
Activision Blizzard, Inc. *		1,429		84,997
Cinemark Holdings, Inc.		15,899		162,011
Electronic Arts, Inc. *		5,267		527,595
Walt Disney Co. (The)		763		73,706
				848,309
Equity Real Estate Investment Trusts (REITs) 5.3%
American Tower Corp.		502		109,311
Americold Realty Trust		20,866		710,278
AvalonBay Communities, Inc.		606		89,185
Brixmor Property Group, Inc.		8,081		76,770
Columbia Property Trust, Inc.		15,563		194,538
Digital Realty Trust, Inc.		3,505		486,880
EPR Properties		1,592		38,558
Equinix, Inc.		732		457,185
Host Hotels & Resorts, Inc.		44,760		494,150
Life Storage, Inc.		1,472		139,178
Medical Properties Trust, Inc.		22,352		386,466
Mid-America Apartment Communities, Inc.		839		86,442
Prologis, Inc.		3,950		317,462
Public Storage		489		97,120
Spirit Realty Capital, Inc.		6,435		168,275
STORE Capital Corp.		13,824		250,491
VICI Properties, Inc.		30,200		502,527
Weyerhaeuser Co.		7,809		132,363
				4,737,179
Food & Staples Retailing 1.0%
Sysco Corp.		7,600		346,788
US Foods Holding Corp. *(a)		5,574		98,716
Walmart, Inc.		4,258		483,794
				929,298
Food Products 1.6%
Archer-Daniels-Midland Co.		19,930		701,137
Conagra Brands, Inc.		4,136		121,350

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Food Products (continued)
Ingredion, Inc.		1,083	$	81,767
JM Smucker Co. (The)		2,975		330,225
Mondelez International, Inc., Class A		3,835		192,057
				1,426,536
Health Care Equipment & Supplies 3.3%
Becton Dickinson and Co.		2,828		649,790
Boston Scientific Corp. *		3,969		129,508
Danaher Corp.		432		59,793
DENTSPLY SIRONA, Inc.		8,950		347,529
Medtronic plc		19,337		1,743,810
				2,930,430
Health Care Providers & Services 4.8%
Anthem, Inc.		2,526		573,503
Centene Corp. *		13,595		807,679
Cigna Corp.		1,841		326,188
CVS Health Corp.		23,143		1,373,075
HCA Healthcare, Inc.		3,659		328,761
Humana, Inc.		1,604		503,688
Laboratory Corp. of America Holdings *		939		118,680
McKesson Corp.		1,952		264,028
				4,295,602
Hotels, Restaurants & Leisure 1.1%
Darden Restaurants, Inc.		1,830		99,662
Las Vegas Sands Corp.		14,285		606,683
Norwegian Cruise Line Holdings Ltd. *		9,650		105,764
Royal Caribbean Cruises Ltd.		4,486		144,315
				956,424
Household Durables 0.4%
Lennar Corp., Class A		4,187		159,943
Toll Brothers, Inc. (a)		11,660		224,455
				384,398
Household Products 1.4%
Colgate-Palmolive Co.		5,711		378,982
Kimberly-Clark Corp.		2,710		346,528
Procter & Gamble Co. (The)		4,804		528,440
Reynolds Consumer Products, Inc.		1,537		44,834
				1,298,784
Independent Power and Renewable Electricity Producers 0.5%
AES Corp.		14,465		196,724
Vistra Energy Corp.		16,274		259,733
				456,457
Industrial Conglomerates 0.4%
Honeywell International, Inc.		2,876		384,780
Insurance 4.9%
Allstate Corp. (The)		1,192		109,342
American International Group, Inc.		9,765		236,801
Assurant, Inc.		4,183		435,408
Athene Holding Ltd., Class A *		16,020		397,616
Chubb Ltd.		7,157		799,366
CNO Financial Group, Inc. (a)		26,052		322,784
Hartford Financial Services Group, Inc. (The)		8,793		309,865
MetLife, Inc.		31,987		977,844
Prudential Financial, Inc.		2,071		107,982
Reinsurance Group of America, Inc.		1,587		133,530
Unum Group		20,325		305,078
Willis Towers Watson plc		1,552		263,607
				4,399,223
Interactive Media & Services 1.7%
Alphabet, Inc., Class A *		891		1,035,297

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)

Common Stocks (continued)

	Shares		Value
UNITED STATES (continued)
Interactive Media & Services (continued)
Facebook, Inc., Class A *		891	$	148,619
Match Group, Inc. *(a)		5,050		333,502
				1,517,418
Internet & Direct Marketing Retail 0.7%
Expedia Group, Inc.		10,559		594,155
IT Services 1.8%
Amdocs Ltd.		6,166		338,945
Fidelity National Information Services, Inc.		370		45,007
Fiserv, Inc. *		3,575		339,589
FleetCor Technologies, Inc. *		1,355		252,762
Genpact Ltd.		13,213		385,819
International Business Machines Corp.		2,447		271,446
				1,633,568
Machinery 1.6%
AGCO Corp.		5,567		263,041
Ingersoll Rand, Inc. *(a)		10,012		248,298
Middleby Corp. (The) *		3,482		198,056
Pentair plc		6,728		200,225
Westinghouse Air Brake Technologies Corp.		11,304		544,061
				1,453,681
Media 2.6%
Charter Communications, Inc., Class A *(a)		1,184		516,591
Comcast Corp., Class A		48,606		1,671,074
Omnicom Group, Inc.		3,271		179,578
				2,367,243
Metals & Mining 1.1%
Freeport-McMoRan, Inc.		38,724		261,387
Newmont Corp.		4,124		186,735
Reliance Steel & Aluminum Co.		6,563		574,853
				1,022,975
Multiline Retail 1.4%
Dollar General Corp.		1,837		277,405
Dollar Tree, Inc. *		7,936		583,058
Target Corp.		4,611		428,685
				1,289,148
Multi-Utilities 0.2%
Sempra Energy		1,921		217,054
Oil, Gas & Consumable Fuels 3.6%
Chevron Corp.		2,009		145,572
Cimarex Energy Co.		5,438		91,522
Concho Resources, Inc.		9,930		425,501
ConocoPhillips		7,034		216,647
Diamondback Energy, Inc.		7,343		192,387
Equitrans Midstream Corp. (a)		24,837		124,930
Exxon Mobil Corp.		6,830		259,335
Hess Corp.		14,020		466,866
Marathon Petroleum Corp.		21,460		506,884
Phillips 66		6,135		329,143
Pioneer Natural Resources Co.		2,799		196,350
Valero Energy Corp. (a)		6,356		288,308
				3,243,445
Paper & Forest Products 0.2%
Louisiana-Pacific Corp.		8,780		150,840
Pharmaceuticals 3.8%
Bristol-Myers Squibb Co.		10,698		596,307
Eli Lilly & Co.		6,669		925,124
Johnson & Johnson		7,956		1,043,269
Merck & Co., Inc.		7,519		578,512

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Pharmaceuticals (continued)
Pfizer, Inc.		8,551	$	279,105
				3,422,317
Road & Rail 1.3%
CSX Corp.		2,006		114,944
Kansas City Southern		865		110,011
Uber Technologies, Inc. *		14,200		396,464
Union Pacific Corp.		3,890		548,645
				1,170,064
Semiconductors & Semiconductor Equipment 5.9%
Applied Materials, Inc.		15,429		706,957
Broadcom, Inc.		2,786		660,561
Intel Corp.		43,771		2,368,886
KLA Corp.		3,279		471,323
Microchip Technology, Inc. (a)		2,648		179,534
Micron Technology, Inc. *		13,228		556,370
QUALCOMM, Inc.		3,544		239,752
				5,183,383
Software 0.7%
Microsoft Corp.		2,460		387,967
Proofpoint, Inc. *		2,183		223,954
				611,921
Specialty Retail 0.4%
Home Depot, Inc. (The)		549		102,504
Lowe’s Cos., Inc.		2,778		239,047
				341,551
Technology Hardware, Storage & Peripherals 0.8%
Apple, Inc.		850		216,147
Western Digital Corp.		12,214		508,346
				724,493
Textiles, Apparel & Luxury Goods 1.6%
Carter’s, Inc. (a)		10,509		690,756
PVH Corp.		3,078		115,856
Steven Madden Ltd.		10,900		253,207
VF Corp.		6,600		356,928
				1,416,747
Tobacco 2.3%
Philip Morris International, Inc.		27,834		2,030,769
Wireless Telecommunication Services 1.5%
T-Mobile US, Inc. *		16,112		1,351,797
				85,074,866
Total Common Stocks (cost $98,082,124)				88,342,656
Exchange Traded Fund 0.3%
	Shares		Value
UNITED STATES 0.3%
iShares Russell 1000 Value ETF (a)		2,595		257,372
Total Exchange Traded Fund (cost $248,508)				257,372

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)

Repurchase Agreements 0.6%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $168,299, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $171,664.(b)	$	168,298	$	168,298
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $200,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $204,000.(b)		200,000		200,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $200,001, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $204,000.(b)		200,000		200,000
Total Repurchase Agreements (cost $568,298)				568,298
Total Investments
(cost $98,898,930) — 99.2%				89,168,326
Other assets in excess of liabilities — 0.8%				754,019
NET ASSETS — 100.0%			$	89,922,345

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $5,177,913, which was collateralized by cash used to purchase repurchase agreements with a total value of $568,298 and by $4,885,175 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $5,453,473.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $568,298.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
NYRS	New York Registry Shares
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	1,530,383	$	–	$	–	$	1,530,383
Airlines		638,998		–		–		638,998
Auto Components		289,412		–		–		289,412
Automobiles		750,678		–		–		750,678
Banks		6,286,055		–		–		6,286,055
Beverages		1,057,799		–		–		1,057,799
Biotechnology		1,608,610		–		–		1,608,610
Building Products		719,932		301,988		–		1,021,920
Capital Markets		4,469,367		356,892		–		4,826,259
Chemicals		2,290,824		–		–		2,290,824
Commercial Services & Supplies		189,166		–		–		189,166
Communications Equipment		1,023,673		–		–		1,023,673
Construction & Engineering		271,418		–		–		271,418
Construction Materials		903,755		270,121		–		1,173,876
Consumer Finance		983,516		–		–		983,516
Diversified Financial Services		2,757,468		–		–		2,757,468
Diversified Telecommunication Services		1,347,994		–		–		1,347,994
Electric Utilities		3,506,787		436,223		–		3,943,010
Electrical Equipment		1,005,311		–		–		1,005,311
Electronic Equipment, Instruments & Components		709,415		–		–		709,415
Energy Equipment & Services		396,503		–		–		396,503

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Entertainment	$	848,309	$	–	$	–	$	848,309
Equity Real Estate Investment Trusts (REITs)		4,737,179		–		–		4,737,179
Food & Staples Retailing		929,298		–		–		929,298
Food Products		1,426,536		–		–		1,426,536
Health Care Equipment & Supplies		3,202,836		–		–		3,202,836
Health Care Providers & Services		4,295,602		–		–		4,295,602
Hotels, Restaurants & Leisure		956,424		–		–		956,424
Household Durables		384,398		–		–		384,398
Household Products		1,298,784		–		–		1,298,784
Independent Power and Renewable Electricity Producers		456,457		–		–		456,457
Industrial Conglomerates		384,780		–		–		384,780
Insurance		4,399,223		–		–		4,399,223
Interactive Media & Services		1,517,418		–		–		1,517,418
Internet & Direct Marketing Retail		594,155		–		–		594,155
IT Services		1,633,568		–		–		1,633,568
Machinery		1,453,681		–		–		1,453,681
Media		2,367,243		–		–		2,367,243
Metals & Mining		1,022,975		–		–		1,022,975
Multiline Retail		1,289,148		–		–		1,289,148
Multi-Utilities		217,054		–		–		217,054
Oil, Gas & Consumable Fuels		3,603,984		–		–		3,603,984
Paper & Forest Products		150,840		–		–		150,840
Pharmaceuticals		3,725,112		–		–		3,725,112
Road & Rail		1,170,064		–		–		1,170,064
Semiconductors & Semiconductor Equipment		5,183,383		–		–		5,183,383
Software		611,921		–		–		611,921
Specialty Retail		341,551		–		–		341,551
Technology Hardware, Storage & Peripherals		724,493		514,639		–		1,239,132
Textiles, Apparel & Luxury Goods		1,416,747		–		–		1,416,747
Tobacco		2,030,769		–		–		2,030,769
Wireless Telecommunication Services		1,351,797		–		–		1,351,797
Total Common Stocks		86,462,793		1,879,863		–		88,342,656
Exchange Traded Fund	$	257,372	$	–	$	–	$	257,372
Repurchase Agreements		–		568,298		–		568,298
Total	$	86,720,165	$	2,448,161	$	–	$	89,168,326

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund

Common Stocks 96.3%
	Shares		Value
Aerospace & Defense 1.6%
BAE Systems plc		51,476	$	332,157
General Dynamics Corp.		5,640		746,228
Textron, Inc.		26,655		710,889
TransDigm Group, Inc. (a)		6,415		2,054,019
				3,843,293
Airlines 0.9%
Alaska Air Group, Inc.		37,496		1,067,511
Delta Air Lines, Inc. (a)		16,300		465,039
Southwest Airlines Co. (a)		20,483		729,400
				2,261,950
Auto Components 0.9%
Aptiv plc		5,630		277,221
BorgWarner, Inc.		27,604		672,709
Dana, Inc.		141,923		1,108,419
				2,058,349
Automobiles 0.5%
Honda Motor Co. Ltd., ADR-JP		32,377		727,188
Thor Industries, Inc. (a)		11,040		465,667
				1,192,855
Banks 4.9%
CIT Group, Inc.		55,200		952,752
Comerica, Inc.		25,273		741,510
Commerce Bancshares, Inc. (a)		18,285		920,650
Fifth Third Bancorp		50,152		744,757
First Hawaiian, Inc.		29,884		493,983
M&T Bank Corp.		7,252		750,074
Pinnacle Financial Partners, Inc. (a)		44,452		1,668,728
PNC Financial Services Group, Inc. (The)		3,942		377,328
Prosperity Bancshares, Inc.		9,790		472,367
Signature Bank		27,964		2,248,026
Truist Financial Corp.		45,982		1,418,085
UMB Financial Corp.		9,066		420,481
Westamerica Bancorp		8,606		505,861
				11,714,602
Beverages 0.8%
Molson Coors Beverage Co., Class B		46,800		1,825,668
Biotechnology 1.3%
Alexion Pharmaceuticals, Inc. *		18,200		1,634,178
United Therapeutics Corp. *		14,825		1,405,781
				3,039,959
Building Products 0.5%
Johnson Controls International plc		47,971		1,293,298
Capital Markets 2.3%
Ameriprise Financial, Inc.		9,376		960,853
BlackRock, Inc.		1,187		522,244
Franklin Resources, Inc. (a)		23,300		388,877
Northern Trust Corp.		31,309		2,362,577
State Street Corp.		13,436		715,736
T. Rowe Price Group, Inc.		6,271		612,363
				5,562,650
Chemicals 2.6%
Ashland Global Holdings, Inc.		51,401		2,573,648
Corteva, Inc.		56,700		1,332,450
Eastman Chemical Co.		20,254		943,431
Mosaic Co. (The)		135,200		1,462,864
				6,312,393
Commercial Services & Supplies 1.4%
Republic Services, Inc.		43,644		3,275,919
Communications Equipment 0.7%
Arista Networks, Inc. *		4,300		870,965

Common Stocks (continued)
	Shares		Value
Communications Equipment (continued)
F5 Networks, Inc. *		6,524	$	695,654
				1,566,619
Consumer Finance 1.7%
Ally Financial, Inc.		226,019		3,261,454
SLM Corp.		99,925		718,461
				3,979,915
Containers & Packaging 2.4%
Graphic Packaging Holding Co.		34,280		418,216
Packaging Corp. of America		43,056		3,738,553
Sonoco Products Co.		20,669		958,008
Westrock Co.		18,408		520,210
				5,634,987
Distributors 1.0%
Genuine Parts Co. (a)		14,985		1,008,940
LKQ Corp. *		71,500		1,466,465
				2,475,405
Diversified Consumer Services 0.9%
Adtalem Global Education, Inc. *(a)		84,767		2,270,908
Diversified Financial Services 0.4%
Jefferies Financial Group, Inc.		72,200		986,974
Diversified Telecommunication Services 0.7%
GCI Liberty, Inc., Class A *		29,100		1,657,827
Electric Utilities 6.6%
Edison International		27,463		1,504,698
Entergy Corp.		27,446		2,579,101
Evergy, Inc.		43,730		2,407,337
Eversource Energy		7,163		560,218
FirstEnergy Corp.		118,403		4,744,408
Pinnacle West Capital Corp.		16,610		1,258,872
PPL Corp.		62,200		1,535,096
Xcel Energy, Inc.		21,624		1,303,927
				15,893,657
Electrical Equipment 1.8%
Emerson Electric Co.		33,535		1,597,943
Hubbell, Inc.		11,592		1,330,066
nVent Electric plc		84,224		1,420,859
				4,348,868
Electronic Equipment, Instruments & Components 0.3%
TE Connectivity Ltd.		12,336		776,921
Energy Equipment & Services 0.8%
Baker Hughes Co.		168,279		1,766,929
Schlumberger Ltd.		5,993		80,846
				1,847,775
Equity Real Estate Investment Trusts (REITs) 6.6%
AvalonBay Communities, Inc.		15,808		2,326,463
Colony Capital, Inc.		199,600		349,300
Empire State Realty Trust, Inc., Class A		46,556		417,142
EPR Properties		52,324		1,267,287
Gaming and Leisure Properties, Inc.		43,900		1,216,469
JBG SMITH Properties		57,400		1,827,042
Lamar Advertising Co., Class A		44,205		2,266,833
MGM Growth Properties LLC, Class A		112,100		2,653,407
Piedmont Office Realty Trust, Inc., Class A		40,050		707,283
VEREIT, Inc.		124,600		609,294
Welltower, Inc.		22,822		1,044,791
Weyerhaeuser Co.		67,745		1,148,278
				15,833,589
Food & Staples Retailing 1.9%
Koninklijke Ahold Delhaize NV		48,552		1,136,277

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Food & Staples Retailing (continued)
Sysco Corp.		14,593	$	665,879
US Foods Holding Corp. *		157,193		2,783,888
				4,586,044
Food Products 3.1%
Conagra Brands, Inc.		37,227		1,092,240
JM Smucker Co. (The)		8,507		944,277
Kellogg Co.		5,371		322,206
Kraft Heinz Co. (The)		46,300		1,145,462
Mondelez International, Inc., Class A		11,625		582,180
Orkla ASA		91,193		780,378
Post Holdings, Inc. *		30,012		2,490,096
				7,356,839
Gas Utilities 2.3%
Atmos Energy Corp.		6,609		655,811
Spire, Inc.		13,789		1,027,005
UGI Corp.		145,554		3,881,925
				5,564,741
Health Care Equipment & Supplies 4.0%
Envista Holdings Corp. *		34,441		514,549
Hologic, Inc. *		24,870		872,937
Siemens Healthineers AG Reg. S (b)		17,911		710,679
Zimmer Biomet Holdings, Inc.		74,292		7,509,435
				9,607,600
Health Care Providers & Services 5.9%
AmerisourceBergen Corp.		25,200		2,230,200
Cardinal Health, Inc.		24,406		1,170,024
Centene Corp. *		24,500		1,455,545
Henry Schein, Inc. *		14,503		732,691
Laboratory Corp. of America Holdings *		16,300		2,060,157
McKesson Corp.		9,214		1,246,286
Quest Diagnostics, Inc.		12,704		1,020,131
Universal Health Services, Inc., Class B		43,426		4,302,648
				14,217,682
Health Care Technology 0.3%
Cerner Corp.		12,367		778,997
Hotels, Restaurants & Leisure 1.8%
Aramark		45,700		912,629
Marriott Vacations Worldwide Corp.		19,323		1,073,972
Sodexo SA (a)		14,403		975,986
Wyndham Destinations, Inc.		61,218		1,328,431
				4,291,018
Household Durables 0.3%
NVR, Inc. *		155		398,212
PulteGroup, Inc.		10,025		223,758
				621,970
Household Products 0.2%
Kimberly-Clark Corp.		2,996		383,099
Insurance 8.9%
Aflac, Inc.		20,859		714,212
Alleghany Corp.		3,604		1,990,669
Allstate Corp. (The)		22,100		2,027,233
American Financial Group, Inc.		11,097		777,678
Arch Capital Group Ltd. *		71,100		2,023,506
Arthur J Gallagher & Co.		2,357		192,119
Assurant, Inc.		17,016		1,771,195
Axis Capital Holdings Ltd.		27,813		1,074,973
Brown & Brown, Inc.		5,355		193,958
Chubb Ltd.		13,339		1,489,833

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Fidelity National Financial, Inc.		155,006	$	3,856,549
Globe Life, Inc.		2,417		173,952
Loews Corp.		50,800		1,769,364
Markel Corp. *		1,900		1,762,991
ProAssurance Corp.		27,391		684,775
Reinsurance Group of America, Inc.		9,218		775,603
				21,278,610
Internet & Direct Marketing Retail 2.0%
eBay, Inc.		46,400		1,394,784
Expedia Group, Inc.		14,021		788,962
Qurate Retail, Inc., Series A *		416,011		2,539,747
				4,723,493
IT Services 0.7%
Alliance Data Systems Corp.		36,451		1,226,576
Conduent, Inc. *		184,405		451,792
				1,678,368
Machinery 2.6%
Cummins, Inc.		7,735		1,046,700
Dover Corp.		30,415		2,553,035
IMI plc		78,531		726,376
PACCAR, Inc.		14,248		870,980
Trinity Industries, Inc. (a)		60,564		973,264
				6,170,355
Media 4.8%
Altice USA, Inc., Class A *		98,735		2,200,803
Discovery, Inc., Class C *		50,100		878,754
DISH Network Corp., Class A *		67,500		1,349,325
Fox Corp., Class A		46,100		1,089,343
Fox Corp., Class B		28,670		655,970
Liberty Broadband Corp., Class C *		6,758		748,246
Liberty Media Corp-Liberty SiriusXM, Class C *		47,200		1,492,464
News Corp., Class A		146,000		1,310,350
ViacomCBS, Inc. (a)		122,513		1,716,407
				11,441,662
Mortgage Real Estate Investment Trusts (REITs) 0.8%
Annaly Capital Management, Inc.		362,200		1,836,354
Multiline Retail 1.0%
Dollar Tree, Inc. *		27,800		2,042,466
Target Corp.		3,046		283,187
				2,325,653
Multi-Utilities 1.7%
Ameren Corp.		7,499		546,152
CenterPoint Energy, Inc.		161,500		2,495,175
NorthWestern Corp.		14,114		844,441
WEC Energy Group, Inc.		2,877		253,550
				4,139,318
Oil, Gas & Consumable Fuels 3.0%
Antero Resources Corp. *(a)		225,500		160,759
ConocoPhillips		28,624		881,619
EQT Corp.		219,834		1,554,226
Equitrans Midstream Corp. (a)		106,999		538,205
HollyFrontier Corp.		29,400		720,594
Imperial Oil Ltd. (a)		21,116		238,723
Murphy Oil Corp. (a)		145,621		892,657
Noble Energy, Inc.		50,966		307,835
Williams Cos., Inc. (The)		129,500		1,832,425
				7,127,043
Paper & Forest Products 0.4%
Mondi plc		52,280		891,744
Road & Rail 0.9%
Heartland Express, Inc.		49,827		925,287

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Road & Rail (continued)
Norfolk Southern Corp.		8,150	$	1,189,900
				2,115,187
Semiconductors & Semiconductor Equipment 2.2%
Applied Materials, Inc.		31,773		1,455,839
Marvell Technology Group Ltd.		80,779		1,828,029
Maxim Integrated Products, Inc.		19,709		958,054
Microchip Technology, Inc. (a)		6,081		412,292
Qorvo, Inc. *		8,500		685,355
				5,339,569
Software 0.9%
CDK Global, Inc.		36,100		1,185,885
SS&C Technologies Holdings, Inc.		23,000		1,007,860
				2,193,745
Specialty Retail 1.7%
Aaron’s, Inc. (a)		64,588		1,471,315
Advance Auto Parts, Inc.		11,014		1,027,826
Foot Locker, Inc. (a)		39,900		879,795
Ross Stores, Inc.		9,200		800,124
				4,179,060
Technology Hardware, Storage & Peripherals 0.9%
Dell Technologies, Inc., Class C *		11,400		450,870
HP, Inc.		41,962		728,460
NCR Corp. *		56,200		994,740
				2,174,070
Thrifts & Mortgage Finance 0.3%
Capitol Federal Financial, Inc.		69,302		804,596
Trading Companies & Distributors 1.8%
AerCap Holdings NV *		83,585		1,904,902
HD Supply Holdings, Inc. *		57,800		1,643,254
MSC Industrial Direct Co., Inc., Class A		15,930		875,672
				4,423,828
Wireless Telecommunication Services 0.3%
Rogers Communications, Inc., Class B		14,786		617,160
Total Common Stocks (cost $290,523,720)				230,522,186
Exchange Traded Fund 0.2%
	Shares		Value
Equity Fund 0.2%
iShares Russell Mid-Cap Value ETF		6,191		396,781
Total Exchange Traded Fund (cost $399,256)				396,781
Repurchase Agreements 0.5%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $189,027, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $192,807. (c)	$	189,026		189,026

Repurchase Agreements (continued)
	Principal Amount		Value
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $1,020,000. (c)	$	1,000,000	$	1,000,000
Total Repurchase Agreements (cost $1,189,026)				1,189,026
Total Investments (cost $292,112,002) — 97.0%				232,107,993
Other assets in excess of liabilities — 3.0%				7,261,122
NET ASSETS — 100.0%			$	239,369,115

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $9,973,635, which was collateralized by cash used to purchase repurchase agreements with a total value of $1,189,026 and by $9,247,349 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $10,436,375.

(b) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $710,679 which represents 0.30% of net assets.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $1,189,026.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
JP	Japan
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

Forward Foreign Currency Contracts outstanding as of March 31, 2020
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
CAD	223,519	USD	154,828	Morgan Stanley Co., Inc.		6/30/2020		4,137
EUR	54,183	USD	58,029	Credit Suisse International		6/30/2020		1,933
GBP	302,828	USD	356,670	JPMorgan Chase Bank		6/30/2020		20,037
JPY	6,195,916	USD	56,018	Bank of America NA		6/30/2020		1,823
NOK	733,283	USD	67,272	Goldman Sachs International		6/30/2020		3,283
Total unrealized appreciation								31,213
USD	859,130	CAD	1,245,432	Morgan Stanley Co., Inc.		6/30/2020		(26,615	)
USD	2,399,508	EUR	2,207,797	Credit Suisse International		6/30/2020		(43,795	)
USD	1,874,150	GBP	1,601,661	JPMorgan Chase Bank		6/30/2020		(118,260	)
USD	519,669	JPY	56,170,997	Bank of America NA		6/30/2020		(4,713	)
USD	696,751	NOK	7,870,777	Goldman Sachs International		6/30/2020		(60,549	)
Total unrealized depreciation								(253,932	)
Net unrealized depreciation								(222,719	)

Currency:

CAD Canadian dollar

EUR Euro

GBP British pound

JPY Japanese yen

NOK Norwegian krone

USD United States dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	3,511,136	$	332,157	$	–	$	3,843,293
Airlines		2,261,950		–		–		2,261,950
Auto Components		2,058,349		–		–		2,058,349
Automobiles		1,192,855		–		–		1,192,855
Banks		11,714,602		–		–		11,714,602
Beverages		1,825,668		–		–		1,825,668
Biotechnology		3,039,959		–		–		3,039,959
Building Products		1,293,298		–		–		1,293,298
Capital Markets		5,562,650		–		–		5,562,650
Chemicals		6,312,393		–		–		6,312,393
Commercial Services & Supplies		3,275,919		–		–		3,275,919
Communications Equipment		1,566,619		–		–		1,566,619
Consumer Finance		3,979,915		–		–		3,979,915
Containers & Packaging		5,634,987		–		–		5,634,987
Distributors		2,475,405		–		–		2,475,405
Diversified Consumer Services		2,270,908		–		–		2,270,908
Diversified Financial Services		986,974		–		–		986,974
Diversified Telecommunication Services		1,657,827		–		–		1,657,827
Electric Utilities		15,893,657		–		–		15,893,657
Electrical Equipment		4,348,868		–		–		4,348,868
Electronic Equipment, Instruments & Components		776,921		–		–		776,921
Energy Equipment & Services		1,847,775		–		–		1,847,775

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

	Level 1		Level 2			Level 3		Total
Assets: (continued)
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs)	$	15,833,589	$	–		$	–	$	15,833,589
Food & Staples Retailing		3,449,767		1,136,277			–		4,586,044
Food Products		6,576,461		780,378			–		7,356,839
Gas Utilities		5,564,741		–			–		5,564,741
Health Care Equipment & Supplies		8,896,921		710,679			–		9,607,600
Health Care Providers & Services		14,217,682		–			–		14,217,682
Health Care Technology		778,997		–			–		778,997
Hotels, Restaurants & Leisure		3,315,032		975,986			–		4,291,018
Household Durables		621,970		–			–		621,970
Household Products		383,099		–			–		383,099
Insurance		21,278,610		–			–		21,278,610
Internet & Direct Marketing Retail		4,723,493		–			–		4,723,493
IT Services		1,678,368		–			–		1,678,368
Machinery		5,443,979		726,376			–		6,170,355
Media		11,441,662		–			–		11,441,662
Mortgage Real Estate Investment Trusts (REITs)		1,836,354		–			–		1,836,354
Multiline Retail		2,325,653		–			–		2,325,653
Multi-Utilities		4,139,318		–			–		4,139,318
Oil, Gas & Consumable Fuels		7,127,043		–			–		7,127,043
Paper & Forest Products		–		891,744			–		891,744
Road & Rail		2,115,187		–			–		2,115,187
Semiconductors & Semiconductor Equipment		5,339,569		–			–		5,339,569
Software		2,193,745		–			–		2,193,745
Specialty Retail		4,179,060		–			–		4,179,060
Technology Hardware, Storage & Peripherals		2,174,070		–			–		2,174,070
Thrifts & Mortgage Finance		804,596		–			–		804,596
Trading Companies & Distributors		4,423,828		–			–		4,423,828
Wireless Telecommunication Services		617,160		–			–		617,160
Total Common Stocks	$	224,968,589	$	5,553,597		$	–	$	230,522,186
Exchange Traded Fund	$	396,781	$	–		$	–	$	396,781
Forward Foreign Currency Contracts		–		31,213			–		31,213
Repurchase Agreements		–		1,189,026			–		1,189,026
Total Assets	$	225,365,370	$	6,773,836		$	–	$	232,139,206
Liabilities:
Forward Foreign Currency Contracts	$	–	$	(253,932	)	$	–	$	(253,932	)
Total Liabilities	$	–	$	(253,932	)	$	–	$	(253,932	)
Total	$	225,365,370	$	6,519,904		$	–	$	231,885,274

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using forward foreign currency contracts.

Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward foreign currency contract matures or at the time of delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Forward Foreign Currency Contracts
Currency risk	Unrealized appreciation on forward foreign currency contracts		$31,213
Total			$31,213
Liabilities:
Forward Foreign Currency Contracts
Currency risk	Unrealized depreciation on forward foreign currency contracts		$(253,932)
Total			$(253,932)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund

Common Stocks 98.0%
	Shares		Value
Aerospace & Defense 4.1%
Aerojet Rocketdyne Holdings, Inc. *		29,107	$	1,217,546
Axon Enterprise, Inc. *		4,140		292,988
BWX Technologies, Inc.		5,634		274,432
Curtiss-Wright Corp.		3,001		277,322
Mercury Systems, Inc. *		22,176		1,582,036
				3,644,324
Auto Components 0.1%
Visteon Corp. *		2,315		111,074
Automobiles 0.2%
Thor Industries, Inc. (a)		4,589		193,564
Banks 1.7%
First Busey Corp.		8,964		153,374
First Hawaiian, Inc.		10,799		178,507
Pinnacle Financial Partners, Inc. (a)		10,313		387,150
Seacoast Banking Corp. of Florida *		9,394		172,004
Sterling Bancorp		17,477		182,635
Synovus Financial Corp.		4,185		73,489
Triumph Bancorp, Inc. *		7,898		205,348
Western Alliance Bancorp		3,888		119,012
				1,471,519
Beverages 0.2%
Boston Beer Co., Inc. (The), Class A *(a)		572		210,244
Biotechnology 7.7%
ACADIA Pharmaceuticals, Inc. *(a)		4,613		194,899
Acceleron Pharma, Inc. *		3,371		302,952
Agios Pharmaceuticals, Inc. *		6,500		230,620
Akebia Therapeutics, Inc. *(a)		10,276		77,892
Allakos, Inc. *		3,379		150,332
Amicus Therapeutics, Inc. *		25,098		231,906
Apellis Pharmaceuticals, Inc. *		14,417		386,231
Arena Pharmaceuticals, Inc. *		5,249		220,458
Biohaven Pharmaceutical Holding Co. Ltd. *(a)		4,769		162,289
Blueprint Medicines Corp. *		3,002		175,557
CareDx, Inc. *(a)		15,213		332,100
Constellation Pharmaceuticals, Inc. *		4,538		142,629
Dicerna Pharmaceuticals, Inc. *		8,425		154,767
Epizyme, Inc. *(a)		11,985		185,887
Global Blood Therapeutics, Inc. *		10,862		554,940
Heron Therapeutics, Inc. *(a)		9,485		111,354
ImmunoGen, Inc. *		15,300		52,173
Iovance Biotherapeutics, Inc. *		10,268		307,373
Karyopharm Therapeutics, Inc. *		7,598		145,958
Kodiak Sciences, Inc. *		3,849		183,597
Madrigal Pharmaceuticals, Inc. *(a)		1,708		114,026
Mirati Therapeutics, Inc. *(a)		2,144		164,809
Momenta Pharmaceuticals, Inc. *		9,340		254,048
Principia Biopharma, Inc. *		3,749		222,616
PTC Therapeutics, Inc. *(a)		5,456		243,392
Radius Health, Inc. *		12,846		166,998
RAPT Therapeutics, Inc. *(a)		6,736		143,275
REGENXBIO, Inc. *		3,906		126,476
Rhythm Pharmaceuticals, Inc. *(a)		9,093		138,395
Turning Point Therapeutics, Inc. *(a)		3,917		174,933
Ultragenyx Pharmaceutical, Inc. *		5,768		256,272
Veracyte, Inc. *		14,487		352,179
Y-mAbs Therapeutics, Inc. *		7,377		192,540
				6,853,873

Common Stocks (continued)
	Shares		Value
Building Products 2.1%
Advanced Drainage Systems, Inc.		13,241	$	389,815
American Woodmark Corp. *		3,035		138,305
Armstrong World Industries, Inc.		2,755		218,802
Patrick Industries, Inc.		7,505		211,341
Trex Co., Inc. *(a)		10,981		880,017
				1,838,280
Capital Markets 2.4%
Blucora, Inc. *		8,463		101,979
Cohen & Steers, Inc.		6,377		289,835
Hamilton Lane, Inc., Class A (a)		16,254		899,009
LPL Financial Holdings, Inc.		10,982		597,750
Stifel Financial Corp.		4,850		200,208
				2,088,781
Chemicals 0.4%
Ingevity Corp. *		4,773		168,010
PolyOne Corp.		9,850		186,854
				354,864
Commercial Services & Supplies 2.2%
Casella Waste Systems, Inc., Class A *		24,665		963,415
Clean Harbors, Inc. *		11,988		615,464
MSA Safety, Inc. (a)		3,486		352,783
				1,931,662
Communications Equipment 0.4%
Lumentum Holdings, Inc. *		5,350		394,295
Construction Materials 0.3%
Summit Materials, Inc., Class A *(a)		18,933		283,995
Consumer Finance 0.4%
OneMain Holdings, Inc.		7,003		133,897
SLM Corp.		35,839		257,683
				391,580
Containers & Packaging 0.7%
Graphic Packaging Holding Co.		48,287		589,101
Distributors 1.6%
Core-Mark Holding Co., Inc.		6,516		186,162
Pool Corp.		6,392		1,257,754
				1,443,916
Diversified Consumer Services 1.9%
Bright Horizons Family Solutions, Inc. *		7,481		763,062
Strategic Education, Inc.		6,729		940,445
				1,703,507
Diversified Telecommunication Services 0.1%
Bandwidth, Inc., Class A *		1,486		99,993
Electrical Equipment 1.5%
AZZ, Inc.		3,529		99,235
EnerSys		4,690		232,249
Generac Holdings, Inc. *		10,322		961,701
				1,293,185
Electronic Equipment, Instruments & Components 1.4%
CTS Corp.		10,485		260,972
Itron, Inc. *		5,914		330,178
Novanta, Inc. *		5,302		423,524
Rogers Corp. *		2,015		190,256
				1,204,930
Entertainment 1.5%
Roku, Inc. *		6,294		550,599
Zynga, Inc., Class A *		118,335		810,595
				1,361,194

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) 2.1%
Columbia Property Trust, Inc.		12,181	$	152,263
CoreSite Realty Corp.		2,505		290,330
Corporate Office Properties Trust		9,283		205,433
Essential Properties Realty Trust, Inc.		9,772		127,622
First Industrial Realty Trust, Inc.		19,301		641,372
Independence Realty Trust, Inc.		18,342		163,977
PS Business Parks, Inc.		2,412		326,874
				1,907,871
Food & Staples Retailing 1.2%
Casey’s General Stores, Inc. (a)		2,974		394,026
Grocery Outlet Holding Corp. *		10,518		361,188
Performance Food Group Co. *		12,385		306,157
				1,061,371
Food Products 3.0%
Freshpet, Inc. *		23,481		1,499,731
Hostess Brands, Inc. *		27,307		291,093
Sanderson Farms, Inc. (a)		3,496		431,127
Simply Good Foods Co. (The) *(a)		24,213		466,342
				2,688,293
Health Care Equipment & Supplies 10.6%
AtriCure, Inc. *		8,401		282,190
Cardiovascular Systems, Inc. *		6,042		212,739
CryoPort, Inc. *(a)		16,021		273,478
Globus Medical, Inc., Class A *		9,080		386,172
Haemonetics Corp. *		10,281		1,024,604
ICU Medical, Inc. *		628		126,712
Insulet Corp. *		7,721		1,279,215
Integer Holdings Corp. *		5,596		351,765
Integra LifeSciences Holdings Corp. *		6,478		289,372
iRhythm Technologies, Inc. *(a)		8,952		728,245
Masimo Corp. *		7,929		1,404,384
Novocure Ltd. *		7,037		473,872
NuVasive, Inc. *		3,074		155,729
OraSure Technologies, Inc. *		14,988		161,271
Penumbra, Inc. *		2,899		467,696
Quidel Corp. *		7,015		686,137
Silk Road Medical, Inc. *(a)		6,123		192,752
Tandem Diabetes Care, Inc. *(a)		14,971		963,384
				9,459,717
Health Care Providers & Services 3.7%
1Life Healthcare, Inc. *		8,549		155,164
Addus HomeCare Corp. *		9,107		615,633
Amedisys, Inc. *		5,946		1,091,329
HealthEquity, Inc. *(a)		7,146		361,516
LHC Group, Inc. *		3,029		424,666
Providence Service Corp. (The) *(a)		3,785		207,721
R1 RCM, Inc. *		31,974		290,644
US Physical Therapy, Inc.		1,685		116,265
				3,262,938
Health Care Technology 3.8%
HMS Holdings Corp. *		14,429		364,621
Inspire Medical Systems, Inc. *(a)		9,383		565,607
Omnicell, Inc. *		12,093		793,059
Phreesia, Inc. *		9,504		199,869
Teladoc Health, Inc. *		9,159		1,419,737
				3,342,893
Hotels, Restaurants & Leisure 3.3%
Choice Hotels International, Inc.		5,608		343,490
Churchill Downs, Inc.		3,248		334,382
Dunkin’ Brands Group, Inc.		3,262		173,212

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Marriott Vacations Worldwide Corp.		2,851	$	158,458
Planet Fitness, Inc., Class A *(a)		10,577		515,100
Wingstop, Inc.		17,148		1,366,696
				2,891,338
Household Durables 1.1%
KB Home		9,291		168,167
TopBuild Corp. *		11,091		794,559
				962,726
Insurance 2.2%
eHealth, Inc. *(a)		6,624		932,792
James River Group Holdings Ltd.		9,257		335,473
Kemper Corp.		4,157		309,156
Kinsale Capital Group, Inc.		3,768		393,869
				1,971,290
Interactive Media & Services 0.1%
Cargurus, Inc. *		6,276		118,867
IT Services 3.9%
CACI International, Inc., Class A *		1,578		333,195
Euronet Worldwide, Inc. *		3,259		279,361
ExlService Holdings, Inc. *		3,901		202,969
KBR, Inc.		7,607		157,313
LiveRamp Holdings, Inc. *		6,106		201,010
ManTech International Corp., Class A		10,148		737,455
MongoDB, Inc. *(a)		6,885		940,078
Science Applications International Corp.		8,577		640,101
				3,491,482
Leisure Products 0.7%
American Outdoor Brands Corp. *		31,250		259,375
YETI Holdings, Inc. *		17,613		343,806
				603,181
Life Sciences Tools & Services 4.0%
10X Genomics, Inc., Class A *		2,323		144,769
Bio-Techne Corp.		2,518		477,463
Medpace Holdings, Inc. *		6,648		487,830
NanoString Technologies, Inc. *		8,344		200,673
NeoGenomics, Inc. *(a)		13,725		378,947
PRA Health Sciences, Inc. *		3,817		316,964
Repligen Corp. *		15,555		1,501,680
Syneos Health, Inc. *		556		21,918
				3,530,244
Machinery 3.9%
Altra Industrial Motion Corp.		9,347		163,479
Chart Industries, Inc. *		8,568		248,301
Federal Signal Corp.		15,171		413,865
ITT, Inc.		12,655		574,031
John Bean Technologies Corp. (a)		4,579		340,082
Kornit Digital Ltd. *(a)		14,636		364,290
RBC Bearings, Inc. *		3,842		433,339
Rexnord Corp.		11,625		263,539
SPX Corp. *		16,225		529,584
SPX FLOW, Inc. *		6,243		177,426
				3,507,936
Media 1.6%
Cable One, Inc.		777		1,277,396
Cardlytics, Inc. *		3,716		129,911
				1,407,307
Oil, Gas & Consumable Fuels 0.1%
Diamondback Energy, Inc.		3,918		102,652

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares		Value
Paper & Forest Products 0.4%
Boise Cascade Co.		8,449	$	200,917
Louisiana-Pacific Corp.		9,096		156,270
				357,187
Personal Products 0.2%
BellRing Brands, Inc., Class A *		10,699		182,418
Pharmaceuticals 1.0%
Aerie Pharmaceuticals, Inc. *(a)		5,827		78,665
MyoKardia, Inc. *(a)		5,159		241,854
Reata Pharmaceuticals, Inc., Class A *		1,468		211,891
Revance Therapeutics, Inc. *		10,618		157,146
Theravance Biopharma, Inc. *		6,922		159,967
				849,523
Professional Services 1.2%
ASGN, Inc. *		8,417		297,289
Exponent, Inc.		6,576		472,880
Huron Consulting Group, Inc. *		3,586		162,661
Insperity, Inc.		3,977		148,342
				1,081,172
Road & Rail 0.4%
Marten Transport Ltd.		9,466		194,242
Saia, Inc. *		1,901		139,800
				334,042
Semiconductors & Semiconductor Equipment 5.1%
Cohu, Inc.		15,265		188,981
Entegris, Inc.		18,825		842,795
FormFactor, Inc. *		17,193		345,407
Lattice Semiconductor Corp. *		43,495		775,081
MKS Instruments, Inc.		8,327		678,234
Monolithic Power Systems, Inc.		7,592		1,271,356
Onto Innovation, Inc. *		7,126		211,429
Power Integrations, Inc.		2,367		209,077
				4,522,360
Software 10.1%
8x8, Inc. *(a)		10,511		145,682
Alteryx, Inc., Class A *(a)		7,589		722,245
Anaplan, Inc. *		10,952		331,408
Avalara, Inc. *		7,325		546,445
Blackbaud, Inc.		4,710		261,640
Coupa Software, Inc. *		8,073		1,128,040
Everbridge, Inc. *(a)		3,848		409,273
Five9, Inc. *		8,317		635,918
Globant SA *		4,040		355,035
HubSpot, Inc. *		5,502		732,811
Medallia, Inc. *		8,800		176,352
Paylocity Holding Corp. *		8,496		750,367
Pegasystems, Inc.		3,668		261,272
PROS Holdings, Inc. *		4,383		136,004
Q2 Holdings, Inc. *(a)		14,561		859,973
Rapid7, Inc. *(a)		10,702		463,718
SailPoint Technologies Holding, Inc. *		700		10,654
SVMK, Inc. *		19,305		260,811
Trade Desk, Inc. (The), Class A *(a)		4,284		826,812
				9,014,460
Specialty Retail 1.0%
American Eagle Outfitters, Inc.		2,193		17,434
Boot Barn Holdings, Inc. *(a)		26,147		338,081
Caleres, Inc.		19,860		103,272
Floor & Decor Holdings, Inc., Class A *(a)		6,965		223,507
Foot Locker, Inc. (a)		6,823		150,447

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Urban Outfitters, Inc. *		2,041	$	29,064
				861,805
Technology Hardware, Storage & Peripherals 0.2%
Pure Storage, Inc., Class A *		13,052		160,540
Textiles, Apparel & Luxury Goods 1.3%
Carter’s, Inc.		3,240		212,965
Oxford Industries, Inc.		4,859		176,187
PVH Corp.		3,486		131,213
Steven Madden Ltd.		13,728		318,901
Under Armour, Inc., Class C *		16,710		134,683
Wolverine World Wide, Inc.		14,268		216,874
				1,190,823
Thrifts & Mortgage Finance 0.2%
MGIC Investment Corp.		32,915		209,010
Trading Companies & Distributors 0.7%
Applied Industrial Technologies, Inc.		7,611		347,975
SiteOne Landscape Supply, Inc. *(a)		4,123		303,535
				651,510
Total Common Stocks (cost $82,733,478)				87,188,837
Exchange Traded Fund 1.1%
	Shares		Value
Equity Fund 1.1%
iShares Russell 2000 Growth ETF(a)		6,081		961,832
Total Exchange Traded Fund (cost $950,302)				961,832
Repurchase Agreements 2.0%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $322,180, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $328,623. (b)	$	322,179		322,179
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $1,020,000. (b)		1,000,000		1,000,000

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $500,002, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $510,000. (b)	$	500,000	$	500,000
Total Repurchase Agreements (cost $1,822,179)				1,822,179
Total Investments (cost $85,505,959) — 101.1%				89,972,848
Liabilities in excess of other assets — (1.1)%				(953,839)
NET ASSETS — 100.0%			$	89,019,009

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $13,050,383, which was collateralized by cash used to purchase repurchase agreements with a total value of $1,822,179 and by $11,948,730 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $13,770,909.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $1,822,179.

ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	87,188,837	$	–	$	–	$	87,188,837
Exchange Traded Fund		961,832		–		–		961,832
Repurchase Agreements		–		1,822,179		–		1,822,179
Total	$	88,150,669	$	1,822,179	$	–	$	89,972,848

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund

Common Stocks 94.6%
	Shares		Value
Aerospace & Defense 0.5%
Triumph Group, Inc.		36,775	$	248,599
Vectrus, Inc. *		8,105		335,628
				584,227
Air Freight & Logistics 0.3%
Echo Global Logistics, Inc. *		22,445		383,361
Auto Components 2.1%
Adient plc *		21,711		196,919
American Axle & Manufacturing Holdings, Inc. *		95,287		343,986
Cooper-Standard Holdings, Inc. *		27,187		279,210
Dorman Products, Inc. *		24,506		1,354,447
Garrett Motion, Inc. *		51,353		146,870
Modine Manufacturing Co. *		37,092		120,549
Visteon Corp. *(a)		3,153		151,281
				2,593,262
Banks 7.1%
1st Source Corp.		1,054		34,181
Amalgamated Bank, Class A		9,013		97,521
American National Bankshares, Inc.		1,100		26,290
Atlantic Capital Bancshares, Inc. *		9,972		118,368
BancFirst Corp.		11,916		397,637
Bancorp, Inc. (The) *		34,367		208,608
Bank of Commerce Holdings		3,056		24,051
Bank of Princeton (The)		211		4,906
Banner Corp.		16,980		561,019
Baycom Corp. *		3,312		39,910
Cadence Bancorp		29,890		195,779
Capital City Bank Group, Inc.		3,688		74,202
Capstar Financial Holdings, Inc.		2,159		21,352
Carter Bank & Trust		3,374		30,973
CBTX, Inc.		4,180		74,279
Central Pacific Financial Corp.		26,516		421,604
Central Valley Community Bancorp		4,004		52,212
Chemung Financial Corp.		843		27,802
CIT Group, Inc.		6,006		103,663
Coastal Financial Corp. *		1,000		10,510
Community Trust Bancorp, Inc.		6,849		217,730
Eagle Bancorp, Inc.		23,620		713,560
East West Bancorp, Inc.		10,327		265,817
Enterprise Financial Services Corp.		15,527		433,359
Equity Bancshares, Inc., Class A *		800		13,800
Evans Bancorp, Inc.		316		7,682
FB Financial Corp.		5,796		114,297
Financial Institutions, Inc.		6,112		110,872
First Bancorp/PR		79,383		422,318
First Business Financial Services, Inc.		3,794		58,807
First Commonwealth Financial Corp.		7,754		70,872
First Financial Corp.		3,161		106,589
First Internet Bancorp		300		4,926
First Midwest Bancorp, Inc.		15,833		209,550
Great Southern Bancorp, Inc.		3,899		157,520
Guaranty Bancshares, Inc.		1,265		29,272
Hancock Whitney Corp.		16,574		323,524
Heartland Financial USA, Inc.		3,358		101,412
Heritage Commerce Corp.		7,227		55,431
Heritage Financial Corp.		1,806		36,120
IBERIABANK Corp.		9,900		357,984
Independent Bank Corp./MI		9,722		125,122
Lakeland Bancorp, Inc.		14,935		161,447

Common Stocks (continued)
	Shares		Value
Banks (continued)
Live Oak Bancshares, Inc.		9,089	$	113,340
Macatawa Bank Corp.		3,688		26,258
Mercantile Bank Corp.		527		11,157
Metropolitan Bank Holding Corp. *		2,845		76,616
MidWestOne Financial Group, Inc.		1,475		30,886
Nicolet Bankshares, Inc. *		3,688		201,291
Northrim Bancorp, Inc.		629		16,983
OFG Bancorp (a)		19,837		221,778
Old Second Bancorp, Inc.		2,002		13,834
Park National Corp.		2,360		183,230
Peapack Gladstone Financial Corp.		5,163		92,676
Peoples Bancorp, Inc.		2,424		53,692
People’s Utah Bancorp		2,688		52,066
Preferred Bank		200		6,764
QCR Holdings, Inc.		6,533		176,848
Republic First Bancorp, Inc. *		11,389		24,942
Shore Bancshares, Inc.		3,267		35,447
Sierra Bancorp		2,845		50,015
SmartFinancial, Inc.		3,843		58,452
South Plains Financial, Inc.		1,860		28,811
Southern First Bancshares, Inc. *		1,325		37,590
Spirit of Texas Bancshares, Inc. *		2,093		21,642
Texas Capital Bancshares, Inc. *		2,634		58,396
TriState Capital Holdings, Inc. *		1,054		10,192
UMB Financial Corp.		13,329		618,199
				8,843,983
Biotechnology 1.7%
Adamas Pharmaceuticals, Inc. *		5,268		15,225
Aduro Biotech, Inc. *(a)		12,034		32,973
AMAG Pharmaceuticals, Inc. *(a)		34,700		214,446
Applied Genetic Technologies Corp. *		5,901		19,355
Beyondspring, Inc. *(a)		1,387		17,767
Calithera Biosciences, Inc. *		4,797		21,299
Concert Pharmaceuticals, Inc. *		18,701		165,317
Cytokinetics, Inc. *(a)		13,425		158,281
Emergent BioSolutions, Inc. *		19,036		1,101,423
Exicure, Inc. *		3,208		4,748
Harpoon Therapeutics, Inc. *		1,300		15,054
ImmunoGen, Inc. *(a)		8,852		30,185
Jounce Therapeutics, Inc. *		3,899		18,520
Minerva Neurosciences, Inc. *		3,916		23,574
Protagonist Therapeutics, Inc. *		1,868		13,188
Spero Therapeutics, Inc. *		2,957		23,893
Sutro Biopharma, Inc. *		2,686		27,397
United Therapeutics Corp. *		2,192		207,856
UNITY Biotechnology, Inc. *(a)		10,222		59,288
				2,169,789
Building Products 1.3%
American Woodmark Corp. *		20,007		911,719
Apogee Enterprises, Inc. (a)		4,426		92,149
Armstrong Flooring, Inc. *		1,783		2,550
Builders FirstSource, Inc. *		19,309		236,149
Insteel Industries, Inc.		1,753		23,227
Quanex Building Products Corp.		20,857		210,239
Resideo Technologies, Inc. *		32,517		157,382
				1,633,415
Capital Markets 4.9%
Cowen, Inc., Class A		4,291		41,451
Donnelley Financial Solutions, Inc. *(a)		28,348		149,394

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
Focus Financial Partners, Inc., Class A *		133,897	$	3,080,970
Virtus Investment Partners, Inc.		28,020		2,132,602
Waddell & Reed Financial, Inc., Class A (a)		62,904		715,848
				6,120,265
Chemicals 2.2%
AdvanSix, Inc. *		20,022		191,010
Ashland Global Holdings, Inc.		6,006		300,720
Chase Corp.		9,429		775,912
Element Solutions, Inc. *(a)		12,617		105,478
Huntsman Corp.		8,000		115,440
Kraton Corp. *		17,479		141,580
Rayonier Advanced Materials, Inc.		23,683		25,104
Stepan Co.		7,271		643,193
Trinseo SA		21,753		393,947
Valvoline, Inc.		5,457		71,432
				2,763,816
Commercial Services & Supplies 10.3%
BrightView Holdings, Inc. *		92,949		1,028,016
Healthcare Services Group, Inc.		150,024		3,587,074
KAR Auction Services, Inc. (a)		151,252		1,815,024
Pitney Bowes, Inc. (a)		196,271		400,393
SP Plus Corp. *		88,873		1,844,115
UniFirst Corp.		22,159		3,348,003
US Ecology, Inc.		30,784		935,833
				12,958,458
Communications Equipment 1.2%
ADTRAN, Inc.		24,333		186,877
DASAN Zhone Solutions, Inc. *		6,282		26,321
Harmonic, Inc. *		14,360		82,714
Infinera Corp. *(a)		79,463		421,154
NETGEAR, Inc. *		4,123		94,169
NetScout Systems, Inc. *		21,767		515,225
Ribbon Communications, Inc. *		43,420		131,563
				1,458,023
Construction & Engineering 1.8%
AECOM *		8,114		242,203
EMCOR Group, Inc.		28,985		1,777,360
Orion Group Holdings, Inc. *		4,326		11,248
Sterling Construction Co., Inc. *		19,497		185,221
				2,216,032
Consumer Finance 0.8%
Elevate Credit, Inc. *		6,849		7,123
Green Dot Corp., Class A *		26,863		682,051
LendingClub Corp. *		40,515		318,043
				1,007,217
Containers & Packaging 0.1%
O-I Glass, Inc. (a)		9,307		66,173
Diversified Consumer Services 0.6%
American Public Education, Inc. *(a)		17,598		421,120
Houghton Mifflin Harcourt Co. *		92,433		173,774
K12, Inc. *		3,985		75,157
Universal Technical Institute, Inc. *		11,030		65,629
				735,680
Diversified Financial Services 0.2%
Marlin Business Services Corp.		1,475		16,476
Voya Financial, Inc.		6,274		254,411
				270,887
Diversified Telecommunication Services 0.2%
ATN International, Inc.		3,387		198,851

Common Stocks (continued)
	Shares		Value
Diversified Telecommunication Services (continued)
ORBCOMM, Inc. *		44,891	$	109,534
				308,385
Electric Utilities 1.9%
ALLETE, Inc.		7,852		476,459
Genie Energy Ltd., Class B		4,113		29,531
NRG Energy, Inc.		3,222		87,832
PNM Resources, Inc.		17,042		647,596
Portland General Electric Co.		23,433		1,123,378
				2,364,796
Electrical Equipment 2.5%
EnerSys		58,405		2,892,216
LSI Industries, Inc.		4,013		15,169
Powell Industries, Inc.		7,596		194,989
				3,102,374
Electronic Equipment, Instruments & Components 3.7%
Arrow Electronics, Inc. *		1,686		87,453
Bel Fuse, Inc., Class B		6,112		59,531
Benchmark Electronics, Inc.		25,300		505,747
ePlus, Inc. *		50,263		3,147,469
FLIR Systems, Inc.		24,076		767,783
ScanSource, Inc. *		1,159		24,791
				4,592,774
Energy Equipment & Services 0.8%
Dril-Quip, Inc. *		19,257		587,339
Matrix Service Co. *		19,389		183,614
SEACOR Holdings, Inc. *		10,222		275,585
				1,046,538
Entertainment 0.1%
Madison Square Garden Co. (The), Class A *		885		187,098
Equity Real Estate Investment Trusts (REITs) 3.7%
Armada Hoffler Properties, Inc.		10,988		117,572
Camden Property Trust		3,330		263,869
CorePoint Lodging, Inc.		42,068		164,907
Equity Commonwealth		7,798		247,275
Franklin Street Properties Corp.		21,183		121,379
Gaming and Leisure Properties, Inc.		21,378		592,384
Getty Realty Corp.		5,480		130,095
Investors Real Estate Trust		8,903		489,665
National Health Investors, Inc.		3,097		153,363
New Senior Investment Group, Inc.		24,761		63,388
Physicians Realty Trust		13,049		181,903
Piedmont Office Realty Trust, Inc., Class A		36,346		641,870
Retail Value, Inc.		9,966		122,083
SITE Centers Corp.		23,815		124,076
Spirit Realty Capital, Inc.		13,132		343,402
Sunstone Hotel Investors, Inc.		96,611		841,482
				4,598,713
Food & Staples Retailing 0.0%†
SpartanNash Co.		4,020		57,566
Food Products 0.1%
Farmer Brothers Co. *		10,241		71,277
Post Holdings, Inc. *		875		72,599
				143,876
Gas Utilities 0.7%
Southwest Gas Holdings, Inc.		13,108		911,793
Health Care Equipment & Supplies 2.6%
LivaNova plc *		14,088		637,482
Natus Medical, Inc. *		90,475		2,092,687
Orthofix Medical, Inc. *		4,765		133,467

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
Varex Imaging Corp. *		14,800	$	336,108
				3,199,744
Health Care Providers & Services 2.9%
Addus HomeCare Corp. *		30,918		2,090,057
Cross Country Healthcare, Inc. *		24,553		165,487
Magellan Health, Inc. *		13,383		643,856
Molina Healthcare, Inc. *(a)		1,380		192,800
Owens & Minor, Inc. (a)		57,855		529,373
				3,621,573
Health Care Technology 1.0%
Allscripts Healthcare Solutions, Inc. *(a)		132,381		931,962
Computer Programs & Systems, Inc.		11,968		266,288
				1,198,250
Hotels, Restaurants & Leisure 0.2%
Fiesta Restaurant Group, Inc. *		13,524		54,502
Wingstop, Inc.		2,719		216,704
				271,206
Household Durables 0.4%
Bassett Furniture Industries, Inc.		1,424		7,761
GoPro, Inc., Class A *		115,204		301,834
Hooker Furniture Corp.		12,067		188,366
				497,961
Household Products 0.3%
Central Garden & Pet Co., Class A *		15,992		408,915
Insurance 4.6%
American Equity Investment Life Holding Co.		5,558		104,490
Brighthouse Financial, Inc. *		10,592		256,009
Donegal Group, Inc., Class A		2,318		35,234
Employers Holdings, Inc.		11,966		484,743
Enstar Group Ltd. *		17,877		2,843,337
FedNat Holding Co.		5,058		58,066
Hallmark Financial Services, Inc. *		10,932		44,165
HCI Group, Inc. (a)		7,444		299,621
Heritage Insurance Holdings, Inc.		29,295		313,749
James River Group Holdings Ltd.		10,026		363,342
National General Holdings Corp.		23,183		383,679
Protective Insurance Corp., Class B		2,108		28,985
Reinsurance Group of America, Inc.		3,663		308,205
Stewart Information Services Corp.		7,587		202,345
United Insurance Holdings Corp.		7,135		65,927
				5,791,897
Interactive Media & Services 0.1%
TrueCar, Inc. *		74,080		179,274
Internet & Direct Marketing Retail 0.3%
Quotient Technology, Inc. *		49,151		319,482
IT Services 2.5%
Cass Information Systems, Inc.		33,461		1,176,489
Unisys Corp. *		9,408		116,189
Verra Mobility Corp. *		257,573		1,839,071
				3,131,749
Leisure Products 0.8%
Nautilus, Inc. *		36,566		95,437
Vista Outdoor, Inc. *		99,082		871,922
				967,359
Machinery 3.8%
AGCO Corp.		12,268		579,663
Astec Industries, Inc. (a)		8,012		280,179

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Briggs & Stratton Corp. (a)		81,980	$	148,384
Commercial Vehicle Group, Inc. *		36,039		54,419
Crane Co.		43,290		2,129,002
Hyster-Yale Materials Handling, Inc.		7,317		293,338
Lydall, Inc. *		4,352		28,114
Manitowoc Co., Inc. (The) *		50,254		427,159
Park-Ohio Holdings Corp.		3,006		56,934
REV Group, Inc.		27,292		113,808
Terex Corp.		38,887		558,417
Wabash National Corp.		12,540		90,539
				4,759,956
Media 1.7%
comScore, Inc. *(a)		73,749		207,972
Emerald Holding, Inc.		41,517		107,529
Hemisphere Media Group, Inc. *		145,318		1,241,016
Liberty Latin America Ltd., Class C *		13,047		133,862
Scholastic Corp.		14,753		376,054
Tribune Publishing Co.		6,323		51,280
				2,117,713
Metals & Mining 0.3%
Olympic Steel, Inc.		6,868		71,084
Ryerson Holding Corp. *		8,637		45,949
Schnitzer Steel Industries, Inc., Class A		17,387		226,726
TimkenSteel Corp. *(a)		23,871		77,103
				420,862
Multi-Utilities 0.5%
Avista Corp.		14,150		601,234
Oil, Gas & Consumable Fuels 2.3%
Arch Coal, Inc., Class A (a)		18,618		538,060
Berry Corp.		21,315		51,369
Delek US Holdings, Inc. (a)		29,184		459,940
Dorian LPG Ltd. *		52,146		454,192
Green Plains, Inc. (a)		54,448		264,073
Infinity Bio-energy Ltd. Reg. S *^¥		155,500		0
International Seaways, Inc.		3,763		89,898
Par Pacific Holdings, Inc. *		37,477		266,087
REX American Resources Corp. *		608		28,278
World Fuel Services Corp.		29,103		732,813
				2,884,710
Paper & Forest Products 1.6%
Boise Cascade Co.		24,658		586,367
Louisiana-Pacific Corp.		35,695		613,240
Neenah, Inc.		14,305		616,975
PH Glatfelter Co.		9,479		115,834
Verso Corp., Class A *(a)		4,426		49,925
				1,982,341
Pharmaceuticals 0.2%
Endo International plc *(a)		51,845		191,827
Lannett Co., Inc. *(a)		9,271		64,433
Osmotica Pharmaceuticals plc *		1,054		3,352
Strongbridge Biopharma plc *		17,188		32,485
				292,097
Professional Services 1.0%
Heidrick & Struggles International, Inc.		7,566		170,235
Kelly Services, Inc., Class A		31,395		398,402
ManpowerGroup, Inc.		4,215		223,353
TrueBlue, Inc. *		32,309		412,263
				1,204,253

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Value
Real Estate Management & Development 2.9%
Altisource Portfolio Solutions SA *(a)		5,895	$	45,215
Consolidated-Tomoka Land Co.		3,477		157,612
Forestar Group, Inc. *		3,583		37,084
Jones Lang LaSalle, Inc.		33,364		3,369,097
				3,609,008
Road & Rail 1.3%
ArcBest Corp.		23,334		408,812
Landstar System, Inc.		12,823		1,229,213
US Xpress Enterprises, Inc., Class A *(a)		6,066		20,260
				1,658,285
Semiconductors & Semiconductor Equipment 4.7%
Alpha & Omega Semiconductor Ltd. *		11,940		76,536
Ambarella, Inc. *		9,316		452,385
Cabot Microelectronics Corp.		23,981		2,737,191
Cirrus Logic, Inc. *		17,572		1,153,250
NeoPhotonics Corp. *		13,277		96,258
SMART Global Holdings, Inc. *(a)		4,919		119,532
Synaptics, Inc. *		15,831		916,140
Veeco Instruments, Inc. *		34,662		331,715
				5,883,007
Software 2.9%
American Software, Inc., Class A		2,118		30,097
Avaya Holdings Corp. *(a)		55,682		450,467
Manhattan Associates, Inc. *		37,155		1,851,062
QAD, Inc., Class A		316		12,618
Rosetta Stone, Inc. *		26,976		378,203
Synchronoss Technologies, Inc. *(a)		36,776		112,167
Telenav, Inc. *		24,869		107,434
TiVo Corp. (a)		103,044		729,552
				3,671,600
Specialty Retail 2.2%
America’s Car-Mart, Inc. *(a)		44,744		2,521,324
Office Depot, Inc.		107,284		175,946
				2,697,270
Technology Hardware, Storage & Peripherals 0.4%
Diebold Nixdorf, Inc. *(a)		12,434		43,768
Super Micro Computer, Inc. *		21,501		457,541
				501,309
Textiles, Apparel & Luxury Goods 0.1%
Fossil Group, Inc. *(a)		32,297		106,257
Unifi, Inc. *		4,565		52,726
				158,983
Thrifts & Mortgage Finance 1.7%
Bridgewater Bancshares, Inc. *		5,662		55,205
First Defiance Financial Corp.		8,013		118,112
Flagstar Bancorp, Inc.		9,461		187,612
Home Bancorp, Inc.		843		20,586
HomeStreet, Inc.		15,009		333,650
Merchants Bancorp		5,690		86,374
Meridian Bancorp, Inc.		15,297		171,632
Northwest Bancshares, Inc.		12,375		143,179
OP Bancorp		2,951		22,014
PCSB Financial Corp.		5,598		78,316
Riverview Bancorp, Inc.		3,688		18,477
Southern Missouri Bancorp, Inc.		700		16,989
Territorial Bancorp, Inc.		386		9,476
TrustCo Bank Corp.		38,831		210,076

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
Washington Federal, Inc.		24,026	$	623,715
				2,095,413
Trading Companies & Distributors 2.5%
Beacon Roofing Supply, Inc. *(a)		109,695		1,814,356
BMC Stock Holdings, Inc. *		33,136		587,501
CAI International, Inc. *		3,036		42,929
Foundation Building Materials, Inc. *		15,490		159,392
Herc Holdings, Inc. *(a)		8,154		166,831
MRC Global, Inc. *(a)		25,297		107,765
Systemax, Inc.		2,104		37,304
WESCO International, Inc. *		9,992		228,317
				3,144,395
Total Common Stocks (cost $174,934,100)				118,388,347
Exchange Traded Fund 0.7%
	Shares		Value
Equity Fund 0.7%
iShares Russell 2000 Value ETF(a)		10,606		870,010
Total Exchange Traded Fund (cost $1,274,496)				870,010
Repurchase Agreements 2.1%
	Principal   Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $670,588, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $683,999. (b)	$	670,587		670,587
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $1,020,000. (b)		1,000,000		1,000,000

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Repurchase Agreements (continued)
	Principal Amount		Value
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000. (b)	$	1,000,000	$	1,000,000
Total Repurchase Agreements (cost $2,670,587)				2,670,587
Total Investments (cost $178,879,183) — 97.4%				121,928,944
Other assets in excess of liabilities — 2.6%				3,297,726
NET ASSETS — 100.0%			$	125,226,670

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $9,589,023, which was collateralized by cash used to purchase repurchase agreements with a total value of $2,670,587 and by $7,222,287 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $9,892,874.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $2,670,587.

ETF	Exchange Traded Fund
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	584,227	$	–	$	–	$	584,227
Air Freight & Logistics		383,361		–		–		383,361
Auto Components		2,593,262		–		–		2,593,262
Banks		8,843,983		–		–		8,843,983
Biotechnology		2,169,789		–		–		2,169,789
Building Products		1,633,415		–		–		1,633,415
Capital Markets		6,120,265		–		–		6,120,265
Chemicals		2,763,816		–		–		2,763,816
Commercial Services & Supplies		12,958,458		–		–		12,958,458
Communications Equipment		1,458,023		–		–		1,458,023
Construction & Engineering		2,216,032		–		–		2,216,032
Consumer Finance		1,007,217		–		–		1,007,217
Containers & Packaging		66,173		–		–		66,173
Diversified Consumer Services		735,680		–		–		735,680
Diversified Financial Services		270,887		–		–		270,887
Diversified Telecommunication Services		308,385		–		–		308,385
Electric Utilities		2,364,796		–		–		2,364,796
Electrical Equipment		3,102,374		–		–		3,102,374
Electronic Equipment, Instruments & Components		4,592,774		–		–		4,592,774
Energy Equipment & Services		1,046,538		–		–		1,046,538
Entertainment		187,098		–		–		187,098
Equity Real Estate Investment Trusts (REITs)		4,598,713		–		–		4,598,713

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Food & Staples Retailing	$	57,566	$	–	$	–	$	57,566
Food Products		143,876		–		–		143,876
Gas Utilities		911,793		–		–		911,793
Health Care Equipment & Supplies		3,199,744		–		–		3,199,744
Health Care Providers & Services		3,621,573		–		–		3,621,573
Health Care Technology		1,198,250		–		–		1,198,250
Hotels, Restaurants & Leisure		271,206		–		–		271,206
Household Durables		497,961		–		–		497,961
Household Products		408,915		–		–		408,915
Insurance		5,791,897		–		–		5,791,897
Interactive Media & Services		179,274		–		–		179,274
Internet & Direct Marketing Retail		319,482		–		–		319,482
IT Services		3,131,749		–		–		3,131,749
Leisure Products		967,359		–		–		967,359
Machinery		4,759,956		–		–		4,759,956
Media		2,117,713		–		–		2,117,713
Metals & Mining		420,862		–		–		420,862
Multi-Utilities		601,234		–		–		601,234
Oil, Gas & Consumable Fuels		2,884,710		–		–		2,884,710
Paper & Forest Products		1,982,341		–		–		1,982,341
Pharmaceuticals		292,097		–		–		292,097
Professional Services		1,204,253		–		–		1,204,253
Real Estate Management & Development		3,609,008		–		–		3,609,008
Road & Rail		1,658,285		–		–		1,658,285
Semiconductors & Semiconductor Equipment		5,883,007		–		–		5,883,007
Software		3,671,600		–		–		3,671,600
Specialty Retail		2,697,270		–		–		2,697,270
Technology Hardware, Storage & Peripherals		501,309		–		–		501,309
Textiles, Apparel & Luxury Goods		158,983		–		–		158,983
Thrifts & Mortgage Finance		2,095,413		–		–		2,095,413
Trading Companies & Distributors		3,144,395		–		–		3,144,395
Total Common Stocks	$	118,388,347	$	–	$	–	$	118,388,347
Exchange Traded Fund	$	870,010	$	–	$	–	$	870,010
Repurchase Agreements		–		2,670,587		–		2,670,587
Total	$	119,258,357	$	2,670,587	$	–	$	121,928,944

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

During the period ended March 31, 2020, the Fund held one common stock investment that was categorized as a Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Company Fund

Common Stocks 96.7%
	Shares		Value
ARGENTINA 0.3%
Software 0.3%
Globant SA *		6,829	$	600,133
AUSTRALIA 0.0%†
Consumer Finance 0.0%†
Aet and D Holdings No. 1 Ltd. *^¥		106,305		0
BERMUDA 0.1%
Insurance 0.1%
Third Point Reinsurance Ltd. *		42,675		316,222
Oil, Gas & Consumable Fuels 0.0%†
Infinity Bio-energy Ltd. Reg. S *^¥		94,500		0
				316,222
CHILE 0.0%†
Media 0.0%†
Liberty Latin America Ltd., Class C *		8,877		91,078
IRELAND 0.2%
Biotechnology 0.2%
Prothena Corp. plc *		48,378		517,645
ISRAEL 0.3%
Machinery 0.3%
Kornit Digital Ltd. *(a)		25,760		641,166
PUERTO RICO 0.6%
Banks 0.6%
First Bancorp/PR		149,333		794,452
OFG Bancorp (a)		37,813		422,749
				1,217,201
Health Care Providers & Services 0.0%†
Triple-S Management Corp., Class B *(a)		1,431		20,177
				1,237,378
SWITZERLAND 0.1%
Auto Components 0.1%
Garrett Motion, Inc. *		102,213		292,329
UNITED STATES 95.1%
Aerospace & Defense 2.1%
Aerojet Rocketdyne Holdings, Inc. *		31,818		1,330,947
Mercury Systems, Inc. *		30,047		2,143,553
Triumph Group, Inc.		71,795		485,334
Vectrus, Inc. *		12,950		536,260
				4,496,094
Air Freight & Logistics 0.3%
Echo Global Logistics, Inc. *		41,788		713,739
Auto Components 0.9%
Adient plc *		43,561		395,098
American Axle & Manufacturing Holdings, Inc. *		103,320		372,985
Cooper-Standard Holdings, Inc. *		55,387		568,825
Modine Manufacturing Co. *		79,060		256,945
Visteon Corp. *		5,387		258,468
				1,852,321
Banks 8.7%
1st Source Corp.		1,000		32,430
Amalgamated Bank, Class A		15,386		166,477
American National Bankshares, Inc.		1,427		34,105
Atlantic Capital Bancshares, Inc. *		15,842		188,045
BancFirst Corp.		22,760		759,501
Bancorp, Inc. (The) *		81,720		496,040
Bank of Commerce Holdings		6,315		49,699
Bank of Marin Bancorp		6,190		185,700
BankFinancial Corp.		7,590		66,868
Banner Corp.		32,805		1,083,877
Baycom Corp. *		4,000		48,200
Cadence Bancorp		25,617		167,791

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Banks (continued)
Cambridge Bancorp		670	$	34,840
Capital City Bank Group, Inc.		7,587		152,650
Capstar Financial Holdings, Inc.		3,614		35,742
Carter Bank & Trust		6,153		56,485
CBTX, Inc.		8,127		144,417
Central Pacific Financial Corp.		64,239		1,021,400
Central Valley Community Bancorp		4,876		63,583
Chemung Financial Corp.		1,395		46,007
CIT Group, Inc.		13,300		229,558
Coastal Financial Corp. *		1,785		18,760
Community Trust Bancorp, Inc.		12,640		401,826
Eagle Bancorp, Inc.		45,634		1,378,602
Enterprise Financial Services Corp.		29,719		829,457
Equity Bancshares, Inc., Class A *		1,889		32,585
FB Financial Corp.		11,462		226,031
Financial Institutions, Inc.		11,604		210,497
First Bancorp/NC		22,396		516,900
First Business Financial Services, Inc.		7,503		116,297
First Financial Corp.		6,227		209,974
First Internet Bancorp		1,000		16,420
First Midwest Bancorp, Inc.		30,461		403,151
Great Southern Bancorp, Inc.		8,010		323,604
Guaranty Bancshares, Inc.		2,005		46,396
Hancock Whitney Corp.		31,553		615,915
Heartland Financial USA, Inc.		6,600		199,320
Heritage Commerce Corp.		6,734		51,650
Heritage Financial Corp. (a)		3,232		64,640
HomeTrust Bancshares, Inc.		12,387		197,201
IBERIABANK Corp.		25,258		913,329
Independent Bank Corp./MI		19,300		248,391
Lakeland Bancorp, Inc.		28,580		308,950
Live Oak Bancshares, Inc. (a)		18,705		233,251
Macatawa Bank Corp.		4,700		33,464
Mercantile Bank Corp.		700		14,819
Metropolitan Bank Holding Corp. *		4,824		129,910
MidWestOne Financial Group, Inc.		3,101		64,935
Nicolet Bankshares, Inc. *		7,668		418,519
Northrim Bancorp, Inc.		1,327		35,829
Old Second Bancorp, Inc.		2,700		18,657
Park National Corp.		4,556		353,728
Peapack Gladstone Financial Corp.		10,049		180,380
Peoples Bancorp, Inc.		3,900		86,385
People’s Utah Bancorp		5,186		100,453
Pinnacle Financial Partners, Inc.		17,894		671,741
QCR Holdings, Inc.		14,167		383,501
Republic First Bancorp, Inc. *		16,516		36,170
Shore Bancshares, Inc.		6,786		73,628
Sierra Bancorp		3,626		63,745
SmartFinancial, Inc.		4,200		63,882
South Plains Financial, Inc.		985		15,258
Southern First Bancshares, Inc. *		1,450		41,137
Spirit of Texas Bancshares, Inc. *		2,300		23,782
Texas Capital Bancshares, Inc. *		5,500		121,935
TriCo Bancshares		53,085		1,582,994
UMB Financial Corp.		25,622		1,188,348
				18,329,762
Biotechnology 2.5%
Adamas Pharmaceuticals, Inc. *		10,951		31,648
Aduro Biotech, Inc. *(a)		23,783		65,165
Aeglea BioTherapeutics, Inc. *		182		848
Agios Pharmaceuticals, Inc. *		11,454		406,388
AMAG Pharmaceuticals, Inc. *		74,536		460,632
Amicus Therapeutics, Inc. *		41,410		382,628
Apellis Pharmaceuticals, Inc. *		11,494		307,924
Applied Genetic Technologies Corp. *		10,500		34,440

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Biotechnology (continued)
Beyondspring, Inc. *(a)		3,246	$	41,581
Calithera Biosciences, Inc. *		9,015		40,027
CareDx, Inc. *(a)		25,655		560,049
Concert Pharmaceuticals, Inc. *		42,044		371,669
Cytokinetics, Inc. *(a)		26,354		310,714
Epizyme, Inc. *(a)		20,243		313,969
Exicure, Inc. *		5,257		7,780
Global Blood Therapeutics, Inc. *		10,810		552,283
Harpoon Therapeutics, Inc. *		2,840		32,887
ImmunoGen, Inc. *		20,000		68,200
Jounce Therapeutics, Inc. *		13,700		65,075
Minerva Neurosciences, Inc. *		7,256		43,681
Protagonist Therapeutics, Inc. *		3,513		24,802
Spero Therapeutics, Inc. *		5,907		47,729
Sutro Biopharma, Inc. *		5,800		59,160
United Therapeutics Corp. *		4,319		409,549
UNITY Biotechnology, Inc. *(a)		21,686		125,779
Veracyte, Inc. *		24,566		597,200
				5,361,807
Building Products 1.3%
Advanced Drainage Systems, Inc.		22,388		659,103
Apogee Enterprises, Inc.		6,500		135,330
Armstrong Flooring, Inc. *		11,858		16,957
Builders FirstSource, Inc. *		38,192		467,088
Insteel Industries, Inc.		2,962		39,247
Quanex Building Products Corp.		15,844		159,708
Resideo Technologies, Inc. *		61,252		296,460
Trex Co., Inc. *(a)		13,400		1,073,875
				2,847,768
Capital Markets 2.3%
Cohen & Steers, Inc.		10,575		480,634
Cowen, Inc., Class A		8,447		81,598
Donnelley Financial Solutions, Inc. *(a)		48,809		257,223
Hamilton Lane, Inc., Class A		27,458		1,518,702
LPL Financial Holdings, Inc.		18,646		1,014,902
Waddell & Reed Financial, Inc., Class A (a)		124,948		1,421,908
				4,774,967
Chemicals 1.7%
AdvanSix, Inc. *		41,434		395,280
Ashland Global Holdings, Inc.		12,600		630,882
Element Solutions, Inc. *(a)		24,600		205,656
Huntsman Corp.		15,000		216,450
Kraton Corp. *		31,480		254,988
Rayonier Advanced Materials, Inc.		46,619		49,416
Stepan Co.		11,376		1,006,322
Trinseo SA		39,580		716,794
Valvoline, Inc.		7,372		96,499
				3,572,287
Commercial Services & Supplies 1.4%
Casella Waste Systems, Inc., Class A *		41,495		1,620,794
Clean Harbors, Inc. *		11,958		613,924
Pitney Bowes, Inc. (a)		378,701		772,550
				3,007,268
Communications Equipment 1.9%
ADTRAN, Inc.		99,636		765,204
Calix, Inc. *		36,562		258,859
DASAN Zhone Solutions, Inc. *		15,290		64,065
EMCORE Corp. *		13,115		29,378
Harmonic, Inc. *		26,675		153,648
Infinera Corp. *		156,046		827,044
NETGEAR, Inc. *		27,742		633,627
NetScout Systems, Inc. *		42,112		996,791
Ribbon Communications, Inc. *		87,425		264,898
				3,993,514

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Construction & Engineering 0.4%
AECOM *		16,400	$	489,540
Orion Group Holdings, Inc. *		9,180		23,868
Sterling Construction Co., Inc. *		45,371		431,025
				944,433
Construction Materials 0.2%
Summit Materials, Inc., Class A *(a)		30,917		463,755
Consumer Finance 1.0%
Elevate Credit, Inc. *		18,149		18,875
Enova International, Inc. *		6,998		101,401
Green Dot Corp., Class A *(a)		54,400		1,381,216
LendingClub Corp. *(a)		66,442		521,570
				2,023,062
Containers & Packaging 0.3%
Graphic Packaging Holding Co.		42,554		519,159
O-I Glass, Inc. (a)		18,248		129,743
				648,902
Distributors 1.0%
Pool Corp.		10,861		2,137,119
Diversified Consumer Services 2.1%
American Public Education, Inc. *		28,253		676,094
Bright Horizons Family Solutions, Inc. *		12,694		1,294,788
Houghton Mifflin Harcourt Co. *		204,847		385,112
K12, Inc. *		12,088		227,980
Strategic Education, Inc.		11,831		1,653,501
Universal Technical Institute, Inc. *		22,512		133,946
				4,371,421
Diversified Financial Services 0.2%
Marlin Business Services Corp.		1,977		22,083
Voya Financial, Inc.		11,800		478,490
				500,573
Diversified Telecommunication Services 0.2%
ATN International, Inc.		5,718		335,704
ORBCOMM, Inc. *		70,193		171,271
				506,975
Electric Utilities 2.0%
ALLETE, Inc.		13,717		832,348
Genie Energy Ltd., Class B		5,518		39,619
PNM Resources, Inc.		33,060		1,256,280
Portland General Electric Co.		46,027		2,206,534
				4,334,781
Electrical Equipment 0.6%
Generac Holdings, Inc. *		8,591		800,423
LSI Industries, Inc.		6,946		26,256
Powell Industries, Inc.		14,889		382,201
				1,208,880
Electronic Equipment, Instruments & Components 1.4%
Arlo Technologies, Inc. *		148,578		361,045
Bel Fuse, Inc., Class B		11,523		112,234
Benchmark Electronics, Inc.		73,731		1,473,882
Daktronics, Inc. (a)		42,505		209,550
Novanta, Inc. *		8,979		717,243
ScanSource, Inc. *		1,455		31,122
				2,905,076
Energy Equipment & Services 0.9%
Dril-Quip, Inc. *		38,045		1,160,372
Matrix Service Co. *		39,725		376,196
SEACOR Holdings, Inc. *		15,984		430,929
				1,967,497
Entertainment 1.3%
Madison Square Garden Co. (The), Class A *		1,830		386,880
Roku, Inc. *		10,870		950,908

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Entertainment (continued)
Zynga, Inc., Class A *		192,941	$	1,321,646
				2,659,434
Equity Real Estate Investment Trusts (REITs) 4.4%
Camden Property Trust		6,900		546,756
CorePoint Lodging, Inc.		88,051		345,160
Equity Commonwealth		14,200		450,282
First Industrial Realty Trust, Inc.		32,728		1,087,551
Franklin Street Properties Corp.		40,500		232,065
Gaming and Leisure Properties, Inc.		42,045		1,165,067
Getty Realty Corp.		11,624		275,954
Investors Real Estate Trust		17,137		942,535
National Health Investors, Inc.		6,271		310,540
New Senior Investment Group, Inc.		44,231		113,231
Piedmont Office Realty Trust, Inc., Class A		74,364		1,313,268
Retail Value, Inc.		20,996		257,201
SITE Centers Corp.		45,855		238,905
Spirit Realty Capital, Inc.		15,867		414,922
Sunstone Hotel Investors, Inc.		185,339		1,614,303
				9,307,740
Food & Staples Retailing 0.5%
Casey’s General Stores, Inc.		3,277		434,170
Grocery Outlet Holding Corp. *		17,161		589,308
				1,023,478
Food Products 1.6%
Farmer Brothers Co. *		24,719		172,044
Freshpet, Inc. *		30,489		1,947,332
Post Holdings, Inc. *		2,000		165,940
Sanderson Farms, Inc. (a)		5,852		721,669
Simply Good Foods Co. (The) *		21,873		421,274
				3,428,259
Gas Utilities 0.8%
Southwest Gas Holdings, Inc.		24,999		1,738,930
Health Care Equipment & Supplies 6.3%
CryoPort, Inc. *(a)		27,178		463,928
Haemonetics Corp. *		10,521		1,048,523
Insulet Corp. *		13,864		2,296,988
iRhythm Technologies, Inc. *(a)		10,852		882,810
LivaNova plc *		27,708		1,253,787
Masimo Corp. *		13,903		2,462,499
Novocure Ltd. *		11,833		796,834
Orthofix Medical, Inc. *		3,229		90,444
Penumbra, Inc. *		4,905		791,324
Quidel Corp. *		11,717		1,146,040
Silk Road Medical, Inc. *(a)		10,413		327,801
Tandem Diabetes Care, Inc. *(a)		15,836		1,019,047
Varex Imaging Corp. *		28,229		641,081
				13,221,106
Health Care Providers & Services 2.9%
1Life Healthcare, Inc. *		14,437		262,032
Addus HomeCare Corp. *		10,488		708,989
Amedisys, Inc. *		7,661		1,406,099
Cross Country Healthcare, Inc. *		53,410		359,983
HealthEquity, Inc. *(a)		12,090		611,633
Magellan Health, Inc. *		25,451		1,224,448
Molina Healthcare, Inc. *		2,810		392,585
Owens & Minor, Inc.		118,404		1,083,397
				6,049,166
Health Care Technology 2.6%
Allscripts Healthcare Solutions, Inc. *(a)		232,500		1,636,800
Computer Programs & Systems, Inc.		22,461		499,757
Inspire Medical Systems, Inc. *		15,891		957,909
Omnicell, Inc. *		7,502		491,981
Phreesia, Inc. *		16,042		337,363

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Health Care Technology (continued)
Teladoc Health, Inc. *		10,713	$	1,660,623
				5,584,433
Hotels, Restaurants & Leisure 1.9%
Choice Hotels International, Inc.		9,603		588,184
Churchill Downs, Inc.		5,481		564,269
Fiesta Restaurant Group, Inc. *		23,886		96,261
Planet Fitness, Inc., Class A *(a)		18,532		902,508
Wingstop, Inc.		24,629		1,962,931
				4,114,153
Household Durables 1.0%
Bassett Furniture Industries, Inc.		2,444		13,320
GoPro, Inc., Class A *		227,761		596,734
Hooker Furniture Corp. (a)		25,071		391,358
KB Home		15,680		283,808
TopBuild Corp. *		10,467		749,856
				2,035,076
Household Products 0.5%
Central Garden & Pet Co., Class A *		39,556		1,011,447
Insurance 4.5%
American Equity Investment Life Holding Co.		17,839		335,373
Brighthouse Financial, Inc. *		20,826		503,364
Donegal Group, Inc., Class A		4,400		66,880
eHealth, Inc. *		11,242		1,583,098
Employers Holdings, Inc.		39,424		1,597,067
FedNat Holding Co.		6,779		77,823
Hallmark Financial Services, Inc. *		20,910		84,476
HCI Group, Inc.		15,238		613,330
Heritage Insurance Holdings, Inc.		102,373		1,096,415
James River Group Holdings Ltd.		18,971		687,509
Kinsale Capital Group, Inc.		6,403		669,306
National General Holdings Corp.		34,956		578,522
Protective Insurance Corp., Class B		3,984		54,780
Reinsurance Group of America, Inc.		7,060		594,028
Stewart Information Services Corp.		32,624		870,082
United Insurance Holdings Corp.		13,811		127,614
				9,539,667
Interactive Media & Services 0.2%
TrueCar, Inc. *		163,398		395,423
Internet & Direct Marketing Retail 0.3%
Quotient Technology, Inc. *		81,875		532,188
IT Services 2.0%
Euronet Worldwide, Inc. *		5,888		504,719
KBR, Inc.		32,213		666,165
ManTech International Corp., Class A		17,142		1,245,709
MongoDB, Inc. *(a)		11,637		1,588,917
Unisys Corp. *		15,227		188,053
				4,193,563
Leisure Products 0.9%
Nautilus, Inc. *		79,051		206,323
Vista Outdoor, Inc. *		171,116		1,505,821
YETI Holdings, Inc. *		11,627		226,959
				1,939,103
Life Sciences Tools & Services 2.5%
10X Genomics, Inc., Class A *		3,892		242,549
Bio-Techne Corp.		4,281		811,763
Medpace Holdings, Inc. *(a)		11,184		820,682
NeoGenomics, Inc. *(a)		22,648		625,311
PRA Health Sciences, Inc. *		6,565		545,158
Repligen Corp. *		23,888		2,306,148
				5,351,611
Machinery 3.7%
AGCO Corp.		23,400		1,105,651
Astec Industries, Inc. (a)		16,256		568,472

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Machinery (continued)
Briggs & Stratton Corp. (a)		159,171	$	288,100
Chart Industries, Inc. *		15,374		445,539
Commercial Vehicle Group, Inc. *		73,493		110,974
Federal Signal Corp.		25,239		688,520
Hyster-Yale Materials Handling, Inc.		14,313		573,808
ITT, Inc.		10,941		496,284
LB Foster Co., Class A *		6,518		80,562
Lydall, Inc. *		7,170		46,318
Manitowoc Co., Inc. (The) *		99,130		842,605
Park-Ohio Holdings Corp.		5,942		112,541
RBC Bearings, Inc. *		6,404		722,307
REV Group, Inc.		54,647		227,878
SPX Corp. *		14,000		456,960
Terex Corp. (a)		74,600		1,071,256
				7,837,775
Media 1.6%
Cable One, Inc.		1,282		2,107,620
comScore, Inc. *(a)		143,220		403,880
Marchex, Inc., Class B *		16,602		24,073
Mode Media M-1 Escrow *^¥		2,754		0
Scholastic Corp.		29,146		742,932
Tribune Publishing Co.		14,807		120,085
				3,398,590
Metals & Mining 0.5%
Olympic Steel, Inc.		15,800		163,530
Ryerson Holding Corp. *		8,800		46,816
Schnitzer Steel Industries, Inc., Class A		48,479		632,166
TimkenSteel Corp. *		53,216		171,888
				1,014,400
Multi-Utilities 0.5%
Avista Corp.		24,879		1,057,109
Oil, Gas & Consumable Fuels 2.5%
Arch Coal, Inc., Class A (a)		35,340		1,021,326
Berry Corp.		42,943		103,493
Delek US Holdings, Inc. (a)		43,479		685,229
Dorian LPG Ltd. *		102,190		890,075
Green Plains, Inc. (a)		104,565		507,140
International Seaways, Inc.		3,985		95,202
Par Pacific Holdings, Inc. *		71,529		507,856
REX American Resources Corp. *		1,099		51,114
Talos Energy, Inc. *		14,660		84,295
World Fuel Services Corp.		56,189		1,414,839
				5,360,569
Paper & Forest Products 1.2%
Boise Cascade Co.		45,357		1,078,589
Louisiana-Pacific Corp.		69,903		1,200,934
PH Glatfelter Co.		15,264		186,526
Verso Corp., Class A *		8,900		100,392
				2,566,441
Pharmaceuticals 0.3%
Endo International plc *		89,667		331,768
Lannett Co., Inc. *		18,132		126,017
Menlo Therapeutics, Inc. *		2,875		7,705
Osmotica Pharmaceuticals plc *		7,800		24,804
Strongbridge Biopharma plc *		32,854		62,094
				552,388
Professional Services 1.1%
Heidrick & Struggles International, Inc.		14,429		324,653
Kelly Services, Inc., Class A		67,611		857,984
ManpowerGroup, Inc.		8,300		439,817
TrueBlue, Inc. *		61,369		783,068
				2,405,522
Real Estate Management & Development 0.2%
Altisource Portfolio Solutions SA *(a)		7,930		60,823

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Real Estate Management & Development (continued)
Consolidated-Tomoka Land Co.		5,885	$	266,767
Forestar Group, Inc. *		7,825		80,989
				408,579
Road & Rail 0.5%
ArcBest Corp.		46,293		811,053
Saia, Inc. *		3,351		246,433
US Xpress Enterprises, Inc., Class A *		11,930		39,846
				1,097,332
Semiconductors & Semiconductor Equipment 5.4%
Alpha & Omega Semiconductor Ltd. *		23,103		148,090
Ambarella, Inc. *		18,749		910,451
Cirrus Logic, Inc. *		34,004		2,231,683
Entegris, Inc.		17,737		794,085
Lattice Semiconductor Corp. *		73,710		1,313,512
MKS Instruments, Inc.		12,235		996,541
Monolithic Power Systems, Inc.		13,301		2,227,385
NeoPhotonics Corp. *		29,800		216,050
SMART Global Holdings, Inc. *(a)		11,425		277,628
Synaptics, Inc. *(a)		29,110		1,684,596
Veeco Instruments, Inc. *		66,261		634,118
				11,434,139
Software 6.1%
Alteryx, Inc., Class A *(a)		12,778		1,216,082
Anaplan, Inc. *		18,526		560,597
Avalara, Inc. *		12,424		926,830
Avaya Holdings Corp. *(a)		109,734		887,748
Coupa Software, Inc. *		14,248		1,990,873
HubSpot, Inc. *		6,900		919,011
Paylocity Holding Corp. *		11,240		992,717
Q2 Holdings, Inc. *(a)		17,724		1,046,779
QAD, Inc., Class A		1,400		55,902
Rapid7, Inc. *(a)		6,766		293,171
Rosetta Stone, Inc. *		45,947		644,177
Synchronoss Technologies, Inc. *(a)		75,280		229,604
Telenav, Inc. *(a)		48,933		211,391
TiVo Corp.		197,983		1,401,720
Trade Desk, Inc. (The), Class A *(a)		7,280		1,405,040
				12,781,642
Specialty Retail 0.4%
Boot Barn Holdings, Inc. *(a)		44,700		577,971
Haverty Furniture Cos., Inc.		900		10,701
Office Depot, Inc.		209,903		344,241
				932,913
Technology Hardware, Storage & Peripherals 0.5%
Diebold Nixdorf, Inc. *(a)		24,812		87,338
Intevac, Inc. *		8,356		34,176
Super Micro Computer, Inc. *		45,784		974,284
				1,095,798
Textiles, Apparel & Luxury Goods 0.2%
Delta Apparel, Inc. *		341		3,550
Fossil Group, Inc. *(a)		63,462		208,789
Unifi, Inc. *		10,190		117,695
				330,034
Thrifts & Mortgage Finance 1.7%
Bridgewater Bancshares, Inc. *		11,113		108,352
First Defiance Financial Corp.		13,956		205,711
Flagstar Bancorp, Inc.		18,392		364,713
Home Bancorp, Inc.		1,500		36,630
HomeStreet, Inc.		23,863		530,474
Merchants Bancorp		9,957		151,147
Meridian Bancorp, Inc.		29,600		332,112
OP Bancorp		6,876		51,295
PCSB Financial Corp.		11,147		155,947
Riverview Bancorp, Inc.		5,600		28,056

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Thrifts & Mortgage Finance (continued)
Southern Missouri Bancorp, Inc.		657	$	15,945
Territorial Bancorp, Inc.		1,828		44,877
TrustCo Bank Corp.		75,402		407,925
Washington Federal, Inc.		44,836		1,163,944
				3,597,128
Trading Companies & Distributors 1.1%
BMC Stock Holdings, Inc. *		34,289		607,943
CAI International, Inc. *		1,138		16,091
Foundation Building Materials, Inc. *		33,171		341,330
Herc Holdings, Inc. *		5,545		113,451
MRC Global, Inc. *(a)		48,693		207,432
SiteOne Landscape Supply, Inc. *(a)		7,006		515,781
Systemax, Inc.		1,153		20,443
Veritiv Corp. *		6,182		48,591
WESCO International, Inc. *		19,648		448,957
				2,320,019
				201,277,156
Total Common Stocks (cost $253,242,552)				204,973,107
Preferred Stock 0.0%†
	Shares		Value
UNITED STATES 0.0%†
Media 0.0%†
Mode Media Corp., Series M-1*^¥		19,276		0
Total Preferred Stock (cost $100,042)				0
Corporate Bonds 0.0%†
	Principal Amount		Value
UNITED STATES 0.0%†
Media 0.0%†
Mode Media Corp., 9.00%, 12/02/14^¥,(b)	$	42,256		0
Mode Media, Inc., 9.00%, 12/02/14^¥,(b)		1,544		0
Total Corporate Bonds (cost $43,259)				0
Rights 0.0%†
	Number of Rights		Value
UNITED STATES 0.0%†
IT Services 0.0%†
BancTec, Inc., CVR*^¥		36,134		0
Total Rights (cost $–)				0
Repurchase Agreements 4.6%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $6,182,464, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $6,306,111.(c)	$	6,182,462		6,182,462

Repurchase Agreements (continued)
	Principal Amount		Value
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $2,040,000.(c)	$	2,000,000	$	2,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000.(c)		1,000,000		1,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $500,002, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $510,000.(c)		500,000		500,000
Total Repurchase Agreements (cost $9,682,462)				9,682,462
Total Investments (cost $263,068,315) — 101.3%				214,655,569
Liabilities in excess of other assets — (1.3)%				(2,743,445)
NET ASSETS — 100.0%			$	211,912,124

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $23,694,356 which was collateralized by cash used to purchase repurchase agreements with a total value of $9,682,462 and by $15,147,545 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $24,830,007.

(b) Security in default.

(c) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $9,682,462.

CVR	Contingent Value Rights
Reg. S	Regulation S - Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933 or pursuant to an exemption from registration. Currently there is no restriction on trading this security.
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	4,496,094	$	–	$	–	$	4,496,094
Air Freight & Logistics		713,739		–		–		713,739
Auto Components		2,144,650		–		–		2,144,650
Banks		19,546,964		–		–		19,546,964
Biotechnology		5,879,452		–		–		5,879,452
Building Products		2,847,768		–		–		2,847,768
Capital Markets		4,774,967		–		–		4,774,967
Chemicals		3,572,287		–		–		3,572,287
Commercial Services & Supplies		3,007,268		–		–		3,007,268
Communications Equipment		3,993,514		–		–		3,993,514
Construction & Engineering		944,433		–		–		944,433
Construction Materials		463,755		–		–		463,755
Consumer Finance		2,023,062		–		–		2,023,062
Containers & Packaging		648,902		–		–		648,902
Distributors		2,137,119		–		–		2,137,119
Diversified Consumer Services		4,371,421		–		–		4,371,421
Diversified Financial Services		500,573		–		–		500,573
Diversified Telecommunication Services		506,975		–		–		506,975
Electric Utilities		4,334,781		–		–		4,334,781
Electrical Equipment		1,208,880		–		–		1,208,880
Electronic Equipment, Instruments & Components		2,905,076		–		–		2,905,076
Energy Equipment & Services		1,967,497		–		–		1,967,497
Entertainment		2,659,434		–		–		2,659,434

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs)	$	9,307,740	$	–	$	–	$	9,307,740
Food & Staples Retailing		1,023,478		–		–		1,023,478
Food Products		3,428,259		–		–		3,428,259
Gas Utilities		1,738,930		–		–		1,738,930
Health Care Equipment & Supplies		13,221,106		–		–		13,221,106
Health Care Providers & Services		6,069,343		–		–		6,069,343
Health Care Technology		5,584,433		–		–		5,584,433
Hotels, Restaurants & Leisure		4,114,153		–		–		4,114,153
Household Durables		2,035,076		–		–		2,035,076
Household Products		1,011,447		–		–		1,011,447
Insurance		9,855,888		–		–		9,855,888
Interactive Media & Services		395,423		–		–		395,423
Internet & Direct Marketing Retail		532,188		–		–		532,188
IT Services		4,193,563		–		–		4,193,563
Leisure Products		1,939,103		–		–		1,939,103
Life Sciences Tools & Services		5,351,611		–		–		5,351,611
Machinery		8,478,941		–		–		8,478,941
Media		3,489,668		–		–		3,489,668
Metals & Mining		1,014,400		–		–		1,014,400
Multi-Utilities		1,057,109		–		–		1,057,109
Oil, Gas & Consumable Fuels		5,360,569		–		–		5,360,569
Paper & Forest Products		2,566,441		–		–		2,566,441
Pharmaceuticals		552,388		–		–		552,388
Professional Services		2,405,522		–		–		2,405,522
Real Estate Management & Development		408,579		–		–		408,579
Road & Rail		1,097,332		–		–		1,097,332
Semiconductors & Semiconductor Equipment		11,434,139		–		–		11,434,139
Software		13,381,774		–		–		13,381,774
Specialty Retail		932,913		–		–		932,913
Technology Hardware, Storage & Peripherals		1,095,798		–		–		1,095,798
Textiles, Apparel & Luxury Goods		330,034		–		–		330,034
Thrifts & Mortgage Finance		3,597,128		–		–		3,597,128
Trading Companies & Distributors		2,320,020		–		–		2,320,020
Total Common Stocks	$	204,973,107	$	–	$	–	$	204,973,107
Corporate Bonds	$	–	$	–	$	–	$	–
Preferred Stock		–		–		–		–
Repurchase Agreements		–		9,682,462		–		9,682,462
Rights		–		–		–		–
Total	$	204,973,107	$	9,682,462	$	–	$	214,655,569

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

During the period ended March 31, 2020, the Fund held two corporate bond, three common stock, one preferred stock and one rights investments that were categorized as Level 3 investments and which were each valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT AQR Large Cap Defensive Style Fund (formerly, NVIT Nationwide Fund)

Common Stocks 98.9%
	Shares		Value
Aerospace & Defense 0.9%
Curtiss-Wright Corp.		9,100	$	840,931
General Dynamics Corp.		8,407		1,112,330
Lockheed Martin Corp. (a)		2,647		897,201
Teledyne Technologies, Inc. *		7,303		2,170,963
				5,021,425
Air Freight & Logistics 0.4%
Expeditors International of Washington, Inc.		36,787		2,454,429
Airlines 0.4%
Southwest Airlines Co. (a)		59,783		2,128,873
Banks 3.5%
Bank of Hawaii Corp. (a)		8,631		476,776
Bank OZK (a)		9,515		158,901
Cullen/Frost Bankers, Inc. (a)		4,453		248,433
East West Bancorp, Inc.		42,369		1,090,578
JPMorgan Chase & Co.		58,018		5,223,361
M&T Bank Corp.		12,488		1,291,634
PNC Financial Services Group, Inc. (The)		19,685		1,884,248
SVB Financial Group *		22,876		3,456,106
US Bancorp		128,417		4,423,966
Wells Fargo & Co.		49,239		1,413,159
Western Alliance Bancorp		4,051		124,001
				19,791,163
Beverages 3.3%
Brown-Forman Corp., Class B		4,800		266,448
Coca-Cola Co. (The)		90,804		4,018,077
Constellation Brands, Inc., Class A		5,726		820,879
Monster Beverage Corp. *		81,641		4,593,123
PepsiCo, Inc.		73,218		8,793,482
				18,492,009
Biotechnology 0.7%
Biogen, Inc. *		11,567		3,659,567
Capital Markets 2.3%
Ameriprise Financial, Inc.		7,551		773,826
BlackRock, Inc.		3,382		1,487,979
Cboe Global Markets, Inc.		1,820		162,435
CME Group, Inc.		16,807		2,906,098
MarketAxess Holdings, Inc.		2,112		702,388
Northern Trust Corp. (a)		48,976		3,695,729
SEI Investments Co.		27,358		1,267,770
T. Rowe Price Group, Inc.		22,170		2,164,900
				13,161,125
Chemicals 3.0%
Air Products & Chemicals, Inc.		4,353		868,902
Dow, Inc.		34,825		1,018,283
Ecolab, Inc.		47,967		7,474,698
Linde plc		24,989		4,323,097
LyondellBasell Industries NV, Class A		5,018		249,043
NewMarket Corp.		750		287,153
PPG Industries, Inc.		19,121		1,598,516
Sherwin-Williams Co. (The)		2,233		1,026,108
				16,845,800
Commercial Services & Supplies 2.1%
Copart, Inc. *		15,158		1,038,626
Republic Services, Inc.		48,094		3,609,936
Rollins, Inc.		5,457		197,216
Waste Management, Inc.		75,198		6,960,327
				11,806,105
Communications Equipment 0.8%
Cisco Systems, Inc.		102,561		4,031,673
F5 Networks, Inc. *		1,700		181,271
				4,212,944

Common Stocks (continued)
	Shares		Value
Consumer Finance 1.0%
American Express Co.		5,511	$	471,797
Credit Acceptance Corp. *(a)		9,208		2,354,394
Discover Financial Services		72,035		2,569,488
				5,395,679
Distributors 0.1%
Pool Corp.		3,482		685,153
Diversified Telecommunication Services 0.6%
AT&T, Inc.		11,181		325,926
Verizon Communications, Inc.		59,316		3,187,049
				3,512,975
Electric Utilities 6.2%
Alliant Energy Corp.		5,271		254,536
American Electric Power Co., Inc.		76,162		6,091,437
Duke Energy Corp. (a)		43,285		3,500,891
Evergy, Inc.		60,962		3,355,958
Eversource Energy		42,108		3,293,267
NextEra Energy, Inc.		38,890		9,357,712
OGE Energy Corp.		7,496		230,352
Pinnacle West Capital Corp.		51,852		3,929,863
Xcel Energy, Inc.		76,481		4,611,804
				34,625,820
Electrical Equipment 0.8%
Eaton Corp. plc		40,024		3,109,465
Emerson Electric Co.		8,211		391,254
Rockwell Automation, Inc.		8,297		1,252,100
				4,752,819
Electronic Equipment, Instruments & Components 0.6%
Amphenol Corp., Class A		4,613		336,195
Cognex Corp. (a)		46,013		1,942,669
Dolby Laboratories, Inc., Class A		3,451		187,079
National Instruments Corp.		27,974		925,380
				3,391,323
Entertainment 0.5%
Spotify Technology SA *		2,545		309,065
Walt Disney Co. (The)		28,194		2,723,540
				3,032,605
Equity Real Estate Investment Trusts (REITs) 1.1%
Federal Realty Investment Trust		12,377		923,448
Gaming and Leisure Properties, Inc.		4,393		121,730
Lamar Advertising Co., Class A		10,905		559,208
Public Storage		9,802		1,946,775
Simon Property Group, Inc.		51,747		2,838,841
				6,390,002
Food & Staples Retailing 3.9%
Casey’s General Stores, Inc.		3,425		453,778
Costco Wholesale Corp.		23,570		6,720,514
Sysco Corp.		107,129		4,888,296
Walmart, Inc.		88,228		10,024,466
				22,087,054
Food Products 3.5%
Campbell Soup Co.		14,807		683,491
Flowers Foods, Inc.		77,176		1,583,652
General Mills, Inc.		8,832		466,065
Hain Celestial Group, Inc. (The) *(a)		8,566		222,459
Hershey Co. (The)		3,041		402,932
Hormel Foods Corp. (a)		120,237		5,607,854
Ingredion, Inc.		23,419		1,768,134
Lamb Weston Holdings, Inc.		41,302		2,358,344
McCormick & Co., Inc. (Non-Voting)		11,409		1,611,065
Mondelez International, Inc., Class A		95,057		4,760,455
				19,464,451

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AQR Large Cap Defensive Style Fund (formerly, NVIT Nationwide Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Gas Utilities 1.0%
Atmos Energy Corp. (a)		40,099	$	3,979,024
UGI Corp.		53,492		1,426,631
				5,405,655
Health Care Equipment & Supplies 2.5%
Abbott Laboratories		84,286		6,651,008
Danaher Corp.		1,513		209,414
Edwards Lifesciences Corp. *		1,419		267,652
IDEXX Laboratories, Inc. *		3,391		821,436
Intuitive Surgical, Inc. *		12,532		6,205,972
				14,155,482
Health Care Providers & Services 3.5%
Anthem, Inc.		10,449		2,372,341
Chemed Corp.		3,860		1,672,152
Henry Schein, Inc. *		66,409		3,354,983
Humana, Inc.		8,171		2,565,857
UnitedHealth Group, Inc.		38,003		9,477,188
				19,442,521
Hotels, Restaurants & Leisure 1.9%
Darden Restaurants, Inc. (a)		26,193		1,426,471
Las Vegas Sands Corp.		4,297		182,494
McDonald’s Corp.		23,166		3,830,498
Royal Caribbean Cruises Ltd.		18,174		584,657
Starbucks Corp.		60,234		3,959,783
Wyndham Destinations, Inc.		30,426		660,244
				10,644,147
Household Products 1.8%
Colgate-Palmolive Co.		15,285		1,014,313
Procter & Gamble Co. (The)		82,890		9,117,900
				10,132,213
Industrial Conglomerates 1.4%
3M Co.		25,461		3,475,681
Honeywell International, Inc.		33,390		4,467,248
				7,942,929
Insurance 7.6%
Alleghany Corp.		1,138		628,574
Allstate Corp. (The)		66,724		6,120,593
American Financial Group, Inc.		30,671		2,149,424
Aon plc		1,560		257,462
Arch Capital Group Ltd. *		10,013		284,970
Assured Guaranty Ltd.		26,247		676,910
Chubb Ltd.		55,174		6,162,384
Everest Re Group Ltd.		19,500		3,752,190
Fidelity National Financial, Inc.		58,014		1,443,388
Lincoln National Corp.		30,562		804,392
Markel Corp. *		1,291		1,197,906
Marsh & McLennan Cos., Inc.		38,056		3,290,322
Progressive Corp. (The)		117,255		8,658,109
RenaissanceRe Holdings Ltd.		11,219		1,675,221
Travelers Cos., Inc. (The)		48,318		4,800,393
WR Berkley Corp.		9,664		504,171
				42,406,409
Interactive Media & Services 2.7%
Alphabet, Inc., Class A *		7,239		8,411,356
Facebook, Inc., Class A *		39,846		6,646,313
				15,057,669
Internet & Direct Marketing Retail 1.6%
Amazon.com, Inc. *		2,966		5,782,870
Booking Holdings, Inc. *		2,363		3,178,991
				8,961,861

Common Stocks (continued)
	Shares		Value
IT Services 6.7%
Accenture plc, Class A		50,665	$	8,271,568
Akamai Technologies, Inc. *		28,480		2,605,635
Amdocs Ltd.		22,586		1,241,552
Automatic Data Processing, Inc.		13,213		1,805,953
Broadridge Financial Solutions, Inc.		2,776		263,248
Jack Henry & Associates, Inc.		14,105		2,189,660
Mastercard, Inc., Class A		32,619		7,879,446
Paychex, Inc.		55,526		3,493,696
VeriSign, Inc. *		7,767		1,398,759
Visa, Inc., Class A		51,729		8,334,577
				37,484,094
Life Sciences Tools & Services 2.1%
Agilent Technologies, Inc. (a)		3,763		269,506
Bio-Techne Corp.		1,164		220,718
Illumina, Inc. *		5,382		1,469,932
Mettler-Toledo International, Inc. *		5,348		3,692,847
Thermo Fisher Scientific, Inc.		20,944		5,939,718
Waters Corp. *		1,811		329,693
				11,922,414
Machinery 1.5%
Caterpillar, Inc.		19,344		2,244,678
IDEX Corp.		7,454		1,029,472
Illinois Tool Works, Inc. (a)		23,267		3,306,706
Stanley Black & Decker, Inc.		16,826		1,682,600
				8,263,456
Media 0.1%
Comcast Corp., Class A		11,921		409,844
Multi-Utilities 5.0%
Ameren Corp.		122,815		8,944,616
Consolidated Edison, Inc.		37,368		2,914,704
Dominion Energy, Inc.		51,756		3,736,266
DTE Energy Co.		38,988		3,702,690
Public Service Enterprise Group, Inc.		75,478		3,389,717
WEC Energy Group, Inc.		59,197		5,217,032
				27,905,025
Oil, Gas & Consumable Fuels 0.7%
Chevron Corp.		12,784		926,329
Exxon Mobil Corp.		45,718		1,735,912
Phillips 66		16,671		894,399
Valero Energy Corp. (a)		2,872		130,274
				3,686,914
Personal Products 0.7%
Estee Lauder Cos., Inc. (The), Class A		25,660		4,088,664
Pharmaceuticals 4.8%
Eli Lilly & Co.		36,123		5,010,983
Johnson & Johnson		69,670		9,135,827
Merck & Co., Inc.		92,218		7,095,253
Pfizer, Inc.		110,964		3,621,865
Zoetis, Inc.		15,841		1,864,327
				26,728,255
Professional Services 0.8%
CoStar Group, Inc. *		4,157		2,441,032
Robert Half International, Inc.		51,206		1,933,026
				4,374,058
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A *		5,726		215,928

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AQR Large Cap Defensive Style Fund (formerly, NVIT Nationwide Fund) (Continued)

Common Stocks (continued)
	Shares		Value
Real Estate Management & Development (continued)
Jones Lang LaSalle, Inc.		3,043	$	307,282
				523,210
Road & Rail 0.6%
Landstar System, Inc. (a)		21,958		2,104,894
Old Dominion Freight Line, Inc.		10,785		1,415,639
				3,520,533
Semiconductors & Semiconductor Equipment 1.9%
Broadcom, Inc.		3,981		943,895
NVIDIA Corp.		1,140		300,504
Skyworks Solutions, Inc.		10,040		897,375
Texas Instruments, Inc.		64,847		6,480,161
Xilinx, Inc.		24,623		1,919,117
				10,541,052
Software 5.0%
Adobe, Inc. *		29,575		9,411,948
ANSYS, Inc. *(a)		2,126		494,231
Intuit, Inc.		25,018		5,754,140
Microsoft Corp.		60,840		9,595,077
Oracle Corp.		53,034		2,563,133
				27,818,529
Specialty Retail 3.3%
Best Buy Co., Inc.		6,129		349,353
Home Depot, Inc. (The)		44,563		8,320,358
Lowe’s Cos., Inc.		44,831		3,857,708
O’Reilly Automotive, Inc. *		1,370		412,438
Ross Stores, Inc.		32,056		2,787,910
TJX Cos., Inc. (The)		56,140		2,684,053
				18,411,820
Technology Hardware, Storage & Peripherals 1.4%
Apple, Inc.		30,967		7,874,598
Textiles, Apparel & Luxury Goods 1.8%
Lululemon Athletica, Inc. *		30,305		5,744,313
NIKE, Inc., Class B		53,015		4,386,461
				10,130,774
Thrifts & Mortgage Finance 0.0%†
TFS Financial Corp.		15,133		231,081
Tobacco 1.0%
Altria Group, Inc.		74,879		2,895,571
Philip Morris International, Inc.		36,771		2,682,812
				5,578,383
Trading Companies & Distributors 0.0%†
United Rentals, Inc. *(a)		2,435		250,561
Water Utilities 1.5%
American Water Works Co., Inc.		58,526		6,997,368
Essential Utilities, Inc.		33,374		1,358,322
				8,355,690
Wireless Telecommunication Services 0.2%
T-Mobile US, Inc. *		13,426		1,126,441
Total Common Stocks (cost $504,584,899)				554,285,603

Repurchase Agreements 1.0%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $3,631,639, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $3,704,270. (b)	$	3,631,637	$	3,631,637
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 -5/15/2045; total market value $1,020,000. (b)		1,000,000		1,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000. (b)		1,000,000		1,000,000
Total Repurchase Agreements (cost $5,631,637)				5,631,637
Total Investments (cost $510,216,536) — 99.9%				559,917,240
Other assets in excess of liabilities — 0.1%				597,291
NET ASSETS — 100.0%			$	560,514,531

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $19,696,947, which was collateralized by cash used to purchase repurchase agreements with a total value of $5,631,637 and by $15,057,611 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $20,689,248.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $5,631,637.

REIT Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AQR Large Cap Defensive Style Fund (formerly, NVIT Nationwide Fund) (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of     Contracts		Expiration Date	Trading Currency		Notional     Amount ($)	Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		10	6/2020		USD	1,284,850	(56,232)
							(56,232)

At March 31, 2020, the Fund had $132,000 segregated as collateral with the broker for open future contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AQR Large Cap Defensive Style Fund (formerly, NVIT Nationwide Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Common Stocks	$	554,285,603		$	–	$	–	$	554,285,603
Repurchase Agreements		–			5,631,637		–		5,631,637
Total Assets	$	554,285,603		$	5,631,637	$	–	$	559,917,240
Liabilities:
Futures Contracts	$	(56,232	)	$	–	$	–	$	(56,232	)
Total Liabilities	$	(56,232	)	$	–	$	–	$	(56,232	)
Total	$	554,229,371		$	5,631,637	$	–	$	559,861,008

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). In response to purchases and redemptions of the Fund’s shares, the Fund’s subadviser may use equity index futures, which are derivatives, to obtain efficient investment exposure as a substitute for taking a position in equity securities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT AQR Large Cap Defensive Style Fund (formerly, NVIT Nationwide Fund) (Continued)

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Liabilities:		Fair Value
Futures Contracts
Equity risk	Unrealized depreciation from futures contracts	$	(56,232	)
Total		$	(56,232	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Real Estate Fund

Common Stocks 98.1%
	Shares		Value
Equity Real Estate Investment Trusts (REITs) 95.2%
Agree Realty Corp.		69,710	$	4,315,049
Alexandria Real Estate Equities, Inc.		79,293		10,867,899
American Homes 4 Rent, Class A		233,777		5,423,626
American Tower Corp.		42,047		9,155,734
Americold Realty Trust		198,438		6,754,830
Boston Properties, Inc.		94,905		8,753,088
Brixmor Property Group, Inc.		345,743		3,284,559
Camden Property Trust		71,007		5,626,595
Community Healthcare Trust, Inc.		85,915		3,288,826
Corporate Office Properties Trust		89,886		1,989,177
Crown Castle International Corp.		62,077		8,963,919
Digital Realty Trust, Inc.		69,747		9,688,556
Douglas Emmett, Inc.		185,655		5,664,334
Equinix, Inc.		24,939		15,576,151
Equity LifeStyle Properties, Inc.		108,176		6,217,957
Essential Properties Realty Trust, Inc.		69,705		910,347
Essex Property Trust, Inc.		28,199		6,210,548
Extra Space Storage, Inc.		46,908		4,491,910
Healthpeak Properties, Inc.		386,797		9,225,108
Host Hotels & Resorts, Inc.		36,803		406,305
Independence Realty Trust, Inc.		278,114		2,486,339
Kilroy Realty Corp.		70,607		4,497,666
Life Storage, Inc.		51,160		4,837,178
Medical Properties Trust, Inc.		252,297		4,362,215
NexPoint Residential Trust, Inc.		94,263		2,376,370
Prologis, Inc.		236,231		18,985,886
Public Storage		15,433		3,065,148
Rexford Industrial Realty, Inc.		195,654		8,023,771
Simon Property Group, Inc.		3,785		207,645
STORE Capital Corp.		122,261		2,215,369
Sun Communities, Inc.		51,519		6,432,147
UDR, Inc.		175,459		6,411,272
VICI Properties, Inc.		323,405		5,381,459
Vornado Realty Trust		58,615		2,122,449
				198,219,432
Hotels, Restaurants & Leisure 2.4%
Hilton Worldwide Holdings, Inc.		15,304		1,044,345
Hyatt Hotels Corp., Class A		21,720		1,040,388
Vail Resorts, Inc.		19,558		2,888,912
				4,973,645
Real Estate Management & Development 0.5%
Kennedy-Wilson Holdings, Inc.		75,169		1,008,768
Total Investments (cost $203,718,627) — 98.1%				204,201,845
Other assets in excess of liabilities — 1.9%				3,933,259
NET ASSETS — 100.0%			$	208,135,104

REIT                 Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited

annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Real Estate Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

At March 31, 2020, 100% of the market value of the Fund was determined based on Level 1 inputs.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited
annual report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund

Common Stocks 99.1%
	Shares		Value
Aerospace & Defense 2.0%
Arconic, Inc. (a)		59,642	$	957,851
Boeing Co. (The) (a)		80,284		11,973,556
General Dynamics Corp.		35,321		4,673,321
Huntington Ingalls Industries, Inc. (a)		5,977		1,089,069
L3Harris Technologies, Inc.		33,196		5,979,264
Lockheed Martin Corp. (a)		37,323		12,650,631
Northrop Grumman Corp.		23,424		7,086,931
Raytheon Co.		41,484		5,440,627
Textron, Inc.		35,363		943,131
TransDigm Group, Inc. (a)		7,497		2,400,464
United Technologies Corp.		121,858		11,494,865
				64,689,710
Air Freight & Logistics 0.5%
CH Robinson Worldwide, Inc. (a)		20,832		1,379,078
Expeditors International of Washington, Inc.		26,156		1,745,128
FedEx Corp. (a)		36,176		4,386,702
United Parcel Service, Inc., Class B		104,861		9,796,115
				17,307,023
Airlines 0.2%
Alaska Air Group, Inc.		17,135		487,833
American Airlines Group, Inc. (a)		60,837		741,603
Delta Air Lines, Inc. (a)		86,618		2,471,212
Southwest Airlines Co. (a)		70,713		2,518,090
United Airlines Holdings, Inc. *		33,639		1,061,310
				7,280,048
Auto Components 0.1%
Aptiv plc		38,001		1,871,169
BorgWarner, Inc. (a)		32,268		786,371
				2,657,540
Automobiles 0.2%
Ford Motor Co.		586,023		2,830,491
General Motors Co.		189,741		3,942,818
Harley-Davidson, Inc. (a)		24,132		456,819
				7,230,128
Banks 4.1%
Bank of America Corp.		1,216,213		25,820,202
Citigroup, Inc.		327,564		13,796,996
Citizens Financial Group, Inc. (a)		63,567		1,195,695
Comerica, Inc.		20,065		588,707
Fifth Third Bancorp		103,231		1,532,980
First Republic Bank		24,953		2,053,133
Huntington Bancshares, Inc.		150,620		1,236,590
JPMorgan Chase & Co.		471,291		42,430,329
KeyCorp		152,252		1,578,853
M&T Bank Corp.		19,769		2,044,708
People’s United Financial, Inc. (a)		68,651		758,593
PNC Financial Services Group, Inc. (The)		65,997		6,317,233
Regions Financial Corp.		149,111		1,337,526
SVB Financial Group *		7,915		1,195,798
Truist Financial Corp.		202,533		6,246,118
US Bancorp		212,180		7,309,601
Wells Fargo & Co.		578,339		16,598,329
Zions Bancorp NA		26,350		705,126
				132,746,517
Beverages 1.9%
Brown-Forman Corp., Class B (a)		28,237		1,567,436
Coca-Cola Co. (The)		579,236		25,631,193
Constellation Brands, Inc., Class A		25,052		3,591,455

Common Stocks (continued)
	Shares		Value
Beverages (continued)
Molson Coors Beverage Co., Class B (a)		28,931	$	1,128,598
Monster Beverage Corp. *		57,729		3,247,833
PepsiCo, Inc.		209,466		25,156,867
				60,323,382
Biotechnology 2.4%
AbbVie, Inc.		222,178		16,927,742
Alexion Pharmaceuticals, Inc. *		33,000		2,963,070
Amgen, Inc.		89,302		18,104,195
Biogen, Inc. *		27,156		8,591,615
Gilead Sciences, Inc.		190,225		14,221,221
Incyte Corp. *		26,145		1,914,598
Regeneron Pharmaceuticals, Inc. *		12,092		5,904,403
Vertex Pharmaceuticals, Inc. *		38,458		9,151,081
				77,777,925
Building Products 0.3%
Allegion plc		14,333		1,318,923
AO Smith Corp.		21,302		805,429
Fortune Brands Home & Security, Inc.		20,053		867,292
Johnson Controls International plc		116,224		3,133,399
Masco Corp. (a)		41,962		1,450,626
Trane Technologies plc		37,327		3,082,837
				10,658,506
Capital Markets 2.6%
Ameriprise Financial, Inc.		18,859		1,932,670
Bank of New York Mellon Corp. (The)		126,808		4,270,893
BlackRock, Inc.		17,596		7,741,712
Cboe Global Markets, Inc.		16,431		1,466,467
Charles Schwab Corp. (The)		172,893		5,812,663
CME Group, Inc.		53,671		9,280,253
E*TRADE Financial Corp.		34,919		1,198,420
Franklin Resources, Inc. (a)		43,428		724,813
Goldman Sachs Group, Inc. (The)		47,600		7,358,484
Intercontinental Exchange, Inc.		83,669		6,756,272
Invesco Ltd.		59,314		538,571
MarketAxess Holdings, Inc.		5,833		1,939,881
Moody’s Corp. (a)		24,606		5,204,169
Morgan Stanley (a)		175,440		5,964,960
MSCI, Inc.		12,671		3,661,412
Nasdaq, Inc.		16,751		1,590,508
Northern Trust Corp.		31,731		2,394,421
Raymond James Financial, Inc. (a)		19,026		1,202,443
S&P Global, Inc.		36,648		8,980,592
State Street Corp.		54,490		2,902,682
T. Rowe Price Group, Inc.		35,344		3,451,342
				84,373,628
Chemicals 1.7%
Air Products & Chemicals, Inc.		33,072		6,601,502
Albemarle Corp. (a)		16,404		924,693
Celanese Corp. (a)		17,489		1,283,518
CF Industries Holdings, Inc.		33,615		914,328
Corteva, Inc.		111,270		2,614,845
Dow, Inc.		111,840		3,270,201
DuPont de Nemours, Inc.		109,807		3,744,419
Eastman Chemical Co.		21,093		982,512
Ecolab, Inc.		37,612		5,861,078
FMC Corp.		18,887		1,542,879
International Flavors & Fragrances, Inc. (a)		16,505		1,684,830
Linde plc		80,729		13,966,117

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
LyondellBasell Industries NV, Class A		38,055	$	1,888,670
Mosaic Co. (The)		54,643		591,237
PPG Industries, Inc.		35,256		2,947,402
Sherwin-Williams Co. (The)		12,465		5,727,917
				54,546,148
Commercial Services & Supplies 0.4%
Cintas Corp.		12,544		2,172,872
Copart, Inc. *		31,199		2,137,755
Republic Services, Inc.		31,275		2,347,502
Rollins, Inc.		21,682		783,587
Waste Management, Inc.		59,063		5,466,871
				12,908,587
Communications Equipment 1.0%
Arista Networks, Inc. *		7,817		1,583,334
Cisco Systems, Inc.		637,709		25,068,341
F5 Networks, Inc. *		9,148		975,451
Juniper Networks, Inc.		51,738		990,265
Motorola Solutions, Inc.		25,772		3,425,614
				32,043,005
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		19,890		1,576,680
Quanta Services, Inc.		21,708		688,795
				2,265,475
Construction Materials 0.1%
Martin Marietta Materials, Inc.		9,234		1,747,350
Vulcan Materials Co.		19,542		2,111,904
				3,859,254
Consumer Finance 0.5%
American Express Co. (a)		100,579		8,610,568
Capital One Financial Corp.		69,219		3,490,022
Discover Financial Services		46,100		1,644,387
Synchrony Financial		85,240		1,371,512
				15,116,489
Containers & Packaging 0.3%
Amcor plc (a)		252,065		2,046,768
Avery Dennison Corp.		12,088		1,231,404
Ball Corp.		49,441		3,196,855
International Paper Co.		57,484		1,789,477
Packaging Corp. of America		14,569		1,265,026
Sealed Air Corp. (a)		24,353		601,763
Westrock Co.		39,274		1,109,883
				11,241,176
Distributors 0.1%
Genuine Parts Co. (a)		21,364		1,438,438
LKQ Corp. *(a)		47,454		973,282
				2,411,720
Diversified Consumer Services 0.0%†
H&R Block, Inc. (a)		26,423		372,036
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc., Class B *		294,020		53,755,677
Diversified Telecommunication Services 2.1%
AT&T, Inc.		1,097,801		32,000,899
CenturyLink, Inc.		149,891		1,417,969
Verizon Communications, Inc.		621,561		33,396,472
				66,815,340

Common Stocks (continued)
	Shares		Value
Electric Utilities 2.2%
Alliant Energy Corp.		36,396	$	1,757,563
American Electric Power Co., Inc.		74,773		5,980,344
Duke Energy Corp. (a)		110,194		8,912,491
Edison International (a)		53,761		2,945,565
Entergy Corp.		29,496		2,771,739
Evergy, Inc.		33,431		1,840,377
Eversource Energy		48,557		3,797,643
Exelon Corp.		146,918		5,408,052
FirstEnergy Corp.		80,366		3,220,266
NextEra Energy, Inc.		73,490		17,683,164
NRG Energy, Inc.		38,952		1,061,831
Pinnacle West Capital Corp.		17,290		1,310,409
PPL Corp.		110,839		2,735,506
Southern Co. (The)		156,615		8,479,136
Xcel Energy, Inc.		79,337		4,784,021
				72,688,107
Electrical Equipment 0.4%
AMETEK, Inc.		35,287		2,541,370
Eaton Corp. plc		62,650		4,867,278
Emerson Electric Co.		92,232		4,394,855
Rockwell Automation, Inc.		17,401		2,625,985
				14,429,488
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A		44,571		3,248,334
CDW Corp.		21,464		2,001,947
Corning, Inc. (a)		114,152		2,344,682
FLIR Systems, Inc.		20,752		661,781
IPG Photonics Corp. *(a)		5,552		612,275
Keysight Technologies, Inc. *		27,720		2,319,610
TE Connectivity Ltd.		50,361		3,171,736
Zebra Technologies Corp., Class A *		7,798		1,431,713
				15,792,078
Energy Equipment & Services 0.2%
Baker Hughes Co.		99,750		1,047,375
Halliburton Co.		128,466		879,992
Helmerich & Payne, Inc. (a)		16,980		265,737
National Oilwell Varco, Inc.		59,108		581,032
Schlumberger Ltd.		203,490		2,745,080
TechnipFMC plc		64,291		433,321
				5,952,537
Entertainment 2.0%
Activision Blizzard, Inc. *(a)		116,314		6,918,357
Electronic Arts, Inc. *		44,217		4,429,217
Live Nation Entertainment, Inc. *		21,782		990,210
Netflix, Inc. *		65,858		24,729,679
Take-Two Interactive Software, Inc. *		16,755		1,987,310
Walt Disney Co. (The)		270,819		26,161,115
				65,215,888
Equity Real Estate Investment Trusts (REITs) 2.9%
Alexandria Real Estate Equities, Inc.		17,800		2,439,668
American Tower Corp.		66,525		14,485,819
Apartment Investment & Management Co., Class A		22,629		795,409
AvalonBay Communities, Inc.		21,040		3,096,457
Boston Properties, Inc.		21,450		1,978,333

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Crown Castle International Corp.		62,391	$	9,009,260
Digital Realty Trust, Inc.		39,602		5,501,114
Duke Realty Corp.		53,408		1,729,351
Equinix, Inc.		12,807		7,998,868
Equity Residential		52,200		3,221,262
Essex Property Trust, Inc.		10,087		2,221,561
Extra Space Storage, Inc.		19,626		1,879,386
Federal Realty Investment Trust		10,733		800,789
Healthpeak Properties, Inc.		72,505		1,729,244
Host Hotels & Resorts, Inc.		104,401		1,152,587
Iron Mountain, Inc.		44,150		1,050,770
Kimco Realty Corp.		65,347		631,905
Mid-America Apartment Communities, Inc.		17,558		1,809,001
Prologis, Inc.		110,089		8,847,853
Public Storage		22,599		4,488,387
Realty Income Corp.		48,864		2,436,359
Regency Centers Corp.		25,746		989,419
SBA Communications Corp.		16,979		4,583,821
Simon Property Group, Inc.		45,165		2,477,752
SL Green Realty Corp.		12,812		552,197
UDR, Inc.		45,299		1,655,225
Ventas, Inc.		57,192		1,532,746
Vornado Realty Trust		24,570		889,680
Welltower, Inc.		61,223		2,802,789
Weyerhaeuser Co.		114,648		1,943,284
				94,730,296
Food & Staples Retailing 1.7%
Costco Wholesale Corp.		66,486		18,957,153
Kroger Co. (The)		120,123		3,618,105
Sysco Corp.		77,343		3,529,161
Walgreens Boots Alliance, Inc.		111,530		5,102,497
Walmart, Inc.		213,500		24,257,870
				55,464,786
Food Products 1.2%
Archer-Daniels-Midland Co.		82,785		2,912,376
Campbell Soup Co.		26,163		1,207,684
Conagra Brands, Inc.		71,470		2,096,930
General Mills, Inc.		90,514		4,776,424
Hershey Co. (The)		22,373		2,964,423
Hormel Foods Corp. (a)		40,890		1,907,110
JM Smucker Co. (The) (a)		17,673		1,961,703
Kellogg Co.		36,861		2,211,291
Kraft Heinz Co. (The)		92,569		2,290,157
Lamb Weston Holdings, Inc.		22,585		1,289,604
McCormick & Co., Inc. (Non-Voting)		18,292		2,583,013
Mondelez International, Inc., Class A		216,367		10,835,659
Tyson Foods, Inc., Class A		43,770		2,532,970
				39,569,344
Gas Utilities 0.0%†
Atmos Energy Corp. (a)		17,386		1,725,213
Health Care Equipment & Supplies 3.7%
Abbott Laboratories		265,761		20,971,201
ABIOMED, Inc. *		6,951		1,009,007
Align Technology, Inc. *		10,683		1,858,308
Baxter International, Inc.		77,293		6,275,419
Becton Dickinson and Co.		40,830		9,381,509
Boston Scientific Corp. *		209,251		6,827,860
Cooper Cos., Inc. (The) (a)		7,607		2,097,022
Danaher Corp.		96,128		13,305,076
DENTSPLY SIRONA, Inc.		34,517		1,340,295
Edwards Lifesciences Corp. *		31,163		5,877,965
Hologic, Inc. *		39,210		1,376,271

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
IDEXX Laboratories, Inc. *		12,768	$	3,092,920
Intuitive Surgical, Inc. *		17,443		8,637,948
Medtronic plc (a)		201,392		18,161,531
ResMed, Inc.		21,446		3,158,781
STERIS plc (a)		12,366		1,730,869
Stryker Corp. (a)		48,588		8,089,416
Teleflex, Inc.		7,095		2,077,842
Varian Medical Systems, Inc. *		13,242		1,359,424
Zimmer Biomet Holdings, Inc.		30,928		3,126,202
				119,754,866
Health Care Providers & Services 2.9%
AmerisourceBergen Corp.		22,036		1,950,186
Anthem, Inc.		37,904		8,605,724
Cardinal Health, Inc.		43,757		2,097,711
Centene Corp. *		88,279		5,244,655
Cigna Corp.		55,931		9,909,855
CVS Health Corp.		195,382		11,592,014
DaVita, Inc. *(a)		13,862		1,054,344
HCA Healthcare, Inc.		40,073		3,600,559
Henry Schein, Inc. *		21,100		1,065,972
Humana, Inc.		19,786		6,213,200
Laboratory Corp. of America Holdings *		14,418		1,822,291
McKesson Corp.		24,280		3,284,113
Quest Diagnostics, Inc.		19,557		1,570,427
UnitedHealth Group, Inc.		142,645		35,572,810
Universal Health Services, Inc., Class B		12,507		1,239,193
				94,823,054
Health Care Technology 0.1%
Cerner Corp.		47,408		2,986,230
Hotels, Restaurants & Leisure 1.5%
Carnival Corp. (a)		59,293		780,889
Chipotle Mexican Grill, Inc. *		3,803		2,488,683
Darden Restaurants, Inc.		18,844		1,026,244
Hilton Worldwide Holdings, Inc.		42,334		2,888,872
Las Vegas Sands Corp.		50,274		2,135,137
Marriott International, Inc., Class A		40,905		3,060,103
McDonald’s Corp.		113,204		18,718,281
MGM Resorts International (a)		78,639		927,940
Norwegian Cruise Line Holdings Ltd. *		33,063		362,370
Royal Caribbean Cruises Ltd.		25,556		822,137
Starbucks Corp.		177,250		11,652,415
Wynn Resorts Ltd.		14,100		848,679
Yum! Brands, Inc.		45,622		3,126,476
				48,838,226
Household Durables 0.3%
DR Horton, Inc.		48,971		1,665,014
Garmin Ltd.		21,158		1,586,004
Leggett & Platt, Inc.		20,076		535,628
Lennar Corp., Class A (a)		41,918		1,601,267
Mohawk Industries, Inc. *		9,207		701,942
Newell Brands, Inc.		58,671		779,151
NVR, Inc. *		533		1,369,335
PulteGroup, Inc.		37,419		835,192
Whirlpool Corp.		8,999		772,114
				9,845,647
Household Products 1.9%
Church & Dwight Co., Inc.		36,655		2,352,518
Clorox Co. (The)		18,850		3,265,763
Colgate-Palmolive Co.		128,563		8,531,441
Kimberly-Clark Corp.		51,558		6,592,721
Procter & Gamble Co. (The)		375,103		41,261,330
				62,003,773

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Independent Power and Renewable Electricity Producers 0.0%†
AES Corp.		102,108	$	1,388,669
Industrial Conglomerates 1.3%
3M Co.		86,401		11,794,600
General Electric Co.		1,309,758		10,399,479
Honeywell International, Inc.		107,783		14,420,288
Roper Technologies, Inc.		15,745		4,909,448
				41,523,815
Insurance 2.0%
Aflac, Inc.		111,386		3,813,857
Allstate Corp. (The)		49,040		4,498,439
American International Group, Inc.		131,213		3,181,915
Aon plc (a)		35,201		5,809,573
Arthur J Gallagher & Co.		27,696		2,257,501
Assurant, Inc.		8,581		893,196
Chubb Ltd.		67,737		7,565,546
Cincinnati Financial Corp.		22,218		1,676,348
Everest Re Group Ltd.		6,310		1,214,170
Globe Life, Inc.		15,454		1,112,225
Hartford Financial Services Group, Inc. (The)		53,654		1,890,767
Lincoln National Corp.		30,824		811,288
Loews Corp.		37,647		1,311,245
Marsh & McLennan Cos., Inc.		75,620		6,538,105
MetLife, Inc.		118,174		3,612,579
Principal Financial Group, Inc.		37,899		1,187,755
Progressive Corp. (The)		88,461		6,531,960
Prudential Financial, Inc.		60,389		3,148,683
Travelers Cos., Inc. (The)		39,157		3,890,248
Unum Group		32,835		492,853
Willis Towers Watson plc		19,285		3,275,557
WR Berkley Corp.		22,271		1,161,878
				65,875,688
Interactive Media & Services 5.2%
Alphabet, Inc., Class A *		45,001		52,288,912
Alphabet, Inc., Class C *		44,934		52,249,704
Facebook, Inc., Class A *		361,580		60,311,544
Twitter, Inc. *		116,687		2,865,833
				167,715,993
Internet & Direct Marketing Retail 4.2%
Amazon.com, Inc. *		62,584		122,021,276
Booking Holdings, Inc. *		6,265		8,428,430
eBay, Inc.		115,127		3,460,718
Expedia Group, Inc.		21,431		1,205,922
				135,116,346
IT Services 5.5%
Accenture plc, Class A		95,480		15,588,065
Akamai Technologies, Inc. *		24,092		2,204,177
Alliance Data Systems Corp.		6,308		212,264
Automatic Data Processing, Inc.		65,378		8,935,865
Broadridge Financial Solutions, Inc.		17,596		1,668,629
Cognizant Technology Solutions Corp., Class A		81,205		3,773,596
DXC Technology Co.		36,630		478,022
Fidelity National Information Services, Inc.		92,328		11,230,778
Fiserv, Inc. *		85,492		8,120,885
FleetCor Technologies, Inc. *		12,919		2,409,910
Gartner, Inc. *		13,831		1,377,153

Common Stocks (continued)
	Shares		Value
IT Services (continued)
Global Payments, Inc.		45,483	$	6,560,013
International Business Machines Corp.		133,040		14,758,127
Jack Henry & Associates, Inc.		11,387		1,767,718
Leidos Holdings, Inc.		19,811		1,815,678
Mastercard, Inc., Class A		133,509		32,250,434
Paychex, Inc.		47,770		3,005,688
PayPal Holdings, Inc. *		176,504		16,898,493
VeriSign, Inc. *		15,441		2,780,770
Visa, Inc., Class A (a)		257,475		41,484,372
Western Union Co. (The)		65,266		1,183,273
				178,503,910
Leisure Products 0.0%†
Hasbro, Inc.		19,671		1,407,460
Life Sciences Tools & Services 1.1%
Agilent Technologies, Inc. (a)		46,258		3,312,998
Illumina, Inc. *		22,219		6,068,453
IQVIA Holdings, Inc. *		27,206		2,934,439
Mettler-Toledo International, Inc. *		3,634		2,509,313
PerkinElmer, Inc.		17,214		1,295,870
Thermo Fisher Scientific, Inc.		60,278		17,094,841
Waters Corp. *		9,447		1,719,827
				34,935,741
Machinery 1.4%
Caterpillar, Inc.		82,635		9,588,965
Cummins, Inc.		22,939		3,104,106
Deere & Co.		46,983		6,491,171
Dover Corp.		21,448		1,800,345
Flowserve Corp.		20,349		486,138
Fortive Corp.		44,127		2,435,369
IDEX Corp.		11,711		1,617,406
Illinois Tool Works, Inc. (a)		44,040		6,258,965
Ingersoll Rand, Inc. *(a)		53,051		1,315,665
PACCAR, Inc.		51,656		3,157,731
Parker-Hannifin Corp.		19,255		2,497,951
Pentair plc		25,983		773,254
Snap-on, Inc. (a)		7,874		856,849
Stanley Black & Decker, Inc.		22,673		2,267,300
Westinghouse Air Brake Technologies Corp.		26,398		1,270,536
Xylem, Inc. (a)		26,361		1,716,892
				45,638,643
Media 1.3%
Charter Communications, Inc., Class A *(a)		23,499		10,252,848
Comcast Corp., Class A		682,526		23,465,244
Discovery, Inc., Class A *(a)		20,043		389,636
Discovery, Inc., Class C *		51,848		909,414
DISH Network Corp., Class A *		39,415		787,906
Fox Corp., Class A		50,678		1,197,521
Fox Corp., Class B		25,137		575,135
Interpublic Group of Cos., Inc. (The)		59,343		960,763
News Corp., Class A		59,406		533,169
News Corp., Class B		19,208		172,680
Omnicom Group, Inc.		31,857		1,748,949
ViacomCBS, Inc. (a)		83,274		1,166,669
				42,159,934

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Metals & Mining 0.3%
Freeport-McMoRan, Inc.		210,828	$	1,423,089
Newmont Corp.		123,682		5,600,321
Nucor Corp. (a)		46,677		1,681,305
				8,704,715
Multiline Retail 0.5%
Dollar General Corp.		38,106		5,754,387
Dollar Tree, Inc. *		35,231		2,588,421
Kohl’s Corp. (a)		24,501		357,470
Macy’s, Inc. (a)		47,699		234,202
Nordstrom, Inc. (a)		16,649		255,396
Target Corp.		76,156		7,080,223
				16,270,099
Multi-Utilities 1.1%
Ameren Corp.		36,647		2,669,001
CenterPoint Energy, Inc.		77,270		1,193,822
CMS Energy Corp.		42,419		2,492,116
Consolidated Edison, Inc.		50,037		3,902,886
Dominion Energy, Inc.		124,379		8,978,920
DTE Energy Co.		28,694		2,725,069
NiSource, Inc.		57,416		1,433,678
Public Service Enterprise Group, Inc.		75,774		3,403,010
Sempra Energy		42,781		4,833,825
WEC Energy Group, Inc.		47,605		4,195,429
				35,827,756
Oil, Gas & Consumable Fuels 2.4%
Apache Corp. (a)		58,322		243,786
Cabot Oil & Gas Corp.		60,059		1,032,414
Chevron Corp.		284,159		20,590,161
Concho Resources, Inc. (a)		29,491		1,263,689
ConocoPhillips		163,828		5,045,902
Devon Energy Corp.		59,821		413,363
Diamondback Energy, Inc.		23,621		618,870
EOG Resources, Inc.		87,791		3,153,453
Exxon Mobil Corp.		635,486		24,129,404
Hess Corp.		39,538		1,316,615
HollyFrontier Corp.		23,313		571,402
Kinder Morgan, Inc.		294,060		4,093,315
Marathon Oil Corp.		122,964		404,552
Marathon Petroleum Corp.		98,071		2,316,437
Noble Energy, Inc. (a)		74,471		449,805
Occidental Petroleum Corp. (a)		134,029		1,552,056
ONEOK, Inc.		62,298		1,358,719
Phillips 66		67,136		3,601,846
Pioneer Natural Resources Co.		24,827		1,741,614
Valero Energy Corp. (a)		62,274		2,824,749
Williams Cos., Inc. (The)		180,453		2,553,410
				79,275,562
Personal Products 0.2%
Coty, Inc., Class A		46,329		239,057
Estee Lauder Cos., Inc. (The), Class A		33,699		5,369,599
				5,608,656
Pharmaceuticals 5.1%
Allergan plc		49,494		8,765,388
Bristol-Myers Squibb Co.		352,084		19,625,162
Eli Lilly & Co.		127,003		17,617,856
Johnson & Johnson		395,487		51,860,210
Merck & Co., Inc.		382,645		29,440,706
Mylan NV *		79,257		1,181,722
Perrigo Co. plc (a)		21,039		1,011,766
Pfizer, Inc.		831,427		27,137,777
Zoetis, Inc.		71,333		8,395,181
				165,035,768

Common Stocks (continued)
	Shares		Value
Professional Services 0.3%
Equifax, Inc.		18,048	$	2,155,834
IHS Markit Ltd.		60,080		3,604,800
Nielsen Holdings plc		54,800		687,192
Robert Half International, Inc.		18,101		683,313
Verisk Analytics, Inc.		24,464		3,409,792
				10,540,931
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A *		50,182		1,892,363
Road & Rail 1.0%
CSX Corp.		116,747		6,689,603
JB Hunt Transport Services, Inc.		13,151		1,212,917
Kansas City Southern		14,671		1,865,858
Norfolk Southern Corp.		38,769		5,660,274
Old Dominion Freight Line, Inc.		14,775		1,939,366
Union Pacific Corp.		104,264		14,705,395
				32,073,413
Semiconductors & Semiconductor Equipment 4.5%
Advanced Micro Devices, Inc. *		176,905		8,045,639
Analog Devices, Inc. (a)		54,750		4,908,337
Applied Materials, Inc.		140,165		6,422,360
Broadcom, Inc.		59,555		14,120,491
Intel Corp.		653,584		35,371,966
KLA Corp.		23,786		3,419,000
Lam Research Corp.		22,001		5,280,240
Maxim Integrated Products, Inc.		40,160		1,952,178
Microchip Technology, Inc. (a)		36,815		2,496,057
Micron Technology, Inc. *		166,122		6,987,091
NVIDIA Corp.		91,972		24,243,819
Qorvo, Inc. *(a)		16,973		1,368,533
QUALCOMM, Inc.		171,582		11,607,522
Skyworks Solutions, Inc.		25,302		2,261,493
Texas Instruments, Inc.		140,492		14,039,366
Xilinx, Inc.		37,439		2,917,996
				145,442,088
Software 8.5%
Adobe, Inc. *		72,799		23,167,554
ANSYS, Inc. *(a)		12,775		2,969,804
Autodesk, Inc. *		32,791		5,118,675
Cadence Design Systems, Inc. *		41,333		2,729,631
Citrix Systems, Inc.		17,366		2,458,157
Fortinet, Inc. *(a)		21,852		2,210,767
Intuit, Inc.		39,280		9,034,400
Microsoft Corp.		1,146,480		180,811,361
NortonLifeLock, Inc.		88,210		1,650,409
Oracle Corp.		325,646		15,738,471
Paycom Software, Inc. *(a)		7,126		1,439,523
salesforce.com, Inc. *		133,264		19,187,351
ServiceNow, Inc. *		28,218		8,086,715
Synopsys, Inc. *		22,446		2,890,820
				277,493,638
Specialty Retail 2.2%
Advance Auto Parts, Inc.		10,706		999,084
AutoZone, Inc. *		3,573		3,022,758
Best Buy Co., Inc.		33,645		1,917,765
CarMax, Inc. *(a)		24,416		1,314,313
Gap, Inc. (The) (a)		33,086		232,925
Home Depot, Inc. (The)		163,984		30,617,453
L Brands, Inc. (a)		35,133		406,137
Lowe’s Cos., Inc.		114,852		9,883,015
O’Reilly Automotive, Inc. *		11,461		3,450,334
Ross Stores, Inc.		54,863		4,771,435
Tiffany & Co.		15,904		2,059,568
TJX Cos., Inc. (The)		181,350		8,670,343
Tractor Supply Co.		18,363		1,552,592

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Ulta Beauty, Inc. *		8,401	$	1,476,056
				70,373,778
Technology Hardware, Storage & Peripherals 5.3%
Apple, Inc.		627,856		159,657,502
Hewlett Packard Enterprise Co.		192,038		1,864,689
HP, Inc.		222,718		3,866,385
NetApp, Inc.		33,052		1,377,938
Seagate Technology plc		33,559		1,637,679
Western Digital Corp.		44,116		1,836,108
Xerox Holdings Corp.		29,301		554,961
				170,795,262
Textiles, Apparel & Luxury Goods 0.6%
Capri Holdings Ltd. *(a)		24,135		260,417
Hanesbrands, Inc. (a)		55,722		438,532
NIKE, Inc., Class B		187,118		15,482,143
PVH Corp.		11,349		427,177
Ralph Lauren Corp. (a)		7,688		513,789
Tapestry, Inc.		42,653		552,356
Under Armour, Inc., Class A *(a)		29,091		267,928
Under Armour, Inc., Class C *(a)		29,827		240,406
VF Corp.		48,837		2,641,105
				20,823,853
Tobacco 0.9%
Altria Group, Inc.		280,565		10,849,449
Philip Morris International, Inc.		233,772		17,056,005
				27,905,454
Trading Companies & Distributors 0.2%
Fastenal Co.		85,625		2,675,781
United Rentals, Inc. *(a)		11,617		1,195,389
WW Grainger, Inc.		6,393		1,588,661
				5,459,831
Water Utilities 0.1%
American Water Works Co., Inc.		27,010		3,229,316
Wireless Telecommunication Services 0.1%
T-Mobile US, Inc. *		47,687		4,000,939
Total Common Stocks (cost $1,845,828,734)				3,219,218,468
Repurchase Agreements 0.6%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $12,984,726, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $13,244,416. (b)	$	12,984,722		12,984,722

Repurchase Agreements (continued)
	Principal Amount		Value
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $2,040,000. (b)	$	2,000,000	$	2,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000. (b)		1,000,000		1,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,008, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $2,040,000. (b)		2,000,000		2,000,000
Total Repurchase Agreements (cost $17,984,722)				17,984,722
Total Investments (cost $1,863,813,456) — 99.7%				3,237,203,190
Other assets in excess of liabilities — 0.3%				10,933,498
NET ASSETS — 100.0%			$	3,248,136,688

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

*    Denotes a non-income producing security.

†    Amount rounds to less than 0.1%.

(a)   The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $169,759,390, which was collateralized by cash used to purchase repurchase agreements with a total value of $17,984,722 and by $160,814,036 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $178,798,758.

(b)   Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $17,984,722.

REIT Real Estate Investment Trust

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts		Expiration Date	Trading     Currency		Notional     Amount ($)	Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 E-Mini Index		222	6/2020		USD	28,523,670	592,830
							592,830

At March 31, 2020, the Fund had $2,691,000 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	3,219,218,468	$	–	$	–	$	3,219,218,468
Futures Contracts		592,830		–		–		592,830
Repurchase Agreements		–		17,984,722		–		17,984,722
Total	$	3,219,811,298	$	17,984,722	$	–	$	3,237,796,020

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts		$             592,830
Total			$             592,830

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund

Asset-Backed Securities 24.4%
	Principal Amount		Value
Airlines 1.3%
Air Canada Pass-Through Trust, Series 2015-1, Class B, 3.88%, 3/15/2023(a)	$	7,593,249	$	7,066,323
American Airlines Pass-Through Trust
Series 2013-2, Class B, 5.60%, 7/15/2020(a)		1,784,744		1,771,359
Series 2015-1, Class B, 3.70%, 5/1/2023		2,391,299		2,142,163
Series 2015-2, Class B, 4.40%, 9/22/2023		3,046,057		2,578,615
Series 2016-3, Class B, 3.75%, 10/15/2025		2,881,315		2,302,492
United Airlines Pass-Through Trust, Series 2016-1, Class B, 3.65%, 1/7/2026		8,287,037		6,712,311
				22,573,263
Automobiles 3.2%
Credit Acceptance Auto Loan Trust
Series 2017-2A, Class A, 2.55%, 2/17/2026(a)		2,737,993		2,727,594
Series 2019-3A, Class A, 2.38%, 11/15/2028(a)		6,050,000		5,853,144
Series 2020-1A, Class A, 2.01%, 2/15/2029(a)		5,000,000		4,638,691
First Investors Auto Owner Trust
Series 2017-1A, Class A2, 2.20%, 3/15/2022(a)		42,866		42,824
Series 2017-2A, Class A2, 2.27%, 7/15/2022(a)		1,173,111		1,170,298
Flagship Credit Auto Trust
Series 2019-3, Class A, 2.33%, 2/15/2024(a)		3,997,003		3,889,747
Series 2019-4, Class A, 2.17%, 6/17/2024(a)		3,244,728		3,191,088
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03%, 12/15/2027(a)		5,000,000		4,999,556
Foursight Capital Automobile Receivables Trust
Series 2018-2, Class A2, 3.32%, 4/15/2022(a)		483,915		482,860
Series 2020-1, Class A2, 1.97%, 9/15/2023(a)		2,250,000		2,208,028
Series 2020-1, Class A3, 2.05%, 10/15/2024(a)		3,150,000		3,032,196
NextGear Floorplan Master Owner Trust
Series 2017-1A, Class A2, 2.54%, 4/18/2022(a)		4,666,667		4,663,500
Series 2018-2A, Class A2, 3.69%, 10/15/2023(a)		1,666,667		1,580,279
Series 2019-2A, Class A2, 2.07%, 10/15/2024(a)		4,000,000		3,741,750
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		14,000,000		13,933,746
United Auto Credit Securitization Trust, Series 2019-1, Class A, 2.82%, 7/12/2021(a)		1,191,116		1,189,705
				57,345,006
Credit Card 4.2%
American Express Credit Account Master Trust
Series 2017-3, Class A, 1.77%, 11/15/2022		14,000,000		13,994,100

Asset-Backed Securities (continued)
	Principal Amount		Value
Credit Card (continued)
Series 2019-1, Class A, 2.87%, 10/15/2024	$	10,000,000	$	10,303,780
Series 2019-2, Class A, 2.67%, 11/15/2024		9,000,000		9,249,804
BA Credit Card Trust, Series 2018-A1, Class A1, 2.70%, 7/17/2023		13,650,000		13,779,336
Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, 1.92%, 4/7/2022		11,000,000		10,998,900
Discover Card Execution Note Trust
Series 2018-A5, Class A5, 3.32%, 3/15/2024		11,000,000		11,123,043
Series 2019-A1, Class A1, 3.04%, 7/15/2024		5,350,000		5,512,722
				74,961,685
Electric Utilities 0.7%
AEP Texas Restoration Funding LLC, Series 2019-1, Class A1, 2.06%, 2/1/2027		13,120,211		12,973,287
Home Equity 2.6%
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH1, Class M1, 1.21%, 1/25/2037(b)		8,168,126		7,937,996
Long Beach Mortgage Loan Trust, Series 2005-WL2, Class M2, 1.68%, 8/25/2035(b)		5,503,736		5,321,692
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-NC1, Class A2C, 1.71%, 1/25/2035(b)		5,456,987		5,281,320
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00%, 12/25/2057(a)(b)		2,091,607		2,162,551
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 2.19%, 1/25/2036(b)		1,470,000		1,397,402
RASC Trust, Series 2005-KS12, Class M2, 1.41%, 1/25/2036(b)		14,555,000		13,260,537
Soundview Home Loan Trust
Series 2005-CTX1, Class M3, 1.42%, 11/25/2035(b)		6,750,000		6,564,333
Series 2006-WF2, Class M1, 1.17%, 12/25/2036(b)		4,361,439		4,221,351
Structured Asset Investment Loan Trust, Series 2005-HE2, Class M1, 1.67%, 7/25/2035(b)		473,527		471,795
				46,618,977
Other 12.4%
ALM VII Ltd., Series 2012-7A, Class A1A2, 3.00%, 7/15/2029(a)(b)		19,000,000		18,320,104
American Homes 4 Rent Trust
Series 2014-SFR3, Class A, 3.68%, 12/17/2036(a)		906,068		880,986
Series 2015-SFR1, Class A, 3.47%, 4/17/2052(a)		4,551,314		4,422,783
AMMC CLO 22 Ltd.
Series 2018-22A, Class A, 2.82%, 4/25/2031(a)(b)		5,000,000		4,669,975
Series 2018-22A, Class B, 3.24%, 4/25/2031(a)(b)		5,000,000		4,396,540
AMMC CLO XIII Ltd., Series 2013-13A, Class A2LR, 3.50%, 7/24/2029(a)(b)		9,000,000		8,178,534

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund (Continued)

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
AMMC CLO XIV Ltd., Series 2014-14A, Class A2LR, 3.49%, 7/25/2029(a)(b)	$	8,947,368	$	8,150,721
Bayview Opportunity Master Fund IVa Trust, Series 2017-SPL1, Class A, 4.00%, 10/28/2064(a)(b)		3,842,544		3,839,310
Bayview Opportunity Master Fund IVb Trust
Series 2017-SPL2, Class A, 4.00%, 6/28/2054(a)(b)		4,537,735		4,475,213
Series 2017-SPL4, Class A, 3.50%, 1/28/2055(a)(b)		2,336,531		2,317,293
CCG Receivables Trust
Series 2017-1, Class A2, 1.84%, 11/14/2023(a)		378,795		378,522
Series 2018-2, Class A2, 3.09%, 12/15/2025(a)		3,952,656		3,941,127
Series 2019-1, Class A2, 2.80%, 9/14/2026(a)		5,582,004		5,652,981
Series 2019-2, Class A2, 2.11%, 3/15/2027(a)		7,309,000		7,241,479
Cedar Funding II CLO Ltd.
Series 2013-1A, Class A1R, 2.23%, 6/9/2030(a)(b)		10,000,000		9,603,350
Series 2013-1A, Class BR, 2.75%, 6/9/2030(a)(b)		7,000,000		6,251,882
Cedar Funding VII CLO Ltd., Series 2018-7A, Class A1, 2.82%, 1/20/2031(a)(b)		3,000,000		2,809,806
Cedar Funding VIII CLO Ltd., Series 2017-8A, Class A2, 3.19%, 10/17/2030(a)(b)		8,500,000		7,777,551
Dryden 49 Senior Loan Fund, Series 2017-49A, Class B, 3.52%, 7/18/2030(a)(b)		4,500,000		4,162,014
E3, Series 2019-1, Class A, 3.10%, 9/20/2055(a)		2,336,638		2,400,167
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/2031(a)		1,080,693		1,078,881
Federal Express Corp. Pass-Through Trust, Series 1998 6.72%, 1/15/2022		136,251		142,410
Golden Bear LLC, Series 2016-1A, Class A, 3.75%, 9/20/2047(a)		1,179,240		1,177,998
Goodgreen, Series 2019-2A, Class A, 2.76%, 10/15/2054(a)		8,713,435		8,256,192
Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052(a)		470,501		473,513
HERO Funding Trust, Series 2015-2A, Class A, 3.99%, 9/20/2040(a)		696,335		724,005
Invitation Homes Trust, Series 2018-SFR3, Class A, 1.80%, 7/17/2037(a)(b)		4,676,176		4,336,950
Madison Park Funding XII Ltd., Series 2014-12A, Class AR, 3.08%, 7/20/2026(a)(b)		1,055,906		1,045,046
Mill City Mortgage Loan Trust, Series 2018-4, Class A1B, 3.50%, 4/25/2066(a)(b)		10,840,000		10,942,893
Neuberger Berman Loan Advisers CLO 32 Ltd.
Series 2019-32A, Class A, 3.15%, 1/19/2032(a)(b)		2,000,000		1,880,304
Series 2019-32A, Class B, 3.67%, 1/19/2032(a)(b)		1,000,000		897,659
New Residential Advance Receivables Trust Advance Receivables Backed
Series 2019-T4, Class AT4, 2.33%, 10/15/2051(a)		880,000		852,648

Asset-Backed Securities (continued)
	Principal Amount		Value
Other (continued)
Series 2019-T3, Class AT3, 2.51%, 9/15/2052(a)	$	5,540,000	$	5,280,055
Series 2019-T2, Class AT2, 2.52%, 8/15/2053(a)		8,230,000		7,701,792
NRZ Advance Receivables Trust, Series 2019-T1, Class AT1, 2.59%, 7/15/2052(a)		7,266,000		6,935,176
Ocwen Master Advance Receivables Trust, Series 2019-T2, Class AT2, 2.42%, 8/15/2051(a)		6,000,000		5,909,954
Owl Rock CLO I Ltd., Series 2019-1A, Class A, 3.49%, 5/20/2031(a)(b)		10,000,000		9,232,490
Renew
Series 2018-1, Class A, 3.95%, 9/20/2053(a)		3,595,924		3,746,070
Series 2017-2A, Class A, 3.22%, 9/22/2053(a)		3,204,044		3,051,567
Southwick Park CLO LLC
Series 2019-4A, Class A1, 3.12%, 7/20/2032(a)(b)		14,500,000		13,877,443
Series 2019-4A, Class B1, 3.57%, 7/20/2032(a)(b)		2,500,000		2,284,632
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2019-T2, Class AT2, 2.32%, 10/15/2052(a)		5,040,000		4,867,132
Tax Ease Funding LLC, Series 2016-1A, Class A, 3.13%, 6/15/2028(a)		2,749,345		2,735,042
TLF National Tax Lien Trust, Series 2017-1A, Class A, 3.09%, 12/15/2029(a)		609,001		606,955
Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, 10/25/2059(a)(b)		14,966,517		14,642,214
				222,549,359
Total Asset-Backed Securities (cost $452,683,335)				437,021,577
Collateralized Mortgage Obligations 8.9%
	Principal Amount		Value
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.47%, 12/25/2059(a)(b)	7,477,392		7,412,024
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.47%, 12/25/2059(a)(b)		7,477,392		7,412,024
Chase Mortgage Finance Corp., Series 2016-SH1, Class M2, 3.75%, 4/25/2045(a)(b)		1,567,355		1,545,302
Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1, Class A1, 3.00%, 9/25/2064(a)(b)		3,595,239		3,581,027
FHLMC REMICS, Series 3616, Class PA, 4.50%, 11/15/2039		36,829		37,564
GSAA Trust, Series 2004-NC1, Class AF6, 5.26%, 11/25/2033(c)		5,811		5,893
HomeBanc Mortgage Trust, Series 2005-4, Class A2, 1.28%, 10/25/2035(b)		2,946,896		2,859,795
Mello Warehouse Securitization Trust
Series 2019-1, Class A, 1.75%, 6/25/2052(a)(b)		6,700,000		6,501,256
Series 2019-1, Class B, 1.95%, 6/25/2052(a)(b)		1,430,000		1,370,104
MFA Trust, Series 2017-RPL1, Class A1, 2.59%, 2/25/2057(a)(b)		4,324,979		4,255,354

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund (Continued)

Collateralized Mortgage Obligations (continued)
	Principal Amount		Value
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.47%, 12/25/2059(a)(b)	7,477,392		7,412,024
Mello Warehouse Securitization Trust (continued)
Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.75%, 7/25/2059(a)(b)	$	7,563,218	$	7,354,418
New Residential Mortgage Loan Trust
Series 2016-2A, Class A1, 3.75%, 11/26/2035(a)(b)		9,191,161		9,463,809
Series 2014-3A, Class AFX3, 3.75%, 11/25/2054(a)(b)		3,697,996		3,824,483
Series 2016-3A, Class A1, 3.75%, 9/25/2056(a)(b)		1,867,605		1,919,969
Series 2016-4A, Class A1, 3.75%, 11/25/2056(a)(b)		1,882,665		1,936,502
Series 2017-1A, Class A1, 4.00%, 2/25/2057(a)(b)		4,866,805		5,038,442
Series 2017-2A, Class A3, 4.00%, 3/25/2057(a)(b)		6,860,742		7,125,023
Series 2017-3A, Class A1, 4.00%, 4/25/2057(a)(b)		2,948,403		3,053,625
Series 2019-1A, Class A1, 4.00%, 9/25/2057(a)(b)		3,032,842		3,118,345
Series 2019-2A, Class A1, 4.25%, 12/25/2057(a)(b)		7,989,670		8,083,698
Series 2018-5A, Class A1, 4.75%, 12/25/2057(a)(b)		5,707,142		5,954,853
Series 2018-2A, Class A1, 4.50%, 2/25/2058(a)(b)		2,034,506		2,122,579
Series 2018-3A, Class A1, 4.50%, 5/25/2058(a)(b)		11,193,735		11,617,115
Series 2019-3A, Class A1A, 3.75%, 11/25/2058(a)(b)		3,331,525		3,342,752
Series 2019-RPL2, Class A1, 3.25%, 2/25/2059(a)(b)		16,523,104		16,689,647
Series 2019-6A, Class A1B, 3.50%, 9/25/2059(a)(b)		5,442,096		5,540,903
RALI Trust, Series 2003-QS20, Class CB, 5.00%, 11/25/2018		29,635		29,848
RCO Trust
Series 2017-INV1, Class A, 3.20%, 11/25/2052(a)(b)		3,569,700		3,414,301
Series 2018-VFS1, Class A1, 4.27%, 12/26/2053(a)(b)		2,358,057		2,312,448
Sequoia Mortgage Trust
Series 2017-CH1, Class A2, 3.50%, 8/25/2047(a)(b)		1,156,382		1,142,814
Series 2018-CH4, Class A10, 4.50%, 10/25/2048(a)(b)		999,728		990,600
Series 2018-8, Class A4, 4.00%, 11/25/2048(a)(b)		3,727,503		3,698,592
Visio Trust
Series 2019-1, Class A1, 3.57%, 6/25/2054(a)(b)		13,716,469		12,955,207
Series 2019-2, Class A1, 2.72%, 11/25/2054(a)(b)		12,683,946		11,811,155
Total Collateralized Mortgage Obligations (cost $163,261,944)				160,109,447
Commercial Mortgage-Backed Securities 0.3%
	Principal Amount		Value
AOA Mortgage Trust, Series 2015-1177, Class A, 2.96%, 12/13/2029(a)		4,000,000		3,972,879

Commercial Mortgage-Backed Securities (continued)
	Principal Amount		Value
Aventura Mall Trust, Series 2013-AVM, Class A, 3.74%, 12/5/2032(a)(b)	$	1,300,000	$	1,283,499
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class XA, IO, 0.98%, 12/15/2048(b)		21,271,635		447,385
Total Commercial Mortgage-Backed Securities (cost $5,887,976)				5,703,763
Corporate Bonds 20.0%
	Principal Amount		Value
Aerospace & Defense 0.5%
United Technologies Corp., 3.65%, 8/16/2023(d)		8,925,000		9,384,738
Automobiles 0.2%
Daimler Finance North America LLC, 2.70%, 6/14/2024(a)(d)		3,000,000		2,896,821
Banks 6.1%
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.63%), 2.33%, 10/1/2021(e)		2,500,000		2,496,304
(ICE LIBOR USD 3 Month + 1.16%), 2.98%, 1/20/2023(d)(e)		5,000,000		4,781,828
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(e)		8,623,000		8,797,152
Citibank NA, 2.10%, 6/12/2020		15,000,000		14,971,441
Citigroup, Inc., 4.40%, 6/10/2025		7,000,000		7,319,085
Citizens Financial Group, Inc., 3.75%, 7/1/2024		9,075,000		9,040,318
Cooperatieve Rabobank UA, 3.95%, 11/9/2022		7,770,000		7,843,094
4.63%, 12/1/2023		2,386,000		2,466,700
HSBC Holdings plc, 3.40%, 3/8/2021		15,000,000		15,082,484
ING Groep NV, 3.15%, 3/29/2022		5,000,000		5,023,670
JPMorgan Chase & Co., 4.63%, 5/10/2021		15,000,000		15,415,241
2.30%, 8/15/2021		10,000,000		9,989,662
Wells Fargo & Co., 4.13%, 8/15/2023		7,000,000		7,202,044
				110,429,023
Beverages 0.7%
Anheuser-Busch InBev Worldwide, Inc., 4.15%, 1/23/2025		6,950,000		7,460,890
Bacardi Ltd., 4.45%, 5/15/2025(a)(d)		5,000,000		5,254,725
				12,715,615
Biotechnology 0.6%
AbbVie, Inc., 2.50%, 5/14/2020		8,000,000		8,000,556
2.60%, 11/21/2024(a)		2,000,000		2,019,320
				10,019,876
Building Products 0.2%
Carrier Global Corp., 2.24%, 2/15/2025(a)		3,750,000		3,642,887

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund (Continued)

Corporate Bonds (continued)
	Principal Amount		Value
Capital Markets 2.4%
Goldman Sachs Group, Inc. (The),
5.25%, 7/27/2021	$	4,000,000	$	4,128,299
(ICE LIBOR USD 3 Month + 1.05%),
2.91%, 6/5/2023(e)		7,000,000		7,020,119
3.75%, 5/22/2025		2,000,000		2,070,298
Morgan Stanley,
5.75%, 1/25/2021		16,302,000		16,732,719
UBS AG,
2.20%, 6/8/2020(a)		5,000,000		4,985,553
UBS Group AG,
2.65%, 2/1/2022(a)(d)		9,000,000		8,859,814
				43,796,802
Diversified Telecommunication Services 0.9%
AT&T, Inc.,
4.10%, 2/15/2028		5,102,000		5,353,378
CCO Holdings LLC,
5.75%, 2/15/2026(a)		10,000,000		10,126,500
				15,479,878
Electric Utilities 0.7%
Evergy, Inc.,
5.29%, 6/15/2022(c)		11,510,000		11,877,352
Food Products 0.3%
Kraft Heinz Foods Co.,
3.00%, 6/1/2026		5,000,000		4,857,884
Health Care Providers & Services 0.7%
Allergan Sales LLC,     4.88%, 2/15/2021(a)		930,000		944,404
CVS Health Corp.,     3.70%, 3/9/2023		10,775,000		11,191,647
				12,136,051
Insurance 0.3%
Principal Life Global Funding II,     2.25%, 11/21/2024(a)(d)		6,000,000		5,858,568
Media 0.9%
Charter Communications Operating LLC,     3.58%, 7/23/2020		5,000,000		4,984,444
4.91%, 7/23/2025		3,000,000		3,184,780
Comcast Corp.,     3.70%, 4/15/2024(d)		7,500,000		8,048,634
				16,217,858
Oil, Gas & Consumable Fuels 2.4%
Aker BP ASA,     4.75%, 6/15/2024(a)		17,000,000		14,261,567
BP Capital Markets America, Inc.,     3.79%, 2/6/2024(d)		5,000,000		5,125,819
BP Capital Markets plc,     3.81%, 2/10/2024		3,975,000		4,008,875
Energy Transfer Operating LP,     4.25%, 3/15/2023		3,350,000		3,033,426
5.88%, 1/15/2024		3,500,000		3,305,127
Marathon Oil Corp.,     3.85%, 6/1/2025(d)		3,000,000		2,161,462
MPLX LP,     4.25%, 12/1/2027(a)		2,500,000		2,019,368
Occidental Petroleum Corp.,     2.70%, 8/15/2022		3,000,000		2,139,136
Sabine Pass Liquefaction LLC,     5.75%, 5/15/2024		4,000,000		3,703,829

Corporate Bonds (continued)
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc. (The),     3.90%, 1/15/2025	$	4,500,000	$	4,143,466
				43,902,075
Pharmaceuticals 1.5%
Allergan Funding SCS,     3.45%, 3/15/2022		10,000,000		10,383,381
Bristol-Myers Squibb Co.,     2.88%, 8/15/2020(a)		5,000,000		5,017,517
2.90%, 7/26/2024(a)		8,900,000		9,431,813
Teva Pharmaceutical Finance Netherlands III BV,     2.20%, 7/21/2021		1,555,000		1,485,305
				26,318,016
Professional Services 0.3%
Equifax, Inc.,     2.60%, 12/1/2024		5,000,000		4,725,859
Road & Rail 0.4%
Ashtead Capital, Inc.,     4.13%, 8/15/2025(a)		7,500,000		6,881,250
Semiconductors & Semiconductor Equipment 0.4%
QUALCOMM, Inc.,     2.60%, 1/30/2023(d)		8,000,000		8,180,075
Thrifts & Mortgage Finance 0.5%
BPCE SA,     4.00%, 9/12/2023(a)		3,000,000		3,024,030
5.70%, 10/22/2023(a)		6,800,000		6,985,503
				10,009,533
Total Corporate Bonds     (cost $366,015,924)				359,330,161
Loan Participations 0.6%
	Principal Amount		Value
Software 0.6%
Open Text Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 1.75%), 2.74%, 5/30/2025 (e)		947,835		890,728
TIBCO Software, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.74%, 6/30/2026 (e)		9,531,043		8,959,180
				9,849,908
Total Loan Participations (cost $10,005,316)				9,849,908
Mortgage-Backed Securities 11.0%
	Principal Amount		Value
FHLMC Non Gold Pool
Pool# 1Q0648 3.66%, 6/1/2037(b)		371,847		373,119
Pool# 1B3601 4.32%, 10/1/2037(b)		130,486		131,368

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund (Continued)

Mortgage-Backed Securities (continued)
	Principal Amount		Value
FHLMC UMBS Pool
Pool# ZS8710 3.00%, 8/1/2033	$	11,878,716	$	12,445,153
Pool# ZT2091 3.00%, 6/1/2034		9,090,920		9,517,249
Pool# SB8004 2.50%, 7/1/2034		1,920,890		1,992,667
Pool# SB8000 3.00%, 7/1/2034		16,275,162		17,038,361
Pool# SD8001 3.50%, 7/1/2049		19,161,949		20,210,274
FNMA Pool
Pool# 747271 4.58%, 7/1/2034(b)		322,925		330,330
Pool# 886345 4.22%, 8/1/2036(b)		64,514		65,217
Pool# 949691 3.98%, 9/1/2037(b)		72,701		73,255
FNMA UMBS Pool
Pool# FM2237 2.50%, 5/1/2029		10,056,376		10,427,793
Pool# CA4488 2.50%, 7/1/2034		6,638,990		6,885,589
Pool# MA3695 3.00%, 7/1/2034		37,555,042		39,284,074
Pool# FM1776 3.00%, 10/1/2034		65,774,988		68,774,554
Pool# BN0906 4.00%, 11/1/2048		9,016,431		9,693,807
Total Mortgage-Backed Securities (cost $192,066,931)				197,242,810
U.S. Treasury Obligations 30.8%
	Principal Amount		Value
U.S. Treasury Bonds, 7.13%, 2/15/2023		5,000,000		5,984,766
U.S. Treasury Inflation Linked Notes 0.13%, 4/15/2022 (f)		15,000,000		15,693,011
0.13%, 7/15/2022 (f)		73,000,000		81,125,196
U.S. Treasury Notes 2.63%, 7/31/2020 (d)		22,500,000		22,695,117
2.63%, 8/15/2020 (d)		2,000,000		2,019,687
1.63%, 10/15/2020 (d)		1,000,000		1,008,086
1.75%, 11/15/2020 (d)		8,000,000		8,084,375
2.38%, 12/31/2020		17,000,000		17,293,516
2.50%, 1/31/2021		11,500,000		11,728,203
2.38%, 3/15/2021		3,000,000		3,065,625
1.38%, 4/30/2021		10,000,000		10,133,203
2.63%, 5/15/2021		4,000,000		4,112,031
1.75%, 7/31/2021		25,000,000		25,523,438
2.13%, 8/15/2021		8,000,000		8,215,625
1.50%, 8/31/2021		50,000,000		50,931,640
1.50%, 9/30/2021		5,000,000		5,097,461
1.75%, 11/30/2021		57,000,000		58,467,305
2.00%, 11/30/2022		10,000,000		10,456,641
2.13%, 12/31/2022		5,135,000		5,395,361
2.00%, 5/31/2024 (d)		51,000,000		54,486,328
2.38%, 8/15/2024		50,000,000		54,369,141
2.25%, 10/31/2024		5,000,000		5,426,562
2.25%, 11/15/2024		8,000,000		8,686,875
2.00%, 8/15/2025		15,000,000		16,241,602
2.25%, 11/15/2025		4,000,000		4,395,625

U.S. Treasury Obligations (continued)
	Principal Amount		Value
U.S. Treasury Notes (continued) 2.63%, 1/31/2026	$	54,000,000	$	60,669,843
Total U.S. Treasury Obligations (cost $532,734,206)				551,306,263
Repurchase Agreements 0.1%
	Principal Amount		Value
Bank of America NA 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $554,926, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $566,024. (g)		554,925		554,925
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $500,002, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $510,000. (g)		500,000		500,000
Pershing LLC 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $1,000,004, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $1,020,000. (g)		1,000,000		1,000,000
Total Repurchase Agreements (cost $2,054,925)				2,054,925
Total Investments
(cost $1,724,710,557) — 96.1%				1,722,618,854
Other assets in excess of liabilities — 3.9%				70,795,985
NET ASSETS — 100.0%			$	1,793,414,839

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund (Continued)

(a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The liquidity determination is unaudited. The aggregate value of these securities at March 31, 2020 was $545,394,553 which represents 30.41% of net assets.

(b) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of March 31, 2020.

(c) Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, 2020.

(d) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $93,966,309, which was collateralized by cash used to purchase repurchase agreements with a total value of $2,054,925 and by $94,500,076 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.75%, and maturity dates ranging from 4/2/2020 – 2/15/2050, a total value of $96,555,001.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of March 31, 2020.

(f) Principal amounts are not adjusted for inflation.

(g) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $2,054,925.

CLO	Collateralized Loan Obligation
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest only
LIBOR	London Interbank Offered Rate
REMICS	Real Estate Mortgage Investment Conduits
UMBS	Uniform Mortgage-Backed Securities

Currency:

USD United States Dollar

Futures contracts outstanding as of March 31, 2020:

Description	Number of   Contracts			Expiration Date	Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		4,411		6/2020		USD		972,108,586			12,835,232
											12,835,232
Short Contracts
U.S. Treasury 5 Year Note		(2,369	)	6/2020		USD		(296,976,359	)		(7,909,427	)
U.S. Treasury 10 Year Note		(571	)	6/2020		USD		(79,190,563	)		(3,458,597	)
U.S. Treasury 10 Year Ultra Bond		(307	)	6/2020		USD		(47,901,594	)		(2,677,393	)
											(14,045,417	)
											(1,210,185	)

At March 31, 2020, the Fund had $3,075,146 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1			Level 2		Level 3		Total
Assets:
Asset-Backed Securities	$	–		$	437,021,577	$	–	$	437,021,577
Collateralized Mortgage Obligations		–			160,109,447		–		160,109,447
Commercial Mortgage-Backed Securities		–			5,703,763		–		5,703,763
Corporate Bonds		–			359,330,161		–		359,330,161
Futures Contracts		12,835,232			–		–		12,835,232
Loan Participations		–			9,849,908		–		9,849,908
Mortgage-Backed Securities		–			197,242,810		–		197,242,810
Repurchase Agreements		–			2,054,925		–		2,054,925
U.S. Treasury Obligations		–			551,306,263		–		551,306,263
Total Assets	$	12,835,232		$	1,722,618,854	$	–	$	1,735,454,086
Liabilities:
Futures Contracts		(14,045,417	)		–		–		(14,045,417	)
Total Liabilities	$	(14,045,417	)	$	–	$	–	$	(14,045,417	)
Total	$	(1,210,185	)	$	1,722,618,854	$	–	$	1,721,408,669

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Short Term Bond Fund (Continued)

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Interest rate risk	Unrealized appreciation from futures contracts	$	12,835,232
Total		$	12,835,232
Liabilities:
Futures Contracts
Interest rate risk	Unrealized depreciation from futures contracts	$	(14,045,417)
Total		$	(14,045,417)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund

Common Stocks 97.1%
	Shares		Value
Aerospace & Defense 1.4%
AAR Corp. (a)		6,058	$	107,590
Aerojet Rocketdyne Holdings, Inc. *		12,810		535,842
AeroVironment, Inc. *		3,760		229,210
Astronics Corp. *		3,920		35,986
Axon Enterprise, Inc. *		10,246		725,109
Cubic Corp. (a)		5,593		231,047
Ducommun, Inc. *		1,889		46,942
Kratos Defense & Security Solutions, Inc. *		15,578		215,599
Maxar Technologies, Inc. (a)		10,707		114,351
Mercury Systems, Inc. *		9,544		680,869
Moog, Inc., Class A		5,493		277,561
National Presto Industries, Inc.		858		60,755
Park Aerospace Corp.		2,990		37,674
Parsons Corp. *(a)		3,511		112,212
Triumph Group, Inc.		8,445		57,088
Vectrus, Inc. *		2,081		86,174
				3,554,009
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc. *(a)		10,197		186,401
Atlas Air Worldwide Holdings, Inc. *		4,100		105,247
Echo Global Logistics, Inc. *		4,540		77,543
Forward Air Corp.		5,015		254,010
Hub Group, Inc., Class A *		5,643		256,587
Radiant Logistics, Inc. *		6,586		25,488
				905,276
Airlines 0.3%
Allegiant Travel Co. (a)		2,292		187,486
Hawaiian Holdings, Inc. (a)		8,335		87,017
Mesa Air Group, Inc. *		5,941		19,546
SkyWest, Inc.		8,812		230,786
Spirit Airlines, Inc. *(a)		12,350		159,192
				684,027
Auto Components 0.8%
Adient plc *		15,642		141,873
American Axle & Manufacturing Holdings, Inc. *		20,624		74,453
Cooper Tire & Rubber Co.		9,025		147,107
Cooper-Standard Holdings, Inc. *		2,897		29,752
Dana, Inc.		25,903		202,302
Dorman Products, Inc. *(a)		4,700		259,769
Fox Factory Holding Corp. *		6,569		275,898
Gentherm, Inc. *		5,729		179,891
LCI Industries (a)		4,347		290,510
Modine Manufacturing Co. *		9,517		30,930
Motorcar Parts of America, Inc. *(a)		3,544		44,583
Standard Motor Products, Inc.		3,621		150,525
Stoneridge, Inc. *		4,481		75,057
Tenneco, Inc., Class A *(a)		8,486		30,550
Visteon Corp. *(a)		4,871		233,711
				2,166,911
Automobiles 0.1%
Winnebago Industries, Inc.		5,550		154,346
Banks 8.8%
1st Constitution Bancorp		1,474		19,530
1st Source Corp.		2,931		95,052

Common Stocks (continued)
	Shares		Value
Banks (continued)
ACNB Corp.		2,075	$	62,250
Allegiance Bancshares, Inc.		3,172		76,477
Amalgamated Bank, Class A		2,311		25,005
Amerant Bancorp, Inc. *		3,277		50,433
American National Bankshares, Inc.		1,983		47,394
Ameris Bancorp		11,062		262,833
Ames National Corp.		1,508		30,839
Arrow Financial Corp.		2,453		68,365
Atlantic Capital Bancshares, Inc. *		3,965		47,065
Atlantic Union Bankshares Corp.		14,351		314,287
Banc of California, Inc. (a)		8,402		67,216
BancFirst Corp.		3,279		109,420
Bancorp, Inc. (The) *		9,174		55,686
BancorpSouth Bank (a)		18,221		344,741
Bank First Corp.		978		54,768
Bank of Commerce Holdings		2,924		23,012
Bank of Marin Bancorp		2,312		69,360
Bank of NT Butterfield & Son Ltd. (The)		9,646		164,271
Bank of Princeton (The)		883		20,530
Bank7 Corp.		641		5,090
BankFinancial Corp.		2,483		21,875
Bankwell Financial Group, Inc.		1,096		16,725
Banner Corp.		5,263		173,890
Bar Harbor Bankshares		2,713		46,881
Baycom Corp. *		1,882		22,678
BCB Bancorp, Inc.		2,763		29,426
Berkshire Hills Bancorp, Inc.		8,451		125,582
Boston Private Financial Holdings, Inc.		12,064		86,258
Bridge Bancorp, Inc.		3,151		66,675
Brookline Bancorp, Inc.		11,654		131,457
Bryn Mawr Bank Corp.		3,986		113,123
Business First Bancshares, Inc.		2,030		27,405
Byline Bancorp, Inc.		4,619		47,899
C&F Financial Corp.		640		25,536
Cadence Bancorp		20,381		133,496
Cambridge Bancorp		834		43,368
Camden National Corp.		2,777		87,337
Capital Bancorp, Inc. *		1,347		16,864
Capital City Bank Group, Inc.		2,494		50,179
Capstar Financial Holdings, Inc.		2,858		28,266
Carolina Financial Corp.		4,100		106,067
Carter Bank & Trust		4,072		37,381
Cathay General Bancorp		14,173		325,270
CBTX, Inc.		3,497		62,142
CenterState Bank Corp.		21,480		370,100
Central Pacific Financial Corp.		4,215		67,018
Central Valley Community Bancorp		2,347		30,605
Century Bancorp, Inc., Class A		493		30,684
Chemung Financial Corp.		604		19,920
Citizens & Northern Corp.		1,994		39,880
City Holding Co. (a)		2,598		172,845
Civista Bancshares, Inc.		3,025		45,254
CNB Financial Corp.		2,659		50,175
Coastal Financial Corp. *		1,314		13,810
Codorus Valley Bancorp, Inc.		1,676		26,984
Colony Bankcorp, Inc.		1,122		14,025
Columbia Banking System, Inc.		11,701		313,587
Community Bank System, Inc. (a)		8,403		494,096
Community Bankers Trust Corp.		3,659		17,746

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
Community Financial Corp. (The)		755	$	16,685
Community Trust Bancorp, Inc.		2,950		93,780
ConnectOne Bancorp, Inc.		6,164		82,844
CrossFirst Bankshares, Inc. *		8,929		75,004
Customers Bancorp, Inc. *		4,802		52,486
CVB Financial Corp.		23,734		475,867
Dime Community Bancshares, Inc.		5,255		72,046
Eagle Bancorp, Inc.		5,346		161,503
Enterprise Bancorp, Inc.		1,497		40,404
Enterprise Financial Services Corp.		4,382		122,302
Equity Bancshares, Inc., Class A *		2,895		49,939
Esquire Financial Holdings, Inc. *		1,079		16,239
Evans Bancorp, Inc.		849		20,639
Farmers & Merchants Bancorp, Inc.		1,979		51,276
Farmers National Banc Corp.		5,210		60,592
FB Financial Corp.		3,095		61,033
Fidelity D&D Bancorp, Inc. (a)		444		22,653
Financial Institutions, Inc.		3,124		56,669
First Bancorp, Inc.		1,758		38,676
First Bancorp/NC		5,338		123,201
First Bancorp/PR		34,675		184,471
First Bancshares, Inc. (The)		2,951		56,276
First Bank		2,813		19,522
First Busey Corp.		10,259		175,531
First Business Financial Services, Inc.		1,460		22,630
First Capital, Inc.		723		43,308
First Choice Bancorp		1,671		25,082
First Commonwealth Financial Corp.		14,809		135,354
First Community Bankshares, Inc.		4,239		98,769
First Financial Bancorp (a)		16,198		241,512
First Financial Bankshares, Inc. (a)		23,162		621,668
First Financial Corp.		2,372		79,984
First Financial Northwest, Inc.		1,187		11,917
First Foundation, Inc.		7,737		79,072
First Guaranty Bancshares, Inc.		1,171		16,898
First Internet Bancorp		1,933		31,740
First Interstate BancSystem, Inc., Class A		6,832		197,035
First Merchants Corp.		9,721		257,509
First Mid Bancshares, Inc.		3,040		72,170
First Midwest Bancorp, Inc.		17,802		235,609
First Northwest Bancorp		1,455		15,816
First of Long Island Corp. (The)		4,323		75,004
Flushing Financial Corp.		4,694		62,712
FNCB Bancorp, Inc.		2,711		18,733
Franklin Financial Network, Inc.		2,148		43,798
Franklin Financial Services Corp.		666		18,282
Fulton Financial Corp.		28,826		331,211
FVCBankcorp, Inc. *		1,891		25,188
German American Bancorp, Inc.		4,445		122,015
Glacier Bancorp, Inc. (a)		15,441		525,071
Great Southern Bancorp, Inc.		2,205		89,082
Great Western Bancorp, Inc.		8,778		179,773
Guaranty Bancshares, Inc.		1,346		31,146
Hancock Whitney Corp.		15,630		305,098
Hanmi Financial Corp.		4,434		48,109
HarborOne Bancorp, Inc. *		4,440		33,433
Hawthorn Bancshares, Inc.		877		16,093
HBT Financial, Inc.		1,540		16,216

Common Stocks (continued)
	Shares		Value
Banks (continued)
Heartland Financial USA, Inc.		6,115	$	184,673
Heritage Commerce Corp.		10,307		79,055
Heritage Financial Corp.		5,919		118,380
Hilltop Holdings, Inc.		12,089		182,786
Home BancShares, Inc.		28,133		337,315
HomeTrust Bancshares, Inc.		2,730		43,462
Hope Bancorp, Inc.		19,484		160,158
Horizon Bancorp, Inc.		7,267		71,653
Howard Bancorp, Inc. *		2,455		26,661
IBERIABANK Corp.		9,212		333,106
Independent Bank Corp./MA (a)		5,519		355,258
Independent Bank Corp./MI		3,767		48,481
Independent Bank Group, Inc.		6,237		147,692
International Bancshares Corp.		9,864		265,144
Investar Holding Corp.		1,779		22,718
Investors Bancorp, Inc.		39,866		318,529
Lakeland Bancorp, Inc.		9,006		97,355
Lakeland Financial Corp. (a)		4,668		171,549
LCNB Corp.		2,028		25,553
Level One Bancorp, Inc.		959		17,262
Live Oak Bancshares, Inc. (a)		4,426		55,192
Macatawa Bank Corp.		4,756		33,863
Mackinac Financial Corp.		1,953		20,409
MainStreet Bancshares, Inc. *		1,133		18,989
Malvern Bancorp, Inc. *		1,288		15,778
Mercantile Bank Corp.		3,200		67,744
Metrocity Bankshares, Inc. (a)		2,690		31,581
Metropolitan Bank Holding Corp. *		1,116		30,054
Mid Penn Bancorp, Inc.		1,147		23,227
Midland States Bancorp, Inc.		3,979		69,593
MidWestOne Financial Group, Inc.		2,398		50,214
MutualFirst Financial, Inc.		992		27,974
MVB Financial Corp.		1,538		19,609
National Bank Holdings Corp., Class A		4,809		114,935
National Bankshares, Inc.		1,070		34,133
NBT Bancorp, Inc.		6,896		223,361
Nicolet Bankshares, Inc. *		1,624		88,638
Northeast Bank		1,084		12,639
Northrim Bancorp, Inc.		1,166		31,482
Norwood Financial Corp.		978		26,113
Oak Valley Bancorp		1,106		17,408
OFG Bancorp (a)		8,178		91,430
Ohio Valley Banc Corp.		831		24,913
Old National Bancorp (a)		28,462		375,414
Old Second Bancorp, Inc.		5,718		39,511
Opus Bank		4,239		73,462
Origin Bancorp, Inc.		3,714		75,208
Orrstown Financial Services, Inc.		1,662		22,886
Pacific Mercantile Bancorp *		3,070		14,460
Pacific Premier Bancorp, Inc.		9,594		180,751
Park National Corp. (a)		2,395		185,948
Parke Bancorp, Inc.		1,593		21,490
PCB Bancorp		2,152		21,047
Peapack Gladstone Financial Corp.		3,194		57,332
Penns Woods Bancorp, Inc.		1,298		31,541
Peoples Bancorp of North Carolina, Inc.		689		14,028
Peoples Bancorp, Inc.		3,324		73,627
Peoples Financial Services Corp.		1,158		46,019

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Banks (continued)
People’s Utah Bancorp		3,102	$	60,086
Preferred Bank		2,737		92,565
Premier Financial Bancorp, Inc.		2,163		26,821
Professional Holding Corp., Class A *		1,154		18,406
QCR Holdings, Inc.		2,644		71,573
RBB Bancorp		2,959		40,597
Red River Bancshares, Inc.		832		30,967
Reliant Bancorp, Inc. (a)		1,741		19,621
Renasant Corp.		10,191		222,571
Republic Bancorp, Inc., Class A		1,687		55,722
Republic First Bancorp, Inc. *		7,061		15,464
Richmond Mutual Bancorporation, Inc. *		2,108		21,502
S&T Bancorp, Inc.		6,754		184,519
Sandy Spring Bancorp, Inc.		6,297		142,564
SB One Bancorp		1,359		23,103
Seacoast Banking Corp. of Florida *		8,154		149,300
Select Bancorp, Inc. *		3,085		23,539
ServisFirst Bancshares, Inc. (a)		8,505		249,367
Shore Bancshares, Inc.		2,225		24,141
Sierra Bancorp		2,674		47,009
Silvergate Capital Corp., Class A *		541		5,161
Simmons First National Corp., Class A (a)		16,945		311,788
SmartFinancial, Inc.		2,055		31,257
South Plains Financial, Inc.		1,713		26,534
South State Corp. (a)		5,944		349,091
Southern First Bancshares, Inc. *		1,286		36,484
Southern National Bancorp of Virginia, Inc.		3,458		34,027
Southside Bancshares, Inc.		5,430		165,018
Spirit of Texas Bancshares, Inc. *		2,286		23,637
Stock Yards Bancorp, Inc.		3,584		103,685
Summit Financial Group, Inc.		1,830		38,814
Tompkins Financial Corp.		2,552		183,234
Towne Bank		12,164		220,047
TriCo Bancshares		4,868		145,164
TriState Capital Holdings, Inc. *		4,932		47,692
Triumph Bancorp, Inc. *		4,016		104,416
Trustmark Corp.		11,435		266,436
UMB Financial Corp.		7,815		362,460
Union Bankshares, Inc.		574		12,915
United Bankshares, Inc. (a)		17,443		402,584
United Community Banks, Inc.		11,997		219,665
United Security Bancshares		1,958		12,531
Unity Bancorp, Inc.		1,542		18,041
Univest Financial Corp.		5,518		90,054
Valley National Bancorp		69,111		505,201
Veritex Holdings, Inc.		8,941		124,906
Washington Trust Bancorp, Inc.		2,891		105,695
WesBanco, Inc.		11,840		280,608
West Bancorporation, Inc.		2,768		45,257
Westamerica Bancorp (a)		4,211		247,523
				23,210,963
Beverages 0.4%
Boston Beer Co., Inc. (The), Class A *(a)		1,464		538,108
Celsius Holdings, Inc. *		4,875		20,524
Coca-Cola Consolidated, Inc.		843		175,791

Common Stocks (continued)
	Shares		Value
Beverages (continued)
Craft Brew Alliance, Inc. *		1,827	$	27,222
MGP Ingredients, Inc. (a)		2,146		57,706
National Beverage Corp. *(a)		2,038		86,920
New Age Beverages Corp. *(a)		11,703		16,267
				922,538
Biotechnology 9.0%
89bio, Inc. *(a)		498		12,574
Abeona Therapeutics, Inc. *		12,395		26,030
ACADIA Pharmaceuticals, Inc. *(a)		19,848		838,578
Acceleron Pharma, Inc. *(a)		7,927		712,399
Acorda Therapeutics, Inc. *(a)		7,561		7,051
Adamas Pharmaceuticals, Inc. *		3,245		9,378
ADMA Biologics, Inc. *(a)		13,402		38,598
Aduro Biotech, Inc. *(a)		12,767		34,982
Adverum Biotechnologies, Inc. *(a)		11,172		109,150
Aeglea BioTherapeutics, Inc. *		4,366		20,346
Affimed NV *		12,455		19,679
Agenus, Inc. *		18,124		44,404
AgeX Therapeutics, Inc. *(a)		3,349		3,115
Aimmune Therapeutics, Inc. *(a)		8,165		117,739
Akcea Therapeutics, Inc. *(a)		2,146		30,688
Akebia Therapeutics, Inc. *(a)		21,275		161,264
Akero Therapeutics, Inc. *(a)		1,586		33,623
Albireo Pharma, Inc. *		2,166		35,457
Aldeyra Therapeutics, Inc. *		3,288		8,121
Alector, Inc. *(a)		6,101		147,217
Allakos, Inc. *(a)		3,371		149,976
Allogene Therapeutics, Inc. *(a)		6,707		130,384
AMAG Pharmaceuticals, Inc. *(a)		6,036		37,302
Amicus Therapeutics, Inc. *		45,569		421,058
AnaptysBio, Inc. *		4,551		64,306
Anavex Life Sciences Corp. *(a)		9,745		30,697
Anika Therapeutics, Inc. *(a)		2,307		66,695
Apellis Pharmaceuticals, Inc. *		10,019		268,409
Applied Therapeutics, Inc. *		1,431		46,779
Aprea Therapeutics, Inc. *		1,094		38,027
Arcus Biosciences, Inc. *		5,924		82,225
Arcutis Biotherapeutics, Inc. *		1,947		58,021
Ardelyx, Inc. *		11,223		63,803
Arena Pharmaceuticals, Inc. *		8,918		374,556
Arrowhead Pharmaceuticals, Inc. *(a)		17,597		506,266
Assembly Biosciences, Inc. *		5,242		77,739
Atara Biotherapeutics, Inc. *		8,680		73,867
Athenex, Inc. *		12,500		96,750
Athersys, Inc. *(a)		26,681		80,043
Atreca, Inc., Class A *(a)		3,204		53,026
Avid Bioservices, Inc. *		10,632		54,330
Avrobio, Inc. *(a)		4,335		67,453
Axcella Health, Inc. *		1,321		4,518
Beam Therapeutics, Inc. *		2,236		40,248
Beyondspring, Inc. *(a)		2,168		27,772
BioCryst Pharmaceuticals, Inc. *(a)		29,293		58,586
Biohaven Pharmaceutical Holding Co. Ltd. *(a)		7,613		259,070
BioSpecifics Technologies Corp. *		1,027		58,097
Bioxcel Therapeutics, Inc. *(a)		1,321		29,524
Black Diamond Therapeutics, Inc. *		2,232		55,688
Blueprint Medicines Corp. *		9,520		556,730
Bridgebio Pharma, Inc. *(a)		13,219		383,351
Cabaletta Bio, Inc. *		1,104		8,059

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Calithera Biosciences, Inc. *		10,547	$	46,829
Calyxt, Inc. *(a)		1,520		5,062
CareDx, Inc. *(a)		7,430		162,197
CASI Pharmaceuticals, Inc. *(a)		8,540		17,422
Castle Biosciences, Inc. *		1,768		52,704
Catalyst Pharmaceuticals, Inc. *(a)		16,299		62,751
Celcuity, Inc. *		864		5,616
Cellular Biomedicine Group, Inc. *		2,394		37,873
CEL-SCI Corp. *(a)		5,764		66,517
Centogene NV *		317		6,340
Checkpoint Therapeutics, Inc. *(a)		3,654		5,518
ChemoCentryx, Inc. *		7,074		284,233
Chimerix, Inc. *		8,568		12,338
Clovis Oncology, Inc. *		8,527		54,232
Coherus Biosciences, Inc. *(a)		11,279		182,945
Concert Pharmaceuticals, Inc. *		5,273		46,613
Constellation Pharmaceuticals, Inc. *(a)		3,343		105,070
Corbus Pharmaceuticals Holdings, Inc. *		12,520		65,605
Cortexyme, Inc. *(a)		1,927		87,890
Crinetics Pharmaceuticals, Inc. *(a)		1,788		26,284
Cue Biopharma, Inc. *		3,720		52,787
Cyclerion Therapeutics, Inc. *		3,820		10,123
Cytokinetics, Inc. *(a)		9,589		113,054
CytomX Therapeutics, Inc. *		7,509		57,594
Deciphera Pharmaceuticals, Inc. *		3,725		153,358
Denali Therapeutics, Inc. *(a)		9,312		163,053
Dicerna Pharmaceuticals, Inc. *		9,353		171,815
Dynavax Technologies Corp. *(a)		14,846		52,406
Eagle Pharmaceuticals, Inc. *		1,521		69,966
Editas Medicine, Inc. *(a)		9,085		180,156
Eidos Therapeutics, Inc. *(a)		1,908		93,473
Eiger BioPharmaceuticals, Inc. *		3,780		25,704
Emergent BioSolutions, Inc. *		8,035		464,905
Enanta Pharmaceuticals, Inc. *		3,287		169,050
Enochian Biosciences, Inc. *(a)		2,332		6,996
Epizyme, Inc. *(a)		13,470		208,920
Esperion Therapeutics, Inc. *(a)		4,371		137,818
Evelo Biosciences, Inc. *(a)		2,164		8,126
Fate Therapeutics, Inc. *(a)		10,555		234,427
FibroGen, Inc. *(a)		13,846		481,149
Five Prime Therapeutics, Inc. *		5,357		12,160
Flexion Therapeutics, Inc. *(a)		5,827		45,858
Forty Seven, Inc. *		4,472		426,718
Frequency Therapeutics, Inc. *		974		17,347
G1 Therapeutics, Inc. *(a)		5,832		64,269
Galectin Therapeutics, Inc. *(a)		6,784		13,297
Geron Corp. *(a)		29,626		35,255
Global Blood Therapeutics, Inc. *(a)		10,186		520,403
GlycoMimetics, Inc. *		5,293		12,068
Gossamer Bio, Inc. *		7,263		73,719
Gritstone Oncology, Inc. *		4,007		23,321
Halozyme Therapeutics, Inc. *		23,994		431,652
Harpoon Therapeutics, Inc. *		1,184		13,711
Heron Therapeutics, Inc. *(a)		14,742		173,071
Homology Medicines, Inc. *(a)		4,199		65,252
Hookipa Pharma, Inc. *		1,688		13,926
IGM Biosciences, Inc. *		839		47,110
ImmunoGen, Inc. *(a)		29,693		101,253

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Immunomedics, Inc. *(a)		33,845	$	456,231
Inovio Pharmaceuticals, Inc. *(a)		16,858		125,424
Insmed, Inc. *(a)		15,468		247,952
Intellia Therapeutics, Inc. *(a)		6,672		81,599
Intercept Pharmaceuticals, Inc. *		4,392		276,520
Invitae Corp. *		15,520		212,158
Iovance Biotherapeutics, Inc. *(a)		20,574		615,883
Ironwood Pharmaceuticals, Inc. *(a)		27,764		280,139
Jounce Therapeutics, Inc. *		2,740		13,015
Kadmon Holdings, Inc. *(a)		28,574		119,725
KalVista Pharmaceuticals, Inc. *(a)		2,137		16,348
Karuna Therapeutics, Inc. *		1,847		132,984
Karyopharm Therapeutics, Inc. *(a)		10,315		198,151
Kezar Life Sciences, Inc. *		6,828		29,770
Kindred Biosciences, Inc. *		6,273		25,092
Kiniksa Pharmaceuticals Ltd., Class A *		2,260		34,985
Kodiak Sciences, Inc. *(a)		4,931		235,209
Krystal Biotech, Inc. *(a)		1,778		76,881
Kura Oncology, Inc. *		5,812		57,829
La Jolla Pharmaceutical Co. *		3,164		13,289
Lexicon Pharmaceuticals, Inc. *(a)		7,029		13,707
Ligand Pharmaceuticals, Inc. *(a)		3,011		218,960
Lineage Cell Therapeutics, Inc. *(a)		17,816		14,753
LogicBio Therapeutics, Inc. *(a)		1,397		6,901
MacroGenics, Inc. *		8,072		46,979
Madrigal Pharmaceuticals, Inc. *		1,720		114,827
Magenta Therapeutics, Inc. *		3,153		19,801
MannKind Corp. *(a)		30,398		31,310
Marker Therapeutics, Inc. *(a)		4,374		8,311
MediciNova, Inc. *(a)		6,864		25,534
MEI Pharma, Inc. *		21,112		33,990
MeiraGTx Holdings plc *		3,065		41,194
Mersana Therapeutics, Inc. *		5,818		33,919
Millendo Therapeutics, Inc. *		3,036		16,030
Minerva Neurosciences, Inc. *		5,849		35,211
Mirati Therapeutics, Inc. *(a)		5,251		403,644
Mirum Pharmaceuticals, Inc. *		859		12,026
Molecular Templates, Inc. *		3,668		48,748
Momenta Pharmaceuticals, Inc. *		19,973		543,266
Morphic Holding, Inc. *(a)		2,205		32,369
Mustang Bio, Inc. *		4,516		12,103
Myriad Genetics, Inc. *		12,751		182,467
Natera, Inc. *		10,837		323,593
Neon Therapeutics, Inc. *(a)		2,498		6,595
NextCure, Inc. *(a)		2,591		96,048
Novavax, Inc. *		6,203		84,237
Oncocyte Corp. *		3,453		8,460
OPKO Health, Inc. *(a)		71,677		96,047
Organogenesis Holdings, Inc. *		1,651		5,333
Oyster Point Pharma, Inc. *		953		33,355
Palatin Technologies, Inc. *(a)		34,121		14,454
PDL BioPharma, Inc. *(a)		19,905		56,132
Pfenex, Inc. *		5,052		44,559
PhaseBio Pharmaceuticals, Inc. *(a)		2,199		7,279
Pieris Pharmaceuticals, Inc. *		7,684		17,520
PolarityTE, Inc. *(a)		2,819		3,045
Portola Pharmaceuticals, Inc. *(a)		12,965		92,440
Precigen, Inc. *(a)		11,931		40,565
Precision BioSciences, Inc. *(a)		6,084		36,687

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Biotechnology (continued)
Prevail Therapeutics, Inc. *		2,641	$	32,194
Principia Biopharma, Inc. *		3,290		195,360
Progenics Pharmaceuticals, Inc. *		14,724		55,951
Protagonist Therapeutics, Inc. *		3,145		22,204
Prothena Corp. plc *		6,682		71,497
PTC Therapeutics, Inc. *(a)		10,681		476,479
Puma Biotechnology, Inc. *		5,016		42,335
Ra Pharmaceuticals, Inc. *(a)		6,065		291,181
Radius Health, Inc. *(a)		7,777		101,101
RAPT Therapeutics, Inc. *		263		5,594
REGENXBIO, Inc. *		5,744		185,991
Replimune Group, Inc. *		2,197		21,904
Retrophin, Inc. *(a)		7,170		104,610
REVOLUTION Medicines, Inc. *		2,631		57,645
Rhythm Pharmaceuticals, Inc. *(a)		4,964		75,552
Rigel Pharmaceuticals, Inc. *(a)		28,489		44,443
Rocket Pharmaceuticals, Inc. *(a)		5,705		79,585
Rubius Therapeutics, Inc. *(a)		5,918		26,335
Sangamo Therapeutics, Inc. *(a)		19,828		126,304
Savara, Inc. *		8,351		17,704
Scholar Rock Holding Corp. *		2,973		36,003
Seres Therapeutics, Inc. *(a)		6,178		22,055
Solid Biosciences, Inc. *		3,386		8,093
Sorrento Therapeutics, Inc. *(a)		23,713		43,632
Spectrum Pharmaceuticals, Inc. *		18,882		43,995
Spero Therapeutics, Inc. *		2,042		16,499
SpringWorks Therapeutics, Inc. *		1,768		47,736
Stemline Therapeutics, Inc. *		7,785		37,679
Stoke Therapeutics, Inc. *		3,119		71,425
Sutro Biopharma, Inc. *		1,746		17,809
Syndax Pharmaceuticals, Inc. *		4,258		46,710
Synlogic, Inc. *		2,288		3,935
Syros Pharmaceuticals, Inc. *		5,582		33,101
TCR2 Therapeutics, Inc. *(a)		2,026		15,681
TG Therapeutics, Inc. *		15,464		152,166
Tocagen, Inc. *(a)		3,315		4,044
Translate Bio, Inc. *		5,866		58,484
Turning Point Therapeutics, Inc. *(a)		4,957		221,380
Twist Bioscience Corp. *(a)		4,662		142,564
Tyme Technologies, Inc. *(a)		9,871		10,858
Ultragenyx Pharmaceutical, Inc. *(a)		9,588		425,995
UNITY Biotechnology, Inc. *(a)		4,539		26,326
UroGen Pharma Ltd. *(a)		3,173		56,606
Vanda Pharmaceuticals, Inc. *		8,819		91,365
VBI Vaccines, Inc. *		25,938		24,641
Veracyte, Inc. *(a)		8,169		198,588
Vericel Corp. *(a)		8,248		75,634
Viela Bio, Inc. *		925		35,150
Viking Therapeutics, Inc. *(a)		10,990		51,433
Vir Biotechnology, Inc. *(a)		1,220		41,809
Voyager Therapeutics, Inc. *		3,902		35,703
X4 Pharmaceuticals, Inc. *		3,262		32,620
XBiotech, Inc. *		2,425		25,754
Xencor, Inc. *(a)		8,291		247,735
Y-mAbs Therapeutics, Inc. *		4,342		113,326
ZIOPHARM Oncology, Inc. *(a)		34,426		84,344
				23,759,487
Building Products 1.5%
AAON, Inc. (a)		7,263		350,948

Common Stocks (continued)
	Shares		Value
Building Products (continued)
Advanced Drainage Systems, Inc.		7,705	$	226,835
American Woodmark Corp. *		2,898		132,062
Apogee Enterprises, Inc.		4,751		98,916
Armstrong Flooring, Inc. *		2,540		3,632
Builders FirstSource, Inc. *		20,275		247,963
Caesarstone Ltd.		4,077		43,094
Cornerstone Building Brands, Inc. *		7,459		34,013
CSW Industrials, Inc.		2,657		172,307
Gibraltar Industries, Inc. *		5,749		246,747
Griffon Corp.		6,519		82,465
Insteel Industries, Inc.		3,124		41,393
JELD-WEN Holding, Inc. *		12,087		117,607
Masonite International Corp. *		4,372		207,452
Patrick Industries, Inc.		4,027		113,400
PGT Innovations, Inc. *		10,278		86,233
Quanex Building Products Corp.		5,788		58,343
Simpson Manufacturing Co., Inc.		7,892		489,146
Trex Co., Inc. *(a)		10,323		827,285
Universal Forest Products, Inc.		10,548		392,280
				3,972,121
Capital Markets 1.5%
Ares Management Corp.		12,632		390,708
Artisan Partners Asset Management, Inc., Class A		8,862		190,444
Assetmark Financial Holdings, Inc. *		2,582		52,647
Associated Capital Group, Inc., Class A		391		11,965
B. Riley Financial, Inc.		3,475		64,009
Blucora, Inc. *		8,865		106,823
Brightsphere Investment Group, Inc.		11,722		74,904
Calamos Asset Management, Inc. *¥		4,451		0
Cohen & Steers, Inc.		4,024		182,891
Cowen, Inc., Class A (a)		5,533		53,449
Diamond Hill Investment Group, Inc.		594		53,603
Donnelley Financial Solutions, Inc. *(a)		5,319		28,031
Federated Hermes, Inc., Class B		17,024		324,307
Focus Financial Partners, Inc., Class A *(a)		5,300		121,953
GAIN Capital Holdings, Inc. (a)		4,075		22,739
GAMCO Investors, Inc., Class A		861		9,462
Greenhill & Co., Inc. (a)		2,718		26,745
Hamilton Lane, Inc., Class A		3,933		217,534
Houlihan Lokey, Inc.		7,416		386,522
INTL. FCStone, Inc. *		2,917		105,770
Moelis & Co., Class A		8,511		239,159
Oppenheimer Holdings, Inc., Class A		1,633		32,268
Piper Sandler Cos.		2,376		120,154
PJT Partners, Inc., Class A		4,077		176,901
Pzena Investment Management, Inc., Class A		3,204		14,290
Safeguard Scientifics, Inc.		3,301		18,321
Sculptor Capital Management, Inc. (a)		3,133		42,421
Siebert Financial Corp. *		2,167		15,646
Silvercrest Asset Management Group, Inc., Class A		1,463		13,840
Stifel Financial Corp.		11,726		484,049

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Capital Markets (continued)
Value Line, Inc.		289	$	9,349
Virtus Investment Partners, Inc.		1,115		84,863
Waddell & Reed Financial, Inc., Class A (a)		12,292		139,883
Westwood Holdings Group, Inc.		1,287		23,565
WisdomTree Investments, Inc. (a)		24,931		58,089
				3,897,304
Chemicals 1.6%
Advanced Emissions Solutions, Inc. (a)		2,872		18,869
AdvanSix, Inc. *		4,664		44,495
American Vanguard Corp.		4,886		70,652
Amyris, Inc. *(a)		10,104		25,866
Balchem Corp. (a)		5,659		558,656
Chase Corp.		1,268		104,344
Ferro Corp. *		14,067		131,667
Flotek Industries, Inc. *(a)		7,980		7,102
FutureFuel Corp.		4,822		54,344
GCP Applied Technologies, Inc. *		9,520		169,456
Hawkins, Inc.		1,714		61,018
HB Fuller Co.		9,086		253,772
Ingevity Corp. *		7,316		257,523
Innospec, Inc.		4,336		301,309
Intrepid Potash, Inc. *		14,844		11,875
Koppers Holdings, Inc. *		3,187		39,423
Kraton Corp. *		5,351		43,343
Kronos Worldwide, Inc. (a)		4,258		35,938
Livent Corp. *(a)		26,385		138,521
LSB Industries, Inc. *		3,153		6,621
Marrone Bio Innovations, Inc. *(a)		7,916		6,467
Minerals Technologies, Inc.		6,237		226,154
OMNOVA Solutions, Inc. *		7,646		77,530
Orion Engineered Carbons SA		10,894		81,269
PolyOne Corp.		16,070		304,848
PQ Group Holdings, Inc. *		6,416		69,934
Quaker Chemical Corp. (a)		2,295		289,813
Rayonier Advanced Materials, Inc.		7,874		8,346
Sensient Technologies Corp.		7,516		327,021
Stepan Co.		3,569		315,714
Trecora Resources *		3,221		19,165
Tredegar Corp.		4,466		69,804
Trinseo SA		6,872		124,452
Tronox Holdings plc, Class A		15,463		77,006
Valhi, Inc.		3,667		3,777
				4,336,094
Commercial Services & Supplies 2.5%
ABM Industries, Inc.		11,845		288,544
ACCO Brands Corp.		17,574		88,749
Advanced Disposal Services, Inc. *		12,799		419,807
Brady Corp., Class A		8,498		383,515
BrightView Holdings, Inc. *(a)		5,284		58,441
Brink’s Co. (The)		8,717		453,720
Casella Waste Systems, Inc., Class A *		8,107		316,659
CECO Environmental Corp. *		5,035		23,513
Charah Solutions, Inc. *		1,374		2,350
Cimpress plc *(a)		3,307		175,932
CompX International, Inc.		256		3,891
Covanta Holding Corp. (a)		21,138		180,730
Deluxe Corp.		7,329		190,041

Common Stocks (continued)
	Shares		Value
Commercial Services & Supplies (continued)
Ennis, Inc.		4,318	$	81,092
Harsco Corp. *		14,216		99,086
Healthcare Services Group, Inc. (a)		12,974		310,208
Heritage-Crystal Clean, Inc. *		2,544		41,315
Herman Miller, Inc.		10,511		233,344
HNI Corp.		7,499		188,900
Interface, Inc.		10,530		79,607
Kimball International, Inc., Class B		6,041		71,948
Knoll, Inc.		8,907		91,920
Matthews International Corp., Class A		5,389		130,360
McGrath RentCorp		4,284		224,396
Mobile Mini, Inc. (a)		7,850		205,906
MSA Safety, Inc. (a)		6,212		628,654
NL Industries, Inc.		1,098		3,272
PICO Holdings, Inc. *		3,189		24,810
Pitney Bowes, Inc. (a)		30,135		61,475
Quad/Graphics, Inc.		5,740		14,465
RR Donnelley & Sons Co. (a)		10,977		10,521
SP Plus Corp. *		4,164		86,403
Steelcase, Inc., Class A		15,553		153,508
Team, Inc. *		5,045		32,793
Tetra Tech, Inc.		9,658		682,048
UniFirst Corp.		2,672		403,713
US Ecology, Inc.		4,369		132,818
Viad Corp.		3,632		77,107
VSE Corp.		1,477		24,208
				6,679,769
Communications Equipment 1.3%
Acacia Communications, Inc. *		6,669		448,023
ADTRAN, Inc.		9,078		69,719
Applied Optoelectronics, Inc. *(a)		2,957		22,444
CalAmp Corp. *		5,396		24,282
Calix, Inc. *		7,828		55,422
Cambium Networks Corp. *		696		3,898
Casa Systems, Inc. *		5,184		18,144
Clearfield, Inc. *		1,689		20,015
Comtech Telecommunications Corp.		4,376		58,157
DASAN Zhone Solutions, Inc. *		1,742		7,299
Digi International, Inc. *		4,694		44,781
Extreme Networks, Inc. *		20,269		62,631
Harmonic, Inc. *		17,041		98,156
Infinera Corp. *		32,039		169,807
Inseego Corp. *(a)		7,166		44,644
InterDigital, Inc.		5,473		244,260
KVH Industries, Inc. *		2,780		26,215
Lumentum Holdings, Inc. *		13,220		974,314
NETGEAR, Inc. *		5,108		116,667
NetScout Systems, Inc. *		12,645		299,307
Plantronics, Inc. (a)		5,656		56,899
Ribbon Communications, Inc. *		9,718		29,446
TESSCO Technologies, Inc. (a)		996		4,870
Viavi Solutions, Inc. *		40,451		453,456
				3,352,856
Construction & Engineering 1.0%
Aegion Corp. *		5,197		93,182
Ameresco, Inc., Class A *(a)		3,805		64,799
Arcosa, Inc.		8,684		345,102
Argan, Inc.		2,648		91,541

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Construction & Engineering (continued)
Comfort Systems USA, Inc.		6,482	$	236,917
Concrete Pumping Holdings, Inc. *		4,147		11,860
Construction Partners, Inc., Class A *(a)		3,474		58,676
Dycom Industries, Inc. *(a)		5,550		142,358
EMCOR Group, Inc.		9,805		601,243
Granite Construction, Inc. (a)		8,468		128,544
Great Lakes Dredge & Dock Corp. *		10,322		85,673
IES Holdings, Inc. *		1,269		22,398
MasTec, Inc. *(a)		10,666		349,098
MYR Group, Inc. *		2,781		72,834
Northwest Pipe Co. *		1,633		36,334
NV5 Global, Inc. *(a)		1,768		73,001
Primoris Services Corp. (a)		8,004		127,264
Sterling Construction Co., Inc. *		4,306		40,907
Tutor Perini Corp. *(a)		7,464		50,158
WillScot Corp. *(a)		9,432		95,546
				2,727,435
Construction Materials 0.2%
Forterra, Inc. *		3,146		18,813
Summit Materials, Inc., Class A *(a)		20,174		302,610
United States Lime & Minerals, Inc.		403		29,762
US Concrete, Inc. *		2,979		54,039
				405,224
Consumer Finance 0.6%
Curo Group Holdings Corp.		2,818		14,935
Elevate Credit, Inc. *		3,319		3,452
Encore Capital Group, Inc. *(a)		5,554		129,853
Enova International, Inc. *		5,650		81,869
EZCORP, Inc., Class A *(a)		8,438		35,186
FirstCash, Inc.		7,356		527,719
Green Dot Corp., Class A *		8,191		207,970
LendingClub Corp. *(a)		11,819		92,779
Medallion Financial Corp. *		3,315		6,166
Nelnet, Inc., Class A		3,066		139,227
Oportun Financial Corp. *		1,228		12,955
PRA Group, Inc. *(a)		7,825		216,909
Regional Management Corp. *		1,473		20,121
World Acceptance Corp. *(a)		957		52,262
				1,541,403
Containers & Packaging 0.1%
Greif, Inc., Class A		4,708		146,372
Greif, Inc., Class B		970		38,858
Myers Industries, Inc.		6,008		64,586
UFP Technologies, Inc. *		1,092		41,594
				291,410
Distributors 0.1%
Core-Mark Holding Co., Inc.		8,108		231,645
Funko, Inc., Class A *(a)		3,708		14,795
Greenlane Holdings, Inc., Class A *		1,043		1,794
Weyco Group, Inc.		905		18,254
				266,488
Diversified Consumer Services 0.9%
Adtalem Global Education, Inc. *		9,445		253,031
American Public Education, Inc. *		2,700		64,611
Carriage Services, Inc.		2,897		46,787
Chegg, Inc. *(a)		20,796		744,081
Collectors Universe, Inc.		1,520		23,818

Common Stocks (continued)
	Shares		Value
Diversified Consumer Services (continued)
Houghton Mifflin Harcourt Co. *		19,079	$	35,868
K12, Inc. *		6,736		127,041
Laureate Education, Inc., Class A *		19,736		207,425
OneSpaWorld Holdings Ltd. (a)		7,840		31,830
Perdoceo Education Corp. *(a)		12,340		133,149
Regis Corp. *		3,712		21,938
Select Interior Concepts, Inc., Class A *		3,439		7,119
Strategic Education, Inc.		3,735		522,004
WW International, Inc. *		8,327		140,810
				2,359,512
Diversified Financial Services 0.3%
Alerus Financial Corp.		506		8,359
Banco Latinoamericano de Comercio Exterior SA, Class E		5,226		53,880
Cannae Holdings, Inc. *		12,822		429,409
FGL Holdings (a)		26,039		255,182
GWG Holdings, Inc. *(a)		936		9,510
Marlin Business Services Corp.		1,548		17,291
On Deck Capital, Inc. *		10,842		16,697
				790,328
Diversified Telecommunication Services 0.7%
Anterix, Inc. *(a)		1,821		83,165
ATN International, Inc.		1,953		114,661
Bandwidth, Inc., Class A *(a)		2,800		188,412
Cincinnati Bell, Inc. *		7,888		115,480
Cogent Communications Holdings, Inc.		7,476		612,808
Consolidated Communications Holdings, Inc. (a)		13,165		59,901
Frontier Communications Corp. *(a)		15,719		5,973
IDT Corp., Class B *		2,699		14,629
Intelsat SA *(a)		11,190		17,121
Iridium Communications, Inc. *(a)		17,379		388,073
Ooma, Inc. *		3,361		40,097
ORBCOMM, Inc. *		12,249		29,887
Pareteum Corp. *(a)		17,387		7,163
Vonage Holdings Corp. *(a)		39,260		283,850
				1,961,220
Electric Utilities 1.2%
ALLETE, Inc.		9,212		558,984
El Paso Electric Co.		7,158		486,458
Genie Energy Ltd., Class B		2,326		16,701
MGE Energy, Inc.		6,147		402,444
Otter Tail Corp. (a)		6,904		306,952
PNM Resources, Inc. (a)		13,942		529,796
Portland General Electric Co.		16,288		780,847
Spark Energy, Inc., Class A		1,698		10,646
				3,092,828
Electrical Equipment 1.0%
Allied Motion Technologies, Inc.		1,198		28,393
American Superconductor Corp. *		3,371		18,473
Atkore International Group, Inc. *		8,313		175,155
AZZ, Inc.		4,685		131,742
Bloom Energy Corp., Class A *(a)		10,001		52,305
Encore Wire Corp.		3,650		153,264
Energous Corp. *(a)		5,002		3,716
EnerSys		7,446		368,726
Generac Holdings, Inc. *		10,718		998,596

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Electrical Equipment (continued)
Plug Power, Inc. *(a)		52,392	$	185,468
Powell Industries, Inc.		1,599		41,046
Preformed Line Products Co.		520		25,912
Sunrun, Inc. *		20,112		203,131
Thermon Group Holdings, Inc. *		5,506		82,975
TPI Composites, Inc. *(a)		5,318		78,600
Vicor Corp. *		3,216		143,241
Vivint Solar, Inc. *(a)		7,476		32,670
				2,723,413
Electronic Equipment, Instruments & Components 2.8%
Airgain, Inc. *		1,495		11,048
Akoustis Technologies, Inc. *(a)		5,889		31,624
Anixter International, Inc. *		5,401		474,586
Arlo Technologies, Inc. *		12,679		30,810
Badger Meter, Inc.		5,054		270,894
Bel Fuse, Inc., Class B		1,988		19,363
Belden, Inc.		6,858		247,437
Benchmark Electronics, Inc.		6,589		131,714
Coda Octopus Group, Inc. *(a)		741		4,157
CTS Corp.		5,877		146,279
Daktronics, Inc.		6,206		30,596
ePlus, Inc. *		2,425		151,853
Fabrinet*		6,354		346,674
FARO Technologies, Inc. *		3,129		139,240
Fitbit, Inc., Class A *		40,205		267,765
II-VI, Inc. *(a)		15,993		455,801
Insight Enterprises, Inc. *(a)		6,229		262,428
Iteris, Inc. *		6,815		21,808
Itron, Inc. *		5,986		334,198
KEMET Corp.		10,148		245,176
Kimball Electronics, Inc. *		4,025		43,953
Knowles Corp. *		14,078		188,364
Methode Electronics, Inc.		6,306		166,668
MTS Systems Corp.		3,307		74,407
Napco Security Technologies, Inc. *(a)		2,062		31,281
nLight, Inc. *		5,597		58,713
Novanta, Inc. *		5,887		470,254
OSI Systems, Inc. *(a)		3,012		207,587
PAR Technology Corp. *		1,959		25,193
PC Connection, Inc.		1,906		78,546
Plexus Corp. *(a)		5,120		279,347
Rogers Corp. *		3,297		311,303
Sanmina Corp. *		11,944		325,832
ScanSource, Inc. *		4,457		95,335
Tech Data Corp. *		6,235		815,850
TTM Technologies, Inc. *(a)		17,730		183,328
Vishay Intertechnology, Inc.		23,689		341,358
Vishay Precision Group, Inc. *		1,766		35,461
Wrap Technologies, Inc. *		1,232		5,248
				7,361,479
Energy Equipment & Services 0.4%
Archrock, Inc.		22,886		86,051
Cactus, Inc., Class A		8,015		92,974
Covia Holdings Corp. *(a)		7,625		4,357
Diamond Offshore Drilling, Inc. *(a)		10,829		19,817
DMC Global, Inc.		2,606		59,964
Dril-Quip, Inc. *(a)		6,420		195,810
Era Group, Inc. *		3,632		19,359

Common Stocks (continued)
	Shares		Value
Energy Equipment & Services (continued)
Exterran Corp. *		4,892	$	23,482
Forum Energy Technologies, Inc. *(a)		14,108		2,501
Frank’s International NV *		18,056		46,765
FTS International, Inc. *(a)		5,014		1,118
Geospace Technologies Corp. *		2,100		13,440
Helix Energy Solutions Group, Inc. *		26,862		44,054
Independence Contract Drilling, Inc. *(a)		315		441
KLX Energy Services Holdings, Inc. *(a)		3,383		2,368
Liberty Oilfield Services, Inc., Class A (a)		9,014		24,248
Mammoth Energy Services, Inc. (a)		1,890		1,415
Matrix Service Co. *		4,553		43,117
Nabors Industries Ltd. (a)		62,544		24,398
National Energy Services Reunited Corp. *(a)		3,788		19,243
Natural Gas Services Group, Inc. *		2,199		9,808
NCS Multistage Holdings, Inc. *		1,536		983
Newpark Resources, Inc. *		15,068		13,516
NexTier Oilfield Solutions, Inc. *		29,273		34,249
Nine Energy Service, Inc. *		2,650		2,142
Noble Corp. plc *(a)		45,667		11,873
Oceaneering International, Inc. *		18,456		54,261
Oil States International, Inc. *		10,386		21,084
Pacific Drilling SA *		4,793		2,061
ProPetro Holding Corp. *		13,902		34,755
RigNet, Inc. *		2,183		3,929
RPC, Inc. (a)		9,459		19,486
SEACOR Holdings, Inc. *		3,053		82,309
SEACOR Marine Holdings, Inc. *		3,106		13,604
Seadrill Ltd. *(a)		9,486		4,079
Select Energy Services, Inc., Class A *		10,036		32,416
Smart Sand, Inc. *(a)		3,181		3,308
Solaris Oilfield Infrastructure, Inc., Class A (a)		5,267		27,652
TETRA Technologies, Inc. *		20,524		6,568
Tidewater, Inc. *		6,677		47,273
US Silica Holdings, Inc.		12,693		22,847
US Well Services, Inc. *		2,969		891
				1,174,016
Entertainment 0.2%
AMC Entertainment Holdings, Inc., Class A (a)		9,783		30,914
Eros International plc *(a)		11,402		18,813
Gaia, Inc. *		1,635		14,519
Glu Mobile, Inc. *(a)		19,948		125,473
IMAX Corp. *		9,259		83,794
Liberty Media Corp.-Liberty Braves, Class C *		6,483		123,566
Liberty Media Corp-Liberty Braves, Class A *(a)		1,685		32,858
LiveXLive Media, Inc. *		4,730		7,473
Marcus Corp. (The)		3,845		47,370
Reading International, Inc., Class A *		2,919		11,355
				496,135

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) 6.8%
Acadia Realty Trust		15,278	$	189,294
Agree Realty Corp.		7,270		450,013
Alexander & Baldwin, Inc.		12,083		135,571
Alexander’s, Inc.		366		100,998
American Assets Trust, Inc.		8,582		214,550
American Finance Trust, Inc.		19,295		120,594
Armada Hoffler Properties, Inc.		9,326		99,788
Ashford Hospitality Trust, Inc.		15,705		11,609
Bluerock Residential Growth REIT, Inc.		3,714		20,687
Braemar Hotels & Resorts, Inc.		6,405		10,888
BRT Apartments Corp.		1,701		17,435
CareTrust REIT, Inc.		17,002		251,460
CatchMark Timber Trust, Inc., Class A		8,740		63,103
CBL & Associates Properties, Inc. *		28,714		5,746
Cedar Realty Trust, Inc.		13,747		12,827
Chatham Lodging Trust		7,717		45,839
CIM Commercial Trust Corp.		2,223		24,653
City Office REIT, Inc.		9,036		65,330
Clipper Realty, Inc.		2,339		12,116
Community Healthcare Trust, Inc.		3,446		131,913
CoreCivic, Inc.		21,357		238,558
CorEnergy Infrastructure Trust, Inc.		2,126		39,076
CorePoint Lodging, Inc.		6,927		27,154
DiamondRock Hospitality Co.		34,517		175,346
Diversified Healthcare Trust		42,454		154,108
Easterly Government Properties, Inc.		12,978		319,778
EastGroup Properties, Inc.		6,767		707,016
Essential Properties Realty Trust, Inc.		16,015		209,156
Farmland Partners, Inc.		4,621		28,049
First Industrial Realty Trust, Inc.		22,103		734,483
Four Corners Property Trust, Inc.		12,567		235,129
Franklin Street Properties Corp.		17,768		101,811
Front Yard Residential Corp.		9,013		107,705
GEO Group, Inc. (The)		20,713		251,870
Getty Realty Corp.		6,105		144,933
Gladstone Commercial Corp.		5,892		84,609
Gladstone Land Corp.		3,114		36,901
Global Medical REIT, Inc.		6,248		63,230
Global Net Lease, Inc.		15,640		209,107
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		11,239		229,388
Healthcare Realty Trust, Inc.		23,313		651,132
Hersha Hospitality Trust		6,163		22,064
Independence Realty Trust, Inc.		16,478		147,313
Industrial Logistics Properties Trust		11,517		202,008
Innovative Industrial Properties, Inc.		2,870		217,919
Investors Real Estate Trust		2,020		111,100
iStar, Inc.		10,692		113,442
Jernigan Capital, Inc.		3,969		43,500
Kite Realty Group Trust		14,343		135,828
Lexington Realty Trust		42,377		420,804
LTC Properties, Inc.		6,951		214,786
Mack-Cali Realty Corp.		15,057		229,318
Monmouth Real Estate Investment Corp.		16,626		200,343
National Health Investors, Inc.		7,454		369,122
National Storage Affiliates Trust		10,375		307,100

Common Stocks (continued)
	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
New Senior Investment Group, Inc.		14,181	$	36,303
NexPoint Residential Trust, Inc.		3,564		89,848
Office Properties Income Trust		8,480		231,080
One Liberty Properties, Inc.		2,540		35,382
Pebblebrook Hotel Trust		22,731		247,541
Pennsylvania REIT		11,236		10,243
Physicians Realty Trust		33,390		465,457
Piedmont Office Realty Trust, Inc., Class A		22,123		390,692
PotlatchDeltic Corp.		11,610		364,438
Preferred Apartment Communities, Inc., Class A		7,652		54,941
PS Business Parks, Inc.		3,516		476,488
QTS Realty Trust, Inc., Class A		10,183		590,716
Retail Opportunity Investments Corp.		20,071		166,389
Retail Value, Inc.		2,496		30,576
Rexford Industrial Realty, Inc.		19,913		816,632
RLJ Lodging Trust		29,311		226,281
RPT Realty		14,298		86,217
Ryman Hospitality Properties, Inc.		8,609		308,633
Sabra Health Care REIT, Inc.		35,472		387,354
Safehold, Inc.		2,161		136,640
Saul Centers, Inc.		2,039		66,757
Seritage Growth Properties, Class A *		5,605		51,062
STAG Industrial, Inc.		26,376		593,988
Summit Hotel Properties, Inc.		17,536		74,002
Sunstone Hotel Investors, Inc.		39,702		345,804
Tanger Factory Outlet Centers, Inc.		16,412		82,060
Terreno Realty Corp.		11,546		597,505
UMH Properties, Inc.		6,134		66,615
Uniti Group, Inc.		33,001		198,996
Universal Health Realty Income Trust		2,313		233,174
Urban Edge Properties		19,944		175,707
Urstadt Biddle Properties, Inc., Class A		5,009		70,627
Washington Prime Group, Inc.		35,386		28,489
Washington REIT		14,694		350,746
Whitestone REIT		6,490		40,238
Xenia Hotels & Resorts, Inc.		20,390		210,017
				17,805,238
Food & Staples Retailing 0.7%
Andersons, Inc. (The)		5,457		102,319
BJ’s Wholesale Club Holdings, Inc. *		19,730		502,523
Chefs’ Warehouse, Inc. (The) *		4,483		45,144
HF Foods Group, Inc. *(a)		4,060		34,063
Ingles Markets, Inc., Class A (a)		2,411		87,182
Natural Grocers by Vitamin Cottage, Inc.		1,316		11,199
Performance Food Group Co. *		20,231		500,110
PriceSmart, Inc.		4,020		211,251
Rite Aid Corp. *(a)		9,527		142,905
SpartanNash Co.		6,081		87,080
United Natural Foods, Inc. *(a)		9,108		83,611
Village Super Market, Inc., Class A		1,765		43,384
Weis Markets, Inc.		1,616		67,323
				1,918,094

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Food Products 1.5%
Alico, Inc.		1,422	$	44,139
B&G Foods, Inc. (a)		10,998		198,954
Bridgford Foods Corp. *		271		6,252
Calavo Growers, Inc. (a)		2,899		167,243
Cal-Maine Foods, Inc. (a)		5,552		244,177
Darling Ingredients, Inc. *		28,770		551,521
Farmer Brothers Co. *		1,871		13,022
Fresh Del Monte Produce, Inc. (a)		5,358		147,934
Freshpet, Inc. *		5,998		383,092
Hostess Brands, Inc. *(a)		21,292		226,973
J&J Snack Foods Corp. (a)		2,666		322,586
John B Sanfilippo & Son, Inc.		1,495		133,653
Lancaster Colony Corp.		3,333		482,085
Landec Corp. *(a)		4,386		38,114
Limoneira Co. (a)		2,649		34,702
Sanderson Farms, Inc. (a)		3,489		430,264
Seneca Foods Corp., Class A *		1,127		44,832
Simply Good Foods Co. (The) *		14,700		283,122
Tootsie Roll Industries, Inc.		2,903		104,409
				3,857,074
Gas Utilities 1.4%
Chesapeake Utilities Corp.		2,799		239,902
New Jersey Resources Corp.		17,335		588,870
Northwest Natural Holding Co.		5,295		326,966
ONE Gas, Inc.		9,213		770,391
RGC Resources, Inc.		1,192		34,485
South Jersey Industries, Inc. (a)		16,267		406,675
Southwest Gas Holdings, Inc.		9,603		667,985
Spire, Inc.		8,714		649,019
				3,684,293
Health Care Equipment & Supplies 4.5%
Accuray, Inc. *		14,650		27,835
Alphatec Holdings, Inc. *		6,620		22,839
AngioDynamics, Inc. *		6,247		65,156
Antares Pharma, Inc. *		27,391		64,643
Apyx Medical Corp. *		5,306		19,048
AtriCure, Inc. *		6,608		221,963
Atrion Corp.		247		160,550
Avanos Medical, Inc. *		8,197		220,745
Axogen, Inc. *		5,744		59,738
Axonics Modulation Technologies, Inc. *(a)		3,317		84,285
BioLife Solutions, Inc. *(a)		1,075		10,212
BioSig Technologies, Inc. *(a)		2,489		10,429
Cardiovascular Systems, Inc. *		6,030		212,316
Cerus Corp. *(a)		28,994		134,822
Conformis, Inc. *(a)		10,282		6,478
CONMED Corp.		4,831		276,671
CryoLife, Inc. *(a)		6,608		111,807
CryoPort, Inc. *(a)		5,337		91,103
Cutera, Inc. *		2,375		31,017
CytoSorbents Corp. *(a)		4,784		36,980
ElectroCore, Inc. *		2,038		1,936
GenMark Diagnostics, Inc. *		9,056		37,311
Glaukos Corp. *(a)		6,749		208,274
Globus Medical, Inc., Class A *		13,370		568,626
Haemonetics Corp. *		8,962		893,153
Heska Corp. *(a)		1,291		71,392
Inogen, Inc. *		3,129		161,644
Integer Holdings Corp. *		5,668		356,290

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies (continued)
IntriCon Corp. *		1,365	$	16,066
Invacare Corp. (a)		6,434		47,805
iRadimed Corp. *(a)		833		17,785
iRhythm Technologies, Inc. *(a)		4,637		377,220
Lantheus Holdings, Inc. *		6,618		84,446
LeMaitre Vascular, Inc.		2,785		69,402
LivaNova plc *		8,523		385,666
Meridian Bioscience, Inc. *		8,204		68,914
Merit Medical Systems, Inc. *(a)		9,320		291,250
Mesa Laboratories, Inc. (a)		717		162,106
Misonix, Inc. *		1,168		11,003
Natus Medical, Inc. *		6,128		141,741
Neogen Corp. *		9,125		611,284
Neuronetics, Inc. *		1,887		3,566
Nevro Corp. *		5,236		523,495
Novocure Ltd. *		15,282		1,029,090
NuVasive, Inc. *		9,082		460,094
OraSure Technologies, Inc. *		11,561		124,396
Orthofix Medical, Inc. *		3,086		86,439
OrthoPediatrics Corp. *		1,905		75,514
Pulse Biosciences, Inc. *(a)		1,727		12,365
Quidel Corp. *		6,319		618,061
Rockwell Medical, Inc. *(a)		12,140		24,887
RTI Surgical Holdings, Inc. *(a)		8,836		15,110
SeaSpine Holdings Corp. *		4,172		34,085
Senseonics Holdings, Inc. *(a)		26,615		16,861
Shockwave Medical, Inc. *(a)		4,572		151,699
SI-BONE, Inc. *		3,085		36,866
Sientra, Inc. *		6,529		12,993
Silk Road Medical, Inc. *(a)		2,972		93,559
Soliton, Inc. *(a)		923		7,476
STAAR Surgical Co. *(a)		7,742		249,757
Surmodics, Inc. *		2,230		74,304
Tactile Systems Technology, Inc. *(a)		3,328		133,652
Tandem Diabetes Care, Inc. *(a)		9,845		633,526
TransEnterix, Inc. *(a)		2,309		812
TransMedics Group, Inc. *(a)		2,412		29,137
Utah Medical Products, Inc.		624		58,687
Vapotherm, Inc. *		2,379		44,797
Varex Imaging Corp. *		6,545		148,637
ViewRay, Inc. *(a)		21,072		52,680
Wright Medical Group NV *		22,195		635,887
Zynex, Inc. *(a)		2,486		27,520
				11,867,903
Health Care Providers & Services 2.4%
1Life Healthcare, Inc. *		3,723		67,573
Addus HomeCare Corp. *		2,148		145,205
Amedisys, Inc. *		5,521		1,013,324
American Renal Associates Holdings, Inc. *		2,984		19,724
AMN Healthcare Services, Inc. *(a)		8,087		467,510
Apollo Medical Holdings, Inc. *(a)		1,862		24,057
Avalon GloboCare Corp. *		3,326		5,155
BioTelemetry, Inc. *(a)		5,884		226,593
Brookdale Senior Living, Inc. *(a)		33,428		104,295
Catasys, Inc. *(a)		1,136		17,301
Community Health Systems, Inc. *(a)		14,592		48,737
CorVel Corp. *		1,517		82,692

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Providers & Services (continued)
Cross Country Healthcare, Inc. *		6,364	$	42,893
Ensign Group, Inc. (The)		8,842		332,548
Enzo Biochem, Inc. *		6,392		16,172
Exagen, Inc. *(a)		561		8,942
Genesis Healthcare, Inc. *		13,528		11,399
Hanger, Inc. *		6,583		102,563
HealthEquity, Inc. *(a)		12,156		614,972
Joint Corp. (The) *(a)		2,099		22,774
LHC Group, Inc. *(a)		5,322		746,144
Magellan Health, Inc. *		3,900		187,629
National HealthCare Corp.		2,135		153,144
National Research Corp.		2,083		94,735
Option Care Health, Inc. *		5,215		49,386
Owens & Minor, Inc. (a)		10,566		96,679
Patterson Cos., Inc. (a)		14,868		227,332
Pennant Group, Inc. (The) *		4,657		65,943
PetIQ, Inc. *		3,361		78,076
Progyny, Inc. *(a)		1,965		41,638
Providence Service Corp. (The) *(a)		2,010		110,309
R1 RCM, Inc. *(a)		18,546		168,583
RadNet, Inc. *		7,585		79,718
Select Medical Holdings Corp. *		19,539		293,085
Surgery Partners, Inc. *(a)		3,940		25,728
Tenet Healthcare Corp. *		17,864		257,242
Tivity Health, Inc. *(a)		8,039		50,565
Triple-S Management Corp., Class B *(a)		3,757		52,974
US Physical Therapy, Inc.		2,239		154,491
				6,307,830
Health Care Technology 1.8%
Allscripts Healthcare Solutions, Inc. *(a)		28,031		197,338
Castlight Health, Inc., Class B *(a)		16,306		11,791
Computer Programs & Systems, Inc.		2,093		46,569
Evolent Health, Inc., Class A *(a)		13,648		74,109
Health Catalyst, Inc. *(a)		3,548		92,780
HealthStream, Inc. *		4,491		107,559
HMS Holdings Corp. *		15,460		390,674
Inovalon Holdings, Inc., Class A *(a)		12,979		216,230
Inspire Medical Systems, Inc. *		2,421		145,938
Livongo Health, Inc. *(a)		9,233		263,418
NextGen Healthcare, Inc. *		10,056		104,985
Omnicell, Inc. *		7,259		476,045
OptimizeRx Corp. *(a)		2,566		23,248
Phreesia, Inc. *		4,950		104,099
Schrodinger, Inc. *		2,645		114,052
Simulations Plus, Inc. (a)		2,011		70,224
Tabula Rasa HealthCare, Inc. *(a)		3,497		182,858
Teladoc Health, Inc. *(a)		12,717		1,971,262
Vocera Communications, Inc. *(a)		5,358		113,804
				4,706,983
Hotels, Restaurants & Leisure 1.8%
BBX Capital Corp.		9,629		22,243
Biglari Holdings, Inc., Class B *		149		7,659
BJ’s Restaurants, Inc. (a)		3,369		46,795
Bloomin’ Brands, Inc.		15,618		111,513
Bluegreen Vacations Corp.		1,093		6,318
Boyd Gaming Corp.		14,423		207,980
Brinker International, Inc. (a)		6,689		80,335

Common Stocks (continued)
	Shares		Value
Hotels, Restaurants & Leisure (continued)
Carrols Restaurant Group, Inc. *(a)		5,398	$	9,824
Century Casinos, Inc. *		4,199		10,120
Cheesecake Factory, Inc. (The) (a)		7,175		122,549
Churchill Downs, Inc.		6,210		639,319
Chuy’s Holdings, Inc. *(a)		2,959		29,797
Cracker Barrel Old Country Store, Inc. (a)		4,242		353,019
Dave & Buster’s Entertainment, Inc. (a)		5,599		73,235
Del Taco Restaurants, Inc. *		4,778		16,389
Denny’s Corp. *		10,346		79,457
Dine Brands Global, Inc. (a)		2,874		82,426
Drive Shack, Inc. *(a)		10,395		15,800
El Pollo Loco Holdings, Inc. *(a)		3,390		28,645
Eldorado Resorts, Inc. *(a)		11,754		169,258
Everi Holdings, Inc. *		12,696		41,897
Fiesta Restaurant Group, Inc. *		3,691		14,875
Golden Entertainment, Inc. *		2,792		18,455
Inspired Entertainment, Inc. *		1,372		4,637
J Alexander’s Holdings, Inc. *		1,877		7,189
Jack in the Box, Inc. (a)		4,048		141,882
Kura Sushi USA, Inc., Class A *(a)		540		6,458
Lindblad Expeditions Holdings, Inc. *		3,695		15,408
Marriott Vacations Worldwide Corp.		7,231		401,899
Monarch Casino & Resort, Inc. *		2,117		59,424
Nathan’s Famous, Inc.		498		30,378
Noodles & Co. *		4,656		21,930
Papa John’s International, Inc. (a)		3,953		210,972
Penn National Gaming, Inc. *		19,550		247,308
PlayAGS, Inc. *		4,299		11,392
Potbelly Corp. *(a)		3,312		10,234
RCI Hospitality Holdings, Inc.		1,532		15,274
Red Lion Hotels Corp. *		3,845		5,614
Red Robin Gourmet Burgers, Inc. *(a)		2,297		19,570
Red Rock Resorts, Inc., Class A		12,582		107,576
Ruth’s Hospitality Group, Inc.		5,090		34,001
Scientific Games Corp. *		10,053		97,514
SeaWorld Entertainment, Inc. *(a)		8,531		94,012
Shake Shack, Inc., Class A *(a)		5,198		196,173
Target Hospitality Corp. *(a)		5,268		10,483
Texas Roadhouse, Inc.		11,532		476,272
Twin River Worldwide Holdings, Inc. (a)		3,184		41,424
Wingstop, Inc.		5,080		404,876
				4,859,808
Household Durables 1.5%
Bassett Furniture Industries, Inc.		1,476		8,044
Beazer Homes USA, Inc. *		4,885		31,459
Casper Sleep, Inc. *(a)		1,942		8,331
Cavco Industries, Inc. *		1,537		222,773
Century Communities, Inc. *		4,877		70,765
Ethan Allen Interiors, Inc.		3,942		40,287
Flexsteel Industries, Inc.		1,117		12,242
GoPro, Inc., Class A *(a)		21,605		56,605
Green Brick Partners, Inc. *		4,118		33,150
Hamilton Beach Brands Holding Co., Class A		961		9,139
Helen of Troy Ltd. *		4,393		632,724

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Household Durables (continued)
Hooker Furniture Corp. (a)		1,969	$	30,736
Installed Building Products, Inc. *		4,019		160,238
iRobot Corp. *(a)		4,945		202,251
KB Home		15,173		274,631
La-Z-Boy, Inc.		8,077		165,982
Legacy Housing Corp. *		1,099		10,166
LGI Homes, Inc. *(a)		3,572		161,276
Lifetime Brands, Inc.		1,965		11,102
Lovesac Co. (The) *(a)		1,379		8,040
M/I Homes, Inc. *		4,851		80,187
MDC Holdings, Inc.		8,906		206,619
Meritage Homes Corp. *		6,423		234,504
Purple Innovation, Inc. *		1,313		7,458
Skyline Champion Corp. *		9,002		141,151
Sonos, Inc. *		14,851		125,936
Taylor Morrison Home Corp. *		23,249		255,739
TopBuild Corp. *		5,936		425,255
TRI Pointe Group, Inc. *		24,641		216,102
Tupperware Brands Corp. (a)		8,458		13,702
Universal Electronics, Inc. *		2,276		87,330
ZAGG, Inc. *(a)		4,751		14,776
				3,958,700
Household Products 0.3%
Central Garden & Pet Co. *		1,847		50,792
Central Garden & Pet Co., Class A *		7,219		184,590
Oil-Dri Corp. of America		1,006		33,641
WD-40 Co. (a)		2,418		485,655
				754,678
Independent Power and Renewable Electricity Producers 0.4%
Atlantic Power Corp. *		16,718		35,776
Clearway Energy, Inc., Class A		6,023		103,415
Clearway Energy, Inc., Class C		14,251		267,919
Ormat Technologies, Inc.		7,007		474,094
Sunnova Energy International, Inc. *		5,568		56,070
TerraForm Power, Inc., Class A		14,286		225,290
				1,162,564
Industrial Conglomerates 0.1%
Raven Industries, Inc.		6,265		133,006
Insurance 2.6%
Ambac Financial Group, Inc. *		8,525		105,198
American Equity Investment Life Holding Co.		15,059		283,109
AMERISAFE, Inc.		2,763		178,131
Argo Group International Holdings Ltd.		5,912		219,099
Benefytt Technologies, Inc., Class A *(a)		1,601		35,846
BRP Group, Inc., Class A *		3,612		38,107
Citizens, Inc. *(a)		8,507		55,466
CNO Financial Group, Inc.		26,644		330,119
Crawford & Co., Class A		2,590		18,648
Donegal Group, Inc., Class A		1,894		28,789
eHealth, Inc. *		3,990		561,872
Employers Holdings, Inc.		4,749		192,382
Enstar Group Ltd. *		2,043		324,939
FBL Financial Group, Inc., Class A		1,781		83,119
FedNat Holding Co.		2,158		24,774
Genworth Financial, Inc., Class A *		88,622		294,225

Common Stocks (continued)
	Shares		Value
Insurance (continued)
Global Indemnity Ltd.		1,618	$	41,259
Goosehead Insurance, Inc., Class A *(a)		2,109		94,125
Greenlight Capital Re Ltd., Class A *(a)		5,065		30,137
Hallmark Financial Services, Inc. *		2,386		9,639
HCI Group, Inc. (a)		1,136		45,724
Heritage Insurance Holdings, Inc.		4,542		48,645
Horace Mann Educators Corp.		6,273		229,529
Independence Holding Co.		852		21,777
Investors Title Co.		252		32,256
James River Group Holdings Ltd.		5,263		190,731
Kinsale Capital Group, Inc.		3,639		380,385
MBIA, Inc. *(a)		13,987		99,867
National General Holdings Corp.		12,185		201,662
National Western Life Group, Inc., Class A		410		70,520
NI Holdings, Inc. *		1,981		26,862
Palomar Holdings, Inc. *		3,317		192,917
ProAssurance Corp.		8,112		202,800
ProSight Global, Inc. *		1,462		14,254
Protective Insurance Corp., Class B		1,489		20,474
RLI Corp. (a)		7,071		621,753
Safety Insurance Group, Inc.		2,625		221,629
Selective Insurance Group, Inc.		10,405		517,128
State Auto Financial Corp.		3,105		86,288
Stewart Information Services Corp.		3,587		95,665
Third Point Reinsurance Ltd. *		14,144		104,807
Tiptree, Inc.		4,212		21,987
Trupanion, Inc. *(a)		5,030		130,931
United Fire Group, Inc.		3,991		130,146
United Insurance Holdings Corp.		3,629		33,532
Universal Insurance Holdings, Inc. (a)		5,141		92,127
Watford Holdings Ltd. *		3,323		48,682
				6,832,061
Interactive Media & Services 0.3%
Cargurus, Inc. *		13,041		246,997
Cars.com, Inc. *		11,645		50,074
DHI Group, Inc. *		8,227		17,770
Eventbrite, Inc., Class A *		6,188		45,172
EverQuote, Inc., Class A *(a)		1,489		39,086
Liberty TripAdvisor Holdings, Inc., Class A *		11,823		21,281
Meet Group, Inc. (The) *(a)		11,088		65,087
QuinStreet, Inc. *		7,836		63,080
Travelzoo*		719		2,826
TrueCar, Inc. *		17,758		42,974
Yelp, Inc. *		11,963		215,693
				810,040
Internet & Direct Marketing Retail 0.4%
1-800-Flowers.com, Inc., Class A *(a)		4,170		55,169
Duluth Holdings, Inc., Class B *(a)		1,769		7,094
Groupon, Inc. *(a)		76,506		74,991
Lands’ End, Inc. *		1,799		9,607
Leaf Group Ltd. *		2,839		3,804
Liquidity Services, Inc. *		4,815		18,682
PetMed Express, Inc.		3,414		98,255
Quotient Technology, Inc. *		13,871		90,162

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Internet & Direct Marketing Retail (continued)
RealReal, Inc. (The) *		9,655	$	67,682
Rubicon Project, Inc. (The) *		8,307		46,104
Shutterstock, Inc.		3,339		107,382
Stamps.com, Inc. *(a)		2,885		375,281
Stitch Fix, Inc., Class A *(a)		7,195		91,376
Waitr Holdings, Inc. *(a)		13,362		16,435
				1,062,024
IT Services 2.3%
Brightcove, Inc. *		6,370		44,399
Cardtronics plc, Class A *(a)		6,399		133,867
Cass Information Systems, Inc.		2,597		91,311
Conduent, Inc. *		29,425		72,091
CSG Systems International, Inc.		5,848		244,739
Endurance International Group Holdings, Inc. *		13,071		25,227
EVERTEC, Inc.		10,805		245,598
Evo Payments, Inc., Class A *		7,338		112,271
Exela Technologies, Inc. *(a)		6,956		1,426
ExlService Holdings, Inc. *		5,847		304,219
GTT Communications, Inc. *(a)		5,408		42,994
Hackett Group, Inc. (The)		4,491		57,126
I3 Verticals, Inc., Class A *(a)		2,681		51,180
Information Services Group, Inc. *		4,839		12,436
International Money Express, Inc. *(a)		3,053		27,874
KBR, Inc.		24,702		510,837
Limelight Networks, Inc. *		19,852		113,156
LiveRamp Holdings, Inc. *		11,743		386,580
ManTech International Corp., Class A		4,721		343,075
MAXIMUS, Inc.		11,164		649,745
NIC, Inc.		11,498		264,454
Paysign, Inc. *(a)		4,789		24,711
Perficient, Inc. *		5,538		150,024
Perspecta, Inc.		24,467		446,278
PRGX Global, Inc. *		3,011		8,431
Priority Technology Holdings, Inc. *		949		1,841
Science Applications International Corp.		10,132		756,151
StarTek, Inc. *		2,593		9,750
Sykes Enterprises, Inc. *		6,875		186,450
TTEC Holdings, Inc.		3,252		119,414
Tucows, Inc., Class A *(a)		1,643		79,291
Unisys Corp. *		8,472		104,629
Verra Mobility Corp. *(a)		22,722		162,235
Virtusa Corp. *		5,169		146,800
				5,930,610
Leisure Products 0.4%
Acushnet Holdings Corp.		6,122		157,458
American Outdoor Brands Corp. *		9,916		82,303
Callaway Golf Co. (a)		16,767		171,359
Clarus Corp.		3,397		33,290
Escalade, Inc.		1,601		9,526
Johnson Outdoors, Inc., Class A		901		56,493
Malibu Boats, Inc., Class A *		3,703		106,609
Marine Products Corp.		1,164		9,405
MasterCraft Boat Holdings, Inc. *		3,118		22,761
Sturm Ruger & Co., Inc. (a)		2,896		147,435
Vista Outdoor, Inc. *		10,591		93,201

Common Stocks (continued)
	Shares		Value
Leisure Products (continued)
YETI Holdings, Inc. *		9,932	$	193,873
				1,083,713
Life Sciences Tools & Services 1.1%
Accelerate Diagnostics, Inc. *(a)		4,425		36,860
ChromaDex Corp. *(a)		6,947		22,647
Codexis, Inc. *(a)		8,954		99,927
Fluidigm Corp. *		11,153		28,329
Luminex Corp.		7,369		202,868
Medpace Holdings, Inc. *		4,823		353,912
NanoString Technologies, Inc. *		6,012		144,589
NeoGenomics, Inc. *(a)		16,756		462,633
Pacific Biosciences of California, Inc. *(a)		24,681		75,524
Personalis, Inc. *		3,912		31,570
Quanterix Corp. *(a)		2,261		41,534
Repligen Corp. *		9,211		889,230
Syneos Health, Inc. *		10,928		430,782
				2,820,405
Machinery 3.5%
Alamo Group, Inc.		1,738		154,300
Albany International Corp., Class A		5,433		257,144
Altra Industrial Motion Corp.		11,517		201,432
Astec Industries, Inc. (a)		3,900		136,383
Barnes Group, Inc.		8,225		344,052
Blue Bird Corp. *		2,490		27,216
Briggs & Stratton Corp. (a)		6,470		11,711
Chart Industries, Inc. *		6,472		187,559
CIRCOR International, Inc. *		3,576		41,589
Columbus McKinnon Corp.		4,239		105,975
Commercial Vehicle Group, Inc. *		5,724		8,643
Douglas Dynamics, Inc.		4,032		143,176
Eastern Co. (The)		838		16,341
Energy Recovery, Inc. *(a)		7,061		52,534
Enerpac Tool Group Corp. (a)		9,727		160,982
EnPro Industries, Inc.		3,732		147,713
ESCO Technologies, Inc.		4,503		341,823
Evoqua Water Technologies Corp. *(a)		13,313		149,239
Federal Signal Corp.		10,550		287,804
Franklin Electric Co., Inc.		8,071		380,386
Gencor Industries, Inc. *		1,310		13,755
Gorman-Rupp Co. (The)		2,999		93,599
Graham Corp.		1,825		23,542
Greenbrier Cos., Inc. (The) (a)		5,897		104,613
Helios Technologies, Inc.		5,083		192,747
Hillenbrand, Inc.		12,856		245,678
Hurco Cos., Inc.		1,080		31,428
Hyster-Yale Materials Handling, Inc.		1,786		71,601
John Bean Technologies Corp. (a)		5,535		411,084
Kadant, Inc.		1,972		147,210
Kennametal, Inc.		14,380		267,756
LB Foster Co., Class A *		1,729		21,370
Lindsay Corp. (a)		1,932		176,933
Luxfer Holdings plc		4,644		65,666
Lydall, Inc. *		2,906		18,773
Manitowoc Co., Inc. (The) *		5,855		49,767
Mayville Engineering Co., Inc. *		1,040		6,375
Meritor, Inc. *		12,616		167,162
Miller Industries, Inc.		1,871		52,912
Mueller Industries, Inc.		9,917		237,413

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Machinery (continued)
Mueller Water Products, Inc., Class A		27,844	$	223,030
Navistar International Corp. *(a)		8,834		145,673
NN, Inc. (a)		7,105		12,292
Omega Flex, Inc.		491		41,440
Park-Ohio Holdings Corp.		1,692		32,046
Proto Labs, Inc. *(a)		4,718		359,181
RBC Bearings, Inc. *		4,297		484,659
REV Group, Inc.		4,408		18,381
Rexnord Corp.		18,578		421,163
Spartan Motors, Inc.		5,918		76,401
SPX Corp. *		7,785		254,102
SPX FLOW, Inc. *		7,577		215,338
Standex International Corp.		2,239		109,756
Tennant Co.		3,185		184,571
Terex Corp. (a)		11,186		160,631
Titan International, Inc.		7,807		12,101
TriMas Corp. *		7,778		179,672
Twin Disc, Inc. *		2,219		15,489
Wabash National Corp.		9,038		65,254
Watts Water Technologies, Inc., Class A		5,067		428,922
Welbilt, Inc. *		23,126		118,636
				9,114,124
Marine 0.1%
Costamare, Inc.		8,752		39,559
Eagle Bulk Shipping, Inc. *(a)		7,115		13,163
Genco Shipping & Trading Ltd.		2,472		15,870
Matson, Inc.		7,497		229,558
Safe Bulkers, Inc. *		7,148		8,506
Scorpio Bulkers, Inc.		8,714		22,047
				328,703
Media 0.7%
Boston Omaha Corp., Class A *		1,631		29,537
Cardlytics, Inc. *		2,567		89,742
Central European Media Enterprises Ltd., Class A *		16,604		51,971
Clear Channel Outdoor Holdings, Inc. *(a)		10,117		6,475
comScore, Inc. *		7,925		22,349
Cumulus Media, Inc., Class A *		2,281		12,363
Daily Journal Corp. *(a)		202		46,117
Emerald Holding, Inc.		4,244		10,992
Entercom Communications Corp., Class A (a)		22,648		38,728
Entravision Communications Corp., Class A		9,619		19,527
EW Scripps Co. (The), Class A		9,389		70,793
Fluent, Inc. *(a)		6,890		8,061
Gannett Co., Inc. (a)		22,027		32,600
Gray Television, Inc. *		15,714		168,768
Hemisphere Media Group, Inc. *		2,947		25,167
Lee Enterprises, Inc. *		8,608		8,462
Liberty Latin America Ltd., Class A *		7,833		82,403
Liberty Latin America Ltd., Class C *		20,201		207,262
Loral Space & Communications, Inc. *		2,213		35,961
Marchex, Inc., Class B *		5,574		8,082
MDC Partners, Inc., Class A *		11,367		16,482

Common Stocks (continued)
	Shares		Value
Media (continued)
Meredith Corp. (a)		6,843	$	83,622
MSG Networks, Inc., Class A *(a)		7,277		74,225
National CineMedia, Inc.		10,428		33,995
Saga Communications, Inc., Class A		572		15,736
Scholastic Corp.		5,223		133,134
TechTarget, Inc. *		3,901		80,400
TEGNA, Inc. (a)		38,273		415,645
Tribune Publishing Co.		2,966		24,054
WideOpenWest, Inc. *		3,744		17,822
				1,870,475
Metals & Mining 1.0%
Allegheny Technologies, Inc. *(a)		22,579		191,921
Carpenter Technology Corp.		8,407		163,937
Century Aluminum Co. *(a)		8,506		30,792
Cleveland-Cliffs, Inc. (a)		69,592		274,887
Coeur Mining, Inc. *		42,672		136,977
Commercial Metals Co.		20,949		330,785
Compass Minerals International, Inc.		6,036		232,205
Gold Resource Corp.		10,281		28,273
Haynes International, Inc.		2,104		43,363
Hecla Mining Co. (a)		92,322		168,026
Kaiser Aluminum Corp.		2,771		191,975
Materion Corp.		3,634		127,226
Novagold Resources, Inc. *		40,931		302,071
Olympic Steel, Inc.		1,562		16,167
Ramaco Resources, Inc. *		724		1,730
Ryerson Holding Corp. *		2,740		14,577
Schnitzer Steel Industries, Inc., Class A		4,476		58,367
SunCoke Energy, Inc.		12,468		48,002
Synalloy Corp. *		1,236		10,790
TimkenSteel Corp. *		6,643		21,457
Warrior Met Coal, Inc.		8,778		93,222
Worthington Industries, Inc.		6,897		181,046
				2,667,796
Mortgage Real Estate Investment Trusts (REITs) 0.7%
AG Mortgage Investment Trust, Inc.		5,367		14,706
Anworth Mortgage Asset Corp.		16,803		18,987
Apollo Commercial Real Estate Finance, Inc.		27,638		205,074
Ares Commercial Real Estate Corp.		5,738		40,109
Arlington Asset Investment Corp., Class A		6,231		13,646
ARMOUR Residential REIT, Inc.		10,085		88,849
Blackstone Mortgage Trust, Inc., Class A		22,192		413,215
Capstead Mortgage Corp.		15,838		66,520
Cherry Hill Mortgage Investment Corp.		2,567		15,915
Colony Credit Real Estate, Inc.		14,787		58,261
Dynex Capital, Inc.		4,071		42,501
Ellington Financial, Inc.		6,562		37,469
Exantas Capital Corp.		4,917		13,571
Granite Point Mortgage Trust, Inc.		9,077		46,020
Great Ajax Corp.		2,994		19,042
Invesco Mortgage Capital, Inc.		28,710		97,901
KKR Real Estate Finance Trust, Inc.		3,749		56,272

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Ladder Capital Corp.		17,471	$	82,813
New York Mortgage Trust, Inc.		65,411		101,387
Orchid Island Capital, Inc.		10,725		31,639
PennyMac Mortgage Investment Trust		17,116		181,772
Ready Capital Corp.		5,366		38,742
Redwood Trust, Inc.		20,142		101,919
TPG RE Finance Trust, Inc.		8,288		45,501
Western Asset Mortgage Capital Corp.		8,804		20,161
				1,851,992
Multiline Retail 0.1%
Big Lots, Inc. (a)		7,030		99,967
Dillard’s, Inc., Class A (a)		1,738		64,219
JC Penney Co., Inc. *(a)		53,101		19,116
				183,302
Multi-Utilities 0.7%
Avista Corp.		11,716		497,813
Black Hills Corp.		10,803		691,716
NorthWestern Corp.		8,871		530,752
Unitil Corp.		2,507		131,166
				1,851,447
Oil, Gas & Consumable Fuels 1.2%
Abraxas Petroleum Corp. *(a)		28,141		3,405
Altus Midstream Co. *(a)		8,100		6,075
Amplify Energy Corp.		2,252		1,274
Arch Coal, Inc., Class A (a)		2,760		79,764
Ardmore Shipping Corp.		5,585		29,321
Berry Corp.		11,954		28,809
Bonanza Creek Energy, Inc. *		3,401		38,261
Brigham Minerals, Inc., Class A		6,113		50,555
California Resources Corp. *(a)		9,310		9,310
Callon Petroleum Co. *(a)		71,731		39,301
Chaparral Energy, Inc., Class A *(a)		4,992		2,346
Clean Energy Fuels Corp. *		25,767		45,865
CNX Resources Corp. *(a)		33,160		176,411
Comstock Resources, Inc. *(a)		2,430		13,098
CONSOL Energy, Inc. *(a)		4,452		16,428
Contura Energy, Inc. *		3,058		7,186
CVR Energy, Inc. (a)		5,371		88,783
Delek US Holdings, Inc. (a)		12,808		201,854
Denbury Resources, Inc. *(a)		81,602		15,064
DHT Holdings, Inc.		19,708		151,160
Diamond S Shipping, Inc. *		5,137		60,668
Dorian LPG Ltd. *		4,886		42,557
Earthstone Energy, Inc., Class A *		3,350		5,896
Energy Fuels, Inc. *(a)		14,091		16,627
Evolution Petroleum Corp.		4,547		11,868
Extraction Oil & Gas, Inc. *(a)		13,695		5,779
Falcon Minerals Corp. (a)		6,024		12,952
GasLog Ltd. (a)		6,853		24,808
Golar LNG Ltd. (a)		17,080		134,590
Goodrich Petroleum Corp. *		1,267		5,398
Green Plains, Inc. (a)		6,050		29,343
Gulfport Energy Corp. *(a)		27,128		12,064
Hallador Energy Co. (a)		3,562		3,380
HighPoint Resources Corp. *(a)		19,423		3,690
International Seaways, Inc.		4,271		102,034
Laredo Petroleum, Inc. *		30,559		11,606

Common Stocks (continued)
	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Magnolia Oil & Gas Corp., Class A *(a)		17,336	$	69,344
Matador Resources Co. *(a)		20,658		51,232
Montage Resources Corp. *(a)		3,467		7,801
NACCO Industries, Inc., Class A		590		16,508
NextDecade Corp. *		2,175		4,089
Nordic American Tankers Ltd. (a)		23,597		106,894
Northern Oil and Gas, Inc. *(a)		49,782		33,011
Oasis Petroleum, Inc. *(a)		54,319		19,012
Overseas Shipholding Group, Inc., Class A *		12,144		27,567
Panhandle Oil and Gas, Inc., Class A (a)		2,912		10,745
Par Pacific Holdings, Inc. *		6,040		42,884
PDC Energy, Inc. *(a)		18,144		112,674
Peabody Energy Corp. (a)		11,706		33,947
Penn Virginia Corp. *		2,512		7,762
PrimeEnergy Resources Corp. *		81		5,994
QEP Resources, Inc.		40,526		13,556
Renewable Energy Group, Inc. *(a)		6,617		135,847
REX American Resources Corp. *		932		43,347
Ring Energy, Inc. *(a)		10,366		6,828
Rosehill Resources, Inc. *		1,996		818
SandRidge Energy, Inc. *(a)		4,659		4,189
Scorpio Tankers, Inc. (a)		7,567		144,681
SFL Corp. Ltd. (a)		14,394		136,311
SilverBow Resources, Inc. *(a)		1,010		2,495
SM Energy Co.		21,106		25,749
Southwestern Energy Co. *(a)		98,156		165,884
Talos Energy, Inc. *		3,409		19,602
Teekay Corp. *(a)		12,241		38,682
Teekay Tankers Ltd., Class A *(a)		4,289		95,387
Tellurian, Inc. *(a)		16,269		14,706
Unit Corp. *(a)		8,844		2,300
Uranium Energy Corp. *		27,069		15,159
W&T Offshore, Inc. *		15,841		26,930
Whiting Petroleum Corp. *(a)		15,410		10,331
World Fuel Services Corp.		11,267		283,703
				3,223,499
Paper & Forest Products 0.4%
Boise Cascade Co.		6,973		165,818
Clearwater Paper Corp. *(a)		2,707		59,040
Louisiana-Pacific Corp.		19,976		343,188
Neenah, Inc.		2,862		123,438
PH Glatfelter Co.		7,376		90,135
Schweitzer-Mauduit International, Inc.		5,520		153,566
Verso Corp., Class A *		5,905		66,608
				1,001,793
Personal Products 0.3%
BellRing Brands, Inc., Class A *		7,235		123,357
Edgewell Personal Care Co. *		9,478		228,230
elf Beauty, Inc. *		4,867		47,891
Inter Parfums, Inc.		3,162		146,559
Lifevantage Corp. *		2,228		22,948
Medifast, Inc. (a)		1,891		118,187
Nature’s Sunshine Products, Inc. *		1,586		12,894
Revlon, Inc., Class A *(a)		1,213		13,258
USANA Health Sciences, Inc. *(a)		2,210		127,650
Youngevity International, Inc. *(a)		1,318		923
				841,897

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Pharmaceuticals 1.9%
AcelRx Pharmaceuticals, Inc. *(a)		12,634	$	14,908
Acer Therapeutics, Inc. *(a)		1,523		3,031
Aclaris Therapeutics, Inc. *(a)		4,528		4,709
Aerie Pharmaceuticals, Inc. *(a)		7,230		97,605
Akorn, Inc. *		16,678		9,360
Amneal Pharmaceuticals, Inc. *(a)		20,023		69,680
Amphastar Pharmaceuticals, Inc. *		6,077		90,183
ANI Pharmaceuticals, Inc. *		1,548		63,065
Arvinas, Inc. *		3,799		153,100
Assertio Therapeutics, Inc. *		11,120		7,228
Axsome Therapeutics, Inc. *		4,723		277,854
Baudax Bio, Inc. *(a)		1,114		2,763
BioDelivery Sciences International, Inc. *		14,889		56,429
Cara Therapeutics, Inc. *(a)		6,744		89,088
cbdMD, Inc. *(a)		1,515		1,409
Cerecor, Inc. *(a)		3,418		8,477
Chiasma, Inc. *(a)		5,497		20,064
Collegium Pharmaceutical, Inc. *(a)		5,889		96,167
Corcept Therapeutics, Inc. *(a)		17,144		203,842
CorMedix, Inc. *(a)		3,785		13,588
Cymabay Therapeutics, Inc. *		11,147		16,498
Eloxx Pharmaceuticals, Inc. *(a)		4,261		8,352
Endo International plc *(a)		40,423		149,565
Evofem Biosciences, Inc. *		2,229		11,858
Evolus, Inc. *(a)		3,129		12,985
EyePoint Pharmaceuticals, Inc. *(a)		9,862		10,059
Fulcrum Therapeutics, Inc. *(a)		2,492		29,754
Innoviva, Inc. *		10,889		128,055
Intersect ENT, Inc. *		5,697		67,509
Intra-Cellular Therapies, Inc. *		9,485		145,784
Kala Pharmaceuticals, Inc. *(a)		3,901		34,290
Kaleido Biosciences, Inc. *(a)		1,924		11,833
Lannett Co., Inc. *(a)		5,315		36,939
Liquidia Technologies, Inc. *		2,154		10,145
Mallinckrodt plc *(a)		13,605		26,938
Marinus Pharmaceuticals, Inc. *		17,154		34,823
Menlo Therapeutics, Inc. *		9,535		25,554
MyoKardia, Inc. *(a)		7,858		368,383
NGM Biopharmaceuticals, Inc. *		4,135		50,985
Ocular Therapeutix, Inc. *		6,820		33,759
Odonate Therapeutics, Inc. *		1,809		49,946
Omeros Corp. *(a)		9,276		124,020
Optinose, Inc. *(a)		4,041		18,144
Osmotica Pharmaceuticals plc *		1,598		5,082
Pacira BioSciences, Inc. *		7,162		240,142
Paratek Pharmaceuticals, Inc. *		4,717		14,859
Phathom Pharmaceuticals, Inc. *		1,822		47,044
Phibro Animal Health Corp., Class A		3,727		90,082
Prestige Consumer Healthcare, Inc. *		8,900		326,452
Reata Pharmaceuticals, Inc., Class A *(a)		3,984		575,051
Recro Pharma, Inc. *		3,324		27,157
resTORbio, Inc. *		2,412		2,484
Revance Therapeutics, Inc. *(a)		9,266		137,137
Satsuma Pharmaceuticals, Inc. *		749		16,118
SIGA Technologies, Inc. *		8,870		42,399
Strongbridge Biopharma plc *		5,778		10,920
Supernus Pharmaceuticals, Inc. *		8,703		156,567

Common Stocks (continued)
	Shares		Value
Pharmaceuticals (continued)
TherapeuticsMD, Inc. *(a)		37,504	$	39,754
Theravance Biopharma, Inc. *		8,810		203,599
Tricida, Inc. *		3,993		87,846
Verrica Pharmaceuticals, Inc. *(a)		2,273		24,844
WaVe Life Sciences Ltd. *(a)		4,424		41,453
Xeris Pharmaceuticals, Inc. *		4,313		8,410
Zogenix, Inc. *		7,707		190,594
Zynerba Pharmaceuticals, Inc. *(a)		4,473		17,132
				4,993,854
Professional Services 1.5%
Acacia Research Corp. *		7,232		16,055
ASGN, Inc. *		8,948		316,043
Barrett Business Services, Inc.		1,222		48,440
BG Staffing, Inc.		1,650		12,342
CBIZ, Inc. *(a)		9,134		191,083
CRA International, Inc.		1,433		47,877
Exponent, Inc.		9,139		657,186
Forrester Research, Inc. *		1,821		53,228
Franklin Covey Co. *		1,607		24,973
FTI Consulting, Inc. *		6,551		784,613
GP Strategies Corp. *		2,243		14,602
Heidrick & Struggles International, Inc.		3,214		72,315
Huron Consulting Group, Inc. *		4,039		183,209
ICF International, Inc.		3,229		221,832
InnerWorkings, Inc. *		7,476		8,747
Insperity, Inc.		6,475		241,518
Kelly Services, Inc., Class A		6,034		76,571
Kforce, Inc.		3,638		93,024
Korn Ferry		9,859		239,771
Mistras Group, Inc. *		3,322		14,152
Resources Connection, Inc.		5,029		55,168
TriNet Group, Inc. *		7,787		293,258
TrueBlue, Inc. *		7,151		91,247
Upwork, Inc. *(a)		9,649		62,236
Willdan Group, Inc. *(a)		1,679		35,880
				3,855,370
Real Estate Management & Development 0.6%
Altisource Portfolio Solutions SA *		1,085		8,322
American Realty Investors, Inc. *		423		3,908
Consolidated-Tomoka Land Co.		807		36,581
Cushman & Wakefield plc *		19,564		229,681
eXp World Holdings, Inc. *(a)		3,494		29,559
Forestar Group, Inc. *		3,097		32,054
FRP Holdings, Inc. *		1,232		52,976
Griffin Industrial Realty, Inc.		155		5,068
Kennedy-Wilson Holdings, Inc.		21,630		290,275
Marcus & Millichap, Inc. *		4,016		108,834
Maui Land & Pineapple Co., Inc. *		983		10,744
Newmark Group, Inc., Class A		25,730		109,352
Rafael Holdings, Inc., Class B *		1,686		21,598
RE/MAX Holdings, Inc., Class A		2,979		65,300
Realogy Holdings Corp. (a)		20,457		61,576
Redfin Corp. *(a)		15,992		246,597
RMR Group, Inc. (The), Class A		2,869		77,377
St Joe Co. (The) *(a)		5,749		96,468
Stratus Properties, Inc. *		994		17,584
Tejon Ranch Co. *		3,556		49,997

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Real Estate Management & Development (continued)
Transcontinental Realty Investors, Inc. *(a)		231	$	4,738
				1,558,589
Road & Rail 0.5%
ArcBest Corp.		4,652		81,503
Avis Budget Group, Inc. *		10,271		142,767
Covenant Transportation Group, Inc., Class A *		1,917		16,620
Daseke, Inc. *		7,821		10,949
Heartland Express, Inc.		8,072		149,897
Hertz Global Holdings, Inc. *(a)		18,251		112,791
Marten Transport Ltd.		6,799		139,515
PAM Transportation Services, Inc. *		334		10,271
Roadrunner Transportation Systems, Inc. *(a)		700		1,785
Saia, Inc. *		4,525		332,769
Universal Logistics Holdings, Inc.		1,585		20,764
US Xpress Enterprises, Inc., Class A *(a)		3,228		10,782
Werner Enterprises, Inc.		8,000		290,080
YRC Worldwide, Inc. *(a)		4,786		8,040
				1,328,533
Semiconductors & Semiconductor Equipment 3.2%
Adesto Technologies Corp. *(a)		4,687		52,448
Advanced Energy Industries, Inc. *		6,606		320,325
Alpha & Omega Semiconductor Ltd. *		3,600		23,076
Ambarella, Inc. *		5,647		274,218
Amkor Technology, Inc. *		17,625		137,299
Axcelis Technologies, Inc. *		5,921		108,414
AXT, Inc. *		6,522		20,936
Brooks Automation, Inc.		12,653		385,916
Cabot Microelectronics Corp.		5,066		578,233
CEVA, Inc. *		3,708		92,440
Cirrus Logic, Inc. *		10,234		671,657
Cohu, Inc.		7,321		90,634
Diodes, Inc. *		7,324		297,611
DSP Group, Inc. *		3,736		50,062
Enphase Energy, Inc. *		16,041		517,964
FormFactor, Inc. *		13,167		264,525
GSI Technology, Inc. *		2,388		16,620
Ichor Holdings Ltd. *		3,924		75,184
Impinj, Inc. *(a)		2,843		47,507
Inphi Corp. *		7,896		625,126
Lattice Semiconductor Corp. *		22,440		399,881
MACOM Technology Solutions Holdings, Inc. *(a)		8,280		156,740
MaxLinear, Inc. *		11,323		132,139
NeoPhotonics Corp. *		7,013		50,844
NVE Corp.		875		45,526
Onto Innovation, Inc. *(a)		8,310		246,558
PDF Solutions, Inc. *		5,399		63,276
Photronics, Inc. *		10,326		105,945
Power Integrations, Inc. (a)		5,003		441,915
Rambus, Inc. *		19,452		215,917
Semtech Corp. *		11,592		434,700
Silicon Laboratories, Inc. *		7,556		645,358
SiTime Corp. *		967		21,052
SMART Global Holdings, Inc. *		2,264		55,015
SunPower Corp. *(a)		13,467		68,278

Common Stocks (continued)
	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Synaptics, Inc. *		6,009	$	347,741
Ultra Clean Holdings, Inc. *		7,171		98,960
Veeco Instruments, Inc. *		8,844		84,637
Xperi Corp.		8,936		124,300
				8,388,977
Software 5.0%
8x8, Inc. *(a)		17,096		236,951
A10 Networks, Inc. *		9,322		57,890
ACI Worldwide, Inc. *		20,219		488,289
Agilysys, Inc. *		3,832		63,994
Alarm.com Holdings, Inc. *(a)		6,401		249,063
Altair Engineering, Inc., Class A *		7,141		189,236
American Software, Inc., Class A		5,525		78,510
Appfolio, Inc., Class A *(a)		2,784		308,885
Appian Corp. *(a)		6,084		244,759
Avaya Holdings Corp. *(a)		17,322		140,135
Benefitfocus, Inc. *		5,018		44,710
Blackbaud, Inc.		8,561		475,564
Blackline, Inc. *(a)		7,544		396,890
Bottomline Technologies DE, Inc. *		7,732		283,378
Box, Inc., Class A *		25,787		362,049
ChannelAdvisor Corp. *		4,957		35,988
Cloudera, Inc. *(a)		43,036		338,693
CommVault Systems, Inc. *(a)		7,399		299,512
Cornerstone OnDemand, Inc. *		9,897		314,230
Digimarc Corp. *		1,985		25,904
Digital Turbine, Inc. *		13,289		57,276
Domo, Inc., Class B *(a)		2,964		29,462
Ebix, Inc. (a)		4,353		66,079
eGain Corp. *		3,388		24,834
Envestnet, Inc. *		8,452		454,549
Everbridge, Inc. *(a)		5,841		621,249
Five9, Inc. *		10,513		803,824
ForeScout Technologies, Inc. *(a)		7,601		240,116
GTY Technology Holdings, Inc. *(a)		6,324		28,584
Ideanomics, Inc. *(a)		30,614		41,023
Intelligent Systems Corp. *(a)		1,095		37,219
J2 Global, Inc. (a)		8,221		615,342
LivePerson, Inc. *(a)		11,103		252,593
Majesco *		1,044		5,700
MicroStrategy, Inc., Class A *		1,412		166,757
Mitek Systems, Inc. *		4,713		37,138
MobileIron, Inc. *		16,751		63,654
Model N, Inc. *		5,898		130,995
OneSpan, Inc. *		6,008		109,045
Phunware, Inc. *(a)		4,454		3,006
Ping Identity Holding Corp. *(a)		2,333		46,707
Progress Software Corp.		7,924		253,568
PROS Holdings, Inc. *		5,882		182,518
Q2 Holdings, Inc. *(a)		7,649		451,750
QAD, Inc., Class A		2,142		85,530
Qualys, Inc. *(a)		5,912		514,285
Rapid7, Inc. *(a)		8,646		374,631
Rimini Street, Inc. *		3,153		12,896
Rosetta Stone, Inc. *		3,712		52,042
SailPoint Technologies Holding, Inc. *(a)		15,347		233,581
SecureWorks Corp., Class A *		1,334		15,354
SharpSpring, Inc. *(a)		1,732		10,496
ShotSpotter, Inc. *(a)		1,342		36,878

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Software (continued)
Sprout Social, Inc., Class A *		1,956	$	31,218
SPS Commerce, Inc. *		6,214		289,013
SVMK, Inc. *		15,584		210,540
Synchronoss Technologies, Inc. *		6,150		18,758
Telaria, Inc. *		8,195		49,170
Telenav, Inc. *		6,587		28,456
Tenable Holdings, Inc. *		6,493		141,937
TiVo Corp.		22,461		159,024
Upland Software, Inc. *(a)		4,111		110,257
Varonis Systems, Inc. *		5,301		337,515
Verint Systems, Inc. *		11,648		500,864
VirnetX Holding Corp. *		10,388		56,822
Workiva, Inc. *		6,571		212,440
Yext, Inc. *(a)		17,117		174,422
Zix Corp. *(a)		9,871		42,544
Zuora, Inc., Class A *(a)		15,301		123,173
				13,179,464
Specialty Retail 1.6%
Aaron’s, Inc. (a)		12,052		274,545
Abercrombie & Fitch Co., Class A (a)		10,782		98,008
American Eagle Outfitters, Inc.		27,705		220,255
America’s Car-Mart, Inc. *		1,118		62,999
Asbury Automotive Group, Inc. *		3,424		189,108
Ascena Retail Group, Inc. *(a)		1,360		1,890
At Home Group, Inc. *(a)		7,925		16,008
Barnes & Noble Education, Inc. *		8,280		11,261
Bed Bath & Beyond, Inc. (a)		21,838		91,938
Boot Barn Holdings, Inc. *(a)		5,089		65,801
Buckle, Inc. (The) (a)		4,903		67,220
Caleres, Inc. (a)		6,542		34,018
Camping World Holdings, Inc., Class A (a)		6,198		35,267
Cato Corp. (The), Class A		3,795		40,493
Chico’s FAS, Inc. (a)		22,008		28,390
Children’s Place, Inc. (The) (a)		2,747		53,731
Citi Trends, Inc.		1,925		17,133
Conn’s, Inc. *(a)		3,386		14,153
Container Store Group, Inc. (The) *(a)		2,328		5,494
Designer Brands, Inc., Class A (a)		10,389		51,737
Express, Inc. *(a)		12,256		18,261
GameStop Corp., Class A *(a)		12,958		45,353
Genesco, Inc. *(a)		2,626		35,031
GNC Holdings, Inc., Class A *(a)		15,898		7,442
Group 1 Automotive, Inc.		3,146		139,242
Guess?, Inc.		8,169		55,304
Haverty Furniture Cos., Inc.		2,886		34,315
Hibbett Sports, Inc. *(a)		2,948		32,236
Hudson Ltd., Class A *		6,944		34,859
J. Jill, Inc. *(a)		2,702		1,493
Lithia Motors, Inc., Class A (a)		3,985		325,933
Lumber Liquidators Holdings, Inc. *(a)		5,580		26,170
MarineMax, Inc. *		3,572		37,220
Michaels Cos., Inc. (The) *		14,705		23,822
Monro, Inc. (a)		5,679		248,797
Murphy USA, Inc. *		5,105		430,658
National Vision Holdings, Inc. *(a)		13,936		270,637
Office Depot, Inc.		97,671		160,180

Common Stocks (continued)
	Shares		Value
Specialty Retail (continued)
Party City Holdco, Inc. *(a)		8,674	$	3,975
Rent-A-Center, Inc.		8,830		124,856
Restoration Hardware Holdings, Inc. *(a)		2,946		295,985
RTW RetailWinds, Inc. *(a)		4,242		891
Sally Beauty Holdings, Inc. *(a)		20,828		168,290
Shoe Carnival, Inc. (a)		1,667		34,624
Signet Jewelers Ltd. (a)		9,288		59,908
Sleep Number Corp. *(a)		4,870		93,309
Sonic Automotive, Inc., Class A (a)		4,331		57,516
Sportsman’s Warehouse Holdings, Inc. *		7,467		45,997
Tailored Brands, Inc. (a)		7,720		13,433
Tilly’s, Inc., Class A		4,152		17,148
Winmark Corp.		420		53,516
Zumiez, Inc. *		3,627		62,820
				4,338,670
Technology Hardware, Storage & Peripherals 0.2%
3D Systems Corp. *(a)		19,905		153,467
AstroNova, Inc.		1,077		8,357
Avid Technology, Inc. *(a)		4,446		29,922
Diebold Nixdorf, Inc. *(a)		13,007		45,785
Immersion Corp. *(a)		5,051		27,073
Sonim Technologies, Inc. *		591		414
Stratasys Ltd. *(a)		9,083		144,874
				409,892
Textiles, Apparel & Luxury Goods 0.7%
Centric Brands, Inc. *		2,498		2,798
Crocs, Inc. *		12,306		209,079
Culp, Inc.		1,609		11,842
Deckers Outdoor Corp. *		4,920		659,280
Delta Apparel, Inc. *		986		10,264
Fossil Group, Inc. *(a)		7,624		25,083
G-III Apparel Group Ltd. *		7,678		59,121
Kontoor Brands, Inc. (a)		7,902		151,481
Movado Group, Inc.		2,805		33,155
Oxford Industries, Inc. (a)		2,884		104,574
Rocky Brands, Inc.		1,288		24,923
Steven Madden Ltd.		14,654		340,412
Superior Group of Cos., Inc.		1,709		14,458
Unifi, Inc. *		2,599		30,018
Vera Bradley, Inc. *(a)		3,373		13,897
Vince Holding Corp. *		496		1,925
Wolverine World Wide, Inc.		14,060		213,712
				1,906,022
Thrifts & Mortgage Finance 1.8%
Axos Financial, Inc. *(a)		10,276		186,304
Bridgewater Bancshares, Inc. *		3,935		38,366
Capitol Federal Financial, Inc.		23,697		275,122
Columbia Financial, Inc. *		9,709		139,810
ESSA Bancorp, Inc.		1,831		24,993
Essent Group Ltd.		16,833		443,381
Federal Agricultural Mortgage Corp., Class C		1,660		92,346
First Defiance Financial Corp.		6,439		94,911
Flagstar Bancorp, Inc.		6,198		122,906
FS Bancorp, Inc.		664		23,904
Greene County Bancorp, Inc.		449		10,489
Hingham Institution for Savings		239		34,653
Home Bancorp, Inc.		1,320		32,234

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Value
Thrifts & Mortgage Finance (continued)
HomeStreet, Inc.		3,111	$	69,158
Kearny Financial Corp.		14,080		120,947
Luther Burbank Corp.		3,310		30,353
Merchants Bancorp		1,541		23,392
Meridian Bancorp, Inc.		8,430		94,585
Meta Financial Group, Inc. (a)		5,980		129,886
MMA Capital Holdings, Inc. *		767		18,968
Mr. Cooper Group, Inc. *(a)		13,686		100,318
NMI Holdings, Inc., Class A *		11,703		135,872
Northfield Bancorp, Inc.		7,669		85,816
Northwest Bancshares, Inc.		17,840		206,409
OceanFirst Financial Corp.		10,083		160,421
Ocwen Financial Corp. *		21,743		10,871
OP Bancorp		2,329		17,374
PCSB Financial Corp.		3,228		45,160
PDL Community Bancorp *		1,297		13,320
PennyMac Financial Services, Inc.		3,057		67,590
Pioneer Bancorp, Inc. *		1,772		18,393
Provident Bancorp, Inc. *		1,307		11,266
Provident Financial Holdings, Inc.		897		13,661
Provident Financial Services, Inc.		10,849		139,518
Prudential Bancorp, Inc.		1,380		20,424
Radian Group, Inc.		35,632		461,434
Riverview Bancorp, Inc.		3,602		18,046
Southern Missouri Bancorp, Inc.		1,294		31,405
Sterling Bancorp, Inc.		2,706		11,636
Territorial Bancorp, Inc.		1,331		32,676
Timberland Bancorp, Inc.		1,248		22,826
TrustCo Bank Corp.		15,360		83,098
Velocity Financial, Inc. *		1,333		10,037
Walker & Dunlop, Inc.		4,953		199,457
Washington Federal, Inc.		13,962		362,454
Waterstone Financial, Inc.		4,538		65,983
Western New England Bancorp, Inc.		4,014		27,135
WSFS Financial Corp.		9,030		225,028
				4,604,336
Tobacco 0.2%
22nd Century Group, Inc. *(a)		17,151		12,863
Pyxus International, Inc. *(a)		1,248		3,881
Turning Point Brands, Inc.		1,359		28,689
Universal Corp. (a)		4,252		187,981
Vector Group Ltd.		19,782		186,346
				419,760
Trading Companies & Distributors 1.1%
Applied Industrial Technologies, Inc.		6,738		308,061
Beacon Roofing Supply, Inc. *		9,719		160,752
BlueLinx Holdings, Inc. *(a)		1,310		6,484
BMC Stock Holdings, Inc. *		11,794		209,108
CAI International, Inc. *		2,717		38,418
DXP Enterprises, Inc. *		2,754		33,764
EVI Industries, Inc. *(a)		725		11,440
Foundation Building Materials, Inc. *		3,446		35,459
GATX Corp. (a)		6,151		384,807
General Finance Corp. *		2,166		13,516
GMS, Inc. *		7,178		112,910
H&E Equipment Services, Inc.		5,501		80,755
Herc Holdings, Inc. *		4,439		90,822
Kaman Corp.		4,857		186,849

Common Stocks (continued)
	Shares		Value
Trading Companies & Distributors (continued)
Lawson Products, Inc. *		707	$	18,891
MRC Global, Inc. *(a)		14,536		61,923
NOW, Inc. *		19,030		98,195
Rush Enterprises, Inc., Class A		4,886		155,961
Rush Enterprises, Inc., Class B		785		23,950
SiteOne Landscape Supply, Inc. *		7,158		526,972
Systemax, Inc.		2,146		38,049
Textainer Group Holdings Ltd. *		9,227		75,846
Titan Machinery, Inc. *		3,208		27,878
Transcat, Inc. *		1,170		31,005
Triton International Ltd.		9,429		243,928
Veritiv Corp. *		2,132		16,758
Willis Lease Finance Corp. *		498		13,247
				3,005,748
Water Utilities 0.6%
American States Water Co.		6,461		528,122
Artesian Resources Corp., Class A		1,355		50,650
Cadiz, Inc. *(a)		2,305		26,899
California Water Service Group		8,498		427,619
Consolidated Water Co. Ltd.		2,443		40,065
Global Water Resources, Inc.		2,176		22,174
Middlesex Water Co.		3,001		180,420
Pure Cycle Corp. *		3,989		44,477
SJW Group (a)		4,628		267,360
York Water Co. (The)		2,187		95,047
				1,682,833
Wireless Telecommunication Services 0.2%
Boingo Wireless, Inc. *(a)		8,066		85,580
Gogo, Inc. *(a)		9,808		20,793
Shenandoah Telecommunications Co.		8,463		416,803
Spok Holdings, Inc.		2,885		30,841
				554,017
Total Common Stocks (cost $307,465,443)				255,502,709
Rights 0.0%†
	Number of Rights		Value
Biotechnology 0.0%†
Oncternal Therapeutics, Inc., CVR *¥		97		199
Chemicals 0.0%†
A Schulman, Inc., CVR *¥		3,948		1,709
Pharmaceuticals 0.0%†
Corium International, Inc., CVR *^¥(a)		3,946		0
Total Rights (cost $–)				1,908

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Repurchase Agreements 10.5%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $12,622,621, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $12,875,070. (b)	$	12,622,617	$	12,622,617
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $5,000,002, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $5,100,001. (b)		5,000,000		5,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $10,000,039, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $10,200,002. (b)		10,000,000		10,000,000
Total Repurchase Agreements (cost $27,622,617)				27,622,617
Total Investments (cost $335,088,060) — 107.6%				283,127,234
Liabilities in excess of other assets — (7.6)%				(20,009,607)
NET ASSETS — 100.0%			$	263,117,627

* Denotes a non-income producing security.

^ Value determined using significant unobservable inputs.

¥ Fair valued security.

† Amount rounds to less than 0.1%.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $52,313,336, which was collateralized by cash used to purchase repurchase agreements with a total value of $27,622,617 and by $27,319,491 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $54,942,108.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $27,622,617.

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Futures contracts outstanding as of March 31, 2020:

Description	Number of     Contracts		Expiration         Date	Trading Currency		Notional     Amount ($)	Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 E-Mini Index		132	6/2020		USD	7,574,160	80,780
							80,780

At March 31, 2020, the Fund had $918,400 segregated as collateral with the broker for open futures contracts.

Currency:

USD United States Dollar

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks
Aerospace & Defense	$	3,554,009	$	–	$	–	$	3,554,009
Air Freight & Logistics		905,276		–		–		905,276
Airlines		684,027		–		–		684,027
Auto Components		2,166,911		–		–		2,166,911
Automobiles		154,346		–		–		154,346
Banks		23,210,963		–		–		23,210,963
Beverages		922,538		–		–		922,538
Biotechnology		23,759,487		–		–		23,759,487
Building Products		3,972,121		–		–		3,972,121
Capital Markets		3,897,304		–		–		3,897,304
Chemicals		4,336,094		–		–		4,336,094
Commercial Services & Supplies		6,679,769		–		–		6,679,769
Communications Equipment		3,352,856		–		–		3,352,856
Construction & Engineering		2,727,435		–		–		2,727,435
Construction Materials		405,224		–		–		405,224
Consumer Finance		1,541,403		–		–		1,541,403
Containers & Packaging		291,410		–		–		291,410
Distributors		266,488		–		–		266,488
Diversified Consumer Services		2,359,512		–		–		2,359,512
Diversified Financial Services		790,328		–		–		790,328

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

	Level 1		Level 2		Level 3		Total
Assets: (continued)
Common Stocks (continued)
Diversified Telecommunication Services	$	1,961,220	$	–	$	–	$	1,961,220
Electric Utilities		3,092,828		–		–		3,092,828
Electrical Equipment		2,723,413		–		–		2,723,413
Electronic Equipment, Instruments & Components		7,361,479		–		–		7,361,479
Energy Equipment & Services		1,174,016		–		–		1,174,016
Entertainment		496,135		–		–		496,135
Equity Real Estate Investment Trusts (REITs)		17,805,238		–		–		17,805,238
Food & Staples Retailing		1,918,094		–		–		1,918,094
Food Products		3,857,074		–		–		3,857,074
Gas Utilities		3,684,293		–		–		3,684,293
Health Care Equipment & Supplies		11,867,903		–		–		11,867,903
Health Care Providers & Services		6,307,830		–		–		6,307,830
Health Care Technology		4,706,983		–		–		4,706,983
Hotels, Restaurants & Leisure		4,859,808		–		–		4,859,808
Household Durables		3,958,700		–		–		3,958,700
Household Products		754,678		–		–		754,678
Independent Power and Renewable Electricity Producers		1,162,564		–		–		1,162,564
Industrial Conglomerates		133,006		–		–		133,006
Insurance		6,832,061		–		–		6,832,061
Interactive Media & Services		810,040		–		–		810,040
Internet & Direct Marketing Retail		1,062,024		–		–		1,062,024
IT Services		5,930,610		–		–		5,930,610
Leisure Products		1,083,713		–		–		1,083,713
Life Sciences Tools & Services		2,820,405		–		–		2,820,405
Machinery		9,114,124		–		–		9,114,124
Marine		328,703		–		–		328,703
Media		1,870,475		–		–		1,870,475
Metals & Mining		2,667,796		–		–		2,667,796
Mortgage Real Estate Investment Trusts (REITs)		1,851,992		–		–		1,851,992
Multiline Retail		183,302		–		–		183,302
Multi-Utilities		1,851,447		–		–		1,851,447
Oil, Gas & Consumable Fuels		3,223,499		–		–		3,223,499
Paper & Forest Products		1,001,793		–		–		1,001,793
Personal Products		841,897		–		–		841,897
Pharmaceuticals		4,993,854		–		–		4,993,854
Professional Services		3,855,370		–		–		3,855,370
Real Estate Management & Development		1,558,589		–		–		1,558,589
Road & Rail		1,328,533		–		–		1,328,533
Semiconductors & Semiconductor Equipment		8,388,977		–		–		8,388,977
Software		13,179,464		–		–		13,179,464
Specialty Retail		4,338,670		–		–		4,338,670
Technology Hardware, Storage & Peripherals		409,892		–		–		409,892
Textiles, Apparel & Luxury Goods		1,906,022		–		–		1,906,022
Thrifts & Mortgage Finance		4,604,336		–		–		4,604,336
Tobacco		419,760		–		–		419,760
Trading Companies & Distributors		3,005,748		–		–		3,005,748
Water Utilities		1,682,833		–		–		1,682,833
Wireless Telecommunication Services		554,017		–		–		554,017
Total Common Stocks	$	255,502,709	$	–	$	–	$	255,502,709
Futures Contracts		80,780		–		–		80,780
Repurchase Agreements		–		27,622,617		–		27,622,617
Rights
Biotechnology		–		199		–		199
Chemicals		–		1,709		–		1,709
Pharmaceuticals		–		–		–		–
Total Rights	$	–	$	1,908	$	–	$	1,908
Total	$	255,583,489	$	27,624,525	$	–	$	283,208,014

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

During the period ended March 31, 2020, the Fund held one rights investment that was categorized as a Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Small Cap Index Fund (Continued)

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange.

The following table provides a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Futures Contracts
Equity risk	Unrealized appreciation from futures contracts		$                80,780
Total			$                80,780

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund

Common Stocks 98.2%
	Shares		Value
Aerospace & Defense 0.9%
Arconic, Inc.		152,900	$	2,455,574
Textron, Inc.		146,062		3,895,473
				6,351,047
Air Freight & Logistics 1.5%
CH Robinson Worldwide, Inc.		40,300		2,667,860
Expeditors International of Washington, Inc.		102,033		6,807,642
XPO Logistics, Inc. *		17,300		843,375
				10,318,877
Airlines 0.3%
United Airlines Holdings, Inc. *		74,500		2,350,475
Auto Components 0.3%
Goodyear Tire & Rubber Co. (The)		401,245		2,335,246
Automobiles 1.8%
Ford Motor Co.		1,617,397		7,812,027
General Motors Co.		236,100		4,906,158
				12,718,185
Banks 1.0%
Cullen/Frost Bankers, Inc.		18,106		1,010,134
M&T Bank Corp.		58,313		6,031,314
Texas Capital Bancshares, Inc. *		8,185		181,461
				7,222,909
Beverages 2.4%
Coca-Cola Co. (The)		378,580		16,752,165
Biotechnology 6.7%
AbbVie, Inc.		117,292		8,936,477
Biogen, Inc. *		46,220		14,623,084
Bluebird Bio, Inc. *		14,626		672,211
Gilead Sciences, Inc.		207,821		15,536,698
Incyte Corp. *		67,721		4,959,209
United Therapeutics Corp. *		25,747		2,441,459
				47,169,138
Building Products 0.4%
Lennox International, Inc.		10,400		1,890,616
Resideo Technologies, Inc. *		167,542		810,903
				2,701,519
Capital Markets 4.0%
Bank of New York Mellon Corp. (The)		83,369		2,807,868
Charles Schwab Corp. (The)		194,232		6,530,080
Northern Trust Corp.		110,900		8,368,514
Raymond James Financial, Inc.		64,010		4,045,432
State Street Corp.		122,923		6,548,108
				28,300,002
Chemicals 3.1%
Ashland Global Holdings, Inc.		19,218		962,245
Celanese Corp.		47,700		3,500,703
Chemours Co. (The)		47,755		423,587
Corteva, Inc.		189,921		4,463,143
Dow, Inc.		167,415		4,895,215
Eastman Chemical Co.		39,600		1,844,568
Element Solutions, Inc. *		37,027		309,546
FMC Corp.		58,100		4,746,189
Huntsman Corp.		800		11,544

Common Stocks (continued)
	Shares		Value
Chemicals (continued)
WR Grace & Co.		24,100	$	857,960
				22,014,700
Commercial Services & Supplies 0.3%
KAR Auction Services, Inc.		184,245		2,210,940
Communications Equipment 1.1%
Arista Networks, Inc. *		4,143		839,165
CommScope Holding Co., Inc. *		53,558		487,913
Juniper Networks, Inc.		320,300		6,130,542
				7,457,620
Consumer Finance 1.0%
Capital One Financial Corp.		87,172		4,395,212
Synchrony Financial		156,638		2,520,306
				6,915,518
Containers & Packaging 0.5%
O-I Glass, Inc.		125,451		891,957
Sealed Air Corp.		95,347		2,356,024
				3,247,981
Diversified Consumer Services 0.0%†
frontdoor, Inc. *		7,346		255,494
Electric Utilities 2.0%
FirstEnergy Corp.		169,953		6,810,017
NRG Energy, Inc.		153,600		4,187,136
Pinnacle West Capital Corp.		45,400		3,440,866
				14,438,019
Electronic Equipment, Instruments & Components 0.3%
Arrow Electronics, Inc. *		38,428		1,993,260
Energy Equipment & Services 0.7%
TechnipFMC plc		753,660		5,079,668
Entertainment 2.6%
Electronic Arts, Inc. *		100,459		10,062,978
Live Nation Entertainment, Inc. *		45,400		2,063,884
Madison Square Garden Co. (The), Class A *		2,181		461,085
Take-Two Interactive Software, Inc. *		48,600		5,764,446
				18,352,393
Equity Real Estate Investment Trusts (REITs) 2.2%
American Campus Communities, Inc.		59,091		1,639,775
American Homes 4 Rent, Class A		98,305		2,280,676
Camden Property Trust		30,118		2,386,550
Equity LifeStyle Properties, Inc.		9,457		543,588
Gaming and Leisure Properties, Inc.		140,384		3,890,041
Invitation Homes, Inc.		31,069		663,945
National Health Investors, Inc.		21,580		1,068,642
SBA Communications Corp.		922		248,912
SITE Centers Corp.		29,841		155,472
Spirit Realty Capital, Inc.		105,260		2,752,549
				15,630,150
Food & Staples Retailing 1.0%
Kroger Co. (The)		229,200		6,903,504
Food Products 2.1%
Archer-Daniels-Midland Co.		274,800		9,667,464
Hershey Co. (The)		37,015		4,904,487
				14,571,951

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
Health Care Equipment & Supplies 2.1%
Align Technology, Inc. *		40,228	$	6,997,660
Hologic, Inc. *		204,238		7,168,754
ICU Medical, Inc. *		3,256		656,963
				14,823,377
Health Care Providers & Services 7.6%
AmerisourceBergen Corp.		92,800		8,212,800
Anthem, Inc.		56,356		12,795,066
Cardinal Health, Inc.		145,800		6,989,652
Humana, Inc.		44,900		14,099,498
McKesson Corp.		78,328		10,594,646
MEDNAX, Inc. *		67,277		783,104
				53,474,766
Health Care Technology 0.2%
Change Healthcare, Inc. *		155,522		1,553,665
Hotels, Restaurants & Leisure 4.7%
Chipotle Mexican Grill, Inc. *		2,849		1,864,386
Domino’s Pizza, Inc.		23,700		7,680,459
Hilton Worldwide Holdings, Inc.		106,400		7,260,736
Starbucks Corp.		204,100		13,417,534
Yum! Brands, Inc.		48,200		3,303,146
				33,526,261
Household Products 0.0%†
Kimberly-Clark Corp.		1,200		153,444
Insurance 2.9%
Allstate Corp. (The)		134,706		12,356,581
Brighthouse Financial, Inc. *		64,639		1,562,325
Hanover Insurance Group, Inc. (The)		16,437		1,488,864
Mercury General Corp.		11,429		465,389
Reinsurance Group of America, Inc.		57,930		4,874,230
				20,747,389
Interactive Media & Services 4.7%
Alphabet, Inc., Class C *		28,365		32,983,106
Internet & Direct Marketing Retail 4.9%
Amazon.com, Inc. *		15,858		30,918,660
Expedia Group, Inc.		71,046		3,997,758
				34,916,418
IT Services 4.0%
Gartner, Inc. *		2,952		293,931
Mastercard, Inc., Class A		74,239		17,933,173
VeriSign, Inc. *		55,457		9,987,251
				28,214,355
Machinery 0.5%
AGCO Corp.		35,889		1,695,755
Cummins, Inc.		14,206		1,922,356
				3,618,111
Media 2.2%
Altice USA, Inc., Class A *		71,340		1,590,168
Charter Communications, Inc., Class A *		7,873		3,435,069
John Wiley & Sons, Inc., Class A		55,509		2,081,032
Liberty Media Corp-Liberty SiriusXM, Class A *		53,820		1,705,556
Omnicom Group, Inc.		123,810		6,797,169
				15,608,994

Common Stocks (continued)
	Shares		Value
Metals & Mining 0.2%
Alcoa Corp. *		217,145	$	1,337,613
Oil, Gas & Consumable Fuels 3.7%
Continental Resources, Inc.		97,651		746,054
EOG Resources, Inc.		205,590		7,384,793
HollyFrontier Corp.		56,800		1,392,168
Marathon Oil Corp.		393,848		1,295,760
Murphy Oil Corp.		68,806		421,781
Phillips 66		150,244		8,060,590
Pioneer Natural Resources Co.		95,810		6,721,071
Valero Energy Corp.		2,400		108,864
				26,131,081
Pharmaceuticals 2.1%
Eli Lilly & Co.		41,136		5,706,386
Merck & Co., Inc.		53,306		4,101,363
Mylan NV *		364,201		5,430,237
				15,237,986
Professional Services 0.3%
TriNet Group, Inc. *		57,473		2,164,433
Real Estate Management & Development 1.1%
CBRE Group, Inc., Class A *		201,980		7,616,666
Road & Rail 0.4%
Landstar System, Inc.		24,925		2,389,311
Lyft, Inc., Class A *		14,438		387,660
				2,776,971
Semiconductors & Semiconductor Equipment 3.1%
Cirrus Logic, Inc. *		13,070		857,784
Micron Technology, Inc. *		239,283		10,064,243
Qorvo, Inc. *		42,700		3,442,901
QUALCOMM, Inc.		111,790		7,562,594
				21,927,522
Software 9.8%
Autodesk, Inc. *		13,685		2,136,228
Ceridian HCM Holding, Inc. *		16,862		844,280
Citrix Systems, Inc.		76,485		10,826,452
Dropbox, Inc., Class A *		108,668		1,966,891
Fortinet, Inc. *		80,100		8,103,717
Microsoft Corp.		270,823		42,711,495
New Relic, Inc. *		24,200		1,119,008
Nuance Communications, Inc. *		36,184		607,168
Nutanix, Inc., Class A *		14,305		226,019
Teradata Corp. *		45,004		922,132
				69,463,390
Specialty Retail 0.9%
Best Buy Co., Inc.		115,505		6,583,785
Technology Hardware, Storage & Peripherals 6.5%
Apple, Inc.		82,333		20,936,459
Dell Technologies, Inc., Class C *		81,393		3,219,093
Hewlett Packard Enterprise Co.		535,400		5,198,734
HP, Inc.		240,932		4,182,580
NCR Corp. *		16,943		299,891
NetApp, Inc.		121,896		5,081,844
Pure Storage, Inc., Class A *		37,525		461,557
Western Digital Corp.		160,764		6,690,998
				46,071,156

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Common Stocks (continued)
	Shares		Value
Trading Companies & Distributors 0.1%
WESCO International, Inc. *		35,496	$	811,084
Total Investments (cost $809,412,539) — 98.2%				695,032,334
Other assets in excess of liabilities — 1.8%				12,716,065
NET ASSETS — 100.0%			$	707,748,399

* Denotes a non-income producing security.

† Amount rounds to less than 0.1%.

REIT Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

OTC Total return swap contracts outstanding as of March 31, 2020 :

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
AECOM	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		8,348		9,183		9,183
AGCO Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		42,807		44,947		44,947
Agilent Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		3,350		278		278
AGNC Investment Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		279,700		674,077		674,077
Amazon.com, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		160		7,939		7,939
American Homes 4 Rent	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		107,136		7,500		7,500
AmerisourceBergen Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		12,330		82,858		82,858
Amphenol Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		42,880		48,883		48,883
Annaly Capital Management, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		637,574		516,434		516,434
Antero Resources Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		1,168,453		136,943		136,943
Arista Networks, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		14,740		165,972		165,972

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Arrow Electronics, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		62,833		103,046		103,046
Bank of New York Mellon Corp. (The)	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		241,400		275,196		275,196
Berry Global Group, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		100,897		64,574		64,574
Cable One, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,357		592,980		592,980
Cabot Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		21,207		22,904		22,904
CarMax, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		56,190		286,569		286,569
Centennial Resource Development, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		21,694		2,126		2,126
Cirrus Logic, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		40,171		149,034		149,034
Cognex Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		38,653		41,745		41,745
Constellation Brands, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		21,777		33,101		33,101
Copart, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		48,030		85,493		85,493
Corteva, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		45,508		13,197		13,197

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Dell Technologies, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	2/26/2021		11,784		9,427		9,427
Dow, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	2/26/2021		65,739		44,703		44,703
Dropbox, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		256,054		89,619		89,619
Electronic Arts, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		1,100		5,280		5,280
Element Solutions, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		136,595		46,442		46,442
Eli Lilly & Co.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	2/26/2021		75,033		345,902		345,902
EMCOR Group, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		47,062		162,835		162,835
Energizer Holdings, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		72,300		63,624		63,624
Envestnet, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		27,027		86,486		86,486
Equity LifeStyle Properties, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	2/26/2021		29,235		30,185		30,185
Everest Re Group Ltd.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		10		31		31

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Expeditors International of Washington, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		24,900		40,089		40,089
FMC Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		1,500		8,265		8,265
Gap, Inc. (The)	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		223,200		167,400		167,400
Global Blood Therapeutics, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		5,671		170		170
Hanesbrands, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		325,342		104,109		104,109
HealthEquity, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		17,798		23,493		23,493
Hershey Co. (The)	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		4,064		6,746		6,746
HollyFrontier Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		25,580		6,651		6,651
HP, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		262,184		177,289		177,289
Humana, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		98		1,722		1,722
ICU Medical, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		10,713		151,053		151,053
IHS Markit Ltd.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		58,075		49,098		49,098

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Incyte Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		33,594		143,446		143,446
Invesco Ltd.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		329,736		95,623		95,623
Invitation Homes, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		128,178		71,780		71,780
Jabil, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		11,644		8,500		8,500
KAR Auction Services, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		4,016		1,566		1,566
Keurig Dr Pepper, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		126,943		13,964		13,964
Kimberly-Clark Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		98,531		399,050		399,050
KKR & Co., Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		178,829		194,924		194,924
Kroger Co. (The)	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		119,709		118,512		118,512
L3Harris Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		20,153		98,347		98,347
Landstar System, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		9,993		32,677		32,677
Leggett & Platt, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		105,348		91,653		91,653

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Liberty Media Corp- Liberty SiriusXM	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		15,327		12,108		12,108
LPL Financial Holdings, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		22,312		33,914		33,914
Marriott Vacations Worldwide Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		16,412		79,762		79,762
Mercury General Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		43,757		97,141		97,141
MFA Financial, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		343,202		106,393		106,393
Microchip Technology, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		58,162		23,265		23,265
Microsoft Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		3,783		30,302		30,302
Molina Healthcare, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		19,800		89,892		89,892
Murphy Oil Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		19,943		6,781		6,781
Mylan NV	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		63,450		1,904		1,904
NetApp, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		48,020		70,109		70,109
New Residential Investment Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		545,478		850,517		850,517

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
Northern Trust Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		14,400		31,392		31,392
Nuance Communications, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		115,593		82,071		82,071
O-I Glass, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		195,029		95,564		95,564
Patterson-UTI Energy, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		132,593		3,912		3,912
People’s United Financial, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		31,562		16,728		16,728
Portland General Electric Co.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		42,399		3,180		3,180
Post Holdings, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	2/26/2021		13,953		86,648		86,648
Raymond James Financial, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		2,500		4,800		4,800
Reinsurance Group of America, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		23,847		126,151		126,151
RingCentral, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		3,877		98,538		98,538
Scotts Miracle-Gro Co. (The)	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		25,376		3,299		3,299
Service Properties Trust	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		162,306		105,570		105,570

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)		Value ($)
ServiceMaster Global Holdings, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		47,229		7,557		7,557
STAG Industrial, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		61,793		1,236		1,236
Take-Two Interactive Software, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		12,670		87,550		87,550
Teladoc Health, Inc.	Increases in total return of reference entity	OBFR - 0.80% to 0.81% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		21,337		195,234		195,234
Teradata Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		144,524		11,562		11,562
Thor Industries, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		52,400		33,536		33,536
Trade Desk, Inc. (The)	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		2,300		15,387		15,387
Truist Financial Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		79,403		192,949		192,949
Twilio, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		10,784		76,998		76,998
Two Harbors Investment Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		312,349		253,003		253,003
United Therapeutics Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		36,414		127,631		127,631
Valero Energy Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		157,400		50,368		50,368

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
VeriSign, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		5,300		32,754			32,754
Virtu Financial, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		115,561		205,699			205,699
Voya Financial, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		48,983		42,615			42,615
Zebra Technologies Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		7,740		7,508			7,508
									9,657,168			9,657,168
ABIOMED, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		10,362		(12,907	)		(12,907	)
ACADIA Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		32,160		(109,987	)		(109,987	)
Alteryx, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		23,500		(43,005	)		(43,005	)
Altice USA, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		20,171		(3,026	)		(3,026	)
Amcor plc	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		440,051		(140,816	)		(140,816	)
ANSYS, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		15,719		(148,545	)		(148,545	)
Arconic, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		66,260		(41,081	)		(41,081	)
Arrowhead Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		11,320		(7,358	)		(7,358	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
Ashland Global Holdings, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		81,624		(35,915	)		(35,915	)
Bio-Rad Laboratories, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		12,786		(359,926	)		(359,926	)
Bio-Techne Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		21,740		(113,700	)		(113,700	)
Black Knight, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		30,244		(30,849	)		(30,849	)
Brighthouse Financial, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		94,066		(104,413	)		(104,413	)
Carvana Co.	Increases in total return of reference entity	OBFR - 0.25% to 0.45% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		10,824		(65,485	)		(65,485	)
Catalent, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		45,073		(136,571	)		(136,571	)
Centene Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		63,253		(272,620	)		(272,620	)
Charter Communications, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		1,682		(5,702	)		(5,702	)
Conagra Brands, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		157,900		(224,218	)		(224,218	)
Cousins Properties, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		136,806		(164,167	)		(164,167	)
Diamondback Energy, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		44,281		(103,175	)		(103,175	)
Equitable Holdings, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	2/26/2021		2,772		(1,164	)		(1,164	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
Equity Commonwealth	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		50,865		(9,664	)		(9,664	)
Exact Sciences Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		7,895		(789	)		(789	)
Expedia Group, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	1/29/2021		4,705		(17,691	)		(17,691	)
F5 Networks, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		39,178		(163,372	)		(163,372	)
Fidelity National Information Services, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		29,227		(45,010	)		(45,010	)
FireEye, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		220,300		(94,729	)		(94,729	)
Fiserv, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		41,900		(43,576	)		(43,576	)
Fluor Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		17,356		(1,058	)		(1,058	)
Ford Motor Co.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		194,706		(70,094	)		(70,094	)
frontdoor, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		17,300		(13,494	)		(13,494	)
General Motors Co.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		215,193		(129,116	)		(129,116	)
Gentex Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		159,589		(7,123	)		(7,123	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received		Counterparty		Maturity Date		Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
Goodyear Tire & Rubber Co. (The)	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		4/30/2021		112,087		(56,043	)		(56,043	)
Guardant Health, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		4/30/2021		11,219		(20,306	)		(20,306	)
Hanover Insurance Group, Inc. (The)	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		3/31/2021		8,048		(4,507	)		(4,507	)
Harley-Davidson, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		5/28/2021		183,349		(209,137	)		(209,137	)
Ingersoll Rand, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		4/30/2021		36,075		(78,283	)		(78,283	)
John Wiley & Sons, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		2/26/2021		6,203		(682	)		(682	)
Kemper Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		5/28/2021		13,118		(8,646	)		(8,646	)
Keysight Technologies, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		12/31/2020		43,100		(232,740	)		(232,740	)
KLA Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		2/26/2021		24,766		(37,149	)		(37,149	)
Knight-Swift Transportation Holdings, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		12/31/2020		77,649		(64,449	)		(64,449	)
Lennox International, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		3/31/2021		15,150		(41,510	)		(41,510	)
Linde plc	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		12/31/2020		24,600		(139,236	)		(139,236	)
Littelfuse, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		1/29/2021		3,554		(28,681	)		(28,681	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received	Counterparty	Maturity Date	Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
M&T Bank Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		5,000		(19,300	)		(19,300	)
Macquarie Infrastructure Corp.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	5/28/2021		71,202		(41,583	)		(41,583	)
Madison Square Garden Co. (The)	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		23,469		(590,715	)		(590,715	)
ManpowerGroup, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		53,909		(539	)		(539	)
MEDNAX, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		23,230		(6,737	)		(6,737	)
MercadoLibre, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		3,410		(58,481	)		(58,481	)
Mercury Systems, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	3/31/2021		32,232		(113,134	)		(113,134	)
Micron Technology, Inc.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		29,310		(41,620	)		(41,620	)
Momenta Pharmaceuticals, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		32,845		(16,751	)		(16,751	)
MongoDB, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	12/31/2020		11,600		(51,388	)		(51,388	)
NCR Corp.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		119,198		(66,751	)		(66,751	)
Noble Energy, Inc.	Increases in total return of reference entity	OBFR - 0.25% and decreases in total return of reference entity	Monthly	JPMorgan Chase Bank NA	4/30/2021		231,751		(157,591	)		(157,591	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity

Payments Made by Fund

Payments Received by Fund

Frequency of Payments Made/ Received

Counterparty

Maturity Date

Quantity

Unrealized Appreciation (Depreciation) ($)

Value ($)

Nutanix, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

20,200

(22,826)

(22,826)

Ollie’s Bargain Outlet Holdings, Inc.

Increases in total return of reference entity

OBFR - 0.25% to 0.45% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

44,444

(119,999)

(119,999)

Omega Healthcare Investors, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

5/28/2021

54,691

(22,948)

(22,948)

Pentair plc

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

176,053

(29,929)

(29,929)

Performance Food Group Co.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

41,458

(42,702)

(42,702)

Pinnacle West Capital Corp.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

2,600

(4,784)

(4,784)

PPG Industries, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

3/31/2021

46,136

(64,590)

(64,590)

Pure Storage, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

1/29/2021

104,901

(40,911)

(40,911)

Q2 Holdings, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

34,258

(5,139)

(5,139)

Repligen Corp.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

23,100

(92,169)

(92,169)

Resideo Technologies, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

126,088

(71,870)

(71,870)

Roku, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

5,800

(174)

(174)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity

Payments Made by Fund

Payments Received by Portfolio

Frequency of Payments Made/ Received

Counterparty

Maturity Date

Quantity

Unrealized Appreciation (Depreciation) ($)

Value ($)

Roper Technologies, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

1/29/2021

3,866

(23,273)

(23,273)

Sarepta Therapeutics, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

11/30/2020

1,800

(6,084)

(6,084)

Science Applications International Corp.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

54,192

(153,905)

(153,905)

Seattle Genetics, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

15,670

(95,744)

(95,744)

SITE Centers Corp.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

216,282

(52,148)

(52,148)

Spirit Realty Capital, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

34,562

(25,749)

(25,749)

SS&C Technologies Holdings, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

76,898

(109,964)

(109,964)

Stericycle, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

77,202

(507,217)

(507,217)

Synchrony Financial

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

271,731

(274,448)

(274,448)

Sysco Corp.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

147,232

(709,658)

(709,658)

TechnipFMC plc

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

93,082

(22,339)

(22,339)

Tesla, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

6,268

(60,424)

(60,424)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity

Payments Made by Fund

Payments Received by Fund

Frequency of Payments Made/ Received

Counterparty

Maturity Date

Quantity

Unrealized Appreciation (Depreciation) ($)

Value ($)

Texas Capital Bancshares, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

36,344

(20,353)

(20,353)

Thermo Fisher Scientific, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

14,855

(140,825)

(140,825)

Toro Co. (The)

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

2/26/2021

55,410

(126,335)

(126,335)

Travelers Cos., Inc. (The)

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

102,189

(61,313)

(61,313)

TriNet Group, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

8,190

(7,699)

(7,699)

Ubiquiti, Inc.

Increases in total return of reference entity

OBFR - 0.25 to 1.55% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

3/31/2021

12,261

(99,805)

(99,805)

ViacomCBS, Inc.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

5/28/2021

272,013

(367,385)

(367,385)

Walt Disney Co. (The)

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

35,464

(7,093)

(7,093)

WEC Energy Group, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

2/26/2021

56,438

(53,052)

(53,052)

WESCO International, Inc.

1 month USD LIBOR + 0.30% and decreases in total return of reference entity

Increases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

4/30/2021

86,052

(9,466)

(9,466)

Westinghouse Air Brake Technologies Corp.

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

12/31/2020

1,032

(568)

(568)

Williams Cos., Inc. (The)

Increases in total return of reference entity

OBFR - 0.25% and decreases in total return of reference entity

Monthly

JPMorgan Chase Bank NA

5/28/2021

259,952

(92,114)

(92,114)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/ Received		Counterparty		Maturity Date		Quantity		Unrealized Appreciation (Depreciation) ($)			Value ($)
WR Grace & Co.	1 month USD LIBOR + 0.30% and decreases in total return of reference entity	Increases in total return of reference entity		Monthly		JPMorgan Chase Bank NA		12/31/2020		59,993		(157,782)			(157,782)
												(8,509,089	)		(8,509,089	)
												1,148,079			1,148,079
Financing Costs of Swap Contracts												(8,690	)		(8,690	)
Total Unrealized Appreciation (Depreciation) including Financing Costs of Swap Contracts												1,139,389			1,139,389

LIBOR	London Interbank Offered Rate
OBFR	Overnight Bank Funding Rate

At March 31, 2020, the Fund has $83,238 segregated as collateral for swap contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s

audited annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	695,032,334	$	–		$	–	$	695,032,334
Swap Contracts		–		212,983,590			–		212,983,590
Total Assets	$	695,032,334	$	212,983,590		$	–	$	908,015,924
Liabilities:
Swap Contracts		–		(209,183,974	)		–		(209,183,974)
Total Liabilities	$	–	$	(209,183,974	)	$	–	$	(209,183,974)
Total	$	695,032,334	$	3,799,616		$	–	$	698,831,950

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020. Please see below for information on the Fund’s policy regarding the objectives and strategies for using swap contracts.

Swap Contracts

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s

audited annual report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT U.S. 130/30 Equity Fund (Continued)

Total Return Swaps. The Fund enters into swaps to take long and short positions in equities as part of its investment strategy. Total return swap contracts are agreements in which the Fund and the counterparty each agree to pay the other party the difference between the relative investment performance that would have been achieved if the notional amount of the total return swap contract had been invested in the particular foreign market and/or foreign indices and the return for payments equal to the fixed or floating rate of interest. The counterparty to a total return swap contract is a financial institution. The Fund has segregated liquid assets to cover its obligations under the total return swap contract.

The Fund entered into total return swaps on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments are made at the conclusion of a total return swap contract or periodically during its term. Total return swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to total return swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make. If the counterparty to a total return swap defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Total return swaps are marked-to-market daily based on valuations from an independent pricing service. An independent pricing service can utilize daily swap curves and models that incorporate a number of market data factors, such as, but not limited to, discounted cash flows, trades, and values of the underlying reference instruments, such as the foreign market and /or foreign index. Total return swaps are generally categorized as Level 2 investments within the hierarchy.

The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2020

Assets:		Fair Value
Swap Contracts
Equity risk	Swap contracts, at value	$	9,657,168
Total		$	9,657,168
Liabilities:
Swap Contracts
Equity risk	Swap contracts, at value	$	(8,509,089	)
Total		$	(8,509,089	)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s

audited annual report and unaudited semi-annual report.

Statement of Investments

March 31, 2020 (Unaudited)

NVIT Wells Fargo Discovery Fund (formerly, NVIT Multi-Manager Mid Cap Growth Fund)

Common Stocks 98.8%
	Shares		Value
ARGENTINA 2.9%
Internet & Direct Marketing Retail 1.8%
MercadoLibre, Inc. *		15,660	$	7,651,163
Software 1.1%
Globant SA *		54,925		4,826,809
				12,477,972
CANADA 0.3%
Biotechnology 0.3%
Zymeworks, Inc. *		32,976		1,169,659
CHINA 0.9%
Biotechnology 0.9%
Zai Lab Ltd., ADR *(a)		76,324		3,929,160
INDIA 1.1%
IT Services 1.1%
WNS Holdings Ltd., ADR *(a)		115,582		4,967,714
SWITZERLAND 0.5%
Biotechnology 0.5%
CRISPR Therapeutics AG *		48,502		2,056,970
UNITED KINGDOM 1.8%
Professional Services 1.8%
Clarivate Analytics plc *		378,601		7,855,971
UNITED STATES 91.3%
Aerospace & Defense 3.9%
HEICO Corp.		53,100		3,961,791
Mercury Systems, Inc. *(a)		105,589		7,532,719
Teledyne Technologies, Inc. *		17,525		5,209,657
				16,704,167
Biotechnology 5.9%
Deciphera Pharmaceuticals, Inc. *		53,173		2,189,132
Exact Sciences Corp. *(a)		139,289		8,078,761
Immunomedics, Inc. *(a)		195,999		2,642,067
Natera, Inc. *		93,775		2,800,122
Sarepta Therapeutics, Inc. *		38,024		3,719,508
Turning Point Therapeutics, Inc. *(a)		62,585		2,795,046
Twist Bioscience Corp. *(a)		105,043		3,212,215
				25,436,851
Building Products 1.3%
Trex Co., Inc. *(a)		68,875		5,519,643
Commercial Services & Supplies 7.3%
Casella Waste Systems, Inc., Class A *		198,493		7,753,137
IAA, Inc. *		167,920		5,030,883
MSA Safety, Inc. (a)		49,665		5,026,098
Tetra Tech, Inc.		105,057		7,419,125
Waste Connections, Inc.		83,744		6,490,160
				31,719,403
Communications Equipment 1.2%
Motorola Solutions, Inc.		40,352		5,363,588
Construction & Engineering 1.1%
WillScot Corp. *(a)		455,998		4,619,260
Diversified Consumer Services 1.6%
Bright Horizons Family Solutions, Inc. *		69,149		7,053,198
Electronic Equipment, Instruments & Components 1.3%
Novanta, Inc. *		71,737		5,730,352
Entertainment 1.3%
Take-Two Interactive Software, Inc. *		48,274		5,725,779

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Equity Real Estate Investment Trusts (REITs) 1.8%
QTS Realty Trust, Inc., Class A		133,541	$	7,746,713
Food & Staples Retailing 0.7%
US Foods Holding Corp. *		160,599		2,844,208
Food Products 1.5%
Lamb Weston Holdings, Inc.		112,704		6,435,398
Health Care Equipment & Supplies 11.3%
Align Technology, Inc. *		17,500		3,044,125
DexCom, Inc. *		53,888		14,510,421
Haemonetics Corp. *		61,816		6,160,583
ICU Medical, Inc. *		37,543		7,575,051
Insulet Corp. *		45,088		7,470,180
iRhythm Technologies, Inc. *(a)		86,086		7,003,096
Shockwave Medical, Inc. *(a)		99,500		3,301,410
				49,064,866
Health Care Providers & Services 3.1%
Amedisys, Inc. *		39,573		7,263,229
HealthEquity, Inc. *(a)		125,892		6,368,876
				13,632,105
Health Care Technology 1.9%
Veeva Systems, Inc., Class A *		51,908		8,116,854
Hotels, Restaurants & Leisure 4.3%
Chipotle Mexican Grill, Inc. *		12,667		8,289,284
Domino’s Pizza, Inc.		22,080		7,155,466
Vail Resorts, Inc. (a)		21,546		3,182,560
				18,627,310
Industrial Conglomerates 1.4%
Carlisle Cos., Inc.		49,075		6,148,116
Interactive Media & Services 1.4%
Match Group, Inc. *(a)		88,648		5,854,314
Internet & Direct Marketing Retail 2.0%
Chewy, Inc., Class A *(a)		139,086		5,214,334
Etsy, Inc. *		86,088		3,309,223
				8,523,557
IT Services 15.5%
Black Knight, Inc. *		162,980		9,462,619
Booz Allen Hamilton Holding Corp.		145,572		9,992,062
Broadridge Financial Solutions, Inc.		58,600		5,557,038
EPAM Systems, Inc. *		47,351		8,791,187
Euronet Worldwide, Inc. *		48,979		4,198,480
MongoDB, Inc. *(a)		57,260		7,818,280
Okta, Inc. *(a)		59,217		7,239,870
Square, Inc., Class A *		60,000		3,142,800
Twilio, Inc., Class A *		70,803		6,336,160
WEX, Inc. *		45,579		4,765,284
				67,303,780
Life Sciences Tools & Services 1.5%
Bio-Rad Laboratories, Inc., Class A *		18,826		6,599,643
Machinery 0.4%
Woodward, Inc. (a)		31,242		1,857,024
Pharmaceuticals 2.7%
Catalent, Inc. *		135,897		7,059,849
Elanco Animal Health, Inc. *		215,600		4,827,284
				11,887,133
Road & Rail 1.1%
Saia, Inc. *(a)		65,582		4,822,900

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Wells Fargo Discovery Fund (formerly, NVIT Multi-Manager Mid Cap Growth Fund) (Continued)

Common Stocks (continued)
	Shares		Value
UNITED STATES (continued)
Semiconductors & Semiconductor Equipment 3.3%
Lattice Semiconductor Corp. *		267,866	$	4,773,372
MKS Instruments, Inc. (a)		63,283		5,154,400
Universal Display Corp.		32,800		4,322,384
				14,250,156
Software 8.1%
Avalara, Inc. *		99,486		7,421,655
Elastic NV *		98,706		5,508,782
Envestnet, Inc. *		80,952		4,353,599
Fair Isaac Corp. *		21,072		6,483,644
Five9, Inc. *		59,311		4,534,919
Zendesk, Inc. *(a)		108,213		6,926,714
				35,229,313
Specialty Retail 2.3%
Burlington Stores, Inc. *		44,515		7,053,847
Carvana Co. *(a)		51,354		2,829,092
				9,882,939
Technology Hardware, Storage & Peripherals 0.9%
NCR Corp. *		209,081		3,700,734
Trading Companies & Distributors 1.2%
SiteOne Landscape Supply, Inc. *(a)		68,243		5,024,050
				395,423,354
Total Common Stocks (cost $413,615,822)				427,880,800
Repurchase Agreements 2.8%
	Principal Amount		Value
Bank of America NA, 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $1,143,308, collateralized by U.S. Government Agency Securities, 3.50%, maturing 1/20/2047; total market value $1,166,173.(b)	$	1,143,307		1,143,307
Nomura Securities International, Inc., 0.01%, dated 3/31/2020, due 4/1/2020, repurchase price $2,000,001, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 3.88%, maturing 1/15/2022 - 5/15/2045; total market value $2,040,000.(b)		2,000,000		2,000,000
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $5,000,020, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $5,100,001.(b)		5,000,000		5,000,000

Repurchase Agreements (continued)
	Principal Amount		Value
Pershing LLC, 0.14%, dated 3/31/2020, due 4/1/2020, repurchase price $4,000,016, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.50%, maturing 4/2/2020 - 12/20/2069; total market value $4,080,001.(b)	$	4,000,000	$	4,000,000
Total Repurchase Agreements (cost $12,143,307)				12,143,307
Total Investments (cost $425,759,129) — 101.6%				440,024,107
Liabilities in excess of other assets — (1.6)%				(7,019,413)
NET ASSETS — 100.0%			$	433,004,694

* Denotes a non-income producing security.

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 was $69,125,956, which was collateralized by cash used to purchase repurchase agreements with a total value of $12,143,307 and by $61,554,341 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 8.13%, and maturity dates ranging from 4/9/2020 – 11/15/2049, a total value of $73,697,648.

(b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2020 was $12,143,307.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.

Statement of Investments (Continued)

March 31, 2020 (Unaudited)

NVIT Wells Fargo Discovery Fund (formerly, NVIT Multi-Manager Mid Cap Growth Fund) (Continued)

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust’s (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized below.

• Level 1 — Quoted prices in active markets for identical assets

• Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments.

The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2020. Please refer to the Statement of Investments for additional information on portfolio holdings.

	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks	$	427,880,800	$	–	$	–	$	427,880,800
Repurchase Agreements		–		12,143,307		–		12,143,307
Total	$	427,880,800	$	12,143,307	$	–	$	440,024,107

Amounts designated as “–”, which may include fair valued securities, are zero or have been rounded to zero.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual

report and unaudited semi-annual report.